# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-23-000123
**Filing Date:** 2023-1
**Character Count:** 295914
**Document Hash:** d5d778ffa4e44b9963e9951541fc52a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-000123.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001580642-23-000123

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Lights Fund Trust
- **CENTRAL INDEX KEY:** 0001314414
- **IRS NUMBER:** 043023766
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 23517572

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Strategy Shares
- **DATE OF NAME CHANGE:** 20160223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Mutual Fund & Variable Insurance Trust
- **DATE OF NAME CHANGE:** 20160223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Northern Lights Fund Trust
- **DATE OF NAME CHANGE:** 20050121

## Series and Classes Contracts Data

### Navigator Equity Hedged Fund (Series ID: S000030737)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000095337 | Navigator Equity Hedged Fund Class A Shares | NAVAX           |
| C000095338 | Navigator Equity Hedged Fund Class C Shares | NAVCX           |
| C000095339 | Navigator Equity Hedged Fund Class I Shares | NAVIX           |

### Navigator Tactical Fixed Income Fund (Series ID: S000044265)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000137888 | Navigator Tactical Fixed Income Fund Class A Shares | NTBAX           |
| C000137889 | Navigator Tactical Fixed Income Fund Class C Shares | NTBCX           |
| C000137890 | Navigator Tactical Fixed Income Fund Class I Shares | NTBIX           |

### Navigator Ultra Short Bond Fund (Series ID: S000064812)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000209835 | Navigator Ultra Short Bond Fund Class A | NUSAX           |
| C000209836 | Navigator Ultra Short Bond Fund Class I | NUSIX           |

### Navigator Tactical Investment Grade Bond Fund (Series ID: S000070871)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000225122 | Navigator Tactical Investment Grade Bond Fund Class I |  |

### Navigator Tactical U.S. Allocation Fund (Series ID: S000070872)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000225125 | Navigator Tactical U.S. Allocation Fund Class I |  |

**united states<br> securities and exchange commission<br> washington, d.c. 20549<br>form n-csr<br>certified shareholder report of registered management<br> investment companies**

Investment Company Act file number <u>811-21720</u> 

 <u>Northern Lights Fund Trust</u> 

(Exact name of registrant as specified in charter)

 <u>225 Pictoria Drive, Ste 450, Cincinnati, OH 45246</u> 

(Address of principal executive offices) (Zip code)

 <u>The Corporation Trust Company</u>

<u>1209 Orange Street Wilmington, DE 19801</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-470-2633</u> 

Date of fiscal year end: <u>10/31</u> 

Date of reporting period: <u>10/31/22</u> 

**Item 1. Reports to Stockholders.**![(LOGO)](nf001_v1.jpg)

**Navigator® Equity Hedged Fund** 

**K. Sean Clark, CFA — Chief Investment Officer**

**October 31, 2022**

For the fiscal year ending October 31<sup>st</sup>, 2022 the Navigator Equity Hedged Fund (the "Fund") institutional shares declined 18.39%, compared to the MSCI World Index loss of 18.48% and the HFRX Equity Hedged Index loss of 3.35%.

● The Fund overweighted U.S versus International throughout the fiscal year, which was a net positive contributor to performance as geopolitical issues continue weighing more heavily on Europe than domestically.

● The strength of the U.S. dollar relative to the euro was a contributing factor to the Fund's overweight U.S. equity allocation.

● The Fund has recently begun to increase its international exposure as valuations overseas look compelling.

● The Federal Reserve has hiked interest rates by 375 basis points already this year and is expected to hike again by 50 basis points in December. A lot of financial tightening has already occurred with the Fed rate hikes, higher mortgage rates, declining stocks, and an appreciating U.S. Dollar.

The economy has remained resilient in the face of inflation pressure, the most aggressive Fed rate hike cycle in decades, growing concerns from analysts calling for a recession. We feel confident that the Federal Reserve is in the late innings of their rate hike cycle. Recent data suggests we are past peak inflation with lower commodity prices, good inflation moderating, and a cooling labor market.

As far as the Fed and rate hikes go, which has been a major driver of market losses and volatility this year, the market is now pricing in another 50 bps hike in December, another 50 bps hike in the first half of 2023. A question we are seeking to answer is "Is the Fed fighting yesterday's inflation battle?" Inflation has peaked and inflation expectations have remained well anchored. The Fed was too optimistic regarding inflation last year, and now they may be too pessimistic. Our main concern with the economy is that the Fed is hiking rates aggressively into falling inflation and a slowing economy. In our opinion the window for the Fed to engineer a soft landing is closing rapidly.

**Disclosures**

Clark Capital Management Group, Inc. (Clark Capital) is an investment advisor registered with the United States Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. Clark Capital is a closely held, mostly employee-owned C Corporation with all significant owners currently employed by the firm in key management capacities. More information about Clark Capital's advisory services and fees can be found in its Form ADV which is available upon request.

The opinions expressed are those of the Clark Capital Management Group Investment Team. The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. There is no guarantee of the future performance of any Clark Capital investment portfolio. Nothing herein should be construed as a solicitation, recommendation or an offer to buy, sell or hold any securities, other investments or to adopt any investment strategy or strategies. For educational use only. This information is not intended to serve as investment advice. This material is not intended to be relied upon as a forecast or research. The investment or strategy discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances. Past performance does not guarantee future results.

This document may contain certain information that constitutes forward-looking statements which can be identified by the use of forward-looking terminology such as "may," "expect," "will," "hope," "forecast," "intend," "target," "believe," and/or comparable terminology (or the negative thereof). No assurance, representation, or warranty is made by any person that any of Clark Capital's assumptions, expectations, objectives, and/or goals will be achieved. Nothing contained in this document may be relied upon as a guarantee, promise, assurance, or representation as to the future.

Clark Capital Management Group, Inc. reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. The information provided in this report should not be considered a recommendation to purchase or sell any particular security, sector or industry. There is no assurance that any securities, sectors or industries discussed herein will be included in or excluded from an account's portfolio. It should not be assumed that any of the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

MSCI World Index is a broad global equity index that represents large and mid-cap equity performance across all 23 developed markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country.

HFRX Equity Hedged Index constituents are comprised of private hedge funds. Equity Hedge strategies maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. Equity Hedge managers would typically maintain at least 50%, and may in some cases be substantially entirely invested in equities, both long and short.

The S&P 500 measures the performance of the 500 leading companies in leading industries of the U.S. economy, capturing 75% of U.S. equities.

**Past performance does not guarantee future returns. Investors should carefully consider the investment objectives, risks, charges and expenses of the Navigator Funds. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 1-800-766-2264. The prospectus should be read carefully before investing. The Navigator® Funds are distributed by Northern Lights Distributors, LLC member FINRA/SIPC. Clark Capital Management Group and Northern Lights Distributors LLC are not affiliated entities.**

CFA<sup>®</sup> and Chartered Financial Analyst<sup>®</sup> are registered trademarks owned by CFA Institute.

9525-NLD 12/08/2022

**Navigator® Tactical Fixed Income Fund** 

**K. Sean Clark, CFA — Chief Investment Officer**

**October 31, 2022**

For the fiscal year ended October 31<sup>st</sup>, 2022 the Navigator Tactical Fixed Income Fund Class I shares (the "Fund") declined 9.55%, compared to the Bloomberg Barclays US Corporate High Yield Index loss of 11.76% and the Bloomberg Barclays US Aggregate Bond Index loss of 15.68%. The primary driver of performance in the Fund has always been the Fund's sector exposure and the modeling processes that drives the allocation between High Yield Bonds, US Treasuries, and cash equivalents.

● Credit and rates have been positively correlated this year, in contrast to normal times when they are inversely correlated. Risk-on and risk-off assets both declined as inflation spiked with CPI hitting a 40-year high of 9.1% y/y.

● The Federal Reserve has hiked interest rates by 375 basis points already this year and is expected to hike again by 50 basis points in December. A lot of financial tightening has already occurred with the Fed rate hikes, higher mortgage rates, declining stocks, and an appreciating U.S. Dollar.

● Elevated credit and rates volatility resulted in a larger number of allocation shifts during the fiscal year ending October 31<sup>st</sup>, 2022. The strategy owned each of the three fixed income sectors at various points during the year, as the credit markets remained very volatile. This sharply contrasted with the prior fiscal year period, in which the Fund remained invested with a risk-on bias throughout the entire period and remained fully invested in high yield bonds.

The economy has remained resilient in the face of inflation pressure, the most aggressive Fed rate hike cycle in decades, growing concerns from analysts calling for a recession. We feel confident that the Federal Reserve is in the late innings of their rate hike cycle. Recent data suggests we are past peak inflation with lower commodity prices, good inflation moderating, and a cooling labor market.

As far as the Fed and rate hikes go, which has been a major driver of market losses and volatility this year, the market is now pricing in another 50 bps hike in December, another 50 bps hike in the first half of 2023. A question we are seeking to answer is "Is the Fed fighting yesterday's inflation battle?" Inflation has peaked and inflation expectations have remained well anchored. The Fed was too optimistic regarding inflation last year, and now they may be too pessimistic. Our main concern with the economy is that the Fed is hiking rates aggressively into falling

inflation and a slowing economy. In our opinion the window for the Fed to engineer a soft landing is closing rapidly.

**Disclosures**

Clark Capital Management Group, Inc. (Clark Capital) is an investment advisor registered with the United States Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. Clark Capital is a closely held, mostly employee-owned C Corporation with all significant owners currently employed by the firm in key management capacities. More information about Clark Capital's advisory services and fees can be found in its Form ADV which is available upon request.

The opinions expressed are those of the Clark Capital Management Group Investment Team. The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. There is no guarantee of the future performance of any Clark Capital investment portfolio. Nothing herein should be construed as a solicitation, recommendation or an offer to buy, sell or hold any securities, other investments or to adopt any investment strategy or strategies. For educational use only. This information is not intended to serve as investment advice. This material is not intended to be relied upon as a forecast or research. The investment or strategy discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances. Past performance does not guarantee future results.

This document may contain certain information that constitutes forward-looking statements which can be identified by the use of forward-looking terminology such as "may," "expect," "will," "hope," "forecast," "intend," "target," "believe," and/or comparable terminology (or the negative thereof). No assurance, representation, or warranty is made by any person that any of Clark Capital's assumptions, expectations, objectives, and/or goals will be achieved. Nothing contained in this document may be relied upon as a guarantee, promise, assurance, or representation as to the future.

Clark Capital Management Group, Inc. reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. The information provided in this report should not be considered a recommendation to purchase or sell any particular security, sector or industry. There is no assurance that any securities, sectors or industries discussed herein will be included in or excluded from an account's portfolio. It should not be assumed that any of the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

The Bloomberg Barclays Capital U.S. Aggregate Bond Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. Municipal bonds, and Treasury inflation-protected securities are excluded, due to tax treatment issues. The index includes Treasury securities, government agency bonds, mortgage-backed bonds, corporate bonds, and a small amount of foreign bonds traded in U.S.

The Bloomberg Barclays US Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Barclays EM country definition, are excluded.

**Past performance does not guarantee future returns. Investors should carefully consider the investment objectives, risks, charges and expenses of the Navigator Funds. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 1-800-766-2264. The prospectus should be read carefully before investing. The Navigator® Funds are distributed by Northern Lights Distributors, LLC member FINRA/SIPC. Clark Capital Management Group and Northern Lights Distributors LLC are not affiliated entities.**

CFA<sup>®</sup> and Chartered Financial Analyst<sup>®</sup> are registered trademarks owned by CFA Institute

9526-NLD 12/08/2022

**Navigator® Tactical Investment Grade Bond Fund** 

**K. Sean Clark, CFA — Chief Investment Officer**

**October 31, 2022**

For the fiscal year ended October 31<sup>st</sup>, 2022 the Navigator Tactical Investment Grade Bond Fund Class I shares (the "Fund") declined 8.75% compared to the Bloomberg Barclays US Aggregate Bond Index loss of 15.68%. The primary driver of performance in the Fund is its sector exposure and the modeling processes that drives the allocation between Investment Grade Bonds, US Treasuries, and cash equivalents.

● The Fund's alpha is driven by the Credit Risk Management models that determine its allocation. When risk-on the Fund will invest in BBB rated corporate bonds, when risk-off the Fund will invest in U.S. Treasuries or T-bills.

● Credit and rates have been positively correlated this year, in contrast to normal times when they are inversely correlated. Risk-on and risk-off assets both declined as inflation spiked with CPI hitting a 40-year high of 9.1% y/y.

● The Federal Reserve has hiked interest rates by 375 basis points already this year and is expected to hike again by 50 basis points in December. A lot of financial tightening has already occurred with the Fed rate hikes, higher mortgage rates, declining stocks, and an appreciating U.S. Dollar.

● Elevated credit and rates volatility resulted in a large number of allocation shifts during the fiscal year ending October 31<sup>st</sup>, 2022. The strategy owned each of the three fixed income sectors at various points during the year, as the credit markets remained very volatile.

The economy has remained resilient in the face of inflation pressure, the most aggressive Fed rate hike cycle in decades, growing concerns from analysts calling for a recession. We feel confident that the Federal Reserve is in the late innings of their rate hike cycle. Recent data suggests we are past peak inflation with lower commodity prices, good inflation moderating, and a cooling labor market.

As far as the Fed and rate hikes go, which has been a major driver of market losses and volatility this year, the market is now pricing in another 50 bps hike in December, another 50 bps hike in the first half of 2023. A question we are seeking to answer is "Is the Fed fighting yesterday's inflation battle?" Inflation has peaked and inflation expectations have remained well anchored. The Fed was too optimistic regarding inflation last year, and now they may be too pessimistic. Our main concern with the economy is that the Fed is hiking rates aggressively into falling

inflation and a slowing economy. In our opinion the window for the Fed to engineer a soft landing is closing rapidly.

**Disclosures**

Clark Capital Management Group, Inc. (Clark Capital) is an investment advisor registered with the United States Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. Clark Capital is a closely held, mostly employee-owned C Corporation with all significant owners currently employed by the firm in key management capacities. More information about Clark Capital's advisory services and fees can be found in its Form ADV which is available upon request.

The opinions expressed are those of the Clark Capital Management Group Investment Team. The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. There is no guarantee of the future performance of any Clark Capital investment portfolio. Nothing herein should be construed as a solicitation, recommendation or an offer to buy, sell or hold any securities, other investments or to adopt any investment strategy or strategies. For educational use only. This information is not intended to serve as investment advice. This material is not intended to be relied upon as a forecast or research. The investment or strategy discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances. Past performance does not guarantee future results.

This document may contain certain information that constitutes forward-looking statements which can be identified by the use of forward-looking terminology such as "may," "expect," "will," "hope," "forecast," "intend," "target," "believe," and/or comparable terminology (or the negative thereof). No assurance, representation, or warranty is made by any person that any of Clark Capital's assumptions, expectations, objectives, and/or goals will be achieved. Nothing contained in this document may be relied upon as a guarantee, promise, assurance, or representation as to the future.

Clark Capital Management Group, Inc. reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. The information provided in this report should not be considered a recommendation to purchase or sell any particular security, sector or industry. There is no assurance that any securities, sectors or industries discussed herein will be included in or excluded from an account's portfolio. It should not be assumed that any of the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

The Bloomberg Barclays Capital U.S. Aggregate Bond Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. Municipal bonds, and Treasury inflation-protected securities are excluded, due to tax treatment issues. The index includes Treasury securities, government agency bonds, mortgage-backed bonds, corporate bonds, and a small amount of foreign bonds traded in U.S.

**Past performance does not guarantee future returns. Investors should carefully consider the investment objectives, risks, charges and expenses of the Navigator Funds. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 1-800-766-2264. The prospectus should be read carefully before investing. The Navigator® Funds are distributed by Northern Lights Distributors, LLC member FINRA/SIPC. Clark Capital Management Group and Northern Lights Distributors LLC are not affiliated entities.**

CFA<sup>®</sup> and Chartered Financial Analyst<sup>®</sup> are registered trademarks owned by CFA Institute

9527-NLD 12/08/2022

**Navigator® Tactical U.S. Allocation Fund** 

**K. Sean Clark, CFA — Chief Investment Officer**

**October 31, 2022**

For the fiscal year ended October 31<sup>st</sup>, 2022 the Navigator Tactical U.S. Allocation Fund Class I shares (the "Fund") declined 15.28% compared to the S&P 500 Index loss of 14.61%. The primary driver of performance in the Fund is its allocation exposure and the modeling processes that drives the allocation between U.S. Equities, US Treasuries, and cash equivalents.

● The Fund's alpha is driven by the Credit Risk Management models that determine its allocation. When risk-on the Fund will invest in U.S. Equities, when risk-off the Fund will invest in U.S. Treasuries or T-bills.

● Credit and rates have been positively correlated this year, in contrast to normal times when they are inversely correlated. Risk-on and risk-off assets both declined as inflation spiked with CPI hitting a 40-year high of 9.1% y/y.

● The Federal Reserve has hiked interest rates by 375 basis points already this year and is expected to hike again by 50 basis points in December. A lot of financial tightening has already occurred with the Fed rate hikes, higher mortgage rates, declining stocks, and an appreciating U.S. Dollar.

● Elevated credit and rates volatility resulted in a larger number of allocation shifts during the fiscal year ending October 31<sup>st</sup>, 2022. This sharply contrasted with the prior fiscal year period, in which the Fund remained invested with a risk-on bias throughout the entire period and remained fully invested in U.S. equities.

The economy has remained resilient in the face of inflation pressure, the most aggressive Fed rate hike cycle in decades, growing concerns from analysts calling for a recession. We feel confident that the Federal Reserve is in the late innings of their rate hike cycle. Recent data suggests we are past peak inflation with lower commodity prices, good inflation moderating, and a cooling labor market.

As far as the Fed and rate hikes go, which has been a major driver of market losses and volatility this year, the market is now pricing in another 50 bps hike in December, another 50 bps hike in the first half of 2023. A question we are seeking to answer is "Is the Fed fighting yesterday's inflation battle?" Inflation has peaked and inflation expectations have remained well anchored. The Fed was too optimistic regarding inflation last year, and now they may be too pessimistic. Our main concern with the economy is that the Fed is hiking rates aggressively into falling

inflation and a slowing economy. In our opinion the window for the Fed to engineer a soft landing is closing rapidly.

**Disclosures**

Clark Capital Management Group, Inc. (Clark Capital) is an investment advisor registered with the United States Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. Clark Capital is a closely held, mostly employee-owned C Corporation with all significant owners currently employed by the firm in key management capacities. More information about Clark Capital's advisory services and fees can be found in its Form ADV which is available upon request.

The opinions expressed are those of the Clark Capital Management Group Investment Team. The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. There is no guarantee of the future performance of any Clark Capital investment portfolio. Nothing herein should be construed as a solicitation, recommendation or an offer to buy, sell or hold any securities, other investments or to adopt any investment strategy or strategies. For educational use only. This information is not intended to serve as investment advice. This material is not intended to be relied upon as a forecast or research. The investment or strategy discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances. Past performance does not guarantee future results.

This document may contain certain information that constitutes forward-looking statements which can be identified by the use of forward-looking terminology such as "may," "expect," "will," "hope," "forecast," "intend," "target," "believe," and/or comparable terminology (or the negative thereof). No assurance, representation, or warranty is made by any person that any of Clark Capital's assumptions, expectations, objectives, and/or goals will be achieved. Nothing contained in this document may be relied upon as a guarantee, promise, assurance, or representation as to the future.

Clark Capital Management Group, Inc. reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. The information provided in this report should not be considered a recommendation to purchase or sell any particular security, sector or industry. There is no assurance that any securities, sectors or industries discussed herein will be included in or excluded from an account's portfolio. It should not be assumed that any of the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

The S&P 500 measures the performance of the 500 leading companies in leading industries of the U.S. economy, capturing 75% of U.S. equities.

**Past performance does not guarantee future returns. Investors should carefully consider the investment objectives, risks, charges and expenses of the Navigator Funds. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 1-800-766-2264. The prospectus should be read carefully before investing. The Navigator® Funds are distributed by Northern Lights Distributors, LLC member FINRA/SIPC. Clark Capital Management Group and Northern Lights Distributors LLC are not affiliated entities.**

CFA<sup>®</sup> and Chartered Financial Analyst<sup>®</sup> are registered trademarks owned by CFA Institute.

9528-NLD 12/08/2022

**Navigator Ultra Short Bond Fund** 

**Robert S. Bennett, Jr. – Senior Portfolio Manager**

**October 31, 2022**

For the fiscal period ending October 31<sup>st</sup>, 2022, the Navigator Ultra Short Bond Fund ("the Fund") Class I shares returned 0.23%, compared to the Bloomberg Barclays U.S. Treasury Bellwethers 1 Year Index return of -1.01%. The duration of the Fund continues to be shorter than the benchmark, which led to the Fund's outperformance versus the benchmark. The Fund was invested in a mix of floating and fixed rate debt during the reporting period. The floating rate market continues digest the lower amount of Libor based debt and the adoption of SOFR based debt and these dynamics have led to opportunities in the overall short-term debt markets.

It was a busy year to say the least for the Federal Reserve. During the reporting period, the Fed increased the target range 300 basis points. We started the fiscal year with the Fed setting the target range of 0 to 25 basis points and by fiscal year-end the Fed had moved the target range to 300 to 325 basis points. The Fed conducted eight meetings during the fiscal period and five of which saw target range rate increases.

The market is now pricing in a terminal rate of around 500 basis points, which would imply the Fed will continue to raise the target range for the remainder of 2022 and into the first half of 2023. We expect to keep the Fund's duration shorter than the benchmark and invest opportunistically amid the changing landscape.

9538-NLD 12/09/2022

**Navigator Equity Hedged Fund** 

**PORTFOLIO REVIEW (Unaudited)**

The Fund's performance figures for the periods ended October 31, 2022 compared to its benchmarks:

**Comparison of change in value of $25,000 Investment**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Annualized** | **Annualized** |
|  | <br>**One Year** | <br>**Five Year** | **Ten Year** | **Since Inception\*** |
| &nbsp;&nbsp;Navigator Equity Hedged Fund: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (18.52)% | 2.72% | 3.67% | 2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A with load of 5.50% | (22.99)% | 1.56% | 3.09% | 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | (19.09)% | 1.96% | 2.90% | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (18.39)% | 2.96% | 3.92% | 2.29% |
| &nbsp;&nbsp;MSCI World Index | (18.48)% | 6.37% | 8.94% | 8.06% |
| &nbsp;&nbsp;HFRX Equity Hedge Index | (3.35)% | 2.89% | 3.30% | 1.39% |

---

________________

\* Fund commenced operations on December 28, 2010.

The "MSCI World Index" is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance consisting of 23 developed market country indices. Investors cannot invest directly in an index or benchmark.

The HFRX Equity Hedge Index is designed to be representative of equity hedge strategies which maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. The referenced index is shown for general market comparisons and is not meant to represent the Fund. Investors cannot invest directly in an index or benchmark; unmanaged index returns do not reflect any fees, expenses or sales charges.

The performance data quoted is historical. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. Total returns would have been lower had the advisor not waived its fees and reimbursed a portion of the Fund's expenses. The chart does not reflect the deduction of taxes that a shareholder would have to pay on Fund distributions or the redemption of the Fund shares. Per the fee table in the Fund's February 28, 2022 prospectus, the total annual operating expenses before fee waivers are 2.14%, 2.89% and 1.89% for the Fund's Class A, Class C and Class I shares, respectively. Class A shares are subject to a maximum sales charge of 5.50% imposed on purchases. For performance information current to the most recent month-end, please call 1-877-766-2264.

