Ocean Park Tactical All Asset Fund

Class A1 Shares (SIRZX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Ocean Park Tactical All Asset Fund for the period of October 1, 2024 to March 31, 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 six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A1 Shares	$93	1.90%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$478,085,801
Number of Portfolio Holdings66
Advisory Fee $3,644,431
Portfolio Turnover75%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	47.5%
Money Market Funds	8.8%
Open End Funds	43.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-9.7%
Alternative	2.1%
Money Market Funds	9.6%
Equity	36.3%
Fixed Income	61.7%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
PIMCO Income Fund, Institutional Class	14.5%
First American Government Obligations Fund, Class X	9.6%
Schwab S&P 500 Index Fund	7.7%
SPDR Blackstone Senior Loan ETF	7.6%
SPDR Portfolio High Yield Bond ETF	6.4%
PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class	6.3%
Invesco Senior Loan ETF	5.0%
Causeway International Value Fund, Class I	3.9%
Vanguard S&P 500 ETF	3.7%
SPDR Bloomberg High Yield Bond ETF	3.3%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical All Asset Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-SIRZX

Ocean Park Tactical All Asset Fund

Class A Shares (SIRAX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A Shares	$86	1.75%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$478,085,801
Number of Portfolio Holdings66
Advisory Fee $3,644,431
Portfolio Turnover75%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	47.5%
Money Market Funds	8.8%
Open End Funds	43.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-9.7%
Alternative	2.1%
Money Market Funds	9.6%
Equity	36.3%
Fixed Income	61.7%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
PIMCO Income Fund, Institutional Class	14.5%
First American Government Obligations Fund, Class X	9.6%
Schwab S&P 500 Index Fund	7.7%
SPDR Blackstone Senior Loan ETF	7.6%
SPDR Portfolio High Yield Bond ETF	6.4%
PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class	6.3%
Invesco Senior Loan ETF	5.0%
Causeway International Value Fund, Class I	3.9%
Vanguard S&P 500 ETF	3.7%
SPDR Bloomberg High Yield Bond ETF	3.3%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical All Asset Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-SIRAX

Ocean Park Tactical All Asset Fund

Class C Shares (SIRCX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C Shares	$122	2.50%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$478,085,801
Number of Portfolio Holdings66
Advisory Fee $3,644,431
Portfolio Turnover75%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	47.5%
Money Market Funds	8.8%
Open End Funds	43.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-9.7%
Alternative	2.1%
Money Market Funds	9.6%
Equity	36.3%
Fixed Income	61.7%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
PIMCO Income Fund, Institutional Class	14.5%
First American Government Obligations Fund, Class X	9.6%
Schwab S&P 500 Index Fund	7.7%
SPDR Blackstone Senior Loan ETF	7.6%
SPDR Portfolio High Yield Bond ETF	6.4%
PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class	6.3%
Invesco Senior Loan ETF	5.0%
Causeway International Value Fund, Class I	3.9%
Vanguard S&P 500 ETF	3.7%
SPDR Bloomberg High Yield Bond ETF	3.3%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical All Asset Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-SIRCX

Ocean Park Tactical All Asset Fund

Investor Shares (SIRIX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$86	1.75%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$478,085,801
Number of Portfolio Holdings66
Advisory Fee $3,644,431
Portfolio Turnover75%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	47.5%
Money Market Funds	8.8%
Open End Funds	43.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-9.7%
Alternative	2.1%
Money Market Funds	9.6%
Equity	36.3%
Fixed Income	61.7%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
PIMCO Income Fund, Institutional Class	14.5%
First American Government Obligations Fund, Class X	9.6%
Schwab S&P 500 Index Fund	7.7%
SPDR Blackstone Senior Loan ETF	7.6%
SPDR Portfolio High Yield Bond ETF	6.4%
PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class	6.3%
Invesco Senior Loan ETF	5.0%
Causeway International Value Fund, Class I	3.9%
Vanguard S&P 500 ETF	3.7%
SPDR Bloomberg High Yield Bond ETF	3.3%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical All Asset Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-SIRIX

Ocean Park Tactical All Asset Fund

Instl Class (SIRRX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Instl Class	$74	1.50%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$478,085,801
Number of Portfolio Holdings66
Advisory Fee $3,644,431
Portfolio Turnover75%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	47.5%
Money Market Funds	8.8%
Open End Funds	43.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-9.7%
Alternative	2.1%
Money Market Funds	9.6%
Equity	36.3%
Fixed Income	61.7%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
PIMCO Income Fund, Institutional Class	14.5%
First American Government Obligations Fund, Class X	9.6%
Schwab S&P 500 Index Fund	7.7%
SPDR Blackstone Senior Loan ETF	7.6%
SPDR Portfolio High Yield Bond ETF	6.4%
PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class	6.3%
Invesco Senior Loan ETF	5.0%
Causeway International Value Fund, Class I	3.9%
Vanguard S&P 500 ETF	3.7%
SPDR Bloomberg High Yield Bond ETF	3.3%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical All Asset Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-SIRRX

Ocean Park Tactical All Asset Fund

Class I1 Shares (SIRJX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I1 Shares	$93	1.90%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$478,085,801
Number of Portfolio Holdings66
Advisory Fee $3,644,431
Portfolio Turnover75%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	47.5%
Money Market Funds	8.8%
Open End Funds	43.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-9.7%
Alternative	2.1%
Money Market Funds	9.6%
Equity	36.3%
Fixed Income	61.7%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
PIMCO Income Fund, Institutional Class	14.5%
First American Government Obligations Fund, Class X	9.6%
Schwab S&P 500 Index Fund	7.7%
SPDR Blackstone Senior Loan ETF	7.6%
SPDR Portfolio High Yield Bond ETF	6.4%
PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class	6.3%
Invesco Senior Loan ETF	5.0%
Causeway International Value Fund, Class I	3.9%
Vanguard S&P 500 ETF	3.7%
SPDR Bloomberg High Yield Bond ETF	3.3%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical All Asset Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-SIRJX

Ocean Park Tactical Bond Fund

Class A Shares (STBKX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Ocean Park Tactical Bond Fund for the period of October 1, 2024 to March 31, 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 six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A Shares	$75	1.50%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$2,107,307,103
Number of Portfolio Holdings34
Advisory Fee $10,423,873
Portfolio Turnover0%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	56.1%
Money Market Funds	9.0%
Open End Funds	34.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-9.8%
Money Market Funds	9.9%
Fixed Income	99.9%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Blackrock Series Fund V-BlackRock High Yield, Institutional Class	24.4%
iShares Broad USD High Yield Corporate Bond ETF	15.2%
SPDR Bloomberg High Yield Bond ETF	11.7%
First American Government Obligations Fund, Class X	9.9%
iShares iBoxx High Yield Corporate Bond ETF	8.8%
SPDR Portfolio High Yield Bond ETF	7.9%
SPDR Bloomberg Short Term High Yield Bond ETF	6.3%
Osterweis Strategic Income Fund, Class I	6.3%
Xtrackers USD High Yield Corporate Bond ETF	4.2%
City National Rochdale Fixed Income Opportunities, Class N	3.4%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Bond Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-STBKX

Ocean Park Tactical Bond Fund

Class C Shares (STBDX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C Shares	$112	2.25%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$2,107,307,103
Number of Portfolio Holdings34
Advisory Fee $10,423,873
Portfolio Turnover0%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	56.1%
Money Market Funds	9.0%
Open End Funds	34.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-9.8%
Money Market Funds	9.9%
Fixed Income	99.9%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Blackrock Series Fund V-BlackRock High Yield, Institutional Class	24.4%
iShares Broad USD High Yield Corporate Bond ETF	15.2%
SPDR Bloomberg High Yield Bond ETF	11.7%
First American Government Obligations Fund, Class X	9.9%
iShares iBoxx High Yield Corporate Bond ETF	8.8%
SPDR Portfolio High Yield Bond ETF	7.9%
SPDR Bloomberg Short Term High Yield Bond ETF	6.3%
Osterweis Strategic Income Fund, Class I	6.3%
Xtrackers USD High Yield Corporate Bond ETF	4.2%
City National Rochdale Fixed Income Opportunities, Class N	3.4%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Bond Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-STBDX

Ocean Park Tactical Bond Fund

Instl Class (STBJX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Instl Class	$63	1.25%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$2,107,307,103
Number of Portfolio Holdings34
Advisory Fee $10,423,873
Portfolio Turnover0%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	56.1%
Money Market Funds	9.0%
Open End Funds	34.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-9.8%
Money Market Funds	9.9%
Fixed Income	99.9%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Blackrock Series Fund V-BlackRock High Yield, Institutional Class	24.4%
iShares Broad USD High Yield Corporate Bond ETF	15.2%
SPDR Bloomberg High Yield Bond ETF	11.7%
First American Government Obligations Fund, Class X	9.9%
iShares iBoxx High Yield Corporate Bond ETF	8.8%
SPDR Portfolio High Yield Bond ETF	7.9%
SPDR Bloomberg Short Term High Yield Bond ETF	6.3%
Osterweis Strategic Income Fund, Class I	6.3%
Xtrackers USD High Yield Corporate Bond ETF	4.2%
City National Rochdale Fixed Income Opportunities, Class N	3.4%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Bond Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-STBJX

Ocean Park Tactical Bond Fund

Investor Class (STBNX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$82	1.65%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$2,107,307,103
Number of Portfolio Holdings34
Advisory Fee $10,423,873
Portfolio Turnover0%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	56.1%
Money Market Funds	9.0%
Open End Funds	34.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-9.8%
Money Market Funds	9.9%
Fixed Income	99.9%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Blackrock Series Fund V-BlackRock High Yield, Institutional Class	24.4%
iShares Broad USD High Yield Corporate Bond ETF	15.2%
SPDR Bloomberg High Yield Bond ETF	11.7%
First American Government Obligations Fund, Class X	9.9%
iShares iBoxx High Yield Corporate Bond ETF	8.8%
SPDR Portfolio High Yield Bond ETF	7.9%
SPDR Bloomberg Short Term High Yield Bond ETF	6.3%
Osterweis Strategic Income Fund, Class I	6.3%
Xtrackers USD High Yield Corporate Bond ETF	4.2%
City National Rochdale Fixed Income Opportunities, Class N	3.4%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Bond Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-STBNX

Ocean Park Tactical Core Growth Fund

Instl Class (STEJX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Ocean Park Tactical Core Growth Fund for the period of October 1, 2024 to March 31, 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 six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Instl Class	$49	1.00%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$9,748,185
Number of Portfolio Holdings30
Advisory Fee (net of waivers)$0
Portfolio Turnover77%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	57.6%
Money Market Funds	0.6%
Open End Funds	41.8%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.2%
Money Market Funds	0.6%
Equity	99.6%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Schwab S&P 500 Index Fund	14.3%
iShares MSCI EAFE Value ETF	8.3%
Causeway International Value Fund, Class I	8.1%
iShares MSCI USA Min Vol Factor ETF	7.5%
Vanguard S&P 500 ETF	6.6%
Dodge & Cox International Stock Fund, Class I	5.1%
iShares US Consumer Goods ETF	5.0%
Thornburg Investment Income Builder Fund, Class I	5.0%
iShares MSCI Germany ETF	4.7%
iShares MSCI Hong Kong ETF	4.7%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Core Growth Fund

