# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-25-007722
**Filing Date:** 2025-12
**Character Count:** 195274
**Document Hash:** 31974a2a030ebf75959981e5fab14e20
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007722.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001580642-25-007722

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**EFFECTIVENESS DATE**: 20251209

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 251558092

**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

### Grant Park Multi Alternative Strategies Fund (Series ID: S000043473)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000134834 | Grant Park Multi Alternative Strategies Fund Class A | GPAAX           |
| C000134835 | Grant Park Multi Alternative Strategies Fund Class C | GPACX           |
| C000134836 | Grant Park Multi Alternative Strategies Fund Class I | GPAIX           |
| C000134837 | Grant Park Multi Alternative Strategies Fund Class N | GPANX           |

### Grant Park Dynamic Allocation Fund (Series ID: S000089342)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000255862 | Grant Park Dynamic Allocation Fund Class A |  |
| C000255863 | Grant Park Dynamic Allocation Fund Class I |  |

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

united states

securities and exchange commission

washington, d.c. 20549

**form n-csr**

**certified shareholder report of registered management investment companies**

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

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

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

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

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

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

Date of reporting period: <u>9/30/25</u>

**Item 1. Reports to Stockholders.** 

(a) #### Grant Park Dynamic Allocation Fund

#### Class A Shares (GPKAX)

#### Annual Shareholder Report - September 30, 2025
![Image](i7685561258388553a3563fd1.jpg)

# Fund Overview
This annual shareholder report contains important information about Grant Park Dynamic Allocation Fund for the period of December 27, 2024 to September 30, 2025. You can find additional information about the Fund at**https://www.grantparkfunds.com/funds/dynamic-allocation-fund**. You can also request this information by contacting us at 1-855-501-4758.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A Shares | $149 | 1.83%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized. Had the Fund been open the full reporting period, expenses would be higher. |

---

# How did the Fund perform during the reporting period?
The Fund generated positive performance for the reporting period, with gains in equities and commodities partially offset by modest losses in the fixed income and currency markets. The Fund adjusted exposures across major sectors in response to changing economic indicators, monetary policy expectations, and global geopolitical developments.

Equities were the largest contributor to performance, driven by rising global stock markets. The period included a sharp equity drawdown, followed by a sustained rally. The Fund's active management and diversified portfolio allowed it to limit losses and to participate in the subsequent recovery. The S&P 500 Index was the Fund's top performing market in the equity sector.

Commodities contributed positive performance, led by strength across precious metals, with gold being the overall top contributor to Fund performance. The Fund maintained long exposure in gold as prices rose to record levels amid heightened geopolitical tension, steady central bank purchases, and expectations for easier global monetary policy. Performance across the broader commodity complex was mixed. The energy sector proved to be the most challenging as oil prices traded in wide ranges, rising early in the year on production concerns before declining on weak demand and rising inventories.

Currency trading resulted in minor losses with the Australian and Canadian dollars having the biggest losses. The U.S. dollar strengthened early in the year, supported by higher U.S. yields and safe-haven demand. It later declined due to improving growth prospects abroad and a shift toward easing policy from other central banks. The Japanese yen weakened despite policy normalization efforts, while the euro strengthened modestly on signs of economic stabilization. As a result, losses in the sector were minimal, reflecting the Fund's risk-managed process and systematic approach.

Performance across the fixed income sector was negative during the period. U.S. Treasury markets experienced persistent reversals with U.S. Treasury bond holdings being the worst performer for the Fund. International short-term interest rates were also heavily influenced by shifting policy expectations as the European Central Bank and the Bank of England transitioned from tightening to gradual easing. The Fund actively managed positions through these transitions to limit losses.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i5834571036607f29f3ee632b.jpg)

---

| | | |
|:---|:---|:---|
| | **Grant Park Dynamic Allocation Fund** | **Bloomberg 1-3 Year U.S. Treasury Bond Index** |
| **12/27/24** | $9425 | $10000 |
| **12/31/24** | $9425 | $10018 |
| **01/31/25** | $9698 | $10062 |
| **02/28/25** | $9576 | $10133 |
| **03/31/25** | $9397 | $10180 |
| **04/30/25** | $9416 | $10263 |
| **05/31/25** | $9519 | $10240 |
| **06/30/25** | $9849 | $10302 |
| **07/31/25** | $9943 | $10296 |
| **08/31/25** | $10226 | $10386 |
| **09/30/25** | $10792 | $10417 |

---

# **Average Annual Total Returns** 

---

| | |
|:---|:---|
| | **Since Inception (December 27, 2024)** |
| Grant Park Dynamic Allocation Fund |  |
| Without Load | 14.50% |
| With Load | 7.92% |
| Bloomberg 1-3 Year U.S. Treasury Bond Index | 4.17% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $51159837 |
| Number of Portfolio Holdings | 6 |
| Advisory Fee (net of waivers) | $43450 |
| Portfolio Turnover | 134% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0f588af44ce7ada0571bbef8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 27.4% |
| Money Market Funds | 72.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2709eb2012d82f0b15b55420.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 16.6% |
| Commodity | 3.2% |
| Equity | 19.7% |
| Money Market Funds | 60.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard FTSE Emerging Markets ETF | 8.9% |
| Vanguard FTSE Developed Markets ETF | 7.8% |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.2% |
| Vanguard Real Estate ETF | 3.0% |

---

# Material Fund Changes
No material changes occurred during the period ended September 30, 2025.

![Image](i7685561258388553a3563fd1.jpg)

#### Grant Park Dynamic Allocation Fund

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.grantparkfunds.com/funds/dynamic-allocation-fund**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-GPKAX

#### Grant Park Dynamic Allocation Fund

#### Class I Shares (GPKIX)

#### Annual Shareholder Report - September 30, 2025
![Image](i7685561258388553a3563fd1.jpg)

# Fund Overview
This annual shareholder report contains important information about Grant Park Dynamic Allocation Fund for the period of December 27, 2024 to September 30, 2025. You can find additional information about the Fund at**https://www.grantparkfunds.com/funds/dynamic-allocation-fund**. You can also request this information by contacting us at 1-855-501-4758.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I Shares | $128 | 1.58%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized. Had the Fund been open the full reporting period, expenses would be higher. |

---

# How did the Fund perform during the reporting period?
The Fund generated positive performance for the reporting period, with gains in equities and commodities partially offset by modest losses in the fixed income and currency markets. The Fund adjusted exposures across major sectors in response to changing economic indicators, monetary policy expectations, and global geopolitical developments.

Equities were the largest contributor to performance, driven by rising global stock markets. The period included a sharp equity drawdown, followed by a sustained rally. The Fund's active management and diversified portfolio allowed it to limit losses and to participate in the subsequent recovery. The S&P 500 Index was the Fund's top performing market in the equity sector.

Commodities contributed positive performance, led by strength across precious metals, with gold being the overall top contributor to Fund performance. The Fund maintained long exposure in gold as prices rose to record levels amid heightened geopolitical tension, steady central bank purchases, and expectations for easier global monetary policy. Performance across the broader commodity complex was mixed. The energy sector proved to be the most challenging as oil prices traded in wide ranges, rising early in the year on production concerns before declining on weak demand and rising inventories.

Currency trading resulted in minor losses with the Australian and Canadian dollars having the biggest losses. The U.S. dollar strengthened early in the year, supported by higher U.S. yields and safe-haven demand. It later declined due to improving growth prospects abroad and a shift toward easing policy from other central banks. The Japanese yen weakened despite policy normalization efforts, while the euro strengthened modestly on signs of economic stabilization. As a result, losses in the sector were minimal, reflecting the Fund's risk-managed process and systematic approach.

Performance across the fixed income sector was negative during the period. U.S. Treasury markets experienced persistent reversals with U.S. Treasury bond holdings being the worst performer for the Fund. International short-term interest rates were also heavily influenced by shifting policy expectations as the European Central Bank and the Bank of England transitioned from tightening to gradual easing. The Fund actively managed positions through these transitions to limit losses.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2f3640dae5df615d8140feaa.jpg)

---

| | | |
|:---|:---|:---|
| | **Grant Park Dynamic Allocation Fund** | **Bloomberg 1-3 Year U.S. Treasury Bond Index** |
| **12/27/24** | $10000 | $10000 |
| **12/31/24** | $10000 | $10018 |
| **01/31/25** | $10300 | $10062 |
| **02/28/25** | $10170 | $10133 |
| **03/31/25** | $9980 | $10180 |
| **04/30/25** | $10010 | $10263 |
| **05/31/25** | $10110 | $10240 |
| **06/30/25** | $10470 | $10302 |
| **07/31/25** | $10570 | $10296 |
| **08/31/25** | $10870 | $10386 |
| **09/30/25** | $11480 | $10417 |

---

# **Average Annual Total Returns** 

---

| | |
|:---|:---|
| | **Since Inception (December 27, 2024)** |
| Grant Park Dynamic Allocation Fund | 14.80% |
| Bloomberg 1-3 Year U.S. Treasury Bond Index | 4.17% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $51159837 |
| Number of Portfolio Holdings | 6 |
| Advisory Fee (net of waivers) | $43450 |
| Portfolio Turnover | 134% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic6d85ead020f180fab781673.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 27.4% |
| Money Market Funds | 72.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ie861149f686fdb203c5154ba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 16.6% |
| Commodity | 3.2% |
| Equity | 19.7% |
| Money Market Funds | 60.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard FTSE Emerging Markets ETF | 8.9% |
| Vanguard FTSE Developed Markets ETF | 7.8% |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 3.2% |
| Vanguard Real Estate ETF | 3.0% |

---

# Material Fund Changes
No material changes occurred during the period ended September 30, 2025.

![Image](i7685561258388553a3563fd1.jpg)

#### Grant Park Dynamic Allocation Fund

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.grantparkfunds.com/funds/dynamic-allocation-fund**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-GPKIX

#### Grant Park Multi Alternative Strategies Fund

#### Class A Shares (GPAAX)

#### Annual Shareholder Report - September 30, 2025
![Image](i7685561258388553a3563fd1.jpg)

# Fund Overview
This annual shareholder report contains important information about Grant Park Multi Alternative Strategies Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at**https://www.grantparkfunds.com/funds/multi-alternative-strategies-fund**. You can also request this information by contacting us at 1-855-501-4758.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A Shares | $181 | 1.76% |

---

# How did the Fund perform during the reporting period?
The Fund generated positive performance for the reporting period, with gains in equities and commodities partially offset by losses in fixed income and currency markets. The Fund remained active, adjusting exposures across major sectors in response to changing economic indicators, monetary policy expectations, and global geopolitical developments.

Equities were the largest contributor to performance, driven by rising global stock markets. Asian indices, including the Nikkei and Hang Seng, along with the S&P 500 and Nasdaq indices, were among the Fund's best-performing markets. The period included a sharp equity drawdown early in the year, followed by a sustained recovery as trade tensions eased and growth prospects stabilized. The Fund's diversified positioning and active management allowed it to limit losses during the decline and participate in the subsequent rebound.

Commodities also added to positive performance, led by strength in precious metals, with gold being the largest contributor to performance. Gold advanced to record highs amid heightened geopolitical risks, steady central-bank purchases, and a weaker U.S. dollar. Platinum and silver provided additional gains, while industrial metals such as copper and aluminum detracted from performance. Energy markets were volatile and proved difficult to trade as oil prices fluctuated widely, rising on supply concerns and Middle East tensions before retreating on softening demand and rising inventories. Despite the volatility, the Fund managed positions and captured gains in profitable trades while limiting losses in more challenging markets.

Currency trading produced minor losses amid policy uncertainty and fluctuating global interest-rate expectations with the Australian and Canadian dollars having the biggest losses. The U.S. dollar strengthened sharply following the election on prospects of fiscal expansion and higher yields, then reversed course as other central banks adopted easier policy and growth outside the U.S. improved. The Japanese yen weakened despite the Bank of Japan's rate hikes, while the euro strengthened modestly as European inflation cooled. Overall, the Fund's disciplined approach helped contain losses in the sector.