**Navigator Equity Hedged Fund** 

**PORTFOLIO REVIEW (Unaudited)(Continued)**

**PORTFOLIO COMPOSITION+ (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | | **Collateral For Securities** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exchange Traded Funds** | **73.7%** | **Loaned** | **18.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Funds | 73.7% | **Options\*** | **0.8%** |
|  |  | **Short-Term Investments** | **7.5%** |
|  |  |  | **10 0.0%** |

---

---

| | |
|:---|:---|
| *+* | *Based on Schedule of Investments Market Value as of October 31, 2022. Please refer to the Fund's Schedule of Investments in the report for a detailed listing of the Fund's holdings.* |

---

*\** *Options purchased percentage is netted with options written.*

**Navigator Tactical Fixed Income Fund**

**PORTFOLIO REVIEW (Unaudited)**

The Fund's performance figures for the periods ended October 31, 2022, compared to its benchmark:

**Comparison of change in value of $25,000 Investment**

![(LINE GRAPH)](nf003_v1.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Annualized** | **Annualized** |
|  | <br>**One Year** | **Five Years** | **Since Inception\*** |
| &nbsp;&nbsp;Navigator Tactical Fixed Income Fund: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (9.79)% | 1.70% | 3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A with load of 3.75% | (13.21)% | 0.93% | 2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | (10.53)% | 0.93% | 2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (9.55)% | 1.96% | 3.39% |
| &nbsp;&nbsp;Bloomberg U.S. Corporate High Yield Bond Index | (11.76)% | 2.01% | 3.31% |

---

\* Fund commenced operations on March 27, 2014.

The Bloomberg U.S. Corporate High Yield Bond Index is a market value-weighted index which covers the U.S. non-investment grade fixed-rate debt market. Investors cannot invest directly in an index or benchmark.

The performance data quoted is historical. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. Total returns would have been lower had the advisor not waived its fees and reimbursed a portion of the Fund's expenses. The chart does not reflect the deduction of taxes that a shareholder would have to pay on Fund distributions or the redemption of the Fund shares. Per the fee table in the Fund's February 28, 2022 prospectus, the total annual operating expenses before fee waivers are 1.36%, 2.11% and 1.11% for the Fund's Class A, Class C and Class I shares, respectively. Class A shares are subject to a maximum sales charge of 3.75% imposed on purchases. For performance information current to the most recent month-end, please call 1-877-766-2264.

**Navigator Tactical Fixed Income Fund** 

**PORTFOLIO REVIEW (Unaudited)(Continued)**

**PORTFOLIO COMPOSITION*+* (Unaudited)**

---

| | |
|:---|:---|
| **Corporate Bonds** | **38.9%** |
| **Exchange Traded Funds** | **30.5%** |
| **U.S. Government & Agencies** | **11.8%** |
| **Commercial Paper** | **2.4%** |
| **Open-End Fund** | **1.4%** |
| **Municipal Bonds** | **0.8%** |
| **Options Purchased** | **0.1%** |
| **Short-Term Investments** | **14.1%** |
|  | **100.0%** |

---

---

| | |
|:---|:---|
| ***+*** | *Based on Schedule of Investments Market Value as of October 31, 2022, Please refer to the Fund's Schedule of Investments in the report for a detailed listing of the Fund's holdings.* |

---

**Navigator Tactical Investment Grade Bond Fund** 

**PORTFOLIO REVIEW (Unaudited)**

The Fund's performance figures for the period ended October 31, 2022, compared to its benchmark:

**Comparison of change in value of $25,000 Investment**

---

| | | |
|:---|:---|:---|
|  | **One Year** | **Since Inception\*** |
| &nbsp;&nbsp;Navigator Tactical Investment Grade Bond Fund: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (8.75)% | (8.36)% |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | (15.68)% | (14.26)% |

---

\* Fund commenced operations on August 31, 2021.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate and mortgage-backed securities. Investors cannot invest directly in an index.

The performance data quoted is historical. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. Total returns would have been lower had the advisor not waived its fees and reimbursed a portion of the Fund's expenses. The chart does not reflect the deduction of taxes that a shareholder would have to pay on Fund distributions or the redemption of the Fund shares. Per the fee table in the Fund's February 28, 2022 prospectus, the total annual operating expenses before fee waivers are 1.78% and 1.53% for the Fund's Class A and Class I shares, respectively. Class A shares are subject to a maximum sales charge of 3.75% imposed on purchases. For performance information current to the most recent month-end, please call 1-877-766-2264.

**PORTFOLIO COMPOSITION+ (Unaudited)**

---

| | |
|:---|:---|
| **Short - Term Investments** | **100.0%** |
|  | **100.0%** |

---

---

| | |
|:---|:---|
| *+* | *Based on Schedule of Investments Market Value as of* October 31*, 2022. Please refer to the Fund's Schedule of Investments in the report for a detailed listing of the Fund's holdings.* |

---

**Navigator Tactical U.S. Allocation Fund** 

**PORTFOLIO REVIEW (Unaudited)**

The Fund's performance figures for the period ended October 31, 2022, compared to its benchmark:

**Comparison of change in value of $25,000 Investment**

---

| | | |
|:---|:---|:---|
|  | **One Year** | **Since Inception\*** |
| &nbsp;&nbsp;Navigator Tactical U.S. Allocation Fund: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (15.28)% | (5.88)% |
| &nbsp;&nbsp;S&P 500 Total Return Index | (14.61)% | (5.06)% |

---

\* Fund commenced operations on June 11, 2021.

The S&P 500 Total Return Index is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark.

The performance data quoted is historical. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. Total returns would have been lower had the advisor not waived its fees and reimbursed a portion of the Fund's expenses. The chart does not reflect the deduction of taxes that a shareholder would have to pay on Fund distributions or the redemption of the Fund shares. Per the fee table in the Fund's February 28, 2022 prospectus, the total annual operating expenses before fee waivers are 1.59% and 1.34% for the Fund's Class A and Class I shares, respectively. Class A shares are subject to a maximum sales charge of 3.75% imposed on purchases. For performance information current to the most recent month-end, please call 1-877-766-2264.

**PORTFOLIO COMPOSITION*+* (Unaudited)**

---

| | |
|:---|:---|
| **Corporate Bonds** | **79.4%** |
| **Short-Term Investments** | **20.6%** |
|  | **100.0%** |

---

---

| | |
|:---|:---|
| *+* | *Based on Schedule of Investments Market Value as of October 31, 2022. Please refer to the Fund's Schedule of Investments in the report for a detailed listing of the Fund's holdings.* |

---

**Navigator Ultra Short Bond Fund** 

**PORTFOLIO REVIEW (Unaudited)**

The Fund's performance figures for the periods ended October 31, 2022, compared to its benchmark:

**Comparison of change in value of $25,000 Investment**

![(LINE GRAPH)](nf006_v1.jpg)

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Three Year** | **Since Inception\*** |
| &nbsp;&nbsp;Navigator Ultra Short Bond Fund: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 0.07% | 0.89% | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A with load of 3.75% | (3.73)% | (0.39)% | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.23% | 0.84% | 1.15% |
| &nbsp;&nbsp;Bloomberg U.S. Treasury Bellwethers: 1 Year Index | (1.01)% | 0.36% | 0.85% |

---

\* Fund commenced operations on March 21, 2019. Start of performance is March 25, 2019.

Bloomberg U.S. Treasury Bellwethers: 1 Year Index measures the performance of the U.S. government bond market and includes public obligations of the U.S. Treasury with a maturity of up to a year. Investors cannot invest directly in an index or benchmark.

The performance data quoted is historical. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. Total returns would have been lower had the advisor not waived its fees and reimbursed a portion of the Fund's expenses. The chart does not reflect the deduction of taxes that a shareholder would have to pay on Fund distributions or the redemption of the Fund shares. Per the fee table in the Fund's February 28, 2022 prospectus, the total annual operating expenses are 0.96% and 0.71% for the Fund's Class A and Class I shares, respectively. Class A shares are subject to a maximum sales charge of 3.75% imposed on purchases. For performance information current to the most recent month-end, please call 1-877-766-2264.

**PORTFOLIO COMPOSITION+ (Unaudited)**

---

| | |
|:---|:---|
| **Corporate Bonds** | **95.3%** |
| **Commercial Paper** | **1.8%** |
| **Short-Term Investments** | **2.9%** |
|  | **100.0%** |

---

---

| | |
|:---|:---|
| *+* | *Based on Schedule of Investments Market Value as of October 31, 2022. Please refer to the Fund's Schedule of Investments in the report for a detailed listing of the Fund's holdings.* |

---

---

| |
|:---|
| **NAVIGATOR EQUITY HEDGED FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  | | | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 89.1%** |  |  |  |  |
|  | **EQUITY - 89.1%** |  |  |  |  |
| 32381 | Invesco BuyBack Achievers ETF<sup>(d)</sup> |  |  |  | $2749471 |
| 11135 | iShares Biotechnology ETF<sup>(d)</sup> |  |  |  | 1431850 |
| 17655 | iShares MSCI USA Momentum Factor ETF<sup>(d)</sup> |  |  |  | 2606584 |
| 30170 | iShares U.S. Broker-Dealers & Securities Exchanges ETF<sup>(d)</sup> |  |  |  | 2893605 |
| 12664 | iShares US Aerospace & Defense ETF<sup>(d)</sup> |  |  |  | 1357707 |
| 70341 | SPDR Portfolio S&P 500 Value ETF |  |  |  | 2702501 |
| 43075 | SPDR S&P 400 Mid Cap Value ETF |  |  |  | 2777476 |
| 28208 | SPDR S&P Bank ETF |  |  |  | 1369498 |
| 20671 | SPDR S&P Regional Banking ETF<sup>(d)</sup> |  |  |  | 1321910 |
| 32220 | Vanguard Energy ETF |  |  |  | 4059076 |
| 6546 | Vanguard Industrials ETF |  |  |  | 1164730 |
| 78541 | Xtrackers MSCI EAFE Hedged Equity ETF<sup>(d)</sup> |  |  |  | 2794489 |
|  |  |  |  |  | 27228897 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $26,774,319)** |  |  |  | 27228897 |
|  | **SHORT-TERM INVESTMENTS — 9.0%** |  |  |  |  |
|  | **MONEY MARKET FUNDS - 9.0%** |  |  |  |  |
| 1226121 | Dreyfus Money Market Fund, Select Class, 2.25%<sup>(a)</sup> | Dreyfus Money Market Fund, Select Class, 2.25%<sup>(a)</sup> | Dreyfus Money Market Fund, Select Class, 2.25%<sup>(a)</sup> |  | 1226121 |
| 1531904 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 2.98%<sup>(a)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 2.98%<sup>(a)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 2.98%<sup>(a)</sup> |  | 1531904 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $2,758,025)** |  |  |  | 2758025 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $2,758,025)** |  |  |  | 2758025 |
| **Contracts<sup>(b)</sup>** |  | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **INDEX OPTIONS PURCHASED<sup>(e)</sup> - 1.7%** |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 1.7%** |  |  |  |  |
| 86 | S&P 500 INDEX | 11/30/2022 | $3760 | $33299028 | $527180 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $688,390) |  |  |  |  |
|  | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $688,390) |  |  |  | 527180 |

---

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

---

| |
|:---|
| **NAVIGATOR EQUITY HEDGED FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  | | | **Fair Value** |
|  | **COLLATERAL FOR SECURITIES LOANED – 17.6%** |  |  |  |  |
| 5393719 | Dreyfus Treasury Securities Cash Management Fund, Institutional Class, 2.98% <sup>(a),(c)</sup> | Dreyfus Treasury Securities Cash Management Fund, Institutional Class, 2.98% <sup>(a),(c)</sup> | Dreyfus Treasury Securities Cash Management Fund, Institutional Class, 2.98% <sup>(a),(c)</sup> |  | $5393719 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED** (Cost - $5,393,719) | **TOTAL COLLATERAL FOR SECURITIES LOANED** (Cost - $5,393,719) | **TOTAL COLLATERAL FOR SECURITIES LOANED** (Cost - $5,393,719) |  |  |
|  | **TOTAL INVESTMENTS – 117.4% (Cost $35,614,453)** | **TOTAL INVESTMENTS – 117.4% (Cost $35,614,453)** | **TOTAL INVESTMENTS – 117.4% (Cost $35,614,453)** |  | $35907821 |
|  | **PUT OPTIONS WRITTEN - (0.7)% (Premiums received - $336,353)** | **PUT OPTIONS WRITTEN - (0.7)% (Premiums received - $336,353)** | **PUT OPTIONS WRITTEN - (0.7)% (Premiums received - $336,353)** |  | (233060) |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (16.7)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (16.7)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (16.7)%** |  | (5104121) |
|  | **NET ASSETS - 100.0%** |  |  |  | $30570640 |
| **Contracts<sup>(b)</sup>** |  | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **WRITTEN INDEX OPTIONS<sup>(e)</sup> - (0.7)%** |  |  |  |  |
|  | **PUT OPTIONS WRITTEN - (0.7)%** |  |  |  |  |
| 86 | S&P 500 INDEX | 11/30/2022 | $3610 | $33299028 | $233060 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Premiums received - $336,353) |  |  |  |  |
|  | **TOTAL INDEX OPTIONS WRITTEN** (Premiums received - $336,353) |  |  |  | $233060 |

---

EAFE - Europe, Australasia and Far East

ETF - Exchange-Traded Fund

MSCI - Morgan Stanley Capital International

SPDR - Standard & Poor's Depositary Receipt

<sup>(a)</sup> Rate disclosed is the seven-day effective yield as of October 31, 2022.

<sup>(b)</sup> Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

<sup>(c)</sup> Security purchased with cash proceeds of securities lending collateral.

<sup>(d)</sup> All or a portion of the security is on loan. Total loaned securities had a value of $5,262,527 at October 31, 2022. Security purchase with cash proceeds of securities lending collateral value of $5,393,719.

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

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

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 31.0%** |  |  |  |  |
|  | **FIXED INCOME - 31.0%** |  |  |  |  |
| 22364917 | iShares iBoxx $ High Yield Corporate Bond ETF |  |  |  | $1642255855 |
| 4568599 | SPDR Bloomberg High Yield Bond ETF |  |  |  | 411402340 |
|  |  |  |  |  | 2053658195 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $2,083,066,358)** |  |  |  | 2053658195 |
|  | **OPEN-END FUNDS — 1.5%** |  |  |  |  |
|  | **FIXED INCOME - 0.8%** |  |  |  |  |
| 5094406 | Navigator Ultra Short Bond Fund, Class I**<sup>(g)</sup>** |  |  |  | 50740288 |
|  | **MIXED ALLOCATION - 0.7%** |  |  |  |  |
| 5426506 | Navigator Tactical US Allocation Fund, Class I**<sup>(g)</sup>** |  |  |  | 45962506 |
|  | **TOTAL OPEN-END FUNDS (Cost $105,266,198)** |  |  |  | 96702794 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **Spread** | **(%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 39.5%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 0.8%** |  |  |  |  |
| 23000000 | Boeing Company |  | 1.1670 | 02/04/23 | 22775155 |
| 5596000 | Boeing Company |  | 4.5080 | 05/01/23 | 5573831 |
| 19250000 | Huntington Ingalls Industries, Inc. |  | 0.6700 | 08/16/23 | 18525090 |
| 2682000 | L3Harris Technologies, Inc.<sup>(a)</sup> | US0003M + 0.750% | 3.9860 | 03/10/23 | 2677859 |
| 1000000 | Northrop Grumman Corporation |  | 3.2500 | 08/01/23 | 986496 |
|  |  |  |  |  | 50538431 |
|  | **ASSET MANAGEMENT — 0.3%** |  |  |  |  |
| 22000000 | Charles Schwab Corporation |  | 0.7500 | 03/18/24 | 20758992 |
| 1900000 | Eaton Vance Corporation |  | 3.6250 | 06/15/23 | 1882925 |
|  |  |  |  |  | 22641917 |
|  | **AUTOMOTIVE — 2.2%** |  |  |  |  |
| 10000000 | American Honda Finance Corporation |  | 0.3500 | 04/20/23 | 9795660 |
| 13593000 | American Honda Finance Corporation |  | 0.8750 | 07/07/23 | 13208675 |
| 2900000 | Fiat Chrysler Automobiles N.V. |  | 5.2500 | 04/15/23 | 2893156 |

---

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

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 39.5% (Continued)** |  |  |  |  |
|  | **AUTOMOTIVE — 2.2% (Continued)** |  |  |  |  |
| 2542000 | General Motors Company |  | 5.4000 | 10/02/23 | $2532118 |
| 1973000 | General Motors Financial Company, Inc. |  | 1.7000 | 08/18/23 | 1910772 |
| 9100000 | Toyota Motor Credit Corporation<sup>(a)</sup> | US0003M + 0.640% | 4.9670 | 04/26/23 | 9103532 |
| 59000000 | Toyota Motor Credit Corporation<sup>(a)</sup> | SOFR + 0.350% | 3.3860 | 06/13/23 | 58953528 |
| 2000000 | Toyota Motor Credit Corporation |  | 0.5000 | 08/14/23 | 1934552 |
| 45000000 | Toyota Motor Credit Corporation<sup>(a)</sup> | SOFRINDX + 0.650% | 3.6810 | 12/29/23 | 45026964 |
|  |  |  |  |  | 145358957 |
|  | **BANKING — 5.2%** |  |  |  |  |
| 49278000 | Bank of America Corporation<sup>(b)</sup> | US0003M + 0.790% | 3.0040 | 12/20/23 | 49101188 |
| 15000000 | Bank of Montreal<sup>(a)</sup> | SOFRINDX + 0.710% | 3.5200 | 03/08/24 | 14905046 |
| 2800000 | Bank of Nova Scotia |  | 2.0000 | 11/15/22 | 2797729 |
| 1041000 | Bank of Nova Scotia |  | 1.9500 | 02/01/23 | 1034288 |
| 6819000 | Bank of Nova Scotia |  | 1.6250 | 05/01/23 | 6697357 |
| 5000000 | Bank of Nova Scotia |  | 0.7000 | 04/15/24 | 4667522 |
| 52058000 | Canadian Imperial Bank of Commerce |  | 0.4500 | 06/22/23 | 50512540 |
| 1961000 | Canadian Imperial Bank of Commerce |  | 0.9500 | 06/23/23 | 1905265 |
| 2000000 | Cooperatieve Rabobank UA |  | 2.7500 | 01/10/23 | 1992175 |
| 2580000 | Deutsche Bank A.G.<sup>(a)</sup> | US0003M + 1.190% | 4.1120 | 11/16/22 | 2578621 |
| 35000000 | Discover Bank |  | 4.2000 | 08/08/23 | 34634232 |
| 5000000 | Huntington National Bank |  | 3.5500 | 10/06/23 | 4922971 |
| 1400000 | JPMorgan Chase & Company |  | 3.3750 | 05/01/23 | 1389270 |
| 4400000 | Lloyds Banking Group plc |  | 4.0500 | 08/16/23 | 4348784 |
| 22060000 | Natwest Group plc |  | 3.8750 | 09/12/23 | 21724327 |
| 1684000 | PNC Bank NA |  | 2.9500 | 01/30/23 | 1677835 |
| 8800000 | Royal Bank of Canada<sup>(a)</sup> | US0003M + 0.360% | 4.4390 | 01/17/23 | 8790307 |
| 5000000 | Royal Bank of Canada |  | 1.6000 | 04/17/23 | 4922636 |
| 3705000 | Royal Bank of Canada |  | 0.5000 | 10/26/23 | 3538504 |
| 12000000 | Skandinaviska Enskilda Banken A.B.<sup>(c)</sup> |  | 2.2000 | 12/12/22 | 11968291 |
| 5750000 | Skandinaviska Enskilda Banken A.B.<sup>(a),(c)</sup> | US0003M + 0.645% | 3.8810 | 12/12/22 | 5746281 |
| 16858000 | Toronto-Dominion Bank <sup>(a)</sup> | US0003M + 0.530% | 3.6120 | 12/01/22 | 16850098 |
| 2000000 | Toronto-Dominion Bank |  | 0.2500 | 01/06/23 | 1985069 |
| 500000 | Toronto-Dominion Bank |  | 3.5000 | 07/19/23 | 494973 |

---

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

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 39.5% (Continued)** |  |  |  |  |
|  | **BANKING — 5.2% (Continued)** |  |  |  |  |
| 78075000 | Toronto-Dominion Bank <sup>(a)</sup> | SOFR + 0.480% | 3.5210 | 01/27/23 | $78052290 |
| 6837000 | Truist Financial Corporation |  | 2.2000 | 03/16/23 | 6775682 |
| 2000000 | Westpac Banking Corporation |  | 2.7500 | 01/11/23 | 1993403 |
|  |  |  |  |  | 346006684 |
|  | **BEVERAGES — 0.2%** |  |  |  |  |
| 14116000 | Heineken N.V.<sup>(c)</sup> |  | 2.7500 | 04/01/23 | 13974378 |
| 2000000 | PepsiCo, Inc. |  | 0.4000 | 10/07/23 | 1918474 |
|  |  |  |  |  | 15892852 |
|  | **BIOTECH & PHARMA — 3.1%** |  |  |  |  |
| 13622000 | AbbVie, Inc. |  | 2.9000 | 11/06/22 | 13617134 |
| 48553000 | AbbVie, Inc. |  | 2.3000 | 11/21/22 | 48484050 |
| 37140000 | AbbVie, Inc.<sup>(a)</sup> | US0003M + 0.650% | 3.6340 | 11/21/22 | 37114027 |
| 2600000 | AbbVie, Inc. |  | 3.7500 | 11/14/23 | 2566470 |
| 60000000 | AstraZeneca plc |  | 0.3000 | 05/26/23 | 58509518 |
| 4000000 | Bristol-Myers Squibb Company |  | 0.5370 | 11/13/23 | 3828042 |
| 25000000 | Gilead Sciences, Inc. |  | 2.5000 | 09/01/23 | 24459464 |
| 13577000 | Gilead Sciences, Inc. |  | 0.7500 | 09/29/23 | 13071370 |
| 2000000 | GlaxoSmithKline Capital plc |  | 0.5340 | 10/01/23 | 1922709 |
| 615000 | Merck & Company, Inc. |  | 2.8000 | 05/18/23 | 608691 |
| 1470000 | Royalty Pharma plc |  | 0.7500 | 09/02/23 | 1410591 |
| 200000 | Takeda Pharmaceutical Company Ltd. |  | 4.4000 | 11/26/23 | 197968 |
|  |  |  |  |  | 205790034 |
|  | **CABLE & SATELLITE — 0.2%** |  |  |  |  |
| 1200000 | Cequel Communications Holdings I, LLC / Cequel<sup>(c)</sup> |  | 7.5000 | 04/01/28 | 1043388 |
| 8805000 | Time Warner Entertainment Company, L.P. |  | 8.3750 | 03/15/23 | 8901909 |
|  |  |  |  |  | 9945297 |
|  | **CHEMICALS — 0.2%** |  |  |  |  |
| 3013000 | DuPont de Nemours, Inc. |  | 4.2050 | 11/15/23 | 2981007 |
| 5000000 | International Flavors & Fragrances, Inc. |  | 3.2000 | 05/01/23 | 4951048 |
| 4545000 | LYB International Finance BV |  | 4.0000 | 07/15/23 | 4499151 |
|  |  |  |  |  | 12431206 |