Semi-Annual Shareholder Report - March 31, 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)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$68	1.40%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$9,748,185
Number of Portfolio Holdings30
Advisory Fee (net of waivers)$0
Portfolio Turnover77%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	57.6%
Money Market Funds	0.6%
Open End Funds	41.8%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.2%
Money Market Funds	0.6%
Equity	99.6%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Schwab S&P 500 Index Fund	14.3%
iShares MSCI EAFE Value ETF	8.3%
Causeway International Value Fund, Class I	8.1%
iShares MSCI USA Min Vol Factor ETF	7.5%
Vanguard S&P 500 ETF	6.6%
Dodge & Cox International Stock Fund, Class I	5.1%
iShares US Consumer Goods ETF	5.0%
Thornburg Investment Income Builder Fund, Class I	5.0%
iShares MSCI Germany ETF	4.7%
iShares MSCI Hong Kong ETF	4.7%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Core Growth Fund

Semi-Annual Shareholder Report - March 31, 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)

Semi-Annual Shareholder Report - March 31, 2025

This semi-annual shareholder report contains important information about Ocean Park Tactical Core Income Fund for the period of October 1, 2024 to March 31, 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 six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A Shares	$67	1.35%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$1,460,584,847
Number of Portfolio Holdings68
Advisory Fee (net of waivers)$5,562,836
Portfolio Turnover84%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	50.6%
Money Market Funds	7.5%
Open End Funds	41.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-8.1%
Equity	1.3%
Alternative	1.9%
Money Market Funds	8.1%
Fixed Income	96.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
PIMCO Income Fund, Institutional Class	13.4%
SPDR Bloomberg High Yield Bond ETF	10.6%
SPDR Blackstone Senior Loan ETF	10.1%
First American Government Obligations Fund, Class X	8.1%
iShares Broad USD High Yield Corporate Bond ETF	7.0%
Vanguard Long-Term Corporate Bond ETF	6.0%
PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class	5.1%
iShares 20+ Year Treasury Bond ETF	4.5%
Invesco Senior Loan ETF	3.4%
PIMCO Long-Term Credit Bond Fund, Institutional Class	3.1%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Core Income Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-SSIZX

Ocean Park Tactical Core Income Fund

Class C Shares (SSICX)

Semi-Annual Shareholder Report - March 31, 2025

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C Shares	$97	1.95%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$1,460,584,847
Number of Portfolio Holdings68
Advisory Fee (net of waivers)$5,562,836
Portfolio Turnover84%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	50.6%
Money Market Funds	7.5%
Open End Funds	41.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-8.1%
Equity	1.3%
Alternative	1.9%
Money Market Funds	8.1%
Fixed Income	96.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
PIMCO Income Fund, Institutional Class	13.4%
SPDR Bloomberg High Yield Bond ETF	10.6%
SPDR Blackstone Senior Loan ETF	10.1%
First American Government Obligations Fund, Class X	8.1%
iShares Broad USD High Yield Corporate Bond ETF	7.0%
Vanguard Long-Term Corporate Bond ETF	6.0%
PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class	5.1%
iShares 20+ Year Treasury Bond ETF	4.5%
Invesco Senior Loan ETF	3.4%
PIMCO Long-Term Credit Bond Fund, Institutional Class	3.1%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Core Income Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-SSICX

Ocean Park Tactical Core Income Fund

Investor Class (SSIIX)

Semi-Annual Shareholder Report - March 31, 2025

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$67	1.35%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$1,460,584,847
Number of Portfolio Holdings68
Advisory Fee (net of waivers)$5,562,836
Portfolio Turnover84%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	50.6%
Money Market Funds	7.5%
Open End Funds	41.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-8.1%
Equity	1.3%
Alternative	1.9%
Money Market Funds	8.1%
Fixed Income	96.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
PIMCO Income Fund, Institutional Class	13.4%
SPDR Bloomberg High Yield Bond ETF	10.6%
SPDR Blackstone Senior Loan ETF	10.1%
First American Government Obligations Fund, Class X	8.1%
iShares Broad USD High Yield Corporate Bond ETF	7.0%
Vanguard Long-Term Corporate Bond ETF	6.0%
PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class	5.1%
iShares 20+ Year Treasury Bond ETF	4.5%
Invesco Senior Loan ETF	3.4%
PIMCO Long-Term Credit Bond Fund, Institutional Class	3.1%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Core Income Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-SSIIX

Ocean Park Tactical Core Income Fund

Instl Class (SSIRX)

Semi-Annual Shareholder Report - March 31, 2025

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Instl Shares	$48	0.96%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$1,460,584,847
Number of Portfolio Holdings68
Advisory Fee (net of waivers)$5,562,836
Portfolio Turnover84%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	50.6%
Money Market Funds	7.5%
Open End Funds	41.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-8.1%
Equity	1.3%
Alternative	1.9%
Money Market Funds	8.1%
Fixed Income	96.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
PIMCO Income Fund, Institutional Class	13.4%
SPDR Bloomberg High Yield Bond ETF	10.6%
SPDR Blackstone Senior Loan ETF	10.1%
First American Government Obligations Fund, Class X	8.1%
iShares Broad USD High Yield Corporate Bond ETF	7.0%
Vanguard Long-Term Corporate Bond ETF	6.0%
PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class	5.1%
iShares 20+ Year Treasury Bond ETF	4.5%
Invesco Senior Loan ETF	3.4%
PIMCO Long-Term Credit Bond Fund, Institutional Class	3.1%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Core Income Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-SSIRX

Ocean Park Tactical Municipal Fund

Class A Shares (STMKX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Ocean Park Tactical Municipal Fund for the period of October 1, 2024 to March 31, 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 six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A Shares	$61	1.23%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$237,573,933
Number of Portfolio Holdings28
Advisory Fee (net of waivers)$1,026,637
Portfolio Turnover80%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	44.1%
Money Market Funds	9.2%
Open End Funds	46.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-9.9%
Money Market Funds	10.1%
Fixed Income	99.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
PIMCO High Yield Municipal Bond Fund, Institutional Class	26.4%
SPDR Nuveen Bloomberg High Yield Municipal Bond	21.2%
VanEck High Yield Muni ETF	17.5%
First Eagle Funds - First Eagle High Income Fund, Class I	15.5%
First American Government Obligations Fund, Class X	10.1%
First Trust Municipal High Income ETF	4.2%
Nuveen Intermediate Duration Municipal Bond Fund, Class I	3.8%
Franklin Dynamic Municipal Bond ETF	2.7%
JPMorgan National Municipal Income Fund, Class I	2.7%
VanEck Short High Yield Muni ETF	2.4%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Municipal Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-STMKX

Ocean Park Tactical Municipal Fund

Class C Shares (STMHX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C Shares	$97	1.98%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$237,573,933
Number of Portfolio Holdings28
Advisory Fee (net of waivers)$1,026,637
Portfolio Turnover80%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	44.1%
Money Market Funds	9.2%
Open End Funds	46.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-9.9%
Money Market Funds	10.1%
Fixed Income	99.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
PIMCO High Yield Municipal Bond Fund, Institutional Class	26.4%
SPDR Nuveen Bloomberg High Yield Municipal Bond	21.2%
VanEck High Yield Muni ETF	17.5%
First Eagle Funds - First Eagle High Income Fund, Class I	15.5%
First American Government Obligations Fund, Class X	10.1%
First Trust Municipal High Income ETF	4.2%
Nuveen Intermediate Duration Municipal Bond Fund, Class I	3.8%
Franklin Dynamic Municipal Bond ETF	2.7%
JPMorgan National Municipal Income Fund, Class I	2.7%
VanEck Short High Yield Muni ETF	2.4%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Municipal Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-STMHX

Ocean Park Tactical Municipal Fund

Investor Class (STMNX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$68	1.38%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$237,573,933
Number of Portfolio Holdings28
Advisory Fee (net of waivers)$1,026,637
Portfolio Turnover80%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	44.1%
Money Market Funds	9.2%
Open End Funds	46.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-9.9%
Money Market Funds	10.1%
Fixed Income	99.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
PIMCO High Yield Municipal Bond Fund, Institutional Class	26.4%
SPDR Nuveen Bloomberg High Yield Municipal Bond	21.2%
VanEck High Yield Muni ETF	17.5%
First Eagle Funds - First Eagle High Income Fund, Class I	15.5%
First American Government Obligations Fund, Class X	10.1%
First Trust Municipal High Income ETF	4.2%
Nuveen Intermediate Duration Municipal Bond Fund, Class I	3.8%
Franklin Dynamic Municipal Bond ETF	2.7%
JPMorgan National Municipal Income Fund, Class I	2.7%
VanEck Short High Yield Muni ETF	2.4%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Municipal Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-STMNX

Ocean Park Tactical Municipal Fund

Instl Class (STMEX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Instl Class	$52	1.05%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$237,573,933
Number of Portfolio Holdings28
Advisory Fee (net of waivers)$1,026,637
Portfolio Turnover80%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	44.1%
Money Market Funds	9.2%
Open End Funds	46.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-9.9%
Money Market Funds	10.1%
Fixed Income	99.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
PIMCO High Yield Municipal Bond Fund, Institutional Class	26.4%
SPDR Nuveen Bloomberg High Yield Municipal Bond	21.2%
VanEck High Yield Muni ETF	17.5%
First Eagle Funds - First Eagle High Income Fund, Class I	15.5%
First American Government Obligations Fund, Class X	10.1%
First Trust Municipal High Income ETF	4.2%
Nuveen Intermediate Duration Municipal Bond Fund, Class I	3.8%
Franklin Dynamic Municipal Bond ETF	2.7%
JPMorgan National Municipal Income Fund, Class I	2.7%
VanEck Short High Yield Muni ETF	2.4%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Municipal Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-STMEX

Ocean Park Tactical Municipal Fund

Special Shares (STMYX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Special Shares	$45	0.92%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$237,573,933
Number of Portfolio Holdings28
Advisory Fee (net of waivers)$1,026,637
Portfolio Turnover80%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	44.1%
Money Market Funds	9.2%
Open End Funds	46.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-9.9%
Money Market Funds	10.1%
Fixed Income	99.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
PIMCO High Yield Municipal Bond Fund, Institutional Class	26.4%
SPDR Nuveen Bloomberg High Yield Municipal Bond	21.2%
VanEck High Yield Muni ETF	17.5%
First Eagle Funds - First Eagle High Income Fund, Class I	15.5%
First American Government Obligations Fund, Class X	10.1%
First Trust Municipal High Income ETF	4.2%
Nuveen Intermediate Duration Municipal Bond Fund, Class I	3.8%
Franklin Dynamic Municipal Bond ETF	2.7%
JPMorgan National Municipal Income Fund, Class I	2.7%
VanEck Short High Yield Muni ETF	2.4%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Municipal Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-STMYX

Ocean Park Tactical Risk Spectrum 30 Fund

Instl Class (SRTJX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 30 Fund for the period of October 1, 2024 to March 31, 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 six months?

