# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-25-007720
**Filing Date:** 2025-12
**Character Count:** 438409
**Document Hash:** f56c4a91ce4d4a3f9a9326909dcbc9c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007720.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001580642-25-007720

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 108

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**EFFECTIVENESS DATE**: 20251209

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 251558065

**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>9/30/25</u>

**Item 1. Reports to Stockholders.** 

(a) # Ocean Park Tactical All Asset Fund

## Class A1 Shares (SIRZX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical All Asset Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $191 | 1.90% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was positive on an absolute basis. However, the Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased the Fund's cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Multisector bond funds, international equities and international bond funds were the largest contributors towards the Fund's performance on an absolute basis.

High grade US bonds, domestic equities and high yield corporate bonds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ibc7bc712b96515f26a1935e7.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical All Asset Fund** | **Morningstar Conservative Target Risk Index** |
| **Sep-2015** | $9424 | $10000 |
| **Sep-2016** | $9946 | $10693 |
| **Sep-2017** | $10287 | $11073 |
| **Sep-2018** | $10339 | $11235 |
| **Sep-2019** | $10592 | $12104 |
| **Sep-2020** | $10832 | $12993 |
| **Sep-2021** | $11405 | $13695 |
| **Sep-2022** | $10426 | $11537 |
| **Sep-2023** | $10387 | $12062 |
| **Sep-2024** | $11703 | $13864 |
| **Sep-2025** | $11787 | $14617 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Ocean Park Tactical All Asset Fund |  |  |  |
| Without Load | 0.72% | 1.70% | 2.26% |
| With Load | -3.08% | 0.51% | 1.66% |
| Morningstar Conservative Target Risk Index | 5.43% | 2.38% | 3.87% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$424,319,265

* Number of Portfolio Holdings71

* Advisory Fee $6,436,985

* Portfolio Turnover164%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib67a976c6d9b1421805ec85c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 52.3% |
| Money Market Funds | 9.0% |
| Open End Funds | 38.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i58aa7b0c59489d4b066dcc3d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -9.7% |
| Alternative | 2.5% |
| Money Market Funds | 9.9% |
| Equity | 40.5% |
| Fixed Income | 56.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Income Fund, Institutional Class | 17.1% |
| SPDR Portfolio S&P 500 ETF | 14.2% |
| First American Government Obligations Fund, Class X | 9.9% |
| PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 6.8% |
| Thornburg Strategic Income Fund, Class I | 4.5% |
| Vanguard Total Bond Market ETF | 3.6% |
| Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | 3.6% |
| Vanguard Growth ETF | 3.3% |
| Voya Securitized Credit Fund, Class I | 3.2% |
| iShares MSCI International Momentum Factor ETF | 3.1% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical All Asset Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-SIRZX

# Ocean Park Tactical All Asset Fund

## Class A Shares (SIRAX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical All Asset Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $176 | 1.75% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was positive on an absolute basis. However, the Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased the Fund's cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Multisector bond funds, international equities and international bond funds were the largest contributors towards the Fund's performance on an absolute basis.

High grade US bonds, domestic equities and high yield corporate bonds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7e0b7f265c039b6258fc2863.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical All Asset Fund** | **Morningstar Conservative Target Risk Index** |
| **Sep-2015** | $9427 | $10000 |
| **Sep-2016** | $9966 | $10693 |
| **Sep-2017** | $10321 | $11073 |
| **Sep-2018** | $10388 | $11235 |
| **Sep-2019** | $10657 | $12104 |
| **Sep-2020** | $10913 | $12993 |
| **Sep-2021** | $11509 | $13695 |
| **Sep-2022** | $10536 | $11537 |
| **Sep-2023** | $10513 | $12062 |
| **Sep-2024** | $11868 | $13864 |
| **Sep-2025** | $11969 | $14617 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Ocean Park Tactical All Asset Fund |  |  |  |
| Without Load | 0.86% | 1.86% | 2.42% |
| With Load | -2.94% | 0.66% | 1.81% |
| Morningstar Conservative Target Risk Index | 5.43% | 2.38% | 3.87% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$424,319,265

* Number of Portfolio Holdings71

* Advisory Fee $6,436,985

* Portfolio Turnover164%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8fa776720dea1253f22ea646.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 52.3% |
| Money Market Funds | 9.0% |
| Open End Funds | 38.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i1da657a1e09cbf2d0f404dfa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -9.7% |
| Alternative | 2.5% |
| Money Market Funds | 9.9% |
| Equity | 40.5% |
| Fixed Income | 56.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Income Fund, Institutional Class | 17.1% |
| SPDR Portfolio S&P 500 ETF | 14.2% |
| First American Government Obligations Fund, Class X | 9.9% |
| PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 6.8% |
| Thornburg Strategic Income Fund, Class I | 4.5% |
| Vanguard Total Bond Market ETF | 3.6% |
| Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | 3.6% |
| Vanguard Growth ETF | 3.3% |
| Voya Securitized Credit Fund, Class I | 3.2% |
| iShares MSCI International Momentum Factor ETF | 3.1% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical All Asset Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-SIRAX

# Ocean Park Tactical All Asset Fund

## Class C Shares (SIRCX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical All Asset Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $250 | 2.50% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was positive on an absolute basis. However, the Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased the Fund's cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Multisector bond funds, international equities and international bond funds were the largest contributors towards the Fund's performance on an absolute basis.

High grade US bonds, domestic equities and high yield corporate bonds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i26baf34191b8ea4c06a86d8c.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical All Asset Fund** | **Morningstar Conservative Target Risk Index** |
| **Sep-2015** | $10000 | $10000 |
| **Sep-2016** | $10493 | $10693 |
| **Sep-2017** | $10787 | $11073 |
| **Sep-2018** | $10775 | $11235 |
| **Sep-2019** | $10973 | $12104 |
| **Sep-2020** | $11155 | $12993 |
| **Sep-2021** | $11672 | $13695 |
| **Sep-2022** | $10605 | $11537 |
| **Sep-2023** | $10505 | $12062 |
| **Sep-2024** | $11769 | $13864 |
| **Sep-2025** | $11778 | $14617 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Ocean Park Tactical All Asset Fund | 0.08% | 1.09% | 1.65% |
| Morningstar Conservative Target Risk Index | 5.43% | 2.38% | 3.87% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$424,319,265

* Number of Portfolio Holdings71

* Advisory Fee $6,436,985

* Portfolio Turnover164%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iaf79315053d4e700defceae5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 52.3% |
| Money Market Funds | 9.0% |
| Open End Funds | 38.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i8a9e890c9af80ebf8050b82d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -9.7% |
| Alternative | 2.5% |
| Money Market Funds | 9.9% |
| Equity | 40.5% |
| Fixed Income | 56.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Income Fund, Institutional Class | 17.1% |
| SPDR Portfolio S&P 500 ETF | 14.2% |
| First American Government Obligations Fund, Class X | 9.9% |
| PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 6.8% |
| Thornburg Strategic Income Fund, Class I | 4.5% |
| Vanguard Total Bond Market ETF | 3.6% |
| Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | 3.6% |
| Vanguard Growth ETF | 3.3% |
| Voya Securitized Credit Fund, Class I | 3.2% |
| iShares MSCI International Momentum Factor ETF | 3.1% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical All Asset Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-SIRCX

# Ocean Park Tactical All Asset Fund

## Investor Shares (SIRIX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical All Asset Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $176 | 1.75% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was positive on an absolute basis. However, the Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased the Fund's cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Multisector bond funds, international equities and international bond funds were the largest contributors towards the Fund's performance on an absolute basis.

High grade US bonds, domestic equities and high yield corporate bonds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](id3cc4feef499de54960de018.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical All Asset Fund** | **Morningstar Conservative Target Risk Index** |
| **Sep-2015** | $10000 | $10000 |
| **Sep-2016** | $10571 | $10693 |
| **Sep-2017** | $10954 | $11073 |
| **Sep-2018** | $11020 | $11235 |
| **Sep-2019** | $11309 | $12104 |
| **Sep-2020** | $11572 | $12993 |
| **Sep-2021** | $12205 | $13695 |
| **Sep-2022** | $11177 | $11537 |
| **Sep-2023** | $11151 | $12062 |
| **Sep-2024** | $12583 | $13864 |
| **Sep-2025** | $12695 | $14617 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Ocean Park Tactical All Asset Fund | 0.89% | 1.87% | 2.42% |
| Morningstar Conservative Target Risk Index | 5.43% | 2.38% | 3.87% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$424,319,265

* Number of Portfolio Holdings71

* Advisory Fee $6,436,985

* Portfolio Turnover164%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ica2b8647bc5faa22e17a839c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 52.3% |
| Money Market Funds | 9.0% |
| Open End Funds | 38.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i0bd8902ab50c8f53d21bae3b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -9.7% |
| Alternative | 2.5% |
| Money Market Funds | 9.9% |
| Equity | 40.5% |
| Fixed Income | 56.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Income Fund, Institutional Class | 17.1% |
| SPDR Portfolio S&P 500 ETF | 14.2% |
| First American Government Obligations Fund, Class X | 9.9% |
| PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 6.8% |
| Thornburg Strategic Income Fund, Class I | 4.5% |
| Vanguard Total Bond Market ETF | 3.6% |
| Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | 3.6% |
| Vanguard Growth ETF | 3.3% |
| Voya Securitized Credit Fund, Class I | 3.2% |
| iShares MSCI International Momentum Factor ETF | 3.1% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical All Asset Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-SIRIX

# Ocean Park Tactical All Asset Fund

## Instl Class (SIRRX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical All Asset Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $151 | 1.50% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was positive on an absolute basis. However, the Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased the Fund's cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Multisector bond funds, international equities and international bond funds were the largest contributors towards the Fund's performance on an absolute basis.

High grade US bonds, domestic equities and high yield corporate bonds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](id6be63754cccb41d4b346224.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical All Asset Fund** | **Morningstar Conservative Target Risk Index** |
| **Sep-2015** | $10000 | $10000 |
| **Sep-2016** | $10599 | $10693 |
| **Sep-2017** | $11004 | $11073 |
| **Sep-2018** | $11099 | $11235 |
| **Sep-2019** | $11417 | $12104 |
| **Sep-2020** | $11724 | $12993 |
| **Sep-2021** | $12391 | $13695 |
| **Sep-2022** | $11371 | $11537 |
| **Sep-2023** | $11375 | $12062 |
| **Sep-2024** | $12870 | $13864 |
| **Sep-2025** | $13015 | $14617 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Ocean Park Tactical All Asset Fund | 1.13% | 2.11% | 2.67% |
| Morningstar Conservative Target Risk Index | 5.43% | 2.38% | 3.87% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$424,319,265

* Number of Portfolio Holdings71

* Advisory Fee $6,436,985

* Portfolio Turnover164%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7cd7963c44fe1a3cff9b34ac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 52.3% |
| Money Market Funds | 9.0% |
| Open End Funds | 38.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ifd16064ff62270e86e70936a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -9.7% |
| Alternative | 2.5% |
| Money Market Funds | 9.9% |
| Equity | 40.5% |
| Fixed Income | 56.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Income Fund, Institutional Class | 17.1% |
| SPDR Portfolio S&P 500 ETF | 14.2% |
| First American Government Obligations Fund, Class X | 9.9% |
| PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 6.8% |
| Thornburg Strategic Income Fund, Class I | 4.5% |
| Vanguard Total Bond Market ETF | 3.6% |
| Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | 3.6% |
| Vanguard Growth ETF | 3.3% |
| Voya Securitized Credit Fund, Class I | 3.2% |
| iShares MSCI International Momentum Factor ETF | 3.1% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical All Asset Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-SIRRX

# Ocean Park Tactical All Asset Fund

## Class I1 Shares (SIRJX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical All Asset Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $191 | 1.90% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was positive on an absolute basis. However, the Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased the Fund's cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Multisector bond funds, international equities and international bond funds were the largest contributors towards the Fund's performance on an absolute basis.

High grade US bonds, domestic equities and high yield corporate bonds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2027b4cf8efe6d505b1465b2.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical All Asset Fund** | **Morningstar Conservative Target Risk Index** |
| **Sep-2015** | $10000 | $10000 |
| **Sep-2016** | $10552 | $10693 |
| **Sep-2017** | $10918 | $11073 |
| **Sep-2018** | $10967 | $11235 |
| **Sep-2019** | $11236 | $12104 |
| **Sep-2020** | $11496 | $12993 |
| **Sep-2021** | $12098 | $13695 |
| **Sep-2022** | $11059 | $11537 |
| **Sep-2023** | $11017 | $12062 |
| **Sep-2024** | $12416 | $13864 |
| **Sep-2025** | $12502 | $14617 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Ocean Park Tactical All Asset Fund | 0.70% | 1.69% | 2.26% |
| Morningstar Conservative Target Risk Index | 5.43% | 2.38% | 3.87% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$424,319,265

* Number of Portfolio Holdings71

* Advisory Fee $6,436,985

* Portfolio Turnover164%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if588ec646d0171708d039ffd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 52.3% |
| Money Market Funds | 9.0% |
| Open End Funds | 38.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i35e1f964da11f161681abcac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -9.7% |
| Alternative | 2.5% |
| Money Market Funds | 9.9% |
| Equity | 40.5% |
| Fixed Income | 56.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Income Fund, Institutional Class | 17.1% |
| SPDR Portfolio S&P 500 ETF | 14.2% |
| First American Government Obligations Fund, Class X | 9.9% |
| PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 6.8% |
| Thornburg Strategic Income Fund, Class I | 4.5% |
| Vanguard Total Bond Market ETF | 3.6% |
| Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | 3.6% |
| Vanguard Growth ETF | 3.3% |
| Voya Securitized Credit Fund, Class I | 3.2% |
| iShares MSCI International Momentum Factor ETF | 3.1% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical All Asset Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-SIRJX

# Ocean Park Tactical Bond Fund

## Class A Shares (STBKX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical Bond Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $146 | 1.47% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was negative on an absolute basis. The Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased the Fund's cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

High yield corporate bonds were the largest contributors towards the Fund's performance on an absolute basis.

High grade US bonds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i08e90cb9e8a3e33b9459b4e2.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Ocean Park Tactical Bond Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Corporate High Yield Index** | **ICE BofA US High Yield Index** |
| **Oct-2019** | $9423 | $10000 | $10000 | $10000 |
| **Sep-2020** | $10789 | $10681 | $10334 | $10237 |
| **Sep-2021** | $11561 | $10585 | $11499 | $11410 |
| **Sep-2022** | $10846 | $9040 | $9873 | $9809 |
| **Sep-2023** | $11089 | $9098 | $10888 | $10817 |
| **Sep-2024** | $12346 | $10150 | $12602 | $12520 |
| **Sep-2025** | $12204 | $10443 | $13535 | $13435 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (October 1, 2019)** |
| Ocean Park Tactical Bond Fund |  |  |
| Without Load | -1.15% | 4.40% |
| With Load | -4.85% | 3.38% |
| ICE BofA US High Yield Index | 7.31% | 5.04% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | 0.73% |
| Bloomberg U.S. Corporate High Yield Index | 7.41% | 5.17% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$1,812,574,115

* Number of Portfolio Holdings35

* Advisory Fee $20,584,537

* Portfolio Turnover190%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i97ccd4a03b01374629e2f587.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 54.2% |
| Money Market Funds | 9.5% |
| Open End Funds | 36.3% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i792c7512704b7b8b7389e16a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -10.1% |
| Money Market Funds | 10.4% |
| Fixed Income | 99.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| BlackRock High Yield Portfolio Fund, Institutional Class | 25.6% |
| iShares Broad USD High Yield Corporate Bond ETF | 15.9% |
| iShares iBoxx $ High Yield Corporate Bond ETF | 12.5% |
| SPDR Bloomberg High Yield Bond ETF | 11.3% |
| First American Government Obligations Fund, Class X | 10.4% |
| Osterweis Strategic Income Fund, Class I | 7.6% |
| SPDR Portfolio High Yield Bond ETF | 4.9% |
| iShares 0-5 Year High Yield Corporate Bond ETF | 3.0% |
| SPDR Bloomberg Short Term High Yield Bond ETF | 2.7% |
| PGIM High Yield Fund, Class Z | 2.4% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Bond Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-STBKX

# Ocean Park Tactical Bond Fund

## Class C Shares (STBDX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical Bond Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $220 | 2.22% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was negative on an absolute basis. The Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased the Fund's cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

High yield corporate bonds were the largest contributors towards the Fund's performance on an absolute basis.

High grade US bonds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ia06b8367a6cdfe7b0c377cbe.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Ocean Park Tactical Bond Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Corporate High Yield Index** | **ICE BofA US High Yield Index** |
| **Oct-2019** | $10000 | $10000 | $10000 | $10000 |
| **Sep-2020** | $11397 | $10681 | $10334 | $10237 |
| **Sep-2021** | $12119 | $10585 | $11499 | $11410 |
| **Sep-2022** | $11288 | $9040 | $9873 | $9809 |
| **Sep-2023** | $11449 | $9098 | $10888 | $10817 |
| **Sep-2024** | $12654 | $10150 | $12602 | $12520 |
| **Sep-2025** | $12415 | $10443 | $13535 | $13435 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (October 1, 2019)** |
| Ocean Park Tactical Bond Fund | -1.89% | 1.73% | 3.67% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 0.73% |
| Bloomberg U.S. Corporate High Yield Index | 7.41% | 5.55% | 5.17% |
| ICE BofA US High Yield Index | 7.31% | 5.59% | 5.04% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$1,812,574,115

* Number of Portfolio Holdings35

* Advisory Fee $20,584,537

* Portfolio Turnover190%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie19512f8ef32f497dabc1366.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 54.2% |
| Money Market Funds | 9.5% |
| Open End Funds | 36.3% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i98469b75ce251395a7e424e3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -10.1% |
| Money Market Funds | 10.4% |
| Fixed Income | 99.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| BlackRock High Yield Portfolio Fund, Institutional Class | 25.6% |
| iShares Broad USD High Yield Corporate Bond ETF | 15.9% |
| iShares iBoxx $ High Yield Corporate Bond ETF | 12.5% |
| SPDR Bloomberg High Yield Bond ETF | 11.3% |
| First American Government Obligations Fund, Class X | 10.4% |
| Osterweis Strategic Income Fund, Class I | 7.6% |
| SPDR Portfolio High Yield Bond ETF | 4.9% |
| iShares 0-5 Year High Yield Corporate Bond ETF | 3.0% |
| SPDR Bloomberg Short Term High Yield Bond ETF | 2.7% |
| PGIM High Yield Fund, Class Z | 2.4% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Bond Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-STBDX

# Ocean Park Tactical Bond Fund

## Instl Class (STBJX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical Bond Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $121 | 1.22% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was negative on an absolute basis. The Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased the Fund's cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

High yield corporate bonds were the largest contributors towards the Fund's performance on an absolute basis.

High grade US bonds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](icd9f8527112bffea6f7b28d0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Ocean Park Tactical Bond Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Corporate High Yield Index** | **ICE BofA US High Yield Index** |
| **Oct-2019** | $10000 | $10000 | $10000 | $10000 |
| **Sep-2020** | $11478 | $10681 | $10334 | $10237 |
| **Sep-2021** | $12327 | $10585 | $11499 | $11410 |
| **Sep-2022** | $11597 | $9040 | $9873 | $9809 |
| **Sep-2023** | $11884 | $9098 | $10888 | $10817 |
| **Sep-2024** | $13261 | $10150 | $12602 | $12520 |
| **Sep-2025** | $13146 | $10443 | $13535 | $13435 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (October 1, 2019)** |
| Ocean Park Tactical Bond Fund | -0.87% | 2.75% | 4.66% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 0.73% |
| Bloomberg U.S. Corporate High Yield Index | 7.41% | 5.55% | 5.17% |
| ICE BofA US High Yield Index | 7.31% | 5.59% | 5.04% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$1,812,574,115

* Number of Portfolio Holdings35

* Advisory Fee $20,584,537

* Portfolio Turnover190%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2c6c4a0ab314ac8cae63a9d9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 54.2% |
| Money Market Funds | 9.5% |
| Open End Funds | 36.3% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic59709af547ce31292e02c6e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -10.1% |
| Money Market Funds | 10.4% |
| Fixed Income | 99.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| BlackRock High Yield Portfolio Fund, Institutional Class | 25.6% |
| iShares Broad USD High Yield Corporate Bond ETF | 15.9% |
| iShares iBoxx $ High Yield Corporate Bond ETF | 12.5% |
| SPDR Bloomberg High Yield Bond ETF | 11.3% |
| First American Government Obligations Fund, Class X | 10.4% |
| Osterweis Strategic Income Fund, Class I | 7.6% |
| SPDR Portfolio High Yield Bond ETF | 4.9% |
| iShares 0-5 Year High Yield Corporate Bond ETF | 3.0% |
| SPDR Bloomberg Short Term High Yield Bond ETF | 2.7% |
| PGIM High Yield Fund, Class Z | 2.4% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Bond Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-STBJX

# Ocean Park Tactical Bond Fund

## Investor Class (STBNX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical Bond Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $161 | 1.62% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was negative on an absolute basis. The Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased the Fund's cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

High yield corporate bonds were the largest contributors towards the Fund's performance on an absolute basis.

High grade US bonds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i6bb85e88e2fc2358e3a9a7f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Ocean Park Tactical Bond Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Corporate High Yield Index** | **ICE BofA US High Yield Index** |
| **Oct-2019** | $10000 | $10000 | $10000 | $10000 |
| **Sep-2020** | $11436 | $10681 | $10334 | $10237 |
| **Sep-2021** | $12235 | $10585 | $11499 | $11410 |
| **Sep-2022** | $11465 | $9040 | $9873 | $9809 |
| **Sep-2023** | $11697 | $9098 | $10888 | $10817 |
| **Sep-2024** | $13005 | $10150 | $12602 | $12520 |
| **Sep-2025** | $12836 | $10443 | $13535 | $13435 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (October 1, 2019)** |
| Ocean Park Tactical Bond Fund | -1.30% | 2.34% | 4.25% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 0.73% |
| Bloomberg U.S. Corporate High Yield Index | 7.41% | 5.55% | 5.17% |
| ICE BofA US High Yield Index | 7.31% | 5.59% | 5.04% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$1,812,574,115

* Number of Portfolio Holdings35

* Advisory Fee $20,584,537

* Portfolio Turnover190%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic8cbecbbb3a908d4145bf035.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 54.2% |
| Money Market Funds | 9.5% |
| Open End Funds | 36.3% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i4b72f857e32ba49ce0114414.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -10.1% |
| Money Market Funds | 10.4% |
| Fixed Income | 99.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| BlackRock High Yield Portfolio Fund, Institutional Class | 25.6% |
| iShares Broad USD High Yield Corporate Bond ETF | 15.9% |
| iShares iBoxx $ High Yield Corporate Bond ETF | 12.5% |
| SPDR Bloomberg High Yield Bond ETF | 11.3% |
| First American Government Obligations Fund, Class X | 10.4% |
| Osterweis Strategic Income Fund, Class I | 7.6% |
| SPDR Portfolio High Yield Bond ETF | 4.9% |
| iShares 0-5 Year High Yield Corporate Bond ETF | 3.0% |
| SPDR Bloomberg Short Term High Yield Bond ETF | 2.7% |
| PGIM High Yield Fund, Class Z | 2.4% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Bond Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-STBNX

# Ocean Park Tactical Core Growth Fund

## Instl Class (STEJX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical Core Growth Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $100 | 0.99% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was positive on an absolute basis. However, the Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased its cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Domestic equities and international equities were the largest contributors towards the Fund's performance on an absolute basis.

