Itemunited states
securities and exchange commission
washington, d.c. 20549
form n-csr
certified shareholder report of registered management
investment companies
| Investment Company Act file number | 811-21720 |
| Northern Lights Fund Trust |
| (Exact name of registrant as specified in charter) |
| 225 Pictoria Drive, Suite 450, Cincinnati, Ohio | 45246 |
| (Address of principal executive offices) | (Zip code) |
| The Corporation Trust Company |
| 1209 Orange Street Wilmington, DE 19801 |
| (Name and address of agent for service) |
| Registrant’s telephone number, including area code: | 631-490-4300 | |
| Date of fiscal year end: | 9/30 | |
| | | |
| Date of reporting period: | 9/30/24 | |
Item 1. Reports to Stockholders.
(a)
0001314414nlft:C000227417Membernlft:A693390882PIMCOInternationalBondFundUSDollarMinusHedgedInstitutionalClassCTIMember2024-09-30
Ocean Park Tactical All Asset Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical All Asset Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A1 Shares | $199 | 1.87% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for both equity and fixed income securities as expectations that the Federal Reserve would start reducing interest rates increased.
During the period, both equity and fixed income markets experienced positive uptrends. The largest category allocations during the period were Domestic Equities, Multi-Sector Bond Funds, High Grade U.S. Bonds and International Equities. The average allocation to Cash and Equivalents over the period was less than 10%.
The largest contributors to the Fund’s performance were Domestic Equities, Multi-Sector Bond Funds, High Grade U.S. Bonds and International Equities. The only detractors to performance were Commodity Funds and Managed Futures.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Ocean Park Tactical All Asset Fund | Morningstar Conservative Target Risk Index |
|---|
| Sep-2014 | $9,427 | $10,000 |
| Sep-2015 | $9,226 | $9,935 |
| Sep-2016 | $9,737 | $10,623 |
| Sep-2017 | $10,071 | $11,001 |
| Sep-2018 | $10,122 | $11,162 |
| Sep-2019 | $10,370 | $12,025 |
| Sep-2020 | $10,605 | $12,908 |
| Sep-2021 | $11,166 | $13,606 |
| Sep-2022 | $10,207 | $11,462 |
| Sep-2023 | $10,169 | $11,983 |
| Sep-2024 | $11,457 | $13,773 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Ocean Park Tactical All Asset Fund | | | |
| Without Load | 12.67% | 2.01% | 1.97% |
| With Load | 8.43% | 0.82% | 1.37% |
| Morningstar Conservative Target Risk Index | 14.94% | 2.75% | 3.25% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$621,898,737
- Number of Portfolio Holdings67
- Advisory Fee $8,162,678
- Portfolio Turnover117%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 43.0% |
| Money Market Funds | 8.7% |
| Open End Funds | 48.3% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -9.3% |
| Alternative | 5.1% |
| Money Market Funds | 9.4% |
| Equity | 26.1% |
| Fixed Income | 68.7% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| PIMCO Income Fund, Institutional Class | 10.9% |
| iShares 20+ Year Treasury Bond ETF | 10.2% |
| PIMCO Total Return Fund, Institutional Class | 10.0% |
| First American Government Obligations Fund, Class X | 9.4% |
| PIMCO Investment Grade Credit Bond Fund, Institutional Class | 5.9% |
| Schwab S&P 500 Index Fund | 5.8% |
| BlackRock Strategic Income Opportunities Portfolio, Institutional Class | 5.3% |
| SPDR Bloomberg High Yield Bond ETF | 5.0% |
| PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 4.7% |
| SPDR Portfolio High Yield Bond ETF | 3.0% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical All Asset Fund”.
Ocean Park Tactical All Asset Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical All Asset Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical All Asset Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A Shares | $183 | 1.72% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for both equity and fixed income securities as expectations that the Federal Reserve would start reducing interest rates increased.
During the period, both equity and fixed income markets experienced positive uptrends. The largest category allocations during the period were Domestic Equities, Multi-Sector Bond Funds, High Grade U.S. Bonds and International Equities. The average allocation to Cash and Equivalents over the period was less than 10%.
The largest contributors to the Fund’s performance were Domestic Equities, Multi-Sector Bond Funds, High Grade U.S. Bonds and International Equities. The only detractors to performance were Commodity Funds and Managed Futures.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Ocean Park Tactical All Asset Fund | Morningstar Conservative Target Risk Index |
|---|
| Sep-2014 | $9,425 | $10,000 |
| Sep-2015 | $9,239 | $9,935 |
| Sep-2016 | $9,768 | $10,623 |
| Sep-2017 | $10,116 | $11,001 |
| Sep-2018 | $10,182 | $11,162 |
| Sep-2019 | $10,445 | $12,025 |
| Sep-2020 | $10,697 | $12,908 |
| Sep-2021 | $11,281 | $13,606 |
| Sep-2022 | $10,327 | $11,462 |
| Sep-2023 | $10,304 | $11,983 |
| Sep-2024 | $11,627 | $13,773 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Ocean Park Tactical All Asset Fund | | | |
| Without Load | 12.84% | 2.17% | 2.12% |
| With Load | 8.60% | 0.96% | 1.52% |
| Morningstar Conservative Target Risk Index | 14.94% | 2.75% | 3.25% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$621,898,737
- Number of Portfolio Holdings67
- Advisory Fee $8,162,678
- Portfolio Turnover117%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 43.0% |
| Money Market Funds | 8.7% |
| Open End Funds | 48.3% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -9.3% |
| Alternative | 5.1% |
| Money Market Funds | 9.4% |
| Equity | 26.1% |
| Fixed Income | 68.7% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| PIMCO Income Fund, Institutional Class | 10.9% |
| iShares 20+ Year Treasury Bond ETF | 10.2% |
| PIMCO Total Return Fund, Institutional Class | 10.0% |
| First American Government Obligations Fund, Class X | 9.4% |
| PIMCO Investment Grade Credit Bond Fund, Institutional Class | 5.9% |
| Schwab S&P 500 Index Fund | 5.8% |
| BlackRock Strategic Income Opportunities Portfolio, Institutional Class | 5.3% |
| SPDR Bloomberg High Yield Bond ETF | 5.0% |
| PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 4.7% |
| SPDR Portfolio High Yield Bond ETF | 3.0% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical All Asset Fund”.
Ocean Park Tactical All Asset Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical All Asset Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical All Asset Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C Shares | $262 | 2.47% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for both equity and fixed income securities as expectations that the Federal Reserve would start reducing interest rates increased.
During the period, both equity and fixed income markets experienced positive uptrends. The largest category allocations during the period were Domestic Equities, Multi-Sector Bond Funds, High Grade U.S. Bonds and International Equities. The average allocation to Cash and Equivalents over the period was less than 10%.
The largest contributors to the Fund’s performance were Domestic Equities, Multi-Sector Bond Funds, High Grade U.S. Bonds and International Equities. The only detractors to performance were Commodity Funds and Managed Futures.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Ocean Park Tactical All Asset Fund | Morningstar Conservative Target Risk Index |
|---|
| Sep-2014 | $10,000 | $10,000 |
| Sep-2015 | $9,728 | $9,935 |
| Sep-2016 | $10,207 | $10,623 |
| Sep-2017 | $10,493 | $11,001 |
| Sep-2018 | $10,482 | $11,162 |
| Sep-2019 | $10,674 | $12,025 |
| Sep-2020 | $10,851 | $12,908 |
| Sep-2021 | $11,354 | $13,606 |
| Sep-2022 | $10,316 | $11,462 |
| Sep-2023 | $10,219 | $11,983 |
| Sep-2024 | $11,444 | $13,773 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Ocean Park Tactical All Asset Fund | 11.98% | 1.40% | 1.36% |
| Morningstar Conservative Target Risk Index | 14.94% | 2.75% | 3.25% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$621,898,737
- Number of Portfolio Holdings67
- Advisory Fee $8,162,678
- Portfolio Turnover117%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 43.0% |
| Money Market Funds | 8.7% |
| Open End Funds | 48.3% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -9.3% |
| Alternative | 5.1% |
| Money Market Funds | 9.4% |
| Equity | 26.1% |
| Fixed Income | 68.7% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| PIMCO Income Fund, Institutional Class | 10.9% |
| iShares 20+ Year Treasury Bond ETF | 10.2% |
| PIMCO Total Return Fund, Institutional Class | 10.0% |
| First American Government Obligations Fund, Class X | 9.4% |
| PIMCO Investment Grade Credit Bond Fund, Institutional Class | 5.9% |
| Schwab S&P 500 Index Fund | 5.8% |
| BlackRock Strategic Income Opportunities Portfolio, Institutional Class | 5.3% |
| SPDR Bloomberg High Yield Bond ETF | 5.0% |
| PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 4.7% |
| SPDR Portfolio High Yield Bond ETF | 3.0% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical All Asset Fund”.
Ocean Park Tactical All Asset Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical All Asset Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical All Asset Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor Class | $183 | 1.72% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for both equity and fixed income securities as expectations that the Federal Reserve would start reducing interest rates increased.
During the period, both equity and fixed income markets experienced positive uptrends. The largest category allocations during the period were Domestic Equities, Multi-Sector Bond Funds, High Grade U.S. Bonds and International Equities. The average allocation to Cash and Equivalents over the period was less than 10%.
The largest contributors to the Fund’s performance were Domestic Equities, Multi-Sector Bond Funds, High Grade U.S. Bonds and International Equities. The only detractors to performance were Commodity Funds and Managed Futures.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Ocean Park Tactical All Asset Fund | Morningstar Conservative Target Risk Index |
|---|
| Sep-2014 | $10,000 | $10,000 |
| Sep-2015 | $9,798 | $9,935 |
| Sep-2016 | $10,358 | $10,623 |
| Sep-2017 | $10,733 | $11,001 |
| Sep-2018 | $10,797 | $11,162 |
| Sep-2019 | $11,081 | $12,025 |
| Sep-2020 | $11,339 | $12,908 |
| Sep-2021 | $11,959 | $13,606 |
| Sep-2022 | $10,951 | $11,462 |
| Sep-2023 | $10,926 | $11,983 |
| Sep-2024 | $12,329 | $13,773 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Ocean Park Tactical All Asset Fund | 12.85% | 2.16% | 2.12% |
| Morningstar Conservative Target Risk Index | 14.94% | 2.75% | 3.25% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$621,898,737
- Number of Portfolio Holdings67
- Advisory Fee $8,162,678
- Portfolio Turnover117%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 43.0% |
| Money Market Funds | 8.7% |
| Open End Funds | 48.3% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -9.3% |
| Alternative | 5.1% |
| Money Market Funds | 9.4% |
| Equity | 26.1% |
| Fixed Income | 68.7% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| PIMCO Income Fund, Institutional Class | 10.9% |
| iShares 20+ Year Treasury Bond ETF | 10.2% |
| PIMCO Total Return Fund, Institutional Class | 10.0% |
| First American Government Obligations Fund, Class X | 9.4% |
| PIMCO Investment Grade Credit Bond Fund, Institutional Class | 5.9% |
| Schwab S&P 500 Index Fund | 5.8% |
| BlackRock Strategic Income Opportunities Portfolio, Institutional Class | 5.3% |
| SPDR Bloomberg High Yield Bond ETF | 5.0% |
| PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 4.7% |
| SPDR Portfolio High Yield Bond ETF | 3.0% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical All Asset Fund”.
Ocean Park Tactical All Asset Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical All Asset Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical All Asset Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Instl Class | $157 | 1.47% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for both equity and fixed income securities as expectations that the Federal Reserve would start reducing interest rates increased.
During the period, both equity and fixed income markets experienced positive uptrends. The largest category allocations during the period were Domestic Equities, Multi-Sector Bond Funds, High Grade U.S. Bonds and International Equities. The average allocation to Cash and Equivalents over the period was less than 10%.
The largest contributors to the Fund’s performance were Domestic Equities, Multi-Sector Bond Funds, High Grade U.S. Bonds and International Equities. The only detractors to performance were Commodity Funds and Managed Futures.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Ocean Park Tactical All Asset Fund | Morningstar Conservative Target Risk Index |
|---|
| Sep-2014 | $10,000 | $10,000 |
| Sep-2015 | $9,820 | $9,935 |
| Sep-2016 | $10,407 | $10,623 |
| Sep-2017 | $10,805 | $11,001 |
| Sep-2018 | $10,899 | $11,162 |
| Sep-2019 | $11,211 | $12,025 |
| Sep-2020 | $11,512 | $12,908 |
| Sep-2021 | $12,167 | $13,606 |
| Sep-2022 | $11,166 | $11,462 |
| Sep-2023 | $11,169 | $11,983 |
| Sep-2024 | $12,638 | $13,773 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Ocean Park Tactical All Asset Fund | 13.15% | 2.43% | 2.37% |
| Morningstar Conservative Target Risk Index | 14.94% | 2.75% | 3.25% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$621,898,737
- Number of Portfolio Holdings67
- Advisory Fee $8,162,678
- Portfolio Turnover117%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 43.0% |
| Money Market Funds | 8.7% |
| Open End Funds | 48.3% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -9.3% |
| Alternative | 5.1% |
| Money Market Funds | 9.4% |
| Equity | 26.1% |
| Fixed Income | 68.7% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| PIMCO Income Fund, Institutional Class | 10.9% |
| iShares 20+ Year Treasury Bond ETF | 10.2% |
| PIMCO Total Return Fund, Institutional Class | 10.0% |
| First American Government Obligations Fund, Class X | 9.4% |
| PIMCO Investment Grade Credit Bond Fund, Institutional Class | 5.9% |
| Schwab S&P 500 Index Fund | 5.8% |
| BlackRock Strategic Income Opportunities Portfolio, Institutional Class | 5.3% |
| SPDR Bloomberg High Yield Bond ETF | 5.0% |
| PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 4.7% |
| SPDR Portfolio High Yield Bond ETF | 3.0% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical All Asset Fund”.
Ocean Park Tactical All Asset Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical All Asset Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical All Asset Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class I1 Shares | $199 | 1.87% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for both equity and fixed income securities as expectations that the Federal Reserve would start reducing interest rates increased.
During the period, both equity and fixed income markets experienced positive uptrends. The largest category allocations during the period were Domestic Equities, Multi-Sector Bond Funds, High Grade U.S. Bonds and International Equities. The average allocation to Cash and Equivalents over the period was less than 10%.
The largest contributors to the Fund’s performance were Domestic Equities, Multi-Sector Bond Funds, High Grade U.S. Bonds and International Equities. The only detractors to performance were Commodity Funds and Managed Futures.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Ocean Park Tactical All Asset Fund | Morningstar Conservative Target Risk Index |
|---|
| Sep-2014 | $10,000 | $10,000 |
| Sep-2015 | $9,786 | $9,935 |
| Sep-2016 | $10,326 | $10,623 |
| Sep-2017 | $10,684 | $11,001 |
| Sep-2018 | $10,732 | $11,162 |
| Sep-2019 | $10,995 | $12,025 |
| Sep-2020 | $11,250 | $12,908 |
| Sep-2021 | $11,839 | $13,606 |
| Sep-2022 | $10,822 | $11,462 |
| Sep-2023 | $10,781 | $11,983 |
| Sep-2024 | $12,150 | $13,773 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Ocean Park Tactical All Asset Fund | 12.70% | 2.02% | 1.97% |
| Morningstar Conservative Target Risk Index | 14.94% | 2.75% | 3.25% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$621,898,737
- Number of Portfolio Holdings67
- Advisory Fee $8,162,678
- Portfolio Turnover117%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 43.0% |
| Money Market Funds | 8.7% |
| Open End Funds | 48.3% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -9.3% |
| Alternative | 5.1% |
| Money Market Funds | 9.4% |
| Equity | 26.1% |
| Fixed Income | 68.7% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| PIMCO Income Fund, Institutional Class | 10.9% |
| iShares 20+ Year Treasury Bond ETF | 10.2% |
| PIMCO Total Return Fund, Institutional Class | 10.0% |
| First American Government Obligations Fund, Class X | 9.4% |
| PIMCO Investment Grade Credit Bond Fund, Institutional Class | 5.9% |
| Schwab S&P 500 Index Fund | 5.8% |
| BlackRock Strategic Income Opportunities Portfolio, Institutional Class | 5.3% |
| SPDR Bloomberg High Yield Bond ETF | 5.0% |
| PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 4.7% |
| SPDR Portfolio High Yield Bond ETF | 3.0% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical All Asset Fund”.
Ocean Park Tactical All Asset Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Bond Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Bond Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A Shares | $155 | 1.47% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark. The Fund allocates tactically between three asset classes: High Yield Corporate Bonds, Long Term US Treasuries and Cash and Equivalents.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for fixed income as expectations that the Federal Reserve would start reducing interest rates increased.
During the period, the Fund was almost wholly invested across High Yield Corporate Bond Funds. The average allocation to Cash and Equivalents over the period was less than 10%.
The largest contributor to the Fund’s performance was High Yield Corporate Bonds due to the positive uptrend driven by decline in yields with Cash and Equivalents also adding slightly to performance. There were no categories which contributed negatively to performance during the period.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Bond Fund | Bloomberg U.S. Aggregate Bond Index | ICE BofA US High Yield Index |
|---|
| Oct-2019 | $9,423 | $10,000 | $10,000 |
| Sep-2020 | $10,789 | $10,681 | $10,237 |
| Sep-2021 | $11,561 | $10,585 | $11,410 |
| Sep-2022 | $10,846 | $9,040 | $9,809 |
| Sep-2023 | $11,089 | $9,098 | $10,817 |
| Sep-2024 | $12,342 | $10,150 | $12,520 |
Average Annual Total Returns
| 1 Year | Since Inception (October 1, 2019) |
|---|
| Ocean Park Tactical Bond Fund | | |
| Without Load | 11.30% | 5.54% |
| With Load | 7.11% | 4.30% |
| ICE BofA US High Yield Index | 15.74% | 4.60% |
| Bloomberg U.S. Aggregate Bond Index | 11.57% | 0.30% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$1,913,221,438
- Number of Portfolio Holdings32
- Advisory Fee $18,707,888
- Portfolio Turnover70%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 52.8% |
| Money Market Funds | 9.5% |
| Open End Funds | 37.7% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -10.2% |
| Money Market Funds | 10.4% |
| Fixed Income | 99.8% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Blackrock Series Fund V-BlackRock High Yield, Institutional Class | 26.5% |
| SPDR Bloomberg High Yield Bond ETF | 13.2% |
| iShares Broad USD High Yield Corporate Bond ETF | 11.5% |
| First American Government Obligations Fund, Class X | 10.4% |
| iShares iBoxx High Yield Corporate Bond ETF | 10.2% |
| Osterweis Strategic Income Fund, Class I | 6.8% |
| SPDR Bloomberg Short Term High Yield Bond ETF | 6.5% |
| SPDR Portfolio High Yield Bond ETF | 5.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 4.3% |
| iShares 0-5 Year High Yield Corporate Bond ETF | 3.7% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Bond Fund”.
Ocean Park Tactical Bond Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Bond Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Bond Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C Shares | $234 | 2.22% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark. The Fund allocates tactically between three asset classes: High Yield Corporate Bonds, Long Term US Treasuries and Cash and Equivalents.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for fixed income as expectations that the Federal Reserve would start reducing interest rates increased.
During the period, the Fund was almost wholly invested across High Yield Corporate Bond Funds. The average allocation to Cash and Equivalents over the period was less than 10%.
The largest contributor to the Fund’s performance was High Yield Corporate Bonds due to the positive uptrend driven by decline in yields with Cash and Equivalents also adding slightly to performance. There were no categories which contributed negatively to performance during the period.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Bond Fund | Bloomberg U.S. Aggregate Bond Index | ICE BofA US High Yield Index |
|---|
| Oct-2019 | $10,000 | $10,000 | $10,000 |
| Sep-2020 | $11,397 | $10,681 | $10,237 |
| Sep-2021 | $12,119 | $10,585 | $11,410 |
| Sep-2022 | $11,288 | $9,040 | $9,809 |
| Sep-2023 | $11,449 | $9,098 | $10,817 |
| Sep-2024 | $12,650 | $10,150 | $12,520 |
Average Annual Total Returns
| 1 Year | Since Inception (October 1, 2019) |
|---|
| Ocean Park Tactical Bond Fund | 10.49% | 4.81% |
| Bloomberg U.S. Aggregate Bond Index | 11.57% | 0.30% |
| ICE BofA US High Yield Index | 15.74% | 4.60% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$1,913,221,438
- Number of Portfolio Holdings32
- Advisory Fee $18,707,888
- Portfolio Turnover70%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 52.8% |
| Money Market Funds | 9.5% |
| Open End Funds | 37.7% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -10.2% |
| Money Market Funds | 10.4% |
| Fixed Income | 99.8% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Blackrock Series Fund V-BlackRock High Yield, Institutional Class | 26.5% |
| SPDR Bloomberg High Yield Bond ETF | 13.2% |
| iShares Broad USD High Yield Corporate Bond ETF | 11.5% |
| First American Government Obligations Fund, Class X | 10.4% |
| iShares iBoxx High Yield Corporate Bond ETF | 10.2% |
| Osterweis Strategic Income Fund, Class I | 6.8% |
| SPDR Bloomberg Short Term High Yield Bond ETF | 6.5% |
| SPDR Portfolio High Yield Bond ETF | 5.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 4.3% |
| iShares 0-5 Year High Yield Corporate Bond ETF | 3.7% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Bond Fund”.
Ocean Park Tactical Bond Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Bond Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Bond Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Instl Class | $129 | 1.22% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund outperformed its primary benchmark. The Fund allocates tactically between three asset classes: High Yield Corporate Bonds, Long Term US Treasuries and Cash and Equivalents.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for fixed income as expectations that the Federal Reserve would start reducing interest rates increased.
During the period, the Fund was almost wholly invested across High Yield Corporate Bond Funds. The average allocation to Cash and Equivalents over the period was less than 10%.
The largest contributor to the Fund’s performance was High Yield Corporate Bonds due to the positive uptrend driven by decline in yields with Cash and Equivalents also adding slightly to performance. There were no categories which contributed negatively to performance during the period.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Bond Fund | Bloomberg U.S. Aggregate Bond Index | ICE BofA US High Yield Index |
|---|
| Oct-2019 | $10,000 | $10,000 | $10,000 |
| Sep-2020 | $11,478 | $10,681 | $10,237 |
| Sep-2021 | $12,327 | $10,585 | $11,410 |
| Sep-2022 | $11,597 | $9,040 | $9,809 |
| Sep-2023 | $11,884 | $9,098 | $10,817 |
| Sep-2024 | $13,261 | $10,150 | $12,520 |
Average Annual Total Returns
| 1 Year | Since Inception (October 1, 2019) |
|---|
| Ocean Park Tactical Bond Fund | 11.59% | 5.81% |
| Bloomberg U.S. Aggregate Bond Index | 11.57% | 0.30% |
| ICE BofA US High Yield Index | 15.74% | 4.60% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$1,913,221,438
- Number of Portfolio Holdings32
- Advisory Fee $18,707,888
- Portfolio Turnover70%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 52.8% |
| Money Market Funds | 9.5% |
| Open End Funds | 37.7% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -10.2% |
| Money Market Funds | 10.4% |
| Fixed Income | 99.8% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Blackrock Series Fund V-BlackRock High Yield, Institutional Class | 26.5% |
| SPDR Bloomberg High Yield Bond ETF | 13.2% |
| iShares Broad USD High Yield Corporate Bond ETF | 11.5% |
| First American Government Obligations Fund, Class X | 10.4% |
| iShares iBoxx High Yield Corporate Bond ETF | 10.2% |
| Osterweis Strategic Income Fund, Class I | 6.8% |
| SPDR Bloomberg Short Term High Yield Bond ETF | 6.5% |
| SPDR Portfolio High Yield Bond ETF | 5.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 4.3% |
| iShares 0-5 Year High Yield Corporate Bond ETF | 3.7% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Bond Fund”.
Ocean Park Tactical Bond Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Bond Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Bond Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor Class | $171 | 1.62% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark. The Fund allocates tactically between three asset classes: High Yield Corporate Bonds, Long Term US Treasuries and Cash and Equivalents.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for fixed income as expectations that the Federal Reserve would start reducing interest rates increased.
During the period, the Fund was almost wholly invested across High Yield Corporate Bond Funds. The average allocation to Cash and Equivalents over the period was less than 10%.
The largest contributor to the Fund’s performance was High Yield Corporate Bonds due to the positive uptrend driven by decline in yields with Cash and Equivalents also adding slightly to performance. There were no categories which contributed negatively to performance during the period.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Bond Fund | Bloomberg U.S. Aggregate Bond Index | ICE BofA US High Yield Index |
|---|
| Oct-2019 | $10,000 | $10,000 | $10,000 |
| Sep-2020 | $11,436 | $10,681 | $10,237 |
| Sep-2021 | $12,235 | $10,585 | $11,410 |
| Sep-2022 | $11,465 | $9,040 | $9,809 |
| Sep-2023 | $11,697 | $9,098 | $10,817 |
| Sep-2024 | $13,000 | $10,150 | $12,520 |
Average Annual Total Returns
| 1 Year | Since Inception (October 1, 2019) |
|---|
| Ocean Park Tactical Bond Fund | 11.14% | 5.39% |
| Bloomberg U.S. Aggregate Bond Index | 11.57% | 0.30% |
| ICE BofA US High Yield Index | 15.74% | 4.60% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$1,913,221,438
- Number of Portfolio Holdings32
- Advisory Fee $18,707,888
- Portfolio Turnover70%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 52.8% |
| Money Market Funds | 9.5% |
| Open End Funds | 37.7% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -10.2% |
| Money Market Funds | 10.4% |
| Fixed Income | 99.8% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Blackrock Series Fund V-BlackRock High Yield, Institutional Class | 26.5% |
| SPDR Bloomberg High Yield Bond ETF | 13.2% |
| iShares Broad USD High Yield Corporate Bond ETF | 11.5% |
| First American Government Obligations Fund, Class X | 10.4% |
| iShares iBoxx High Yield Corporate Bond ETF | 10.2% |
| Osterweis Strategic Income Fund, Class I | 6.8% |
| SPDR Bloomberg Short Term High Yield Bond ETF | 6.5% |
| SPDR Portfolio High Yield Bond ETF | 5.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 4.3% |
| iShares 0-5 Year High Yield Corporate Bond ETF | 3.7% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Bond Fund”.
Ocean Park Tactical Bond Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Core Growth Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Core Growth Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Instl Class | $108 | 0.99% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for equities as expectations that the Federal Reserve would start reducing interest rates increased.
The largest contributors by category to the Fund’s performance were U.S. Large Cap Blend, U.S. Large Cap Growth, and U.S. Large Cap Value followed by U.S. Mid Cap and U.S. Small Cap Funds. The detractors against the Fund’s performance were Foreign Small and Mid Cap Value Funds.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Core Growth Fund | Morningstar US Market TR USD | Morningstar Global Markets ex US NR USD | 70% - Moringstar US Market TR USD/ 30% - Moringstar Global Markets ex US NR USD Blended Index |
|---|
| 09/29/23 | $10,000 | $10,000 | $10,000 | $10,000 |
| 09/30/23 | $10,000 | $10,000 | $10,000 | $10,000 |
| 10/31/23 | $9,694 | $9,747 | $9,568 | $9,694 |
| 11/30/23 | $10,063 | $10,664 | $10,433 | $10,594 |
| 12/31/23 | $10,516 | $11,208 | $10,971 | $11,137 |
| 01/31/24 | $10,560 | $11,353 | $10,859 | $11,204 |
| 02/29/24 | $10,993 | $11,969 | $11,109 | $11,706 |
| 03/31/24 | $11,301 | $12,356 | $11,447 | $12,078 |
| 04/30/24 | $10,913 | $11,825 | $11,250 | $11,652 |
| 05/31/24 | $11,374 | $12,383 | $11,576 | $12,139 |
| 06/30/24 | $11,494 | $12,785 | $11,551 | $12,407 |
| 07/31/24 | $11,709 | $12,988 | $11,847 | $12,640 |
| 08/31/24 | $11,707 | $13,281 | $12,155 | $12,938 |
| 09/30/24 | $11,840 | $13,560 | $12,485 | $13,234 |
Average Annual Total Returns
| 1 Year | Since Inception (September 29, 2023) |
|---|
| Ocean Park Tactical Core Growth Fund | 18.40% | 18.35% |
| 70% - Moringstar US Market TR USD/ 30% - Moringstar Global Markets ex US NR USD Blended Index | 32.34% | 32.18% |
| Morningstar Global Markets ex US NR USD | 24.85% | 24.78% |
| Morningstar US Market TR USD | 35.60% | 35.49% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$3,962,767
- Number of Portfolio Holdings37
- Advisory Fee (net of waivers)$0
- Portfolio Turnover93%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 70.9% |
| Money Market Funds | 10.2% |
| Open End Funds | 18.9% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -9.7% |
| Money Market Funds | 11.2% |
| Equity | 98.5% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| iShares MSCI USA Min Vol Factor ETF | 18.3% |
| Vanguard S&P 500 ETF | 11.7% |
| First American Government Obligations Fund, Class X | 11.2% |
| iShares MSCI EAFE Min Vol Factor ETF | 5.0% |
| Schwab S&P 500 Index Fund | 4.5% |
| Dodge & Cox International Stock Fund, Class I | 4.3% |
| Brandes International Small Cap Equity Fund, Class I | 3.9% |
| iShares U.S. Real Estate ETF | 3.6% |
| Consumer Staples Select Sector SPDR Fund | 3.6% |
| WisdomTree India Earnings Fund | 3.2% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Core Growth Fund”.
Ocean Park Tactical Core Growth Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Core Growth Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Core Growth Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor Class | $151 | 1.39% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for equities as expectations that the Federal Reserve would start reducing interest rates increased.
The largest contributors by category to the Fund’s performance were U.S. Large Cap Blend, U.S. Large Cap Growth, and U.S. Large Cap Value followed by U.S. Mid Cap and U.S. Small Cap Funds. The detractors against the Fund’s performance were Foreign Small and Mid Cap Value Funds.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Core Growth Fund | Morningstar US Market TR USD | Morningstar Global Markets ex US NR USD | 70% - Moringstar US Market TR USD/ 30% - Moringstar Global Markets ex US NR USD Blended Index |
|---|
| 09/29/23 | $10,000 | $10,000 | $10,000 | $10,000 |
| 09/30/23 | $10,000 | $10,000 | $10,000 | $10,000 |
| 10/31/23 | $9,694 | $9,747 | $9,568 | $9,694 |
| 11/30/23 | $10,059 | $10,664 | $10,433 | $10,594 |
| 12/31/23 | $10,508 | $11,208 | $10,971 | $11,137 |
| 01/31/24 | $10,548 | $11,353 | $10,859 | $11,204 |
| 02/29/24 | $10,973 | $11,969 | $11,109 | $11,706 |
| 03/31/24 | $11,282 | $12,356 | $11,447 | $12,078 |
| 04/30/24 | $10,885 | $11,825 | $11,250 | $11,652 |
| 05/31/24 | $11,343 | $12,383 | $11,576 | $12,139 |
| 06/30/24 | $11,463 | $12,785 | $11,551 | $12,407 |
| 07/31/24 | $11,670 | $12,988 | $11,847 | $12,640 |
| 08/31/24 | $11,666 | $13,281 | $12,155 | $12,938 |
| 09/30/24 | $11,791 | $13,560 | $12,485 | $13,234 |
Average Annual Total Returns
| 1 Year | Since Inception (September 29, 2023) |
|---|
| Ocean Park Tactical Core Growth Fund | 17.91% | 17.86% |
| 70% - Moringstar US Market TR USD/ 30% - Moringstar Global Markets ex US NR USD Blended Index | 32.34% | 32.18% |
| Morningstar Global Markets ex US NR USD | 24.85% | 24.78% |
| Morningstar US Market TR USD | 35.60% | 35.49% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$3,962,767
- Number of Portfolio Holdings37
- Advisory Fee (net of waivers)$0
- Portfolio Turnover93%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 70.9% |
| Money Market Funds | 10.2% |
| Open End Funds | 18.9% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -9.7% |
| Money Market Funds | 11.2% |
| Equity | 98.5% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| iShares MSCI USA Min Vol Factor ETF | 18.3% |
| Vanguard S&P 500 ETF | 11.7% |
| First American Government Obligations Fund, Class X | 11.2% |
| iShares MSCI EAFE Min Vol Factor ETF | 5.0% |
| Schwab S&P 500 Index Fund | 4.5% |
| Dodge & Cox International Stock Fund, Class I | 4.3% |
| Brandes International Small Cap Equity Fund, Class I | 3.9% |
| iShares U.S. Real Estate ETF | 3.6% |
| Consumer Staples Select Sector SPDR Fund | 3.6% |
| WisdomTree India Earnings Fund | 3.2% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Core Growth Fund”.
Ocean Park Tactical Core Growth Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Core Income Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Core Income Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A Shares | $142 | 1.35% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for fixed income as expectations that the Federal Reserve would start reducing interest rates increased.
The largest contributors by category to the Fund’s performance were Multi-Sector Bond Funds, High Grade U.S. Bonds, and High Yield Corporate Bonds driven by decline in yields during the period. There were no detractors against the Fund’s performance.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Core Income Fund | Bloomberg U.S. Aggregate Bond Index |
|---|
| Sep-2014 | $9,427 | $10,000 |
| Sep-2015 | $9,355 | $10,294 |
| Sep-2016 | $10,034 | $10,829 |
| Sep-2017 | $10,369 | $10,836 |
| Sep-2018 | $10,424 | $10,705 |
| Sep-2019 | $10,967 | $11,807 |
| Sep-2020 | $11,240 | $12,632 |
| Sep-2021 | $11,769 | $12,518 |
| Sep-2022 | $11,004 | $10,691 |
| Sep-2023 | $10,857 | $10,760 |
| Sep-2024 | $12,021 | $12,004 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Ocean Park Tactical Core Income Fund | | | |
| Without Load | 10.72% | 1.85% | 2.46% |
| With Load | 6.58% | 0.65% | 1.86% |
| Bloomberg U.S. Aggregate Bond Index | 11.57% | 0.33% | 1.84% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$1,517,140,529
- Number of Portfolio Holdings68
- Advisory Fee (net of waivers)$11,827,590
- Portfolio Turnover120%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 32.4% |
| Money Market Funds | 9.3% |
| Open End Funds | 58.3% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -11.4% |
| Alternative | 5.8% |
| Money Market Funds | 10.4% |
| Fixed Income | 95.2% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| PIMCO Income Fund, Institutional Class | 12.6% |
| iShares 20+ Year Treasury Bond ETF | 11.4% |
| SPDR Bloomberg High Yield Bond ETF | 10.4% |
| First American Government Obligations Fund, Class X | 10.4% |
| PIMCO Total Return Fund, Institutional Class | 9.3% |
| Nuveen High Yield Municipal Bond Fund, Class I | 6.7% |
| BlackRock Strategic Income Opportunities Portfolio, Institutional Class | 6.2% |
| PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 4.9% |
| BlackRock Systematic Multi-Strategy Fund, Institutional Class | 4.0% |
| PIMCO Investment Grade Credit Bond Fund, Institutional Class | 3.8% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Core Income Fund”.
Ocean Park Tactical Core Income Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Core Income Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Core Income Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C Shares | $205 | 1.95% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for fixed income as expectations that the Federal Reserve would start reducing interest rates increased.
The largest contributors by category to the Fund’s performance were Multi-Sector Bond Funds, High Grade U.S. Bonds, and High Yield Corporate Bonds driven by decline in yields during the period. There were no detractors against the Fund’s performance.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Core Income Fund | Bloomberg U.S. Aggregate Bond Index |
|---|
| Sep-2014 | $10,000 | $10,000 |
| Sep-2015 | $9,863 | $10,294 |
| Sep-2016 | $10,515 | $10,829 |
| Sep-2017 | $10,800 | $10,836 |
| Sep-2018 | $10,793 | $10,705 |
| Sep-2019 | $11,285 | $11,807 |
| Sep-2020 | $11,499 | $12,632 |
| Sep-2021 | $11,973 | $12,518 |
| Sep-2022 | $11,120 | $10,691 |
| Sep-2023 | $10,911 | $10,760 |
| Sep-2024 | $12,009 | $12,004 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Ocean Park Tactical Core Income Fund | 10.07% | 1.25% | 1.85% |
| Bloomberg U.S. Aggregate Bond Index | 11.57% | 0.33% | 1.84% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$1,517,140,529
- Number of Portfolio Holdings68
- Advisory Fee (net of waivers)$11,827,590
- Portfolio Turnover120%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 32.4% |
| Money Market Funds | 9.3% |
| Open End Funds | 58.3% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -11.4% |
| Alternative | 5.8% |
| Money Market Funds | 10.4% |
| Fixed Income | 95.2% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| PIMCO Income Fund, Institutional Class | 12.6% |
| iShares 20+ Year Treasury Bond ETF | 11.4% |
| SPDR Bloomberg High Yield Bond ETF | 10.4% |
| First American Government Obligations Fund, Class X | 10.4% |
| PIMCO Total Return Fund, Institutional Class | 9.3% |
| Nuveen High Yield Municipal Bond Fund, Class I | 6.7% |
| BlackRock Strategic Income Opportunities Portfolio, Institutional Class | 6.2% |
| PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 4.9% |
| BlackRock Systematic Multi-Strategy Fund, Institutional Class | 4.0% |
| PIMCO Investment Grade Credit Bond Fund, Institutional Class | 3.8% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Core Income Fund”.
Ocean Park Tactical Core Income Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Core Income Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Core Income Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor Class | $142 | 1.35% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for fixed income as expectations that the Federal Reserve would start reducing interest rates increased.