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Instl Class	$65	1.31%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$181,366,873
Number of Portfolio Holdings72
Advisory Fee (net of waivers)$286,106
Portfolio Turnover49%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	54.3%
Money Market Funds	4.1%
Open End Funds	41.6%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-4.1%
Alternative	1.4%
Money Market Funds	4.2%
Equity	28.4%
Fixed Income	70.1%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
PIMCO Income Fund, Institutional Class	11.4%
SPDR Portfolio High Yield Bond ETF	7.6%
SPDR Blackstone Senior Loan ETF	5.4%
iShares MSCI EAFE Value ETF	4.7%
BNY Mellon High Yield ETF	4.6%
First American Government Obligations Fund, Class X	4.2%
PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class	4.1%
Invesco Senior Loan ETF	3.7%
PIMCO International Bond Fund Unhedged, Institutional Class	3.0%
Medalist Partners MBS Total Return Fund, Institutional Class	3.0%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Risk Spectrum 30 Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-SRTJX

Ocean Park Tactical Risk Spectrum 30 Fund

Investor Class (SRTNX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$84	1.71%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$181,366,873
Number of Portfolio Holdings72
Advisory Fee (net of waivers)$286,106
Portfolio Turnover49%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	54.3%
Money Market Funds	4.1%
Open End Funds	41.6%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-4.1%
Alternative	1.4%
Money Market Funds	4.2%
Equity	28.4%
Fixed Income	70.1%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
PIMCO Income Fund, Institutional Class	11.4%
SPDR Portfolio High Yield Bond ETF	7.6%
SPDR Blackstone Senior Loan ETF	5.4%
iShares MSCI EAFE Value ETF	4.7%
BNY Mellon High Yield ETF	4.6%
First American Government Obligations Fund, Class X	4.2%
PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class	4.1%
Invesco Senior Loan ETF	3.7%
PIMCO International Bond Fund Unhedged, Institutional Class	3.0%
Medalist Partners MBS Total Return Fund, Institutional Class	3.0%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Risk Spectrum 30 Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-SRTNX

Ocean Park Tactical Risk Spectrum 50 Fund

Class A Shares (SRFQX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 50 Fund for the period of October 1, 2024 to March 31, 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 six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A Shares	$77	1.56%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$330,259,980
Number of Portfolio Holdings71
Advisory Fee $1,821,186
Portfolio Turnover64%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	48.4%
Money Market Funds	7.5%
Open End Funds	44.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-8.2%
Alternative	3.4%
Money Market Funds	8.1%
Fixed Income	47.7%
Equity	49.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Schwab S&P 500 Index Fund	12.6%
PIMCO Income Fund, Institutional Class	8.2%
First American Government Obligations Fund, Class X	8.1%
SPDR Blackstone Senior Loan ETF	7.5%
iShares MSCI Eurozone ETF	5.6%
iShares MSCI USA Min Vol Factor ETF	5.5%
Causeway International Value Fund, Class I	4.7%
SPDR Bloomberg High Yield Bond ETF	4.1%
SPDR Portfolio High Yield Bond ETF	3.9%
Invesco Senior Loan ETF	3.3%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Risk Spectrum 50 Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-SRFQX

Ocean Park Tactical Risk Spectrum 50 Fund

Class C Shares (SRFKX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C Shares	$113	2.30%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$330,259,980
Number of Portfolio Holdings71
Advisory Fee $1,821,186
Portfolio Turnover64%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	48.4%
Money Market Funds	7.5%
Open End Funds	44.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-8.2%
Alternative	3.4%
Money Market Funds	8.1%
Fixed Income	47.7%
Equity	49.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Schwab S&P 500 Index Fund	12.6%
PIMCO Income Fund, Institutional Class	8.2%
First American Government Obligations Fund, Class X	8.1%
SPDR Blackstone Senior Loan ETF	7.5%
iShares MSCI Eurozone ETF	5.6%
iShares MSCI USA Min Vol Factor ETF	5.5%
Causeway International Value Fund, Class I	4.7%
SPDR Bloomberg High Yield Bond ETF	4.1%
SPDR Portfolio High Yield Bond ETF	3.9%
Invesco Senior Loan ETF	3.3%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Risk Spectrum 50 Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-SRFKX

Ocean Park Tactical Risk Spectrum 50 Fund

Instl Class (SRFJX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Instl Class	$64	1.30%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$330,259,980
Number of Portfolio Holdings71
Advisory Fee $1,821,186
Portfolio Turnover64%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	48.4%
Money Market Funds	7.5%
Open End Funds	44.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-8.2%
Alternative	3.4%
Money Market Funds	8.1%
Fixed Income	47.7%
Equity	49.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Schwab S&P 500 Index Fund	12.6%
PIMCO Income Fund, Institutional Class	8.2%
First American Government Obligations Fund, Class X	8.1%
SPDR Blackstone Senior Loan ETF	7.5%
iShares MSCI Eurozone ETF	5.6%
iShares MSCI USA Min Vol Factor ETF	5.5%
Causeway International Value Fund, Class I	4.7%
SPDR Bloomberg High Yield Bond ETF	4.1%
SPDR Portfolio High Yield Bond ETF	3.9%
Invesco Senior Loan ETF	3.3%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Risk Spectrum 50 Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-SRFJX

Ocean Park Tactical Risk Spectrum 50 Fund

Investor Class (SRFNX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$84	1.71%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$330,259,980
Number of Portfolio Holdings71
Advisory Fee $1,821,186
Portfolio Turnover64%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	48.4%
Money Market Funds	7.5%
Open End Funds	44.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-8.2%
Alternative	3.4%
Money Market Funds	8.1%
Fixed Income	47.7%
Equity	49.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Schwab S&P 500 Index Fund	12.6%
PIMCO Income Fund, Institutional Class	8.2%
First American Government Obligations Fund, Class X	8.1%
SPDR Blackstone Senior Loan ETF	7.5%
iShares MSCI Eurozone ETF	5.6%
iShares MSCI USA Min Vol Factor ETF	5.5%
Causeway International Value Fund, Class I	4.7%
SPDR Bloomberg High Yield Bond ETF	4.1%
SPDR Portfolio High Yield Bond ETF	3.9%
Invesco Senior Loan ETF	3.3%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Risk Spectrum 50 Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-SRFNX

Ocean Park Tactical Risk Spectrum 70 Fund

Instl Class (SRSJX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 70 Fund for the period of October 1, 2024 to March 31, 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 six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Instl Class	$64	1.31%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$66,388,673
Number of Portfolio Holdings59
Advisory Fee (net of waivers)$260,738
Portfolio Turnover81%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	62.7%
Money Market Funds	5.6%
Open End Funds	31.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-5.4%
Alternative	2.5%
Money Market Funds	5.9%
Fixed Income	27.9%
Equity	69.1%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Schwab S&P 500 Index Fund	8.6%
First American Government Obligations Fund, Class X	5.9%
Invesco Senior Loan ETF	5.7%
Vanguard S&P 500 ETF	5.6%
iShares MSCI EAFE Value ETF	5.5%
Causeway International Value Fund, Class I	5.4%
iShares MSCI USA Min Vol Factor ETF	4.6%
iShares MSCI Hong Kong ETF	4.0%
Thornburg Investment Income Builder Fund, Class I	3.9%
SPDR Portfolio High Yield Bond ETF	3.4%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Risk Spectrum 70 Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-SRSJX

Ocean Park Tactical Risk Spectrum 70 Fund

Investor Class (SRSNX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$83	1.71%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets$66,388,673
Number of Portfolio Holdings59
Advisory Fee (net of waivers)$260,738
Portfolio Turnover81%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	62.7%
Money Market Funds	5.6%
Open End Funds	31.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-5.4%
Alternative	2.5%
Money Market Funds	5.9%
Fixed Income	27.9%
Equity	69.1%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Schwab S&P 500 Index Fund	8.6%
First American Government Obligations Fund, Class X	5.9%
Invesco Senior Loan ETF	5.7%
Vanguard S&P 500 ETF	5.6%
iShares MSCI EAFE Value ETF	5.5%
Causeway International Value Fund, Class I	5.4%
iShares MSCI USA Min Vol Factor ETF	4.6%
iShares MSCI Hong Kong ETF	4.0%
Thornburg Investment Income Builder Fund, Class I	3.9%
SPDR Portfolio High Yield Bond ETF	3.4%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Ocean Park Tactical Risk Spectrum 70 Fund

Semi-Annual Shareholder Report - March 31, 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-SAR 033125-SRSNX

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.

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 long-term total return (the combination of yield and net price gains from underlying funds) and to limit volatility and downside risk. OPTCIF’s two investment objectives are to provide total return (with income contributing a significant part) and to limit volatility and downside risk. OPTMF’s investment objective is to seek total return, including tax-free income from the dividends of underlying municipal bond funds, while seeking to limit downside risk. OPTBF’s two investment objectives are to provide total return (with income contributing a significant part) and to limit volatility and downside risk. OPTRSFF’s two investment objectives are to provide total return (the combination of yield and net price gains from the underlying funds) and to limit volatility and downside risk. OPTRSTF’s two investment objectives are to provide total investment return and to limit volatility and downside risk. OPTRSSF’s two investment objectives are to provide total return (the combination of yield and net price gains from the underlying funds) and to limit volatility and downside risk. OPTCGF’s seeks long-term total return (the combination of yield and net gains) while seeking to limit volatility and 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.

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

Operating Segments - The Funds have adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07"). 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 the portfolio managers and Chief Financial Officer of the Funds. 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 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.

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.

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

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

expenses. Restricted or illiquid investments, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the 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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of March 31, 2025 for the Funds’ assets measured at fair value:

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

Dividends and Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid monthly for OPTCIF, OPTMF, OPTBF and OPTCGF and quarterly for OPTAAF, OPTRSFF, OPTRSTF and OPTRSSF. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Dividends and distributions to shareholders are recorded on the ex-dividend date.

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 Fund recognizes 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, 2024, the Fund 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.

Market and Geopolitical Risk - The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund’s

portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change or climate-related events, pandemics, epidemics, terrorism, 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.