Fixed income was the largest detractor from performance as volatility increased across global interest rate markets. Short-term European and U.K. interest-rates, were particularly challenging as the European Central Bank and the Bank of England shifted from restrictive to more accommodative policies, resulting in the Euribor and 3-Month SONIA being the worst performing markets in the fixed sector. The Fund actively managed positions across these markets to mitigate downside risk.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3a21cd4724b0281e2fa7dc89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Grant Park Multi Alternative Strategies Fund** | **Bloomberg 1-3 Year U.S. Treasury Bond Index** | **Bloomberg U.S. Government/Corporate Long Bond Index** |
| **Sep-2015** | $9423 | $10000 | $10000 |
| **Sep-2016** | $9947 | $10088 | $11452 |
| **Sep-2017** | $9612 | $10113 | $11328 |
| **Sep-2018** | $9977 | $10109 | $11002 |
| **Sep-2019** | $11015 | $10557 | $13435 |
| **Sep-2020** | $11424 | $10941 | $15248 |
| **Sep-2021** | $12497 | $10943 | $14766 |
| **Sep-2022** | $12660 | $10388 | $10691 |
| **Sep-2023** | $12373 | $10642 | $10341 |
| **Sep-2024** | $13493 | $11364 | $12129 |
| **Sep-2025** | $14320 | $11806 | $11953 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Grant Park Multi Alternative Strategies Fund |  |  |  |
| Without Load | 6.13% | 4.62% | 4.27% |
| With Load | 0.07% | 3.39% | 3.66% |
| Bloomberg 1-3 Year U.S. Treasury Bond Index | 3.89% | 1.53% | 1.67% |
| Bloomberg U.S. Government/Corporate Long Bond Index | -1.45% | -4.75% | 1.80% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $307993798 |
| Number of Portfolio Holdings | 33 |
| Advisory Fee | $3920302 |
| Portfolio Turnover | 24% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ibb01e60121a08db24fbc41bb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bonds & Notes | 44.0% |
| Exchange-Traded Funds | 22.3% |
| Money Market Funds | 26.7% |
| U.S. Government & Agencies | 7.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i0172f17d9a6e2c8fb79b61e1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 7.9% |
| Fixed Income | 0.1% |
| CMO | 0.6% |
| Technology | 1.6% |
| Commodity | 5.1% |
| U.S. Treasury Obligations | 6.5% |
| Equity | 15.3% |
| Agency | 18.3% |
| Financials | 20.0% |
| Money Market Funds | 24.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Federal Home Loan Banks, 1.500%, 02/25/28 | 4.6% |
| Federal Home Loan Banks, 1.750%, 07/21/26 | 4.5% |
| Federal National Mortgage Association, 0.850%, 06/30/26 | 4.1% |
| iShares Gold Trust | 3.4% |
| Vanguard FTSE Developed Markets ETF | 3.3% |
| Vanguard FTSE Emerging Markets ETF | 3.3% |
| United States Treasury Bill, 3.970%, 10/30/25 | 3.2% |
| United States Treasury Bill, 3.970%, 11/06/25 | 3.2% |
| Federal Home Loan Banks, 2.000%, 06/30/26 | 3.2% |
| Federal Home Loan Mortgage Corporation, 0.700%, 08/19/26 | 3.2% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i7685561258388553a3563fd1.jpg)

#### Grant Park Multi Alternative Strategies Fund

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.grantparkfunds.com/funds/multi-alternative-strategies-fund**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-GPAAX

#### Grant Park Multi Alternative Strategies Fund

#### Class C Shares (GPACX)

#### Annual Shareholder Report - September 30, 2025
![Image](i7685561258388553a3563fd1.jpg)

# Fund Overview
This annual shareholder report contains important information about Grant Park Multi Alternative Strategies Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at**https://www.grantparkfunds.com/funds/multi-alternative-strategies-fund**. You can also request this information by contacting us at 1-855-501-4758.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C Shares | $257 | 2.51% |

---

# How did the Fund perform during the reporting period?
The Fund generated positive performance for the reporting period, with gains in equities and commodities partially offset by losses in fixed income and currency markets. The Fund remained active, adjusting exposures across major sectors in response to changing economic indicators, monetary policy expectations, and global geopolitical developments.

Equities were the largest contributor to performance, driven by rising global stock markets. Asian indices, including the Nikkei and Hang Seng, along with the S&P 500 and Nasdaq indices, were among the Fund's best-performing markets. The period included a sharp equity drawdown early in the year, followed by a sustained recovery as trade tensions eased and growth prospects stabilized. The Fund's diversified positioning and active management allowed it to limit losses during the decline and participate in the subsequent rebound.

Commodities also added to positive performance, led by strength in precious metals, with gold being the largest contributor to performance. Gold advanced to record highs amid heightened geopolitical risks, steady central-bank purchases, and a weaker U.S. dollar. Platinum and silver provided additional gains, while industrial metals such as copper and aluminum detracted from performance. Energy markets were volatile and proved difficult to trade as oil prices fluctuated widely, rising on supply concerns and Middle East tensions before retreating on softening demand and rising inventories. Despite the volatility, the Fund managed positions and captured gains in profitable trades while limiting losses in more challenging markets.

Currency trading produced minor losses amid policy uncertainty and fluctuating global interest-rate expectations with the Australian and Canadian dollars having the biggest losses. The U.S. dollar strengthened sharply following the election on prospects of fiscal expansion and higher yields, then reversed course as other central banks adopted easier policy and growth outside the U.S. improved. The Japanese yen weakened despite the Bank of Japan's rate hikes, while the euro strengthened modestly as European inflation cooled. Overall, the Fund's disciplined approach helped contain losses in the sector.

Fixed income was the largest detractor from performance as volatility increased across global interest rate markets. Short-term European and U.K. interest-rates, were particularly challenging as the European Central Bank and the Bank of England shifted from restrictive to more accommodative policies, resulting in the Euribor and 3-Month SONIA being the worst performing markets in the fixed sector. The Fund actively managed positions across these markets to mitigate downside risk.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3669c1cc20b81193c0b82a40.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Grant Park Multi Alternative Strategies Fund** | **Bloomberg 1-3 Year U.S. Treasury Bond Index** | **Bloomberg U.S. Government/Corporate Long Bond Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $10471 | $10088 | $11452 |
| **Sep-2017** | $10044 | $10113 | $11328 |
| **Sep-2018** | $10345 | $10109 | $11002 |
| **Sep-2019** | $11340 | $10557 | $13435 |
| **Sep-2020** | $11676 | $10941 | $15248 |
| **Sep-2021** | $12680 | $10943 | $14766 |
| **Sep-2022** | $12743 | $10388 | $10691 |
| **Sep-2023** | $12364 | $10642 | $10341 |
| **Sep-2024** | $13377 | $11364 | $12129 |
| **Sep-2025** | $14095 | $11806 | $11953 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Grant Park Multi Alternative Strategies Fund | 5.36% | 3.84% | 3.49% |
| Bloomberg 1-3 Year U.S. Treasury Bond Index | 3.89% | 1.53% | 1.67% |
| Bloomberg U.S. Government/Corporate Long Bond Index | -1.45% | -4.75% | 1.80% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $307993798 |
| Number of Portfolio Holdings | 33 |
| Advisory Fee | $3920302 |
| Portfolio Turnover | 24% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3d378a803b56a55674abb983.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bonds & Notes | 44.0% |
| Exchange-Traded Funds | 22.3% |
| Money Market Funds | 26.7% |
| U.S. Government & Agencies | 7.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](iae1e5a783610b34dcd8c82bf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 7.9% |
| Fixed Income | 0.1% |
| CMO | 0.6% |
| Technology | 1.6% |
| Commodity | 5.1% |
| U.S. Treasury Obligations | 6.5% |
| Equity | 15.3% |
| Agency | 18.3% |
| Financials | 20.0% |
| Money Market Funds | 24.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Federal Home Loan Banks, 1.500%, 02/25/28 | 4.6% |
| Federal Home Loan Banks, 1.750%, 07/21/26 | 4.5% |
| Federal National Mortgage Association, 0.850%, 06/30/26 | 4.1% |
| iShares Gold Trust | 3.4% |
| Vanguard FTSE Developed Markets ETF | 3.3% |
| Vanguard FTSE Emerging Markets ETF | 3.3% |
| United States Treasury Bill, 3.970%, 10/30/25 | 3.2% |
| United States Treasury Bill, 3.970%, 11/06/25 | 3.2% |
| Federal Home Loan Banks, 2.000%, 06/30/26 | 3.2% |
| Federal Home Loan Mortgage Corporation, 0.700%, 08/19/26 | 3.2% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i7685561258388553a3563fd1.jpg)

#### Grant Park Multi Alternative Strategies Fund

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.grantparkfunds.com/funds/multi-alternative-strategies-fund**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-GPACX

#### Grant Park Multi Alternative Strategies Fund

#### Class I Shares (GPAIX)

#### Annual Shareholder Report - September 30, 2025
![Image](i7685561258388553a3563fd1.jpg)

# Fund Overview
This annual shareholder report contains important information about Grant Park Multi Alternative Strategies Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at**https://www.grantparkfunds.com/funds/multi-alternative-strategies-fund**. You can also request this information by contacting us at 1-855-501-4758.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I Shares | $155 | 1.51% |

---

# How did the Fund perform during the reporting period?
The Fund generated positive performance for the reporting period, with gains in equities and commodities partially offset by losses in fixed income and currency markets. The Fund remained active, adjusting exposures across major sectors in response to changing economic indicators, monetary policy expectations, and global geopolitical developments.

Equities were the largest contributor to performance, driven by rising global stock markets. Asian indices, including the Nikkei and Hang Seng, along with the S&P 500 and Nasdaq indices, were among the Fund's best-performing markets. The period included a sharp equity drawdown early in the year, followed by a sustained recovery as trade tensions eased and growth prospects stabilized. The Fund's diversified positioning and active management allowed it to limit losses during the decline and participate in the subsequent rebound.

Commodities also added to positive performance, led by strength in precious metals, with gold being the largest contributor to performance. Gold advanced to record highs amid heightened geopolitical risks, steady central-bank purchases, and a weaker U.S. dollar. Platinum and silver provided additional gains, while industrial metals such as copper and aluminum detracted from performance. Energy markets were volatile and proved difficult to trade as oil prices fluctuated widely, rising on supply concerns and Middle East tensions before retreating on softening demand and rising inventories. Despite the volatility, the Fund managed positions and captured gains in profitable trades while limiting losses in more challenging markets.

Currency trading produced minor losses amid policy uncertainty and fluctuating global interest-rate expectations with the Australian and Canadian dollars having the biggest losses. The U.S. dollar strengthened sharply following the election on prospects of fiscal expansion and higher yields, then reversed course as other central banks adopted easier policy and growth outside the U.S. improved. The Japanese yen weakened despite the Bank of Japan's rate hikes, while the euro strengthened modestly as European inflation cooled. Overall, the Fund's disciplined approach helped contain losses in the sector.

Fixed income was the largest detractor from performance as volatility increased across global interest rate markets. Short-term European and U.K. interest-rates, were particularly challenging as the European Central Bank and the Bank of England shifted from restrictive to more accommodative policies, resulting in the Euribor and 3-Month SONIA being the worst performing markets in the fixed sector. The Fund actively managed positions across these markets to mitigate downside risk.

# How has the Fund performed over the last ten years?

# Total Return Based on $100,000 Investment
![Growth of 10K Chart](ic5b1c6485ff2de3ecf49c89c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Grant Park Multi Alternative Strategies Fund** | **Bloomberg 1-3 Year U.S. Treasury Bond Index** | **Bloomberg U.S. Government/Corporate Long Bond Index** |
| **Sep-2015** | $100000 | $100000 | $100000 |
| **Sep-2016** | $105697 | $100883 | $114516 |
| **Sep-2017** | $102379 | $101130 | $113283 |
| **Sep-2018** | $106538 | $101094 | $110021 |
| **Sep-2019** | $117918 | $105566 | $134354 |
| **Sep-2020** | $122773 | $109407 | $152479 |
| **Sep-2021** | $134544 | $109426 | $147664 |
| **Sep-2022** | $136602 | $103884 | $106908 |
| **Sep-2023** | $133878 | $106418 | $103409 |
| **Sep-2024** | $146383 | $113643 | $121294 |
| **Sep-2025** | $155790 | $118061 | $119531 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Grant Park Multi Alternative Strategies Fund | 6.43% | 4.88% | 4.53% |
| Bloomberg 1-3 Year U.S. Treasury Bond Index | 3.89% | 1.53% | 1.67% |
| Bloomberg U.S. Government/Corporate Long Bond Index | -1.45% | -4.75% | 1.80% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $307993798 |
| Number of Portfolio Holdings | 33 |
| Advisory Fee | $3920302 |
| Portfolio Turnover | 24% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i39fd4429263beafa14f22792.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bonds & Notes | 44.0% |
| Exchange-Traded Funds | 22.3% |
| Money Market Funds | 26.7% |
| U.S. Government & Agencies | 7.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i0fce27c96304c55bb58918e9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 7.9% |
| Fixed Income | 0.1% |
| CMO | 0.6% |
| Technology | 1.6% |
| Commodity | 5.1% |
| U.S. Treasury Obligations | 6.5% |
| Equity | 15.3% |
| Agency | 18.3% |
| Financials | 20.0% |
| Money Market Funds | 24.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Federal Home Loan Banks, 1.500%, 02/25/28 | 4.6% |
| Federal Home Loan Banks, 1.750%, 07/21/26 | 4.5% |
| Federal National Mortgage Association, 0.850%, 06/30/26 | 4.1% |
| iShares Gold Trust | 3.4% |
| Vanguard FTSE Developed Markets ETF | 3.3% |
| Vanguard FTSE Emerging Markets ETF | 3.3% |
| United States Treasury Bill, 3.970%, 10/30/25 | 3.2% |
| United States Treasury Bill, 3.970%, 11/06/25 | 3.2% |
| Federal Home Loan Banks, 2.000%, 06/30/26 | 3.2% |
| Federal Home Loan Mortgage Corporation, 0.700%, 08/19/26 | 3.2% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i7685561258388553a3563fd1.jpg)

#### Grant Park Multi Alternative Strategies Fund

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.grantparkfunds.com/funds/multi-alternative-strategies-fund**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-GPAIX

#### Grant Park Multi Alternative Strategies Fund

#### Class N Shares (GPANX)

#### Annual Shareholder Report - September 30, 2025
![Image](i7685561258388553a3563fd1.jpg)

# Fund Overview
This annual shareholder report contains important information about Grant Park Multi Alternative Strategies Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at**https://www.grantparkfunds.com/funds/multi-alternative-strategies-fund**. You can also request this information by contacting us at 1-855-501-4758.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N Shares | $181 | 1.76% |

---

# How did the Fund perform during the reporting period?
The Fund generated positive performance for the reporting period, with gains in equities and commodities partially offset by losses in fixed income and currency markets. The Fund remained active, adjusting exposures across major sectors in response to changing economic indicators, monetary policy expectations, and global geopolitical developments.