The largest contributors by category to the Fund’s performance were Multi-Sector Bond Funds, High Grade U.S. Bonds, and High Yield Corporate Bonds driven by decline in yields during the period. There were no detractors against the Fund’s performance.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Core Income Fund | Bloomberg U.S. Aggregate Bond Index |
|---|
| Sep-2014 | $10,000 | $10,000 |
| Sep-2015 | $9,922 | $10,294 |
| Sep-2016 | $10,638 | $10,829 |
| Sep-2017 | $10,997 | $10,836 |
| Sep-2018 | $11,055 | $10,705 |
| Sep-2019 | $11,629 | $11,807 |
| Sep-2020 | $11,923 | $12,632 |
| Sep-2021 | $12,484 | $12,518 |
| Sep-2022 | $11,668 | $10,691 |
| Sep-2023 | $11,513 | $10,760 |
| Sep-2024 | $12,749 | $12,004 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Ocean Park Tactical Core Income Fund | 10.74% | 1.86% | 2.46% |
| Bloomberg U.S. Aggregate Bond Index | 11.57% | 0.33% | 1.84% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$1,517,140,529
- Number of Portfolio Holdings68
- Advisory Fee (net of waivers)$11,827,590
- Portfolio Turnover120%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 32.4% |
| Money Market Funds | 9.3% |
| Open End Funds | 58.3% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -11.4% |
| Alternative | 5.8% |
| Money Market Funds | 10.4% |
| Fixed Income | 95.2% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| PIMCO Income Fund, Institutional Class | 12.6% |
| iShares 20+ Year Treasury Bond ETF | 11.4% |
| SPDR Bloomberg High Yield Bond ETF | 10.4% |
| First American Government Obligations Fund, Class X | 10.4% |
| PIMCO Total Return Fund, Institutional Class | 9.3% |
| Nuveen High Yield Municipal Bond Fund, Class I | 6.7% |
| BlackRock Strategic Income Opportunities Portfolio, Institutional Class | 6.2% |
| PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 4.9% |
| BlackRock Systematic Multi-Strategy Fund, Institutional Class | 4.0% |
| PIMCO Investment Grade Credit Bond Fund, Institutional Class | 3.8% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Core Income Fund”.
Ocean Park Tactical Core Income Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Core Income Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Core Income Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Instl Shares | $101 | 0.96% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for fixed income as expectations that the Federal Reserve would start reducing interest rates increased.
The largest contributors by category to the Fund’s performance were Multi-Sector Bond Funds, High Grade U.S. Bonds, and High Yield Corporate Bonds driven by decline in yields during the period. There were no detractors against the Fund’s performance.
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Core Income Fund | Bloomberg U.S. Aggregate Bond Index |
|---|
| Sep-2014 | $10,000 | $10,000 |
| Sep-2015 | $9,958 | $10,294 |
| Sep-2016 | $10,710 | $10,829 |
| Sep-2017 | $11,107 | $10,836 |
| Sep-2018 | $11,211 | $10,705 |
| Sep-2019 | $11,839 | $11,807 |
| Sep-2020 | $12,183 | $12,632 |
| Sep-2021 | $12,811 | $12,518 |
| Sep-2022 | $12,021 | $10,691 |
| Sep-2023 | $11,914 | $10,760 |
| Sep-2024 | $13,244 | $12,004 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Ocean Park Tactical Core Income Fund | 11.16% | 2.27% | 2.85% |
| Bloomberg U.S. Aggregate Bond Index | 11.57% | 0.33% | 1.84% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$1,517,140,529
- Number of Portfolio Holdings68
- Advisory Fee (net of waivers)$11,827,590
- Portfolio Turnover120%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 32.4% |
| Money Market Funds | 9.3% |
| Open End Funds | 58.3% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -11.4% |
| Alternative | 5.8% |
| Money Market Funds | 10.4% |
| Fixed Income | 95.2% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| PIMCO Income Fund, Institutional Class | 12.6% |
| iShares 20+ Year Treasury Bond ETF | 11.4% |
| SPDR Bloomberg High Yield Bond ETF | 10.4% |
| First American Government Obligations Fund, Class X | 10.4% |
| PIMCO Total Return Fund, Institutional Class | 9.3% |
| Nuveen High Yield Municipal Bond Fund, Class I | 6.7% |
| BlackRock Strategic Income Opportunities Portfolio, Institutional Class | 6.2% |
| PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 4.9% |
| BlackRock Systematic Multi-Strategy Fund, Institutional Class | 4.0% |
| PIMCO Investment Grade Credit Bond Fund, Institutional Class | 3.8% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Core Income Fund”.
Ocean Park Tactical Core Income Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Municipal Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Municipal Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A Shares | $130 | 1.23% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. For the year ended September 30, 2024, the Fund outperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for fixed income as expectations that the Federal Reserve would start reducing interest rates increased.
The largest contributors by category to the Fund’s performance were High Yield Municipal Bond Funds, Long-Term Municipal Bond Funds and Intermediate-Term Municipal Bond Funds. State-specific Bond Funds also made a significant contribution to the Fund’s performance. There were no detractors against the Fund’s performance
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Municipal Fund | Bloomberg Municipal Bond Index |
|---|
| Dec-2018 | $9,423 | $10,000 |
| Sep-2019 | $10,103 | $10,682 |
| Sep-2020 | $10,149 | $11,119 |
| Sep-2021 | $10,844 | $11,411 |
| Sep-2022 | $10,276 | $10,099 |
| Sep-2023 | $10,213 | $10,368 |
| Sep-2024 | $11,320 | $11,443 |
Average Annual Total Returns
| 1 Year | 5 Years | Since Inception (December 27, 2018) |
|---|
| Ocean Park Tactical Municipal Fund | | | |
| Without Load | 10.84% | 2.30% | 3.24% |
| With Load | 6.68% | 1.10% | 2.18% |
| Bloomberg Municipal Bond Index | 10.37% | 1.39% | 2.37% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$292,824,615
- Number of Portfolio Holdings30
- Advisory Fee (net of waivers)$2,141,495
- Portfolio Turnover52%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 28.5% |
| Money Market Funds | 6.5% |
| Open End Funds | 65.0% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -6.7% |
| Money Market Funds | 6.9% |
| Fixed Income | 99.8% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Nuveen High Yield Municipal Bond Fund, Class I | 18.9% |
| SPDR Nuveen Bloomberg High Yield Municipal Bond ETF | 10.7% |
| Invesco National AMT-Free Municipal Bond ETF | 10.1% |
| Nuveen Intermediate Duration Municipal Bond Fund, Class I | 9.9% |
| BlackRock Strategic Municipal Opportunities Fund, Institutional Class | 9.7% |
| JPMorgan National Municipal Income Fund, Class I | 7.3% |
| First American Government Obligations Fund, Class X | 6.9% |
| Russell Tax Exempt High Yield Bond Fund, Class S | 6.7% |
| BlackRock High Yield Municipal Fund, Institutional Class | 6.4% |
| VanEck High Yield Muni ETF | 5.8% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Municipal Fund”.
Ocean Park Tactical Municipal Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Municipal Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Municipal Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C Shares | $208 | 1.98% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. For the year ended September 30, 2024, the Fund underperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for fixed income as expectations that the Federal Reserve would start reducing interest rates increased.
The largest contributors by category to the Fund’s performance were High Yield Municipal Bond Funds, Long-Term Municipal Bond Funds and Intermediate-Term Municipal Bond Funds. State-specific Bond Funds also made a significant contribution to the Fund’s performance. There were no detractors against the Fund’s performance
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Municipal Fund | Bloomberg Municipal Bond Index |
|---|
| Sep-2019 | $10,000 | $10,000 |
| Sep-2019 | $9,958 | $9,965 |
| Sep-2020 | $9,938 | $10,372 |
| Sep-2021 | $10,538 | $10,645 |
| Sep-2022 | $9,911 | $9,421 |
| Sep-2023 | $9,780 | $9,672 |
| Sep-2024 | $10,753 | $10,675 |
Average Annual Total Returns
| 1 Year | 5 Years | Since Inception (September 10, 2019) |
|---|
| Ocean Park Tactical Municipal Fund | 9.95% | 1.55% | 1.45% |
| Bloomberg Municipal Bond Index | 10.37% | 1.39% | 1.30% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$292,824,615
- Number of Portfolio Holdings30
- Advisory Fee (net of waivers)$2,141,495
- Portfolio Turnover52%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 28.5% |
| Money Market Funds | 6.5% |
| Open End Funds | 65.0% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -6.7% |
| Money Market Funds | 6.9% |
| Fixed Income | 99.8% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Nuveen High Yield Municipal Bond Fund, Class I | 18.9% |
| SPDR Nuveen Bloomberg High Yield Municipal Bond ETF | 10.7% |
| Invesco National AMT-Free Municipal Bond ETF | 10.1% |
| Nuveen Intermediate Duration Municipal Bond Fund, Class I | 9.9% |
| BlackRock Strategic Municipal Opportunities Fund, Institutional Class | 9.7% |
| JPMorgan National Municipal Income Fund, Class I | 7.3% |
| First American Government Obligations Fund, Class X | 6.9% |
| Russell Tax Exempt High Yield Bond Fund, Class S | 6.7% |
| BlackRock High Yield Municipal Fund, Institutional Class | 6.4% |
| VanEck High Yield Muni ETF | 5.8% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Municipal Fund”.
Ocean Park Tactical Municipal Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Municipal Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Municipal Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor Class | $145 | 1.38% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. For the year ended September 30, 2024, the Fund outperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for fixed income as expectations that the Federal Reserve would start reducing interest rates increased.
The largest contributors by category to the Fund’s performance were High Yield Municipal Bond Funds, Long-Term Municipal Bond Funds and Intermediate-Term Municipal Bond Funds. State-specific Bond Funds also made a significant contribution to the Fund’s performance. There were no detractors against the Fund’s performance
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Municipal Fund | Bloomberg Municipal Bond Index |
|---|
| Dec-2018 | $10,000 | $10,000 |
| Sep-2019 | $10,685 | $10,682 |
| Sep-2020 | $10,717 | $11,119 |
| Sep-2021 | $11,431 | $11,411 |
| Sep-2022 | $10,816 | $10,099 |
| Sep-2023 | $10,734 | $10,368 |
| Sep-2024 | $11,881 | $11,443 |
Average Annual Total Returns
| 1 Year | 5 Years | Since Inception (December 27, 2018) |
|---|
| Ocean Park Tactical Municipal Fund | 10.69% | 2.15% | 3.04% |
| Bloomberg Municipal Bond Index | 10.37% | 1.39% | 2.37% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$292,824,615
- Number of Portfolio Holdings30
- Advisory Fee (net of waivers)$2,141,495
- Portfolio Turnover52%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 28.5% |
| Money Market Funds | 6.5% |
| Open End Funds | 65.0% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -6.7% |
| Money Market Funds | 6.9% |
| Fixed Income | 99.8% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Nuveen High Yield Municipal Bond Fund, Class I | 18.9% |
| SPDR Nuveen Bloomberg High Yield Municipal Bond ETF | 10.7% |
| Invesco National AMT-Free Municipal Bond ETF | 10.1% |
| Nuveen Intermediate Duration Municipal Bond Fund, Class I | 9.9% |
| BlackRock Strategic Municipal Opportunities Fund, Institutional Class | 9.7% |
| JPMorgan National Municipal Income Fund, Class I | 7.3% |
| First American Government Obligations Fund, Class X | 6.9% |
| Russell Tax Exempt High Yield Bond Fund, Class S | 6.7% |
| BlackRock High Yield Municipal Fund, Institutional Class | 6.4% |
| VanEck High Yield Muni ETF | 5.8% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Municipal Fund”.
Ocean Park Tactical Municipal Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Municipal Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Municipal Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Instl Class | $111 | 1.05% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. For the year ended September 30, 2024, the Fund outperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for fixed income as expectations that the Federal Reserve would start reducing interest rates increased.
The largest contributors by category to the Fund’s performance were High Yield Municipal Bond Funds, Long-Term Municipal Bond Funds and Intermediate-Term Municipal Bond Funds. State-specific Bond Funds also made a significant contribution to the Fund’s performance. There were no detractors against the Fund’s performance
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Municipal Fund | Bloomberg Municipal Bond Index |
|---|
| Dec-2018 | $10,000 | $10,000 |
| Sep-2019 | $10,716 | $10,682 |
| Sep-2020 | $10,796 | $11,119 |
| Sep-2021 | $11,558 | $11,411 |
| Sep-2022 | $10,975 | $10,099 |
| Sep-2023 | $10,931 | $10,368 |
| Sep-2024 | $12,135 | $11,443 |
Average Annual Total Returns
| 1 Year | 5 Years | Since Inception (December 27, 2018) |
|---|
| Ocean Park Tactical Municipal Fund | 11.01% | 2.52% | 3.42% |
| Bloomberg Municipal Bond Index | 10.37% | 1.39% | 2.37% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$292,824,615
- Number of Portfolio Holdings30
- Advisory Fee (net of waivers)$2,141,495
- Portfolio Turnover52%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 28.5% |
| Money Market Funds | 6.5% |
| Open End Funds | 65.0% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -6.7% |
| Money Market Funds | 6.9% |
| Fixed Income | 99.8% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Nuveen High Yield Municipal Bond Fund, Class I | 18.9% |
| SPDR Nuveen Bloomberg High Yield Municipal Bond ETF | 10.7% |
| Invesco National AMT-Free Municipal Bond ETF | 10.1% |
| Nuveen Intermediate Duration Municipal Bond Fund, Class I | 9.9% |
| BlackRock Strategic Municipal Opportunities Fund, Institutional Class | 9.7% |
| JPMorgan National Municipal Income Fund, Class I | 7.3% |
| First American Government Obligations Fund, Class X | 6.9% |
| Russell Tax Exempt High Yield Bond Fund, Class S | 6.7% |
| BlackRock High Yield Municipal Fund, Institutional Class | 6.4% |
| VanEck High Yield Muni ETF | 5.8% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Municipal Fund”.
Ocean Park Tactical Municipal Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Municipal Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Municipal Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Special Shares | $97 | 0.92% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. For the year ended September 30, 2024, the Fund outperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for fixed income as expectations that the Federal Reserve would start reducing interest rates increased.
The largest contributors by category to the Fund’s performance were High Yield Municipal Bond Funds, Long-Term Municipal Bond Funds and Intermediate-Term Municipal Bond Funds. State-specific Bond Funds also made a significant contribution to the Fund’s performance. There were no detractors against the Fund’s performance
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Municipal Fund | Bloomberg Municipal Bond Index |
|---|
| Dec-2018 | $10,000 | $10,000 |
| Sep-2019 | $10,734 | $10,682 |
| Sep-2020 | $10,821 | $11,119 |
| Sep-2021 | $11,594 | $11,411 |
| Sep-2022 | $11,023 | $10,099 |
| Sep-2023 | $10,989 | $10,368 |
| Sep-2024 | $12,218 | $11,443 |
Average Annual Total Returns
| 1 Year | 5 Years | Since Inception (December 27, 2018) |
|---|
| Ocean Park Tactical Municipal Fund | 11.18% | 2.62% | 3.54% |
| Bloomberg Municipal Bond Index | 10.37% | 1.39% | 2.37% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$292,824,615
- Number of Portfolio Holdings30
- Advisory Fee (net of waivers)$2,141,495
- Portfolio Turnover52%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 28.5% |
| Money Market Funds | 6.5% |
| Open End Funds | 65.0% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -6.7% |
| Money Market Funds | 6.9% |
| Fixed Income | 99.8% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Nuveen High Yield Municipal Bond Fund, Class I | 18.9% |
| SPDR Nuveen Bloomberg High Yield Municipal Bond ETF | 10.7% |
| Invesco National AMT-Free Municipal Bond ETF | 10.1% |
| Nuveen Intermediate Duration Municipal Bond Fund, Class I | 9.9% |
| BlackRock Strategic Municipal Opportunities Fund, Institutional Class | 9.7% |
| JPMorgan National Municipal Income Fund, Class I | 7.3% |
| First American Government Obligations Fund, Class X | 6.9% |
| Russell Tax Exempt High Yield Bond Fund, Class S | 6.7% |
| BlackRock High Yield Municipal Fund, Institutional Class | 6.4% |
| VanEck High Yield Muni ETF | 5.8% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Municipal Fund”.
Ocean Park Tactical Municipal Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Risk Spectrum 30 Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 30 Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
What were the Fund’s costs for the last year?
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Instl Class | $140 | 1.31% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for both equity and fixed income securities as expectations that the Federal Reserve would start reducing interest rates increased.
The largest contributors by category to the Fund’s performance were Domestic Equities, Multi-Sector Bonds, High Grade U.S. Bonds, Floating Rate Bonds, and International Equities. The detractors against the Fund’s performance were Commodity Funds and Currency Funds.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Risk Spectrum 30 Fund | Morningstar Conservative Target Risk Index |
|---|
| Sep-2022 | $10,000 | $10,000 |
| Sep-2023 | $10,163 | $10,455 |
| Sep-2024 | $11,505 | $12,017 |
Average Annual Total Returns
| 1 Year | Since Inception (September 30, 2022) |
|---|
| Ocean Park Tactical Risk Spectrum 30 Fund | 13.20% | 7.26% |
| Morningstar Conservative Target Risk Index | 14.94% | 9.62% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$37,323,732
- Number of Portfolio Holdings66
- Advisory Fee (net of waivers)$257,665
- Portfolio Turnover101%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 43.8% |
| Money Market Funds | 4.6% |
| Open End Funds | 51.6% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -4.5% |
| Money Market Funds | 4.8% |
| Alternative | 8.0% |
| Equity | 28.1% |
| Fixed Income | 63.6% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| iShares 20+ Year Treasury Bond ETF | 8.3% |
| PIMCO Income Fund, Institutional Class | 7.8% |
| PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 6.3% |
| iShares MSCI USA Min Vol Factor ETF | 6.3% |
| Schwab S&P 500 Index Fund | 6.3% |
| PIMCO Total Return Fund, Institutional Class | 5.9% |
| First American Government Obligations Fund, Class X | 4.8% |
| BlackRock Strategic Income Opportunities Portfolio, Institutional Class | 4.2% |
| BNY Mellon High Yield ETF | 2.9% |
| Medalist Partners MBS Total Return Fund, Institutional Class | 2.7% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Risk Spectrum 30 Fund”.
Ocean Park Tactical Risk Spectrum 30 Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Risk Spectrum 30 Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 30 Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
What were the Fund’s costs for the last year?
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor Class | $182 | 1.71% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for both equity and fixed income securities as expectations that the Federal Reserve would start reducing interest rates increased.
The largest contributors by category to the Fund’s performance were Domestic Equities, Multi-Sector Bonds, High Grade U.S. Bonds, Floating Rate Bonds, and International Equities. The detractors against the Fund’s performance were Commodity Funds and Currency Funds.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Risk Spectrum 30 Fund | Morningstar Conservative Target Risk Index |
|---|
| Sep-2022 | $10,000 | $10,000 |
| Sep-2023 | $10,163 | $10,455 |
| Sep-2024 | $11,493 | $12,017 |
Average Annual Total Returns
| 1 Year | Since Inception (September 30, 2022) |
|---|
| Ocean Park Tactical Risk Spectrum 30 Fund | 13.08% | 7.21% |
| Morningstar Conservative Target Risk Index | 14.94% | 9.62% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$37,323,732
- Number of Portfolio Holdings66
- Advisory Fee (net of waivers)$257,665
- Portfolio Turnover101%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 43.8% |
| Money Market Funds | 4.6% |
| Open End Funds | 51.6% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -4.5% |
| Money Market Funds | 4.8% |
| Alternative | 8.0% |
| Equity | 28.1% |
| Fixed Income | 63.6% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| iShares 20+ Year Treasury Bond ETF | 8.3% |
| PIMCO Income Fund, Institutional Class | 7.8% |
| PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 6.3% |
| iShares MSCI USA Min Vol Factor ETF | 6.3% |
| Schwab S&P 500 Index Fund | 6.3% |
| PIMCO Total Return Fund, Institutional Class | 5.9% |
| First American Government Obligations Fund, Class X | 4.8% |
| BlackRock Strategic Income Opportunities Portfolio, Institutional Class | 4.2% |
| BNY Mellon High Yield ETF | 2.9% |
| Medalist Partners MBS Total Return Fund, Institutional Class | 2.7% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Risk Spectrum 30 Fund”.
Ocean Park Tactical Risk Spectrum 30 Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Risk Spectrum 50 Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 50 Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A Shares | $168 | 1.56% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for both equity and fixed income securities as expectations that the Federal Reserve would start reducing interest rates increased.
The largest contributors by category to the Fund’s performance were Domestic Equities, International Equities, High-Grade US Bonds, Multi-Sector Bonds, and Preferred Equities. The detractors against the Fund’s performance were Commodity Funds and Currency Funds.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Risk Spectrum 50 Fund | Morningstar Moderately Conservative Target Risk Index |
|---|
| May-2021 | $9,423 | $10,000 |
| Sep-2021 | $9,346 | $10,049 |
| Sep-2022 | $8,319 | $8,375 |
| Sep-2023 | $8,596 | $9,064 |
| Sep-2024 | $9,891 | $10,743 |
Average Annual Total Returns
| 1 Year | Since Inception (May 26, 2021) |
|---|
| Ocean Park Tactical Risk Spectrum 50 Fund | | |
| Without Load | 15.06% | 1.46% |
| With Load | 10.72% | -0.33% |
| Morningstar Moderately Conservative Target Risk Index | 18.53% | 2.16% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$355,969,587
- Number of Portfolio Holdings71
- Advisory Fee (net of waivers)$3,887,964
- Portfolio Turnover115%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 45.8% |
| Money Market Funds | 6.3% |
| Open End Funds | 47.9% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -6.7% |
| Alternative | 4.1% |
| Money Market Funds | 6.7% |
| Fixed Income | 47.8% |
| Equity | 48.1% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Schwab S&P 500 Index Fund | 12.0% |
| iShares MSCI USA Min Vol Factor ETF | 10.9% |
| PIMCO Income Fund, Institutional Class | 7.4% |
| First American Government Obligations Fund, Class X | 6.7% |
| iShares 20+ Year Treasury Bond ETF | 6.5% |
| PIMCO Investment Grade Credit Bond Fund, Institutional Class | 4.5% |
| SPDR Bloomberg High Yield Bond ETF | 3.9% |
| PIMCO Total Return Fund, Institutional Class | 3.6% |
| iShares MSCI USA Quality Factor ETF | 3.4% |
| Causeway International Value Fund, Class I | 2.9% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Risk Spectrum 50 Fund”.
Ocean Park Tactical Risk Spectrum 50 Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Risk Spectrum 50 Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 50 Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C Shares | $247 | 2.31% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for both equity and fixed income securities as expectations that the Federal Reserve would start reducing interest rates increased.
The largest contributors by category to the Fund’s performance were Domestic Equities, International Equities, High-Grade US Bonds, Multi-Sector Bonds, and Preferred Equities. The detractors against the Fund’s performance were Commodity Funds and Currency Funds.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Risk Spectrum 50 Fund | Morningstar Moderately Conservative Target Risk Index |
|---|
| May-2021 | $10,000 | $10,000 |
| Sep-2021 | $9,895 | $10,049 |
| Sep-2022 | $8,741 | $8,375 |
| Sep-2023 | $8,967 | $9,064 |
| Sep-2024 | $10,243 | $10,743 |
Average Annual Total Returns
| 1 Year | Since Inception (May 26, 2021) |
|---|
| Ocean Park Tactical Risk Spectrum 50 Fund | 14.23% | 0.72% |
| Morningstar Moderately Conservative Target Risk Index | 18.53% | 2.16% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$355,969,587
- Number of Portfolio Holdings71
- Advisory Fee (net of waivers)$3,887,964
- Portfolio Turnover115%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 45.8% |
| Money Market Funds | 6.3% |
| Open End Funds | 47.9% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -6.7% |
| Alternative | 4.1% |
| Money Market Funds | 6.7% |
| Fixed Income | 47.8% |
| Equity | 48.1% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Schwab S&P 500 Index Fund | 12.0% |
| iShares MSCI USA Min Vol Factor ETF | 10.9% |
| PIMCO Income Fund, Institutional Class | 7.4% |
| First American Government Obligations Fund, Class X | 6.7% |
| iShares 20+ Year Treasury Bond ETF | 6.5% |
| PIMCO Investment Grade Credit Bond Fund, Institutional Class | 4.5% |
| SPDR Bloomberg High Yield Bond ETF | 3.9% |
| PIMCO Total Return Fund, Institutional Class | 3.6% |
| iShares MSCI USA Quality Factor ETF | 3.4% |
| Causeway International Value Fund, Class I | 2.9% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Risk Spectrum 50 Fund”.
Ocean Park Tactical Risk Spectrum 50 Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Risk Spectrum 50 Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 50 Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Instl Class | $141 | 1.31% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for both equity and fixed income securities as expectations that the Federal Reserve would start reducing interest rates increased.
The largest contributors by category to the Fund’s performance were Domestic Equities, International Equities, High-Grade US Bonds, Multi-Sector Bonds, and Preferred Equities. The detractors against the Fund’s performance were Commodity Funds and Currency Funds.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Risk Spectrum 50 Fund | Morningstar Moderately Conservative Target Risk Index |
|---|
| May-2021 | $10,000 | $10,000 |
| Sep-2021 | $9,924 | $10,049 |
| Sep-2022 | $8,857 | $8,375 |
| Sep-2023 | $9,176 | $9,064 |
| Sep-2024 | $10,579 | $10,743 |
Average Annual Total Returns
| 1 Year | Since Inception (May 26, 2021) |
|---|
| Ocean Park Tactical Risk Spectrum 50 Fund | 15.29% | 1.70% |
| Morningstar Moderately Conservative Target Risk Index | 18.53% | 2.16% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$355,969,587
- Number of Portfolio Holdings71
- Advisory Fee (net of waivers)$3,887,964
- Portfolio Turnover115%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 45.8% |
| Money Market Funds | 6.3% |
| Open End Funds | 47.9% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -6.7% |
| Alternative | 4.1% |
| Money Market Funds | 6.7% |
| Fixed Income | 47.8% |
| Equity | 48.1% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Schwab S&P 500 Index Fund | 12.0% |
| iShares MSCI USA Min Vol Factor ETF | 10.9% |
| PIMCO Income Fund, Institutional Class | 7.4% |
| First American Government Obligations Fund, Class X | 6.7% |
| iShares 20+ Year Treasury Bond ETF | 6.5% |
| PIMCO Investment Grade Credit Bond Fund, Institutional Class | 4.5% |
| SPDR Bloomberg High Yield Bond ETF | 3.9% |
| PIMCO Total Return Fund, Institutional Class | 3.6% |
| iShares MSCI USA Quality Factor ETF | 3.4% |
| Causeway International Value Fund, Class I | 2.9% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Risk Spectrum 50 Fund”.
Ocean Park Tactical Risk Spectrum 50 Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Risk Spectrum 50 Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 50 Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor Class | $184 | 1.71% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for both equity and fixed income securities as expectations that the Federal Reserve would start reducing interest rates increased.
The largest contributors by category to the Fund’s performance were Domestic Equities, International Equities, High-Grade US Bonds, Multi-Sector Bonds, and Preferred Equities. The detractors against the Fund’s performance were Commodity Funds and Currency Funds.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Risk Spectrum 50 Fund | Morningstar Moderately Conservative Target Risk Index |
|---|
| May-2021 | $10,000 | $10,000 |
| Sep-2021 | $9,912 | $10,049 |
| Sep-2022 | $8,810 | $8,375 |
| Sep-2023 | $9,089 | $9,064 |
| Sep-2024 | $10,452 | $10,743 |
Average Annual Total Returns
| 1 Year | Since Inception (May 26, 2021) |
|---|
| Ocean Park Tactical Risk Spectrum 50 Fund | 15.00% | 1.33% |
| Morningstar Moderately Conservative Target Risk Index | 18.53% | 2.16% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$355,969,587
- Number of Portfolio Holdings71
- Advisory Fee (net of waivers)$3,887,964
- Portfolio Turnover115%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 45.8% |
| Money Market Funds | 6.3% |
| Open End Funds | 47.9% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -6.7% |
| Alternative | 4.1% |
| Money Market Funds | 6.7% |
| Fixed Income | 47.8% |
| Equity | 48.1% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| Schwab S&P 500 Index Fund | 12.0% |
| iShares MSCI USA Min Vol Factor ETF | 10.9% |
| PIMCO Income Fund, Institutional Class | 7.4% |
| First American Government Obligations Fund, Class X | 6.7% |
| iShares 20+ Year Treasury Bond ETF | 6.5% |
| PIMCO Investment Grade Credit Bond Fund, Institutional Class | 4.5% |
| SPDR Bloomberg High Yield Bond ETF | 3.9% |
| PIMCO Total Return Fund, Institutional Class | 3.6% |
| iShares MSCI USA Quality Factor ETF | 3.4% |
| Causeway International Value Fund, Class I | 2.9% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Risk Spectrum 50 Fund”.
Ocean Park Tactical Risk Spectrum 50 Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Risk Spectrum 70 Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 70 Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Instl Class | $142 | 1.31% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for both equity and fixed income securities as expectations that the Federal Reserve would start reducing interest rates increased.
The largest contributors by category to the Fund’s performance were Domestic Equities, International Equities, Preferred Equities, Multi-Sector Bonds, High-Grade U.S. Bonds, and High Yield Corporate Bonds. The detractors against the Fund’s performance were Commodity Funds and Currency Funds.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Risk Spectrum 70 Fund | Morningstar Moderate Target Risk Index |
|---|
| Mar-2023 | $10,000 | $10,000 |
| Sep-2023 | $10,045 | $9,911 |
| Sep-2024 | $11,729 | $12,096 |
Average Annual Total Returns
| 1 Year | Since Inception (March 31, 2023) |
|---|
| Ocean Park Tactical Risk Spectrum 70 Fund | 16.77% | 11.21% |
| Morningstar Moderate Target Risk Index | 22.04% | 13.51% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$48,017,097
- Number of Portfolio Holdings64
- Advisory Fee (net of waivers)$207,950
- Portfolio Turnover113%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 66.0% |
| Money Market Funds | 9.2% |
| Open End Funds | 24.8% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -8.0% |
| Alternative | 2.2% |
| Money Market Funds | 9.9% |
| Fixed Income | 27.7% |
| Equity | 68.2% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| iShares MSCI USA Min Vol Factor ETF | 13.5% |
| First American Government Obligations Fund, Class X | 9.9% |
| Schwab S&P 500 Index Fund | 9.6% |
| iShares MSCI EAFE Min Vol Factor ETF | 4.2% |
| iShares 20+ Year Treasury Bond ETF | 3.6% |
| Vanguard S&P 500 ETF | 3.2% |
| Vanguard Small-Cap Value ETF | 3.2% |
| Consumer Staples Select Sector SPDR Fund | 2.9% |
| iShares U.S. Real Estate ETF | 2.8% |
| iShares Core S&P Small-Cap ETF | 2.7% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Risk Spectrum 70 Fund”.
Ocean Park Tactical Risk Spectrum 70 Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Ocean Park Tactical Risk Spectrum 70 Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about Ocean Park Tactical Risk Spectrum 70 Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.oceanparkmutualfunds.com/. You can also request this information by contacting us at 1-866-738-4363. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor Class | $185 | 1.71% |
How did the Fund perform during the reporting period?
For the year ended September 30, 2024, the Fund’s return was positive. The Fund underperformed its primary benchmark.
During the period, moderating inflation and the resilient growth of the US economy were strong catalysts for both equity and fixed income securities as expectations that the Federal Reserve would start reducing interest rates increased.
The largest contributors by category to the Fund’s performance were Domestic Equities, International Equities, Preferred Equities, Multi-Sector Bonds, High-Grade U.S. Bonds, and High Yield Corporate Bonds. The detractors against the Fund’s performance were Commodity Funds and Currency Funds.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Ocean Park Tactical Risk Spectrum 70 Fund | Morningstar Moderate Target Risk Index |
|---|
| Mar-2023 | $10,000 | $10,000 |
| Sep-2023 | $10,023 | $9,911 |
| Sep-2024 | $11,637 | $12,096 |
Average Annual Total Returns
| 1 Year | Since Inception (March 31, 2023) |
|---|
| Ocean Park Tactical Risk Spectrum 70 Fund | 16.10% | 10.63% |
| Morningstar Moderate Target Risk Index | 22.04% | 13.51% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
- Net Assets$48,017,097
- Number of Portfolio Holdings64
- Advisory Fee (net of waivers)$207,950
- Portfolio Turnover113%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 66.0% |
| Money Market Funds | 9.2% |
| Open End Funds | 24.8% |
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -8.0% |
| Alternative | 2.2% |
| Money Market Funds | 9.9% |
| Fixed Income | 27.7% |
| Equity | 68.2% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| iShares MSCI USA Min Vol Factor ETF | 13.5% |
| First American Government Obligations Fund, Class X | 9.9% |
| Schwab S&P 500 Index Fund | 9.6% |
| iShares MSCI EAFE Min Vol Factor ETF | 4.2% |
| iShares 20+ Year Treasury Bond ETF | 3.6% |
| Vanguard S&P 500 ETF | 3.2% |
| Vanguard Small-Cap Value ETF | 3.2% |
| Consumer Staples Select Sector SPDR Fund | 2.9% |
| iShares U.S. Real Estate ETF | 2.8% |
| iShares Core S&P Small-Cap ETF | 2.7% |
This is a summary of certain changes to the Fund since October 1, 2023. For more complete information, you may review the Fund’s prospectus dated January 29, 2024 or call us at 1-866-738-4363. Effective July 1, 2024, Douglas A. Loeffler, CFA , no longer serves as a portfolio manager for the Fund. Also, effective July 1, 2024, James St. Aubin, CFA, CAIA was added as a portfolio manager. Effective October 1, 2024, the Fund’s name changed to “Ocean Park Tactical Risk Spectrum 70 Fund”.
Ocean Park Tactical Risk Spectrum 70 Fund
Annual Shareholder Report - September 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( https://www.oceanparkmutualfunds.com/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
(b) Not applicable
Item 2. Code of Ethics.
| (a) | The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
| | |
| (b) | N/A |
| | |
| (c) | During the period covered by this report, there were no amendments to any provision of the code of ethics. |
| | |
| (d) | During the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics. |
| | |
| (e) | N/A |
| | |
| (f) | See Item 19(a)(1) |
Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant’s board of trustees has determined that Mark Gersten, Anthony J. Hertl, and Mark H. Taylor are audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Gersten, Mr. Hertl and Mr. Taylor are independent for purposes of this Item.
(a)(2) Not applicable.
(a)(3) Not applicable.
Item 4. Principal Accountant Fees and Services.
| (a) | Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant’s principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows: |
| | | 2024 - $129,700 |
| | | 2023 - $99,480 |
| (b) | Audit-Related Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this item. |
| (c) | Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows: |
| | | 2024 – $24,000 |
| | | 2023 – $21,000 |
Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.
| (d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant’s principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended September 30, 2023, and 2024 respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| | |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| | |
| (f) | Not applicable. The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was zero percent (0%). |
| | |
| (g) | All non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant for the fiscal years ended September 30, 2023, and 2024 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant’s principal accountant for the registrant’s adviser. |
| | |
| (h) | Not applicable. |
| | |
| (i) | Not applicable. |
| | |
| (j) | Not applicable. |
Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.
