# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001752724-25-211817
**Filing Date:** 2025-8
**Character Count:** 39491
**Document Hash:** 45a57f5a2a279df917b1cafc270ddb10
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211817.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211817

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250930

**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:** 251273746

**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

### Ocean Park Tactical Risk Spectrum 50 Fund (Series ID: S000071867)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000227420 | Ocean Park Tactical Risk Spectrum 50 Fund Investor Class |  |
| C000227421 | Ocean Park Tactical Risk Spectrum 50 Fund Instl Class    |  |
| C000227422 | Ocean Park Tactical Risk Spectrum 50 Fund CLass C Shares |  |
| C000227423 | Ocean Park Tactical Risk Spectrum 50 Fund Class A Shares |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND** | **OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND** | **OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 68.8%** |  |
|  | **EQUITY - 49.1%** |  |
| 87600 | Avantis International Small Cap Value ETF | &nbsp;&nbsp;&nbsp; $6944928 |
| 32000 | Consumer Staples Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 2591040 |
| 209700 | Dimensional International Small Cap Value ETF | &nbsp;&nbsp;&nbsp; 6901227 |
| 157600 | Dimensional International Value ETF | &nbsp;&nbsp;&nbsp; 6750008 |
| 76700 | First Trust Utilities AlphaDEX Fund | &nbsp;&nbsp;&nbsp; 3250546 |
| 51500 | Global X MLP & Energy Infrastructure ETF | &nbsp;&nbsp;&nbsp; 3226990 |
| 125700 | iShares Latin America 40 ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3294597 |
| 128000 | iShares MSCI Australia ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3368960 |
| 116700 | iShares MSCI Brazil ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3366795 |
| 76700 | iShares MSCI Canada ETF | &nbsp;&nbsp;&nbsp; 3543540 |
| 46100 | iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp; 4120879 |
| 76900 | iShares MSCI EAFE Min Vol Factor ETF | &nbsp;&nbsp;&nbsp; 6464214 |
| 145300 | iShares MSCI EAFE Value ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9223644 |
| 79600 | iShares MSCI Germany ETF | &nbsp;&nbsp;&nbsp; 3367876 |
| 187500 | iShares MSCI International Momentum Factor ETF | &nbsp;&nbsp;&nbsp; 8566875 |
| 71300 | iShares MSCI Italy ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3432382 |
| 43700 | iShares MSCI Japan ETF | &nbsp;&nbsp;&nbsp; 3276189 |
| 138600 | iShares MSCI Pacific ex Japan ETF | &nbsp;&nbsp;&nbsp; 6842682 |
| 20600 | iShares U.S. Aerospace & Defense ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3885984 |
| 110200 | iShares US Consumer Goods ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7766896 |
| 570500 | SPDR Portfolio S&P 500 ETF | &nbsp;&nbsp;&nbsp; 41469645 |
| 86900 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 4298074 |
| 29700 | Vanguard Mid-Cap Growth ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8446383 |
|  |  | &nbsp;&nbsp; 154400354 |
|  | **FIXED INCOME - 19.7%** |  |
| 119600 | Eldridge BBB-B CLO ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3198104 |
| 68800 | First Trust Senior Loan ETF | &nbsp;&nbsp;&nbsp; 3157232 |
| 703200 | Invesco Senior Loan ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 14710944 |
| 30500 | iShares 3-7 Year Treasury Bond ETF | &nbsp;&nbsp;&nbsp; 3632245 |
| 36600 | iShares CMBS ETF | &nbsp;&nbsp;&nbsp; 1783152 |
| 69500 | iShares Floating Rate Bond ETF | &nbsp;&nbsp;&nbsp; 3545890 |
| 120100 | PIMCO Multi Sector Bond Active ETF | &nbsp;&nbsp;&nbsp; 3187454 |
| 25200 | Vanguard Intermediate-Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 2089584 |
| 214100 | Vanguard Total Bond Market ETF | &nbsp;&nbsp;&nbsp; 15764183 |