---

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

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 39.5% (Continued)** |  |  |  |  |
|  | **CONSTRUCTION MATERIALS — 0.1%** |  |  |  |  |
| 10000000 | Martin Marietta Materials, Inc. |  | 0.6500 | 07/15/23 | $9674699 |
|  | **E-COMMERCE DISCRETIONARY — 1.5%** |  |  |  |  |
| 26490000 | Amazon.com, Inc. |  | 0.2500 | 05/12/23 | 25878845 |
| 25000000 | Amazon.com, Inc. |  | 2.7300 | 04/13/24 | 24319779 |
| 50947000 | eBay, Inc.<sup>(a)</sup> | US0003M + 0.870% | 5.2850 | 01/30/23 | 50979674 |
|  |  |  |  |  | 101178298 |
|  | **ELECTRIC UTILITIES — 2.6%** |  |  |  |  |
| 15000000 | CenterPoint Energy, Inc.<sup>(a)</sup> | SOFR + 0.650% | 3.2950 | 05/13/24 | 14690896 |
| 11125000 | Dominion Energy, Inc.<sup>(c)</sup> |  | 2.4500 | 01/15/23 | 11060938 |
| 24150000 | Dominion Energy, Inc.<sup>(a)</sup> | US0003M + 0.530% | 3.8230 | 09/15/23 | 24057068 |
| 6322000 | DTE Energy Company |  | 0.5500 | 11/01/22 | 6322000 |
| 12025000 | Florida Power & Light Company<sup>(a)</sup> | SOFR + 0.250% | 2.8820 | 05/10/23 | 11981854 |
| 34000000 | Florida Power & Light Company<sup>(a)</sup> | SOFRINDX + 0.380% | 3.4210 | 01/12/24 | 33642871 |
| 55715000 | NextEra Energy Capital Holdings, Inc.<sup>(a)</sup> | US0003M + 0.270% | 3.2540 | 02/22/23 | 55618788 |
| 2500000 | NextEra Energy Capital Holdings, Inc. |  | 0.6500 | 03/01/23 | 2465338 |
| 4191000 | Pacific Gas and Electric Company |  | 4.2500 | 08/01/23 | 4150029 |
| 5410000 | Southern Company (The)<sup>(a)</sup> | SOFR + 0.370% | 3.0020 | 05/10/23 | 5386999 |
|  |  |  |  |  | 169376781 |
|  | **ELECTRICAL EQUIPMENT — 0.5%** |  |  |  |  |
| 25000000 | Siemens Financieringsmaatschappij N.V.<sup>(c)</sup> |  | 0.4000 | 03/11/23 | 24608164 |
| 10000000 | Siemens Financieringsmaatschappij N.V.<sup>(c)</sup> |  | 0.6500 | 03/11/24 | 9423530 |
|  |  |  |  |  | 34031694 |
|  | **ENTERTAINMENT CONTENT — 0.1%** |  |  |  |  |
| 1000000 | Discovery Communications, LLC |  | 2.9500 | 03/20/23 | 991378 |
| 6672000 | TWDC Enterprises 18 Corporation |  | 2.3500 | 12/01/22 | 6663014 |
|  |  |  |  |  | 7654392 |
|  | **FOOD — 0.5%** |  |  |  |  |
| 5897000 | Campbell Soup Company |  | 3.6500 | 03/15/23 | 5867936 |
| 14483000 | Conagra Brands, Inc. |  | 3.2000 | 01/25/23 | 14417949 |
| 14250000 | Conagra Brands, Inc. |  | 0.5000 | 08/11/23 | 13712820 |
|  |  |  |  |  | 33998705 |

---

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

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 39.5% (Continued)** |  |  |  |  |
|  | **GAS & WATER UTILITIES — 0.1%** |  |  |  |  |
| 2700000 | Atmos Energy Corporation |  | 0.6250 | 03/09/23 | $2661315 |
| 3869000 | Atmos Energy Corporation<sup>(a)</sup> | US0003M + 0.380% | 3.5740 | 03/09/23 | 3860163 |
| 831000 | ONE Gas, Inc. |  | 0.8500 | 03/11/23 | 818785 |
|  |  |  |  |  | 7340263 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.9%** |  |  |  |  |
| 13830000 | AmerisourceBergen Corporation |  | 0.7370 | 03/15/23 | 13615343 |
| 19500000 | Cardinal Health, Inc. |  | 3.2000 | 03/15/23 | 19372308 |
| 531000 | Cigna Corporation |  | 3.0500 | 11/30/22 | 530031 |
| 2500000 | Cigna Corporation |  | 3.7500 | 07/15/23 | 2474779 |
| 24253000 | Cigna Corporation<sup>(a)</sup> | US0003M + 0.890% | 4.9690 | 07/15/23 | 24258598 |
| 21036000 | Elevance Health, Inc. |  | 0.4500 | 03/15/23 | 20689441 |
| 14189000 | Humana, Inc. |  | 3.1500 | 12/01/22 | 14172972 |
| 6500000 | Humana, Inc. |  | 2.9000 | 12/15/22 | 6480502 |
| 23605000 | Humana, Inc. |  | 0.6500 | 08/03/23 | 22808232 |
|  |  |  |  |  | 124402206 |
|  | **HOME CONSTRUCTION — 0.3%** |  |  |  |  |
| 16709000 | DR Horton, Inc. |  | 5.7500 | 08/15/23 | 16739131 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.3%** |  |  |  |  |
| 20000000 | Triton Container International Ltd.<sup>(c)</sup> |  | 0.8000 | 08/01/23 | 19152703 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.7%** |  |  |  |  |
| 2000000 | Bank of New York Mellon Corporation |  | 2.9500 | 01/29/23 | 1990922 |
| 7400000 | Bank of New York Mellon Corporation |  | 0.5000 | 04/26/24 | 6913340 |
| 28000000 | Coinbase Global, Inc.<sup>(c)</sup> |  | 3.6250 | 10/01/31 | 16645229 |
| 2000000 | Credit Suisse Group A.G. |  | 3.8000 | 06/09/23 | 1950308 |
| 23283000 | Goldman Sachs Group, Inc. |  | 3.6250 | 01/22/23 | 23231128 |
| 15452000 | Goldman Sachs Group, Inc.<sup>(a)</sup> | US0003M + 0.750% | 3.7080 | 02/23/23 | 15444853 |
| 14900000 | Goldman Sachs Group, Inc. |  | 0.5230 | 03/08/23 | 14666235 |
| 20000000 | Goldman Sachs Group, Inc.<sup>(a)</sup> | SOFR + 0.620% | 3.3880 | 12/06/23 | 19849977 |
| 7000000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFR + 0.572% | 0.6730 | 03/08/24 | 6861072 |
| 25000000 | JPMorgan Chase Financial Company, LLC |  | 2.5000 | 05/01/23 | 24551252 |
| 784000 | Morgan Stanley - |  | 4.8750 | 11/01/22 | 784000 |

---

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

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 39.5% (Continued)** |  |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.7% (Continued)** |  |  |  |  |
| 2025000 | Morgan Stanley |  | 3.1250 | 01/23/23 | $2018228 |
| 9517000 | Morgan Stanley<sup>(a)</sup> | US0003M + 1.220% | 4.0830 | 05/08/24 | 9522963 |
| 32914000 | Nasdaq, Inc. |  | 0.4450 | 12/21/22 | 32723453 |
|  |  |  |  |  | 177152960 |
|  | **INSURANCE — 2.9%** |  |  |  |  |
| 1865000 | Allstate Corporation |  | 3.1500 | 06/15/23 | 1844940 |
| 500000 | Aon plc |  | 4.0000 | 11/27/23 | 494289 |
| 17000000 | Brighthouse Financial Global Funding<sup>(c)</sup> |  | 0.6000 | 06/28/23 | 16465812 |
| 20000000 | Equitable Financial Life Global Funding<sup>(c)</sup> |  | 0.5000 | 04/06/23 | 19625777 |
| 14500000 | Metropolitan Life Global Funding I MTN<sup>(a),(c)</sup> | SOFR + 0.570% | 3.6080 | 01/13/23 | 14504526 |
| 43500000 | New York Life Global Funding<sup>(c)</sup> |  | 0.6000 | 08/27/24 | 40150614 |
| 25000000 | New York Life Global Funding<sup>(a),(c)</sup> | SOFRINDX + 0.610% | 3.6430 | 04/21/25 | 24693811 |
| 62000000 | Northwestern Mutual Global Funding<sup>(c)</sup> |  | 0.6000 | 03/25/24 | 58163654 |
| 5000000 | Pricoa Global Funding I<sup>(c)</sup> |  | 3.4500 | 09/01/23 | 4935253 |
| 13400000 | Protective Life Global Funding<sup>(c)</sup> |  | 1.0820 | 06/09/23 | 13064728 |
|  |  |  |  |  | 193943404 |
|  | **LEISURE FACILITIES & SERVICES — 0.3%** |  |  |  |  |
| 20217000 | Starbucks Corporation<sup>(a)</sup> | SOFRINDX + 0.420% | 3.0650 | 02/14/24 | 20136525 |
|  | **MACHINERY — 2.3%** |  |  |  |  |
| 4360000 | Caterpillar Financial Services Corporation |  | 0.2500 | 03/01/23 | 4306900 |
| 100000000 | Caterpillar Financial Services Corporation<sup>(a)</sup> | SOFR + 0.450% | 3.0950 | 11/13/23 | 99962261 |
| 800000 | John Deere Capital Corporation |  | 1.2000 | 04/06/23 | 788335 |
| 2000000 | John Deere Capital Corporation |  | 0.7000 | 07/05/23 | 1947159 |
| 2364000 | John Deere Capital Corporation |  | 0.4000 | 10/10/23 | 2267852 |
| 44372000 | Trane Technologies Global Holding Company Ltd. |  | 4.2500 | 06/15/23 | 44049908 |
|  |  |  |  |  | 153322415 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.5%** |  |  |  |  |
| 32000000 | Illumina, Inc. |  | 0.5500 | 03/23/23 | 31410689 |
|  | **OIL & GAS PRODUCERS — 2.1%** |  |  |  |  |
| 5629000 | Canadian Natural Resources Ltd. |  | 2.9500 | 01/15/23 | 5607117 |

---

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

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 39.5% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 2.1% (Continued)** |  |  |  |  |
| 9000000 | Chevron USA, Inc.<sup>(a)</sup> | US0003M + 0.200% | 3.1210 | 08/11/23 | $8979820 |
| 10716000 | Continental Resources, Inc. |  | 4.5000 | 04/15/23 | 10682941 |
| 14457000 | Enbridge, Inc.<sup>(a)</sup> | SOFR + 0.400% | 3.0630 | 02/17/23 | 14431484 |
| 17500000 | Enbridge, Inc.<sup>(a)</sup> | SOFRINDX + 0.630% | 3.2790 | 02/16/24 | 17309816 |
| 16433000 | Energy Transfer Operating, L.P. |  | 4.2500 | 03/15/23 | 16350024 |
| 13015000 | Exxon Mobil Corporation |  | 1.5710 | 04/15/23 | 12835296 |
| 39266000 | Kinder Morgan Energy Partners, L.P. |  | 3.5000 | 09/01/23 | 38759865 |
| 16930000 | Pioneer Natural Resources Company |  | 0.5500 | 05/15/23 | 16522036 |
|  |  |  |  |  | 141478399 |
|  | **RETAIL - CONSUMER STAPLES — 0.6%** |  |  |  |  |
| 36724000 | 7-Eleven, Inc.<sup>(c)</sup> |  | 0.6250 | 02/10/23 | 36277359 |
| 2000000 | Walmart, Inc. |  | 3.4000 | 06/26/23 | 1985616 |
|  |  |  |  |  | 38262975 |
|  | **RETAIL - DISCRETIONARY — 0.7%** |  |  |  |  |
| 39665000 | Lowe's Companies, Inc. |  | 3.8750 | 09/15/23 | 39222176 |
| 10000000 | TJX Companies, Inc. |  | 2.5000 | 05/15/23 | 9857698 |
|  |  |  |  |  | 49079874 |
|  | **SEMICONDUCTORS — 1.5%** |  |  |  |  |
| 3300000 | Marvell Technology, Inc. |  | 4.2000 | 06/22/23 | 3276504 |
| 40410000 | Microchip Technology, Inc. |  | 4.3330 | 06/01/23 | 40157267 |
| 7000000 | Microchip Technology, Inc. |  | 0.9720 | 02/15/24 | 6586320 |
| 30000000 | NVIDIA Corporation |  | 0.3090 | 06/15/23 | 29182536 |
| 20345000 | Skyworks Solutions, Inc. |  | 0.9000 | 06/01/23 | 19766109 |
|  |  |  |  |  | 98968736 |
|  | **SOFTWARE — 0.7%** |  |  |  |  |
| 25221000 | Oracle Corporation |  | 3.6250 | 07/15/23 | 24953124 |
| 19758000 | VMware, Inc. |  | 0.6000 | 08/15/23 | 19027604 |
|  |  |  |  |  | 43980728 |
|  | **SPECIALTY FINANCE — 2.6%** |  |  |  |  |
| 4000000 | AerCap Ireland Capital DAC / AerCap Global |  | 4.5000 | 09/15/23 | 3929447 |
| 28993000 | Air Lease Corporation<sup>(a)</sup> | US0003M + 0.350% | 3.6430 | 12/15/22 | 28973011 |
| 2000000 | American Express Company |  | 3.4000 | 02/27/23 | 1990945 |
| 50459000 | American Express Company<sup>(a)</sup> | US0003M + 0.750% | 3.5520 | 08/03/23 | 50403070 |

---

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

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 39.5% (Continued)** |  |  |  |  |
|  | **SPECIALTY FINANCE — 2.6% (Continued)** |  |  |  |  |
| 35000000 | American Express Company<sup>(a)</sup> | SOFRINDX + 0.720% | 3.3270 | 05/03/24 | $34862000 |
| 10000000 | American Express Company |  | 3.3750 | 05/03/24 | 9700352 |
| 9587000 | Capital One Financial Corporation |  | 3.2000 | 01/30/23 | 9543797 |
| 29673000 | Capital One Financial Corporation<sup>(a)</sup> | US0003M + 0.720% | 5.1350 | 01/30/23 | 29666808 |
| 6237000 | Capital One Financial Corporation |  | 3.5000 | 06/15/23 | 6179451 |
|  |  |  |  |  | 175248881 |
|  | **TECHNOLOGY HARDWARE — 0.8%** |  |  |  |  |
| 6270000 | Apple, Inc. |  | 2.4000 | 05/03/23 | 6200877 |
| 47906000 | Dell International, LLC / EMC Corporation |  | 5.4500 | 06/15/23 | 47840319 |
|  |  |  |  |  | 54041196 |
|  | **TECHNOLOGY SERVICES** — **0.0%<sup>(d)</sup>** |  |  |  |  |
| 600000 | Fiserv, Inc. |  | 3.8000 | 10/01/23 | 591251 |
|  | **TELECOMMUNICATIONS — 0.7%** |  |  |  |  |
| 37500000 | Sprint Communications, Inc. |  | 6.0000 | 11/15/22 | 37552500 |
| 4000000 | Sprint Corporation |  | 7.8750 | 09/15/23 | 4072034 |
|  |  |  |  |  | 41624534 |
|  | **TOBACCO & CANNABIS — 0.2%** |  |  |  |  |
| 9500000 | Altria Group, Inc. |  | 4.0000 | 01/31/24 | 9349247 |
| 900000 | Philip Morris International, Inc. |  | 1.1250 | 05/01/23 | 882707 |
|  |  |  |  |  | 10231954 |
|  | **TRANSPORTATION & LOGISTICS — 0.1%** |  |  |  |  |
| 6500000 | Ryder System, Inc. |  | 3.8750 | 12/01/23 | 6408865 |
|  | **TRANSPORTATION EQUIPMENT — 0.7%** |  |  |  |  |
| 24500000 | Daimler Trucks Finance North America, LLC<sup>(a),(c)</sup> | SOFR + 0.500% | 3.2960 | 06/14/23 | 24424072 |
| 25000000 | Daimler Trucks Finance North America, LLC<sup>(a),(c)</sup> | SOFR + 1.000% | 4.0410 | 04/07/24 | 24936762 |
|  |  |  |  |  | 49360834 |
|  | **TOTAL CORPORATE BONDS (Cost $2,652,421,285)** |  |  |  | 2617398470 |

---

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

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **MUNICIPAL BONDS — 0.8%** |  |  |  |  |
|  | **COMBINED UTILITIES — 0.4%** |  |  |  |  |
| 30500000 | Long Island Power Authority |  | 0.3590 | 03/01/23 | $30058683 |
|  | **ECONOMIC & INDUSTRIAL DEVELOPMENT — 0.4%** |  |  |  |  |
| 25000000 | California Infrastructure & Economic Development |  | 0.8500 | 01/01/50 | 24774668 |
|  | **TOTAL MUNICIPAL BONDS (Cost $55,182,774)** |  |  |  | 54833351 |
|  | **U.S. GOVERNMENT & AGENCIES — 11.9%** |  |  |  |  |
|  | **U.S. TREASURY BILLS — 11.9%** |  |  |  |  |
| 600000000 | United States Treasury Floating Rate Note<sup>(a)</sup> | USBMMY3M + 0.037% | 4.0780 | 07/31/24 | 599416350 |
| 194000000 | United States Treasury Note |  | 3.8750 | 09/30/29 | 190544375 |
|  |  |  |  |  | 789960725 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $793,770,004)** |  |  |  | 789960725 |
|  | **COMMERCIAL PAPER — 2.4%** |  |  |  |  |
|  | **COMMERCIAL PAPER - 2.4%** |  |  |  |  |
| 40250000 | Crown Castle International Corporation |  | 0.0000 | 11/03/22 | 40241100 |
| 55000000 | Fortune Brands Home & Security Inc. |  | 0.0000 | 11/02/22 | 54993965 |
| 10000000 | Hilltop Securities Incorporated |  | 0.0000 | 11/09/22 | 9990556 |
| 26000000 | Ovintiv, Inc. |  | 0.0000 | 11/07/22 | 25981800 |
| 30000000 | Quanta Services, Inc. |  | 0.0000 | 11/02/22 | 29996709 |
|  |  |  |  |  | 161204130 |
|  | **TOTAL COMMERCIAL PAPER (Cost $161,204,130)** |  |  |  | 161204130 |
| **Shares** |  |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 14.3%** |  |  |  |  |
|  | **MONEY MARKET FUNDS - 14.3%** |  |  |  |  |
| 100010001 | BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 3.08%<sup>(e)</sup> | BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 3.08%<sup>(e)</sup> |  |  | 100000000 |

---

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

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 14.3% (Continued)** |  |
|  | **MONEY MARKET FUNDS - 14.3% (Continued)** |  |
| 350518769 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 2.98%<sup>(e)</sup> | $350518769 |
| 100000000 | Federated Hermes Institutional Prime Obligations, Institutional Class, 3.08%<sup>(e)</sup> | 99970000 |
| 99940036 | Goldman Sachs Financial Square Money Market Fund, Institutional Class, 3.25%<sup>(e)</sup> | 99980012 |
| 200405245 | JPMorgan Prime Money Market Fund, Capital Class, 3.10%<sup>(e)</sup> | 200425286 |
| 99775552 | Morgan Stanley Institutional Liquidity Funds - Prime Portfolio, Institutional Class, 3.09%<sup>(e)</sup> | 99765575 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $950,719,671)** | 950659642 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $950,719,671)** | 950659642 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(f)</sup>** |  | **Expiration Date** | **Exercise Price** | **Notional Value** | |
|  | **FUTURE OPTIONS PURCHASED - 0.1%** |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 0.1%** |  |  |  |  |
| 1000 | S&P500 E-Mini Option Index | 12/16/2022 | $3550.00 | $193599000 | $1900000 |
| 1000 | S&P500 E-Mini Option Index | 12/16/2022 | 3600.00 | 193599000 | 2337500 |
| 1000 | U.S. 5 Years Future Option commodity | 11/25/2022 | 104.00 | 106590000 | 78125 |
| 1409 | U.S. 5 Years Future Option commodity | 11/25/2022 | 104.50 | 150185310 | 176125 |
| 2000 | U.S. 5 Years Future Option commodity | 11/25/2022 | 105.00 | 213180000 | 406250 |
| 4000 | U.S. 5 Years Future Option commodity | 11/25/2022 | 99.00 | 426360000 | 31252 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $4,947,144) |  |  |  | 4929252 |
|  | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $4,947,144) |  |  |  | 4929252 |
|  | **TOTAL INVESTMENTS - 101.5% (Cost $6,806,577,564)** |  |  |  | $6729346559 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.5)%** |  |  |  | (96747622) |
|  | **NET ASSETS - 100.0%** |  |  |  | $6632598937 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of**<br>**Contracts** | <br>**Open Long Futures Contracts** | <br>**Expiration** |<br>**Notional Amount** | **Unrealized Appreciation**<br>**(Depreciation)** |
| 8457 | CBOT 5 Year US Treasury Note | 12/30/2022 | $901465458 | $(2536186) |
| 3214 | CME E-Mini Standard & Poor's 500 Index Future | 12/16/2022 | 623998100 | 3878611 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $1342425 |

---

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

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

ETF - Exchange-Traded Fund

LLC - Limited Liability Company

LP - Limited Partnership

LTD - Limited Company

NV - Naamioze Vennootschap

PLC - Public Limited Company

SPDR - Standard & Poor's Depositary Receipt

SOFR Secured Overnight Financing Rate

SOFRINDX Secured Overnight Financing Rate Index

United States SOFR United States Secured Overnight Financing Rate

US0003M ICE LIBOR USD 3 Month

USBMMY3M US Treasury 3 Month Bill Money Market Yield

<sup>(a)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on October 31, 2022.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2022 the total market value of 144A securities is $390,865,270 or 5.9% of net assets.

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

<sup>(e)</sup> Rate disclosed is the seven-day effective yield as of October 31, 2022.

<sup>(f)</sup> Each option contract allows the Fund to purchase or sell 1 underlying futures contract or 100 shares of the underlying security.

<sup>(g)</sup> Affiliated Security.

**OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** 

**OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Termination<br> Date | Interest Rate<br> Payable | Notional Value at<br> October 31, 2022 | Value | Upfront Premiums<br> Paid | Unrealized<br> Appreciation/<br> (Depreciation) |
| CDX North American High Yield Series 35 | GS | 12/20/2025 | 5.00% | $222750000 | $6086520 | $12584139 | $(6497619) |
| CDX North American High Yield Series 36 | GS | 6/20/2026 | 5.00% | 245421000 | 6803425 | 17233091 | (10429666) |
| CDX North American High Yield Series 37 | GS | 12/20/2026 | 5.00% | 385308000 | 10193494 | 6735925 | 3457569 |
| CDX North American High Yield Series 38 | GS | 6/20/2027 | 5.00% | 100485000 | 1411847 | 1364251 | 47596 |
| CDX North American High Yield Series 38 | MS | 6/20/2027 | 5.00% | 9999000 | 140489 | 136244 | 4245 |
| CDX North American High Yield Series 39 | GS | 12/20/2027 | 5.00% | 1525000000 | (2572167) | (6258437) | 3686270 |
| CDX North American High Yield Series 39 | MS | 12/20/2027 | 5.00% | 250000000 | (421666) | (868610) | 446944 |
| **TOTAL OPEN CREDIT DEFAULT SWAP** |  |  |  |  | $21641942 | $30926603 | $(9284661) |

---

GS - Goldman Sachs

MS - Morgan Stanley

<sup>(1)</sup> For centrally cleared swaps, the notional amounts represent the maximum potential the Fund may pay/receive as a seller/buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the reference entity.

<sup>(2)</sup> For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value.

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

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 99.9%** |  |
|  | **MONEY MARKET FUNDS - 99.9%** |  |
| 99980004 | BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 3.08%(a) | $99970006 |
| 359711891 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 2.98%(a) | 359711891 |
| 150000000 | Federated Hermes Institutional Prime Obligations, Institutional Class, 3.08%(a) | 149955000 |
| 199940018 | JPMorgan Prime Money Market Fund, Capital Class, 3.10%(a) | 199960012 |
| 200000000 | Morgan Stanley Institutional Liquidity Funds - Prime Portfolio, Institutional Class, 3.09%(a) | 200000000 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $1,009,711,891)** | 1009596909 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $1,009,711,891)** | 1009596909 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $1,009,711,891)** | $1009596909 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%** | 1407258 |
|  | **NET ASSETS - 100.0%** | $1011004167 |

---

<sup>(a)</sup> Rate disclosed is the seven-day effective yield as of October 31, 2022.