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

Ocean Park Asset Management, LLC, formerly known as Wright Fund Management, LLC, serves as the Funds’ investment adviser (the “Adviser”). Pursuant to an advisory agreement with the Trust, on behalf of the Funds, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Funds pay the Adviser a management fee, computed and accrued daily and paid monthly, at an annual rate of each Fund’s average daily net assets as indicated below. For the six months ended March 31, 2025, each Fund incurred the following in advisory fees:

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:

If the Adviser waives any fees or reimburses any expenses pursuant to the Expense Limitation Agreement, and a Fund’s operating expenses are subsequently lower than its respective expense limitation, the Adviser shall be entitled to reimbursement by the respective Fund provided that such reimbursement does not cause that Fund’s operating expenses to exceed its respective expense limitation. If a Fund’s operating expenses subsequently exceed the respective expense limitation, the reimbursements for such Fund shall be suspended. The Adviser may seek reimbursement only for expenses waived or paid by it during the three years prior to such reimbursement; provided, however, that such expenses may only be reimbursed to the extent they were waived or paid after the date of the Expense Limitation Agreement (or any similar agreement). The Board may terminate this expense reimbursement arrangement at any time. For the six months ended March 31, 2025, the Adviser waived $0 with respect to OPTAAF, OPTBF, and OPTRSFF, and $7,448, $25,575, $35,637, $48,577 and $82,620 to OPTCIF, OPTMF, OPTRSTF, OPTRSSF and OPTCGF respectively, under each Fund’s Expense Limitation Agreement. For the six months ended March 31, 2025, the Adviser recaptured fees in the amount $8,573 for OPTRSFF with respect to the Fund.

The following amounts are subject to recapture by the Adviser by the following dates:

Distributor - The Trust, with respect to the Funds, has adopted the Trust’s Master Distribution and Shareholder Servicing Plans (the “Plans”) pursuant to Rule 12b-1 under the 1940 Act. The Plans provide that a monthly service and/or distribution fee is calculated by the Funds at annual rates of the average daily net assets attributable to the following Funds and Classes, respectively, and is paid to Northern Lights Distributors, LLC (the “Distributor”), to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Funds’ shareholder accounts, not otherwise required to be provided by the Adviser. The Plans are compensation plans, which means that compensation is provided regardless of 12b-1 expenses incurred. For the six months ended March 31, 2025, the 12b-1 annual rates of the average daily net assets of each class of shares for the Funds were as follows:

The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. For the six months ended March 31, 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:

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

Ultimus Fund Solutions, LLC (“UFS”) - 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.

Northern Lights Compliance Services, LLC (“NLCS”) - 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.

Blu Giant LLC (“Blu Giant”) - 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.

Effective July 31, 2023, the Fund entered into an amended and restated loan agreement, dated July 31, 2023, 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 six months ended March 31, 2025, amounts outstanding to the Funds under the credit facility at no time were permitted to exceed $150,000,000. During the six months ended March 31, 2025, OPTAAF, OPTCIF, OPTMF, OPTBF, OPTRSFF, OPTRSTF, OPTRSSF and OPTCGF drew on the line of credit as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2025, Charles Schwab held approximately 67.1%, 35.2%, 50.5%, 46.5%, 61.5%, 42.8%, 25.5% and 41.6% of the voting securities of OPTAAF, OPTCIF, OPTMF, OPTBF, OPTRSFF, OPTRSTF, OPTRSSF, and OPTCGF, respectively. Pershing LLC held approximately 32.8%, and 29.2% of the voting securities of OPTRTF and OPTCG, respectively. National Financial Services LLC held approximately 32.8%, 53.9%, and 28.8% of the voting securities of OPTRTF, OPTRSSF, and OPTCG. 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.

OPTMF currently invests a portion of their assets in the PIMCO High Yield Municipal Bond Fund - Institutional Class (“PIMCO”). PIMCO is registered under the 1940 Act as an open-end management investment company. OPTMF may redeem its investments in PIMCO at any time if the Adviser determines that it is in the best interest of OPTMF, and their shareholders to do so. The performance

of OPTMF will be directly affected by the performance of PIMCO. The financial statements of PIMCO, 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 OPTMF’s financial statements. As of March 31, 2025, the percentage of OPTMF’s net assets invested in PIMCO High Yield Municipal Bond Fund - Institutional Class was 26.4%.

The tax character of distributions utilized during the periods ended September 30, 2024, and September 30, 2023 was as follows:

As of September 30, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

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.

At September 30, 2024, 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:

Permanent book and tax differences, primarily attributable to tax adjustments for prior year tax returns, resulted in reclassifications for the Funds for the fiscal year ended September 30, 2024 as follows:

Under an agreement (the “Securities Lending Agreement”) with U.S Bank N.A., the Funds can lend their portfolio securities to brokers, dealers and other financial institutions approved by the Board to

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

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

Subsequent events after the date of the Statement 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:

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

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 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

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.

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.

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

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

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

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

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

(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

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.

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.

225 Pictoria Drive, Suite 450, Cincinnati, Ohio	45246
(Address of principal executive offices)	(Zip code)

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 52.2%
		EQUITY - 22.2%
	203,400	Financial Select Sector SPDR Fund	$	10,131,354
	85,700	First Trust North American Energy Infrastructure^(a)		3,212,893
	258,500	iShares MSCI EAFE Value ETF		15,235,990
	135,700	iShares MSCI Eurozone ETF		7,226,025
	257,400	iShares MSCI Germany ETF		9,544,392
	517,500	iShares MSCI Hong Kong ETF^(a)		9,061,425
	12,700	iShares U.S. Aerospace & Defense ETF		1,944,370
	136,400	iShares US Consumer Goods ETF		9,762,148
	800	JPMorgan Equity Premium Income ETF		45,712
	37,000	SPDR Dow Jones Industrial Average ETF Trust		15,535,560
	34,000	Vanguard S&P 500 ETF		17,472,940
	39,800	Vanguard Value ETF		6,875,052
				106,047,861
		FIXED INCOME - 30.0%
	125,200	First Trust Preferred Securities and Income ETF		2,202,268
	133,500	First Trust Senior Loan ETF		6,094,275
	215,400	Franklin Senior Loan ETF		5,184,678
	1,163,700	Invesco Senior Loan ETF^(a)		24,088,590
	147,400	iShares 20+ Year Treasury Bond ETF		13,417,822
	887,200	SPDR Blackstone Senior Loan ETF		36,490,535
	164,600	SPDR Bloomberg High Yield Bond ETF^(a)		15,686,380
	1,298,400	SPDR Portfolio High Yield Bond ETF		30,408,528
	199,700	VanEck J. P. Morgan EM Local Currency Bond ETF^(a)		4,764,842
	63,300	Vanguard Long-Term Corporate Bond ETF		4,805,103
				143,143,021

		TOTAL EXCHANGE-TRADED FUNDS (Cost $246,049,915)		249,190,882

		OPEN END FUNDS — 47.9%
		ALTERNATIVE - 2.1%
	1,154,594	DoubleLine Flexible Income Fund, Class I		10,068,059
	1	JPMorgan Hedged Equity Fund, Class I		32
				10,068,091

Shares				Fair Value
			OPEN END FUNDS — 47.9% (Continued)
			EQUITY - 14.1%
	915,498		Causeway International Value Fund, Class I	$	18,712,780
	1		JPMorgan Emerging Markets Equity Fund, Class I		34
	695,241		Schwab Fundamental Emerging Markets Large Company, Institutional Class		6,695,175
	426,473		Schwab S&P 500 Index Fund		36,851,569
	177,471		Thornburg Investment Income Builder Fund, Class I		4,931,917
					67,191,475
			FIXED INCOME - 31.7%
	2,232		American Century High Income Fund, Class I		19,152
	973		BlackRock Floating Rate Income Portfolio, Institutional Class		9,286
	6,670		BlackRock National Municipal Fund, Institutional Class		66,300
	1,253,525		Blackrock Series Fund V-BlackRock High Yield, Institutional Class		8,824,819
	2,660		BlackRock Strategic Income Opportunities Portfolio, Institutional Class		25,323
	2,888		BlackRock Strategic Municipal Opportunities Fund, Institutional Class		29,976
	533,434		DoubleLine Emerging Markets Fixed Income Fund, Class I		4,806,236
	1		JPMorgan Emerging Markets Debt Fund, Class I		7
	3,793		JPMorgan Income Fund, Class I		32,431
	144,497		MassMutual Global Floating Rate Fund, Class Y		1,244,120
	6		Metropolitan West High Yield Bond Fund, Class I		53
	2,891		Metropolitan West Total Return Bond Fund, Class I		26,226
	3,221		Neuberger Berman Strategic Income Fund, Class I		32,180
	1,980		Nuveen All-American Municipal Bond Fund, Class I		19,822
	7,238		Nuveen Bond Index Fund, Institutional Class		69,920
	2,255		Nuveen California Municipal Bond Fund, Class I		22,367
	5,404		Nuveen High Yield Municipal Bond Fund, Class I		78,469
	2,349		Nuveen Preferred Securities Fund, Class I		36,651
	3,691		Nuveen Short Duration High Yield Municipal Bond, Class I		35,358
	500,240		Nuveen Strategic Income Fund, Class I		4,932,369
	507,381		PIMCO Diversified Income Fund, Institutional Class		4,926,670
	5,488		PIMCO Emerging Markets Bond Fund, Institutional Class		46,813
	4,398		PIMCO Emerging Markets Local Currency and Bond, Institutional Class		25,290
	0	^(e)	PIMCO High Yield Fund, Institutional Class		0	^(f)
	24		PIMCO High Yield Municipal Bond Fund, Institutional Class		199
	6,463,184		PIMCO Income Fund, Institutional Class		69,156,066
	3,038,905		PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class		29,933,217

EAFE	- Europe, Australasia and Far East

ETF	- Exchange-Traded Fund

MSCI	- Morgan Stanley Capital International

SPDR	- Standard & Poor’s Depositary Receipt

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 54.7%
		EQUITY - 1.3%
	408,300	First Trust North American Energy Infrastructure^(a)	$	15,307,167
	107,700	Tortoise North American Pipeline Fund^(a)		3,917,049
				19,224,216
		FIXED INCOME - 53.4%
	763,600	First Trust Preferred Securities and Income ETF^(a)		13,431,724
	163,100	First Trust Senior Loan ETF		7,445,515
	193,900	FlexShares High Yield Value-Scored Bond Index Fund		7,829,682
	2,370,400	Invesco Senior Loan ETF		49,067,280
	729,800	iShares 20+ Year Treasury Bond ETF		66,433,694
	2,764,600	iShares Broad USD High Yield Corporate Bond ETF		101,764,926
	677,100	Janus Henderson AAA CLO ETF		34,335,741
	456,600	Janus Henderson B-BBB CLO ETF^(a)		22,222,722
	561,600	PIMCO Multi Sector Bond Active ETF		14,798,160
	97,400	Pimco Senior Loan Active ETF		4,907,499
	3,576,800	SPDR Blackstone Senior Loan ETF		147,113,784
	1,617,500	SPDR Bloomberg High Yield Bond ETF^(a)		154,147,750
	287,500	SPDR Nuveen Bloomberg High Yield Municipal Bond^(a)		7,250,750
	868,600	SPDR Portfolio High Yield Bond ETF		20,342,612
	1,096,700	VanEck J. P. Morgan EM Local Currency Bond ETF		26,167,262
	586,700	VanEck Vectors Investment Grade Floating Rate ETF^(a)		14,990,185
	1,156,700	Vanguard Long-Term Corporate Bond ETF		87,805,097
				780,054,383