Equities were the largest contributor to performance, driven by rising global stock markets. Asian indices, including the Nikkei and Hang Seng, along with the S&P 500 and Nasdaq indices, were among the Fund's best-performing markets. The period included a sharp equity drawdown early in the year, followed by a sustained recovery as trade tensions eased and growth prospects stabilized. The Fund's diversified positioning and active management allowed it to limit losses during the decline and participate in the subsequent rebound.

Commodities also added to positive performance, led by strength in precious metals, with gold being the largest contributor to performance. Gold advanced to record highs amid heightened geopolitical risks, steady central-bank purchases, and a weaker U.S. dollar. Platinum and silver provided additional gains, while industrial metals such as copper and aluminum detracted from performance. Energy markets were volatile and proved difficult to trade as oil prices fluctuated widely, rising on supply concerns and Middle East tensions before retreating on softening demand and rising inventories. Despite the volatility, the Fund managed positions and captured gains in profitable trades while limiting losses in more challenging markets.

Currency trading produced minor losses amid policy uncertainty and fluctuating global interest-rate expectations with the Australian and Canadian dollars having the biggest losses. The U.S. dollar strengthened sharply following the election on prospects of fiscal expansion and higher yields, then reversed course as other central banks adopted easier policy and growth outside the U.S. improved. The Japanese yen weakened despite the Bank of Japan's rate hikes, while the euro strengthened modestly as European inflation cooled. Overall, the Fund's disciplined approach helped contain losses in the sector.

Fixed income was the largest detractor from performance as volatility increased across global interest rate markets. Short-term European and U.K. interest-rates, were particularly challenging as the European Central Bank and the Bank of England shifted from restrictive to more accommodative policies, resulting in the Euribor and 3-Month SONIA being the worst performing markets in the fixed sector. The Fund actively managed positions across these markets to mitigate downside risk.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib53fbab6f750ac8592d94a90.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Grant Park Multi Alternative Strategies Fund** | **Bloomberg 1-3 Year U.S. Treasury Bond Index** | **Bloomberg U.S. Government/Corporate Long Bond Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $10548 | $10088 | $11452 |
| **Sep-2017** | $10195 | $10113 | $11328 |
| **Sep-2018** | $10582 | $10109 | $11002 |
| **Sep-2019** | $11680 | $10557 | $13435 |
| **Sep-2020** | $12123 | $10941 | $15248 |
| **Sep-2021** | $13259 | $10943 | $14766 |
| **Sep-2022** | $13420 | $10388 | $10691 |
| **Sep-2023** | $13132 | $10642 | $10341 |
| **Sep-2024** | $14319 | $11364 | $12129 |
| **Sep-2025** | $15199 | $11806 | $11953 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Grant Park Multi Alternative Strategies Fund | 6.15% | 4.63% | 4.28% |
| Bloomberg 1-3 Year U.S. Treasury Bond Index | 3.89% | 1.53% | 1.67% |
| Bloomberg U.S. Government/Corporate Long Bond Index | -1.45% | -4.75% | 1.80% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $307993798 |
| Number of Portfolio Holdings | 33 |
| Advisory Fee | $3920302 |
| Portfolio Turnover | 24% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1fad4b96ad637513b27d4777.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Bonds & Notes | 44.0% |
| Exchange-Traded Funds | 22.3% |
| Money Market Funds | 26.7% |
| U.S. Government & Agencies | 7.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i4a591a8b8411e9b3d3735c33.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 7.9% |
| Fixed Income | 0.1% |
| CMO | 0.6% |
| Technology | 1.6% |
| Commodity | 5.1% |
| U.S. Treasury Obligations | 6.5% |
| Equity | 15.3% |
| Agency | 18.3% |
| Financials | 20.0% |
| Money Market Funds | 24.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Federal Home Loan Banks, 1.500%, 02/25/28 | 4.6% |
| Federal Home Loan Banks, 1.750%, 07/21/26 | 4.5% |
| Federal National Mortgage Association, 0.850%, 06/30/26 | 4.1% |
| iShares Gold Trust | 3.4% |
| Vanguard FTSE Developed Markets ETF | 3.3% |
| Vanguard FTSE Emerging Markets ETF | 3.3% |
| United States Treasury Bill, 3.970%, 10/30/25 | 3.2% |
| United States Treasury Bill, 3.970%, 11/06/25 | 3.2% |
| Federal Home Loan Banks, 2.000%, 06/30/26 | 3.2% |
| Federal Home Loan Mortgage Corporation, 0.700%, 08/19/26 | 3.2% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](i7685561258388553a3563fd1.jpg)

#### Grant Park Multi Alternative Strategies Fund

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.grantparkfunds.com/funds/multi-alternative-strategies-fund**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-GPANX

(b) Not applicable

**Item 2. Code of Ethics.** 

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) N/A

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See
 Item 19(a)(1)

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

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

(a)(2) Not applicable.

(a)(3) Not applicable.

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

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

2025 - $38,000

2024 - $20,000

(b) Audit-Related
 Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that
 are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this item.

(c) Tax
 Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for
 tax compliance are as follows:

2025 – $10,000

2024 – $5,000

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) All
 Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's
 principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years
 ended September 30, 2024, and 2025 respectively.

---

| | |
|:---|:---|
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%). |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended September 30, 2024, and 2025 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

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

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

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

(a)&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Grant Park Multi Alternative Strategies Fund** | **Grant Park Multi Alternative Strategies Fund** | **Grant Park Multi Alternative Strategies Fund** |
| Class A shares: GPAAX | Class C shares: GPACX | Class I shares: GPAIX |
|  | Class N shares: GPANX |  |
| **Grant Park Dynamic Allocation Fund** | **Grant Park Dynamic Allocation Fund** | **Grant Park Dynamic Allocation Fund** |
| Class A shares: GPKAX&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I shares: GPKIX | Class A shares: GPKAX&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I shares: GPKIX | Class A shares: GPKAX&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I shares: GPKIX |
| Annual Consolidated Financial Statements | Annual Consolidated Financial Statements | Annual Consolidated Financial Statements |
| and Additional Information | and Additional Information | and Additional Information |
| September 30, 2025 | September 30, 2025 | September 30, 2025 |