---

---

| | | |
|:---|:---|:---|
| **OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND** | **OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND** | **OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 68.8% (Continued)** |  |
|  | **FIXED INCOME - 19.7% (Continued)** |  |
| 158000 | Vanguard Total International Bond ETF | &nbsp;&nbsp;&nbsp; $7822580 |
| 139200 | Virtus InfraCap U.S. Preferred Stock ETF | &nbsp;&nbsp;&nbsp; 2899536 |
|  |  | &nbsp;&nbsp; 61790904 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $204,028,888)** | &nbsp;&nbsp; 216191258 |
|  | **OPEN END FUNDS — 31.0%** |  |
|  | **ALTERNATIVE - 2.5%** |  |
| 358207 | DoubleLine Flexible Income Fund, Class I | &nbsp;&nbsp;&nbsp; 3130727 |
| 510420 | Finisterre Emerging Markets Total Return Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 4716283 |
| 1 | JPMorgan Hedged Equity Fund, Class I | &nbsp;&nbsp;&nbsp; 34 |
|  |  | &nbsp;&nbsp; 7847044 |
|  | **EQUITY - 1.2%** |  |
| 198268 | Pear Tree Polaris Foreign Value Small Cap Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 3636228 |
|  | **FIXED INCOME - 27.3%** |  |
| 535 | Allspring California Tax-Free Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 5469 |
| 1769 | Ashmore Emerging Markets Total Return Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 9076 |
| 572 | BlackRock Floating Rate Income Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp; 5494 |
| 1153 | BlackRock National Municipal Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 11315 |
| 909 | Blackrock Series Fund V-BlackRock High Yield, Institutional Class | &nbsp;&nbsp;&nbsp; 6533 |
| 819 | BlackRock Strategic Income Opportunities Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp; 7928 |
| 364 | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 3703 |
| 577373 | CrossingBridge Low Duration High Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 5620504 |
| 144258 | Dodge & Cox Global Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 1607036 |
| 345875 | DoubleLine Low Duration Emerging Markets Fixed, Class I | &nbsp;&nbsp;&nbsp; 3344608 |
| 930489 | JPMorgan Income Fund, Class I | &nbsp;&nbsp;&nbsp; 7992899 |
| 776683 | JPMorgan Mortgage-Backed Securities Fund, Class I | &nbsp;&nbsp;&nbsp; 7960997 |
| 1344 | Metropolitan West Total Return Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 12231 |
| 1191 | Neuberger Berman Strategic Income Fund, Class I | &nbsp;&nbsp;&nbsp; 12044 |
| 112507 | North Square Preferred And Income Securities Fund, Class I | &nbsp;&nbsp;&nbsp; 2420006 |
| 658 | Nuveen All-American Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 6482 |
| 2547 | Nuveen Bond Index Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 24681 |
| 1903 | Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 26685 |

---

---

| | | |
|:---|:---|:---|
| **OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND** | **OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND** | **OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 31.0% (Continued)** |  |
|  | **FIXED INCOME - 27.3% (Continued)** |  |
| 1376 | Nuveen Preferred Securities Fund, Class I | &nbsp;&nbsp;&nbsp; $21722 |
| 469 | Nuveen Short Duration High Yield Municipal Bond, Class I | &nbsp;&nbsp;&nbsp; 4424 |
| 733 | Nuveen Strategic Income Fund, Class I | &nbsp;&nbsp;&nbsp; 7257 |
| 659 | PIMCO Diversified Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 6486 |
| 2186 | PIMCO Emerging Markets Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 18908 |
| 0<sup>(d)</sup> | PIMCO Emerging Markets Currency and Short-Term, Institutional Class | &nbsp;&nbsp;&nbsp; 0<sup>(e)</sup> |
| 3 | PIMCO Emerging Markets Full Spectrum Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 19 |
| 2565937 | PIMCO Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 27635138 |
| 807729 | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | &nbsp;&nbsp;&nbsp; 8028824 |
| 4023 | PIMCO Investment Grade Credit Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 36569 |
| 585 | PIMCO Long-Term Credit Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 5154 |
| 281 | PIMCO Low Duration Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 2292 |
| 448 | PIMCO Real Return Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 4606 |
| 960 | PIMCO Total Return Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 8334 |
| 591457 | Principal Spectrum Preferred and Capital Securities Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 5488725 |
| 330760 | RiverPark Strategic Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 2868951 |
| 3257 | TCW Emerging Markets Income Fund, Class I | &nbsp;&nbsp;&nbsp; 21727 |
| 1108868 | Thornburg Strategic Income Fund, Class I | &nbsp;&nbsp;&nbsp; 12751977 |
|  |  | &nbsp;&nbsp; 85988804 |
|  | **TOTAL OPEN END FUNDS (Cost $93,658,945)** | &nbsp;&nbsp; 97472076 |