		TOTAL EXCHANGE-TRADED FUNDS (Cost $799,466,451)		799,278,599

		OPEN END FUNDS — 45.3%
		ALTERNATIVE - 1.9%
	2,605,242	Metropolitan West Unconstrained Bond Fund, Class I		27,016,364
	60,610	Victory Market Neutral Income Fund, Class I		527,304
				27,543,668
		FIXED INCOME - 43.4%
	9,877	Allspring Municipal Bond Fund, Institutional Class		94,917
	5,707	American Century High Income Fund, Class I		48,970

Shares			Fair Value
		OPEN END FUNDS — 45.3% (Continued)
		FIXED INCOME - 43.4% (Continued)
	11,333	Angel Oak Multi-Strategy Income Fund, Institutional Class	$	98,261
	1,040,923	Aristotle Floating Rate Income Fund, Class I		9,743,042
	1,686,422	BlackRock Floating Rate Income Portfolio, Institutional Class		16,088,462
	19,034	BlackRock National Municipal Fund, Institutional Class		189,202
	2,935	BlackRock New York Municipal Opportunities Fund, Institutional Class		30,521
	4,626,800	Blackrock Series Fund V-BlackRock High Yield, Institutional Class		32,572,673
	7,576	BlackRock Strategic Income Opportunities Portfolio, Institutional Class		72,121
	8,137	BlackRock Strategic Municipal Opportunities Fund, Institutional Class		84,459
	5,317,240	Credit Suisse Floating Rate High Income Fund, Institutional Class		33,073,234
	3,557,053	Eaton Vance Emerging Markets Debt Opportunities Fund, Class I		28,563,382
	6,583,020	Eaton Vance Short Duration Strategic Income Fund, Class I		43,974,577
	688	Fidelity Capital & Income Fund, Class I		6,813
	1	JPMorgan Emerging Markets Debt Fund, Class I		7
	12,219	JPMorgan Income Fund, Class I		104,470
	368,381	Leader Capital High Quality Income Fund, Institutional Class		4,111,134
	1,263	Medalist Partners MBS Total Return Fund, Institutional Class		10,826
	11,746	Metropolitan West Total Return Bond Fund, Class I		106,536
	531,355	Neuberger Berman Floating Rate Income Fund, Class I		4,946,914
	10,044	Neuberger Berman Strategic Income Fund, Class I		100,341
	9,770	Nuveen All-American Municipal Bond Fund, Class I		97,800
	23,126	Nuveen Bond Index Fund, Institutional Class		223,393
	19,654	Nuveen High Yield Municipal Bond Fund, Class I		285,377
	1,930	Nuveen Intermediate Duration Municipal Bond Fund, Class I		16,907
	1,549,055	Nuveen Preferred Securities Fund, Class I		24,165,254
	10,413	Nuveen Short Duration High Yield Municipal Bond, Class I		99,757
	33	Nuveen Strategic Income Fund, Class I		328
	919,517	PGIM Floating Rate Income Fund, Class Z		8,266,459
	10,704	PIMCO Diversified Income Fund, Institutional Class		103,934
	3,857,605	PIMCO Dynamic Bond Fund, Institutional Class		38,961,811
	13,531	PIMCO Emerging Markets Bond Fund, Institutional Class		115,420
	9,993	PIMCO Emerging Markets Local Currency and Bond, Institutional Class		57,460
	16,246	PIMCO High Yield Municipal Bond Fund, Institutional Class		136,463
	18,267,381	PIMCO Income Fund, Institutional Class		195,460,976
	7,628,243	PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class		75,138,195

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 48.5%
		FIXED INCOME - 48.5%
	208,500	First Trust Municipal High Income ETF	$	9,967,363
	264,300	Franklin Dynamic Municipal Bond ETF		6,459,492
	23,300	JPMorgan High Yield Municipal ETF		1,176,534
	1,993,600	SPDR Nuveen Bloomberg High Yield Municipal Bond^(a)		50,278,592
	812,700	VanEck High Yield Muni ETF^(a)		41,593,986
	252,600	VanEck Short High Yield Muni ETF^(a)		5,680,974
		TOTAL EXCHANGE-TRADED FUNDS (Cost $117,157,535)		115,156,941

		OPEN END FUNDS — 51.3%
		FIXED INCOME - 51.3%
	772	Allspring California Tax-Free Fund, Institutional Class		8,056
	2,027	American Century High-Yield Municipal Fund, Class I		17,738
	9,015	BlackRock National Municipal Fund, Institutional Class		89,605
	3,693	BlackRock Strategic Municipal Opportunities Fund, Institutional Class		38,335
	3,754	City National Rochdale Municipal High Income Fund, Service Class		34,573
	2,427	Easterly RocMuni High Income Municipal Bond Fund, Class I		16,407
	4,316,246	First Eagle Funds - First Eagle High Income Fund, Class I		36,860,743
	645,178	JPMorgan National Municipal Income Fund, Class I		6,348,548
	515,082	JPMorgan Tax Free Bond Fund, Class I		5,490,777
	4,483	Northern Intermediate Tax-Exempt Fund, Class I		43,483
	4,397	Nuveen All-American Municipal Bond Fund, Class I		44,011
	1,120	Nuveen California High Yield Municipal Bond Fund, Class I		8,755
	2,240	Nuveen California Municipal Bond Fund, Class I		22,220
	57	Nuveen High Yield Municipal Bond Fund, Class I		829
	1,032,036	Nuveen Intermediate Duration Municipal Bond Fund, Class I		9,040,638
	811	Nuveen Limited Term Municipal Bond Fund, Class I		8,780
	118,257	Nuveen Short Duration High Yield Municipal Bond, Class I		1,132,898
	7,466,312	PIMCO High Yield Municipal Bond Fund, Institutional Class		62,717,022
	983	Putnam Strategic Intermediate Municipal Fund, Class Y		13,679
		TOTAL OPEN END FUNDS (Cost $123,259,626)		121,937,097

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 10.1%
		COLLATERAL FOR SECURITIES LOANED – 9.9%
	23,538,390	First American Government Obligations Fund, Class X, 4.25%^(b)(c)(Cost $23,538,390)	$	23,538,390

		MONEY MARKET FUNDS – 0.2%
	6,260	BlackRock Liquidity Funds MuniCash, Institutional Class, 3.00%^(c)(d) (Cost $6,261)		6,261
	416,691	First American Government Obligations Fund, Class X, 4.25%^(c) (Cost $416,691)		416,691
		TOTAL MONEY MARKET FUNDS (Cost $422,952)		422,952

		TOTAL SHORT-TERM INVESTMENTS (Cost $23,961,342)		23,961,342

		TOTAL INVESTMENTS - 109.9% (Cost $264,378,503)	$	261,055,380
		LIABILITIES IN EXCESS OF OTHER ASSETS - (9.9)%		(23,481,4 7)
		NET ASSETS - 100.0%	$	237,573,933

Shares				Fair Value
			EXCHANGE-TRADED FUNDS — 61.6%
			FIXED INCOME - 61.6%
	61,400		First Trust Tactical High Yield^(a)	$	2,519,856
	286,300		Franklin High Yield Corporate ETF		6,822,529
	1,628,000		iShares 0-5 Year High Yield Corporate Bond ETF		69,222,560
	8,704,200		iShares Broad USD High Yield Corporate Bond ETF		320,401,602
	799,500		iShares Fallen Angels USD Bond ETF^(a)		21,418,605
	240,600		iShares High Yield Systematic Bond ETF		11,329,854
	2,344,200		iShares iBoxx High Yield Corporate Bond ETF^(a)		184,933,938
	127,000		JPMorgan BetaBuilders USD High Yield Corporate Bond ETF		5,848,350
	367,800		PGIM Active High Yield Bond ETF		12,806,796
	89,800		SPDR Blackstone High Income ETF, USD Class^(a)		2,525,176
	2,581,200		SPDR Bloomberg High Yield Bond ETF^(a)		245,988,360
	5,311,500		SPDR Bloomberg Short Term High Yield Bond ETF		133,637,340
	7,091,900		SPDR Portfolio High Yield Bond ETF		166,092,298
	913,400		VanEck Fallen Angel High Yield Bond ETF		26,360,724
	2,470,000		Xtrackers USD High Yield Corporate Bond ETF		89,290,500
			TOTAL EXCHANGE-TRADED FUNDS (Cost $1,257,348,442)		1,299,198,488

			OPEN END FUNDS — 38.3%
			FIXED INCOME - 38.3%
	1,461,330		Allspring High Yield Bond Fund, Institutional Class		4,383,989
	2,453,471		Allspring Short-Term High Income Fund, Institutional Class		19,186,141
	72,849,546		Blackrock Series Fund V-BlackRock High Yield, Institutional Class		512,860,801
	3,671,481		City National Rochdale Fixed Income Opportunities, Class N		71,118,679
	18,660		Fidelity Capital & Income Fund, Class I		184,918
	49,720		Fidelity High Income Fund, Class I		388,813
	2,273		MassMutual High Yield Fund, Class I		18,118
	12		Metropolitan West High Yield Bond Fund, Class I		115
	0	^(d)	Neuberger Berman High Income Bond Fund, Institutional Class		1
	3,308,851		Nuveen High Yield Fund, Institutional Class		28,820,088
	11,963,262		Osterweis Strategic Income Fund, Class I		133,152,162
	162,798		PGIM High Yield Fund, Class Z		776,545

Shares				Fair Value
			OPEN END FUNDS — 38.3% (Continued)
			FIXED INCOME - 38.3% (Continued)
	23,796		PGIM Short Duration High Yield, Class Z	$	198,936
	103		PIMCO High Yield Fund, Institutional Class		825
	0	^(d)	PIMCO High Yield Spectrum Fund, Institutional Class		0	^(e)
	3,374,857		Principal High Yield Fund, Institutional Class		22,409,047
	2,747,211		Western Asset Short Duration High Income Fund, Class I		13,186,615
			TOTAL OPEN END FUNDS (Cost $779,069,474)		806,685,793

			SHORT-TERM INVESTMENTS — 9.9%
			COLLATERAL FOR SECURITIES LOANED - 9.8%
	205,704,088		First American Government Obligations Fund, Class X, 4.25%^(b)(c)(Cost $205,704,088)		205,704,088

			MONEY MARKET FUND - 0.1%
	2,879,860		First American Government Obligations Fund, Class X, 4.25%^(c)(Cost $2,879,860)		2,879,860

			TOTAL SHORT-TERM INVESTMENTS (Cost $208,583,948)		208,583,948

			TOTAL INVESTMENTS - 109.8% (Cost $2,245,001,864)	$	2,314,468,229
			LIABILITIES IN EXCESS OF OTHER ASSETS - (9.8)%		(207,161,126	)
			NET ASSETS - 100.0%	$	2,107,307,103