---

---

| |
|:---|
| **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 20.5%** |  |  |  |
|  | **COMMODITY - 5.1%** |  |  |  |
| 398015 | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF |  |  | $5345341 |
| 144190 | iShares Gold Trust<sup>(a),(b)</sup> |  |  | 10492707 |
|  |  |  |  | 15838048 |
|  | **EQUITY - 15.4%** |  |  |  |
| 12350 | iShares Core S&P 500 ETF |  |  | 8265855 |
| 13738 | iShares MSCI ACWI ETF |  |  | 1899141 |
| 28114 | iShares MSCI ACWI ex U.S. ETF |  |  | 1827691 |
| 19296 | iShares MSCI EAFE ETF |  |  | 1801668 |
| 23612 | iShares MSCI EAFE Small-Cap ETF |  |  | 1811513 |
| 35945 | iShares MSCI Emerging Markets ETF |  |  | 1919463 |
| 5004 | iShares Russell 1000 ETF |  |  | 1828862 |
| 7639 | iShares Russell 2000 ETF |  |  | 1848332 |
| 20061 | iShares Russell Mid-Cap ETF |  |  | 1936890 |
| 18409 | iShares U.S. Real Estate ETF |  |  | 1787146 |
| 171734 | Vanguard FTSE Developed Markets ETF |  |  | 10290300 |
| 185742 | Vanguard FTSE Emerging Markets ETF |  |  | 10063501 |
| 21449 | Vanguard Real Estate ETF |  |  | 1960868 |
|  |  |  |  | 47241230 |
|  | **FIXED INCOME - 0.0%<sup>(c)</sup>** |  |  |  |
| 2408 | Vanguard Long-Term Treasury ETF |  |  | 136919 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $47,452,349)** |  |  | 63216197 |
| **Principal** |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **(%)** | **Maturity** | **Fair Value** |
|  | **BONDS & NOTES — 40.5%** |  |  |  |
|  | **SOFTWARE — 1.6%** |  |  |  |
| 5000000 | Microsoft Corporation | 3.1250 | 11/03/25 | 4994917 |
|  | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 38.9%** |  |  |  |
| 10000000 | Federal Home Loan Banks<sup>(d)</sup> | 2.0000 | 06/30/26 | 9878929 |
| 14000000 | Federal Home Loan Banks<sup>(d)</sup> | 1.7500 | 07/21/26 | 13805008 |
| 4250000 | Federal Home Loan Banks<sup>(d)</sup> | 2.0000 | 05/27/27 | 4229292 |
| 10000000 | Federal Home Loan Banks<sup>(d)</sup> | 1.5000 | 06/30/27 | 9716118 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **BONDS & NOTES — 40.5% (Continued)** |  |  |  |
|  | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 38.9% (Continued)** |  |  |  |
| 10000000 | Federal Home Loan Banks<sup>(d)</sup> | 1.5000 | 01/28/28 | $9680661 |
| 10000000 | Federal Home Loan Banks<sup>(d)</sup> | 1.6250 | 02/24/28 | 9664430 |
| 14750000 | Federal Home Loan Banks<sup>(d)</sup> | 1.5000 | 02/25/28 | 14247203 |
| 10000000 | Federal Home Loan Banks<sup>(d)</sup> | 1.7500 | 08/16/28 | 9607687 |
| 9900000 | Federal Home Loan Banks<sup>(d)</sup> | 2.0000 | 08/24/28 | 9636401 |
| 10000000 | Federal Home Loan Mortgage Corporation | 0.7000 | 08/19/26 | 9739911 |
| 5000000 | Federal National Mortgage Association | 0.7500 | 01/20/26 | 4951252 |
| 13000000 | Federal National Mortgage Association | 0.8500 | 06/30/26 | 12729486 |
| 1988464 | Government National Mortgage Association | 2.5000 | 12/20/49 | 1749916 |
|  |  |  |  | 119636294 |
|  | **TOTAL BONDS & NOTES (Cost $127,900,011)** |  |  | 124631211 |
| **Principal<br> Amount ($)** |  | **Yield Rate <br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 6.5%** |  |  |  |
|  | **U.S. TREASURY BILLS — 6.5%** |  |  |  |
| 10000000 | United States Treasury Bill<sup>(e)</sup> | 3.9700 | 10/30/25 | 9967455 |
| 10000000 | United States Treasury Bill<sup>(e)</sup> | 3.9700 | 11/06/25 | 9959900 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $19,927,369)** |  |  | 19927355 |
| **Shares** |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 24.6%** |  |  |  |
|  | **MONEY MARKET FUND - 24.6%** |  |  |  |
| 75735562 | Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Class, 4.05%<sup>(f)</sup> **(Cost $75,735,562)** | Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Class, 4.05%<sup>(f)</sup> **(Cost $75,735,562)** | Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Class, 4.05%<sup>(f)</sup> **(Cost $75,735,562)** | 75735562 |
|  | **TOTAL INVESTMENTS - 92.1% (Cost $271,015,291)** | **TOTAL INVESTMENTS - 92.1% (Cost $271,015,291)** |  | $283510325 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 7.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 7.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 7.9%** | 24483473 |
|  | **NET ASSETS - 100.0%** |  |  | $307993798 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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<sup>(g)</sup>** | **Value and <br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 673 | 3 Month Euro Euribor Future | 06/14/2027 | $193286027 | $(185090) |
| 254 | CBOT 10 Year US Treasury Note | 12/19/2025 | 28575000 | (90782) |
| 246 | CBOT 2 Year US Treasury Note Future | 12/31/2025 | 51266016 | (92062) |
| 171 | CBOT 30 Day Federal Funds Future | 12/31/2025 | 68604988 | (646) |
| 300 | CBOT 5 Year US Treasury Note | 12/19/2025 | 32758594 | (61970) |
| 162 | CBOT US Treasury Bond Futures | 12/22/2025 | 18888188 | 99594 |
| 204 | CME Australian Dollar Currency Future | 12/15/2025 | 13508880 | (21425) |
| 16 | CME E-Mini NASDAQ 100 Index Future | 12/19/2025 | 7968560 | 277929 |
| 77 | CME E-Mini Standard & Poor's 500 Index Future | 12/19/2025 | 25944188 | 685703 |
| 20 | CME E-Mini Standard & Poor's MidCap 400 Index | 12/19/2025 | 6572400 | (12435) |
| 87 | CME Euro Foreign Exchange Currency Future | 12/15/2025 | 12823800 | (16194) |
| 62 | CME Lean Hogs Future<sup>(b)</sup> | 12/12/2025 | 2200380 | 2060 |
| 21 | CME Live Cattle Future<sup>(b)</sup> | 12/31/2025 | 1972110 | (4520) |
| 499 | CME Mexican Peso Currency Future | 12/15/2025 | 13502940 | 268510 |
| 25 | CME Swiss Franc Currency Future | 12/15/2025 | 3960313 | (19544) |
| 95 | COMEX Gold 100 Troy Ounces Future<sup>(b)</sup> | 12/29/2025 | 36795400 | 3654200 |
| 14 | COMEX Silver Future<sup>(b)</sup> | 12/29/2025 | 3264800 | 602330 |
| 134 | Euro-BTP Italian Bond Futures | 12/08/2025 | 18852501 | 53050 |
| 116 | FTSE 100 Index Future | 12/19/2025 | 14676484 | 132332 |
| 80 | HKG Hang Seng Index Future | 10/30/2025 | 13833197 | 248754 |
| 27 | ICE Brent Crude Oil Future<sup>(b)</sup> | 12/03/2025 | 1782810 | (54180) |
| 138 | ICE Gas Oil Future<sup>(b)</sup> | 11/12/2025 | 9480600 | 2400 |
| 230 | ICE US MSCI Emerging Markets EM Index Futures | 12/19/2025 | 15636550 | 283290 |
| 48 | LME Copper Future<sup>(b)</sup> | 12/17/2025 | 12325716 | 455791 |
| 21 | LME Nickel Future<sup>(b)</sup> | 12/17/2025 | 1916514 | (19284) |
| 183 | LME Primary Aluminum Future<sup>(b)</sup> | 12/17/2025 | 12265072 | 318347 |
| 70 | LME Zinc Future<sup>(b)</sup> | 12/17/2025 | 5195995 | 42845 |
| 8 | NYBOT CSC C Coffee Future<sup>(b)</sup> | 12/18/2025 | 1124550 | 55950 |
| 28 | NYMEX NY Harbor ULSD Futures<sup>(b)</sup> | 11/03/2025 | 2733142 | (33642) |
| 31 | NYMEX Platinum Future<sup>(b)</sup> | 01/28/2026 | 2488835 | 146820 |
| 44 | NYMEX Reformulated Gasoline Blendstock for Oxygen<sup>(b)</sup> | 11/03/2025 | 3552410 | (58309) |
| 526 | SGX Asiaclear TSI Iron Ore CFR China 62% FE Fines<sup>(b)</sup> | 11/28/2025 | 5448308 | (120272) |
| 153 | SGX Nikkei 225 Stock Index Future | 12/11/2025 | 23232065 | 1485303 |
| 1474 | Three-Month SOFR Futures | 06/15/2027 | 357076500 | (335988) |
|  | **NET UNREALIZED APPRECIATION FROM OPEN LONG FUTURES CONTRACTS** | **NET UNREALIZED APPRECIATION FROM OPEN LONG FUTURES CONTRACTS** | **NET UNREALIZED APPRECIATION FROM OPEN LONG FUTURES CONTRACTS** | $7688865 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(g)</sup>** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| 141 | CBOT Corn Future<sup>(b)</sup> | 12/12/2025 | $2929275 | $(1387) |
| 19 | CBOT Oats Future<sup>(b)</sup> | 12/12/2025 | 292125 | 19700 |
| 28 | CBOT Rough Rice Future<sup>(b)</sup> | 11/14/2025 | 625240 | 48410 |
| 18 | CBOT Soybean Future<sup>(b)</sup> | 11/14/2025 | 901575 | 7250 |
| 294 | CBOT Soybean Meal Future<sup>(b)</sup> | 12/12/2025 | 8035020 | 341230 |
| 54 | CBOT Soybean Oil Future<sup>(b)</sup> | 12/12/2025 | 1603476 | 98862 |
| 204 | CBOT Wheat Future<sup>(b)</sup> | 12/12/2025 | 5181600 | 347362 |
| 5 | CME British Pound Currency Future | 12/15/2025 | 420344 | (556) |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(g)</sup>** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| 249 | CME Canadian Dollar Currency Future | 12/16/2025 | $17952900 | $182760 |
| 219 | CME Japanese Yen Currency Future | 12/15/2025 | 18653325 | 77120 |
| 240 | CME New Zealand Dollar Currency Future | 12/15/2025 | 13954800 | 354070 |
| 4 | COMEX Copper Future<sup>(b)</sup> | 12/29/2025 | 485650 | (19112) |
| 98 | Eurex 10 Year Euro BUND Future | 12/08/2025 | 14792040 | (7803) |
| 307 | Eurex 2 Year Euro SCHATZ Future | 12/08/2025 | 38557009 | 58813 |
| 16 | Eurex 30 Year Euro BUXL Future | 12/08/2025 | 2150364 | (5633) |
| 97 | Eurex 5 Year Euro BOBL Future | 12/08/2025 | 13415790 | 25539 |
| 7 | Eurex DAX Index Future | 12/19/2025 | 4932995 | (36106) |
| 80 | French Government Bond Futures | 12/08/2025 | 11397042 | (62045) |
| 13 | LME Copper Future<sup>(b)</sup> | 12/17/2025 | 3338215 | (107290) |
| 74 | LME Nickel Future<sup>(b)</sup> | 12/17/2025 | 6753431 | (17783) |
| 55 | LME Primary Aluminum Future<sup>(b)</sup> | 12/17/2025 | 3686224 | (51449) |
| 1 | LME Zinc Future<sup>(b)</sup> | 12/17/2025 | 74229 | (1378) |
| 141 | Long Gilt Future | 12/29/2025 | 17226064 | (34597) |
| 25 | NYBOT CSC Cocoa Future<sup>(b)</sup> | 12/15/2025 | 1687250 | 67340 |
| 550 | NYBOT CSC Number 11 World Sugar Future<sup>(b)</sup> | 03/02/2026 | 10225600 | (26365) |
| 3 | NYBOT CTN Frozen Concentrated Orange Juice A<sup>(b)</sup> | 11/07/2025 | 109598 | 6165 |
| 450 | NYBOT CTN Number 2 Cotton Future<sup>(b)</sup> | 12/08/2025 | 14798250 | 157345 |
| 171 | NYBOT FINEX United States Dollar Index Future | 12/15/2025 | 16664121 | (18468) |
| 73 | NYMEX Henry Hub Natural Gas Futures<sup>(b)</sup> | 11/03/2025 | 2411190 | 7130 |
| 21 | NYMEX Light Sweet Crude Oil Future<sup>(b)</sup> | 11/03/2025 | 1309770 | 8860 |
| 1019 | Three Month SONIA Index Futures | 06/15/2027 | 330107760 | (50190) |
| 78 | TSE Japanese 10 Year Bond Futures | 12/15/2025 | 71629818 | 369530 |
| 33 | WCE Canola Future<sup>(b)</sup> | 11/17/2025 | 287062 | (26503) |
|  | **NET UNREALIZED APPRECIATION FROM OPEN SHORT FUTURES CONTRACTS** | **NET UNREALIZED APPRECIATION FROM OPEN SHORT FUTURES CONTRACTS** | **NET UNREALIZED APPRECIATION FROM OPEN SHORT FUTURES CONTRACTS** | $1710821 |
|  | **TOTAL NET UNREALIZED APPRECIATION FROM OPEN FUTURES CONTRACTS** | **TOTAL NET UNREALIZED APPRECIATION FROM OPEN FUTURES CONTRACTS** | **TOTAL NET UNREALIZED APPRECIATION FROM OPEN FUTURES CONTRACTS** | $9399686 |

---

---

| | |
|:---|:---|
| ACWI | - All Country World Index |
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |

---

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

<sup>(b)</sup> All or a portion of this investment is a holding of the GPMAS Fund Limited.

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

<sup>(d)</sup> Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at September 30, 2025. <br><sup>(e)</sup> Zero coupon bond.

<sup>(f)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

<sup>(g)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **GRANT PARK DYNAMIC ALLOCATION FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 22.8%** | **EXCHANGE-TRADED FUNDS — 22.8%** | **EXCHANGE-TRADED FUNDS — 22.8%** |  |
|  | **COMMODITY - 3.1%** | **COMMODITY - 3.1%** | **COMMODITY - 3.1%** |  |
| 120086 | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | $1612755 |
|  | **EQUITY - 19.7%** | **EQUITY - 19.7%** | **EQUITY - 19.7%** |  |
| 66207 | Vanguard FTSE Developed Markets ETF | Vanguard FTSE Developed Markets ETF | Vanguard FTSE Developed Markets ETF | 3967123 |
| 84262 | Vanguard FTSE Emerging Markets ETF | Vanguard FTSE Emerging Markets ETF | Vanguard FTSE Emerging Markets ETF | 4565315 |
| 16671 | Vanguard Real Estate ETF | Vanguard Real Estate ETF | Vanguard Real Estate ETF | 1524063 |
|  |  |  |  | 10056501 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $10,797,997)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $10,797,997)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $10,797,997)** | 11669256 |
|  | **SHORT-TERM INVESTMENTS — 60.5%** | **SHORT-TERM INVESTMENTS — 60.5%** | **SHORT-TERM INVESTMENTS — 60.5%** |  |
|  | **MONEY MARKET FUNDS - 60.5%** | **MONEY MARKET FUNDS - 60.5%** | **MONEY MARKET FUNDS - 60.5%** |  |
| 253657 | Fidelity Investments Money Market Government Portfolio - Class I, 4.04%<sup>(a)</sup> **(Cost $253,657)** | Fidelity Investments Money Market Government Portfolio - Class I, 4.04%<sup>(a)</sup> **(Cost $253,657)** | Fidelity Investments Money Market Government Portfolio - Class I, 4.04%<sup>(a)</sup> **(Cost $253,657)** | 253657 |
| 30716996 | Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Class, 4.05%<sup>(a)(c)</sup> **(Cost $30,716,996)** | Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Class, 4.05%<sup>(a)(c)</sup> **(Cost $30,716,996)** | Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Class, 4.05%<sup>(a)(c)</sup> **(Cost $30,716,996)** | 30716996 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $30,970,653)** | **TOTAL MONEY MARKET FUNDS (Cost $30,970,653)** | **TOTAL MONEY MARKET FUNDS (Cost $30,970,653)** | 30970653 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $30,970,653)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $30,970,653)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $30,970,653)** | 30970653 |
|  | **TOTAL INVESTMENTS - 83.3% (Cost $41,768,650)** | **TOTAL INVESTMENTS - 83.3% (Cost $41,768,650)** | **TOTAL INVESTMENTS - 83.3% (Cost $41,768,650)** | $42639909 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 16.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 16.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 16.7%** | 8519928 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $51159837 |
| **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<sup>(b)</sup>** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 84 | 3 Month Euro Euribor Future | 06/14/2027 | $24124853 | $(17570) |
| 33 | CBOT 10 Year US Treasury Note | 12/19/2025 | 3712500 | (16563) |
| 31 | CBOT 2 Year US Treasury Note Future | 12/31/2025 | 6460351 | (12016) |
| 24 | CBOT 30 Day Federal Funds Future | 12/31/2025 | 9628770 | 250 |
| 40 | CBOT 5 Year US Treasury Note | 12/19/2025 | 4367813 | (10937) |
| 20 | CBOT US Treasury Bond Futures | 12/22/2025 | 2331875 | 3797 |
| 28 | CME Australian Dollar Currency Future | 12/15/2025 | 1854160 | (1450) |
| 2 | CME E-Mini NASDAQ 100 Index Future | 12/19/2025 | 996070 | 19306 |
| 10 | CME E-Mini Standard & Poor's 500 Index Future | 12/19/2025 | 3369375 | 73185 |
| 5 | CME E-Mini Standard & Poor's MidCap 400 Index | 12/19/2025 | 1643100 | (6340) |
| 11 | CME Euro Foreign Exchange Currency Future | 12/15/2025 | 1621400 | (2075) |
| 8 | CME Lean Hogs Future<sup>(c)</sup> | 12/12/2025 | 283920 | (380) |
| 2 | CME Live Cattle Future<sup>(c)</sup> | 12/31/2025 | 187820 | 270 |
| 63 | CME Mexican Peso Currency Future | 12/15/2025 | 1704780 | 27790 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **GRANT PARK DYNAMIC ALLOCATION FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| 3 | CME Swiss Franc Currency Future | 12/15/2025 | $475238 | $(2088) |
| 129 | COMEX E-Micro Gold Futures<sup>(c)</sup> | 12/29/2025 | 4996428 | 485291 |
| 12 | COMEX Gold 100 Troy Ounces Future<sup>(c)</sup> | 12/29/2025 | 4647840 | 421390 |
| 1 | COMEX Silver Future<sup>(c)</sup> | 12/29/2025 | 233200 | 43245 |
| 17 | Euro-BTP Italian Bond Futures | 12/08/2025 | 2391735 | 3832 |
| 18 | FTSE 100 Index Future | 12/19/2025 | 2277386 | 21788 |
| 10 | HKG Hang Seng Index Future | 10/30/2025 | 1729150 | 31153 |
| 3 | ICE Brent Crude Oil Future<sup>(c)</sup> | 12/03/2025 | 198090 | (6240) |
| 18 | ICE Gas Oil Future<sup>(c)</sup> | 11/12/2025 | 1236599 | (1275) |
| 33 | ICE US MSCI Emerging Markets EM Index Futures | 12/19/2025 | 2243505 | 34800 |
| 7 | LME Copper Future<sup>(c)</sup> | 12/17/2025 | 1797499 | 60200 |
| 4 | LME Nickel Future<sup>(c)</sup> | 12/17/2025 | 365050 | (3464) |
| 25 | LME Primary Aluminum Future<sup>(c)</sup> | 12/17/2025 | 1675556 | 34131 |
| 9 | LME Zinc Future<sup>(c)</sup> | 12/17/2025 | 668057 | 6907 |
| 671 | Micro E-mini S&P 500 futures | 12/22/2025 | 22608507 | 218079 |
| 1 | NYBOT CSC C Coffee Future<sup>(c)</sup> | 12/18/2025 | 140569 | 6769 |
| 3 | NYMEX NY Harbor ULSD Futures<sup>(c)</sup> | 11/03/2025 | 292837 | (5850) |
| 4 | NYMEX Platinum Future<sup>(c)</sup> | 01/28/2026 | 321140 | 19740 |
| 6 | NYMEX Reformulated Gasoline Blendstock for Oxygen<sup>(c)</sup> | 11/03/2025 | 484420 | (6632) |
| 65 | SGX Asiaclear TSI Iron Ore CFR China 62% FE Fines<sup>(c)</sup> | 11/28/2025 | 673270 | (13920) |
| 22 | SGX Nikkei 225 Stock Index Future | 12/11/2025 | 3340558 | 170732 |
| 189 | Three-Month SOFR Futures | 06/15/2027 | 45785250 | (44887) |
|  | **NET UNREALIZED APPRECIATION FROM OPEN LONG FUTURES CONTRACTS** | **NET UNREALIZED APPRECIATION FROM OPEN LONG FUTURES CONTRACTS** | **NET UNREALIZED APPRECIATION FROM OPEN LONG FUTURES CONTRACTS** | $1530968 |
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| 18 | CBOT Corn Future<sup>(c)</sup> | 12/12/2025 | $373950 | $1750 |
| 3 | CBOT Oats Future<sup>(c)</sup> | 12/12/2025 | 46125 | 2900 |
| 3 | CBOT Rough Rice Future<sup>(c)</sup> | 11/14/2025 | 66990 | 4350 |
| 1 | CBOT Soybean Future<sup>(c)</sup> | 11/14/2025 | 50088 | 312 |
| 36 | CBOT Soybean Meal Future<sup>(c)</sup> | 12/12/2025 | 983880 | 45120 |
| 7 | CBOT Soybean Oil Future<sup>(c)</sup> | 12/12/2025 | 207858 | 11790 |
| 6 | CBOT US Treasury Bond Futures | 12/22/2025 | 699563 | (14500) |
| 26 | CBOT Wheat Future<sup>(c)</sup> | 12/12/2025 | 660400 | 30538 |
| 1 | CME British Pound Currency Future | 12/15/2025 | 84069 | (106) |
| 33 | CME Canadian Dollar Currency Future | 12/16/2025 | 2379300 | 23925 |
| 28 | CME Japanese Yen Currency Future | 12/15/2025 | 2384900 | 6935 |
| 31 | CME New Zealand Dollar Currency Future | 12/15/2025 | 1802495 | 38970 |
| 13 | Eurex 10 Year Euro BUND Future | 12/08/2025 | 1962209 | (1177) |
| 41 | Eurex 2 Year Euro SCHATZ Future | 12/08/2025 | 5149307 | 6443 |
| 2 | Eurex 30 Year Euro BUXL Future | 12/08/2025 | 268795 | (605) |
| 13 | Eurex 5 Year Euro BOBL Future | 12/08/2025 | 1797992 | 3196 |
| 1 | Eurex DAX Index Future | 12/19/2025 | 704714 | (5158) |
| 11 | French Government Bond Futures | 12/08/2025 | 1567093 | (7960) |
| 2 | LME Copper Future<sup>(c)</sup> | 12/17/2025 | 513571 | (10871) |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **GRANT PARK DYNAMIC ALLOCATION FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** |
| **Number of<br> Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| 11 | LME Nickel Future<sup>(c)</sup> | 12/17/2025 | $1003888 | $(124) |
| 8 | LME Primary Aluminum Future<sup>(c)</sup> | 12/17/2025 | 536178 | (6878) |
| 18 | Long Gilt Future | 12/29/2025 | 2199072 | 1611 |
| 3 | NYBOT CSC Cocoa Future<sup>(c)</sup> | 12/15/2025 | 202470 | 6170 |
| 72 | NYBOT CSC Number 11 World Sugar Future<sup>(c)</sup> | 03/02/2026 | 1338624 | (12645) |
| 61 | NYBOT CTN Number 2 Cotton Future<sup>(c)</sup> | 12/08/2025 | 2005985 | 20545 |
| 22 | NYBOT FINEX United States Dollar Index Future | 12/15/2025 | 2143922 | (3177) |
| 9 | NYMEX Henry Hub Natural Gas Futures<sup>(c)</sup> | 11/03/2025 | 297270 | (2120) |
| 3 | NYMEX Light Sweet Crude Oil Future<sup>(c)</sup> | 11/03/2025 | 187110 | 1170 |
| 143 | Three Month SONIA Index Futures | 06/15/2027 | 46325230 | (5490) |
| 10 | TSE Japanese 10 Year Bond Futures | 12/15/2025 | 9183316 | 46041 |
| 4 | WCE Canola Future<sup>(c)</sup> | 11/17/2025 | 34795 | (1416) |
|  | **NET UNREALIZED APPRECIATION FROM OPEN SHORT FUTURES CONTRACTS** | **NET UNREALIZED APPRECIATION FROM OPEN SHORT FUTURES CONTRACTS** | **NET UNREALIZED APPRECIATION FROM OPEN SHORT FUTURES CONTRACTS** | $179539 |
|  | **TOTAL NET UNREALIZED APPRECIATION FROM OPEN FUTURES CONTRACTS** | **TOTAL NET UNREALIZED APPRECIATION FROM OPEN FUTURES CONTRACTS** | **TOTAL NET UNREALIZED APPRECIATION FROM OPEN FUTURES CONTRACTS** | $1710507 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

<sup>(b)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

<sup>(c)</sup> All or a portion of this investment is a holding of the GPDA Fund Limited*.***

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***The Grant Park Funds*** |
| **CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Grant Park Multi Alternative**<br>**Strategies Fund** | **Grant Park Dynamic**<br>**Allocation Fund** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at cost | $271015291 | $41768650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities at fair value | $283510325 | $42639909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposit at broker for futures contracts | 15133837 | 6153642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation from open futures contracts | 10992694 | 1934421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend and interest receivable | 626150 | 88415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 40668 | 6959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for securities sold |  | 594071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 3691 | 36312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 310307365 | 51453729 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized depreciation from open futures contracts | 1593008 | 223914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees payable | 299425 | 23272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 224683 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to related parties | 89574 | 21855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 16341 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 90536 | 24836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 2313567 | 293892 |
| **NET ASSETS** | $**307993798** | $**51159837** |
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital ($0 par value, unlimited shares authorized) | $324258207 | $46518856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings (deficit) | (16264409) | 4640981 |
| **NET ASSETS** | $**307993798** | $**51159837** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***The Grant Park Funds*** |
| **CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Grant Park Multi Alternative**<br>**Strategies Fund** | **Grant Park Dynamic**<br>**Allocation Fund** |
| **Net Asset Value Per Share:** |  |  |
| Class A Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**9484946** | $**72353** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | **834172** | **6318** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share (a)(b) | $**11.37** | $**11.45** |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (net asset value plus maximum sales charge of 5.75%) (c) | $**12.06** | $**12.15** |
| Class C Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**10716988** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | **986921** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a)(b) | $**10.86** |  |
| Class I Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**259848291** | $**51087484** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | **22522165** | **4449186** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a)(b) | $**11.54** | $**11.48** |
| Class N Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**27943573** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | **2454263** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a)(b) | $**11.39** |  |

---

(a) Redemptions made within 30 days of
 purchase may be assessed a redemption fee of 1.00% for Grant Park Dynamic Allocation Fund.

(b) Redemptions made within 60 days of
 purchase may be assessed a redemption fee of 1.00% for Grant Park Multi Alternative Strategies Fund.

(c) On investments of $25,000 or more,
 the offering price is reduced.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***The Grant Park Funds*** |
| **CONSOLIDATED STATEMENTS OF OPERATIONS** |
| **For The Year and Period Ended September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Grant Park Multi Alternative**<br>**Strategies Fund** | **Grant Park Dynamic**<br>**Allocation Fund \*** |
| **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $1061434 | $90933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 7019066 | 557710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 8080500 | 648643 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 3920302 | 233650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 24277 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 103881 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N | 80771 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fees | 309037 | 36950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third party administrative servicing fees | 232317 | 5976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 188839 | 45351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 102164 | 14668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting services fees | 74200 | 27595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compliance officer fees | 51084 | 14841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage expenses | 41002 | 16271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 29564 | 11147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 28511 | 46441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | 27438 | 27919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees fees and expenses | 20365 | 8110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 6300 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 4969 | 2621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 5245021 | 492614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Fees waived/reimbursed by the Advisor |  | (190200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 5245021 | 302414 |
| **Net Investment Income** | 2835479 | 346229 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 1588818 | (193561) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments Sold Short |  | (29876) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (85490) | (1813) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 4349887 | 1966337 |
|  | 5853215 | 1741087 |
| Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 8985057 | 871259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (52546) | (153) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (364764) | 1710507 |
|  | 8567747 | 2581613 |
| **Net Realized and Unrealized Gain** | 14420962 | 4322700 |
| **Net Increase in Net Assets Resulting From Operations** | $**17256441** | $**4668929** |

---

\* The Grant Park Dynamic Allocation Fund commenced operations on December 27, 2024.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Grant Park Multi Alternative Strategies Fund*** |
| **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**September 30, 2025** | **For the**<br>**Year Ended**<br>**September 30, 2024** |
| **From Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $2835479 | $6564830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investment, foreign currency transactions and futures contracts | 5853215 | 571004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investments, foreign currency translations, and futures contracts | 8567747 | 30067120 |
| Net increase in net assets resulting from operations | 17256441 | 37202954 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (178572) | (222121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (103617) | (136886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (5911010) | (8191754) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N | (651381) | (588693) |
| Total distributions to shareholders | (6844580) | (9139454) |
| **Capital Transactions** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 169111 | 347887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions | 167917 | 205948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fee proceeds | 523 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (2139459) | (4351753) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease from capital transactions | (1801908) | (3797578) |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 914239 | 597150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions | 99423 | 128890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fee proceeds | 566 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (1804638) | (4646889) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease from capital transactions | (790410) | (3920502) |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 48495511 | 67492230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions | 5316943 | 7087688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fee proceeds | 15106 | 10541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (124082468) | (267021937) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease from capital transactions | (70254908) | (192431478) |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Grant Park Multi Alternative Strategies Fund*** |
| **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**September 30, 2025** | **For the**<br>**Year Ended**<br>**September 30, 2024** |
| **Capital Transactions (Continued)** |  |  |
| Class N: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | $7098704 | $13529976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions | 650113 | 569182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fee proceeds | 1701 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (21040486) | (11303250) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from capital transactions | (13289968) | 2796884 |
| **Total Decrease in Net Assets From Capital Transactions** | (86137194) | (197352674) |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 383719131 | 553008305 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**307993798** | $**383719131** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 15886 | 33159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 16099 | 20151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (202195) | (420099) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (170210) | (366789) |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 90039 | 59303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 9922 | 13125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (177869) | (464679) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (77908) | (392251) |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 4511737 | 6346046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 503485 | 684801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (11524347) | (25434124) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (6509125) | (18403277) |
| Class N: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 669839 | 1282383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 62212 | 55584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (1990723) | (1081172) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (1258672) | 256795 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Grant Park Dynamic Allocation Fund*** |
| **CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS** |