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

---

| |
|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 75.1%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 2.2%** |  |  |  |  |
| 1000000 | L3Harris Technologies, Inc.<sup>(a)</sup> | US0003M + 0.750% | 3.9860 | 03/10/23 | $998456 |
|  | **AUTOMOTIVE — 5.4%** |  |  |  |  |
| 1500000 | American Honda Finance Corporation<sup>(a)</sup> | US0003M + 0.420% | 3.5880 | 09/08/23 | 1497109 |
| 1000000 | Toyota Motor Credit Corporation<sup>(a)</sup> | SOFR + 0.350% | 3.3860 | 06/13/23 | 999212 |
|  |  |  |  |  | 2496321 |
|  | **BANKING — 5.1%** |  |  |  |  |
| 872000 | Bank of America Corporation<sup>(b)</sup> | US0003M + 0.790% | 3.0040 | 12/20/23 | 868871 |
| 1000000 | Toronto-Dominion Bank<sup>(a)</sup> | US0003M + 0.530% | 3.6120 | 12/01/22 | 999531 |
| 500000 | Toronto-Dominion Bank<sup>(a)</sup> | United States SOFR + 0.480% | 3.5210 | 01/27/23 | 499855 |
|  |  |  |  |  | 2368257 |
|  | **BEVERAGES — 2.1%** |  |  |  |  |
| 1000000 | Heineken N.V.<sup>(c)</sup> |  | 2.7500 | 04/01/23 | 989967 |
|  | **BIOTECH & PHARMA — 2.2%** |  |  |  |  |
| 1000000 | AstraZeneca plc<sup>(a)</sup> | US0003M + 0.665% | 3.6070 | 08/17/23 | 999843 |
|  | **E-COMMERCE DISCRETIONARY — 3.5%** |  |  |  |  |
| 1604000 | eBay, Inc.<sup>(a)</sup> | US0003M + 0.870% | 5.2850 | 01/30/23 | 1605029 |
|  | **ELECTRIC UTILITIES — 10.0%** |  |  |  |  |
| 1123000 | Dominion Energy, Inc.<sup>(a)</sup> | US0003M + 0.530% | 3.8230 | 09/15/23 | 1118678 |
| 1035000 | Duke Energy Corporation<sup>(a)</sup> | SOFR + 0.250% | 3.0800 | 06/10/23 | 1028473 |
| 1436000 | NextEra Energy Capital Holdings, Inc.<sup>(a)</sup> | US0003M + 0.270% | 3.2540 | 02/22/23 | 1433520 |
| 1000000 | PPL Electric Utilities Corporation<sup>(a)</sup> | US0003M + 0.250% | 3.8910 | 09/28/23 | 997043 |
|  |  |  |  |  | 4577714 |
|  | **HEALTH CARE FACILITIES & SERVICES — 10.8%** |  |  |  |  |
| 1000000 | Aetna, Inc. |  | 2.8000 | 06/15/23 | 985567 |
| 1000000 | Anthem, Inc. |  | 0.4500 | 03/15/23 | 983525 |
| 1000000 | Cardinal Health, Inc. |  | 3.2000 | 03/15/23 | 993452 |
| 2000000 | Cigna Corporation<sup>(a)</sup> | US0003M + 0.890% | 4.9690 | 07/15/23 | 2000462 |
|  |  |  |  |  | $4963006 |

---

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

---

| |
|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 75.1% (Continued)** |  |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.5%** |  |  |  |  |
| 710000 | Nasdaq, Inc. |  | 0.4450 | 12/21/22 | $705890 |
|  | **LEISURE FACILITIES & SERVICES — 5.3%** |  |  |  |  |
| 1000000 | Hyatt Hotels Corporation |  | 1.3000 | 10/01/23 | 960796 |
| 1500000 | Starbucks Corporation<sup>(a)</sup> | SOFRINDX + 0.420% | 3.0650 | 02/14/24 | 1494029 |
|  |  |  |  |  | 2454825 |
|  | **MACHINERY — 2.2%** |  |  |  |  |
| 1000000 | Trane Technologies Global Holding Company Ltd. |  | 4.2500 | 06/15/23 | 992741 |
|  | **MEDICAL EQUIPMENT & DEVICES — 6.3%** |  |  |  |  |
| 2000000 | PerkinElmer, Inc. |  | 0.5500 | 09/15/23 | 1922695 |
| 1000000 | Thermo Fisher Scientific, Inc. |  | 0.7970 | 10/18/23 | 960260 |
|  |  |  |  |  | 2882955 |
|  | **OIL & GAS PRODUCERS — 9.8%** |  |  |  |  |
| 1000000 | Chevron USA, Inc.<sup>(a)</sup> | US0003M + 0.200% | 3.1210 | 08/11/23 | 997758 |
| 1000000 | Enbridge, Inc.<sup>(a)</sup> | SOFRINDX + 0.630% | 3.2790 | 02/16/24 | 989132 |
| 1000000 | Energy Transfer Operating, L.P. |  | 4.2500 | 03/15/23 | 994950 |
| 1535000 | Kinder Morgan Energy Partners, L.P. |  | 3.4500 | 02/15/23 | 1527228 |
|  |  |  |  |  | 4509068 |
|  | **SPECIALTY FINANCE — 4.3%** |  |  |  |  |
| 1000000 | American Express Company<sup>(a)</sup> | US0003M + 0.750% | 3.5520 | 08/03/23 | 998892 |
| 1000000 | Capital One Financial Corporation |  | 3.2000 | 01/30/23 | 995493 |
|  |  |  |  |  | 1994385 |
|  | **TECHNOLOGY HARDWARE — 2.2%** |  |  |  |  |
| 1000000 | Dell International, LLC / EMC Corporation |  | 5.4500 | 06/15/23 | 998629 |
|  | **TELECOMMUNICATIONS — 2.2%** |  |  |  |  |
| 1000000 | Sprint Communications, Inc. |  | 6.0000 | 11/15/22 | 1001400 |
|  | **TOTAL CORPORATE BONDS (Cost $34,779,718)** |  |  |  | 34538486 |

---

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

---

| |
|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 19.5%** |  |
|  | **MONEY MARKET FUNDS - 19.5%** |  |
| 6973058 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 2.98%<sup>(d)</sup> | $6973058 |
| 2000000 | Federated Hermes Institutional Prime Obligations, Institutional Class, 3.08%<sup>(d)</sup> | 1999400 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $8,973,058)** | 8972458 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $8,973,058)** | 8972458 |
|  | **TOTAL INVESTMENTS - 94.6% (Cost $43,752,776)** | $43510944 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 5.4%** | 2464501 |
|  | **NET ASSETS - 100.0%** | $45975445 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount** | **Unrealized Appreciation** |
| 237 | CME E-Mini Standard & Poor's 500 Index | 12/16/2022 | $46013550 | $274050 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

LLC - Limited Liability Company

LP - Limited Partnership

LTD - Limited Company

NV - Naamioze Vennootschap

PLC - Public Limited Company

SOFR Secured Overnight Financing Rate

SOFRINDX Secured Overnight Financing Rate Index

United States SOFR United States Secured Overnight Financing Rate

US0003M ICE LIBOR USD 3 Month

<sup>(a)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on October 31, 2022.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2022 the total market value of 144A securities is $989,967 or 2.2% of net assets.

<sup>(d)</sup> Rate disclosed is the seven-day effective yield as of October 31, 2022.

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

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 96.8%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 6.9%** |  |  |  |  |
| 2000000 | Boeing Company |  | 1.1670 | 02/04/23 | $1980448 |
| 750000 | Huntington Ingalls Industries, Inc. |  | 0.6700 | 08/16/23 | 721757 |
| 1000000 | L3Harris Technologies, Inc.<sup>(a)</sup> | US0003M + 0.750% | 3.9860 | 03/10/23 | 998456 |
|  |  |  |  |  | 3700661 |
|  | **ASSET MANAGEMENT — 3.7%** |  |  |  |  |
| 2000000 | Blackstone Holdings Finance Company, LLC<sup>(b)</sup> |  | 4.7500 | 02/15/23 | 1996717 |
|  | **AUTOMOTIVE — 6.3%** |  |  |  |  |
| 1563000 | American Honda Finance Corporation<sup>(a)</sup> | US0003M + 0.420% | 3.5880 | 09/08/23 | 1559988 |
| 1000000 | Hyundai Capital America<sup>(b)</sup> |  | 2.8500 | 11/01/22 | 1000000 |
| 900000 | Toyota Motor Credit Corporation<sup>(a)</sup> | US0003M + 0.640% | 4.9670 | 04/26/23 | 900349 |
|  |  |  |  |  | 3460337 |
|  | **BANKING — 6.3%** |  |  |  |  |
| 1000000 | Deutsche Bank A.G.<sup>(a)</sup> | US0003M + 1.190% | 4.1120 | 11/16/22 | 999465 |
| 1680000 | Discover Bank |  | 3.3500 | 02/06/23 | 1672240 |
| 750000 | Toronto-Dominion Bank <sup>(a)</sup> | United States SOFR + 0.480% | 3.5210 | 01/27/23 | 749782 |
|  |  |  |  |  | 3421487 |
|  | **BEVERAGES — 1.9%** |  |  |  |  |
| 1000000 | Heineken N.V.<sup>(b)</sup> |  | 2.7500 | 04/01/23 | 989967 |
|  | **BIOTECH & PHARMA — 1.9%** |  |  |  |  |
| 1000000 | AstraZeneca plc<sup>(a)</sup> | US0003M + 0.665% | 3.6070 | 08/17/23 | 999843 |
|  | **CABLE & SATELLITE — 2.8%** |  |  |  |  |
| 1500000 | Time Warner Entertainment Company, L.P. |  | 8.3750 | 03/15/23 | 1516509 |
|  | **CONSTRUCTION MATERIALS — 2.7%** |  |  |  |  |
| 1500000 | Carlisle Companies, Inc. |  | 0.5500 | 09/01/23 | 1443963 |
|  | **E-COMMERCE DISCRETIONARY — 5.6%** |  |  |  |  |
| 3000000 | eBay, Inc.<sup>(a)</sup> | US0003M + 0.870% | 5.2850 | 01/30/23 | 3001924 |

---

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

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 96.8% (Continued)** |  |  |  |  |
|  | **ELECTRIC UTILITIES — 7.4%** |  |  |  |  |
| 1000000 | Dominion Energy, Inc.<sup>(a)</sup> | US0003M + 0.530% | 3.8230 | 09/15/23 | $996152 |
| 1000000 | Florida Power & Light Company<sup>(a)</sup> | SOFRINDX + 0.380% | 3.4210 | 01/12/24 | 989496 |
| 1000000 | NextEra Energy Capital Holdings, Inc.<sup>(a)</sup> | US0003M + 0.270% | 3.2540 | 02/22/23 | 998273 |
| 1000000 | PPL Electric Utilities Corporation<sup>(a)</sup> | US0003M + 0.250% | 3.8910 | 09/28/23 | 997043 |
|  |  |  |  |  | 3980964 |
|  | **FOOD — 1.3%** |  |  |  |  |
| 750000 | Conagra Brands, Inc. |  | 0.5000 | 08/11/23 | 721727 |
|  | **GAS & WATER UTILITIES — 1.4%** |  |  |  |  |
| 750000 | Atmos Energy Corporation<sup>(a)</sup> | US0003M + 0.380% | 3.5740 | 03/09/23 | 748287 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.8%** |  |  |  |  |
| 1000000 | Humana, Inc. |  | 2.9000 | 12/15/22 | 997000 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 8.3%** |  |  |  |  |
| 1500000 | Goldman Sachs Group, Inc.<sup>(a)</sup> | US0003M + 0.750% | 3.7080 | 02/23/23 | 1499306 |
| 1000000 | JPMorgan Chase Financial Company, LLC |  | 2.5000 | 05/01/23 | 982050 |
| 1000000 | MORGAN STANLEY<sup>(a)</sup> | US0003M + 1.220% | 4.0830 | 05/08/24 | 1000627 |
| 1000000 | Nasdaq, Inc. |  | 0.4450 | 12/21/22 | 994211 |
|  |  |  |  |  | 4476194 |
|  | **INSURANCE — 3.3%** |  |  |  |  |
| 200000 | Intact US Holdings, Inc. |  | 4.6000 | 11/09/22 | 199927 |
| 1592000 | Reliance Standard Life Global Funding II<sup>(b)</sup> |  | 3.8500 | 09/19/23 | 1563756 |
|  |  |  |  |  | 1763683 |
|  | **LEISURE FACILITIES & SERVICES — 5.5%** |  |  |  |  |
| 1000000 | Hyatt Hotels Corporation |  | 1.3000 | 10/01/23 | 960795 |
| 2000000 | Starbucks Corporation<sup>(a)</sup> | SOFRINDX + 0.420% | 3.0650 | 02/14/24 | 1992039 |
|  |  |  |  |  | 2952834 |
|  | **MACHINERY — 0.9%** |  |  |  |  |
| 500000 | Trane Technologies Global Holding Company Ltd. |  | 4.2500 | 06/15/23 | 496371 |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.8%** |  |  |  |  |
| 1000000 | PerkinElmer, Inc. |  | 0.5500 | 09/15/23 | 961348 |

---

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

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 96.8% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 8.2%** |  |  |  |  |
| 1461000 | Chevron USA, Inc.<sup>(a)</sup> | US0003M + 0.200% | 3.1210 | 08/11/23 | $1457724 |
| 1500000 | Enbridge, Inc.<sup>(a)</sup> | SOFRINDX + 0.630% | 3.2790 | 02/16/24 | 1483699 |
| 1500000 | Energy Transfer Operating, L.P. |  | 4.2500 | 03/15/23 | 1492426 |
|  |  |  |  |  | 4433849 |
|  | **RETAIL - CONSUMER STAPLES — 1.8%** |  |  |  |  |
| 1000000 | 7-Eleven, Inc.<sup>(b)</sup> |  | 0.6250 | 02/10/23 | 987838 |
|  | **RETAIL - DISCRETIONARY — 2.1%** |  |  |  |  |
| 1170000 | TJX Companies, Inc. |  | 2.5000 | 05/15/23 | 1153351 |
|  | **SEMICONDUCTORS — 1.8%** |  |  |  |  |
| 1000000 | Skyworks Solutions, Inc. |  | 0.9000 | 06/01/23 | 971546 |
|  | **SPECIALTY FINANCE — 5.6%** |  |  |  |  |
| 2000000 | Air Lease Corporation<sup>(a)</sup> | US0003M + 0.350% | 3.6430 | 12/15/22 | 1998621 |
| 1030000 | American Express Company<sup>(a)</sup> | US0003M + 0.750% | 3.5520 | 08/03/23 | 1028858 |
|  |  |  |  |  | 3027479 |
|  | **TECHNOLOGY HARDWARE — 2.8%** |  |  |  |  |
| 1500000 | Dell International, LLC / EMC Corporation |  | 5.4500 | 06/15/23 | 1497944 |
|  | **TELECOMMUNICATIONS — 4.7%** |  |  |  |  |
| 2000000 | Sprint Communications, Inc. |  | 6.0000 | 11/15/22 | 2002800 |
| 500000 | Sprint Corporation |  | 7.8750 | 09/15/23 | 509004 |
|  |  |  |  |  | 2511804 |
|  | **TOTAL CORPORATE BONDS (Cost $52,585,542)** |  |  |  | 52213627 |

---

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

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **COMMERCIAL PAPER – 1.8%** |  |  |  |
| 1000000 | Hilltop Securities Incorporated | 0.0000 | 11/09/22 | $999056 |
|  | **TOTAL COMMERCIAL PAPER (Cost $999,056)** |  |  | 999056 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 3.0%** |  |  |  |
|  | **MONEY MARKET FUND - 3.0%** |  |  |  |
| 1609633 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 2.98% (Cost $1,609,633)<sup>(c)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 2.98% (Cost $1,609,633)<sup>(c)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 2.98% (Cost $1,609,633)<sup>(c)</sup> | 1609633 |
|  | **TOTAL INVESTMENTS - 101.6% (Cost $55,194,231)** |  |  | $54822316 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.6)%** |  |  | (858021) |
|  | **NET ASSETS - 100.0%** |  |  | $53964295 |

---

LLC - Limited Liability Company

LP - Limited Partnership

LTD - Limited Company

NV - Naamioze Vennootschap

PLC - Public Limited Company

SOFRINDX Secured Overnight Financing Rate Index

United States SOFR United States Secured Overnight Financing Rate

US0003M ICE LIBOR USD 3 Month

<sup>(a)</sup> Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2022 the total market value of 144A securities is $6,538,278 or 12.1% of net assets.

<sup>(c)</sup> Rate disclosed is the seven-day effective yield as of October 31, 2022.

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

---

| |
|:---|
| **Navigator Funds** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Navigator**<br>**Equity Hedged**<br>**Fund** | <br>**Navigator Tactical**<br>**Fixed Income Fund** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities at Cost (including affiliated securities of $0 and $105,266,198, respectively) | $35614453 | $6806577564 |
| &nbsp;&nbsp;&nbsp;Investments in Securities at Value (including affiliated securities of $0 and $96,702,794, respectively) | $35907821 <sup>(a)</sup> | $6729346559 |
| &nbsp;&nbsp;&nbsp;Cash |  | 5881018 |
| &nbsp;&nbsp;&nbsp;Deposits with Broker for Futures and Options Contracts with Goldman Sachs |  | 36100832 |
| &nbsp;&nbsp;&nbsp;Deposits with Broker for Option Contracts with Pershing | 212739 | 74385505 |
| &nbsp;&nbsp;&nbsp;Deposit with Broker for Swaps with Goldman Sachs |  | 249271303 |
| &nbsp;&nbsp;&nbsp;Deposit with Broker for Swaps with Morgan Stanley |  | 25713121 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund Shares Sold | 127131 | 4540944 |
| &nbsp;&nbsp;&nbsp;Receivable for Securities Lending Income | 4708 |  |
| &nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 6066 | 17378001 |
| &nbsp;&nbsp;&nbsp;Receivable for Investments Sold | 2700205 | 1571882326 |
| &nbsp;&nbsp;&nbsp;Premiums Paid for Swap Contracts |  | 30926603 |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Swap Contracts |  | 7642624 |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Futures Contracts |  | 3878611 |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses and Other Assets | 20039 | 114101 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 38978709 | 8757061548 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Collateral on Securities Loaned | 5393719 |  |
| &nbsp;&nbsp;&nbsp;Option Contracts Written at Value (premiums received of $336,353 and $0, respectively) | 233060 |  |
| &nbsp;&nbsp;&nbsp;Payable to Related Parties | 13129 | 268320 |
| &nbsp;&nbsp;&nbsp;Accrued Advisory Fees | 20049 | 4487529 |
| &nbsp;&nbsp;&nbsp;Payable for Fund Shares Redeemed | 15046 | 7224185 |
| &nbsp;&nbsp;&nbsp;Accrued Distribution Fees | 392 | 32663 |
| &nbsp;&nbsp;&nbsp;Unrealized Depreciation on Swap Contracts |  | 16927285 |
| &nbsp;&nbsp;&nbsp;Payable for Securities Purchased | 2718152 | 2092864757 |
| &nbsp;&nbsp;&nbsp;Unrealized Depreciation on Futures Contracts |  | 2536186 |
| &nbsp;&nbsp;&nbsp;Accrued Expenses and Other Liabilities | 14522 | 121686 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 8408069 | 2124462611 |
| **Net Assets** | $30570640 | $6632598937 |
| **Composition of Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;At October 31, 2022, Net Assets consisted of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in-Capital | $36688806 | $7489759160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated Losses | (6118166) | (857160223) |
| **Net Assets** | $30570640 | $6632598937 |
| **Net Asset Value Per Share** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $764262 | $47807844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited shares of no par beneficial interest authorized) | 92117 | 5146728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets ÷ Shares Outstanding) and Redemption Price Per Share | $8.30 | $9.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Maximum sales charge of 5.50% and 3.75%, respectively) | $8.78 | $9.65 |
| &nbsp;&nbsp;&nbsp;**Class C Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $290413 | $26309250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited shares of no par beneficial interest authorized) | 38217 | 2839988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets ÷ Shares Outstanding), Offering and Redemption Price Per Share | $7.60 | $9.26 |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $29515965 | $6558481843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited shares of no par beneficial interest authorized) | 3584501 | 705572195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets ÷ Shares Outstanding), Offering and Redemption Price Per Share | $8.23 | $9.30 |

---

<sup>(a)</sup> Includes loaned securities with a value of $5,262,527.

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

---

| |
|:---|
| **Navigator Funds** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Continued)** |
| **October 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Navigator Tactical**<br>**Investment Grade**<br>**Bond Fund** | **Navigator**<br>**Tactical U.S.**<br>**Allocation Fund** | **Navigator Ultra**<br>**Short Bond**<br>**Fund** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities at Cost | $1009711891 | $43752776 | $55194231 |
| &nbsp;&nbsp;&nbsp;Investments in Securities at Value | $1009596909 | $43510944 | $54822316 |
| &nbsp;&nbsp;&nbsp;Deposits with Broker for Futures Contracts with Goldman Sachs | 16881 | 2020041 |  |
| &nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 2478007 | 232208 | 341188 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund Shares Sold | 1379061 |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Futures Contracts |  | 274050 |  |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses and Other Assets | 77047 | 1739 | 7808 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 1013547905 | 46038982 | 55171312 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund Shares Redeemed | 1698241 |  |  |
| &nbsp;&nbsp;&nbsp;Accrued Advisory Fees | 508324 | 29743 | 16155 |
| &nbsp;&nbsp;&nbsp;Payable to Related Parties | 119031 | 10810 | 14434 |
| &nbsp;&nbsp;&nbsp;Payable for Securities Purchased |  |  | 1153913 |
| &nbsp;&nbsp;&nbsp;Accrued Expenses and Other Liabilities | 218142 | 22984 | 22515 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 2543738 | 63537 | 1207017 |
| **Net Assets** | $1011004167 | $45975445 | $53964295 |
| **Composition of Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;At October 31, 2022, Net Assets consisted of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in-Capital | $1069722707 | $54289872 | $54305111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated Losses | (58718540) | (8314427) | (340816) |
| **Net Assets** | $1011004167 | $45975445 | $53964295 |
| **Net Asset Value Per Share** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets |  |  | $10764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited shares of no par beneficial interest authorized) |  |  | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets ÷ Shares Outstanding) and Redemption Price Per Share |  |  | $10.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Maximum sales charge of 3.75%) |  |  | $10.72 |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $1011004167 | $45975445 | $53953531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited shares of no par beneficial interest authorized) | 113137915 | 5426507 | 5415213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets ÷ Shares Outstanding), Offering and Redemption Price Per Share | $8.94 | $8.47 | $9.96 |

---

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

---

| |
|:---|
| **Navigator Funds** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Navigator Equity**<br>**Hedged Fund** | **Navigator Tactical Fixed**<br>**Income Fund** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Income (including income on affiliated securities of $0, and $2,346,242, respectively) | $562047 | $39704320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Income | 26037 | 80145944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending - net | 95201 | 12401356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 683285 | 132251620 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Fees | 258517 | 63234013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 2738 | 148683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 3107 | 293100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration Fees | 70798 | 1224993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration & Filing Fees | 70000 | 244107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent Fees | 27588 | 935990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Party Administrative Servicing Fees | 25916 | 7450687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 23740 | 128823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit Fees | 17002 | 19998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Fees | 14226 | 16002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' Fees | 11510 | 11510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody Fees | 9558 | 547028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Expense | 2930 | 82452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing Expense | 2253 | 293240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Expenses | 5728 | 208348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 545611 | 74838974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Expenses waived or fees reimbursed by Advisor for Affiliated Holdings |  | (1037709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Expenses waived or fees reimbursed by the Advisor | (160843) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 384768 | 73801265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income** | 298517 | 58450355 |
| **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (including loss on affiliated securities of $0 and $4,891,681, respectively) | (6396737) | (202275145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution of Realized Gains From Underlying Investment Companies |  | 2668723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Sold Short | (1062510) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts |  | (128528789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts |  | (346251974) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Purchased | (1500050) | (16753274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Written | 2495257 | (13042497) |
|  | (6464040) | (704182956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (including gain (loss) on affiliated securities of $0, and $(12492568), respectively) | (989682) | (99491457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts |  | (10447783) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts |  | (21141924) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Purchased | 118301 | 5009109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Written | (95675) | (376002) |
|  | (967056) | (126448057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Loss on Investments** | (7431096) | (830631013) |
| **Net Decrease in Net Assets Resulting From Operations** | $(7132579) | $(772180658) |