---

---

| | | |
|:---|:---|:---|
| **OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND** | **OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND** | **OCEAN PARK TACTICAL RISK SPECTRUM 50 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 8.8%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 8.5%** |  |
| 26591331 | First American Government Obligations Fund, Class X, 4.25% <sup>(b)(c)</sup> **(Cost $26,591,331)** | &nbsp;&nbsp;&nbsp; $26591331 |
|  | **MONEY MARKET FUND - 0.3%** |  |
| 964324 | First American Government Obligations Fund, Class X, 4.25% <sup>(c)</sup> **(Cost $964,324)** | &nbsp;&nbsp;&nbsp; 964324 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $27,555,655)** | 27555655 |
|  | **TOTAL INVESTMENTS - 108.6% (Cost $325,243,488)** | &nbsp;&nbsp;&nbsp; $341218989 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (8.6)%** | &nbsp;&nbsp; (27092934) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $314126055 |

---

---

| | |
|:---|:---|
| CLO | - Collateralized Loan Obligation |
| CMBS | - Commercial Mortgage-Backed Securities |
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| MLP | - Master Limited Partnership |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |
| <sup>(a)</sup> | All or a portion of the security is on loan. The total value of the securities on loan was $26,122,288, as of June 30, 2025. |
| <sup>(b)</sup> | Security was purchased with cash received as collateral for securities on loan at June 30, 2025. Total collateral had a value of $26,591,331 at June 30, 2025. |
| <sup>(c)</sup> | Rate disclosed is the seven day effective yield as of June 30, 2025. |
| <sup>(d)</sup> | Less than one share. |
| <sup>(e)</sup> | Less than $1 USD. |