---

---

| | |
|:---|:---|
|  | **For the**<br>**Period Ended**<br>**September 30, 2025 \*** |
| **From Operations** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $346229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investments, investments sold short, foreign currency transactions and futures contracts | 1741087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investments, foreign currency translations, and futures contracts | 2581613 |
| Net increase in net assets resulting from operations | 4668929 |
| **Capital Transactions** |  |
| Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 63276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fee proceeds | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (99) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase from capital transactions | 63178 |
| Class I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 49013168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption fee proceeds | 3194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (2588632) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase from capital transactions | 46427730 |
| **Total Increase in Net Assets From Capital Transactions** | 46490908 |
| **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | $**51159837** |

---

\* The Grant Park Dynamic Allocation Fund commenced operations on December 27, 2024.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Grant Park Dynamic Allocation Fund*** |
| **CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | |
|:---|:---|
|  | **For the**<br>**Period Ended**<br>**September 30, 2025 \*** |
| **SHARE ACTIVITY** |  |
| Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 6328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 6318 |
| Class I: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 4692867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (243681) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 4449186 |

---

\* The Grant Park Dynamic Allocation Fund commenced operations on December 27, 2024.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Grant Park Multi Alternative Strategies Fund*** |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** | **Year Ended**<br>**September 30,**<br>**2023** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of year | $10.90 | $10.17 | $10.66 | $11.68 | $10.85 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.07 | 0.14 | 0.13 | (0.10) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.58 | 0.77 | (0.37) | 0.26 | 1.13 |
| Total from investment operations | 0.65 | 0.91 | (0.24) | 0.16 | 1.00 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.18) | (0.25) | (0.50) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.68) | (0.13) |
| Total distributions | (0.18) | (0.18) | (0.25) | (1.18) | (0.17) |
| Paid-in-capital from redemption fees (1)(2) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net asset value, end of year | $11.37 | $10.90 | $10.17 | $10.66 | $11.68 |
| Total return (3) | 6.13% | 9.05% | (2.27)% | 1.31% | 9.39% |
| Net assets, at end of year (000s) | $9485 | $10950 | $13948 | $21446 | $18474 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| Ratio of net expenses to average net assets (4) | 1.76% | 1.73% | 1.71% | 1.68% | 1.74% |
| Ratio of net investment income (loss) to average net assets (4)(5) | 0.68% | 1.35% | 1.25% | (0.88)% | (1.11)% |
| Portfolio Turnover Rate | 24% | 40% | 1% | 9% | 39% |

---

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

(2) Less than $0.005 per share.

(3) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees.

(4) Does not include the expenses of other
 investment companies in which the Fund invests.

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

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Grant Park Multi Alternative Strategies Fund*** |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** | **Year Ended**<br>**September 30,**<br>**2023** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of year | $10.41 | $9.72 | $10.20 | $11.23 | $10.47 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.01) | 0.06 | 0.05 | (0.17) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.56 | 0.73 | (0.35) | 0.24 | 1.09 |
| Total from investment operations | 0.55 | 0.79 | (0.30) | 0.07 | 0.89 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.10) | (0.18) | (0.42) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.68) | (0.13) |
| Total distributions | (0.10) | (0.10) | (0.18) | (1.10) | (0.13) |
| Paid-in-capital from redemption fees (1)(2) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net asset value, end of year | $10.86 | $10.41 | $9.72 | $10.20 | $11.23 |
| Total return (3) | 5.36% | 8.20% | (2.98)% | 0.50% | 8.60% |
| Net assets, at end of year (000s) | $10717 | $11088 | $14162 | $16135 | $13553 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| Ratio of net expenses to average net assets (4) | 2.51% | 2.48% | 2.46% | 2.43% | 2.49% |
| Ratio of net investment income (loss) to average net assets (4)(5) | (0.07)% | 0.60% | 0.55% | (1.62)% | (1.86)% |
| Portfolio Turnover Rate | 24% | 40% | 1% | 9% | 39% |

---

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

(2) Less than $0.005 per share.

(3) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees.

(4) Does not include the expenses of other
 investment companies in which the Fund invests.

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

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Grant Park Multi Alternative Strategies Fund*** |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** | **Year Ended**<br>**September 30,**<br>**2023** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of year | $11.06 | $10.32 | $10.81 | $11.83 | $10.99 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.10 | 0.17 | 0.16 | (0.07) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.59 | 0.78 | (0.37) | 0.26 | 1.14 |
| Total from investment operations | 0.69 | 0.95 | (0.21) | 0.19 | 1.04 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.21) | (0.28) | (0.53) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.68) | (0.13) |
| Total distributions | (0.21) | (0.21) | (0.28) | (1.21) | (0.20) |
| Paid-in-capital from redemption fees (1)(2) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net asset value, end of year | $11.54 | $11.06 | $10.32 | $10.81 | $11.83 |
| Total return (3) | 6.43% | 9.34% | (1.99)% | 1.53% | 9.59% |
| Net assets, at end of year (000s) | $259848 | $321138 | $489686 | $713252 | $405503 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| Ratio of net expenses to average net assets (4) | 1.51% | 1.48% | 1.46% | 1.43% | 1.49% |
| Ratio of net investment income (loss) to average net assets (4)(5) | 0.93% | 1.60% | 1.51% | (0.59)% | (0.86)% |
| Portfolio Turnover Rate | 24% | 40% | 1% | 9% | 39% |

---

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

(2) Less than $0.005 per share.

(3) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees.

(4) Does not include the expenses of other
 investment companies in which the Fund invests.

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

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Grant Park Multi Alternative Strategies Fund*** |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **Year Ended**<br>**September 30,**<br>**2025** | **Year Ended**<br>**September 30,**<br>**2024** | **Year Ended**<br>**September 30,**<br>**2023** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** |
| Net asset value, beginning of year | $10.92 | $10.19 | $10.67 | $11.70 | $10.87 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | 0.07 | 0.14 | 0.13 | (0.09) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.58 | 0.77 | (0.35) | 0.24 | 1.13 |
| Total from investment operations | 0.65 | 0.91 | (0.22) | 0.15 | 1.00 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.18) | (0.26) | (0.50) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.68) | (0.13) |
| Total distributions | (0.18) | (0.18) | (0.26) | (1.18) | (0.17) |
| Paid-in-capital from redemption fees (1)(2) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net asset value, end of year | $11.39 | $10.92 | $10.19 | $10.67 | $11.70 |
| Total return (3) | 6.15% | 9.03% | (2.15)% | 1.22% | 9.37% |
| Net assets, at end of year (000s) | $27944 | $40543 | $35213 | $56938 | $23306 |
| Ratios/Supplemental Data: |  |  |  |  |  |
| Ratio of net expenses to average net assets (4) | 1.76% | 1.73% | 1.71% | 1.68% | 1.74% |
| Ratio of net investment income (loss) to average net assets (4)(5) | 0.68% | 1.35% | 1.26% | (0.78)% | (1.11)% |
| Portfolio Turnover Rate | 24% | 40% | 1% | 9% | 39% |

---

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

(2) Less than $0.005 per share.

(3) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees.

(4) Does not include the expenses of other
 investment companies in which the Fund invests.

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

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Grant Park Dynamic Allocation Fund*** |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Period Presented |

---

---

| | |
|:---|:---|
|  | **Class A** |
|  | **Period Ended**<br>**September 30, 2025 (1)** |
| Net asset value, beginning of period | $10.00 |
| Activity from investment operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (2) | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 1.33 |
| Total from investment operations | 1.45 |
| Paid-in-capital from redemption fees (2)(3) | 0.00 |
| Net asset value, end of period | $11.45 |
| Total return (4) | 14.50% (9) |
| Net assets, at end of period (000s) | $72 |
| Ratios/Supplemental Data: |  |
| Ratio of gross expenses to average net assets (5)(6) | 2.82% (8) |
| Ratio of net expenses to average net assets (6) | 1.83% (8) |
| Ratio of net investment income to average net assets (6)(7) | 1.56% (8) |
| Portfolio Turnover Rate | 134% (9) |

---

(1) The Grant Park Dynamic Allocation
 Fund Class A shares commenced operations December 27, 2024.

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

(3) Less than $0.005 per share.

(4) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees. Total returns would have been lower had the advisor not waived fees and reimbursed expenses.

(5) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the advisor. Ratio herein does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests.

(6) Does not include the expenses of other
 investment companies in which the Fund invests.

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

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

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

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***Grant Park Dynamic Allocation Fund*** |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Period Presented |

---

---

| | |
|:---|:---|
|  | **Class I** |
|  | **Period Ended**<br>**September 30, 2025 (1)** |
| Net asset value, beginning of period | $10.00 |
| Activity from investment operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (2) | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain | 1.34 |
| Total from investment operations | 1.48 |
| Paid-in-capital from redemption fees (2)(3) | 0.00 |
| Net asset value, end of period | $11.48 |
| Total return (4) | 14.80% (9) |
| Net assets, at end of period (000s) | $51087 |
| Ratios/Supplemental Data: |  |
| Ratio of gross expenses to average net assets (5)(6) | 2.57% (8) |
| Ratio of net expenses to average net assets (6) | 1.58% (8) |
| Ratio of net investment income to average net assets (6)(7) | 1.81% (8) |
| Portfolio Turnover Rate | 134% (9) |

---

(1) The Grant Park Dynamic Allocation
 Fund Class I shares commenced operations December 27, 2024.

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

(3) Less than $0.005 per share.

(4) Total returns shown are historical
 in nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable
 sales charges and redemption fees. Total returns would have been lower had the advisor not waived fees and reimbursed expenses.

(5) Represents the ratio of expenses to
 average net assets absent fee waivers and/or expense reimbursements by the advisor. Ratio herein does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests.

(6) Does not include the expenses of other
 investment companies in which the Fund invests.

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

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

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

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| ***The Grant Park Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** |
| **September 30, 2025** |

---

**1.** **ORGANIZATION** 

The Grant Park Multi Alternative Strategies Fund ("GPMASF") and the Grant Park Dynamic Allocation Fund ("GPDAF") (each a "Fund" and collectively the "Funds") are each diversified series of shares of beneficial interest of Northern Lights Fund Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware on January 19, 2005, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open -end management investment companies. Each Fund's investment objective is to provide positive absolute returns. GPMASF and GPDAF commenced operations on December 31, 2013 and December 27, 2024, respectively.

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

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

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

**Operating Segments**- The Funds have adopted FASB ASU 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of portfolio managers and Chief Financial Officer of the Trust. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**Security Valuation** – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Futures and future options are valued at the final settled price or, in the absence of a settled price, at the last sale price on the day of valuation. Options contracts listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the primary exchange on the day of valuation. Option contracts not listed on a securities exchange or board of trade for which over-the- counter market quotations are readily available shall be valued at the mean between the current bid and ask prices on the day of valuation. Index options shall be valued at the mean between the current bid and ask prices on the day of valuation. Debt securities (other than short term obligations) are valued each day by an independent pricing service approved by the Trust's Board of Trustees ("Board") based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Fair value may also be used by the Board if extraordinary events occur after the close of the relevant world market but prior to the NYSE close. The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". The Funds may fair value a particular bond if the advisor does not believe that the round lot value provided by the independent pricing service reflects fair value of the Funds' holding. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end and closed-end investment companies are valued at net asset value.

---

| |
|:---|
| ***The Grant Park Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

The Funds may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These investments will be valued using the "fair value" procedures approved by the Board. The Board has delegated execution of these procedures to the advisor as its valuation designee (the "Valuation Designee"). The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**Fair Valuation Process** - The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an ask price is available; the spread between bid and ask prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid investments, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of a Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

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

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that a Fund has the ability to access.

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

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

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

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

---

| |
|:---|
| ***The Grant Park Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of September 30, 2025 for the Funds' investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GPMASF** | **GPMASF** | **GPMASF** | **GPMASF** | **GPMASF** |
| **Assets \*** | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $63216197 | $— | $— | $63216197 |
| Bonds & Notes |  | 124631211 |  | 124631211 |
| U.S. Government & Agencies |  | 19927355 |  | 19927355 |
| Short-Term Investment | 75735562 |  |  | 75735562 |
| Net unrealized appreciation from open futures contracts | 10992694 |  |  | 10992694 |
| Total | $149944453 | $144558566 | $— | $294503019 |
| **Liabilities \*** | Level 1 | Level 2 | Level 3 | Total |
| Net unrealized depreciation from open futures contracts | $1593008 | $— | $— | $1593008 |
| Total | $1593008 | $— | $— | $1593008 |
| **GPDAF** | **GPDAF** | **GPDAF** | **GPDAF** | **GPDAF** |
| **Assets \*** | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $11669256 | $— | $— | $11669256 |
| Short-Term Investments | 30970653 |  |  | 30970653 |
| Net unrealized appreciation from open futures contracts | 1934421 |  |  | 1934421 |
| Total | $44574330 | $— | $— | $44574330 |
| **Liabilities \*** | Level 1 | Level 2 | Level 3 | Total |
| Net unrealized depreciation from open futures contracts | $223914 | $— | $— | $223914 |
| Total | $223914 | $— | $— | $223914 |

---

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

\* Refer to the Consolidated Schedule of Investments for security classifications.

