# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-26-003654
**Filing Date:** 2026-6
**Character Count:** 126323
**Document Hash:** b37ba605db7e2a1fc7b6581cad60563e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003654.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001580642-26-003654

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Lights Fund Trust
- **CENTRAL INDEX KEY:** 0001314414

**ORGANIZATION NAME:**
- **EIN:** 043023766
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 261072547

**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

### Deer Park Total Return Credit Fund (Series ID: S000050429)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000159220 | Deer Park Total Return Credit Fund Class A | DPFAX           |
| C000159221 | Deer Park Total Return Credit Fund Class C | DPFCX           |
| C000159222 | Deer Park Total Return Credit Fund Class I | DPFNX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

<u>Northern Lights Fund Trust</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450, Cincinnati, Ohio</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-490-4300</u>

Date of fiscal year end: <u>9/30</u>

Date of reporting period: <u>3/31/26</u>

**Item 1. Reports to Stockholders.** 

(a) #### Deer Park Total Return Credit Fund

#### Class A Shares (DPFAX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i15a026b27aae98fc93ea8acf.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Deer Park Total Return Credit Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.deerparkfund.com/reports.html**. You can also request this information by contacting us at 1-888-868-9501.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A Shares | $80 | 1.58%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $94456151 |
| Number of Portfolio Holdings | 267 |
| Advisory Fee (net of waivers) | $322267 |
| Portfolio Turnover | 0% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i399672ceb1be56f5e69abecb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Non-Agency Asset Backed Securities | 93.7% |
| Money Market Funds | 3.5% |
| Agency Asset Backed Securities | 2.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia38d940cfec30d8747532989.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Money Market Funds | 3.5% |
| CMBS | 23.3% |
| CMO | 28.6% |
| ABS | 44.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Carrington Mortgage Loan Trust Series 2005-FRE1, Series 2005-FRE1, Class M4, 4.7230%, 12/25/35 | 3.2% |
| Saxon Asset Securities Trust 2007-4, Series 2007-4, Class M1, 6.7930%, 12/25/37 | 3.1% |
| Starwood Retail Property Trust 2014-STAR, Series 2014-STAR, Class A, 0.7870%, 11/15/27 | 3.0% |
| Home Equity Loan Trust, Series 2007-FRE1, Class M1, 4.2930%, 04/25/37 | 2.8% |
| Citigroup Mortgage Loan Trust, Inc., Series 2005-HE4, Class M5, 4.7680%, 10/25/35 | 2.6% |
| JPMBB Commercial Mortgage Securities Trust 2016-C1, Series 2016-C1, Class E, 4.9380%, 03/15/49 | 2.6% |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C30, Class E, 3.0000%, 09/15/49 | 2.6% |
| Bear Stearns Mortgage Funding Trust 2006-AR5, Series 2006-AR5, Class 1A2, 4.2130%, 12/25/46 | 2.4% |
| Countrywide Asset-Backed Certificates, Series 2006-BC1, Class M4, 4.7680%, 04/25/36 | 2.4% |
| Bear Stearns Mortgage Funding Trust 2007-AR1, Series 2007-AR1, Class 1A2, 4.0030%, 01/25/37 | 2.3% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i2852f788ee99906321e18244.jpg)

#### Deer Park Total Return Credit Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.deerparkfund.com/reports.html**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-DPFAX

#### Deer Park Total Return Credit Fund

#### Class C Shares (DPFCX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i15a026b27aae98fc93ea8acf.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Deer Park Total Return Credit Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.deerparkfund.com/reports.html**. You can also request this information by contacting us at 1-888-868-9501.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C Shares | $117 | 2.33%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $94456151 |
| Number of Portfolio Holdings | 267 |
| Advisory Fee (net of waivers) | $322267 |
| Portfolio Turnover | 0% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i399672ceb1be56f5e69abecb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Non-Agency Asset Backed Securities | 93.7% |
| Money Market Funds | 3.5% |
| Agency Asset Backed Securities | 2.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia38d940cfec30d8747532989.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Money Market Funds | 3.5% |
| CMBS | 23.3% |
| CMO | 28.6% |
| ABS | 44.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Carrington Mortgage Loan Trust Series 2005-FRE1, Series 2005-FRE1, Class M4, 4.7230%, 12/25/35 | 3.2% |
| Saxon Asset Securities Trust 2007-4, Series 2007-4, Class M1, 6.7930%, 12/25/37 | 3.1% |
| Starwood Retail Property Trust 2014-STAR, Series 2014-STAR, Class A, 0.7870%, 11/15/27 | 3.0% |
| Home Equity Loan Trust, Series 2007-FRE1, Class M1, 4.2930%, 04/25/37 | 2.8% |
| Citigroup Mortgage Loan Trust, Inc., Series 2005-HE4, Class M5, 4.7680%, 10/25/35 | 2.6% |
| JPMBB Commercial Mortgage Securities Trust 2016-C1, Series 2016-C1, Class E, 4.9380%, 03/15/49 | 2.6% |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C30, Class E, 3.0000%, 09/15/49 | 2.6% |
| Bear Stearns Mortgage Funding Trust 2006-AR5, Series 2006-AR5, Class 1A2, 4.2130%, 12/25/46 | 2.4% |
| Countrywide Asset-Backed Certificates, Series 2006-BC1, Class M4, 4.7680%, 04/25/36 | 2.4% |
| Bear Stearns Mortgage Funding Trust 2007-AR1, Series 2007-AR1, Class 1A2, 4.0030%, 01/25/37 | 2.3% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i2852f788ee99906321e18244.jpg)

#### Deer Park Total Return Credit Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.deerparkfund.com/reports.html**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-DPFCX

#### Deer Park Total Return Credit Fund

#### Class I Shares (DPFNX)

#### Semi-Annual Shareholder Report - March 31, 2026
![Image](i15a026b27aae98fc93ea8acf.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Deer Park Total Return Credit Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at**https://www.deerparkfund.com/reports.html**. You can also request this information by contacting us at 1-888-868-9501.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I Shares | $67 | 1.33%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $94456151 |
| Number of Portfolio Holdings | 267 |
| Advisory Fee (net of waivers) | $322267 |
| Portfolio Turnover | 0% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i399672ceb1be56f5e69abecb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Non-Agency Asset Backed Securities | 93.7% |
| Money Market Funds | 3.5% |
| Agency Asset Backed Securities | 2.8% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia38d940cfec30d8747532989.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Money Market Funds | 3.5% |
| CMBS | 23.3% |
| CMO | 28.6% |
| ABS | 44.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Carrington Mortgage Loan Trust Series 2005-FRE1, Series 2005-FRE1, Class M4, 4.7230%, 12/25/35 | 3.2% |
| Saxon Asset Securities Trust 2007-4, Series 2007-4, Class M1, 6.7930%, 12/25/37 | 3.1% |
| Starwood Retail Property Trust 2014-STAR, Series 2014-STAR, Class A, 0.7870%, 11/15/27 | 3.0% |
| Home Equity Loan Trust, Series 2007-FRE1, Class M1, 4.2930%, 04/25/37 | 2.8% |
| Citigroup Mortgage Loan Trust, Inc., Series 2005-HE4, Class M5, 4.7680%, 10/25/35 | 2.6% |
| JPMBB Commercial Mortgage Securities Trust 2016-C1, Series 2016-C1, Class E, 4.9380%, 03/15/49 | 2.6% |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C30, Class E, 3.0000%, 09/15/49 | 2.6% |
| Bear Stearns Mortgage Funding Trust 2006-AR5, Series 2006-AR5, Class 1A2, 4.2130%, 12/25/46 | 2.4% |
| Countrywide Asset-Backed Certificates, Series 2006-BC1, Class M4, 4.7680%, 04/25/36 | 2.4% |
| Bear Stearns Mortgage Funding Trust 2007-AR1, Series 2007-AR1, Class 1A2, 4.0030%, 01/25/37 | 2.3% |

---

# Material Fund Changes
No material changes occurred during the period ended March 31, 2026.

![Image](i2852f788ee99906321e18244.jpg)

#### Deer Park Total Return Credit Fund

#### Semi-Annual Shareholder Report - March 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.deerparkfund.com/reports.html**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 033126-DPFNX

(b) Not applicable

**Item 2. Code of Ethics.** Not applicable.

**Item 3. Audit Committee Financial Expert.** Not applicable.

**Item 4. Principal Accountant Fees and Services.** Not applicable.

**Item 5. Audit Committee of Listed Companies.** Not applicable to open-end investment companies.

**Item 6. Schedule of Investments.** The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) Long
 Form Financial Statements

---

| |
|:---|
| **Deer Park Total Return Credit Fund** |
| **Class A Shares: DPFAX** |
| **Class C Shares: DPFCX** |
| **Class I Shares: DPFNX** |
| Semi-Annual Financial Statements |
| and Additional Information |
| March 31, 2026 |
| www.deerparkfund.com |
| 1-888-868-9501 |