High grade US bonds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ifd2c061a840f09ce7e21d2c1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Ocean Park Tactical Core Growth Fund** | **70% - Moringstar US Market TR USD/ 30% - Moringstar Global Markets ex US NR USD Blended Index** | **Morningstar Global Markets ex US NR USD** | **Morningstar US Market TR USD** |
| **Sep-2023** | $10000 | $10000 | $10000 | $10000 |
| **Sep-2024** | $11840 | $13234 | $12485 | $13560 |
| **Sep-2025** | $12190 | $15512 | $14476 | $15935 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 29, 2023)** |
| Ocean Park Tactical Core Growth Fund | 2.96% | 10.40% |
| 70% - Moringstar US Market TR USD/ 30% - Moringstar Global Markets ex US NR USD Blended Index | 17.21% | 24.48% |
| Morningstar Global Markets ex US NR USD | 15.94% | 20.29% |
| Morningstar US Market TR USD | 17.51% | 26.19% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$11,825,174

* Number of Portfolio Holdings22

* Advisory Fee (net of waivers)$0

* Portfolio Turnover236%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i03aac71054ced1f2605c1bdd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 92.7% |
| Money Market Funds | 2.5% |
| Open End Funds | 4.8% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ib6dcf0da24d9a5c1ef162f60.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.9% |
| Money Market Funds | 2.6% |
| Equity | 99.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| SPDR Portfolio S&P 500 ETF | 36.9% |
| Vanguard Growth ETF | 9.9% |
| Vanguard Mid-Cap Growth ETF | 7.1% |
| Avantis International Small Cap Value ETF | 5.0% |
| Vanguard FTSE Emerging Markets ETF | 4.9% |
| Dimensional International Small Cap Value ETF | 4.8% |
| Avantis U.S. Small Cap Value ETF | 4.3% |
| Dimensional International Value ETF | 3.7% |
| iShares U.S. Aerospace & Defense ETF | 3.6% |
| First American Government Obligations Fund, Class X | 2.6% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Core Growth Fund

#### Annual Shareholder Report - September 30, 2025

## 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

# Ocean Park Tactical Core Growth Fund

## Investor Class (STENX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical Core Growth Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $141 | 1.39% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was positive on an absolute basis. However, the Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased its cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Domestic equities and international equities were the largest contributors towards the Fund's performance on an absolute basis.

High grade US bonds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i08dc8c86d0c2f4f440b41c09.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Ocean Park Tactical Core Growth Fund** | **70% - Moringstar US Market TR USD/ 30% - Moringstar Global Markets ex US NR USD Blended Index** | **Morningstar Global Markets ex US NR USD** | **Morningstar US Market TR USD** |
| **Sep-2023** | $10000 | $10000 | $10000 | $10000 |
| **Sep-2024** | $11795 | $13234 | $12485 | $13560 |
| **Sep-2025** | $12094 | $15512 | $14476 | $15935 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 29, 2023)** |
| Ocean Park Tactical Core Growth Fund | 2.54% | 9.96% |
| 70% - Moringstar US Market TR USD/ 30% - Moringstar Global Markets ex US NR USD Blended Index | 17.21% | 24.48% |
| Morningstar Global Markets ex US NR USD | 15.94% | 20.29% |
| Morningstar US Market TR USD | 17.51% | 26.19% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$11,825,174

* Number of Portfolio Holdings22

* Advisory Fee (net of waivers)$0

* Portfolio Turnover236%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1858b3e9dbf3e9c168b83282.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 92.7% |
| Money Market Funds | 2.5% |
| Open End Funds | 4.8% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i42de1dc3452924dbe3bafc60.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.9% |
| Money Market Funds | 2.6% |
| Equity | 99.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| SPDR Portfolio S&P 500 ETF | 36.9% |
| Vanguard Growth ETF | 9.9% |
| Vanguard Mid-Cap Growth ETF | 7.1% |
| Avantis International Small Cap Value ETF | 5.0% |
| Vanguard FTSE Emerging Markets ETF | 4.9% |
| Dimensional International Small Cap Value ETF | 4.8% |
| Avantis U.S. Small Cap Value ETF | 4.3% |
| Dimensional International Value ETF | 3.7% |
| iShares U.S. Aerospace & Defense ETF | 3.6% |
| First American Government Obligations Fund, Class X | 2.6% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Core Growth Fund

#### Annual Shareholder Report - September 30, 2025

## 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

# Ocean Park Tactical Core Income Fund

## Class A Shares (SSIZX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

This annual shareholder report contains important information about Ocean Park Tactical Core Income Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $135 | 1.34% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was positive on an absolute basis. However, the Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased the Fund's cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Multisector bond funds, convertible funds, and floating rate funds were the largest contributors to the Fund's performance on an absolute basis.

High grade US bonds, high yield corporate bonds, and municipal bond funds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i050d63c6b5dd2f2d56a95ceb.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical Core Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Sep-2015** | $9424 | $10000 |
| **Sep-2016** | $10108 | $10519 |
| **Sep-2017** | $10445 | $10527 |
| **Sep-2018** | $10500 | $10399 |
| **Sep-2019** | $11048 | $11470 |
| **Sep-2020** | $11322 | $12271 |
| **Sep-2021** | $11856 | $12161 |
| **Sep-2022** | $11085 | $10385 |
| **Sep-2023** | $10937 | $10452 |
| **Sep-2024** | $12110 | $11662 |
| **Sep-2025** | $12231 | $11998 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Ocean Park Tactical Core Income Fund |  |  |  |
| Without Load | 1.00% | 1.56% | 2.64% |
| With Load | -2.79% | 0.36% | 2.03% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$1,259,908,249

* Number of Portfolio Holdings73

* Advisory Fee (net of waivers)$10,641,198

* Portfolio Turnover184%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iec435faf5e32eeb8f0021bb5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 49.0% |
| Money Market Funds | 9.3% |
| Open End Funds | 41.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i2b78dec6726d814046fcbbcb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -10.0% |
| Alternative | 2.3% |
| Money Market Funds | 10.2% |
| Fixed Income | 97.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Income Fund, Institutional Class | 16.3% |
| First American Government Obligations Fund, Class X | 10.2% |
| Vanguard Total Bond Market ETF | 8.1% |
| Invesco Senior Loan ETF | 7.4% |
| JPMorgan Income Fund, Class I | 5.7% |
| VanEck J. P. Morgan EM Local Currency Bond ETF | 4.4% |
| SPDR Bloomberg Convertible Securities ETF | 3.9% |
| Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | 3.5% |
| FPA New Income Fund, Institutional Class | 3.4% |
| PIMCO Multi Sector Bond Active ETF | 3.3% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Core Income Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-SSIZX

# Ocean Park Tactical Core Income Fund

## Class C Shares (SSICX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

This annual shareholder report contains important information about Ocean Park Tactical Core Income Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $194 | 1.94% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was positive on an absolute basis. However, the Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased the Fund's cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Multisector bond funds, convertible funds, and floating rate funds were the largest contributors to the Fund's performance on an absolute basis.

High grade US bonds, high yield corporate bonds, and municipal bond funds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic0764532568728c9e4f85e90.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical Core Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Sep-2015** | $10000 | $10000 |
| **Sep-2016** | $10661 | $10519 |
| **Sep-2017** | $10950 | $10527 |
| **Sep-2018** | $10943 | $10399 |
| **Sep-2019** | $11442 | $11470 |
| **Sep-2020** | $11659 | $12271 |
| **Sep-2021** | $12139 | $12161 |
| **Sep-2022** | $11275 | $10385 |
| **Sep-2023** | $11063 | $10452 |
| **Sep-2024** | $12176 | $11662 |
| **Sep-2025** | $12220 | $11998 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Ocean Park Tactical Core Income Fund | 0.36% | 0.94% | 2.03% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$1,259,908,249

* Number of Portfolio Holdings73

* Advisory Fee (net of waivers)$10,641,198

* Portfolio Turnover184%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i929292163a5a6a7bb7c1afdb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 49.0% |
| Money Market Funds | 9.3% |
| Open End Funds | 41.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i91b3eeb838c111fafd763c4f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -10.0% |
| Alternative | 2.3% |
| Money Market Funds | 10.2% |
| Fixed Income | 97.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Income Fund, Institutional Class | 16.3% |
| First American Government Obligations Fund, Class X | 10.2% |
| Vanguard Total Bond Market ETF | 8.1% |
| Invesco Senior Loan ETF | 7.4% |
| JPMorgan Income Fund, Class I | 5.7% |
| VanEck J. P. Morgan EM Local Currency Bond ETF | 4.4% |
| SPDR Bloomberg Convertible Securities ETF | 3.9% |
| Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | 3.5% |
| FPA New Income Fund, Institutional Class | 3.4% |
| PIMCO Multi Sector Bond Active ETF | 3.3% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Core Income Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-SSICX

# Ocean Park Tactical Core Income Fund

## Investor Class (SSIIX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

This annual shareholder report contains important information about Ocean Park Tactical Core Income Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $135 | 1.34% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was positive on an absolute basis. However, the Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased the Fund's cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Multisector bond funds, convertible funds, and floating rate funds were the largest contributors to the Fund's performance on an absolute basis.

High grade US bonds, high yield corporate bonds, and municipal bond funds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i35b98d47242e2d92ae4e2dca.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical Core Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Sep-2015** | $10000 | $10000 |
| **Sep-2016** | $10721 | $10519 |
| **Sep-2017** | $11083 | $10527 |
| **Sep-2018** | $11141 | $10399 |
| **Sep-2019** | $11720 | $11470 |
| **Sep-2020** | $12016 | $12271 |
| **Sep-2021** | $12582 | $12161 |
| **Sep-2022** | $11759 | $10385 |
| **Sep-2023** | $11603 | $10452 |
| **Sep-2024** | $12849 | $11662 |
| **Sep-2025** | $12978 | $11998 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Ocean Park Tactical Core Income Fund | 1.00% | 1.55% | 2.64% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$1,259,908,249

* Number of Portfolio Holdings73

* Advisory Fee (net of waivers)$10,641,198

* Portfolio Turnover184%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i71e7f259dfe8921279d7ed0c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 49.0% |
| Money Market Funds | 9.3% |
| Open End Funds | 41.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ib8c17c0e54ddb84e16a67d5c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -10.0% |
| Alternative | 2.3% |
| Money Market Funds | 10.2% |
| Fixed Income | 97.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Income Fund, Institutional Class | 16.3% |
| First American Government Obligations Fund, Class X | 10.2% |
| Vanguard Total Bond Market ETF | 8.1% |
| Invesco Senior Loan ETF | 7.4% |
| JPMorgan Income Fund, Class I | 5.7% |
| VanEck J. P. Morgan EM Local Currency Bond ETF | 4.4% |
| SPDR Bloomberg Convertible Securities ETF | 3.9% |
| Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | 3.5% |
| FPA New Income Fund, Institutional Class | 3.4% |
| PIMCO Multi Sector Bond Active ETF | 3.3% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Core Income Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-SSIIX

# Ocean Park Tactical Core Income Fund

## Instl Class (SSIRX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

This annual shareholder report contains important information about Ocean Park Tactical Core Income Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $95 | 0.94% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was positive on an absolute basis. However, the Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased the Fund's cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Multisector bond funds, convertible funds, and floating rate funds were the largest contributors to the Fund's performance on an absolute basis.

High grade US bonds, high yield corporate bonds, and municipal bond funds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8f88e66a2369bd30d2e60f71.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical Core Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Sep-2015** | $10000 | $10000 |
| **Sep-2016** | $10755 | $10519 |
| **Sep-2017** | $11153 | $10527 |
| **Sep-2018** | $11258 | $10399 |
| **Sep-2019** | $11889 | $11470 |
| **Sep-2020** | $12234 | $12271 |
| **Sep-2021** | $12865 | $12161 |
| **Sep-2022** | $12072 | $10385 |
| **Sep-2023** | $11964 | $10452 |
| **Sep-2024** | $13300 | $11662 |
| **Sep-2025** | $13488 | $11998 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Ocean Park Tactical Core Income Fund | 1.42% | 1.97% | 3.04% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$1,259,908,249

* Number of Portfolio Holdings73

* Advisory Fee (net of waivers)$10,641,198

* Portfolio Turnover184%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i86da7b94e1219a6e582fa34a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 49.0% |
| Money Market Funds | 9.3% |
| Open End Funds | 41.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i5e9d1c9bc4d8d60dddb48edb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -10.0% |
| Alternative | 2.3% |
| Money Market Funds | 10.2% |
| Fixed Income | 97.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Income Fund, Institutional Class | 16.3% |
| First American Government Obligations Fund, Class X | 10.2% |
| Vanguard Total Bond Market ETF | 8.1% |
| Invesco Senior Loan ETF | 7.4% |
| JPMorgan Income Fund, Class I | 5.7% |
| VanEck J. P. Morgan EM Local Currency Bond ETF | 4.4% |
| SPDR Bloomberg Convertible Securities ETF | 3.9% |
| Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | 3.5% |
| FPA New Income Fund, Institutional Class | 3.4% |
| PIMCO Multi Sector Bond Active ETF | 3.3% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Core Income Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-SSIRX

# Ocean Park Tactical Municipal Fund

## Class A Shares (STMKX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical Municipal Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $122 | 1.24% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was negative on an absolute basis. The Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased the Fund's cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Cash and equivalents were the largest contributors towards the Fund's performance on an absolute basis.

Municipal bond funds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i80191e4af3e1315d1cfb3b8f.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical Municipal Fund** | **Bloomberg Municipal Bond Index** |
| **Dec-2018** | $9423 | $10000 |
| **Sep-2019** | $10103 | $10682 |
| **Sep-2020** | $10149 | $11119 |
| **Sep-2021** | $10844 | $11411 |
| **Sep-2022** | $10276 | $10099 |
| **Sep-2023** | $10213 | $10368 |
| **Sep-2024** | $11320 | $11443 |
| **Sep-2025** | $10885 | $11603 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 27, 2018)** |
| Ocean Park Tactical Municipal Fund |  |  |  |
| Without Load | -3.85% | 1.41% | 2.16% |
| With Load | -7.47% | 0.22% | 1.26% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.22% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$178,353,780

* Number of Portfolio Holdings31

* Advisory Fee (net of waivers)$1,736,828

* Portfolio Turnover200%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i23f4d72a4af64b88b2027d40.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 10.1% |
| Money Market Funds | 1.4% |
| Open End Funds | 88.5% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic4c239080e22c8c748f875c6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.2% |
| Money Market Funds | 1.4% |
| Fixed Income | 99.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Allspring Municipal Bond Fund, Institutional Class | 21.4% |
| Nuveen High Yield Municipal Bond Fund, Class I | 16.7% |
| PIMCO High Yield Municipal Bond Fund, Institutional Class | 12.6% |
| Nuveen Short Duration High Yield Municipal Bond, Class I | 11.9% |
| PIMCO Municipal Bond Fund, Institutional Class | 6.5% |
| Nuveen All-American Municipal Bond Fund, Class I | 6.3% |
| Russell Tax Exempt High Yield Bond Fund, Class S | 6.3% |
| Thornburg Limited Term Municipal Fund, Institutional Class | 4.7% |
| First Trust Municipal High Income ETF | 3.1% |
| American High-Income Municipal Bond Fund, Class I | 3.1% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Municipal Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-STMKX

# Ocean Park Tactical Municipal Fund

## Class C Shares (STMHX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical Municipal Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $194 | 1.99% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was negative on an absolute basis. The Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased the Fund's cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Cash and equivalents were the largest contributors towards the Fund's performance on an absolute basis.

Municipal bond funds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i902d1b47b7b89ddbd2ae8f37.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical Municipal Fund** | **Bloomberg Municipal Bond Index** |
| **Sep-2019** | $10000 | $10000 |
| **Sep-2019** | $9958 | $9965 |
| **Sep-2020** | $9938 | $10372 |
| **Sep-2021** | $10538 | $10645 |
| **Sep-2022** | $9911 | $9421 |
| **Sep-2023** | $9780 | $9672 |
| **Sep-2024** | $10757 | $10675 |
| **Sep-2025** | $10266 | $10823 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (September 10, 2019)** |
| Ocean Park Tactical Municipal Fund | -4.57% | 0.65% | 0.43% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 1.32% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$178,353,780

* Number of Portfolio Holdings31

* Advisory Fee (net of waivers)$1,736,828

* Portfolio Turnover200%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia0c37306edb3fb9e2079c3cb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 10.1% |
| Money Market Funds | 1.4% |
| Open End Funds | 88.5% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i299c4a9b246f3bfde5d3e2c8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.2% |
| Money Market Funds | 1.4% |
| Fixed Income | 99.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Allspring Municipal Bond Fund, Institutional Class | 21.4% |
| Nuveen High Yield Municipal Bond Fund, Class I | 16.7% |
| PIMCO High Yield Municipal Bond Fund, Institutional Class | 12.6% |
| Nuveen Short Duration High Yield Municipal Bond, Class I | 11.9% |
| PIMCO Municipal Bond Fund, Institutional Class | 6.5% |
| Nuveen All-American Municipal Bond Fund, Class I | 6.3% |
| Russell Tax Exempt High Yield Bond Fund, Class S | 6.3% |
| Thornburg Limited Term Municipal Fund, Institutional Class | 4.7% |
| First Trust Municipal High Income ETF | 3.1% |
| American High-Income Municipal Bond Fund, Class I | 3.1% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Municipal Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-STMHX

# Ocean Park Tactical Municipal Fund

## Investor Class (STMNX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical Municipal Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $135 | 1.38% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was negative on an absolute basis. The Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased the Fund's cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Cash and equivalents were the largest contributors towards the Fund's performance on an absolute basis.

Municipal bond funds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](icd020f383288bdf5730a2a28.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical Municipal Fund** | **Bloomberg Municipal Bond Index** |
| **Dec-2018** | $10000 | $10000 |
| **Sep-2019** | $10685 | $10682 |
| **Sep-2020** | $10717 | $11119 |
| **Sep-2021** | $11431 | $11411 |
| **Sep-2022** | $10816 | $10099 |
| **Sep-2023** | $10734 | $10368 |
| **Sep-2024** | $11881 | $11443 |
| **Sep-2025** | $11409 | $11603 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 27, 2018)** |
| Ocean Park Tactical Municipal Fund | -3.98% | 1.26% | 1.97% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.22% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$178,353,780

* Number of Portfolio Holdings31

* Advisory Fee (net of waivers)$1,736,828

* Portfolio Turnover200%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i30d69593e4dfefcd302d3f86.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 10.1% |
| Money Market Funds | 1.4% |
| Open End Funds | 88.5% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i19787e10718252afda1f9268.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.2% |
| Money Market Funds | 1.4% |
| Fixed Income | 99.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Allspring Municipal Bond Fund, Institutional Class | 21.4% |
| Nuveen High Yield Municipal Bond Fund, Class I | 16.7% |
| PIMCO High Yield Municipal Bond Fund, Institutional Class | 12.6% |
| Nuveen Short Duration High Yield Municipal Bond, Class I | 11.9% |
| PIMCO Municipal Bond Fund, Institutional Class | 6.5% |
| Nuveen All-American Municipal Bond Fund, Class I | 6.3% |
| Russell Tax Exempt High Yield Bond Fund, Class S | 6.3% |
| Thornburg Limited Term Municipal Fund, Institutional Class | 4.7% |
| First Trust Municipal High Income ETF | 3.1% |
| American High-Income Municipal Bond Fund, Class I | 3.1% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Municipal Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-STMNX

# Ocean Park Tactical Municipal Fund

## Instl Class (STMEX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical Municipal Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $104 | 1.06% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was negative on an absolute basis. The Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased the Fund's cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Cash and equivalents were the largest contributors towards the Fund's performance on an absolute basis.

Municipal bond funds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3c98f9c0411b1317b7f4596d.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical Municipal Fund** | **Bloomberg Municipal Bond Index** |
| **Dec-2018** | $10000 | $10000 |
| **Sep-2019** | $10716 | $10682 |
| **Sep-2020** | $10796 | $11119 |
| **Sep-2021** | $11558 | $11411 |
| **Sep-2022** | $10975 | $10099 |
| **Sep-2023** | $10931 | $10368 |
| **Sep-2024** | $12140 | $11443 |
| **Sep-2025** | $11691 | $11603 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 27, 2018)** |
| Ocean Park Tactical Municipal Fund | -3.70% | 1.60% | 2.34% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.22% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$178,353,780

* Number of Portfolio Holdings31

* Advisory Fee (net of waivers)$1,736,828

* Portfolio Turnover200%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iecfa4fa4b6fccd6e078ae7ea.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 10.1% |
| Money Market Funds | 1.4% |
| Open End Funds | 88.5% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i04ae77f4d04a06c1a79f828d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.2% |
| Money Market Funds | 1.4% |
| Fixed Income | 99.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Allspring Municipal Bond Fund, Institutional Class | 21.4% |
| Nuveen High Yield Municipal Bond Fund, Class I | 16.7% |
| PIMCO High Yield Municipal Bond Fund, Institutional Class | 12.6% |
| Nuveen Short Duration High Yield Municipal Bond, Class I | 11.9% |
| PIMCO Municipal Bond Fund, Institutional Class | 6.5% |
| Nuveen All-American Municipal Bond Fund, Class I | 6.3% |
| Russell Tax Exempt High Yield Bond Fund, Class S | 6.3% |
| Thornburg Limited Term Municipal Fund, Institutional Class | 4.7% |
| First Trust Municipal High Income ETF | 3.1% |
| American High-Income Municipal Bond Fund, Class I | 3.1% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Municipal Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-STMEX

# Ocean Park Tactical Municipal Fund

## Special Shares (STMYX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical Municipal Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $91 | 0.93% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was negative on an absolute basis. The Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased the Fund's cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Cash and equivalents were the largest contributors towards the Fund's performance on an absolute basis.