**Offsetting of Financial Assets and Derivative Assets**

The Funds policy is to present assets and liabilities on a gross basis equal to the unrealized appreciation (depreciation) for futures contracts. The following table presents financial instruments that are subject to enforceable netting arrangements or other similar agreements as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **GPMASF** | **GPMASF** | **GPMASF** | **GPMASF** | **GPMASF** | **GPMASF** |
|  |  | Gross and Net Amounts of |  |  |  |
| **<u>Assets:</u>** | Counterparty | Recognized Assets | Financial Instruments | Cash Collateral Pledged (1) | Net Amount |
|  | ADM Investor Services, Inc. | $2810560 | $(657509) | $— | $2153051 |
|  | RJ O'Brien | 8182134 | (935499) |  | 7246635 |
| Total |  | $10992694 | $(1593008) | $— | $9399686 |
|  |  | Gross and Net Amounts of |  | Cash Collateral |  |
| **<u>Liabilities:</u>** |  | Recognized Liabilities | Financial Instruments | Pledged/(Received)(1) | Net Amount |
|  | ADM Investor Services, Inc. | $(657509) | $657509 | $— | $— |
|  | RJ O'Brien | (935499) | 935499 |  |  |
| Total |  | $(1593008) | $1593008 | $— | $— |

---

<sup>(1)</sup> Over-collateralization of total financial instruments or cash is not shown.

---

| |
|:---|
| ***The Grant Park Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **GPDAF** | **GPDAF** | **GPDAF** | **GPDAF** | **GPDAF** | **GPDAF** |
|  |  | Gross and Net Amounts of |  |  |  |
| **<u>Assets:</u>** | Counterparty | Recognized Assets | Financial Instruments | Cash Collateral Pledged (1) | Net Amount |
|  | ADM Investor Services, Inc. | $703370 | $(14500) | $— | $688870 |
|  | RJ O'Brien | 1231051 | (209414) |  | 1021637 |
| Total |  | $1934421 | $(223914) | $— | $1710507 |
|  |  | Gross and Net Amounts of |  | Cash Collateral |  |
| **<u>Liabilities:</u>** |  | Recognized Liabilities | Financial Instruments | Pledged/(Received)(1) | Net Amount |
|  | ADM Investor Services, Inc. | $(14500) | $14500 | $— | $— |
|  | RJ O'Brien | (209414) | 209414 |  |  |
| Total |  | $(223914) | $223914 | $— | $— |

---

<sup>(1)</sup> Over-collateralization of total financial instruments or cash is not shown.

**Impact of Derivatives on the Consolidated Statements of Assets and Liabilities**

The following table sets forth the fair value of the Funds derivative contracts by primary risk exposure as of September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Asset Derivatives Investment Fair Value | Asset Derivatives Investment Fair Value | Asset Derivatives Investment Fair Value | Asset Derivatives Investment Fair Value | Asset Derivatives Investment Fair Value | Asset Derivatives Investment Fair Value | Asset Derivatives Investment Fair Value |
|  |  |  |  | Commodity | Interest Rate | Total as of |
| Fund | Derivative Investment Type | Equity Risk | Currency Risk | Risk | Risk | September 30, 2025 |
| GPMASF | Futures | $3113311 | $882460 | $6390397 | $606526 | $10992694 |
| GPDAF | Futures | 569043 | 97620 | 1202588 | 65170 | 1934421 |
| Liability Derivatives Investment Fair Value | Liability Derivatives Investment Fair Value | Liability Derivatives Investment Fair Value | Liability Derivatives Investment Fair Value | Liability Derivatives Investment Fair Value | Liability Derivatives Investment Fair Value | Liability Derivatives Investment Fair Value |
|  |  |  |  | Commodity | Interest Rate | Total as of |
| Fund | Derivative Investment Type | Equity Risk | Currency Risk | Risk | Risk | September 30, 2025 |
| GPMASF | Futures | $(48541) | $(76187) | $(541474) | $(926806) | $(1593008) |
| GPDAF | Futures | (11498) | (8896) | (71815) | (131705) | (223914) |

---

**Impact of Derivatives on the Consolidated Statements of Operations**

The following is a summary of the Funds net realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized in the Consolidated Statements of Operations categorized by primary risk exposure for the year and period ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Net realized gain (loss) on derivatives recognized in the Consolidated Statements of Operations | Net realized gain (loss) on derivatives recognized in the Consolidated Statements of Operations | Net realized gain (loss) on derivatives recognized in the Consolidated Statements of Operations | Net realized gain (loss) on derivatives recognized in the Consolidated Statements of Operations | Net realized gain (loss) on derivatives recognized in the Consolidated Statements of Operations | Net realized gain (loss) on derivatives recognized in the Consolidated Statements of Operations | Net realized gain (loss) on derivatives recognized in the Consolidated Statements of Operations |
|  |  |  |  |  |  | Total for the year |
|  | Derivative |  |  | Commodity | Interest Rate | and period ended |
| Fund | Investment Type | Equity Risk | Currency Risk | Risk | Risk | September 30, 2025 |
| GPMASF | &nbsp;&nbsp;&nbsp;Futures | $11486365 | $(530931) | $4086821 | $(10692368) | $4349887 |
| GPDAF | &nbsp;&nbsp;&nbsp;Futures | 2139381 | (157376) | 528180 | (543848) | 1966337 |
| Net change in net unrealized appreciation (depreciation) on derivatives recognized in the Consolidated Statements of Operations | Net change in net unrealized appreciation (depreciation) on derivatives recognized in the Consolidated Statements of Operations | Net change in net unrealized appreciation (depreciation) on derivatives recognized in the Consolidated Statements of Operations | Net change in net unrealized appreciation (depreciation) on derivatives recognized in the Consolidated Statements of Operations | Net change in net unrealized appreciation (depreciation) on derivatives recognized in the Consolidated Statements of Operations | Net change in net unrealized appreciation (depreciation) on derivatives recognized in the Consolidated Statements of Operations | Net change in net unrealized appreciation (depreciation) on derivatives recognized in the Consolidated Statements of Operations |
|  |  |  |  |  |  | Total for the year |
|  | Derivative |  |  | Commodity | Interest Rate | and period ended |
| Fund | Investment Type | Equity Risk | Currency Risk | Risk | Risk | September 30, 2025 |
| GPMASF | &nbsp;&nbsp;&nbsp;&nbsp;Futures | $(557630) | $(501625) | $3290017 | $(2595526) | $(364764) |
| GPDAF | &nbsp;&nbsp;&nbsp;&nbsp;Futures | 557545 | 88724 | 1130773 | (66535) | 1710507 |

---

---

| |
|:---|
| ***The Grant Park Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

**Consolidation of Subsidiary** *–* The consolidated financial statements of the GPMASF include GPMAS Fund Limited ("GPMAS"), a wholly owned and controlled subsidiary. The consolidated financial statements of the GPDAF include GPDA Fund Limited ("GPDA"), a wholly owned and controlled subsidiary. All inter-company accounts and transactions have been eliminated in consolidation.

The Funds may invest up to 25% of their total assets in a controlled foreign corporation, which acts as an investment vehicle in order to effect certain investments consistent with the Funds' investment objectives and policies. GPMAS commenced operations on December 31, 2013. GPDAF commenced operations on December 27, 2024.

A summary of the Funds' investments in GPMAS and GPDA are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | GPMAS Fund Limited (GPMAS)<br>September 30, 2025 | | GPDA Fund Limited (GPDA)<br>September 30, 2025 |
| Fair Value of GPMAS | $45032730 | Fair Value of GPMAS | $2736235 |
| Other Assets | $— | Other Assets | $— |
| Total Net Assets | $45032730 | Total Net Assets | $2736235 |
| Percentage of the Fund's Total Net Assets | 14.6% | Percentage of the Fund's Total Net Assets | 5.3% |

---

For tax purposes, GPMAS and GPDAF are exempted Cayman investment companies. GPMAS and GPDAF received an undertaking from the government of the Cayman Islands exempting it from all local income, profits and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, GPMAS and GPDAF are controlled foreign corporation which generates and is allocated no income which is considered effectively connected with U.S. trade of business and as such is not subject to U.S. income tax. However, as a wholly-owned controlled foreign corporation, GPMAS's and GPDAF's net income and capital gain, to the extent of its earnings and profits, will be included each year in the Fund's investment company taxable income.

**Exchange Traded Funds -** The Funds may invest in exchange traded funds ("ETFs"). ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

**Futures Contracts –** The Funds are subject to equity price risk, interest rate risk, commodity price risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Funds may purchase or sell futures contracts to hedge against market risk and to reduce return volatility. Initial margin deposits required upon entering into futures contracts as presented in deposit at broker for futures contracts in the Consolidated Statements of Assets and Liabilities are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Fund's agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, the Funds recognize a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Funds basis in the contract. If the Funds are unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Funds would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. The Funds segregate liquid securities having a value at least equal to the amount of the current obligation under any open futures contract. Risks may exceed amounts recognized in the Consolidated Statements of Assets and Liabilities. With futures, there is minimal counterparty credit risk to the Funds because futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The derivative instruments outstanding as of September 30, 2025 as disclosed in the Consolidated Schedule of Investments and the amounts of net realized gain and losses and changes in unrealized appreciation and depreciation on derivative instruments during the period as disclosed in the Consolidated Statements of Operations serve as indicators of the volume of derivative activity for the Funds.

**Foreign Currency Translations –** The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade. Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investments.

**Security Transactions and Related Income** – Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased to the earlier of the call date or the

---

| |
|:---|
| ***The Grant Park Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

maturity of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. The difference between the cost and fair value of open investments is reflected as unrealized appreciation (depreciation) on investments and any change in that amount from the prior period is reflected in the accompanying Consolidated Statements of Operations.

**Short Sales:** The Funds may sell securities short as an outright investment strategy and to offset potential declines in long positions in similar securities. A short sale is a transaction in which the Fund sells a security it does not own or have the right to acquire (or that it owns but does not wish to deliver) in anticipation that the market price of that security will decline. When the Fund makes a short sale, the broker-dealer through which the short sale is made must borrow the security sold short and deliver it to the party purchasing the security. The Fund is required to make a margin deposit in connection with such short sales; the Fund may have to pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed securities. If the price of the security sold short increases between the time of the short sale and the time the Fund covers its short position, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged. To the extent the Fund sells securities short, it will provide collateral to the broker-dealer.

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

**Federal Income Taxes –** The Funds intend to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no provision for Federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the tax positions taken by GPMASF on returns filed for open tax years 2022 to 2024 or expected to be taken in the Funds' September 30, 2025 year-end tax return. The Funds identify its major tax jurisdictions as U.S. Federal, Ohio and foreign jurisdictions where the Fund makes significant investments; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statements of Operations. During the period, the Funds did not incur any interest or penalties. Generally, tax authorities can examine tax returns filed for the last three years.

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

**Indemnification –** The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**3.** **PRINCIPAL INVESTMENT RISKS** 

**Management Risk –** The advisor's judgements regarding the attractiveness of investing in certain securities and derivatives may prove incorrect and may result in significant losses to the Funds.

**Market and Geopolitical Risk –** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Funds may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate-change or climate related events, pandemics, epidemics, terrorism tariffs and trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Funds. It is not known how long such impacts, of the significant events described above will last, but there could be a prolonged period of global economic slowdown, which may impact

---

| |
|:---|
| ***The Grant Park Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

your investment. Therefore, the Funds could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions you could lose your entire investment.

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

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

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

The cost of purchases and proceeds from the sale and/or maturity of securities, other than short-term securities and U.S. Government securities, for the year and period ended September 30, 2025 amounted to:

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| GPMASF | $45888822 | $80240726 |
| GPDAF | 17430837 | 6439302 |

---

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

Dearborn Capital Management, LLC, serves as the Funds' investment advisor (the "Advisor"). EMC Capital Advisors, LLC serves as the sub-advisor for the Funds and is paid by the Advisor, not the Funds. Richmond Quantitative Advisors, LLC serves as a sub-advisor for GPDAF and is paid by the Advisor, not the Fund.

Pursuant to an investment advisory agreement with the Trust, on behalf of the Funds, the Advisor, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, GPMASF and GPDAF pay the Advisor a management fee, computed and accrued daily and paid monthly, at an annual rate of 1.18% and 1.23%, respectively, of the applicable Fund's average daily net assets.

Pursuant to an operating expenses limitation agreement with the Trust, on behalf of the Funds, the Advisor has agreed, at least until January 31, 2026, to waive a portion of its advisory fee and has agreed to reimburse the Funds for other expenses to the extent necessary so that the total expenses incurred by the Funds (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), borrowing costs (such as interest and dividend expense on securities sold short), taxes, and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Funds' service providers, other than the Advisor)) so that the annual operating expenses of GPMASF do not exceed 1.83%, 2.58%, 1.58%, and 1.83% per annum of the GPMASF's average daily net assets for Class A, Class C, Class I, and Class N shares, respectively, and that the annual operating expenses of GPDAF do not exceed 1.83%, and 1.58% per annum of the GPDAF's average daily net assets for Class A, and Class I shares, respectively (the "Expense Limitation"). For the year and period ended September 30, 2025, the Advisor earned $3,920,302 and $233,650 in management fees for the GPMASF and GPDAF, respectively.