---

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

---

| |
|:---|
| **Navigator Funds** |
| **STATEMENTS OF OPERATIONS (Continued)** |
| **For the Year Ended October 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Navigator Tactical**<br>**Investment Grade**<br>**Bond Fund** | **Navigator Tactical**<br>**U.S. Allocation**<br>**Fund** | <br>**Navigator Ultra**<br>**Short Bond Fund** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Income | $139979 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Income | 16255000 | 634836 | 882561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending - net | 10412 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 16405391 | 634836 | 882561 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Fees | 5674333 | 425204 | 158663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration Fees | 328389 | 76465 | 76398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent Fees | 277041 | 18951 | 19962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Party Administrative Servicing Fees | 658155 |  | 1740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody Fees | 127910 | 9398 | 11001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration & Filing Fees | 104975 | 2453 | 20822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing Expense | 84832 | 5776 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 31610 | 23867 | 23960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit Fees | 20295 | 18524 | 18002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Fees | 14568 | 16785 | 14672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' Fees | 11516 | 11516 | 11484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Expense | 4667 | 940 | 3085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Expense |  | 5336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Expenses | 62962 | 7558 | 5492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 7401253 | 622773 | 366127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Expenses waived or fees reimbursed/recaptured by the Advisor | (632196) | (112432) | (128968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 6769057 | 510341 | 237159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income** | 9636334 | 124495 | 645402 |
| **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (55474901) | (51247) | (125434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | (7603184) | (6638197) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | 2928020 |  |  |
|  | (60150065) | (6689444) | (125434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 508563 | (222247) | (359833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts |  | (1477660) |  |
|  | 508563 | (1699907) | (359833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Loss on Investments** | (59641502) | (8389351) | (485267) |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $(50005168) | $(8264856) | $160135 |

---

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

---

| |
|:---|
| **Navigator Funds** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Navigator Equity Hedged Fund** | **Navigator Equity Hedged Fund** |
|  | **For the Year**<br>**Ended**<br>**October 31, 2022** | **For the Year**<br>**Ended**<br>**October 31, 2021** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $298517 | $103853 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments, Securities Sold Short and Options | (6464040) | 7351431 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments, Securities Sold Short and Options | (967056) | 385508 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (7132579) | 7840792 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (182018) | (2658) |
| &nbsp;&nbsp;&nbsp;Class C | (48179) |  |
| &nbsp;&nbsp;&nbsp;Class I | (5292747) | (173606) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Distributions to Shareholders** | (5522944) | (176264) |
| **Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 681687 | 315375 |
| &nbsp;&nbsp;&nbsp;Class C | 52089 | 28168 |
| &nbsp;&nbsp;&nbsp;Class I | 10680605 | 12920212 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 83330 | 1691 |
| &nbsp;&nbsp;&nbsp;Class C | 48180 |  |
| &nbsp;&nbsp;&nbsp;Class I | 5083206 | 162781 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (704607) | (150998) |
| &nbsp;&nbsp;&nbsp;Class C | (25007) | (59736) |
| &nbsp;&nbsp;&nbsp;Class I | (10862296) | (8298154) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Shares of Beneficial Interest** | 5037187 | 4919339 |
| **Increase (Decrease) in Net Assets** | (7618336) | 12583867 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 38188976 | 25605109 |
| &nbsp;&nbsp;&nbsp;End of Year | $30570640 | $38188976 |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 67767 | 27192 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 8424 | 150 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (78347) | (13817) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (2156) | 13525 |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 6000 | 2514 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 5294 |  |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2849) | (6068) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 8445 | (3554) |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1174297 | 1115124 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 519582 | 14710 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1221436) | (745046) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 472443 | 384788 |

---

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

---

| |
|:---|
| **Navigator Funds** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Navigator Tactical Fixed Income Fund** | **Navigator Tactical Fixed Income Fund** |
|  | **For the Year**<br>**Ended**<br>**October 31, 2022** | **For the Year**<br>**Ended**<br>**October 31, 2021** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $58450355 | $50740973 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments, Securities Sold Short, Futures Contracts, Swaps, and Options Written | (704182956) | 457657115 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments, Securities Sold Short, Futures Contracts, Swaps, and Options Written | (126448057) | 95951166 |
| &nbsp;&nbsp;&nbsp;**Net Increase (decrease) in Net Assets Resulting from Operations** | (772180658) | 604349254 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (3627577) | (4101075) |
| &nbsp;&nbsp;&nbsp;Class C | (1612492) | (1072367) |
| &nbsp;&nbsp;&nbsp;Class I | (504769616) | (413227929) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Distributions to Shareholders** | (510009685) | (418401371) |
| **Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 23779497 | 24497958 |
| &nbsp;&nbsp;&nbsp;Class C | 8744471 | 15707145 |
| &nbsp;&nbsp;&nbsp;Class I | 2400518303 | 3273892672 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 3552527 | 4014632 |
| &nbsp;&nbsp;&nbsp;Class C | 1509687 | 1003306 |
| &nbsp;&nbsp;&nbsp;Class I | 451156987 | 358270357 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (30911534) | (36023562) |
| &nbsp;&nbsp;&nbsp;Class C | (9075490) | (5584336) |
| &nbsp;&nbsp;&nbsp;Class I | (3453199349) | (1476320793) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Shares of Beneficial Interest** | (603924901) | 2159457379 |
| **Increase (Decrease) in Net Assets** | (1886115244) | 2345405262 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 8518714181 | 6173308919 |
| &nbsp;&nbsp;&nbsp;End of Year | $6632598937 | $8518714181 |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2339379 | 2245030 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 344300 | 375949 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (3139663) | (3343753) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (455984) | (722774) |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 865171 | 1442647 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 145671 | 93712 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (922275) | (513099) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 88567 | 1023260 |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 237842595 | 300852865 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 43600884 | 33530321 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (346943407) | (135615778) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (65499928) | 198767408 |

---

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

---

| |
|:---|
| **Navigator Funds** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Navigator Tactical Investment Grade Bond Fund** | **Navigator Tactical Investment Grade Bond Fund** |
|  | **For the Year**<br>**Ended**<br>**October 31, 2022** | **For the Period\***<br>**Ended**<br>**October 31, 2021** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $9636334 | $86287 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments, Swaps and Futures Contracts | (60150065) |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | 508563 | (623545) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | (50005168) | (537258) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class l | (8153109) | (35500) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Distributions to Shareholders** | (8153109) | (35500) |
| **Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 1309023297 | 50000010 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 7680578 | 35500 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (297004183) |  |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Shares of Beneficial Interest** | 1019699692 | 50035510 |
| **Increase in Net Assets** | 961541415 | 49462752 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period/Year | 49462752 |  |
| &nbsp;&nbsp;&nbsp;End of Period/Year | $1011004167 | $49462752 |
| **SHARE ACTIVITY** |  |  |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 139725351 | 5000001 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 860932 | 3593 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (32451962) |  |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 108134321 | 5003594 |

---

\* For the period August 31, 2021 (commencement of operations) to October 31, 2021.

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

---

| |
|:---|
| **Navigator Funds** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Navigator Tactical U.S. Allocation Fund** | **Navigator Tactical U.S. Allocation Fund** |
|  | **For the Year**<br>**Ended**<br>**October 31, 2022** | **For the Period\***<br>**Ended**<br>**October 31, 2021** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $124495 | $(137909) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments and Futures | (6689444) | 2646075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments and Futures | (1699907) | 1732125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (8264856) | 4240291 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class l | (4301785) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Distributions to Shareholders** | (4301785) |  |
| **Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  | 50000010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions Reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 4301785 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Shares of Beneficial Interest** | 4301785 | 50000010 |
| **Increase (Decrease) in Net Assets** | (8264856) | 54240301 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period/Year | 54240301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Period/Year | $45975445 | $54240301 |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold |  | 5000001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 426506 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 426506 | 5000001 |

---

\* For the period June 11, 2021 (commencement of operations) to October 31, 2021.

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

---

| |
|:---|
| **Navigator Funds** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Navigator Ultra Short Bond Fund** | **Navigator Ultra Short Bond Fund** |
|  | **For the Year**<br>**Ended**<br>**October 31, 2022** | **For the Year**<br>**Ended**<br>**October 31, 2021** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $645402 | $218923 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | (125434) | 93055 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Depreciation on Investments | (359833) | (496) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 160135 | 311482 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (123) | (112) |
| &nbsp;&nbsp;&nbsp;Class I | (597877) | (228287) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Distributions to Shareholders** | (598000) | (228399) |
| **Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 2409686 | 5437178 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 123 | 112 |
| &nbsp;&nbsp;&nbsp;Class I | 582757 | 217721 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (12670) | (57400) |
| &nbsp;&nbsp;&nbsp;Class I | (1762663) | (6309365) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Shares of Beneficial Interest** | 1217233 | (711754) |
| **Increase (Decrease) in Net Assets** | 779368 | (628671) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 53184927 | 53813598 |
| &nbsp;&nbsp;&nbsp;End of Year | $53964295 | $53184927 |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold |  |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 12 | 11 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1227) | (5514) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (1215) | (5503) |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 241371 | 540512 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 58518 | 21672 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (176614) | (627235) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 123275 | (65051) |

---

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

---

| |
|:---|
| **Navigator Funds** |
| **FINANCIAL HIGHLIGHTS** |

---

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Navigator Equity Hedged Fund - Class A** | **Navigator Equity Hedged Fund - Class A** | **Navigator Equity Hedged Fund - Class A** | **Navigator Equity Hedged Fund - Class A** | **Navigator Equity Hedged Fund - Class A** | **Navigator Equity Hedged Fund - Class A** |
|  | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Year Ended**<br>**October 31, 2021** | **For the**<br>**Year Ended**<br>**October 31, 2020** | **For the**<br>**Year Ended**<br>**October 31, 2019** | **For the**<br>**Period Ended**<br>**October 31, 2018\*** | **For the**<br>**Year Ended**<br>**September 30, 2018** |
| **Net Asset Value, Beginning of Period/Year** | $11.88 | $9.07 | $8.32 | $8.26 | $8.93 | $9.78 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a)(c)(d) | 0.06 | 0.00 (e) | 0.07 | 0.08 | (0.01) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (2.00) | 2.84 | 0.75 | 0.08 | (0.66) | 0.39 |
| &nbsp;&nbsp;&nbsp;Total from operations | (1.94) | 2.84 | 0.82 | 0.16 | (0.67) | 0.40 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.03) | (0.07) | (0.10) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (1.59) |  |  |  |  | (1.24) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.64) | (0.03) | (0.07) | (0.10) |  | (1.25) |
| **Net Asset Value, End of Period/Year** | $8.30 | $11.88 | $9.07 | $8.32 | $8.26 | $8.93 |
| **Total Return (b)** | (18.52)% | 31.38% | 9.93% | 2.03% | (7.50)% (g) | 4.22% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (in 000's) | $764 | $1120 | $732 | $745 | $773 | $812 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waivers/reimbursement (c) | 1.82% | 1.86% | 1.75% | 1.63% | 1.59 % (f) | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement (c) | 1.35% | 1.34% | 1.32% | 1.31% | 1.33 % (f) | 1.31% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets (c)(d) | 0.62% | 0.04% | 0.77% | 0.95% | (0.67)% (f) | 0.11% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 728% | 583% | 498% | 470% | 33 % (g) | 490% |
|  | **Navigator Equity Hedged Fund - Class C** | **Navigator Equity Hedged Fund - Class C** | **Navigator Equity Hedged Fund - Class C** | **Navigator Equity Hedged Fund - Class C** | **Navigator Equity Hedged Fund - Class C** | **Navigator Equity Hedged Fund - Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Period Ended** | **Year Ended** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2020** | **October 31, 2019** | **October 31, 2018\*** | **September 30, 2018** |
| **Net Asset Value, Beginning of Period/Year** | $11.07 | $8.49 | $7.81 | $7.78 | $8.42 | $9.41 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a)(c)(d) | (0.01) | (0.07) | 0.00 (e) | 0.02 | (0.01) | 0.00 (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (1.84) | 2.65 | 0.71 | 0.08 | (0.63) | 0.29 |
| &nbsp;&nbsp;&nbsp;Total from operations | (1.85) | 2.58 | 0.71 | 0.10 | (0.64) | 0.29 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | (0.03) |  | (0.03) | (0.07) |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (1.59) |  |  |  |  | (1.24) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.62) |  | (0.03) | (0.07) |  | (1.28) |
| **Net Asset Value, End of Period/Year** | $7.60 | $11.07 | $8.49 | $7.81 | $7.78 | $8.42 |
| **Total Return (b)** | (19.09)% | 30.39% | 9.06% | 1.38% | (7.60)% (g) | 3.31% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (in 000's) | $290 | $330 | $283 | $343 | $446 | $484 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waivers/reimbursement (c) | 2.57% | 2.61% | 2.50% | 2.38% | 2.34 % (f) | 2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement (c) | 2.10% | 2.09% | 2.07% | 2.06% | 2.08 % (f) | 2.06% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets (c)(d) | (0.13)% | (0.67)% | 0.02% | 0.25% | (1.42)% (f) | 0.01% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 728% | 583% | 498% | 470% | 33 % (g) | 490% |

---

\* For the period October 1, 2018 to October 31, 2018.

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

(b) Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and exclude any sales charges (loads).

(c) Does not include the expenses of the underlying investment companies in which the Fund invests.

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

(e) Per share amount represents less than $0.01 per share.

(f) Annualized.

(g) Not annualized.

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

---

| |
|:---|
| **Navigator Funds** |
| **FINANCIAL HIGHLIGHTS** |

---

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Navigator Equity Hedged Fund - Class I** | **Navigator Equity Hedged Fund - Class I** | **Navigator Equity Hedged Fund - Class I** | **Navigator Equity Hedged Fund - Class I** | **Navigator Equity Hedged Fund - Class I** | **Navigator Equity Hedged Fund - Class I** |
|  | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Year Ended**<br>**October 31, 2021** | **For the**<br>**Year Ended**<br>**October 31, 2020** | **For the**<br>**Year Ended**<br>**October 31, 2019** | **For the**<br>**Period Ended**<br>**October 31, 2018\*** | **For the**<br>**Year Ended**<br>**September 30, 2018** |
| **Net Asset Value, Beginning of Period/Year** | $11.81 | $9.02 | $8.27 | $8.19 | $8.86 | $9.84 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a)(c)(d) | 0.08 | 0.04 | 0.09 | 0.10 | (0.00) (g) | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (2.00) | 2.81 | 0.75 | 0.09 | (0.67) | 0.31 |
| &nbsp;&nbsp;&nbsp;Total from operations | (1.92) | 2.85 | 0.84 | 0.19 | (0.67) | 0.40 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.07) | (0.06) | (0.09) | (0.11) |  | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (1.59) |  |  |  |  | (1.24) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.66) | (0.06) | (0.09) | (0.11) |  | (1.38) |
| **Net Asset Value, End of Period/Year** | $8.23 | $11.81 | $9.02 | $8.27 | $8.19 | $8.86 |
| **Total Return (b)** | (18.39)% | 31.66% | 10.20% | 2.44% | (7.56)% (f) | 4.46% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (in 000's) | $29516 | $36740 | $24590 | $32084 | $36413 | $40055 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waivers/reimbursement (c) | 1.57% | 1.61% | 1.50% | 1.38% | 1.34 % (e) | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement (c) | 1.10% | 1.09% | 1.07% | 1.06% | 1.08 % (e) | 1.06% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets (c)(d) | 0.88% | 0.33% | 1.02% | 1.25% | (0.42)% (e) | 1.02% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 728% | 583% | 498% | 470% | 33 % (f) | 490% |

---

\* For the period October 1, 2018 to October 31, 2018.

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

(b) Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

(c) Does not include the expenses of the underlying investment companies in which the Fund invests.

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

(e) Annualized.

(f) Not annualized.

(g) Per share amount represents less than $0.01 per share.

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

---

| |
|:---|
| **Navigator Funds** |
| **FINANCIAL HIGHLIGHTS** |

---

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Navigator Tactical Fixed Income Fund - Class A** | **Navigator Tactical Fixed Income Fund - Class A** | **Navigator Tactical Fixed Income Fund - Class A** | **Navigator Tactical Fixed Income Fund - Class A** | **Navigator Tactical Fixed Income Fund - Class A** | **Navigator Tactical Fixed Income Fund - Class A** |
|  | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Year Ended**<br>**October 31, 2021** | **For the**<br>**Year Ended**<br>**October 31, 2020** | **For the**<br>**Year Ended**<br>**October 31, 2019** | **For the**<br>**Period Ended**<br>**October 31, 2018\*** | **For the**<br>**Year Ended**<br>**September 30, 2018** |
| **Net Asset Value, Beginning of Period/Year** | $10.92 | $10.63 | $10.24 | $10.06 | $10.20 | $10.52 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.05 | 0.05 | 0.09 | 0.22 | 0.02 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (1.06) | 0.88 | 0.41 | 0.21 | (0.16) | 0.18 |
| &nbsp;&nbsp;&nbsp;Total from operations | (1.01) | 0.93 | 0.50 | 0.43 | (0.14) | 0.29 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.13) | (0.18) | (0.11) | (0.24) |  | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.49) | (0.46) | (0.00) (g) | (0.01) |  | (0.18) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.62) | (0.64) | (0.11) | (0.25) |  | (0.61) |
| **Net Asset Value, End of Period/Year** | $9.29 | $10.92 | $10.63 | $10.24 | $10.06 | $10.20 |
| **Total Return (b)** | (9.79)% | 9.00% | 4.95% | 4.34% | (1.37)% (d) | 2.82% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (in 000's) | $47808 | $61196 | $67235 | $56467 | $33079 | $35743 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waivers/reimbursement (e) | 1.21% | 1.22 % (h) | 1.24% | 1.24% | 1.21 % (c) | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement (e) | 1.20% | 1.21% | 1.23% | 1.22% | 1.20 % (c) | 1.24% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (e)(f) | 0.49% | 0.42% | 0.84% | 2.16% | 2.05 % (c) | 1.08% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 197% | 157% | 197% | 151% | 15 % (d) | 148% |
|  | **Navigator Tactical Fixed Income Fund - Class C** | **Navigator Tactical Fixed Income Fund - Class C** | **Navigator Tactical Fixed Income Fund - Class C** | **Navigator Tactical Fixed Income Fund - Class C** | **Navigator Tactical Fixed Income Fund - Class C** | **Navigator Tactical Fixed Income Fund - Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Period Ended** | **Year Ended** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2020** | **October 31, 2019** | **October 31, 2018\*** | **September 30, 2018** |
| **Net Asset Value, Beginning of Period/Year** | $10.91 | $10.62 | $10.27 | $10.09 | $10.24 | $10.53 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.02) | (0.03) | 0.01 | 0.14 | 0.01 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (1.07) | 0.89 | 0.41 | 0.22 | (0.16) | 0.18 |
| &nbsp;&nbsp;&nbsp;Total from operations | (1.09) | 0.86 | 0.42 | 0.36 | (0.15) | 0.21 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.07) | (0.11) | (0.07) | (0.17) |  | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.49) | (0.46) | (0.00) (g) | (0.01) |  | (0.18) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.56) | (0.57) | (0.07) | (0.18) |  | (0.50) |
| **Net Asset Value, End of Period/Year** | $9.26 | $10.91 | $10.62 | $10.27 | $10.09 | $10.24 |
| **Total Return (b)** | (10.53)% | 8.25% | 4.15% | 3.56% | (1.46)% (d) | 2.06% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (in 000's) | $26309 | $30016 | $18357 | $13494 | $11083 | $11002 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waivers/reimbursement (e) | 1.96% | 1.97 % (h) | 1.99% | 1.99% | 1.96 % (c) | 2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement (e) | 1.95% | 1.96% | 1.98% | 1.97% | 1.96 % (c) | 1.99% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets (e)(f) | (0.21)% | (0.26)% | 0.08% | 1.42% | 1.27 % (c) | 0.33% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 197% | 157% | 197% | 151% | 15 % (d) | 148% |

---

\* For the period October 1, 2018 to October 31, 2018.

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

(b) Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and exclude any sales charges (loads).

(c) Annualized.

(d) Not annualized.

(e) Does not include the expenses of the underlying investment companies in which the Fund invests.

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

(g) Per share amount represents less than $0.01 per share.

(h) Ratio includes less than 0.01% of the interest expenses.

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

---

| |
|:---|
| **Navigator Funds** |
| **FINANCIAL HIGHLIGHTS** |

---

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Navigator Tactical Fixed Income Fund - Class I** | **Navigator Tactical Fixed Income Fund - Class I** | **Navigator Tactical Fixed Income Fund - Class I** | **Navigator Tactical Fixed Income Fund - Class I** | **Navigator Tactical Fixed Income Fund - Class I** | **Navigator Tactical Fixed Income Fund - Class I** |
|  | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Year Ended**<br>**October 31, 2021** | **For the**<br>**Year Ended**<br>**October 31, 2020** | **For the**<br>**Year Ended**<br>**October 31, 2019** | **For the**<br>**Period Ended**<br>**October 31, 2018\*** | **For the**<br>**Year Ended**<br>**September 30, 2018** |
| **Net Asset Value, Beginning of Period/Year** | $10.93 | $10.64 | $10.23 | $10.06 | $10.19 | $10.54 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.08 | 0.07 | 0.11 | 0.24 | 0.02 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (1.07) | 0.89 | 0.42 | 0.21 | (0.15) | 0.16 |
| &nbsp;&nbsp;&nbsp;Total from operations | (0.99) | 0.96 | 0.53 | 0.45 | (0.13) | 0.31 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.21) | (0.12) | (0.27) |  | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.49) | (0.46) | (0.00) (g) | (0.01) |  | (0.18) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.64) | (0.67) | (0.12) | (0.28) |  | (0.66) |
| **Net Asset Value, End of Period/Year** | $9.30 | $10.93 | $10.64 | $10.23 | $10.06 | $10.19 |
| **Total Return (b)** | (9.55)% | 9.29% | 5.30% | 4.48% | (1.28)% (d) | 3.01% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (in 000's) | $6558482 | $8427502 | $6087718 | $4853812 | $3559071 | $3514175 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waivers/reimbursement (e) | 0.96% | 0.97 % (h) | 0.99% | 0.99% | 0.96 % (c) | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement (e) | 0.95% | 0.96% | 0.98% | 0.97% | 0.96 % (c) | 0.99% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (e)(f) | 0.76% | 0.69% | 1.08% | 2.41% | 2.09 % (c) | 1.44% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 197% | 157% | 197% | 151% | 15 % (d) | 148% |

---

\* For the period October 1, 2018 to October 31, 2018.

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

(b) Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

(c) Annualized.

(d) Not annualized.

(e) Does not include the expenses of the underlying investment companies in which the Fund invests.

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

(g) Per share amount represents less than $0.01 per share.

(h) Ratio includes less than 0.01% of the interest expenses.

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

---

| |
|:---|
| **Navigator Funds** |
| **FINANCIAL HIGHLIGHTS** |

---

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year presented.

---

| | | |
|:---|:---|:---|
|  | **Navigator Tactical Investment Grade Bond Fund - Class I** | **Navigator Tactical Investment Grade Bond Fund - Class I** |
|  | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Period\***<br>**October 31, 2021** |
| **Net Asset Value, Beginning of Period/Year** | $9.89 | $10.00 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a)(c)(d) | 0.13 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss from securities (both realized and unrealized) | (0.99) | (0.12) |
| &nbsp;&nbsp;&nbsp;Total from operations | (0.86) | (0.10) |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.00) (g) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.09) | (0.01) |
| **Net Asset Value, End of Period/Year** | $8.94 | $9.89 |
| **Total Return (b)** | (8.75)% | (1.03)% (f) |
| **Ratios/Supplemental Data** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (in 000's) | $1011004 | $49463 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waivers/reimbursement/recapture (c) | 1.10% | 1.52 % (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement/recapture (c) | 1.01% | 1.01 % (e) |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 1.44% | 1.06 % (e) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 1502% | 0 % (f) |

---

\* For the period August 31, 2021 (commencement of operations) to October 31, 2021.

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

(b) Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

(c) Does not include the expenses of the underlying investment companies in which the Fund invests.

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

(e) Annualized.

(f) Not annualized.

(g) Per share amount represents less than $0.01 per share.

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

---

| |
|:---|
| **Navigator Funds** |
| **FINANCIAL HIGHLIGHTS** |

---

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year presented.