---

## 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:** Ocean Park Tactical Risk Spectrum 50 Fund

- **b. EDGAR series identifier (if any):** S000071867

- **c. LEI of Series:** 549300WMMTSKG217RJ14

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $314859443.88

**Total Liabilities:** $733388.82

**Net Assets:** $314126055.06

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227423 | -3.60%               | 2.24%                | 2.31%                |
| Class ID C000227420 | -3.55%               | 2.19%                | 2.33%                |
| Class ID C000227422 | -3.62%               | 2.17%                | 2.25%                |
| Class ID C000227421 | -3.56%               | 2.28%                | 2.35%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3252586.90             | $-9385721.03                               |
| Month 2  | $1451186.96              | $5084241.73                                |
| Month 3  | $346484.53               | $5007838.80                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| iShares Trust                                    | ISHARES 3-7 YEAR          | CUSIP: 464288661<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     30500 | NS      | $3632245.00   | 1.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Blackrock Municipal Bond Fund Inc                | BLKR-NTL MUN-INS          | CUSIP: 09253C876<br>LEI: N/A                  | Long             | EC               | RF                | US        |      1150 | NS      | $11278.63     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Nuveen Core Bond Fund                            | NUVEEN BOND INDE          | CUSIP: 87245M848<br>LEI: 549300L8R42TEBN5NG46 | Long             | EC               | RF                | US        |      2539 | NS      | $24603.98     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Charlotte Funds                         | VANGUARD INTL BD          | CUSIP: 92203J407<br>LEI: 549300Z9BHDBGHMJLU94 | Long             | EC               | RF                | US        |    158000 | NS      | $7822580.00   | 2.49%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                                    | ISHARES MSCI EAF          | CUSIP: 46429B689<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     76900 | NS      | $6464214.00   | 2.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Nuveen Municipal                                 | NVN-ALL AMER-I            | CUSIP: 67065Q855<br>LEI: 549300D2RECSQKX7NC33 | Long             | EC               | RF                | US        |       656 | NS      | $6457.79      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| PIMCO Funds Pacific Investment Management Series | PIMCO-LW DUR-INS          | CUSIP: 722005170<br>LEI: N/A                  | Long             | EC               | RF                | US        |       279 | NS      | $2281.21      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Bond Index Funds                        | VANGUARD TOTAL B          | CUSIP: 921937835<br>LEI: 549300INE5BF80OGAZ51 | Long             | EC               | RF                | US        |    214100 | NS      | $15764183.00  | 5.02%             |  |  |  | No            | 1                  | On Loan: No      |
| First American Funds Inc.                        | FRST AM-GV OB-X           | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |    964324 | PA      | $964324.39    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Inc                                      | ISHARES MSCI PAC          | CUSIP: 464286665<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |    138600 | NS      | $6842682.00   | 2.18%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                                    | ISHARES MSCI EAF          | CUSIP: 464287465<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     46100 | NS      | $4120879.00   | 1.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Blackrock Municipal Series Trust                 | BLRK-STR MUN-I            | CUSIP: 09253E609<br>LEI: N13FNQG6SVW6WDIWRJ75 | Long             | EC               | RF                | US        |       363 | NS      | $3690.09      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Ashmore Funds                                    | ASHM-EM T/R-INS           | CUSIP: 044820405<br>LEI: N/A                  | Long             | EC               | RF                | US        |      1769 | NS      | $9075.95      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| ETFis Series Trust I                             | VIRTUS INFRA ETF          | CUSIP: 26923G822<br>LEI: 5493002CWTVLBPSYFT98 | Long             | EC               | RF                | US        |    139200 | NS      | $2899536.00   | 0.92%             |  |  |  | No            | 1                  | On Loan: No      |
| First Trust Exchange-Traded Fund II              | FIRST TRUST UTILITIES ALP | CUSIP: 33734X184<br>LEI: N/A                  | Long             | EC               | RF                | US        |     76700 | NS      | $3250546.00   | 1.03%             |  |  |  | No            | 1                  | On Loan: No      |
| First Trust Exchange-Traded Fund IV              | FT-SENIOR LOAN            | CUSIP: 33738D309<br>LEI: 5493006CBTW7P2B31B80 | Long             | EC               | RF                | US        |     68800 | NS      | $3157232.00   | 1.01%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                                    | ISHARES LATIN AM          | CUSIP: 464287390<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    125700 | NS      | $3294597.00   | 1.05%             |  |  |  | No            | 1                  | On Loan: —       |