With respect to the Funds, if the Advisor waives any applicable fees or reimburses any expense pursuant to the operating expenses limitation agreement, and the Funds' operating expenses are subsequently less than the Expense Limitation, the Advisor shall be entitled to reimbursement by the Funds for such waived fees or reimbursed expenses. These fee waivers and expense reimbursements are subject to possible recoupment from the Funds in future years on a rolling three-year basis (within the three years after the end of the fiscal year during which the fees were waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits at the time of waiver or reimbursement or the then-current expense limits at the time of recoupment. For the year ended September 30, 2025, the Advisor recaptured $0 of previously waived expenses and there are none available for recoupment for GPMASF. For the period ended September 30, 2025, the Advisor waived expense of $190,200 for GPDAF.

The following amounts are subject to recapture by the Advisor by the following dates:

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| | |
|:---|:---|
| **Fund** | **September 30, 2028** |
| GPDAF | $190200 |

---

---

| |
|:---|
| ***The Grant Park Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

The Trust, with respect to the Funds, have adopted the Trust's Master Distribution and Shareholder Servicing Plans for Class A, Class C and Class N shares of the Funds (the "Plan"). The Plan provides that a monthly service fee is calculated at an annual rate of 0.25%, 1.00% and 0.25% of the average daily net assets attributable to the Class A, Class C and Class N shares, of the Funds, respectively. Pursuant to the Plan, the Funds may compensate the securities dealers or other financial intermediaries, financial institutions, investment advisors, and others for activities primarily intended to result in the sale of the Funds shares and for maintenance and personal service provided to existing shareholders. The Plan further provides for periodic payments to brokers, dealers and other financial intermediaries, including insurance companies, for providing shareholder services and for promotional and other sales-related costs. During the year and period ended September 30, 2025, the GPMASF and GPDAF incurred $208,929 and $71, respectively, in fees, pursuant to the Plan.

Northern Lights Distributors, LLC (the "Distributor") acts as the Funds principal underwriter in a continuous public offering of the Funds Class A, Class C, Class I and Class N shares. For the year and period ended September 30, 2025, the Distributor received underwriter commissions for sales of the Funds' Class A shares as follows:

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| | | |
|:---|:---|:---|
|  | Underwriter | Amount Retained By |
| Fund | Commissions | Principal Underwriter |
| GPMASF | $3776 | $521 |
| GPDAF | 2824 | 411 |

---

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

*<u>Ultimus Fund Solutions, LLC</u>* <u>("UFS")</u>

UFS, an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Funds for serving in such capacities.

*<u>Northern Lights Compliance Services, LLC</u>* <u>("NLCS")</u>

NLCS, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Fund.

*<u>Blu Giant, LLC</u>* <u>("Blu Giant")</u>

Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

**6.** **REDEMPTION FEE PROCEEDS** 

The Funds may assess a short-term redemption fee of 1.00% of the total redemption amount if a shareholder sells its shares after holding them for less than 30 days for GPDAF and 60 days for GPMASF. The redemption fee is paid directly to the Fund. For the year and period ended September 30, 2025, the redemption fees assessed for GPMASF and GPDAF were $17,896 and $3,195 respectively.

**7.** **UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES** 

GPDAF seeks to achieve its investment objectives by investing a portion of their assets in the Morgan Stanley Institutional Liquidity Funds-Government Portfolio Institutional Class (the "Portfolio"), ticker MVRXX, a registered open-end fund. GPDAF may redeem its investment from the Portfolio at any time if the Advisor determines that it is in the best interest of GPDAF and its shareholders to do so. The performance of GPDAF will be directly affected by the performance of the Portfolio. The annual report of the Portfolio, along with the report of the independent registered public accounting firm is available at www.sec.gov. As of September 30, 2025, the percentage of GPDAF's net assets invested in the Portfolio was 60.0%.

**8.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a portfolio creates presumption of the control of the portfolio, under section 2(a)(9) of the 1940 Act. As of September 30, 2025, Charles Schwab & Co. held 42.0% of the voting securities of GPMASF and may be deemed to control GPMASF. As of September 30, 2025, National Financial Services LLC held 61.6% and Charles Schwab & Co. held 25.9% of the voting securities of GPDAF and may be deemed to control GPDAF.

---

| |
|:---|
| ***The Grant Park Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

**9.** **TAX COMPONENTS OF CAPITAL** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended 9/30/2025** | **For fiscal year ended 9/30/2025** | **For fiscal year ended 9/30/2025** | **For fiscal year ended 9/30/2025** | **For fiscal year ended 9/30/2025** |
|  | **Ordinary** | **Long-Term** | **Return of** | |
| **Fund** | **Income** | **Capital Gains** | **Capital** | **Total** |
| Grant Park Multi Alternative Strategies Fund | $6844580 | $— | $— | $6844580 |
| Grant Park Dynamic Allocation Fund |  |  |  |  |
| **For fiscal year ended 9/30/2024** | **For fiscal year ended 9/30/2024** | **For fiscal year ended 9/30/2024** | **For fiscal year ended 9/30/2024** | **For fiscal year ended 9/30/2024** |
|  | **Ordinary** | **Long-Term** | **Return of** |  |
| **Fund** | **Income** | **Capital Gains** | **Capital** | **Total** |
| Grant Park Multi Alternative Strategies Fund | $9139454 | $— | $— | $9139454 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Grant Park Multi Alternative Strategies Fund | $8535730 | $— | $— | $(39479718) | $— | $14679579 | $(16264409) |
| Grant Park Dynamic Allocation Fund | 2784965 | 740868 | (55242) |  |  | 1170390 | 4640981 |

---

The difference between book basis and tax basis accumulated net investment income, accumulated net realized gain, and unrealized appreciation from investments is primarily attributable to the tax deferral of losses on wash sales, foreign tax passthrough basis adjustments, and the mark-to-market on futures contracts. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains of $(50,499) and $(152) for the GPMASF and GPDAF respectively.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such late year losses of as follows:

---

| | |
|:---|:---|
| **Fund** | **Late Year Losses** |
| Grant Park Multi Alternative Strategies Fund | $— |
| Grant Park Dynamic Allocation Fund | 55242 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Capital Loss Carry Forward** | **Capital Loss Carry Forward** | **Capital Loss Carry Forward** | **Capital Loss Carry Forward** |
| <br>**Fund** | **Short-Term** | **Long-Term** | **Total** | **Utilized** |
| Grant Park Multi Alternative Strategies Fund | $12994407 | $26485311 | $39479718 | $— |
| Grant Park Dynamic Allocation Fund |  |  |  |  |

---

Permanent book and tax differences, primarily attributable to offering costs, tax adjustments for realized gain (loss) and the book/tax basis treatment, the use of tax equalization credits and accumulated losses from each Fund's respective wholly-owned subsidiary [CFC], resulted in reclassifications for the Funds for the fiscal year ended September 30, 2025, as follows:

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| | | |
|:---|:---|:---|
| <br>**Fund** | **Paid In**<br>**Capital** | **Accumulated**<br>**Earnings (Losses)** |
| Grant Park Multi Alternative Strategies Fund | $9001 | $(9001) |
| Grant Park Dynamic Allocation Fund | 27948 | (27948) |

---

---

| |
|:---|
| ***The Grant Park Funds*** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **September 30, 2025** |

---

**10.** **AGGREGATE TAX UNREALIZED APPRECIATION AND DEPRECIATION** 

At September 30, 2025 the aggregate cost for federal tax purposes, which differs from fair value by net unrealized appreciation (depreciation) of securities, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Cost for Federal**<br>**Tax purposes** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Grant Park Multi Alternative Strategies Fund | $278179933 | $64963142 | $(50233064) | $14730078 |
| Grant Park Dynamic Allocation Fund | 43179874 | 4541683 | (3371141) | 1170542 |

---

**11.** **ACCOUNTING PRONOUNCEMENT** 

In December 2023, the FASB issued ASU 2023-09, Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Fund management is evaluating the impacts of these changes on the Funds' financial statements.

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

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

Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

![(LOGO)](gr001_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of The Grant Park Funds and

Board of Trustees of Northern Lights Fund Trust

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments of Grant Park Multi Alternative Strategies Fund and Grant Park Dynamic Allocation Fund (the "Funds") as of September 30, 2025, the related consolidated statements of operations, the consolidated statements of changes in net assets, the consolidated financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;Consolidated<br> Statements of<br> Operations | &nbsp;&nbsp;Consolidated<br> Statements of<br> Changes in Net Assets | &nbsp;&nbsp;Consolidated<br> Financial Highlights |
| &nbsp;&nbsp;Grant Park Multi Alternative Strategies Fund | &nbsp;&nbsp;For the year ended September 30, 2025 | &nbsp;&nbsp;For the years ended September 30, 2025 and September 30, 2024 | &nbsp;&nbsp;For the years ended September 30, 2025, September 30, 2024, September 30, 2023, and September 30, 2022 |
| &nbsp;&nbsp;Grant Park Dynamic Allocation Fund | &nbsp;&nbsp;For the period from December 27, 2024 (commencement of operations) through September 30, 2025 | &nbsp;&nbsp;For the period from December 27, 2024 (commencement of operations) through September 30, 2025 | &nbsp;&nbsp;For the period from December 27, 2024 (commencement of operations) through September 30, 2025 |

---

The Grant Park Multi Alternative Strategies Fund's consolidated financial highlights for the year ended September 30, 2021 were audited by other auditors whose report dated November 29, 2021, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

---

| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

---

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2021.

![(SIGNATURE)](gr002_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

November 26, 2025

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| |
|:---|
| ***The Grant Park Funds*** |
| **Additional Information (Unaudited)** |
| **September 30, 2025** |

---

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

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

Not applicable.

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

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve month period ended June 30, as well as a description of the policies and procedures that the Funds uses to determine how to vote proxies is available without charge, upon request, by calling 1-855-501-4758, by visiting www.grantparkfunds.com, or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

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

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

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| |
|:---|
| **INVESTMENT ADVISOR** |
| Dearborn Capital Management, LLC |
| 566 W Adams St., Suite 300 |
| Chicago, IL 60661 |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |

---

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

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

None.

**Item 16. Controls and Procedures.** 

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

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

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

Not applicable.

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

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

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

**Item 19. Exhibits.** 

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers. [Exhibit 99.CODE](coe.htm)

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. [Exhibit 99. CERT](ex_99cert.htm)

(a)(4) Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto [Exhibit 99.906CERT](ex_99-906cert.htm)

**SIGNATURES**

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

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

By (Signature and Title)

---

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

---

Date <u>12/08/25</u>

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

By (Signature and Title)

---

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

---

Date <u>12/08/25</u>

By (Signature and Title)

---

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

---

Date <u>12/08/25</u>

## Ex-99.Cert

CERTIFICATIONS

I, Kevin E. Wolf, certify that:

1. I have reviewed this report on Form N-CSR of the Grant Park Multi-Alternative Strategies Fund & Grant Park Dynamic Allocation Fund (a series of Northern Lights Fund Trust);

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 12/08/25 | /s/ Kevin E. Wolf |
|  |  | Kevin E. Wolf |
|  |  | Principal Executive Officer/President |

---

I, James Colantino, certify that:

1. I have reviewed this report on Form N-CSR of the Grant Park Multi-Alternative Strategies Fund & Grant Park Dynamic Allocation Fund (a series of Northern Lights Fund Trust);

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 12/08/25 | /s/ James Colantino |
|  |  | James Colantino |
|  |  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended September 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), of the Securities Exchange Act of 1934, as amended; and

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

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust |
| /s/ Kevin E. Wolf | /s/ Kevin E. Wolf | /s/ James Colantino | /s/ James Colantino |
| Kevin E. Wolf | Kevin E. Wolf | James Colantino | James Colantino |
| Date: | 12/08/25 | Date: | 12/08/25 |

---

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

## Ex-99.Code

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

 **CODE OF ETHICS**

February 19, 2007

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

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

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

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

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

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

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

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

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

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

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

***DEFINITIONS***

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

***PROHIBITED ACTIONS AND ACTIVITIES***

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

EXEMPTED TRANSACTIONS

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

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

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

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

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

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

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

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

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

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

***REPORTING AND MONITORING***

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

**Disclosure of Personal Brokerage Accounts**

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

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

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

INITIAL HOLDINGS REPORT

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

ANNUAL HOLDINGS REPORTS

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

QUARTERLY TRANSACTION REPORTS

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

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

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

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

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

· The date the Access Person Submits the Report.

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

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

***ENFORCEMENTS AND PENALTIES***

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

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

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

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

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

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

***ACKNOWLEDGMENT***

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

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

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

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

<br>