---

| | | |
|:---|:---|:---|
|  | **Navigator Tactical U.S. Allocation Fund - Class I** | **Navigator Tactical U.S. Allocation Fund - Class I** |
|  | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Period Ended\***<br>**October 31, 2021** |
| **Net Asset Value, Beginning of Period/Year** | $10.85 | $10.00 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a)(e)(g) | 0.02 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (1.54) | 0.88 |
| &nbsp;&nbsp;&nbsp;Total from operations | (1.52) | 0.85 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net investment income | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.85) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.86) |  |
| **Net Asset Value, End of Period/Year** | $8.47 | $10.85 |
| **Total Return (b)** | (15.28)% | 8.50 % (d) |
| **Ratios/Supplemental Data** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (in 000's) | $45975 | $54240 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waivers/reimbursement (e) | 1.25 % (f) | 1.31 % (c)(f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement (e) | 1.02 % (f) | 1.04 % (c)(f) |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets (e)(g) | 0.25 % (f) | (0.70)% (c)(f) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 14% | 8 % (d) |

---

\* For the period June 11, 2021 (commencement of operations) to October 31, 2021.

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

(b) Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

(c) Annualized.

(d) Not annualized.

(e) Does not include the expenses of the underlying investment companies in which the Fund invests.

(f) Includes interest expense of 0.01% and 0.03% for the year ended October 31, 2022 and the period ended October 31, 2021, respectively.

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

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

---

| |
|:---|
| **Navigator Funds** |
| **FINANCIAL HIGHLIGHTS** |

---

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period/year presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Navigator Ultra Short Bond Fund - Class A** | **Navigator Ultra Short Bond Fund - Class A** | **Navigator Ultra Short Bond Fund - Class A** | **Navigator Ultra Short Bond Fund - Class A** |
|  | **For the Year Ended**<br>**October 31, 2022** | **For the Year Ended**<br>**October 31, 2021** | **For the Year Ended**<br>**October 31, 2020** | **For the Period\* Ended**<br>**October 31, 2019** |
| **Net Asset Value, Beginning of Period/Year** | $10.40 | $10.38 | $10.24 | $10.00 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.07 | 0.02 | 0.02 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (0.06) | 0.02 | 0.21 (h) | 0.02 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.01 | 0.04 | 0.23 | 0.24 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.07) | (0.02) | (0.08) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.02) |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.09) | (0.02) | (0.09) |  |
| **Net Asset Value, End of Period/Year** | $10.32 | $10.40 | $10.38 | $10.24 |
| **Total Return (b)** | 0.07% | 0.38% | 2.23% | 2.40 % (f) |
| **Ratios/Supplemental Data** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (in 000's) | $11 | $23 | $81 | $102 (g) |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waivers/reimbursement (c) | 0.95% | 0.96% | 0.89% | 0.81 % (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement (c) | 0.71% | 0.80% | 0.80% | 0.80 % (e) |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 0.71% | 0.19% | 0.19% | 3.48 % (e) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 36% | 145% | 29% | 62 % (f) |
|  | **Navigator Ultra Short Bond Fund - Class I** | **Navigator Ultra Short Bond Fund - Class I** | **Navigator Ultra Short Bond Fund - Class I** | **Navigator Ultra Short Bond Fund - Class I** |
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Period\* Ended** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2020** | **October 31, 2019** |
| **Net Asset Value, Beginning of Period/Year** | $10.05 | $10.03 | $10.04 | $10.00 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.12 | 0.04 | 0.14 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (0.09) | 0.02 | 0.03 (h) | 0.01 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.03 | 0.06 | 0.17 | 0.16 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.04) | (0.17) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.02) |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.12) | (0.04) | (0.18) | (0.12) |
| **Net Asset Value, End of Period/Year** | $9.96 | $10.05 | $10.03 | $10.04 |
| **Total Return (b)** | 0.23% | 0.63% | 1.67% | 1.62 % (f) |
| **Ratios/Supplemental Data** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period/year (in 000's) | $53954 | $53161 | $53733 | $83171 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waivers/reimbursement/recapture (c) | 0.69% | 0.71% | 0.64% | 0.56 % (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement/recapture (c) | 0.45% | 0.55% | 0.55% | 0.55 % (e) |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 1.22% | 0.41% | 1.37% | 2.43 % (e) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 36% | 145% | 29% | 62 % (f) |

---

\* Inception date of Class A and Class I shares is March 21, 2019. Start of performance is March 25, 2019.

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

(b) Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and exclude any sales charges (loads).

(c) Does not include the expenses of the underlying investment companies in which the Fund invests.

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

(e) Annualized.

(f) Not annualized.

(g) Amount is actual; not presented in thousands.

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

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

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **October 31, 2022** |

---

**1.** **ORGANIZATION** 

Navigator Equity Hedged Fund ("Equity Fund"), Navigator Tactical Fixed Income Fund ("Tactical Fund"), Navigator Tactical Investment Grade Bond Fund ("Bond Fund") Navigator Tactical U.S. Allocation Fund ("Allocation Fund") and Navigator Ultra Short Bond Fund ("Ultra Fund") are series of shares of beneficial interest of the Northern Lights Fund Trust (the "Trust"), a Delaware statutory trust organized on January 19, 2005 (the Equity Fund, Tactical Fund, Bond Fund, Allocation Fund and Ultra Fund are each a "Fund" and collectively the "Funds"). The Equity Fund, Tactical Fund, Bond Fund, Allocation Fund and Ultra Fund are each a diversified series of the Trust. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Each Fund offers three classes of shares designated as Class A, Class C and Class I except the Ultra Fund which offers only Class A and Class I shares and the Bond Fund and the Allocation Fund which offer only Class I shares. Class A shares are offered at net asset value ("NAV") plus a maximum sales charge of 5.50% for the Equity Fund and 3.75% for the Tactical Fund and Ultra Fund. Class C and Class I shares are offered at NAV. Each class represents an interest in the same assets of the Funds and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. 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 primary investment objective of the Equity Fund, which commenced operations on December 28, 2010, is long-term capital appreciation. The primary investment objective of the Tactical Fund, which commenced operations on March 27, 2014, is to seek total return with a secondary goal of current income. The primary investment objective of the Bond Fund, which commenced operations on August 31, 2021, is to seek total return with a secondary goal of current income. The primary investment objective of the Allocation Fund, which commenced operations on June 11, 2021, is to seek long-term capital appreciation. The primary investment objective of the Ultra Fund, which commenced operations on March 21, 2019, is current income consistent with the preservation of capital.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Funds in the 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. The Funds are investment companies and accordingly follow 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. Futures and future options are valued at the final settled price or, in the absence of a settled price, at the last sale price on the day of valuation. Options contracts listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the day of valuation. Option contracts not listed on a securities exchange or board of trade for which over-the-counter market quotations are readily available shall be valued at the mean between the current bid and ask prices on the day of valuation. Index options 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 that 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". The Funds may fair value a particular bond if the advisor does not believe that the round lot value provided by the independent pricing service reflects fair value of the Funds' holding. Short-term debt

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

obligations, having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at NAV. Swaps are valued through an independent pricing service or at fair value based upon the daily price reporting based on the underlying index or asset.

The Funds may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities are valued using the "fair value" procedures approved by the Board. The Board has designated the adviser as its valuation designee (the "Valuation Designee") to execute these procedures. The Board may also enlist third party consultants such 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, approval of which 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 asked price is available; the spread between bid and asked 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 affects 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 securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Funds utilize various methods to measure the fair value of all of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1** – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

**Level 2** – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3** – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

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 October 31, 2022 for the Funds' assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Fund**<br>**Assets\*\*** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Exchange Traded Funds | $27228897 | $— | $— | $27228897 |
| Short-Term Investments | 2758025 |  |  | 2758025 |
| Index Options Purchased |  | 527180 |  | 527180 |
| Collateral For Securities Loaned | 5393719 |  |  | 5393719 |
| Total | $35380641 | $527180 | $— | $35907821 |
| **Liabilities\*\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Options Written | $— | $233060 | $— | $233060 |
| Total | $— | $233060 | $— | $233060 |
| **Tactical Fund** |  |  |  |  |
| **Assets\*\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange Traded Funds | $2053658195 | $— | $— | $2053658195 |
| Open-End Funds | 96702794 |  |  | 96702794 |
| Corporate Bonds |  | 2617398470 |  | 2617398470 |
| Municipal Bonds |  | 54833351 |  | 54833351 |
| U.S. Government & Agencies |  | 789960725 |  | 789960725 |
| Commercial Paper |  | 161204130 |  | 161204130 |
| Short-Term Investments | 950659642 |  |  | 950659642 |
| Options Purchased | 4929252 |  |  | 4929252 |
| Total | $3105949883 | $3623396676 | $— | $6729346559 |
| Futures Contracts\* | $3878611 | $— | $— | $3878611 |
| Open Swap Contracts^ |  | 7642624 |  | 7642624 |
| Total | $3878611 | $7642624 | $— | $11521235 |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures Contracts\* | $2536186 | $— | $— | $2536186 |
| Open Swap Contracts^ |  | 16927285 |  | $16927285 |
| Total | $2536186 | $16927285 | $— | $19463471 |
| **Bond Fund** |  |  |  |  |
| **Assets\*\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Short-Term Investments | $1009596909 | $— | $— | $1009596909 |
| Total | $1009596909 | $— | $— | $1009596909 |

---

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Allocation Fund**<br>**Assets\*\*** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Corporate Bonds | $— | $34538486 | $— | $34538486 |
| Short-Term Investments | 8972458 |  |  | 8972458 |
| Futures Contracts\* | $274050 | $— | $— | $274050 |
| Total | $9246508 | $34538486 | $— | $43784994 |
| **Ultra Fund** |  |  |  |  |
| **Assets\*\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds | $— | $52213627 | $— | $52213627 |
| Commercial Paper |  | 999056 |  | 999056 |
| Short-Term Investments | 1609633 |  |  | 1609633 |
| Total | $1609633 | $53212683 | $— | $54822316 |

---

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

\* Includes cumulative unrealized gain (loss) on futures contracts open at October 31, 2022.

\*\* Refer to the Schedule of Investments for industry, geographic, or other classifications.

---

| | |
|:---|:---|
| ^ | The amounts shown for swaps are unrealized appreciation/depreciation. |

---

*Valuation of Fund of Funds –* The Funds may invest in portfolios of open-end or closed-end investment companies (the "underlying funds"). Underlying funds that are open-end investment companies are valued at their respective NAVs 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 the Funds will not change.

*Security Transactions and Investment Income* – Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the highest cost method for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Purchase discounts and premiums on securities are accreted and amortized over the life of the respective securities.

*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 potential lack of liquidity of an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

*Short Sales –* A "short sale" is a transaction in which a Fund sells a security it does not own but has borrowed in anticipation that the market price of that security will decline. The Fund is obligated to replace the security borrowed by purchasing it on the open market at a later date. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss which could potentially be unlimited in size. Conversely, if the price declines, the Fund will realize a gain, limited to the price at which the Fund sold the security short.

*Swap Agreements* – The Funds are subject to equity price risk and/or interest rate risk in the normal course of pursuing their respective investment objectives. The Funds may hold fixed-rate bonds, the value of which may decrease if interest rates rise, and equities which are subject to equity price risk. The Funds may enter into various swap transactions for investment purposes or to manage interest rate, equity, foreign exchange (currency) or credit risk. These would be two-

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments.

*Credit Default Swaps* – Credit default swaps ("CDS") are typically two-party (bilateral) financial contracts that transfer credit exposure between the two parties. One party to a CDS (referred to as the credit protection "buyer") receives credit protection or sheds credit risk, whereas the other party to a CDS (referred to as the credit protection "seller") is selling credit protection or taking on credit risk. The seller typically receives pre-determined periodic payments from the other party. These payments are in consideration for agreeing to make compensating specific payments to the buyer should a negative credit event occur, such as (1) bankruptcy or (2) failure to pay interest or principal on a reference debt instrument, with respect to a specified issuer or one of the reference issuers in a CDS portfolio. In general, CDS may be used by the Funds to obtain credit risk exposure similar to that of a direct investment in high yield bonds. The amounts to be exchanged or "swapped" between parties are calculated with respect to the notional amount. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as premiums paid for swap contacts. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statements of Operations. The maximum pay-outs for these contracts are limited to the notional amount of each swap. CDS may involve greater risks than if the Funds had invested in the referenced obligation directly and are subject to general market risk, liquidity risk, counterparty risk and credit risk.

*ETF, Mutual Fund and Exchange Traded Note ("ETN") Risk **–*** ETFs, mutual funds and ETNs are subject to investment advisory or management and other expenses, which will be indirectly paid by each Fund. Each is subject to specific risks, depending on investment strategy. Also, each may be subject to leverage risk, which will magnify losses. ETNs are subject to default risks.

*Market Risk* – Overall market risks may also affect the value of the Fund. The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. Factors such as economic growth and market conditions, interest rate levels, exchange rates and political events affect the securities markets. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. Unexpected local, regional or global events and their aftermath, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; recessions and depressions; or other tragedies, catastrophes and events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund's net asset value, and may impair market liquidity, thereby increasing liquidity risk. Such events can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. In times of severe market disruptions you could lose your entire investment.

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and subsequently spread globally. This coronavirus has resulted in, among other things, travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, significant disruptions to business operations, market closures, cancellations and restrictions, supply chain disruptions, lower consumer demand, and significant volatility and declines in global financial markets, as well as general concern and uncertainty. The impact of COVID-19 has adversely affected, and other infectious illness outbreaks that may arise in the future could adversely affect, the economies of many nations and the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

*Futures –* The Tactical Fund and Allocation Fund are subject to interest rate risk in the normal course of pursuing their investment objectives. To help manage interest rate risk, the Tactical Fund and Allocation Fund may enter into futures contracts. Upon entering into a futures contract with a broker, the Tactical Fund and Allocation Fund are required to deposit in a segregated account a specified amount of cash or U.S. government securities which are classified as deposits with broker in the accompanying Statements of Assets and Liabilities. Futures contracts are valued daily and unrealized gains or losses are recorded in a "variation margin" account. Periodically, the Tactical Fund and Allocation Fund will receive from or pay to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Tactical Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. With futures contracts, there is minimal counterparty credit risk to the Tactical Fund and Allocation Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Futures contracts outstanding at period end are listed after the Tactical Fund's and Allocation Fund's Schedules of Investments.

*Option Transactions –* The Funds are subject to equity price and interest rate risk in the normal course of pursuing their investment objective and may purchase or sell options to help hedge against risk. When a Fund writes put and call options, an amount equal to the premium received is included in the Statements of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Funds enter into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Funds have no control over whether the option will be exercised and, as a result, retain the market risk of an unfavorable change in the price of the security underlying the written option.

The Funds may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in the Funds' portfolios or to gain inverse exposure to market index. If such a decline occurs, the put options will permit the Funds to sell the securities underlying such options at the exercise price, or to close out the options at a profit. Call options are purchased to allow the Funds to enter a futures contract or purchase an exchange- traded note at a specified price. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by a Fund upon exercise of the option, and, unless the price of the underlying security, index, or future rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security, index, or future in connection with which an option was purchased moves in a direction favorable to a Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Funds since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

*Repurchase Agreements* – The Tactical Fund may purchase securities from financial institutions subject to the seller's agreement to repurchase and the Tactical Fund's agreement to resell the securities at par. The Advisor only enters into repurchase agreements with financial institutions that are primary dealers and deemed to be creditworthy by the Advisor in accordance with procedures adopted by the Board. Securities purchased subject to repurchase agreements are maintained with a custodian of the Fund and must have, at all times, an aggregate market value plus accrued interest greater than or equal to the repurchase price. If the market value of the underlying securities falls below 102% of the value of the repurchase price, the Fund will require the seller to deposit additional collateral by the next business day. In the event that the seller under the agreement defaults on its repurchase obligation or fails to deposit sufficient collateral, the Fund has the contractual right, subject to the requirements of applicable bankruptcy and insolvency laws, to sell the underlying securities and may claim any resulting loss from the seller.

The notional value of the derivative instruments outstanding as of October 31, 2022 as disclosed in the Schedule of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the year/period as disclosed below and within the Statements of Operations serve as indicators of the volume of derivative activity for the Funds.

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

*Offsetting of Financial Assets and Derivative Assets and Liabilities –* International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") govern OTC financial derivative transactions entered into by the Tactical Fund and their counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreements. Any election to early terminate could be material to the financial statements. Additionally, the Tactical Fund and each derivative counterparty enter into a Credit Support Annex which becomes part of the ISDA Master Agreement. The Credit Support Annex governs the margin collateral arrangements between the Tactical Fund and the derivative counterparty.

Under an ISDA Master Agreement or similar agreement, the Funds typically may offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by a counterparty, the return of collateral with market value in excess of the Funds net liability, held by the defaulting party, may be delayed or denied.

The Funds' policy is to recognize a net asset or liability equal to the net appreciation (depreciation) of the derivative. The following tables show additional information regarding derivatives and the offsetting of assets and liabilities at October 31, 2022.

**Equity Fund:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
| <u>Assets</u> |  |  |  |  | Statements of Assets & Liabilities | Statements of Assets & Liabilities |  |
|  |  |  | Gross Amounts | Net Amounts |  |  |  |
|  |  |  | Offset in the | Presented in the |  |  |  |
|  |  | Gross Amounts | Statements of | Statements of | Financial | Cash Collateral |  |
|  |  | of Recognized | Assets & | Assets & | Instruments | Pledged /(Received) |  |
| <u>Description</u> | Counterparty | Assets | Liabilities | Liabilities | Pledged <sup>(1)</sup> | <sup>(2)</sup> | Net Amount |
| Options Purchased | Pershing | $527180 | $— | $527180 | $(233060) | $— | $294120 |
| Total |  | $527180 | $— | $527180 | $(233060) | $— | $294120 |
|  |  |  |  |  | Gross Amounts Not Offset in the Statement of | Gross Amounts Not Offset in the Statement of |  |
| <u>Liabilities:</u> |  |  |  |  | Assets & Liabilities | Assets & Liabilities |  |
|  |  |  | Gross Amounts | Net Amounts |  |  |  |
|  |  | Gross Amounts of | Offset in the | Presented in the |  |  |  |
|  |  | Recognized | Statement of | Statement of Assets | Financial | Cash Collateral |  |
| <u>Description</u> |  | Liabilities | Assets & Liabilities | & Liabilities | Instruments <sup>(1)</sup> | Pledged/ (Received)<sup>(2)</sup> | Net Amount |
| Options Written | Pershing | $233060 | $— | $233060 | $(233060) | $— | $— |
| Securities Lending |  | 5393719 |  | 5393719 | (5393719) |  |  |
| Total |  | $5626779 | $— | $5626779 | $(5626779) | $— | $— |

---

<sup>(1)</sup> Included with investments in securities at value on the Statements of Assets of Liabilities. The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to a master netting agreement.

<sup>(2)</sup> The amount does not include excess collateral pledged by the counterparty. Detailed collateral amounts are presented in the Statements of Assets and Liabilities.

The effect of Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Contract Type/<br> Primary Risk Exposure** | **Balance Sheet Location** | **Value** | **Balance Sheet Location** | **Value** |
| Equity and Index Options | Options Contracts Purchased at Value | $527180 | Options Contracts Written at Value | $233060 |
|  |  | $527180 |  | $233060 |

---

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

The effect of Derivative Instruments on the Statements of Operations for the year ended October 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contract Type/Primary Risk**<br>**Exposure** | <br>**Location of Gain or (Loss) on Derivatives** |<br>**Realized Gain (Loss) on**<br>**Derivatives** | **Change in Unrealized**<br>**Appreciation**<br>**(Depreciation) on**<br>**Derivatives** |
| Equity and Index Options | Net realized gain (loss) on options purchased / Net change in unrealized appreciation/(depreciation) on options purchased | $(1500050) | $118301 |
| Equity and Index Options | Net realized gain (loss) on options written / Net change in unrealized appreciation/(depreciation) on options written | 2495257 | (95675) |
| Total |  | $995207 | $22626 |

---

**Tactical Fund:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
| <u>Assets:</u> |  |  |  |  | Statements of Assets & Liabilities | Statements of Assets & Liabilities |  |
|  |  |  | Gross Amounts |  |  |  |  |
|  |  |  | Offset in the | Net Amounts |  |  |  |
|  |  |  | Statements of | Presented in the | Financial | Cash Collateral |  |
|  | Counter | Gross Amounts of | Assets & | Statements of Assets | Instruments | Pledged/ |  |
| <u>Description</u> | party | Recognized Assets | Liabilities | & Liabilities | Pledged <sup>(1)</sup> | (Received)<sup>(2)</sup> | Net Amount |
| Futures Contracts | GS | $3878611 | $— | $3878611 | $(2536186) | $— | $1342425 |
| Option Purchased | GS | 4929252 |  | 4929252 |  |  | 4929252 |
| Swap Contracts | GS | 7191435 |  | 7191435 | (7191435) |  |  |
| Swap Contracts | MS | 451189 |  | 451189 |  |  | 451189 |
| Total |  | $16450487 | $— | $16450487 | $(9727621) | $— | $6722866 |
|  |  |  |  |  | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the |  |
| <u>Liabilities:</u> |  |  |  |  | Statements of Assets & Liabilities | Statements of Assets & Liabilities |  |
|  |  |  | Gross Amounts |  |  |  |  |
|  |  |  | Offset in the | Net Amounts |  |  |  |
|  |  | Gross Amounts of | Statements of | Presented in the |  | Cash Collateral |  |
|  | Counter | Recognized | Assets & | Statements of Assets | Financial | Pledged/ |  |
| <u>Description</u> | party | Liabilities | Liabilities | & Liabilities | Instruments <sup>(1)</sup> | (Received)<sup>(2)</sup> | Net Amount |
| Futures Contracts | GS | $2536186 | $— | $2536186 | $— | $(2536186) | $— |
| Swap Contracts | GS | 16927285 |  | 16927285 | (7191435) | (9735850) |  |
| Total |  | $19463471 | $— | $19463471 | $(7191435) | $(12272036) | $— |

---

GS - Goldman Sachs

MS - Morgan Stanley

<sup>(1)</sup> Included with investments in securities at value on the Statements of Assets of Liabilities. The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to a master netting agreement.

<sup>(2)</sup> The amount does not include excess collateral pledged by the counterparty. Detailed collateral amounts are presented in the Statements of Assets and Liabilities.

The effect of Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Contract Type/<br> Primary Risk Exposure** | **Balance Sheet Location** | **Value** | **Balance Sheet Location** | **Value** |
| Equity and Future Options | Investments in Securities at Value | $4929252 | Option Contracts Written at Value | $— |
| Futures contracts/Interest rate risk | Unrealized Appreciation on Futures Contracts | 3878611 | Unrealized Depreciation on Futures Contracts | 2536186 |
| Credit default swaps/Credit risk | Unrealized Appreciation on Swap Contracts | 7642624 | Unrealized Depreciation on Swap Contracts | 16927285 |
|  |  | $16450487 |  | $19463471 |

---

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

The effect of Derivative Instruments on the Statements of Operations for the year ended October 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
|  |  | | Change in Unrealized |
|  |  | Realized | Appreciation |
| Contract Type/ | Location of Gain or (Loss) On | Gain (Loss) | /(Depreciation) |
| Primary Risk Exposure | Derivatives | on Derivatives | on Derivatives |
| Credit default swaps/Credit risk | Net realized gain (loss) on swaps contracts/Net change in unrealized appreciation (depreciation) on swaps contracts | $(233557606) | $(21141924) |
| Total return swaps/interest rate risk | Net realized gain (loss) on swaps contracts/Net change in unrealized appreciation (depreciation) on swaps contracts | (112694368) |  |
| Futures contracts /Interest rate risk | Net realized gain (loss) on futures contracts/Net change in unrealized appreciation (depreciation) on futures contracts | (128528789) | (10447783) |
| Options Index/Equity rate risk | Net realized gain (loss) on options purchased/Net change in unrealized appreciation (depreciation) on options purchased | (16753274) | 5009109 |
| Options Index/Equity rate risk | Net realized gain (loss) on options written / Net change unrealized appreciation/(depreciation) on options written | (13042497) | (376002) |
| Total |  | $(504576534) | $(26956600) |

---

**Bond Fund:**

The effect of Derivative Instruments on the Statements of Operations for the year ended October 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contract Type/Primary Risk**<br>**Exposure** | <br>**Location of Gain or (Loss) on Derivatives** |<br>**Realized Gain (Loss) on**<br>**Derivatives** | **Change in Unrealized**<br>**Appreciation**<br>**(Depreciation) on**<br>**Derivatives** |
| Credit default swaps/Credit risk | Net realized gain (loss) on swaps contracts/Net change in unrealized appreciation (depreciation) on swaps contracts | $2928020 | $— |
| Futures contracts /Interest rate risk | Net realized gain (loss) on futures contracts/Net change in unrealized appreciation (depreciation) on futures contracts | (7603184) |  |
| Total |  | $(4675164) | $— |

---

**Allocation Fund:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | Gross Amounts Not Offset in the Statement | Gross Amounts Not Offset in the Statement | |
| <u>Assets:</u> |  |  |  |  | of Assets & Liabilities | of Assets & Liabilities |  |
|  |  |  |  | Net Amounts |  |  |  |
|  |  | Gross | Gross Amounts | Presented in |  |  |  |
|  |  | Amounts of | Offset in the | the Statements |  |  |  |
|  |  | Recognized | Statements of | of Assets & | Financial | Cash Collateral Pledge/ |  |
| <u>Description</u> | Counterparty | Assets | Assets & Liabilities | Liabilities | Instruments <sup>(1)</sup> | (Received) <sup>(2)</sup> | Net Amount |
| Futures contracts | GS | $274050 | $— | $274050 | $— | $— | $274050 |

---

GS - Goldman Sachs

<sup>(1)</sup> Included with deposit with broker on the Statement of Assets of Liabilities.

 

<sup>(2)</sup> The amount is limited to the net derivative balance and accordingly does not include excess collateral pledged.

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

The effect of Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Contract Type/<br> Primary Risk Exposure** | **Balance Sheet Location** | **Value** | **Balance Sheet Location** | **Value** |
| Futures contracts/Equity risk | Unrealized Appreciation on Futures Contracts | $274050 | Unrealized Depreciation on Futures Contracts | $— |
|  |  | $274050 |  | $— |

---

The effect of Derivative Instruments on the Statements of Operations for the year ended October 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contract Type/Primary Risk**<br>**Exposure** | <br>**Location of Gain or (Loss) on Derivatives** |<br>**Realized Loss on**<br>**Derivatives** | **Change in Unrealized**<br>**Appreciation**<br>**(Depreciation) on**<br>**Derivatives** |
| Futures contracts /Equity risk | Net realized loss on futures contracts/Net change in unrealized appreciation (depreciation) on futures contracts | $(6638197) | $(1477660) |
| Total |  | $(6638197) | $(1477660) |

---

*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, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

*Federal Income Taxes* – The Funds intend to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to 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 October 31, 2019 to October 31, 2021, or expected to be taken in the Funds' October 31, 2022 year-end tax returns. The Funds have identified their major tax jurisdictions as U.S. federal, Ohio, Nebraska (for fiscal years prior to fiscal year ended October 31, 2019) and foreign jurisdictions where the Funds make significant investments. 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.

*Distributions to Shareholders* – Dividends from investment income are declared and paid quarterly for the Funds and are recorded on the ex-dividend date. The Funds will declare and pay net realized capital gains, if any, annually. The character of income and gains to be distributed is determined in accordance with income tax regulations which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) 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. These reclassifications have no effect on net assets, results from operations or NAV per share of the Funds.

*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 Trust expects the risk of loss due to these warranties and indemnities to be remote.

**3.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

Clark Capital Management Group, Inc. serves as the Funds' investment advisor (the "Advisor").

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

Pursuant to the investment advisory agreement (the "Advisory Agreement") with the Trust on behalf of the Funds, the Advisor, 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. Under the terms of the Advisory Agreement, the Advisor receives monthly fees calculated daily and paid monthly at an annual rate of 0.75% of the average daily net assets of the Equity Fund, 0.85% of the average daily net assets of the Tactical Fund up to $4.5 billion, 0.80% of the of the average daily net assets of the Tactical Fund from $4.5 billion to $5.5 billion and 0.75% of the average daily net assets of the Tactical Fund above $5.5 billion, 0.85% of the average daily net assets of the Bond Fund and Allocation Fund and 0.30% of the average daily net assets of the Ultra Fund. For the year ended October 31, 2022, the Advisor earned advisory fees of $258,517, $63,234,013, $5,674,333, $425,204 and $158,663 for the Equity Fund, Tactical Fund, Bond Fund, Allocation Fund and Ultra Fund, respectively.

Pursuant to an exemptive order, the Tactical Fund invested a portion of its assets in the Bond Fund, Allocation Fund and Ultra Fund. The Advisor has agreed to waive its net advisory fee (after expense limitation agreement waiver) on the portion of the Tactical Fund's assets that are invested in the Bond Fund, Allocation Fund and Ultra Fund. For the year ended October 31, 2022, the Tactical Fund waived $1,037,709 in advisory fees pursuant to this agreement.

The Advisor has contractually agreed to waive all or part of its management fees and/or make payments to limit the Funds' expenses (exclusive of any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); borrowing costs (such as interest and dividend expense on securities sold short); taxes; expenses incurred in connection with any merger or reorganization; and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Advisor) at least until the expiration dates specified below and will not exceed the following levels of the average daily net assets attributable to each class of shares:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class I** | **Expiration Date** |
| Equity Fund | 1.35% | 2.10% | 1.10% | 2/28/2023 |
| Bond Fund |  |  | 1.01% | 2/28/2023 |
| Allocation Fund |  |  | 1.01% | 2/28/2023 |
| Ultra Fund\* | 0.65% |  | 0.40% | 2/28/2023 |

---

\* Prior to February 28, 2022, the expense limits for the Ultra Fund were 0.80% and 0.55% of the average daily net assets of Class A and Class I, respectively.

Waivers and expense payments may be recouped by the Advisor from the Funds, to the extent that overall expenses fall below the expense limitation amounts listed above, within three years of when the amounts were waived. During the year ended October 31, 2022, the Advisor waived $160,843, $632,196, $112,432 and $128,968 in fees from the Equity Fund, Bond Fund, Allocation Fund and Ultra Fund, respectively.

The following table shows the remaining waived expenses subject to potential recovery which expire in:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **October 31, 2023** | **October 31, 2024** | **October 31, 2025** | **Total** |
| Equity Fund | $125632 | $170615 | $160843 | $457090 |
| Bond Fund |  | 41650 | 632196 | 673846 |
| Allocation Fund |  | 52165 | 112432 | 164597 |
| Ultra Fund | 54704 | 88375 | 128968 | 272047 |

---

*Distributor –* The distributor of the Funds is Northern Lights Distributors, LLC ("NLD" or the "Distributor"). The Trust has adopted, on behalf of the Funds, the Trust's Master Distribution and Shareholder Servicing Plans (the "Plans") for Class A and Class C shares, respectively, pursuant to Rule 12b-1 under the 1940 Act, to pay for certain distribution activities and shareholder services. Under the Plans, the Funds may pay 0.25% per year of the average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares for such distribution and shareholder service

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

activities. For the year ended October 31, 2022, the Equity Fund incurred distribution fees of $2,738 and $3,107 for Class A shares and Class C shares, respectively, the Tactical Fund incurred distribution fees of $148,683 and $293,100 for Class A shares and Class C shares and the Ultra Fund incurred distribution fees of $45 for Class A shares.

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. For the year ended October 31, 2022, the Distributor received $43,118 in underwriting commissions for sales of Class A shares, of which $6,187 was retained by the principal underwriter or other affiliated broker-dealers.

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.

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

The cost of purchases and the proceeds from the sale of securities, other than short-term securities and U.S. Government securities, for the year ended October 31, 2022, amounted to $221,276,485 and $219,582,105, respectively, for the Equity Fund; $9,106,163,722 and $7,939,291,159 respectively, for the Tactical Fund; $4,046,539,676 and $3,910,401,561, respectively, for the Bond Fund, $13,023,367 and $4,284,513, respectively, for the Allocation Fund; and $79,779,864 and $18,346,086, respectively, for the Ultra Fund.

The cost of purchases and the proceeds from the sale of U.S. Government securities, for the year ended October 31, 2022, amounted to $6,088,607,497 and $4,301,814,158 respectively, for the Tactical Fund.

**5.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The identified cost of investments in securities owned by each Fund for federal income tax purposes excluding futures and swaps, and its respective gross unrealized appreciation and depreciation at October 31, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>Tax Cost |<br>Gross Unrealized<br>Appreciation |<br>Gross Unrealized<br>Depreciation | Net Unrealized<br>Appreciation/<br>(Depreciation) |
| Equity Fund | $35659991 | $730238 | $(715468) | $14770 |
| Tactical Fund | 6842544865 | 17230046 | (113895131) | (96665085) |
| Bond Fund | 1009711891 |  | (114982) | (114982) |
| Allocation Fund | 43752776 | 3279 | (245111) | (241832) |
| Ultra Fund | 55194231 | 1425 | (373340) | (371915) |

---

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of distributions paid during the years ended October 31, 2022 and October 31, 2021 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***For the year ended October 31, 2022:*** | ***For the year ended October 31, 2022:*** | ***For the year ended October 31, 2022:*** | ***For the year ended October 31, 2022:*** | ***For the year ended October 31, 2022:*** |
|  | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| Equity Fund | $5531761 | $— | $— | $5531761 |
| Tactical Fund | 387715662 | 122294023 |  | 510009685 |
| Bond Fund | 8153109 |  |  | 8153109 |
| Allocation Fund | 1663650 | 2638135 |  | 4301785 |
| Ultra Fund | 566375 | 31625 |  | 598000 |
| ***For the year ended October 31, 2021:*** | ***For the year ended October 31, 2021:*** | ***For the year ended October 31, 2021:*** | ***For the year ended October 31, 2021:*** | ***For the year ended October 31, 2021:*** |
|  | **Ordinary** | **Long-Term** | **Return of** |  |
|  | **Income** | **Capital Gains** | **Capital** | **Total** |
| Equity Fund | $180336 | $— | $— | $180336 |
| Tactical Fund | 227210430 | 191190941 |  | 418401371 |
| Bond Fund | 35500 |  |  | 35500 |
| Allocation Fund |  |  |  |  |
| Ultra Fund | 228399 |  |  | 228399 |

---

The difference between ordinary distributions paid from book and ordinary distributions paid from tax relates to allowable foreign tax credits of $8,817 for the fiscal year ended October 31, 2022 and $4,072 for the fiscal year ended October 31, 2021 for the Equity Fund, which has been passed through to the Fund's underlying shareholders and are deemed dividends for tax purposes.

As of October 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Equity Fund | $20379 | $— | $— | $(6153315) | $— | $14770 | $(6118166) |
| Tactical Fund | 21141719 |  |  | (781636857) |  | (96665085) | (857160223) |
| Bond fund | 1964308 |  |  | (60567866) |  | (114982) | (58718540) |
| Allocation Fund | 94509 |  |  | (8167104) |  | (241832) | (8314427) |
| Ultra Fund | 156533 |  |  | (125434) |  | (371915) | (340816) |

---

The difference between book basis and tax basis unrealized appreciation/(depreciation) and accumulated net realized gain/(loss) from investments is primarily attributable to the tax deferral of losses on wash sales, and mark-to-market on open futures and options contracts.

At October 31, 2022, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Short-Term** |<br>**Long-Term** |<br>**Total** | **Carry Forward**<br>**Utilized** |
| Equity Fund | $6153315 | $— | 6153315 | $— |
| Tactical Fund | 607589228 | 174047629 | 781636857 |  |
| Bond fund | 52947091 | 4312753 | 57259844 |  |
| Allocation Fund | 3297590 | 4869514 | 8167104 |  |
| Ultra Fund | 112386 | 13048 | 125434 |  |

---

\* The Navigator Tactical Investment Grade Bond Fund experienced a shareholder change in ownership resulting in an annual limitation on the amount of pre-change capital loss carry forwards available to be recognized in

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

each year. Due to IRC Section 382 limitations, utilization of these carry forwards is limited to a maximum of $1,543,207 per year ($959,748 in the initial year.)

**7.** **SECURITIES LENDING** 

The Funds have entered into a securities lending arrangement (the "Agreement") with The Bank of New York Mellon (the "Lending Agent"). Under the terms of the Agreement, the Funds are authorized to loan securities to the Lending Agent. In exchange, the Funds receive cash and "non-cash" or "securities" collateral in the amount of at least 102% of the value of the securities loaned. The value of securities loaned is disclosed in a footnote on the Statements of Assets and Liabilities and on the Schedules of Investments. Securities lending income is disclosed in the Funds' Statements of Operations. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the Lending Agent fails to return the securities on loan. The Funds' cash collateral received in securities lending transactions is invested in the Dreyfus Treasury Securities Cash Management, as presented below. The Lending Agent retains the right to offset amounts payable to the Funds under the Agreement against amounts payable by the Lending Agent. Accordingly, the Agreement does not permit the Funds to enforce a netting arrangement.

As of October 31, 2022, the Equity Fund loaned securities which was collateralized by cash and other securities. The value of the securities on loan and the value of the related collateral was as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Value of Securities Loaned** | **Value of Collateral\*** |
| Equity | $5262527 | $5393719 |

---

\* The Equity Fund received cash collateral of $5,393,719, which was subsequently invested in the Dreyfus Treasury Securities Cash Management as reported in the Schedules of Investments.

---

| | |
|:---|:---|
| **Overnight and Continuous** |  |
| &nbsp;&nbsp;&nbsp;**Equity Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Treasury Securities Cash Management | $5393719 |

---

**8.** **INVESTMENT IN AFFILIATED COMPANIES** 

An affiliated company is a company in which a Fund has ownership of at least 5% of the voting securities or are affiliated through common management. Companies which are affiliates of the Equity Fund and Tactical Fund as of October 31, 2022 are noted in each Fund's Schedule of Investments. Transactions during the year ended October 31, 2022, with affiliated companies were as follows:

**Tactical Fund**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Affiliated Holding** |<br>**Value - Beginning of**<br>**Year/Period** |<br>**Purchases** |<br>**Sales Proceeds** |<br>**Realized Gain /**<br>**(Loss)** |<br>**Long-Term**<br>**Capital Gain** | **Change in**<br>**Unrealized Gain /**<br>**(Loss)** |<br>**Dividend**<br>**Income** |<br>**Value - End of**<br>**Year/Period** |<br>**Ending Shares** |
| Ultra Fund | $50624298 | $569244 | $— | $— | $— | $(453254) | $539020 | $50740288 | 5094406 |
| Bond Fund | 49485536 | 48965937 | (94109756) | (4891681) | 30223 | 549964 | 143937 |  |  |
| Allocation Fund | 54250000 | 4301784 |  |  | 2638500 | (12589278) | 1663285 | 45962506 | 5426506 |
|  | $154359834 | $53836965 | $(94109756) | $(4891681) | $2668723 | $(12492568) | $2346242 | $96702794 | 10520912 |

---

**9.** **BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund under section 2(a)(9) of the 1940 Act. As of October 31, 2022, National Financial Services LLC accounts holding Shares for the benefit of others, held approximately 29.79%, 58.33% and 45.08% of the Equity Fund, Tactical Fund and Bond Fund, respectively of the voting securities of the Fund. As of October 31, 2022, Pershing LLC, accounts holding shares for the benefit of others, held approximately 58.60% of the voting securities of

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2022** |

---

the Equity Fund. As of October 31, 2022, Mac & Co. held approximately 94.06% and 100% of the Ultra Fund and Allocation Fund, respectively.

**10.** **UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES** 

The following Fund currently invests a portion of its assets in the corresponding investment at October 31, 2022. The Fund may redeem its investment from the investment at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so. The performance of the Fund will be directly affected by the performance of the investment. The financial statements of the investment, including its schedule of investments, can be found at the Securities and Exchange Commission's website <u>www.sec.gov</u> and should be read in conjunction with the Fund's financial statements.

---

| | | |
|:---|:---|:---|
| **Fund** | **Investment** | **Percentage of Net Asset** |
| Bond Fund | Dreyfus Treasury Obligations Cash Management Fund | 35.6% |

---

**11.** **RECENT REGULATORY UPDATES** 

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any of applying this ASU.

**12.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of** **Trustees of Northern Lights Fund Trust**

**and the Shareholders of Navigator Equity Hedged Fund, Navigator Tactical Fixed Income Fund, Navigator Tactical Investment Grade Bond Fund, Navigator Tactical U.S. Allocation Fund, and Navigator Ultra Short Bond Fund**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Navigator Equity Hedged Fund, Navigator Tactical Fixed Income Fund, Navigator Tactical Investment Grade Bond Fund, Navigator Tactical U.S. Allocation Fund, and Navigator Ultra Short Bond Fund, each a series of shares of beneficial interest in Northern Lights Fund Trust (the ***"Funds"***), including the schedules of investments, as of October 31, 2022, the related statements of operations for the year then ended , the statements of changes in net assets and the financial highlights as noted in the table below, and the related notes (collectively referred to as the ***"financial statements"***). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of October 31, 2022, and the results of their operations for the year then ended, and the changes in their net assets ended and their financial highlights for each of the periods noted in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Financial Statements Presented** |
| Navigator Equity Hedged Fund<br>Navigator Tactical Fixed Income Fund | &nbsp;&nbsp;The statements of changes in net assets for each of the years in the two-year period ended October 31, 2022 and the financial highlights for each of the years in the four-year period then ended, the one-month period ended October 31, 2018 and the year ended September 30, 2018 |
| Navigator Tactical Investment Grade Bond Fund | &nbsp;&nbsp;The statements of changes in net assets and financial highlights for the year ended October 31, 2022 and for the period August 31, 2021 (commencement of operations) to October 31, 2021 |
| Navigator Tactical U.S. Allocation Fund | &nbsp;&nbsp;The statements of changes in net assets and financial highlights for the year ended October 31, 2022 and for the period June 11, 2021 (commencement of operations) to October 31, 2021 |
| Navigator Ultra Short Bond Fund | &nbsp;&nbsp;The statements of changes in net assets for each of the years in the two-year period ended October 31, 2022 and the financial highlights for each of the years in the three-year period then ended and for the period March 21, 2019 (commencement of operations) through October 31, 2019. |

---

**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 law 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk 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 October 31, 2022 by correspondence with the custodian, counterparties, brokers, or by other appropriate auditing procedures where replies from brokers were not received. 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.

![(-s- BBD, LLP)](nf008_v1.jpg)

**BBD, LLP**

*We have served as the auditor of one or more of the Funds in the Northern Lights Fund Trust since 2006.*

**Philadelphia, Pennsylvania**

**December 28, 2022**

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| |
|:---|
| **Navigator Funds** |
| **DISCLOSURE OF FUND EXPENSES (Unaudited)** |
| **October 31, 2022** |

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As a shareholder of the Funds you incur two types of costs: (1) transaction costs (such as front-end loads) and (2) ongoing costs, including advisory fees, distribution and/or service (12b-1 fees) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs.

This example is based on an investment of $1,000 invested for the period of time beginning May 1, 2022 and held through October 31, 2022.

**<u>Actual Expenses</u>:** The "Actual" columns in the table below provide 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.

**<u>Hypothetical Examples for Comparison Purposes</u>:** The "Hypothetical" columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds' 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 front-end 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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Hypothetical | Hypothetical |
|  | | | Actual | Actual | (5% return before expenses) | (5% return before expenses) |
|  | Fund's | Beginning | Ending | Expenses | Ending | Expenses |
|  | Annualized | Account Value | Account Value | Paid During | Account Value | Paid During |
| Class A | Expense Ratio | 5/1/22 | 10/31/22 | Period\* | 10/31/22 | Period\* |
| Navigator Equity Hedged Fund | 1.35% | $1000.00 | $938.60 | $6.58 | $1018.42 | $6.85 |
| Navigator Tactical Fixed Income Fund | 1.19% | $1000.00 | $939.40 | $5.82 | $1019.21 | $6.06 |
| Navigator Ultra Short Bond Fund | 0.65% | $1000.00 | $1005.80 | $3.29 | $1021.93 | $3.31 |
| Class C |  |  |  |  |  |  |
| Navigator Equity Hedged Fund | 2.10% | $1000.00 | $934.90 | $10.24 | $1014.62 | $10.66 |
| Navigator Tactical Fixed Income Fund | 1.94% | $1000.00 | $935.20 | $9.46 | $1015.43 | $9.86 |
| Class I |  |  |  |  |  |  |
| Navigator Equity Hedged Fund | 1.10% | $1000.00 | $939.50 | $5.37 | $1019.66 | $5.60 |
| Navigator Tactical Fixed Income Fund | 0.94% | $1000.00 | $940.70 | $4.60 | $1020.47 | $4.79 |
| Navigator Tactical Investment Grade Bond Fund | 1.01% | $1000.00 | $975.20 | $5.03 | $1020.11 | $5.14 |
| Navigator Tactical U.S. Allocation Fund | 1.01% | $1000.00 | $912.30 | $4.87 | $1020.11 | $5.14 |
| Navigator Ultra Short Bond Fund | 0.40% | $1000.00 | $1007.80 | $2.02 | $1023.19 | $2.04 |

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\* Expenses are equal to the average account value over the period, multiplied by the Funds' annualized expense ratio, multiplied by the number of days in the period ended October 31, 2022 (184) divided by the number of days in the fiscal year (365).

**LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)**

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the "Liquidity Rule") under the 1940 Act. The program is reasonably designed to assess and manage the Funds' liquidity risk, taking into consideration, among other factors, the Funds' investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.

During the fiscal period ended October 31, 2022, the Trust's Liquidity Risk Management Program Committee (the "Committee") reviewed the Funds' investments and determined that the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Committee concluded that (i) the Funds' liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds' liquidity risk management program has been effectively implemented.

Clark Capital Management Group, Inc. Adviser to Navigator Equity Hedged Fund ("Navigator Equity"), Navigator Tactical Fixed Income Fund ("Navigator Tactical") and Navigator Ultra Short Bond Fund ("Navigator Ultra"), Navigator Tactical Investment Grade Bond Fund ("Navigator Investment") and Navigator Tactical U.S. Allocation Fund ("Navigator Allocation") \*

In connection with the regular meeting held on June 22-23, 2022 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 an investment advisory agreement (the "Advisory Agreement") between Clark Capital Management Group, Inc. ("Adviser" or "Clark") and the Trust, with respect to the Navigator Equity, Navigator Tactical, Navigator Ultra, Navigator Investment and Navigator Allocation (each a "Fund" and collectively referred to as the "Navigator Funds). In considering the renewal of the Advisory Agreement, the Board received materials specifically relating to the 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 the 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 the Advisory Agreement.

*Nature, Extent & Quality of Services.*

The Board noted that Clark was founded in 1986, had approximately $29.2 billion in assets under management, and that Clark provided multiple investment strategies across several asset classes. The Board discussed the background of Clark's key personnel, noting their education and varied financial industry experience. The Board discussed Clark's broker-dealer selection process and noted the variety of factors used to select broker-dealers. The Board noted that Clark reported no material compliance or litigation issues since the last Advisory Agreement renewal. They considered that the Adviser monitored compliance with each Fund's investment limitations using Excel spreadsheets linked to Bloomberg API and an order management system. The Board noted Clark had cybersecurity policies and procedures in place and continued to invest in and upgrade its technology. The Board concluded that Clark had the resources to continue to provide high quality service to each Navigator Fund and its respective shareholders.

*Performance.*

<u>Navigator Equity.</u> The Board discussed the Fund's investment objective and strategy. The Board noted that the Fund underperformed its index over all periods presented. The Board considered the Adviser's disagreement with the index, noting that the Fund outperformed the Adviser selected index, which includes a hedging component, over the three-year, five-year and since inception periods. The Board observed that the Fund had a three-star Morningstar rating. The

Board concluded that the Fund delivered solid returns and the Fund was being managed consistent with its prospectus and performance was consistent with that mandate.

<u>Navigator Tactical.</u> The Board discussed the Fund's objective and Morningstar category. They observed that the Fund outperformed its category and peer group medians over all time periods presented, and its benchmark over the one, three, and since inception periods. The Board noted that the Fund maintained a 5-star rating from Morningstar and increased its assets by over 6% over the last year. The Board concluded that Clark had done an excellent job implementing the Fund's strategy to the benefit of shareholders.

<u>Navigator Ultra.</u> The Board discussed the Fund's current objective and investment strategy. The Board noted that the Fund maintained a 4-star rating from Morningstar. The Board observed that the Fund outperformed its benchmark over all periods presented. The Board noted that although the Fund's performance was negative over the one-year period, it ranked in the top quartile with respect to the category and peer group. The Board concluded that Clark was managing the Fund in accordance with the strategy articulated in the Fund's prospectus and performance was consistent with that mandate.

<u>Navigator Investment.</u> The Board discussed the Fund's current objective and investment strategy. The Board noted that the Fund had not yet received a Morningstar rating due to its limited history of operations. The Board observed that the Fund outperformed its benchmark over the since inception period and underperformed its peer group and category median. The Board concluded that Clark was managing the Fund in accordance with the strategy articulated in the Fund's prospectus and performance was consistent with that mandate.

<u>Navigator Allocation.</u> The Board discussed the Fund's current objective and investment strategy. The Board noted that the Fund had not yet received a Morningstar rating due to its limited history of operations. The Board observed that the Fund underperformed its benchmark and outperformed its peer group and category median over the since inception period. The Board concluded that Clark was managing the Fund in accordance with the strategy articulated in the Fund's prospectus and performance was consistent with that mandate.

*Fees and Expenses.*

<u>Navigator Equity.</u> The Board reviewed the Fund's peer group along with the Fund's advisory fee of 0.75% and considered that it was lower than both the category and peer group medians and averages. The Board further noted that the Fund's advisory fee was lower than the advisory fee charged by the Adviser for managing a similar strategy. The Board noted that the Adviser experienced a loss in connection with its management of the Fund. They discussed the Fund's current expense limitation agreement and the Adviser's willingness to discuss breakpoints in the future as the Fund increases in assets. The Board agreed that the advisory fee was not unreasonable.

<u>Navigator Tactical.</u> The Board reviewed the Fund's maximum advisory fee of 0.85% (with breakpoints beginning at $4.5 billion) and noted that it was higher than both the category and peer

group medians and averages but was within the range of the advisory fees charged by the funds in the peer group. The Board further noted the Fund's net expense ratio was higher than its peer group median and higher than its category median but was within the range of net expense ratios for the funds within the peer group as a whole. The Board considered the Adviser's assertion that the advisory fee was reasonable given the experience needed to manage the unique strategy of the Fund. The Board concluded that the advisory fee was not unreasonable.

<u>Navigator Ultra</u>. The Board discussed the Fund's advisory fee of 0.30% and noted that it was slightly higher than the peer group average, but within the range of the advisory fees charged by the funds in the peer group. The Board further noted the Fund's net expense ratio was higher than its peer and category averages and medians but within the range of net expense ratios for the funds within the peer group as a whole. The Board discussed the current expense limitation agreement and the Adviser's willingness to discuss breakpoints in the future. The Board agreed that the advisory fee was not unreasonable.

<u>Navigator Investment.</u> The Board discussed the Fund's advisory fee of 0.85% (with breakpoints beginning at $4.5 billion) and noted that it was slightly higher than the peer group median and average. The Board further noted the Fund's net expense ratio was lower than its peer group medina and average but higher than the category average and median. The Board discussed the current expense limitation agreement and the advisory fee breakpoint currently in place. The Board acknowledged the Adviser's assertion that the fees and expenses for the Fund were reasonable given the compliance, legal and operational resources required to manage the Fund. The Board agreed that the advisory fee was not unreasonable.

<u>Navigator Allocation.</u> The Board reviewed the Fund's peer group along with the Fund's advisory fee of 0.85% (with breakpoints beginning at $4.5 billion) and considered that it was higher than both the category and peer group medians and averages. The Board considered the Adviser's assertion that the fees and expenses for the Fund were reasonable given the compliance, legal and operational resources required to manage the Fund. The discussed the Fund's current expense limitation agreement and the advisory fee breakpoints in place. The Board agreed that the advisory fee was not unreasonable.

*Economies of Scale.*

The Board considered whether economies of scale had been reached with respect to the fees paid to Clark on behalf of the Navigator Funds. The Board noted that Clark had previously agreed to breakpoints in its advisory fee with respect to Navigator Tactical, Navigator Investment, and Navigator Allocation. After a further discussion, the Board concluded that current breakpoints remained appropriate and in the best interests of shareholders and the absence of breakpoints for the remaining Navigator Funds was reasonable at current asset levels and would be considered as each Fund's assets increased.

*Profitability.*

The Board reviewed the profitability analysis provided by Clark with respect to each Navigator Fund. The Board noted that Clark realized a loss for each Fund with the exception of Navigator Tactical and Navigator Allocation. The Board discussed Clark's profits from its relationship with Navigator Tactical and Navigator Allocation and concluded that such profits were not excessive. In regard to each of the remaining Navigator Funds, the Board concluded that excessive profitability was not an issue at this time.

*Conclusion.*

Having requested and received such information from Clark as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement and as assisted by the advice of counsel, the Board concluded that renewal of the Advisory Agreement with Clark was in the best interests of the shareholders of each Navigator Fund.

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

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| |
|:---|
| **Navigator Funds** |
| **SUPPLEMENTAL INFORMATION (Unaudited)** |
| **October 31, 2022** |

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The Trustees and the executive officers of the Trust are listed below with their present positions with the Trust and principal occupations over at least the last five years. The business address of each Trustee and Officer is 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246. All correspondence to the Trustees and Officers should be directed to c/o Ultimus Fund Solutions, LLC, P.O. Box 541150, Omaha, Nebraska 68154.

***Independent Trustees***

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address<br> and Year of Birth** | &nbsp;&nbsp;**Position/Term<br> of Office\*** | &nbsp;&nbsp;**Principal Occupation<br> During the Past Five<br> Years** | &nbsp;&nbsp;**Number of<br> Portfolios in<br> Fund<br> Complex\*\*<br> Overseen by<br> Trustee** | &nbsp;&nbsp;**Other Directorships held by Trustee<br> During the Past Five Years** |
| &nbsp;&nbsp;Mark Garbin<br> Born in 1951 | &nbsp;&nbsp;Trustee Since 2013 | &nbsp;&nbsp;Managing Principal, Coherent Capital Management LLC (since 2007). | &nbsp;&nbsp;5 | &nbsp;&nbsp;Northern Lights Fund Trust (for series not affiliated with the Funds since 2013); Two Roads Shared Trust (since 2012); Forethought Variable Insurance Trust (since 2013); Northern Lights Variable Trust (since 2013); OHA Mortgage Strategies Fund (offshore), Ltd. (2014 - 2017); and Altegris KKR Commitments Master Fund (since 2014); Carlyle Tactical Private Credit Fund (since March 2018) and Independent Director OHA CLO Enhanced Equity II Genpar LLP (since June 2021). |
| &nbsp;&nbsp;Mark D. Gersten<br> Born in 1950 | &nbsp;&nbsp;Trustee Since 2013 | &nbsp;&nbsp;Independent Consultant (since 2012). | &nbsp;&nbsp;5 | &nbsp;&nbsp;Northern Lights Fund Trust (for series not affiliated with the Funds since 2013); Northern Lights Variable Trust (since 2013); Two Roads Shared Trust (since 2012); Altegris KKR Commitments Master Fund (since 2014); previously, Ramius Archview Credit and Distressed Fund (2015-2017); and Schroder Global Series Trust (2012 to 2017). |
| &nbsp;&nbsp;Anthony J. Hertl<br> Born in 1950 | &nbsp;&nbsp;Trustee Since 2005; Chairman of the Board since 2013 | &nbsp;&nbsp;Retired, previously held several positions in a major Wall Street firm including Capital Markets Controller, Director of Global Taxation, and CFO of the Specialty Finance Group. | &nbsp;&nbsp;5 | &nbsp;&nbsp;Northern Lights Fund Trust (for series not affiliated with the Funds since 2005); Northern Lights Variable Trust (since 2006); Alternative Strategies Fund (since 2010); Satuit Capital Management Trust (2007-2019). |
| &nbsp;&nbsp;Gary W. Lanzen<br> Born in 1954 | &nbsp;&nbsp;Trustee Since 2005 | &nbsp;&nbsp;Retired (since 2012). Formerly, Founder, President, and Chief Investment Officer, Orizon Investment Counsel, Inc. (2000-2012). | &nbsp;&nbsp;5 | &nbsp;&nbsp;Northern Lights Fund Trust (for series not affiliated with the Funds since 2005) Northern Lights Variable Trust (since 2006); AdvisorOne Funds (since 2003); Alternative Strategies Fund (since 2010); and previously, CLA Strategic Allocation Fund (2014-2015). |
| &nbsp;&nbsp;John V. Palancia <br> Born in 1954 | &nbsp;&nbsp;Trustee Since 2011 | &nbsp;&nbsp;Retired (since 2011). Formerly, Director of Futures Operations, Merrill Lynch, Pierce, Fenner & Smith Inc. (1975-2011). | &nbsp;&nbsp;5 | &nbsp;&nbsp;Northern Lights Fund Trust (for series not affiliated with the Funds since 2011); Northern Lights Fund Trust III (since February 2012); Alternative Strategies Fund (since 2012) and Northern Lights Variable Trust (since 2011). |
| &nbsp;&nbsp;Mark H. Taylor <br> Born in 1964 | &nbsp;&nbsp;Trustee Since 2007; Chairman of the Audit Committee since 2013 | &nbsp;&nbsp;Director, Lynn Pippenger School of Accountancy Muma College of Business, University of South Florida, Tampa FL (since 2019); Chair, Department of Accountancy and Andrew D. Braden Professor of Accounting and Auditing, Weatherhead School of Management, Case Western Reserve University (2009-2019); Vice President-Finance, American Accounting Association (2017-2020); President, Auditing Section of the American Accounting Association (2012-15). AICPA Auditing Standards Board Member (2009-2012). | &nbsp;&nbsp;5 | &nbsp;&nbsp;Northern Lights Fund Trust (for series not affiliated with the Funds since 2007); Alternative Strategies Fund (since 2010); Northern Lights Fund Trust III (since 2012); and Northern Lights Variable Trust (since 2007). |

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*10/31/22 – NLFT_v1*

**Navigator Funds**

**SUPPLEMENTAL INFORMATION (Unaudited) (Continued)**

**October 31, 2022**

***Officers***

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and<br> Year of Birth** | &nbsp;&nbsp;**Position/Term of<br> Office\*** | &nbsp;&nbsp;**Principal Occupation During<br> the Past Five Years** | &nbsp;&nbsp;**Number of Portfolios in<br> Fund Complex\*\*<br> Overseen by Trustee** | &nbsp;&nbsp;**Other Directorships held<br> by Trustee During the<br> Past Five Years** |
| &nbsp;&nbsp;Kevin E. Wolf<br> Born in 1969 | &nbsp;&nbsp;President Since June 2017 | &nbsp;&nbsp;Executive Vice President, Head of Fund Administration, and Product; Ultimus Fund Solutions, LLC (since 2020); Vice President of The Ultimus Group, LLC (since 2019); Executive Vice President, Gemini Fund Services, LLC (2019-2020); President, Gemini Fund Services, LLC (2012-2019); Treasurer of the Trust (2006-June 2017). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;James Colantino<br> Born in 1969 | &nbsp;&nbsp;Treasurer Since June 2017 | &nbsp;&nbsp;Senior Vice President Fund Administration, Ultimus Fund Solutions (since 2020); Senior Vice President Fund Administration, Gemini Fund Services, LLC (2012-2020); Assistant Treasurer of the Trust (2006-June 2017). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Stephanie Shearer<br> Born in 1979 | &nbsp;&nbsp;Secretary Since February 2017 | &nbsp;&nbsp;Assistant Secretary of the Trust (2012-February 2017); Associate Director, Ultimus Fund Solutions (since 2022); Manager of Legal Administration, Ultimus Fund Solutions (2020-2022); Manager of Legal Administration, Gemini Fund Services, LLC (2018-2020); Senior Paralegal, Gemini Fund Services, LLC (2013 -2018). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Michael J. Nanosky<br> Born in 1966 | &nbsp;&nbsp;Chief Compliance Officer Since January 2021 | &nbsp;&nbsp;Chief Compliance Officer, of the Trust (since January 2021); Vice President-Senior Compliance Officer, Ultimus Fund Solutions (since 2020); Vice President, Chief Compliance Officer for Williamsburg Investment Trust (2020-current); Senior Vice President- Chief Compliance Officer, PNC Funds (2014-2019). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

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\* The term of office for each Trustee and officer listed above will continue indefinitely until the individual resigns or is removed.

\*\* As of October 31, 2022, the Trust was comprised of 68 active portfolios managed by unaffiliated investment advisers. The term "Fund Complex" applies only to the Funds in the Trust advised by the Fund's Adviser. The Funds do not hold themselves out as related to any other series within the Trust that is not advised by the Fund's Adviser.

The Funds' SAI includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at 1-877-766-2264.

*10/31/22 – NLFT_v1*

***PRIVACY NOTICE***

 ****

**Northern Lights Fund Trust**

**Rev. April 2021**

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| | |
|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?** |

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|:---|:---|
| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |

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|:---|:---|
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depends on the product or service that you have with us. This information can include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Social Security number and wire transfer instructions<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● account transactions and transaction history<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● investment experience and purchase history<br>When you are *no longer* our customer, we continue to share your information as described in this notice. |

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|:---|:---|
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Northern Lights Fund Trust chooses to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reasons we can share your<br>personal information:** | &nbsp;&nbsp;**Does Northern Lights Fund Trust<br> share information?** | &nbsp;&nbsp;**Can you limit this sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes -** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | &nbsp;&nbsp;**YES** | &nbsp;&nbsp;**NO** |
| &nbsp;&nbsp;**For our marketing purposes -** to offer our products and services to you. | **NO** | **We don't share** |
| &nbsp;&nbsp;**For joint marketing with other financial companies.** | **NO** | **We don't share** |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes -** information about your transactions and records. | **NO** | **We don't share** |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes -** information about your credit worthiness. | **NO** | **We don't share** |
| &nbsp;&nbsp;**For nonaffiliates to market to you** | **NO** | **We don't share** |

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| | |
|:---|:---|
| &nbsp;&nbsp;**QUESTIONS?** | &nbsp;&nbsp;**Call 1-631-490-4300** |

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***PRIVACY NOTICE***

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**Northern Lights Fund Trust**

&nbsp;&nbsp;**Page 2**

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|:---|:---|
| &nbsp;&nbsp;**What we do:** | &nbsp;&nbsp;**What we do:** |
| &nbsp;&nbsp;<br> **How does Northern Lights Fund Trust protect my personal information?** | &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| &nbsp;&nbsp;<br> **How does Northern Lights Fund Trust collect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;We collect your personal information, for example, when you<br> &nbsp;&nbsp;&nbsp;&nbsp;● open an account or deposit money<br>&nbsp;&nbsp;&nbsp;&nbsp;● direct us to buy securities or direct us to sell your securities<br>&nbsp;&nbsp;&nbsp;&nbsp;● seek advice about your investments<br>We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| &nbsp;&nbsp;<br> **Why can't I limit all sharing?** | &nbsp;&nbsp;&nbsp;&nbsp;Federal law gives you the right to limit only:<br> &nbsp;&nbsp;&nbsp;&nbsp;● sharing for affiliates' everyday business purposes – information about your creditworthiness.<br>&nbsp;&nbsp;&nbsp;&nbsp;● affiliates from using your information to market to you.<br>&nbsp;&nbsp;&nbsp;&nbsp;● sharing for nonaffiliates to market to you. <br>State laws and individual companies may give you additional rights to limit sharing. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;● *Northern Lights Fund Trust does not share with our affiliates.* |
| &nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;● *Northern Lights Fund Trust does not share with nonaffiliates so they can market to you.* |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>&nbsp;&nbsp;&nbsp;&nbsp;● *Northern Lights Fund Trust doesn't jointly market*. |

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| |
|:---|
| **Investment Advisor** |
| Clark Capital Management Group, Inc. |
| 1650 Market Street, 53<sup>rd</sup> Floor |
| Philadelphia, PA 19103 |
| **Administrator** |
| Ultimus Fund Solutions LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |

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**How to Obtain Proxy Voting Information**

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th 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 1-877-766-2264 or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**How to Obtain 1<sup>st</sup> and 3<sup>rd</sup> Fiscal Quarter Portfolio Holdings**

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available on the SEC's website at http://www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-877-766-2264.

*Investor Information: 1-877-766-2264*

NAVIGATOR-AR22

(b) Not applicable.

**Item 2. Code of Ethics.** 

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, 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) For purposes of this item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to,
the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(e) The Code of Ethics is not posted on Registrant' website.

(f) A copy of the Code of Ethics is attached as an exhibit.

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

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

(a)(2) Not applicable.

(a)(3) In this regard, no member of the audit committee was identified as having all of the required technical attributes identified in instruction 2 (b) to item 3 of Form N-CSR to qualify as an "audit committee financial expert," whether through the type of specialized education or experience required by that instruction. At this time, the board believes the experience provided by each member of the audit committee collectively offers the fund adequate oversight by its audit committee given the fund's level of financial complexity. The board will from time to time reexamine such belief.

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

(a)  **<u>Audit Fees</u>** 

FY 2022 - $78,800

FY 2021 - $78,800

(b)  **<u>Audit-Related Fees</u>** 

2022 – None

2021 - None

(c)  **<u>Tax Fees</u>** 

FY 2022 - $12,700

FY 2021 - $13,200

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)  **<u>All Other Fees</u>** 

2022 - $0

2021 - $3,000

17f-1 Security Count for Navigator Sentry.

(e) (1)  **<u>Audit Committee's Pre-Approval Policies</u>** 

The registrant's Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant's Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  **<u>Percentages of Services Approved by the Audit Committee</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2022</u> <u>2021</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit-Related Fees: 0.00% 0.00%

Tax Fees: 0.00% 0.00%

All Other Fees: 0.00% 0.00%

(f) During the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended
on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time,
permanent employees.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by
another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing
services to the registrant:

FY 2022 - $12,700

FY 2021 - $13,200

(h) The registrant's audit committee has considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

(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.** See Item 1.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.** Not applicable to open-end investment companies.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** Not applicable to open-end investment companies.

**Item 9. Purchases of Equity Securities by Closed-End Funds.** Not applicable to open-end investment companies.

**Item 10. Submission of Matters to a Vote of Security Holders.** None

**Item 11. Controls and Procedures.** 

(a) Based on an evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant's management, including the Registrant's principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no significant changes in the Registrant's internal control over financial reporting that occurred 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable.

**Item 13. Exhibits.** 

(a)(1) [Code of Ethics herewith.](coe.htm)

(a)(2) [Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.](cert1.htm)

(a)(3) Not applicable for open-end investment companies.

(b) [Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.](cert2.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Northern Lights Fund Trust</u>

By (Signature and Title)

 <u>/s/ Kevin E. Wolf</u> 

Kevin E. Wolf, President/Principal Executive Officer

Date <u>1/3/23</u> 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

 <u>/s/ Kevin E. Wolf</u> 

Kevin E. Wolf, President/Principal Executive Officer

Date <u>1/3/23</u> 

By (Signature and Title)

 <u>/s/ Jim Colantino</u> 

Jim Colantino, Treasurer/Principal Financial Officer

Date <u>1/3/23</u>

## Ex-99.Code

**<u>Northern Lights Fund Trust and the Northern Lights Variable Trust</u>**

 **CODE OF ETHICS**

February 19, 2007

Northern Lights Fund Trust and the Northern Lights Variable Trust (the "Trusts") and each of its series (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**THE INTERESTS OF THE FUNDS MUST ALWAYS BE PARAMOUNT**

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trusts.

**Access Persons may not take advantage of their relationship with the Funds**

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest**

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**Access Persons must comply with all applicable laws**

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

***DEFINITIONS***

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Advisers with respect to its corresponding series of the Trusts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trusts or the Advisers (or of any company controlling or controlled by or under common control with the Trusts or the Advisers) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control with the Trusts or the Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities by the Funds.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trusts with respect to Trustees and officers of the Trusts, or the CCO of the Advisers with respect to Advisers personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Advisers personnel.

**"Funds"** means series of the Trusts.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trusts that would not be deemed an "interested person" of the Trusts, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trusts; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trusts when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trusts certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-Trusts certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly know as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Advisers"** means the Advisers to the Trusts.

**"Trusts"** mean Northern Lights Fund Trust and the Northern Lights Variable Trust.

***PROHIBITED ACTIONS AND ACTIVITIES***

&nbsp;&nbsp;&nbsp;&nbsp;A. No Access Person shall purchase or sell directly or indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp; B.

Decision-Making Access Persons may not participate in any initial public offering of Covered Securities in any account over which they exercise Beneficial Ownership. All other Access Persons must obtain prior written authorization from the Chief Compliance Officer or his designee prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp; C.

No Access Person may purchase a Covered Security in which by reason of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization of the acquisition by the Chief Compliance Officer or his designee;

&nbsp;&nbsp;&nbsp;&nbsp; D.

Access Persons may not accept any fee, commission, gift, or services, other than de minimus gifts, from any single person or entity that does business with or on behalf of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp; E.

Decision-Making Access Persons may not serve on the board of directors of a publicly traded company without prior authorization from the Chief Compliance Officer or his designee based upon a determination that such service would be consistent with the interests of the Trusts. If such service is authorized, procedures will then be put in place to isolate such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions on behalf of the Trusts.

Advanced notice should be given so that the Trusts or Advisers may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp; F.

Decision-Making Access Person may not execute a Personal Securities Transaction involving a Covered Security without authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance Officer from time to time.

&nbsp;&nbsp;&nbsp;&nbsp; G.

It shall be a violation of this Code for any Access Person, in connection with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trusts any untrue statement of a material fact or to omit to state to the Trusts a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Trusts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trusts.

EXEMPTED TRANSACTIONS

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

· Purchases or Sales of Securities effected in any account in which an Access Person has no Beneficial Ownership;

· Purchases or Sales of Securities which are non-volitional on the part the Access Person (for example, the receipt of stock dividends);

· Purchase of Securities made as part of automatic dividend reinvestment plans;

· Purchases of Securities made as part of an employee benefit plan involving the periodic purchase or company stock or mutual Funds; and

· Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer shall require prior authorization from the President or Chief Executive Officer of the Trusts (unless such person is also the Chief Compliance Officer), who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trusts shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trusts order.

If a person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, such person shall cancel the trade.

***REPORTING AND MONITORING***

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code.

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Trusts, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trusts may be sent to the Advisers.

INITIAL HOLDINGS REPORT

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

ANNUAL HOLDINGS REPORTS

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

· The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

· The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

· The price of the Covered Security at which the transaction was effected; and

· The name of the broker, dealer, or bank with or through whom the transaction was effected.

· The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

***ENFORCEMENTS AND PENALTIES***

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trusts Board of Trustees.

Upon being informed of a violation of this Code, the Trusts Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trusts shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

Annually, the Chief Compliance Officer at each regular meeting of the Board shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

· Summarize existing procedures concerning Personal Securities investing and any changes in the procedures made during the prior year;

· Identify any violations of this Code and any significant remedial action taken during the prior year; and;

· Identify any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

***ACKNOWLEDGMENT***

The Trusts must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.

## Ex-99.Cert

**<u>CERTIFICATIONS</u>**

I, Kevin E. Wolf certify that:

1. I have reviewed this report on Form N-CSR of Navigator Funds (series of Northern Lights Fund Trust);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>1/3/23</u> <u>/s/ Kevin E. Wolf</u>

Kevin E. Wolf

President/Principal Executive Officer

**<u>CERTIFICATIONS</u>**

I, Jim Colantino certify that:

1. I have reviewed this report on Form N-CSR of Navigator Funds (series of Northern Lights Fund Trust);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>1/3/23</u> /<u>s/ Jim Colantino</u> 

Jim Colantino

Treasurer/Principal Financial Officer

## Exhibit 99.906

**certification**

Kevin E. Wolf, President/Principal Executive Officer, and Jim Colantino, Treasurer/Principal Financial Officer of Northern Lights Fund Trust (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended October 31, 2022 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President/Principal Executive Officer Treasurer/Principal Financial Officer

Northern Lights Fund Trust Northern Lights Fund Trust

 <u>/s/ Kevin E. Wolf</u> <u>/s/ Jim Colantino</u> 

Kevin E. Wolf Jim Colantino

Date: <u>1/3/23</u> Date: <u>1/3/23</u> 

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Northern Lights Fund Trust and will be retained by Northern Lights Fund Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.