# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0000910472-26-003852
**Filing Date:** 2026-3
**Character Count:** 206567
**Document Hash:** 691bf9201e0d2a7e9b9015e940e2dd1a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-003852.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0000910472-26-003852

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**PERIOD START**: 20261031

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 26733459

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | | | | | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 7.7%** | **EXCHANGE-TRADED FUNDS — 7.7%** | **EXCHANGE-TRADED FUNDS — 7.7%** | **EXCHANGE-TRADED FUNDS — 7.7%** |  |
|  | **FIXED INCOME - 7.7%** | **FIXED INCOME - 7.7%** | **FIXED INCOME - 7.7%** | **FIXED INCOME - 7.7%** |  |
| 7000000 | iShares iBoxx $ High Yield Corporate Bond ETF <sup>(h)</sup> | iShares iBoxx $ High Yield Corporate Bond ETF <sup>(h)</sup> | iShares iBoxx $ High Yield Corporate Bond ETF <sup>(h)</sup> | iShares iBoxx $ High Yield Corporate Bond ETF <sup>(h)</sup> | $567840000 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $551,286,800)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $551,286,800)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $551,286,800)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $551,286,800)** | 567840000 |
|  | **OPEN-END FUNDS — 1.8%** | **OPEN-END FUNDS — 1.8%** | **OPEN-END FUNDS — 1.8%** | **OPEN-END FUNDS — 1.8%** |  |
|  | **FIXED INCOME - 0.8%** | **FIXED INCOME - 0.8%** | **FIXED INCOME - 0.8%** | **FIXED INCOME - 0.8%** |  |
| 5618472 | Navigator Ultra Short Bond Fund, Class I<sup>(g)</sup> | Navigator Ultra Short Bond Fund, Class I<sup>(g)</sup> | Navigator Ultra Short Bond Fund, Class I<sup>(g)</sup> | Navigator Ultra Short Bond Fund, Class I<sup>(g)</sup> | 56690385 |
|  | **MIXED ALLOCATION – 1.0%** | **MIXED ALLOCATION – 1.0%** | **MIXED ALLOCATION – 1.0%** | **MIXED ALLOCATION – 1.0%** |  |
| 6978646 | Navigator Tactical US Allocation Fund, Class I<sup>(g)</sup> | Navigator Tactical US Allocation Fund, Class I<sup>(g)</sup> | Navigator Tactical US Allocation Fund, Class I<sup>(g)</sup> | Navigator Tactical US Allocation Fund, Class I<sup>(g)</sup> | 71531118 |
|  | **TOTAL OPEN-END FUNDS (Cost $126,422,965)** | **TOTAL OPEN-END FUNDS (Cost $126,422,965)** | **TOTAL OPEN-END FUNDS (Cost $126,422,965)** | **TOTAL OPEN-END FUNDS (Cost $126,422,965)** | 128221503 |
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon<br>Rate (%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 47.5%** |  |  |  |  |
|  | **ADVERTISING & MARKETING — 0.1%** |  |  |  |  |
| 5277000 | Omnicom Group, Inc. / Omnicom Capital, Inc. |  | 3.6000 | &nbsp;&nbsp;04/15/26 | 5271875 |
|  | **AEROSPACE & DEFENSE — 1.5%** |  |  |  |  |
| 80000000 | Boeing Company |  | 2.1960 | &nbsp;&nbsp;02/04/26 | 79986419 |
| 15900000 | RTX Corporation |  | 5.7500 | &nbsp;&nbsp;11/08/26 | 16105144 |
| 14044000 | Teledyne Technologies, Inc. |  | 1.6000 | &nbsp;&nbsp;04/01/26 | 13988278 |
|  |  |  |  |  | 110079841 |
|  | **ASSET MANAGEMENT — 0.2%** |  |  |  |  |
| 16716000 | Charles Schwab Corporation<sup>(a)</sup> | SOFRRATE + 0.520% | 4.3320 | &nbsp;&nbsp;05/13/26 | 16726807 |
|  | **AUTOMOTIVE — 7.0%** |  |  |  |  |
| 23000000 | American Honda Finance Corporation<sup>(a)</sup> | SOFRRATE + 0.870% | 4.5200 | &nbsp;&nbsp;07/09/27 | 23124382 |
| 47500000 | American Honda Finance Corporation<sup>(a)</sup> | SOFRRATE + 0.730% | 4.5420 | &nbsp;&nbsp;08/13/27 | 47729287 |
| 25000000 | American Honda Finance Corporation<sup>(a)</sup> | SOFRRATE + 0.650% | 4.4450 | &nbsp;&nbsp;11/19/27 | 25044807 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon<br>Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 47.5% (Continued)** |  |  |  |  |
|  | **AUTOMOTIVE — 7.0% (Continued)** |  |  |  |  |
| 14700000 | BMW US Capital, LLC<sup>(a),(b)</sup> | SOFRINDX + 0.800% | 4.6120 | &nbsp;&nbsp;08/13/26 | $14745553 |
| 34803000 | BMW US Capital, LLC<sup>(a),(b)</sup> | SOFRINDX + 0.780% | 4.4700 | &nbsp;&nbsp;03/19/27 | 34955548 |
| 43168000 | Ford Motor Credit Company, LLC |  | 2.7000 | &nbsp;&nbsp;08/10/26 | 42829017 |
| 39000000 | Ford Motor Credit Company, LLC<sup>(a)</sup> | SOFRRATE + 1.450% | 5.2770 | &nbsp;&nbsp;11/05/26 | 39111554 |
| 12719000 | General Motors Financial Company, Inc. |  | 5.4000 | &nbsp;&nbsp;04/06/26 | 12752588 |
| 42000000 | Hyundai Capital America<sup>(a),(b)</sup> | SOFRRATE + 0.990% | 4.6810 | &nbsp;&nbsp;03/25/27 | 42200593 |
| 56000000 | Mercedes-Benz Finance North America, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.780% | 4.4610 | &nbsp;&nbsp;04/01/27 | 56230478 |
| 4250000 | Toyota Motor Corporation |  | 1.3390 | &nbsp;&nbsp;03/25/26 | 4235485 |
| 30000000 | Toyota Motor Credit Corporation<sup>(a)</sup> | SOFRRATE + 0.450% | 4.1000 | &nbsp;&nbsp;04/10/26 | 30017934 |
| 50000000 | Toyota Motor Credit Corporation<sup>(a)</sup> | SOFRRATE + 0.430% | 4.0740 | &nbsp;&nbsp;06/09/27 | 50129840 |
| 21000000 | Toyota Motor Credit Corporation<sup>(a)</sup> | SOFRRATE + 0.450% | 4.1000 | &nbsp;&nbsp;01/12/28 | 21030421 |
| 20000000 | Volkswagen Group of America Finance, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.830% | 4.5190 | &nbsp;&nbsp;03/20/26 | 20009639 |
| 23688000 | Volkswagen Group of America Finance, LLC<sup>(a),(b)</sup> | SOFRRATE + 1.060% | 4.8680 | &nbsp;&nbsp;08/14/26 | 23767976 |
| 30000000 | Volkswagen Group of America Finance, LLC<sup>(a),(b)</sup> | SOFRRATE + 1.060% | 4.7510 | &nbsp;&nbsp;03/25/27 | 30093523 |
|  |  |  |  |  | 518008625 |
|  | **BANKING — 9.8%** |  |  |  |  |
| 53803000 | Bank of America Corporation<sup>(c)</sup> | TSFR3M + 1.322% | 3.5590 | &nbsp;&nbsp;04/23/27 | 53749254 |
| 95819000 | Bank of America Corporation<sup>(c)</sup> | SOFRRATE + 0.960% | 1.7340 | &nbsp;&nbsp;07/22/27 | 94827625 |
| 25000000 | Canadian Imperial Bank of Commerce<sup>(a)</sup> | SOFRINDX + 0.930% | 4.6310 | &nbsp;&nbsp;09/11/27 | 25075866 |
| 25000000 | Citibank NA<sup>(a)</sup> | SOFRINDX + 0.590% | 4.2300 | &nbsp;&nbsp;04/30/26 | 25017331 |
| 40000000 | Citibank NA<sup>(a)</sup> | SOFRINDX + 0.708% | 4.5210 | &nbsp;&nbsp;08/06/26 | 40082940 |
| 58000000 | Citibank NA<sup>(a)</sup> | SOFRRATE + 0.781% | 4.5350 | &nbsp;&nbsp;05/29/27 | 58277985 |
| 20000000 | Commonwealth Bank of Australia<sup>(a),(b)</sup> | SOFRRATE + 0.460% | 4.2330 | &nbsp;&nbsp;11/27/26 | 20069141 |
| 38000000 | Cooperatieve Rabobank UA<sup>(a)</sup> | SOFRRATE + 0.620% | 4.3930 | &nbsp;&nbsp;08/28/26 | 38083496 |
| 54759000 | JPMorgan Chase & Company<sup>(c)</sup> | SOFRRATE + 0.885% | 1.5780 | &nbsp;&nbsp;04/22/27 | 54471280 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon<br>Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 47.5% (Continued)** |  |  |  |  |
|  | **BANKING — 9.8% (Continued)** |  |  |  |  |
| 89047000 | JPMorgan Chase & Company<sup>(c)</sup> | SOFRRATE + 0.765% | 1.4700 | &nbsp;&nbsp;09/22/27 | $87657530 |
| 21316000 | PNC Bank NA<sup>(c)</sup> | SOFRRATE + 0.630% | 4.5430 | &nbsp;&nbsp;05/13/27 | 21346338 |
| 50000000 | Royal Bank of Canada<sup>(a)</sup> | SOFRINDX + 0.790% | 4.4390 | &nbsp;&nbsp;07/23/27 | 50069191 |
| 100000000 | Wells Fargo & Company Series Q<sup>(c)</sup> | US0003M + 1.170% | 3.1960 | &nbsp;&nbsp;06/17/27 | 99706806 |
| 52674000 | Wells Fargo & Company<sup>(c)</sup> | SOFRRATE + 0.780% | 4.9000 | &nbsp;&nbsp;01/24/28 | 53131822 |
|  |  |  |  |  | 721566605 |
|  | **BEVERAGES — 0.8%** |  |  |  |  |
| 57500000 | Keurig Dr Pepper, Inc.<sup>(a)</sup> | SOFRRATE + 0.580% | 4.3850 | &nbsp;&nbsp;11/15/26 | 57533455 |
|  | **BIOTECH & PHARMA — 1.7%** |  |  |  |  |
| 21227000 | Amgen, Inc. |  | 2.6000 | &nbsp;&nbsp;08/19/26 | 21084373 |
| 48000000 | GlaxoSmithKline Capital plc<sup>(a)</sup> | SOFRRATE + 0.500% | 4.1960 | &nbsp;&nbsp;03/12/27 | 48180989 |
| 28000000 | Merck & Company, Inc.<sup>(a)</sup> | SOFRRATE + 0.460% | 4.1510 | &nbsp;&nbsp;09/15/27 | 28157372 |
| 29000000 | Pfizer, Inc.<sup>(a)</sup> | SOFRRATE + 0.500% | 4.2890 | &nbsp;&nbsp;11/15/27 | 29122819 |
|  |  |  |  |  | 126545553 |
|  | **CABLE & SATELLITE** — **0.0%<sup>(d)</sup>** |  |  |  |  |
| 1200000 | Cequel Communications Holdings I, LLC / Cequel<sup>(b)</sup> |  | 7.5000 | &nbsp;&nbsp;04/01/28 | 721500 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.3%** |  |  |  |  |
| 20438000 | TR Finance, LLC |  | 3.3500 | &nbsp;&nbsp;05/15/26 | 20391148 |
|  | **CONTAINERS & PACKAGING — 0.1%** |  |  |  |  |
| 8000000 | Sealed Air Corporation<sup>(b)</sup> |  | 1.5730 | &nbsp;&nbsp;10/15/26 | 7867151 |
|  | **E-COMMERCE DISCRETIONARY — 0.2%** |  |  |  |  |
| 15997000 | eBay, Inc. |  | 1.4000 | &nbsp;&nbsp;05/10/26 | 15891813 |
|  | **ELECTRIC UTILITIES — 0.5%** |  |  |  |  |
| 38450000 | Entergy Corporation |  | 2.9500 | &nbsp;&nbsp;09/01/26 | 38224805 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon<br>Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 47.5% (Continued)** |  |  |  |  |
|  | **ELECTRICAL EQUIPMENT — 1.1%** |  |  |  |  |
| 50000000 | Amphenol Corporation<sup>(a)</sup> | SOFRRATE + 0.530% | 4.3490 | &nbsp;&nbsp;11/15/27 | $50135389 |
| 10000000 | Fortive Corporation |  | 3.1500 | &nbsp;&nbsp;06/15/26 | 9964259 |
| 18379000 | Johnson Controls International plc |  | 3.9000 | &nbsp;&nbsp;02/14/26 | 18379377 |
|  |  |  |  |  | 78479025 |
|  | **FOOD — 1.4%** |  |  |  |  |
| 6041000 | Conagra Brands, Inc. |  | 5.3000 | &nbsp;&nbsp;10/01/26 | 6086178 |
| 35665000 | Kellogg Company |  | 3.2500 | &nbsp;&nbsp;04/01/26 | 35634230 |
| 63774000 | Kraft Heinz Foods Company |  | 3.0000 | &nbsp;&nbsp;06/01/26 | 63572324 |
|  |  |  |  |  | 105292732 |
|  | **GAS & WATER UTILITIES — 0.1%** |  |  |  |  |
| 4000000 | National Fuel Gas Company |  | 5.5000 | &nbsp;&nbsp;10/01/26 | 4037431 |
|  | **HEALTH CARE FACILITIES & SERVICES — 3.3%** |  |  |  |  |
| 65421000 | Cardinal Health, Inc. |  | 4.7000 | &nbsp;&nbsp;11/15/26 | 65845019 |
| 9458000 | Cigna Corporation |  | 1.2500 | &nbsp;&nbsp;03/15/26 | 9428879 |
| 73051000 | CVS Health Corporation |  | 2.8750 | &nbsp;&nbsp;06/01/26 | 72786031 |
| 5227000 | CVS Health Corporation |  | 3.0000 | &nbsp;&nbsp;08/15/26 | 5199314 |
| 36956000 | HCA, Inc. |  | 5.2500 | &nbsp;&nbsp;06/15/26 | 36995571 |
| 52429000 | Universal Health Services, Inc. |  | 1.6500 | &nbsp;&nbsp;09/01/26 | 51666162 |
|  |  |  |  |  | 241920976 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.2%** |  |  |  |  |
| 20000000 | Jefferies Financial Group, Inc. |  | 4.7500 | &nbsp;&nbsp;08/11/26 | 20000276 |
| 24000000 | Jefferies Financial Group, Inc. |  | 4.5000 | &nbsp;&nbsp;09/15/26 | 24069843 |
| 100000000 | Morgan Stanley<sup>(c)</sup> | SOFRRATE + 0.879% | 1.5930 | &nbsp;&nbsp;05/04/27 | 99379453 |
| 20000000 | Morgan Stanley<sup>(c)</sup> | SOFRRATE + 0.858% | 1.5120 | &nbsp;&nbsp;07/20/27 | 19768523 |
|  |  |  |  |  | 163218095 |
|  | **INSURANCE — 0.3%** |  |  |  |  |
| 20000000 | Brown & Brown, Inc. |  | 4.6000 | &nbsp;&nbsp;12/23/26 | 20122644 |
|  | **LEISURE FACILITIES & SERVICES — 1.4%** |  |  |  |  |
| 9626000 | Marriott International, Inc. |  | 3.1250 | &nbsp;&nbsp;06/15/26 | 9598697 |
| 26264000 | Marriott International, Inc. |  | 5.4500 | &nbsp;&nbsp;09/15/26 | 26482487 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon<br>Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 47.5% (Continued)** |  |  |  |  |
|  | **LEISURE FACILITIES & SERVICES — 1.4% (Continued)** |  |  |  |  |
| 59350000 | Royal Caribbean Cruises Ltd.<sup>(b)</sup> |  | 4.2500 | &nbsp;&nbsp;07/01/26 | $59332112 |
| 9100000 | Royal Caribbean Cruises Ltd.<sup>(b)</sup> |  | 5.5000 | &nbsp;&nbsp;08/31/26 | 9109728 |
|  |  |  |  |  | 104523024 |
|  | **MACHINERY — 1.3%** |  |  |  |  |
| 40000000 | Caterpillar Financial Services Corporation<sup>(a)</sup> | SOFRRATE + 0.380% | 4.0330 | &nbsp;&nbsp;01/07/27 | 40090773 |
| 40000000 | John Deere Capital Corporation<sup>(a)</sup> | SOFRRATE + 0.400% | 4.0830 | &nbsp;&nbsp;01/07/28 | 40094435 |
| 16651000 | Veralto Corporation |  | 5.5000 | &nbsp;&nbsp;09/18/26 | 16803159 |
|  |  |  |  |  | 96988367 |
|  | **OIL & GAS PRODUCERS — 2.2%** |  |  |  |  |
| 34750000 | Chevron USA, Inc.<sup>(a)</sup> | SOFRINDX + 0.360% | 4.1370 | &nbsp;&nbsp;02/26/27 | 34843636 |
| 13567000 | Chevron USA, Inc.<sup>(a)</sup> | SOFRINDX + 0.470% | 4.2470 | &nbsp;&nbsp;02/26/28 | 13624546 |
| 3838000 | Enbridge, Inc. |  | 1.6000 | &nbsp;&nbsp;10/04/26 | 3778253 |
| 5498000 | Enbridge, Inc. |  | 5.9000 | &nbsp;&nbsp;11/15/26 | 5576371 |
| 53000000 | Energy Transfer, L.P. |  | 6.0500 | &nbsp;&nbsp;12/01/26 | 53834713 |
| 21654000 | Kinder Morgan, Inc. |  | 1.7500 | &nbsp;&nbsp;11/15/26 | 21296076 |
| 6994000 | MPLX, L.P. B |  | 1.7500 | &nbsp;&nbsp;03/01/26 | 6981304 |
| 26162000 | ONEOK, Inc. |  | 5.5500 | &nbsp;&nbsp;11/01/26 | 26427126 |
|  |  |  |  |  | 166362025 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.6%** |  |  |  |  |
| 50012000 | Crown Castle International Corporation |  | 3.7000 | &nbsp;&nbsp;06/15/26 | 49935867 |
| 50075000 | Equinix, Inc. |  | 1.4500 | &nbsp;&nbsp;05/15/26 | 49712914 |
| 16744000 | Weyerhaeuser Company |  | 4.7500 | &nbsp;&nbsp;05/15/26 | 16782880 |
|  |  |  |  |  | 116431661 |
|  | **RETAIL - DISCRETIONARY — 2.0%** |  |  |  |  |
| 26597000 | AutoZone, Inc. |  | 3.1250 | &nbsp;&nbsp;04/21/26 | 26550573 |
| 30721000 | AutoZone, Inc. |  | 5.0500 | &nbsp;&nbsp;07/15/26 | 30871500 |
| 66448000 | Lowe's Companies, Inc. |  | 4.8000 | &nbsp;&nbsp;04/01/26 | 66509969 |
| 6000000 | O'Reilly Automotive, Inc. |  | 3.5500 | &nbsp;&nbsp;03/15/26 | 5997530 |
| 9106000 | O'Reilly Automotive, Inc. |  | 5.7500 | &nbsp;&nbsp;11/20/26 | 9221861 |
| 10127000 | Ross Stores, Inc. |  | 0.8750 | &nbsp;&nbsp;04/15/26 | 10066118 |
|  |  |  |  |  | 149217551 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon<br>Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 47.5% (Continued)** |  |  |  |  |
|  | **SEMICONDUCTORS — 0.3%** |  |  |  |  |
| 22103000 | Skyworks Solutions, Inc. |  | 1.8000 | &nbsp;&nbsp;06/01/26 | $21926135 |
|  | **SOFTWARE — 2.0%** |  |  |  |  |
| 22876000 | Fortinet, Inc. |  | 1.0000 | &nbsp;&nbsp;03/15/26 | 22794178 |
| 70768000 | Oracle Corporation |  | 1.6500 | &nbsp;&nbsp;03/25/26 | 70520236 |
| 57225000 | Oracle Corporation |  | 2.6500 | &nbsp;&nbsp;07/15/26 | 56822525 |
|  |  |  |  |  | 150136939 |
|  | **SPECIALTY FINANCE — 1.0%** |  |  |  |  |
| 33495000 | American Express Company<sup>(c)</sup> | SOFRINDX + 0.750% | 5.6450 | &nbsp;&nbsp;04/23/27 | 33618980 |
| 18084000 | American Express Company<sup>(c)</sup> | SOFRRATE + 0.970% | 5.3890 | &nbsp;&nbsp;07/28/27 | 18208084 |
| 22696000 | NTT Finance Corporation<sup>(b)</sup> |  | 1.1620 | &nbsp;&nbsp;04/03/26 | 22584029 |
|  |  |  |  |  | 74411093 |
|  | **TECHNOLOGY HARDWARE — 1.0%** |  |  |  |  |
| 17367000 | Avnet, Inc. |  | 4.6250 | &nbsp;&nbsp;04/15/26 | 17370055 |
| 6606000 | Dell International, LLC / EMC Corporation |  | 6.0200 | &nbsp;&nbsp;06/15/26 | 6625352 |
| 49555000 | TD SYNNEX Corporation |  | 1.7500 | &nbsp;&nbsp;08/09/26 | 48915483 |
|  |  |  |  |  | 72910890 |
|  | **TECHNOLOGY SERVICES — 1.4%** |  |  |  |  |
| 3225000 | Fidelity National Information Services, Inc. |  | 1.1500 | &nbsp;&nbsp;03/01/26 | 3218026 |
| 100000000 | International Business Machines Corporation |  | 3.3000 | &nbsp;&nbsp;05/15/26 | 99869274 |
|  |  |  |  |  | 103087300 |
|  | **TELECOMMUNICATIONS — 1.1%** |  |  |  |  |
| 54946000 | T-Mobile USA, Inc. |  | 1.5000 | &nbsp;&nbsp;02/15/26 | 54881305 |
| 27478000 | T-Mobile USA, Inc. |  | 2.2500 | &nbsp;&nbsp;02/15/26 | 27459547 |
|  |  |  |  |  | 82340852 |
|  | **TOBACCO & CANNABIS — 1.0%** |  |  |  |  |
| 21230000 | Altria Group, Inc. |  | 4.4000 | &nbsp;&nbsp;02/14/26 | 21226138 |
| 52968000 | Altria Group, Inc. |  | 2.6250 | &nbsp;&nbsp;09/16/26 | 52577677 |
|  |  |  |  |  | 73803815 |
|  | **TRANSPORTATION EQUIPMENT — 0.6%** |  |  |  |  |
| 48312000 | Westinghouse Air Brake Technologies Corporation |  | 3.4500 | &nbsp;&nbsp;11/15/26 | 48129396 |
|  | **TOTAL CORPORATE BONDS (Cost $3,504,430,349)** |  |  |  | 3512169129 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Spread** | **Coupon<br>Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 33.7%** |  |  |  |  |
|  | **U.S. TREASURY BILLS — 33.7%** |  |  |  |  |
| 150000000 | United States Treasury Bill<sup>(e)</sup> |  | 2.1900 | &nbsp;&nbsp;02/05/26 | $149955025 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> |  | 3.0400 | &nbsp;&nbsp;02/12/26 | 149850347 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> |  | 3.2700 | &nbsp;&nbsp;02/19/26 | 149745425 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> |  | 3.4000 | &nbsp;&nbsp;02/26/26 | 149637834 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> |  | 3.4500 | &nbsp;&nbsp;03/05/26 | 149533773 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> |  | 3.5100 | &nbsp;&nbsp;03/12/26 | 149425304 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> |  | 3.5400 | &nbsp;&nbsp;03/19/26 | 149319246 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> |  | 3.5500 | &nbsp;&nbsp;03/26/26 | 149216696 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> |  | 3.5500 | &nbsp;&nbsp;04/02/26 | 149113772 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> |  | 3.5600 | &nbsp;&nbsp;04/09/26 | 149014743 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> |  | 3.5600 | &nbsp;&nbsp;04/16/26 | 148911084 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> |  | 3.5600 | &nbsp;&nbsp;04/23/26 | 148810833 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> |  | 3.5800 | &nbsp;&nbsp;04/30/26 | 148703156 |
| 250000000 | United States Treasury Note |  | 3.5000 | &nbsp;&nbsp;09/30/29 | 248471679 |
| 300000000 | United States Treasury Note |  | 4.1250 | &nbsp;&nbsp;10/31/29 | 304552733 |
|  |  |  |  |  | 2494261650 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,486,427,390)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,486,427,390)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,486,427,390)** |  | 2494261650 |
| **Units** |  |  |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED — 3.8%** | **COLLATERAL FOR SECURITIES LOANED — 3.8%** | **COLLATERAL FOR SECURITIES LOANED — 3.8%** | **COLLATERAL FOR SECURITIES LOANED — 3.8%** |  |
| 283944461 | Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 3.61% <sup>(f),(i)</sup> | Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 3.61% <sup>(f),(i)</sup> | Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 3.61% <sup>(f),(i)</sup> | Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 3.61% <sup>(f),(i)</sup> | 283944461 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $283,944,461)** | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $283,944,461)** | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $283,944,461)** | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $283,944,461)** |  |
| **Shares** |  |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 7.0%** | **SHORT-TERM INVESTMENTS — 7.0%** | **SHORT-TERM INVESTMENTS — 7.0%** | **SHORT-TERM INVESTMENTS — 7.0%** |  |
|  | **MONEY MARKET FUND - 7.0%** | **MONEY MARKET FUND - 7.0%** | **MONEY MARKET FUND - 7.0%** | **MONEY MARKET FUND - 7.0%** |  |
| 514837080 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.58% (Cost $514,837,080)<sup>(f)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.58% (Cost $514,837,080)<sup>(f)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.58% (Cost $514,837,080)<sup>(f)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.58% (Cost $514,837,080)<sup>(f)</sup> | 514837080 |
|  | **TOTAL INVESTMENTS – 101.5% (Cost $7,467,349,045)** | **TOTAL INVESTMENTS – 101.5% (Cost $7,467,349,045)** | **TOTAL INVESTMENTS – 101.5% (Cost $7,467,349,045)** | **TOTAL INVESTMENTS – 101.5% (Cost $7,467,349,045)** | $7501273823 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (1.5)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (1.5)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (1.5)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (1.5)%** | (112345861) |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $7388927962 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| 18075 | CBOT 5 Year US Treasury Note | 04/01/2026 | $1968904111 | $(11078099) |
| 1000 | CME E-Mini Standard & Poor's 500 Index Futures | 03/23/2026 | 348287500 | 5163312 |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | $(5914787) |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| SOFRINDX | Secured Overnight Financing Rate Index |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR3M | TSFR3M |
| US0003M | ICE LIBOR USD 3 Month |

---

<sup>(a)</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>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2026 the total market value of 144A securities is $341,686,971 or 4.6% of net assets.

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

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

<sup>(e)</sup> Zero coupon bond; rate disclosed is the effective yield as of January 31, 2026.

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

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

<sup>(h)</sup> All or a portion of the security is on loan. Total loaned securities had a value of $278,042,534 at January 31, 2026.

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

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** |
| **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** |
| Reference Entity | Counterparty | Termination<br> Date | Interest Rate<br> Payable | Payment<br> Frequency | Notional<br> Value at<br> January 31, 2026 | Value | Upfront<br> Premiums<br> Paid | Unrealized<br> Appreciation |
| CDX North American High Yield Series 42 | GS | 6/20/2029 | 5.00% | Quarterly | $125000000 | $10555556 | $6741842 | $3813714 |
| CDX North American High Yield Series 43 | GS | 12/20/2029 | 5.00% | Quarterly | 122982000 | 10367929 | 4955978 | 5411951 |
| CDX North American High Yield Series 44 | GS | 6/20/2030 | 5.00% | Quarterly | 690030000 | 63236726 | 43680154 | 19556572 |
| CDX North American High Yield Series 44 | MS | 6/20/2030 | 5.00% | Quarterly | 83160000 | 7621069 | 3093931 | 4527138 |
| CDX North American High Yield Series 45 | GS | 12/20/2030 | 5.00% | Quarterly | 1669338000 | 149134391 | 114492764 | 34641627 |
| **TOTAL** |  |  |  |  |  | $240915671 | $172964669 | $67951002 |

---

GS - Goldman Sachs

MS - Morgan Stanley

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

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

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 1.9%** |  |  |  |  |
| 800000 | Boeing Company |  | 6.2980 | &nbsp;&nbsp;05/01/29 | $850073 |
| 1500000 | Boeing Company |  | 5.1500 | &nbsp;&nbsp;05/01/30 | 1542235 |
| 100000 | Boeing Company |  | 3.6250 | &nbsp;&nbsp;02/01/31 | 96413 |
| 1100000 | Boeing Company |  | 6.5280 | &nbsp;&nbsp;05/01/34 | 1218271 |
| 1100000 | Boeing Company |  | 5.7050 | &nbsp;&nbsp;05/01/40 | 1126543 |
| 1000000 | Boeing Company |  | 5.8050 | &nbsp;&nbsp;05/01/50 | 990353 |
| 800000 | Boeing Company |  | 6.8580 | &nbsp;&nbsp;05/01/54 | 904265 |
| 1400000 | Boeing Company |  | 5.9300 | &nbsp;&nbsp;05/01/60 | 1383002 |
| 600000 | Boeing Company |  | 7.0080 | &nbsp;&nbsp;05/01/64 | 687489 |
| 1100000 | General Dynamics Corporation |  | 3.6250 | &nbsp;&nbsp;04/01/30 | 1080023 |
| 500000 | L3Harris Technologies, Inc. |  | 5.4000 | &nbsp;&nbsp;07/31/33 | 521122 |
| 500000 | L3Harris Technologies, Inc. |  | 5.3500 | &nbsp;&nbsp;06/01/34 | 515948 |
| 500000 | Lockheed Martin Corporation |  | 5.2500 | &nbsp;&nbsp;01/15/33 | 526465 |
| 800000 | Lockheed Martin Corporation |  | 4.0700 | &nbsp;&nbsp;12/15/42 | 689454 |
| 800000 | Lockheed Martin Corporation |  | 3.8000 | &nbsp;&nbsp;03/01/45 | 646580 |
| 900000 | Lockheed Martin Corporation |  | 4.0900 | &nbsp;&nbsp;09/15/52 | 720817 |
| 600000 | Lockheed Martin Corporation |  | 5.2000 | &nbsp;&nbsp;02/15/55 | 568923 |
| 700000 | Northrop Grumman Corporation |  | 4.4000 | &nbsp;&nbsp;05/01/30 | 705842 |
| 400000 | Northrop Grumman Corporation |  | 5.2000 | &nbsp;&nbsp;06/01/54 | 377877 |
| 1100000 | Raytheon Technologies Corporation |  | 3.0300 | &nbsp;&nbsp;03/15/52 | 721467 |
| 1200000 | RTX Corporation |  | 4.1250 | &nbsp;&nbsp;11/16/28 | 1206057 |
| 700000 | RTX Corporation |  | 2.2500 | &nbsp;&nbsp;07/01/30 | 646093 |
| 300000 | RTX Corporation |  | 6.0000 | &nbsp;&nbsp;03/15/31 | 322972 |
| 700000 | RTX Corporation |  | 5.1500 | &nbsp;&nbsp;02/27/33 | 724859 |
| 700000 | RTX Corporation |  | 6.1000 | &nbsp;&nbsp;03/15/34 | 764843 |
| 500000 | RTX Corporation |  | 5.3750 | &nbsp;&nbsp;02/27/53 | 482697 |
| 600000 | RTX Corporation |  | 6.4000 | &nbsp;&nbsp;03/15/54 | 662949 |
|  |  |  |  |  | 20683632 |
|  | **APPAREL & TEXTILE PRODUCTS — 0.1%** |  |  |  |  |
| 700000 | NIKE, Inc. |  | 2.8500 | &nbsp;&nbsp;03/27/30 | 668510 |
| 800000 | NIKE, Inc. |  | 3.3750 | &nbsp;&nbsp;03/27/50 | 575669 |
|  |  |  |  |  | 1244179 |
|  | **ASSET MANAGEMENT — 0.5%** |  |  |  |  |
| 500000 | Apollo Debt Solutions BDC |  | 6.7000 | &nbsp;&nbsp;07/29/31 | 521667 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **ASSET MANAGEMENT — 0.5% (Continued)** |  |  |  |  |
| 800000 | Ares Capital Corporation |  | 5.8000 | &nbsp;&nbsp;03/08/32 | $804901 |
| 900000 | Blue Owl Credit Income Corporation |  | 6.6500 | &nbsp;&nbsp;03/15/31 | 921362 |
| 600000 | Brookfield Finance, Inc. |  | 5.9680 | &nbsp;&nbsp;03/04/54 | 611021 |
| 800000 | Charles Schwab Corporation |  | 2.9000 | &nbsp;&nbsp;03/03/32 | 734227 |
| 700000 | Raymond James Financial, Inc. |  | 4.9500 | &nbsp;&nbsp;07/15/46 | 643293 |
| 600000 | Sixth Street Lending Partners |  | 6.1250 | &nbsp;&nbsp;07/15/30 | 613802 |
| 600000 | UBS Group A.G. |  | 4.8750 | &nbsp;&nbsp;05/15/45 | 555218 |
|  |  |  |  |  | 5405491 |
|  | **AUTOMOTIVE — 1.9%** |  |  |  |  |
| 800000 | Aptiv plc / Aptiv Corporation |  | 4.1500 | &nbsp;&nbsp;05/01/52 | 620008 |
| 1000000 | Ford Motor Company Class B |  | 3.2500 | &nbsp;&nbsp;02/12/32 | 888291 |
| 900000 | Ford Motor Company |  | 6.1000 | &nbsp;&nbsp;08/19/32 | 937133 |
| 900000 | Ford Motor Company |  | 4.7500 | &nbsp;&nbsp;01/15/43 | 723247 |
| 900000 | Ford Motor Credit Company, LLC |  | 6.7980 | &nbsp;&nbsp;11/07/28 | 948241 |
| 800000 | Ford Motor Credit Company, LLC |  | 5.8000 | &nbsp;&nbsp;03/08/29 | 822565 |
| 600000 | Ford Motor Credit Company, LLC |  | 5.1130 | &nbsp;&nbsp;05/03/29 | 604786 |
| 700000 | Ford Motor Credit Company, LLC |  | 5.8750 | &nbsp;&nbsp;11/07/29 | 722208 |
| 700000 | Ford Motor Credit Company, LLC |  | 7.3500 | &nbsp;&nbsp;03/06/30 | 756135 |
| 300000 | Ford Motor Credit Company, LLC |  | 4.0000 | &nbsp;&nbsp;11/13/30 | 285620 |
| 500000 | Ford Motor Credit Company, LLC |  | 6.0500 | &nbsp;&nbsp;03/05/31 | 517148 |
| 300000 | Ford Motor Credit Company, LLC |  | 6.0540 | &nbsp;&nbsp;11/05/31 | 310070 |
| 200000 | Ford Motor Credit Company, LLC |  | 7.1220 | &nbsp;&nbsp;11/07/33 | 216385 |
| 800000 | Ford Motor Credit Company, LLC |  | 6.1250 | &nbsp;&nbsp;03/08/34 | 819224 |
| 600000 | General Motors Company |  | 5.0000 | &nbsp;&nbsp;10/01/28 | 611865 |
| 800000 | General Motors Company |  | 6.6000 | &nbsp;&nbsp;04/01/36 | 873057 |
| 700000 | General Motors Company |  | 6.2500 | &nbsp;&nbsp;10/02/43 | 716128 |
| 600000 | General Motors Company |  | 5.9500 | &nbsp;&nbsp;04/01/49 | 585749 |
| 600000 | General Motors Financial Company, Inc. |  | 5.8000 | &nbsp;&nbsp;01/07/29 | 625778 |
| 500000 | General Motors Financial Company, Inc. |  | 4.3000 | &nbsp;&nbsp;04/06/29 | 500777 |
| 500000 | General Motors Financial Company, Inc. |  | 5.3500 | &nbsp;&nbsp;01/07/30 | 516868 |
| 500000 | General Motors Financial Company, Inc. |  | 5.8500 | &nbsp;&nbsp;04/06/30 | 525388 |
| 600000 | General Motors Financial Company, Inc. |  | 3.6000 | &nbsp;&nbsp;06/21/30 | 579207 |
| 500000 | General Motors Financial Company, Inc. |  | 5.7500 | &nbsp;&nbsp;02/08/31 | 525729 |
| 700000 | General Motors Financial Company, Inc. |  | 2.7000 | &nbsp;&nbsp;06/10/31 | 636852 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **AUTOMOTIVE — 1.9% (Continued)** |  |  |  |  |
| 500000 | General Motors Financial Company, Inc. |  | 3.1000 | &nbsp;&nbsp;01/12/32 | $458252 |
| 500000 | General Motors Financial Company, Inc. |  | 6.4000 | &nbsp;&nbsp;01/09/33 | 539476 |
| 500000 | General Motors Financial Company, Inc. |  | 6.1000 | &nbsp;&nbsp;01/07/34 | 530823 |
| 500000 | General Motors Financial Company, Inc. |  | 5.9500 | &nbsp;&nbsp;04/04/34 | 525198 |
| 500000 | Mercedes-Benz Finance North America, LLC |  | 8.5000 | &nbsp;&nbsp;01/18/31 | 590888 |
| 500000 | Toyota Motor Credit Corporation |  | 4.4500 | &nbsp;&nbsp;06/29/29 | 506808 |
| 800000 | Toyota Motor Credit Corporation |  | 3.3750 | &nbsp;&nbsp;04/01/30 | 778319 |
| 600000 | Toyota Motor Credit Corporation |  | 5.5500 | &nbsp;&nbsp;11/20/30 | 634675 |
| 600000 | Toyota Motor Credit Corporation |  | 5.3500 | &nbsp;&nbsp;01/09/35 | 626887 |
|  |  |  |  |  | 21059785 |
|  | **BANKING — 14.8%** |  |  |  |  |
| 800000 | Banco Santander S.A. |  | 6.6070 | &nbsp;&nbsp;11/07/28 | 853712 |
| 800000 | Banco Santander S.A. |  | 5.5650 | &nbsp;&nbsp;01/17/30 | 833155 |
| 600000 | Banco Santander S.A.<sup>(a)</sup> | H15T1Y + 1.450% | 5.5380 | &nbsp;&nbsp;03/14/30 | 621671 |
| 1000000 | Banco Santander S.A. |  | 2.7490 | &nbsp;&nbsp;12/03/30 | 912604 |
| 1000000 | Banco Santander S.A. |  | 6.9210 | &nbsp;&nbsp;08/08/33 | 1103884 |
| 600000 | Banco Santander S.A. |  | 6.3500 | &nbsp;&nbsp;03/14/34 | 643554 |
| 700000 | Bank of America Corporation<sup>(a)</sup> | TSFR3M + 1.472% | 3.9740 | &nbsp;&nbsp;02/07/30 | 696784 |
| 1000000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 1.000% | 5.1620 | &nbsp;&nbsp;01/24/31 | 1031677 |
| 800000 | Bank of America Corporation<sup>(a)</sup> | TSFR3M + 1.252% | 2.4960 | &nbsp;&nbsp;02/13/31 | 746029 |
| 1600000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 2.150% | 2.5920 | &nbsp;&nbsp;04/29/31 | 1493000 |
| 1200000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 1.530% | 1.8980 | &nbsp;&nbsp;07/23/31 | 1079941 |
| 900000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 1.370% | 1.9220 | &nbsp;&nbsp;10/24/31 | 805560 |
| 800000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 1.220% | 2.6510 | &nbsp;&nbsp;03/11/32 | 734692 |
| 1400000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 1.320% | 2.6870 | &nbsp;&nbsp;04/22/32 | 1284741 |
| 1300000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 1.220% | 2.2990 | &nbsp;&nbsp;07/21/32 | 1162248 |
| 1100000 | Bank of America Corporation Series N<sup>(a)</sup> | SOFRRATE + 1.210% | 2.5720 | &nbsp;&nbsp;10/20/32 | 992991 |
| 1300000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 1.830% | 4.5710 | &nbsp;&nbsp;04/27/33 | 1294698 |
| 1500000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 2.160% | 5.0150 | &nbsp;&nbsp;07/22/33 | 1530746 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **BANKING — 14.8% (Continued)** |  |  |  |  |
| 1600000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 1.910% | 5.2880 | &nbsp;&nbsp;04/25/34 | $1645417 |
| 1200000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 1.840% | 5.8720 | &nbsp;&nbsp;09/15/34 | 1276243 |
| 1400000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 1.650% | 5.4680 | &nbsp;&nbsp;01/23/35 | 1453567 |
| 1000000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 1.310% | 5.5110 | &nbsp;&nbsp;01/24/36 | 1039474 |
| 600000 | Bank of America Corporation |  | 6.1100 | &nbsp;&nbsp;01/29/37 | 643319 |
| 800000 | Bank of America Corporation<sup>(a)</sup> | TSFR3M + 2.076% | 4.2440 | &nbsp;&nbsp;04/24/38 | 744770 |
| 600000 | Bank of America Corporation |  | 7.7500 | &nbsp;&nbsp;05/14/38 | 731975 |
| 1300000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 1.930% | 2.6760 | &nbsp;&nbsp;06/19/41 | 955510 |
| 1200000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 1.580% | 3.3110 | &nbsp;&nbsp;04/22/42 | 941455 |
| 1000000 | Bank of America Corporation<sup>(a)</sup> | TSFR3M + 1.782% | 4.3300 | &nbsp;&nbsp;03/15/50 | 842592 |
| 1800000 | Bank of America Corporation<sup>(a)</sup> | TSFR3M + 3.412% | 4.0830 | &nbsp;&nbsp;03/20/51 | 1442692 |
| 700000 | Bank of America Corporation<sup>(a)</sup> | SOFRRATE + 1.560% | 2.9720 | &nbsp;&nbsp;07/21/52 | 459607 |
| 500000 | Bank of Montreal |  | 5.5110 | &nbsp;&nbsp;06/04/31 | 525009 |
| 500000 | Bank of Nova Scotia |  | 4.8500 | &nbsp;&nbsp;02/01/30 | 512055 |
| 500000 | Bank of Nova Scotia<sup>(a)</sup> | SOFRRATE + 1.070% | 5.1300 | &nbsp;&nbsp;02/14/31 | 514681 |
| 400000 | Barclays plc<sup>(a)</sup> | SOFRRATE + 1.740% | 5.6900 | &nbsp;&nbsp;03/12/30 | 416586 |
| 800000 | Barclays plc<sup>(a)</sup> | SOFRRATE + 1.230% | 5.3670 | &nbsp;&nbsp;02/25/31 | 826603 |
| 800000 | Barclays plc<sup>(a)</sup> | H15T1Y + 1.900% | 2.6450 | &nbsp;&nbsp;06/24/31 | 742512 |
| 1000000 | Barclays plc<sup>(a)</sup> | H15T1Y + 3.500% | 7.4370 | &nbsp;&nbsp;11/02/33 | 1143994 |
| 900000 | Barclays plc<sup>(a)</sup> | SOFRRATE + 2.980% | 6.2240 | &nbsp;&nbsp;05/09/34 | 966602 |
| 600000 | Barclays plc<sup>(a)</sup> | SOFRRATE + 2.620% | 6.6920 | &nbsp;&nbsp;09/13/34 | 663350 |
| 600000 | Barclays plc<sup>(a)</sup> | SOFRRATE + 1.910% | 5.3350 | &nbsp;&nbsp;09/10/35 | 608588 |
| 1000000 | Barclays plc<sup>(a)</sup> | SOFRRATE + 1.590% | 5.7850 | &nbsp;&nbsp;02/25/36 | 1043672 |
| 800000 | Canadian Imperial Bank of Commerce<sup>(a)</sup> | SOFRRATE + 1.105% | 5.2450 | &nbsp;&nbsp;01/13/31 | 825904 |
| 800000 | Canadian Imperial Bank of Commerce |  | 3.6000 | &nbsp;&nbsp;04/07/32 | 763555 |
| 900000 | Citibank NA |  | 5.5700 | &nbsp;&nbsp;04/30/34 | 948250 |
| 800000 | Citigroup, Inc.<sup>(a)</sup> | SOFRRATE + 1.364% | 5.1740 | &nbsp;&nbsp;02/13/30 | 822182 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **BANKING — 14.8% (Continued)** |  |  |  |  |
| 500000 | Citigroup, Inc.<sup>(a)</sup> | TSFR3M + 1.600% | 3.9800 | &nbsp;&nbsp;03/20/30 | $496401 |
| 700000 | Citigroup, Inc.<sup>(a)</sup> | SOFRRATE + 1.338% | 4.5420 | &nbsp;&nbsp;09/19/30 | 706051 |
| 600000 | Citigroup, Inc.<sup>(a)</sup> | SOFRRATE + 1.422% | 2.9760 | &nbsp;&nbsp;11/05/30 | 571936 |
| 800000 | Citigroup, Inc.<sup>(a)</sup> | SOFRRATE + 1.146% | 2.6660 | &nbsp;&nbsp;01/29/31 | 749948 |
| 1300000 | Citigroup, Inc.<sup>(a)</sup> | SOFRRATE + 3.914% | 4.4120 | &nbsp;&nbsp;03/31/31 | 1300215 |
| 1400000 | Citigroup, Inc.<sup>(a)</sup> | SOFRRATE + 2.107% | 2.5720 | &nbsp;&nbsp;06/03/31 | 1298929 |
| 1100000 | Citigroup, Inc.<sup>(a)</sup> | SOFRRATE + 1.167% | 2.5610 | &nbsp;&nbsp;05/01/32 | 998295 |
| 700000 | Citigroup, Inc.<sup>(a)</sup> | SOFRRATE + 1.177% | 2.5200 | &nbsp;&nbsp;11/03/32 | 627054 |
| 1000000 | Citigroup, Inc.<sup>(a)</sup> | SOFRRATE + 1.351% | 3.0570 | &nbsp;&nbsp;01/25/33 | 915855 |
| 800000 | Citigroup, Inc.<sup>(a)</sup> | SOFRRATE + 2.086% | 4.9100 | &nbsp;&nbsp;05/24/33 | 808587 |
| 1000000 | Citigroup, Inc.<sup>(a)</sup> | SOFRRATE + 2.338% | 6.2700 | &nbsp;&nbsp;11/17/33 | 1088598 |
| 1100000 | Citigroup, Inc.<sup>(a)</sup> | SOFRRATE + 1.465% | 5.3330 | &nbsp;&nbsp;03/27/36 | 1122677 |
| 700000 | Citigroup, Inc.<sup>(a)</sup> | SOFRRATE + 4.548% | 5.3160 | &nbsp;&nbsp;03/26/41 | 698192 |
| 800000 | Citigroup, Inc.<sup>(a)</sup> | SOFRRATE + 1.379% | 2.9040 | &nbsp;&nbsp;11/03/42 | 591280 |
| 700000 | Citigroup, Inc. |  | 6.6750 | &nbsp;&nbsp;09/13/43 | 778843 |
| 900000 | Citigroup, Inc. |  | 4.7500 | &nbsp;&nbsp;05/18/46 | 792320 |
| 900000 | Citigroup, Inc. |  | 4.6500 | &nbsp;&nbsp;07/23/48 | 793301 |
| 700000 | Citigroup, Inc.<sup>(a)</sup> | SOFRRATE + 1.746% | 5.6120 | &nbsp;&nbsp;03/04/56 | 697413 |
| 400000 | Citizens Financial Group, Inc.<sup>(a)</sup> | SOFRRATE + 2.010% | 5.8410 | &nbsp;&nbsp;01/23/30 | 417327 |
| 600000 | Citizens Financial Group, Inc. |  | 3.2500 | &nbsp;&nbsp;04/30/30 | 573984 |
| 500000 | Citizens Financial Group, Inc.<sup>(a)</sup> | SOFRRATE + 1.259% | 5.2530 | &nbsp;&nbsp;03/05/31 | 512919 |
| 800000 | Cooperatieve Rabobank UA |  | 5.7500 | &nbsp;&nbsp;12/01/43 | 808535 |
| 500000 | Deutsche Bank A.G. |  | 5.4140 | &nbsp;&nbsp;05/10/29 | 519909 |
| 800000 | Deutsche Bank A.G.<sup>(a)</sup> | SOFRRATE + 3.043% | 3.5470 | &nbsp;&nbsp;09/18/31 | 762308 |
| 500000 | Deutsche Bank A.G.<sup>(a)</sup> | SOFRRATE + 2.050% | 5.4030 | &nbsp;&nbsp;09/11/35 | 507845 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **BANKING — 14.8% (Continued)** |  |  |  |  |
| 500000 | Fifth Third Bancorp<sup>(a)</sup> | SOFRINDX + 2.127% | 4.7720 | &nbsp;&nbsp;07/28/30 | $506811 |
| 600000 | Fifth Third Bancorp<sup>(a)</sup> | SOFRRATE + 1.840% | 5.6310 | &nbsp;&nbsp;01/29/32 | 628986 |
| 1000000 | HSBC Holdings plc |  | 4.9500 | &nbsp;&nbsp;03/31/30 | 1024584 |
| 900000 | HSBC Holdings plc<sup>(a)</sup> | US0003M + 1.610% | 3.9730 | &nbsp;&nbsp;05/22/30 | 891205 |
| 500000 | HSBC Holdings plc<sup>(a)</sup> | SOFRRATE + 1.290% | 5.2860 | &nbsp;&nbsp;11/19/30 | 516564 |
| 500000 | HSBC Holdings plc<sup>(a)</sup> | SOFRRATE + 1.290% | 5.1300 | &nbsp;&nbsp;03/03/31 | 512690 |
| 900000 | HSBC Holdings plc<sup>(a)</sup> | SOFRRATE + 2.387% | 2.8480 | &nbsp;&nbsp;06/04/31 | 842985 |
| 700000 | HSBC Holdings plc<sup>(a)</sup> |  | 2.3570 | &nbsp;&nbsp;08/18/31 | 638511 |
| 400000 | HSBC Holdings plc<sup>(a)</sup> | SOFRRATE + 1.520% | 5.7330 | &nbsp;&nbsp;05/17/32 | 420970 |
| 1200000 | HSBC Holdings plc<sup>(a)</sup> | SOFRRATE + 1.187% | 2.8040 | &nbsp;&nbsp;05/24/32 | 1098858 |
| 700000 | HSBC Holdings plc<sup>(a)</sup> | SOFRRATE + 2.870% | 5.4020 | &nbsp;&nbsp;08/11/33 | 724130 |
| 900000 | HSBC Holdings plc<sup>(a)</sup> | SOFRRATE + 2.390% | 6.2540 | &nbsp;&nbsp;03/09/34 | 977126 |
| 700000 | HSBC Holdings plc<sup>(a)</sup> | SOFRRATE + 1.780% | 5.7190 | &nbsp;&nbsp;03/04/35 | 737337 |
| 900000 | HSBC Holdings plc<sup>(a)</sup> | SOFRRATE + 1.560% | 5.4500 | &nbsp;&nbsp;03/03/36 | 925768 |
| 900000 | HSBC Holdings plc |  | 6.5000 | &nbsp;&nbsp;09/15/37 | 976534 |
| 1000000 | HSBC Holdings plc<sup>(a)</sup> | SOFRRATE + 2.650% | 6.3320 | &nbsp;&nbsp;03/09/44 | 1095021 |
| 600000 | HSBC Holdings plc |  | 5.2500 | &nbsp;&nbsp;03/14/44 | 585913 |
| 700000 | Huntington Bancshares, Inc.<sup>(a)</sup> | SOFRRATE + 1.276% | 5.2720 | &nbsp;&nbsp;01/15/31 | 720540 |
| 600000 | ING Groep N.V.<sup>(a)</sup> | SOFRRATE + 1.440% | 5.3350 | &nbsp;&nbsp;03/19/30 | 619682 |
| 600000 | ING Groep N.V.<sup>(a)</sup> | SOFRINDX + 1.230% | 5.0660 | &nbsp;&nbsp;03/25/31 | 614817 |
| 700000 | ING Groep N.V.<sup>(a)</sup> | SOFRRATE + 2.090% | 6.1140 | &nbsp;&nbsp;09/11/34 | 756069 |
| 900000 | ING Groep N.V.<sup>(a)</sup> | SOFRRATE + 1.770% | 5.5500 | &nbsp;&nbsp;03/19/35 | 935637 |
| 600000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.570% | 6.0870 | &nbsp;&nbsp;10/23/29 | 630881 |
| 900000 | JPMorgan Chase & Company<sup>(a)</sup> | US0003M + 1.330% | 4.4520 | &nbsp;&nbsp;12/05/29 | 909208 |
| 700000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.310% | 5.0120 | &nbsp;&nbsp;01/23/30 | 717847 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **BANKING — 14.8% (Continued)** |  |  |  |  |
| 600000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.160% | 5.5810 | &nbsp;&nbsp;04/22/30 | $625249 |
| 600000 | JPMorgan Chase & Company<sup>(a)</sup> | TSFR3M + 1.422% | 3.7020 | &nbsp;&nbsp;05/06/30 | 591720 |
| 500000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.125% | 4.9950 | &nbsp;&nbsp;07/22/30 | 513310 |
| 900000 | JPMorgan Chase & Company<sup>(a)</sup> | TSFR3M + 1.510% | 2.7390 | &nbsp;&nbsp;10/15/30 | 855571 |
| 700000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 0.900% | 5.1400 | &nbsp;&nbsp;01/24/31 | 722478 |
| 1300000 | JPMorgan Chase & Company<sup>(a)</sup> | TSFR3M + 3.790% | 4.4930 | &nbsp;&nbsp;03/24/31 | 1310433 |
| 1300000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 2.040% | 2.5220 | &nbsp;&nbsp;04/22/31 | 1210910 |
| 700000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.435% | 5.1030 | &nbsp;&nbsp;04/22/31 | 722389 |
| 700000 | JPMorgan Chase & Company<sup>(a)</sup> | TSFR3M + 1.105% | 1.7640 | &nbsp;&nbsp;11/19/31 | 622808 |
| 1000000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.065% | 1.9530 | &nbsp;&nbsp;02/04/32 | 890880 |
| 900000 | JPMorgan Chase & Company<sup>(a)</sup> | TSFR3M + 1.250% | 2.5800 | &nbsp;&nbsp;04/22/32 | 821982 |
| 800000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.180% | 2.5450 | &nbsp;&nbsp;11/08/32 | 721061 |
| 100000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.260% | 2.9630 | &nbsp;&nbsp;01/25/33 | 91768 |
| 800000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.800% | 4.5860 | &nbsp;&nbsp;04/26/33 | 801701 |
| 1400000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 2.080% | 4.9120 | &nbsp;&nbsp;07/25/33 | 1423061 |
| 1400000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.845% | 5.3500 | &nbsp;&nbsp;06/01/34 | 1450651 |
| 1000000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.810% | 6.2540 | &nbsp;&nbsp;10/23/34 | 1092234 |
| 900000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.620% | 5.3360 | &nbsp;&nbsp;01/23/35 | 927379 |
| 800000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.490% | 5.7660 | &nbsp;&nbsp;04/22/35 | 848282 |
| 900000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.460% | 5.2940 | &nbsp;&nbsp;07/22/35 | 924795 |
| 700000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.340% | 4.9460 | &nbsp;&nbsp;10/22/35 | 703913 |
| 900000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.315% | 5.5020 | &nbsp;&nbsp;01/24/36 | 937181 |
| 700000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.680% | 5.5720 | &nbsp;&nbsp;04/22/36 | 731619 |
| 900000 | JPMorgan Chase & Company<sup>(a)</sup> | US0003M + 1.360% | 3.8820 | &nbsp;&nbsp;07/24/38 | 806584 |
| 700000 | JPMorgan Chase & Company |  | 5.6000 | &nbsp;&nbsp;07/15/41 | 724748 |
| 700000 | JPMorgan Chase & Company |  | 5.4000 | &nbsp;&nbsp;01/06/42 | 709538 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **BANKING — 14.8% (Continued)** |  |  |  |  |
| 900000 | JPMorgan Chase & Company |  | 4.9500 | &nbsp;&nbsp;06/01/45 | $845969 |
| 1100000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.550% | 5.5340 | &nbsp;&nbsp;11/29/45 | 1111407 |
| 1200000 | JPMorgan Chase & Company<sup>(a)</sup> | TSFR3M + 1.642% | 3.9640 | &nbsp;&nbsp;11/15/48 | 969495 |
| 800000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 2.440% | 3.1090 | &nbsp;&nbsp;04/22/51 | 544782 |
| 1100000 | JPMorgan Chase & Company<sup>(a)</sup> | SOFRRATE + 1.580% | 3.3280 | &nbsp;&nbsp;04/22/52 | 778696 |
| 700000 | Lloyds Banking Group plc<sup>(a)</sup> | H15T1Y + 1.070% | 5.7210 | &nbsp;&nbsp;06/05/30 | 732883 |
| 1000000 | Lloyds Banking Group plc<sup>(a)</sup> | H15T1Y + 1.750% | 5.6790 | &nbsp;&nbsp;01/05/35 | 1049683 |
| 700000 | M&T Bank Corporation<sup>(a)</sup> | SOFRRATE + 1.610% | 5.3850 | &nbsp;&nbsp;01/16/36 | 710689 |
| 900000 | Mitsubishi UFJ Financial Group, Inc. |  | 3.1950 | &nbsp;&nbsp;07/18/29 | 871922 |
| 900000 | Mitsubishi UFJ Financial Group, Inc. |  | 2.5590 | &nbsp;&nbsp;02/25/30 | 842832 |
| 600000 | Mitsubishi UFJ Financial Group, Inc.<sup>(a)</sup> | H15T1Y + 0.780% | 5.1970 | &nbsp;&nbsp;01/16/31 | 618027 |
| 1000000 | Mitsubishi UFJ Financial Group, Inc.<sup>(a)</sup> | H15T1Y + 0.950% | 2.3090 | &nbsp;&nbsp;07/20/32 | 894951 |
| 500000 | Mitsubishi UFJ Financial Group, Inc.<sup>(a)</sup> | H15T1Y + 2.125% | 5.1330 | &nbsp;&nbsp;07/20/33 | 512284 |
| 900000 | Mitsubishi UFJ Financial Group, Inc.<sup>(a)</sup> | H15T1Y + 1.630% | 5.4410 | &nbsp;&nbsp;02/22/34 | 938657 |
| 800000 | Mitsubishi UFJ Financial Group, Inc.<sup>(a)</sup> | H15T1Y + 1.000% | 5.4260 | &nbsp;&nbsp;04/17/35 | 828716 |
| 800000 | Mizuho Financial Group, Inc.<sup>(a)</sup> | SOFRRATE + 1.532% | 1.9790 | &nbsp;&nbsp;09/08/31 | 718458 |
| 700000 | Mizuho Financial Group, Inc.<sup>(a)</sup> | H15T1Y + 1.800% | 5.7540 | &nbsp;&nbsp;05/27/34 | 740249 |
| 600000 | Mizuho Financial Group, Inc.<sup>(a)</sup> | H15T1Y + 0.980% | 5.4220 | &nbsp;&nbsp;05/13/36 | 620553 |
| 600000 | National Bank of Canada |  | 5.6000 | &nbsp;&nbsp;12/18/28 | 626006 |
| 700000 | NatWest Group plc<sup>(a)</sup> | US0003M + 1.905% | 5.0760 | &nbsp;&nbsp;01/27/30 | 717286 |
| 700000 | NatWest Group plc<sup>(a)</sup> | US0003M + 1.871% | 4.4450 | &nbsp;&nbsp;05/08/30 | 703526 |
| 700000 | NatWest Group plc<sup>(a)</sup> | H15T1Y + 1.500% | 5.7780 | &nbsp;&nbsp;03/01/35 | 740156 |
| 700000 | PNC Financial Services Group, Inc.<sup>(a)</sup> | SOFRRATE + 1.198% | 5.4920 | &nbsp;&nbsp;05/14/30 | 728497 |
| 600000 | PNC Financial Services Group, Inc.<sup>(a)</sup> | SOFRINDX + 2.140% | 6.0370 | &nbsp;&nbsp;10/28/33 | 646436 |
| 700000 | PNC Financial Services Group, Inc.<sup>(a)</sup> | SOFRRATE + 1.933% | 5.0680 | &nbsp;&nbsp;01/24/34 | 713913 |
| 1000000 | PNC Financial Services Group, Inc.<sup>(a)</sup> | SOFRRATE + 2.284% | 6.8750 | &nbsp;&nbsp;10/20/34 | 1124863 |
| 600000 | PNC Financial Services Group, Inc.<sup>(a)</sup> | SOFRRATE + 1.902% | 5.6760 | &nbsp;&nbsp;01/22/35 | 630126 |
| 600000 | PNC Financial Services Group, Inc.<sup>(a)</sup> | SOFRRATE + 1.599% | 5.4010 | &nbsp;&nbsp;07/23/35 | 618781 |
| 700000 | PNC Financial Services Group, Inc.<sup>(a)</sup> | SOFRRATE + 1.394% | 5.5750 | &nbsp;&nbsp;01/29/36 | 727698 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **BANKING — 14.8% (Continued)** |  |  |  |  |
| 400000 | Royal Bank of Canada<sup>(a)</sup> | SOFRRATE + 1.100% | 4.9690 | &nbsp;&nbsp;08/02/30 | $409766 |
| 600000 | Royal Bank of Canada<sup>(a)</sup> | SOFRINDX + 1.080% | 4.6500 | &nbsp;&nbsp;10/18/30 | 608916 |
| 600000 | Royal Bank of Canada<sup>(a)</sup> | SOFRRATE + 1.030% | 5.1530 | &nbsp;&nbsp;02/04/31 | 618663 |
| 700000 | Royal Bank of Canada<sup>(a)</sup> | SOFRINDX + 1.130% | 4.9700 | &nbsp;&nbsp;05/02/31 | 717251 |
| 900000 | Royal Bank of Canada |  | 5.0000 | &nbsp;&nbsp;02/01/33 | 922703 |
| 700000 | Royal Bank of Canada |  | 5.1500 | &nbsp;&nbsp;02/01/34 | 727168 |
| 600000 | Santander Holdings USA, Inc.<sup>(a)</sup> | SOFRRATE + 1.940% | 5.3530 | &nbsp;&nbsp;09/06/30 | 615438 |
| 500000 | Santander Holdings USA, Inc.<sup>(a)</sup> | SOFRRATE + 1.878% | 5.7410 | &nbsp;&nbsp;03/20/31 | 518735 |
| 700000 | Santander UK Group Holdings plc<sup>(a)</sup> | SOFRINDX + 1.524% | 5.6940 | &nbsp;&nbsp;04/15/31 | 730648 |
| 1000000 | Sumitomo Mitsui Financial Group, Inc. |  | 2.7500 | &nbsp;&nbsp;01/15/30 | 944404 |
| 800000 | Sumitomo Mitsui Financial Group, Inc. |  | 2.1300 | &nbsp;&nbsp;07/08/30 | 729544 |
| 700000 | Sumitomo Mitsui Financial Group, Inc. |  | 5.7660 | &nbsp;&nbsp;01/13/33 | 742976 |
| 500000 | Sumitomo Mitsui Financial Group, Inc. |  | 5.5580 | &nbsp;&nbsp;07/09/34 | 523779 |
| 500000 | Sumitomo Mitsui Financial Group, Inc. |  | 5.6320 | &nbsp;&nbsp;01/15/35 | 526652 |
| 700000 | Sumitomo Mitsui Financial Group, Inc. |  | 5.8360 | &nbsp;&nbsp;07/09/44 | 718513 |
| 700000 | Toronto-Dominion Bank |  | 4.7830 | &nbsp;&nbsp;12/17/29 | 717368 |
| 500000 | Toronto-Dominion Bank |  | 5.2980 | &nbsp;&nbsp;01/30/32 | 522205 |
| 900000 | Toronto-Dominion Bank |  | 4.4560 | &nbsp;&nbsp;06/08/32 | 900267 |
| 700000 | Truist Bank |  | 2.2500 | &nbsp;&nbsp;03/11/30 | 641479 |
| 800000 | Truist Financial Corporation<sup>(a)</sup> | SOFRRATE + 2.446% | 7.1610 | &nbsp;&nbsp;10/30/29 | 861686 |
| 500000 | Truist Financial Corporation<sup>(a)</sup> | SOFRRATE + 1.571% | 5.1530 | &nbsp;&nbsp;08/05/32 | 515407 |
| 800000 | Truist Financial Corporation<sup>(a)</sup> | SOFRRATE + 2.361% | 5.8670 | &nbsp;&nbsp;06/08/34 | 848189 |
| 1000000 | Truist Financial Corporation<sup>(a)</sup> | SOFRRATE + 1.922% | 5.7110 | &nbsp;&nbsp;01/24/35 | 1048127 |
| 800000 | US Bancorp Series CC<sup>(a)</sup> | SOFRRATE + 1.560% | 5.3840 | &nbsp;&nbsp;01/23/30 | 828230 |
| 800000 | US Bancorp<sup>(a)</sup> | SOFRRATE + 1.061% | 5.0460 | &nbsp;&nbsp;02/12/31 | 821845 |
| 700000 | US Bancorp Series AA<sup>(a)</sup> | SOFRRATE + 2.090% | 5.8500 | &nbsp;&nbsp;10/21/33 | 748169 |
| 600000 | US Bancorp<sup>(a)</sup> | SOFRRATE + 1.600% | 4.8390 | &nbsp;&nbsp;02/01/34 | 602908 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **BANKING — 14.8% (Continued)** |  |  |  |  |
| 700000 | US Bancorp<sup>(a)</sup> | SOFRRATE + 2.260% | 5.8360 | &nbsp;&nbsp;06/12/34 | $742323 |
| 500000 | US Bancorp<sup>(a)</sup> | SOFRRATE + 1.411% | 5.4240 | &nbsp;&nbsp;02/12/36 | 517931 |
| 800000 | Wells Fargo & Company<sup>(a)</sup> | SOFRRATE + 1.790% | 6.3030 | &nbsp;&nbsp;10/23/29 | 845167 |
| 1000000 | Wells Fargo & Company<sup>(a)</sup> | TSFR3M + 1.432% | 2.8790 | &nbsp;&nbsp;10/30/30 | 952964 |
| 800000 | Wells Fargo & Company<sup>(a)</sup> | SOFRRATE + 1.110% | 5.2440 | &nbsp;&nbsp;01/24/31 | 826801 |
| 900000 | Wells Fargo & Company<sup>(a)</sup> | TSFR3M + 1.262% | 2.5720 | &nbsp;&nbsp;02/11/31 | 841427 |
| 900000 | Wells Fargo & Company<sup>(a)</sup> | SOFRRATE + 4.032% | 4.4780 | &nbsp;&nbsp;04/04/31 | 904612 |
| 900000 | Wells Fargo & Company<sup>(a)</sup> | SOFRRATE + 1.500% | 5.1500 | &nbsp;&nbsp;04/23/31 | 927249 |
| 1000000 | Wells Fargo & Company<sup>(a)</sup> | SOFRRATE + 1.500% | 3.3500 | &nbsp;&nbsp;03/02/33 | 932705 |
| 1400000 | Wells Fargo & Company<sup>(a)</sup> | SOFRRATE + 2.100% | 4.8970 | &nbsp;&nbsp;07/25/33 | 1418807 |
| 1100000 | Wells Fargo & Company<sup>(a)</sup> | SOFRRATE + 2.020% | 5.3890 | &nbsp;&nbsp;04/24/34 | 1138473 |
| 1300000 | Wells Fargo & Company<sup>(a)</sup> | SOFRRATE + 1.990% | 5.5570 | &nbsp;&nbsp;07/25/34 | 1356282 |
| 1100000 | Wells Fargo & Company<sup>(a)</sup> | SOFRRATE + 2.060% | 6.4910 | &nbsp;&nbsp;10/23/34 | 1211795 |
| 900000 | Wells Fargo & Company<sup>(a)</sup> | SOFRRATE + 1.780% | 5.4990 | &nbsp;&nbsp;01/23/35 | 934488 |
| 800000 | Wells Fargo & Company<sup>(a)</sup> | SOFRRATE + 1.380% | 5.2110 | &nbsp;&nbsp;12/03/35 | 812569 |
| 600000 | Wells Fargo & Company<sup>(a)</sup> | SOFRRATE + 1.740% | 5.6050 | &nbsp;&nbsp;04/23/36 | 625925 |
| 900000 | Wells Fargo & Company<sup>(a)</sup> | SOFRRATE + 2.530% | 3.0680 | &nbsp;&nbsp;04/30/41 | 696214 |
| 800000 | Wells Fargo & Company |  | 5.6060 | &nbsp;&nbsp;01/15/44 | 794624 |
| 800000 | Wells Fargo & Company |  | 4.6500 | &nbsp;&nbsp;11/04/44 | 701368 |
| 700000 | Wells Fargo & Company |  | 4.9000 | &nbsp;&nbsp;11/17/45 | 633784 |
| 800000 | Wells Fargo & Company |  | 4.4000 | &nbsp;&nbsp;06/14/46 | 670990 |
| 700000 | Wells Fargo & Company |  | 4.7500 | &nbsp;&nbsp;12/07/46 | 615853 |
| 1000000 | Wells Fargo & Company<sup>(a)</sup> | SOFRRATE + 2.130% | 4.6110 | &nbsp;&nbsp;04/25/53 | 859519 |
| 700000 | Westpac Banking Corporation |  | 5.5350 | &nbsp;&nbsp;11/17/28 | 731685 |
| 800000 | Westpac Banking Corporation |  | 1.9530 | &nbsp;&nbsp;11/20/28 | 761428 |
| 1000000 | Westpac Banking Corporation |  | 2.1500 | &nbsp;&nbsp;06/03/31 | 903708 |
| 800000 | Westpac Banking Corporation |  | 2.9630 | &nbsp;&nbsp;11/16/40 | 612960 |
|  |  |  |  |  | 165641720 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **BEVERAGES — 1.5%** |  |  |  |  |
| 600000 | Anheuser-Busch InBev Worldwide, Inc. |  | 8.2000 | &nbsp;&nbsp;01/15/39 | $769725 |
| 700000 | Anheuser-Busch InBev Worldwide, Inc. |  | 4.9500 | &nbsp;&nbsp;01/15/42 | 671872 |
| 900000 | Anheuser-Busch InBev Worldwide, Inc. |  | 4.4390 | &nbsp;&nbsp;10/06/48 | 777123 |
| 1300000 | Anheuser-Busch InBev Worldwide, Inc. |  | 5.5500 | &nbsp;&nbsp;01/23/49 | 1298726 |
| 700000 | Anheuser-Busch InBev Worldwide, Inc. |  | 5.8000 | &nbsp;&nbsp;01/23/59 | 715570 |
| 500000 | Coca-Cola Company |  | 3.4500 | &nbsp;&nbsp;03/25/30 | 490328 |
| 800000 | Coca-Cola Company |  | 1.6500 | &nbsp;&nbsp;06/01/30 | 725769 |
| 800000 | Coca-Cola Company |  | 2.5000 | &nbsp;&nbsp;06/01/40 | 595573 |
| 800000 | Coca-Cola Company |  | 3.0000 | &nbsp;&nbsp;03/05/51 | 536864 |
| 500000 | Coca-Cola Company |  | 5.3000 | &nbsp;&nbsp;05/13/54 | 489701 |
| 500000 | Coca-Cola Company |  | 5.2000 | &nbsp;&nbsp;01/14/55 | 481702 |
| 500000 | Coca-Cola Company |  | 5.4000 | &nbsp;&nbsp;05/13/64 | 486602 |
| 600000 | Constellation Brands, Inc. |  | 3.1500 | &nbsp;&nbsp;08/01/29 | 579794 |
| 700000 | Constellation Brands, Inc. |  | 2.2500 | &nbsp;&nbsp;08/01/31 | 623048 |
| 500000 | Diageo Capital plc |  | 5.5000 | &nbsp;&nbsp;01/24/33 | 526287 |
| 500000 | Diageo Capital plc |  | 5.6250 | &nbsp;&nbsp;10/05/33 | 530052 |
| 800000 | Keurig Dr Pepper, Inc. |  | 3.2000 | &nbsp;&nbsp;05/01/30 | 761293 |
| 800000 | Keurig Dr Pepper, Inc. |  | 4.5000 | &nbsp;&nbsp;04/15/52 | 650101 |
| 1000000 | Molson Coors Beverage Company |  | 4.2000 | &nbsp;&nbsp;07/15/46 | 811237 |
| 700000 | PepsiCo, Inc. |  | 2.7500 | &nbsp;&nbsp;03/19/30 | 666046 |
| 800000 | PepsiCo, Inc. |  | 1.6250 | &nbsp;&nbsp;05/01/30 | 725731 |
| 800000 | PepsiCo, Inc. |  | 3.9000 | &nbsp;&nbsp;07/18/32 | 785652 |
| 600000 | PepsiCo, Inc. |  | 5.0000 | &nbsp;&nbsp;02/07/35 | 615578 |
| 800000 | PepsiCo, Inc. |  | 2.6250 | &nbsp;&nbsp;10/21/41 | 583751 |
| 1100000 | PepsiCo, Inc. |  | 2.7500 | &nbsp;&nbsp;10/21/51 | 692879 |
|  |  |  |  |  | 16591004 |
|  | **BIOTECH & PHARMA — 6.1%** |  |  |  |  |
| 1700000 | AbbVie, Inc. |  | 3.2000 | &nbsp;&nbsp;11/21/29 | 1649814 |
| 500000 | AbbVie, Inc. |  | 4.8750 | &nbsp;&nbsp;03/15/30 | 514812 |
| 400000 | AbbVie, Inc. |  | 4.9500 | &nbsp;&nbsp;03/15/31 | 413083 |
| 800000 | AbbVie, Inc. |  | 5.0500 | &nbsp;&nbsp;03/15/34 | 820769 |
| 600000 | AbbVie, Inc. |  | 4.5500 | &nbsp;&nbsp;03/15/35 | 590752 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **BIOTECH & PHARMA — 6.1% (Continued)** |  |  |  |  |
| 600000 | AbbVie, Inc. |  | 5.2000 | &nbsp;&nbsp;03/15/35 | $619581 |
| 800000 | AbbVie, Inc. |  | 4.5000 | &nbsp;&nbsp;05/14/35 | 784113 |
| 1200000 | AbbVie, Inc. |  | 4.0500 | &nbsp;&nbsp;11/21/39 | 1069819 |
| 1000000 | AbbVie, Inc. |  | 4.4000 | &nbsp;&nbsp;11/06/42 | 892127 |
| 600000 | AbbVie, Inc. |  | 4.8500 | &nbsp;&nbsp;06/15/44 | 556529 |
| 1100000 | AbbVie, Inc. |  | 4.7000 | &nbsp;&nbsp;05/14/45 | 995137 |
| 900000 | AbbVie, Inc. |  | 4.4500 | &nbsp;&nbsp;05/14/46 | 783144 |
| 700000 | AbbVie, Inc. |  | 4.8750 | &nbsp;&nbsp;11/14/48 | 636740 |
| 1100000 | AbbVie, Inc. |  | 5.4000 | &nbsp;&nbsp;03/15/54 | 1070301 |
| 600000 | AbbVie, Inc. |  | 5.5000 | &nbsp;&nbsp;03/15/64 | 582888 |
| 700000 | Amgen, Inc. |  | 2.4500 | &nbsp;&nbsp;02/21/30 | 654849 |
| 1000000 | Amgen, Inc. |  | 5.2500 | &nbsp;&nbsp;03/02/30 | 1038249 |
| 1500000 | Amgen, Inc. |  | 5.2500 | &nbsp;&nbsp;03/02/33 | 1553604 |
| 1300000 | Amgen, Inc. |  | 5.6000 | &nbsp;&nbsp;03/02/43 | 1312530 |
| 800000 | Amgen, Inc. |  | 4.5630 | &nbsp;&nbsp;06/15/48 | 687473 |
| 1000000 | Amgen, Inc. |  | 3.3750 | &nbsp;&nbsp;02/21/50 | 712504 |
| 1400000 | Amgen, Inc. |  | 5.6500 | &nbsp;&nbsp;03/02/53 | 1380825 |
| 700000 | Amgen, Inc. |  | 4.4000 | &nbsp;&nbsp;02/22/62 | 551375 |
| 900000 | Amgen, Inc. |  | 5.7500 | &nbsp;&nbsp;03/02/63 | 882483 |
| 800000 | Astrazeneca Finance, LLC |  | 4.8500 | &nbsp;&nbsp;02/26/29 | 821004 |
| 700000 | Astrazeneca Finance, LLC |  | 5.0000 | &nbsp;&nbsp;02/26/34 | 721433 |
| 900000 | AstraZeneca plc |  | 1.3750 | &nbsp;&nbsp;08/06/30 | 800119 |
| 900000 | AstraZeneca plc |  | 6.4500 | &nbsp;&nbsp;09/15/37 | 1020909 |
| 1100000 | Biogen, Inc. |  | 3.1500 | &nbsp;&nbsp;05/01/50 | 715743 |
| 700000 | Bristol-Myers Squibb Company |  | 4.9000 | &nbsp;&nbsp;02/22/29 | 721280 |
| 600000 | Bristol-Myers Squibb Company |  | 5.7500 | &nbsp;&nbsp;02/01/31 | 640955 |
| 600000 | Bristol-Myers Squibb Company |  | 5.1000 | &nbsp;&nbsp;02/22/31 | 623930 |
| 700000 | Bristol-Myers Squibb Company |  | 5.2000 | &nbsp;&nbsp;02/22/34 | 725278 |
| 800000 | Bristol-Myers Squibb Company |  | 4.1250 | &nbsp;&nbsp;06/15/39 | 723597 |
| 1400000 | Bristol-Myers Squibb Company |  | 5.5500 | &nbsp;&nbsp;02/22/54 | 1373785 |
| 600000 | Bristol-Myers Squibb Company |  | 3.9000 | &nbsp;&nbsp;03/15/62 | 435018 |
| 800000 | Eli Lilly & Company |  | 4.5000 | &nbsp;&nbsp;02/09/29 | 815087 |
| 700000 | Eli Lilly & Company |  | 4.7500 | &nbsp;&nbsp;02/12/30 | 718851 |
| 800000 | Eli Lilly & Company |  | 4.7000 | &nbsp;&nbsp;02/09/34 | 809212 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **BIOTECH & PHARMA — 6.1% (Continued)** |  |  |  |  |
| 800000 | Eli Lilly & Company |  | 5.1000 | &nbsp;&nbsp;02/12/35 | $825582 |
| 700000 | Eli Lilly & Company |  | 4.8750 | &nbsp;&nbsp;02/27/53 | 638616 |
| 500000 | Eli Lilly & Company |  | 5.0000 | &nbsp;&nbsp;02/09/54 | 463733 |
| 500000 | Eli Lilly & Company |  | 5.0500 | &nbsp;&nbsp;08/14/54 | 467144 |
| 500000 | Eli Lilly & Company |  | 5.5000 | &nbsp;&nbsp;02/12/55 | 499213 |
| 800000 | Eli Lilly & Company |  | 5.1000 | &nbsp;&nbsp;02/09/64 | 735883 |
| 600000 | Eli Lilly & Company |  | 5.6000 | &nbsp;&nbsp;02/12/65 | 597725 |
| 500000 | Gilead Sciences, Inc. |  | 5.1000 | &nbsp;&nbsp;06/15/35 | 511945 |
| 500000 | Gilead Sciences, Inc. |  | 4.6000 | &nbsp;&nbsp;09/01/35 | 495033 |
| 500000 | Gilead Sciences, Inc. |  | 5.6500 | &nbsp;&nbsp;12/01/41 | 519771 |
| 800000 | Gilead Sciences, Inc. |  | 4.8000 | &nbsp;&nbsp;04/01/44 | 740804 |
| 800000 | Gilead Sciences, Inc. |  | 4.5000 | &nbsp;&nbsp;02/01/45 | 710712 |
| 800000 | Gilead Sciences, Inc. |  | 4.7500 | &nbsp;&nbsp;03/01/46 | 727425 |
| 500000 | Gilead Sciences, Inc. |  | 4.1500 | &nbsp;&nbsp;03/01/47 | 415274 |
| 700000 | Gilead Sciences, Inc. |  | 2.8000 | &nbsp;&nbsp;10/01/50 | 445275 |
| 400000 | Gilead Sciences, Inc. |  | 5.5500 | &nbsp;&nbsp;10/15/53 | 398718 |
| 400000 | Gilead Sciences, Inc. |  | 5.5000 | &nbsp;&nbsp;11/15/54 | 395396 |
| 500000 | GlaxoSmithKline Capital, Inc. |  | 4.8750 | &nbsp;&nbsp;04/15/35 | 505205 |
| 800000 | GlaxoSmithKline Capital, Inc. |  | 6.3750 | &nbsp;&nbsp;05/15/38 | 897265 |
| 500000 | Johnson & Johnson |  | 4.7000 | &nbsp;&nbsp;03/01/30 | 514801 |
| 900000 | Johnson & Johnson |  | 1.3000 | &nbsp;&nbsp;09/01/30 | 803255 |
| 500000 | Johnson & Johnson |  | 4.8500 | &nbsp;&nbsp;03/01/32 | 518200 |
| 1000000 | Johnson & Johnson |  | 5.0000 | &nbsp;&nbsp;03/01/35 | 1038806 |
| 1000000 | Johnson & Johnson |  | 3.6250 | &nbsp;&nbsp;03/03/37 | 905806 |
| 600000 | Johnson & Johnson |  | 3.7000 | &nbsp;&nbsp;03/01/46 | 485085 |
| 800000 | Johnson & Johnson |  | 3.7500 | &nbsp;&nbsp;03/03/47 | 645225 |
| 600000 | Merck & Company, Inc. |  | 4.5000 | &nbsp;&nbsp;05/17/33 | 603968 |
| 800000 | Merck & Company, Inc. |  | 4.1500 | &nbsp;&nbsp;05/18/43 | 688729 |
| 600000 | Merck & Company, Inc. |  | 4.9000 | &nbsp;&nbsp;05/17/44 | 564809 |
| 900000 | Merck & Company, Inc. |  | 3.7000 | &nbsp;&nbsp;02/10/45 | 717110 |
| 1600000 | Merck & Company, Inc. |  | 2.7500 | &nbsp;&nbsp;12/10/51 | 988581 |
| 800000 | Novartis Capital Corporation |  | 4.4000 | &nbsp;&nbsp;05/06/44 | 711947 |
| 800000 | Novartis Capital Corporation |  | 4.0000 | &nbsp;&nbsp;11/20/45 | 668358 |
| 1000000 | Novartis Capital Corporation |  | 2.7500 | &nbsp;&nbsp;08/14/50 | 643901 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **BIOTECH & PHARMA — 6.1% (Continued)** |  |  |  |  |
| 600000 | Pfizer Investment Enterprises Pte Ltd. |  | 4.6500 | &nbsp;&nbsp;05/19/30 | $611752 |
| 1300000 | Pfizer Investment Enterprises Pte Ltd. |  | 4.7500 | &nbsp;&nbsp;05/19/33 | 1314353 |
| 1900000 | Pfizer Investment Enterprises Pte Ltd. |  | 5.3000 | &nbsp;&nbsp;05/19/53 | 1807157 |
| 1300000 | Pfizer Investment Enterprises Pte Ltd. |  | 5.3400 | &nbsp;&nbsp;05/19/63 | 1213328 |
| 600000 | Pfizer, Inc. |  | 2.6250 | &nbsp;&nbsp;04/01/30 | 566735 |
| 600000 | Pfizer, Inc. |  | 1.7000 | &nbsp;&nbsp;05/28/30 | 544017 |
| 900000 | Pfizer, Inc. |  | 7.2000 | &nbsp;&nbsp;03/15/39 | 1072366 |
| 600000 | Pfizer, Inc. |  | 4.3000 | &nbsp;&nbsp;06/15/43 | 526741 |
| 700000 | Pfizer, Inc. |  | 4.4000 | &nbsp;&nbsp;05/15/44 | 628397 |
| 800000 | Pfizer, Inc. |  | 4.1250 | &nbsp;&nbsp;12/15/46 | 661919 |
| 700000 | Regeneron Pharmaceuticals, Inc. |  | 1.7500 | &nbsp;&nbsp;09/15/30 | 626556 |
| 900000 | Royalty Pharma plc |  | 3.3000 | &nbsp;&nbsp;09/02/40 | 700716 |
| 1000000 | Takeda Pharmaceutical Company Ltd. |  | 5.0000 | &nbsp;&nbsp;11/26/28 | 1023833 |
| 700000 | Takeda Pharmaceutical Company Ltd. |  | 5.6500 | &nbsp;&nbsp;07/05/44 | 705985 |
| 500000 | Takeda Pharmaceutical Company Ltd. |  | 3.1750 | &nbsp;&nbsp;07/09/50 | 335951 |
| 900000 | Wyeth, LLC |  | 5.9500 | &nbsp;&nbsp;04/01/37 | 968867 |
| 600000 | Zoetis, Inc. |  | 4.7000 | &nbsp;&nbsp;02/01/43 | 551131 |
|  |  |  |  |  | 67768806 |
|  | **CABLE & SATELLITE — 2.2%** |  |  |  |  |
| 1000000 | Charter Communications Operating, LLC / Charter |  | 6.1000 | &nbsp;&nbsp;06/01/29 | 1044958 |
| 600000 | Charter Communications Operating, LLC / Charter |  | 6.6500 | &nbsp;&nbsp;02/01/34 | 632591 |
| 600000 | Charter Communications Operating, LLC / Charter |  | 6.5500 | &nbsp;&nbsp;06/01/34 | 630712 |
| 900000 | Charter Communications Operating, LLC / Charter |  | 6.3840 | &nbsp;&nbsp;10/23/35 | 924390 |
| 1400000 | Charter Communications Operating, LLC / Charter |  | 6.4840 | &nbsp;&nbsp;10/23/45 | 1320318 |
| 1200000 | Charter Communications Operating, LLC / Charter |  | 5.3750 | &nbsp;&nbsp;05/01/47 | 988809 |
| 600000 | Charter Communications Operating, LLC / Charter |  | 5.7500 | &nbsp;&nbsp;04/01/48 | 517673 |
| 1300000 | Charter Communications Operating, LLC / Charter |  | 4.8000 | &nbsp;&nbsp;03/01/50 | 988195 |
| 900000 | Charter Communications Operating, LLC / Charter |  | 3.7000 | &nbsp;&nbsp;04/01/51 | 577732 |
| 1300000 | Charter Communications Operating, LLC / Charter |  | 3.9000 | &nbsp;&nbsp;06/01/52 | 850989 |
| 600000 | Charter Communications Operating, LLC / Charter |  | 4.4000 | &nbsp;&nbsp;12/01/61 | 396542 |
| 900000 | Comcast Corporation |  | 3.4000 | &nbsp;&nbsp;04/01/30 | 872504 |
| 500000 | Comcast Corporation |  | 4.2500 | &nbsp;&nbsp;10/15/30 | 500174 |
| 700000 | Comcast Corporation |  | 1.9500 | &nbsp;&nbsp;01/15/31 | 626091 |
| 500000 | Comcast Corporation |  | 1.5000 | &nbsp;&nbsp;02/15/31 | 436626 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **CABLE & SATELLITE — 2.2% (Continued)** |  |  |  |  |
| 100000 | Comcast Corporation |  | 5.5000 | &nbsp;&nbsp;11/15/32 | $105311 |
| 500000 | Comcast Corporation |  | 4.2500 | &nbsp;&nbsp;01/15/33 | 488256 |
| 500000 | Comcast Corporation |  | 4.6500 | &nbsp;&nbsp;02/15/33 | 500139 |
| 600000 | Comcast Corporation |  | 4.8000 | &nbsp;&nbsp;05/15/33 | 603596 |
| 600000 | Comcast Corporation |  | 4.2000 | &nbsp;&nbsp;08/15/34 | 572253 |
| 700000 | Comcast Corporation |  | 3.2000 | &nbsp;&nbsp;07/15/36 | 595353 |
| 1209000 | Comcast Corporation<sup>(b)</sup> |  | 5.1680 | &nbsp;&nbsp;01/15/37 | 1190831 |
| 1000000 | Comcast Corporation |  | 3.9000 | &nbsp;&nbsp;03/01/38 | 869276 |
| 600000 | Comcast Corporation |  | 3.2500 | &nbsp;&nbsp;11/01/39 | 468870 |
| 900000 | Comcast Corporation |  | 3.7500 | &nbsp;&nbsp;04/01/40 | 740911 |
| 1000000 | Comcast Corporation |  | 4.0000 | &nbsp;&nbsp;08/15/47 | 757850 |
| 1100000 | Comcast Corporation |  | 3.9690 | &nbsp;&nbsp;11/01/47 | 828006 |
| 1100000 | Comcast Corporation |  | 3.9990 | &nbsp;&nbsp;11/01/49 | 817447 |
| 1200000 | Comcast Corporation |  | 3.4500 | &nbsp;&nbsp;02/01/50 | 804325 |
| 3000000 | Comcast Corporation |  | 2.8870 | &nbsp;&nbsp;11/01/51 | 1766438 |
| 600000 | Comcast Corporation |  | 5.3500 | &nbsp;&nbsp;05/15/53 | 541370 |
| 600000 | Time Warner Cable, LLC |  | 7.3000 | &nbsp;&nbsp;07/01/38 | 638358 |
| 600000 | Time Warner Cable, LLC |  | 6.7500 | &nbsp;&nbsp;06/15/39 | 603857 |
| 700000 | Time Warner Cable, LLC |  | 5.5000 | &nbsp;&nbsp;09/01/41 | 614681 |
|  |  |  |  |  | 24815432 |
|  | **CHEMICALS — 0.6%** |  |  |  |  |
| 800000 | Air Products and Chemicals, Inc. |  | 4.6000 | &nbsp;&nbsp;02/08/29 | 815416 |
| 1300000 | Air Products and Chemicals, Inc. |  | 2.0500 | &nbsp;&nbsp;05/15/30 | 1198567 |
| 500000 | Dow Chemical Company |  | 6.9000 | &nbsp;&nbsp;05/15/53 | 519696 |
| 346000 | DuPont de Nemours, Inc.<sup>(b)</sup> |  | 4.7250 | &nbsp;&nbsp;11/15/28 | 350920 |
| 1200000 | Eastman Chemical Company |  | 5.0000 | &nbsp;&nbsp;08/01/29 | 1226607 |
| 700000 | LYB International Finance III, LLC |  | 5.5000 | &nbsp;&nbsp;03/01/34 | 692931 |
| 700000 | Nutrien Ltd. |  | 5.8000 | &nbsp;&nbsp;03/27/53 | 704043 |
| 800000 | Sherwin-Williams Company |  | 4.5000 | &nbsp;&nbsp;06/01/47 | 686132 |
|  |  |  |  |  | 6194312 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.3%** |  |  |  |  |
| 800000 | Waste Connections, Inc. |  | 5.0000 | &nbsp;&nbsp;03/01/34 | 814709 |
| 600000 | Waste Management, Inc. |  | 4.6250 | &nbsp;&nbsp;02/15/30 | 611441 |
| 800000 | Waste Management, Inc. |  | 4.8000 | &nbsp;&nbsp;03/15/32 | 820172 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **COMMERCIAL SUPPORT SERVICES — 0.3% (Continued)** |  |  |  |  |
| 900000 | Waste Management, Inc. |  | 4.9500 | &nbsp;&nbsp;03/15/35 | $913079 |
| 100000 | Waste Management, Inc. |  | 5.3500 | &nbsp;&nbsp;10/15/54 | 97742 |
|  |  |  |  |  | 3257143 |
|  | **CONSTRUCTION MATERIALS — 0.2%** |  |  |  |  |
| 800000 | CRH America Finance, Inc. |  | 5.5000 | &nbsp;&nbsp;01/09/35 | 833020 |
| 700000 | CRH SMW Finance DAC |  | 5.1250 | &nbsp;&nbsp;01/09/30 | 721507 |
| 1000000 | Martin Marietta Materials, Inc. |  | 5.1500 | &nbsp;&nbsp;12/01/34 | 1022694 |
|  |  |  |  |  | 2577221 |
|  | **CONTAINERS & PACKAGING — 0.1%** |  |  |  |  |
| 600000 | Amcor Flexibles North America, Inc. |  | 5.5000 | &nbsp;&nbsp;03/17/35 | 620916 |
| 700000 | Berry Global, Inc. Series 21-25A CR |  | 5.8000 | &nbsp;&nbsp;06/15/31 | 740967 |
|  |  |  |  |  | 1361883 |
|  | **DIVERSIFIED INDUSTRIALS — 0.6%** |  |  |  |  |
| 1600000 | 3M Company |  | 2.3750 | &nbsp;&nbsp;08/26/29 | 1512032 |
| 1000000 | Emerson Electric Company |  | 2.2000 | &nbsp;&nbsp;12/21/31 | 895140 |
| 1000000 | Honeywell International, Inc. |  | 1.9500 | &nbsp;&nbsp;06/01/30 | 914443 |
| 700000 | Honeywell International, Inc. |  | 1.7500 | &nbsp;&nbsp;09/01/31 | 613596 |
| 600000 | Honeywell International, Inc. |  | 5.0000 | &nbsp;&nbsp;02/15/33 | 618364 |
| 700000 | Honeywell International, Inc. |  | 4.5000 | &nbsp;&nbsp;01/15/34 | 694742 |
| 800000 | Honeywell International, Inc. |  | 5.2500 | &nbsp;&nbsp;03/01/54 | 761427 |
| 1200000 | Parker-Hannifin Corporation |  | 4.5000 | &nbsp;&nbsp;09/15/29 | 1217121 |
|  |  |  |  |  | 7226865 |
|  | **E-COMMERCE DISCRETIONARY — 0.9%** |  |  |  |  |
| 700000 | Amazon.com, Inc. |  | 4.6500 | &nbsp;&nbsp;12/01/29 | 718548 |
| 900000 | Amazon.com, Inc. |  | 1.5000 | &nbsp;&nbsp;06/03/30 | 811047 |
| 700000 | Amazon.com, Inc. |  | 2.1000 | &nbsp;&nbsp;05/12/31 | 632191 |
| 800000 | Amazon.com, Inc. |  | 3.6000 | &nbsp;&nbsp;04/13/32 | 774441 |
| 600000 | Amazon.com, Inc. |  | 4.7000 | &nbsp;&nbsp;12/01/32 | 616270 |
| 1000000 | Amazon.com, Inc. |  | 3.8750 | &nbsp;&nbsp;08/22/37 | 908282 |
| 800000 | Amazon.com, Inc. |  | 2.8750 | &nbsp;&nbsp;05/12/41 | 604815 |
| 100000 | Amazon.com, Inc. |  | 4.9500 | &nbsp;&nbsp;12/05/44 | 95946 |
| 1200000 | Amazon.com, Inc. |  | 4.0500 | &nbsp;&nbsp;08/22/47 | 984134 |
| 1400000 | Amazon.com, Inc. |  | 3.1000 | &nbsp;&nbsp;05/12/51 | 936678 |
| 900000 | Amazon.com, Inc. |  | 3.9500 | &nbsp;&nbsp;04/13/52 | 703974 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **E-COMMERCE DISCRETIONARY — 0.9% (Continued)** |  |  |  |  |
| 900000 | Amazon.com, Inc. |  | 4.2500 | &nbsp;&nbsp;08/22/57 | $721942 |
| 700000 | Amazon.com, Inc. |  | 4.1000 | &nbsp;&nbsp;04/13/62 | 536200 |
| 700000 | eBay, Inc. |  | 4.0000 | &nbsp;&nbsp;07/15/42 | 580791 |
|  |  |  |  |  | 9625259 |
|  | **ELECTRIC UTILITIES — 3.5%** |  |  |  |  |
| 700000 | AES Corporation |  | 5.8000 | &nbsp;&nbsp;03/15/32 | 724230 |
| 600000 | American Electric Power Company, Inc. |  | 5.6250 | &nbsp;&nbsp;03/01/33 | 628891 |
| 700000 | Berkshire Hathaway Energy Company |  | 5.1500 | &nbsp;&nbsp;11/15/43 | 671475 |
| 900000 | Berkshire Hathaway Energy Company |  | 4.6000 | &nbsp;&nbsp;05/01/53 | 758961 |
| 700000 | Consolidated Edison Company of New York, Inc. |  | 5.9000 | &nbsp;&nbsp;11/15/53 | 715025 |
| 800000 | Consolidated Edison Company of New York, Inc. |  | 5.7000 | &nbsp;&nbsp;05/15/54 | 799894 |
| 600000 | Constellation Energy Generation, LLC |  | 6.5000 | &nbsp;&nbsp;10/01/53 | 651753 |
| 600000 | Constellation Energy Generation, LLC |  | 5.7500 | &nbsp;&nbsp;03/15/54 | 593471 |
| 700000 | Dominion Energy, Inc. |  | 5.0000 | &nbsp;&nbsp;06/15/30 | 718662 |
| 900000 | Dominion Energy, Inc. |  | 2.2500 | &nbsp;&nbsp;08/15/31 | 804714 |
| 800000 | Duke Energy Carolinas, LLC |  | 4.9500 | &nbsp;&nbsp;01/15/33 | 821952 |
| 500000 | Duke Energy Carolinas, LLC |  | 5.3500 | &nbsp;&nbsp;01/15/53 | 480785 |
| 500000 | Duke Energy Carolinas, LLC |  | 5.4000 | &nbsp;&nbsp;01/15/54 | 485558 |
| 900000 | Duke Energy Corporation |  | 2.4500 | &nbsp;&nbsp;06/01/30 | 835935 |
| 700000 | Duke Energy Corporation |  | 5.4500 | &nbsp;&nbsp;06/15/34 | 727642 |
| 1000000 | Duke Energy Corporation |  | 3.7500 | &nbsp;&nbsp;09/01/46 | 760019 |
| 500000 | Entergy Louisiana, LLC |  | 5.8000 | &nbsp;&nbsp;03/15/55 | 504197 |
| 900000 | Exelon Corporation |  | 4.0500 | &nbsp;&nbsp;04/15/30 | 892212 |
| 900000 | Exelon Corporation |  | 4.7000 | &nbsp;&nbsp;04/15/50 | 770877 |
| 600000 | Florida Power & Light Company |  | 2.4500 | &nbsp;&nbsp;02/03/32 | 541182 |
| 700000 | Florida Power & Light Company |  | 4.8000 | &nbsp;&nbsp;05/15/33 | 711157 |
| 600000 | Florida Power & Light Company |  | 5.3000 | &nbsp;&nbsp;06/15/34 | 627051 |
| 800000 | Florida Power & Light Company |  | 2.8750 | &nbsp;&nbsp;12/04/51 | 512629 |
| 600000 | Florida Power & Light Company |  | 5.3000 | &nbsp;&nbsp;04/01/53 | 578352 |
| 1100000 | Georgia Power Company |  | 4.9500 | &nbsp;&nbsp;05/17/33 | 1124271 |
| 700000 | MidAmerican Energy Company |  | 5.8500 | &nbsp;&nbsp;09/15/54 | 720619 |
| 600000 | National Grid plc |  | 5.4180 | &nbsp;&nbsp;01/11/34 | 619319 |
| 600000 | NextEra Energy Capital Holdings, Inc. |  | 5.3000 | &nbsp;&nbsp;03/15/32 | 623519 |
| 700000 | NextEra Energy Capital Holdings, Inc. |  | 5.0500 | &nbsp;&nbsp;02/28/33 | 716100 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **ELECTRIC UTILITIES — 3.5% (Continued)** |  |  |  |  |
| 500000 | NextEra Energy Capital Holdings, Inc. |  | 5.2500 | &nbsp;&nbsp;03/15/34 | $512883 |
| 600000 | NextEra Energy Capital Holdings, Inc. |  | 5.4500 | &nbsp;&nbsp;03/15/35 | 619228 |
| 800000 | NextEra Energy Capital Holdings, Inc. |  | 5.2500 | &nbsp;&nbsp;02/28/53 | 747495 |
| 500000 | Northern States Power Company |  | 5.1000 | &nbsp;&nbsp;05/15/53 | 465033 |
| 600000 | Oncor Electric Delivery Company, LLC |  | 5.5500 | &nbsp;&nbsp;06/15/54 | 585254 |
| 700000 | Pacific Gas and Electric Company |  | 6.1000 | &nbsp;&nbsp;01/15/29 | 734668 |
| 1100000 | Pacific Gas and Electric Company |  | 4.5500 | &nbsp;&nbsp;07/01/30 | 1097665 |
| 600000 | Pacific Gas and Electric Company |  | 6.4000 | &nbsp;&nbsp;06/15/33 | 647210 |
| 500000 | Pacific Gas and Electric Company |  | 5.8000 | &nbsp;&nbsp;05/15/34 | 519372 |
| 600000 | Pacific Gas and Electric Company |  | 5.7000 | &nbsp;&nbsp;03/01/35 | 615666 |
| 800000 | Pacific Gas and Electric Company |  | 4.5000 | &nbsp;&nbsp;07/01/40 | 697483 |
| 1500000 | Pacific Gas and Electric Company |  | 4.9500 | &nbsp;&nbsp;07/01/50 | 1275920 |
| 900000 | Pacific Gas and Electric Company |  | 3.5000 | &nbsp;&nbsp;08/01/50 | 610500 |
| 700000 | Pacific Gas and Electric Company |  | 6.7500 | &nbsp;&nbsp;01/15/53 | 748293 |
| 700000 | PacifiCorporation |  | 5.4500 | &nbsp;&nbsp;02/15/34 | 711190 |
| 600000 | PacifiCorporation |  | 5.5000 | &nbsp;&nbsp;05/15/54 | 542303 |
| 800000 | PacifiCorporation |  | 5.8000 | &nbsp;&nbsp;01/15/55 | 756523 |
| 500000 | PPL Capital Funding, Inc. |  | 5.2500 | &nbsp;&nbsp;09/01/34 | 511037 |
| 700000 | Public Service Company of Colorado |  | 5.3500 | &nbsp;&nbsp;05/15/34 | 720799 |
| 500000 | Public Service Company of Colorado |  | 5.7500 | &nbsp;&nbsp;05/15/54 | 501499 |
| 800000 | Public Service Enterprise Group, Inc. |  | 2.4500 | &nbsp;&nbsp;11/15/31 | 717963 |
| 700000 | San Diego Gas & Electric Company |  | 5.3500 | &nbsp;&nbsp;04/01/53 | 662065 |
| 700000 | Southern California Edison Company |  | 5.4500 | &nbsp;&nbsp;06/01/31 | 724711 |
| 800000 | Southern California Edison Company |  | 5.2000 | &nbsp;&nbsp;06/01/34 | 801958 |
| 1200000 | Southern California Edison Company |  | 4.0000 | &nbsp;&nbsp;04/01/47 | 908808 |
| 600000 | Southern Company |  | 5.2000 | &nbsp;&nbsp;06/15/33 | 616036 |
| 400000 | Southern Company |  | 4.4000 | &nbsp;&nbsp;07/01/46 | 339353 |
| 700000 | Xcel Energy, Inc. |  | 5.6000 | &nbsp;&nbsp;04/15/35 | 724433 |
|  |  |  |  |  | 39235800 |
|  | **ELECTRICAL EQUIPMENT — 0.3%** |  |  |  |  |
| 1000000 | Amphenol Corporation |  | 2.8000 | &nbsp;&nbsp;02/15/30 | 951172 |
| 1300000 | Carrier Global Corporation |  | 2.7220 | &nbsp;&nbsp;02/15/30 | 1226104 |
| 1100000 | Carrier Global Corporation |  | 2.7000 | &nbsp;&nbsp;02/15/31 | 1020987 |
|  |  |  |  |  | 3198263 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **ENTERTAINMENT CONTENT — 0.6%** |  |  |  |  |
| 600000 | Fox Corporation |  | 5.4760 | &nbsp;&nbsp;01/25/39 | $599288 |
| 700000 | Fox Corporation |  | 5.5760 | &nbsp;&nbsp;01/25/49 | 672501 |
| 800000 | Paramount Global |  | 4.2000 | &nbsp;&nbsp;05/19/32 | 723176 |
| 800000 | Paramount Global |  | 4.3750 | &nbsp;&nbsp;03/15/43 | 552390 |
| 600000 | Walt Disney Company |  | 2.0000 | &nbsp;&nbsp;09/01/29 | 562116 |
| 600000 | Walt Disney Company |  | 3.8000 | &nbsp;&nbsp;03/22/30 | 595117 |
| 600000 | Walt Disney Company |  | 2.6500 | &nbsp;&nbsp;01/13/31 | 562020 |
| 500000 | Walt Disney Company |  | 6.6500 | &nbsp;&nbsp;11/15/37 | 569118 |
| 1000000 | Walt Disney Company |  | 3.5000 | &nbsp;&nbsp;05/13/40 | 834682 |
| 1100000 | Walt Disney Company |  | 2.7500 | &nbsp;&nbsp;09/01/49 | 698940 |
| 1000000 | Walt Disney Company |  | 3.6000 | &nbsp;&nbsp;01/13/51 | 745937 |
|  |  |  |  |  | 7115285 |
|  | **FOOD — 0.9%** |  |  |  |  |
| 800000 | Campbell Soup Company |  | 5.4000 | &nbsp;&nbsp;03/21/34 | 809944 |
| 900000 | Conagra Brands, Inc. |  | 4.8500 | &nbsp;&nbsp;11/01/28 | 912868 |
| 700000 | Conagra Brands, Inc. |  | 5.3000 | &nbsp;&nbsp;11/01/38 | 662898 |
| 600000 | Hormel Foods Corporation |  | 1.8000 | &nbsp;&nbsp;06/11/30 | 542675 |
| 800000 | J M Smucker Company |  | 6.5000 | &nbsp;&nbsp;11/15/53 | 868544 |
| 900000 | JBS N.V./JBS USA Foods Group Holdings, Inc./JBS |  | 5.9500 | &nbsp;&nbsp;04/20/35 | 946080 |
| 1000000 | JBS USA LUX S.A. / JBS USA Food Company / JBS USA |  | 3.0000 | &nbsp;&nbsp;05/15/32 | 904249 |
| 900000 | JBS USA LUX S.A. / JBS USA Food Company / JBS USA |  | 6.5000 | &nbsp;&nbsp;12/01/52 | 937872 |
| 2300000 | Kraft Heinz Foods Company |  | 4.3750 | &nbsp;&nbsp;06/01/46 | 1893645 |
| 900000 | Mondelez International, Inc. |  | 3.0000 | &nbsp;&nbsp;03/17/32 | 826437 |
| 1000000 | Tyson Foods, Inc. |  | 5.1000 | &nbsp;&nbsp;09/28/48 | 927003 |
|  |  |  |  |  | 10232215 |
|  | **GAS & WATER UTILITIES — 0.3%** |  |  |  |  |
| 900000 | American Water Capital Corporation |  | 4.4500 | &nbsp;&nbsp;06/01/32 | 900499 |
| 700000 | American Water Capital Corporation |  | 5.2500 | &nbsp;&nbsp;03/01/35 | 719478 |
| 800000 | NiSource, Inc. |  | 3.6000 | &nbsp;&nbsp;05/01/30 | 778931 |
| 600000 | NiSource, Inc. |  | 1.7000 | &nbsp;&nbsp;02/15/31 | 527953 |
| 800000 | NiSource, Inc. |  | 4.3750 | &nbsp;&nbsp;05/15/47 | 667152 |
|  |  |  |  |  | 3594013 |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.4%** |  |  |  |  |
| 600000 | AmerisourceBergen Corporation |  | 2.7000 | &nbsp;&nbsp;03/15/31 | 553394 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.4% (Continued)** |  |  |  |  |
| 800000 | Anthem, Inc. |  | 4.6500 | &nbsp;&nbsp;08/15/44 | $705416 |
| 1000000 | Anthem, Inc. |  | 3.6000 | &nbsp;&nbsp;03/15/51 | 712842 |
| 500000 | Cardinal Health, Inc. |  | 5.3500 | &nbsp;&nbsp;11/15/34 | 514659 |
| 900000 | Centene Corporation |  | 4.6250 | &nbsp;&nbsp;12/15/29 | 877766 |
| 600000 | Centene Corporation |  | 2.5000 | &nbsp;&nbsp;03/01/31 | 519152 |
| 500000 | Centene Corporation |  | 2.6250 | &nbsp;&nbsp;08/01/31 | 430326 |
| 700000 | Cigna Corporation |  | 4.8000 | &nbsp;&nbsp;07/15/46 | 619888 |
| 900000 | Cigna Group |  | 4.3750 | &nbsp;&nbsp;10/15/28 | 907794 |
| 800000 | Cigna Group |  | 2.3750 | &nbsp;&nbsp;03/15/31 | 725305 |
| 400000 | Cigna Group |  | 5.1250 | &nbsp;&nbsp;05/15/31 | 412876 |
| 600000 | Cigna Group |  | 5.2500 | &nbsp;&nbsp;02/15/34 | 615080 |
| 1100000 | Cigna Group |  | 4.9000 | &nbsp;&nbsp;12/15/48 | 978492 |
| 1000000 | Cigna Group |  | 3.4000 | &nbsp;&nbsp;03/15/51 | 692994 |
| 700000 | Cigna Group |  | 5.6000 | &nbsp;&nbsp;02/15/54 | 677252 |
| 700000 | CVS Health Corporation |  | 5.0000 | &nbsp;&nbsp;01/30/29 | 715431 |
| 800000 | CVS Health Corporation |  | 3.2500 | &nbsp;&nbsp;08/15/29 | 773174 |
| 600000 | CVS Health Corporation |  | 5.1250 | &nbsp;&nbsp;02/21/30 | 615723 |
| 600000 | CVS Health Corporation |  | 5.2500 | &nbsp;&nbsp;01/30/31 | 619209 |
| 700000 | CVS Health Corporation |  | 5.5500 | &nbsp;&nbsp;06/01/31 | 732316 |
| 700000 | CVS Health Corporation |  | 5.2500 | &nbsp;&nbsp;02/21/33 | 717802 |
| 600000 | CVS Health Corporation |  | 5.3000 | &nbsp;&nbsp;06/01/33 | 615509 |
| 1700000 | CVS Health Corporation |  | 4.7800 | &nbsp;&nbsp;03/25/38 | 1598501 |
| 800000 | CVS Health Corporation |  | 5.3000 | &nbsp;&nbsp;12/05/43 | 743625 |
| 1600000 | CVS Health Corporation |  | 5.1250 | &nbsp;&nbsp;07/20/45 | 1441333 |
| 800000 | CVS Health Corporation |  | 5.6250 | &nbsp;&nbsp;02/21/53 | 751455 |
| 1000000 | CVS Health Corporation |  | 5.8750 | &nbsp;&nbsp;06/01/53 | 967533 |
| 700000 | Elevance Health, Inc. |  | 4.9500 | &nbsp;&nbsp;11/01/31 | 714709 |
| 600000 | Elevance Health, Inc. |  | 5.3750 | &nbsp;&nbsp;06/15/34 | 617092 |
| 600000 | Elevance Health, Inc. |  | 5.2000 | &nbsp;&nbsp;02/15/35 | 609632 |
| 1000000 | Elevance Health, Inc. |  | 3.1250 | &nbsp;&nbsp;05/15/50 | 654249 |
| 500000 | Elevance Health, Inc. |  | 6.1000 | &nbsp;&nbsp;10/15/52 | 515272 |
| 900000 | Elevance Health, Inc. |  | 5.1250 | &nbsp;&nbsp;02/15/53 | 810626 |
| 800000 | HCA, Inc. |  | 4.1250 | &nbsp;&nbsp;06/15/29 | 798390 |
| 700000 | HCA, Inc. |  | 3.5000 | &nbsp;&nbsp;09/01/30 | 673369 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.4% (Continued)** |  |  |  |  |
| 400000 | HCA, Inc. |  | 5.5000 | &nbsp;&nbsp;03/01/32 | $417238 |
| 600000 | HCA, Inc. |  | 5.5000 | &nbsp;&nbsp;06/01/33 | 623340 |
| 500000 | HCA, Inc. |  | 5.4500 | &nbsp;&nbsp;09/15/34 | 513624 |
| 600000 | HCA, Inc. |  | 5.7500 | &nbsp;&nbsp;03/01/35 | 628222 |
| 600000 | HCA, Inc. |  | 5.5000 | &nbsp;&nbsp;06/15/47 | 568906 |
| 800000 | HCA, Inc. |  | 5.2500 | &nbsp;&nbsp;06/15/49 | 727478 |
| 700000 | HCA, Inc. |  | 3.5000 | &nbsp;&nbsp;07/15/51 | 476514 |
| 800000 | HCA, Inc. |  | 4.6250 | &nbsp;&nbsp;03/15/52 | 654419 |
| 400000 | HCA, Inc. |  | 5.9000 | &nbsp;&nbsp;06/01/53 | 392538 |
| 500000 | HCA, Inc. |  | 6.2000 | &nbsp;&nbsp;03/01/55 | 510568 |
| 1400000 | Humana, Inc. |  | 5.3750 | &nbsp;&nbsp;04/15/31 | 1434681 |
| 900000 | IQVIA, Inc. |  | 6.2500 | &nbsp;&nbsp;02/01/29 | 947473 |
| 800000 | Laboratory Corp of America Holdings |  | 4.8000 | &nbsp;&nbsp;10/01/34 | 790863 |
| 500000 | Quest Diagnostics, Inc. |  | 2.9500 | &nbsp;&nbsp;06/30/30 | 474267 |
| 500000 | Quest Diagnostics, Inc. |  | 6.4000 | &nbsp;&nbsp;11/30/33 | 552083 |
| 800000 | UnitedHealth Group, Inc. |  | 4.2500 | &nbsp;&nbsp;01/15/29 | 805431 |
| 800000 | UnitedHealth Group, Inc. |  | 4.8000 | &nbsp;&nbsp;01/15/30 | 818390 |
| 700000 | UnitedHealth Group, Inc. |  | 2.0000 | &nbsp;&nbsp;05/15/30 | 639013 |
| 700000 | UnitedHealth Group, Inc. |  | 4.9500 | &nbsp;&nbsp;01/15/32 | 716766 |
| 600000 | UnitedHealth Group, Inc. |  | 4.2000 | &nbsp;&nbsp;05/15/32 | 590314 |
| 700000 | UnitedHealth Group, Inc. |  | 5.3500 | &nbsp;&nbsp;02/15/33 | 728140 |
| 700000 | UnitedHealth Group, Inc. |  | 4.5000 | &nbsp;&nbsp;04/15/33 | 691303 |
| 600000 | UnitedHealth Group, Inc. |  | 6.8750 | &nbsp;&nbsp;02/15/38 | 687853 |
| 800000 | UnitedHealth Group, Inc. |  | 5.5000 | &nbsp;&nbsp;07/15/44 | 788819 |
| 900000 | UnitedHealth Group, Inc. |  | 4.7500 | &nbsp;&nbsp;07/15/45 | 805133 |
| 1000000 | UnitedHealth Group, Inc. |  | 3.2500 | &nbsp;&nbsp;05/15/51 | 674069 |
| 800000 | UnitedHealth Group, Inc. |  | 4.7500 | &nbsp;&nbsp;05/15/52 | 689374 |
| 800000 | UnitedHealth Group, Inc. |  | 5.8750 | &nbsp;&nbsp;02/15/53 | 806151 |
| 800000 | UnitedHealth Group, Inc. |  | 5.0500 | &nbsp;&nbsp;04/15/53 | 720947 |
| 700000 | UnitedHealth Group, Inc. |  | 5.3750 | &nbsp;&nbsp;04/15/54 | 658272 |
| 600000 | UnitedHealth Group, Inc. |  | 5.6250 | &nbsp;&nbsp;07/15/54 | 585730 |
| 700000 | UnitedHealth Group, Inc. |  | 3.8750 | &nbsp;&nbsp;08/15/59 | 501464 |
| 500000 | UnitedHealth Group, Inc. |  | 6.0500 | &nbsp;&nbsp;02/15/63 | 509062 |
| 700000 | UnitedHealth Group, Inc. |  | 5.2000 | &nbsp;&nbsp;04/15/63 | 625967 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.4% (Continued)** |  |  |  |  |
| 600000 | UnitedHealth Group, Inc. |  | 5.7500 | &nbsp;&nbsp;07/15/64 | $584141 |
| 700000 | Universal Health Services, Inc. |  | 2.6500 | &nbsp;&nbsp;10/15/30 | 638351 |
|  |  |  |  |  | 49605090 |
|  | **HOUSEHOLD PRODUCTS — 0.5%** |  |  |  |  |
| 500000 | Kenvue, Inc. |  | 5.0000 | &nbsp;&nbsp;03/22/30 | 514698 |
| 600000 | Kenvue, Inc. |  | 4.9000 | &nbsp;&nbsp;03/22/33 | 611683 |
| 800000 | Kenvue, Inc. |  | 5.0500 | &nbsp;&nbsp;03/22/53 | 734030 |
| 600000 | Kimberly-Clark Corporation B |  | 3.1000 | &nbsp;&nbsp;03/26/30 | 576523 |
| 600000 | Procter & Gamble Company |  | 3.0000 | &nbsp;&nbsp;03/25/30 | 578840 |
| 700000 | Procter & Gamble Company |  | 1.2000 | &nbsp;&nbsp;10/29/30 | 617349 |
| 400000 | Procter & Gamble Company |  | 4.0500 | &nbsp;&nbsp;01/26/33 | 399212 |
| 600000 | Unilever Capital Corporation |  | 5.9000 | &nbsp;&nbsp;11/15/32 | 656773 |
| 700000 | Unilever Capital Corporation |  | 5.0000 | &nbsp;&nbsp;12/08/33 | 725056 |
|  |  |  |  |  | 5414164 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 4.7%** |  |  |  |  |
| 900000 | Brookfield Finance, Inc. |  | 4.3500 | &nbsp;&nbsp;04/15/30 | 903780 |
| 800000 | Goldman Sachs Group, Inc.<sup>(a)</sup> | SOFRRATE + 1.770% | 6.4840 | &nbsp;&nbsp;10/24/29 | 847304 |
| 1300000 | Goldman Sachs Group, Inc. |  | 3.8000 | &nbsp;&nbsp;03/15/30 | 1281093 |
| 600000 | Goldman Sachs Group, Inc.<sup>(a)</sup> | SOFRRATE + 1.265% | 5.7270 | &nbsp;&nbsp;04/25/30 | 626636 |
| 700000 | Goldman Sachs Group, Inc.<sup>(a)</sup> | SOFRRATE + 1.210% | 5.0490 | &nbsp;&nbsp;07/23/30 | 717164 |
| 600000 | Goldman Sachs Group, Inc.<sup>(a)</sup> | SOFRRATE + 1.078% | 5.2070 | &nbsp;&nbsp;01/28/31 | 618932 |
| 1200000 | Goldman Sachs Group, Inc. <sup>(a)</sup> | SOFRRATE + 1.580% | 5.2180 | &nbsp;&nbsp;04/23/31 | 1236610 |
| 1300000 | Goldman Sachs Group, Inc.<sup>(a)</sup> | SOFRRATE + 1.090% | 1.9920 | &nbsp;&nbsp;01/27/32 | 1154232 |
| 1400000 | Goldman Sachs Group, Inc.<sup>(a)</sup> | SOFRRATE + 1.281% | 2.6150 | &nbsp;&nbsp;04/22/32 | 1275415 |
| 900000 | Goldman Sachs Group, Inc.<sup>(a)</sup> | SOFRRATE + 1.264% | 2.6500 | &nbsp;&nbsp;10/21/32 | 813824 |
| 100000 | Goldman Sachs Group, Inc.<sup>(a)</sup> | SOFRRATE + 1.410% | 3.1020 | &nbsp;&nbsp;02/24/33 | 91915 |
| 1000000 | Goldman Sachs Group, Inc.<sup>(a)</sup> | SOFRRATE + 1.552% | 5.8510 | &nbsp;&nbsp;04/25/35 | 1058478 |
| 1100000 | Goldman Sachs Group, Inc.<sup>(a)</sup> | SOFRRATE + 1.550% | 5.3300 | &nbsp;&nbsp;07/23/35 | 1124841 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 4.7% (Continued)** |  |  |  |  |
| 1800000 | Goldman Sachs Group, Inc.<sup>(a)</sup> | SOFRRATE + 1.420% | 5.0160 | &nbsp;&nbsp;10/23/35 | $1802518 |
| 1500000 | Goldman Sachs Group, Inc.<sup>(a)</sup> | SOFRRATE + 1.380% | 5.5360 | &nbsp;&nbsp;01/28/36 | 1552599 |
| 900000 | Goldman Sachs Group, Inc.<sup>(a)</sup> | TSFR3M + 1.635% | 4.0170 | &nbsp;&nbsp;10/31/38 | 806823 |
| 700000 | Goldman Sachs Group, Inc.<sup>(a)</sup> | TSFR3M + 1.692% | 4.4110 | &nbsp;&nbsp;04/23/39 | 646685 |
| 900000 | Goldman Sachs Group, Inc. |  | 6.2500 | &nbsp;&nbsp;02/01/41 | 980247 |
| 800000 | Goldman Sachs Group, Inc.<sup>(a)</sup> | SOFRRATE + 1.513% | 3.2100 | &nbsp;&nbsp;04/22/42 | 613503 |
| 700000 | Goldman Sachs Group, Inc. |  | 5.1500 | &nbsp;&nbsp;05/22/45 | 658863 |
| 700000 | Goldman Sachs Group, Inc. |  | 4.7500 | &nbsp;&nbsp;10/21/45 | 632294 |
| 1000000 | Goldman Sachs Group, Inc.<sup>(a)</sup> | SOFRRATE + 1.580% | 5.5610 | &nbsp;&nbsp;11/19/45 | 997012 |
| 1000000 | Goldman Sachs Group, Inc. <sup>(a)</sup> | SOFRRATE + 1.696% | 5.7340 | &nbsp;&nbsp;01/28/56 | 1010820 |
| 400000 | Intercontinental Exchange, Inc. |  | 5.2500 | &nbsp;&nbsp;06/15/31 | 418851 |
| 600000 | Intercontinental Exchange, Inc. |  | 4.6000 | &nbsp;&nbsp;03/15/33 | 604781 |
| 700000 | Intercontinental Exchange, Inc. |  | 4.2500 | &nbsp;&nbsp;09/21/48 | 593697 |
| 1200000 | Intercontinental Exchange, Inc. |  | 3.0000 | &nbsp;&nbsp;06/15/50 | 795406 |
| 600000 | Intercontinental Exchange, Inc. |  | 4.9500 | &nbsp;&nbsp;06/15/52 | 552149 |
| 1000000 | Jefferies Financial Group, Inc. |  | 6.2000 | &nbsp;&nbsp;04/14/34 | 1052913 |
| 700000 | LPL Holdings, Inc. |  | 6.7500 | &nbsp;&nbsp;11/17/28 | 744891 |
| 700000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 1.830% | 6.4070 | &nbsp;&nbsp;11/01/29 | 741096 |
| 400000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 1.450% | 5.1730 | &nbsp;&nbsp;01/16/30 | 410809 |
| 700000 | Morgan Stanley<sup>(a)</sup> | TSFR3M + 1.890% | 4.4310 | &nbsp;&nbsp;01/23/30 | 704764 |
| 500000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 1.260% | 5.6560 | &nbsp;&nbsp;04/18/30 | 520782 |
| 300000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 1.215% | 5.0420 | &nbsp;&nbsp;07/19/30 | 307460 |
| 400000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 1.100% | 4.6540 | &nbsp;&nbsp;10/18/30 | 405002 |
| 700000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 1.108% | 5.2300 | &nbsp;&nbsp;01/15/31 | 721013 |
| 1100000 | Morgan Stanley Series GMTN<sup>(a)</sup> | SOFRRATE + 1.143% | 2.6990 | &nbsp;&nbsp;01/22/31 | 1032680 |
| 1400000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 3.120% | 3.6220 | &nbsp;&nbsp;04/01/31 | 1360092 |
| 1100000 | Morgan Stanley Series I<sup>(a)</sup> | SOFRRATE + 1.510% | 5.1920 | &nbsp;&nbsp;04/17/31 | 1132940 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 4.7% (Continued)** |  |  |  |  |
| 1000000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 1.034% | 1.7940 | &nbsp;&nbsp;02/13/32 | $878536 |
| 800000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 1.020% | 1.9280 | &nbsp;&nbsp;04/28/32 | 703368 |
| 1100000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 1.178% | 2.2390 | &nbsp;&nbsp;07/21/32 | 976333 |
| 1000000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 2.560% | 6.3420 | &nbsp;&nbsp;10/18/33 | 1091541 |
| 1000000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 1.870% | 5.2500 | &nbsp;&nbsp;04/21/34 | 1026830 |
| 800000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 1.880% | 5.4240 | &nbsp;&nbsp;07/21/34 | 829227 |
| 900000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 2.050% | 6.6270 | &nbsp;&nbsp;11/01/34 | 1001618 |
| 700000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 1.730% | 5.4660 | &nbsp;&nbsp;01/18/35 | 725010 |
| 1000000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 1.580% | 5.8310 | &nbsp;&nbsp;04/19/35 | 1058898 |
| 1000000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 1.555% | 5.3200 | &nbsp;&nbsp;07/19/35 | 1026468 |
| 900000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 1.418% | 5.5870 | &nbsp;&nbsp;01/18/36 | 937654 |
| 600000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 1.757% | 5.6640 | &nbsp;&nbsp;04/17/36 | 627761 |
| 700000 | Morgan Stanley<sup>(a)</sup> | US0003M + 1.455% | 3.9710 | &nbsp;&nbsp;07/22/38 | 629227 |
| 800000 | Morgan Stanley |  | 6.3750 | &nbsp;&nbsp;07/24/42 | 889287 |
| 500000 | Morgan Stanley |  | 4.3750 | &nbsp;&nbsp;01/22/47 | 432358 |
| 700000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 4.840% | 5.5970 | &nbsp;&nbsp;03/24/51 | 700115 |
| 900000 | Morgan Stanley<sup>(a)</sup> | SOFRRATE + 1.710% | 5.5160 | &nbsp;&nbsp;11/19/55 | 890337 |
| 700000 | Nasdaq, Inc. |  | 5.9500 | &nbsp;&nbsp;08/15/53 | 726799 |
| 1100000 | Nomura Holdings, Inc. |  | 2.6790 | &nbsp;&nbsp;07/16/30 | 1019387 |
| 1000000 | Nomura Holdings, Inc. |  | 2.9990 | &nbsp;&nbsp;01/22/32 | 910515 |
| 700000 | Northern Trust Corporation |  | 1.9500 | &nbsp;&nbsp;05/01/30 | 641401 |
| 800000 | State Street Corporation |  | 4.8340 | &nbsp;&nbsp;04/24/30 | 822280 |
|  |  |  |  |  | 52095864 |
|  | **INSURANCE — 1.9%** |  |  |  |  |
| 1100000 | American International Group, Inc. |  | 5.1250 | &nbsp;&nbsp;03/27/33 | 1128037 |
| 1000000 | Aon Corporation |  | 3.7500 | &nbsp;&nbsp;05/02/29 | 990780 |
| 700000 | Aon North America, Inc. |  | 5.4500 | &nbsp;&nbsp;03/01/34 | 727906 |
| 800000 | Aon North America, Inc. |  | 5.7500 | &nbsp;&nbsp;03/01/54 | 800152 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **INSURANCE — 1.9% (Continued)** |  |  |  |  |
| 700000 | Arthur J Gallagher & Company |  | 5.1500 | &nbsp;&nbsp;02/15/35 | $706084 |
| 700000 | Arthur J Gallagher & Company |  | 5.5500 | &nbsp;&nbsp;02/15/55 | 671788 |
| 900000 | Berkshire Hathaway Finance Corporation |  | 4.2000 | &nbsp;&nbsp;08/15/48 | 748048 |
| 800000 | Berkshire Hathaway Finance Corporation |  | 4.2500 | &nbsp;&nbsp;01/15/49 | 667900 |
| 1000000 | Berkshire Hathaway Finance Corporation |  | 2.8500 | &nbsp;&nbsp;10/15/50 | 639111 |
| 1000000 | Berkshire Hathaway Finance Corporation |  | 3.8500 | &nbsp;&nbsp;03/15/52 | 765726 |
| 600000 | Berkshire Hathaway, Inc. |  | 4.5000 | &nbsp;&nbsp;02/11/43 | 561193 |
| 600000 | Chubb Corporation |  | 6.0000 | &nbsp;&nbsp;05/11/37 | 653127 |
| 900000 | Chubb INA Holdings, Inc. |  | 4.3500 | &nbsp;&nbsp;11/03/45 | 783342 |
| 800000 | Chubb INA Holdings, LLC |  | 5.0000 | &nbsp;&nbsp;03/15/34 | 817079 |
| 800000 | Corebridge Financial, Inc. |  | 3.9000 | &nbsp;&nbsp;04/05/32 | 762647 |
| 700000 | Corebridge Financial, Inc. |  | 4.4000 | &nbsp;&nbsp;04/05/52 | 570898 |
| 700000 | Marsh & McLennan Companies, Inc. |  | 4.8500 | &nbsp;&nbsp;11/15/31 | 716962 |
| 900000 | Marsh & McLennan Companies, Inc. |  | 5.0000 | &nbsp;&nbsp;03/15/35 | 909593 |
| 800000 | Marsh & McLennan Companies, Inc. |  | 4.9000 | &nbsp;&nbsp;03/15/49 | 726110 |
| 700000 | Marsh & McLennan Companies, Inc. |  | 5.4000 | &nbsp;&nbsp;03/15/55 | 678120 |
| 700000 | MetLife, Inc. |  | 5.7000 | &nbsp;&nbsp;06/15/35 | 746319 |
| 1000000 | MetLife, Inc. |  | 4.8750 | &nbsp;&nbsp;11/13/43 | 935887 |
| 600000 | MetLife, Inc. |  | 5.0000 | &nbsp;&nbsp;07/15/52 | 549159 |
| 500000 | MetLife, Inc. |  | 5.2500 | &nbsp;&nbsp;01/15/54 | 475335 |
| 800000 | Prudential Financial, Inc. |  | 5.2000 | &nbsp;&nbsp;03/14/35 | 817539 |
| 1000000 | Prudential Financial, Inc. |  | 3.9350 | &nbsp;&nbsp;12/07/49 | 777374 |
| 800000 | Prudential Financial, Inc. |  | 3.7000 | &nbsp;&nbsp;03/13/51 | 592283 |
| 600000 | Travelers Companies, Inc. |  | 6.2500 | &nbsp;&nbsp;06/15/37 | 667430 |
| 800000 | Willis North America, Inc. |  | 5.3500 | &nbsp;&nbsp;05/15/33 | 823634 |
|  |  |  |  |  | 21409563 |
|  | **INTERNET MEDIA & SERVICES — 1.0%** |  |  |  |  |
| 1700000 | Alphabet, Inc. |  | 1.1000 | &nbsp;&nbsp;08/15/30 | 1500378 |
| 1400000 | Alphabet, Inc. |  | 1.9000 | &nbsp;&nbsp;08/15/40 | 944695 |
| 600000 | Expedia Group, Inc. |  | 5.4000 | &nbsp;&nbsp;02/15/35 | 613644 |
| 500000 | Meta Platforms, Inc. |  | 4.9500 | &nbsp;&nbsp;05/15/33 | 510323 |
| 700000 | Meta Platforms, Inc. |  | 4.7500 | &nbsp;&nbsp;08/15/34 | 699686 |
| 900000 | Meta Platforms, Inc. |  | 4.4500 | &nbsp;&nbsp;08/15/52 | 724449 |
| 800000 | Meta Platforms, Inc. |  | 5.6000 | &nbsp;&nbsp;05/15/53 | 761354 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **INTERNET MEDIA & SERVICES — 1.0% (Continued)** |  |  |  |  |
| 1000000 | Meta Platforms, Inc. |  | 5.4000 | &nbsp;&nbsp;08/15/54 | $924337 |
| 600000 | Meta Platforms, Inc. |  | 4.6500 | &nbsp;&nbsp;08/15/62 | 480278 |
| 600000 | Meta Platforms, Inc. |  | 5.7500 | &nbsp;&nbsp;05/15/63 | 571655 |
| 800000 | Netflix, Inc. |  | 5.8750 | &nbsp;&nbsp;11/15/28 | 839483 |
| 400000 | Netflix, Inc. |  | 6.3750 | &nbsp;&nbsp;05/15/29 | 428054 |
| 500000 | Netflix, Inc. |  | 5.4000 | &nbsp;&nbsp;08/15/54 | 479850 |
| 600000 | Uber Technologies, Inc. |  | 4.8000 | &nbsp;&nbsp;09/15/34 | 597759 |
| 500000 | Uber Technologies, Inc. |  | 5.3500 | &nbsp;&nbsp;09/15/54 | 476369 |
|  |  |  |  |  | 10552314 |
|  | **LEISURE FACILITIES & SERVICES — 0.7%** |  |  |  |  |
| 500000 | Marriott International, Inc. |  | 4.6250 | &nbsp;&nbsp;06/15/30 | 506819 |
| 700000 | Marriott International, Inc. |  | 2.8500 | &nbsp;&nbsp;04/15/31 | 650034 |
| 600000 | Marriott International, Inc. |  | 5.3500 | &nbsp;&nbsp;03/15/35 | 615978 |
| 600000 | Marriott International, Inc. |  | 5.5000 | &nbsp;&nbsp;04/15/37 | 613357 |
| 400000 | McDonald's Corporation |  | 3.6000 | &nbsp;&nbsp;07/01/30 | 392671 |
| 700000 | McDonald's Corporation |  | 4.7000 | &nbsp;&nbsp;12/09/35 | 696209 |
| 700000 | McDonald's Corporation |  | 4.8750 | &nbsp;&nbsp;12/09/45 | 639944 |
| 700000 | McDonald's Corporation |  | 4.4500 | &nbsp;&nbsp;03/01/47 | 602110 |
| 1000000 | McDonald's Corporation |  | 3.6250 | &nbsp;&nbsp;09/01/49 | 739783 |
| 600000 | McDonald's Corporation |  | 5.1500 | &nbsp;&nbsp;09/09/52 | 560291 |
| 800000 | Starbucks Corporation |  | 2.2500 | &nbsp;&nbsp;03/12/30 | 740072 |
| 700000 | Starbucks Corporation |  | 2.5500 | &nbsp;&nbsp;11/15/30 | 648814 |
| 1000000 | Starbucks Corporation |  | 3.5000 | &nbsp;&nbsp;11/15/50 | 709672 |
|  |  |  |  |  | 8115754 |
|  | **MACHINERY — 0.7%** |  |  |  |  |
| 800000 | Caterpillar, Inc. |  | 3.8030 | &nbsp;&nbsp;08/15/42 | 673587 |
| 800000 | Caterpillar, Inc. |  | 3.2500 | &nbsp;&nbsp;09/19/49 | 577356 |
| 500000 | Deere & Company |  | 5.7000 | &nbsp;&nbsp;01/19/55 | 520756 |
| 1100000 | Eaton Corporation |  | 4.1500 | &nbsp;&nbsp;03/15/33 | 1081983 |
| 1100000 | Ingersoll Rand, Inc. |  | 5.1760 | &nbsp;&nbsp;06/15/29 | 1137944 |
| 600000 | John Deere Capital Corporation |  | 4.8500 | &nbsp;&nbsp;06/11/29 | 617378 |
| 700000 | John Deere Capital Corporation |  | 4.4000 | &nbsp;&nbsp;09/08/31 | 707118 |
| 900000 | John Deere Capital Corporation |  | 5.0500 | &nbsp;&nbsp;06/12/34 | 926737 |
| 500000 | Regal Rexnord Corporation |  | 6.4000 | &nbsp;&nbsp;04/15/33 | 534703 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **MACHINERY — 0.7% (Continued)** |  |  |  |  |
| 800000 | Stanley Black & Decker, Inc. |  | 2.3000 | &nbsp;&nbsp;03/15/30 | $736367 |
| 600000 | Trane Technologies Luxembourg Finance S.A. |  | 3.8000 | &nbsp;&nbsp;03/21/29 | 597930 |
|  |  |  |  |  | 8111859 |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.2%** |  |  |  |  |
| 600000 | Abbott Laboratories |  | 4.7500 | &nbsp;&nbsp;11/30/36 | 597617 |
| 1100000 | Abbott Laboratories |  | 4.9000 | &nbsp;&nbsp;11/30/46 | 1028973 |
| 700000 | Agilent Technologies, Inc. |  | 2.3000 | &nbsp;&nbsp;03/12/31 | 635089 |
| 900000 | Baxter International, Inc. |  | 2.2720 | &nbsp;&nbsp;12/01/28 | 853128 |
| 1000000 | Becton Dickinson & Company |  | 2.8230 | &nbsp;&nbsp;05/20/30 | 943832 |
| 1100000 | Becton Dickinson & Company |  | 1.9570 | &nbsp;&nbsp;02/11/31 | 980870 |
| 800000 | Danaher Corporation |  | 2.8000 | &nbsp;&nbsp;12/10/51 | 508082 |
| 1200000 | DH Europe Finance II Sarl |  | 2.6000 | &nbsp;&nbsp;11/15/29 | 1141260 |
| 500000 | GE HealthCare Technologies, Inc. |  | 5.8570 | &nbsp;&nbsp;03/15/30 | 527928 |
| 600000 | GE HealthCare Technologies, Inc. |  | 5.9050 | &nbsp;&nbsp;11/22/32 | 644454 |
| 500000 | GE HealthCare Technologies, Inc. |  | 6.3770 | &nbsp;&nbsp;11/22/52 | 543453 |
| 500000 | Medtronic Global Holdings SCA |  | 4.5000 | &nbsp;&nbsp;03/30/33 | 500017 |
| 700000 | Stryker Corporation |  | 1.9500 | &nbsp;&nbsp;06/15/30 | 636738 |
| 500000 | Stryker Corporation |  | 5.2000 | &nbsp;&nbsp;02/10/35 | 513086 |
| 800000 | Thermo Fisher Scientific, Inc. |  | 2.6000 | &nbsp;&nbsp;10/01/29 | 762117 |
| 800000 | Thermo Fisher Scientific, Inc. |  | 4.9770 | &nbsp;&nbsp;08/10/30 | 827481 |
| 900000 | Thermo Fisher Scientific, Inc. |  | 5.0860 | &nbsp;&nbsp;08/10/33 | 931645 |
| 600000 | Zimmer Biomet Holdings, Inc. |  | 2.6000 | &nbsp;&nbsp;11/24/31 | 542314 |
|  |  |  |  |  | 13118084 |
|  | **METALS & MINING — 0.7%** |  |  |  |  |
| 700000 | Barrick North America Finance, LLC |  | 5.7500 | &nbsp;&nbsp;05/01/43 | 718299 |
| 700000 | BHP Billiton Finance USA Ltd. |  | 5.0000 | &nbsp;&nbsp;02/21/30 | 721375 |
| 800000 | BHP Billiton Finance USA Ltd. |  | 5.2500 | &nbsp;&nbsp;09/08/33 | 828730 |
| 800000 | BHP Billiton Finance USA Ltd. |  | 5.3000 | &nbsp;&nbsp;02/21/35 | 826933 |
| 1300000 | BHP Billiton Finance USA Ltd. |  | 5.0000 | &nbsp;&nbsp;09/30/43 | 1241843 |
| 600000 | Freeport-McMoRan, Inc. |  | 5.4500 | &nbsp;&nbsp;03/15/43 | 586061 |
| 800000 | Rio Tinto Finance USA plc |  | 4.8750 | &nbsp;&nbsp;03/14/30 | 820591 |
| 900000 | Rio Tinto Finance USA plc |  | 5.2500 | &nbsp;&nbsp;03/14/35 | 925996 |
| 1000000 | Rio Tinto Finance USA plc |  | 5.7500 | &nbsp;&nbsp;03/14/55 | 1022471 |
|  |  |  |  |  | 7692299 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 6.7%** |  |  |  |  |
| 1000000 | BP Capital Markets America, Inc. |  | 3.6330 | &nbsp;&nbsp;04/06/30 | $982274 |
| 600000 | BP Capital Markets America, Inc. |  | 2.7210 | &nbsp;&nbsp;01/12/32 | 547655 |
| 800000 | BP Capital Markets America, Inc. |  | 4.8120 | &nbsp;&nbsp;02/13/33 | 809486 |
| 800000 | BP Capital Markets America, Inc. |  | 5.2270 | &nbsp;&nbsp;11/17/34 | 825732 |
| 800000 | BP Capital Markets America, Inc. |  | 3.0600 | &nbsp;&nbsp;06/17/41 | 610630 |
| 600000 | BP Capital Markets America, Inc. |  | 3.0000 | &nbsp;&nbsp;02/24/50 | 394553 |
| 900000 | BP Capital Markets America, Inc. |  | 2.7720 | &nbsp;&nbsp;11/10/50 | 559888 |
| 900000 | BP Capital Markets America, Inc. |  | 2.9390 | &nbsp;&nbsp;06/04/51 | 578067 |
| 800000 | BP Capital Markets America, Inc. |  | 3.3790 | &nbsp;&nbsp;02/08/61 | 525543 |
| 600000 | Canadian Natural Resources Ltd. |  | 6.2500 | &nbsp;&nbsp;03/15/38 | 635968 |
| 600000 | Cheniere Corpus Christi Holdings, LLC |  | 3.7000 | &nbsp;&nbsp;11/15/29 | 587453 |
| 500000 | Cheniere Energy Partners, L.P. |  | 4.5000 | &nbsp;&nbsp;10/01/29 | 502127 |
| 700000 | Cheniere Energy Partners, L.P. |  | 5.9500 | &nbsp;&nbsp;06/30/33 | 742257 |
| 500000 | Cheniere Energy Partners, L.P. |  | 5.7500 | &nbsp;&nbsp;08/15/34 | 521863 |
| 500000 | Cheniere Energy, Inc. |  | 5.6500 | &nbsp;&nbsp;04/15/34 | 518767 |
| 700000 | Chevron USA, Inc. |  | 4.9800 | &nbsp;&nbsp;04/15/35 | 715572 |
| 700000 | ConocoPhillips Company |  | 5.0500 | &nbsp;&nbsp;09/15/33 | 718688 |
| 700000 | ConocoPhillips Company |  | 3.8000 | &nbsp;&nbsp;03/15/52 | 520013 |
| 600000 | ConocoPhillips Company |  | 5.5000 | &nbsp;&nbsp;01/15/55 | 579557 |
| 700000 | Devon Energy Corporation |  | 5.2000 | &nbsp;&nbsp;09/15/34 | 706561 |
| 800000 | Devon Energy Corporation |  | 4.7500 | &nbsp;&nbsp;05/15/42 | 703876 |
| 800000 | Diamondback Energy, Inc. |  | 3.1250 | &nbsp;&nbsp;03/24/31 | 749963 |
| 900000 | Diamondback Energy, Inc. |  | 5.5500 | &nbsp;&nbsp;04/01/35 | 927539 |
| 700000 | Diamondback Energy, Inc. |  | 5.7500 | &nbsp;&nbsp;04/18/54 | 671006 |
| 500000 | Enbridge, Inc. |  | 3.1250 | &nbsp;&nbsp;11/15/29 | 480396 |
| 400000 | Enbridge, Inc. |  | 6.2000 | &nbsp;&nbsp;11/15/30 | 430076 |
| 800000 | Enbridge, Inc. |  | 5.7000 | &nbsp;&nbsp;03/08/33 | 839573 |
| 500000 | Enbridge, Inc. |  | 5.6250 | &nbsp;&nbsp;04/05/34 | 521188 |
| 800000 | Enbridge, Inc. |  | 3.4000 | &nbsp;&nbsp;08/01/51 | 550257 |
| 600000 | Enbridge, Inc. |  | 6.7000 | &nbsp;&nbsp;11/15/53 | 661561 |
| 500000 | Energy Transfer, L.P. |  | 5.2500 | &nbsp;&nbsp;04/15/29 | 514534 |
| 500000 | Energy Transfer, L.P. |  | 6.4000 | &nbsp;&nbsp;12/01/30 | 541368 |
| 600000 | Energy Transfer, L.P. |  | 6.5500 | &nbsp;&nbsp;12/01/33 | 657398 |
| 600000 | Energy Transfer, L.P. |  | 5.6000 | &nbsp;&nbsp;09/01/34 | 618423 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 6.7% (Continued)** |  |  |  |  |
| 700000 | Energy Transfer, L.P. |  | 6.1250 | &nbsp;&nbsp;12/15/45 | $697990 |
| 600000 | Energy Transfer, L.P. |  | 6.0000 | &nbsp;&nbsp;06/15/48 | 587758 |
| 700000 | Energy Transfer, L.P. |  | 6.2500 | &nbsp;&nbsp;04/15/49 | 700239 |
| 800000 | Energy Transfer, L.P. |  | 5.0000 | &nbsp;&nbsp;05/15/50 | 678190 |
| 600000 | Energy Transfer, L.P. |  | 5.9500 | &nbsp;&nbsp;05/15/54 | 573854 |
| 500000 | Energy Transfer, L.P. |  | 6.0500 | &nbsp;&nbsp;09/01/54 | 485647 |
| 700000 | Enterprise Products Operating, LLC |  | 2.8000 | &nbsp;&nbsp;01/31/30 | 665246 |
| 600000 | Enterprise Products Operating, LLC |  | 5.3500 | &nbsp;&nbsp;01/31/33 | 626525 |
| 700000 | Enterprise Products Operating, LLC |  | 4.9500 | &nbsp;&nbsp;02/15/35 | 708244 |
| 900000 | Enterprise Products Operating, LLC |  | 4.8500 | &nbsp;&nbsp;03/15/44 | 824475 |
| 900000 | Enterprise Products Operating, LLC |  | 5.1000 | &nbsp;&nbsp;02/15/45 | 847075 |
| 800000 | Enterprise Products Operating, LLC |  | 3.2000 | &nbsp;&nbsp;02/15/52 | 531924 |
| 700000 | Enterprise Products Operating, LLC |  | 3.3000 | &nbsp;&nbsp;02/15/53 | 471527 |
| 700000 | Enterprise Products Operating, LLC |  | 5.5500 | &nbsp;&nbsp;02/16/55 | 682484 |
| 600000 | EOG Resources, Inc. |  | 5.6500 | &nbsp;&nbsp;12/01/54 | 591620 |
| 500000 | Expand Energy Corporation |  | 5.7000 | &nbsp;&nbsp;01/15/35 | 517766 |
| 800000 | Exxon Mobil Corporation |  | 4.2270 | &nbsp;&nbsp;03/19/40 | 732275 |
| 900000 | Exxon Mobil Corporation |  | 4.3270 | &nbsp;&nbsp;03/19/50 | 756077 |
| 1000000 | Exxon Mobil Corporation |  | 3.4520 | &nbsp;&nbsp;04/15/51 | 720146 |
| 700000 | Hess Corporation |  | 5.6000 | &nbsp;&nbsp;02/15/41 | 726336 |
| 500000 | Kinder Morgan Energy Partners, L.P. |  | 6.9500 | &nbsp;&nbsp;01/15/38 | 567955 |
| 700000 | Kinder Morgan, Inc. |  | 5.0000 | &nbsp;&nbsp;02/01/29 | 718532 |
| 800000 | Kinder Morgan, Inc. |  | 5.2000 | &nbsp;&nbsp;06/01/33 | 823820 |
| 600000 | Kinder Morgan, Inc. |  | 5.4000 | &nbsp;&nbsp;02/01/34 | 620821 |
| 800000 | Kinder Morgan, Inc. |  | 5.5500 | &nbsp;&nbsp;06/01/45 | 778677 |
| 800000 | Kinder Morgan, Inc. |  | 5.2000 | &nbsp;&nbsp;03/01/48 | 740817 |
| 800000 | Marathon Petroleum Corporation |  | 5.1500 | &nbsp;&nbsp;03/01/30 | 824358 |
| 700000 | Marathon Petroleum Corporation |  | 6.5000 | &nbsp;&nbsp;03/01/41 | 750048 |
| 600000 | MPLX, L.P. |  | 5.5000 | &nbsp;&nbsp;06/01/34 | 613502 |
| 500000 | MPLX, L.P. |  | 5.4000 | &nbsp;&nbsp;04/01/35 | 505566 |
| 700000 | MPLX, L.P. |  | 4.7000 | &nbsp;&nbsp;04/15/48 | 583833 |
| 700000 | MPLX, L.P. |  | 5.5000 | &nbsp;&nbsp;02/15/49 | 645788 |
| 800000 | MPLX, L.P. |  | 4.9500 | &nbsp;&nbsp;03/14/52 | 676762 |
| 800000 | Occidental Petroleum Corporation |  | 8.8750 | &nbsp;&nbsp;07/15/30 | 923586 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 6.7% (Continued)** |  |  |  |  |
| 400000 | Occidental Petroleum Corporation |  | 7.5000 | &nbsp;&nbsp;05/01/31 | $451251 |
| 500000 | Occidental Petroleum Corporation |  | 5.3750 | &nbsp;&nbsp;01/01/32 | 514286 |
| 500000 | Occidental Petroleum Corporation |  | 6.4500 | &nbsp;&nbsp;09/15/36 | 533782 |
| 500000 | Occidental Petroleum Corporation |  | 6.6000 | &nbsp;&nbsp;03/15/46 | 517592 |
| 700000 | ONEOK, Inc. |  | 5.6500 | &nbsp;&nbsp;11/01/28 | 727337 |
| 600000 | ONEOK, Inc. |  | 4.7500 | &nbsp;&nbsp;10/15/31 | 603021 |
| 700000 | ONEOK, Inc. |  | 6.0500 | &nbsp;&nbsp;09/01/33 | 743231 |
| 700000 | ONEOK, Inc. |  | 5.0500 | &nbsp;&nbsp;11/01/34 | 693160 |
| 700000 | ONEOK, Inc. |  | 5.7000 | &nbsp;&nbsp;11/01/54 | 656192 |
| 700000 | Phillips 66 |  | 5.8750 | &nbsp;&nbsp;05/01/42 | 707871 |
| 900000 | Phillips 66 |  | 4.8750 | &nbsp;&nbsp;11/15/44 | 796464 |
| 600000 | Phillips 66 Company |  | 5.2500 | &nbsp;&nbsp;06/15/31 | 622095 |
| 500000 | Plains All American Pipeline, L.P. / PAA Finance |  | 3.8000 | &nbsp;&nbsp;09/15/30 | 487191 |
| 900000 | Sabine Pass Liquefaction, LLC |  | 4.5000 | &nbsp;&nbsp;05/15/30 | 905201 |
| 1000000 | Shell Finance US, Inc.<sup>(b)</sup> |  | 3.8750 | &nbsp;&nbsp;11/13/28 | 1003689 |
| 1000000 | Shell Finance US, Inc.<sup>(b)</sup> |  | 6.3750 | &nbsp;&nbsp;12/15/38 | 1116116 |
| 700000 | Shell Finance US, Inc.<sup>(b)</sup> |  | 5.5000 | &nbsp;&nbsp;03/25/40 | 715611 |
| 1000000 | Shell Finance US, Inc. |  | 4.3750 | &nbsp;&nbsp;05/11/45 | 864472 |
| 800000 | Shell Finance US, Inc. |  | 4.0000 | &nbsp;&nbsp;05/10/46 | 650201 |
| 900000 | Shell Finance US, Inc. |  | 3.2500 | &nbsp;&nbsp;04/06/50 | 623972 |
| 600000 | Southwestern Energy Company |  | 5.3750 | &nbsp;&nbsp;03/15/30 | 610899 |
| 500000 | Suncor Energy, Inc. |  | 6.8500 | &nbsp;&nbsp;06/01/39 | 555032 |
| 600000 | Targa Resources Corporation |  | 5.5500 | &nbsp;&nbsp;08/15/35 | 615119 |
| 400000 | Targa Resources Corporation |  | 6.5000 | &nbsp;&nbsp;02/15/53 | 420968 |
| 500000 | Targa Resources Corporation |  | 6.1250 | &nbsp;&nbsp;05/15/55 | 501834 |
| 800000 | Targa Resources Partners, L.P. / Targa Resources |  | 5.5000 | &nbsp;&nbsp;03/01/30 | 815323 |
| 900000 | TotalEnergies Capital International S.A. |  | 2.8290 | &nbsp;&nbsp;01/10/30 | 861840 |
| 1600000 | TotalEnergies Capital International S.A. |  | 3.1270 | &nbsp;&nbsp;05/29/50 | 1076519 |
| 600000 | TotalEnergies Capital S.A. |  | 5.1500 | &nbsp;&nbsp;04/05/34 | 621219 |
| 900000 | TotalEnergies Capital S.A. |  | 5.4880 | &nbsp;&nbsp;04/05/54 | 878029 |
| 800000 | TotalEnergies Capital S.A. |  | 5.6380 | &nbsp;&nbsp;04/05/64 | 782070 |
| 1100000 | TransCanada PipeLines Ltd. |  | 4.1000 | &nbsp;&nbsp;04/15/30 | 1088923 |
| 600000 | TransCanada PipeLines Ltd. |  | 4.6250 | &nbsp;&nbsp;03/01/34 | 586674 |
| 900000 | TransCanada PipeLines Ltd. |  | 6.2000 | &nbsp;&nbsp;10/15/37 | 962623 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 6.7% (Continued)** |  |  |  |  |
| 800000 | Valero Energy Corporation |  | 3.6500 | &nbsp;&nbsp;12/01/51 | $556508 |
| 700000 | Western Midstream Operating, L.P. |  | 4.0500 | &nbsp;&nbsp;02/01/30 | 687131 |
| 800000 | Western Midstream Operating, L.P. |  | 5.4500 | &nbsp;&nbsp;11/15/34 | 805983 |
| 900000 | Williams Companies, Inc. |  | 2.6000 | &nbsp;&nbsp;03/15/31 | 823813 |
| 800000 | Williams Companies, Inc. |  | 5.6000 | &nbsp;&nbsp;03/15/35 | 832282 |
| 700000 | Williams Companies, Inc. |  | 5.1000 | &nbsp;&nbsp;09/15/45 | 647568 |
| 700000 | Williams Companies, Inc. |  | 5.3000 | &nbsp;&nbsp;08/15/52 | 649552 |
| 700000 | Woodside Finance Ltd. |  | 5.1000 | &nbsp;&nbsp;09/12/34 | 692979 |
|  |  |  |  |  | 74354898 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.2%** |  |  |  |  |
| 500000 | Halliburton Company |  | 4.8500 | &nbsp;&nbsp;11/15/35 | 493124 |
| 600000 | Halliburton Company |  | 7.4500 | &nbsp;&nbsp;09/15/39 | 710665 |
| 900000 | Halliburton Company |  | 5.0000 | &nbsp;&nbsp;11/15/45 | 812729 |
|  |  |  |  |  | 2016518 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.6%** |  |  |  |  |
| 800000 | Alexandria Real Estate Equities, Inc. |  | 3.5500 | &nbsp;&nbsp;03/15/52 | 555193 |
| 700000 | American Tower Corporation |  | 5.8000 | &nbsp;&nbsp;11/15/28 | 731325 |
| 600000 | American Tower Corporation |  | 2.1000 | &nbsp;&nbsp;06/15/30 | 546717 |
| 600000 | American Tower Corporation |  | 1.8750 | &nbsp;&nbsp;10/15/30 | 537050 |
| 500000 | American Tower Corporation |  | 5.5500 | &nbsp;&nbsp;07/15/33 | 523790 |
| 500000 | American Tower Corporation |  | 5.9000 | &nbsp;&nbsp;11/15/33 | 534702 |
| 800000 | Boston Properties, L.P. |  | 3.2500 | &nbsp;&nbsp;01/30/31 | 751224 |
| 500000 | Boston Properties, L.P. |  | 6.5000 | &nbsp;&nbsp;01/15/34 | 537185 |
| 700000 | Boston Properties, L.P. |  | 5.7500 | &nbsp;&nbsp;01/15/35 | 717981 |
| 700000 | Brixmor Operating Partnership, L.P. |  | 4.0500 | &nbsp;&nbsp;07/01/30 | 689489 |
| 700000 | Crown Castle, Inc. |  | 2.2500 | &nbsp;&nbsp;01/15/31 | 626408 |
| 800000 | Crown Castle, Inc. |  | 2.1000 | &nbsp;&nbsp;04/01/31 | 707009 |
| 700000 | Crown Castle, Inc. |  | 5.8000 | &nbsp;&nbsp;03/01/34 | 735031 |
| 800000 | Equinix, Inc. |  | 2.1500 | &nbsp;&nbsp;07/15/30 | 726897 |
| 800000 | Equinix, Inc. |  | 2.5000 | &nbsp;&nbsp;05/15/31 | 725170 |
| 500000 | GLP Capital, L.P. / GLP Financing II, Inc. |  | 5.6250 | &nbsp;&nbsp;09/15/34 | 506598 |
| 600000 | Healthpeak OP, LLC |  | 5.2500 | &nbsp;&nbsp;12/15/32 | 615583 |
| 500000 | Host Hotels & Resorts, L.P. |  | 3.5000 | &nbsp;&nbsp;09/15/30 | 476621 |
| 600000 | Prologis, L.P. |  | 5.1250 | &nbsp;&nbsp;01/15/34 | 615324 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.6% (Continued)** |  |  |  |  |
| 600000 | Prologis, L.P. |  | 5.0000 | &nbsp;&nbsp;03/15/34 | $610161 |
| 700000 | Prologis, L.P. |  | 5.2500 | &nbsp;&nbsp;03/15/54 | 669287 |
| 800000 | Realty Income Corporation |  | 5.1250 | &nbsp;&nbsp;02/15/34 | 819058 |
| 700000 | Simon Property Group, L.P. |  | 2.4500 | &nbsp;&nbsp;09/13/29 | 662657 |
| 900000 | Simon Property Group, L.P. |  | 3.2500 | &nbsp;&nbsp;09/13/49 | 622887 |
| 500000 | Ventas Realty, L.P. |  | 4.4000 | &nbsp;&nbsp;01/15/29 | 502887 |
| 500000 | VICI Properties, L.P. |  | 4.9500 | &nbsp;&nbsp;02/15/30 | 506325 |
| 500000 | VICI Properties, L.P. |  | 5.1250 | &nbsp;&nbsp;11/15/31 | 506049 |
| 500000 | VICI Properties, L.P. |  | 5.1250 | &nbsp;&nbsp;05/15/32 | 503398 |
| 800000 | Welltower, Inc. |  | 3.1000 | &nbsp;&nbsp;01/15/30 | 767530 |
|  |  |  |  |  | 18029536 |
|  | **RETAIL - CONSUMER STAPLES — 0.9%** |  |  |  |  |
| 900000 | Costco Wholesale Corporation |  | 1.6000 | &nbsp;&nbsp;04/20/30 | 817050 |
| 900000 | Kroger Company |  | 5.0000 | &nbsp;&nbsp;09/15/34 | 902360 |
| 1000000 | Kroger Company |  | 5.5000 | &nbsp;&nbsp;09/15/54 | 957501 |
| 600000 | Kroger Company |  | 5.6500 | &nbsp;&nbsp;09/15/64 | 573155 |
| 800000 | Target Corporation |  | 2.3500 | &nbsp;&nbsp;02/15/30 | 749909 |
| 800000 | Target Corporation |  | 5.0000 | &nbsp;&nbsp;04/15/35 | 809130 |
| 800000 | Target Corporation |  | 4.8000 | &nbsp;&nbsp;01/15/53 | 714974 |
| 700000 | Walmart, Inc. |  | 1.8000 | &nbsp;&nbsp;09/22/31 | 624753 |
| 500000 | Walmart, Inc. |  | 4.1500 | &nbsp;&nbsp;09/09/32 | 502629 |
| 500000 | Walmart, Inc. |  | 4.1000 | &nbsp;&nbsp;04/15/33 | 497877 |
| 900000 | Walmart, Inc. |  | 4.9000 | &nbsp;&nbsp;04/28/35 | 922740 |
| 1000000 | Walmart, Inc. |  | 2.5000 | &nbsp;&nbsp;09/22/41 | 725369 |
| 1000000 | Walmart, Inc. |  | 2.6500 | &nbsp;&nbsp;09/22/51 | 631470 |
| 900000 | Walmart, Inc. |  | 4.5000 | &nbsp;&nbsp;09/09/52 | 796218 |
|  |  |  |  |  | 10225135 |
|  | **RETAIL - DISCRETIONARY — 1.2%** |  |  |  |  |
| 700000 | AutoZone, Inc. |  | 4.0000 | &nbsp;&nbsp;04/15/30 | 691398 |
| 800000 | Home Depot, Inc. |  | 3.9000 | &nbsp;&nbsp;12/06/28 | 803253 |
| 900000 | Home Depot, Inc. |  | 2.9500 | &nbsp;&nbsp;06/15/29 | 873185 |
| 700000 | Home Depot, Inc. |  | 2.7000 | &nbsp;&nbsp;04/15/30 | 663183 |
| 700000 | Home Depot, Inc. |  | 1.3750 | &nbsp;&nbsp;03/15/31 | 609037 |
| 700000 | Home Depot, Inc. |  | 1.8750 | &nbsp;&nbsp;09/15/31 | 618157 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **RETAIL - DISCRETIONARY — 1.2% (Continued)** |  |  |  |  |
| 500000 | Home Depot, Inc. |  | 4.9500 | &nbsp;&nbsp;06/25/34 | $510321 |
| 900000 | Home Depot, Inc. |  | 5.8750 | &nbsp;&nbsp;12/16/36 | 972748 |
| 600000 | Home Depot, Inc. |  | 5.9500 | &nbsp;&nbsp;04/01/41 | 645563 |
| 900000 | Home Depot, Inc. |  | 4.2500 | &nbsp;&nbsp;04/01/46 | 767770 |
| 900000 | Home Depot, Inc. |  | 3.9000 | &nbsp;&nbsp;06/15/47 | 718822 |
| 900000 | Home Depot, Inc. |  | 3.1250 | &nbsp;&nbsp;12/15/49 | 616241 |
| 1000000 | Home Depot, Inc. |  | 2.7500 | &nbsp;&nbsp;09/15/51 | 624462 |
| 600000 | Home Depot, Inc. |  | 5.3000 | &nbsp;&nbsp;06/25/54 | 577568 |
| 600000 | Lowe's Companies, Inc. |  | 3.6500 | &nbsp;&nbsp;04/05/29 | 592877 |
| 700000 | Lowe's Companies, Inc. |  | 1.7000 | &nbsp;&nbsp;10/15/30 | 623429 |
| 700000 | Lowe's Companies, Inc. |  | 2.8000 | &nbsp;&nbsp;09/15/41 | 505985 |
| 1200000 | Lowe's Companies, Inc. |  | 3.0000 | &nbsp;&nbsp;10/15/50 | 771307 |
| 700000 | Lowe's Companies, Inc. |  | 4.2500 | &nbsp;&nbsp;04/01/52 | 557730 |
| 500000 | Lowe's Companies, Inc. |  | 5.6250 | &nbsp;&nbsp;04/15/53 | 488736 |
|  |  |  |  |  | 13231772 |
|  | **SEMICONDUCTORS — 2.7%** |  |  |  |  |
| 1200000 | Analog Devices, Inc. |  | 2.1000 | &nbsp;&nbsp;10/01/31 | 1067506 |
| 800000 | Applied Materials, Inc. |  | 2.7500 | &nbsp;&nbsp;06/01/50 | 517950 |
| 500000 | Broadcom, Inc. |  | 5.0500 | &nbsp;&nbsp;07/12/29 | 515211 |
| 500000 | Broadcom, Inc. |  | 4.3500 | &nbsp;&nbsp;02/15/30 | 502989 |
| 600000 | Broadcom, Inc. |  | 5.0500 | &nbsp;&nbsp;04/15/30 | 618567 |
| 1400000 | Broadcom, Inc. |  | 2.4500 | &nbsp;&nbsp;02/15/31 | 1281380 |
| 700000 | Broadcom, Inc.<sup>(b)</sup> |  | 4.1500 | &nbsp;&nbsp;04/15/32 | 685041 |
| 700000 | Broadcom, Inc. |  | 5.2000 | &nbsp;&nbsp;04/15/32 | 725253 |
| 700000 | Broadcom, Inc. |  | 3.4190 | &nbsp;&nbsp;04/15/33 | 647199 |
| 1000000 | Broadcom, Inc. |  | 3.4690 | &nbsp;&nbsp;04/15/34 | 910425 |
| 600000 | Broadcom, Inc. |  | 4.8000 | &nbsp;&nbsp;10/15/34 | 599391 |
| 1100000 | Broadcom, Inc.<sup>(b)</sup> |  | 3.1370 | &nbsp;&nbsp;11/15/35 | 947635 |
| 1000000 | Broadcom, Inc.<sup>(b)</sup> |  | 3.1870 | &nbsp;&nbsp;11/15/36 | 848615 |
| 800000 | Broadcom, Inc.<sup>(b)</sup> |  | 4.9260 | &nbsp;&nbsp;05/15/37 | 789179 |
| 800000 | Broadcom, Inc. |  | 3.7500 | &nbsp;&nbsp;02/15/51 | 605901 |
| 500000 | Intel Corporation |  | 5.1250 | &nbsp;&nbsp;02/10/30 | 512986 |
| 600000 | Intel Corporation |  | 3.9000 | &nbsp;&nbsp;03/25/30 | 589386 |
| 700000 | Intel Corporation |  | 2.0000 | &nbsp;&nbsp;08/12/31 | 616133 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **SEMICONDUCTORS — 2.7% (Continued)** |  |  |  |  |
| 1100000 | Intel Corporation |  | 5.2000 | &nbsp;&nbsp;02/10/33 | $1123315 |
| 900000 | Intel Corporation |  | 4.1000 | &nbsp;&nbsp;05/19/46 | 698644 |
| 1100000 | Intel Corporation |  | 3.7340 | &nbsp;&nbsp;12/08/47 | 795247 |
| 1100000 | Intel Corporation |  | 3.2500 | &nbsp;&nbsp;11/15/49 | 719281 |
| 900000 | Intel Corporation |  | 4.7500 | &nbsp;&nbsp;03/25/50 | 747933 |
| 800000 | Intel Corporation |  | 5.7000 | &nbsp;&nbsp;02/10/53 | 757650 |
| 600000 | Intel Corporation |  | 5.9000 | &nbsp;&nbsp;02/10/63 | 574783 |
| 700000 | KLA Corporation |  | 4.9500 | &nbsp;&nbsp;07/15/52 | 640206 |
| 500000 | KLA Corporation |  | 5.2500 | &nbsp;&nbsp;07/15/62 | 467334 |
| 1300000 | Lam Research Corporation |  | 1.9000 | &nbsp;&nbsp;06/15/30 | 1184229 |
| 800000 | Microchip Technology, Inc. |  | 5.0500 | &nbsp;&nbsp;03/15/29 | 818956 |
| 1500000 | Micron Technology, Inc. |  | 5.8750 | &nbsp;&nbsp;09/15/33 | 1596396 |
| 1000000 | NVIDIA Corporation |  | 2.8500 | &nbsp;&nbsp;04/01/30 | 956234 |
| 1000000 | NVIDIA Corporation |  | 3.5000 | &nbsp;&nbsp;04/01/50 | 743812 |
| 800000 | NXP BV / NXP Funding, LLC / NXP USA, Inc. |  | 3.4000 | &nbsp;&nbsp;05/01/30 | 772168 |
| 700000 | NXP BV / NXP Funding, LLC / NXP USA, Inc. |  | 2.5000 | &nbsp;&nbsp;05/11/31 | 633690 |
| 1100000 | QUALCOMM, Inc. |  | 4.8000 | &nbsp;&nbsp;05/20/45 | 1005330 |
| 1000000 | QUALCOMM, Inc. |  | 4.5000 | &nbsp;&nbsp;05/20/52 | 849384 |
| 1100000 | Texas Instruments, Inc. |  | 4.1500 | &nbsp;&nbsp;05/15/48 | 913467 |
| 800000 | Texas Instruments, Inc. |  | 5.0500 | &nbsp;&nbsp;05/18/63 | 723670 |
|  |  |  |  |  | 29702476 |
|  | **SOFTWARE — 2.6%** |  |  |  |  |
| 900000 | Adobe, Inc. |  | 2.3000 | &nbsp;&nbsp;02/01/30 | 842629 |
| 500000 | Autodesk, Inc. |  | 2.4000 | &nbsp;&nbsp;12/15/31 | 445947 |
| 3000000 | Microsoft Corporation |  | 2.5250 | &nbsp;&nbsp;06/01/50 | 1825101 |
| 1000000 | Microsoft Corporation |  | 2.5000 | &nbsp;&nbsp;09/15/50 | 604919 |
| 2300000 | Microsoft Corporation |  | 2.9210 | &nbsp;&nbsp;03/17/52 | 1503097 |
| 2000000 | Microsoft Corporation |  | 3.0410 | &nbsp;&nbsp;03/17/62 | 1238209 |
| 700000 | Oracle Corporation |  | 6.1500 | &nbsp;&nbsp;11/09/29 | 730136 |
| 1100000 | Oracle Corporation |  | 2.9500 | &nbsp;&nbsp;04/01/30 | 1016881 |
| 900000 | Oracle Corporation |  | 2.8750 | &nbsp;&nbsp;03/25/31 | 809071 |
| 400000 | Oracle Corporation |  | 5.2500 | &nbsp;&nbsp;02/03/32 | 399574 |
| 900000 | Oracle Corporation |  | 6.2500 | &nbsp;&nbsp;11/09/32 | 939209 |
| 700000 | Oracle Corporation |  | 4.3000 | &nbsp;&nbsp;07/08/34 | 633621 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **SOFTWARE — 2.6% (Continued)** |  |  |  |  |
| 600000 | Oracle Corporation |  | 4.7000 | &nbsp;&nbsp;09/27/34 | $557633 |
| 600000 | Oracle Corporation |  | 3.9000 | &nbsp;&nbsp;05/15/35 | 517731 |
| 500000 | Oracle Corporation |  | 5.5000 | &nbsp;&nbsp;08/03/35 | 487782 |
| 900000 | Oracle Corporation |  | 3.8000 | &nbsp;&nbsp;11/15/37 | 727036 |
| 600000 | Oracle Corporation |  | 6.5000 | &nbsp;&nbsp;04/15/38 | 614576 |
| 1100000 | Oracle Corporation |  | 3.6000 | &nbsp;&nbsp;04/01/40 | 816568 |
| 800000 | Oracle Corporation |  | 5.3750 | &nbsp;&nbsp;07/15/40 | 721865 |
| 700000 | Oracle Corporation |  | 3.6500 | &nbsp;&nbsp;03/25/41 | 511988 |
| 900000 | Oracle Corporation |  | 4.1250 | &nbsp;&nbsp;05/15/45 | 647485 |
| 1100000 | Oracle Corporation |  | 4.0000 | &nbsp;&nbsp;07/15/46 | 762471 |
| 900000 | Oracle Corporation |  | 4.0000 | &nbsp;&nbsp;11/15/47 | 618201 |
| 1900000 | Oracle Corporation |  | 3.6000 | &nbsp;&nbsp;04/01/50 | 1187414 |
| 1300000 | Oracle Corporation |  | 3.9500 | &nbsp;&nbsp;03/25/51 | 856037 |
| 700000 | Oracle Corporation |  | 5.5500 | &nbsp;&nbsp;02/06/53 | 581746 |
| 700000 | Oracle Corporation |  | 4.3750 | &nbsp;&nbsp;05/15/55 | 482360 |
| 500000 | Oracle Corporation |  | 6.0000 | &nbsp;&nbsp;08/03/55 | 439116 |
| 1600000 | Oracle Corporation |  | 3.8500 | &nbsp;&nbsp;04/01/60 | 974282 |
| 700000 | Salesforce, Inc. |  | 1.9500 | &nbsp;&nbsp;07/15/31 | 622751 |
| 800000 | Salesforce, Inc. |  | 2.7000 | &nbsp;&nbsp;07/15/41 | 574940 |
| 1000000 | Salesforce, Inc. |  | 2.9000 | &nbsp;&nbsp;07/15/51 | 627669 |
| 700000 | Synopsys, Inc. |  | 4.8500 | &nbsp;&nbsp;04/01/30 | 714642 |
| 600000 | Synopsys, Inc. |  | 5.0000 | &nbsp;&nbsp;04/01/32 | 614024 |
| 800000 | Synopsys, Inc. |  | 5.1500 | &nbsp;&nbsp;04/01/35 | 811858 |
| 600000 | Synopsys, Inc. |  | 5.7000 | &nbsp;&nbsp;04/01/55 | 593517 |
| 500000 | VMware, LLC |  | 4.7000 | &nbsp;&nbsp;05/15/30 | 508814 |
| 600000 | VMware, LLC |  | 2.2000 | &nbsp;&nbsp;08/15/31 | 534480 |
| 600000 | Workday, Inc. |  | 3.8000 | &nbsp;&nbsp;04/01/32 | 573494 |
|  |  |  |  |  | 28668874 |
|  | **SPECIALTY FINANCE — 0.4%** |  |  |  |  |
| 900000 | AerCap Ireland Capital DAC / AerCap Global |  | 3.0000 | &nbsp;&nbsp;10/29/28 | 873546 |
| 600000 | AerCap Ireland Capital DAC / AerCap Global |  | 6.1500 | &nbsp;&nbsp;09/30/30 | 639859 |
| 1400000 | AerCap Ireland Capital DAC / AerCap Global |  | 3.3000 | &nbsp;&nbsp;01/30/32 | 1295959 |
| 900000 | AerCap Ireland Capital DAC / AerCap Global |  | 4.9500 | &nbsp;&nbsp;09/10/34 | 894918 |
| 900000 | Air Lease Corporation |  | 2.8750 | &nbsp;&nbsp;01/15/32 | 810349 |
|  |  |  |  |  | 4 ,514631 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY HARDWARE — 2.1%** |  |  |  |  |
| 400000 | Apple, Inc. |  | 3.2500 | &nbsp;&nbsp;08/08/29 | $393376 |
| 1100000 | Apple, Inc. |  | 1.6500 | &nbsp;&nbsp;05/11/30 | 1000957 |
| 700000 | Apple, Inc. |  | 1.2500 | &nbsp;&nbsp;08/20/30 | 621400 |
| 1100000 | Apple, Inc. |  | 1.6500 | &nbsp;&nbsp;02/08/31 | 982704 |
| 700000 | Apple, Inc. |  | 3.3500 | &nbsp;&nbsp;08/08/32 | 671273 |
| 1100000 | Apple, Inc. |  | 3.8500 | &nbsp;&nbsp;05/04/43 | 928442 |
| 600000 | Apple, Inc. |  | 4.4500 | &nbsp;&nbsp;05/06/44 | 549904 |
| 800000 | Apple, Inc. |  | 4.3750 | &nbsp;&nbsp;05/13/45 | 711901 |
| 1300000 | Apple, Inc. |  | 4.6500 | &nbsp;&nbsp;02/23/46 | 1188503 |
| 900000 | Apple, Inc. |  | 3.8500 | &nbsp;&nbsp;08/04/46 | 731008 |
| 1000000 | Apple, Inc. |  | 2.6500 | &nbsp;&nbsp;05/11/50 | 624704 |
| 1100000 | Apple, Inc. |  | 2.6500 | &nbsp;&nbsp;02/08/51 | 681511 |
| 1000000 | Apple, Inc. |  | 2.7000 | &nbsp;&nbsp;08/05/51 | 621897 |
| 700000 | Apple, Inc. |  | 3.9500 | &nbsp;&nbsp;08/08/52 | 555659 |
| 800000 | Apple, Inc. |  | 4.1000 | &nbsp;&nbsp;08/08/62 | 626235 |
| 500000 | CDW, LLC / CDW Finance Corporation |  | 3.5690 | &nbsp;&nbsp;12/01/31 | 467439 |
| 800000 | Cisco Systems, Inc. |  | 4.9500 | &nbsp;&nbsp;02/26/31 | 828224 |
| 900000 | Cisco Systems, Inc. |  | 5.0500 | &nbsp;&nbsp;02/26/34 | 923744 |
| 700000 | Cisco Systems, Inc. |  | 5.9000 | &nbsp;&nbsp;02/15/39 | 753960 |
| 800000 | Cisco Systems, Inc. |  | 5.5000 | &nbsp;&nbsp;01/15/40 | 829565 |
| 1100000 | Cisco Systems, Inc. |  | 5.3000 | &nbsp;&nbsp;02/26/54 | 1056014 |
| 700000 | Corning, Inc. |  | 4.3750 | &nbsp;&nbsp;11/15/57 | 575803 |
| 500000 | Dell International, LLC / EMC Corporation |  | 5.3000 | &nbsp;&nbsp;10/01/29 | 516070 |
| 500000 | Dell International, LLC / EMC Corporation |  | 5.0000 | &nbsp;&nbsp;04/01/30 | 511732 |
| 500000 | Dell International, LLC / EMC Corporation |  | 5.7500 | &nbsp;&nbsp;02/01/33 | 525239 |
| 500000 | Dell International, LLC / EMC Corporation |  | 5.4000 | &nbsp;&nbsp;04/15/34 | 511079 |
| 500000 | Dell International, LLC / EMC Corporation |  | 5.5000 | &nbsp;&nbsp;04/01/35 | 513948 |
| 700000 | Hewlett Packard Enterprise Company |  | 4.5500 | &nbsp;&nbsp;10/15/29 | 705243 |
| 1000000 | Hewlett Packard Enterprise Company |  | 5.0000 | &nbsp;&nbsp;10/15/34 | 985497 |
| 600000 | Hewlett Packard Enterprise Company |  | 5.6000 | &nbsp;&nbsp;10/15/54 | 552118 |
| 800000 | HP, Inc. |  | 2.6500 | &nbsp;&nbsp;06/17/31 | 721440 |
| 500000 | Motorola Solutions, Inc. |  | 4.6000 | &nbsp;&nbsp;05/23/29 | 506201 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY HARDWARE — 2.1% (Continued)** |  |  |  |  |
| 800000 | Motorola Solutions, Inc. |  | 2.3000 | &nbsp;&nbsp;11/15/30 | $727860 |
|  |  |  |  |  | 23100650 |
|  | **TECHNOLOGY SERVICES — 1.9%** |  |  |  |  |
| 700000 | Accenture Capital, Inc. |  | 4.5000 | &nbsp;&nbsp;10/04/34 | 689386 |
| 700000 | Automatic Data Processing, Inc. |  | 4.4500 | &nbsp;&nbsp;09/09/34 | 695871 |
| 1100000 | Fiserv, Inc. |  | 3.5000 | &nbsp;&nbsp;07/01/29 | 1069350 |
| 600000 | Fiserv, Inc. |  | 5.6000 | &nbsp;&nbsp;03/02/33 | 617768 |
| 600000 | Fiserv, Inc. |  | 5.1500 | &nbsp;&nbsp;08/12/34 | 594104 |
| 800000 | Fiserv, Inc. |  | 4.4000 | &nbsp;&nbsp;07/01/49 | 631360 |
| 1100000 | Global Payments, Inc. |  | 2.9000 | &nbsp;&nbsp;05/15/30 | 1023465 |
| 600000 | IBM International Capital Pte Ltd. |  | 5.2500 | &nbsp;&nbsp;02/05/44 | 578821 |
| 500000 | IBM International Capital Pte Ltd. |  | 5.3000 | &nbsp;&nbsp;02/05/54 | 465333 |
| 600000 | International Business Machines Corporation |  | 3.5000 | &nbsp;&nbsp;05/15/29 | 590380 |
| 500000 | International Business Machines Corporation |  | 4.8000 | &nbsp;&nbsp;02/10/30 | 511599 |
| 800000 | International Business Machines Corporation |  | 1.9500 | &nbsp;&nbsp;05/15/30 | 730086 |
| 600000 | International Business Machines Corporation |  | 4.4000 | &nbsp;&nbsp;07/27/32 | 598461 |
| 800000 | International Business Machines Corporation |  | 4.1500 | &nbsp;&nbsp;05/15/39 | 714657 |
| 700000 | International Business Machines Corporation |  | 4.0000 | &nbsp;&nbsp;06/20/42 | 588661 |
| 1200000 | International Business Machines Corporation |  | 4.2500 | &nbsp;&nbsp;05/15/49 | 972086 |
| 600000 | Leidos, Inc. |  | 4.3750 | &nbsp;&nbsp;05/15/30 | 599700 |
| 700000 | Mastercard, Inc. |  | 3.3500 | &nbsp;&nbsp;03/26/30 | 683829 |
| 500000 | Mastercard, Inc. |  | 4.8750 | &nbsp;&nbsp;05/09/34 | 510234 |
| 600000 | Mastercard, Inc. |  | 4.5500 | &nbsp;&nbsp;01/15/35 | 596827 |
| 900000 | Mastercard, Inc. |  | 3.8500 | &nbsp;&nbsp;03/26/50 | 703011 |
| 600000 | Paychex, Inc. |  | 5.1000 | &nbsp;&nbsp;04/15/30 | 617437 |
| 800000 | PayPal Holdings, Inc. |  | 5.1500 | &nbsp;&nbsp;06/01/34 | 817534 |
| 600000 | RELX Capital, Inc. |  | 4.0000 | &nbsp;&nbsp;03/18/29 | 598809 |
| 800000 | RELX Capital, Inc. |  | 3.0000 | &nbsp;&nbsp;05/22/30 | 761742 |
| 900000 | S&P Global, Inc. |  | 4.2500 | &nbsp;&nbsp;05/01/29 | 905095 |
| 1100000 | Visa, Inc. |  | 2.0500 | &nbsp;&nbsp;04/15/30 | 1021127 |
| 800000 | Visa, Inc. |  | 4.1500 | &nbsp;&nbsp;12/14/35 | 773366 |
| 1600000 | Visa, Inc. |  | 4.3000 | &nbsp;&nbsp;12/14/45 | 1393052 |
|  |  |  |  |  | 21053151 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **TELECOMMUNICATIONS — 4.4%** |  |  |  |  |
| 2900000 | AT&T, Inc. |  | 2.7500 | &nbsp;&nbsp;06/01/31 | $2668276 |
| 2800000 | AT&T, Inc. |  | 2.5500 | &nbsp;&nbsp;12/01/33 | 2384430 |
| 1900000 | AT&T, Inc. |  | 5.4000 | &nbsp;&nbsp;02/15/34 | 1961796 |
| 3000000 | AT&T, Inc. |  | 3.5000 | &nbsp;&nbsp;09/15/53 | 2011156 |
| 3000000 | AT&T, Inc. |  | 3.5500 | &nbsp;&nbsp;09/15/55 | 1996811 |
| 2600000 | AT&T, Inc. |  | 3.8000 | &nbsp;&nbsp;12/01/57 | 1795332 |
| 3000000 | AT&T, Inc. |  | 3.6500 | &nbsp;&nbsp;09/15/59 | 1986748 |
| 900000 | Bell Telephone Company of Canada or Bell Canada |  | 4.4640 | &nbsp;&nbsp;04/01/48 | 748358 |
| 800000 | British Telecommunications plc |  | 9.6250 | &nbsp;&nbsp;12/15/30 | 973613 |
| 1200000 | Deutsche Telekom International Finance BV |  | 8.7500 | &nbsp;&nbsp;06/15/30 | 1400094 |
| 1100000 | Orange S.A. |  | 9.0000 | &nbsp;&nbsp;03/01/31 | 1320236 |
| 700000 | Rogers Communications, Inc. |  | 5.3000 | &nbsp;&nbsp;02/15/34 | 709273 |
| 1200000 | Rogers Communications, Inc. |  | 4.5500 | &nbsp;&nbsp;03/15/52 | 970817 |
| 500000 | Sprint Capital Corporation |  | 6.8750 | &nbsp;&nbsp;11/15/28 | 536475 |
| 900000 | Telefonica Emisiones S.A. |  | 7.0450 | &nbsp;&nbsp;06/20/36 | 1006792 |
| 500000 | T-Mobile USA, Inc. |  | 2.6250 | &nbsp;&nbsp;02/15/29 | 478807 |
| 700000 | T-Mobile USA, Inc. |  | 3.3750 | &nbsp;&nbsp;04/15/29 | 683457 |
| 2200000 | T-Mobile USA, Inc. |  | 3.8750 | &nbsp;&nbsp;04/15/30 | 2162675 |
| 1100000 | T-Mobile USA, Inc. |  | 2.5500 | &nbsp;&nbsp;02/15/31 | 1006865 |
| 500000 | T-Mobile USA, Inc. |  | 2.8750 | &nbsp;&nbsp;02/15/31 | 464885 |
| 800000 | T-Mobile USA, Inc. |  | 3.5000 | &nbsp;&nbsp;04/15/31 | 764396 |
| 1000000 | T-Mobile USA, Inc. |  | 5.0500 | &nbsp;&nbsp;07/15/33 | 1017428 |
| 1000000 | T-Mobile USA, Inc. |  | 5.3000 | &nbsp;&nbsp;05/15/35 | 1021258 |
| 700000 | T-Mobile USA, Inc. |  | 4.3750 | &nbsp;&nbsp;04/15/40 | 626228 |
| 1300000 | T-Mobile USA, Inc. |  | 4.5000 | &nbsp;&nbsp;04/15/50 | 1071774 |
| 1300000 | T-Mobile USA, Inc. |  | 3.3000 | &nbsp;&nbsp;02/15/51 | 868578 |
| 1300000 | T-Mobile USA, Inc. |  | 3.4000 | &nbsp;&nbsp;10/15/52 | 873641 |
| 800000 | T-Mobile USA, Inc. |  | 5.6500 | &nbsp;&nbsp;01/15/53 | 772086 |
| 500000 | T-Mobile USA, Inc. |  | 5.7500 | &nbsp;&nbsp;01/15/54 | 488998 |
| 400000 | Verizon Communications, Inc. |  | 3.8750 | &nbsp;&nbsp;02/08/29 | 398817 |
| 1600000 | Verizon Communications, Inc. |  | 1.7500 | &nbsp;&nbsp;01/20/31 | 1412081 |
| 1900000 | Verizon Communications, Inc. |  | 2.3550 | &nbsp;&nbsp;03/15/32 | 1675841 |
| 800000 | Verizon Communications, Inc. |  | 5.0500 | &nbsp;&nbsp;05/09/33 | 818470 |
| 600000 | Verizon Communications, Inc. |  | 4.7800 | &nbsp;&nbsp;02/15/35 | 589458 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **TELECOMMUNICATIONS — 4.4% (Continued)** |  |  |  |  |
| 1200000 | Verizon Communications, Inc. |  | 5.2500 | &nbsp;&nbsp;04/02/35 | $1217411 |
| 1500000 | Verizon Communications, Inc. |  | 2.6500 | &nbsp;&nbsp;11/20/40 | 1070291 |
| 1700000 | Verizon Communications, Inc. |  | 3.4000 | &nbsp;&nbsp;03/22/41 | 1326253 |
| 1500000 | Verizon Communications, Inc. |  | 2.8750 | &nbsp;&nbsp;11/20/50 | 929256 |
| 1600000 | Verizon Communications, Inc. |  | 3.5500 | &nbsp;&nbsp;03/22/51 | 1137135 |
| 600000 | Verizon Communications, Inc. |  | 3.8750 | &nbsp;&nbsp;03/01/52 | 445193 |
| 600000 | Verizon Communications, Inc. |  | 5.5000 | &nbsp;&nbsp;02/23/54 | 575912 |
| 2100000 | Verizon Communications, Inc. |  | 3.7000 | &nbsp;&nbsp;03/22/61 | 1419154 |
| 800000 | Vodafone Group plc |  | 5.7500 | &nbsp;&nbsp;06/28/54 | 779680 |
|  |  |  |  |  | 48566235 |
|  | **TOBACCO & CANNABIS — 1.6%** |  |  |  |  |
| 1000000 | Altria Group, Inc. |  | 3.4000 | &nbsp;&nbsp;05/06/30 | 964875 |
| 800000 | Altria Group, Inc. |  | 2.4500 | &nbsp;&nbsp;02/04/32 | 708259 |
| 1300000 | Altria Group, Inc. |  | 3.4000 | &nbsp;&nbsp;02/04/41 | 1007374 |
| 1000000 | Altria Group, Inc. |  | 4.2500 | &nbsp;&nbsp;08/09/42 | 839486 |
| 1200000 | Altria Group, Inc. |  | 3.8750 | &nbsp;&nbsp;09/16/46 | 904731 |
| 900000 | Altria Group, Inc. |  | 3.7000 | &nbsp;&nbsp;02/04/51 | 637090 |
| 500000 | BAT Capital Corporation |  | 6.3430 | &nbsp;&nbsp;08/02/30 | 540518 |
| 500000 | BAT Capital Corporation |  | 5.8340 | &nbsp;&nbsp;02/20/31 | 531159 |
| 500000 | BAT Capital Corporation |  | 2.7260 | &nbsp;&nbsp;03/25/31 | 461572 |
| 500000 | BAT Capital Corporation |  | 6.4210 | &nbsp;&nbsp;08/02/33 | 549961 |
| 400000 | BAT Capital Corporation |  | 6.0000 | &nbsp;&nbsp;02/20/34 | 428636 |
| 1000000 | BAT Capital Corporation |  | 4.3900 | &nbsp;&nbsp;08/15/37 | 919001 |
| 900000 | BAT Capital Corporation |  | 7.0810 | &nbsp;&nbsp;08/02/53 | 1020346 |
| 600000 | BAT International Finance plc |  | 5.9310 | &nbsp;&nbsp;02/02/29 | 629994 |
| 500000 | Philip Morris International, Inc. |  | 4.6250 | &nbsp;&nbsp;11/01/29 | 509003 |
| 600000 | Philip Morris International, Inc. |  | 5.6250 | &nbsp;&nbsp;11/17/29 | 631161 |
| 800000 | Philip Morris International, Inc. |  | 5.1250 | &nbsp;&nbsp;02/15/30 | 826276 |
| 800000 | Philip Morris International, Inc. |  | 2.1000 | &nbsp;&nbsp;05/01/30 | 733873 |
| 600000 | Philip Morris International, Inc. |  | 4.7500 | &nbsp;&nbsp;11/01/31 | 611555 |
| 600000 | Philip Morris International, Inc. |  | 5.7500 | &nbsp;&nbsp;11/17/32 | 641188 |
| 800000 | Philip Morris International, Inc. |  | 5.3750 | &nbsp;&nbsp;02/15/33 | 833576 |
| 900000 | Philip Morris International, Inc. |  | 5.2500 | &nbsp;&nbsp;02/13/34 | 929917 |
| 1200000 | Philip Morris International, Inc. |  | 3.8750 | &nbsp;&nbsp;08/21/42 | 990955 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |  |  |  |
|  | **TOBACCO & CANNABIS — 1.6% (Continued)** |  |  |  |  |
| 1000000 | Reynolds American, Inc. |  | 5.8500 | &nbsp;&nbsp;08/15/45 | $987340 |
|  |  |  |  |  | 17837846 |
|  | **TRANSPORTATION & LOGISTICS — 1.3%** |  |  |  |  |
| 1200000 | Burlington Northern Santa Fe, LLC |  | 4.4500 | &nbsp;&nbsp;03/15/43 | 1069360 |
| 1300000 | Burlington Northern Santa Fe, LLC |  | 3.9000 | &nbsp;&nbsp;08/01/46 | 1049566 |
| 900000 | Burlington Northern Santa Fe, LLC |  | 5.2000 | &nbsp;&nbsp;04/15/54 | 850454 |
| 700000 | Burlington Northern Santa Fe, LLC |  | 5.5000 | &nbsp;&nbsp;03/15/55 | 691922 |
| 600000 | Canadian National Railway Company |  | 3.8500 | &nbsp;&nbsp;08/05/32 | 582098 |
| 800000 | Canadian Pacific Railway Company |  | 3.0000 | &nbsp;&nbsp;12/02/41 | 602526 |
| 1000000 | Canadian Pacific Railway Company |  | 3.1000 | &nbsp;&nbsp;12/02/51 | 667740 |
| 700000 | CSX Corporation |  | 4.2500 | &nbsp;&nbsp;03/15/29 | 706873 |
| 1100000 | CSX Corporation |  | 3.8000 | &nbsp;&nbsp;11/01/46 | 868596 |
| 900000 | Norfolk Southern Corporation |  | 3.0500 | &nbsp;&nbsp;05/15/50 | 596257 |
| 400000 | Norfolk Southern Corporation |  | 5.3500 | &nbsp;&nbsp;08/01/54 | 384400 |
| 700000 | Union Pacific Corporation |  | 2.4000 | &nbsp;&nbsp;02/05/30 | 657046 |
| 600000 | Union Pacific Corporation |  | 2.8000 | &nbsp;&nbsp;02/14/32 | 552535 |
| 600000 | Union Pacific Corporation |  | 5.1000 | &nbsp;&nbsp;02/20/35 | 618160 |
| 900000 | Union Pacific Corporation |  | 3.2000 | &nbsp;&nbsp;05/20/41 | 706566 |
| 1200000 | Union Pacific Corporation |  | 3.7990 | &nbsp;&nbsp;10/01/51 | 906787 |
| 600000 | Union Pacific Corporation |  | 2.9500 | &nbsp;&nbsp;03/10/52 | 384027 |
| 1100000 | Union Pacific Corporation |  | 3.8390 | &nbsp;&nbsp;03/20/60 | 799896 |
| 500000 | United Parcel Service, Inc. |  | 5.1500 | &nbsp;&nbsp;05/22/34 | 519165 |
| 700000 | United Parcel Service, Inc. |  | 5.3000 | &nbsp;&nbsp;04/01/50 | 673557 |
| 600000 | United Parcel Service, Inc. |  | 5.0500 | &nbsp;&nbsp;03/03/53 | 549709 |
| 500000 | United Parcel Service, Inc. |  | 5.5000 | &nbsp;&nbsp;05/22/54 | 488353 |
|  |  |  |  |  | 14925593 |
|  | **TRANSPORTATION EQUIPMENT** — **0.0%<sup>(c)</sup>** |  |  |  |  |
| 500000 | Cummins, Inc. |  | 5.4500 | &nbsp;&nbsp;02/20/54 | 493663 |
|  | **WHOLESALE - CONSUMER STAPLES — 0.2%** |  |  |  |  |
| 1100000 | Archer-Daniels-Midland Company |  | 3.2500 | &nbsp;&nbsp;03/27/30 | 1063191 |
| 1000000 | Bunge Ltd. Finance Corporation |  | 2.7500 | &nbsp;&nbsp;05/14/31 | 921228 |
| 1000000 | Sysco Corporation |  | 3.1500 | &nbsp;&nbsp;12/14/51 | 669768 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| |  | **Fair Value** |
|  | **CORPORATE BONDS — 80.9% (Continued)** |  |
|  | **WHOLESALE - CONSUMER STAPLES — 0.2% (Continued)** | |
|  |  | $2654187 |
|  | **TOTAL CORPORATE BONDS (Cost $886,970,361)** | 902318464 |
| **Shares** |  |  |
|  | **SHORT-TERM INVESTMENTS — 17.2%** |  |
|  | **MONEY MARKET FUND - 17.2%** |  |
| 191798790 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.58% (Cost $191,798,790)<sup>(d)</sup> | 191798790 |
|  | **TOTAL INVESTMENTS - 98.1% (Cost $1,078,769,151)** | $1094117254 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.9%** | 21367048 |
|  | **NET ASSETS - 100.0%** | $1115484302 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount** | **Unrealized (Depreciation)** |
| 235 | CBOT 10 Year US Treasury Note | 03/23/2026 | $26279609 | $(233161) |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| S/A | - Société Anonyme |
| H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| SOFRINDX | Secured Overnight Financing Rate Index |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR3M | TSFR3M |
| US0003M | ICE LIBOR USD 3 Month |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

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

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2026 the total market value of 144A securities is $7,647,635 or 0.7% of net assets.

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

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

---

| |
|:---|
| **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** |
| **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Termination<br> Date | Interest Rate<br> Payable | Payment<br> Frequency | Notional Value at<br> January 31, 2026 | Value | Upfront<br> Premiums Paid | Unrealized<br> Appreciation |
| CDX North American High Yield Series 44 | GS | 6/20/2030 | 5.00% | Quarterly | $14850000 | $1360905 | $503808 | $857097 |
| CDX North American Investment Grade Series 45 | GS | 12/20/2030 | 1.00% | Quarterly | 50000000 | 1182994 | 1060539 | 122455 |
| **TOTAL OPEN CREDIT DEFAULT SWAP** |  |  |  |  |  | $2543899 | $1564347 | $979552 |

---

GS - Goldman Sachs

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

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

---

| |
|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 5.6%** | **EXCHANGE-TRADED FUNDS — 5.6%** | **EXCHANGE-TRADED FUNDS — 5.6%** | **EXCHANGE-TRADED FUNDS — 5.6%** |  |
|  | **EQUITY - 5.6%** |  |  |  |  |
| 6300 | Vanguard S&P 500 ETF | Vanguard S&P 500 ETF | Vanguard S&P 500 ETF | Vanguard S&P 500 ETF | $4008186 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $3,268,201)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $3,268,201)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $3,268,201)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $3,268,201)** | 4008186 |
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 77.6%** | **CORPORATE BONDS — 77.6%** |  |  |  |
|  | **ADVERTISING & MARKETING — 1.4%** |  |  |  |  |
| 1000000 | Omnicom Group, Inc. / Omnicom Capital, Inc. |  | 3.6000 | &nbsp;&nbsp;04/15/26 | 999029 |
|  | **AEROSPACE & DEFENSE — 4.2%** |  |  |  |  |
| 1000000 | Boeing Company |  | 2.1960 | &nbsp;&nbsp;02/04/26 | 999830 |
| 1000000 | RTX Corporation |  | 5.7500 | &nbsp;&nbsp;11/08/26 | 1012903 |
| 1000000 | Teledyne Technologies, Inc. |  | 1.6000 | &nbsp;&nbsp;04/01/26 | 996032 |
|  |  |  |  |  | 3008765 |
|  | **ASSET MANAGEMENT — 1.4%** |  |  |  |  |
| 1000000 | Charles Schwab Corporation<sup>(a)</sup> | SOFRRATE + 0.520% | 4.3320 | &nbsp;&nbsp;05/13/26 | 1000646 |
|  | **AUTOMOTIVE — 9.8%** |  |  |  |  |
| 1000000 | American Honda Finance Corporation<sup>(a)</sup> | SOFRRATE + 0.870% | 4.5200 | &nbsp;&nbsp;07/09/27 | 1005408 |
| 1000000 | American Honda Finance Corporation<sup>(a)</sup> | SOFRRATE + 0.730% | 4.5420 | &nbsp;&nbsp;08/13/27 | 1004827 |
| 1000000 | BMW US Capital, LLC<sup>(a),(b)</sup> | SOFRINDX + 0.780% | 4.4700 | &nbsp;&nbsp;03/19/27 | 1004383 |
| 1000000 | Ford Motor Credit Company, LLC |  | 2.7000 | &nbsp;&nbsp;08/10/26 | 992147 |
| 1000000 | Hyundai Capital America<sup>(a),(b)</sup> | SOFRRATE + 0.990% | 4.6810 | &nbsp;&nbsp;03/25/27 | 1004776 |
| 1000000 | Mercedes-Benz Finance North America, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.780% | 4.4610 | &nbsp;&nbsp;04/01/27 | 1004116 |
| 1000000 | Volkswagen Group of America Finance, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.830% | 4.5190 | &nbsp;&nbsp;03/20/26 | 1000482 |
|  |  |  |  |  | 7016139 |
|  | **BANKING — 6.9%** |  |  |  |  |
| 1000000 | Bank of America Corporation<sup>(c)</sup> | SOFRRATE + 0.960% | 1.7340 | &nbsp;&nbsp;07/22/27 | 989654 |
| 1000000 | Citibank NA<sup>(a)</sup> | SOFRRATE + 0.781% | 4.5350 | &nbsp;&nbsp;05/29/27 | 1004793 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 77.6% (Continued)** | **CORPORATE BONDS — 77.6% (Continued)** |  |  | |
|  | **BANKING — 6.9% (Continued)** |  |  |  |  |
| 1000000 | Cooperatieve Rabobank UA<sup>(a)</sup> | SOFRRATE + 0.620% | 4.3930 | &nbsp;&nbsp;08/28/26 | $1002197 |
| 1000000 | JPMorgan Chase & Company<sup>(c)</sup> | SOFRRATE + 0.765% | 1.4700 | &nbsp;&nbsp;09/22/27 | 984396 |
| 1000000 | Wells Fargo & Company Series Q<sup>(c)</sup> | US0003M + 1.170% | 3.1960 | &nbsp;&nbsp;06/17/27 | 997068 |
|  |  |  |  |  | 4978108 |
|  | **BEVERAGES — 1.4%** |  |  |  |  |
| 1000000 | Keurig Dr Pepper, Inc.<sup>(a)</sup> | SOFRRATE + 0.580% | 4.3850 | &nbsp;&nbsp;11/15/26 | 1000582 |
|  | **BIOTECH & PHARMA — 2.8%** |  |  |  |  |
| 1000000 | GlaxoSmithKline Capital plc<sup>(a)</sup> | SOFRRATE + 0.500% | 4.1960 | &nbsp;&nbsp;03/12/27 | 1003771 |
| 1000000 | Merck & Company, Inc.<sup>(a)</sup> | SOFRRATE + 0.460% | 4.1510 | &nbsp;&nbsp;09/15/27 | 1005620 |
|  |  |  |  |  | 2009391 |
|  | **CONTAINERS & PACKAGING — 1.4%** |  |  |  |  |
| 1000000 | Sealed Air Corporation<sup>(b)</sup> |  | 1.5730 | &nbsp;&nbsp;10/15/26 | 983394 |
|  | **E-COMMERCE DISCRETIONARY — 1.4%** |  |  |  |  |
| 1000000 | eBay, Inc. |  | 1.4000 | &nbsp;&nbsp;05/10/26 | 993425 |
|  | **ELECTRIC UTILITIES — 2.8%** |  |  |  |  |
| 1000000 | Entergy Corporation |  | 2.9500 | &nbsp;&nbsp;09/01/26 | 994143 |
| 1000000 | Sempra |  | 5.4000 | &nbsp;&nbsp;08/01/26 | 1005875 |
|  |  |  |  |  | 2000018 |
|  | **ELECTRICAL EQUIPMENT — 2.6%** |  |  |  |  |
| 1000000 | Amphenol Corporation<sup>(a)</sup> | SOFRRATE + 0.530% | 4.3490 | &nbsp;&nbsp;11/15/27 | 1002708 |
| 866000 | Fortive Corporation |  | 3.1500 | &nbsp;&nbsp;06/15/26 | 862905 |
|  |  |  |  |  | 1865613 |
|  | **ENTERTAINMENT CONTENT — 1.5%** |  |  |  |  |
| 1121000 | Take-Two Interactive Software, Inc. |  | 5.0000 | &nbsp;&nbsp;03/28/26 | 1122582 |
|  | **FOOD — 2.8%** |  |  |  |  |
| 1000000 | Conagra Brands, Inc. |  | 5.3000 | &nbsp;&nbsp;10/01/26 | 1007478 |
| 1000000 | Kraft Heinz Foods Company |  | 3.0000 | &nbsp;&nbsp;06/01/26 | 996838 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 77.6% (Continued)** | **CORPORATE BONDS — 77.6% (Continued)** |  |  | |
|  | **FOOD — 2.8% (Continued)** |  |  |  | |
|  |  |  |  |  | $2004316 |
|  | **HEALTH CARE FACILITIES & SERVICES — 2.8%** |  |  |  |  |
| 1000000 | CVS Health Corporation |  | 2.8750 | &nbsp;&nbsp;06/01/26 | 996373 |
| 1000000 | Universal Health Services, Inc. |  | 1.6500 | &nbsp;&nbsp;09/01/26 | 985450 |
|  |  |  |  |  | 1981823 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.4%** |  |  |  |  |
| 1000000 | Morgan Stanley<sup>(c)</sup> | SOFRRATE + 0.879% | 1.5930 | &nbsp;&nbsp;05/04/27 | 993794 |
|  | **INSURANCE — 1.4%** |  |  |  |  |
| 1000000 | Brown & Brown, Inc. |  | 4.6000 | &nbsp;&nbsp;12/23/26 | 1006132 |
|  | **LEISURE FACILITIES & SERVICES — 3.0%** |  |  |  |  |
| 1177000 | Marriott International, Inc. |  | 3.1250 | &nbsp;&nbsp;06/15/26 | 1173661 |
| 1000000 | Royal Caribbean Cruises Ltd.<sup>(b)</sup> |  | 4.2500 | &nbsp;&nbsp;07/01/26 | 999699 |
|  |  |  |  |  | 2173360 |
|  | **OIL & GAS PRODUCERS — 4.2%** |  |  |  |  |
| 1000000 | Enbridge, Inc. |  | 1.6000 | &nbsp;&nbsp;10/04/26 | 984433 |
| 1000000 | Energy Transfer, L.P. |  | 6.0500 | &nbsp;&nbsp;12/01/26 | 1015749 |
| 1000000 | MPLX, L.P. B |  | 1.7500 | &nbsp;&nbsp;03/01/26 | 998185 |
|  |  |  |  |  | 2998367 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 4.9%** |  |  |  |  |
| 1000000 | Crown Castle International Corporation |  | 3.7000 | &nbsp;&nbsp;06/15/26 | 998478 |
| 1000000 | Equinix, Inc. |  | 1.4500 | &nbsp;&nbsp;05/15/26 | 992769 |
| 1500000 | Weyerhaeuser Company |  | 4.7500 | &nbsp;&nbsp;05/15/26 | 1503483 |
|  |  |  |  |  | 3494730 |
|  | **RETAIL - DISCRETIONARY — 5.4%** |  |  |  |  |
| 1000000 | AutoZone, Inc. |  | 3.1250 | &nbsp;&nbsp;04/21/26 | 998254 |
| 1000000 | Lowe's Companies, Inc. |  | 4.8000 | &nbsp;&nbsp;04/01/26 | 1000933 |
| 912000 | O'Reilly Automotive, Inc. |  | 3.5500 | &nbsp;&nbsp;03/15/26 | 911625 |
| 1000000 | Ross Stores, Inc. |  | 0.8750 | &nbsp;&nbsp;04/15/26 | 993988 |
|  |  |  |  |  | 3904800 |
|  | **SEMICONDUCTORS — 1.4%** |  |  |  |  |
| 1000000 | Skyworks Solutions, Inc. |  | 1.8000 | &nbsp;&nbsp;06/01/26 | 991998 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 77.6% (Continued)** | **CORPORATE BONDS — 77.6% (Continued)** |  |  | |
| | **SOFTWARE — 4.2%** | **SOFTWARE — 4.2%** |  |  | |
| 1000000 | Fortinet, Inc. |  | 1.0000 | &nbsp;&nbsp;03/15/26 | $996423 |
| 1000000 | Oracle Corporation |  | 1.6500 | &nbsp;&nbsp;03/25/26 | 996499 |
| 1000000 | Oracle Corporation |  | 2.6500 | &nbsp;&nbsp;07/15/26 | 992967 |
|  |  |  |  |  | 2985889 |
|  | **TECHNOLOGY HARDWARE — 4.3%** |  |  |  |  |
| 1000000 | Avnet, Inc. |  | 4.6250 | &nbsp;&nbsp;04/15/26 | 1000176 |
| 200000 | Dell International, LLC / EMC Corporation |  | 6.0200 | &nbsp;&nbsp;06/15/26 | 200586 |
| 881000 | Jabil, Inc. |  | 1.7000 | &nbsp;&nbsp;04/15/26 | 876987 |
| 1000000 | TD SYNNEX Corporation |  | 1.7500 | &nbsp;&nbsp;08/09/26 | 987095 |
|  |  |  |  |  | 3064844 |
|  | **TELECOMMUNICATIONS — 1.4%** |  |  |  |  |
| 1000000 | T-Mobile USA, Inc. |  | 1.5000 | &nbsp;&nbsp;02/15/26 | 998823 |
|  | **TOBACCO & CANNABIS — 1.4%** |  |  |  |  |
| 1000000 | Altria Group, Inc. |  | 2.6250 | &nbsp;&nbsp;09/16/26 | 992631 |
|  | **TRANSPORTATION EQUIPMENT — 1.4%** |  |  |  |  |
| 1000000 | Westinghouse Air Brake Technologies Corporation |  | 3.4500 | &nbsp;&nbsp;11/15/26 | 996220 |
|  | **TOTAL CORPORATE BONDS (Cost $55,454,961)** | **TOTAL CORPORATE BONDS (Cost $55,454,961)** |  |  | 55565419 |
| **Shares** |  |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 7.3%** |  |  |  |  |
|  | **MONEY MARKET FUND - 7.3%** |  |  |  |  |
| 5237563 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.58% (Cost $5,237,563)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.58% (Cost $5,237,563)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.58% (Cost $5,237,563)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.58% (Cost $5,237,563)<sup>(d)</sup> | 5237563 |
|  | **TOTAL INVESTMENTS - 90.5% (Cost $63,960,725)** | **TOTAL INVESTMENTS - 90.5% (Cost $63,960,725)** | **TOTAL INVESTMENTS - 90.5% (Cost $63,960,725)** | **TOTAL INVESTMENTS - 90.5% (Cost $63,960,725)** | $64811168 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 9.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 9.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 9.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 9.5%** | 6803293 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $71614461 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of <br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount** | **Unrealized Appreciation** |
| 194 | CME E-Mini Standard & Poor's 500 Index Futures | 03/23/2026 | $67567775 | $952650 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| SOFRINDX | Secured Overnight Financing Rate Index |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| US0003M | ICE LIBOR USD 3 Month |

---

<sup>(a)</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>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2026 the total market value of 144A securities is $5,996,850 or 8.4% of net assets.