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 52.4%
		EQUITY - 28.6%
	43,700	Consumer Staples Select Sector SPDR Fund	$	3,568,979
	183,200	Financial Select Sector SPDR Fund		9,125,192
	18,200	Invesco S&P 500 Equal Weight Energy ETF		1,490,034
	142,700	iShares MSCI EAFE Value ETF		8,410,738
	346,500	iShares MSCI Eurozone ETF		18,451,125
	186,700	iShares MSCI Germany ETF		6,922,836
	568,800	iShares MSCI Hong Kong ETF^(a)		9,959,688
	192,200	iShares MSCI USA Min Vol Factor ETF		18,001,452
	25,800	iShares U.S. Aerospace & Defense ETF^(a)		3,949,980
	80,400	iShares US Consumer Goods ETF		5,754,228
	86,400	JPMorgan Equity Premium Income ETF		4,936,896
	47,000	Utilities Select Sector SPDR Fund		3,705,950
				94,277,098
		FIXED INCOME - 23.8%
	65,700	First Trust Preferred Securities and Income ETF		1,155,663
	531,000	Invesco Senior Loan ETF^(a)		10,991,700
	27,400	iShares 20+ Year Treasury Bond ETF		2,494,222
	36,600	iShares CMBS ETF		1,756,800
	40,700	Janus Henderson AAA CLO ETF		2,063,897
	29,700	Pimco Senior Loan Active ETF		1,496,435
	603,900	SPDR Blackstone Senior Loan ETF		24,838,407
	141,000	SPDR Bloomberg High Yield Bond ETF^(a)		13,437,300
	552,400	SPDR Portfolio High Yield Bond ETF		12,937,208
	131,400	VanEck Emerging Markets High Yield Bond ETF		2,582,010
	103,600	VanEck J. P. Morgan EM Local Currency Bond ETF^(a)		2,471,896
	32,800	Vanguard Long-Term Corporate Bond ETF		2,489,848
				78,715,386

		TOTAL EXCHANGE-TRADED FUNDS (Cost $169,820,183)		172,992,484

		OPEN END FUNDS — 47.7%
		ALTERNATIVE - 3.4%
	353,028	DoubleLine Flexible Income Fund, Class I		3,078,400

Shares			Fair Value
		OPEN END FUNDS — 47.7% (Continued)
		ALTERNATIVE - 3.4% (Continued)
	503,624	Finisterre Emerging Markets Total Return Bond Fund, Institutional Class	$	4,502,396
	1	JPMorgan Hedged Equity Fund, Class I		32
	397,285	Payden Absolute Return Bond Fund, Class I		3,754,344
				11,335,172
		EQUITY - 20.4%
	754,909	Causeway International Value Fund, Class I		15,430,338
	190,960	Datum One Series Trust - Brandes International, Class I		3,928,040
	98,483	Integrity Dividend Harvest Fund, Class I		1,847,548
	448,081	Schwab Fundamental Emerging Markets Large Company, Institutional Class		4,315,018
	483,319	Schwab S&P 500 Index Fund		41,763,621
				67,284,565
		FIXED INCOME - 23.9%
	530	Allspring California Tax-Free Fund, Institutional Class		5,535
	1,746	Ashmore Emerging Markets Total Return Fund, Institutional Class		8,677
	355,884	BlackRock Floating Rate Income Portfolio, Institutional Class		3,395,132
	1,142	BlackRock National Municipal Fund, Institutional Class		11,355
	524,039	Blackrock Series Fund V-BlackRock High Yield, Institutional Class		3,689,232
	810	BlackRock Strategic Income Opportunities Portfolio, Institutional Class		7,709
	360	BlackRock Strategic Municipal Opportunities Fund, Institutional Class		3,742
	569,045	CrossingBridge Low Duration High Income Fund, Institutional Class		5,519,567
	340,599	DoubleLine Low Duration Emerging Markets Fixed, Class I		3,283,378
	733,461	JPMorgan Emerging Markets Debt Fund, Class I		4,540,121
	1,329	JPMorgan Income Fund, Class I		11,361
	88,966	MassMutual Global Floating Rate Fund, Class Y		765,997
	1,330	Metropolitan West Total Return Bond Fund, Class I		12,064
	1,175	Neuberger Berman Strategic Income Fund, Class I		11,736
	111,212	North Square Preferred And Income Securities Fund, Class I		2,365,494
	651	Nuveen All-American Municipal Bond Fund, Class I		6,514
	2,523	Nuveen Bond Index Fund, Institutional Class		24,375
	1,877	Nuveen High Yield Municipal Bond Fund, Class I		27,247
	1,355	Nuveen Preferred Securities Fund, Class I		21,144
	463	Nuveen Short Duration High Yield Municipal Bond, Class I		4,437
	721	Nuveen Strategic Income Fund, Class I		7,111
	465,363	PIMCO Diversified Income Fund, Institutional Class		4,518,672

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 8.1%
		COLLATERAL FOR SECURITIES LOANED - 8.0%
	26,470,907	First American Government Obligations Fund, Class X, 4.25%^(b)(c)(Cost $26,470,907)	$	26,470,907

		MONEY MARKET FUND - 0.1%
	361,281	First American Government Obligations Fund, Class X, 4.25%^(c)(Cost $361,281)		361,281

		TOTAL SHORT-TERM INVESTMENTS (Cost $26,832,188)		26,832,188

		TOTAL INVESTMENTS - 108.2% (Cost $341,987,731)	$	357,275,304
		LIABILITIES IN EXCESS OF OTHER ASSETS - (8.2)%		(27,015,324	)
		NET ASSETS - 100.0%	$	330,259,980

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 56.6%
		EQUITY - 20.7%
	14,954	Consumer Staples Select Sector SPDR Fund	$	1,221,293
	43,700	Financial Select Sector SPDR Fund		2,176,697
	9,250	Invesco S&P 500 Equal Weight Energy ETF		757,298
	145,612	iShares MSCI EAFE Value ETF		8,582,370
	51,400	iShares MSCI Eurozone ETF		2,737,050
	68,800	iShares MSCI Germany ETF		2,551,104
	142,900	iShares MSCI Hong Kong ETF		2,502,179
	52,779	iShares MSCI USA Min Vol Factor ETF		4,943,281
	7,395	iShares U.S. Aerospace & Defense ETF^(a)		1,132,175
	23,900	iShares US Consumer Goods ETF		1,710,523
	10,000	JPMorgan Equity Premium Income ETF		571,400
	8,546	SPDR Dow Jones Industrial Average ETF Trust		3,588,294
	15,662	Utilities Select Sector SPDR Fund		1,234,949
	7,460	Vanguard S&P 500 ETF		3,833,769
				37,542,382
		FIXED INCOME - 35.9%
	174,700	BNY Mellon High Yield ETF		8,320,926
	41,371	First Trust Preferred Securities and Income ETF		727,716
	325,416	Invesco Senior Loan ETF^(a)		6,736,111
	23,700	iShares 20+ Year Treasury Bond ETF		2,157,411
	20,586	iShares CMBS ETF		988,128
	36,606	Janus Henderson AAA CLO ETF		1,856,290
	60,300	JPMorgan High Yield Municipal ETF		3,044,849
	44,400	Pacer Pacific Asset Floating Rate High Income ETF		2,090,796
	36,917	PGIM Floating Rate Income ETF		1,843,081
	160,705	PIMCO Multi Sector Bond Active ETF		4,234,577
	240,029	SPDR Blackstone Senior Loan ETF		9,872,393
	7,600	SPDR Bloomberg High Yield Bond ETF^(a)		724,280
	585,655	SPDR Portfolio High Yield Bond ETF		13,716,040
	94,435	VanEck Emerging Markets High Yield Bond ETF		1,855,648
	75,100	VanEck J. P. Morgan EM Local Currency Bond ETF^(a)		1,791,886
	67,600	Vanguard Long-Term Corporate Bond ETF		5,131,516
				65,091,648
		TOTAL EXCHANGE-TRADED FUNDS (Cost $103,324,382)		102,634,030

Shares			Fair Value
		OPEN END FUNDS — 43.3%
		ALTERNATIVE - 1.4%
	82,416	DoubleLine Flexible Income Fund, Class I	$	718,671
	67,846	Finisterre Emerging Markets Total Return Bond Fund, Institutional Class		606,541
	68,906	iMGP High Income Fund, Institutional Class		681,481
	55,813	Payden Absolute Return Bond Fund, Class I		527,434
				2,534,127
		EQUITY - 7.7%
	141,507	Causeway International Value Fund, Class I		2,892,395
	6,281	Datum One Series Trust - Brandes International, Class I		129,210
	18,396	Dodge & Cox International Stock Fund, Class I		1,006,806
	246,083	Schwab Fundamental Emerging Markets Large Company, Institutional Class		2,369,776
	26,928	Schwab S&P 500 Index Fund		2,326,885
	188,236	Thornburg Investment Income Builder Fund, Class I		5,231,078
				13,956,150
		FIXED INCOME - 34.2%
	111	American Century High Income Fund, Class I		955
	666	Ashmore Emerging Markets Corporate Income Fund, Institutional Class		3,851
	511	Ashmore Emerging Markets Total Return Fund, Institutional Class		2,541
	126	BlackRock Strategic Income Opportunities Portfolio, Institutional Class		1,199
	169	BlackRock Strategic Municipal Opportunities Fund, Institutional Class		1,756
	69,444	CrossingBridge Low Duration High Income Fund, Institutional Class		673,591
	53,988	DoubleLine Low Duration Emerging Markets Fixed, Class I		520,445
	459,156	First Eagle Funds - First Eagle High Income Fund, Class I		3,921,191
	240,151	Holbrook Structured Income Fund, Class I		2,360,682
	118,820	JPMorgan Emerging Markets Debt Fund, Class I		735,499
	624,529	Medalist Partners MBS Total Return Fund, Institutional Class		5,352,213
	193	Metropolitan West Total Return Bond Fund, Class I		1,749
	311	Nuveen Bond Index Fund, Institutional Class		3,005
	235	Nuveen High Yield Municipal Bond Fund, Class I		3,405
	118	Nuveen Preferred Securities Fund, Class I		1,838
	164	Nuveen Short Duration High Yield Municipal Bond, Class I		1,568
	181	Nuveen Strategic Income Fund, Class I		1,781
	279,978	PIMCO Emerging Markets Currency and Short-Term, Institutional Class		2,013,040
	416,169	PIMCO Global Bond Opportunities Fund U.S., Institutional Class		4,024,354
	1,931,789	PIMCO Income Fund, Institutional Class		20,670,147

Shares			Fair Value
		OPEN END FUNDS — 43.3% (Continued)
		FIXED INCOME - 34.2% (Continued)
	747,037	PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class	$	7,358,316
	720,983	PIMCO International Bond Fund Unhedged, Institutional Class		5,429,005
	429,372	PIMCO Investment Grade Credit Bond Fund, Institutional Class		3,885,812
	162	PIMCO Total Return Fund, Institutional Class		1,409
	404,331	Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class		3,715,798
	45,395	Putnam Floating Rate Income Fund, Class Y		357,260
	108,991	RiverPark Strategic Income Fund, Institutional Class		943,734
	145	TCW Emerging Markets Income Fund, Class I		946
	1	TCW Emerging Markets Local Currency Income Fund, Class I		8
	1	TCW Securitized Bond Fund, Class I		9
				61,987,107