---

---

| |
|:---|
| **DEER PARK TOTAL RETURN CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon**<br>**Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **AGENCY ASSET BACKED SECURITIES — 2.8%** |  |  |  |  |
|  | **AGENCY CMBS — 0.1%** |  |  |  |  |
| 2536476 | Government National Mortgage Association Series 2007-15 IO<sup>(a),(b) (i)</sup> |  | 1.5980 | 03/16/47 | $6517 |
| 3686924 | Government National Mortgage Association Series 2015-6 IO<sup>(a),(b)</sup> |  | 0.4550 | 02/16/51 | 49174 |
| 355998 | Government National Mortgage Association Series 2012-72 IO<sup>(a),(b)</sup> |  | 0.4840 | 11/16/52 | 1261 |
| 243149 | Government National Mortgage Association Series 2015-122 IO<sup>(a),(b) (i)</sup> |  | 0.5850 | 05/16/57 | 8 |
|  |  |  |  |  | 56960 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 2.7%** |  |  |  |  |
| 835913 | Fannie Mae REMICS Series 2012-90 SA<sup>(a),(c)</sup> | SOFR30A + 5.936% | 2.2740 | 08/25/42 | 84203 |
| 3185383 | Fannie Mae REMICS Series 2012-144 SH<sup>(a),(c)</sup> | SOFR30A + 5.986% | 2.3240 | 01/25/43 | 347278 |
| 2992209 | Fannie Mae REMICS Series 2017-16 CS<sup>(a),(c)</sup> | SOFR30A + 5.936% | 2.2740 | 03/25/47 | 334159 |
| 1962611 | Fannie Mae REMICS Series 2017-14 DS<sup>(a),(c)</sup> | SOFR30A + 5.936% | 2.2740 | 03/25/47 | 229723 |
| 2013597 | Fannie Mae REMICS Series 2017-68 SN<sup>(a),(c)</sup> | SOFR30A + 6.036% | 2.3740 | 09/25/47 | 260125 |
| 1466448 | Fannie Mae REMICS Series 2018-64 SE<sup>(a),(c)</sup> | SOFR30A + 6.086% | 2.4240 | 09/25/48 | 183209 |
| 452478 | Freddie Mac REMICS Series 4238 NS<sup>(a),(c)</sup> | SOFR30A + 6.586% | 2.9130 | 02/15/42 | 48295 |
| 2733819 | Freddie Mac REMICS Series 4416 DS<sup>(a),(c)</sup> | SOFR30A + 5.986% | 2.3130 | 12/15/44 | 318152 |
| 157966 | Freddie Mac REMICS Series 4583 ST<sup>(a),(c)</sup> | SOFR30A + 5.886% | 2.2130 | 05/15/46 | 16390 |
| 1325306 | Freddie Mac REMICS Series 4685 SA<sup>(a),(c)</sup> | SOFR30A + 5.986% | 2.3130 | 05/15/47 | 173831 |
| 2928149 | Freddie Mac REMICS Series 4718 SC<sup>(a),(c)</sup> | SOFR30A + 6.036% | 2.3630 | 09/15/47 | 338710 |
| 966127 | Freddie Mac REMICS Series 4796 AS<sup>(a),(c)</sup> | SOFR30A + 6.086% | 2.4130 | 05/15/48 | 138486 |
| 7940541 | Government National Mortgage Association Series 2019-111 SK<sup>(a),(c)</sup> | TSFR1M + 3.316% | 0.0001 | 09/20/49 | 86387 |
|  |  |  |  |  | 2558948 |
|  | **TOTAL AGENCY ASSET BACKED SECURITIES (Cost $12,649,763)** |  |  |  | 2615908 |
|  | **NON-AGENCY ASSET BACKED SECURITIES — 93.5%** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 25.9%** |  |  |  |  |
| 30117 | Adjustable Rate Mortgage Trust 2005-4 Series 2005-4 3A1<sup>(b)</sup> |  | 6.5420 | 08/25/35 | 30046 |
| 128666 | Alternative Loan Trust 2003-4CB Series 2003-4CB B1<sup>(b)</sup> |  | 6.0060 | 04/25/33 | 77872 |
| 71786 | Alternative Loan Trust 2003-J2 Series 2003-J2 B1 |  | 6.0000 | 10/25/33 | 67085 |
| 333448 | Alternative Loan Trust 2005-22T1 Series 2005-22T1 A2<sup>(a),(c)</sup> | TSFR1M + 4.956% | 1.2770 | 06/25/35 | 24963 |
| 1505154 | Alternative Loan Trust 2006-32CB Series 2006-32CB A8<sup>(a),(c)</sup> | TSFR1M + 5.156% | 1.4770 | 11/25/36 | 131688 |
| 107157 | Alternative Loan Trust 2006-HY10 Series 2006-HY10 2A1<sup>(b)</sup> |  | 5.1990 | 05/25/36 | 103669 |
| 294588 | Alternative Loan Trust 2006-J3 Series 2006-J3 2A1 |  | 4.7500 | 12/29/26 | 268420 |
| 130624 | Alternative Loan Trust 2006-J5 Series 2006-J5 1A4 |  | 6.5000 | 09/25/36 | 60856 |
| 18625616 | Alternative Loan Trust 2006-OA10 Series 2006-OA10 XBI<sup>(a),(d) (i)</sup> |  | 0.0001 | 08/25/46 | 3921 |
| 4271192 | Alternative Loan Trust 2006-OA10 Series 2006-OA10 XAD<sup>(a),(d) (i)</sup> |  | 0.0001 | 08/25/46 | 711 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DEER PARK TOTAL RETURN CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon**<br>**Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON-AGENCY ASSET BACKED SECURITIES — 93.5% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 25.9% (Continued)** |  |  |  |  |
| 10434657 | Alternative Loan Trust 2006-OA14 Series 2006-OA14 X2<sup>(a),(b)</sup> |  | 0.0001 | 11/25/46 | $104 |
| 4629073 | Alternative Loan Trust 2006-OA17 Series 2006-OA17 2X<sup>(a),(b)</sup> |  | 1.2350 | 12/20/46 | 457932 |
| 30424302 | Alternative Loan Trust 2006-OA2 Series 2006-OA2 X1P<sup>(a),(b)</sup> |  | 0.1650 | 05/20/46 | 260563 |
| 27900000 | Alternative Loan Trust 2006-OC6 Series 2006-OC6 2A2A<sup>(c) (i)</sup> | TSFR1M + 0.434% | 0.0001 | 07/25/36 | 104958 |
| 137364 | Alternative Loan Trust Resecuritization 2006-22R Series 2006-22R 2A2 |  | 6.2500 | 05/25/36 | 67706 |
| 154538 | American Home Mortgage Assets Trust 2006-2 Series 2006-2 1A1<sup>(c)</sup> | 12MTA + 0.960% | 4.8190 | 09/25/46 | 147682 |
| 110189 | American Home Mortgage Assets Trust 2007-5 Series 2007-5 A1<sup>(c)</sup> | TSFR1M + 0.494% | 4.1730 | 06/25/47 | 106760 |
| 132282 | Banc of America Alternative Loan Trust 2006-8 Series 2006-8 1A5<sup>(a),(c)</sup> | TSFR1M + 772.262% | 6.0000 | 11/25/36 | 31392 |
| 298001 | Banc of America Alternative Loan Trust 2006-8 Series 2006-8 XIO<sup>(a)</sup> |  | 6.0000 | 11/25/46 | 59268 |
| 1650420 | Banc of America Funding 2005-C Trust Series 2005-C M2<sup>(c)</sup> | TSFR1M + 0.764% | 4.4400 | 05/20/35 | 1051177 |
| 43567 | Banc of America Funding 2005-F Trust Series 2005-F 1A1<sup>(c)</sup> | TSFR1M + 0.734% | 4.4100 | 09/20/35 | 34577 |
| 419949 | Banc of America Mortgage 2007-1 Trust Series 2007-1 2IO<sup>(a)</sup> |  | 6.0000 | 01/25/37 | 79601 |
| 163160 | Bear Stearns ALT-A Trust 2003-6 Series 2003-6 B1<sup>(b)</sup> |  | 5.3790 | 01/25/34 | 90714 |
| 341610 | Bear Stearns ALT-A Trust 2005-7 Series 2005-7 25A1<sup>(b)</sup> |  | 5.0370 | 09/25/35 | 106472 |
| 106264 | Bear Stearns ARM Trust 2004-6 Series 2004-6 2A2<sup>(b)</sup> |  | 4.0470 | 09/25/34 | 96934 |
| 33435 | Bear Stearns ARM Trust 2004-7 Series 2004-7 1A1<sup>(b) (i)</sup> |  | 0.0001 | 10/25/34 | 25793 |
| 20259 | Bear Stearns Asset Backed Securities I Trust Series 2004-AC5 A2<sup>(c)</sup> | TSFR1M + 0.514% | 4.1930 | 10/25/34 | 18083 |
| 159775 | Bear Stearns Asset Backed Securities Trust Series 2003-AC4 M1<sup>(d)</sup> |  | 5.6580 | 09/25/33 | 136016 |
| 12238 | Bear Stearns Asset Backed Securities Trust Series 2003-AC5 B<sup>(c)</sup> | TSFR1M + 4.989% | 8.6680 | 10/25/33 | 27399 |
| 27216 | Bear Stearns Asset Backed Securities Trust Series 2003-AC6 M2<sup>(c)</sup> | TSFR1M + 2.764% | 6.4430 | 11/25/33 | 18533 |
| 1427444 | Bear Stearns Mortgage Funding Trust 2006-AR1 Series 2006-AR1 2A2<sup>(c)</sup> | TSFR1M + 0.634% | 4.3130 | 08/25/36 | 1780993 |
| 2266613 | Bear Stearns Mortgage Funding Trust 2006-AR5 Series 2006-AR5 1A2<sup>(c)</sup> | TSFR1M + 0.324% | 4.2130 | 12/25/46 | 2243108 |
| 2140331 | Bear Stearns Mortgage Funding Trust 2007-AR1 Series 2007-AR1 1A2<sup>(c)</sup> | TSFR1M + 0.324% | 4.0030 | 01/25/37 | 2131674 |
| 1607238 | Bear Stearns Mortgage Funding Trust 2007-AR3 Series 2007-AR3 1A2<sup>(c)</sup> | TSFR1M + 0.294% | 4.1530 | 03/25/37 | 1636064 |
| 1356549 | Bear Stearns Mortgage Funding Trust 2007-AR3 Series 2007-AR3 21A2<sup>(c)</sup> | TSFR1M + 0.494% | 4.1730 | 04/25/37 | 1355566 |
| 13788 | Bear Stearns Mortgage Funding Trust 2007-SL1 Series 2007-SL1 1A<sup>(c)</sup> | TSFR1M + 0.434% | 4.1130 | 03/25/37 | 20610 |
| 18562 | Chase Mortgage Finance Trust Series 2007-A1 Series 2007-A1 5A2<sup>(b)</sup> |  | 6.0000 | 02/25/37 | 17669 |
| 4869 | Chase Mortgage Finance Trust Series 2007-A1 Series 2007-A1 7A1<sup>(b)</sup> |  | 6.8700 | 02/25/37 | 4903 |
| 21500 | Chevy Chase Funding, LLC Mortgage-Backed Series 2004-2A A2<sup>(c),(e)</sup> | TSFR1M + 0.434% | 4.1130 | 05/25/35 | 21369 |
| 143295 | CHL Mortgage Pass-Through Trust 2003-58 Series 2003-58 M<sup>(b)</sup> |  | 6.6390 | 02/19/34 | 138133 |
| 20664 | CHL Mortgage Pass-Through Trust 2004-25 Series 2004-25 1A2<sup>(c)</sup> | TSFR1M + 0.894% | 4.5730 | 02/25/35 | 16930 |
| 3461623 | CHL Mortgage Pass-Through Trust 2004-29 Series 2004-29 2X<sup>(a),(b)</sup> |  | 0.2060 | 02/25/35 | 35 |
| 12631 | CHL Mortgage Pass-Through Trust 2005-11 Series 2005-11 4A1<sup>(c)</sup> | TSFR1M + 0.384% | 4.0630 | 04/25/35 | 12099 |
| 159048 | CHL Mortgage Pass-Through Trust 2005-11 Series 2005-11 4A2<sup>(c)</sup> | TSFR1M + 0.434% | 4.1130 | 04/25/35 | 117209 |
| 211880 | CHL Mortgage Pass-Through Trust 2005-14 Series 2005-14 A3 |  | 5.5000 | 07/25/35 | 69582 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DEER PARK TOTAL RETURN CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon**<br>**Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON-AGENCY ASSET BACKED SECURITIES — 93.5% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 25.9% (Continued)** |  |  |  |  |
| 53321 | Citicorp Mortgage Securities Trust Series 2006-4 Series 2006-4 1A12 |  | 6.0000 | 08/25/36 | $17671 |
| 31056 | Citicorp Mortgage Securities Trust Series 2007-7 Series 2007-7 APO<sup>(f)</sup> |  | 0.0001 | 08/25/37 | 21571 |
| 17857 | Citigroup Mortgage Loan Trust 2004-HYB2 Series 2004-HYB2 1A<sup>(b)</sup> |  | 6.2470 | 03/25/34 | 17655 |
| 79926 | Citigroup Mortgage Loan Trust 2005-3 Series 2005-3 2A2B<sup>(b)</sup> |  | 5.3870 | 08/25/35 | 72785 |
| 34706 | Citigroup Mortgage Loan Trust 2006-AR1 Series 2006-AR1 2A1<sup>(c)</sup> | H15T1Y + 2.400% | 6.0500 | 03/25/36 | 35238 |
| 31552 | Citigroup Mortgage Loan Trust 2007-AR8 Series 2007-AR8 2A1A<sup>(b)</sup> |  | 4.9720 | 07/25/37 | 28252 |