Municipal bond funds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i6e703761325f4a4a15a86f17.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical Municipal Fund** | **Bloomberg Municipal Bond Index** |
| **Dec-2018** | $10000 | $10000 |
| **Sep-2019** | $10734 | $10682 |
| **Sep-2020** | $10821 | $11119 |
| **Sep-2021** | $11594 | $11411 |
| **Sep-2022** | $11023 | $10099 |
| **Sep-2023** | $10989 | $10368 |
| **Sep-2024** | $12218 | $11443 |
| **Sep-2025** | $11785 | $11603 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 27, 2018)** |
| Ocean Park Tactical Municipal Fund | -3.54% | 1.72% | 2.46% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.22% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$178,353,780

* Number of Portfolio Holdings31

* Advisory Fee (net of waivers)$1,736,828

* Portfolio Turnover200%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1a99f8b76e9f51c93c57257e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 10.1% |
| Money Market Funds | 1.4% |
| Open End Funds | 88.5% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](iea391d8ab6e41fdf0d10ac0f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.2% |
| Money Market Funds | 1.4% |
| Fixed Income | 99.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Allspring Municipal Bond Fund, Institutional Class | 21.4% |
| Nuveen High Yield Municipal Bond Fund, Class I | 16.7% |
| PIMCO High Yield Municipal Bond Fund, Institutional Class | 12.6% |
| Nuveen Short Duration High Yield Municipal Bond, Class I | 11.9% |
| PIMCO Municipal Bond Fund, Institutional Class | 6.5% |
| Nuveen All-American Municipal Bond Fund, Class I | 6.3% |
| Russell Tax Exempt High Yield Bond Fund, Class S | 6.3% |
| Thornburg Limited Term Municipal Fund, Institutional Class | 4.7% |
| First Trust Municipal High Income ETF | 3.1% |
| American High-Income Municipal Bond Fund, Class I | 3.1% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Municipal Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-STMYX

# Ocean Park Tactical Risk Spectrum 30 Fund

## Instl Class (SRTJX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 30 Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
What were the Fund's costs for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Instl Class | $133 | 1.31% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was positive on an absolute basis. However, the Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased its cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Multisector bond funds, domestic equities and international equities were the largest contributors towards the Fund's performance on an absolute basis.

High grade US bonds, municipal bond funds and high yield corporate bonds were the largest detractors towards the Fund's performance on an absolute basis.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i94849a416dd934819b17f78e.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical Risk Spectrum 30 Fund** | **Morningstar Conservative Target Risk Index** |
| **Sep-2022** | $10000 | $10000 |
| **Sep-2023** | $10163 | $10455 |
| **Sep-2024** | $11505 | $12017 |
| **Sep-2025** | $11851 | $12669 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 30, 2022)** |
| Ocean Park Tactical Risk Spectrum 30 Fund | 3.01% | 5.82% |
| Morningstar Conservative Target Risk Index | 5.43% | 8.21% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$169,769,286

* Number of Portfolio Holdings65

* Advisory Fee (net of waivers)$1,230,890

* Portfolio Turnover181%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia6ccad36696446562a4feb47.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 52.2% |
| Money Market Funds | 9.4% |
| Open End Funds | 38.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i52aeaef1172bbb006b78ecf5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -9.8% |
| Alternative | 0.8% |
| Money Market Funds | 10.3% |
| Equity | 28.6% |
| Fixed Income | 70.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Income Fund, Institutional Class | 12.8% |
| SPDR Portfolio S&P 500 ETF | 11.2% |
| First American Government Obligations Fund, Class X | 10.3% |
| Invesco Senior Loan ETF | 6.8% |
| Vanguard Total Bond Market ETF | 6.0% |
| Thornburg Strategic Income Fund, Class I | 5.6% |
| PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 4.5% |
| JPMorgan Mortgage-Backed Securities ETF | 3.7% |
| PIMCO International Bond Fund Unhedged, Institutional Class | 3.4% |
| JPMorgan Income Fund, Class I | 3.3% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Risk Spectrum 30 Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-SRTJX

# Ocean Park Tactical Risk Spectrum 30 Fund

## Investor Class (SRTNX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 30 Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
What were the Fund's costs for the last year?

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $172 | 1.71% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was positive on an absolute basis. However, the Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased its cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Multisector bond funds, domestic equities and international equities were the largest contributors towards the Fund's performance on an absolute basis.

High grade US bonds, municipal bond funds and high yield corporate bonds were the largest detractors towards the Fund's performance on an absolute basis.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8896862c87af437ef40e2b3b.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical Risk Spectrum 30 Fund** | **Morningstar Conservative Target Risk Index** |
| **Sep-2022** | $10000 | $10000 |
| **Sep-2023** | $10163 | $10455 |
| **Sep-2024** | $11498 | $12017 |
| **Sep-2025** | $11654 | $12669 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 30, 2022)** |
| Ocean Park Tactical Risk Spectrum 30 Fund | 1.36% | 5.23% |
| Morningstar Conservative Target Risk Index | 5.43% | 8.21% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$169,769,286

* Number of Portfolio Holdings65

* Advisory Fee (net of waivers)$1,230,890

* Portfolio Turnover181%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie7ae2b538c34257a777d9124.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 52.2% |
| Money Market Funds | 9.4% |
| Open End Funds | 38.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i4c3012bfd601d080584f7e15.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -9.8% |
| Alternative | 0.8% |
| Money Market Funds | 10.3% |
| Equity | 28.6% |
| Fixed Income | 70.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Income Fund, Institutional Class | 12.8% |
| SPDR Portfolio S&P 500 ETF | 11.2% |
| First American Government Obligations Fund, Class X | 10.3% |
| Invesco Senior Loan ETF | 6.8% |
| Vanguard Total Bond Market ETF | 6.0% |
| Thornburg Strategic Income Fund, Class I | 5.6% |
| PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 4.5% |
| JPMorgan Mortgage-Backed Securities ETF | 3.7% |
| PIMCO International Bond Fund Unhedged, Institutional Class | 3.4% |
| JPMorgan Income Fund, Class I | 3.3% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Risk Spectrum 30 Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-SRTNX

# Ocean Park Tactical Risk Spectrum 50 Fund

## Class A Shares (SRFQX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 50 Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $158 | 1.56% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was positive on an absolute basis. However, the Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased its cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Domestic equities, international equities and multisector bond funds were the largest contributors towards the Fund's performance on an absolute basis.

High grade US bonds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i5d052e0be424c629a280d50a.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical Risk Spectrum 50 Fund** | **Morningstar Moderately Conservative Target Risk Index** |
| **May-2021** | $9423 | $10000 |
| **Sep-2021** | $9346 | $10049 |
| **Sep-2022** | $8319 | $8375 |
| **Sep-2023** | $8596 | $9064 |
| **Sep-2024** | $9891 | $10743 |
| **Sep-2025** | $10096 | $11599 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (May 26, 2021)** |
| Ocean Park Tactical Risk Spectrum 50 Fund |  |  |
| Without Load | 2.07% | 1.60% |
| With Load | -1.76% | 0.22% |
| Morningstar Moderately Conservative Target Risk Index | 7.97% | 3.47% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$295,926,569

* Number of Portfolio Holdings66

* Advisory Fee $3,448,205

* Portfolio Turnover168%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i06397fcddd2f9e5e9dd3757e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 61.9% |
| Money Market Funds | 6.5% |
| Open End Funds | 31.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i04e0479cd7195271990870ed.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -6.5% |
| Alternative | 2.7% |
| Money Market Funds | 6.9% |
| Fixed Income | 47.0% |
| Equity | 49.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| SPDR Portfolio S&P 500 ETF | 20.8% |
| PIMCO Income Fund, Institutional Class | 9.6% |
| First American Government Obligations Fund, Class X | 6.9% |
| Invesco Senior Loan ETF | 5.0% |
| Thornburg Strategic Income Fund, Class I | 4.4% |
| Vanguard Growth ETF | 4.3% |
| Vanguard Total Bond Market ETF | 4.0% |
| iShares MSCI International Momentum Factor ETF | 3.0% |
| JPMorgan Mortgage-Backed Securities ETF | 2.7% |
| Avantis International Small Cap Value ETF | 2.6% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Risk Spectrum 50 Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-SRFQX

# Ocean Park Tactical Risk Spectrum 50 Fund

## Class C Shares (SRFKX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 50 Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $231 | 2.29% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was positive on an absolute basis. However, the Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased its cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Domestic equities, international equities and multisector bond funds were the largest contributors towards the Fund's performance on an absolute basis.

High grade US bonds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8ece6e864db1ba2a1d9b885c.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical Risk Spectrum 50 Fund** | **Morningstar Moderately Conservative Target Risk Index** |
| **May-2021** | $10000 | $10000 |
| **Sep-2021** | $9895 | $10049 |
| **Sep-2022** | $8741 | $8375 |
| **Sep-2023** | $8967 | $9064 |
| **Sep-2024** | $10243 | $10743 |
| **Sep-2025** | $10380 | $11599 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (May 26, 2021)** |
| Ocean Park Tactical Risk Spectrum 50 Fund | 1.34% | 0.86% |
| Morningstar Moderately Conservative Target Risk Index | 7.97% | 3.47% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$295,926,569

* Number of Portfolio Holdings66

* Advisory Fee $3,448,205

* Portfolio Turnover168%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if7810b62342574bc2761db8e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 61.9% |
| Money Market Funds | 6.5% |
| Open End Funds | 31.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i5bc8011bfcf73211d7dca8b7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -6.5% |
| Alternative | 2.7% |
| Money Market Funds | 6.9% |
| Fixed Income | 47.0% |
| Equity | 49.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| SPDR Portfolio S&P 500 ETF | 20.8% |
| PIMCO Income Fund, Institutional Class | 9.6% |
| First American Government Obligations Fund, Class X | 6.9% |
| Invesco Senior Loan ETF | 5.0% |
| Thornburg Strategic Income Fund, Class I | 4.4% |
| Vanguard Growth ETF | 4.3% |
| Vanguard Total Bond Market ETF | 4.0% |
| iShares MSCI International Momentum Factor ETF | 3.0% |
| JPMorgan Mortgage-Backed Securities ETF | 2.7% |
| Avantis International Small Cap Value ETF | 2.6% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Risk Spectrum 50 Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-SRFKX

# Ocean Park Tactical Risk Spectrum 50 Fund

## Instl Class (SRFJX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 50 Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $131 | 1.29% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was positive on an absolute basis. However, the Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased its cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Domestic equities, international equities and multisector bond funds were the largest contributors towards the Fund's performance on an absolute basis.

High grade US bonds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i90cd5d827836abd7793ec6a0.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical Risk Spectrum 50 Fund** | **Morningstar Moderately Conservative Target Risk Index** |
| **May-2021** | $10000 | $10000 |
| **Sep-2021** | $9924 | $10049 |
| **Sep-2022** | $8857 | $8375 |
| **Sep-2023** | $9176 | $9064 |
| **Sep-2024** | $10583 | $10743 |
| **Sep-2025** | $10834 | $11599 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (May 26, 2021)** |
| Ocean Park Tactical Risk Spectrum 50 Fund | 2.36% | 1.86% |
| Morningstar Moderately Conservative Target Risk Index | 7.97% | 3.47% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$295,926,569

* Number of Portfolio Holdings66

* Advisory Fee $3,448,205

* Portfolio Turnover168%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i655678b3381f115aa4f1b5be.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 61.9% |
| Money Market Funds | 6.5% |
| Open End Funds | 31.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i480ad486331126b3c88743f5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -6.5% |
| Alternative | 2.7% |
| Money Market Funds | 6.9% |
| Fixed Income | 47.0% |
| Equity | 49.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| SPDR Portfolio S&P 500 ETF | 20.8% |
| PIMCO Income Fund, Institutional Class | 9.6% |
| First American Government Obligations Fund, Class X | 6.9% |
| Invesco Senior Loan ETF | 5.0% |
| Thornburg Strategic Income Fund, Class I | 4.4% |
| Vanguard Growth ETF | 4.3% |
| Vanguard Total Bond Market ETF | 4.0% |
| iShares MSCI International Momentum Factor ETF | 3.0% |
| JPMorgan Mortgage-Backed Securities ETF | 2.7% |
| Avantis International Small Cap Value ETF | 2.6% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Risk Spectrum 50 Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-SRFJX

# Ocean Park Tactical Risk Spectrum 50 Fund

## Investor Class (SRFNX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 50 Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $173 | 1.71% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was positive on an absolute basis. However, the Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased its cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Domestic equities, international equities and multisector bond funds were the largest contributors towards the Fund's performance on an absolute basis.

High grade US bonds were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i17473709ebbcbdb50a2bcf9d.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical Risk Spectrum 50 Fund** | **Morningstar Moderately Conservative Target Risk Index** |
| **May-2021** | $10000 | $10000 |
| **Sep-2021** | $9912 | $10049 |
| **Sep-2022** | $8810 | $8375 |
| **Sep-2023** | $9089 | $9064 |
| **Sep-2024** | $10452 | $10743 |
| **Sep-2025** | $10659 | $11599 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (May 26, 2021)** |
| Ocean Park Tactical Risk Spectrum 50 Fund | 1.98% | 1.48% |
| Morningstar Moderately Conservative Target Risk Index | 7.97% | 3.47% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$295,926,569

* Number of Portfolio Holdings66

* Advisory Fee $3,448,205

* Portfolio Turnover168%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i09c440c678feefd9858c56cc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 61.9% |
| Money Market Funds | 6.5% |
| Open End Funds | 31.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic548d67e61b9df970961eba9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -6.5% |
| Alternative | 2.7% |
| Money Market Funds | 6.9% |
| Fixed Income | 47.0% |
| Equity | 49.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| SPDR Portfolio S&P 500 ETF | 20.8% |
| PIMCO Income Fund, Institutional Class | 9.6% |
| First American Government Obligations Fund, Class X | 6.9% |
| Invesco Senior Loan ETF | 5.0% |
| Thornburg Strategic Income Fund, Class I | 4.4% |
| Vanguard Growth ETF | 4.3% |
| Vanguard Total Bond Market ETF | 4.0% |
| iShares MSCI International Momentum Factor ETF | 3.0% |
| JPMorgan Mortgage-Backed Securities ETF | 2.7% |
| Avantis International Small Cap Value ETF | 2.6% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Risk Spectrum 50 Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-SRFNX

# Ocean Park Tactical Risk Spectrum 70 Fund

## Instl Class (SRSJX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 70 Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $132 | 1.31% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was positive on an absolute basis. However, the Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased its cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Domestic equities, international equities and multisector bond funds were the largest contributors towards the Fund's performance on an absolute basis.

High grade US bonds, emerging markets bonds and master limited partnerships ("MLPs") were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i99ffb2648fa69c77b1401100.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical Risk Spectrum 70 Fund** | **Morningstar Moderate Target Risk Index** |
| **Mar-2023** | $10000 | $10000 |
| **Sep-2023** | $10045 | $9911 |
| **Sep-2024** | $11729 | $12096 |
| **Sep-2025** | $11984 | $13358 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (March 31, 2023)** |
| Ocean Park Tactical Risk Spectrum 70 Fund | 2.17% | 7.50% |
| Morningstar Moderate Target Risk Index | 10.43% | 12.27% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$71,566,218

* Number of Portfolio Holdings54

* Advisory Fee (net of waivers)$589,818

* Portfolio Turnover217%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9d3466987e1e1b566bb94c19.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 78.9% |
| Money Market Funds | 9.4% |
| Open End Funds | 11.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i316446e6bd8c24b36088906d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -10.0% |
| Alternative | 1.0% |
| Money Market Funds | 10.3% |
| Fixed Income | 28.7% |
| Equity | 70.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| SPDR Portfolio S&P 500 ETF | 23.0% |
| First American Government Obligations Fund, Class X | 10.3% |
| Vanguard Mid-Cap Growth ETF | 7.2% |
| Vanguard Growth ETF | 5.8% |
| Vanguard FTSE Emerging Markets ETF | 5.1% |
| iShares MSCI International Momentum Factor ETF | 3.7% |
| Avantis International Small Cap Value ETF | 3.1% |
| Dimensional International Small Cap Value ETF | 3.0% |
| First Trust Institutional Preferred Securities and Income ETF | 2.9% |
| Dimensional International Value ETF | 2.9% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Risk Spectrum 70 Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-SRSJX

# Ocean Park Tactical Risk Spectrum 70 Fund

## Investor Class (SRSNX)

#### Annual Shareholder Report - September 30, 2025
![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

## Fund Overview
This annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 70 Fund for the period of October 1, 2024 to September 30, 2025. 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 year?
(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 | $173 | 1.71% |

---

## How did the Fund perform during the reporting period?
For the year ended September 30, 2025, the Fund's return was positive on an absolute basis. However, the Fund underperformed compared to its primary benchmark during the same period.

In April 2025, following the Trump Administration's 'Liberation Day' tariffs announcement, the Fund's holdings experienced a swift, but ultimately shallow, correction prompting Sell signals that substantially increased its cash position. As the market rebounded, the Fund did not participate in the early stages of recovery which negatively impacted the Fund's performance relative to its benchmark.

Domestic equities, international equities and multisector bond funds were the largest contributors towards the Fund's performance on an absolute basis.

High grade US bonds, emerging markets bonds and master limited partnerships ("MLPs") were the largest detractors from the Fund's performance on an absolute basis.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic192833f3bc6124b4d257cbc.jpg)

---

| | | |
|:---|:---|:---|
| | **Ocean Park Tactical Risk Spectrum 70 Fund** | **Morningstar Moderate Target Risk Index** |
| **Mar-2023** | $10000 | $10000 |
| **Sep-2023** | $10023 | $9911 |
| **Sep-2024** | $11637 | $12096 |
| **Sep-2025** | $11849 | $13358 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (March 31, 2023)** |
| Ocean Park Tactical Risk Spectrum 70 Fund | 1.82% | 7.02% |
| Morningstar Moderate Target Risk Index | 10.43% | 12.27% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$71,566,218

* Number of Portfolio Holdings54

* Advisory Fee (net of waivers)$589,818

* Portfolio Turnover217%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1ce679daddbf86af348f5593.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 78.9% |
| Money Market Funds | 9.4% |
| Open End Funds | 11.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i13e9d9547b1de8278b9c5a4f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -10.0% |
| Alternative | 1.0% |
| Money Market Funds | 10.3% |
| Fixed Income | 28.7% |
| Equity | 70.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| SPDR Portfolio S&P 500 ETF | 23.0% |
| First American Government Obligations Fund, Class X | 10.3% |
| Vanguard Mid-Cap Growth ETF | 7.2% |
| Vanguard Growth ETF | 5.8% |
| Vanguard FTSE Emerging Markets ETF | 5.1% |
| iShares MSCI International Momentum Factor ETF | 3.7% |
| Avantis International Small Cap Value ETF | 3.1% |
| Dimensional International Small Cap Value ETF | 3.0% |
| First Trust Institutional Preferred Securities and Income ETF | 2.9% |
| Dimensional International Value ETF | 2.9% |

---

## Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i4d5489b6e6ad38c4f8fd57c0.jpg)

# Ocean Park Tactical Risk Spectrum 70 Fund

#### Annual Shareholder Report - September 30, 2025

## 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-AR 093025-SRSNX

(b) Not applicable

**Item 2. Code of Ethics.** 

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) N/A

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See
 Item 19(a)(1)

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

(a)(1) The Registrant's board of trustees has determined that Mark Gersten, Anthony J. Hertl, and Mark H. Taylor are audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Gersten, Mr. Hertl and Mr. Taylor are independent for purposes of this Item.

(a)(2) Not applicable.

(a)(3) Not applicable.

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

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

2025 - $129,700

2024 - $129,700

(b) Audit-Related
 Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that
 are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this item.

(c) Tax
 Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for
 tax compliance are as follows:

2025 – $24,000

2024 – $24,000

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) All
 Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's
 principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years
 ended September 30, 2024, and 2025 respectively.