Item 6. Schedule of Investments. The Registrant’s schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a)
OCEAN PARK TACTICAL ALL ASSET FUND
(formerly known as Sierra Tactical All Asset Fund)
OCEAN PARK TACTICAL CORE INCOME FUND
(formerly known as Sierra Tactical Core Income Fund)
OCEAN PARK TACTICAL MUNICIPAL FUND
(formerly known as Sierra Tactical Municipal Fund)
OCEAN PARK TACTICAL BOND FUND
(formerly known as Sierra Tactical Bond Fund)
OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND
(formerly known as Sierra Tactical Risk Spectrum 50 Fund)
OCEAN PARK TACTICAL RISK SPECTRUM 30 FUND
(formerly known as Sierra Tactical Risk Spectrum 30 Fund)
OCEAN PARK TACTICAL RISK SPECTRUM 70 FUND
(formerly known as Sierra Tactical Risk Spectrum 70 Fund)
OCEAN PARK TACTICAL CORE GROWTH FUND
(formerly known as Sierra Tactical Core Growth Fund)
Annual Financial Statements
September 30, 2024
1-866-738-4363
www.oceanparkam.com
| OCEAN PARK TACTICAL ALL ASSET FUND |
| SCHEDULE OF INVESTMENTS |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | EXCHANGE-TRADED FUNDS — 47.0% | | | | |
| | | | | ALTERNATIVE - 2.0% | | | | |
| | 491,000 | | | First Trust Tcw Unconstrained Plus Bond ETF | | $ | 12,338,830 | |
| | | | | | | | | |
| | | | | EQUITY - 19.8% | | | | |
| | 81,700 | | | Financial Select Sector SPDR Fund | | | 3,702,644 | |
| | 198,900 | | | iShares MSCI Emerging Markets Min Vol Factor ETF | | | 12,471,030 | |
| | 125,300 | | | iShares MSCI USA Min Vol Factor ETF | | | 11,441,143 | |
| | 48,600 | | | iShares MSCI USA Quality Factor ETF | | | 8,713,980 | |
| | 12,700 | | | iShares U.S. Aerospace & Defense ETF(a) | | | 1,900,428 | |
| | 127,700 | | | iShares U.S. Real Estate ETF (a) | | | 13,008,799 | |
| | 163,900 | | | JPMorgan Equity Premium Income ETF | | | 9,753,689 | |
| | 39,000 | | | SPDR Dow Jones Industrial Average ETF Trust(a) | | | 16,501,680 | |
| | 116,400 | | | SPDR S&P Regional Banking ETF(a) | | | 6,588,240 | |
| | 16,800 | | | Vanguard S&P 500 ETF | | | 8,864,856 | |
| | 28,600 | | | Vanguard Small-Cap Value ETF | | | 5,742,308 | |
| | 39,800 | | | Vanguard Value ETF | | | 6,947,886 | |
| | 350,700 | | | WisdomTree India Earnings Fund(c) | | | 17,696,322 | |
| | | | | | | | 123,333,005 | |
| | | | | FIXED INCOME - 25.2% | | | | |
| | 215,900 | | | First Trust Preferred Securities and Income ETF | | | 3,907,790 | |
| | 575,400 | | | Invesco Senior Loan ETF | | | 12,089,154 | |
| | 644,000 | | | iShares 20+ Year Treasury Bond ETF | | | 63,176,400 | |
| | 258,900 | | | iShares Preferred and Income Securities ETF(a) | | | 8,603,247 | |
| | 265,600 | | | SPDR Blackstone Senior Loan ETF | | | 11,091,456 | |
| | 99,700 | | | SPDR Bloomberg Convertible Securities ETF | | | 7,636,023 | |
| | 318,900 | | | SPDR Bloomberg High Yield Bond ETF(a) | | | 31,185,231 | |
| | 784,200 | | | SPDR Portfolio High Yield Bond ETF(a) | | | 18,860,010 | |
| | | | | | | | 156,549,311 | |
| | | | | | | | | |
| | | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $270,896,440) | | | 292,221,146 | |
| | | | | | | | | |
| | | | | OPEN END FUNDS — 52.9% | | | | |
| | | | | ALTERNATIVE - 3.1% | | | | |
| | 1,121,305 | | | DoubleLine Flexible Income Fund, Class I | | | 9,788,991 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL ALL ASSET FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | OPEN END FUNDS — 52.9% (Continued) | | | | |
| | | | | ALTERNATIVE - 3.1% (Continued) | | | | |
| | 482,419 | | | JPMorgan Hedged Equity 3 Fund, Class I | | $ | 9,204,560 | |
| | 1 | | | JPMorgan Hedged Equity Fund, Class I | | | 33 | |
| | | | | | | | 18,993,584 | |
| | | | | EQUITY - 6.3% | | | | |
| | 1 | | | JPMorgan Emerging Markets Equity Fund, Class I | | | 34 | |
| | 402,316 | | | Schwab S&P 500 Index Fund | | | 35,890,628 | |
| | 35,857 | | | Smead Value Fund, Institutional Class | | | 3,041,014 | |
| | | | | | | | 38,931,676 | |
| | | | | FIXED INCOME - 43.5% | | | | |
| | 2,159 | | | American Century High Income Fund, Class I | | | 18,956 | |
| | 939 | | | BlackRock Floating Rate Income Portfolio, Institutional Class | | | 9,081 | |
| | 6 | | | BlackRock High Yield Municipal Fund, Institutional Class | | | 55 | |
| | 6,553 | | | BlackRock National Municipal Fund, Institutional Class | | | 67,101 | |
| | 1,206,505 | | | Blackrock Series Fund V-BlackRock High Yield, Institutional Class | | | 8,723,034 | |
| | 3,403,134 | | | BlackRock Strategic Income Opportunities Portfolio, Institutional Class | | | 32,840,239 | |
| | 2,836 | | | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | | | 30,397 | |
| | 518,961 | | | DoubleLine Emerging Markets Fixed Income Fund, Class I | | | 4,738,114 | |
| | 1 | | | JPMorgan Emerging Markets Debt Fund, Class I | | | 7 | |
| | 3,681 | | | JPMorgan Income Fund, Class I | | | 31,621 | |
| | 138,855 | | | MassMutual Global Floating Rate Fund, Class Y | | | 1,219,146 | |
| | 6 | | | Metropolitan West High Yield Bond Fund, Class I | | | 52 | |
| | 2,829 | | | Metropolitan West Total Return Bond Fund, Class I | | | 26,391 | |
| | 3,136 | | | Neuberger Berman Strategic Income Fund, Class I | | | 31,673 | |
| | 1,939 | | | Nuveen All-American Municipal Bond Fund, Class I | | | 20,064 | |
| | 7,110 | | | Nuveen Bond Index Fund, Institutional Class | | | 70,242 | |
| | 2,212 | | | Nuveen California Municipal Bond Fund, Class I | | | 22,714 | |
| | 5,263 | | | Nuveen High Yield Municipal Bond Fund, Class I | | | 79,526 | |
| | 2,282 | | | Nuveen Preferred Securities Fund, Class I | | | 36,078 | |
| | 3,599 | | | Nuveen Short Duration High Yield Municipal Bond, Class I | | | 35,020 | |
| | 3,441 | | | Nuveen Strategic Income Fund, Class I | | | 34,649 | |
| | 3,362 | | | PIMCO Diversified Income Fund, Institutional Class | | | 33,117 | |
| | 5,286 | | | PIMCO Emerging Markets Bond Fund, Institutional Class | | | 46,306 | |
| | 4,238 | | | PIMCO Emerging Markets Local Currency and Bond, Institutional Class | | | 25,766 | |
| | 0 | (f) | | PIMCO High Yield Fund, Institutional Class | | | 0 | (g) |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL ALL ASSET FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | OPEN END FUNDS — 52.9% (Continued) | | | | |
| | | | | FIXED INCOME - 43.5% (Continued) | | | | |
| | 23 | | | PIMCO High Yield Municipal Bond Fund, Institutional Class | | $ | 202 | |
| | 6,266,053 | | | PIMCO Income Fund Institutional Class, Institutional Class | | | 67,610,709 | |
| | 2,952,837 | | | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | | | 29,528,367 | |
| | 3,986,742 | | | PIMCO Investment Grade Credit Bond Fund, Institutional Class | | | 36,877,365 | |
| | 8 | | | PIMCO Long-Term Credit Bond Fund, Institutional Class | | | 73 | |
| | 1,296 | | | PIMCO Real Return Fund, Institutional Class | | | 13,377 | |
| | 7,012,748 | | | PIMCO Total Return Fund, Institutional Class | | | 61,992,689 | |
| | 1,503,434 | | | Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | | | 14,042,077 | |
| | 2,811 | | | Putnam Ultra Short Duration Income Fund, Class Y | | | 28,533 | |
| | 9,116 | | | TCW Emerging Markets Income Fund, Class I | | | 61,533 | |
| | 1,311,643 | | | Voya Securitized Credit Fund, Class I | | | 12,513,071 | |
| | | | | | | | 270,807,345 | |
| | | | | MIXED ALLOCATION - 0.0%(d) | | | | |
| | 1,575 | | | Nuveen Real Asset Income Fund, Class I | | | 35,221 | |
| | | | | | | | | |
| | | | | TOTAL OPEN END FUNDS (Cost $302,497,863) | | | 328,767,826 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL ALL ASSET FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | SHORT-TERM INVESTMENTS — 9.4% | | | | |
| | | | | COLLATERAL FOR SECURITIES LOANED - 9.3% | | | | |
| | 58,045,608 | | | First American Government Obligations Fund, Class X, 4.82%(b)(e) (Cost $58,045,608) | | $ | 58,045,608 | |
| | | | | | | | | |
| | | | | MONEY MARKET FUND – 0.1% | | | | |
| | 786,541 | | | First American Government Obligations Fund, Class X, 4.82%(e)(Cost $786,541) | | | 786,541 | |
| | | | | | | | | |
| | | | | TOTAL SHORT-TERM INVESTMENTS (Cost $58,832,149) | | | 58,832,149 | |
| | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 109.3% (Cost $632,226,452) | | $ | 679,821,121 | |
| | | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (9.3)% | | | (57,922,384 | ) |
| | | | | NET ASSETS - 100.0% | | $ | 621,898,737 | |
| ETF | - Exchange-Traded Fund |
| | |
| MSCI | - Morgan Stanley Capital International |
| | |
| SPDR | - Standard & Poor’s Depositary Receipt |
| (a) | All or a portion of the security is on loan. The total value of the securities on loan was $56,853,927, as of September 30, 2024. |
| | |
| (b) | Security was purchased with cash received as collateral for securities on loan at September 30, 2024. Total collateral had a value of $58,045,608 at September 30, 2024. |
| | |
| (c) | Non-income producing security. |
| | |
| (d) | Percentage rounds to less than 0.1%. |
| | |
| (e) | Rate disclosed is the seven day effective yield as of September 30, 2024. |
| | |
| (f) | Less than one share. |
| | |
| (g) | Less than $1 USD. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL CORE INCOME FUND |
| SCHEDULE OF INVESTMENTS |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | EXCHANGE-TRADED FUNDS — 36.1% | | | | |
| | | | | FIXED INCOME - 36.1% | | | | |
| | 1,141,400 | | | First Trust Preferred Securities and Income ETF(a) | | $ | 20,659,340 | |
| | 193,900 | | | FlexShares High Yield Value-Scored Bond Index Fund | | | 8,078,844 | |
| | 978,700 | | | Global X US Preferred ETF(a) | | | 20,337,386 | |
| | 1,251,000 | | | Invesco Preferred ETF(a) | | | 15,449,850 | |
| | 395,900 | | | Invesco Variable Rate Preferred ETF | | | 9,683,714 | |
| | 110,800 | | | iShares 10-20 Year Treasury Bond ETF | | | 12,113,764 | |
| | 1,755,100 | | | iShares 20+ Year Treasury Bond ETF | | | 172,175,310 | |
| | 268,600 | | | iShares Convertible Bond ETF(a) | | | 22,473,762 | |
| | 170,300 | | | iShares J.P. Morgan USD Emerging Markets Bond ETF(a) | | | 15,936,674 | |
| | 93,500 | | | PIMCO Active Bond ETF | | | 8,846,035 | |
| | 408,400 | | | SPDR Bloomberg Convertible Securities ETF(a) | | | 31,279,356 | |
| | 1,617,500 | | | SPDR Bloomberg High Yield Bond ETF(a) | | | 158,175,325 | |
| | 868,600 | | | SPDR Portfolio High Yield Bond ETF | | | 20,889,830 | |
| | 321,600 | | | VanEck J. P. Morgan EM Local Currency Bond ETF(a) | | | 8,168,640 | |
| | 285,600 | | | VanEck Vectors Preferred Securities ex Financials | | | 5,215,056 | |
| | 221,700 | | | Vanguard Long-Term Corporate Bond ETF(a) | | | 18,008,691 | |
| | | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $523,737,494) | | | 547,491,577 | |
| | | | | | | | | |
| | | | | OPEN END FUNDS — 64.9% | | | | |
| | | | | ALTERNATIVE - 5.8% | | | | |
| | 5,640,650 | | | BlackRock Systematic Multi-Strategy Fund, Institutional Class | | | 60,693,393 | |
| | 2,525,998 | | | Metropolitan West Unconstrained Bond Fund, Class I | | | 26,548,242 | |
| | 59,619 | | | Victory Market Neutral Income Fund, Class I | | | 504,377 | |
| | | | | | | | 87,746,012 | |
| | | | | FIXED INCOME - 59.1% | | | | |
| | 9,710 | | | Allspring Municipal Bond Fund, Institutional Class | | | 96,133 | |
| | 5,521 | | | American Century High Income Fund, Class I | | | 48,470 | |
| | 11,008 | | | Angel Oak Multi-Strategy Income Fund, Institutional Class | | | 96,650 | |
| | 1,002,895 | | | Aristotle Floating Rate Income Fund, Class I | | | 9,517,470 | |
| | 1,627,167 | | | BlackRock Floating Rate Income Portfolio, Institutional Class | | | 15,734,709 | |
| | 51 | | | BlackRock High Yield Municipal Fund, Institutional Class | | | 477 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL CORE INCOME FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | OPEN END FUNDS — 64.9% (Continued) | | | | |
| | | | | FIXED INCOME - 59.1% (Continued) | | | | |
| | 18,700 | | | BlackRock National Municipal Fund, Institutional Class | | $ | 191,487 | |
| | 2,884 | | | BlackRock New York Municipal Opportunities Fund, Institutional Class | | | 31,088 | |
| | 4,453,248 | | | Blackrock Series Fund V-BlackRock High Yield, Institutional Class | | | 32,196,981 | |
| | 9,692,083 | | | BlackRock Strategic Income Opportunities Portfolio, Institutional Class | | | 93,528,596 | |
| | 7,989 | | | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | | | 85,644 | |
| | 5,109,031 | | | Credit Suisse Floating Rate High Income Fund, Institutional Class | | | 32,237,988 | |
| | 670 | | | Fidelity Capital & Income Fund, Class I | | | 6,823 | |
| | 1 | | | JPMorgan Emerging Markets Debt Fund, Class I | | | 7 | |
| | 11,858 | | | JPMorgan Income Fund, Class I | | | 101,859 | |
| | 357,539 | | | Leader Capital High Quality Income Fund, Institutional Class | | | 3,997,283 | |
| | 1,222 | | | Medalist Partners MBS Total Return Fund, Institutional Class | | | 10,411 | |
| | 11,491 | | | Metropolitan West Total Return Bond Fund, Class I | | | 107,207 | |
| | 511,968 | | | Neuberger Berman Floating Rate Income Fund, Class I | | | 4,812,502 | |
| | 9,778 | | | Neuberger Berman Strategic Income Fund, Class I | | | 98,759 | |
| | 9,565 | | | Nuveen All-American Municipal Bond Fund, Class I | | | 98,994 | |
| | 22,715 | | | Nuveen Bond Index Fund, Institutional Class | | | 224,423 | |
| | 6,751,657 | | | Nuveen High Yield Municipal Bond Fund, Class I | | | 102,017,533 | |
| | 1,899 | | | Nuveen Intermediate Duration Municipal Bond Fund, Class I | | | 17,035 | |
| | 1,504,602 | | | Nuveen Preferred Securities Fund, Class I | | | 23,787,752 | |
| | 10,155 | | | Nuveen Short Duration High Yield Municipal Bond, Class I | | | 98,805 | |
| | 32 | | | Nuveen Strategic Income Fund, Class I | | | 324 | |
| | 884,796 | | | PGIM Floating Rate Income Fund, Class Z | | | 8,060,488 | |
| | 10,410 | | | PIMCO Diversified Income Fund, Institutional Class | | | 102,539 | |
| | 3,427,804 | | | PIMCO Dynamic Bond Fund, Institutional Class | | | 34,209,482 | |
| | 13,033 | | | PIMCO Emerging Markets Bond Fund, Institutional Class | | | 114,171 | |
| | 9,628 | | | PIMCO Emerging Markets Local Currency and Bond, Institutional Class | | | 58,541 | |
| | 15,900 | | | PIMCO High Yield Municipal Bond Fund, Institutional Class | | | 138,334 | |
| | 17,710,215 | | | PIMCO Income Fund Institutional Class, Institutional Class | | | 191,093,214 | |
| | 7,412,194 | | | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | | | 74,121,942 | |
| | 487 | | | PIMCO International Bond Fund Unhedged, Institutional Class | | | 3,811 | |
| | 6,249,516 | | | PIMCO Investment Grade Credit Bond Fund, Institutional Class | | | 57,808,026 | |
| | 5,026 | | | PIMCO Long-Term Credit Bond Fund, Institutional Class | | | 46,940 | |
| | 729 | | | PIMCO Low Duration Income Fund, Institutional Class | | | 5,940 | |
| | 3,950 | | | PIMCO Real Return Fund, Institutional Class | | | 40,766 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL CORE INCOME FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | | | |
| | | | | OPEN END FUNDS — 64.9% (Continued) | | | | |
| | | | | | | | | |
| | | | | FIXED INCOME - 59.1% (Continued) | | | | |
| | 16,000,016 | | | PIMCO Total Return Fund Institutional Class, Institutional Class | | $ | 141,440,145 | |
| | 4,458,295 | | | Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | | | 41,640,480 | |
| | 6,192 | | | Putnam Ultra Short Duration Income Fund, Class Y | | | 62,849 | |
| | 1,418,860 | | | RiverNorth/DoubleLine Strategic Income Fund, Class I | | | 12,840,681 | |
| | 16,051 | | | TCW Emerging Markets Income Fund, Class I | | | 108,345 | |
| | 1,993,033 | | | TCW Securitized Bond Fund, Class I | | | 16,263,148 | |
| | 1,207 | | | Thornburg Strategic Income Fund, Class I | | | 14,066 | |
| | | | | | | | 897,319,318 | |
| | | | | | | | | |
| | | | | TOTAL OPEN END FUNDS (Cost $923,747,264) | | | 985,065,330 | |
| | | | | | | | | |
| | | | | SHORT-TERM INVESTMENTS — 10.4% | | | | |
| | | | | COLLATERAL FOR SECURITIES LOANED - 10.2% | | | | |
| | 154,578,852 | | | First American Government Obligations Fund, Class X, 4.82%(c) (Cost $154,578,852) | | | 154,578,852 | |
| | | | | | | | | |
| | | | | MONEY MARKET FUND - 0.2% | | | | |
| | 2,505,426 | | | First American Government Obligations Fund, Class X, 4.82%(b)(c) (Cost $2,505,426) | | | 2,505,426 | |
| | | | | | | | | |
| | | | | TOTAL SHORT-TERM INVESTMENTS (Cost $157,084,278) | | | 157,084,278 | |
| | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 111.4% (Cost $1,604,569,036) | | $ | 1,689,641,185 | |
| | | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (11.4)% | | | (172,500,656 | ) |
| | | | | NET ASSETS - 100.0% | | $ | 1,517,140,529 | |
ETF - Exchange-Traded Fund
SPDR - Standard & Poor’s Depositary Receipt
| (a) | All or a portion of the security is on loan. The total value of the securities on loan was $150,913,973, as of September 30, 2024. |
| (b) | Security was purchased with cash received as collateral for securities on loan at September 30, 2024. Total collateral had a value of $154,578,852 at September 30, 2024. |
| (c) | Rate disclosed is the seven day effective yield as of September 30, 2024. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL MUNICIPAL FUND |
| SCHEDULE OF INVESTMENTS |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | EXCHANGE-TRADED FUNDS — 30.4% | | | | |
| | | | | FIXED INCOME - 30.4% | | | | |
| | 109,100 | | | Blackrock High Yield Muni Income Bond ETF(a) | | $ | 2,528,938 | |
| | 1,223,500 | | | Invesco National AMT-Free Municipal Bond ETF(a) | | | 29,547,525 | |
| | 1,194,400 | | | SPDR Nuveen Bloomberg High Yield Municipal Bond ETF | | | 31,376,888 | |
| | 319,200 | | | VanEck High Yield Muni ETF | | | 16,939,944 | |
| | 166,100 | | | Vanguard Tax-Exempt Bond Index ETF(a) | | | 8,491,032 | |
| | | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $83,031,247) | | | 88,884,327 | |
| | | | | | | | | |
| | | | | OPEN END FUNDS — 69.4% | | | | |
| | | | | FIXED INCOME - 69.4% | | | | |
| | 562,319 | | | Allspring California Tax-Free Fund, Institutional Class | | | 6,061,794 | |
| | 1,983 | | | American Century High-Yield Municipal Fund, Class I | | | 17,965 | |
| | 2,010,955 | | | BlackRock High Yield Municipal Fund, Institutional Class | | | 18,701,885 | |
| | 8,856 | | | BlackRock National Municipal Fund, Institutional Class | | | 90,687 | |
| | 2,638,700 | | | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | | | 28,286,862 | |
| | 3,677 | | | City National Rochdale Municipal High Income Fund, Service Class | | | 34,856 | |
| | 2,108,220 | | | JPMorgan National Municipal Income Fund, Class I | | | 21,271,942 | |
| | 505,872 | | | JPMorgan Tax Free Bond Fund, Class I | | | 5,539,302 | |
| | 4,415 | | | Northern Intermediate Tax-Exempt Fund, Class I | | | 43,798 | |
| | 4,304 | | | Nuveen All-American Municipal Bond Fund, Class I | | | 44,549 | |
| | 1,095 | | | Nuveen California High Yield Municipal Bond Fund, Class I | | | 8,923 | |
| | 2,197 | | | Nuveen California Municipal Bond Fund, Class I | | | 22,564 | |
| | 3,670,893 | | | Nuveen High Yield Municipal Bond Fund, Class I | | | 55,467,200 | |
| | 3,230,547 | | | Nuveen Intermediate Duration Municipal Bond Fund, Class I | | | 28,978,008 | |
| | 800 | | | Nuveen Limited Term Municipal Bond Fund, Class I | | | 8,766 | |
| | 11,197 | | | Nuveen Short Duration High Yield Municipal Bond, Class I | | | 108,944 | |
| | 893,459 | | | PGIM Muni High Income Fund, Class Z | | | 8,621,875 | |
| | 156,746 | | | PIMCO High Yield Municipal Bond Fund, Institutional Class | | | 1,363,688 | |
| | 340,843 | | | Principal Street High Income Municipal Fund, Institutional Class | | | 2,508,603 | |
| | 966 | | | Putnam Strategic Intermediate Municipal Fund, Class Y | | | 13,763 | |
| | 801,022 | | | Putnam Tax Exempt Income Fund, Class Y | | | 6,408,174 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL MUNICIPAL FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | OPEN END FUNDS — 69.4% (Continued) | | | | |
| | | | | FIXED INCOME - 69.4% (Continued) | | | | |
| | 1,933,610 | | | Russell Tax Exempt High Yield Bond Fund, Class S | | $ | 19,587,471 | |
| | | | | TOTAL OPEN END FUNDS (Cost $188,955,237) | | | 203,191,619 | |
| | | | | | | | | |
| | | | | SHORT-TERM INVESTMENTS — 6.9% | | | | |
| | | | | COLLATERAL FOR SECURITIES LOANED - 6.8% | | | | |
| | 19,900,425 | | | First American Government Obligations Fund, Class X, 4.82%(b)(c)(Cost $19,900,425) | | | 19,900,425 | |
| | | | | | | | | |
| | | | | MONEY MARKET FUNDS - 0.1% | | | | |
| | 27,895 | | | BlackRock Liquidity Funds MuniCash, Institutional Class, 3.13%(c)(d) | | | 27,898 | |
| | 409,774 | | | First American Government Obligations Fund, Class X, 4.82%(c) | | | 409,774 | |
| | | | | TOTAL MONEY MARKET FUNDS (Cost $437,672) | | | 437,672 | |
| | | | | | | | | |
| | | | | TOTAL SHORT-TERM INVESTMENTS (Cost $20,338,097) | | | 20,338,097 | |
| | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 106.7% (Cost $292,324,581) | | $ | 312,414,043 | |
| | | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (6.7)% | | | (19,589,428 | ) |
| | | | | NET ASSETS - 100.0% | | $ | 292,824,615 | |
ETF - Exchange-Traded Fund
SPDR - Standard & Poor’s Depositary Receipt
| (a) | All or a portion of the security is on loan. The total value of the securities on loan was $19,440,471, as of September 30, 2024. |
| (b) | Security was purchased with cash received as collateral for securities on loan at September 30, 2024. Total collateral had a value of $19,900,425 at September 30, 2024. |
| (c) | Rate disclosed is the seven day effective yield as of September 30, 2024. |
| (d) | Floating Net Asset Value |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL BOND FUND |
| SCHEDULE OF INVESTMENTS |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | EXCHANGE-TRADED FUNDS — 58.2% | | | | |
| | | | | FIXED INCOME - 58.2% | | | | |
| | 286,300 | | | Franklin High Yield Corporate ETF | | $ | 6,998,604 | |
| | 1,628,000 | | | iShares 0-5 Year High Yield Corporate Bond ETF | | | 70,687,760 | |
| | 5,828,600 | | | iShares Broad USD High Yield Corporate Bond ETF | | | 219,446,790 | |
| | 799,500 | | | iShares Fallen Angels USD Bond ETF(a) | | | 21,858,330 | |
| | 175,000 | | | iShares High Yield Systematic Bond ETF | | | 8,410,500 | |
| | 2,432,500 | | | iShares iBoxx High Yield Corporate Bond ETF(a) | | | 195,329,750 | |
| | 45,400 | | | JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | | | 2,150,144 | |
| | 224,700 | | | PGIM Active High Yield Bond ETF | | | 8,044,867 | |
| | 2,581,200 | | | SPDR Bloomberg High Yield Bond ETF(a) | | | 252,415,548 | |
| | 4,828,700 | | | SPDR Bloomberg Short Term High Yield Bond ETF(a) | | | 124,339,025 | |
| | 3,980,500 | | | SPDR Portfolio High Yield Bond ETF(a) | | | 95,731,025 | |
| | 913,400 | | | VanEck Fallen Angel High Yield Bond ETF | | | 26,863,094 | |
| | 2,198,800 | | | Xtrackers USD High Yield Corporate Bond ETF | | | 81,179,696 | |
| | | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $1,044,094,158) | | | 1,113,455,133 | |
| | | | | | | | | |
| | | | | OPEN END FUNDS — 41.6% | | | | |
| | | | | FIXED INCOME - 41.6% | | | | |
| | 1,409,924 | | | Allspring High Yield Bond Fund, Institutional Class | | | 4,300,269 | |
| | 2,380,565 | | | Allspring Short-Term High Income Fund, Institutional Class | | | 18,854,075 | |
| | 70,116,941 | | | Blackrock Series Fund V-BlackRock High Yield, Institutional Class | | | 506,945,481 | |
| | 3,538,798 | | | City National Rochdale Fixed Income Opportunities, Class N | | | 69,891,267 | |
| | 18,192 | | | Fidelity Capital & Income Fund, Class I | | | 185,190 | |
| | 48,106 | | | Fidelity High Income Fund, Class I | | | 383,883 | |
| | 2,193 | | | MassMutual High Yield Fund, Class I | | | 17,895 | |
| | 12 | | | Metropolitan West High Yield Bond Fund, Class I | | | 114 | |
| | 0 | (d) | | Neuberger Berman High Income Bond Fund, Institutional Class | | | 1 | |
| | 3,202,205 | | | Nuveen High Yield Fund, Institutional Class | | | 28,499,629 | |
| | 11,637,331 | | | Osterweis Strategic Income Fund, Class I | | | 130,570,857 | |
| | 156,726 | | | PGIM High Yield Fund, Class Z | | | 766,392 | |
| | 22,984 | | | PGIM Short Duration High Yield, Class Z | | | 196,056 | |
| | 100 | | | PIMCO High Yield Fund, Institutional Class | | | 816 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL BOND FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | OPEN END FUNDS — 41.6% (Continued) | | | | |
| | | | | FIXED INCOME - 41.6% (Continued) | | | | |
| | 0 | (d) | | PIMCO High Yield Spectrum Fund, Institutional Class | | $ | 0 | (e) |
| | 3,264,158 | | | Principal High Yield Fund, Institutional Class | | | 22,294,198 | |
| | 2,647,618 | | | Western Asset Short Duration High Income Fund, Class I | | | 12,920,375 | |
| | | | | TOTAL OPEN END FUNDS (Cost $750,409,873) | | | 795,826,498 | |
| | | | | | | | | |
| | | | | SHORT-TERM INVESTMENTS — 10.4% | | | | |
| | | | | COLLATERAL FOR SECURITIES LOANED - 10.2% | | | | |
| | 195,251,786 | | | First American Government Obligations Fund, Class X, 4.82%(b)(c) (Cost $195,251,786) | | | 195,251,786 | |
| | | | | | | | | |
| | | | | MONEY MARKET FUND - 0.2% | | | | |
| | 4,235,508 | | | First American Government Obligations Fund, Class X, 4.82%(c) (Cost $4,235,508) | | | 4,235,508 | |
| | | | | | | | | |
| | | | | TOTAL SHORT-TERM INVESTMENTS (Cost $199,487,294) | | | 199,487,294 | |
| | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 110.2% (Cost $1,993,991,325) | | $ | 2,108,768,925 | |
| | | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (10.2)% | | | (195,547,487 | ) |
| | | | | NET ASSETS - 100.0% | | $ | 1,913,221,438 | |
ETF - Exchange-Traded Fund
SPDR - Standard & Poor’s Depositary Receipt
| (a) | All or a portion of the security is on loan. The total value of the securities on loan was $190,908,523, as of September 30, 2024. |
| (b) | Security was purchased with cash received as collateral for securities on loan at September 30, 2024. Total collateral had a value of $195,251,786 at September 30, 2024. |
| (c) | Rate disclosed is the seven day effective yield as of September 30, 2024. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND |
| SCHEDULE OF INVESTMENTS |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | EXCHANGE-TRADED FUNDS — 48.9% | | | | |
| | | | | ALTERNATIVE - 1.0% | | | | |
| | 138,300 | | | First Trust Tcw Unconstrained Plus Bond ETF | | $ | 3,475,479 | |
| | | | | | | | | |
| | | | | EQUITY - 31.7% | | | | |
| | 43,700 | | | Consumer Staples Select Sector SPDR Fund | | | 3,627,100 | |
| | 113,300 | | | Financial Select Sector SPDR Fund | | | 5,134,756 | |
| | 21,600 | | | Global X US Infrastructure Development ETF | | | 889,056 | |
| | 23,300 | | | iShares Core MSCI EAFE ETF | | | 1,818,565 | |
| | 72,200 | | | iShares MSCI EAFE Min Vol Factor ETF(a) | | | 5,537,740 | |
| | 57,000 | | | iShares MSCI Emerging Markets Min Vol Factor ETF | | | 3,573,900 | |
| | 425,700 | | | iShares MSCI USA Min Vol Factor ETF | | | 38,870,667 | |
| | 67,200 | | | iShares MSCI USA Quality Factor ETF | | | 12,048,960 | |
| | 25,800 | | | iShares U.S. Aerospace & Defense ETF(a) | | | 3,860,712 | |
| | 71,900 | | | iShares U.S. Real Estate ETF, EQUITY | | | 7,324,453 | |
| | 107,800 | | | JPMorgan Equity Premium Income ETF | | | 6,415,178 | |
| | 65,600 | | | SPDR S&P Regional Banking ETF(a) | | | 3,712,960 | |
| | 47,000 | | | Utilities Select Sector SPDR Fund(a) | | | 3,796,660 | |
| | 58,800 | | | Vanguard FTSE Europe ETF(a) | | | 4,180,680 | |
| | 13,400 | | | Vanguard S&P 500 ETF | | | 7,070,778 | |
| | 95,800 | | | WisdomTree India Earnings Fund(c) | | | 4,834,068 | |
| | | | | | | | 112,696,233 | |
| | | | | FIXED INCOME - 16.2% | | | | |
| | 119,700 | | | First Trust Preferred Securities and Income ETF | | | 2,166,570 | |
| | 235,500 | | | iShares 20+ Year Treasury Bond ETF | | | 23,102,550 | |
| | 112,900 | | | iShares Preferred and Income Securities ETF | | | 3,751,667 | |
| | 29,700 | | | Pimco Senior Loan Active ETF(a) | | | 1,518,858 | |
| | 55,000 | | | SPDR Bloomberg Convertible Securities ETF | | | 4,212,450 | |
| | 141,000 | | | SPDR Bloomberg High Yield Bond ETF(a) | | | 13,788,390 | |
| | 221,600 | | | SPDR Portfolio High Yield Bond ETF | | | 5,329,480 | |
| | 170,700 | | | Virtus InfraCap U.S. Preferred Stock ETF(a) | | | 3,897,081 | |
| | | | | | | | 57,767,046 | |
| | | | | | | | | |
| | | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $158,132,379) | | | 173,938,758 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | OPEN END FUNDS — 51.1% | | | | |
| | | | | ALTERNATIVE - 3.1% | | | | |
| | 342,849 | | | DoubleLine Flexible Income Fund, Class I | | $ | 2,993,073 | |
| | 486,008 | | | Finisterre Emerging Markets Total Return Bond Fund, Institutional Class | | | 4,422,675 | |
| | 1 | | | JPMorgan Hedged Equity Fund, Class I | | | 33 | |
| | 384,449 | | | Payden Absolute Return Bond Fund, Class I | | | 3,659,954 | |
| | | | | | | | 11,075,735 | |
| | | | | EQUITY - 16.4% | | | | |
| | 187,869 | | | Brandes International Equity Fund, Class I | | | 3,665,319 | |
| | 457,948 | | | Causeway International Value Fund, Class I | | | 10,093,180 | |
| | 91,475 | | | Integrity Dividend Harvest Fund, Class I(c) | | | 1,819,445 | |
| | 477,610 | | | Schwab S&P 500 Index Fund | | | 42,607,580 | |
| | | | | | | | 58,185,524 | |
| | | | | FIXED INCOME - 31.6% | | | | |
| | 521 | | | Allspring California Tax-Free Fund, Institutional Class | | | 5,614 | |
| | 1,696 | | | Ashmore Emerging Markets Total Return Fund, Institutional Class | | | 8,699 | |
| | 343,380 | | | BlackRock Floating Rate Income Portfolio, Institutional Class | | | 3,320,480 | |
| | 1,122 | | | BlackRock National Municipal Fund, Institutional Class | | | 11,493 | |
| | 504,382 | | | Blackrock Series Fund V-BlackRock High Yield, Institutional Class | | | 3,646,680 | |
| | 1,035,926 | | | BlackRock Strategic Income Opportunities Portfolio, Institutional Class | | | 9,996,689 | |
| | 354 | | | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | | | 3,794 | |
| | 551,551 | | | Crossingbridge Low Duration High Yield Fund, Institutional Class | | | 5,377,226 | |
| | 332,834 | | | DoubleLine Low Duration Emerging Markets Fixed, Class I | | | 3,198,533 | |
| | 708,429 | | | JPMorgan Emerging Markets Debt Fund, Class I | | | 4,541,032 | |
| | 1,289 | | | JPMorgan Income Fund, Class I | | | 11,077 | |
| | 85,492 | | | MassMutual Global Floating Rate Fund, Class Y | | | 750,620 | |
| | 1,301 | | | Metropolitan West Total Return Bond Fund, Class I | | | 12,140 | |
| | 1,144 | | | Neuberger Berman Strategic Income Fund, Class I | | | 11,551 | |
| | 107,422 | | | North Square Preferred And Income Securities Fund, Class I | | | 2,314,950 | |
| | 637 | | | Nuveen All-American Municipal Bond Fund, Class I | | | 6,594 | |
| | 2,479 | | | Nuveen Bond Index Fund, Institutional Class | | | 24,488 | |
| | 1,828 | | | Nuveen High Yield Municipal Bond Fund, Class I | | | 27,614 | |
| | 1,316 | | | Nuveen Preferred Securities Fund, Class I | | | 20,813 | |
| | 452 | | | Nuveen Short Duration High Yield Municipal Bond, Class I | | | 4,394 | |
| | 698 | | | Nuveen Strategic Income Fund, Class I | | | 7,024 | |
| | 1,237 | | | PIMCO Diversified Income Fund, Institutional Class | | | 12,186 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | OPEN END FUNDS — 51.1% (Continued) | | | | |
| | | | | FIXED INCOME – 31.6% (Continued) | | | | |
| | 2,069 | | | PIMCO Emerging Markets Bond Fund, Institutional Class | | $ | 18,125 | |
| | 555,369 | | | PIMCO Emerging Markets Currency and Short-Term, Institutional Class | | | 4,154,164 | |
| | 3 | | | PIMCO Emerging Markets Full Spectrum Bond Fund, Institutional Class | | | 18 | |
| | 2,449,656 | | | PIMCO Income Fund, Institutional Class | | | 26,431,783 | |
| | 776,141 | | | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | | | 7,761,408 | |
| | 1,736,118 | | | PIMCO Investment Grade Credit Bond Fund, Institutional Class | | | 16,059,091 | |
| | 2,344 | | | PIMCO Long-Term Credit Bond Fund, Institutional Class | | | 21,894 | |
| | 267 | | | PIMCO Low Duration Income Fund, Institutional Class | | | 2,180 | |
| | 436 | | | PIMCO Real Return Fund, Institutional Class | | | 4,503 | |
| | 1,452,430 | | | PIMCO Total Return Fund, Institutional Class | | | 12,839,485 | |
| | 567,884 | | | Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | | | 5,304,040 | |
| | 477,813 | | | Putnam Floating Rate Income Fund, Class Y | | | 3,812,949 | |
| | 313,556 | | | RiverPark Strategic Income Fund, Institutional Class | | | 2,719,468 | |
| | 3,084 | | | TCW Emerging Markets Income Fund, Class I | | | 20,814 | |
| | | | | | | | 112,463,613 | |
| | | | | | | | | |
| | | | | TOTAL OPEN END FUNDS (Cost $163,718,328) | | | 181,724,872 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | SHORT-TERM INVESTMENTS — 6.7% | | | | |
| | | | | COLLATERAL FOR SECURITIES LOANED - 6.6% | | | | |
| | 23,467,534 | | | First American Government Obligations Fund, Class X, 4.82%(b)(d) (Cost $23,467,534) | | $ | 23,467,534 | |
| | | | | | | | | |
| | | | | MONEY MARKET FUND - 0.1% | | | | |
| | 534,668 | | | First American Government Obligations Fund, Class X, 4.82%(d) (Cost $534,668) | | | 534,668 | |
| | | | | | | | | |
| | | | | TOTAL SHORT-TERM INVESTMENTS (Cost $24,002,202) | | | 24,002,202 | |
| | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 106.7% (Cost $345,852,909) | | $ | 379,665,832 | |
| | | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (6.7)% | | | (23,696,245 | ) |
| | | | | NET ASSETS - 100.0% | | $ | 355,969,587 | |
EAFE - Europe, Australasia and Far East
ETF - Exchange-Traded Fund
MSCI - Morgan Stanley Capital International
SPDR - Standard & Poor’s Depositary Receipt
| (a) | All or a portion of the security is on loan. The total value of the securities on loan was $22,974,457, as of September 30, 2024. |
| (b) | Security was purchased with cash received as collateral for securities on loan at September 30, 2024. Total collateral had a value of $23,467,534 at September 30, 2024. |
| (c) | Non-income producing security. |
| (d) | Rate disclosed is the seven day effective yield as of September 30, 2024. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 30 FUND |
| SCHEDULE OF INVESTMENTS |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | EXCHANGE-TRADED FUNDS — 45.7% | | | | |