| 8622 | Citigroup Mortgage Loan Trust, Inc. Series 2004-HYB1 A31<sup>(b)</sup> |  | 6.1600 | 02/25/34 | 8622 |
| 48622 | CitiMortgage Alternative Loan Trust Series 2007-A1 Series 2007-A1 1A1 |  | 6.0000 | 01/25/37 | 44102 |
| 2342106 | CitiMortgage Alternative Loan Trust Series 2007-A6 Series 2007-A6 1A2<sup>(a),(c)</sup> | TSFR1M + 5.286% | 1.6070 | 06/25/37 | 155466 |
| 58097 | Credit Suisse First Boston Mortgage Securities Series 2003-AR9 CB1<sup>(b)</sup> |  | 5.6460 | 03/25/33 | 56772 |
| 582881 | Credit Suisse First Boston Mortgage Securities Series 2004-AR7 CB1<sup>(c)</sup> | TSFR1M + 1.264% | 4.9430 | 11/25/34 | 539813 |
| 436986 | CSFB Mortgage-Backed Trust Series 2004-7 Series 2004-7 DB1<sup>(b)</sup> |  | 5.9890 | 11/25/34 | 279805 |
| 34071 | Deutsche Alt-A Securities Inc Mortgage Loan Trust Series 2005-5 1A3<sup>(b)</sup> |  | 5.5000 | 11/25/35 | 69996 |
| 939174 | Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA5 A3<sup>(c)</sup> | TSFR1M + 0.914% | 4.5930 | 08/25/47 | 749617 |
| 8758 | DSLA Mortgage Loan Trust 2004-AR3 Series 2004-AR3 B2<sup>(c)</sup> | TSFR1M + 1.764% | 5.4410 | 08/25/35 | 7533 |
| 151023 | DSLA Mortgage Loan Trust 2004-AR3 Series 2004-AR3 B3<sup>(c)</sup> | TSFR1M + 1.989% | 5.6660 | 07/19/44 | 66975 |
| 16 | DSLA Mortgage Loan Trust 2005-AR1 Series 2005-AR1 2A2<sup>(c) (i) (j)</sup> | TSFR1M + 0.774% | 4.4510 | 02/19/45 | — <sup>(h)</sup> |
| 89821 | Fannie Mae REMIC Trust 2003-W1 Series 2003-W1 M<sup>(b)</sup> |  | 2.2380 | 12/25/42 | 78977 |
| 438764 | Global Mortgage Securitization Ltd. Series 2005-A B1<sup>(e)</sup> |  | 5.2500 | 04/25/32 | 384972 |
| 7355 | GreenPoint Mortgage Funding Trust 2006-AR3 Series 2006-AR3 3A1<sup>(c) (i) (j)</sup> | TSFR1M + 0.574% | 4.2530 | 04/25/36 | 7355 |
| 26332087 | GreenPoint Mortgage Funding Trust Series 2006-AR8<sup>(c) (i)</sup> | TSFR1M + 0.534% | 0.0001 | 01/25/47 | 147775 |
| 725632 | GSMPS Mortgage Loan Trust 2003-3 Series 2003-3 B1<sup>(b),(e)</sup> |  | 6.9680 | 06/25/43 | 7 |
| 155788 | GSR Mortgage Loan Trust 2003-2F Series 2003-2F 2A5 |  | 4.7500 | 03/25/32 | 156428 |
| 7972 | GSR Mortgage Loan Trust 2004-7 Series 2004-7 1A2<sup>(b)</sup> |  | 4.3940 | 06/25/34 | 7732 |
| 1040009 | GSR Mortgage Loan Trust 2006-9F Series 2006-9F 6A1<sup>(c)</sup> | TSFR1M + 0.464% | 4.1430 | 10/25/36 | 69054 |
| 13663 | GSR Mortgage Loan Trust 2006-AR2 Series 2006-AR2 1B2<sup>(c)</sup> | TSFR1M + 0.894% | 4.5680 | 12/25/35 | 3023 |
| 11346167 | HarborView Mortgage Loan Trust 2005-8 Series 2005-8 1X<sup>(a),(b)</sup> |  | 0.0001 | 09/19/35 | 113 |
| 9472465 | HarborView Mortgage Loan Trust 2006-1 Series 2006-1 X1<sup>(a),(b)</sup> |  | 0.0001 | 03/19/36 | 95 |
| 234166 | HomeBanc Mortgage Trust 2005-1 Series 2005-1 B1<sup>(c)</sup> | TSFR1M + 1.989% | 5.6680 | 03/25/35 | 153035 |
| 242527 | Impac Secured Assets CMN Owner Trust Series 2002-2 M1 |  | 6.5000 | 04/25/33 | 109114 |
| 730621 | Impac Secured Assets CMN Owner Trust Series 2004-1 M2<sup>(d)</sup> |  | 5.4160 | 03/25/34 | 442013 |
| 644830 | IndyMac INDX Mortgage Loan Trust 2004-AR9 Series 2004-AR9 5M2<sup>(c)</sup> | TSFR1M + 1.914% | 5.5930 | 11/25/34 | 480255 |
| 170747 | IndyMac INDX Mortgage Loan Trust 2005-AR2 Series 2005-AR2 2A1B<sup>(c)</sup> | TSFR1M + 0.894% | 4.5730 | 02/25/35 | 120747 |
| 57035000 | IndyMac INDX Mortgage Loan Trust 2005-AR4 Series 2005-AR4 2A1A<sup>(c) (i) (j)</sup> | TSFR1M + 0.674% | 0.0001 | 03/25/35 | 11407 |
| 29226 | IndyMac INDX Mortgage Loan Trust 2006-AR5 Series 2006-AR5 2A1<sup>(b)</sup> |  | 3.5880 | 05/25/36 | 28408 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DEER PARK TOTAL RETURN CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon**<br>**Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON-AGENCY ASSET BACKED SECURITIES — 93.5% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 25.9% (Continued)** |  |  |  |  |
| 306551 | JP Morgan Alternative Loan Trust Series 2006-A2 5A1<sup>(b)</sup> |  | 4.4920 | 05/25/36 | $160250 |
| 957411 | JP Morgan Mortgage Trust 2005-A1 Series 2005-A1 IB2<sup>(b)</sup> |  | 5.7940 | 02/25/35 | 945312 |
| 42085 | JP Morgan Mortgage Trust 2006-A6 Series 2006-A6 3A2<sup>(b)</sup> |  | 4.1980 | 10/25/36 | 22974 |
| 106663 | JP Morgan Mortgage Trust 2006-A7 Series 2006-A7 2A2<sup>(b)</sup> |  | 4.3920 | 01/25/37 | 88786 |
| 25056 | Lehman Mortgage Trust 2005-3 Series 2005-3 2A7 |  | 6.0000 | 01/25/36 | 22478 |
| 3085906 | Lehman XS Trust Series 2006-18N Series 18N A5A<sup>(c) (i)</sup> | TSFR1M + 0.454% | 0.0001 | 12/25/36 | 31508 |
| 97401 | Lehman XS Trust Series 2007-16N Series 2007-16N 2A2<sup>(c)</sup> | TSFR1M + 1.814% | 5.4930 | 09/25/47 | 90351 |
| 432181 | MASTR Alternative Loan Trust 2006-2 Series 2006-2 2A3<sup>(c)</sup> | TSFR1M + 0.464% | 4.1430 | 03/25/36 | 34462 |
| 280918 | MASTR Alternative Loan Trust 2006-2 Series 2006-2 2A1<sup>(c)</sup> | TSFR1M + 0.514% | 4.1930 | 03/25/36 | 22692 |
| 22976 | MASTR Asset Securitization Trust 2004-3 Series 2004-3 4A11 |  | 5.5000 | 03/25/34 | 17693 |
| 27260 | Merrill Lynch Mortgage Investors Trust MLMI Series Series 2003-A1 M2<sup>(b)</sup> |  | 5.8480 | 12/25/32 | 27177 |
| 1456357 | Merrill Lynch Mortgage Investors Trust Series MLCC Series 2003-G XA2<sup>(a),(b)</sup> |  | 0.2880 | 01/25/29 | 4679 |
| 259271 | Merrill Lynch Mortgage Investors Trust Series MLCC Series 2007-3 M1<sup>(b)</sup> |  | 4.2320 | 09/25/37 | 103769 |
| 14965 | Merrill Lynch Mortgage Investors Trust Series MLMI Series 2004-A1 M1<sup>(b)</sup> |  | 5.9340 | 02/25/34 | 10253 |
| 16588 | MortgageIT Trust 2005-2 Series 2005-2 2M2<sup>(c)</sup> | TSFR1M + 1.764% | 5.4320 | 05/25/35 | 15930 |
| 110417 | Nomura Asset Acceptance Corp Alternative Loan Series 2004-AR1 5M1<sup>(c)</sup> | TSFR1M + 1.214% | 4.8930 | 08/25/34 | 135564 |
| 370 | Prime Mortgage Trust 2006-1<sup>(i) (j)</sup> |  | 5.5000 | 06/25/36 | — <sup>(h)</sup> |
| 3014371 | RALI Series 2005-QO1 Trust Series 2005-QO1 A3<sup>(c)</sup> | TSFR1M + 0.494% | 4.1730 | 08/25/35 | 1160017 |
| 134752 | RALI Series 2005-QS7 Trust Series 2005-QS7 CB |  | 5.5000 | 06/25/35 | 121837 |
| 105184 | RALI Series 2006-QS7 Trust Series 2006-QS7 A4<sup>(c)</sup> | TSFR1M + 0.514% | 4.1930 | 06/25/36 | 75984 |
| 49048800 | RALI Series 2007-QH5 Trust Series 2007-QH5 AI2<sup>(c) (i)</sup> | TSFR1M + 0.614% | 0.0001 | 06/25/37 | 153839 |
| 460536 | RALI Series 2007-QH7 Trust Series 2007-QH7 1A2<sup>(c)</sup> | TSFR1M + 0.654% | 4.3330 | 08/25/37 | 802185 |
| 6258 | RAMP Series 2004-SL1 Trust Series 2004-SL1 MI6<sup>(c)</sup> | TSFR1M + 2.014% | 6.6430 | 10/25/31 | 6377 |
| 4595698 | Reperforming Loan REMIC Trust 2005-R1 Series 2005-R1 1AS<sup>(a),(b),(e)</sup> |  | 2.3390 | 03/25/35 | 197262 |
| 5562974 | Reperforming Loan REMIC Trust 2005-R2 Series 2005-R2 1AS<sup>(a),(b),(e)</sup> |  | 1.8080 | 06/25/35 | 217917 |
| 4708954 | Reperforming Loan REMIC Trust 2006-R1 Series 2006-R1 AS<sup>(a),(b)</sup> |  | 1.9030 | 01/25/36 | 200995 |
| 10750053 | Residential Asset Securitization Trust 2005-A11CB Series 2005-A11 1AX<sup>(a),(b)</sup> |  | 0.2950 | 10/25/35 | 111873 |
| 267472 | Residential Asset Securitization Trust 2005-A16 Series 2005-A16 A3 |  | 6.0000 | 02/25/36 | 110136 |
| 80933 | SACO I, Inc. Series 1999-3 1B1<sup>(b),(e) (i)</sup> |  | 5.0720 | 04/25/39 | 79421 |
| 734006 | Structured Asset Mortgage Investments II Trust Series 2005-AR5 X2<sup>(a),(b)</sup> |  | 0.5620 | 07/19/35 | 7314 |
| 300000 | Structured Asset Mortgage Investments II Trust Series AR7 A10<sup>(c) (i)</sup> | TSFR1M + 0.514% | 0.0001 | 08/25/36 | 598 |
| 983380 | Structured Asset Mortgage Investments II Trust Series AR6 A2<sup>(c)</sup> | 12MTA + 1.730% | 5.5890 | 08/25/47 | 1467965 |
| 164038 | Structured Asset Securities Corp Assistance Loan Series 2003-AL1 B1<sup>(e)</sup> |  | 3.3560 | 04/25/31 | 107254 |
| 123028 | Structured Asset Securities Corp Mortgage Series 2003-9A B1II<sup>(b)</sup> |  | 5.6530 | 03/25/33 | 115263 |
| 446124 | SunTrust Alternative Loan Trust 2006-1F Series 2006-1F 1A4 |  | 6.0000 | 04/25/36 | 139238 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DEER PARK TOTAL RETURN CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon**<br>**Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON-AGENCY ASSET BACKED SECURITIES — 93.5% (Continued)** |  |  |  |  |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 25.9% (Continued)** |  |  |  |  |
| 18056988 | WaMu Mortgage Pass-Through Certificates Series Series 2005-AR15 X<sup>(a),(b) (i)</sup> |  | 0.1430 | 11/25/45 | $12443 |
|  |  |  |  |  | 24451018 |
|  | **HOME EQUITY — 18.1%** |  |  |  |  |
| 176034 | ABFC 2004-OPT1 Trust Series 2004-OPT1 M6<sup>(c)</sup> | TSFR1M + 5.364% | 9.0430 | 12/25/32 | 168486 |
| 12777 | ABFC 2004-OPT3 Trust Series 2004-OPT3 M1<sup>(c)</sup> | TSFR1M + 0.864% | 4.5430 | 09/25/33 | 12767 |
| 114000 | Accredited Mortgage Loan Trust 2005-4 Series 2005-4 M3<sup>(c)</sup> | TSFR1M + 0.574% | 4.2530 | 12/25/35 | 95815 |
| 126700 | ACE Securities Corp Home Equity Loan Trust Series 2003-NC1 M4<sup>(c)</sup> | TSFR1M + 5.364% | 9.0430 | 07/25/33 | 112018 |
| 7456 | ACE Securities Corp Home Equity Loan Trust Series 2004-OP1 M2<sup>(c)</sup> | TSFR1M + 1.689% | 5.3680 | 04/25/34 | 6482 |
| 80583 | ACE Securities Corp Home Equity Loan Trust Series 2004-OP1 M4<sup>(c)</sup> | TSFR1M + 3.114% | 6.7930 | 04/25/34 | 69378 |
| 245351 | ACE Securities Corp Home Equity Loan Trust Series 2004-OP1 M5<sup>(c)</sup> | TSFR1M + 3.489% | 7.1680 | 04/25/34 | 209007 |