		TOTAL OPEN END FUNDS (Cost $77,874,896)		78,477,384

		SHORT-TERM INVESTMENTS — 4.2%
		COLLATERAL FOR SECURITIES LOANED - 3.8%
	6,870,473	First American Government Obligations Fund, Class X, 4.25%^(b)(c)(Cost $6,870,473)		6,870,473

		MONEY MARKET FUND - 0.4%
	803,751	First American Government Obligations Fund, Class X, 4.25%^(c)(Cost $803,751)		803,751

		TOTAL SHORT-TERM INVESTMENTS (Cost $7,674,224)		7,674,224

		TOTAL INVESTMENTS - 104.1% (Cost $188,873,502)	$	188,785,638
		LIABILITIES IN EXCESS OF OTHER ASSETS - (4.1)%		(7,418,765	)
		NET ASSETS - 100.0%	$	181,366,873

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 66.1%
		EQUITY - 43.3%
	16,641	Consumer Staples Select Sector SPDR Fund	$	1,359,070
	25,200	Dimensional International Small Cap Value ETF^(a)		733,824
	24,804	Financial Select Sector SPDR Fund		1,235,487
	5,400	Invesco S&P 500 Equal Weight Energy ETF		442,098
	15,792	iShares MSCI ACWI ex U.S. ETF^(a)		875,666
	4,900	iShares MSCI EAFE Growth ETF		490,000
	61,600	iShares MSCI EAFE Value ETF		3,630,705
	37,500	iShares MSCI Eurozone ETF		1,996,875
	60,000	iShares MSCI Germany ETF		2,224,800
	152,100	iShares MSCI Hong Kong ETF		2,663,272
	32,635	iShares MSCI USA Min Vol Factor ETF		3,056,595
	3,651	iShares U.S. Aerospace & Defense ETF^(a)		558,968
	21,900	iShares US Consumer Goods ETF		1,567,383
	8,317	JPMorgan Equity Premium Income ETF		475,233
	1,532	SPDR Dow Jones Industrial Average ETF Trust		643,256
	12,137	Utilities Select Sector SPDR Fund		957,002
	27,200	Vanguard FTSE Europe ETF		1,909,712
	7,219	Vanguard S&P 500 ETF		3,709,917
	1,779	WisdomTree Japan Hedged Equity Fund		196,010
				28,725,873
		FIXED INCOME - 22.8%
	18,644	First Trust Preferred Securities and Income ETF		327,948
	182,058	Invesco Senior Loan ETF^(a)		3,768,600
	6,200	iShares 20+ Year Treasury Bond ETF		564,386
	6,100	iShares CMBS ETF		292,800
	7,761	iShares J.P. Morgan EM High Yield Bond ETF		296,703
	12,600	Janus Henderson AAA CLO ETF		638,946
	24,500	Janus Henderson B-BBB CLO ETF^(a)		1,192,415
	4,936	Pacer Pacific Asset Floating Rate High Income ETF		232,436
	21,978	Principal Active High Yield ETF		418,681
	42,539	SPDR Blackstone Senior Loan ETF		1,749,629
	7,396	SPDR Bloomberg High Yield Bond ETF^(a)		704,839
	96,621	SPDR Portfolio High Yield Bond ETF		2,262,864
	58,000	VanEck Emerging Markets High Yield Bond ETF		1,139,700

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 66.1% (Continued)
		FIXED INCOME - 22.8% (Continued)
	40,300	VanEck J. P. Morgan EM Local Currency Bond ETF	$	961,558
	7,300	Vanguard Long-Term Corporate Bond ETF		554,143
				15,105,648

		TOTAL EXCHANGE-TRADED FUNDS (Cost $43,462,970)		43,831,521

		OPEN END FUNDS — 33.4%
		ALTERNATIVE - 2.5%
	61,566	BlackRock Global Long/Short Equity Fund, Institutional Class		873,010
	36,345	Finisterre Emerging Markets Total Return Bond Fund, Institutional Class		324,927
	27,278	iMGP High Income Fund, Institutional Class		269,778
	23,182	Payden Absolute Return Bond Fund, Class I		219,070
				1,686,785
		EQUITY - 25.8%
	176,407	Causeway International Value Fund, Class I		3,605,765
	72,834	Datum One Series Trust - Brandes International, Class I		1,498,204
	37,501	Dodge & Cox International Stock Fund, Class I		2,052,450
	33,345	Integrity Dividend Harvest Fund, Class I		625,548
	107,478	Schwab Fundamental Emerging Markets Large Company, Institutional Class		1,035,015
	66,281	Schwab S&P 500 Index Fund		5,727,372
	92,634	Thornburg Investment Income Builder Fund, Class I		2,574,309
				17,118,663
		FIXED INCOME - 5.1%
	54	American Century High Income Fund		463
	34	BlackRock Strategic Income Opportunities Portfolio, Institutional Class		325
	52,451	JPMorgan Emerging Markets Debt Fund, Class I		324,670
	44,844	Medalist Partners MBS Total Return Fund, Institutional Class		384,310
	50	Metropolitan West Total Return Bond Fund, Class I		457
	22,631	Nuveen Preferred Securities Fund, Class I		353,041
	103,445	PIMCO Income Fund, Institutional Class		1,106,857
	40,797	PIMCO Investment Grade Credit Bond Fund, Institutional Class		369,211
	42	PIMCO Total Return Fund, Institutional Class		366

Shares			Fair Value
		OPEN END FUNDS — 33.4% (Continued)
		FIXED INCOME - 5.1% (Continued)
	90,555	Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class	$	832,201
	111	Putnam Floating Rate Income Fund, Class Y		874
	13	TCW Emerging Markets Income Fund, Class I		83
				3,372,858

		TOTAL OPEN END FUNDS (Cost $21,323,919)		22,178,306

		SHORT-TERM INVESTMENTS — 5.9%
		COLLATERAL FOR SECURITIES LOANED - 5.8%
	3,838,434	First American Government Obligations Fund, Class X, 4.25%^(b)(c)(Cost $3,838,434)		3,838,434

		MONEY MARKET FUND - 0.1%
	104,950	First American Government Obligations Fund, Class X, 4.25%^(c) (Cost $104,950)		104,950

		TOTAL SHORT-TERM INVESTMENTS (Cost $3,943,384)		3,943,384

		TOTAL INVESTMENTS - 105.4% (Cost $68,730,273)	$	69,953,211
		LIABILITIES IN EXCESS OF OTHER ASSETS - (5.4)%		(3,564,538	)
		NET ASSETS - 100.0%	$	66,388,673

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 57.7%
		EQUITY - 57.7%
	740	Alerian MLP ETF	$	38,436
	669	Communication Services Select Sector SPDR Fund		64,525
	1,726	Consumer Staples Select Sector SPDR Fund		140,962
	4,880	Financial Select Sector SPDR Fund		243,073
	2,104	Invesco S&P 500 Equal Weight Energy ETF		172,254
	7,376	iShares MSCI ACWI ex U.S. ETF		408,999
	931	iShares MSCI EAFE Growth ETF		93,100
	13,767	iShares MSCI EAFE Value ETF		811,428
	2,894	iShares MSCI Eurozone ETF		154,106
	12,464	iShares MSCI Germany ETF		462,165
	26,075	iShares MSCI Hong Kong ETF		456,573
	7,846	iShares MSCI USA Min Vol Factor ETF		734,856
	631	iShares U.S. Aerospace & Defense ETF		96,606
	6,866	iShares US Consumer Goods ETF		491,400
	577	JPMorgan Equity Premium Income ETF		32,970
	775	Siren DIVCON Leaders Dividend		50,213
	114	SPDR Dow Jones Industrial Average ETF Trust		47,866
	1,063	Utilities Select Sector SPDR Fund		83,818
	5,105	Vanguard FTSE Europe ETF		358,422
	1,245	Vanguard S&P 500 ETF		639,818
	374	WisdomTree Japan Hedged Equity Fund		41,207
		TOTAL EXCHANGE-TRADED FUNDS (Cost $5,529,732)		5,622,797

		OPEN END FUNDS — 41.9%
		EQUITY - 41.9%
	38,785	Causeway International Value Fund, Class I		792,769
	21,886	Datum One Series Trust - Brandes International, Class I		450,197
	9,083	Dodge & Cox International Stock Fund, Class I		497,107
	2,402	FullerThaler Behavioral Unconstrained Equity Fund, Institutional Class		119,252
	3,883	Integrity Dividend Harvest Fund, Class I		72,841
	27,960	Schwab Fundamental Emerging Markets Large Company, Institutional Class		269,251

Shares			Fair Value
		OPEN END FUNDS — 41.9% (Continued)
		EQUITY - 41.9% (Continued)
	16,065	Schwab S&P 500 Index Fund	$	1,388,170
	17,619	Thornburg Investment Income Builder Fund, Class I		489,630
		TOTAL OPEN END FUNDS (Cost $4,100,589)		4,079,217

		SHORT-TERM INVESTMENT — 0.6%
		MONEY MARKET FUND - 0.6%
	61,678	First American Government Obligations Fund, Class X, 4.25%^(a) (Cost $61,678)		61,678

		TOTAL INVESTMENTS - 100.2% (Cost $9,691,999)	$	9,763,692
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%		(15,507	)
		NET ASSETS - 100.0%	$	9,748,185

	Ocean Park			Ocean Park			Ocean Park
	Tactical All			Tactical Core			Tactical			Ocean Park
	Asset Fund			Income Fund			Municipal Fund			Tactical Bond Fund
ASSETS
Investment securities:
At cost	$	508,463,438		$	1,562,017,016		$	264,378,503		$	2,245,001,864
At value (includes securities on loan with a market value of $44,010,773, $114,975,621, $23,048,692, $201,573,246)	$	524,296,744		$	1,579,254,708		$	261,055,380		$	2,314,468,229
Dividends and interest receivable		108,566			61,649			24,635			74,431
Receivable for Fund shares sold		367,207			1,580,715			671,076			4,094,375
Prepaid expenses and other assets		29,087			47,095			64,140			83,127
TOTAL ASSETS		524,801,604			1,580,944,167			261,815,231			2,318,720,162

LIABILITIES
Securities lending collateral payable		45,095,067			117,380,901			23,538,390			205,704,088
Payable for Fund shares repurchased		938,517			1,474,694			501,622			3,350,360
Investment advisory fees payable		514,545			940,653			147,387			1,869,834
Distribution (12b-1) fees payable		26,010			113,853			2,859			32,146
Payable to related parties		37,168			123,432			26,339			140,123
Accrued expenses and other liabilities		104,496			325,787			24,701			316,508
TOTAL LIABILITIES		46,715,803			120,359,320			24,241,298			211,413,059
NET ASSETS	$	478,085,801		$	1,460,584,847		$	237,573,933		$	2,107,307,103