| | | | | ALTERNATIVE - 1.4% | | | | |
| | 20,389 | | | First Trust Tcw Unconstrained Plus Bond ETF | | $ | 512,376 | |
| | | | | | | | | |
| | | | | EQUITY - 21.5% | | | | |
| | 2,754 | | | Consumer Staples Select Sector SPDR Fund | | | 228,582 | |
| | 6,500 | | | Financial Select Sector SPDR Fund | | | 294,580 | |
| | 2,000 | | | Global X US Infrastructure Development ETF | | | 82,320 | |
| | 6,141 | | | iShares Core MSCI EAFE ETF | | | 479,305 | |
| | 5,064 | | | iShares International Developed Real Estate ETF | | | 115,586 | |
| | 2,889 | | | iShares MSCI EAFE Min Vol Factor ETF | | | 221,586 | |
| | 3,000 | | | iShares MSCI Emerging Markets Min Vol Factor ETF | | | 188,100 | |
| | 25,704 | | | iShares MSCI USA Min Vol Factor ETF | | | 2,347,032 | |
| | 3,900 | | | iShares MSCI USA Quality Factor ETF | | | 699,270 | |
| | 1,495 | | | iShares U.S. Aerospace & Defense ETF(a) | | | 223,712 | |
| | 4,541 | | | iShares U.S. Real Estate ETF | | | 462,592 | |
| | 10,000 | | | JPMorgan Equity Premium Income ETF | | | 595,100 | |
| | 1,646 | | | SPDR Dow Jones Industrial Average ETF Trust | | | 696,456 | |
| | 4,144 | | | SPDR S&P Regional Banking ETF | | | 234,550 | |
| | 2,962 | | | Utilities Select Sector SPDR Fund(a) | | | 239,270 | |
| | 2,900 | | | Vanguard FTSE Europe ETF(a) | | | 206,190 | |
| | 867 | | | Vanguard S&P 500 ETF | | | 457,490 | |
| | 5,400 | | | WisdomTree India Earnings Fund(c) | | | 272,484 | |
| | | | | | | | 8,044,205 | |
| | | | | FIXED INCOME - 22.8% | | | | |
| | 22,000 | | | BNY Mellon High Yield ETF(a) | | | 1,074,700 | |
| | 11,500 | | | First Trust Preferred Securities and Income ETF | | | 208,150 | |
| | 31,499 | | | iShares 20+ Year Treasury Bond ETF | | | 3,090,051 | |
| | 8,300 | | | iShares Preferred and Income Securities ETF | | | 275,809 | |
| | 11,800 | | | JPMorgan High Yield Municipal ETF | | | 602,036 | |
| | 8,400 | | | Pacer Pacific Asset Floating Rate High Income ETF(a) | | | 398,916 | |
| | 3,700 | | | PGIM Floating Rate Income ETF | | | 187,490 | |
| | 5,652 | | | SPDR Blackstone Senior Loan ETF | | | 236,028 | |
| | 5,400 | | | SPDR Bloomberg Convertible Securities ETF | | | 413,586 | |
| | 7,600 | | | SPDR Bloomberg High Yield Bond ETF(a) | | | 743,204 | |
| | 37,270 | | | SPDR Portfolio High Yield Bond ETF | | | 896,344 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 30 FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | EXCHANGE-TRADED FUNDS — 45.7% (Continued) | | | | |
| | | | | FIXED INCOME - 22.8% (Continued) | | | | |
| | 17,200 | | | Virtus InfraCap U.S. Preferred Stock ETF | | $ | 392,676 | |
| | | | | | | | 8,518,990 | |
| | | | | | | | | |
| | | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $15,672,014) | | | 17,075,571 | |
| | | | | | | | | |
| | | | | OPEN END FUNDS — 54.0% | | | | |
| | | | | ALTERNATIVE - 6.6% | | | | |
| | 80,040 | | | DoubleLine Flexible Income Fund, Class I | | | 698,751 | |
| | 65,473 | | | Finisterre Emerging Markets Total Return Bond Fund, Institutional Class | | | 595,801 | |
| | 66,979 | | | iMGP High Income Fund, Institutional Class | | | 665,769 | |
| | 54,010 | | | Payden Absolute Return Bond Fund, Class I | | | 514,174 | |
| | | | | | | | 2,474,495 | |
| | | | | EQUITY - 6.6% | | | | |
| | 6,180 | | | Brandes International Equity Fund, Class I | | | 120,568 | |
| | 26,076 | | | Schwab S&P 500 Index Fund | | | 2,326,254 | |
| | | | | | | | 2,446,822 | |
| | | | | FIXED INCOME - 40.8% | | | | |
| | 108 | | | American Century High Income Fund, Class I | | | 945 | |
| | 645 | | | Ashmore Emerging Markets Corporate Income Fund, Institutional Class | | | 3,776 | |
| | 497 | | | Ashmore Emerging Markets Total Return Fund, Institutional Class | | | 2,547 | |
| | 161,195 | | | BlackRock Strategic Income Opportunities Portfolio, Institutional Class | | | 1,555,528 | |
| | 166 | | | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | | | 1,780 | |
| | 67,310 | | | Crossingbridge Low Duration High Yield Fund, Institutional Class | | | 656,201 | |
| | 52,757 | | | DoubleLine Low Duration Emerging Markets Fixed, Class I | | | 506,997 | |
| | 44,532 | | | Holbrook Structured Income Fund, Class I | | | 437,754 | |
| | 114,765 | | | JPMorgan Emerging Markets Debt Fund, Class I | | | 735,646 | |
| | 118,846 | | | Medalist Partners MBS Total Return Fund, Institutional Class | | | 1,012,565 | |
| | 189 | | | Metropolitan West Total Return Bond Fund, Class I | | | 1,760 | |
| | 306 | | | Nuveen Bond Index Fund, Institutional Class | | | 3,019 | |
| | 228 | | | Nuveen High Yield Municipal Bond Fund, Class I | | | 3,451 | |
| | 114 | | | Nuveen Preferred Securities Fund, Class I | | | 1,810 | |
| | 160 | | | Nuveen Short Duration High Yield Municipal Bond, Class I | | | 1,553 | |
| | 175 | | | Nuveen Strategic Income Fund, Class I | | | 1,759 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 30 FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | OPEN END FUNDS — 54.0% (Continued) | | | | |
| | | | | FIXED INCOME - 40.8% (Continued) | | | | |
| | 74,817 | | | PIMCO Emerging Markets Currency and Short-Term, Institutional Class | | $ | 559,628 | |
| | 268,858 | | | PIMCO Income Fund Institutional Class, Institutional Class | | | 2,900,977 | |
| | 235,555 | | | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | | | 2,355,555 | |
| | 95,348 | | | PIMCO Investment Grade Credit Bond Fund, Institutional Class | | | 881,964 | |
| | 248,375 | | | PIMCO Total Return Fund, Institutional Class | | | 2,195,636 | |
| | 76,516 | | | Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | | | 714,656 | |
| | 43,906 | | | Putnam Floating Rate Income Fund, Class Y | | | 350,367 | |
| | 38,364 | | | RiverPark Strategic Income Fund, Institutional Class | | | 332,729 | |
| | 140 | | | TCW Emerging Markets Income Fund, Class I | | | 943 | |
| | 1 | | | TCW Emerging Markets Local Currency Income Fund, Class I | | | 8 | |
| | 1 | | | TCW Securitized Bond Fund, Class I | | | 9 | |
| | | | | | | | 15,219,563 | |
| | | | | | | | | |
| | | | | TOTAL OPEN END FUNDS (Cost $18,715,707) | | | 20,140,880 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 30 FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | SHORT-TERM INVESTMENTS — 4.8% | | | | |
| | | | | COLLATERAL FOR SECURITITES LOANED - 4.7% | | | | |
| | 1,769,208 | | | First American Government Obligations Fund, Class X, 4.82%(b)(d) (Cost $1,769,208) | | $ | 1,769,208 | |
| | | | | | | | | |
| | | | | MONEY MARKET FUND - 0.1% | | | | |
| | 12,605 | | | First American Government Obligations Fund, Class X, 4.82%(d) (Cost $12,605) | | | 12,605 | |
| | | | | | | | | |
| | | | | TOTAL SHORT-TERM INVESTMENTS (Cost $1,781,813) | | | 1,781,813 | |
| | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 104.5% (Cost $36,169,534) | | $ | 38,998,264 | |
| | | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (4.5)% | | | (1,674,532 | ) |
| | | | | NET ASSETS - 100.0% | | $ | 37,323,732 | |
EAFE - Europe, Australasia and Far East
ETF - Exchange-Traded Fund
MSCI - Morgan Stanley Capital International
SPDR - Standard & Poor’s Depositary Receipt
| (a) | All or a portion of the security is on loan. The total value of the securities on loan was $1,734,548, as of September 30, 2024. |
| (b) | Security was purchased with cash received as collateral for securities on loan at September 30, 2024. Total collateral had a value of $1,769,208 at September 30, 2024. |
| (c) | Non-income producing security. |
| (d) | Rate disclosed is the seven day effective yield as of September 30, 2024. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 70 FUND |
| SCHEDULE OF INVESTMENTS |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | EXCHANGE-TRADED FUNDS — 71.2% | | | | |
| | | | | ALTERNATIVE - 0.5% | | | | |
| | 9,944 | | | First Trust Tcw Unconstrained Plus Bond ETF | | $ | 249,893 | |
| | | | | | | | | |
| | | | | EQUITY - 53.5% | | | | |
| | 16,641 | | | Consumer Staples Select Sector SPDR Fund | | | 1,381,203 | |
| | 11,704 | | | Financial Select Sector SPDR Fund | | | 530,425 | |
| | 8,419 | | | Global X US Infrastructure Development ETF | | | 346,526 | |
| | 6,696 | | | iShares Core S&P Mid-Cap ETF | | | 417,295 | |
| | 11,229 | | | iShares Core S&P Small-Cap ETF | | | 1,313,344 | |
| | 2,192 | | | iShares MSCI ACWI ex U.S. ETF (a) | | | 125,426 | |
| | 26,160 | | | iShares MSCI EAFE Min Vol Factor ETF | | | 2,006,471 | |
| | 14,811 | | | iShares MSCI Emerging Markets Min Vol Factor ETF | | | 928,650 | |
| | 9,668 | | | iShares MSCI Hong Kong ETF(a) | | | 180,405 | |
| | 70,935 | | | iShares MSCI USA Min Vol Factor ETF | | | 6,477,074 | |
| | 5,379 | | | iShares MSCI USA Quality Factor ETF | | | 964,455 | |
| | 3,961 | | | iShares S&P Mid-Cap 400 Growth ETF(a) | | | 364,135 | |
| | 2,951 | | | iShares U.S. Aerospace & Defense ETF(a) | | | 441,588 | |
| | 13,294 | | | iShares U.S. Real Estate ETF | | | 1,354,260 | |
| | 9,982 | | | JPMorgan Equity Premium Income ETF | | | 594,029 | |
| | 1,532 | | | SPDR Dow Jones Industrial Average ETF Trust(a) | | | 648,220 | |
| | 20,021 | | | SPDR S&P Regional Banking ETF | | | 1,133,189 | |
| | 9,149 | | | Utilities Select Sector SPDR Fund(a) | | | 739,056 | |
| | 1,449 | | | Vanguard Extended Market ETF(a) | | | 263,704 | |
| | 17,265 | | | Vanguard FTSE Europe ETF(a) | | | 1,227,542 | |
| | 1,943 | | | Vanguard Mid-Cap Growth ETF | | | 473,062 | |
| | 2,919 | | | Vanguard S&P 500 ETF | | | 1,540,268 | |
| | 7,538 | | | Vanguard Small-Cap Value ETF | | | 1,513,480 | |
| | 14,318 | | | WisdomTree India Earnings Fund(c) | | | 722,486 | |
| | | | | | | | 25,686,293 | |
| | | | | FIXED INCOME - 17.2% | | | | |
| | 18,644 | | | First Trust Preferred Securities and Income ETF | | | 337,456 | |
| | 21,327 | | | Invesco Emerging Markets Sovereign Debt ETF | | | 458,531 | |
| | 17,637 | | | iShares 20+ Year Treasury Bond ETF | | | 1,730,189 | |
| | 1,511 | | | iShares International High Yield Bond ETF | | | 79,161 | |
| | 7,761 | | | iShares J.P. Morgan EM High Yield Bond ETF(a) | | | 302,834 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 70 FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | EXCHANGE-TRADED FUNDS — 71.2% (Continued) | | | | |
| | | | | FIXED INCOME - 17.2% (Continued) | | | | |
| | 22,616 | | | iShares Preferred and Income Securities ETF(a) | | $ | 751,530 | |
| | 4,936 | | | Pacer Pacific Asset Floating Rate High Income ETF(a) | | | 234,411 | |
| | 2,200 | | | PIMCO Active Bond ETF | | | 208,142 | |
| | 21,978 | | | Principal Active High Yield ETF(a) | | | 429,230 | |
| | 5,336 | | | SPDR Bloomberg Convertible Securities ETF | | | 408,684 | |
| | 11,000 | | | SPDR Bloomberg Emerging Markets USD Bond ETF | | | 276,219 | |
| | 7,396 | | | SPDR Bloomberg High Yield Bond ETF | | | 723,255 | |
| | 40,121 | | | SPDR Portfolio High Yield Bond ETF | | | 964,910 | |
| | 4,992 | | | VanEck J. P. Morgan EM Local Currency Bond ETF(a) | | | 126,797 | |
| | 7,100 | | | Vanguard Long-Term Corporate Bond ETF(a) | | | 576,733 | |
| | 28,889 | | | Virtus InfraCap U.S. Preferred Stock ETF | | | 659,536 | |
| | | | | | | | 8,267,618 | |
| | | | | | | | | |
| | | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $31,622,078) | | | 34,203,804 | |
| | | | | | | | | |
| | | | | OPEN END FUNDS — 26.9% | | | | |
| | | | | ALTERNATIVE - 1.7% | | | | |
| | 35,074 | | | Finisterre Emerging Markets Total Return Bond Fund, Institutional Class | | | 319,174 | |
| | 26,515 | | | iMGP High Income Fund, Institutional Class | | | 263,558 | |
| | 22,433 | | | Payden Absolute Return Bond Fund, Class I | | | 213,562 | |
| | | | | | | | 796,294 | |
| | | | | EQUITY - 14.7% | | | | |
| | 63,529 | | | Brandes International Equity Fund, Class I | | | 1,239,455 | |
| | 12,687 | | | FullerThaler Behavioral Small-Cap Growth Fund, Institutional Class (c) | | | 570,425 | |
| | 30,972 | | | Integrity Dividend Harvest Fund, Class I(c) | | | 616,032 | |
| | 51,760 | | | Schwab S&P 500 Index Fund | | | 4,617,469 | |
| | | | | | | | 7,043,381 | |
| | | | | FIXED INCOME - 10.5% | | | | |
| | 52 | | | American Century High Income Fund, Class I | | | 459 | |
| | 43,639 | | | BlackRock Strategic Income Opportunities Portfolio, Institutional Class | | | 421,116 | |
| | 78,318 | | | DoubleLine Infrastructure Income Fund, Class I | | | 748,716 | |
| | 50,661 | | | JPMorgan Emerging Markets Debt Fund, Class I | | | 324,735 | |
| | 43,378 | | | Medalist Partners MBS Total Return Fund, Institutional Class | | | 369,580 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 70 FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | OPEN END FUNDS — 26.9% (Continued) | | | | |
| | | | | FIXED INCOME - 10.5% (Continued) | | | | |
| | 49 | | | Metropolitan West Total Return Bond Fund, Class I | | $ | 459 | |
| | 21,981 | | | Nuveen Preferred Securities Fund, Class I | | | 347,526 | |
| | 18,518 | | | PIMCO Emerging Markets Currency and Short-Term, Institutional Class | | | 138,515 | |
| | 100,290 | | | PIMCO Income Fund Institutional Class, Institutional Class | | | 1,082,124 | |
| | 23,578 | | | PIMCO Investment Grade Credit Bond Fund, Institutional Class | | | 218,099 | |
| | 64,532 | | | PIMCO Total Return Fund, Institutional Class | | | 570,459 | |
| | 88,069 | | | Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | | | 822,569 | |
| | 107 | | | Putnam Floating Rate Income Fund, Class Y | | | 857 | |
| | 12 | | | TCW Emerging Markets Income Fund, Class I | | | 83 | |
| | | | | | | | 5,045,297 | |
| | | | | | | | | |
| | | | | TOTAL OPEN END FUNDS (Cost $11,673,473) | | | 12,884,972 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 70 FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | SHORT-TERM INVESTMENTS — 9.9% | | | | |
| | | | | COLLATERAL FOR SECURITIES LOANED - 9.7% | | | | |
| | 4,659,608 | | | First American Government Obligations Fund, Class X, 4.82%(b)(d) (Cost $4,659,608) | | $ | 4,659,608 | |
| | | | | | | | | |
| | | | | MONEY MARKET FUND - 0.2% | | | | |
| | 96,826 | | | First American Government Obligations Fund, Class X, 4.82%(d) (Cost $96,826) | | | 96,826 | |
| | | | | | | | | |
| | | | | TOTAL SHORT-TERM INVESTMENTS (Cost $4,756,434) | | | 4,756,434 | |
| | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 108.0% (Cost $48,051,985) | | $ | 51,845,210 | |
| | | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (8.0)% | | | (3,828,113 | ) |
| | | | | NET ASSETS - 100.0% | | $ | 48,017,097 | |
EAFE - Europe, Australasia and Far East
ETF - Exchange-Traded Fund
MSCI - Morgan Stanley Capital International
SPDR - Standard & Poor’s Depositary Receipt
| (a) | All or a portion of the security is on loan. The total value of the securities on loan was $4,546,069, as of September 30, 2024. |
| (b) | Security was purchased with cash received as collateral for securities on loan at September 30, 2024. Total collateral had a value of $4,659,608 at September 30, 2024. |
| (c) | Non-income producing security. |
| (d) | Rate disclosed is the seven day effective yield as of September 30, 2024. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL CORE GROWTH FUND |
| SCHEDULE OF INVESTMENTS |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | EXCHANGE-TRADED FUNDS — 77.8% | | | | |
| | | | | EQUITY - 77.8% | | | | |
| | 740 | | | Alerian MLP ETF(a) | | $ | 34,876 | |
| | 1,726 | | | Consumer Staples Select Sector SPDR Fund | | | 143,258 | |
| | 1,196 | | | Financial Select Sector SPDR Fund | | | 54,203 | |
| | 1,493 | | | Global X US Infrastructure Development ETF | | | 61,452 | |
| | 192 | | | iShares Core MSCI EAFE ETF | | | 14,986 | |
| | 728 | | | iShares Core S&P Mid-Cap ETF | | | 45,369 | |
| | 368 | | | iShares Core S&P Small-Cap ETF | | | 43,041 | |
| | 1,542 | | | iShares MSCI ACWI ex U.S. ETF(a) | | | 88,233 | |
| | 2,565 | | | iShares MSCI EAFE Min Vol Factor ETF | | | 196,736 | |
| | 1,197 | | | iShares MSCI Emerging Markets Min Vol Factor ETF | | | 75,052 | |
| | 7,945 | | | iShares MSCI USA Min Vol Factor ETF | | | 725,457 | |
| | 602 | | | iShares MSCI USA Quality Factor ETF | | | 107,939 | |
| | 651 | | | iShares S&P Mid-Cap 400 Growth ETF | | | 59,846 | |
| | 285 | | | iShares U.S. Aerospace & Defense ETF(a) | | | 42,647 | |
| | 1,408 | | | iShares U.S. Real Estate ETF | | | 143,433 | |
| | 1,135 | | | JPMorgan Equity Premium Income ETF | | | 67,544 | |
| | 584 | | | JPMorgan Hedged Equity Laddered Overlay ETF | | | 35,706 | |
| | 114 | | | SPDR Dow Jones Industrial Average ETF Trust | | | 48,236 | |
| | 399 | | | SPDR S&P Emerging Markets SmallCap ETF | | | 24,890 | |
| | 1,938 | | | SPDR S&P Regional Banking ETF | | | 109,691 | |
| | 1,063 | | | Utilities Select Sector SPDR Fund(a) | | | 85,869 | |
| | 89 | | | Vanguard Extended Market ETF(a) | | | 16,197 | |
| | 808 | | | Vanguard FTSE Europe ETF | | | 57,449 | |
| | 446 | | | Vanguard Mid-Cap Growth ETF | | | 108,588 | |
| | 405 | | | Vanguard Mid-Cap Value ETF | | | 67,906 | |
| | 877 | | | Vanguard S&P 500 ETF | | | 462,766 | |
| | 131 | | | Vanguard Small-Cap Growth ETF | | | 35,025 | |
| | 2,504 | | | WisdomTree India Earnings Fund(c) | | | 126,352 | |
| | | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $2,801,712) | | | 3,082,747 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL CORE GROWTH FUND |
| SCHEDULE OF INVESTMENTS (Continued) |
| September 30, 2024 |
| Shares | | | | | Fair Value | |
| | | | | OPEN END FUNDS — 20.7% | | | | |
| | | | | EQUITY - 20.7% | | | | |
| | 7,923 | | | Brandes International Equity Fund, Class I | | $ | 154,573 | |
| | 3,780 | | | Causeway International Value Fund, Class I | | | 82,558 | |
| | 3,026 | | | Dodge & Cox International Stock Fund, Class I | | | 168,774 | |
| | 2,399 | | | FullerThaler Behavioral Unconstrained Equity Fund, Institutional Class | | | 121,495 | |
| | 3,607 | | | Integrity Dividend Harvest Fund, Class I(c) | | | 71,733 | |
| | 3,908 | | | PIMCO RAE US Small Fund, Institutional Class | | | 44,627 | |
| | 1,990 | | | Schwab S&P 500 Index Fund | | | 177,535 | |
| | | | | TOTAL OPEN END FUNDS (Cost $736,344) | | | 821,295 | |
| | | | | | | | | |
| | | | | SHORT-TERM INVESTMENTS — 11.2% | | | | |
| | | | | COLLATERAL FOR SECURITIES LOANED - 6.4% | | | | |
| | 251,738 | | | First American Government Obligations Fund, Class X, 4.82%(b)(d) (Cost $251,738) | | | 251,738 | |
| | | | | | | | | |
| | | | | MONEY MARKET FUND - 4.8% | | | | |
| | 189,611 | | | First American Government Obligations Fund, Class X, 4.82%(d) (Cost $189,611) | | | 189,611 | |
| | | | | | | | | |
| | | | | TOTAL SHORT-TERM INVESTMENTS (Cost $441,349) | | | 441,349 | |
| | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 109.7% (Cost $3,979,405) | | $ | 4,345,391 | |
| | | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (9.7)% | | | (382,624 | ) |
| | | | | NET ASSETS - 100.0% | | $ | 3,962,767 | |
EAFE - Europe, Australasia and Far East
ETF - Exchange-Traded Fund
MLP - Master Limited Partnership
MSCI - Morgan Stanley Capital International
SPDR - Standard & Poor’s Depositary Receipt
| (a) | All or a portion of the security is on loan. The total value of the securities on loan was $246,649, as of September 30, 2024. |
| (b) | Security was purchased with cash received as collateral for securities on loan at September 30, 2024. Total collateral had a value of $251,738 at September 30, 2024. |
| (c) | Non-income producing security. |
| (d) | Rate disclosed is the seven day effective yield as of September 30, 2024. |
See accompanying notes to financial statements.
| THE OCEAN PARK FUNDS |
| STATEMENTS OF ASSETS AND LIABILITIES |
| September 30, 2024 |
| | | 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 | | $ | 632,226,452 | | | $ | 1,604,569,036 | | | $ | 292,324,581 | | | $ | 1,993,991,325 | |
| At value (includes securities on loan with a market value of $56,853,927, $150,913,973, $19,440,471, $190,908,523) | | $ | 679,821,121 | | | $ | 1,689,641,185 | | | $ | 312,414,043 | | | $ | 2,108,768,925 | |
| Receivable for securities sold | | | 684,909 | | | | — | | | | — | | | | — | |
| Dividends and interest receivable | | | 79,071 | | | | 182,980 | | | | 9,426 | | | | 58,317 | |
| Receivable for Fund shares sold | | | 438,509 | | | | 1,417,374 | | | | 747,565 | | | | 3,016,074 | |
| Prepaid expenses and other assets | | | 38,849 | | | | 40,360 | | | | 94,783 | | | | 176,940 | |
| TOTAL ASSETS | | | 681,062,459 | | | | 1,691,281,899 | | | | 313,265,817 | | | | 2,112,020,256 | |
| | | | | | | | | | | | | | | | | |
| LIABILITIES | | | | | | | | | | | | | | | | |
| Securities lending collateral payable | | | 58,045,608 | | | | 154,578,852 | | | | 19,900,425 | | | | 195,251,786 | |
| Investment advisory fees payable | | | 636,116 | | | | 945,642 | | | | 173,017 | | | | 1,623,201 | |
| Payable for Fund shares repurchased | | | 396,231 | | | | 18,180,887 | | | | 309,950 | | | | 1,758,380 | |
| Distribution (12b-1) fees payable | | | 29,502 | | | | 123,576 | | | | 3,084 | | | | 27,318 | |
| Payable to related parties | | | 36,854 | | | | 103,809 | | | | 20,195 | | | | 92,626 | |
| Accrued expenses and other liabilities | | | 19,411 | | | | 208,604 | | | | 34,531 | | | | 45,507 | |
| TOTAL LIABILITIES | | | 59,163,722 | | | | 174,141,370 | | | | 20,441,202 | | | | 198,798,818 | |
| NET ASSETS | | $ | 621,898,737 | | | $ | 1,517,140,529 | | | $ | 292,824,615 | | | $ | 1,913,221,438 | |
| | | | | | | | | | | | | | | | | |
| Net Assets Consist Of: | | | | | | | | | | | | | | | | |
| Paid in capital | | $ | 642,404,616 | | | $ | 1,612,522,701 | | | $ | 297,203,861 | | | $ | 1,929,762,713 | |
| Accumulated Deficit | | | (20,505,879 | ) | | | (95,382,172 | ) | | | (4,379,246 | ) | | | (16,541,275 | ) |
| NET ASSETS | | $ | 621,898,737 | | | $ | 1,517,140,529 | | | $ | 292,824,615 | | | $ | 1,913,221,438 | |
See accompanying notes to financial statements.
| THE OCEAN PARK FUNDS |
| STATEMENTS OF ASSETS AND LIABILITIES (Continued) |
| September 30, 2024 |
| | | Ocean Park | | | Ocean Park | | | Ocean Park | | | | |
| | | Tactical All | | | Tactical Core | | | Tactical | | | Ocean Park | |
| | | Asset Fund | | | Income Fund | | | Municipal Fund | | | Tactical Bond Fund | |
| Net Asset Value Per Share: | | | | | | | | | | | | | | | | |
| Class A: | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 16,528,801 | | | $ | 30,472,856 | | | $ | 5,030,731 | | | $ | 7,224,313 | |
| Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | | | 719,414 | | | | 1,486,253 | | | | 192,897 | | | | 269,897 | |
| Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | | $ | 22.98 | (b) | | $ | 20.50 | | | $ | 26.08 | | | $ | 26.77 | (b) |
| Maximum offering price per share (maximum sales charge of 3.75%) (a) | | $ | 23.87 | (b) | | $ | 21.30 | | | $ | 27.10 | | | $ | 27.81 | (b) |
| | | | | | | | | | | | | | | | | |
| Class C: | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 28,541,353 | | | $ | 95,713,740 | | | $ | 2,228,836 | | | $ | 25,692,963 | |
| Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | | | 1,236,344 | | | | 4,693,698 | | | | 86,400 | | | | 967,854 | |
| Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | | $ | 23.09 | (b) | | $ | 20.39 | | | $ | 25.80 | (b) | | $ | 26.55 | (b) |
| | | | | | | | | | | | | | | | | |
| Investor Class: | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 7,093,893 | | | $ | 30,308,196 | | | $ | 1,481,777 | | | $ | 15,216,519 | |
| Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | | | 309,329 | | | | 1,475,288 | | | | 56,861 | | | | 568,900 | |
| Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | | $ | 22.93 | | | $ | 20.54 | | | $ | 26.06 | | | $ | 26.75 | (b) |
| | | | | | | | | | | | | | | | | |
| Instl Class: | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 565,330,232 | | | $ | 1,360,645,737 | | | $ | 283,865,192 | | | $ | 1,865,087,643 | |
| Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | | | 24,835,406 | | | | 66,686,504 | | | | 10,924,005 | | | | 69,538,059 | |
| Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | | $ | 22.76 | | | $ | 20.40 | | | $ | 25.99 | (b) | | $ | 26.82 | |
| | | | | | | | | | | | | | | | | |
| Special Shares: | | | | | | | | | | | | | | | | |
| Net Assets | | | | | | | | | | $ | 218,079 | | | | | |
| Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | | | | | | | | | | | 8,349 | | | | | |
| Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | | | | | | | | | | $ | 26.12 | | | | | |
| | | | | | | | | | | | | | | | | |
| Class A1: | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 2,831,147 | | | | | | | | | | | | | |
| Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | | | 121,860 | | | | | | | | | | | | | |
| Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | | $ | 23.23 | | | | | | | | | | | | | |
| Maximum offering price per share (maximum sales charge of 3.75%) (a) | | $ | 24.14 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Class I1: | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 1,573,311 | | | | | | | | | | | | | |
| Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | | | 68,022 | | | | | | | | | | | | | |
| Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | | $ | 23.13 | | | | | | | | | | | | | |
| (a) | On investments of $1 million or more, the maximum sales charge will not apply. Instead, the investment may be subject to a 1.00% contingent deferred sales charge on redemptions within 18 months of purchase. |
| (b) | The Net Asset Value (“NAV”) and offering price shown above differs from the traded NAV on September 30, 2024 due to financial statement rounding and/or financial statement adjustments. |
See accompanying notes to financial statements.
| THE OCEAN PARK FUNDS |
| STATEMENTS OF ASSETS AND LIABILITIES (Continued) |
| September 30, 2024 |
| | | Ocean Park | | | Ocean Park | | | Ocean Park | | | Ocean Park | |
| | | Tactical Risk | | | Tactical Risk | | | Tactical Risk | | | Tactical Core | |
| | | Spectrum 50 Fund | | | Spectrum 30 Fund | | | Spectrum 70 Fund | | | Growth Fund | |
| ASSETS | | | | | | | | | | | | | | | | |
| Investment securities: | | | | | | | | | | | | | | | | |
| At cost | | $ | 345,852,909 | | | $ | 36,169,534 | | | $ | 48,051,985 | | | $ | 3,979,405 | |
| At value (includes securities on loan with a market value of $22,974,457, $1,734,548, $4,546,069, $246,649) | | $ | 379,665,832 | | | $ | 38,998,264 | | | $ | 51,845,210 | | | $ | 4,345,391 | |
| Receivable for securities sold | | | — | | | | 99,996 | | | | — | | | | — | |
| Dividends and interest receivable | | | 27,167 | | | | 8,009 | | | | 12,038 | | | | 1,865 | |
| Receivable for Fund shares sold | | | 282,987 | | | | 1,374 | | | | 802,217 | | | | 580 | |
| Receivable due from Advisor | | | — | | | | — | | | | — | | | | 13,662 | |
| Prepaid expenses and other assets | | | 44,085 | | | | 34,235 | | | | 32,777 | | | | 39,601 | |
| TOTAL ASSETS | | | 380,020,071 | | | | 39,141,878 | | | | 52,692,242 | | | | 4,401,099 | |
| | | | | | | | | | | | | | | | | |
| LIABILITIES | | | | | | | | | | | | | | | | |
| Securities lending collateral payable | | | 23,467,534 | | | | 1,769,208 | | | | 4,659,608 | | | | 251,738 | |
| Investment advisory fees payable | | | 273,703 | | | | 12,522 | | | | 14,192 | | | | — | |
| Payable for Fund shares repurchased | | | 244,646 | | | | 835 | | | | 326 | | | | — | |
| Payable to related parties | | | 18,187 | | | | 3,498 | | | | 103 | | | | 2,412 | |
| Distribution (12b-1) fees payable | | | 1,740 | | | | 17 | | | | 8 | | | | 57 | |
| Line of credit payable | | | — | | | | 24,000 | | | | — | | | | — | |
| Payable for investments purchased | | | — | | | | — | | | | — | | | | 181,273 | |
| Accrued expenses and other liabilities | | | 44,674 | | | | 8,066 | | | | 908 | | | | 2,852 | |
| TOTAL LIABILITIES | | | 24,050,484 | | | | 1,818,146 | | | | 4,675,145 | | | | 438,332 | |
| NET ASSETS | | $ | 355,969,587 | | | $ | 37,323,732 | | | $ | 48,017,097 | | | $ | 3,962,767 | |
| | | | | | | | | | | | | | | | | |
| Net Assets Consist Of: | | | | | | | | | | | | | | | | |
| Paid in capital | | $ | 347,138,735 | | | $ | 34,513,964 | | | $ | 44,399,095 | | | $ | 3,555,868 | |
| Accumulated Earnings | | | 8,830,852 | | | | 2,809,768 | | | | 3,618,002 | | | | 406,899 | |
| NET ASSETS | | $ | 355,969,587 | | | $ | 37,323,732 | | | $ | 48,017,097 | | | $ | 3,962,767 | |
See accompanying notes to financial statements.
| THE OCEAN PARK FUNDS |
| STATEMENTS OF ASSETS AND LIABILITIES (Continued) |
| September 30, 2024 |
| | | Ocean Park | | | Ocean Park | | | Ocean Park | | | Ocean Park | |
| | | Tactical Risk | | | Tactical Risk | | | Tactical Risk | | | Tactical Core | |
| | | Spectrum 50 Fund | | | Spectrum 30 Fund | | | Spectrum 70 Fund | | | Growth Fund | |
| Net Asset Value Per Share: | | | | | | | | | | | | | | | | |
| Class A: | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 233,623 | | | | | | | | | | | | | |
| Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | | | 9,509 | | | | | | | | | | | | | |
| Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | | $ | 24.57 | | | | | | | | | | | | | |
| Maximum offering price per share (maximum sales charge of 3.75%) (a) | | $ | 25.53 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Class C: | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 1,082,803 | | | | | | | | | | | | | |
| Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | | | 44,347 | | | | | | | | | | | | | |
| Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | | $ | 24.42 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Investor Class: | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 2,529,593 | | | $ | 51,684 | | | $ | 26,525 | | | $ | 178,785 | |
| Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | | | 102,893 | | | | 1,920 | | | | 931 | | | | 6,157 | |
| Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | | $ | 24.58 | | | $ | 26.92 | (b) | | $ | 28.49 | | | $ | 29.04 | (b) |
| | | | | | | | | | | | | | | | | |
| Instl Class: | | | | | | | | | | | | | | | | |
| Net Assets | | $ | 352,123,568 | | | $ | 37,272,048 | | | $ | 47,990,572 | | | $ | 3,783,982 | |
| Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | | | 14,333,511 | | | | 1,384,488 | | | | 1,680,525 | | | | 129,981 | |
| Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | | $ | 24.57 | (b) | | $ | 26.92 | | | $ | 28.56 | | | $ | 29.11 | |
| (a) | On investments of $1 million or more, the maximum sales charge will not apply. Instead, the investment may be subject to a 1.00% contingent deferred sales charge on redemptions within 18 months of purchase. |
| (b) | The Net Asset Value (“NAV”) and offering price shown above differs from the traded NAV on September 30, 2024 due to financial statement rounding and/or financial statement adjustments. |
See accompanying notes to financial statements.
| THE OCEAN PARK FUNDS |
| STATEMENTS OF OPERATIONS |
| For the Year Ended September 30, 2024 |
| | | 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 | | $ | 28,852,745 | | | $ | 83,851,423 | | | $ | 9,991,616 | | | $ | 112,670,364 | |
| Interest | | | 2,360,874 | | | | 5,720,619 | | | | 993,074 | | | | 4,667,606 | |
| Securities lending income | | | 52,429 | | | | 194,428 | | | | 27,313 | | | | 86,313 | |
| TOTAL INVESTMENT INCOME | | | 31,266,048 | | | | 89,766,470 | | | | 11,012,003 | | | | 117,424,283 | |
| | | | | | | | | | | | | | | | | |
| EXPENSES | | | | | | | | | | | | | | | | |
| Investment advisory fees | | | 8,162,678 | | | | 11,836,758 | | | | 2,154,004 | | | | 18,707,888 | |
| Distribution (12b-1) fees: | | | | | | | | | | | | | | | | |
| Class A | | | 44,816 | | | | 133,793 | | | | 11,756 | | | | 16,758 | |
| Class C | | | 302,163 | | | | 1,021,070 | | | | 23,839 | | | | 232,415 | |
| Investor Class | | | 20,331 | | | | 174,111 | | | | 12,593 | | | | 56,064 | |
| Class A1 | | | 12,142 | | | | — | | | | — | | | | — | |
| Class I1 | | | 7,013 | | | | — | | | | — | | | | — | |
| Third party administrative servicing fee | | | 572,994 | | | | 1,362,995 | | | | 269,794 | | | | 1,155,183 | |
| Administrative services fees | | | 296,556 | | | | 694,776 | | | | 138,766 | | | | 796,940 | |
| Registration fees | | | 125,208 | | | | 160,440 | | | | 120,330 | | | | 170,465 | |
| Transfer agent fees | | | 91,139 | | | | 386,148 | | | | 96,429 | | | | 216,609 | |
| Printing and postage expenses | | | 85,684 | | | | 162,597 | | | | 91,570 | | | | 136,929 | |
| Accounting services fees | | | 83,469 | | | | 204,831 | | | | 37,331 | | | | 225,705 | |
| Custodian fees | | | 61,517 | | | | 125,079 | | | | 30,101 | | | | 110,379 | |
| Professional fees | | | 37,197 | | | | 35,283 | | | | 36,514 | | | | 35,270 | |
| Compliance officer fees | | | 27,897 | | | | 39,918 | | | | 16,051 | | | | 42,956 | |
| Trustees fees and expenses | | | 16,994 | | | | 16,980 | | | | 16,997 | | | | 16,977 | |
| Insurance expense | | | 11,993 | | | | 21,056 | | | | 5,516 | | | | 22,059 | |
| Interest expense | | | 5,341 | | | | 23,265 | | | | 3,158 | | | | 18,672 | |
| Other expenses | | | 4,504 | | | | 7,466 | | | | 6,851 | | | | 7,772 | |
| TOTAL EXPENSES | | | 9,969,636 | | | | 16,406,566 | | | | 3,071,600 | | | | 21,969,041 | |
| | | | | | | | | | | | | | | | | |
| Less: Fees waived by the Adviser | | | — | | | | (9,168 | ) | | | (12,509 | ) | | | — | |
| | | | | | | | | | | | | | | | | |
| NET EXPENSES | | | 9,969,636 | | | | 16,397,398 | | | | 3,059,091 | | | | 21,969,041 | |
| NET INVESTMENT INCOME | | | 21,296,412 | | | | 73,369,072 | | | | 7,952,912 | | | | 95,455,242 | |
| | | | | | | | | | | | | | | | | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Net realized gain (loss) from security transactions | | | 14,577,330 | | | | (5,025,576 | ) | | | (785,124 | ) | | | (36,667,046 | ) |
| Distributions of capital gains from underlying investment companies | | | 5 | | | | — | | | | — | | | | — | |
| | | | 14,577,335 | | | | (5,025,576 | ) | | | (785,124 | ) | | | (36,667,046 | ) |
| | | | | | | | | | | | | | | | | |
| Net change in unrealized appreciation of investments | | | 44,217,940 | | | | 97,646,593 | | | | 22,682,866 | | | | 135,588,252 | |
| NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS | | | 58,795,275 | | | | 92,621,017 | | | | 21,897,742 | | | | 98,921,206 | |
| | | | | | | | | | | | | | | | | |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 80,091,687 | | | $ | 165,990,089 | | | $ | 29,850,654 | | | $ | 194,376,448 | |
See accompanying notes to financial statements.