| 372476 | Aegis Asset Backed Securities Trust Mortgage Series 2004-1 M3<sup>(c)</sup> | TSFR1M + 2.444% | 6.1230 | 04/25/34 | 218255 |
| 156672 | Aegis Asset Backed Securities Trust Mortgage Series 2004-1 B1<sup>(c)</sup> | TSFR1M + 2.894% | 6.5730 | 04/25/34 | 7585 |
| 523041 | AFC Home Equity Loan Trust Series 1999-2 1A<sup>(c)</sup> | TSFR1M + 0.924% | 4.6030 | 06/25/29 | 433776 |
| 6850000 | Ameriquest Mortgage Securities Asset-Backed<sup>(c) (i) (j)</sup> | US0001M + 3.045% | 3.1290 | 05/25/33 | 381 |
| 267414 | Argent Securities Inc Asset-Backed Pass-Through Series 2006-M2 A2C<sup>(c)</sup> | TSFR1M + 0.264% | 3.9430 | 09/25/36 | 86509 |
| 41668 | Asset Backed Securities Corp Home Equity Loan Series 2004-HE3 M6<sup>(c)</sup> | TSFR1M + 4.239% | 7.9180 | 06/25/34 | 54619 |
| 302146 | Asset Backed Securities Corp Home Equity Loan Series 2004-HE9 M2<sup>(c)</sup> | TSFR1M + 1.914% | 5.5930 | 12/25/34 | 269711 |
| 791285 | Asset Backed Securities Corp Home Equity Loan Series 2005-HE2 M5<sup>(c)</sup> | TSFR1M + 1.989% | 5.6680 | 02/25/35 | 844825 |
| 2430000 | Bayview Financial Mortgage Pass-Through Trust Series 2005-C B2<sup>(c)</sup> | TSFR1M + 2.139% | 5.1380 | 06/28/44 | 2109825 |
| 112763 | Bear Stearns Asset Backed Securities I Trust Series 2004-HE6 M5<sup>(c)</sup> | TSFR1M + 4.239% | 5.5800 | 08/25/34 | 127215 |
| 182516 | Bear Stearns Asset Backed Securities I Trust Series 2004-HE7 M6<sup>(c)</sup> | TSFR1M + 5.739% | 9.4180 | 08/25/34 | 174343 |
| 912695 | Bear Stearns Asset Backed Securities I Trust Series 2004-FR3 M5<sup>(c)</sup> | TSFR1M + 2.964% | 5.7550 | 09/25/34 | 1010536 |
| 618958 | Bear Stearns Asset Backed Securities I Trust Series 2004-HE8 M4<sup>(c)</sup> | TSFR1M + 2.739% | 6.4180 | 09/25/34 | 733173 |
| 376533 | Bear Stearns Asset Backed Securities I Trust Series 2004-HE9 M4<sup>(c)</sup> | TSFR1M + 2.739% | 5.6980 | 11/25/34 | 451710 |
| 188378 | Bear Stearns Asset Backed Securities I Trust Series 2004-HE10 M5<sup>(c)</sup> | TSFR1M + 2.814% | 6.0580 | 12/25/34 | 226071 |
| 4769 | Bear Stearns Asset Backed Securities Trust Series 1999-2 AF2<sup>(d)</sup> |  | 8.4100 | 10/25/29 | 4798 |
| 86246 | Bear Stearns Asset Backed Securities Trust Series 2003-HE1 M4<sup>(c)</sup> | TSFR1M + 2.964% | 6.0620 | 01/25/34 | 85871 |
| 73148 | Bear Stearns Asset Backed Securities Trust Series 2003-HE1 M5<sup>(c)</sup> | TSFR1M + 3.489% | 6.0620 | 01/25/34 | 94682 |
| 112358 | Bear Stearns Asset Backed Securities Trust Series 2004-HE1 M6<sup>(c)</sup> | TSFR1M + 6.114% | 6.1050 | 02/25/34 | 147983 |
| 9927 | Bear Stearns Asset Backed Securities Trust Series 2004-HE2 M4<sup>(c)</sup> | TSFR1M + 2.739% | 5.6610 | 03/25/34 | 11574 |
| 514705 | Bear Stearns Asset Backed Securities Trust Series 2004-HE2 M6<sup>(c)</sup> | TSFR1M + 4.989% | 5.6610 | 03/25/34 | 513122 |
| 59862 | Bear Stearns Asset Backed Securities Trust Series 2004-HE5 M2<sup>(c)</sup> | TSFR1M + 1.989% | 5.6680 | 07/25/34 | 56270 |
| 51739 | Bear Stearns Asset Backed Securities Trust Series 2004-HE5 M6<sup>(c)</sup> | TSFR1M + 5.739% | 9.4180 | 07/25/34 | 47655 |
| 233401 | Centex Home Equity Loan Trust 2001-b Series 2001-B A5<sup>(d)</sup> |  | 7.3300 | 07/25/32 | 158366 |
| 43774 | Centex Home Equity Loan Trust 2003-A Series 2003-A M2<sup>(c)</sup> | TSFR1M + 1.844% | 5.5230 | 03/25/33 | 43824 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DEER PARK TOTAL RETURN CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon**<br>**Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON-AGENCY ASSET BACKED SECURITIES — 93.5% (Continued)** |  |  |  |  |
|  | **HOME EQUITY — 18.1% (Continued)** |  |  |  |  |
| 9045 | Centex Home Equity Loan Trust 2004-D Series 2004-D MV2<sup>(c)</sup> | TSFR1M + 1.149% | 4.8280 | 09/25/34 | $8714 |
| 16965 | Citigroup Global Markets Mortgage Securities VII, Series 2002-WMC1 M1<sup>(c)</sup> | TSFR1M + 1.464% | 5.1430 | 01/25/32 | 16979 |
| 67322 | Citigroup Mortgage Loan Trust 2007-AMC2 Series 2007-AMC2 A3A<sup>(c)</sup> | TSFR1M + 0.274% | 3.9530 | 01/25/37 | 50244 |
| 291153 | Citigroup Mortgage Loan Trust 2007-OPX1 Series 2007-OPX1 A4B<sup>(d)</sup> |  | 6.3330 | 01/25/37 | 93765 |
| 4712004 | Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4 M5<sup>(c)</sup> | TSFR1M + 1.089% | 4.7680 | 10/25/35 | 2477218 |
| 71944 | Credit Suisse First Boston Mortgage Securities Series 2002-HE16 M2<sup>(c)</sup> | TSFR1M + 2.114% | 5.7930 | 10/25/32 | 78477 |
| 80729 | Delta Funding Home Equity Loan Trust 1999-3 Series 1999-3 M1<sup>(d)</sup> |  | 8.1000 | 01/15/30 | 50876 |
| 440711 | EMC Mortgage Loan Trust 2002-A Series 2002-AA M2<sup>(c),(e)</sup> | TSFR1M + 2.664% | 6.3430 | 05/25/39 | 439445 |
| 446757 | EquiFirst Mortgage Loan Trust 2004-3 Series 2004-3 M9<sup>(c)</sup> | TSFR1M + 4.014% | 7.6930 | 12/25/34 | 370773 |
| 11152 | GE Capital Mortgage Services Inc 1999-HE2 Trust Series 1999-HE2 B1<sup>(b)</sup> |  | 7.9050 | 07/25/29 | 3661 |
| 140883114 | GMACM Home Equity Loan Trust 2006-HE1 Series 2006-HE1 A<sup>(c) (i) (j)</sup> | US0001M + 0.315% | 0.0001 | 11/25/36 | 88756 |
| 47020 | GSAA Home Equity Trust 2006-3 Series 2006-3 A1<sup>(c)</sup> | TSFR1M + 0.274% | 3.9530 | 03/25/36 | 14969 |
| 135035 | Home Equity Asset Trust Series 2003-8 M3<sup>(c)</sup> | TSFR1M + 2.464% | 6.1430 | 04/25/34 | 135028 |
| 83961 | Home Equity Mortgage Loan Asset-Backed Trust Series 2003-A MF1<sup>(d)</sup> |  | 4.5800 | 04/25/33 | 201292 |
| 453975 | IMC Home Equity Loan Trust 1998-1 Series 1998-1 M1<sup>(d)</sup> |  | 7.5300 | 06/20/29 | 453825 |
| 32 | IMC Home Equity Loan Trust 1998-5 Series 1998-5 A6<sup>(d)</sup> |  | 6.5600 | 03/15/37 | 32 |
| 101247 | Mastr Asset Backed Securities Trust 2004-FRE1 Series 2004-FRE1 M6<sup>(c)</sup> | TSFR1M + 2.214% | 5.8930 | 07/25/34 | 90907 |
| 24381 | Mastr Asset Backed Securities Trust 2004-OPT2 Series 2004-OPT2 M4<sup>(c)</sup> | TSFR1M + 1.614% | 5.2930 | 09/25/34 | 20069 |
| 653565 | New Century Home Equity Loan Trust Series 2003-2 Series 2003-2 M2<sup>(c)</sup> | TSFR1M + 3.114% | 6.7930 | 01/25/33 | 491191 |
| 329739 | NovaStar Mortgage Funding Trust Series 2004-3 Series 2004-3 B1<sup>(c)</sup> | TSFR1M + 2.889% | 6.5680 | 12/25/34 | 292761 |
| 202353 | Option One Mortgage Loan Trust 2004-1 Series 2004-1 M3<sup>(c)</sup> | TSFR1M + 2.139% | 5.8180 | 01/25/34 | 176399 |
| 298286 | Option One Mortgage Loan Trust 2004-1 Series 2004-1 M4<sup>(c)</sup> | TSFR1M + 2.589% | 6.2680 | 01/25/34 | 251792 |
| 471888 | Option One Mortgage Loan Trust 2004-2 Series 2004-2 M4<sup>(c)</sup> | TSFR1M + 2.814% | 6.4930 | 05/25/34 | 473903 |
| 302706 | Renaissance Home Equity Loan Trust 2002-3 Series 2002-3 B<sup>(c)</sup> | TSFR1M + 5.364% | 9.0430 | 12/25/32 | 203602 |
| 260668 | Renaissance Home Equity Loan Trust 2003-2 Series 2003-2 M2A<sup>(c)</sup> | TSFR1M + 3.114% | 3.7230 | 08/25/33 | 225399 |
| 30746 | Securitized Asset Backed Receivables, LLC Trust Series 2004-NC1 B2<sup>(c)</sup> | TSFR1M + 3.114% | 6.7930 | 02/25/34 | 35596 |
| 509793 | Specialty Underwriting & Residential Finance Trust Series 2004-BC1 B1<sup>(c)</sup> | TSFR1M + 2.664% | 6.3430 | 02/25/35 | 569113 |
| 14757000 | Structured Asset Securities Corp 2005-S1<sup>(c) (i)</sup> | US0001M + 1.050% | 0.0001 | 03/25/35 | 40710 |
| 6385 | Structured Asset Securities Corp Mortgage Pass Series 2001-SB1 A5 |  | 3.3750 | 08/25/31 | 3953 |
| 11799 | Structured Asset Securities Corp Pass-Through Series 2002-AL1 A2 |  | 3.4500 | 02/25/32 | 9997 |
| 13079 | Terwin Mortgage Trust 2003-7SL Series 2003-7SL B3<sup>(b),(e)</sup> |  | 8.0000 | 12/25/33 | 12624 |
| 3000000 | Terwin Mortgage Trust 2006-HF-1 Series 2006-HF1 M1<sup>(b),(e) (i)</sup> |  | 0.0001 | 02/25/37 | 160716 |
| 14642 | Terwin Mortgage Trust Series TMTS 2003-5SL Series 2003-5SL B3<sup>(b),(e)</sup> |  | 8.0000 | 10/25/34 | 11783 |
| 930278 | UCFC Home Equity Loan Trust 1998-D Series 1998-D MF2<sup>(b)</sup> |  | 7.7500 | 04/15/30 | 941324 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DEER PARK TOTAL RETURN CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon**<br>**Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON-AGENCY ASSET BACKED SECURITIES — 93.5% (Continued)** |  |  |  |  |
|  | **HOME EQUITY — 18.1% (Continued)** |  |  |  |  |
| 171113 | Yale Mortgage Loan Trust 2007-1 Series 2007-1 A<sup>(c),(e)</sup> | TSFR1M + 0.514% | 4.1930 | 06/25/37 | $52509 |
|  |  |  |  |  | 17135034 |
|  | **NON AGENCY CMBS — 23.2%** |  |  |  |  |
| 10834758 | BANK 2017-BNK6 Series 2017-BNK6 XG<sup>(a),(b),(e)</sup> |  | 1.5000 | 07/15/60 | 151730 |
| 6143 | Bayview Commercial Asset Trust 2006-1 Series 2006-1A M4<sup>(c),(e)</sup> | TSFR1M + 0.894% | 4.5730 | 04/25/36 | 5761 |
| 856205 | Bayview Commercial Asset Trust 2006-SP2 Series 2006-SP2 B1<sup>(c),(e)</sup> | TSFR1M + 1.914% | 5.5930 | 01/25/37 | 1612616 |
| 392836 | CBA Commercial Small Balance Commercial Mortgage Series 2006-2A A<sup>(d),(e)</sup> |  | 6.0400 | 01/25/39 | 391555 |
| 3150000 | Citigroup Commercial Mortgage Trust 2015-GC35 Series 2015-GC35 D |  | 3.2360 | 11/10/48 | 1134518 |
| 3500000 | GS Mortgage Securities Trust 2014-GC22 Series 2014-GC22 D<sup>(b),(e)</sup> |  | 4.3710 | 06/10/47 | 1041577 |
| 850000 | HMH Trust 2017-NSS Series 2017-NSS A<sup>(e)</sup> |  | 3.0620 | 07/05/31 | 756289 |
| 8113000 | HMH Trust 2017-NSS Series 2017-NSS E<sup>(e) (i)</sup> |  | 6.2920 | 07/05/31 | 244572 |
| 4000000 | HMH Trust 2017-NSS Series 2017-NSS F<sup>(e) (i)</sup> |  | 8.4800 | 07/05/31 | 161680 |