---

| | |
|:---|:---|
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%). |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended September 30, 2024, and 2025 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | 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) ---

| |
|:---|
| ![(OCEAN PARK 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** |
| Annual Financial Statements and Additional Information |
| September 30, 2025 |
| 1-866-738-4363 |
| www.oceanparkam.com |

---

---

| |
|:---|
| **OCEAN PARK TACTICAL ALL ASSET FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 57.3%** |  |
|  | **EQUITY - 39.1%** |  |
| 128100 | Avantis International Small Cap Value ETF | $11404743 |
| 70700 | Avantis U.S. Small Cap Value ETF | 7036771 |
| 230400 | Dimensional International Value ETF<sup>(a)</sup> | 10626048 |
| 112000 | iShares MSCI Canada ETF<sup>(a)</sup> | 5661600 |
| 80400 | iShares MSCI Eurozone ETF | 4979976 |
| 273800 | iShares MSCI International Momentum Factor ETF | 13109544 |
| 72900 | iShares MSCI Italy ETF | 3787155 |
| 41600 | iShares U.S. Aerospace & Defense ETF<sup>(a)</sup> | 8705216 |
| 767000 | SPDR Portfolio S&P 500 ETF | 60086780 |
| 126800 | Vanguard FTSE Emerging Markets ETF<sup>(a)</sup> | 6870024 |
| 29300 | Vanguard Growth ETF | 14052573 |
| 42600 | Vanguard Mid-Cap Growth ETF<sup>(a)</sup> | 12515454 |
| 23700 | Vanguard Small-Cap Growth ETF | 7053594 |
|  |  | 165889478 |
|  | **FIXED INCOME - 18.2%** |  |
| 174600 | Eldridge BBB-B CLO ETF<sup>(a)</sup> | 4682772 |
| 247200 | First Trust Institutional Preferred Securities and Income ETF | 4780848 |
| 100400 | First Trust Senior Loan ETF | 4602336 |
| 96400 | Franklin High Yield Corporate ETF | 2364692 |
| 196900 | Invesco Senior Loan ETF<sup>(a)</sup> | 4121117 |
| 54200 | iShares Convertible Bond ETF<sup>(a)</sup> | 5422710 |
| 66500 | iShares Floating Rate Bond ETF | 3397153 |
| 57600 | iShares iBoxx $ High Yield Corporate Bond ETF | 4676544 |
| 119900 | iShares JP Morgan EM Local Currency Bond ETF<sup>(c)</sup> | 4941079 |
| 23300 | PGIM Floating Rate Income ETF | 1168029 |
| 175100 | PIMCO Multi Sector Bond Active ETF | 4699684 |
| 246100 | Principal Spectrum Preferred Securities Active ETF | 4710354 |
| 81800 | SPDR Blackstone High Income ETF | 2343570 |
| 235400 | VanEck Emerging Markets High Yield Bond ETF | 4719770 |
| 139300 | VanEck Vectors Preferred Securities ex Financials ETF | 2475361 |
| 33300 | Vanguard Intermediate-Term Corporate Bond ETF<sup>(a)</sup> | 2800863 |
| 205000 | Vanguard Total Bond Market ETF | 15245850 |
|  |  | 77152732 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $221,096,478)** | 243042210 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL ALL ASSET FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 42.5%** |  |
|  | **ALTERNATIVE - 2.5%** |  |
| 1188407 | DoubleLine Flexible Income Fund, Class I | $10422326 |
| 1 | JPMorgan Hedged Equity Fund, Class I | 36 |
|  |  | 10422362 |
|  | **EQUITY - 1.4%** |  |
| 1 | JPMorgan Emerging Markets Equity Fund, Class I | 43 |
| 354624 | Kopernik Global All-Cap Fund, Class I | 5936407 |
| 304 | Thornburg Investment Income Builder Fund, Class I | 9749 |
|  |  | 5946199 |
|  | **FIXED INCOME - 38.6%** |  |
| 2309 | American Century High Income Fund, Class I | 20342 |
| 2 | BlackRock Floating Rate Income Fund, Institutional Class | 15 |
| 2211 | BlackRock High Yield Portfolio Fund, Institutional Class | 16029 |
| 6800 | BlackRock National Municipal Fund, Institutional Class | 67728 |
| 2721 | BlackRock Strategic Income Opportunities Fund, Institutional Class | 26641 |
| 2946 | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | 30665 |
| 212547 | Dodge & Cox Global Bond Fund, Class I | 2399657 |
| 1 | JPMorgan Emerging Markets Debt Fund, Class I | 8 |
| 1383179 | JPMorgan Income Fund, Class I | 11895336 |
| 6 | Metropolitan West High Yield Bond Fund, Class I | 56 |
| 2945 | Metropolitan West Total Return Bond Fund, Class I | 27155 |
| 3311 | Neuberger Berman Strategic Income Fund, Class I | 33905 |
| 2025 | Nuveen All-American Municipal Bond Fund, Class I | 20170 |
| 7376 | Nuveen Bond Index Fund, Institutional Class | 72212 |
| 2300 | Nuveen California Municipal Bond Fund, Class I | 22706 |
| 5562 | Nuveen High Yield Municipal Bond Fund, Class I | 79589 |
| 2420 | Nuveen Preferred Securities and Income Fund, Class I | 39010 |
| 3787 | Nuveen Short Duration High Yield Municipal Bond Fund, Class I | 35715 |
| 960 | Nuveen Strategic Income Fund, Class I | 9605 |
| 729 | PIMCO Diversified Income Fund, Institutional Class | 7287 |
| 5679 | PIMCO Emerging Markets Bond Fund, Institutional Class | 50712 |
| 4556 | PIMCO Emerging Markets Local Currency and Bond Fund, Institutional Class | 28426 |
| 24 | PIMCO High Yield Municipal Bond Fund, Institutional Class | 203 |
| 6664095 | PIMCO Income Fund, Institutional Class | 72505359 |
| 2911569 | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 28882769 |
| 9349 | PIMCO Investment Grade Credit Bond Fund, Institutional Class | 86200 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL ALL ASSET FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 42.5% (Continued)** |  |
|  | **FIXED INCOME - 38.6% (Continued)** |  |
| 8 | PIMCO Long-Term Credit Bond Fund, Institutional Class | $74 |
| 1342 | PIMCO Real Return Fund, Institutional Class | 14019 |
| 4689 | PIMCO Total Return Fund, Institutional Class | 41311 |
| 1588628 | Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | 14964875 |
| 9776 | TCW Emerging Markets Income Fund, Class I | 67259 |
| 1634787 | Thornburg Strategic Income Fund, Class I | 18963525 |
| 1381288 | Voya Securitized Credit Fund, Class I | 13357056 |
|  |  | 163765619 |
|  | **MIXED ALLOCATION - 0.0%<sup>(d)</sup>** |  |
| 1656 | Nuveen Real Asset Income Fund, Class I | 37352 |
|  | **TOTAL OPEN END FUNDS (Cost $170,115,010)** | 180171532 |
|  | **SHORT-TERM INVESTMENTS — 9.9%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 9.6%** |  |
| 40870223 | First American Government Obligations Fund, Class X, 4.05%<sup>(b)(e)</sup> **(Cost $40,870,223)** | 40870223 |
|  | **MONEY MARKET FUND - 0.3%** |  |
| 1167075 | First American Government Obligations Fund, Class X, 4.05%<sup>(e)</sup> **(Cost $1,167,075)** | 1167075 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $42,037,298)** | 42037298 |
|  | **TOTAL INVESTMENTS - 109.7% (Cost $433,248,786)** | $465251040 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (9.7)%** | (40931775) |
|  | **NET ASSETS - 100.0%** | $424319265 |

---

---

| | |
|:---|:---|
| CLO | - Collateralized Loan Obligation |
| 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 $40,150,209, as of September 30, 2025.

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at September 30, 2025. Total collateral had a value of $40,870,223 at September 30, 2025.

<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 September 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL CORE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 53.9%** |  |
|  | **FIXED INCOME - 53.9%** |  |
| 392700 | First Trust Preferred Securities and Income ETF<sup>(a)</sup> | $7162848 |
| 408400 | Franklin Senior Loan ETF | 9809768 |
| 560100 | Global X US Preferred ETF | 10882743 |
| 4470500 | Invesco Senior Loan ETF<sup>(a)</sup> | 93567565 |
| 165700 | iShares Convertible Bond ETF<sup>(a)</sup> | 16578285 |
| 189100 | iShares Floating Rate Bond ETF | 9660174 |
| 504600 | iShares iBoxx $ High Yield Corporate Bond ETF<sup>(a)</sup> | 40968474 |
| 234600 | iShares J.P. Morgan USD Emerging Markets Bond ETF | 22331574 |
| 401300 | iShares MBS ETF | 38183695 |
| 699400 | iShares Preferred and Income Securities ETF | 22115028 |
| 351700 | JPMorgan Active Bond ETF | 19048072 |
| 597185 | JPMorgan Mortgage-Backed Securities ETF | 30456435 |
| 204100 | PIMCO Active Bond ETF | 19052735 |
| 1534300 | PIMCO Multi Sector Bond Active ETF | 41180612 |
| 208900 | Pimco Senior Loan Active ETF | 10668523 |
| 348300 | SPDR Bloomberg Barclays Emerging Markets Local ETF | 7439688 |
| 545100 | SPDR Bloomberg Convertible Securities ETF<sup>(a)</sup> | 49331550 |
| 835100 | SPDR Bloomberg Investment Grade Floating Rate ETF<sup>(a)</sup> | 25771186 |
| 265100 | Vaneck CLO ETF<sup>(a)</sup> | 14076810 |
| 2173500 | VanEck J. P. Morgan EM Local Currency Bond ETF | 55445985 |
| 412000 | VanEck Vectors Investment Grade Floating Rate ETF<sup>(a)</sup> | 10534840 |
| 295000 | Vanguard Long-Term Corporate Bond ETF<sup>(a)</sup> | 22906750 |
| 1364300 | Vanguard Total Bond Market ETF | 101462990 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $657,602,023)** | 678636330 |
|  | **OPEN END FUNDS — 45.9%** |  |
|  | **ALTERNATIVE - 2.3%** |  |
| 2683437 | Metropolitan West Unconstrained Bond Fund, Class I | 28122420 |
| 62166 | Victory Market Neutral Income Fund, Class I | 534009 |
|  |  | 28656429 |
|  | **FIXED INCOME - 43.6%** |  |
| 10049 | Allspring Municipal Bond Fund, Institutional Class | 97069 |
| 5904 | American Century High Income Fund, Class I | 52014 |
| 3362253 | Angel Oak Multi-Strategy Income Fund, Institutional Class | 29352473 |
| 1960 | Aristotle Floating Rate Income Fund, Class I | 18480 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL CORE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 45.9% (Continued)** |  |
|  | **FIXED INCOME - 43.6% (Continued)** |  |
| 2759 | BlackRock Floating Rate Income Fund, Institutional Class | $26462 |
| 8161 | BlackRock High Yield Portfolio Fund, Institutional Class | 59165 |
| 19405 | BlackRock National Municipal Fund, Institutional Class | 193278 |
| 2991 | BlackRock New York Municipal Opportunities Fund, Institutional Class | 31141 |
| 7750 | BlackRock Strategic Income Opportunities Fund, Institutional Class | 75872 |
| 8300 | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | 86400 |
| 8098 | Credit Suisse Floating Rate High Income Fund, Institutional Class | 50129 |
| 1298772 | Dodge & Cox Global Bond Fund, Class I | 14663138 |
| 703 | Fidelity Capital & Income Fund, Class I | 7621 |
| 4193210 | FPA New Income Fund, Institutional Class | 42309492 |
| 2239959 | Holbrook Income Fund, Class I | 21996401 |
| 774614 | JPMorgan Emerging Markets Debt Fund, Class I | 5050482 |
| 8280678 | JPMorgan Income Fund, Class I | 71213832 |
| 379496 | Leader Capital High Quality Income Fund, Institutional Class | 4219995 |
| 1302 | Medalist Partners MBS Total Return Fund, Institutional Class | 11305 |
| 11964 | Metropolitan West Total Return Bond Fund, Class I | 110312 |
| 878 | Neuberger Berman Floating Rate Income Fund, Class I | 8216 |
| 10324 | Neuberger Berman Strategic Income Fund, Class I | 105719 |
| 9992 | Nuveen All-American Municipal Bond Fund, Class I | 99519 |
| 23567 | Nuveen Bond Index Fund, Institutional Class | 230717 |
| 20227 | Nuveen High Yield Municipal Bond Fund, Class I | 289452 |
| 1963 | Nuveen Intermediate Duration Municipal Bond Fund, Class I | 17390 |
| 2349 | Nuveen Preferred Securities and Income Fund, Class I | 37869 |
| 10686 | Nuveen Short Duration High Yield Municipal Bond Fund, Class I | 100764 |
| 34 | Nuveen Strategic Income Fund, Class I | 343 |
| 462296 | Payden Emerging Markets Bond Fund, Class I | 5052948 |
| 11006 | PIMCO Diversified Income Fund, Institutional Class | 110059 |
| 3960307 | PIMCO Dynamic Bond Fund, Institutional Class | 40672355 |
| 1150950 | PIMCO Emerging Markets Bond Fund, Institutional Class | 10277980 |
| 10350 | PIMCO Emerging Markets Local Currency and Bond Fund, Institutional Class | 64587 |
| 16619 | PIMCO High Yield Municipal Bond Fund, Institutional Class | 139263 |
| 18835233 | PIMCO Income Fund, Institutional Class | 204927331 |
| 3944430 | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 39128750 |
| 507 | PIMCO International Bond Fund Unhedged, Institutional Class | 3998 |
| 14656 | PIMCO Investment Grade Credit Bond Fund, Institutional Class | 135125 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL CORE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 45.9% (Continued)** |  |
|  | **FIXED INCOME - 43.6% (Continued)** |  |
| 7555 | PIMCO Long-Term Credit Bond Fund, Institutional Class | $67999 |
| 775 | PIMCO Low Duration Income Fund, Institutional Class | 6395 |
| 4088 | PIMCO Real Return Fund, Institutional Class | 42724 |
| 10699 | PIMCO Total Return Fund, Institutional Class | 94254 |
| 4710929 | Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | 44376951 |
| 1341495 | Thompson Bond Fund, Institutional Class | 14273512 |
| 1272 | Thornburg Strategic Income Fund, Class I | 14753 |
|  |  | 549904034 |
|  | **TOTAL OPEN END FUNDS (Cost $554,647,720)** | 578560463 |
|  | **SHORT-TERM INVESTMENTS — 10.2%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 9.9%** |  |
| 124420183 | First American Government Obligations Fund, Class X, 4.05%<sup>(b)(c)</sup> **(Cost $124,420,183)** | 124420183 |
|  | **MONEY MARKET FUND - 0.3%** |  |
| 4614714 | First American Government Obligations Fund, Class X, 4.05%<sup>(c)</sup> **(Cost $4,614,714)** | 4614714 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $129,034,897)** | 129034897 |
|  | **TOTAL INVESTMENTS - 110.0% (Cost $1,341,284,640)** | $1386231690 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (10.0)%** | (126323441) |
|  | **NET ASSETS - 100.0%** | $1259908249 |

---

---

| | |
|:---|:---|
| CLO | - Collateralized Loan Obligation |
| ETF | - Exchange-Traded Fund |
| MBS | - Mortgage Backed Security |
| 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 $121,185,844, as of September 30, 2025.

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at September 30, 2025. Total collateral had a value of $124,420,183 at September 30, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL MUNICIPAL FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 10.2%** |  |
|  | **FIXED INCOME - 10.2%** |  |
| 116300 | First Trust Municipal High Income ETF | $5525413 |
| 86300 | Franklin Dynamic Municipal Bond ETF | 2137651 |
| 22000 | JPMorgan High Yield Municipal ETF | 1110780 |
| 14500 | JPMorgan Ultra-Short Municipal Income ETF<sup>(a)</sup> | 740080 |
| 41300 | PIMCO Short Term Municipal Bond Active ETF | 2088541 |
| 215200 | SPDR Nuveen ICE High Yield Municipal Bond ETF<sup>(a)</sup> | 5364936 |
| 56800 | VanEck Short High Yield Muni ETF<sup>(a)</sup> | 1300720 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $18,010,093)** | 18268121 |
|  | **OPEN END FUNDS — 89.6%** |  |
|  | **FIXED INCOME - 89.6%** |  |
| 786 | Allspring California Tax-Free Fund, Institutional Class | 8183 |
| 3944751 | Allspring Municipal Bond Fund, Institutional Class | 38106295 |
| 2075 | American Century High-Yield Municipal Fund, Class I | 18032 |
| 356956 | American High-Income Municipal Bond Fund, Class I | 5432875 |
| 9190 | BlackRock National Municipal Fund, Institutional Class | 91535 |
| 3767 | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | 39215 |
| 3842 | City National Rochdale Municipal High Income Fund, Service Class | 35158 |
| 5303 | First Eagle Funds - First Eagle High Income Fund, Class I | 43380 |
| 4557 | Northern Intermediate Tax-Exempt Fund, Class I | 44882 |
| 1127441 | Nuveen All-American Municipal Bond Fund, Class I | 11229315 |
| 1146 | Nuveen California High Yield Municipal Bond Fund, Class I | 8885 |
| 2285 | Nuveen California Municipal Bond Fund, Class I | 22556 |
| 2079321 | Nuveen High Yield Municipal Bond Fund, Class I | 29755081 |
| 866 | Nuveen Intermediate Duration Municipal Bond Fund, Class I | 7674 |
| 823 | Nuveen Limited Term Municipal Bond Fund, Class I | 9033 |
| 2240700 | Nuveen Short Duration High Yield Municipal Bond Fund, Class I | 21129797 |
| 2688136 | PIMCO High Yield Municipal Bond Fund, Institutional Class | 22526583 |
| 1238193 | PIMCO Municipal Bond Fund, Institutional Class | 11614252 |
| 1001 | Putnam Strategic Intermediate Municipal Fund, Class Y | 14075 |
| 1159766 | Russell Tax Exempt High Yield Bond Fund, Class S | 11203342 |
| 616526 | Thornburg Limited Term Municipal Fund, Institutional Class | 8415573 |
|  | **TOTAL OPEN END FUNDS (Cost $158,048,214)** | 159755721 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL MUNICIPAL FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 1.4%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 1.1%** |  |
| 1940262 | First American Government Obligations Fund, Class X, 4.05%<sup>(b)(c)</sup> **(Cost $1,940,262)** | $1940262 |
|  | **MONEY MARKET FUNDS - 0.3%** |  |
| 8810 | BlackRock Liquidity Funds MuniCash, Institutional Class, 2.90%<sup>(c) (d)</sup> | 8811 |
| 529170 | First American Government Obligations Fund, Class X, 4.05%<sup>(c)</sup> | 529170 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $537,981)** | 537981 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $2,478,243)** | 2478243 |
|  | **TOTAL INVESTMENTS - 101.2% (Cost $178,536,550)** | $180502085 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.2)%** | (2148305) |
|  | **NET ASSETS - 100.0%** | $178353780 |

---

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

<sup>(a)</sup> All or a portion of the security is on loan. The total value of the securities on loan was $1,892,504, as of September 30, 2025.

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at September 30, 2025. Total collateral had a value of $1,940,262 at September 30, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

<sup>(d)</sup> Floating Net Asset Value

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL BOND FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 59.7%** |  |
|  | **FIXED INCOME - 59.7%** |  |
| 131600 | BNY Mellon High Yield ETF | $6409052 |
| 241600 | First Trust Tactical High Yield ETF<sup>(a)</sup> | 10159280 |
| 248800 | FlexShares High Yield Value-Scored Bond Index Fund | 10250560 |
| 1238300 | iShares 0-5 Year High Yield Corporate Bond ETF | 53618390 |
| 7609600 | iShares Broad USD High Yield Corporate Bond ETF | 287490688 |
| 1133100 | iShares Fallen Angels USD Bond ETF | 31477518 |
| 427800 | iShares High Yield Systematic Bond ETF | 20468091 |
| 2800600 | iShares iBoxx $ High Yield Corporate Bond ETF<sup>(a)</sup> | 227380714 |
| 265700 | JPMorgan BetaBuilders USD High Yield Corporate Bond ETF<sup>(a)</sup> | 12487900 |
| 128300 | PGIM Active High Yield Bond ETF | 4586725 |
| 2090200 | SPDR Bloomberg High Yield Bond ETF<sup>(a)</sup> | 204818698 |
| 1913900 | SPDR Bloomberg Short Term High Yield Bond ETF<sup>(a)</sup> | 48995840 |
| 3748100 | SPDR Portfolio High Yield Bond ETF<sup>(a)</sup> | 89729514 |
| 1049200 | VanEck Fallen Angel High Yield Bond ETF | 31192716 |
| 1155500 | Xtrackers USD High Yield Corporate Bond ETF | 42880605 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,057,853,529)** | 1081946291 |
|  | **OPEN END FUNDS — 40.0%** |  |
|  | **FIXED INCOME - 40.0%** |  |
| 997837 | Allspring Short-Term High Income Fund, Institutional Class | 7882912 |
| 1118135 | American Beacon SiM High Yield Opportunities Fund, Class Y | 10588734 |
| 1822141 | American Century High Income Fund, Class I | 16053060 |
| 64014999 | BlackRock High Yield Portfolio Fund, Institutional Class | 464108739 |
| 3960252 | Eaton Vance Income Fund of Boston, Institutional Class | 20949733 |
| 19081 | Fidelity Capital & Income Fund, Class I | 206842 |
| 51235 | Fidelity High Income Fund, Class I | 417568 |
| 1228005 | MassMutual High Yield Fund, Class I | 10057362 |
| 13 | Metropolitan West High Yield Bond Fund, Class I | 120 |
| 0 <sup>(d)</sup> | Neuberger Berman High Income Bond Fund, Institutional Class | 1 |
| 4457 | Nuveen High Yield Fund, Institutional Class | 39664 |
| 12290038 | Osterweis Strategic Income Fund, Class I | 138508725 |
| 8835651 | PGIM High Yield Fund, Class Z | 43206333 |
| 24575 | PGIM Short Duration High Yield Fund, Class Z | 208638 |
| 0 <sup>(d)</sup> | PIMCO High Yield Fund, Institutional Class | 1 |
| 0 <sup>(d)</sup> | PIMCO High Yield Spectrum Fund, Institutional Class | 0 <sup>(e)</sup> |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 40.0% (Continued)** |  |
|  | **FIXED INCOME - 40.0% (Continued)** |  |
| 4646 | Principal High Yield Fund, Institutional Class | $31405 |
| 1248602 | RBC BlueBay High Yield Bond Fund, Class I | 12610885 |
|  | **TOTAL OPEN END FUNDS (Cost $705,374,262)** | 724870722 |
|  | **SHORT-TERM INVESTMENTS — 10.4%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 10.2%** |  |
| 186006276 | First American Government Obligations Fund, Class X, 4.05%<sup>(b)(c)</sup> **(Cost $186,006,276)** | 186006276 |
|  | **MONEY MARKET FUND - 0.2%** |  |
| 3075282 | First American Government Obligations Fund, Class X, 4.05%<sup>(c)</sup> **(Cost $3,075,282)** | 3075282 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $189,081,558)** | 189081558 |
|  | **TOTAL INVESTMENTS - 110.1% (Cost $1,952,309,349)** | $1995898571 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (10.1)%** | (183324456) |
|  | **NET ASSETS - 100.0%** | $1812574115 |

---

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

<sup>(a)</sup> All or a portion of the security is on loan. The total value of the securities on loan was $181,778,384, as of September 30, 2025.

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at September 30, 2025. Total collateral had a value of $186,006,276 at September 30, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 66.0%** |  |
|  | **EQUITY - 46.6%** |  |
| 87600 | Avantis International Small Cap Value ETF | $7799028 |
| 49300 | Avantis U.S. Small Cap Value ETF | 4906829 |
| 209700 | Dimensional International Small Cap Value ETF | 7484193 |
| 157600 | Dimensional International Value ETF | 7268512 |
| 76700 | iShares MSCI Canada ETF<sup>(a)</sup> | 3877185 |
| 187500 | iShares MSCI International Momentum Factor ETF<sup>(a)</sup> | 8977500 |
| 13400 | iShares MSCI Italy ETF | 696130 |
| 28600 | iShares U.S. Aerospace & Defense ETF<sup>(a)</sup> | 5984836 |
| 784100 | SPDR Portfolio S&P 500 ETF | 61426394 |
| 86900 | Vanguard FTSE Emerging Markets ETF<sup>(a)</sup> | 4708242 |
| 26600 | Vanguard Growth ETF | 12757626 |
| 24000 | Vanguard Mid-Cap Growth ETF<sup>(a)</sup> | 7050960 |
| 16600 | Vanguard Small-Cap Growth ETF<sup>(a)</sup> | 4940492 |
|  |  | 137877927 |
|  | **FIXED INCOME - 19.4%** |  |
| 119600 | Eldridge BBB-B CLO ETF<sup>(a)</sup> | 3207672 |
| 68800 | First Trust Senior Loan ETF | 3153792 |
| 703200 | Invesco Senior Loan ETF<sup>(a)</sup> | 14717976 |
| 36600 | iShares CMBS ETF | 1795962 |
| 69500 | iShares Floating Rate Bond ETF | 3550408 |
| 159142 | JPMorgan Mortgage-Backed Securities ETF | 8116242 |
| 120100 | PIMCO Multi Sector Bond Active ETF | 3223484 |
| 25200 | Vanguard Intermediate-Term Corporate Bond ETF<sup>(a)</sup> | 2119572 |
| 34600 | Vanguard Long-Term Corporate Bond ETF<sup>(a)</sup> | 2686690 |
| 157300 | Vanguard Total Bond Market ETF | 11698401 |
| 139200 | Virtus InfraCap U.S. Preferred Stock ETF | 3022032 |
|  |  | 57292231 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $176,765,610)** | 195170158 |
|  | **OPEN END FUNDS — 33.6%** |  |
|  | **ALTERNATIVE - 2.7%** |  |
| 363366 | DoubleLine Flexible Income Fund, Class I | 3186721 |
| 516743 | Finisterre Emerging Markets Total Return Bond Fund, Institutional Class | 4919392 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 33.6% (Continued)** |  |
|  | **ALTERNATIVE - 2.7% (Continued)** |  |
| 1 | JPMorgan Hedged Equity Fund, Class I | $36 |
|  |  | 8106149 |
|  | **EQUITY - 3.3%** |  |
| 353067 | Kopernik Global All-Cap Fund, Class I | 5910338 |
| 198268 | Pear Tree Polaris Foreign Value Small Cap Fund, Institutional Class | 3745275 |
|  |  | 9655613 |
|  | **FIXED INCOME - 27.6%** |  |
| 540 | Allspring California Tax-Free Fund, Institutional Class | 5622 |
| 1796 | Ashmore Emerging Markets Total Return Fund, Institutional Class | 9377 |
| 582 | BlackRock Floating Rate Income Fund, Institutional Class | 5584 |
| 526894 | BlackRock High Yield Fund, Institutional Class | 3819979 |
| 1165 | BlackRock National Municipal Fund, Institutional Class | 11600 |
| 828 | BlackRock Strategic Income Opportunities Fund, Institutional Class | 8109 |
| 368 | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | 3828 |
| 585838 | CrossingBridge Low Duration High Income Fund, Institutional Class | 5717721 |
| 145744 | Dodge & Cox Global Bond Fund, Class I | 1645453 |
| 350118 | DoubleLine Low Duration Emerging Markets Fixed Fund, Class I | 3417150 |
| 825105 | JPMorgan Income Fund, Class I | 7095905 |
| 1355 | Metropolitan West Total Return Bond Fund, Class I | 12491 |
| 1207 | Neuberger Berman Strategic Income Fund, Institutional Class | 12365 |
| 113907 | North Square Preferred And Income Securities Fund, Class I | 2488875 |
| 666 | Nuveen All-American Municipal Bond Fund, Class I | 6629 |
| 2571 | Nuveen Bond Index Fund, Institutional Class | 25174 |
| 1931 | Nuveen High Yield Municipal Bond Fund, Class I | 27636 |
| 1396 | Nuveen Preferred Securities and Income Fund, Class I | 22505 |
| 475 | Nuveen Short Duration High Yield Municipal Bond Fund, Class I | 4481 |
| 744 | Nuveen Strategic Income Fund, Class I | 7443 |
| 668 | PIMCO Diversified Income Fund, Institutional Class | 6684 |
| 2223 | PIMCO Emerging Markets Bond Fund, Institutional Class | 19849 |
| 0 <sup>(d)</sup> | PIMCO Emerging Markets Currency and Short-Term Investments Fund, Institutional Class | 0 <sup>(e)</sup> |
| 3 | PIMCO Emerging Markets Full Spectrum Bond Fund, Institutional Class | 19 |
| 2605267 | PIMCO Income Fund, Institutional Class | 28345303 |
| 730463 | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 7246197 |
| 4071 | PIMCO Investment Grade Credit Bond Fund, Institutional Class | 37538 |
| 593 | PIMCO Long-Term Credit Bond Fund, Institutional Class | 5341 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 33.6% (Continued)** |  |
|  | **FIXED INCOME - 27.6% (Continued)** |  |
| 284 | PIMCO Low Duration Income Fund, Institutional Class | $2346 |
| 452 | PIMCO Real Return Fund, Institutional Class | 4719 |
| 971 | PIMCO Total Return Fund, Institutional Class | 8556 |
| 600064 | Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | 5652603 |
| 337070 | RiverPark Strategic Income Fund, Institutional Class | 2937600 |
| 3307 | TCW Emerging Markets Income Fund, Class I | 22751 |
| 1121492 | Thornburg Strategic Income Fund, Class I | 13009305 |
|  |  | 81646738 |
|  | **TOTAL OPEN END FUNDS (Cost $94,837,070)** | 99408500 |
|  | **SHORT-TERM INVESTMENTS — 6.9%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 6.8%** |  |
| 20119488 | First American Government Obligations Fund, Class X, 4.05%<sup>(b)(c)</sup> **(Cost $20,119,488)** | 20119488 |
|  | **MONEY MARKET FUND - 0.1%** |  |
| 425027 | First American Government Obligations Fund, Class X, 4.05%<sup>(c)</sup> **(Cost $425,027)** | 425027 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $20,544,515)** | 20544515 |
|  | **TOTAL INVESTMENTS - 106.5% (Cost $292,147,195)** | $315123173 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (6.5)%** | (19196604) |
|  | **NET ASSETS - 100.0%** | $295926569 |

---

---

| | |
|:---|:---|
| CLO | - Collateralized Loan Obligation |
| CMBS | - Commercial Mortgage Backed Securities |
| 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 $19,705,723, as of September 30, 2025.

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at September 30, 2025. Total collateral had a value of $20,119,488 at September 30, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL RISK SPECTRUM 30 FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 57.4%** |  |
|  | **EQUITY - 26.4%** |  |
| 29500 | Avantis International Small Cap Value ETF | $2626385 |
| 16800 | Avantis U.S. Small Cap Value ETF | 1672104 |
| 70600 | Dimensional International Small Cap Value ETF | 2519714 |
| 53100 | Dimensional International Value ETF | 2448972 |
| 25800 | iShares MSCI Canada ETF | 1304190 |
| 63100 | iShares MSCI International Momentum Factor ETF | 3021228 |
| 24000 | iShares MSCI Italy ETF | 1246800 |
| 9600 | iShares U.S. Aerospace & Defense ETF<sup>(a)</sup> | 2008896 |
| 242100 | SPDR Portfolio S&P 500 ETF | 18966114 |
| 29200 | Vanguard FTSE Emerging Markets ETF | 1582056 |
| 6900 | Vanguard Growth ETF | 3309309 |
| 8300 | Vanguard Mid-Cap Growth ETF<sup>(a)</sup> | 2438457 |
| 5700 | Vanguard Small-Cap Growth ETF | 1696434 |
|  |  | 44840659 |
|  | **FIXED INCOME - 31.0%** |  |
| 93900 | Eldridge BBB-B CLO ETF<sup>(a)</sup> | 2518398 |
| 54000 | First Trust Senior Loan ETF | 2475360 |
| 552200 | Invesco Senior Loan ETF<sup>(a)</sup> | 11557546 |
| 20586 | iShares CMBS ETF | 1010155 |
| 48900 | iShares Floating Rate Bond ETF | 2498057 |
| 92500 | iShares J.P. Morgan EM High Yield Bond ETF | 3671325 |
| 13700 | iShares J.P. Morgan USD Emerging Markets Bond ETF | 1304103 |
| 39300 | iShares JP Morgan EM Corporate Bond ETF | 1816446 |
| 125103 | JPMorgan Mortgage-Backed Securities ETF | 6380253 |
| 94200 | PIMCO Multi Sector Bond Active ETF | 2528328 |
| 54500 | SPDR Blackstone Senior Loan ETF | 2266110 |
| 11600 | Vanguard Intermediate-Term Corporate Bond ETF<sup>(a)</sup> | 975676 |
| 136800 | Vanguard Total Bond Market ETF | 10173816 |
| 155200 | Virtus InfraCap U.S. Preferred Stock ETF | 3369392 |
|  |  | 52544965 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $90,513,380)** | 97385624 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL RISK SPECTRUM 30 FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 42.1%** |  |
|  | **ALTERNATIVE - 0.8%** |  |
| 84830 | DoubleLine Flexible Income Fund, Class I | $743959 |
| 69613 | Finisterre Emerging Markets Total Return Bond Fund, Institutional Class | 662716 |
|  |  | 1406675 |
|  | **EQUITY - 2.2%** |  |
| 143648 | Kopernik Global All-Cap Fund | 2404660 |
| 66789 | Pear Tree Polaris Foreign Value Small Cap Fund, Institutional Class | 1261649 |
| 322 | Thornburg Investment Income Builder Fund, Class I | 10341 |
|  |  | 3676650 |
|  | **FIXED INCOME - 39.1%** |  |
| 115 | American Century High Income Fund, Class I | 1014 |
| 689 | Ashmore Emerging Markets Corporate Income Fund, Institutional Class | 3977 |
| 526 | Ashmore Emerging Markets Total Return Fund, Institutional Class | 2746 |
| 298096 | BlackRock High Yield Fund, Institutional Class | 2161198 |
| 129 | BlackRock Strategic Income Opportunities Fund, Institutional Class | 1262 |
| 173 | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | 1796 |
| 71494 | CrossingBridge Low Duration High Income Fund, Institutional Class | 697773 |
| 114341 | Dodge & Cox Global Bond Fund, Class I | 1290905 |
| 55497 | DoubleLine Low Duration Emerging Markets Fixed Fund, Class I | 541649 |
| 564 | First Eagle Funds - First Eagle High Income Fund, Class I | 4615 |
| 248513 | Holbrook Structured Income Fund, Class I | 2432943 |
| 653191 | JPMorgan Income Fund, Class I | 5617444 |
| 1429 | Medalist Partners MBS Total Return Fund, Institutional Class | 12401 |
| 196 | Metropolitan West Total Return Bond Fund, Class I | 1811 |
| 317 | Nuveen Bond Index Fund, Institutional Class | 3104 |
| 241 | Nuveen High Yield Municipal Bond Fund, Class I | 3453 |
| 121 | Nuveen Preferred Securities and Income Fund, Class I | 1956 |
| 168 | Nuveen Short Duration High Yield Municipal Bond, Class I | 1584 |
| 186 | Nuveen Strategic Income Fund, Class I | 1864 |
| 426589 | PIMCO Global Bond Opportunities Fund U.S., Institutional Class | 4197637 |
| 1991840 | PIMCO Income Fund, Institutional Class | 21671221 |
| 763722 | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 7576126 |
| 736322 | PIMCO International Bond Fund Unhedged, Institutional Class | 5802217 |
| 834 | PIMCO Investment Grade Credit Bond Fund, Institutional Class | 7691 |
| 166 | PIMCO Total Return Fund, Institutional Class | 1463 |
| 415515 | Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | 3914154 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL RISK SPECTRUM 30 FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 42.1% (Continued)** |  |
|  | **FIXED INCOME - 39.1% (Continued)** |  |
| 113004 | RiverPark Strategic Income Fund, Institutional Class | $984842 |
| 150 | TCW Emerging Markets Income Fund, Class I | 1031 |
| 1 | TCW Emerging Markets Local Currency Income Fund, Class I | 9 |
| 1 | TCW Securitized Bond Fund, Class I | 9 |
| 817540 | Thornburg Strategic Income Fund, Class I | 9483470 |
|  |  | 66423365 |
|  | **TOTAL OPEN END FUNDS (Cost $69,920,365)** | 71506690 |
|  | **SHORT-TERM INVESTMENTS — 10.3%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 10.3%** |  |
| 17429740 | First American Government Obligations Fund, Class X, 4.05%<sup>(b)(c)</sup> **(Cost $17,429,740)** | 17429740 |
|  | **MONEY MARKET FUND - 0.0%<sup>(d)</sup>** |  |
| 83657 | First American Government Obligations Fund, Class X, 4.05%<sup>(c)</sup> **(Cost $83,657)** | 83657 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $17,513,397)** | 17513397 |
|  | **TOTAL INVESTMENTS - 109.8% (Cost $177,947,142)** | $186405711 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (9.8)%** | (16636425) |
|  | **NET ASSETS - 100.0%** | $169769286 |

---

---

| | |
|:---|:---|
| CLO | - Collateralized Loan Obligation |
| CMBS | - Commercial Mortgage Backed Securities |
| ETF | - Exchange-Traded Fund |
| MBS | - Mortgage Backed Securities |
| 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 $17,015,804, as of September 30, 2025.

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at September 30, 2025. Total collateral had a value of $17,429,740 at September 30, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

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

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL RISK SPECTRUM 70 FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 86.8%** |  |
|  | **EQUITY - 65.3%** |  |
| 25200 | Avantis International Small Cap Value ETF | $2243556 |
| 15100 | Avantis U.S. Small Cap Value ETF | 1502903 |
| 60400 | Dimensional International Small Cap Value ETF | 2155676 |
| 45400 | Dimensional International Value ETF | 2093848 |
| 4000 | Invesco China Technology ETF | 236040 |
| 26200 | iShares MSCI Canada ETF | 1324410 |
| 11800 | iShares MSCI Eurozone ETF | 730892 |
| 54400 | iShares MSCI International Momentum Factor ETF | 2604672 |
| 20700 | iShares MSCI Italy ETF | 1075365 |
| 9000 | iShares U.S. Aerospace & Defense ETF<sup>(a)</sup> | 1883340 |
| 209700 | SPDR Portfolio S&P 500 ETF | 16427898 |
| 66800 | Vanguard FTSE Emerging Markets ETF<sup>(a)</sup> | 3619224 |
| 8700 | Vanguard Growth ETF | 4172607 |
| 17400 | Vanguard Mid-Cap Growth ETF<sup>(a)</sup> | 5111946 |
| 5100 | Vanguard Small-Cap Growth ETF | 1517862 |
|  |  | 46700239 |
|  | **FIXED INCOME - 21.5%** |  |
| 14900 | Eldridge BBB-B CLO ETF | 399618 |
| 108300 | First Trust Institutional Preferred Securities and Income ETF | 2094522 |
| 20200 | First Trust Preferred Securities and Income ETF | 368448 |
| 8600 | First Trust Senior Loan ETF | 394224 |
| 96400 | Invesco Senior Loan ETF<sup>(a)</sup> | 2017652 |
| 6100 | iShares CMBS ETF | 299327 |
| 18300 | iShares iBoxx $ High Yield Corporate Bond ETF | 1485777 |
| 10400 | iShares J.P. Morgan EM High Yield Bond ETF | 412776 |
| 19548 | JPMorgan Mortgage-Backed Securities ETF | 996948 |
| 15100 | PIMCO Multi Sector Bond Active ETF | 405284 |
| 16600 | SPDR Blackstone Senior Loan ETF | 690228 |
| 10600 | SPDR Bloomberg Barclays Emerging Markets Local ETF | 226416 |
| 9100 | SPDR Bloomberg Convertible Securities ETF | 823550 |
| 30600 | VanEck J. P. Morgan EM Local Currency Bond ETF<sup>(a)</sup> | 780606 |
| 9200 | VanEck Short High Yield Muni ETF<sup>(a)</sup> | 210680 |
| 2700 | Vanguard Intermediate-Term Corporate Bond ETF<sup>(a)</sup> | 227097 |
| 13000 | Vanguard Long-Term Corporate Bond ETF<sup>(a)</sup> | 1009450 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL RISK SPECTRUM 70 FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 86.8% (Continued)** |  |
|  | **FIXED INCOME - 21.5% (Continued)** |  |
| 25200 | Vanguard Total Bond Market ETF | $1874124 |
| 31500 | Virtus InfraCap U.S. Preferred Stock ETF | 683865 |
|  |  | 15400592 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $56,072,802)** | 62100831 |
|  | **OPEN END FUNDS — 12.9%** |  |
|  | **ALTERNATIVE - 1.0%** |  |
| 73363 | Finisterre Emerging Markets Total Return Bond Fund, Institutional Class | 698415 |
|  | **EQUITY - 4.7%** |  |
| 9764 | FullerThaler Behavioral Small-Cap Growth Fund, Institutional Class<sup>(c)</sup> | 512195 |
| 106742 | Kopernik Global All-Cap Fund, Class I | 1786860 |
| 56365 | Pear Tree Polaris Foreign Value Small Cap Fund, Institutional Class | 1064734 |
| 158 | Thornburg Investment Income Builder Fund, Class I | 5089 |
|  |  | 3368878 |
|  | **FIXED INCOME - 7.2%** |  |
| 56 | American Century High Income Fund, Class I | 492 |
| 35 | BlackRock Strategic Income Opportunities Fund, Institutional Class | 341 |
| 18368 | Dodge & Cox Global Bond Fund, Class I | 207374 |
| 115396 | JPMorgan Income Fund, Class I | 992408 |
| 103 | Medalist Partners MBS Total Return Fund, Institutional Class | 891 |
| 51 | Metropolitan West Total Return Bond Fund, Class I | 473 |
| 34 | Nuveen Preferred Securities and Income Fund, Class I | 553 |
| 106660 | PIMCO Income Fund, Institutional Class | 1160464 |
| 79 | PIMCO Investment Grade Credit Bond Fund, Institutional Class | 731 |
| 43 | PIMCO Total Return Fund, Institutional Class | 380 |
| 93060 | Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | 876625 |
| 13 | TCW Emerging Markets Income Fund, Class I | 91 |
| 165595 | Thornburg Strategic Income Fund, Class I | 1920900 |
|  |  | 5161723 |
|  | **TOTAL OPEN END FUNDS (Cost $8,830,685)** | 9229016 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL RISK SPECTRUM 70 FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 10.3%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 10.2%** |  |
| 7305534 | First American Government Obligations Fund, Class X, 4.05%<sup>(b)(d)</sup> **(Cost $7,305,534)** | $7305534 |
|  | **MONEY MARKET FUNDS - 0.1%** |  |
| 93140 | First American Government Obligations Fund, Class X, 4.05%<sup>(d)</sup> **(Cost $93,140)** | 93140 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $7,398,674)** | 7398674 |
|  | **TOTAL INVESTMENTS - 110.0% (Cost $72,302,161)** | $78728521 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (10.0)%** | (7162303) |
|  | **NET ASSETS - 100.0%** | $71566218 |

---

---

| | |
|:---|:---|
| CLO | - Collateralized Loan Obligation |
| CMBS | - Commercial Mortgage Backed Securities |
| ETF | - Exchange-Traded Fund |
| MBS | - Mortgage Backed Securities |
| 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 $7,121,917, as of September 30, 2025.

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at September 30, 2025. Total collateral had a value of $7,305,534 at September 30, 2025.

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

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL CORE GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 94.4%** |  |
|  | **EQUITY - 94.4%** |  |
| 6608 | Avantis International Small Cap Value ETF | $588310 |
| 5135 | Avantis U.S. Small Cap Value ETF | 511087 |
| 15774 | Dimensional International Small Cap Value ETF | 562974 |
| 9400 | Dimensional International Value ETF | 433528 |
| 3012 | Invesco China Technology ETF | 177738 |
| 7180 | iShares International Select Dividend ETF | 262429 |
| 1731 | iShares MSCI ACWI ex U.S. ETF | 112532 |
| 5974 | iShares MSCI Canada ETF | 301986 |
| 6247 | iShares MSCI International Momentum Factor ETF | 299106 |
| 4257 | iShares MSCI Italy ETF | 221151 |
| 2044 | iShares U.S. Aerospace & Defense ETF<sup>(a)</sup> | 427727 |
| 55756 | SPDR Portfolio S&P 500 ETF | 4367926 |
| 10778 | Vanguard FTSE Emerging Markets ETF | 583952 |
| 2448 | Vanguard Growth ETF | 1174085 |
| 2871 | Vanguard Mid-Cap Growth ETF | 843471 |
| 1005 | Vanguard Small-Cap Growth ETF | 299108 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $9,932,985)** | 11167110 |
|  | **OPEN END FUNDS — 4.9%** |  |
|  | **EQUITY - 4.9%** |  |
| 3409 | FullerThaler Behavioral Small-Cap Growth Fund, Institutional Class<sup>(c)</sup> | 178857 |
| 11465 | Pear Tree Polaris Foreign Value Small Cap Fund, Institutional Class | 216578 |
| 4188 | PRIMECAP Odyssey Growth Fund, Class I | 177147 |
| 30 | Thornburg Investment Income Builder Fund, Class I | 968 |
|  | **TOTAL OPEN END FUNDS (Cost $533,757)** | 573550 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **OCEAN PARK TACTICAL CORE GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 2.6%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 2.1%** |  |
| 242891 | First American Government Obligations Fund, Class X, 4.05%<sup>(b)(d)</sup> **(Cost $242,891)** | $242891 |
|  | **MONEY MARKET FUND - 0.5%** |  |
| 59423 | First American Government Obligations Fund, Class X, 4.05%<sup>(d)</sup> **(Cost $59,423)** | 59423 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $302,314)** | 302314 |
|  | **TOTAL INVESTMENTS - 101.9% (Cost $10,769,056)** | $12042974 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.9)%** | (217800) |
|  | **NET ASSETS - 100.0%** | $11825174 |

---

---

| | |
|:---|:---|
| 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 $242,323, as of September 30, 2025.

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at September 30, 2025. Total collateral had a value of $242,891 at September 30, 2025.

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

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| ***THE OCEAN PARK FUNDS*** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $433248786 | $1341284640 | $178536550 | $1952309349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (includes securities on loan with a market value of $40,150,209, $121,185,844, $1,892,504, $181,778,384) | $465251040 | $1386231690 | $180502085 | $1995898571 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 2854663 |  |  | 5988756 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 451580 | 1129021 | 124407 | 1248486 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 57366 | 153221 | 25128 | 100018 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 14705 | 11518 | 27071 | 84176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 468629354 | 1387525450 | 180678691 | 2003320007 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending collateral payable | 40870223 | 124420183 | 1940262 | 186006276 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 2100274 |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 780070 | 2098600 | 202706 | 2984619 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 438933 | 786227 | 100997 | 1584768 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 22931 | 102902 | 2451 | 25804 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 60069 | 65345 | 51335 | 120032 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 37589 | 143944 | 27160 | 24393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 44310089 | 127617201 | 2324911 | 190745892 |
| **NET ASSETS** | $**424319265** | $**1259908249** | $**178353780** | $**1812574115** |
| **Net Assets Consist Of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $458798368 | $1407255874 | $201011022 | $1961731600 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (34479103) | (147347625) | (22657242) | (149157485) |
| **NET ASSETS** | $**424319265** | $**1259908249** | $**178353780** | $**1812574115** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***THE OCEAN PARK FUNDS*** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $**12705685** | $**24178834** | $**4111245** | $**7464068** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **564788** | **1222572** | **169177** | **297244** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $**22.50** | $**19.78** **(b)** | $**24.30** | $**25.11** |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (maximum sales charge of 3.75%) (a) | $**23.37** | $**20.55** **(b)** | $**25.25** | $**26.09** |
| Class C: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**22712425** | $**78028553** | $**1907474** | $**23156478** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **1004468** | **3968118** | **79417** | **930301** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**22.61** | $**19.66** | $**24.02** **(b)** | $**24.89** |
| Investor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**4311571** | $**19957468** | $**365428** | $**14583415** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **191993** | **1007020** | **15039** | **581195** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**22.46** | $**19.82** | $**24.30** **(b)** | $**25.09** |
| Instl Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**381468231** | $**1137743394** | $**171869505** | $**1767370154** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **17121280** | **57823954** | **7104458** | **70228479** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**22.28** | $**19.68** **(b)** | $**24.19** | $**25.17** **(b)** |
| Special Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets |  |  | $**100128** |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |  |  | **4115** |  |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share |  |  | $**24.33** |  |
| Class A1: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**1874939** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **82373** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $**22.76** |  |  |  |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (maximum sales charge of 3.75%) (a) | $**23.65** |  |  |  |
| Class I1: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**1246414** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **55022** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**22.65** |  |  |  |

---

(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 September 30, 2025 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 (Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $292147195 | $177947142 | $72302161 | $10769056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (includes securities on loan with a market value of $19,705,723, $17,015,804, $7,121,917, $242,323) | $315123173 | $186405711 | $78728521 | $12042974 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 11597593 | 3155038 | 3052742 | 606040 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 491867 | 479682 | 124656 | 607 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 34847 | 13757 | 16196 | 3115 |
| &nbsp;&nbsp;&nbsp;Receivable due from Advisor |  |  |  | 8149 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 38436 | 61477 | 44703 | 31625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 327285916 | 190115665 | 81966818 | 12692510 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending collateral payable | 20119488 | 17429740 | 7305534 | 242891 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 10349553 | 2404661 | 2836997 | 605936 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 566336 | 363252 | 184466 | 152 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 264271 | 134959 | 55998 |  |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 3694 | 377 | 349 | 2148 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 1845 | 60 | 18 | 51 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 54160 | 13330 | 17238 | 16158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 31359347 | 20346379 | 10400600 | 867336 |
| **NET ASSETS** | $**295926569** | $**169769286** | $**71566218** | $**11825174** |
| **Net Assets Consist Of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $290622167 | $166828471 | $67668508 | $11204254 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 5304402 | 2940815 | 3897710 | 620920 |
| **NET ASSETS** | $**295926569** | $**169769286** | $**71566218** | $**11825174** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***THE OCEAN PARK FUNDS*** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $**1151200** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **47190** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $**24.39** **(b)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (maximum sales charge of 3.75%) (a) | $**25.34** **(b)** |  |  |  |
| Class C: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**1279245** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **52766** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**24.24** |  |  |  |
| Investor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**1715901** | $**184166** | $**26451** | $**159049** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **70268** | **6902** | **931** | **5455** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**24.42** **(b)** | $**26.68** | $**28.41** **(b)** | $**29.16** |
| Instl Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**291780223** | $**169585120** | $**71539767** | $**11666125** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **11957053** | **6349281** | **2513787** | **398288** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**24.40** | $**26.71** | $**28.46** | $**29.29** |

---

(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 September 30, 2025 due to financial statement rounding and/or financial
 statement adjustments.

See accompanying notes to financial statements.

---

| |
|:---|
| ***THE OCEAN PARK FUNDS*** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $21873623 | $76493868 | $9234555 | $124367969 |
| &nbsp;&nbsp;&nbsp;Interest | 794738 | 1874126 | 718531 | 4888548 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 224535 | 787766 | 290221 | 1034843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 22892896 | 79155760 | 10243307 | 130291360 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 6436985 | 10644649 | 1813354 | 20584537 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 33903 | 105931 | 12160 | 19784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 248086 | 848701 | 20234 | 257435 |
| &nbsp;&nbsp;&nbsp;Investor Class | 13676 | 99647 | 3852 | 61970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A1 | 9139 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I1 | 5180 |  |  |  |
| &nbsp;&nbsp;&nbsp;Third party administrative servicing fee | 488307 | 1126784 | 253003 | 1529631 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 268643 | 584068 | 133670 | 883680 |
| &nbsp;&nbsp;&nbsp;Registration fees | 125001 | 139999 | 110000 | 160002 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 81186 | 354889 | 94863 | 254383 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 74726 | 183743 | 35288 | 243513 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 60413 | 125250 | 69907 | 130457 |
| &nbsp;&nbsp;&nbsp;Professional fees | 48523 | 38197 | 38743 | 37642 |
| &nbsp;&nbsp;&nbsp;Interest expense | 37632 | 33810 | 11942 | 20343 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 27705 | 59226 | 16642 | 69947 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 19342 | 37782 | 16057 | 46383 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 16203 | 16203 | 16203 | 16203 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 8501 | 17002 | 5300 | 19998 |
| &nbsp;&nbsp;&nbsp;Other expenses | 6199 | 4944 | 5684 | 4472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 8009350 | 14420825 | 2656902 | 24340380 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Adviser |  | (3451) | (76526) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 8009350 | 14417374 | 2580376 | 24340380 |
| **NET INVESTMENT INCOME** | 14883546 | 64738386 | 7662931 | 105950980 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from security transactions | 1781603 | (11264216) | (78622) | (60777236) |
| &nbsp;&nbsp;&nbsp;Distributions of capital gains from underlying investment companies |  | 4511 |  |  |
|  | 1781603 | (11259705) | (78622) | (60777236) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (15592415) | (40125099) | (18123927) | (71188378) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (13810812) | (51384804) | (18202549) | (131965614) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $**1072734** | $**13353582** | $**(10539618)** | $**(26014634)** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***THE OCEAN PARK FUNDS*** |
| **STATEMENTS OF OPERATIONS (Continued)** |
| **For the Year Ended September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $12948607 | $5513472 | $2092316 | $202062 |
| &nbsp;&nbsp;&nbsp;Interest | 538993 | 271121 | 144171 | 21063 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 123864 | 45661 | 34630 | 3093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 13611464 | 5830254 | 2271117 | 226218 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 3439102 | 1243911 | 671919 | 65248 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1290 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 12556 |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 8363 | 348 | 193 | 650 |
| &nbsp;&nbsp;&nbsp;Third party administrative servicing fee | 294780 | 97439 | 57593 | 11330 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 157708 | 68170 | 47200 | 23260 |
| &nbsp;&nbsp;&nbsp;Registration fees | 70000 | 40000 | 40000 | 54998 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 56958 | 2680 | 2608 | 1744 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 52684 | 26882 | 13641 | 12437 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 39621 | 13143 | 7611 | 2082 |
| &nbsp;&nbsp;&nbsp;Professional fees | 37642 | 38316 | 38317 | 34027 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 17149 | 3892 | 6475 | 5462 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 16997 | 11383 | 11827 | 10906 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 16203 | 16203 | 16203 | 16203 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 6001 | 3000 | 3000 | 2701 |
| &nbsp;&nbsp;&nbsp;Interest expense | 2369 | 2959 | 2347 | 888 |
| &nbsp;&nbsp;&nbsp;Other expenses | 5078 | 4674 | 4876 | 3664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 4234501 | 1573000 | 923810 | 245600 |
| &nbsp;&nbsp;&nbsp;Plus: Recapture of fees waived by the Adviser | 9103 |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Adviser and expenses reimbursed |  | (13021) | (82101) | (157722) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 4243604 | 1559979 | 841709 | 87878 |
| **NET INVESTMENT INCOME** | 9367860 | 4270275 | 1429408 | 138340 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from security transactions | 6826928 | (5372462) | (2161492) | (652375) |
| &nbsp;&nbsp;&nbsp;Distributions of capital gains from underlying investment companies | 629386 |  | 29434 | 8518 |
|  | 7456314 | (5372462) | (2132058) | (643857) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (10836945) | 5629839 | 2633135 | 907932 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | (3380631) | 257377 | 501077 | 264075 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**5987229** | $**4527652** | $**1930485** | $**402415** |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $14883546 | $21296412 |
| &nbsp;&nbsp;&nbsp;Net realized gain from security transactions | 1781603 | 14577330 |
| &nbsp;&nbsp;&nbsp;Distributions of capital gains from underlying investment companies |  | 5 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (15592415) | 44217940 |
| Net increase in net assets resulting from operations | 1072734 | 80091687 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (389430) | (548857) |
| &nbsp;&nbsp;&nbsp;Class C | (524967) | (696622) |
| &nbsp;&nbsp;&nbsp;Investor Class | (149731) | (233520) |
| &nbsp;&nbsp;&nbsp;Instl Class | (14375658) | (19644050) |
| &nbsp;&nbsp;&nbsp;Class A1 | (59349) | (86552) |
| &nbsp;&nbsp;&nbsp;Class I1 | (35091) | (47333) |
| Net decrease in net assets resulting from distributions to shareholders | (15534226) | (21256934) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 550027 | 290096 |
| &nbsp;&nbsp;&nbsp;Class C | 823373 | 1001057 |
| &nbsp;&nbsp;&nbsp;Investor Class | 245763 | 4725328 |
| &nbsp;&nbsp;&nbsp;Instl Class | 83511416 | 86729764 |
| &nbsp;&nbsp;&nbsp;Class A1 | 66236 | 73849 |
| &nbsp;&nbsp;&nbsp;Class I1 | 4541 | 58606 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 388029 | 540788 |
| &nbsp;&nbsp;&nbsp;Class C | 496971 | 675725 |
| &nbsp;&nbsp;&nbsp;Investor Class | 147848 | 228989 |
| &nbsp;&nbsp;&nbsp;Instl Class | 14229149 | 19432082 |
| &nbsp;&nbsp;&nbsp;Class A1 | 44791 | 68786 |
| &nbsp;&nbsp;&nbsp;Class I1 | 33588 | 44596 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (4409609) | (4662579) |
| &nbsp;&nbsp;&nbsp;Class C | (6503208) | (7327488) |
| &nbsp;&nbsp;&nbsp;Investor Class | (3015051) | (6333392) |
| &nbsp;&nbsp;&nbsp;Instl Class | (268408533) | (259606174) |
| &nbsp;&nbsp;&nbsp;Class A1 | (989248) | (724671) |
| &nbsp;&nbsp;&nbsp;Class I1 | (334063) | (4952558) |
| Net decrease in net assets resulting from shares of beneficial interest | (183117980) | (169737196) |
| **TOTAL DECREASE IN NET ASSETS** | (197579472) | (110902443) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 621898737 | 732801180 |
| &nbsp;&nbsp;&nbsp;End of Year | $**424319265** | $**621898737** |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 24982 | 12915 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 17609 | 24143 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (197217) | (210114) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (154626) | (173056) |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 36399 | 44870 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 22467 | 30045 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (290742) | (330379) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (231876) | (255464) |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 10906 | 226004 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 6717 | 10240 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (134959) | (293564) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (117336) | (57320) |
| Instl Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 3776900 | 3967526 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 651520 | 875223 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (12142546) | (11990729) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (7714126) | (7147980) |
| &nbsp;&nbsp;&nbsp;Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2950 | 3326 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 2009 | 3036 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (44446) | (32404) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (39487) | (26042) |
| &nbsp;&nbsp;&nbsp;Class I1 |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 203 | 2576 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1514 | 1979 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (14717) | (234963) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (13000) | (230408) |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $64738386 | $73369072 |
| &nbsp;&nbsp;&nbsp;Net realized loss from security transactions | (11264216) | (5025576) |
| &nbsp;&nbsp;&nbsp;Distributions of capital gains from underlying investment companies | 4511 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (40125099) | 97646593 |
| Net increase in net assets resulting from operations | 13353582 | 165990089 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1200395) | (1440173) |
| &nbsp;&nbsp;&nbsp;Class C | (3384028) | (3806368) |
| &nbsp;&nbsp;&nbsp;Investor Class | (1139714) | (1836858) |
| &nbsp;&nbsp;&nbsp;Instl Class | (63973221) | (65946770) |
| Net decrease in net assets resulting from distributions to shareholders | (69697358) | (73030169) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 3267217 | 2809811 |
| &nbsp;&nbsp;&nbsp;Class C | 9272917 | 9656630 |
| &nbsp;&nbsp;&nbsp;Investor Class | 3799546 | 7178705 |
| &nbsp;&nbsp;&nbsp;Instl Class | 355516720 | 379366602 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1123004 | 1366233 |
| &nbsp;&nbsp;&nbsp;Class C | 3233003 | 3636724 |
| &nbsp;&nbsp;&nbsp;Investor Class | 1092426 | 1766754 |
| &nbsp;&nbsp;&nbsp;Instl Class | 61981486 | 64121457 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (9626217) | (16362027) |
| &nbsp;&nbsp;&nbsp;Class C | (26891626) | (36495829) |
| &nbsp;&nbsp;&nbsp;Investor Class | (14139518) | (37920159) |
| &nbsp;&nbsp;&nbsp;Instl Class | (589517462) | (766971404) |
| Net decrease in net assets resulting from shares of beneficial interest | (200888504) | (387846503) |
| **TOTAL DECREASE IN NET ASSETS** | (257232280) | (294886583) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 1517140529 | 1812027112 |
| &nbsp;&nbsp;&nbsp;End of Year | $**1259908249** | $**1517140529** |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 165758 | 140372 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 56710 | 68654 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (486149) | (832891) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (263681) | (623865) |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 471340 | 487059 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 164205 | 183638 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1361125) | (1848676) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (725580) | (1177979) |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 190480 | 358450 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 55016 | 88686 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (713764) | (1907295) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (468268) | (1460159) |
| Instl Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 17953711 | 19093073 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 3146496 | 3235133 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (29962757) | (38876182) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (8862550) | (16547976) |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $7662931 | $7952912 |
| &nbsp;&nbsp;&nbsp;Net realized loss from security transactions | (78622) | (785124) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (18123927) | 22682866 |
| Net increase (decrease) in net assets resulting from operations | (10539618) | 29850654 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (150831) | (119038) |
| &nbsp;&nbsp;&nbsp;Class C | (49669) | (42181) |
| &nbsp;&nbsp;&nbsp;Investor Class | (24829) | (71830) |
| &nbsp;&nbsp;&nbsp;Instl Class | (7614064) | (7637108) |
| &nbsp;&nbsp;&nbsp;Special Shares | (5697) | (7308) |
| Net decrease in net assets resulting from distributions to shareholders | (7845090) | (7877465) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 891840 | 446480 |
| &nbsp;&nbsp;&nbsp;Class C | 571360 | 484771 |
| &nbsp;&nbsp;&nbsp;Investor Class | 26466 | 136208 |
| &nbsp;&nbsp;&nbsp;Instl Class | 69586231 | 83504544 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 150831 | 119038 |
| &nbsp;&nbsp;&nbsp;Class C | 48974 | 42181 |
| &nbsp;&nbsp;&nbsp;Investor Class | 24551 | 71600 |
| &nbsp;&nbsp;&nbsp;Instl Class | 7358550 | 7319472 |
| &nbsp;&nbsp;&nbsp;Special Shares | 5697 | 7308 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1610809) | (150941) |
| &nbsp;&nbsp;&nbsp;Class C | (794737) | (1063373) |
| &nbsp;&nbsp;&nbsp;Investor Class | (1094948) | (3092700) |
| &nbsp;&nbsp;&nbsp;Instl Class | (171139076) | (117077966) |
| &nbsp;&nbsp;&nbsp;Special Shares | (111057) | (99960) |
| Net decrease in net assets resulting from shares of beneficial interest | (96086127) | (29353338) |
| **TOTAL DECREASE IN NET ASSETS** | (114470835) | (7380149) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 292824615 | 300204764 |
| &nbsp;&nbsp;&nbsp;End of Year | $**178353780** | $**292824615** |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 35833 | 17449 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 6127 | 4657 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (65680) | (5952) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (23720) | 16154 |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 23037 | 19498 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 2014 | 1669 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (32034) | (42778) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (6983) | (21611) |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1033 | 5347 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 986 | 2815 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (43841) | (121789) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (41822) | (113627) |
| Instl Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2785129 | 3279435 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 298733 | 287462 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (6903409) | (4650204) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (3819547) | (1083307) |
| Special Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 231 | 286 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (4465) | (3919) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (4234) | (3633) |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $105950980 | $95455242 |
| &nbsp;&nbsp;&nbsp;Net realized loss from security transactions | (60777236) | (36667046) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (71188378) | 135588252 |
| Net increase (decrease) in net assets resulting from operations | (26014634) | 194376448 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (415772) | (343737) |
| &nbsp;&nbsp;&nbsp;Class C | (1160081) | (1028528) |
| &nbsp;&nbsp;&nbsp;Investor Class | (788307) | (695559) |
| &nbsp;&nbsp;&nbsp;Instl Class | (104267091) | (92926210) |
| Net decrease in net assets resulting from distributions to shareholders | (106631251) | (94994034) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2619924 | 2396108 |
| &nbsp;&nbsp;&nbsp;Class C | 9050301 | 5476880 |
| &nbsp;&nbsp;&nbsp;Investor Class | 6379748 | 7975466 |
| &nbsp;&nbsp;&nbsp;Instl Class | 789724603 | 692886096 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 410350 | 338697 |
| &nbsp;&nbsp;&nbsp;Class C | 1101843 | 1012684 |
| &nbsp;&nbsp;&nbsp;Investor Class | 759376 | 666442 |
| &nbsp;&nbsp;&nbsp;Instl Class | 102650049 | 91454443 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2242383) | (2953841) |
| &nbsp;&nbsp;&nbsp;Class C | (10893729) | (5174632) |
| &nbsp;&nbsp;&nbsp;Investor Class | (6718488) | (7417677) |
| &nbsp;&nbsp;&nbsp;Instl Class | (860843032) | (744603804) |
| Net increase in net assets resulting from shares of beneficial interest | 31998562 | 42056862 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (100647323) | 141439276 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 1913221438 | 1771782162 |
| &nbsp;&nbsp;&nbsp;End of Year | $**1812574115** | $**1913221438** |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 99049 | 91900 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 15984 | 13036 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (87686) | (113839) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 27347 | (8903) |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 347304 | 212139 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 43218 | 39258 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (428075) | (203076) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (37553) | 48321 |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 245322 | 308885 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 29581 | 25633 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (262608) | (288686) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 12295 | 45832 |
| Instl Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 30443271 | 26675659 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 3988751 | 3510832 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (33741602) | (28827034) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 690420 | 1359457 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $9367860 | $11063305 |
| &nbsp;&nbsp;&nbsp;Net realized gain from security transactions | 6826928 | 11301780 |
| &nbsp;&nbsp;&nbsp;Distributions of capital gains from underlying investment companies | 629386 | 84348 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (10836945) | 29556355 |
| Net increase in net assets resulting from operations | 5987229 | 52005788 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (17860) | (6282) |
| &nbsp;&nbsp;&nbsp;Class C | (26469) | (17675) |
| &nbsp;&nbsp;&nbsp;Investor Class | (53258) | (67514) |
| &nbsp;&nbsp;&nbsp;Instl Class | (9617885) | (11197160) |
| Net decrease in net assets resulting from distributions to shareholders | (9715472) | (11288631) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1068142 |  |
| &nbsp;&nbsp;&nbsp;Class C | 283767 | 447840 |
| &nbsp;&nbsp;&nbsp;Investor Class | 145099 | 304251 |
| &nbsp;&nbsp;&nbsp;Instl Class | 59658093 | 56890141 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 17860 | 6282 |
| &nbsp;&nbsp;&nbsp;Class C | 26469 | 17675 |
| &nbsp;&nbsp;&nbsp;Investor Class | 53258 | 66636 |
| &nbsp;&nbsp;&nbsp;Instl Class | 9512751 | 11098488 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (230423) | (15) |
| &nbsp;&nbsp;&nbsp;Class C | (105391) | (58891) |
| &nbsp;&nbsp;&nbsp;Investor Class | (983795) | (2815647) |
| &nbsp;&nbsp;&nbsp;Instl Class | (125760605) | (159636472) |
| Net decrease in net assets resulting from shares of beneficial interest | (56314775) | (93679712) |
| **TOTAL DECREASE IN NET ASSETS** | (60043018) | (52962555) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 355969587 | 408932142 |
| &nbsp;&nbsp;&nbsp;End of Year | $**295926569** | $**355969587** |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 46520 |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 750 | 267 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (9589) | (1) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 37681 | 266 |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 11695 | 19322 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1119 | 753 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (4395) | (2672) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 8419 | 17403 |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 6049 | 13008 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 2235 | 2832 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (40909) | (126994) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (32625) | (111154) |
| Instl Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2489261 | 2450117 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 399427 | 471453 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (5265146) | (6952024) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (2376458) | (4030454) |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $4270275 | $1350422 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from security transactions | (5372462) | 707221 |
| &nbsp;&nbsp;&nbsp;Distributions of capital gains from underlying investment companies |  | 69 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investments | 5629839 | 2478490 |
| Net increase in net assets resulting from operations | 4527652 | 4536202 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (2565) | (395) |
| &nbsp;&nbsp;&nbsp;Instl Class | (4394040) | (1362594) |
| Net decrease in net assets resulting from distributions to shareholders | (4396605) | (1362989) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 183956 | 50000 |
| &nbsp;&nbsp;&nbsp;Instl Class | 168617877 | 1842271 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 2565 | 395 |
| &nbsp;&nbsp;&nbsp;Instl Class | 4325075 | 1362594 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (56844) |  |
| &nbsp;&nbsp;&nbsp;Instl Class | (40758122) | (6943161) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | 132314507 | (3687901) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 132445554 | (514688) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 37323732 | 37838420 |
| &nbsp;&nbsp;&nbsp;End of Year | $**169769286** | $**37323732** |
| **SHARE ACTIVITY** |  |  |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 7014 | 1904 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 97 | 15 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2129) |  |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 4982 | 1919 |
| Instl Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 6355432 | 70458 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 164583 | 52113 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1555222) | (270715) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 4964793 | (148144) |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1429408 | $678231 |
| &nbsp;&nbsp;&nbsp;Net realized loss from security transactions | (2161492) | (91311) |
| &nbsp;&nbsp;&nbsp;Distributions of capital gains from underlying investment companies | 29434 | 40 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investments | 2633135 | 4226246 |
| Net increase in net assets resulting from operations | 1930485 | 4813206 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (893) | (342) |
| &nbsp;&nbsp;&nbsp;Instl Class | (1651039) | (687141) |
| Net decrease in net assets resulting from distributions to shareholders | (1651932) | (687483) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 35123 | 25100 |
| &nbsp;&nbsp;&nbsp;Instl Class | 42149446 | 26062686 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 579 | 45 |
| &nbsp;&nbsp;&nbsp;Instl Class | 1571967 | 627388 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (35666) | (18631) |
| &nbsp;&nbsp;&nbsp;Instl Class | (20450881) | (5996970) |
| Net increase in net assets resulting from shares of beneficial interest | 23270568 | 20699618 |
| **TOTAL INCREASE IN NET ASSETS** | 23549121 | 24825341 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 48017097 | 23191756 |
| &nbsp;&nbsp;&nbsp;End of Year | $**71566218** | $**48017097** |
| **SHARE ACTIVITY** |  |  |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1237 | 910 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 21 | 2 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1258) | (715) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding |  | 197 |
| Instl Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1522257 | 960693 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 57196 | 22953 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (746191) | (231088) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 833262 | 752558 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024\*** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $138340 | $43253 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from security transactions | (652375) | 39234 |
| &nbsp;&nbsp;&nbsp;Distributions of capital gains from underlying investment companies | 8518 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investments | 907932 | 365986 |
| Net increase in net assets resulting from operations | 402415 | 448473 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (3416) | (1184) |
| &nbsp;&nbsp;&nbsp;Instl Class | (184978) | (40390) |
| Net decrease in net assets resulting from distributions to shareholders | (188394) | (41574) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 3801 | 165224 |
| &nbsp;&nbsp;&nbsp;Instl Class | 9491821 | 4983900 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 3415 | 1184 |
| &nbsp;&nbsp;&nbsp;Instl Class | 184710 | 40390 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (26281) | (411) |
| &nbsp;&nbsp;&nbsp;Instl Class | (2009080) | (1634419) |
| Net increase in net assets resulting from shares of beneficial interest | 7648386 | 3555868 |
| **TOTAL INCREASE IN NET ASSETS** | 7862407 | 3962767 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 3962767 |  |
| &nbsp;&nbsp;&nbsp;End of Year | $**11825174** | $**3962767** |
| **SHARE ACTIVITY** |  |  |
| Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 139 | 6128 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 123 | 43 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (964) | (14) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (702) | 6157 |
| Instl Class: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 334542 | 194551 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 6642 | 1495 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (72877) | (66065) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 268307 | 129981 |

---

\* Ocean Park Tactical Core Growth Fund commenced operations on September 29, 2023.

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 Year |

---

---

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

(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.

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 Year |

---

---

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

(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.

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 Year |

---

---

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

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

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 Year |

---

---

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

(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.

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 Year |

---

---

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

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

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 Year |

---

---

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

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

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 Year |

---

---

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

(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.

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 Year |

---

---

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

(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.

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 Year |

---

---

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

(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.

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 Year |

---

---

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

(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.

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 Year |

---

---

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

(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.

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 Year |

---

---

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

(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.

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 Year |

---

---

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

(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.

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 Year |

---

---

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

(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.

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 Year |

---

---

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

(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.

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 Year |

---

---

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

(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.

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 Year |

---

---

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

(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.

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 Year |

---

---

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

(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.

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 Year |

---

---

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

(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.

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** | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** | **Year Ended**<br>**September 30,**<br>**2023** | **Year Ended**<br>**September 30,**<br>**2022** | **Period Ended**<br>**September 30,**<br>**2021 (1)** |
| Net asset value, beginning of period | $24.57 | $21.97 | $21.69 | $24.61 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (2) | 0.56 | 0.64 | 0.47 | 0.20 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.07) | 2.63 | 0.25 | (2.89) | (0.44) |
| Total from investment operations | 0.49 | 3.27 | 0.72 | (2.69) | (0.20) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.67) | (0.67) | (0.44) | (0.22) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.01) |  |
| Total distributions | (0.67) | (0.67) | (0.44 | (0.23) | (0.19) |
| Net asset value, end of period | $24.39 | $24.57 | $21.97 | $21.69 | $24.61 |
| Total return (3) | 2.07% (12) | 15.06% | 3.33 | (10.99)% | (0.82)% (8) |
| Net assets, at end of period (000s) | $1151 | $234 | $203 | $614 | $339 |
| Ratio of gross expenses to average net assets (4)(5)(7) | 1.53% (10) | 1.55% (10) | 1.53 | 1.64% | 1.72% |
| Ratio of net expenses to average net assets (5)(7) | 1.56% (9) | 1.56% (9) | 1.56 | 1.56% | 1.56% |
| Ratio of net investment income to average net assets (5)(6)(7) | 2.37% | 2.74% | 2.11 | 0.85% | 2.72% |
| Portfolio Turnover Rate | 168% | 115% | 207 | 345% | 39% (8) |

---

(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 year.

(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) Annualized for periods less than one
 year.

(8) Not annualized.

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

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

(11) 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.

(12) 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.

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** | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** | **Year Ended**<br>**September 30,**<br>**2023** | **Year Ended**<br>**September 30,**<br>**2022** | **Period Ended**<br>**September 30,**<br>**2021 (1)** |
| Net asset value, beginning of period | $24.42 | $21.85 | $21.63 | $24.55 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (2) | 0.44 | 0.45 | 0.28 | 0.05 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.13) | 2.63 | 0.27 | (2.89 | (0.41) |
| Total from investment operations | 0.31 | 3.08 | 0.55 | (2.84 | (0.27) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.49) | (0.51) | (0.33) | (0.08) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00 |  |
| Total distributions | (0.49) | (0.51) | (0.33 | (0.08 | (0.18) |
| Net asset value, end of period | $24.24 | $24.42 | $21.85 | $21.63 | $24.55 |
| Total return (3) | 1.34% | 14.23% | 2.53 | (11.58 | (1.09)% (8) |
| Net assets, at end of period (000s) | $1279 | $1083 | $589 | $42 | $29 |
| Ratio of gross expenses to average net assets (4)(5)(7) | 2.29% | 2.30% (11) | 2.28 | 2.39 | 2.47% |
| Ratio of net expenses to average net assets (5)(7) | 2.29% | 2.31% (10) | 2.31 | 2.31 | 2.31% |
| Ratio of net investment income to average net assets (5)(6)(7) | 1.86% | 1.92% | 1.26 | 0.22 | 1.63% |
| Portfolio Turnover Rate | 168% | 115% | 207 | 345 | 39% (8) |

---

(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 year.

(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.

(9) Less than $0.01.

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

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

(12) 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.

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** | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** | **Year Ended**<br>**September 30,**<br>**2023** | **Year Ended**<br>**September 30,**<br>**2022** | **Period Ended**<br>**September 30,**<br>**2021 (1)** |
| Net asset value, beginning of period | $24.58 | $21.96 | $21.69 | $24.61 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (2) | 0.59 | 0.61 | 0.38 | 0.19 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.13) | 2.64 | 0.30 | (2.91) | (0.39) |
| Total from investment operations | 0.46 | 3.25 | 0.68 | (2.72) | (0.21) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.62) | (0.63) | (0.41) | (0.19) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.01) |  |
| Total distributions | (0.62) | (0.63) | (0.41 | (0.20) | (0.18) |
| Net asset value, end of period | $24.42 | $24.58 | $21.96 | $21.69 | $24.61 |
| Total return (3) | 1.98% (12) | 14.95% (12) | 3.16 | (11.07)% | (0.84)% (8) |
| Net assets, at end of period (000s) | $1716 | $2530 | $4700 | $1460 | $1457 |
| Ratio of gross expenses to average net assets (4)(5)(7) | 1.69% (10) | 1.70% (10) | 1.68 | 1.79% | 1.87% |
| Ratio of net expenses to average net assets (5)(7) | 1.71% (9) | 1.71% (9) | 1.71 | 1.71% | 1.71% |
| Ratio of net investment income to average net assets (5)(6)(7) | 2.47% | 2.62% | 1.68 | 0.82% | 2.03% |
| Portfolio Turnover Rate | 168% | 115% | 207 | 345% | 39% (8) |

---

(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 year.

(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.

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

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

(11) 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.

(12) 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.

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** | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** | **Year Ended**<br>**September 30,**<br>**2023** | **Year Ended**<br>**September 30,**<br>**2022** | **Period Ended**<br>**September 30,**<br>**2021 (1)** |
| Net asset value, beginning of period | $24.57 | $21.97 | $21.69 | $24.61 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (2) | 0.69 | 0.70 | 0.48 | 0.29 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.13) | 2.63 | 0.30 | (2.92) | (0.40) |
| Total from investment operations | 0.56 | 3.33 | 0.78 | (2.63) | (0.19) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.73) | (0.73) | (0.50) | (0.28) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.01) |  |
| Total distributions | (0.73) | (0.73) | (0.50 | (0.29) | (0.20) |
| Net asset value, end of period | $24.40 | $24.57 | $21.97 | $21.69 | $24.61 |
| Total return (3) | 2.36% (12) | 15.34% (12) | 3.60 | (10.75)% | (0.76)% (8) |
| Net assets, at end of period (000s) | $291780 | $352124 | $403441 | $163155 | $134137 |
| Ratio of gross expenses to average net assets (4)(5)(7) | 1.29% (10) | 1.30% (10) | 1.28 | 1.39% | 1.47% |
| Ratio of net expenses to average net assets (5)(7) | 1.29% (9) | 1.31% (9) | 1.31 | 1.31% | 1.31% |
| Ratio of net investment income to average net assets (5)(6)(7) | 2.87% | 3.02% | 2.13 | 1.21% | 2.32% |
| Portfolio Turnover Rate | 168% | 115% | 207 | 345% | 39% (8) |

---

(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 year.

(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.

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

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

(11) 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.

(12) 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.

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 Year |

---

---

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

(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.

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 Year |

---

---

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

(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.

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

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

---

(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 year.

(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) Annualized for periods less than one
 year.

(9) 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 Year |

---

---

| | | |
|:---|:---|:---|
| <br>**Investor Class** | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** |
| Net asset value, beginning of year | $29.04 | $25.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (2) | 0.30 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.41 | 4.13 |
| Total from investment operations | 0.71 | 4.45 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.37) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.22) |  |
| Total distributions | (0.59) | (0.41) |
| Net asset value, end of year | $29.16 | $29.04 |
| Total return (3) | 2.54% (7) | 17.95% (7) |
| Net assets, at end of year (000s) | $159 | $179 |
| Ratio of gross expenses to average net assets (4)(5) | 3.20% | 7.51% |
| Ratio of net expenses to average net assets (5) | 1.39% | 1.39% |
| Ratio of net investment income to average net assets (5)(6) | 1.04% | 1.13% |
| Portfolio Turnover Rate | 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 year.

(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.

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 Year |

---

---

| | | |
|:---|:---|:---|
| <br>**Instl Class** | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** |
| Net asset value, beginning of year | $29.11 | $25.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (2) | 0.45 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.38 | 4.12 |
| Total from investment operations | 0.83 | 4.56 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.43) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.22) |  |
| Total distributions | (0.65) | (0.45) |
| Net asset value, end of year | $29.29 | $29.11 |
| Total return (3) | 2.96% | 18.40% |
| Net assets, at end of year (000s) | $11666 | $3784 |
| Ratio of gross expenses to average net assets (4)(5) | 2.80% | 7.11% |
| Ratio of net expenses to average net assets (5) | 0.99% | 0.99% |
| Ratio of net investment income to average net assets (5)(6) | 1.61% | 1.60% |
| Portfolio Turnover Rate | 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 year.

(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.

See accompanying notes to financial statements.

***THE OCEAN PARK FUNDS***

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

**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. OPTAAF's two investment objectives are to provide total return and to limit exposure to downside risk. OPTCIF's two investment objectives are to provide total return and to limit exposure to downside risk. OPTMF's two investment objectives are to provide total return and to limit exposure to downside risk. OPTBF's two investment objectives are to provide total return and to limit exposure to downside risk. OPTRSFF's two investment objectives are to provide total return and to limit exposure to downside risk. OPTRSTF's two investment objectives are to provide total return and to limit exposure to downside risk. OPTRSSF's two investment objectives are to provide total return and to limit exposure to downside risk. OPTCGF'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

***THE OCEAN PARK FUNDS***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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 Standards Codification Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standards Update ("ASU") 2013-08.

**Operating Segments –** The Funds have adopted FASB ASU 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 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. The CODM is comprised of portfolio managers and Chief Financial Officer of the Trust. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**Securities Valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price ("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

***THE OCEAN PARK FUNDS***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

companies, after their initial public offering, frequently trade at a price per share, which is different than 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 OCEAN PARK FUNDS***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

the cost at date of purchase; (iii) the size and nature of a Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

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 (Continued)**

**September 30, 2025**

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 September 30, 2025 for the Funds' assets measured at fair value:

**Ocean Park Tactical All Asset Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $243042210 | $— | $— | $243042210 |
| Open End Funds | 180171532 |  |  | 180171532 |
| Collateral For Securities Loaned | 40870223 |  |  | 40870223 |
| Money Market Fund | 1167075 |  |  | 1167075 |
| Total | $465251040 | $— | $— | $465251040 |
| **Ocean Park Tactical Core Income Fund** | **Ocean Park Tactical Core Income Fund** | **Ocean Park Tactical Core Income Fund** | **Ocean Park Tactical Core Income Fund** | **Ocean Park Tactical Core Income Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $678636330 | $— | $— | $678636330 |
| Open End Funds | 578560463 |  |  | 578560463 |
| Collateral For Securities Loaned | 124420183 |  |  | 124420183 |
| Money Market Fund | 4614714 |  |  | 4614714 |
| Total | $1386231690 | $— | $— | $1386231690 |
| **Ocean Park Tactical Municipal Fund** | **Ocean Park Tactical Municipal Fund** | **Ocean Park Tactical Municipal Fund** | **Ocean Park Tactical Municipal Fund** | **Ocean Park Tactical Municipal Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $18268121 | $— | $— | $18268121 |
| Open End Funds | 159755721 |  |  | 159755721 |
| Collateral For Securities Loaned | 1940262 |  |  | 1940262 |
| Money Market Funds | 537981 |  |  | 537981 |
| Total | $180502085 | $— | $— | $180502085 |
| **Ocean Park Tactical Bond Fund** | **Ocean Park Tactical Bond Fund** | **Ocean Park Tactical Bond Fund** | **Ocean Park Tactical Bond Fund** | **Ocean Park Tactical Bond Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $1081946291 | $— | $— | $1081946291 |
| Open End Funds | 724870722 |  |  | 724870722 |
| Collateral For Securities Loaned | 186006276 |  |  | 186006276 |
| Money Market Fund | 3075282 |  |  | 3075282 |
| Total | $1995898571 | $— | $— | $1995898571 |

---

***THE OCEAN PARK FUNDS***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

**Ocean Park Tactical Risk Spectrum 50 Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $195170158 | $— | $— | $195170158 |
| Open End Funds | 99408500 |  |  | 99408500 |
| Collateral For Securities Loaned | 20119488 |  |  | 20119488 |
| Money Market Fund | 425027 |  |  | 425027 |
| Total | $315123173 | $— | $— | $315123173 |
| **Ocean Park Tactical Risk Spectrum 30 Fund** | **Ocean Park Tactical Risk Spectrum 30 Fund** | **Ocean Park Tactical Risk Spectrum 30 Fund** | **Ocean Park Tactical Risk Spectrum 30 Fund** | **Ocean Park Tactical Risk Spectrum 30 Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $97385624 | $— | $— | $97385624 |
| Open End Funds | 71506690 |  |  | 71506690 |
| Collateral For Securities Loaned | 17429740 |  |  | 17429740 |
| Money Market Fund | 83657 |  |  | 83657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $186405711 | $— | $— | $186405711 |
| **Ocean Park Tactical Risk Spectrum 70 Fund** | **Ocean Park Tactical Risk Spectrum 70 Fund** | **Ocean Park Tactical Risk Spectrum 70 Fund** | **Ocean Park Tactical Risk Spectrum 70 Fund** | **Ocean Park Tactical Risk Spectrum 70 Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $62100831 | $— | $— | $62100831 |
| Open End Funds | 9229016 |  |  | 9229016 |
| Collateral For Securities Loaned | 7305534 |  |  | 7305534 |
| Money Market Fund | 93140 |  |  | 93140 |
| Total | $78728521 | $— | $— | $78728521 |
| **Ocean Park Tactical Core Growth Fund** | **Ocean Park Tactical Core Growth Fund** | **Ocean Park Tactical Core Growth Fund** | **Ocean Park Tactical Core Growth Fund** | **Ocean Park Tactical Core Growth Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $11167110 | $— | $— | $11167110 |
| Open End Funds | 573550 |  |  | 573550 |
| Collateral For Securities Loaned | 242891 |  |  | 242891 |
| Money Market Fund | 59423 |  |  | 59423 |
| Total | $12042974 | $— | $— | $12042974 |

---

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

\* 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.

***THE OCEAN PARK FUNDS***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

**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.

**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, 2022 to September 30, 2024, or expected to be taken in the Funds' September 30, 2025 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

***THE OCEAN PARK FUNDS***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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.

**4.** **INVESTMENT TRANSACTIONS** 

For the year ended September 30, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
| **FUND** | **PURCHASES** | **SALES** |
| **OPTAAF** | $835576984 | $1018831683 |
| **OPTCIF** | $2600825319 | $2820639840 |
| **OPTMF** | $432526062 | $528236944 |
| **OPTBF** | $3575288748 | $3545787463 |
| **OPTRSFF** | $548542847 | $605180932 |
| **OPTRSTF** | $346969708 | $215490991 |
| **OPTRSSF** | $161030524 | $137225034 |
| **OPTCGF** | $27918786 | $20336462 |

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**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 year ended September 30, 2025, each Fund incurred the following in advisory fees:

---

| | | |
|:---|:---|:---|
| **FUND** | **ANNUAL<br> RATE** | **TOTAL ADVISORY<br> FEE** |
| **OPTAAF** | 1.25% | $6436985 |
| **OPTCIF** | 0.75% | $10644649 |
| **OPTMF** | 0.75% | $1813354 |
| **OPTBF** | 1.05% | $20584537 |
| **OPTRSFF** | 1.05% | $3439102 |
| **OPTRSTF** | 1.05% | $1243911 |
| **OPTRSSF** | 1.05% | $671919 |
| **OPTCGF** | 0.75% | $65248 |

---

***THE OCEAN PARK FUNDS***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

Pursuant to a written contract (the "Expense Limitation Agreement"), the Adviser has agreed, at least until January 31, 2026 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 | &nbsp;&nbsp;&nbsp;&nbsp;Class A1 | &nbsp;&nbsp;&nbsp;&nbsp;Class I1 | Special Shares |
| OPTAAF | 1.75% | 2.50% | 1.75% | 1.50% | &nbsp;&nbsp;1.90% | &nbsp;&nbsp;1.90% | N/A |
| OPTCIF | 1.35% | 1.95% | 1.35% | 1.00% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | N/A |
| OPTMF | 1.23% | 1.98% | 1.38% | 1.05% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | 0.92% |
| OPTBF | 1.54% | 2.29% | 1.69% | 1.29% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | N/A |
| OPTRSFF | 1.56% | 2.31% | 1.71% | 1.31% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | N/A |
| OPTRSTF | 1.56% | 2.31% | 1.71% | 1.31% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | N/A |
| OPTRSSF | 1.56% | 2.31% | 1.71% | 1.31% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | N/A |
| OPTCGF | 1.24% | 1.99% | 1.39% | 0.99% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;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 year ended September 30, 2025, the Adviser waived $0 with respect to OPTAAF, OPTBF, and OPTRSFF, and $3,451, $76,526, $13,021, $82,101 and $157,722 to OPTCIF, OPTMF, OPTRSTF, OPTRSSF and OPTCGF respectively, under each Fund's Expense Limitation Agreement. For the year ended September 30, 2025, the Adviser recaptured fees in the amount $9,103 for OPTRSFF with respect to the Fund.

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 (Continued)**

**September 30, 2025**

*<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 year ended September 30, 2025, 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 year ended September 30, 2025, the amounts listed below were received by the Distributor and retained by the principal underwriter or other affiliated broker-dealers for each Fund respectively:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Share<br> Class** | **Front End Sale<br> charges received by<br> the Distributor** | **Amounts retained by<br> the Principal<br> Underwriter** |
| **OPTAAF** | Class A1 | $— | $— |
|  | Class A | $2316 | $158 |
| **OPTCIF** | Class A | $30615 | $1443 |
| **OPTMF** | Class A | $14213 | $836 |
| **OPTBF** | Class A | $73229 | $5469 |
| **OPTRSFF** | Class A | $27419 | $2852 |

---

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.

***THE OCEAN PARK FUNDS***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

*<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 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 year ended September 30, 2025, amounts outstanding to the Funds under the credit facility at no time were permitted to exceed $150,000,000. During the year ended September 30, 2025, OPTAAF, OPTCIF, OPTMF, OPTBF, OPTRSFF, OPTRSTF, OPTRSSF and OPTCGF drew on the line of credit as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| FUND | Interest Expense | Outstanding Balance<br> as of September 30,<br> 2025 | Average Borrowings | Average<br> Borrowings<br> Rate | Maximum<br> Borrowing<br> Interest Rate |
| **OPTAAF** | $37632 | $— | $4916694 | 7.53% | 8.00% |
| **OPTCIF** | $33810 | $— | $6066115 | 7.53% | 8.00% |
| **OPTMF** | $11942 | $— | $926086 | 7.52% | 7.75% |
| **OPTBF** | $20343 | $— | $3032161 | 7.52% | 8.00% |
| **OPTRSFF** | $2369 | $— | $367667 | 7.54% | 7.75% |
| **OPTRSTF** | $2959 | $— | $504619 | 7.54% | 8.00% |
| **OPTRSSF** | $2347 | $— | $547357 | 7.45% | 7.50% |
| **OPTCGF** | $888 | $— | $27913 | 7.54% | 8.00% |

---

**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 September 30, 2025, Charles Schwab held approximately 64.9%, 34.2%, 48.8%, 46.8%, 58.8%, 42.8%, and 38.0% of the voting securities of OPTAAF, OPTCIF, OPTMF, OPTBF, OPTRSFF, OPTRSTF, and OPTCGF, respectively. Pershing LLC held approximately 30.9% of the voting securities of OPTRTF. National Financial Services LLC held approximately 55.1% and 32.1% of the voting securities of OPTRSSF, and OPTCGF. 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** 

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

***THE OCEAN PARK FUNDS***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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 September 30, 2025, the percentage of OPTBF's net assets invested in BlackRock was 25.6%.

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 September 30, 2025, the percentage of OPTCGF's net assets invested in SPDR was 36.9%.