| THE OCEAN PARK FUNDS |
| STATEMENTS OF OPERATIONS (Continued) |
| For the Year Ended September 30, 2024 |
| | | Ocean Park Tactical | | | Ocean Park Tactical | | | Ocean Park Tactical | | | | |
| | | Risk Spectrum 50 | | | Risk Spectrum 30 | | | Risk Spectrum 70 | | | Ocean Park Tactical | |
| | | Fund | | | Fund | | | Fund | | | Core Growth Fund | |
| INVESTMENT INCOME | | | | | | | | | | | | | | | | |
| Dividends | | $ | 14,675,997 | | | $ | 1,729,304 | | | $ | 1,018,799 | | | $ | 62,019 | |
| Interest | | | 1,192,851 | | | | 95,928 | | | | 79,756 | | | | 8,239 | |
| Securities lending income | | | 26,433 | | | | 6,666 | | | | 6,752 | | | | 365 | |
| TOTAL INVESTMENT INCOME | | | 15,895,281 | | | | 1,831,898 | | | | 1,105,307 | | | | 70,623 | |
| | | | | | | | | | | | | | | | | |
| EXPENSES | | | | | | | | | | | | | | | | |
| Investment advisory fees | | | 3,855,422 | | | | 385,157 | | | | 341,146 | | | | 20,375 | |
| Distribution (12b-1) fees: | | | | | | | | | | | | | | | | |
| Class A | | | 546 | | | | — | | | | — | | | | — | |
| Class C | | | 8,228 | | | | — | | | | — | | | | — | |
| Investor Class | | | 10,868 | | | | 34 | | | | 56 | | | | 361 | |
| Third party administrative servicing fee | | | 368,038 | | | | 43,075 | | | | 29,145 | | | | 2,130 | |
| Administrative services fees | | | 170,991 | | | | 34,352 | | | | 27,582 | | | | 16,250 | |
| Printing and postage expenses | | | 77,279 | | | | 4,749 | | | | 5,081 | | | | 7,643 | |
| Registration fees | | | 70,150 | | | | 47,945 | | | | 54,831 | | | | 56,071 | |
| Transfer agent fees | | | 61,481 | | | | 11,356 | | | | 13,749 | | | | 8,531 | |
| Accounting services fees | | | 48,350 | | | | 4,875 | | | | 4,443 | | | | 255 | |
| Custodian fees | | | 43,359 | | | | 6,371 | | | | 5,401 | | | | 6,823 | |
| Professional fees | | | 36,822 | | | | 32,445 | | | | 38,682 | | | | 47,924 | |
| Compliance officer fees | | | 17,685 | | | | 11,505 | | | | 11,339 | | | | 8,275 | |
| Trustees fees and expenses | | | 17,030 | | | | 16,944 | | | | 16,988 | | | | 12,895 | |
| Interest expense | | | 4,229 | | | | 867 | | | | 545 | | | | 5 | |
| Insurance expense | | | 3,999 | | | | 4,011 | | | | 1,830 | | | | 1,706 | |
| Other expenses | | | 4,957 | | | | 5,282 | | | | 9,454 | | | | 4,437 | |
| TOTAL EXPENSES | | | 4,799,434 | | | | 608,968 | | | | 560,272 | | | | 193,681 | |
| | | | | | | | | | | | | | | | | |
| Plus: Recapture of fees waived by the Adviser | | | 32,542 | | | | — | | | | — | | | | — | |
| Less: Fees waived by the Adviser and expenses reimbursed | | | — | | | | (127,492 | ) | | | (133,196 | ) | | | (166,311 | ) |
| | | | | | | | | | | | | | | | | |
| NET EXPENSES | | | 4,831,976 | | | | 481,476 | | | | 427,076 | | | | 27,370 | |
| NET INVESTMENT INCOME | | | 11,063,305 | | | | 1,350,422 | | | | 678,231 | | | | 43,253 | |
| | | | | | | | | | | | | | | | | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Net realized gain (loss) from security transactions | | | 11,301,780 | | | | 707,221 | | | | (91,311 | ) | | | 38,595 | |
| Distributions of capital gains from underlying investment companies | | | 84,348 | | | | 69 | | | | 40 | | | | 639 | |
| | | | 11,386,128 | | | | 707,290 | | | | (91,271 | ) | | | 39,234 | |
| | | | | | | | | | | | | | | | | |
| Net change in unrealized appreciation of investments | | | 29,556,355 | | | | 2,478,490 | | | | 4,226,246 | | | | 365,986 | |
| NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS | | | 40,942,483 | | | | 3,185,780 | | | | 4,134,975 | | | | 405,220 | |
| | | | | | | | | | | | | | | | | |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 52,005,788 | | | $ | 4,536,202 | | | $ | 4,813,206 | | | $ | 448,473 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL ALL ASSET FUND |
| STATEMENTS OF CHANGES IN NET ASSETS |
| | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | |
| | | 2024 | | | 2023 | |
| FROM OPERATIONS | | | | | | | | |
| Net investment income | | $ | 21,296,412 | | | $ | 24,684,974 | |
| Net realized gain (loss) from security transactions | | | 14,577,330 | | | | (24,972,391 | ) |
| Distributions of capital gains from underlying investment companies | | | 5 | | | | 56,179 | |
| Net change in unrealized appreciation of investments | | | 44,217,940 | | | | 1,721,615 | |
| Net increase in net assets resulting from operations | | | 80,091,687 | | | | 1,490,377 | |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS | | | | | | | | |
| From return of capital: | | | | | | | | |
| Class A | | | — | | | | (315 | ) |
| Class C | | | — | | | | (387 | ) |
| Investor Class | | | — | | | | (129 | ) |
| Instl Class | | | — | | | | (12,297 | ) |
| Class AI | | | — | | | | (50 | ) |
| Class I1 | | | — | | | | (99 | ) |
| From distributable earnings: | | | | | | | | |
| Class A | | | (548,857 | ) | | | (576,241 | ) |
| Class C | | | (696,622 | ) | | | (708,879 | ) |
| Investor Class | | | (233,520 | ) | | | (253,145 | ) |
| Instl Class | | | (19,644,050 | ) | | | (22,832,354 | ) |
| Class A1 | | | (86,552 | ) | | | (88,213 | ) |
| Class I1 | | | (47,333 | ) | | | (192,650 | ) |
| Net decrease in net assets resulting from distributions to shareholders | | | (21,256,934 | ) | | | (24,664,759 | ) |
| | | | | | | | | |
| FROM SHARES OF BENEFICIAL INTEREST | | | | | | | | |
| Proceeds from shares sold: | | | | | | | | |
| Class A | | | 290,096 | | | | 558,131 | |
| Class C | | | 1,001,057 | | | | 1,930,652 | |
| Investor Class | | | 4,725,328 | | | | 781,730 | |
| Instl Class | | | 86,729,764 | | | | 191,910,005 | |
| Class A1 | | | 73,849 | | | | 463,002 | |
| Class I1 | | | 58,606 | | | | 1,826,797 | |
| Net asset value of shares issued in reinvestment of distributions: | | | | | | | | |
| Class A | | | 540,788 | | | | 565,004 | |
| Class C | | | 675,725 | | | | 689,629 | |
| Investor Class | | | 228,989 | | | | 241,604 | |
| Instl Class | | | 19,432,082 | | | | 22,645,091 | |
| Class A1 | | | 68,786 | | | | 72,553 | |
| Class I1 | | | 44,596 | | | | 189,022 | |
| Payments for shares redeemed: | | | | | | | | |
| Class A | | | (4,662,579 | ) | | | (4,426,165 | ) |
| Class C | | | (7,327,488 | ) | | | (8,300,868 | ) |
| Investor Class | | | (6,333,392 | ) | | | (4,389,234 | ) |
| Instl Class | | | (259,606,174 | ) | | | (311,308,830 | ) |
| Class A1 | | | (724,671 | ) | | | (598,333 | ) |
| Class I1 | | | (4,952,558 | ) | | | (3,158,556 | ) |
| Net decrease in net assets resulting from shares of beneficial interest | | | (169,737,196 | ) | | | (110,308,766 | ) |
| | | | | | | | | |
| TOTAL DECREASE IN NET ASSETS | | | (110,902,443 | ) | | | (133,483,148 | ) |
| | | | | | | | | |
| NET ASSETS | | | | | | | | |
| Beginning of Year | | | 732,801,180 | | | | 866,284,328 | |
| End of Year | | $ | 621,898,737 | | | $ | 732,801,180 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL ALL ASSET FUND |
| STATEMENTS OF CHANGES IN NET ASSETS (Continued) |
| | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | |
| | | 2024 | | | 2023 | |
| SHARE ACTIVITY | | | | | | | | |
| Class A: | | | | | | | | |
| Shares Sold | | | 12,915 | | | | 25,861 | |
| Shares Reinvested | | | 24,143 | | | | 26,396 | |
| Shares Redeemed | | | (210,114 | ) | | | (204,517 | ) |
| Net decrease in shares of beneficial interest outstanding | | | (173,056 | ) | | | (152,260 | ) |
| | | | | | | | | |
| Class C: | | | | | | | | |
| Shares Sold | | | 44,870 | | | | 88,934 | |
| Shares Reinvested | | | 30,045 | | | | 32,062 | |
| Shares Redeemed | | | (330,379 | ) | | | (382,045 | ) |
| Net decrease in shares of beneficial interest outstanding | | | (255,464 | ) | | | (261,049 | ) |
| | | | | | | | | |
| Investor Class: | | | | | | | | |
| Shares Sold | | | 226,004 | | | | 36,194 | |
| Shares Reinvested | | | 10,240 | | | | 11,304 | |
| Shares Redeemed | | | (293,564 | ) | | | (202,417 | ) |
| Net decrease in shares of beneficial interest outstanding | | | (57,320 | ) | | | (154,919 | ) |
| | | | | | | | | |
| Instl Class: | | | | | | | | |
| Shares Sold | | | 3,967,526 | | | | 8,916,605 | |
| Shares Reinvested | | | 875,223 | | | | 1,067,249 | |
| Shares Redeemed | | | (11,990,729 | ) | | | (14,506,606 | ) |
| Net decrease in shares of beneficial interest outstanding | | | (7,147,980 | ) | | | (4,522,752 | ) |
| | | | | | | | | |
| Class A1 | | | | | | | | |
| Shares Sold | | | 3,326 | | | | 20,954 | |
| Shares Reinvested | | | 3,036 | | | | 3,353 | |
| Shares Redeemed | | | (32,404 | ) | | | (27,423 | ) |
| Net decrease in shares of beneficial interest outstanding | | | (26,042 | ) | | | (3,116 | ) |
| | | | | | | | | |
| Class I1 | | | | | | | | |
| Shares Sold | | | 2,576 | | | | 83,394 | |
| Shares Reinvested | | | 1,979 | | | | 8,774 | |
| Shares Redeemed | | | (234,963 | ) | | | (145,356 | ) |
| Net decrease in shares of beneficial interest outstanding | | | (230,408 | ) | | | (53,188 | ) |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL CORE INCOME FUND |
| STATEMENTS OF CHANGES IN NET ASSETS |
| | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | |
| | | 2024 | | | 2023 | |
| FROM OPERATIONS | | | | | | | | |
| Net investment income | | $ | 73,369,072 | | | $ | 70,627,516 | |
| Net realized loss from security transactions | | | (5,025,576 | ) | | | (81,324,110 | ) |
| Distributions of capital gains from underlying investment companies | | | — | | | | 46,984 | |
| Net change in unrealized appreciation (depreciation) of investments | | | 97,646,593 | | | | (12,152,874 | ) |
| Net increase (decrease) in net assets resulting from operations | | | 165,990,089 | | | | (22,802,484 | ) |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS | | | | | | | | |
| From return of capital: | | | | | | | | |
| Class A | | | — | | | | (6,390 | ) |
| Class C | | | — | | | | (15,366 | ) |
| Investor Class | | | — | | | | (8,825 | ) |
| Instl Class | | | — | | | | (273,213 | ) |
| From distributable earnings: | | | | | | | | |
| Class A | | | (1,440,173 | ) | | | (1,471,985 | ) |
| Class C | | | (3,806,368 | ) | | | (3,477,726 | ) |
| Investor Class | | | (1,836,858 | ) | | | (2,116,272 | ) |
| Instl Class | | | (65,946,770 | ) | | | (64,185,805 | ) |
| Net decrease in net assets resulting from distributions to shareholders | | | (73,030,169 | ) | | | (71,555,582 | ) |
| | | | | | | | | |
| FROM SHARES OF BENEFICIAL INTEREST | | | | | | | | |
| Proceeds from shares sold: | | | | | | | | |
| Class A | | | 2,809,811 | | | | 5,299,388 | |
| Class C | | | 9,656,630 | | | | 19,053,944 | |
| Investor Class | | | 7,178,705 | | | | 20,289,178 | |
| Instl Class | | | 379,366,602 | | | | 797,758,155 | |
| Net asset value of shares issued in reinvestment of distributions: | | | | | | | | |
| Class A | | | 1,366,233 | | | | 1,400,867 | |
| Class C | | | 3,636,724 | | | | 3,294,131 | |
| Investor Class | | | 1,766,754 | | | | 2,010,660 | |
| Instl Class | | | 64,121,457 | | | | 58,245,919 | |
| Payments for shares redeemed: | | | | | | | | |
| Class A | | | (16,362,027 | ) | | | (13,752,731 | ) |
| Class C | | | (36,495,829 | ) | | | (53,085,717 | ) |
| Investor Class | | | (37,920,159 | ) | | | (29,896,358 | ) |
| Instl Class | | | (766,971,404 | ) | | | (845,835,755 | ) |
| Net decrease in net assets resulting from shares of beneficial interest | | | (387,846,503 | ) | | | (35,218,319 | ) |
| | | | | | | | | |
| TOTAL DECREASE IN NET ASSETS | | | (294,886,583 | ) | | | (129,576,385 | ) |
| | | | | | | | | |
| NET ASSETS | | | | | | | | |
| Beginning of Year | | | 1,812,027,112 | | | | 1,941,603,497 | |
| End of Year | | $ | 1,517,140,529 | | | $ | 1,812,027,112 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL CORE INCOME FUND |
| STATEMENTS OF CHANGES IN NET ASSETS (Continued) |
| | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | |
| | | 2024 | | | 2023 | |
| SHARE ACTIVITY | | | | | | | | |
| Class A: | | | | | | | | |
| Shares Sold | | | 140,372 | | | | 262,637 | |
| Shares Reinvested | | | 68,654 | | | | 70,455 | |
| Shares Redeemed | | | (832,891 | ) | | | (687,682 | ) |
| Net decrease in shares of beneficial interest outstanding | | | (623,865 | ) | | | (354,590 | ) |
| | | | | | | | | |
| Class C: | | | | | | | | |
| Shares Sold | | | 487,059 | | | | 951,692 | |
| Shares Reinvested | | | 183,638 | | | | 166,542 | |
| Shares Redeemed | | | (1,848,676 | ) | | | (2,668,496 | ) |
| Net decrease in shares of beneficial interest outstanding | | | (1,177,979 | ) | | | (1,550,262 | ) |
| | | | | | | | | |
| Investor Class: | | | | | | | | |
| Shares Sold | | | 358,450 | | | | 1,005,813 | |
| Shares Reinvested | | | 88,686 | | | | 100,998 | |
| Shares Redeemed | | | (1,907,295 | ) | | | (1,499,060 | ) |
| Net decrease in shares of beneficial interest outstanding | | | (1,460,159 | ) | | | (392,249 | ) |
| | | | | | | | | |
| Instl Class: | | | | | | | | |
| Shares Sold | | | 19,093,073 | | | | 39,596,908 | |
| Shares Reinvested | | | 3,235,133 | | | | 3,139,643 | |
| Shares Redeemed | | | (38,876,182 | ) | | | (42,635,790 | ) |
| Net increase (decrease) in shares of beneficial interest outstanding | | | (16,547,976 | ) | | | 100,761 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL MUNICIPAL FUND |
| STATEMENTS OF CHANGES IN NET ASSETS |
| | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | |
| | | 2024 | | | 2023 | |
| FROM OPERATIONS | | | | | | | | |
| Net investment income | | $ | 7,952,912 | | | $ | 7,725,906 | |
| Net realized loss from security transactions | | | (785,124 | ) | | | (6,853,547 | ) |
| Distributions of capital gains from underlying investment companies | | | — | | | | 141,703 | |
| Net change in unrealized appreciation (depreciation) of investments | | | 22,682,866 | | | | (2,505,141 | ) |
| Net increase (decrease) in net assets resulting from operations | | | 29,850,654 | | | | (1,491,079 | ) |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS | | | | | | | | |
| From return of capital: | | | | | | | | |
| Class A | | | — | | | | (54 | ) |
| Class C | | | — | | | | (22 | ) |
| Investor Class | | | — | | | | (49 | ) |
| Instl Class | | | — | | | | (4,100 | ) |
| Special Shares | | | — | | | | (4 | ) |
| From distributable earnings: | | | | | | | | |
| Class A | | | (119,038 | ) | | | (103,218 | ) |
| Class C | | | (42,181 | ) | | | (38,599 | ) |
| Investor Class | | | (71,830 | ) | | | (84,176 | ) |
| Instl Class | | | (7,637,108 | ) | | | (7,561,985 | ) |
| Special Shares | | | (7,308 | ) | | | (7,234 | ) |
| Net decrease in net assets resulting from distributions to shareholders | | | (7,877,465 | ) | | | (7,799,441 | ) |
| | | | | | | | | |
| FROM SHARES OF BENEFICIAL INTEREST | | | | | | | | |
| Proceeds from shares sold: | | | | | | | | |
| Class A | | | 446,480 | | | | 1,759,310 | |
| Class C | | | 484,771 | | | | 2,611,682 | |
| Investor Class | | | 136,208 | | | | 1,437,263 | |
| Instl Class | | | 83,504,544 | | | | 130,585,862 | |
| Special Shares | | | — | | | | 1,173 | |
| Net asset value of shares issued in reinvestment of distributions: | | | | | | | | |
| Class A | | | 119,038 | | | | 103,264 | |
| Class C | | | 42,181 | | | | 38,621 | |
| Investor Class | | | 71,600 | | | | 84,038 | |
| Instl Class | | | 7,319,472 | | | | 7,274,486 | |
| Special Shares | | | 7,308 | | | | 7,238 | |
| Payments for shares redeemed: | | | | | | | | |
| Class A | | | (150,941 | ) | | | (2,030,652 | ) |
| Class C | | | (1,063,373 | ) | | | (1,477,704 | ) |
| Investor Class | | | (3,092,700 | ) | | | (1,410,566 | ) |
| Instl Class | | | (117,077,966 | ) | | | (142,971,949 | ) |
| Special Shares | | | (99,960 | ) | | | (5,743 | ) |
| Net decrease in net assets resulting from shares of beneficial interest | | | (29,353,338 | ) | | | (3,993,677 | ) |
| | | | | | | | | |
| TOTAL DECREASE IN NET ASSETS | | | (7,380,149 | ) | | | (13,284,197 | ) |
| | | | | | | | | |
| NET ASSETS | | | | | | | | |
| Beginning of Year | | | 300,204,764 | | | | 313,488,961 | |
| End of Year | | $ | 292,824,615 | | | $ | 300,204,764 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL MUNICIPAL FUND |
| STATEMENTS OF CHANGES IN NET ASSETS (Continued) |
| | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | |
| | | 2024 | | | 2023 | |
| SHARE ACTIVITY | | | | | | | | |
| Class A: | | | | | | | | |
| Shares Sold | | | 17,449 | | | | 69,377 | |
| Shares Reinvested | | | 4,657 | | | | 4,123 | |
| Shares Redeemed | | | (5,952 | ) | | | (81,543 | ) |
| Net increase (decrease) in shares of beneficial interest outstanding | | | 16,154 | | | | (8,043 | ) |
| | | | | | | | | |
| Class C: | | | | | | | | |
| Shares Sold | | | 19,498 | | | | 103,512 | |
| Shares Reinvested | | | 1,669 | | | | 1,558 | |
| Shares Redeemed | | | (42,778 | ) | | | (59,351 | ) |
| Net increase (decrease) in shares of beneficial interest outstanding | | | (21,611 | ) | | | 45,719 | |
| | | | | | | | | |
| Investor Class: | | | | | | | | |
| Shares Sold | | | 5,347 | | | | 56,612 | |
| Shares Reinvested | | | 2,815 | | | | 3,360 | |
| Shares Redeemed | | | (121,789 | ) | | | (56,222 | ) |
| Net increase (decrease) in shares of beneficial interest outstanding | | | (113,627 | ) | | | 3,750 | |
| | | | | | | | | |
| Instl Class: | | | | | | | | |
| Shares Sold | | | 3,279,435 | | | | 5,181,291 | |
| Shares Reinvested | | | 287,462 | | | | 291,174 | |
| Shares Redeemed | | | (4,650,204 | ) | | | (5,714,829 | ) |
| Net decrease in shares of beneficial interest outstanding | | | (1,083,307 | ) | | | (242,364 | ) |
| | | | | | | | | |
| Special Shares: | | | | | | | | |
| Shares Sold | | | — | | | | 45 | |
| Shares Reinvested | | | 286 | | | | 289 | |
| Shares Redeemed | | | (3,919 | ) | | | (228 | ) |
| Net increase (decrease) in shares of beneficial interest outstanding | | | (3,633 | ) | | | 106 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL BOND FUND |
| STATEMENTS OF CHANGES IN NET ASSETS |
| | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | |
| | | 2024 | | | 2023 | |
| FROM OPERATIONS | | | | | | | | |
| Net investment income | | $ | 95,455,242 | | | $ | 90,699,929 | |
| Net realized loss from security transactions | | | (36,667,046 | ) | | | (12,150,618 | ) |
| Distributions of capital gains from underlying investment companies | | | — | | | | 1,194 | |
| Net change in unrealized appreciation (depreciation) of investments | | | 135,588,252 | | | | (20,587,355 | ) |
| Net increase in net assets resulting from operations | | | 194,376,448 | | | | 57,963,150 | |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS | | | | | | | | |
| From return of capital: | | | | | | | | |
| Class A | | | — | | | | (827 | ) |
| Class C | | | — | | | | (2,412 | ) |
| Investor Class | | | — | | | | (1,508 | ) |
| Instl Class | | | — | | | | (209,837 | ) |
| From distributable earnings: | | | | | | | | |
| Class A | | | (343,737 | ) | | | (679,670 | ) |
| Class C | | | (1,028,528 | ) | | | (899,706 | ) |
| Investor Class | | | (695,559 | ) | | | (654,908 | ) |
| Instl Class | | | (92,926,210 | ) | | | (88,947,420 | ) |
| Net decrease in net assets resulting from distributions to shareholders | | | (94,994,034 | ) | | | (91,396,288 | ) |
| | | | | | | | | |
| FROM SHARES OF BENEFICIAL INTEREST | | | | | | | | |
| Proceeds from shares sold: | | | | | | | | |
| Class A | | | 2,396,108 | | | | 1,556,818 | |
| Class C | | | 5,476,880 | | | | 8,795,937 | |
| Investor Class | | | 7,975,466 | | | | 7,782,701 | |
| Instl Class | | | 692,886,096 | | | | 762,874,058 | |
| Net asset value of shares issued in reinvestment of distributions: | | | | | | | | |
| Class A | | | 338,697 | | | | 677,677 | |
| Class C | | | 1,012,684 | | | | 894,422 | |
| Investor Class | | | 666,442 | | | | 629,001 | |
| Instl Class | | | 91,454,443 | | | | 87,867,469 | |
| Payments for shares redeemed: | | | | | | | | |
| Class A | | | (2,953,841 | ) | | | (17,007,372 | ) |
| Class C | | | (5,174,632 | ) | | | (7,550,850 | ) |
| Investor Class | | | (7,417,677 | ) | | | (12,540,636 | ) |
| Instl Class | | | (744,603,804 | ) | | | (1,141,757,821 | ) |
| Net incease (decrease) in net assets resulting from shares of beneficial interest | | | 42,056,862 | | | | (307,778,596 | ) |
| | | | | | | | | |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | | | 141,439,276 | | | | (341,211,734 | ) |
| | | | | | | | | |
| NET ASSETS | | | | | | | | |
| Beginning of Year | | | 1,771,782,162 | | | | 2,112,993,896 | |
| End of Year | | $ | 1,913,221,438 | | | $ | 1,771,782,162 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL BOND FUND |
| STATEMENTS OF CHANGES IN NET ASSETS (Continued) |
| | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | |
| | | 2024 | | | 2023 | |
| SHARE ACTIVITY | | | | | | | | |
| Class A: | | | | | | | | |
| Shares Sold | | | 91,900 | | | | 60,272 | |
| Shares Reinvested | | | 13,036 | | | | 26,476 | |
| Shares Redeemed | | | (113,839 | ) | | | (660,269 | ) |
| Net decrease in shares of beneficial interest outstanding | | | (8,903 | ) | | | (573,521 | ) |
| | | | | | | | | |
| Class C: | | | | | | | | |
| Shares Sold | | | 212,139 | | | | 342,816 | |
| Shares Reinvested | | | 39,258 | | | | 35,239 | |
| Shares Redeemed | | | (203,076 | ) | | | (295,357 | ) |
| Net increase in shares of beneficial interest outstanding | | | 48,321 | | | | 82,698 | |
| | | | | | | | | |
| Investor Class: | | | | | | | | |
| Shares Sold | | | 308,885 | | | | 301,431 | |
| Shares Reinvested | | | 25,633 | | | | 24,600 | |
| Shares Redeemed | | | (288,686 | ) | | | (482,621 | ) |
| Net increase (decrease) in shares of beneficial interest outstanding | | | 45,832 | | | | (156,590 | ) |
| | | | | | | | | |
| Instl Class: | | | | | | | | |
| Shares Sold | | | 26,675,659 | | | | 29,486,527 | |
| Shares Reinvested | | | 3,510,832 | | | | 3,426,628 | |
| Shares Redeemed | | | (28,827,034 | ) | | | (43,786,306 | ) |
| Net increase (decrease) in shares of beneficial interest outstanding | | | 1,359,457 | | | | (10,873,151 | ) |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND |
| STATEMENTS OF CHANGES IN NET ASSETS |
| | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | |
| | | 2024 | | | 2023 | |
| FROM OPERATIONS | | | | | | | | |
| Net investment income | | $ | 11,063,305 | | | $ | 7,714,193 | |
| Net realized gain (loss) from security transactions | | | 11,301,780 | | | | (14,284,227 | ) |
| Distributions of capital gains from underlying investment companies | | | 84,348 | | | | 70,025 | |
| Net change in unrealized appreciation of investments | | | 29,556,355 | | | | 4,318,980 | |
| Net increase (decrease) in net assets resulting from operations | | | 52,005,788 | | | | (2,181,029 | ) |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS | | | | | | | | |
| From distributable earnings: | | | | | | | | |
| Class A | | | (6,282 | ) | | | (4,026 | ) |
| Class C | | | (17,675 | ) | | | (3,292 | ) |
| Investor Class | | | (67,514 | ) | | | (63,839 | ) |
| Instl Class | | | (11,197,160 | ) | | | (7,240,223 | ) |
| Net decrease in net assets resulting from distributions to shareholders | | | (11,288,631 | ) | | | (7,311,380 | ) |
| | | | | | | | | |
| FROM SHARES OF BENEFICIAL INTEREST | | | | | | | | |
| Proceeds from shares sold: | | | | | | | | |
| Class A | | | — | | | | — | |
| Class C | | | 447,840 | | | | 556,268 | |
| Investor Class | | | 304,251 | | | | 5,743,031 | |
| Instl Class | | | 56,890,141 | | | | 427,525,979 | |
| Net asset value of shares issued in reinvestment of distributions: | | | | | | | | |
| Class A | | | 6,282 | | | | 4,026 | |
| Class C | | | 17,675 | | | | 3,292 | |
| Investor Class | | | 66,636 | | | | 56,835 | |
| Instl Class | | | 11,098,488 | | | | 7,159,043 | |
| Payments for shares redeemed: | | | | | | | | |
| Class A | | | (15 | ) | | | (417,114 | ) |
| Class C | | | (58,891 | ) | | | — | |
| Investor Class | | | (2,815,647 | ) | | | (2,441,199 | ) |
| Instl Class | | | (159,636,472 | ) | | | (185,036,630 | ) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | | | (93,679,712 | ) | | | 253,153,531 | |
| | | | | | | | | |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | | | (52,962,555 | ) | | | 243,661,122 | |
| | | | | | | | | |
| NET ASSETS | | | | | | | | |
| Beginning of Year | | | 408,932,142 | | | | 165,271,020 | |
| End of Year | | $ | 355,969,587 | | | $ | 408,932,142 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND |
| STATEMENTS OF CHANGES IN NET ASSETS (Continued) |
| | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | |
| | | 2024 | | | 2023 | |
| SHARE ACTIVITY | | | | | | | | |
| Class A: | | | | | | | | |
| Shares Reinvested | | | 267 | | | | 183 | |
| Shares Redeemed | | | (1 | ) | | | (19,222 | ) |
| Net increase (decrease) in shares of beneficial interest outstanding | | | 266 | | | | (19,039 | ) |
| | | | | | | | | |
| Class C: | | | | | | | | |
| Shares Sold | | | 19,322 | | | | 24,860 | |
| Shares Reinvested | | | 753 | | | | 150 | |
| Shares Redeemed | | | (2,672 | ) | | | — | |
| Net increase in shares of beneficial interest outstanding | | | 17,403 | | | | 25,010 | |
| | | | | | | | | |
| Investor Class: | | | | | | | | |
| Shares Sold | | | 13,008 | | | | 253,369 | |
| Shares Reinvested | | | 2,832 | | | | 2,576 | |
| Shares Redeemed | | | (126,994 | ) | | | (109,230 | ) |
| Net increase (decrease) in shares of beneficial interest outstanding | | | (111,154 | ) | | | 146,715 | |
| | | | | | | | | |
| Instl Class: | | | | | | | | |
| Shares Sold | | | 2,450,117 | | | | 18,801,899 | |
| Shares Reinvested | | | 471,453 | | | | 324,182 | |
| Shares Redeemed | | | (6,952,024 | ) | | | (8,283,726 | ) |
| Net increase (decrease) in shares of beneficial interest outstanding | | | (4,030,454 | ) | | | 10,842,355 | |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 30 FUND |
| STATEMENTS OF CHANGES IN NET ASSETS |
| | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | |
| | | 2024 | | | 2023* | |
| FROM OPERATIONS | | | | | | | | |
| Net investment income | | $ | 1,350,422 | | | $ | 1,225,662 | |
| Net realized gain (loss) from security transactions | | | 707,221 | | | | (780,946 | ) |
| Distributions of capital gains from underlying investment companies | | | 69 | | | | 11,527 | |
| Net change in unrealized appreciation of investments | | | 2,478,490 | | | | 350,240 | |
| Net increase in net assets resulting from operations | | | 4,536,202 | | | | 806,483 | |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS | | | | | | | | |
| From distributable earnings: | | | | | | | | |
| Investor Class | | | (395 | ) | | | (0 | ) + |
| Instl Class | | | (1,362,594 | ) | | | (1,191,647 | ) |
| Net decrease in net assets resulting from distributions to shareholders | | | (1,362,989 | ) | | | (1,191,647 | ) |
| | | | | | | | | |
| FROM SHARES OF BENEFICIAL INTEREST | | | | | | | | |
| Proceeds from shares sold: | | | | | | | | |
| Investor Class | | | 50,000 | | | | 25 | |
| Instl Class | | | 1,842,271 | | | | 47,071,265 | |
| Net asset value of shares issued in reinvestment of distributions: | | | | | | | | |
| Investor Class | | | 395 | | | | 0 | + |
| Instl Class | | | 1,362,594 | | | | 1,191,647 | |
| Payments for shares redeemed: | | | | | | | | |
| Instl Class | | | (6,943,161 | ) | | | (10,039,353 | ) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | | | (3,687,901 | ) | | | 38,223,584 | |
| | | | | | | | | |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | | | (514,688 | ) | | | 37,838,420 | |
| | | | | | | | | |
| NET ASSETS | | | | | | | | |
| Beginning of Year | | | 37,838,420 | | | | — | |
| End of Year | | $ | 37,323,732 | | | $ | 37,838,420 | |
| | | | | | | | | |
| SHARE ACTIVITY | | | | | | | | |
| Investor Class: | | | | | | | | |
| Shares Sold | | | 1,904 | | | | 1 | |
| Shares Reinvested | | | 15 | | | | 0 | ++ |
| Net increase in shares of beneficial interest outstanding | | | 1,919 | | | | 1 | |
| | | | | | | | | |
| Instl Class: | | | | | | | | |
| Shares Sold | | | 70,458 | | | | 1,882,187 | |
| Shares Reinvested | | | 52,113 | | | | 47,778 | |
| Shares Redeemed | | | (270,715 | ) | | | (397,333 | ) |
| Net increase (decrease) in shares of beneficial interest outstanding | | | (148,144 | ) | | | 1,532,632 | |
| * | Ocean Park Tactical Risk Spectrum 30 Fund commenced operations on September 30, 2022. |
| + | Amount represented is less than $0.50. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 70 FUND |
| STATEMENTS OF CHANGES IN NET ASSETS |
| | | Year Ended | | | Period Ended | |
| | | September 30, | | | September 30, | |
| | | 2024 | | | 2023* | |
| FROM OPERATIONS | | | | | | | | |
| Net investment income | | $ | 678,231 | | | $ | 97,380 | |
| Net realized loss from security transactions | | | (91,311 | ) | | | (104,972 | ) |
| Distributions of capital gains from underlying investment companies | | | 40 | | | | — | |
| Net change in unrealized appreciation (depreciation) of investments | | | 4,226,246 | | | | (433,021 | ) |
| Net increase (decrease) in net assets resulting from operations | | | 4,813,206 | | | | (440,613 | ) |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS | | | | | | | | |
| From distributable earnings: | | | | | | | | |
| Investor Class | | | (342 | ) | | | (58 | ) |
| Instl Class | | | (687,141 | ) | | | (76,702 | ) |
| Net decrease in net assets resulting from distributions to shareholders | | | (687,483 | ) | | | (76,760 | ) |
| | | | | | | | | |
| FROM SHARES OF BENEFICIAL INTEREST | | | | | | | | |
| Proceeds from shares sold: | | | | | | | | |
| Investor Class | | | 25,100 | | | | 18,821 | |
| Instl Class | | | 26,062,686 | | | | 25,523,519 | |
| Net asset value of shares issued in reinvestment of distributions: | | | | | | | | |
| Investor Class | | | 45 | | | | 2 | |
| Instl Class | | | 627,388 | | | | 69,204 | |
| Payments for shares redeemed: | | | | | | | | |
| Investor Class | | | (18,631 | ) | | | — | |
| Instl Class | | | (5,996,970 | ) | | | (1,902,417 | ) |
| Net increase in net assets resulting from shares of beneficial interest | | | 20,699,618 | | | | 23,709,129 | |
| | | | | | | | | |
| TOTAL INCREASE IN NET ASSETS | | | 24,825,341 | | | | 23,191,756 | |
| | | | | | | | | |
| NET ASSETS | | | | | | | | |
| Beginning of Year | | | 23,191,756 | | | | — | |
| End of Year | | $ | 48,017,097 | | | $ | 23,191,756 | |
| | | | | | | | | |
| SHARE ACTIVITY | | | | | | | | |
| Investor Class: | | | | | | | | |
| Shares Sold | | | 910 | | | | 734 | |
| Shares Reinvested | | | 2 | | | | 0 | + |
| Shares Redeemed | | | (715 | ) | | | — | |
| Net increase in shares of beneficial interest outstanding | | | 197 | | | | 734 | |
| | | | | | | | | |
| Instl Class: | | | | | | | | |
| Shares Sold | | | 960,693 | | | | 1,000,318 | |
| Shares Reinvested | | | 22,953 | | | | 2,760 | |
| Shares Redeemed | | | (231,088 | ) | | | (75,111 | ) |
| Net increase in shares of beneficial interest outstanding | | | 752,558 | | | | 927,967 | |
| * | Ocean Park Tactical Risk Spectrum 70 Fund commenced operations on March 31, 2023. |
| | |
| + | Less than 1 Share |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL CORE GROWTH FUND |
| STATEMENT OF CHANGE IN NET ASSETS |
| | | Year Ended | |
| | | September 30, | |
| | | 2024* | |
| FROM OPERATIONS | | | | |
| Net investment income | | $ | 43,253 | |
| Net realized gain from security transactions | | | 39,234 | |
| Net change in unrealized appreciation of investments | | | 365,986 | |
| Net increase in net assets resulting from operations | | | 448,473 | |
| | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS | | | | |
| From distributable earnings: | | | | |
| Investor Class | | | (1,184 | ) |
| Instl Class | | | (40,390 | ) |
| Net decrease in net assets resulting from distributions to shareholders | | | (41,574 | ) |
| | | | | |
| FROM SHARES OF BENEFICIAL INTEREST | | | | |
| Proceeds from shares sold: | | | | |
| Investor Class | | | 165,224 | |
| Instl Class | | | 4,983,900 | |
| Net asset value of shares issued in reinvestment of distributions: | | | | |
| Investor Class | | | 1,184 | |
| Instl Class | | | 40,390 | |
| Payments for shares redeemed: | | | | |
| Investor Class | | | (411 | ) |
| Instl Class | | | (1,634,419 | ) |
| Net increase in net assets resulting from shares of beneficial interest | | | 3,555,868 | |
| | | | | |
| TOTAL INCREASE IN NET ASSETS | | | 3,962,767 | |
| | | | | |
| NET ASSETS | | | | |
| Beginning of Year | | | — | |
| End of Year | | $ | 3,962,767 | |
| | | | | |
| SHARE ACTIVITY | | | | |
| Investor Class: | | | | |
| Shares Sold | | | 6,128 | |
| Shares Reinvested | | | 43 | |
| Shares Redeemed | | | (14 | ) |
| Net increase in shares of beneficial interest outstanding | | | 6,157 | |
| | | | | |
| Instl Class: | | | | |
| Shares Sold | | | 194,551 | |
| Shares Reinvested | | | 1,495 | |
| Shares Redeemed | | | (66,065 | ) |
| Net increase in shares of beneficial interest outstanding | | | 129,981 | |
| * | Ocean Park Tactical Core Growth Fund commenced operations on September 29, 2023. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL ALL ASSET FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Class A Shares | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 20.99 | | | $ | 21.64 | | | $ | 23.90 | | | $ | 23.28 | | | $ | 23.11 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (1) | | | 0.68 | | | | 0.61 | | | | 0.16 | | | | 0.64 | | | | 0.34 | |
| Net realized and unrealized gain (loss) on investments | | | 2.00 | | | | (0.65 | ) | | | (2.16 | ) | | | 0.62 | | | | 0.22 | |
| Total from investment operations | | | 2.68 | | | | (0.04 | ) | | | (2.00 | ) | | | 1.26 | | | | 0.56 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (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 | | | (0.69 | ) | | | (0.61 | ) | | | (0.26 | ) | | | (0.64 | ) | | | (0.39 | ) |
| Net asset value, end of year | | $ | 22.98 | | | $ | 20.99 | | | $ | 21.64 | | | $ | 23.90 | | | $ | 23.28 | |
| Total return (2) | | | 12.89 | % (7) | | | (0.23 | )% | | | (8.45 | )% | | | 5.46 | % | | | 2.41 | % |
| Net assets, at end of year (000s) | | $ | 16,529 | | | $ | 18,737 | | | $ | 22,613 | | | $ | 28,943 | | | $ | 31,880 | |
| Ratio of gross expenses to average net assets (3)(4) | | | 1.72 | % | | | 1.70 | % | | | 1.70 | % | | | 1.69 | % | | | 1.70 | % |
| Ratio of net expenses to average net assets (4) | | | 1.72 | % | | | 1.70 | % | | | 1.70 | % | | | 1.69 | % | | | 1.70 | % |