| 64000 | JP Morgan Chase Commercial Mortgage Securities Series 2018-PTC C<sup>(c),(e)</sup> | TSFR1M + 2.597% | 6.2700 | 04/15/31 | 3363 |
| 27000 | JP Morgan Chase Commercial Mortgage Securities Series 2018-PTC D<sup>(c),(e)</sup> | TSFR1M + 3.417% | 7.0900 | 04/15/31 | 849 |
| 388922 | JP Morgan Chase Commercial Mortgage Securities Series 2013-LC11 D<sup>(b)</sup> |  | 3.6070 | 04/15/46 | 2917 |
| 1000000 | JPMBB Commercial Mortgage Securities Trust Series 2015-C28 E<sup>(b),(e)</sup> |  | 3.7840 | 10/15/48 | 820958 |
| 3302000 | JPMBB Commercial Mortgage Securities Trust 2016-C1 Series 2016-C1 E<sup>(b),(e)</sup> |  | 4.9380 | 03/15/49 | 2473660 |
| 1666666 | Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C29 E<sup>(e)</sup> |  | 2.8770 | 05/15/49 | 1364679 |
| 3976000 | Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C30 E<sup>(b),(e)</sup> |  | 3.0000 | 09/15/49 | 2468117 |
| 4467483 | Starwood Retail Property Trust 2014-STAR Series 2014-STAR A<sup>(c),(e)</sup> | PRIME | 0.7870 | 11/15/27 | 2826010 |
| 2392000 | Wells Fargo Commercial Mortgage Trust 2013-LC12 Series 2013-LC12 D<sup>(b),(e)</sup> |  | 3.7440 | 07/15/46 | 1655563 |
| 1666666 | Wells Fargo Commercial Mortgage Trust 2015-C27 Series 2015-C27 E<sup>(e)</sup> |  | 2.8690 | 02/15/48 | 819511 |
| 1631000 | Wells Fargo Commercial Mortgage Trust 2015-C27 Series 2015-C27 D<sup>(e)</sup> |  | 3.7680 | 02/15/48 | 900328 |
| 2500000 | Wells Fargo Commercial Mortgage Trust 2016-C36 Series 2016-C36 D<sup>(e)</sup> |  | 2.9420 | 11/15/59 | 1937251 |
| 3000000 | WFRBS Commercial Mortgage Trust 2013-C14 Series 2013-C14 E<sup>(e)</sup> |  | 3.2500 | 06/15/46 | 1164370 |
|  |  |  |  |  | 21937874 |
|  | **OTHER ABS — 1.7%** |  |  |  |  |
| 272042 | BCMSC Trust 2001-A Series 2001-A M2<sup>(b)</sup> |  | 8.2650 | 12/15/30 | 347225 |
| 1079627 | Conseco Finance Securitizations Corporation Series 2001-2 M1<sup>(b)</sup> |  | 7.6900 | 03/01/31 | 1105501 |
| 101148 | Origen Manufactured Housing Contract Trust 2001-A Series 2001-A M1<sup>(b)</sup> |  | 7.8200 | 03/15/32 | 101469 |
|  |  |  |  |  | 1554195 |
|  | **RESIDENTIAL MORTGAGE — 24.6%** |  |  |  |  |
| 1814899 | Ameriquest Mortgage Securities Inc Asset Backed Series 2005-R11 M6<sup>(c)</sup> | TSFR1M + 1.269% | 4.9480 | 01/25/36 | 1960319 |
| 164752 | Amortizing Residential Collateral Trust Series 2001-BC5 M1<sup>(c)</sup> | TSFR1M + 0.939% | 4.6180 | 08/25/31 | 183267 |
| 22022 | Bear Stearns Asset Backed Securities Trust Series 2004-SD1 M3<sup>(d)</sup> |  | 6.0000 | 12/25/42 | — <sup>(h)</sup> |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DEER PARK TOTAL RETURN CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon**<br>**Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON-AGENCY ASSET BACKED SECURITIES — 93.5% (Continued)** |  |  |  |  |
|  | **RESIDENTIAL MORTGAGE — 24.6% (Continued)** |  |  |  |  |
| 50071 | Bear Stearns Asset Backed Securities Trust Series 2007-SD2 1A2A |  | 6.0000 | 09/25/46 | $48640 |
| 5420086 | Carrington Mortgage Loan Trust Series 2005-FRE1 Series 2005-FRE1 M4<sup>(c)</sup> | TSFR1M + 1.044% | 4.7230 | 12/25/35 | 2977393 |
| 107139 | Chase Funding Trust Series 2003-3 Series 2003-3 1M2 |  | 4.8850 | 05/25/32 | 102020 |
| 1324486 | Citicorp Residential Mortgage Trust Series 2006-2 Series 2006-2 M3<sup>(d)</sup> |  | 5.9960 | 09/25/36 | 1323419 |
| 143937 | Citigroup Global Markets Mortgage Securities VII, Series 1997-LB6 B2 |  | 7.0000 | 12/25/27 | 22353 |
| 190571 | Citigroup Mortgage Loan Trust 2007-AHL3 Series 2007-AHL3 A1<sup>(c),(e)</sup> | TSFR1M + 0.284% | 3.9630 | 05/25/37 | 171390 |
| 1361478 | Citigroup Mortgage Loan Trust, Inc. Series 2005-WF2 MV6<sup>(c)</sup> | TSFR1M + 1.989% | 5.6680 | 08/25/35 | 1480856 |
| 2923056 | Countrywide Asset-Backed Certificates Series 2006-BC1 M4<sup>(c)</sup> | TSFR1M + 1.089% | 4.7680 | 04/25/36 | 2228909 |
| 1891677 | Countrywide Asset-Backed Certificates Series 2006-1 MV2<sup>(c)</sup> | TSFR1M + 0.729% | 4.4080 | 07/25/36 | 1805564 |
| 75057 | Countrywide Asset-Backed Certificates Series 2006-23 1A<sup>(c)</sup> | TSFR1M + 0.394% | 4.0730 | 05/25/37 | 72165 |
| 5000000 | Credit-Based Asset Servicing and Securitization, Series 2002-CB5 M2<sup>(c) (i) (j)</sup> | TSFR1M + 3.114% | 0.0001 | 05/25/32 | 50000 |
| 54765 | Credit-Based Asset Servicing and Securitization, Series 2004-CB6 B1<sup>(c)</sup> | TSFR1M + 2.814% | 4.7020 | 07/25/35 | 46513 |
| 260 | Credit-Based Asset Servicing and Securitization, Series 2004-CB8 M1<sup>(c)</sup> | TSFR1M + 0.909% | 3.6720 | 12/25/35 | 260 |
| 132574 | CWABS Asset-Backed Certificates Trust 2005-1 Series 2005-1 MF4<sup>(b)</sup> |  | 4.4770 | 07/25/35 | 112893 |
| 640958 | First Franklin Mortgage Loan Trust 2002-FF4 Series 2002-FF4 M1<sup>(c)</sup> | TSFR1M + 1.689% | 5.3680 | 02/25/33 | 553392 |
| 283856 | First Franklin Mortgage Loan Trust 2003-FF4 Series 2003-FF4 M2<sup>(c)</sup> | TSFR1M + 2.589% | 6.2680 | 10/25/33 | 263819 |
| 16985 | Fremont Home Loan Trust 2004-B Series 2004-B M6<sup>(c)</sup> | TSFR1M + 2.439% | 6.1180 | 05/25/34 | 16874 |
| 325 | Fremont Home Loan Trust 2004-C Series 2004-C M3<sup>(c)</sup> | TSFR1M + 1.839% | 5.5180 | 08/25/34 | 283 |
| 277161 | GSAMP Trust 2004-OPT Series 2004-OPT B2<sup>(c)</sup> | TSFR1M + 2.664% | 3.7820 | 11/25/34 | 219753 |
| 2711137 | Home Equity Loan Trust Series 2007-FRE1 M1<sup>(c)</sup> | TSFR1M + 0.614% | 4.2930 | 04/25/37 | 2644277 |
| 128638 | Home Equity Mortgage Loan Asset-Backed Trust Series 2005-D M1<sup>(c)</sup> | TSFR1M + 0.774% | 4.4530 | 03/25/36 | 122288 |
| 139076 | Lehman XS Trust 2007-1 Series 2007-1 1A4<sup>(c)</sup> | TSFR1M + 0.574% | 4.2530 | 02/25/37 | 114438 |
| 2865 | Merrill Lynch Mortgage Investors Trust Series 2005-WMC1 M2<sup>(c)</sup> | TSFR1M + 0.909% | 4.5880 | 09/25/35 | 2798 |
| 2626 | Morgan Stanley A.B.S Capital I Inc Trust 2004-NC7 Series 2004-NC7 M4<sup>(c)</sup> | TSFR1M + 1.839% | 5.5180 | 07/25/34 | 3871 |
| 122197 | Morgan Stanley A.B.S Capital I Inc Trust 2005-WMC4 Series 2005-WMC4 M6<sup>(c)</sup> | TSFR1M + 1.164% | 4.8430 | 04/25/35 | 115936 |
| 1243724 | Newcastle Mortgage Securities Trust 2007-1 Series 2007-1 M2<sup>(c)</sup> | TSFR1M + 0.764% | 4.4430 | 04/25/37 | 1857894 |
| 1271430 | People's Choice Home Loan Securities Trust Series 2004-2 M5<sup>(c)</sup> | TSFR1M + 2.814% | 6.4930 | 10/25/34 | 812921 |
| 80989 | RAMP Series 2005-RS8 Trust Series 2005-RS8 M2<sup>(c)</sup> | TSFR1M + 0.614% | 4.5430 | 09/25/35 | 80881 |
| 7561 | SACO I Trust 2006-3 Series 2006-3 A1<sup>(c)</sup> | TSFR1M + 0.474% | 4.1530 | 04/25/36 | 159196 |
| 52691 | Saxon Asset Securities Trust 2004-2 Series 2004-2 MV3<sup>(c)</sup> | TSFR1M + 2.019% | 5.6980 | 08/25/35 | 58235 |
| 948250 | Saxon Asset Securities Trust 2005-1 Series 2005-1 B3<sup>(c)</sup> | TSFR1M + 3.639% | 2.4050 | 05/25/35 | 50230 |
| 4500000 | Saxon Asset Securities Trust 2007-4 Series 2007-4 M1<sup>(c),(e)</sup> | TSFR1M + 3.114% | 6.7930 | 12/25/37 | 2968256 |
| 142039 | Securitized Asset Backed Receivables, LLC Trust Series 2004-NC3 M2<sup>(c)</sup> | TSFR1M + 1.794% | 5.4730 | 09/25/34 | 155292 |
| 28188 | Soundview Home Loan Trust 2004-WMC1 Series 2004-WMC1 M4<sup>(c)</sup> | TSFR1M + 1.314% | 4.9930 | 01/25/35 | 23773 |
| 166394 | Specialty Underwriting & Residential Finance Trust Series 2003-BC2 B1<sup>(c)</sup> | TSFR1M + 4.614% | 8.2930 | 06/25/34 | 196872 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DEER PARK TOTAL RETURN CREDIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon**<br>**Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **NON-AGENCY ASSET BACKED SECURITIES — 93.5% (Continued)** |  |  |  |  |
|  | **RESIDENTIAL MORTGAGE — 24.6% (Continued)** |  |  |  |  |
| 145759 | Structured Asset Investment Loan Trust 2003-BC4 Series 2003-BC4 M4<sup>(c)</sup> | TSFR1M + 4.989% | 8.6680 | 06/25/33 | $137113 |
| 68262 | Structured Asset Investment Loan Trust 2003-BC8 Series 2003-BC8 M2<sup>(c)</sup> | TSFR1M + 2.739% | 6.4180 | 08/25/33 | 64390 |
| 33588 | Wilshire Mortgage Loan Trust Series 1997-2 A7<sup>(b)</sup> |  | 6.8350 | 03/25/28 | 33413 |
|  |  |  |  |  | 23242156 |
|  | **TOTAL NON-AGENCY ASSET BACKED SECURITIES (Cost $104,350,609)** | **TOTAL NON-AGENCY ASSET BACKED SECURITIES (Cost $104,350,609)** |  |  | 88320277 |
| **Shares** |  |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 3.5%** |  |  |  |  |
|  | **MONEY MARKET FUND - 3.5%** |  |  |  |  |
| 3302040 | First American Government Obligations Fund, Class X, 3.57% **(Cost $3,302,040)**<sup>(g)</sup> | First American Government Obligations Fund, Class X, 3.57% **(Cost $3,302,040)**<sup>(g)</sup> | First American Government Obligations Fund, Class X, 3.57% **(Cost $3,302,040)**<sup>(g)</sup> |  | 3302040 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $120,302,412)** | **TOTAL INVESTMENTS - 99.8% (Cost $120,302,412)** |  |  | $94238225 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** |  |  | 217926 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  | $94456151 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LTD | - Limited Company |
| REMIC | - Real Estate Mortgage Investment Conduit |
| 12MTA | - 12-Month Treasury Average |
| H15T1Y | - US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| PRIME | - Prime Rate by Country United States |
| SOFR30A | - United States Secured Overnight Financing Rate (SOFR) Over A Rolling 30-Day Period |
| TSFR1M | - Term Secured Overnight Financing Rate (SOFR) 1 month |
| US0001M | - Intercontinental Exchange London Interbank Offered Rate (ICE LIBOR) USD 1 Month |

---

<sup>(a)</sup> Interest only securities.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on March 31, 2026.

<sup>(c)</sup> 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>(d)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at March 31, 2026.

<sup>(e)</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 March 31, 2026 the total market value of 144A securities is $25,625,365 or 27.1% of net assets.

<sup>(f)</sup> Zero coupon bond.

<sup>(g)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

<sup>(h)</sup> Amount represents less than $1.

<sup>(i)</sup> Illiquid security. Total illiquid securities represent 1.4% of net assets as of March 31, 2026.

<sup>(j)</sup> The fair value of this investment is determined using significant unobservable inputs.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Deer Park Total Return Credit Fund*** |
| **STATEMENT OF ASSETS AND LIABILITIES (Unaudited)** |
| **March 31, 2026** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investments (cost $120,302,412), at fair value | $94238225 |
| &nbsp;&nbsp;&nbsp;Interest & dividend receivable | 384292 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 291 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 1 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 32031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 94654840 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 61532 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 56024 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 34909 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 3230 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 42994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 198689 |
| **NET ASSETS** | $**94456151** |
| **Net Assets Consist Of:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $223570043 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (129113892) |
| **NET ASSETS** | $**94456151** |
| **Net Asset Value Per Share:** |  |
| Class A Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**7100577** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **900382** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $**7.89** |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (maximum sales charge of 5.75%) (a) | $**8.37** |
| Class C Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**1987833** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **252895** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $**7.86** |
| Class I Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**85367741** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **10797151** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $**7.91** |

---

(a) On investments of $1 million or more,
 the maximum sales charge will not apply.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Deer Park Total Return Credit Fund*** |
| **STATEMENT OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended March 31, 2026** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Interest income | $454539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 454539 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 763349 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) Fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 9950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 9876 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 110001 |
| &nbsp;&nbsp;&nbsp;Professional fees | 46613 |
| &nbsp;&nbsp;&nbsp;Third party administrative servicing fees | 43402 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 29853 |
| &nbsp;&nbsp;&nbsp;Registration fees | 23809 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 18212 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 14685 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 10571 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 10198 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 8830 |
| &nbsp;&nbsp;&nbsp;Line of credit interest expense | 8179 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 1850 |
| &nbsp;&nbsp;&nbsp;Other expenses | 31243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 1140621 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Adviser | (441082) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 699539 |
| **NET INVESTMENT LOSS** | (245000) |
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from security transactions | 1283585 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 1247394 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 2530979 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**2285979** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Deer Park Total Return Credit Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** | <br>**Year Ended**<br>**September 30, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(245000) | $2864477 |
| &nbsp;&nbsp;&nbsp;Net realized gain from security transactions | 1283585 | 1444752 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | 1247394 | (2361020) |
| Net increase in net assets resulting from operations | 2285979 | 1948209 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (256414) |
| &nbsp;&nbsp;&nbsp;Class C |  | (51119) |
| &nbsp;&nbsp;&nbsp;Class I |  | (2964103) |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (282412) | (594400) |
| &nbsp;&nbsp;&nbsp;Class C | (64237) | (88365) |
| &nbsp;&nbsp;&nbsp;Class I | (3391987) | (5128485) |
| Net decrease in net assets resulting from distributions to shareholders | (3738636) | (9082886) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 41637 | 492754 |
| &nbsp;&nbsp;&nbsp;Class C | 95083 | 74926 |
| &nbsp;&nbsp;&nbsp;Class I | 4351288 | 22571929 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 277496 | 834209 |
| &nbsp;&nbsp;&nbsp;Class C | 46734 | 108549 |
| &nbsp;&nbsp;&nbsp;Class I | 2944310 | 7387694 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1778786) | (24072008) |
| &nbsp;&nbsp;&nbsp;Class C | (38648) | (681623) |
| &nbsp;&nbsp;&nbsp;Class I | (22590939) | (79376025) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from shares of beneficial interest | (16651825) | (72659595) |
| **TOTAL DECREASE IN NET ASSETS** | (18104482) | (79794272) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 112560633 | 192354905 |
| &nbsp;&nbsp;&nbsp;End of Period | $94456151 | $112560633 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Deer Park Total Return Credit Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026**<br>**(Unaudited)** | **Year Ended**<br>**September 30, 2025** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 5176 | 60427 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 34557 | 103140 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (220621) | (2960744) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (180888) | (2797177) |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 11773 | 9249 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 5842 | 13477 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (4825) | (84466) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 12790 | (61740) |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 540041 | 2778709 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 365773 | 912400 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2793095) | (9725422) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (1887281) | (6034313) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Deer Park Total Return Credit Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class A** | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30, 2025** |<br>**Year Ended**<br>**September 30, 2024** |<br>**Year Ended**<br>**September 30, 2023** |<br>**Year Ended**<br>**September 30, 2022** |<br>**Year Ended**<br>**September 30, 2021** |
| Net asset value, beginning of period | $8.02 | $8.39 | $8.53 | $9.35 | $10.75 | $10.37 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.02) | 0.04 | 0.29 | 0.37 | 0.33 | 0.29 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.18 | 0.17 | 0.15 | (0.62) | (1.22) | 0.60 |
| Total from investment operations | 0.16 | 0.21 | 0.44 | (0.25) | (0.89) | 0.89 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.29) | (0.36) | (0.35) | (0.43) | (0.34) | (0.39) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.22 | (0.23) | (0.14) | (0.17) | (0.12) |
| Total distributions | (0.29) | (0.58 | (0.58) | (0.57) | (0.51) | (0.51) |
| Net asset value, end of period | $7.89 | $8.02 | $8.39 | $8.53 | $9.35 | $10.75 |
| Total return (2) | 1.99% (12) | 2.67 | 5.24% | (2.73)% | (8.51)% | 8.82% |
| Net assets, at end of period (000s) | $7101 | $8671 | $32545 | $89664 | $123018 | $115606 |
| Ratio of gross expenses to average net assets (3)(11) | 2.44% (9) | 2.57 | 2.96% (7) | 2.64% (6) | 2.43% (5) | 2.39% (4) |
| Ratio of net expenses to average net assets (11) | 1.58% (9) | 1.76 | 2.43% (7) | 2.26% (6) | 2.11% (5) | 2.15% (4) |
| Ratio of net investment income (loss) to average net assets (11) | (0.69)% | 2.23 | 3.36% | 4.17% | 3.26% | 2.72% |
| Portfolio Turnover Rate | 0% (12) | 0 | 2% | 1% | 17% | 17% |

---

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

(2) Total returns shown are historical in nature and assume changes in share price,
 reinvestment of dividends and distributions, if any, and exclude the effect of applicable sales charges and redemption fees. Had the Adviser
 not waived fees or absorbed a portion of Fund expenses, total returns would have been lower.

(3) Represents the ratio of expenses to average net assets absent fee waivers and/or
 expense reimbursements by the Adviser.

(4) Includes 0.01% for the year ended September 30, 2021 attributed to broker margin
 interest expense, which is not subject to waiver by the Adviser.

(5) Includes 0.03% for the year ended September 30, 2022 attributed to broker margin
 interest expense, interest on reverse repurchase agreements and line of credit expense which are not subject to waiver by the Adviser.

(6) Includes 0.26% for the year ended September 30, 2023 attributed to interest on
 reverse repurchase agreements, line of credit expense and extraordinary expenses which are not subject to waiver by the Adviser.

(7) Includes 0.54% for the year ended September 30, 2024 attributed to interest on
 reverse repurchase agreements, line of credit expense and extraordinary expenses which are not subject to waiver by the Adviser.

(8) Includes 0.21% for the year ended September 30, 2025 attributed to interest on
 reverse repurchase agreements, line of credit expense and extraordinary expenses which are not subject to waiver by the Adviser.

(9) Includes 0.03% for the six months ended March 31, 2026 attributed to interest
 on reverse repurchase agreements, line of credit expense and extraordinary expenses which are not subject to waiver by the Adviser.

(10) The amount of net realized and unrealized gain (loss) on investments per share
 does not accord with the amounts in the Statement of Operations due to the timing of shareholder subscriptions and redemptions relative
 to fluctuating net asset values during the year.

(11) Annualized for periods less than one full year.

(12) Not annualized for periods less than one full year.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Deer Park Total Return Credit Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class C** | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30, 2025** |<br>**Year Ended**<br>**September 30, 2024** |<br>**Year Ended**<br>**September 30, 2023** |<br>**Year Ended**<br>**September 30, 2022** |<br>**Year Ended**<br>**September 30, 2021** |
| Net asset value, beginning of period | $7.99 | $8.36 | $8.50 | $9.32 | $10.71 | $10.34 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.05) | 0.16 | 0.22 | 0.30 | 0.22 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.18 | (0.01) | 0.15 | (0.62) | (1.17) | 0.59 |
| Total from investment operations | 0.13 | 0.15 | 0.37 | (0.32) | (0.95) | 0.80 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.32) | (0.30) | (0.38) | (0.29) | (0.33) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.20) | (0.21) | (0.12) | (0.15) | (0.10) |
| Total distributions | (0.26) | (0.52) | (0.51) | (0.50) | (0.44) | (0.43) |
| Net asset value, end of period | $7.86 | $7.99 | $8.36 | $8.50 | $9.32 | $10.71 |
| Total return (2) | 1.62% (11) | 1.92% | 4.47% | (3.47)% | (9.14)% | 7.92% |
| Net assets, at end of period (000s) | $1988 | $1920 | $2523 | $3196 | $5119 | $8234 |
| Ratio of gross expenses to average net assets (3)(10) | 3.19% (9) | 3.32% (8) | 3.71% (7) | 3.39% (6) | 3.18% (5) | 3.14% (4) |
| Ratio of net expenses to average net assets (10) | 2.33% (9) | 2.51% (8) | 3.18% (7) | 3.01% (6) | 2.87% (5) | 2.90% (4) |
| Ratio of net investment income (loss) to average net assets (10) | (1.44)% | 1.48% | 2.62% | 3.37% | 2.16% | 1.97% |
| Portfolio Turnover Rate | 0% (11) | 0% | 2% | 1% | 17% | 17% |

---

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

(2) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees. Had the Adviser not waived fees or absorbed a portion of Fund expenses, total returns would have been
 lower.

(3) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(4) Includes 0.01% for the year ended
 September 30, 2021 attributed to broker margin interest expense, which is not subject to waiver by the Adviser.

(5) Includes 0.03% for the year ended
 September 30, 2022 attributed to broker margin interest expense, interest on reverse repurchase agreements and line of credit expense
 which are not subject to waiver by the Adviser.

(6) Includes 0.26% for the year ended
 September 30, 2023 attributed to interest on reverse repurchase agreements, line of credit expense and extraordinary expenses which are
 not subject to waiver by the Adviser.

(7) Includes 0.54% for the year ended
 September 30, 2024 attributed to interest on reverse repurchase agreements, line of credit expense and extraordinary expenses which are
 not subject to waiver by the Adviser.

(8) Includes 0.21% for the year ended
 September 30, 2025 attributed to interest on reverse repurchase agreements, line of credit expense and extraordinary expenses which are
 not subject to waiver by the Adviser.

(9) Includes 0.03% for the six months
 ended March 31, 2026 attributed to interest on reverse repurchase agreements, line of credit expense and extraordinary expenses which
 are not subject to waiver by the Adviser.

(10) Annualized for periods less than one
 full year.

(11) Not annualized for periods less than
 one full year.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Deer Park Total Return Credit Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Class I** | **Six Months Ended**<br>**March 31, 2026**<br>**(Unaudited)** |<br>**Year Ended**<br>**September 30, 2025** |<br>**Year Ended**<br>**September 30, 2024** |<br>**Year Ended**<br>**September 30, 2023** |<br>**Year Ended**<br>**September 30, 2022** |<br>**Year Ended**<br>**September 30, 2021** |
| Net asset value, beginning of period | $8.04 | $8.40 | $8.54 | $9.36 | $10.76 | $10.38 |
| Activity from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.02) | 0.20 | 0.31 | 0.39 | 0.32 | 0.31 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.19 | 0.04 | 0.15 | (0.62) | (1.18) | 0.61 |
| Total from investment operations | 0.17 | 0.24 | 0.46 | (0.23) | (0.86) | 0.92 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.37) | (0.36) | (0.45) | (0.36) | (0.42) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.23 | (0.24) | (0.14) | (0.18) | (0.12) |
| Total distributions | (0.30) | (0.60 | (0.60) | (0.59) | (0.54) | (0.54) |
| Net asset value, end of period | $7.91 | $8.04 | $8.40 | $8.54 | $9.36 | $10.76 |
| Total return (2) | 2.11% (12) | 3.05 | 5.50% (9) | (2.48)% (9) | (8.27)% | 9.09% |
| Net assets, at end of period (000s) | $85368 | $101970 | $157287 | $299494 | $463430 | $701732 |
| Ratio of gross expenses to average net assets (3)(11) | 2.19% (9) | 2.32 | 2.71% (7) | 2.39% (6) | 2.18% (5) | 2.14% (4) |
| Ratio of net expenses to average net assets (11) | 1.33% (9) | 1.51 | 2.18% (7) | 2.01% (6) | 1.87% (5) | 1.90% (4) |
| Ratio of net investment income (loss) to average net assets (11) | (0.44)% | 2.48 | 3.65% | 4.41% | 3.05% | 2.97% |
| Portfolio Turnover Rate | 0% (12) | 0 | 2% | 1% | 17% | 17% |

---

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

(2) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees. Had the Adviser not waived fees or absorbed a portion of Fund expenses, total returns would have been
 lower.

(3) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(4) Includes 0.01% for the year ended
 September 30, 2021 attributed to broker margin interest expense, which is not subject to waiver by the Adviser.

(5) Includes 0.03% for the year ended
 September 30, 2022 attributed to broker margin interest expense, interest on reverse repurchase agreements and line of credit expense
 which are not subject to waiver by the Adviser.

(6) Includes 0.26% for the year ended
 September 30, 2023 attributed to interest on reverse repurchase agreements, line of credit expense and extraordinary expenses which are
 not subject to waiver by the Adviser.

(7) Includes 0.54% for the year ended
 September 30, 2024 attributed to interest on reverse repurchase agreements, line of credit expense and extraordinary expenses which are
 not subject to waiver by the Adviser.

(8) Includes 0.21% for the year ended
 September 30, 2025 attributed to interest on reverse repurchase agreements, line of credit expense and extraordinary expenses which are
 not subject to waiver by the Adviser.

(9) Includes 0.03% for the six months
 ended March 31, 2026 attributed to interest on reverse repurchase agreements, line of credit expense and extraordinary expenses which
 are not subject to waiver by the Adviser.

(10) The amount of net realized and unrealized
 gain (loss) on investments per share does not accord with the amounts in the Statement of Operations due to the timing of shareholder
 subscriptions and redemptions relative to fluctuating net asset values during the year.

(11) Annualized for periods less than one
 full year.

(12) Not annualized for periods less than
 one full year.

See accompanying notes to financial statements.

***Deer Park Total Return Credit Fund* NOTES TO FINANCIAL STATEMENTS (Unaudited) March 31, 2026**

**1.** **ORGANIZATION** 

The Deer Park Total Return Credit Fund (the "Fund") is a non-diversified series of shares of beneficial interest of Northern Lights Fund Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware on January 19, 2005, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Fund's investment objective is to seek income and capital appreciation. The Fund commenced operations on October 16, 2015.

The Fund currently offers Class A shares, Class C shares and Class I shares. Class C and Class I shares are offered at net asset value ("NAV"). Class A shares are offered at NAV plus a maximum sales charge of 5.75%, which can be waived by the adviser. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Fund's income, expenses (other than class specific distribution fees), and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

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

**Segment Reporting** – An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's CODM is comprised of the portfolio managers and Chief Financial Officer of the Trust. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**Accounting Pronouncement –** The Fund adopted the FASB ASU 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in ASU 2023-09 are intended to address investor requests for more transparency about

***Deer Park Total Return Credit Fund* NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

income tax information and to improve the effectiveness of income tax disclosures. The Fund's adoption of ASU 2023-09 did not have a material impact on the Fund's financial statements.

**Securities Valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust's Board of Trustees (the "Board") based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". The Fund may fair value a particular bond if the adviser does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund's holding. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies may be valued at NAV.

The Fund may hold investments, 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 investments will be valued using the "fair value" procedures approved by the Board. The Board has delegated execution of these procedures to the adviser as its valuation designee (the "Valuation Designee"). The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**Fair Valuation Process –** The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an ask price is available; the spread between bid and ask prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal

***Deer Park Total Return Credit Fund* NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

exchange on which they are traded, but prior to the Fund's calculation of its NAV. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid investments, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Fund utilizes various methods to measure the fair value of all of its 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 Fund has 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 Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

***Deer Park Total Return Credit Fund* NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of March 31, 2026 for the Fund's assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Agency Asset Backed Securities | $— | $2615908 | $— | $2615908 |
| Non-Agency Asset Backed Securities |  | 87554380 | 765897 | 88320277 |
| Short-Term Investment | 3302040 |  |  | 3302040 |
| Total | $3302040 | $90170288 | $765897 | $94238225 |

---

\* See Schedule of Investments for industry classification.

Transfers between Level 2 and Level 3 generally relate to whether significant unobservable inputs are used for the fair value measurements.

The following is a reconciliation of assets in which Level 3 inputs were used in determining value:

---

| | |
|:---|:---|
|  | **Non-Agency Asset**<br>**Backed Securities** |
| Beginning Value at September 30, 2025 | $834853 |
| Total realized gain (loss) |  |
| Appreciation (depreciation) | (145194) |
| Purchase |  |
| Proceeds from Sales |  |
| Net transfers in/out of level 3 | 76238 |
| Ending Value at March 31, 2026 | $765897 |

---

Certain Level 3 investments of the fund have been valued using unadjusted inputs that have not been internally developed by the fund, including third party broker quotations. As a result, fair value of $607,988 have been excluded from the proceeding table.

Significant unobservable valuation inputs for Level 3 investments as of March 31, 2026, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair Value at | Valuation | Unobservable | |
| Non-Agency Asset Backed Securities | March 31, 2026 | Technique | Inputs | Selected Inputs |
| Ameriquest Mortgage Securities Asset-Backed | $381 | Market / Liquidation approach | Expected future cash payments | N/A |
| Credit-Based Asset Servicing and Securitization, LLC | 50000 | Market / Liquidation approach | Priced securities include yield to maturity | 13.10% |
|  |  |  | Conditional Prepayment Rate | 9.00% |
|  |  |  | Constant Default Rate | 4.00% |
|  |  |  | Loss severities | 50.00% |
| DSLA Mortgage Loan Trust 2005-AR1 Series 2005-AR1 2A2 |  | Market / Liquidation approach | Expected future cash payments | N/A |
| GMACM Home Equity Loan Trust 2006-HE1 Floating Rate | 88756 | Market / Liquidation approach | Priced securities include yield to maturity | 17.10% |
|  |  |  | Conditional Prepayment Rate | 5.00% |
|  |  |  | Constant Default Rate | 6.00% |
|  |  |  | Loss severities | 25.00% |
| GreenPoint Mortgage Funding Trust 2006-AR3 | 7355 | Market / Liquidation approach | Priced securities include yield to maturity | 4.25% |
|  |  |  | Conditional Prepayment Rate | 1.60% |
|  |  |  | Constant Default Rate | 0.50% |
|  |  |  | Loss severities | 50.00% |
| IndyMac INDX Mortgage Loan Trust 2005-AR4 | 11407 | Market / Liquidation approach | Priced securities include yield to maturity | 14.50% |
|  |  |  | Conditional Prepayment Rate | 5.00% |
|  |  |  | Constant Default Rate | 2.00% |
|  |  |  | Loss severities | 50.00% |
| Prime Mortgage Trust 2006-1 |  | Market / Liquidation approach | Expected future cash payments | N/A |

---

***Deer Park Total Return Credit Fund* NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

**Interest Only Securities –** The Fund may invest in stripped mortgage-backed securities, which receive differing proportions of the interest and principal payments from the underlying assets, including interest-only ("IO") and principal-only ("PO") securities. Stripped securities are created when the issuer separates the interest and principal components of an instrument and sells them as separate securities. In general, one security is entitled to receive the interest payments on underlying assets (the interest only or "IO" security) and the other to receive the principal payments (the principal only or "PO" security). Some stripped securities may receive a combination of interest and principal payments. The yields to maturity on IOs and POs are sensitive to the expected or anticipated rate of principal payments (including prepayments) on the related underlying assets, and principal payments may have a material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in IOs. Conversely, if the underlying assets experience less than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be highly sensitive to changes in interest rates and rates of prepayment. IO and PO mortgage-backed securities may be illiquid. The market value of such securities generally is more sensitive to changes in prepayment and interest rates than is the case with securities traditional mortgage-backed securities, and in some cases such market value may be extremely volatile.

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

**Cash –** Cash includes cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. The assets of the Fund may be placed in deposit accounts at U.S. banks and such deposits generally exceed Federal Deposit Insurance Corporation (FDIC) insurance limits. The FDIC insures deposit accounts up to $250,000 for each accountholder. The counterparty is generally a single bank or other financial institution, rather than a group of financial institutions; thus there may be a greater counterparty credit risk. The Fund places deposits only with those counterparties which are believed to be creditworthy. The Fund, as of March 31, 2026 has $0 due to pending trade settlements at the custodian.

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

***Deer Park Total Return Credit Fund* NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

**Expenses –** Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable (as determined by the Board), taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

**Credit Facility –** Effective July 29, 2024, the Fund entered into a revolving, uncommitted $150,000,000 line of credit with U.S. Bank National Association (the "Revolving Credit Agreement") which expired on July 28, 2025. Effective July 28, 2025, the Fund entered into an amended and restated agreement, dated July 28, 2025, with a $150,000,000 line credit with U.S. Bank National Association (the "Amended and Restated Revolving Credit Agreement") set to expire on July 27, 2026. Borrowings under the Amended and Restated Revolving Credit Agreement bear interest at Prime Rate minus 1% per month. There are no fees charged on the unused portion of the line of credit. For the six month ended October 1, 2025 through March 31, 2026, amounts outstanding to the Fund under the credit facility at no time were permitted to exceed $150,000,000.

For the six months ended March 31, 2026, the interest expense was $8,179 for the Fund. There was an outstanding balance of $0 as of March 31, 2026. The average borrowings for the Fund for the period the line was drawn, October 1, 2025 through March 31, 2026, was $870,255 at an average borrowing rate of 5.90 %. At March 31, 2026, the effective borrowing interest rate was 6.25%.

**Federal Income Taxes** – The Fund complies with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no provision for federal income tax is required. The Fund recognizes 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 Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on tax returns filed for the open September 30, 2023 through September 30, 2025 tax years, or expected to be taken in the Fund's September 30, 2026 tax returns. The Fund identifies its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Fund makes significant investments; however, the Fund is 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. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended September 30, 2025, the Fund did not incur any interest or penalties. Generally, tax authorities can examine tax returns filed for the last three years.

**Market and Geopolitical Risk** – The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate-change or climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, regulatory events and governmental or quasi-

***Deer Park Total Return Credit Fund* NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund. It is not known how long such impacts of the significant events described above will last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, 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. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.

**Credit Risk** – Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.

**Counterparty Risk** – Counterparty risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Fund by failing to discharge an obligation. A concentration of counterparty risk would exist if that part of the Fund's cash were held at the broker. The Fund could be unable to recover assets held at the prime broker, including assets directly traceable to the Fund, in the event of the broker's bankruptcy. The Fund does not anticipate any material losses as a result of this concentration.

**Mortgage-Backed and Asset Backed Securities Risk** – The default rate on underlying mortgage loans or asset loans may be higher than anticipated, potentially reducing payments to the Fund. Default rates are sensitive to overall economic conditions such as unemployment, wage levels and economic growth rates. Mortgage-backed securities are susceptible to maturity risk because issuers of securities held by the Fund are able to prepay principal due on these securities, particularly during periods of declining interest rates.

**Volatility Risk** – The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund's NAV per share to experience significant increases or declines in value over short periods of time.

**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 Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

***Deer Park Total Return Credit Fund* NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

**3.** **INVESTMENT TRANSACTIONS** 

For the six months ended March 31, 2026, cost of purchases and proceeds from sales of portfolio securities, other than short sales, short-term investments and U.S. Government securities, amounted to $134,889 and $20,300,253, respectively.

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

Princeton Fund Advisors, LLC, serves as the Fund's investment adviser (the "Adviser"). The Adviser has engaged Deer Park Road Management Company, LP, Inc. as the sub-adviser (the "Sub-Adviser") to the Fund. The Adviser compensates the Sub-Adviser for its services from the management fees received from the Fund.

Pursuant to an investment advisory agreement with the Trust, on behalf of the Fund, the Adviser, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Fund pays the Adviser a management fee, computed and accrued daily and paid monthly, at an annual rate of 1.49% of the Fund's average daily net assets. For the six months ended March 31, 2026, the Fund incurred $763,349 in advisory fees of which $56,024 is payable as of March 31, 2026 and included in the Statement of Assets and Liabilities under the Liabilities section.

Pursuant to a written contract (the "Waiver Agreement"), the Adviser had agreed, at least until January 31, 2027, to waive a portion of its advisory fee and has agreed to reimburse the Fund for other expenses to the extent necessary to ensure that the total expenses incurred by the Fund (excluding 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 expenses on securities sold short), taxes, and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Adviser))), do not exceed 1.55% per annum of Class A average daily net assets, 2.30% per annum of Class C average daily net assets, and 1.30% per annum of Class I average daily net assets (the "expense limitation").

If the Adviser waives any fee or reimburses any expense pursuant to the Waiver Agreement, and the Fund's operating expenses are subsequently less than the expense limitation, the Adviser shall be entitled to reimbursement by the Fund for such waived fees or reimbursed expenses provided that such reimbursement does not cause the Fund's expenses to exceed the expense limitation. If the operating expenses subsequently exceed the expense limitation, the reimbursements shall be suspended. The Adviser may seek reimbursement only for expenses waived or paid by it during the three fiscal years prior to such reimbursement; provided, however, that such expenses may only be reimbursed to the extent they were waived or paid after the effective date of the Waiver Agreement (or any similar agreement). The Board may terminate the Waiver Agreement on 60 days' written notice to the Adviser.

***Deer Park Total Return Credit Fund* NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

For the six months ended March 31, 2026, the Adviser waived fees of $441,082 pursuant to the Waiver Agreement.

The following amounts previously waived or reimbursed by the Adviser are subject to recapture by the following dates:

---

| | | |
|:---|:---|:---|
| 9/30/2026 | 9/30/2027 | 9/30/2028 |
| $1794509 | $1605473 | $1020132 |

---

*<u>Distributor</u> –* The Trust, with respect to the Fund, has adopted the Trust's Master Distribution and Shareholder Servicing Plans pursuant to Rule 12b-1 under the 1940 Act for each of its Class A and Class C shares (the "Plans"). The Plans provide that a monthly service and/or distribution fee is calculated by the Fund at annual rates of 0.25% and 1.00% of the average daily net assets attributable to Class A shares and Class C shares, respectively, and is paid to Northern Lights Distributors, LLC (the "Distributor"), to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Fund's shareholder accounts, not otherwise required to be provided by the Adviser. Class I shares do not incur a 12b-1 fee. The Plans are compensation plans, which mean that compensation is provided regardless of 12b-1 expenses incurred. For the six months ended March 31, 2026, the Fund incurred $9,950 and $9,876 to the Distributor for Class A and Class C shares, respectively.

The Distributor acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. On sales of Class A shares for the six months ended March 31, 2026, the Distributor received $0 from front-end sales charges of which $0 was retained by the principal underwriter or other affiliated broker-dealers.

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

*<u>Ultimus Fund Solutions, LLC</u>* <u>("UFS")</u> *–* UFS, an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Fund pays UFS customary fees for providing administration, fund accounting and transfer agency services to the Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Fund for serving in such capacities.

*<u>Northern Lights Compliance Services, LLC</u>* <u>("NLCS")</u> *–* NLCS, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Fund.

*<u>Blu Giant, LLC</u>* <u>("Blu Giant")</u> *–* Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Fund.

***Deer Park Total Return Credit Fund* NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

**5.** **REVERSE REPURCHASE AGREEMENTS** 

The Fund is subject to FASB Accounting Standards Codification Topic 860, "Transfers and Servicing," which requires that all involvements of a transferor with the transferred financial asset be considered in analyzing whether the transferor has surrendered control over the transferred financial asset.

Transactions involving securities repurchase agreements are treated as collateralized borrowings and are recorded at their contracted amounts which approximate fair value. In addition, interest is included in interest payable. For the six months ended March 31, 2026, the Fund had interest expense for reverse repurchase agreements of $0. As of March 31, 2026, the Fund held no reverse repurchase agreements.

**6.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of the control of the fund, under section 2(a)(9) of the 1940 Act. As of March 31, 2026, Charles Schwab held 38.8% of the voting securities of the Fund and may be deemed to control the Fund.

**7.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of distributions paid during the fiscal years ended September 30, 2025, and September 30, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>September 30, 2025 | Fiscal Year Ended<br>September 30, 2024 |
| Ordinary Income | $5811250 | $13590639 |
| Long-Term Capital Gain |  |  |
| Return of Capital | 3271636 | 6822136 |
|  | $9082886 | $20412775 |

---

As of September 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Distributable Earnings/ |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | (Accumulated Deficit) |
| $— | $— | $(4895339) | $(70176505) | $— | $(27311581) | $(102383425) |

---

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such capital losses of $4,895,339.

At September 30, 2025, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

---

| | | | |
|:---|:---|:---|:---|
| Short-Term | Long-Term | Total | CLCF Utilized |
| $33349258 | $36827247 | $70176505 | $— |

---

***Deer Park Total Return Credit Fund* NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) March 31, 2026**

As a result of the acquisition of another Fund, $8,208,574 and $17,069,236 of short-term and long-term capital loss carryover, respectively, remains to be recognized in future years. This amount is subject to an annual limitation of $112,216 under tax rules.

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

---

| | | | |
|:---|:---|:---|:---|
| | | Gross | Tax Net |
| Cost for Federal | Gross Unrealized | Unrealized | Unrealized |
| Tax purposes | Appreciation | Depreciation | Depreciation |
| $120302412 | $15711855 | $(41776042) | $(26064187) |

---

**9.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued.

Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements, other than the following:

On April 29, 2026, the Board approved and declared the following distributions:

---

| | | | |
|:---|:---|:---|:---|
|  | **Distributions Per Share** | **Record Date** | **Payable Date** |
| Class A | 0.0484 | 4/28/2026 | 4/30/2026 |
| Class C | 0.0439 | 4/28/2026 | 4/30/2026 |
| Class I | 0.0500 | 4/28/2026 | 4/30/2026 |

---

***Deer Park Total Return Credit Fund***

 **Additional Information (Unaudited)**

 **March 31, 2026**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

A special meeting of shareholders of the Deer Park Total Return Credit Fund was held on September 26, 2025 at 10:00 a.m. ET at the offices of Ultimus Fund Solutions, LLC, 80 Arkay Drive, Suite 110, Hauppauge, NY 11788. The following proposals were approved by the Fund's shareholders.

Proposal 1: To approve a new investment advisory agreement by and between the Trust and Princeton Fund Advisors, LLC.

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Shares Voted** | <br>**% of Shares Voted** | **% of Total Shares**<br>**Outstanding** |
| For | 7145539.00 | 98.0% | 59.8% |
| Against or Abstain | 145654.00 | 2.0% | 1.2% |

---

Proposal 2: To approve a new investment advisory agreement by and between Princeton Fund Advisors, LLC and Deer Park Road Management Company, LP.

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Shares Voted** | <br>**% of Shares Voted** | **% of Total Shares**<br>**Outstanding** |
| For | 7181613.00 | 98.5% | 60.1% |
| Against or Abstain | 109580.00 | 1.5% | 0.9% |

---

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

Refer to the financial statements included herein.

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

Not applicable.

**<u>PROXY VOTING POLICY</u>**

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-888-868-9501, by visiting www.deerparkfund.com, or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**<u>PORTFOLIO HOLDINGS</u>**

Funds file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the "SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC's website at www.sec.gov.

---

| |
|:---|
| **INVESTMENT ADVISER** |
| Princeton Fund Advisors, LLC |
| 1580 Lincoln Street, Suite 680 |
| Denver, CO 80203 |
| **INVESTMENT SUB-ADVISER** |
| Deer Park Road Management Company, LP |
| 1195 Bangtail Way |
| Steamboat Springs, CO 80487 |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |

---

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** Included under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7 of this Form.

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

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

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

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures.** 

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

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

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

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. [Exhibit 99. CERT](ex99-cert.htm)

(a)(4) Not applicable.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto [Exhibit 99.906CERT](ex99-906cert.htm)

**SIGNATURES**

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

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

By (Signature and Title)

---

| |
|:---|
| /s/ Kevin E. Wolf |
| Kevin E. Wolf, Principal Executive Officer/President |

---

Date <u>6/8/26</u>

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

By (Signature and Title)

---

| |
|:---|
| /s/ Kevin E. Wolf |
| Kevin E. Wolf, Principal Executive Officer/President |

---

Date <u>6/8/26</u>

By (Signature and Title)

---

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

---

Date <u>6/8/26</u>

## Ex-99.Cert

CERTIFICATIONS

I, Kevin E. Wolf, certify that:

1. I have reviewed this report on Form N-CSR of the Deer Park Total Return Credit Fund (a series of Northern Lights Fund Trust);

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 6/8/26 | /s/ Kevin E. Wolf |
|  |  | Kevin E. Wolf |
|  |  | Principal Executive Officer/President |

---

I, James Colantino certify that:

1. I have reviewed this report on Form N-CSR of the Deer Park Total Return Credit Fund (a series of Northern Lights Fund Trust);

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 6/8/26 | /s/ James Colantino |
|  |  | James Colantino |
|  |  | Principal Financial Officer/Treasurer |

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## Exhibit 99.906

**CERTIFICATION**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2026 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), of the Securities Exchange Act of 1934, as amended; and

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

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| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust |
| /s/ Kevin E. Wolf | /s/ Kevin E. Wolf | /s/ James Colantino | /s/ James Colantino |
| Kevin E. Wolf | Kevin E. Wolf | James Colantino | James Colantino |
| Date: | 6/8/26 | Date: | 6/8/26 |

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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.