**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 (Continued)**

**September 30, 2025**

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 (Continued)**

**September 30, 2025**

**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 | $434880316 | $32006450 | $(1635726) | $30370724 |
| Ocean Park Tactical Core Income Fund | 1349197602 | 45336095 | (8302007) | 37034088 |
| Ocean Park Tactical Municipal Fund | 180521460 | 2008712 | (2028087) | (19375) |
| Ocean Park Tactical Bond Fund | 1954559557 | 43595615 | (2256601) | 41339014 |
| Ocean Park Tactical Risk Spectrum 50 Fund | 292954217 | 22993429 | (824473) | 22168956 |
| Ocean Park Tactical Risk Spectrum 30 Fund | 178378417 | 8471250 | (443956) | 8027294 |
| Ocean Park Tactical Risk Spectrum 70 Fund | 72396352 | 6426360 | (94191) | 6332169 |
| Ocean Park Tactical Core Growth Fund | 10770298 | 1273918 | (1242) | 1272676 |

---

**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 September 30, 2025:

---

| | |
|:---|:---|
| **Securities Lending Transactions** | |
| **Overnight and Continuous** | |
| &nbsp;&nbsp;&nbsp;&nbsp;**OPTAAF** | |
| &nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X | $40870223 |
| &nbsp;&nbsp;&nbsp;&nbsp;**OPTCIF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X | $124420183 |
| &nbsp;&nbsp;&nbsp;&nbsp;**OPTMF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X | $1940262 |
| &nbsp;&nbsp;&nbsp;&nbsp;**OPTBF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X | $186006276 |
| &nbsp;&nbsp;&nbsp;&nbsp;**OPTRSFF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X | $20119488 |
| &nbsp;&nbsp;&nbsp;&nbsp;**OPTRSTF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X | $17429740 |
| &nbsp;&nbsp;&nbsp;&nbsp;**OPTRSSF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X | $7305534 |
| &nbsp;&nbsp;&nbsp;&nbsp;**OPTCGF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X | $242891 |

---

***THE OCEAN PARK FUNDS***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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 September 30, 2025:

---

| | | |
|:---|:---|:---|
| **Ticker** | **Fair Value of<br> Securities on Loan** | **Collateral for<br> Securities Loaned** |
| **OPTAAF** | $40150209 | $40870223 |
| **OPTCIF** | $121185844 | $124420183 |
| **OPTMF** | $1892504 | $1940262 |
| **OPTBF** | $181778384 | $186006276 |
| **OPTRSFF** | $19705723 | $20119488 |
| **OPTRSTF** | $17015804 | $17429740 |
| **OPTRSSF** | $7121917 | $7305534 |
| **OPTCGF** | $242323 | $242891 |

---

**12.** **ACCOUNTING PRONOUNCEMENT** 

In December 2023, the FASB issued ASU 2023-09, Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Fund management is evaluating the impacts of these changes on the Fund's financial statements.

**13.** **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 | 0.0622 | 10/29/2025 | 10/31/2025 |
| Ocean Park Tactical Core Income Fund | Class C | 0.0527 | 10/29/2025 | 10/31/2025 |
| Ocean Park Tactical Core Income Fund | Investor Class | 0.0617 | 10/29/2025 | 10/31/2025 |
| Ocean Park Tactical Core Income Fund | Instl Class | 0.0686 | 10/29/2025 | 10/31/2025 |
| **Fund** |  | **Dividend Per Share** | **Record Date** | **Payable Date** |
| Ocean Park Tactical Municipal Fund | Class A | 0.0616 | 10/29/2025 | 10/31/2025 |
| Ocean Park Tactical Municipal Fund | Class C | 0.0463 | 10/29/2025 | 10/31/2025 |
| Ocean Park Tactical Municipal Fund | Investor Class | 0.0587 | 10/29/2025 | 10/31/2025 |
| Ocean Park Tactical Municipal Fund | Instl Class | 0.0664 | 10/29/2025 | 10/31/2025 |
| Ocean Park Tactical Municipal Fund | Special Class | 0.0685 | 10/29/2025 | 10/31/2025 |
| **Fund** |  | **Dividend Per Share** | **Record Date** | **Payable Date** |
| Ocean Park Tactical Bond Fund | Class A | 0.1080 | 10/29/2025 | 10/31/2025 |
| Ocean Park Tactical Bond Fund | Class C | 0.0928 | 10/29/2025 | 10/31/2025 |
| Ocean Park Tactical Bond Fund | Investor Class | 0.1050 | 10/29/2025 | 10/31/2025 |
| Ocean Park Tactical Bond Fund | Instl Class | 0.1131 | 10/29/2025 | 10/31/2025 |

---

![(LOGO)](oc002_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of The Ocean Park Funds and

Board of Trustees of Northern Lights Fund Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of The Ocean Park Funds, comprising the funds listed below (the "Funds"), each a series of Northern Lights Fund Trust, as of September 30, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;Statements of<br> Operations | &nbsp;&nbsp;Statements of<br> Changes in Net<br> Assets | &nbsp;&nbsp;Financial Highlights |
| &nbsp;&nbsp;Ocean Park Tactical All Asset Fund <br> Ocean Park Tactical Core Income Fund<br> Ocean Park Tactical Municipal Fund<br> Ocean Park Tactical Bond Fund <br> Ocean Park Tactical Risk Spectrum 50 Fund | &nbsp;&nbsp;For the year ended September 30, 2025 | &nbsp;&nbsp;For the years ended September 30, 2025 and September 30, 2024 | &nbsp;&nbsp;For the years ended September 30, 2025, September 30, 2024, and September 30, 2023 |
| &nbsp;&nbsp;Ocean Park Tactical Risk Spectrum 30 Fund | &nbsp;&nbsp;For the year ended September 30, 2025 | &nbsp;&nbsp;For the years ended September 30, 2025 and September 30, 2024 | &nbsp;&nbsp;For the years ended September 30, 2025, September 30, 2024, and the period from September 30, 2022 (commencement of operations) through September 30, 2023 |
| &nbsp;&nbsp;Ocean Park Tactical Risk Spectrum 70 Fund | &nbsp;&nbsp;For the year ended September 30, 2025 | &nbsp;&nbsp;For the years ended September 30, 2025 and September 30, 2024 | &nbsp;&nbsp;For the years ended September 30, 2025, September 30, 2024, and the period from March 31, 2023 (commencement of operations) through September 30, 2023 |
| &nbsp;&nbsp;Ocean Park Tactical Core Growth Fund | &nbsp;&nbsp;For the year ended September 30, 2025 | &nbsp;&nbsp;For the year ended September 30, 2025 and the period from September 29, 2023 (commencement of operations) through September 30, 2024 | &nbsp;&nbsp;For the year ended September 30, 2025 and the period from September 29, 2023 (commencement of operations) through September 30, 2024 |

---

---

| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

---

The Funds' financial highlights for the years or periods ended September 30, 2022, and prior, were audited by other auditors whose report dated November 28, 2022, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2023.

![(SIGNATURE)](oc003_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

November 26, 2025

***THE OCEAN PARK FUNDS***

**Additional Information (Unaudited)**

**September 30, 2025**

**FOREIGN TAX CREDIT (Unaudited)**

The following Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal year ended September 30, 2025, and September 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| **For fiscal year ended**<br>**9/30/2025** |<br>**Foreign Taxes Paid** |<br>**Foreign Source Income** |
| Ocean Park Tactical All Asset Fund | $0.0066 | $0.0985 |
| Ocean Park Tactical Risk Spectrum 50 Fund | $0.0090 | $0.1567 |
| Ocean Park Tactical Risk Spectrum 30 Fund | $0.0055 | $0.1131 |
| Ocean Park Tactical Risk Spectrum 70 Fund | $0.0146 | $0.2185 |
| Ocean Park Tactical Core Growth Fund | $0.0257 | $0.2894 |
| **For fiscal year ended** |  |  |
| **9/30/2024** | **Foreign Taxes Paid** | **Foreign Source Income** |
| Ocean Park Tactical Risk Spectrum 70 Fund | $0.0063 | $0.1020 |
| Ocean Park Tactical Core Growth Fund | $0.0098 | $0.1426 |

---

***THE OCEAN PARK FUNDS***

**Additional Information (Unaudited)(Continued)**

**September 30, 2025**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

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

Ocean Park Asset Management, LLC Adviser to Ocean Park Tactical All Asset Fund ("Ocean Park Tactical"), Ocean Park Tactical Bond Fund ("Ocean Park Bond"), Ocean Park Tactical Core Growth Fund ("Ocean Park Growth"), Ocean Park Tactical Core Income Fund ("Ocean Park Tactical Core"), Ocean Park Tactical Municipal Fund ("Ocean Park Municipal"), Ocean Park Tactical Risk Spectrum 30 Fund ("Ocean Park Tactical 30"), Ocean Park Tactical Risk Spectrum 50 Fund ("Ocean Park Tactical 50"), Ocean Park Tactical Risk Spectrum 70 Fund ("Ocean Park Tactical 70")\*

In connection with the regular meeting held on September 18, 2025 of the Board of Trustees (the "Trustees" or the "Board") of the Northern Lights Fund Trust (the "Trust"), including a majority of the Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended, discussed the re-approval of the investment advisory agreements (each an "Advisory Agreement") between Ocean Park Asset Management, LLC ("Ocean Park") and the Trust, with respect to the Ocean Park Tactical, Ocean Park Bond, Ocean Park Growth, Ocean Park Tactical Core, Ocean Park Municipal, Ocean Park Tactical 30, Ocean Park Tactical 50 and Ocean Park Tactical 70 (collectively referred to as the "Funds"). In considering the re-approval of each Advisory Agreement, the Board received materials specifically relating to each Advisory Agreement.

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

Nature, Extent, and Quality of Services. The Trustees stated that during their discussions held on September 11th they had noted that Ocean Park was founded in 1987, was part of the Sierra Group of companies, had over $4.5 billion in AUM, and offered a variety of tactically managed investment strategies designed for retirees and other conservative investors. The Trustees had reviewed the backgrounds of the key investment personnel responsible for servicing the Funds,

***THE OCEAN PARK FUNDS***

**Additional Information (Unaudited)(Continued)**

**September 30, 2025**

noting that Ocean Park was staffed by veteran investment professionals. The Trustees had observed that Ocean Park had developed a proprietary mathematical model which determined when to buy and sell investments, and that it embedded risk management processes into its investment strategies. The Trustees further observed that Ocean Park managed and monitored the investment limitations for each Fund it advised using a pre-trade process that assessed such Fund's potential investments for make-up and size. The Trustees had noted that the adviser stated that its website was current and accurate with new content approved by the compliance department who perform regular checks. The Trustees had noted that the adviser had dual priorities, to meet the investment objective and preserve capital. The Trustees agreed that the adviser had sufficient resources and ample experience in managing portfolios that prioritized risk-management and capital preservation. The Board concluded that Ocean Park would continue providing a high level of service to the Funds for the benefit of their respective shareholders.

Performance.

Ocean Park Tactical Core. The Trustees noted that during their discussions held on September 11th they had observed that the Fund's returns over each of the prior three-year, five-year, and ten-year periods outperformed the Fund's benchmark. The Trustees noted that the Fund had met its goal of exceeding performance over time.

Ocean Park Growth. The Trustees noted during their discussions held on September 11th that the Fund significantly underperformed its since inception and one-year period benchmark. The Trustees acknowledged that the Fund was relatively new and had showed positive returns over the past year.

Ocean Park Tactical. The Trustees noted during their discussions held on September 11th that the Fund underperformed versus its benchmark and that the performance quartile was poor over an extended period of time. The Trustees further noted that the Fund's performance generally remained in the fourth quartile relatively to its category peers. The Trustees acknowledged the Fund's performance demonstrated a strong focus on risk management. The Trustees agreed that performance was acceptable.

Ocean Park Bond. The Trustees noted during their discussions held on September 11th that the Fund's since inception, three-, and five-year period had outperformed its benchmark. The Trustees further noted that the Fund's performance had placed in the top two quartiles 65% of the time for twelve month rolling period. The Trustees observed that the adviser's performance was consistent with index beating performance.

Ocean Park Municipal. The Trustees noted during their discussions held on September 11th that although the Fund underperformed its benchmark for the one- and three- year period benchmarks, it had outperformed its five-year period benchmark. The Trustees acknowledged that the Fund's standard deviation demonstrated over time a top quartile performance and a focus was being placed on risk. The Trustees agreed that the Fund had shown consistency of performance over time.

Ocean Park Tactical 30. The Trustees noted that during their discussions held on September 11th they had observed that the Fund had underperformed its benchmark and category peers,

***THE OCEAN PARK FUNDS***

**Additional Information (Unaudited)(Continued)**

**September 30, 2025**

but had achieved its goal of first and second quartile volatility. The Trustees noted that the Fund had achieved positive returns.

Ocean Park Tactical 50. The Trustees noted that during their discussions held on September 11th they had observed that the Fund had materially underperformed its one- and three-year period benchmark. However, the Trustees noted that the Fund had showed top quartile performance for volatility. The Trustees agreed that the adviser had demonstrated the ability to generate positive performance with strong risk management.

Ocean Park Tactical 70. The Trustees stated that during their discussions held on September 11th they had noted that the Fund was relatively new and had significantly underperformed its one-year period benchmark and peer category. However, the Trustees observed that the adviser had demonstrated that the initial underperformance can be reversed over time.

Fees and Expenses.

Ocean Park Tactical Core. The Trustees noted during their discussions held on September 11th that Fund was charged an annual advisory fee of 0.75%, which was below the category average and substantially below the peer group average. The Trustees acknowledged that that the adviser had an expense limitation agreement in place with respect to the Fund. The Trustee's agreed that the Fund's fees were not unreasonable.

Ocean Park Growth. The Trustees noted during their discussions held on September 11th that Fund was charged an annual advisory fee of 0.75%, which was below the category average and peer group average. The Trustees acknowledged that the adviser had an expense limitation agreement in place with respect to the Fund. The Trustee's agreed that the Fund's fees were not unreasonable.

Ocean Park Tactical. The Trustees noted during their discussions held on September 11th that Fund was charged an annual advisory fee of 1.25%, which was higher than the category median. The Trustees had further noted that the Fund had a breakpoint of 1.00% over $1 billion in assets and an expense limitation agreement in place with respect to the Fund. The Trustees acknowledged that adviser's explanation for the above average fee was because of the unusually high involvement of senior personnel due to the Fund's tactical nature, uniquely broad diversification of the Fund's assets, and the adviser's special emphasis on risk mitigation. The Trustee's agreed that Fund's fees were not unreasonable.

Ocean Park Bond. The Trustees noted during their discussions held on September 11th that Fund was charged an annual advisory fee of 1.05% up to $2.5 billion in assets and 1.02% thereafter, which were both above the category and peer group median. The Trustees had acknowledged that adviser's explanation for the above average fee was because of the unusually high involvement of senior personnel due to the Fund's tactical nature, uniquely broad diversification of the Fund's assets, the adviser's special emphasis on risk mitigation, and while the peer groups are actively managed, they may not be tactically managed similar to the Fund. The Trustee's agreed that Fund's fees were not unreasonable.

Ocean Park Municipal. The Trustees noted during their discussions held on September 11th that Fund was charged an annual advisory fee of 0.75% up to $1 billion in assets and 0.72% thereafter,

***THE OCEAN PARK FUNDS***

**Additional Information (Unaudited)(Continued)**

**September 30, 2025**

which were both above the category and peer group median. The Trustees had acknowledged that adviser's explanation for the above average fee was because of the unusually high involvement of senior personnel due to the Fund's tactical nature, its focus on operational efficiency, and the adviser's extensive experience. The Trustee's agreed that Fund's fees were not unreasonable.

Ocean Park Tactical 30. The Trustees noted that during their discussions held on September 11th they had observed that the Fund was charged an annual advisory fee of 1.05%, which was above the category and peer group average. The Trustees had noted that the adviser had an expense limitation agreement in place with respect to the Fund. The Trustees acknowledged that adviser's explanation for the above average fee was because of the unusually high involvement of senior personnel due to the Fund's tactical nature, uniquely broad diversification of the Fund's assets, and the adviser's special emphasis on risk mitigation. The Trustee's agreed that Fund's fees were not unreasonable.

Ocean Park Tactical 50. The Trustees noted that during their discussions held on September 11th they had observed that the Fund was charged an annual advisory fee of 1.05%, which was above the category and peer group average. The Trustees had noted that the adviser had an expense limitation agreement in place with respect to the Fund. The Trustees had acknowledged that adviser's explanation for the above average fee was because of the unusually high involvement of senior personnel due to the Fund's tactical nature, uniquely broad diversification of the Fund's assets, and the adviser's special emphasis on risk mitigation. The Trustee's agreed that Fund's fees were not unreasonable.

Ocean Park Tactical 70. The Trustees noted that during their discussions held on September 11th they had observed that the Fund was charged an annual advisory fee of 1.05%, which was above the category and peer group average. The Trustees had noted that the adviser had an expense limitation agreement in place with respect to the Fund. The Trustees had acknowledged that adviser's explanation for the above average fee was because of the unusually high involvement of senior personnel due to the Fund's tactical nature, uniquely broad diversification of the Fund's assets, and the adviser's special emphasis on risk mitigation. The Trustee's agreed that Fund's fees were not unreasonable.

<u>Economies of Scale.</u> The Trustees noted that during their discussions held on September 11th they had considered whether Ocean Park had realized economies of scale in connection with its management of the Funds. The Trustees had acknowledged that Ocean Park had agreed to breakpoints with respect to Ocean Park Tactical, Ocean Park Bond, and Ocean Park Municipal, and agreed that each of the Funds had benefitted, albeit to varying degrees, from economies of scale arising from Ocean Park's total AUM.

<u>Profitability.</u> The Trustees noted that during their discussions held on September 11th they had reviewed Ocean Park's profitability analysis, in terms of absolute dollars and as a percentage of revenue, with respect to its management of the Funds. The Trustees had observed that Ocean Park had realized a profit with respect to its management of each of the Funds, except Ocean Park Tactical Core. The Trustees also had considered that the emphasis on risk management across multiple asset classes was a major value-add for the conservative investors of the Funds. The Trustees agreed that Ocean Park's profits with respect to each Fund was not excessive.

***THE OCEAN PARK FUNDS***

**Additional Information (Unaudited)(Continued)**

**September 30, 2025**

<u>Conclusion.</u> Having requested and received such information from Ocean Park as the Trustees believed to be reasonably necessary to evaluate the terms of the advisory agreement, and as assisted by the advice of counsel, the Trustees concluded that the renewal of the advisory agreement between NLFT and Ocean Park, on behalf each of the Ocean Park Funds was in the best interests of the Ocean Park Funds and their respective shareholders.

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

**<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) Code of Ethics for Principal Executive and Senior Financial Officers. [Exhibit 99.CODE](coe.htm)

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. [Exhibit 99. CERT](ex_99cert.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](ex_99-906cert.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>12/08/25</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>12/08/25</u>

By (Signature and Title)

---

| |
|:---|
| /s/ James Colantino |
| James Colantino, Principal Financial Officer/Treasurer |

---

Date <u>12/08/25</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: | 12/08/25 | /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: | 12/08/25 | /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 September 30, 2025 (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: | 12/08/25 | Date: | 12/08/25 |

---

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.

## Ex-99.Code

**<u>Northern Lights Fund Trust and the Northern Lights Variable Trust</u>**

 **CODE OF ETHICS**

February 19, 2007

Northern Lights Fund Trust and the Northern Lights Variable Trust (the "Trusts") and each of its series (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**THE INTERESTS OF THE FUNDS MUST ALWAYS BE PARAMOUNT**

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trusts.

**Access Persons may not take advantage of their relationship with the Funds**

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest**

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**Access Persons must comply with all applicable laws**

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

***DEFINITIONS***

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Advisers with respect to its corresponding series of the Trusts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trusts or the Advisers (or of any company controlling or controlled by or under common control with the Trusts or the Advisers) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control with the Trusts or the Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities by the Funds.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trusts with respect to Trustees and officers of the Trusts, or the CCO of the Advisers with respect to Advisers personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Advisers personnel.

**"Funds"** means series of the Trusts.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trusts that would not be deemed an "interested person" of the Trusts, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trusts; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trusts when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trusts certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-Trusts certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly know as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Advisers"** means the Advisers to the Trusts.

**"Trusts"** mean Northern Lights Fund Trust and the Northern Lights Variable Trust.

***PROHIBITED ACTIONS AND ACTIVITIES***

&nbsp;&nbsp;&nbsp;&nbsp;A. No Access Person shall purchase or sell directly or indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp; B.

Decision-Making Access Persons may not participate in any initial public offering of Covered Securities in any account over which they exercise Beneficial Ownership. All other Access Persons must obtain prior written authorization from the Chief Compliance Officer or his designee prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp; C.

No Access Person may purchase a Covered Security in which by reason of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization of the acquisition by the Chief Compliance Officer or his designee;

&nbsp;&nbsp;&nbsp;&nbsp; D.

Access Persons may not accept any fee, commission, gift, or services, other than de minimus gifts, from any single person or entity that does business with or on behalf of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp; E.

Decision-Making Access Persons may not serve on the board of directors of a publicly traded company without prior authorization from the Chief Compliance Officer or his designee based upon a determination that such service would be consistent with the interests of the Trusts. If such service is authorized, procedures will then be put in place to isolate such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions on behalf of the Trusts.

Advanced notice should be given so that the Trusts or Advisers may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp; F.

Decision-Making Access Person may not execute a Personal Securities Transaction involving a Covered Security without authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance Officer from time to time.

&nbsp;&nbsp;&nbsp;&nbsp; G.

It shall be a violation of this Code for any Access Person, in connection with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trusts any untrue statement of a material fact or to omit to state to the Trusts a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Trusts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trusts.

EXEMPTED TRANSACTIONS

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

· Purchases or Sales of Securities effected in any account in which an Access Person has no Beneficial Ownership;

· Purchases or Sales of Securities which are non-volitional on the part the Access Person (for example, the receipt of stock dividends);

· Purchase of Securities made as part of automatic dividend reinvestment plans;

· Purchases of Securities made as part of an employee benefit plan involving the periodic purchase or company stock or mutual Funds; and

· Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer shall require prior authorization from the President or Chief Executive Officer of the Trusts (unless such person is also the Chief Compliance Officer), who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trusts shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trusts order.

If a person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, such person shall cancel the trade.

***REPORTING AND MONITORING***

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code.

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Trusts, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trusts may be sent to the Advisers.

INITIAL HOLDINGS REPORT

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

ANNUAL HOLDINGS REPORTS

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

· The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

· The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

· The price of the Covered Security at which the transaction was effected; and

· The name of the broker, dealer, or bank with or through whom the transaction was effected.

· The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

***ENFORCEMENTS AND PENALTIES***

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trusts Board of Trustees.

Upon being informed of a violation of this Code, the Trusts Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trusts shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

Annually, the Chief Compliance Officer at each regular meeting of the Board shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

· Summarize existing procedures concerning Personal Securities investing and any changes in the procedures made during the prior year;

· Identify any violations of this Code and any significant remedial action taken during the prior year; and;

· Identify any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

***ACKNOWLEDGMENT***

The Trusts must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.

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