Net Assets Consist Of:
Paid in capital	$	525,535,458		$	1,603,536,931		$	252,650,666		$	2,169,022,762
Accumulated deficit		(47,449,657	)		(142,952,084	)		(15,076,733	)		(61,715,659	)
NET ASSETS	$	478,085,801		$	1,460,584,847		$	237,573,933		$	2,107,307,103

	Ocean Park Tactical			Ocean Park Tactical			Ocean Park Tactical			Ocean Park Tactical
	All Asset Fund			Core Income Fund			Municipal Fund			Bond Fund
INVESTMENT INCOME
Dividends	$	13,081,327		$	44,771,111		$	5,366,735		$	67,598,411
Interest		146,012			375,923			144,226			156,804
Securities lending income		125,140			434,035			139,480			870,529
TOTAL INVESTMENT INCOME		13,352,479			45,581,069			5,650,441			68,625,744

EXPENSES
Investment advisory fees		3,644,431			5,570,284			1,052,212			10,423,873
Distribution (12b-1) fees:
Class A		18,211			55,989			6,198			9,727
Class C		132,790			445,222			10,287			132,650
Investor Class		8,074			56,155			2,626			31,934
Class A1		5,147			—			—			—
Class I1		2,748			—			—			—
Third party administrative servicing fee		264,903			653,177			141,452			949,022
Administrative services fees		156,941			368,560			81,463			496,607
Registration fees		62,330			69,808			54,849			79,782
Printing and postage expenses		46,139			88,650			47,032			81,047
Professional fees		38,497			19,897			18,613			18,610
Interest expense		35,011			7,970			5,816			900
Transfer agent fees		34,338			179,026			45,819			118,597
Accounting services fees		31,340			78,200			15,074			103,740
Custodian fees		27,705			56,847			13,952			67,751
Compliance officer fees		10,558			18,568			7,822			21,678
Trustees fees and expenses		9,615			9,615			9,615			9,615
Insurance expense		4,239			8,478			2,643			9,972
Other expenses		3,820			3,298			3,488			3,374
TOTAL EXPENSES		4,536,837			7,689,744			1,518,961			12,558,879

Less: Fees waived by the Adviser		—			(7,448	)		(25,575	)		—

NET EXPENSES		4,536,837			7,682,296			1,493,386			12,558,879
NET INVESTMENT INCOME		8,815,642			37,898,773			4,157,055			56,066,865

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain from security transactions		4,746,017			20,458,906			12,771,363			487,821
Distributions of capital gains from underlying investment companies		—			4,511			—			—
		4,746,017			20,463,417			12,771,363			487,821

Net change in unrealized depreciation of investments		(31,761,363	)		(67,834,457	)		(23,412,585	)		(45,311,235	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(27,015,346	)		(47,371,040	)		(10,641,222	)		(44,823,414	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(18,199,704	)	$	(9,472,267	)	$	(6,484,167	)	$	11,243,451

	Six Months Ended			Year Ended
	March 31, 2025			September 30,
	(Unaudited)			2024
FROM OPERATIONS
Net investment income	$	8,815,642		$	21,296,412
Net realized gain from security transactions		4,746,017			14,577,330
Distributions of capital gains from underlying investment companies		—			5
Net change in unrealized appreciation (depreciation) of investments		(31,761,363	)		44,217,940
Net increase (decrease) in net assets resulting from operations		(18,199,704	)		80,091,687

DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings:
Class A		(209,058	)		(548,857	)
Class C		(282,003	)		(696,622	)
Investor Class		(86,145	)		(233,520	)
Instl Class		(8,113,498	)		(19,644,050	)
Class A1		(34,876	)		(86,552	)
Class I1		(18,494	)		(47,333	)
Net decrease in net assets resulting from distributions to shareholders		(8,744,074	)		(21,256,934	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A		446,387			290,096
Class C		740,032			1,001,057
Investor Class		206,905			4,725,328
Instl Class		56,799,932			86,729,764
Class A1		37,405			73,849
Class I1		3,971			58,606
Net asset value of shares issued in reinvestment of distributions:
Class A		208,107			540,788
Class C		267,060			675,725
Investor Class		85,128			228,989
Instl Class		8,026,198			19,432,082
Class A1		27,321			68,786
Class I1		17,682			44,596
Payments for shares redeemed:
Class A		(3,157,147	)		(4,662,579	)
Class C		(4,240,148	)		(7,327,488	)
Investor Class		(2,270,549	)		(6,333,392	)
Instl Class		(173,383,332	)		(259,606,174	)
Class A1		(393,263	)		(724,671	)
Class I1		(290,847	)		(4,952,558	)
Net decrease in net assets resulting from shares of beneficial interest		(116,869,158	)		(169,737,196	)

TOTAL DECREASE IN NET ASSETS		(143,812,936	)		(110,902,443	)

NET ASSETS
Beginning of Period		621,898,737			732,801,180
End of Period	$	478,085,801		$	621,898,737

	Six Months Ended
	March 31,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2025			September 30,			September 30,			September 30,			September 30,			September 30,
Class A Shares	(Unaudited)			2024			2023			2022			2021			2020
Net asset value, beginning of period	$	22.98		$	20.99		$	21.64		$	23.90		$	23.28		$	23.11
Activity from investment operations:
Net investment income (1)		0.32			0.68			0.61			0.16			0.64			0.34
Net realized and unrealized gain (loss) on investments		(1.13	)		2.00			(0.65	)		(2.16	)		0.62			0.22
Total from investment operations		(0.81	)		2.68			(0.04	)		(2.00	)		1.26			0.56
Less distributions from:
Net investment income		(0.34	)		(0.69	)		(0.61	)		(0.16	)		(0.64	)		(0.35	)
Net realized gains		—			—			—			(0.08	)		—			(0.04	)
Return of capital		—			—			(0.00	) (6)		(0.02	)		—			(0.00	) (6)
Total distributions		(0.34	)		(0.69	)		(0.61	)		(0.26	)		(0.64	)		(0.39	)
Net asset value, end of period	$	21.83		$	22.98		$	20.99		$	21.64		$	23.90		$	23.28
Total return (2)		(3.54	)% (7)(9)		12.89	% (7)		(0.23	)%		(8.45	)%		5.46	%		2.41	%
Net assets, at end of period (000s)	$	13,317		$	16,529		$	18,737		$	22,613		$	28,943		$	31,880
Ratio of gross expenses to average net assets (3)(4)		1.75	% (8)		1.72	%		1.70	%		1.70	%		1.69	%		1.70	%
Ratio of net expenses to average net assets (4)		1.75	% (8)		1.72	%		1.70	%		1.70	%		1.69	%		1.70	%
Ratio of net investment income to average net assets (4)(5)		2.84	% (8)		3.06	%		2.77	%		0.70	%		2.66	%		1.48	%
Portfolio Turnover Rate		75	% (9)		117	%		267	%		292	%		159	%		310	%

Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	249,190,882	$	—	$	—	$	249,190,882
Open End Funds		228,996,668		—		—		228,996,668
Collateral For Securities Loaned		45,095,067		—		—		45,095,067
Money Market Fund		1,014,127		—		—		1,014,127
Total	$	524,296,744	$	—	$	—	$	524,296,744

Ocean Park Tactical Core Income Fund

Assets*	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	799,278,599	$	—	$	—	$	799,278,599
Open End Funds		661,592,603		—		—		661,592,603
Collateral For Securities Loaned		117,380,901		—		—		117,380,901
Money Market Fund		1,002,605		—		—		1,002,605
Total	$	1,579,254,708	$	—	$	—	$	1,579,254,708

Ocean Park Tactical Municipal Fund

Assets*	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	115,156,941	$	—	$	—	$	115,156,941
Open End Funds		121,937,097		—		—		121,937,097
Collateral For Securities Loaned		23,538,390		—		—		23,538,390
Money Market Funds		422,952		—		—		422,952
Total	$	261,055,380	$	—	$	—	$	261,055,380

Ocean Park Tactical Bond Fund

Assets*	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	1,299,198,488	$	—	$	—	$	1,299,198,488
Open End Funds		806,685,793		—		—		806,685,793
Collateral For Securities Loaned		205,704,088		—		—		205,704,088
Money Market Fund		2,879,860		—		—		2,879,860
Total	$	2,314,468,229	$	—	$	—	$	2,314,468,229

FUND	PURCHASES		SALES
OPTAAF	$	427,164,796	$	542,950,870
OPTCIF	$	1,253,717,209	$	1,278,027,364
OPTMF	$	213,980,090	$	258,320,776
OPTBF	$	248,461,992	$	7,035,928
OPTRSFF	$	220,187,831	$	231,507,215
OPTRSTF	$	182,587,006	$	35,380,358
OPTRSSF	$	69,834,189	$	47,582,148
OPTCGF	$	11,647,398	$	5,301,374

FUND	ANNUAL RATE			TOTAL ADVISORY FEE
OPTAAF		1.25	%	$	3,644,431
OPTCIF		0.75	%	$	5,570,284
OPTMF		0.75	%	$	1,052,212
OPTBF		1.05	%	$	10,423,873
OPTRSFF		1.05	%	$	1,812,613
OPTRSTF		1.05	%	$	321,743
OPTRSSF		1.05	%	$	309,315
OPTCGF		0.75	%	$	25,803

FUND	9/30/2025		9/30/2026		9/30/2027
OPTCIF	$	—	$	—	$	9,168
OPTMF	$	3,054	$	4,158	$	12,509
OPTRSFF	$	11,432	$	—	$	—
OPTRSTF	$	—	$	127,829	$	127,492
OPTRSSF	$	—	$	76,683	$	133,196
OPTCGF	$	—	$	—	$	166,311

		Front End Sale		Amounts retained by
	Share	charges received by		the Principal
Fund	Class	the Distributor		Underwriter
OPTAAF	Class A1	$	—	$	—
	Class A	$	909	$	63
OPTCIF	Class A	$	13,495	$	913
OPTMF	Class A	$	9,924	$	807
OPTBF	Class A	$	69,578	$	5,223
OPTRSFF	Class A	$	561	$	36

			Outstanding				Average			Maximum
			Balance as of				Borrowings			Borrowing
FUND	Interest Expense		March 31, 2025		Average Borrowings		Rate			Interest Rate
OPTAAF	$	35,011	$	—	$	18,469,444		7.64	%		8.00	%
OPTCIF	$	7,970	$	—	$	3,943,556		7.58	%		8.00	%
OPTMF	$	5,816	$	—	$	2,608,400		7.63	%		7.75	%
OPTBF	$	900	$	—	$	1,233,000		7.75	%		8.00	%
OPTRSFF	$	638	$	—	$	304,750		7.69	%		7.75	%
OPTRSTF	$	437	$	—	$	71,250		7.75	%		8.00	%
OPTRSSF	$	435	$	—	$	95,000		7.50	%		7.50	%
OPTCGF	$	395	$	—	$	26,667		7.83	%		8.00	%