| Ratio of net investment income to average net assets (4)(5) | | | 3.06 | % | | | 2.77 | % | | | 0.70 | % | | | 2.66 | % | | | 1.48 | % |
| Portfolio Turnover Rate | | | 117 | % | | | 267 | % | | | 292 | % | | | 159 | % | | | 310 | % |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. |
| (2) | Total returns shown exclude the effect of applicable sales charges, and assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (3) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (4) | Does not include the expenses of other investment companies in which the Fund invests. |
| (5) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL ALL ASSET FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Class C Shares | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 21.09 | | | $ | 21.74 | | | $ | 24.07 | | | $ | 23.44 | | | $ | 23.30 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (1) | | | 0.51 | | | | 0.43 | | | | (0.01 | ) | | | 0.47 | | | | 0.17 | |
| Net realized and unrealized gain (loss) on investments | | | 2.01 | | | | (0.64 | ) | | | (2.16 | ) | | | 0.62 | | | | 0.21 | |
| Total from investment operations | | | 2.52 | | | | (0.21 | ) | | | (2.17 | ) | | | 1.09 | | | | 0.38 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.52 | ) | | | (0.44 | ) | | | (0.07 | ) | | | (0.46 | ) | | | (0.20 | ) |
| Net realized gains | | | — | | | | — | | | | (0.08 | ) | | | — | | | | (0.04 | ) |
| Return of capital | | | — | | | | (0.00 | ) (6) | | | (0.01 | ) | | | — | | | | (0.00 | ) (6) |
| Total distributions | | | (0.52 | ) | | | (0.44 | ) | | | (0.16 | ) | | | (0.46 | ) | | | (0.24 | ) |
| Net asset value, end of year | | $ | 23.09 | | | $ | 21.09 | | | $ | 21.74 | | | $ | 24.07 | | | $ | 23.44 | |
| Total return (2) | | | 12.03 | % (7) | | | (0.99 | )% | | | (9.10 | )% | | | 4.63 | % | | | 1.66 | % |
| Net assets, at end of year (000s) | | $ | 28,541 | | | $ | 31,465 | | | $ | 38,104 | | | $ | 47,185 | | | $ | 48,432 | |
| Ratio of gross expenses to average net assets (3)(4) | | | 2.47 | % | | | 2.45 | % | | | 2.45 | % | | | 2.44 | % | | | 2.45 | % |
| Ratio of net expenses to average net assets (4) | | | 2.47 | % | | | 2.45 | % | | | 2.45 | % | | | 2.44 | % | | | 2.45 | % |
| Ratio of net investment income (loss) to average net assets (4)(5) | | | 2.31 | % | | | 2.02 | % | | | (0.05 | )% | | | 1.92 | % | | | 0.74 | % |
| Portfolio Turnover Rate | | | 117 | % | | | 267 | % | | | 292 | % | | | 159 | % | | | 310 | % |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. |
| (2) | Total returns shown assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (3) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (4) | Does not include the expenses of other investment companies in which the Fund invests. |
| (5) | Recognition of net investment income (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL ALL ASSET FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Investor Class | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 20.95 | | | $ | 21.60 | | | $ | 23.85 | | | $ | 23.22 | | | $ | 23.08 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (1) | | | 0.68 | | | | 0.59 | | | | 0.16 | | | | 0.64 | | | | 0.33 | |
| Net realized and unrealized gain (loss) on investments | | | 1.99 | | | | (0.64 | ) | | | (2.15 | ) | | | 0.63 | | | | 0.20 | |
| Total from investment operations | | | 2.67 | | | | (0.05 | ) | | | (1.99 | ) | | | 1.27 | | | | 0.53 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.69 | ) | | | (0.60 | ) | | | (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 | | | (0.69 | ) | | | (0.60 | ) | | | (0.26 | ) | | | (0.64 | ) | | | (0.39 | ) |
| Net asset value, end of year | | $ | 22.93 | | | $ | 20.95 | | | $ | 21.60 | | | $ | 23.85 | | | $ | 23.22 | |
| Total return (2) | | | 12.85 | % | | | (0.23 | )% | | | (8.43 | )% | | | 5.47 | % | | | 2.33 | % |
| Net assets, at end of year (000s) | | $ | 7,094 | | | $ | 7,683 | | | $ | 11,267 | | | $ | 15,643 | | | $ | 16,479 | |
| Ratio of gross expenses to average net assets (3)(4) | | | 1.72 | % | | | 1.70 | % | | | 1.70 | % | | | 1.69 | % | | | 1.70 | % |
| Ratio of net expenses to average net assets (4) | | | 1.72 | % | | | 1.70 | % | | | 1.70 | % | | | 1.69 | % | | | 1.70 | % |
| Ratio of net investment income to average net assets (4)(5) | | | 3.08 | % | | | 2.74 | % | | | 0.69 | % | | | 2.68 | % | | | 1.44 | % |
| Portfolio Turnover Rate | | | 117 | % | | | 267 | % | | | 292 | % | | | 159 | % | | | 310 | % |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. |
| (2) | Total returns shown assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (3) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (4) | Does not include the expenses of other investment companies in which the Fund invests. |
| (5) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL ALL ASSET FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Instl Class | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 20.81 | | | $ | 21.46 | | | $ | 23.68 | | | $ | 23.08 | | | $ | 22.91 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (1) | | | 0.73 | | | | 0.65 | | | | 0.21 | | | | 0.70 | | | | 0.38 | |
| Net realized and unrealized gain (loss) on investments | | | 1.97 | | | | (0.64 | ) | | | (2.13 | ) | | | 0.60 | | | | 0.24 | |
| Total from investment operations | | | 2.70 | | | | 0.01 | | | | (1.92 | ) | | | 1.30 | | | | 0.62 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.75 | ) | | | (0.66 | ) | | | (0.18 | ) | | | (0.70 | ) | | | (0.41 | ) |
| Net realized gains | | | — | | | | — | | | | (0.08 | ) | | | — | | | | (0.04 | ) |
| Return of capital | | | — | | | | (0.00 | ) (6) | | | (0.04 | ) | | | — | | | | (0.00 | ) (6) |
| Total distributions | | | (0.75 | ) | | | (0.66 | ) | | | (0.30 | ) | | | (0.70 | ) | | | (0.45 | ) |
| Net asset value, end of year | | $ | 22.76 | | | $ | 20.81 | | | $ | 21.46 | | | $ | 23.68 | | | $ | 23.08 | |
| Total return (2) | | | 13.09 | % (7) | | | 0.03 | % | | | (8.18 | )% | | | 5.64 | % | | | 2.73 | % |
| Net assets, at end of year (000s) | | $ | 565,330 | | | $ | 665,473 | | | $ | 783,341 | | | $ | 765,643 | | | $ | 595,260 | |
| Ratio of gross expenses to average net assets (3)(4) | | | 1.47 | % | | | 1.45 | % | | | 1.45 | % | | | 1.44 | % | | | 1.45 | % |
| Ratio of net expenses to average net assets (4) | | | 1.47 | % | | | 1.45 | % | | | 1.45 | % | | | 1.44 | % | | | 1.45 | % |
| Ratio of net investment income to average net assets (4)(5) | | | 3.32 | % | | | 3.02 | % | | | 0.92 | % | | | 2.95 | % | | | 1.67 | % |
| Portfolio Turnover Rate | | | 117 | % | | | 267 | % | | | 292 | % | | | 159 | % | | | 310 | % |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. |
| (2) | Total returns shown assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (3) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (4) | Does not include the expenses of other investment companies in which the Fund invests. |
| (5) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL ALL ASSET FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Class A1 Shares | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 21.22 | | | $ | 21.87 | | | $ | 24.15 | | | $ | 23.52 | | | $ | 23.35 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (1) | | | 0.65 | | | | 0.56 | | | | 0.13 | | | | 0.60 | | | | 0.31 | |
| Net realized and unrealized gain (loss) on investments | | | 2.01 | | | | (0.64 | ) | | | (2.17 | ) | | | 0.63 | | | | 0.21 | |
| Total from investment operations | | | 2.66 | | | | (0.08 | ) | | | (2.04 | ) | | | 1.23 | | | | 0.52 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.65 | ) | | | (0.57 | ) | | | (0.14 | ) | | | (0.60 | ) | | | (0.31 | ) |
| Net realized gains | | | — | | | | — | | | | (0.08 | ) | | | — | | | | (0.04 | ) |
| Return of capital | | | — | | | | (0.00 | ) (6) | | | (0.02 | ) | | | — | | | | (0.00 | ) (6) |
| Total distributions | | | (0.65 | ) | | | (0.57 | ) | | | (0.24 | ) | | | (0.60 | ) | | | (0.35 | ) |
| Net asset value, end of year | | $ | 23.23 | | | $ | 21.22 | | | $ | 21.87 | | | $ | 24.15 | | | $ | 23.52 | |
| Total return (2) | | | 12.67 | % | | | (0.38 | )% | | | (8.54 | )% | | | 5.25 | % | | | 2.26 | % |
| Net assets, at end of year (000s) | | $ | 2,831 | | | $ | 3,139 | | | $ | 3,303 | | | $ | 3,400 | | | $ | 3,246 | |
| Ratio of gross expenses to average net assets (3)(4) | | | 1.87 | % | | | 1.85 | % | | | 1.85 | % | | | 1.84 | % | | | 1.85 | % |
| Ratio of net expenses to average net assets (4) | | | 1.87 | % | | | 1.85 | % | | | 1.85 | % | | | 1.84 | % | | | 1.85 | % |
| Ratio of net investment income to average net assets (4)(5) | | | 2.90 | % | | | 2.57 | % | | | 0.54 | % | | | 2.48 | % | | | 1.36 | % |
| Portfolio Turnover Rate | | | 117 | % | | | 267 | % | | | 292 | % | | | 159 | % | | | 310 | % |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. |
| (2) | Total returns shown exclude the effect of applicable sales charges (Class A1) and assume changes in share price and reinvestment of dividends and capital gain distributions, if any. |
| (3) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (4) | Does not include the expenses of other investment companies in which the Fund invests. |
| (5) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL ALL ASSET FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Class I1 Shares | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 21.12 | | | $ | 21.77 | | | $ | 24.05 | | | $ | 23.43 | | | $ | 23.26 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (1) | | | 0.70 | | | | 0.57 | | | | 0.13 | | | | 0.60 | | | | 0.31 | |
| Net realized and unrealized gain (loss) on investments | | | 1.96 | | | | (0.65 | ) | | | (2.18 | ) | | | 0.63 | | | | 0.21 | |
| Total from investment operations | | | 2.66 | | | | (0.08 | ) | | | (2.05 | ) | | | 1.23 | | | | 0.52 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.65 | ) | | | (0.57 | ) | | | (0.13 | ) | | | (0.61 | ) | | | (0.31 | ) |
| Net realized gains | | | — | | | | — | | | | (0.08 | ) | | | — | | | | (0.04 | ) |
| Return of capital | | | — | | | | (0.00 | ) (6) | | | (0.02 | ) | | | — | | | | (0.00 | ) (6) |
| Total distributions | | | (0.65 | ) | | | (0.57 | ) | | | (0.23 | ) | | | (0.61 | ) | | | (0.35 | ) |
| Net asset value, end of year | | $ | 23.13 | | | $ | 21.12 | | | $ | 21.77 | | | $ | 24.05 | | | $ | 23.43 | |
| Total return (2) | | | 12.70 | % | | | (0.38 | )% | | | (8.59 | )% | | | 5.24 | % | | | 2.27 | % |
| Net assets, at end of year (000s) | | $ | 1,573 | | | $ | 6,304 | | | $ | 7,656 | | | $ | 9,170 | | | $ | 3,172 | |
| Ratio of gross expenses to average net assets (3)(4) | | | 1.87 | % | | | 1.85 | % | | | 1.85 | % | | | 1.84 | % | | | 1.85 | % |
| Ratio of net expenses to average net assets (4) | | | 1.87 | % | | | 1.85 | % | | | 1.85 | % | | | 1.84 | % | | | 1.85 | % |
| Ratio of net investment income to average net assets (4)(5) | | | 3.18 | % | | | 2.60 | % | | | 0.54 | % | | | 2.45 | % | | | 1.32 | % |
| Portfolio Turnover Rate | | | 117 | % | | | 267 | % | | | 292 | % | | | 159 | % | | | 310 | % |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. |
| (2) | Total returns shown assume changes in share price and reinvestment of dividends and capital gain distributions, if any. |
| (3) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (4) | Does not include the expenses of other investment companies in which the Fund invests. |
| (5) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL CORE INCOME FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Class A Shares | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 19.33 | | | $ | 20.24 | | | $ | 21.91 | | | $ | 21.50 | | | $ | 21.51 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (1) | | | 0.87 | | | | 0.63 | | | | 0.24 | | | | 0.58 | | | | 0.53 | |
| Net realized and unrealized gain (loss) on investments | | | 1.16 | | | | (0.89 | ) | | | (1.65 | ) | | | 0.43 | | | | 0.00 | (6) |
| Total from investment operations | | | 2.03 | | | | (0.26 | ) | | | (1.41 | ) | | | 1.01 | | | | 0.53 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.86 | ) | | | (0.65 | ) | | | (0.23 | ) | | | (0.60 | ) | | | (0.54 | ) |
| Net realized gains | | | — | | | | — | | | | — | | | | — | | | | (0.00 | ) (6) |
| Return of capital | | | — | | | | (0.00 | ) (6) | | | (0.03 | ) | | | — | | | | — | |
| Total distributions | | | (0.86 | ) | | | (0.65 | ) | | | (0.26 | ) | | | (0.60 | ) | | | (0.54 | ) |
| Net asset value, end of year | | $ | 20.50 | | | $ | 19.33 | | | $ | 20.24 | | | $ | 21.91 | | | $ | 21.50 | |
| Total return (2) | | | 10.72 | % | | | (1.33 | )% | | | (6.50 | )% | | | 4.71 | % | | | 2.48 | % |
| Net assets, at end of year (000s) | | $ | 30,473 | | | $ | 40,788 | | | $ | 49,885 | | | $ | 61,843 | | | $ | 69,753 | |
| Ratio of gross expenses to average net assets (3)(4) | | | 1.36 | % | | | 1.34 | % (8) | | | 1.34 | % (8) | | | 1.34 | % | | | 1.36 | % |
| Ratio of net expenses to average net assets (4) | | | 1.35 | % | | | 1.35 | % (7) | | | 1.35 | % (7) | | | 1.34 | % | | | 1.35 | % |
| Ratio of net investment income to average net assets (4)(5) | | | 4.35 | % | | | 3.17 | % | | | 1.16 | % | | | 2.65 | % | | | 2.47 | % |
| Portfolio Turnover Rate | | | 120 | % | | | 373 | % | | | 281 | % | | | 117 | % | | | 294 | % |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. |
| (2) | Total returns shown exclude the effect of applicable sales charges and assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (3) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (4) | Does not include the expenses of other investment companies in which the Fund invests. |
| (5) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Represents the ratio of expenses to average net assets after adviser recapture of waived fees from the prior period. |
| (8) | Represents the ratio of expenses to average net assets before adviser recapture of waived/reimbursed fees from the prior period. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL CORE INCOME FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Class C Shares | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 19.23 | | | $ | 20.14 | | | $ | 21.85 | | | $ | 21.44 | | | $ | 21.45 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (1) | | | 0.74 | | | | 0.51 | | | | 0.12 | | | | 0.44 | | | | 0.40 | |
| Net realized and unrealized gain (loss) on investments | | | 1.16 | | | | (0.89 | ) | | | (1.66 | ) | | | 0.44 | | | | 0.00 | (6) |
| Total from investment operations | | | 1.90 | | | | (0.38 | ) | | | (1.54 | ) | | | 0.88 | | | | 0.40 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.74 | ) | | | (0.53 | ) | | | (0.15 | ) | | | (0.47 | ) | | | (0.41 | ) |
| Net realized gains | | | — | | | | — | | | | — | | | | — | | | | (0.00 | ) (6) |
| Return of capital | | | — | | | | (0.00 | ) (6) | | | (0.02 | ) | | | — | | | | — | |
| Total distributions | | | (0.74 | ) | | | (0.53 | ) | | | (0.17 | ) | | | (0.47 | ) | | | (0.41 | ) |
| Net asset value, end of year | | $ | 20.39 | | | $ | 19.23 | | | $ | 20.14 | | | $ | 21.85 | | | $ | 21.44 | |
| Total return (2) | | | 10.07 | % | | | (1.93 | )% | | | (7.07 | )% | | | 4.12 | % | | | 1.90 | % |
| Net assets, at end of year (000s) | | $ | 95,714 | | | $ | 112,911 | | | $ | 149,452 | | | $ | 176,858 | | | $ | 142,722 | |
| Ratio of gross expenses to average net assets (3)(4) | | | 1.96 | % | | | 1.94 | % (8) | | | 1.94 | % (8) | | | 1.94 | % | | | 1.96 | % |
| Ratio of net expenses to average net assets (4) | | | 1.95 | % | | | 1.94 | % (7) | | | 1.95 | % (7) | | | 1.94 | % | | | 1.95 | % |
| Ratio of net investment income to average net assets (4)(5) | | | 3.74 | % | | | 2.58 | % | | | 0.54 | % | | | 2.00 | % | | | 1.87 | % |
| Portfolio Turnover Rate | | | 120 | % | | | 373 | % | | | 281 | % | | | 117 | % | | | 294 | % |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. |
| (2) | Total returns shown assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (3) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (4) | Does not include the expenses of other investment companies in which the Fund invests. |
| (5) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Represents the ratio of expenses to average net assets after adviser recapture of waived fees from the prior period. |
| (8) | Represents the ratio of expenses to average net assets before adviser recapture of waived/reimbursed fees from the prior period. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL CORE INCOME FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Investor Class | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 19.36 | | | $ | 20.27 | | | $ | 21.95 | | | $ | 21.54 | | | $ | 21.54 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (1) | | | 0.88 | | | | 0.64 | | | | 0.24 | | | | 0.58 | | | | 0.53 | |
| Net realized and unrealized gain (loss) on investments | | | 1.16 | | | | (0.90 | ) | | | (1.66 | ) | | | 0.43 | | | | 0.01 | |
| Total from investment operations | | | 2.04 | | | | (0.26 | ) | | | (1.42 | ) | | | 1.01 | | | | 0.54 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.86 | ) | | | (0.65 | ) | | | (0.23 | ) | | | (0.60 | ) | | | (0.54 | ) |
| Net realized gains | | | — | | | | — | | | | — | | | | — | | | | (0.00 | ) (6) |
| Return of capital | | | — | | | | (0.00 | ) (6) | | | (0.03 | ) | | | — | | | | — | |
| Total distributions | | | (0.86 | ) | | | (0.65 | ) | | | (0.26 | ) | | | (0.60 | ) | | | (0.54 | ) |
| Net asset value, end of year | | $ | 20.54 | | | $ | 19.36 | | | $ | 20.27 | | | $ | 21.95 | | | $ | 21.54 | |
| Total return (2) | | | 10.74 | % | | | (1.33 | )% | | | (6.53 | )% | | | 4.70 | % | | | 2.53 | % |
| Net assets, at end of year (000s) | | $ | 30,308 | | | $ | 56,842 | | | $ | 67,463 | | | $ | 80,457 | | | $ | 77,540 | |
| Ratio of gross expenses to average net assets (3)(4) | | | 1.36 | % | | | 1.34 | % (8) | | | 1.34 | % (8) | | | 1.34 | % | | | 1.36 | % |
| Ratio of net expenses to average net assets (4) | | | 1.35 | % | | | 1.34 | % (7) | | | 1.35 | % (7) | | | 1.34 | % | | | 1.35 | % |
| Ratio of net investment income to average net assets (4)(5) | | | 4.40 | % | | | 3.17 | % | | | 1.13 | % | | | 2.64 | % | | | 2.48 | % |
| Portfolio Turnover Rate | | | 120 | % | | | 373 | % | | | 281 | % | | | 117 | % | | | 294 | % |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. |
| (2) | Total returns shown assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (3) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (4) | Does not include the expenses of other investment companies in which the Fund invests. |
| (5) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Represents the ratio of expenses to average net assets after adviser recapture of waived fees from the prior period. |
| (8) | Represents the ratio of expenses to average net assets before adviser recapture of waived/reimbursed fees from the prior period. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL CORE INCOME FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Instl Class | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 19.24 | | | $ | 20.15 | | | $ | 21.81 | | | $ | 21.40 | | | $ | 21.41 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (1) | | | 0.94 | | | | 0.71 | | | | 0.32 | | | | 0.66 | | | | 0.60 | |
| Net realized and unrealized gain (loss) on investments | | | 1.16 | | | | (0.89 | ) | | | (1.64 | ) | | | 0.43 | | | | 0.01 | |
| Total from investment operations | | | 2.10 | | | | (0.18 | ) | | | (1.32 | ) | | | 1.09 | | | | 0.61 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.94 | ) | | | (0.73 | ) | | | (0.30 | ) | | | (0.68 | ) | | | (0.62 | ) |
| Net realized gains | | | — | | | | — | | | | — | | | | — | | | | (0.00 | ) (6) |
| Return of capital | | | — | | | | (0.00 | ) (6) | | | (0.04 | ) | | | — | | | | — | |
| Total distributions | | | (0.94 | ) | | | (0.73 | ) | | | (0.34 | ) | | | (0.68 | ) | | | (0.62 | ) |
| Net asset value, end of year | | $ | 20.40 | | | $ | 19.24 | | | $ | 20.15 | | | $ | 21.81 | | | $ | 21.40 | |
| Total return (2) | | | 11.16 | % | | | (0.94 | )% | | | (6.12 | )% | | | 5.15 | % | | | 2.90 | % |
| Net assets, at end of year (000s) | | $ | 1,360,646 | | | $ | 1,601,486 | | | $ | 1,674,803 | | | $ | 1,571,623 | | | $ | 1,345,504 | |
| Ratio of gross expenses to average net assets (3)(4) | | | 0.96 | % | | | 0.94 | % | | | 0.94 | % | | | 0.94 | % | | | 0.96 | % |
| Ratio of net expenses to average net assets (4) | | | 0.96 | % | | | 0.94 | % | | | 0.94 | % | | | 0.94 | % | | | 0.96 | % |
| Ratio of net investment income to average net assets (4)(5) | | | 4.73 | % | | | 3.58 | % | | | 1.51 | % | | | 3.01 | % | | | 2.82 | % |
| Portfolio Turnover Rate | | | 120 | % | | | 373 | % | | | 281 | % | | | 117 | % | | | 294 | % |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. |
| (2) | Total returns shown assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (3) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (4) | Does not include the expenses of other investment companies in which the Fund invests. |
| (5) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL MUNICIPAL FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Class A Shares | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 24.14 | | | $ | 24.79 | | | $ | 27.16 | | | $ | 25.93 | | | $ | 26.42 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (1) | | | 0.67 | | | | 0.53 | | | | 0.20 | | | | 0.55 | | | | 0.58 | |
| Net realized and unrealized gain (loss) on investments | | | 1.91 | | | | (0.66 | ) | | | (1.58 | ) | | | 1.21 | | | | (0.45 | ) |
| Total from investment operations | | | 2.58 | | | | (0.13 | ) | | | (1.38 | ) | | | 1.76 | | | | 0.13 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.64 | ) | | | (0.52 | ) | | | (0.22 | ) | | | (0.53 | ) | | | (0.59 | ) |
| Net realized gains | | | — | | | | — | | | | (0.77 | ) | | | — | | | | (0.03 | ) |
| Return of capital | | | — | | | | (0.00 | ) (7) | | | — | | | | — | | | | — | |
| Total distributions | | | (0.64 | ) | | | (0.52 | ) | | | (0.99 | ) | | | (0.53 | ) | | | (0.62 | ) |
| Net asset value, end of year | | $ | 26.08 | | | $ | 24.14 | | | $ | 24.79 | | | $ | 27.16 | | | $ | 25.93 | |
| Total return (2) | | | 10.79 | % (8) | | | (0.57 | )% | | | (5.27 | )% | | | 6.88 | % | | | 0.46 | % |
| Net assets, at end of year (000s) | | $ | 5,031 | | | $ | 4,266 | | | $ | 4,582 | | | $ | 3,384 | | | $ | 2,659 | |
| Ratio of gross expenses to average net assets (3)(4) | | | 1.30 | % | | | 1.26 | % (6) | | | 1.26 | % | | | 1.29 | % | | | 1.35 | % |
| Ratio of net expenses to average net assets (4) | | | 1.23 | % | | | 1.23 | % (6) | | | 1.23 | % | | | 1.23 | % | | | 1.23 | % |
| Ratio of net investment income to average net assets (4)(5) | | | 2.61 | % | | | 2.08 | % | | | 0.78 | % | | | 2.04 | % | | | 2.23 | % |
| Portfolio Turnover Rate | | | 52 | % | | | 407 | % | | | 360 | % | | | 121 | % | | | 186 | % |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. |
| (2) | Total returns shown exclude the effect of applicable sales charges and assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (3) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (4) | Does not include the expenses of other investment companies in which the Fund invests. |
| (5) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (6) | Includes 0.00% for the year ended September 30, 2023 attributed to line of credit expense which are not subject to waiver by the Adviser. |
| (8) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL MUNICIPAL FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Class C Shares | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 23.88 | | | $ | 24.55 | | | $ | 26.99 | | | $ | 25.80 | | | $ | 26.33 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (1) | | | 0.47 | | | | 0.34 | | | | 0.01 | | | | 0.32 | | | | 0.35 | |
| Net realized and unrealized gain (loss) on investments | | | 1.90 | | | | (0.66 | ) | | | (1.56 | ) | | | 1.22 | | | | (0.39 | ) |
| Total from investment operations | | | 2.37 | | | | (0.32 | ) | | | (1.55 | ) | | | 1.54 | | | | (0.04 | ) |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.45 | ) | | | (0.35 | ) | | | (0.12 | ) | | | (0.35 | ) | | | (0.46 | ) |
| Net realized gains | | | — | | | | — | | | | (0.77 | ) | | | — | | | | (0.03 | ) |
| Return of capital | | | — | | | | (0.00 | ) (7) | | | — | | | | — | | | | — | |
| Total distributions | | | (0.45 | ) | | | (0.35 | ) | | | (0.89 | ) | | | (0.35 | ) | | | (0.49 | ) |
| Net asset value, end of year | | $ | 25.80 | | | $ | 23.88 | | | $ | 24.55 | | | $ | 26.99 | | | $ | 25.80 | |
| Total return (2) | | | 9.99 | % (8) | | | (1.36 | )% | | | (5.92 | )% | | | 6.05 | % | | | (0.21 | )% |
| Net assets, at end of year (000s) | | $ | 2,229 | | | $ | 2,579 | | | $ | 1,529 | | | $ | 1,252 | | | $ | 386 | |
| Ratio of gross expenses to average net assets (3)(4) | | | 2.05 | % | | | 2.02 | % (6) | | | 2.01 | % | | | 2.04 | % | | | 2.10 | % |
| Ratio of net expenses to average net assets (4) | | | 1.98 | % | | | 1.99 | % (6) | | | 1.98 | % | | | 1.98 | % | | | 1.98 | % |
| Ratio of net investment income to average net assets (5) | | | 1.85 | % | | | 1.36 | % | | | 0.04 | % | | | 1.19 | % | | | 1.36 | % |
| Portfolio Turnover Rate | | | 52 | % | | | 407 | % | | | 360 | % | | | 121 | % | | | 186 | % |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. |
| (2) | Total returns shown assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (3) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (4) | Does not include the expenses of other investment companies in which the Fund invests. |
| (5) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (6) | Includes 0.01% for the year ended September 30, 2023 attributed to line of credit expense which are not subject to waiver by the Adviser. |
| (8) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL MUNICIPAL FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Investor Class Shares | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 24.11 | | | $ | 24.76 | | | $ | 27.14 | | | $ | 25.92 | | | $ | 26.33 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (1) | | | 0.62 | | | | 0.49 | | | | 0.15 | | | | 0.51 | | | | 0.48 | |
| Net realized and unrealized gain (loss) on investments | | | 1.93 | | | | (0.66 | ) | | | (1.57 | ) | | | 1.21 | | | | (0.40 | ) |
| Total from investment operations | | | 2.55 | | | | (0.17 | ) | | | (1.42 | ) | | | 1.72 | | | | 0.08 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.60 | ) | | | (0.48 | ) | | | (0.19 | ) | | | (0.50 | ) | | | (0.46 | ) |
| Net realized gains | | | — | | | | — | | | | (0.77 | ) | | | — | | | | (0.03 | ) |
| Return of capital | | | — | | | | (0.00 | ) (7) | | | — | | | | — | | | | — | |
| Total distributions | | | (0.60 | ) | | | (0.48 | ) | | | (0.96 | ) | | | (0.50 | ) | | | (0.49 | ) |
| Net asset value, end of year | | $ | 26.06 | | | $ | 24.11 | | | $ | 24.76 | | | $ | 27.14 | | | $ | 25.92 | |
| Total return (2) | | | 10.64 | % (8) | | | (0.72 | )% | | | (5.38 | )% | | | 6.66 | % | | | 0.30 | % |
| Net assets, at end of year (000s) | | $ | 1,482 | | | $ | 4,110 | | | $ | 4,129 | | | $ | 4,377 | | | $ | 2,465 | |
| Ratio of gross expenses to average net assets (3)(4) | | | 1.45 | % | | | 1.41 | % (6) | | | 1.41 | % | | | 1.44 | % | | | 1.50 | % |
| Ratio of net expenses to average net assets (4) | | | 1.38 | % | | | 1.38 | % (6) | | | 1.38 | % | | | 1.38 | % | | | 1.38 | % |
| Ratio of net investment income to average net assets (4)(5) | | | 2.45 | % | | | 1.95 | % | | | 0.59 | % | | | 1.89 | % | | | 1.86 | % |
| Portfolio Turnover Rate | | | 52 | % | | | 407 | % | | | 360 | % | | | 121 | % | | | 186 | % |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. |
| (2) | Total returns shown assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (3) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (4) | Does not include the expenses of other investment companies in which the Fund invests. |
| (5) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (6) | Includes 0.00% for the year ended September 30, 2023 attributed to line of credit expense which are not subject to waiver by the Adviser. |
| (8) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL MUNICIPAL FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Instl Class Shares | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 24.07 | | | $ | 24.73 | | | $ | 27.07 | | | $ | 25.85 | | | $ | 26.35 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (1) | | | 0.71 | | | | 0.58 | | | | 0.25 | | | | 0.60 | | | | 0.64 | |
| Net realized and unrealized gain (loss) on investments | | | 1.92 | | | | (0.65 | ) | | | (1.57 | ) | | | 1.22 | | | | (0.45 | ) |
| Total from investment operations | | | 2.63 | | | | (0.07 | ) | | | (1.32 | ) | | | 1.82 | | | | 0.19 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.71 | ) | | | (0.59 | ) | | | (0.25 | ) | | | (0.60 | ) | | | (0.66 | ) |
| Net realized gains | | | — | | | | — | | | | (0.77 | ) | | | — | | | | (0.03 | ) |
| Return of capital | | | — | | | | (0.00 | ) (7) | | | — | | | | — | | | | — | |
| Total distributions | | | (0.71 | ) | | | (0.59 | ) | | | (1.02 | ) | | | (0.60 | ) | | | (0.69 | ) |
| Net asset value, end of year | | $ | 25.99 | | | $ | 24.07 | | | $ | 24.73 | | | $ | 27.07 | | | $ | 25.85 | |
| Total return (2) | | | 11.01 | % (8) | | | (0.36 | )% | | | (5.04 | )% | | | 7.06 | % | | | 0.71 | % |
| Net assets, at end of year (000s) | | $ | 283,865 | | | $ | 288,960 | | | $ | 302,954 | | | $ | 281,733 | | | $ | 196,579 | |
| Ratio of gross expenses to average net assets (3)(4) | | | 1.05 | % | | | 1.02 | % (6) | | | 1.01 | % | | | 1.04 | % | | | 1.10 | % |
| Ratio of net expenses to average net assets (4) | | | 1.05 | % | | | 1.02 | % (6) | | | 1.01 | % | | | 1.02 | % | | | 0.98 | % |
| Ratio of net investment income to average net assets (4)(5) | | | 2.78 | % | | | 2.31 | % | | | 0.96 | % | | | 2.23 | % | | | 2.47 | % |
| Portfolio Turnover Rate | | | 52 | % | | | 407 | % | | | 360 | % | | | 121 | % | | | 186 | % |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. |
| (2) | Total returns shown assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (3) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (4) | Does not include the expenses of other investment companies in which the Fund invests. |
| (5) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (6) | Includes 0.00% for the year ended September 30, 2023 attributed to line of credit expense which are not subject to waiver by the Adviser. |
| (8) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL MUNICIPAL FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Special Class Shares | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| Net asset value, beginning of year | | $ | 24.18 | | | $ | 24.84 | | | $ | 27.11 | | | $ | 25.88 | | | $ | 26.37 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (1) | | | 0.74 | | | | 0.61 | | | | 0.27 | | | | 0.64 | | | | 0.71 | |
| Net realized and unrealized gain (loss) on investments | | | 1.93 | | | | (0.66 | ) | | | (1.57 | ) | | | 1.21 | | | | (0.50 | ) |
| Total from investment operations | | | 2.67 | | | | (0.05 | ) | | | (1.30 | ) | | | 1.85 | | | | 0.21 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.73 | ) | | | (0.61 | ) | | | (0.20 | ) | | | (0.62 | ) | | | (0.67 | ) |
| Net realized gains | | | — | | | | — | | | | (0.77 | ) | | | — | | | | (0.03 | ) |
| Return of capital | | | — | | | | (0.00 | ) (7) | | | — | | | | — | | | | — | |
| Total distributions | | | (0.73 | ) | | | (0.61 | ) | | | (0.97 | ) | | | (0.62 | ) | | | (0.70 | ) |
| Net asset value, end of year | | $ | 26.12 | | | $ | 24.18 | | | $ | 24.84 | | | $ | 27.11 | | | $ | 25.88 | |
| Total return (2) | | | 11.14 | % (8) | | | (0.27 | )% | | | (4.96 | )% | | | 7.19 | % | | | 0.81 | % |
| Net assets, at end of year (000s) | | $ | 218 | | | $ | 290 | | | $ | 295 | | | $ | 443 | | | $ | 339 | |
| Ratio of gross expenses to average net assets (3)(4) | | | 0.96 | % | | | 0.93 | % (6) | | | 0.94 | % | | | 0.94 | % | | | 1.04 | % |
| Ratio of net expenses to average net assets (4) | | | 0.92 | % | | | 0.92 | % (6) | | | 0.92 | % | | | 0.92 | % | | | 0.92 | % |
| Ratio of net investment income to average net assets (4)(5) | | | 2.89 | % | | | 2.40 | % | | | 1.04 | % | | | 2.36 | % | | | 2.73 | % |
| Portfolio Turnover Rate | | | 52 | % | | | 407 | % | | | 360 | % | | | 121 | % | | | 186 | % |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. |
| (2) | Total returns shown assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (3) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (4) | Does not include the expenses of other investment companies in which the Fund invests. |
| (5) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (6) | Includes 0.00% for the year ended September 30, 2023 attributed to line of credit expense which are not subject to waiver by the Adviser. |
| (8) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL BOND FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Period Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Class A Shares | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 (1) | |
| Net asset value, beginning of period | | $ | 25.30 | | | $ | 25.90 | | | $ | 27.74 | | | $ | 27.83 | | | $ | 25.00 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (2) | | | 1.33 | | | | 1.10 | | | | 0.11 | | | | 0.84 | | | | 0.76 | |
| Net realized and unrealized gain (loss) on investments | | | 1.47 | | | | (0.54 | ) | | | (1.81 | ) | | | 1.09 | | | | 2.82 | |
| Total from investment operations | | | 2.80 | | | | 0.56 | | | | (1.70 | ) | | | 1.93 | | | | 3.58 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (1.33 | ) | | | (1.16 | ) | | | (0.14 | ) | | | (0.78 | ) | | | (0.75 | ) |
| Net realized gains | | | — | | | | — | | | | — | | | | (1.24 | ) | | | — | |
| Return of capital | | | — | | | | (0.00 | ) (9) | | | — | | | | — | | | | — | |
| Total distributions | | | (1.33 | ) | | | (1.16 | ) | | | (0.14 | ) | | | (2.02 | ) | | | (0.75 | ) |
| Net asset value, end of period | | $ | 26.77 | | | $ | 25.30 | | | $ | 25.90 | | | $ | 27.74 | | | $ | 27.83 | |
| Total return (3) | | | 11.34 | % (10) | | | 2.20 | % | | | (6.15 | )% | | | 7.15 | % | | | 14.50 | % (8) |
| Net assets, at end of period (000s) | | $ | 7,224 | | | $ | 7,055 | | | $ | 22,076 | | | $ | 12,105 | | | $ | 4,721 | |
| Ratio of gross expenses to average net assets (4)(5)(7) | | | 1.47 | % | | | 1.48 | % | | | 1.48 | % | | | 1.48 | % | | | 1.49 | % |
| Ratio of net expenses to average net assets (5)(7) | | | 1.47 | % | | | 1.48 | % | | | 1.48 | % | | | 1.48 | % | | | 1.49 | % |
| Ratio of net investment income to average net assets (5)(6)(7) | | | 5.13 | % | | | 4.25 | % | | | 0.40 | % | | | 3.02 | % | | | 2.72 | % |
| Portfolio Turnover Rate | | | 70 | % | | | 198 | % | | | 514 | % | | | 57 | % | | | 956 | % (8) |
| (1) | The Ocean Park Tactical Bond Fund Class A shares commenced operations on October 1, 2019. |
| (2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (3) | Total returns shown exclude the effect of applicable sales charges and assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (4) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (5) | Does not include the expenses of other investment companies in which the Fund invests. |
| (6) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Annualized for periods less than one year. |
| (10) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL BOND FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Period Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Class C Shares | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 (1) | |
| Net asset value, beginning of period | | $ | 25.11 | | | $ | 25.72 | | | $ | 27.68 | | | $ | 27.81 | | | $ | 25.00 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (2) | | | 1.12 | | | | 0.93 | | | | (0.09 | ) | | | 0.63 | | | | 0.53 | |
| Net realized and unrealized gain (loss) on investments | | | 1.46 | | | | (0.56 | ) | | | (1.80 | ) | | | 1.09 | | | | 2.92 | |
| Total from investment operations | | | 2.58 | | | | 0.37 | | | | (1.89 | ) | | | 1.72 | | | | 3.45 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (1.14 | ) | | | (0.98 | ) | | | (0.07 | ) | | | (0.61 | ) | | | (0.64 | ) |
| Net realized gains | | | — | | | | — | | | | — | | | | (1.24 | ) | | | — | |
| Return of capital | | | — | | | | (0.00 | ) (9) | | | — | | | | — | | | | — | |
| Total distributions | | | (1.14 | ) | | | (0.98 | ) | | | (0.07 | ) | | | (1.85 | ) | | | (0.64 | ) |
| Net asset value, end of period | | $ | 26.55 | | | $ | 25.11 | | | $ | 25.72 | | | $ | 27.68 | | | $ | 27.81 | |
| Total return (3) | | | 10.49 | % (10) | | | 1.46 | % | | | (6.85 | )% | | | 6.33 | % | | | 13.97 | % (8) |
| Net assets, at end of period (000s) | | $ | 25,693 | | | $ | 23,088 | | | $ | 21,528 | | | $ | 22,977 | | | $ | 2,517 | |
| Ratio of gross expenses to average net assets (4)(5)(7) | | | 2.22 | % | | | 2.24 | % | | | 2.23 | % | | | 2.23 | % | | | 2.24 | % |
| Ratio of net expenses to average net assets (5)(7) | | | 2.22 | % | | | 2.24 | % | | | 2.23 | % | | | 2.23 | % | | | 2.24 | % |
| Ratio of net investment income (loss) to average net assets (5)(6)(7) | | | 4.37 | % | | | 3.63 | % | | | (0.36 | )% | | | 2.27 | % | | | 1.91 | % |
| Portfolio Turnover Rate | | | 70 | % | | | 198 | % | | | 514 | % | | | 57 | % | | | 956 | % (8) |
| (1) | The Ocean Park Tactical Bond Fund Class C shares commenced operations on October 1, 2019. |
| (2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (3) | Total returns shown assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (4) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (5) | Does not include the expenses of other investment companies in which the Fund invests. |
| (6) | Recognition of net investment income (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Annualized for periods less than one year. |
| (10) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL BOND FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Period Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Investor Class Shares | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 (1) | |
| Net asset value, beginning of period | | $ | 25.29 | | | $ | 25.89 | | | $ | 27.75 | | | $ | 27.84 | | | $ | 25.00 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (2) | | | 1.29 | | | | 1.10 | | | | 0.07 | | | | 0.79 | | | | 0.75 | |
| Net realized and unrealized gain (loss) on investments | | | 1.46 | | | | (0.57 | ) | | | (1.81 | ) | | | 1.10 | | | | 2.79 | |
| Total from investment operations | | | 2.75 | | | | 0.53 | | | | (1.74 | ) | | | 1.89 | | | | 3.54 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (1.29 | ) | | | (1.13 | ) | | | (0.12 | ) | | | (0.74 | ) | | | (0.70 | ) |
| Net realized gains | | | — | | | | — | | | | — | | | | (1.24 | ) | | | — | |
| Return of capital | | | — | | | | (0.00 | ) (9) | | | — | | | | — | | | | — | |
| Total distributions | | | (1.29 | ) | | | (1.13 | ) | | | (0.12 | ) | | | (1.98 | ) | | | (0.70 | ) |
| Net asset value, end of period | | $ | 26.75 | | | $ | 25.29 | | | $ | 25.89 | | | $ | 27.75 | | | $ | 27.84 | |
| Total return (3) | | | 11.14 | % (10) | | | 2.07 | % | | | (6.29 | )% | | | 6.99 | % | | | 14.36 | % (8) |
| Net assets, at end of period (000s) | | $ | 15,217 | | | $ | 13,227 | | | $ | 17,598 | | | $ | 19,077 | | | $ | 11,594 | |
| Ratio of gross expenses to average net assets (4)(5)(7) | | | 1.62 | % | | | 1.64 | % | | | 1.63 | % | | | 1.63 | % | | | 1.64 | % |
| Ratio of net expenses to average net assets (5)(7) | | | 1.62 | % | | | 1.64 | % | | | 1.63 | % | | | 1.63 | % | | | 1.64 | % |
| Ratio of net investment income to average net assets (5)(6)(7) | | | 4.98 | % | | | 4.28 | % | | | 0.27 | % | | | 2.83 | % | | | 2.74 | % |
| Portfolio Turnover Rate | | | 70 | % | | | 198 | % | | | 514 | % | | | 57 | % | | | 956 | % (8) |
| (1) | The Ocean Park Tactical Bond Fund Investor Class shares commenced operations on October 1, 2019. |
| (2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (3) | Total returns shown assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (4) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (5) | Does not include the expenses of other investment companies in which the Fund invests. |
| (6) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Annualized for periods less than one year. |
| (10) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL BOND FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Period Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Instl Class Shares | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 (1) | |
| Net asset value, beginning of period | | $ | 25.35 | | | $ | 25.96 | | | $ | 27.76 | | | $ | 27.85 | | | $ | 25.00 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (2) | | | 1.39 | | | | 1.20 | | | | 0.18 | | | | 0.91 | | | | 0.83 | |
| Net realized and unrealized gain (loss) on investments | | | 1.47 | | | | (0.58 | ) | | | (1.81 | ) | | | 1.09 | | | | 2.81 | |
| Total from investment operations | | | 2.86 | | | | 0.62 | | | | (1.63 | ) | | | 2.00 | | | | 3.64 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (1.39 | ) | | | (1.23 | ) | | | (0.17 | ) | | | (0.85 | ) | | | (0.79 | ) |
| Net realized gains | | | — | | | | — | | | | — | | | | (1.24 | ) | | | — | |
| Return of capital | | | — | | | | (0.00 | ) (9) | | | — | | | | — | | | | — | |
| Total distributions | | | (1.39 | ) | | | (1.23 | ) | | | (0.17 | ) | | | (2.09 | ) | | | (0.79 | ) |
| Net asset value, end of period | | $ | 26.82 | | | $ | 25.35 | | | $ | 25.96 | | | $ | 27.76 | | | $ | 27.85 | |
| Total return (3) | | | 11.59 | % | | | 2.43 | % | | | (5.89 | )% | | | 7.40 | % | | | 14.78 | % (8) |
| Net assets, at end of period (000s) | | $ | 1,865,088 | | | $ | 1,728,412 | | | $ | 2,051,793 | | | $ | 1,840,643 | | | $ | 1,027,880 | |
| Ratio of gross expenses to average net assets (4)(5)(7) | | | 1.22 | % | | | 1.24 | % | | | 1.23 | % | | | 1.23 | % | | | 1.24 | % |
| Ratio of net expenses to average net assets (5)(7) | | | 1.22 | % | | | 1.24 | % | | | 1.23 | % | | | 1.23 | % | | | 1.24 | % |
| Ratio of net investment income to average net assets (5)(6)(7) | | | 5.37 | % | | | 4.68 | % | | | 0.66 | % | | | 3.26 | % | | | 3.05 | % |
| Portfolio Turnover Rate | | | 70 | % | | | 198 | % | | | 514 | % | | | 57 | % | | | 956 | % (8) |
| (1) | The Ocean Park Tactical Bond Fund Instl Class shares commenced operations on October 1, 2019. |
| (2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (3) | Total returns shown assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (4) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (5) | Does not include the expenses of other investment companies in which the Fund invests. |
| (6) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Annualized for periods less than one year. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Period Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Class A Shares | | 2024 | | | 2023 | | | 2022 | | | 2021 (1) | |
| Net asset value, beginning of period | | $ | 21.97 | | | $ | 21.69 | | | $ | 24.61 | | | $ | 25.00 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | |
| Net investment income (2) | | | 0.64 | | | | 0.47 | | | | 0.20 | | | | 0.24 | |
| Net realized and unrealized gain (loss) on investments | | | 2.63 | | | | 0.25 | (11) | | | (2.89 | ) | | | (0.44 | ) |
| Total from investment operations | | | 3.27 | | | | 0.72 | | | | (2.69 | ) | | | (0.20 | ) |
| Less distributions from: | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.67 | ) | | | (0.44 | ) | | | (0.22 | ) | | | (0.19 | ) |
| Return of capital | | | — | | | | — | | | | (0.01 | ) | | | — | |
| Total distributions | | | (0.67 | ) | | | (0.44 | ) | | | (0.23 | ) | | | (0.19 | ) |
| Net asset value, end of period | | $ | 24.57 | | | $ | 21.97 | | | $ | 21.69 | | | $ | 24.61 | |
| Total return (3) | | | 15.06 | % | | | 3.33 | % | | | (10.99 | )% | | | (0.82 | )% (8) |
| Net assets, at end of period (000s) | | $ | 234 | | | $ | 203 | | | $ | 614 | | | $ | 339 | |
| Ratio of gross expenses to average net assets (4)(5)(7) | | | 1.55 | % (10) | | | 1.53 | % (10) | | | 1.64 | % | | | 1.72 | % |
| Ratio of net expenses to average net assets (5)(7) | | | 1.56 | % (9) | | | 1.56 | % (9) | | | 1.56 | % | | | 1.56 | % |
| Ratio of net investment income to average net assets (5)(6)(7) | | | 2.74 | % | | | 2.11 | % | | | 0.85 | % | | | 2.72 | % |
| Portfolio Turnover Rate | | | 115 | % | | | 207 | % | | | 345 | % | | | 39 | % (8) |
| (1) | The Ocean Park Tactical Risk Spectrum 50 Fund Class A shares commenced operations on May 26, 2021. |
| (2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (3) | Total returns shown exclude the effect of applicable sales charges and assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (4) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (5) | Does not include the expenses of other investment companies in which the Fund invests. |
| (6) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Annualized for periods less than one year. |
| (9) | Represents the ratio of expenses to average net assets after adviser recapture of waived fees from the prior year. |
| (10) | Represents the ratio of expenses to average net assets before adviser recapture of waived/reimbursed fees from the prior year. |
| (11) | Net realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may anot accord with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Period Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Class C Shares | | 2024 | | | 2023 | | | 2022 | | | 2021 (1) | |
| Net asset value, beginning of period | | $ | 21.85 | | | $ | 21.63 | | | $ | 24.55 | | | $ | 25.00 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | |
| Net investment income (2) | | | 0.45 | | | | 0.28 | | | | 0.05 | | | | 0.14 | |
| Net realized and unrealized gain (loss) on investments | | | 2.63 | | | | 0.27 | (12) | | | (2.89 | ) | | | (0.41 | ) |
| Total from investment operations | | | 3.08 | | | | 0.55 | | | | (2.84 | ) | | | (0.27 | ) |
| Less distributions from: | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.51 | ) | | | (0.33 | ) | | | (0.08 | ) | | | (0.18 | ) |
| Return of capital | | | — | | | | — | | | | (0.00 | ) (9) | | | — | |
| Total distributions | | | (0.51 | ) | | | (0.33 | ) | | | (0.08 | ) | | | (0.18 | ) |
| Net asset value, end of period | | $ | 24.42 | | | $ | 21.85 | | | $ | 21.63 | | | $ | 24.55 | |
| Total return (3) | | | 14.23 | % | | | 2.53 | % | | | (11.58 | )% | | | (1.09 | )% (8) |
| Net assets, at end of period (000s) | | $ | 1,083 | | | $ | 589 | | | $ | 42 | | | $ | 29 | |
| Ratio of gross expenses to average net assets (4)(5)(7) | | | 2.30 | % (11) | | | 2.28 | % (11) | | | 2.39 | % | | | 2.47 | % |
| Ratio of net expenses to average net assets (5)(7) | | | 2.31 | % (10) | | | 2.31 | % (10) | | | 2.31 | % | | | 2.31 | % |
| Ratio of net investment income to average net assets (5)(6)(7) | | | 1.92 | % | | | 1.26 | % | | | 0.22 | % | | | 1.63 | % |
| Portfolio Turnover Rate | | | 115 | % | | | 207 | % | | | 345 | % | | | 39 | % (8) |
| (1) | The Ocean Park Tactical Risk Spectrum 50 Fund Class C shares commenced operations on May 26, 2021. |
| (2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (3) | Total returns shown assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (4) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (5) | Does not include the expenses of other investment companies in which the Fund invests. |
| (6) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Annualized for periods less than one year. |
| (10) | Represents the ratio of expenses to average net assets after adviser recapture of waived fees from the prior period. |
| (11) | Represents the ratio of expenses to average net assets before adviser recapture of waived/reimbursed fees from the prior period. |
| (12) | Net realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may anot accord with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Period Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Investor Class Shares | | 2024 | | | 2023 | | | 2022 | | | 2021 (1) | |
| Net asset value, beginning of period | | $ | 21.96 | | | $ | 21.69 | | | $ | 24.61 | | | $ | 25.00 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | |
| Net investment income (2) | | | 0.61 | | | | 0.38 | | | | 0.19 | | | | 0.18 | |
| Net realized and unrealized gain (loss) on investments | | | 2.64 | | | | 0.30 | (11) | | | (2.91 | ) | | | (0.39 | ) |
| Total from investment operations | | | 3.25 | | | | 0.68 | | | | (2.72 | ) | | | (0.21 | ) |
| Less distributions from: | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.63 | ) | | | (0.41 | ) | | | (0.19 | ) | | | (0.18 | ) |
| Return of capital | | | — | | | | — | | | | (0.01 | ) | | | — | |
| Total distributions | | | (0.63 | ) | | | (0.41 | ) | | | (0.20 | ) | | | (0.18 | ) |
| Net asset value, end of period | | $ | 24.58 | | | $ | 21.96 | | | $ | 21.69 | | | $ | 24.61 | |
| Total return (3) | | | 14.95 | % (12) | | | 3.16 | % | | | (11.07 | )% | | | (0.84 | )% (8) |
| Net assets, at end of period (000s) | | $ | 2,530 | | | $ | 4,700 | | | $ | 1,460 | | | $ | 1,457 | |
| Ratio of gross expenses to average net assets (4)(5)(7) | | | 1.70 | % (10) | | | 1.68 | % (10) | | | 1.79 | % | | | 1.87 | % |
| Ratio of net expenses to average net assets (5)(7) | | | 1.71 | % (9) | | | 1.71 | % (9) | | | 1.71 | % | | | 1.71 | % |
| Ratio of net investment income to average net assets (5)(6)(7) | | | 2.62 | % | | | 1.68 | % | | | 0.82 | % | | | 2.03 | % |
| Portfolio Turnover Rate | | | 115 | % | | | 207 | % | | | 345 | % | | | 39 | % (8) |
| (1) | The Ocean Park Tactical Risk Spectrum 50 Fund Investor Class shares commenced operations on May 26, 2021. |
| (2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (3) | Total returns shown assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (4) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (5) | Does not include the expenses of other investment companies in which the Fund invests. |
| (6) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Annualized for periods less than one year. |
| (9) | Represents the ratio of expenses to average net assets after adviser recapture of waived fees from the prior period. |
| (10) | Represents the ratio of expenses to average net assets before adviser recapture of waived/reimbursed fees from the prior period. |
| (11) | Net realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may anot accord with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
| (12) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Period Ended | |
| | | September 30, | | | September 30, | | | September 30, | | | September 30, | |
| Instl Class Shares | | 2024 | | | 2023 | | | 2022 | | | 2021 (1) | |
| Net asset value, beginning of period | | $ | 21.97 | | | $ | 21.69 | | | $ | 24.61 | | | $ | 25.00 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | |
| Net investment income (2) | | | 0.70 | | | | 0.48 | | | | 0.29 | | | | 0.21 | |
| Net realized and unrealized gain (loss) on investments | | | 2.63 | | | | 0.30 | (11) | | | (2.92 | ) | | | (0.40 | ) |
| Total from investment operations | | | 3.33 | | | | 0.78 | | | | (2.63 | ) | | | (0.19 | ) |
| Less distributions from: | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.73 | ) | | | (0.50 | ) | | | (0.28 | ) | | | (0.20 | ) |
| Return of capital | | | — | | | | — | | | | (0.01 | ) | | | — | |
| Total distributions | | | (0.73 | ) | | | (0.50 | ) | | | (0.29 | ) | | | (0.20 | ) |
| Net asset value, end of period | | $ | 24.57 | | | $ | 21.97 | | | $ | 21.69 | | | $ | 24.61 | |
| Total return (3) | | | 15.34 | % (12) | | | 3.60 | % | | | (10.75 | )% | | | (0.76 | )% (8) |
| Net assets, at end of period (000s) | | $ | 352,124 | | | $ | 403,441 | | | $ | 163,155 | | | $ | 134,137 | |
| Ratio of gross expenses to average net assets (4)(5)(7) | | | 1.30 | % (10) | | | 1.28 | % (10) | | | 1.39 | % | | | 1.47 | % |
| Ratio of net expenses to average net assets (5)(7) | | | 1.31 | % (9) | | | 1.31 | % (9) | | | 1.31 | % | | | 1.31 | % |
| Ratio of net investment income to average net assets (5)(6)(7) | | | 3.02 | % | | | 2.13 | % | | | 1.21 | % | | | 2.32 | % |
| Portfolio Turnover Rate | | | 115 | % | | | 207 | % | | | 345 | % | | | 39 | % (8) |
| (1) | The Ocean Park Tactical Risk Spectrum 50 Fund Instl Class shares commenced operations on May 26, 2021. |
| (2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (3) | Total returns shown assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (4) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (5) | Does not include the expenses of other investment companies in which the Fund invests. |
| (6) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Annualized for periods less than one year. |
| (9) | Represents the ratio of expenses to average net assets after adviser recapture of waived fees from the prior period. |
| (10) | Represents the ratio of expenses to average net assets before adviser recapture of waived/reimbursed fees from the prior period. |
| (11) | Net realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may anot accord with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
| (12) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 30 FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |
| | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | |
| Investor Class Shares | | 2024 | | | 2023 (1) | |
| Net asset value, beginning of year | | $ | 24.69 | | | $ | 25.00 | |
| Activity from investment operations: | | | | | | | | |
| Net investment income (2) | | | 0.83 | | | | 0.74 | |
| Net realized and unrealized gain (loss) on investments | | | 2.36 | | | | (0.32 | ) |
| Total from investment operations | | | 3.19 | | | | 0.42 | |
| Less distributions from: | | | | | | | | |
| Net investment income | | | (0.96 | ) | | | (0.73 | ) |
| Total distributions | | | (0.96 | ) | | | (0.73 | ) |
| Net asset value, end of year | | $ | 26.92 | | | $ | 24.69 | |
| Total return (3) | | | 13.09 | % (8) | | | 1.68 | % |
| Net assets, at end of year (000s) | | $ | 52 | | | $ | 25 | (7) |
| Ratio of gross expenses to average net assets (4)(5) | | | 2.08 | % | | | 2.02 | % |
| Ratio of net expenses to average net assets (5) | | | 1.71 | % | | | 1.71 | % |
| Ratio of net investment income to average net assets (5)(6) | | | 3.12 | % | | | 2.94 | % |
| Portfolio Turnover Rate | | | 101 | % | | | 232 | % |
| (1) | The Ocean Park Tactical Risk Spectrum 30 Fund Investor Class shares commenced operations on September 30, 2022 |
| (2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. |
| (3) | Total returns shown assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (4) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (5) | Does not include the expenses of other investment companies in which the Fund invests. |
| (6) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Actual net assets, not truncated. |
| (8) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 30 FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |
| | | Year Ended | | | Year Ended | |
| | | September 30, | | | September 30, | |
| Instl Class Shares | | 2024 | | | 2023 (1) | |
| Net asset value, beginning of year | | $ | 24.69 | | | $ | 25.00 | |
| Activity from investment operations: | | | | | | | | |
| Net investment income (2) | | | 0.95 | | | | 0.74 | |
| Net realized and unrealized gain (loss) on investments | | | 2.26 | | | | (0.32 | ) |
| Total from investment operations | | | 3.21 | | | | 0.42 | |
| Less distributions from: | | | | | | | | |
| Net investment income | | | (0.98 | ) | | | (0.73 | ) |
| Total distributions | | | (0.98 | ) | | | (0.73 | ) |
| Net asset value, end of year | | $ | 26.92 | | | $ | 24.69 | |
| Total return (3) | | | 13.15 | % (7) | | | 1.68 | % |
| Net assets, at end of year (000s) | | $ | 37,272 | | | $ | 37,838 | |
| Ratio of gross expenses to average net assets (4)(5) | | | 1.68 | % | | | 1.62 | % |
| Ratio of net expenses to average net assets (5) | | | 1.31 | % | | | 1.31 | % |
| Ratio of net investment income to average net assets (5)(6) | | | 3.68 | % | | | 2.94 | % |
| Portfolio Turnover Rate | | | 101 | % | | | 232 | % |
| (1) | The Ocean Park Tactical Risk Spectrum 30 Fund Instl Class shares commenced operations on September 30, 2022 |
| (2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. |
| (3) | Total returns shown assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (4) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (5) | Does not include the expenses of other investment companies in which the Fund invests. |
| (6) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 70 FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |
| | | Year Ended | | | Period Ended | |
| | | September 30, | | | September 30, | |
| Investor Class Shares | | 2024 | | | 2023 (1) | |
| Net asset value, beginning of period | | $ | 24.97 | | | $ | 25.00 | |
| Activity from investment operations: | | | | | | | | |
| Net investment income (2) | | | 0.54 | | | | 0.17 | |
| Net realized and unrealized gain (loss) on investments | | | 3.44 | | | | (0.10 | ) |
| Total from investment operations | | | 3.98 | | | | 0.07 | |
| Less distributions from: | | | | | | | | |
| Net investment income | | | (0.46 | ) | | | (0.10 | ) |
| Total distributions | | | (0.46 | ) | | | (0.10 | ) |
| Net asset value, end of period | | $ | 28.49 | | | $ | 24.97 | |
| Total return (3) | | | 16.05 | % (7) | | | 0.28 | % (9) |
| Net assets, at end of period (000s) | | $ | 27 | | | $ | 18 | |
| Ratio of gross expenses to average net assets (4)(5)(8) | | | 2.12 | % | | | 2.99 | % |
| Ratio of net expenses to average net assets (5)(8) | | | 1.71 | % | | | 1.71 | % |
| Ratio of net investment income to average net assets (5)(6)(8) | | | 2.01 | % | | | 1.30 | % |
| Portfolio Turnover Rate | | | 113 | % | | | 99 | % (9) |
| (1) | The Ocean Park Tactical Risk Spectrum 70 Fund Investor Class shares commenced operations on March 31, 2023 |
| (2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (3) | Total returns shown assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (4) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (5) | Does not include the expenses of other investment companies in which the Fund invests. |
| (6) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (8) | Annualized for periods less than one year. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL RISK SPECTRUM 70 FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |
| | | Year Ended | | | Period Ended | |
| | | September 30, | | | September 30, | |
| Instl Class Shares | | 2024 | | | 2023 (1) | |
| Net asset value, beginning of period | | $ | 24.97 | | | $ | 25.00 | |
| Activity from investment operations: | | | | | | | | |
| Net investment income (2) | | | 0.57 | | | | 0.21 | |
| Net realized and unrealized gain (loss) on investments | | | 3.58 | | | | (0.10 | ) |
| Total from investment operations | | | 4.15 | | | | 0.11 | |
| Less distributions from: | | | | | | | | |
| Net investment income | | | (0.56 | ) | | | (0.14 | ) |
| Total distributions | | | (0.56 | ) | | | (0.14 | ) |
| Net asset value, end of period | | $ | 28.56 | | | $ | 24.97 | |
| Total return (3) | | | 16.77 | % | | | 0.45 | % (8) |
| Net assets, at end of period (000s) | | $ | 47,991 | | | $ | 23,173 | |
| Ratio of gross expenses to average net assets (4)(5)(7) | | | 1.72 | % | | | 2.59 | % |
| Ratio of net expenses to average net assets (5)(7) | | | 1.31 | % | | | 1.31 | % |
| Ratio of net investment income to average net assets (5)(6)(7) | | | 2.08 | % | | | 1.64 | % |
| Portfolio Turnover Rate | | | 113 | % | | | 99 | % (8) |
| (1) | The Ocean Park Tactical Risk Spectrum 70 Fund Instl Class shares commenced operations on March 31, 2023 |
| (2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (3) | Total returns shown assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (4) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (5) | Does not include the expenses of other investment companies in which the Fund invests. |
| (6) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Annualized for periods less than one year. |
See accompanying notes to financial statements.
| OCEAN PARK TACTICAL CORE GROWTH FUND |
| FINANCIAL HIGHLIGHTS |
| |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |
| Year Ended September 30, 2024 (1) | | Investor Class Shares | | | Instl Class Shares | |
| Net asset value, beginning of year | | $ | 25.00 | | | $ | 25.00 | |
| Activity from investment operations: | | | | | | | | |
| Net investment income (2) | | | 0.32 | | | | 0.44 | |
| Net realized and unrealized gain on investments | | | 4.13 | | | | 4.12 | |
| Total from investment operations | | | 4.45 | | | | 4.56 | |
| Less distributions from: | | | | | | | | |
| Net investment income | | | (0.41 | ) | | | (0.45 | ) |
| Total distributions | | | (0.41 | ) | | | (0.45 | ) |
| Net asset value, end of year | | $ | 29.04 | | | $ | 29.11 | |
| Total return (3) | | | 17.95 | % (7) | | | 18.40 | % |
| Net assets, at end of year (000s) | | $ | 179 | | | $ | 3,784 | |
| Ratio of gross expenses to average net assets (4)(5) | | | 7.51 | % | | | 7.11 | % |
| Ratio of net expenses to average net assets (5) | | | 1.39 | % | | | 0.99 | % |
| Ratio of net investment income to average net assets (5)(6) | | | 1.13 | % | | | 1.60 | % |
| Portfolio Turnover Rate | | | 93 | % | | | 93 | % |
| (1) | The Ocean Park Tactical Core Growth Fund Investor Class shares and Instl Class shares commenced operations on September 29, 2023. |
| (2) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year. |
| (3) | Total returns shown assume changes in share price and reinvestment of dividends and capital gain distributions. |
| (4) | Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser. |
| (5) | Does not include the expenses of other investment companies in which the Fund invests. |
| (6) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies in which the Fund invests. |
| (7) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
See accompanying notes to financial statements.
| THE OCEAN PARK FUNDS |
| NOTES TO FINANCIAL STATEMENTS |
| September 30, 2024 |
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 with OPTAAF also offering Class A1 and Class I1, and OPTMF also offering Special Class Shares. OPTRSTF, OPTRSSF, and OPTCGF currently offer 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 OCEAN PARK FUNDS |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| September 30, 2024 |
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies are in conformity with accounting principles generally accepted 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.
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.
| THE OCEAN PARK FUNDS |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| September 30, 2024 |
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 securities 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
| THE OCEAN PARK FUNDS |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| September 30, 2024 |
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 September 30, 2024 for the Funds’ assets measured at fair value:
| Ocean Park Tactical All Asset Fund | |
| | |
| Assets* | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Exchange-Traded Funds | | $ | 292,221,146 | | | $ | — | | | $ | — | | | $ | 292,221,146 | |
| Open End Funds | | | 328,767,826 | | | | — | | | | — | | | | 328,767,826 | |
| Collateral For Securities Loaned | | | 58,045,608 | | | | — | | | | — | | | | 58,045,608 | |
| Money Market Fund | | | 786,541 | | | | — | | | | — | | | | 786,541 | |
| Total | | $ | 679,821,121 | | | $ | — | | | $ | — | | | $ | 679,821,121 | |
| THE OCEAN PARK FUNDS |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| September 30, 2024 |
| Ocean Park Tactical Core Income Fund | |
| | |
| Assets* | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Exchange Traded Funds | | $ | 547,491,577 | | | $ | — | | | $ | — | | | $ | 547,491,577 | |
| Open End Funds | | | 985,065,330 | | | | — | | | | — | | | | 985,065,330 | |
| Collateral For Securities Loaned | | | 154,578,852 | | | | — | | | | — | | | | 154,578,852 | |
| Money Market Fund | | | 2,505,426 | | | | — | | | | — | | | | 2,505,426 | |
| Total | | $ | 1,689,641,185 | | | $ | — | | | $ | — | | | $ | 1,689,641,185 | |
| | | | | | | | | | | | | | | | | |
| Ocean Park Tactical Municipal Fund | |
| | |
| Assets* | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Exchange Traded Funds | | $ | 88,884,327 | | | $ | — | | | $ | — | | | $ | 88,884,327 | |
| Open End Funds | | | 203,191,619 | | | | — | | | | — | | | | 203,191,619 | |
| Collateral For Securities Loaned | | | 19,900,425 | | | | — | | | | — | | | | 19,900,425 | |
| Money Market Funds | | | 437,672 | | | | — | | | | — | | | | 437,672 | |
| Total | | $ | 312,414,043 | | | $ | — | | | $ | — | | | $ | 312,414,043 | |
| | | | | | | | | | | | | | | | | |
| Ocean Park Tactical Bond Fund | |
| | |
| Assets* | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Exchange Traded Funds | | $ | 1,113,455,133 | | | $ | — | | | $ | — | | | $ | 1,113,455,133 | |
| Open End Funds | | | 795,826,498 | | | | — | | | | — | | | | 795,826,498 | |
| Collateral For Securities Loaned | | | 195,251,786 | | | | — | | | | — | | | | 195,251,786 | |
| Money Market Fund | | | 4,235,508 | | | | — | | | | — | | | | 4,235,508 | |
| Total | | $ | 2,108,768,925 | | | $ | — | | | $ | — | | | $ | 2,108,768,925 | |
| | | | | | | | | | | | | | | | | |
| Ocean Park Tactical Risk Spectrum 50 Fund | |
| | |
| Assets* | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Exchange-Traded Funds | | $ | 173,938,758 | | | $ | — | | | $ | — | | | $ | 173,938,758 | |
| Open End Funds | | | 181,724,872 | | | | — | | | | — | | | | 181,724,872 | |
| Collateral For Securities Loaned | | | 23,467,534 | | | | — | | | | — | | | | 23,467,534 | |
| Money Market Fund | | | 534,668 | | | | — | | | | — | | | | 534,668 | |
| Total | | $ | 379,665,832 | | | $ | — | | | $ | — | | | $ | 379,665,832 | |
| | | | | | | | | | | | | | | | | |
| Ocean Park Tactical Risk Spectrum 30 Fund | |
| | |
| Assets* | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Exchange-Traded Funds | | $ | 17,075,571 | | | $ | — | | | $ | — | | | $ | 17,075,571 | |
| Open End Funds | | | 20,140,880 | | | | — | | | | — | | | | 20,140,880 | |
| Collateral For Securities Loaned | | | 1,769,208 | | | | — | | | | — | | | | 1,769,208 | |
| Money Market Fund | | | 12,605 | | | | — | | | | — | | | | 12,605 | |
| Total | | $ | 38,998,264 | | | $ | — | | | $ | — | | | $ | 38,998,264 | |
| THE OCEAN PARK FUNDS |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| September 30, 2024 |
| Ocean Park Tactical Risk Spectrum 70 Fund |
| |
| Assets* | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Exchange-Traded Funds | | $ | 34,203,804 | | | $ | — | | | $ | — | | | $ | 34,203,804 | |
| Open End Funds | | | 12,884,972 | | | | — | | | | — | | | | 12,884,972 | |
| Collateral For Securities Loaned | | | 4,659,608 | | | | — | | | | — | | | | 4,659,608 | |
| Money Market Fund | | | 96,826 | | | | — | | | | — | | | | 96,826 | |
| Total | | $ | 51,845,210 | | | $ | — | | | $ | — | | | $ | 51,845,210 | |
| | | | | | | | | | | | | | | | | |
| Ocean Park Tactical Core Growth Fund |
| |
| Assets* | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Exchange-Traded Funds | | $ | 3,082,747 | | | $ | — | | | $ | — | | | $ | 3,082,747 | |
| Open End Funds | | | 821,295 | | | | — | | | | — | | | | 821,295 | |
| Collateral For Securities Loaned | | | 251,738 | | | | — | | | | — | | | | 251,738 | |
| Money Market Fund | | | 189,611 | | | | — | | | | — | | | | 189,611 | |
| Total | | $ | 4,345,391 | | | $ | — | | | $ | — | | | $ | 4,345,391 | |
The Funds did not hold any Level 2 or 3 securities during the period.
| * | See Schedule of Investments for classification. |
Security Transactions and Related Income – Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.
Dividends and Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid monthly for OPTCIF, OPTMF, OPTBF and OPTCGF and quarterly for OPTAAF, OPTRSFF, OPTRSTF and OPTRSSF. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Dividends and distributions to shareholders are recorded on the ex-dividend date.
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, 2021 to September 30, 2023,
| THE OCEAN PARK FUNDS |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| September 30, 2024 |
or expected to be taken in the Funds’ September 30, 2024 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.
| 3. | PRINCIPAL INVESTMENT RISKS |
Market and Geopolitical Risk – The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change or climate-related events, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment.
| 4. | INVESTMENT TRANSACTIONS |
For the year ended September 30, 2024, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, were as follows:
| FUND | | PURCHASES | | | SALES | |
| OPTAAF | | $ | 710,510,118 | | | $ | 707,814,372 | |
| OPTCIF | | $ | 1,835,036,030 | | | $ | 1,744,621,134 | |
| OPTMF | | $ | 327,186,011 | | | $ | 127,396,904 | |
| OPTBF | | $ | 1,219,332,759 | | | $ | 1,188,282,128 | |
| OPTRSFF | | $ | 395,140,856 | | | $ | 437,907,285 | |
| OPTRSTF | | $ | 35,918,235 | | | $ | 34,798,165 | |
| OPTRSSF | | $ | 57,225,529 | | | $ | 35,197,823 | |
| OPTCGF | | $ | 6,002,143 | | | $ | 2,502,681 | |
| THE OCEAN PARK FUNDS |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| September 30, 2024 |
| 5. | INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES |
Ocean Park Asset Management, LLC, formerly know as Wright Fund Management, LLC, serves as the Funds’ investment adviser (the “Adviser”). Pursuant to an advisory agreement with the Trust, on behalf of the Funds, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Funds pay the Adviser a management fee, computed and accrued daily and paid monthly, at an annual rate of each Fund’s average daily net assets as indicated below. For the year ended September 30, 2024, each Fund incurred the following in advisory fees:
| | | | | | | TOTAL | |
| FUND | | | ANNUAL RATE | | | ADVISORY FEE | |
| OPTAAF | | | 1.25% | | | $ | 8,162,678 | |
| OPTCIF | | | 0.75% | | | $ | 11,836,758 | |
| OPTMF | | | 0.75% | | | $ | 2,154,004 | |
| OPTBF | | | 1.05% | | | $ | 18,707,888 | |
| OPTRSFF | | | 1.05% | | | $ | 3,855,422 | |
| OPTRSTF | | | 1.05% | | | $ | 385,157 | |
| OPTRSSF | | | 1.05% | | | $ | 341,146 | |
| OPTCGF | | | 0.75% | | | $ | 20,375 | |
Pursuant to a written contract (the “Expense Limitation Agreement”), the Adviser has agreed, at least until January 31, 2025 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:
| | | | | | | Investor | | | | | | | | |
| | | Class A | | Class C | | Class | | Instl Class | | Class A1 | | Class I1 | | Special Shares |
| OPTAAF | | 1.75% | | 2.50% | | 1.75% | | 1.50% | | 1.90% | | 1.90% | | N/A |
| OPTCIF | | 1.35% | | 1.95% | | 1.35% | | 1.00% | | N/A | | N/A | | N/A |
| OPTMF | | 1.23% | | 1.98% | | 1.38% | | 1.05% | | N/A | | N/A | | 0.92% |
| OPTBF | | 1.54% | | 2.29% | | 1.69% | | 1.29% | | N/A | | N/A | | N/A |
| OPTRSFF | | 1.56% | | 2.31% | | 1.71% | | 1.31% | | N/A | | N/A | | N/A |
| OPTRSTF | | N/A | | N/A | | 1.71% | | 1.31% | | N/A | | N/A | | N/A |
| OPTRSSF | | N/A | | N/A | | 1.71% | | 1.31% | | N/A | | N/A | | N/A |
| OPTCGF | | N/A | | N/A | | 1.39% | | 0.99% | | N/A | | N/A | | N/A |
| THE OCEAN PARK FUNDS |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| September 30, 2024 |
If the Adviser waives any fees or reimburses any expenses pursuant to the Expense Limitation Agreement, and a Fund’s operating expenses are subsequently lower than its respective expense limitation, the Adviser shall be entitled to reimbursement by the respective Fund provided that such reimbursement does not cause that Fund’s operating expenses to exceed its respective expense limitation. If a Fund’s operating expenses subsequently exceed the respective expense limitation, the reimbursements for such Fund shall be suspended. The Adviser may seek reimbursement only for expenses waived or paid by it during the three years prior to such reimbursement; provided, however, that such expenses may only be reimbursed to the extent they were waived or paid after the date of the Expense Limitation Agreement (or any similar agreement). The Board may terminate this expense reimbursement arrangement at any time. For the year ended September 30, 2024, the Adviser waived $0 with respect to OPTAAF, OPTBF, and OPTRSFF, and $9,168, $12,509, $127,492, $133,196 and $166,311 to OPTCIF, OPTMF, OPTRSTF, OPTRSSF and OPTCGF respectively, under each Fund’s Expense Limitation Agreement. For the year ended September 30, 2024, the Adviser recaptured fees in the amount of $32,542 for OPTRSFF with respect to the Fund.
The following amounts are subject to recapture by the Adviser by the following dates:
| | | 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 | |
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 year ended September 30, 2024, the 12b-1 annual rates of the average daily net assets of each class of shares for the Funds were as follows:
| | | | | | | Investor | | | | |
| | | Class A | | Class C | | Class | | Class A1 | | Class I1 |
| OPTAAF | | 0.25% | | 1.00% | | 0.25% | | 0.40% | | 0.40% |
| OPTCIF | | 0.40% | | 1.00% | | 0.40% | | N/A | | N/A |
| OPTMF | | 0.25% | | 1.00% | | 0.40% | | N/A | | N/A |
| OPTBF | | 0.25% | | 1.00% | | 0.40% | | N/A | | N/A |
| OPTRSFF | | 0.25% | | 1.00% | | 0.40% | | N/A | | N/A |
| OPTRSTF | | N/A | | N/A | | 0.40% | | N/A | | N/A |
| OPTRSSF | | N/A | | N/A | | 0.40% | | N/A | | N/A |
| OPTCGF | | N/A | | N/A | | 0.40% | | N/A | | N/A |
| THE OCEAN PARK FUNDS |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| September 30, 2024 |
The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. For the year ended September 30, 2024, the amounts listed below were received by the Distributor and retained by the principal underwriter or other affiliated broker-dealers for each fund respectively:
| | | | | | | Front End Sale | | | Amounts retained by | |
| | | | Share | | | charges received by | | | the Principal | |
| Fund | | | Class | | | the Distributor | | | Underwriter | |
| OPTAAF | | | Class A1 | | | $ | 207 | | | $ | 15 | |
| | | | Class A | | | $ | 6,629 | | | $ | 444 | |
| OPTCIF | | | Class A | | | $ | 48,424 | | | $ | 2,286 | |
| OPTMF | | | Class A | | | $ | 15,003 | | | $ | 1,061 | |
| OPTBF | | | Class A | | | $ | 87,171 | | | $ | 5,857 | |
| OPTRSFF | | | Class A | | | $ | — | | | $ | — | |
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.
| THE OCEAN PARK FUNDS |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| September 30, 2024 |
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 year ended September 30, 2024, amounts outstanding to the Funds under the credit facility at no time were permitted to exceed $150,000,000. During the year ended September 30, 2024, OPTAAF, OPTCIF, OPTMF, OPTBF, OPTRSFF, OPTRSTF, OPTRSSF and OPTCGF drew on the line of credit as follows:
| | | | | | Outstanding | | | | | | Average | | | Maximum | |
| | | | | | Balance as of | | | | | | Borrowings | | | Borrowing | |
| FUND | | Interest Expense | | | September 30, 2024 | | | Average Borrowings | | | Rate | | | Interest Rate | |
| OPTAAF | | $ | 5,341 | | | $ | — | | | $ | 537,410 | | | | 8.49 | % | | | 8.50 | % |
| OPTCIF | | $ | 23,265 | | | $ | — | | | $ | 3,756,462 | | | | 8.44 | % | | | 8.50 | % |
| OPTMF | | $ | 3,158 | | | $ | — | | | $ | 421,321 | | | | 8.45 | % | | | 8.50 | % |
| OPTBF | | $ | 18,672 | | | $ | — | | | $ | 3,366,043 | | | | 8.50 | % | | | 8.50 | % |
| OPTRSFF | | $ | 4,229 | | | $ | — | | | $ | 406,375 | | | | 8.49 | % | | | 8.50 | % |
| OPTRSTF | | $ | 867 | | | $ | 24,000 | | | $ | 62,969 | | | | 8.44 | % | | | 8.50 | % |
| OPTRSSF | | $ | 545 | | | $ | — | | | $ | 80,625 | | | | 8.50 | % | | | 8.50 | % |
| OPTCGF | | $ | 5 | | | $ | — | | | $ | 8,667 | | | | 8.33 | % | | | 8.50 | % |
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of September 30, 2024, Charles Schwab held approximately 62.5%, 35.4%, 49.5%, 52.7%, 63.5%, 97.6%, 30.9% and 63.8% of the voting securities of OPTAAF, OPTCIF, OPTMF, OPTBF, OPTRSFF, OPTRSTF, OPTRSSF, and OPTCGF, respectively. Pershing LLC held approximately 25.2%, and 27.7% of the voting securities of OPTMF and OPTCG, respectively. National Financial Services LLC held approximately 59.6% of the voting securities of OPTRSSF .The Trust has no knowledge as to whether all or any portion of the shares owned of record by Charles Schwab, Pershing LLC or National Financial Services LLC are also owned beneficially.
| 8. | UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES |
OPTBF currently invests a portion of their assets in the BlackRock High Yield Bond Portfolio, - Institutional Class (“BlackRock”). BlackRock is registered under the 1940 Act as an open-end management investment company. OPTBF may redeem its investments in BlackRock at any time if the Adviser determines that it is in the best interest of OPTBF, and their shareholders to do so. The performance of OPTBF will be directly affected by the performance of BlackRock. The financial statements of BlackRock, including its portfolios of investments, can be found at the Securities and Exchange Commission’s website, www.sec.gov, and should be read in conjunction with STBF’s financial statements. As of September 30, 2024, the percentage of OPTBF’s net assets invested in BlackRock High Yield Bond Portfolio, - Institutional Class was 26.5%.
| THE OCEAN PARK FUNDS |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| September 30, 2024 |
| 9. | DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL |
The tax character of distributions utilized during the periods ended September 30, 2024, and September 30, 2023 was as follows:
| | | Ordinary | | | Long-Term | | | Return | | | Tax Exempt | | | | |
| Portfolio | | Income | | | Capital Gains | | | of Capital | | | Income | | | Total | |
| Ocean Park Tactical All Asset Fund | | $ | 21,256,934 | | | $ | — | | | $ | — | | | $ | — | | | $ | 21,256,934 | |
| Ocean Park Tactical Core Income Fund | | | 68,799,419 | | | | — | | | | — | | | | 4,230,750 | | | | 73,030,169 | |
| Ocean Park Tactical Municipal Fund | | | 1,042,323 | | | | — | | | | — | | | | 6,835,142 | | | | 7,877,465 | |
| Ocean Park Tactical Bond Fund | | | 94,994,034 | | | | — | | | | — | | | | — | | | | 94,994,034 | |
| Ocean Park Tactical Risk Spectrum 50 Fun | | | 11,288,631 | | | | — | | | | — | | | | — | | | | 11,288,631 | |
| Ocean Park Tactical Risk Spectrum 30 Fun | | | 1,346,027 | | | | — | | | | — | | | | 16,962 | | | | 1,362,989 | |
| Ocean Park Tactical Risk Spectrum 70 Fun | | | 687,483 | | | | — | | | | — | | | | — | | | | 687,483 | |
| Ocean Park Tactical Core Growth Fund | | | 41,574 | | | | — | | | | — | | | | — | | | | 41,574 | |
| | | | | | | | | | | | | | | | | | | | | |
| For the period ended September 30, 2023: |
| |
| | | Ordinary | | | Long-Term | | | Return | | | Tax Exempt | | | | |
| Portfolio | | Income | | | Capital Gains | | | of Capital | | | Income | | | Total | |
| Sierra Tactical All Asset Fund | | $ | 23,300,546 | | | $ | — | | | $ | 13,277 | | | $ | 1,350,936 | | | $ | 24,664,759 | |
| Sierra Tactical Core Income Fund | | | 66,096,025 | | | | — | | | | 303,794 | | | | 5,155,763 | | | | 71,555,582 | |
| Sierra Tactical Municipal Fund | | | 2,106,433 | | | | — | | | | 4,229 | | | | 5,688,779 | | | | 7,799,441 | |
| Sierra Tactical Bond Fund | | | 91,181,704 | | | | — | | | | 214,584 | | | | — | | | | 91,396,288 | |
| Sierra Tactical Risk Spectrum 50 Fund | | | 7,098,958 | | | | — | | | | — | | | | 212,422 | | | | 7,311,380 | |
| Sierra Tactical Risk Spectrum 30 Fund | | | 1,134,820 | | | | — | | | | — | | | | 56,827 | | | | 1,191,647 | |
| Sierra Tactical Risk Spectrum 70 Fund | | | 76,760 | | | | — | | | | — | | | | — | | | | 76,760 | |
As of September 30, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:
| | | Undistributed | | | Undistributed | | | Post October Loss | | | Capital Loss | | | Other | | | Unrealized | | | Total | |
| | | Ordinary | | | Long-Term | | | and | | | Carry | | | Book/Tax | | | Appreciation/ | | | Accumulated | |
| Portfolio | | Income | | | Capital Gains | | | Late Year Loss | | | Forwards | | | Differences | | | (Depreciation) | | | Earnings/(Deficits) | |
| Ocean Park Tactical All Asset Fund | | $ | 162,412 | | | $ | — | | | $ | — | | | $ | (66,264,578 | ) | | $ | — | | | $ | 45,596,287 | | | $ | (20,505,879 | ) |
| Ocean Park Tactical Core Income Fund | | | 705,080 | | | | — | | | | — | | | | (174,779,200 | ) | | | — | | | | 78,691,948 | | | | (95,382,172 | ) |
| Ocean Park Tactical Municipal Fund | | | 75,447 | | | | — | | | | — | | | | (24,530,057 | ) | | | — | | | | 20,075,364 | | | | (4,379,246 | ) |
| Ocean Park Tactical Bond Fund | | | 650,596 | | | | — | | | | — | | | | (126,004,092 | ) | | | — | | | | 108,812,221 | | | | (16,541,275 | ) |
| Ocean Park Tactical Risk Spectrum 50 Fund | | | 179,089 | | | | — | | | | — | | | | (24,003,786 | ) | | | — | | | | 32,655,549 | | | | 8,830,852 | |
| Ocean Park Tactical Risk Spectrum 30 Fund | | | 34,748 | | | | 30,597 | | | | — | | | | — | | | | — | | | | 2,744,423 | | | | 2,809,768 | |
| Ocean Park Tactical Risk Spectrum 70 Fund | | | 21,950 | | | | — | | | | — | | | | (63,827 | ) | | | — | | | | 3,659,879 | | | | 3,618,002 | |
| Ocean Park Tactical Core Growth Fund | | | 46,890 | | | | 639 | | | | — | | | | — | | | | — | | | | 359,370 | | | | 406,899 | |
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:
| | | Non-Expiring | | | | | | | |
| Portfolio | | Short-Term | | | Long-Term | | | Total | | | CLCF Utilized | |
| Ocean Park Tactical All Asset Fund | | $ | 66,264,578 | | | $ | — | | | $ | 66,264,578 | | | $ | — | |
| Ocean Park Tactical Core Income Fund | | | 174,779,200 | | | | — | | | | 174,779,200 | | | | — | |
| Ocean Park Tactical Municipal Fund | | | 24,530,057 | | | | — | | | | 24,530,057 | | | | — | |
| Ocean Park Tactical Bond Fund | | | 126,004,092 | | | | — | | | | 126,004,092 | | | | — | |
| Ocean Park Tactical Risk Spectrum 50 Fund | | | 24,003,786 | | | | — | | | | 24,003,786 | | | | — | |
| Ocean Park Tactical Risk Spectrum 30 Fund | | | — | | | | — | | | | — | | | | 2 | |
| Ocean Park Tactical Risk Spectrum 70 Fund | | | 63,827 | | | | — | | | | 63,827 | | | | — | |
| Ocean Park Tactical Core Growth Fund | | | — | | | | — | | | | — | | | | — | |
| THE OCEAN PARK FUNDS |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| September 30, 2024 |
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:
| | | Paid In | | | Accumulated | |
| Portfolio | | Capital | | | Earnings (Losses) | |
| Ocean Park Tactical All Asset Fund | | $ | (122,285 | ) | | $ | 122,285 | |
| Ocean Park Tactical Core Income Fund | | | (366,177 | ) | | | 366,177 | |
| Ocean Park Tactical Municipal Fund | | | — | | | | — | |
| Ocean Park Tactical Bond Fund | | | (189,388 | ) | | | 189,388 | |
| Ocean Park Tactical Risk Spectrum 50 Fund | | | — | | | | — | |
| Ocean Park Tactical Risk Spectrum 30 Fund | | | — | | | | — | |
| Ocean Park Tactical Risk Spectrum 70 Fund | | | — | | | | — | |
| Ocean Park Tactical Core Growth Fund | | | — | | | | — | |
| 10. | AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS |
| | | | | | | | | | | | Tax Net | |
| | | | | | | | | | | | Unrealized | |
| | | Cost for Federal | | | Unrealized | | | Unrealized | | | Appreciation | |
| Portfolio | | Tax purposes | | | Appreciation | | | Depreciation | | | (Depreciation) | |
| Ocean Park Tactical All Asset Fund | | $ | 634,224,834 | | | $ | 47,617,959 | | | $ | (2,021,672 | ) | | $ | 45,596,287 | |
| Ocean Park Tactical Core Income Fund | | | 1,610,949,237 | | | | 85,173,370 | | | | (6,481,422 | ) | | | 78,691,948 | |
| Ocean Park Tactical Municipal Fund | | | 292,338,679 | | | | 20,089,462 | | | | (14,098 | ) | | | 20,075,364 | |
| Ocean Park Tactical Bond Fund | | | 1,999,956,704 | | | | 114,799,867 | | | | (5,987,646 | ) | | | 108,812,221 | |
| Ocean Park Tactical Risk Spectrum 50 Fund | | | 347,010,283 | | | | 33,856,623 | | | | (1,201,074 | ) | | | 32,655,549 | |
| Ocean Park Tactical Risk Spectrum 30 Fund | | | 36,253,841 | | | | 2,837,824 | | | | (93,401 | ) | | | 2,744,423 | |
| Ocean Park Tactical Risk Spectrum 70 Fund | | | 48,185,331 | | | | 3,794,783 | | | | (134,904 | ) | | | 3,659,879 | |
| Ocean Park Tactical Core Growth Fund | | | 3,986,021 | | | | 365,989 | | | | (6,619 | ) | | | 359,370 | |
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 OCEAN PARK FUNDS |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| September 30, 2024 |
The following table breaks out the holdings received as collateral as of September 30, 2024:
| Securities Lending Transactions | | | | |
| | | | | |
| Overnight and Continuous | | | | |
| OPTAAF | | | | |
| First American Government Obligations Fund - Class X | | $ | 58,045,608 | |
| OPTCIF | | | | |
| First American Government Obligations Fund - Class X | | $ | 154,578,852 | |
| OPTMF | | | | |
| First American Government Obligations Fund - Class X | | $ | 19,900,425 | |
| OPTBF | | | | |
| First American Government Obligations Fund - Class X | | $ | 195,251,786 | |
| OPTRSFF | | | | |
| First American Government Obligations Fund - Class X | | $ | 23,467,534 | |
| OPTRSTF | | | | |
| First American Government Obligations Fund - Class X | | $ | 1,769,208 | |
| OPTRSSF | | | | |
| First American Government Obligations Fund - Class X | | $ | 4,659,608 | |
| OPTCGF | | | | |
| First American Government Obligations Fund - Class X | | $ | 251,738 | |
The fair value of the securities loaned are noted on the Schedule of Investments. The fair value of the “Collateral for Securities Loaned” on the Schedule of Investments includes only cash collateral received and reinvested. This amount is offset by a liability recorded as “Securities Lending Collateral Payable” on the Statements of Assets and Liabilities. The following table is a summary of the Funds’ fair value of the securities loaned and related collateral as of September 30, 2024:
| | | Fair Value of | | | Collateral for | |
| Ticker | | Securities on Loan | | | Securities Loaned | |
| OPTAAF | | $ | 56,853,927 | | | $ | 58,045,608 | |
| OPTCIF | | $ | 150,913,973 | | | $ | 154,578,852 | |
| OPTMF | | $ | 19,440,471 | | | $ | 19,900,425 | |
| OPTBF | | $ | 190,908,523 | | | $ | 195,251,786 | |
| OPTRSFF | | $ | 22,974,457 | | | $ | 23,467,534 | |
| OPTRSTF | | $ | 1,734,548 | | | $ | 1,769,208 | |
| OPTRSSF | | $ | 4,546,069 | | | $ | 4,659,608 | |
| OPTCGF | | $ | 246,649 | | | $ | 251,738 | |
| THE OCEAN PARK FUNDS |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| September 30, 2024 |
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:
Dividends: The Board declared the following monthly dividends:
| Fund | | | | Dividend Per Share | | Record Date | | Payable Date |
| Ocean Park Tactical Core Income Fund | | Class A | | 0.0694 | | 10/29/2024 | | 10/31/2024 |
| Ocean Park Tactical Core Income Fund | | Class C | | 0.0599 | | 10/29/2024 | | 10/31/2024 |
| Ocean Park Tactical Core Income Fund | | Investor Class | | 0.0695 | | 10/29/2024 | | 10/31/2024 |
| Ocean Park Tactical Core Income Fund | | Instl Class | | 0.0761 | | 10/29/2024 | | 10/31/2024 |
| | | | | | | | | |
| Fund | | | | Dividend Per Share | | Record Date | | Payable Date |
| Ocean Park Tactical Municipal Fund | | Class A | | 0.0562 | | 10/29/2024 | | 10/31/2024 |
| Ocean Park Tactical Municipal Fund | | Class C | | 0.0400 | | 10/29/2024 | | 10/31/2024 |
| Ocean Park Tactical Municipal Fund | | Investor Class | | 0.0531 | | 10/29/2024 | | 10/31/2024 |
| Ocean Park Tactical Municipal Fund | | Instl Class | | 0.0614 | | 10/29/2024 | | 10/31/2024 |
| Ocean Park Tactical Municipal Fund | | Special Class | | 0.0635 | | 10/29/2024 | | 10/31/2024 |
| | | | | | | | | |
| Fund | | | | Dividend Per Share | | Record Date | | Payable Date |
| Ocean Park Tactical Bond Fund | | Class A | | 0.1119 | | 10/29/2024 | | 10/31/2024 |
| Ocean Park Tactical Bond Fund | | Class C | | 0.0960 | | 10/29/2024 | | 10/31/2024 |
| Ocean Park Tactical Bond Fund | | Investor Class | | 0.1087 | | 10/29/2024 | | 10/31/2024 |
| Ocean Park Tactical Bond Fund | | Instl Class | | 0.1171 | | 10/29/2024 | | 10/31/2024 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of The Ocean Park Funds and
Board of Trustees of Northern Lights Fund Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of The Ocean Park Funds, comprising the funds listed below (the “Funds”), each a series of Northern Lights Fund Trust, as of September 30, 2024, the related statements of operations and changes in net assets, the financial highlights, and the related notes for each of the years or periods indicated below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2024, the results of their operations, the changes in net assets, and the financial highlights for each of the years or periods indicated below, in conformity with accounting principles generally accepted in the United States of America.
| | | Statement(s) of | |
| | Statements of | Changes in Net | |
| Fund Name | Operation | Assets | Financial Highlights |
| Ocean Park Tactical All Asset Fund (formerly known as Sierra Tactical All Asset Fund), Ocean Park Tactical Core Income Fund (formerly known as Sierra Tactical Core Income Fund), Ocean Park Tactical Municipal Fund (formerly known as Sierra Tactical Municipal Fund), Ocean Park Tactical Bond Fund (formerly known as Sierra Tactical Bond Fund), Ocean Park Tactical Risk Spectrum 50 Fund (formerly known as Sierra Tactical Risk Spectrum 50 Fund), Ocean Park Tactical Risk Spectrum 30 Fund (formerly known as Sierra Tactical Risk Spectrum 30 Fund) | For the year ended September 30, 2024 | For the years ended September 30, 2024 and 2023 |
| Ocean Park Tactical Risk Spectrum 70 Fund (formerly known as Sierra Tactical Risk Spectrum 70 Fund) | For the year ended September 30, 2024 | For the year ended September 30, 2024 and for the period from March 31, 2023 (commencement of operations) through September 30, 2023 |
| Ocean Park Tactical Core Growth Fund | For the period from September 29, 2023 (commencement of operations) through September 30, 2024 |
The Funds’ financial highlights for the years or periods ended September 30, 2022, and prior, were audited by other auditors whose report dated November 28, 2022, expressed an unqualified opinion on those financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2024, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2023.
COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
November 27, 2024
| THE OCEAN PARK FUNDS |
| Additional Information (Unaudited) |
| September 30, 2024 |
FOREIGN TAX CREDIT (Unaudited)
The following funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal year ended September 30, 2024, and September 30, 2023 were as follows:
| For fiscal year ended | | | | | | |
| 9/30/2024 | | Foreign Taxes Paid | | | Foreign Source Income | |
| Ocean Park Tactical Risk Spectrum 70 Fund | | $ | 0.0063 | | | $ | 0.1020 | |
| Ocean Park Tactical Core Growth Fund | | $ | 0.0098 | | | $ | 0.1426 | |
| | | | | | | | | |
| For fiscal year ended | | | | | | |
| 9/30/2023 | | Foreign Taxes Paid | | | Foreign Source Income | |
| Sierra Tactical All Asset Fund | | $ | 0.0054 | | | $ | 0.0731 | |
| Sierra Tactical Risk Spectrum 50 Fund | | $ | 0.0038 | | | $ | 0.0426 | |
| Sierra Tactical Risk Spectrum 30 Fund | | $ | 0.0024 | | | $ | 0.0421 | |
| THE OCEAN PARK FUNDS |
| SUPPLEMENTAL INFORMATION (Unaudited) |
| September 30, 2024 |
Ocean Park Asset Management, LLC Adviser to Sierra Tactical All Asset Fund (“Sierra Asset”), Sierra Tactical Bond Fund “(Sierra Bond”), Sierra Tactical Core Income Fund (“Sierra Income”), Sierra Tactical Municipal Fund (“Sierra Municipal”), Sierra Tactical Risk Spectrum 30 Fund (“Sierra Tactical 30”), Sierra Tactical Risk Spectrum 50 Fund (“Sierra Tactical 50”), Sierra Tactical Risk Spectrum 70 Fund (“Sierra Tactical 70”) *
In connection with the regular meeting held on September 25-26, 2024 of the Board of Trustees (the “Trustees” or the “Board”) of the Northern Lights Fund Trust (the “Trust”), including a majority of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended, discussed the re-approval of the investment advisory agreements (each an “Advisory Agreement”) between Ocean Park Asset Management, LLC (“Ocean Park”) and the Trust, with respect to the Sierra Asset, Sierra Bond, Sierra Income, Sierra Municipal, Sierra Tactical 30, Sierra Tactical 50 and Sierra Tactical 70 (collectively referred to as the “Funds”). In considering the re-approval of each Advisory Agreement, the Board received materials specifically relating to each Advisory Agreement.
The Trustees were assisted by independent legal counsel throughout the advisory agreement review process. The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating each Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to each Advisory Agreement.
Nature, Extent, and Quality of Services. The Trustees noted that Ocean Park was founded in 1987, was part of the Sierra Group of companies, had over $ 4.6 billion in AUM, and offered a variety of tactically managed investment strategies designed for retirees and other conservative investors. The Trustees reviewed the backgrounds of the key investment personnel responsible for servicing the Funds, noting that Ocean Park was composed of veteran investment professionals. The Trustees observed that Ocean Park had developed a proprietary mathematical model which determined when to buy and sell investments, and that it embedded risk management processes into its investment strategies. The Trustees further observed that Ocean Park managed and monitored the investment limitations for each Fund it advised using a pre-trade process that assessed such Fund’s potential investments for make-up and size. The Trustees agreed that Ocean Park had sufficient resources and ample experience in managing portfolios that prioritized risk-management and capital preservation. The Board concluded that Ocean Park would continue providing a high level of service to the Funds for the benefit of their respective shareholders.
Performance.
Sierra Asset. The Trustees noted that Sierra Asset’s returns over the prior one-year period were above the category median. The Trustees also observed that Sierra Asset’s returns over the prior three-year, five-year, and since inception periods were below the category and peer group median but outperformed the Fund’s benchmark over the same periods. The Trustees
| THE OCEAN PARK FUNDS |
| SUPPLEMENTAL INFORMATION (Unaudited)(Continued) |
| September 30, 2024 |
acknowledged that the Fund’s conservative strategy was focused on minimizing maximum drawdown, and that the strategy was willing to sacrifice rate of return to protect its shareholders from maximum drawdown. The Trustees agreed that Sierra Asset provided reasonable returns to shareholders.
Sierra Bond. The Trustees noted that Sierra Bond’s returns over the prior one-year, three-year, and since inception periods were above the peer group median and the Fund’s benchmark over the same periods. The Trustees agreed that Sierra Bond’s performance was strong.
Sierra Income. The Trustees noted that Sierra Income’s returns over the prior one-year, three-year, five-year, and since inception periods were below the category median but within the category range. The Trustees observed that Sierra Income’s returns over each of the prior one-year, three-year, five-year, and since inception periods were above the Fund’s benchmark. The Trustees acknowledged that the Fund’s strategy focused on limiting volatility and drawdowns and agreed that the Fund had provided reasonable returns to shareholders.
Sierra Municipal. The Trustees noted that Sierra Municipal’s returns over the prior one-year period were below the category median but acknowledged that the Fund’s returns were in the top quartile of the category over the prior three -year, five-year, and since inception periods. The Trustees also observed that Sierra Municipal’s returns were above the Fund’s benchmark over the prior one-year, three-year, five-year, and since inception periods. The Trustee’s agreed that Sierra Municipal’s performance was solid.
Sierra Tactical 30. The Trustees noted that Sierra Tactical 30’s returns over the prior one-year period were above the category average and median, but below the category average and median on a since inception basis. The Trustees also observed that Sierra Tactical 30’s returns were above the benchmark over the prior one-year period, but below the benchmark on a since inception basis. The Trustees noted that the Fund’s objective was to provide total return with limited volatility and downside and that the Fund’s early all cash position had reduced its returns on a since inception basis. The Trustees agreed that the Fund was being managed as designed and that its returns were reasonable.
Sierra Tactical 50. The Trustees noted that Sierra Tactical 50’s returns over the prior one-year period were above the category median, were equal over the three-year period, but slightly below the category median over the since inception period. The Trustees also observed that the Fund’s returns were above the benchmark over each of the prior one-year, three-year, and since inception periods. The Trustees agreed that Sierra Tactical 50’s returns were satisfactory.
Sierra Tactical 70. The Trustees noted that Sierra Tactical 70’s returns over the prior one-year and since inception periods were below the category median. The Trustees also observed that the Fund’s returns were below the benchmark over the prior one-year period but above the benchmark on a since inception basis. The Trustees noted that the Fund had an investment objective of long-term total return with lower volatility and drawdowns, and that the Fund’s focus on limiting drawdowns caused the Fund to exit the markets in late 2023 and miss the quick rebound. The Trustees agreed that the Fund needed additional time to experience trending markets and that a longer period of evaluation was warranted but that the Fund’s returns to date were reasonable.
| THE OCEAN PARK FUNDS |
| SUPPLEMENTAL INFORMATION (Unaudited)(Continued) |
| September 30, 2024 |
Fees and Expenses.
Sierra Asset. The Trustees noted that Sierra Asset was charged an annual advisory fee of 1.25%, which was higher than the category median. The Trustees further noted that the Fund’s net expense ratio of 1.45% was also above the category median and slightly above the peer group average. The Trustees acknowledged Ocean Park’s attribution of the fees to the extensive daily involvement of senior personnel and the resources required to implement the Fund’s risk mitigation strategies. The Trustee’s agreed that Sierra Assets fees and expenses were not unreasonable.
Sierra Bond. The Trustees observed that Ocean Park charged Sierra Bond an annual advisory fee of 1.05%, which was higher than the category median but within the category range and below the peer group median. The Trustees also observed that Sierra Bond had a net expense ratio of 1.24%, which was above the category average but significantly below the peer group average. The Trustees acknowledged that not all of the funds in Sierra Bond’s category were actively managed and agreed that Sierra Bond’s fees and expenses were not unreasonable.
Sierra Income . The Trustees noted that Sierra Income was charged an annual advisory fee of 0.75%, which was below the category average and substantially below the peer group average. The Trustees also observed that Sierra Income’s net expense ratio of 0.94% was slightly below the category average, and substantially below the peer group average. The Trustees agreed that Sierra Income’s fees and expenses were not unreasonable.
Sierra Municipal. The Trustees observed that Sierra Municipal was charged an annual advisory fee of 0.75%, which was above the category and peer group average but not a category high. The Trustees further observed that Sierra Municipal’s net expense ratio was the highest in its category and above the peer group average. The Trustees noted Ocean Park’s representations that multiple funds in the category and peer group were substantially larger than Sierra Municipal and that the Fund did not possess the same ability to absorb costs over a large base of assets and that senior personnel were extensively involved in the management of the Fund. The Trustees agreed that Sierra Municipal’s fees and expenses were not unreasonable.
Sierra Tactical 30. The Trustees observed that Sierra Tactical 30 was charged an annual advisory fee of 1.05%, which was above the category and peer group average but not a category high. The Trustees also observed that the Fund had a net expense ratio of 1.31%, which was also above the category and peer group average. The Trustees considered Ocean Park’s observation that Sierra Tactical 30’s assets were well below the category and peer group average, meaning that the Fund did not benefit from the same economies of scale, and that the Fund was a tactical, actively managed fund unlike most of the funds in the category that employed static asset allocation policies. The Trustees agreed that Sierra Tactical 30’s fees and expenses were not unreasonable.
Sierra Tactical 50. The Trustees noted that Ocean Park charged Sierra Tactical 50 an annual advisory fee of 1.05% which was a category high. The Trustees further noted that Sierra Tactical 50 had a net expense ratio of 1.31%, which was also a category high. The Trustees acknowledged that Sierra Tactical 50 had significantly less assets than many of the funds in the category and peer group, that the Fund was actively managed unlike many of the funds in the category which were
| THE OCEAN PARK FUNDS |
| SUPPLEMENTAL INFORMATION (Unaudited)(Continued) |
| September 30, 2024 |
passively managed, and considered Ocean Park’s assertion that highly skilled investment personnel were heavily involved in the management of the Fund on a daily basis. The Trustees agreed that, considering these factors, the Fund’s fees and expenses were not unreasonable.
Sierra Tactical 70. The Trustees observed that Sierra Tactical 70 was charged an annual advisory fee of 1.05%, which was above the category and peer group average but not a category high. The Trustees further observed that the Fund had a net expense ratio of 1.31%, which was also above the category and peer group average but not the highest in the Fund’s category. The Trustees acknowledged that, unlike many of the funds in the category which were passively managed, Sierra Tactical 70 was an actively managed fund which was managed with a high degree of daily involvement from senior personnel. The Trustees also considered that the Fund was significantly smaller than many of the funds in the category. In light of these issues, the Trustees agreed that the Fund’s fees and expenses were not unreasonable.
Economies of Scale. The Trustees considered whether Ocean Park had realized economies of scale in connection with its management of the Funds. The Trustees acknowledged that Ocean Park had agreed to breakpoints with respect to Sierra Asset, Sierra Bond, Sierra Municipal, and agreed that each of the Funds had benefitted, albeit to varying degrees, from economies of scale arising from Ocean Park’s total AUM.
Profitability. The Trustees reviewed Ocean Park’s profitability analysis, in terms of absolute dollars and as a percentage of revenue, with respect to its management of the Funds. The Trustees observed that Ocean Park had realized a profit with respect to its management of each of the Funds. The Trustees considered Ocean Park’s position that the reduction of fees charged by the Sierra Group on separately managed accounts that hold positions in the Funds led to a shifting of profits from the Sierra Group to the stated profits of Ocean Park. The Trustees also considered that the emphasis on risk management across multiple asset classes was a major value-add for the conservative investors of the Funds. The Trustees agreed that Ocean Park’s profitability with respect to each Fund was not excessive.
Conclusion. Having requested and received such information from Ocean Park as the Trustees believed to be reasonably necessary to evaluate the terms of the Advisory Agreements, and as assisted by the advice of counsel, the Trustees concluded that the approval of each Advisory Agreement between NLFT and Ocean Park, on behalf of the Funds was in the best interests of the Fund and such Fund’s shareholders.
| * | Due to the timing of the contract renewal schedule, these deliberations may or may not relate to the current performance results of the Funds. |
PROXY VOTING POLICY
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.
PORTFOLIO HOLDINGS
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.
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| INVESTMENT ADVISER |
| Ocean Park Asset Management, LLC |
| 3420 Ocean Park Blvd., Suite 3060 |
| Santa Monica, CA 90405 |
| |
| ADMINISTRATOR |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies. Not applicable
Item 9. Proxy Disclosures for Open-End Management Investment Companies. Not applicable
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. Included under Item 7 of this Form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included under Item 7 of this Form.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
None.
Item 16. Controls and Procedures.
(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.
(b) Not applicable.
Item 19. Exhibits.
(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers. Exhibit 99.CODE
(a)(2) Not applicable
(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. Exhibit 99. CERT
(a)(4) Not applicable.
(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto Exhibit 99.906CERT
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Northern Lights Fund Trust
| By (Signature and Title) | |
| /s/ Kevin E. Wolf | |
| Kevin E. Wolf, Principal Executive Officer/President |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | |
| /s/ Kevin E. Wolf | |
| Kevin E. Wolf, Principal Executive Officer/President |
| By (Signature and Title) | |
| /s/ James Colantino | |
| James Colantino, Principal Financial Officer/Treasurer |