| Ishares Inc                                      | ISHARES MSCI AUS          | CUSIP: 464286103<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |    128000 | NS      | $3368960.00   | 1.07%             |  |  |  | No            | 1                  | On Loan: —       |
| Ishares Inc                                      | ISHARES MSCI GER          | CUSIP: 464286806<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     79600 | NS      | $3367876.00   | 1.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Neuberger Berman Income Funds                    | NEUBERGER-STRA-I          | CUSIP: 64128K751<br>LEI: 54930087F7MMJ21RIJ90 | Long             | EC               | RF                | US        |      1186 | NS      | $11989.11     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Dimensional ETF Trust                            | DIM INTL VALUE            | CUSIP: 25434V807<br>LEI: 549300TQ0DPO13B72F34 | Long             | EC               | RF                | US        |    157600 | NS      | $6750008.00   | 2.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Principal Funds Inc                              | PRIN-FI EM T-INS          | CUSIP: 74255L175<br>LEI: 549300HZGBXSW6DSXF23 | Long             | EC               | RF                | US        |    510420 | NS      | $4716283.17   | 1.50%             |  |  |  | No            | 1                  | On Loan: No      |
| PIMCO Funds                                      | PIMCO-INCOME-INS          | CUSIP: 72201F490<br>LEI: N/A                  | Long             | EC               | RF                | US        |   2552900 | NS      | $27494728.62  | 8.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Invesco Exchange Traded Fund Trust II            | INVESCO SENIOR L          | CUSIP: 46138G508<br>LEI: O540V2L4S174Y60FMD36 | Long             | EC               | RF                | US        |    703200 | NS      | $14710944.00  | 4.68%             |  |  |  | No            | 1                  | On Loan: —       |
| Nuveen Municipal                                 | NVN-H/Y MUN-I             | CUSIP: 67065Q772<br>LEI: 549300D2RECSQKX7NC33 | Long             | EC               | RF                | US        |      1894 | NS      | $26557.50     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Dodge & Cox Funds                                | D&C-GL BND -I             | CUSIP: 256206301<br>LEI: 549300R3H2V5UI5MR803 | Long             | EC               | RF                | US        |    144258 | NS      | $1607036.18   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| JP Morgan Trust I                                | JPM IMCOME-I              | CUSIP: 46637K224<br>LEI: 549300DM5WZMCZZ70R78 | Long             | EC               | RF                | US        |    925888 | NS      | $7953380.24   | 2.53%             |  |  |  | No            | 1                  | On Loan: No      |
| PIMCO Funds                                      | PIMCO-EMG FUL-IS          | CUSIP: 72201U562<br>LEI: 5493003B5Y5GR0Y25Y76 | Long             | EC               | RF                | US        |         3 | NS      | $18.55        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| PIMCO Funds Pacific Investment Management Series | PIMCO-I/G CR-INS          | CUSIP: 722005816<br>LEI: N/A                  | Long             | EC               | RF                | US        |      4008 | NS      | $36430.98     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Inc                                      | ISHARES MSCI CAN          | CUSIP: 464286509<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     76700 | NS      | $3543540.00   | 1.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Blackrock Funds V                                | BLKR-STR INC-INS          | CUSIP: 09260B382<br>LEI: 54930077DSFQPJDWM487 | Long             | EC               | RF                | US        |       816 | NS      | $7897.60      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Trust For Professional Managers                  | CROSB L D HI-INS          | CUSIP: 89834G604<br>LEI: 549300O1N816L3GGRD45 | Long             | EC               | RF                | US        |    574480 | NS      | $5592390.14   | 1.78%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                                    | ISHARES MSCI INT          | CUSIP: 46434V449<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    187500 | NS      | $8566875.00   | 2.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Nuveen Municipal                                 | NVN-SH DUR HY-I           | CUSIP: 67065Q699<br>LEI: 549300D2RECSQKX7NC33 | Long             | EC               | RF                | US        |       467 | NS      | $4405.15      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Metropolitan West Funds                          | MW-T/R BND-I              | CUSIP: 592905509<br>LEI: 549300KGDNJW6FXNDC82 | Long             | EC               | RF                | US        |      1340 | NS      | $12189.78     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Doubleline Funds Trust                           | DBL-FLX INC-I             | CUSIP: 258620798<br>LEI: 549300MUFFXFRMY0RH66 | Long             | EC               | RF                | US        |    356488 | NS      | $3115707.05   | 0.