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

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

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 95.5%** | **CORPORATE BONDS — 95.5%** |  |  | |
|  | **ADVERTISING & MARKETING — 1.5%** |  |  |  |  |
| 1216000 | Omnicom Group, Inc. / Omnicom Capital, Inc. |  | 3.6000 | &nbsp;&nbsp;04/15/26 | $1214819 |
|  | **AEROSPACE & DEFENSE — 4.2%** |  |  |  |  |
| 1000000 | Boeing Company |  | 2.1960 | &nbsp;&nbsp;02/04/26 | 999830 |
| 1000000 | RTX Corporation |  | 5.7500 | &nbsp;&nbsp;11/08/26 | 1012902 |
| 1380000 | Teledyne Technologies, Inc. |  | 1.6000 | &nbsp;&nbsp;04/01/26 | 1374525 |
|  |  |  |  |  | 3387257 |
|  | **ASSET MANAGEMENT — 1.2%** |  |  |  |  |
| 1000000 | Charles Schwab Corporation<sup>(a)</sup> | SOFRRATE + 0.520% | 4.3320 | &nbsp;&nbsp;05/13/26 | 1000646 |
|  | **AUTOMOTIVE — 8.8%** |  |  |  |  |
| 1000000 | American Honda Finance Corporation<sup>(a)</sup> | SOFRRATE + 0.870% | 4.5200 | &nbsp;&nbsp;07/09/27 | 1005408 |
| 1000000 | BMW US Capital, LLC<sup>(a),(b)</sup> | SOFRINDX + 0.780% | 4.4700 | &nbsp;&nbsp;03/19/27 | 1004383 |
| 1000000 | Ford Motor Credit Company, LLC |  | 2.7000 | &nbsp;&nbsp;08/10/26 | 992147 |
| 1000000 | Ford Motor Credit Company, LLC<sup>(a)</sup> | SOFRRATE + 1.450% | 5.2770 | &nbsp;&nbsp;11/05/26 | 1002860 |
| 1000000 | Hyundai Capital America<sup>(a),(b)</sup> | SOFRRATE + 0.990% | 4.6810 | &nbsp;&nbsp;03/25/27 | 1004776 |
| 1000000 | Mercedes-Benz Finance North America, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.780% | 4.4610 | &nbsp;&nbsp;04/01/27 | 1004116 |
| 1000000 | Volkswagen Group of America Finance, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.830% | 4.5190 | &nbsp;&nbsp;03/20/26 | 1000482 |
|  |  |  |  |  | 7014172 |
|  | **BANKING — 8.8%** |  |  |  |  |
| 1000000 | Bank of America Corporation<sup>(c)</sup> | SOFRRATE + 0.960% | 1.7340 | &nbsp;&nbsp;07/22/27 | 989654 |
| 1000000 | Citibank NA<sup>(a)</sup> | SOFRINDX + 0.590% | 4.2300 | &nbsp;&nbsp;04/30/26 | 1000693 |
| 1000000 | Citibank NA<sup>(a)</sup> | SOFRRATE + 0.781% | 4.5350 | &nbsp;&nbsp;05/29/27 | 1004793 |
| 1000000 | Cooperatieve Rabobank UA<sup>(a)</sup> | SOFRRATE + 0.620% | 4.3930 | &nbsp;&nbsp;08/28/26 | 1002197 |
| 1000000 | JPMorgan Chase & Company<sup>(c)</sup> | SOFRRATE + 0.765% | 1.4700 | &nbsp;&nbsp;09/22/27 | 984396 |
| 1000000 | PNC Bank NA<sup>(c)</sup> | SOFRRATE + 0.630% | 4.5430 | &nbsp;&nbsp;05/13/27 | 1001423 |
| 1000000 | Wells Fargo & Company Series Q<sup>(c)</sup> | US0003M + 1.170% | 3.1960 | &nbsp;&nbsp;06/17/27 | 997068 |
|  |  |  |  |  | 6980224 |

---

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 95.5% (Continued)** | **CORPORATE BONDS — 95.5% (Continued)** |  |  | |
| | **BEVERAGES — 1.9%** | **BEVERAGES — 1.9%** |  |  | |
| 1500000 | Keurig Dr Pepper, Inc.<sup>(a)</sup> | SOFRRATE + 0.580% | 4.3850 | &nbsp;&nbsp;11/15/26 | $1500873 |
|  | **BIOTECH & PHARMA — 5.0%** |  |  |  |  |
| 1000000 | Amgen, Inc. |  | 2.6000 | &nbsp;&nbsp;08/19/26 | 993281 |
| 1000000 | GlaxoSmithKline Capital plc<sup>(a)</sup> | SOFRRATE + 0.500% | 4.1960 | &nbsp;&nbsp;03/12/27 | 1003771 |
| 1000000 | Merck & Company, Inc.<sup>(a)</sup> | SOFRRATE + 0.460% | 4.1510 | &nbsp;&nbsp;09/15/27 | 1005620 |
| 1000000 | Pfizer, Inc.<sup>(a)</sup> | SOFRRATE + 0.500% | 4.2890 | &nbsp;&nbsp;11/15/27 | 1004235 |
|  |  |  |  |  | 4006907 |
|  | **CHEMICALS — 1.3%** |  |  |  |  |
| 1025000 | Cabot Corporation |  | 3.4000 | &nbsp;&nbsp;09/15/26 | 1017068 |
|  | **CONTAINERS & PACKAGING — 1.2%** |  |  |  |  |
| 1000000 | Sealed Air Corporation<sup>(b)</sup> |  | 1.5730 | &nbsp;&nbsp;10/15/26 | 983394 |
|  | **E-COMMERCE DISCRETIONARY — 1.2%** |  |  |  |  |
| 1000000 | eBay, Inc. |  | 1.4000 | &nbsp;&nbsp;05/10/26 | 993425 |
|  | **ELECTRIC UTILITIES — 2.5%** |  |  |  |  |
| 1000000 | Entergy Corporation |  | 2.9500 | &nbsp;&nbsp;09/01/26 | 994143 |
| 1000000 | Sempra |  | 5.4000 | &nbsp;&nbsp;08/01/26 | 1005875 |
|  |  |  |  |  | 2000018 |
|  | **ELECTRICAL EQUIPMENT — 3.9%** |  |  |  |  |
| 1000000 | Amphenol Corporation<sup>(a)</sup> | SOFRRATE + 0.530% | 4.3490 | &nbsp;&nbsp;11/15/27 | 1002708 |
| 1000000 | Fortive Corporation |  | 3.1500 | &nbsp;&nbsp;06/15/26 | 996426 |
| 1139000 | Johnson Controls International plc |  | 3.9000 | &nbsp;&nbsp;02/14/26 | 1139023 |
|  |  |  |  |  | 3138157 |
|  | **ENTERTAINMENT CONTENT — 2.1%** |  |  |  |  |
| 1680000 | Take-Two Interactive Software, Inc. |  | 5.0000 | &nbsp;&nbsp;03/28/26 | 1682370 |
|  | **FOOD — 4.3%** |  |  |  |  |
| 1000000 | Conagra Brands, Inc. |  | 5.3000 | &nbsp;&nbsp;10/01/26 | 1007479 |

---

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 95.5% (Continued)** | **CORPORATE BONDS — 95.5% (Continued)** |  |  | |
|  | **FOOD — 4.3% (Continued)** |  |  |  |  |
| 1348000 | Kellogg Company |  | 3.2500 | &nbsp;&nbsp;04/01/26 | $1346837 |
| 1052000 | Kraft Heinz Foods Company |  | 3.0000 | &nbsp;&nbsp;06/01/26 | 1048673 |
|  |  |  |  |  | 3402989 |
|  | **GAS & WATER UTILITIES — 1.3%** |  |  |  |  |
| 1000000 | National Fuel Gas Company |  | 5.5000 | &nbsp;&nbsp;10/01/26 | 1009358 |
|  | **HEALTH CARE FACILITIES & SERVICES — 3.7%** |  |  |  |  |
| 1000000 | Cardinal Health, Inc. |  | 4.7000 | &nbsp;&nbsp;11/15/26 | 1006481 |
| 1000000 | CVS Health Corporation |  | 2.8750 | &nbsp;&nbsp;06/01/26 | 996373 |
| 1000000 | Universal Health Services, Inc. |  | 1.6500 | &nbsp;&nbsp;09/01/26 | 985450 |
|  |  |  |  |  | 2988304 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.5%** |  |  |  |  |
| 1000000 | Jefferies Financial Group, Inc. |  | 4.5000 | &nbsp;&nbsp;09/15/26 | 1002910 |
| 1000000 | Morgan Stanley<sup>(c)</sup> | SOFRRATE + 0.879% | 1.5930 | &nbsp;&nbsp;05/04/27 | 993795 |
|  |  |  |  |  | 1996705 |
|  | **INSURANCE — 1.3%** |  |  |  |  |
| 1000000 | Brown & Brown, Inc. |  | 4.6000 | &nbsp;&nbsp;12/23/26 | 1006132 |
|  | **LEISURE FACILITIES & SERVICES — 2.7%** |  |  |  |  |
| 1177000 | Marriott International, Inc. |  | 3.1250 | &nbsp;&nbsp;06/15/26 | 1173662 |
| 1000000 | Royal Caribbean Cruises Ltd.<sup>(b)</sup> |  | 4.2500 | &nbsp;&nbsp;07/01/26 | 999699 |
|  |  |  |  |  | 2173361 |
|  | **MACHINERY — 1.3%** |  |  |  |  |
| 1000000 | Veralto Corporation |  | 5.5000 | &nbsp;&nbsp;09/18/26 | 1009138 |
|  | **OIL & GAS PRODUCERS — 7.6%** |  |  |  |  |
| 1000000 | Chevron USA, Inc.<sup>(a)</sup> | SOFRINDX + 0.360% | 4.1370 | &nbsp;&nbsp;02/26/27 | 1002695 |
| 1000000 | Enbridge, Inc. |  | 1.6000 | &nbsp;&nbsp;10/04/26 | 984433 |
| 1000000 | Enbridge, Inc. |  | 5.9000 | &nbsp;&nbsp;11/15/26 | 1014254 |
| 1000000 | Energy Transfer, L.P. |  | 6.0500 | &nbsp;&nbsp;12/01/26 | 1015749 |
| 1000000 | MPLX, L.P. B |  | 1.7500 | &nbsp;&nbsp;03/01/26 | 998185 |
| 1000000 | ONEOK, Inc. |  | 5.5500 | &nbsp;&nbsp;11/01/26 | 1010134 |
|  |  |  |  |  | 6025450 |

---

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 95.5% (Continued)** | **CORPORATE BONDS — 95.5% (Continued)** |  |  | |
|  | **REAL ESTATE INVESTMENT TRUSTS — 4.4%** |  |  |  |  |
| 1000000 | Crown Castle International Corporation |  | 3.7000 | &nbsp;&nbsp;06/15/26 | $998478 |
| 1000000 | Equinix, Inc. |  | 1.4500 | &nbsp;&nbsp;05/15/26 | 992769 |
| 1500000 | Weyerhaeuser Company |  | 4.7500 | &nbsp;&nbsp;05/15/26 | 1503483 |
|  |  |  |  |  | 3494730 |
|  | **RETAIL - DISCRETIONARY — 6.2%** |  |  |  |  |
| 1000000 | AutoZone, Inc. |  | 3.1250 | &nbsp;&nbsp;04/21/26 | 998254 |
| 1000000 | AutoZone, Inc. |  | 5.0500 | &nbsp;&nbsp;07/15/26 | 1004899 |
| 1000000 | Lowe's Companies, Inc. |  | 4.8000 | &nbsp;&nbsp;04/01/26 | 1000933 |
| 912000 | O'Reilly Automotive, Inc. |  | 3.5500 | &nbsp;&nbsp;03/15/26 | 911625 |
| 1000000 | Ross Stores, Inc. |  | 0.8750 | &nbsp;&nbsp;04/15/26 | 993988 |
|  |  |  |  |  | 4909699 |
|  | **SEMICONDUCTORS — 1.2%** |  |  |  |  |
| 1000000 | Skyworks Solutions, Inc. |  | 1.8000 | &nbsp;&nbsp;06/01/26 | 991998 |
|  | **SOFTWARE — 4.2%** |  |  |  |  |
| 1141000 | Fortinet, Inc. |  | 1.0000 | &nbsp;&nbsp;03/15/26 | 1136919 |
| 1000000 | Oracle Corporation |  | 1.6500 | &nbsp;&nbsp;03/25/26 | 996499 |
| 1237000 | Oracle Corporation |  | 2.6500 | &nbsp;&nbsp;07/15/26 | 1228300 |
|  |  |  |  |  | 3361718 |
|  | **SPECIALTY FINANCE — 1.3%** |  |  |  |  |
| 1000000 | American Express Company<sup>(c)</sup> | SOFRINDX + 0.750% | 5.6450 | &nbsp;&nbsp;04/23/27 | 1003701 |
|  | **TECHNOLOGY HARDWARE — 4.2%** |  |  |  |  |
| 1000000 | Avnet, Inc. |  | 4.6250 | &nbsp;&nbsp;04/15/26 | 1000176 |
| 200000 | Dell International, LLC / EMC Corporation |  | 6.0200 | &nbsp;&nbsp;06/15/26 | 200586 |
| 1000000 | Jabil, Inc. |  | 1.7000 | &nbsp;&nbsp;04/15/26 | 995445 |
| 1150000 | TD SYNNEX Corporation |  | 1.7500 | &nbsp;&nbsp;08/09/26 | 1135159 |
|  |  |  |  |  | 3331366 |
|  | **TECHNOLOGY SERVICES — 1.3%** |  |  |  |  |
| 1000000 | Fidelity National Information Services, Inc. |  | 1.1500 | &nbsp;&nbsp;03/01/26 | 997838 |
|  | **TELECOMMUNICATIONS — 1.3%** |  |  |  |  |
| 1000000 | T-Mobile USA, Inc. |  | 1.5000 | &nbsp;&nbsp;02/15/26 | 998823 |

---

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 95.5% (Continued)** | **CORPORATE BONDS — 95.5% (Continued)** |  |  | |
|  | **TOBACCO & CANNABIS — 1.2%** |  |  |  |  |
| 1000000 | Altria Group, Inc. |  | 2.6250 | &nbsp;&nbsp;09/16/26 | $992631 |
|  | **TRANSPORTATION EQUIPMENT — 1.9%** |  |  |  |  |
| 1500000 | Westinghouse Air Brake Technologies Corporation |  | 3.4500 | &nbsp;&nbsp;11/15/26 | 1494330 |
|  | **TOTAL CORPORATE BONDS (Cost $75,971,497)** | **TOTAL CORPORATE BONDS (Cost $75,971,497)** | **TOTAL CORPORATE BONDS (Cost $75,971,497)** |  | 76107601 |
| **Shares** |  |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 3.7%** | **SHORT-TERM INVESTMENTS — 3.7%** | **SHORT-TERM INVESTMENTS — 3.7%** | **SHORT-TERM INVESTMENTS — 3.7%** |  |
|  | **MONEY MARKET FUND - 3.7%** | **MONEY MARKET FUND - 3.7%** | **MONEY MARKET FUND - 3.7%** | **MONEY MARKET FUND - 3.7%** |  |
| 2933535 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.58% (Cost $2,933,535)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.58% (Cost $2,933,535)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.58% (Cost $2,933,535)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.58% (Cost $2,933,535)<sup>(d)</sup> | 2933535 |
|  | **TOTAL INVESTMENTS - 99.2% (Cost $78,905,032)** | **TOTAL INVESTMENTS - 99.2% (Cost $78,905,032)** | **TOTAL INVESTMENTS - 99.2% (Cost $78,905,032)** | **TOTAL INVESTMENTS - 99.2% (Cost $78,905,032)** | $79041136 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8%** | 665979 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $79707115 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| SOFRINDX | Secured Overnight Financing Rate Index |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| US0003M | ICE LIBOR USD 3 Month |

---

<sup>(a)</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>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2026 the total market value of 144A securities is $5,996,850 or 7.5% of net assets.

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Northern Lights Fund Trust

- **b. Investment Company Act file number:** 811-21720

- **c. CIK number of Registrant:** 0001314414

- **d. LEI of Registrant:** 549300BSYF57GRCG4861

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 PICTORIA DRIVE

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 631-470-2600

**Item A.2. Information about the Series.**

- **a. Name of Series:** Navigator Tactical U.S. Allocation Fund

- **b. EDGAR series identifier (if any):** S000070872

- **c. LEI of Series:** 549300G5M55K2WBS7Z32

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $71690118.81

**Total Liabilities:** $75657.62

**Net Assets:** $71614461.19

**Cash Not Reported:** $5475958.51

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 2363.30582700 | **1-Year:** 567.05612900 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225125 | 0.10%                | 0.01%                | 1.28%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4608.41                 | $4932.51                                   |
| Month 2  | $0.00                    | $10082.95                                  |
| Month 3  | $2848.82                 | $61244.38                                  |

**Designated Index Information**

- **Index Name:** S&P 500 (TR)

- **Index Identifier:** 500TR

### Schedule of Portfolio Investments

| Name                                         | Title                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Altria Group, Inc.                           | MO 2 5/8 09/16/26       | CUSIP: 02209SAU7<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $992630.97    | 1.39%             | 2026-09-16      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation           | HNDA Float 07/09/27     | CUSIP: 02665WGE5<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1005407.92   | 1.40%             | 2027-07-09      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation           | HNDA Float 08/13/27     | CUSIP: 02665WGH8<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1004827.09   | 1.40%             | 2027-08-13      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Amphenol Corporation                         | APH Float 11/15/27      | CUSIP: 032095AV3<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002707.79   | 1.40%             | 2027-11-15      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Autozone, Inc.                               | AZO 3 1/8 04/21/26      | CUSIP: 053332AT9<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998254.44    | 1.39%             | 2026-04-21      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Avnet, Inc.                                  | AVT 4 5/8 04/15/26      | CUSIP: 053807AS2<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000175.90   | 1.40%             | 2026-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BMW US Capital, LLC                          | BMW Float 03/19/27      | CUSIP: 05565ECV5<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1004383.20   | 1.40%             | 2027-03-19      | Floating      | 4.47%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                        | BAC 1.734 07/22/27      | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $989653.67    | 1.38%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                   | BA 2.196 02/04/26       | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999830.24    | 1.40%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Brown & Brown Inc                            | BRO 4.6 12/23/26        | CUSIP: 115236AH4<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1006132.21   | 1.40%             | 2026-12-23      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                              | CVS 2 7/8 06/01/26      | CUSIP: 126650CU2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $996372.82    | 1.39%             | 2026-06-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Citibank, N.A.                               | C Float 05/29/27        | CUSIP: 17325FBQ0<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1004792.85   | 1.40%             | 2027-05-29      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Conagra Brands Inc                           | CAG 5.3 10/01/26        | CUSIP: 205887CJ9<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1007478.52   | 1.41%             | 2026-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank U.A. New York Branch   | RABOBK Float 08/28/26   | CUSIP: 21688ABG6<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |   1000000 | PA      | $1002197.25   | 1.40%             | 2026-08-28      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                            | CCI 3.7 06/15/26        | CUSIP: 22822VAC5<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998477.70    | 1.39%             | 2026-06-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.           | DELL 6.02 06/15/26      | CUSIP: 24703TAD8<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200585.89    | 0.28%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Dreyfus Treasury Obligations Cash Management | DREY-T O C/M-INS        | CUSIP: 261908107<br>LEI: 549300MKKM9KT7BF6329 | Long             | STIV             | RF                | US        |   5237563 | PA      | $5237562.92   | 7.31%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                                    | EBAY 1.4 05/10/26       | CUSIP: 278642AX1<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $993424.57    | 1.39%             | 2026-05-10      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                | ENBCN 1.6 10/04/26      | CUSIP: 29250NBH7<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $984432.72    | 1.37%             | 2026-10-04      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                           | ET 6.05 12/01/26        | CUSIP: 29273VAR1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1015749.32   | 1.42%             | 2026-12-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Entergy Corporation                          | ETR 2.95 09/01/26       | CUSIP: 29364GAJ2<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $994143.17    | 1.39%             | 2026-09-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Equinix, Inc.                                | EQIX 1.45 05/15/26      | CUSIP: 29444UBQ8<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $992769.13    | 1.39%             | 2026-05-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                | F 2.7 08/10/26          | CUSIP: 345397B77<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $992147.35    | 1.39%             | 2026-08-10      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Fortinet Inc                                 | FTNT 1 03/15/26         | CUSIP: 34959EAA7<br>LEI: 549300O0QJWDBAS0QX03 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $996423.23    | 1.39%             | 2026-03-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Fortive Corporation                          | FTV 3.15 06/15/26       | CUSIP: 34959JAG3<br>LEI: 549300MU9YQJYHDQEF63 | Long             | DBT              | CORP              | US        |    866000 | PA      | $862904.82    | 1.20%             | 2026-06-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| GlaxoSmithKline Capital PLC                  | GSK Float 03/12/27      | CUSIP: 377373AN5<br>LEI: 549300U0LV41VX7LEP38 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1003770.62   | 1.40%             | 2027-03-12      | Floating      | 4.20%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                      | HYNMTR Float 03/25/27   | CUSIP: 44891ADS3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1004776.02   | 1.40%             | 2027-03-25      | Floating      | 4.68%                 | Yes           |                  2 | On Loan: No      |
| Jabil Inc                                    | JBL 1.7 04/15/26        | CUSIP: 466313AL7<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |    881000 | PA      | $876987.06    | 1.22%             | 2026-04-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPM 1.47 09/22/27       | CUSIP: 46647PCP9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $984396.22    | 1.37%             | 2027-09-22      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc                         | KDP Float 11/15/26      | CUSIP: 49271VAY6<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000581.83   | 1.40%             | 2026-11-15      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                    | KHC 3 06/01/26          | CUSIP: 50077LAD8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $996837.64    | 1.39%             | 2026-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                        | LOW 4.8 04/01/26        | CUSIP: 548661EP8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000932.59   | 1.40%             | 2026-04-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                      | MPLX 1 3/4 03/01/26     | CUSIP: 55336VBR0<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998184.72    | 1.39%             | 2026-03-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                 | MAR 3 1/8 06/15/26      | CUSIP: 571903AS2<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |   1177000 | PA      | $1173661.66   | 1.64%             | 2026-06-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC      | MBGGR Float 04/01/27    | CUSIP: 58769JBD8<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1004115.68   | 1.40%             | 2027-04-01      | Floating      | 4.46%                 | Yes           |                  2 | On Loan: No      |
| Merck & Co., Inc                             | MRK Float 09/15/27      | CUSIP: 58933YBU8<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1005620.42   | 1.40%             | 2027-09-15      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                               | MS 1.593 05/04/27       | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $993794.53    | 1.39%             | 2027-05-04      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| O'Reilly Automotive Inc.                     | ORLY 3.55 03/15/26      | CUSIP: 67103HAE7<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |    912000 | PA      | $911624.57    | 1.27%             | 2026-03-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Omnicom Group Inc. / Omnicom Capital Inc.    | OMC 3.6 04/15/26        | CUSIP: 68217FAA0<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999028.81    | 1.40%             | 2026-04-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                 | ORCL 2.65 07/15/26      | CUSIP: 68389XBM6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $992966.80    | 1.39%             | 2026-07-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                 | ORCL 1.65 03/25/26      | CUSIP: 68389XCC7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $996498.93    | 1.39%             | 2026-03-25      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                    | RTX 5 3/4 11/08/26      | CUSIP: 75513ECT6<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1012902.11   | 1.41%             | 2026-11-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Ross Stores Inc                              | ROST 0 7/8 04/15/26     | CUSIP: 778296AF0<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $993988.19    | 1.39%             | 2026-04-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                        | RCL 4 1/4 07/01/26      | CUSIP: 780153BH4<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1000000 | PA      | $999698.60    | 1.40%             | 2026-07-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| The Charles Schwab Corporation               | SCHW FLOAT 05/13/26     | CUSIP: 808513BQ7<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000646.53   | 1.40%             | 2026-05-13      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| Sealed Air Corp.                             | SEE 1.573 10/15/26      | CUSIP: 81211KAZ3<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $983393.89    | 1.37%             | 2026-10-15      | Fixed         | 1.57%                 | Yes           |                  2 | On Loan: No      |
| Sempra                                       | SRE 5.4 08/01/26        | CUSIP: 816851BQ1<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1005875.37   | 1.40%             | 2026-08-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Skyworks Solutions, Inc.                     | SWKS 1.8 06/01/26       | CUSIP: 83088MAK8<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $991998.13    | 1.39%             | 2026-06-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| TD Synnex Corp                               | SNX 1 3/4 08/09/26      | CUSIP: 87162WAF7<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $987094.81    | 1.38%             | 2026-08-09      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                           | TMUS 1 1/2 02/15/26     | CUSIP: 87264ABZ7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998822.57    | 1.39%             | 2026-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Take-Two Interactive Software Inc.           | TTWO 5 03/28/26         | CUSIP: 874054AJ8<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |   1121000 | PA      | $1122581.74   | 1.57%             | 2026-03-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Teledyne Technologies Inc                    | TDY 1.6 04/01/26        | CUSIP: 879360AC9<br>LEI: 549300VSMO9KYQWDND94 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $996032.34    | 1.39%             | 2026-04-01      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Universal Health Services, Inc.              | UHS 1.65 09/01/26       | CUSIP: 913903AZ3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $985450.08    | 1.38%             | 2026-09-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Vanguard Index Funds                         | VANGUARD S&P 500        | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |      6300 | NS      | $4008186.00   | 5.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Volkswagen Group of America Finance LLC      | VW Float 03/20/26       | CUSIP: 928668CD2<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000481.95   | 1.40%             | 2026-03-20      | Floating      | 4.52%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                            | WFC 3.196 06/17/27      | CUSIP: 95000U2F9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $997068.05    | 1.39%             | 2027-06-17      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Wabtec Corp                                  | WAB 3.45 11/15/26       | CUSIP: 960386AL4<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $996220.32    | 1.39%             | 2026-11-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Weyerhaeuser Company                         | WY 4 3/4 05/15/26       | CUSIP: 962166CC6<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1503483.08   | 2.10%             | 2026-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                  | S&P500 EMINI FUT  Mar26 | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |       194 | NC      | $952650.00    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-27

**Name of Applicant:** Northern Lights Fund Trust

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer