HYTR Cp High Yield Trend Etf

Item 1. Reports to Stockholders.

Annual Report

March 31, 2020

1-866-209-1964

www.tebergfund.com

Distributed by Northern Lights Distributors, LLC

Member FINRA/SIPC

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website www.tebergfund.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by following the instructions included with paper Fund documents that have been mailed to you.

Dear fellow shareholder,

Each of us has likely experienced times when life was going along as expected and then everything changed in a flash. A death of a loved one, a health issue or any number of life events can suddenly alter the way we live. It seems few of us, however, could have imagined a time like this when all our lives seemed to change overnight due to a shared threat – the deadly COVID-19 pandemic.

It’s somewhat challenging to address the task at hand, which is to review the entire period from April 1, 2019 through March 31, 2020, when the events of the last months seem to overshadow everything that happened beforehand. We’ll do our best to discuss not only this recent unprecedented time but also what now seem like the “good old days” in the period when the markets were soaring to new record highs and we hadn’t heard of social distancing. As in past reports, we’ll again focus mainly on the Dow Jones Industrial Average (Dow), the index many investors seem to track.

The Teberg Fund’s report card . . .

By the close of the period, the Fund had given up all the gain achieved in earlier months and closed with a negative return of -9.44%. The Dow also ended in the red with a -13.38% return. The S&P 500® Index (S&P), the Fund’s benchmark, managed to contain its loss to -6.98%.

The Fund dropped $1.29 per share during the period, starting at $11.66 on April 1, 2019 and ending at $10.37 on March 31, 2020. There was relatively steady growth throughout most of the period, with the share price rising to a high of $13.50 on February 19, 2020. Just over a month later, fears of COVID-19 had decimated the market, and our share price plummeted to a period low of $9.15. That was on March 23, 2020 following the worst week on Wall Street since the 2008 financial crisis.

Highlights of pre-pandemic days . . .

Most good and bad times seem relative when compared with those before and after that broke records. This appears especially true when we look back at our September 2019 report, which covered the first six months of the period.

At that time, we considered the summer months of 2019 volatile after a calm start to the period. The highs and lows now seem trivial after the record-shattering days near the end of the period.

Growth in April 2019 was rather consistent thanks in part to strong U.S. economic numbers, good corporate earnings and signs that China’s economy was improving. Events in China seemed to be related to much of the market movement during the period, but none more impactful than the virus originating there.

May 2019 started on a high note when it was reported on the third of the month that U.S. unemployment had fallen to a 49-year low of 3.6% for the month of April. This was the lowest level since December 1969. Then China announced it would raise tariffs on U.S. imports in response to our tariff increase the previous week. This resulted in a brutal day on May 13, 2019 when the Dow fell 617 points and closed at 25,325.

The summer months started strong, with June 2019 achieving the best June performance since 1938. The Dow rose 1,784 points during the month to close at 26,600 on June 28^th (the last trading

day). This growth was believed to be sparked by news that the Federal Reserve (Fed) might relax monetary policy to shore up the economy and signs that trade tensions appeared to lessen.

July 15 was another notable day. The Dow rose to a new record high of 27,359. This strong finish was believed to result in part from speculation about a potential rate cut. This high didn’t hold for long. The Dow dropped 767 points on August 5 and another 800 points on August 14 and ended the month down more than 900 points from the July 15 record high.

Throughout the fall months of 2019, the Dow seesawed up and down less dramatically and didn’t reach the range of the July 15 high until November 1, when the index closed at 27,347. It finally surpassed the July high on November 4 with a strong 27,462 close, then rallied to a new record high of 28,164 on November 27, all related to news that China and the U.S. might be close to reaching a trade deal.

A tentative trade deal with China was also credited for sparking more new records in December. On December 12, the Dow, the S&P and the NASDAQ Composite Index (NASDAQ) posted all-time intraday highs. On December 27, the Dow closed even higher at 28,645, setting a new record high and capping off a very strong 2019.

The Teberg Fund benefitted from these market highs and ended 2019 with a one-year return of 26.55%, second only to its record 38.16% one-year return in 2009.

The good times end . . .

By December, many of us had heard news of a strange new virus in China, but at that time it seemed like a distant threat and didn’t derail the market from its upward course. Even into mid January 2020, when the number of cases in China and elsewhere increased, the market showed continued strength. On Friday, January 17, the Dow ended a very strong week at a new record close of 29,348. International trade was again credited as the U.S. trade deal with China appeared closer to resolution, and Congress passed deals with Mexico and Canada.

By the final days of January, the market started its descent. On January 31, at the end of a turbulent week, the Dow dropped just over 600 points to close at 28,256 and gave up all of its gain earlier in the month. By this time, the World Health Organization had declared the coronavirus outbreak a global health emergency.

The market rebounded in the early days of February, and the Dow hit a new record high of 29,551 on February 12. A week later, on February 19, the Fund reached its period high of $13.50 per share. The real market meltdown came later in the month with the Dow’s especially dramatic drops of 1,032, 879 and 1,191 on February 24, 25 and 27 respectively, closing at 25,767 on the last day of what appeared to be panic selling prompted by coronavirus fears. The Dow again dropped on the final trading day of the month and ended February at 25,409. These dates were part of the worst seven-day losing streak since the 2008 financial crisis. The Fund’s share price also dropped dramatically to $11.99, down $1.51 from its period high the week before.

The Ides of March . . .

There don’t seem to be enough superlatives to describe what happened to the market in March, with so many historic days that it will likely be studied by scholars for years to come. While nearly every day in March was historic, we chose to focus on those when the Dow moved more than

1,000 points up or down. Following is a list of those days, which includes brief references to the events believed to trigger the market fluctuations.

On March 31, the Dow dropped 410 points to end the period at 21,917. This was the worst first quarter in its 135-year history and represented a 23% drop from where it started in January and a 26% dip below the record high on February 12. The longest-running bull market in history was officially declared over.

The portfolio in review . . .

In tough markets, there are often certain industries and sectors that are unscathed, but the virtual halt to economies around the world seemed to spare very few. The same was true of nearly every investment other than cash, with most stocks and mutual funds losing value as fear and panic selling spread. In recent history, there have been times when investors seemed to overlook bad

news, and the market continued strong. That wasn’t true in this period when many schools, universities and businesses were closed and many populations were sheltering inside to avoid the invisible menace causing illness and death around the world.

The Fund’s holdings also lost much of the gain achieved for nearly 10 months of the annual period ended March 31, 2020, with only three ending in the black. The relative winners were an ETF tracking the NASDAQ, which gained slightly less than 6% and two tracking the semiconductor sector, which gained just over 8% and 10% each. These three ETFs were also singled out as top achievers in our September 2019 report. Their strong performance may have accounted for ending the annual period at a profit while other holdings didn’t have such a wide growth margin heading into the meltdown.

Our four high-yield bond positions held up relatively well, even though all ended in the negative. Two lost under 4%, one lost under 6% and one lost under 9%. The most damaged holdings in the portfolio were ETFs tracking the more targeted Russell, Small-Cap and Mid-Cap indices, with losses hovering around 25% each. The financial sector ETF and a stock mutual fund dropped approximately 19% and 18% respectively. Our single stock holding lost close to 10%.

It’s fair for you to ask why I wasn’t able to prevent these losses. The best I can do is to first admit I didn’t see this coming. The indicators I follow remained strong, and there didn’t appear to be sell signals for any of our holdings. I was confident that remaining fully invested was the best strategy, and it was for nearly 10 months of the period. We were on track to have a good year, until the bottom suddenly fell out. The only options then were to sell at significant losses, as many investors did, or to keep the portfolio intact. Even though March was a bloodbath, there were days when the market rose dramatically, and the Dow managed to regain some of its loss, most notably with the historic rise on March 24.

For now, the plan is to objectively focus on the potential strength or weakness of each holding as we navigate this unchartered market climate, with the goal of coming out as sound as possible when we finally get back to normal, whatever that looks like.

To better days . . .

No one seems to know where we will be next week, next month or even next year. The best we can do is to keep ourselves safe and healthy. We’re doing our best to protect our team by working in different locations miles apart. Our office is closed to visitors but is staffed every week day.

We’ve enjoyed phone conversations in recent weeks with our fellow shareholders who are mainly at home. They seem to be handling these challenging days with a practical, can do attitude that makes us proud. Whatever your circumstance, we wish you better days ahead.

Curtis A. Teberg

Portfolio Manager

The Dow Jones Industrial Average (Dow) is an unmanaged index of common stocks comprised of major industrial companies and assumes reinvestment of dividends. The S&P 500^® Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. The NASDAQ Composite Index is a market capitalization-weighted index that is designed to represent the performance of the National Market System which includes over 5,000 stocks traded only over-the-counter and not on an exchange. The Russell 2000 index is an index measuring the performance of approximately 2,000 small-cap companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. Investors cannot invest directly in an index.

The indices shown are for informational purposes only and are not reflective of any investment. As it is not possible to invest in the indices, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features. Past performance is no guarantee of future results.

This report must be preceded or accompanied by a prospectus.

The Teberg Fund is distributed by Northern Lights Distributors, LLC, member FINRA/SIPC.

3587-NLD-5/13/2020

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. The Fund’s total annual operating expenses are 2.48%, before any fee waivers, per the August 1, 2019 prospectus. Performance data current to the most recent month end may be obtained by calling 1-866-209-1964.

Returns reflect reinvestment of dividends and capital gains distributions. Fee waivers are in effect. In the absence of fee waivers, returns would be reduced.

The performance data and graph do not reflect the deduction of taxes that a shareholder may pay on dividends, capital gains distributions, or redemption of Fund shares. Indices do not incur expenses and are not available for investment.

The S&P 500® Index is an unmanaged capitalization-weighted index of 500 stocks designed to represent the broad domestic economy. Investors may not invest in the index directly.

The Dow Jones Industrial Average is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. It has been a widely followed indicator of the stock market since October 1, 1928. Investors may not invest in the index directly.

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2019 through March 31, 2020.

Actual Expenses

The “Actual” line in the table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Percentages represent market value as a percentage of total investments as of March 31, 2020.

Please refer to the Schedule of Investments for a detailed listing of the Fund’s holdings.

The accompanying notes are an integral part of these financial statements.