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Nuveen Investment Funds                          | NVN-STR INC-I             | CUSIP: 670678390<br>LEI: T3MQBTRBVMWQY3LBIL50 | Long             | EC               | RF                | US        |       729 | NS      | $7218.42      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| PIMCO Funds                                      | PIMCO-L/T CR-INS          | CUSIP: 72201P647<br>LEI: N/A                  | Long             | EC               | RF                | US        |       582 | NS      | $5130.12      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Global X Funds                                   | GLOBAL X MLP & E          | CUSIP: 37954Y293<br>LEI: 5493003RA4QUTSYF1N15 | Long             | EC               | RF                | US        |     51500 | NS      | $3226990.00   | 1.03%             |  |  |  | No            | 1                  | On Loan: No      |
| PIMCO Funds Pacific Investment Management Series | PIMCO-DIV IN-INS          | CUSIP: 693391880<br>LEI: N/A                  | Long             | EC               | RF                | US        |       656 | NS      | $6458.05      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| American Century ETF Trust                       | AVANTIS INTL S/C          | CUSIP: 025072802<br>LEI: 5493006IKK34YJD98183 | Long             | EC               | RF                | US        |     87600 | NS      | $6944928.00   | 2.21%             |  |  |  | No            | 1                  | On Loan: No      |
| PIMCO ETF Trust                                  | PIMCO MULTI SECT          | CUSIP: 72201R585<br>LEI: 5493004M9TBGFQUJ6D27 | Long             | EC               | RF                | US        |    120100 | NS      | $3187454.00   | 1.01%             |  |  |  | No            | 1                  | On Loan: No      |
| PIMCO Funds Pacific Investment Management Series | PIMCO-T/R-INS             | CUSIP: 693390700<br>LEI: N/A                  | Long             | EC               | RF                | US        |       957 | NS      | $8304.65      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| JP Morgan Trust I                                | JPM-HDG EQTY-I            | CUSIP: 46637K281<br>LEI: 549300DM5WZMCZZ70R78 | Long             | EC               | RF                | US        |         1 | NS      | $34.06        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Allspring Funds Trust                            | ALLSP-CA T/F-INS          | CUSIP: 94988A734<br>LEI: 549300XROIY0CTN7RZ24 | Long             | EC               | RF                | US        |       533 | NS      | $5451.46      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Pear Tree Funds                                  | PEAR TREE POL-F/V SM CAP- | CUSIP: 70472Q500<br>LEI: 549300NANVEIFBMHLV32 | Long             | EC               | RF                | US        |    198268 | NS      | $3636228.20   | 1.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Inc                                      | ISHARES MSCI ITA          | CUSIP: 46434G830<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     71300 | NS      | $3432382.00   | 1.09%             |  |  |  | No            | 1                  | On Loan: —       |
| iShares Trust                                    | ISHARES MSCI EAF          | CUSIP: 464288877<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    145300 | NS      | $9223644.00   | 2.94%             |  |  |  | No            | 1                  | On Loan: —       |
| Tcw Funds Inc                                    | TCW EMERGING MAR          | CUSIP: 87234N765<br>LEI: 54930078E2I2DS4UJ217 | Long             | EC               | RF                | US        |      3241 | NS      | $21618.98     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Thornburg Investment Trust                       | THRNB-STR IN-I            | CUSIP: 885215194<br>LEI: 5493001XM52H8S4WYY82 | Long             | EC               | RF                | US        |   1104213 | NS      | $12698444.68  | 4.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Index Funds                             | VANGUARD M/C GRW          | CUSIP: 922908538<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |     29700 | NS      | $8446383.00   | 2.69%             |  |  |  | No            | 1                  | On Loan: —       |
| Blackrock Funds V                                | BLR-SF V-BRHY-IS          | CUSIP: 09260B630<br>LEI: 54930077DSFQPJDWM487 | Long             | EC               | RF                | US        |       904 | NS      | $6497.19      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                                    | ISHARES FLOATING          | CUSIP: 46429B655<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     69500 | NS      | $3545890.00   | 1.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdale Funds                        | VANGUARD INT TER          | CUSIP: 92206C870<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     25200 | NS      | $2089584.00   | 0.67%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Inc                                      | ISHARES MSCI JPN          | CUSIP: 46434G822<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     43700 | NS      | $3276189.00   | 1.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Blackrock Funds V                                | BLK-FLOAT RA-INS          | CUSIP: 09260B747<br>LEI: 54930077DSFQPJDWM487 | Long             | EC               | RF                | US        |       569 | NS      | $5462.98      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard International Equity Index Funds        | VANGUARD FTSE EM          | CUSIP: 922042858<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |     86900 | NS      | $4298074.00   | 1.37%             |  |  |  | No            | 1                  | On Loan: No      |
| JP Morgan Trust Ii                               | JPMORGAN MTGE BACK SEC-R6 | CUSIP: 4812C0159<br>LEI: 549300IMXLYKELY96B40 | Long             | EC               | RF                | US        |    776683 | NS      | $7968763.99   | 2.54%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                                | SPDR PORT SP 500          | CUSIP: 78464A854<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    570500 | NS      | $41469645.00  | 13.20%            |  |  |  | No            | 1                  | On Loan: No      |
| PIMCO Funds Pacific Investment Management Series | PIMCO-RL RTN-INS          | CUSIP: 693391104<br>LEI: N/A                  | Long             | EC               | RF                | US        |       446 | NS      | $4589.63      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Dimensional ETF Trust                            | DI INTL S-C V ET          | CUSIP: 25434V781<br>LEI: 549300TQ0DPO13B72F34 | Long             | EC               | RF                | US        |    209700 | NS      | $6901227.00   | 2.20%             |  |  |  | No            | 1                  | On Loan: No      |
| PIMCO Funds                                      | PIMCO-E/M C-INS           | CUSIP: 72201F409<br>LEI: 5493003B5Y5GR0Y25Y76 | Long             | EC               | RF                | US        |         0 | NS      | $0.05         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Principal Funds Inc                              | PRIN-PR & CA-INS          | CUSIP: 74253Q416<br>LEI: 549300HZGBXSW6DSXF23 | Long             | EC               | RF                | US        |    591457 | NS      | $5488724.68   | 1.75%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                                    | ISHARES CMBS ETF          | CUSIP: 46429B366<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     36600 | NS      | $1783152.00   | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| North Square Investments Trust                   | NR SQ PR&IN SE-I          | CUSIP: 66263L882<br>LEI: 549300K2CKCXH4E67T58 | Long             | EC               | RF                | US        |    112160 | NS      | $2412559.02   | 0.77%             |  |  |  | No            | 1                  | On Loan: No      |
| Doubleline Funds Trust                           | DBL-LW DR EM-I            | CUSIP: 258620772<br>LEI: 549300MUFFXFRMY0RH66 | Long             | EC               | RF                | US        |    344422 | NS      | $3330558.51   | 1.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Select Sector Spdr Trust                         | SPDR-CONS STAPLE          | CUSIP: 81369Y308<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     32000 | NS      | $2591040.00   | 0.82%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                                    | ISHARES U.S. AER          | CUSIP: 464288760<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     20600 | NS      | $3885984.00   | 1.24%             |  |  |  | No            | 1                  | On Loan: —       |
| PIMCO Funds Pacific Investment Management Series | PIMCO-IN B $-INS          | CUSIP: 693390882<br>LEI: N/A                  | Long             | EC               | RF                | US        |    804711 | NS      | $7998824.30   | 2.55%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                              | FIRST AM GOVT OB FD CL X  | CUSIP: 31846V336<br>LEI: N/A                  | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Nuveen Investments Trust V                       | NVN-PREF SEC-I            | CUSIP: 670700400<br>LEI: 5493005YOHPRCB8M2Y83 | Long             | EC               | RF                | US        |      1369 | NS      | $21614.88     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Series Portfolios Trust                          | ELD BBB-B CL ETF          | CUSIP: 81752T528<br>LEI: 5493008VNHP5UNYJ3713 | Long             | EC               | RF                | US        |    119600 | NS      | $3198104.00   | 1.02%             |  |  |  | No            | 1                  | On Loan: —       |
| Trust For Professional Managers                  | RVRP-STR INC-INS          | CUSIP: 89834G679<br>LEI: 549300O1N816L3GGRD45 | Long             | EC               | RF                | US        |    328804 | NS      | $2852048.26   | 0.91%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                                    | ISHARES US CONSUMER GOODS | CUSIP: 464287812<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    110200 | NS      | $7766896.00   | 2.47%             |  |  |  | No            | 1                  | On Loan: —       |
| Ishares Inc                                      | ISHARES MSCI BRA          | CUSIP: 464286400<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |    116700 | NS      | $3366795.00   | 1.07%             |  |  |  | No            | 1                  | On Loan: —       |
| PIMCO Funds Pacific Investment Management Series | PIMCO-E/M BD-INS          | CUSIP: 693391559<br>LEI: N/A                  | Long             | EC               | RF                | US        |      2175 | NS      | $18809.71     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-07-28

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer