# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001752724-23-046729
**Filing Date:** 2023-2
**Character Count:** 59032
**Document Hash:** 7b6d558778aec5a99cbc290d8c9029fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-046729.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-046729

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 23682977

**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

### Sierra Tactical Core Income Fund (Series ID: S000035209)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000108313 | Sierra Tactical Core Income Fund Class A Shares | SSIZX           |
| C000108314 | Sierra Tactical Core Income Fund Class C Shares | SSICX           |
| C000108315 | Sierra Tactical Core Income Fund Investor Class | SSIIX           |
| C000108316 | Sierra Tactical Core Income Fund Instl Class    | SSIRX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL ALL ASSET FUND** | **SIERRA TACTICAL ALL ASSET FUND** | **SIERRA TACTICAL ALL ASSET FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 28.6%** |  |
|  | **COMMODITY - 0.9%** |  |
| 492600 | Invesco Optimum Yield Diversified Commodity | &nbsp;&nbsp;&nbsp; $7280628 |
|  | **EQUITY - 18.7%** |  |
| 236300 | Energy Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 20669161 |
| 266100 | Financial Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 9100620 |
| 52400 | iShares Biotechnology ETF | &nbsp;&nbsp;&nbsp; 6879596 |
| 42200 | iShares US Aerospace & Defense ETF | &nbsp;&nbsp;&nbsp; 4720492 |
| 163900 | JPMorgan Equity Premium Income ETF | &nbsp;&nbsp;&nbsp; 8930911 |
| 67600 | SPDR Dow Jones Industrial Average ETF Trust | &nbsp;&nbsp;&nbsp; 22397908 |
| 352400 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 13736552 |
| 129900 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 45639066 |
| 91400 | Vanguard Small-Cap Value ETF | &nbsp;&nbsp;&nbsp; 14514320 |
| 97800 | Vanguard Value ETF | &nbsp;&nbsp;&nbsp; 13728186 |
|  |  | &nbsp;&nbsp; 160316812 |
|  | **FIXED INCOME - 9.0%** |  |
| 2018100 | Invesco Senior Loan ETF | &nbsp;&nbsp;&nbsp; 41431593 |
| 486500 | iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 35820995 |
|  |  | &nbsp;&nbsp; 77252588 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $245,697,070)** | &nbsp;&nbsp; 244850028 |
|  | **OPEN END FUNDS — 42.4%** |  |
|  | **ALTERNATIVE - 3.4%** |  |
| 261407 | Finisterre Emerging Markets Total Return Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 2224570 |
| 1 | JPMorgan Hedged Equity Fund, Class I | &nbsp;&nbsp;&nbsp; 25 |
| 2649850 | LoCorr Long/Short Commodities Strategy Fund | &nbsp;&nbsp;&nbsp; 27187463 |
|  |  | &nbsp;&nbsp; 29412058 |
|  | **EQUITY - 7.3%** |  |
| 1015140 | Baillie Gifford Emerging Markets Equities Fund, Class I | &nbsp;&nbsp;&nbsp; 17297986 |
| 2691540 | iShares MSCI EAFE International Index Fund | &nbsp;&nbsp;&nbsp; 35662902 |
| 1 | JPMorgan Emerging Markets Equity Fund, Class I | &nbsp;&nbsp;&nbsp; 29 |
| 291422 | Victory Global Energy Transition Fund, Class Y | &nbsp;&nbsp;&nbsp; 9232254 |
| 1 | Virtus KAR Small-Cap Core Fund, Class I | &nbsp;&nbsp;&nbsp; 44 |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL ALL ASSET FUND** | **SIERRA TACTICAL ALL ASSET FUND** | **SIERRA TACTICAL ALL ASSET FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 42.4% (Continued)** |  |
|  | **EQUITY - 7.3% (Continued)** |  |
| 1 | Virtus KAR Small-Cap Growth Fund, Class I | &nbsp;&nbsp;&nbsp; $43 |
|  |  | &nbsp;&nbsp; 62193258 |
|  | **FIXED INCOME - 31.7%** |  |
| 924207 | American Century Intermediate-Term Tax-Free Bond, Class I | &nbsp;&nbsp;&nbsp; 9833567 |
| 890411 | Baird Core Intermediate Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 8993148 |
| 326418 | Baird Quality Intermediate Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 3574277 |
| 8839 | BlackRock High Yield Bond Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp; 58688 |
| 2011 | BlackRock High Yield Municipal Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 17495 |
| 2837150 | BlackRock National Municipal Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 28172903 |
| 1404687 | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 14524465 |
| 1860 | Bramshill Income Performance Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 17781 |
| 9177 | Cohen & Steers Preferred Securities and Income, Class I | &nbsp;&nbsp;&nbsp; 107825 |
| 569190 | Columbia Intermediate Duration Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 5356078 |
| 527646 | DoubleLine Emerging Markets Fixed Income Fund, Class I | &nbsp;&nbsp;&nbsp; 4448057 |
| 740228 | Franklin California High Yield Municipal Fund, Advisor Class | &nbsp;&nbsp;&nbsp; 7217227 |
| 5377 | Goldman Sachs High Yield Floating Rate Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 46508 |
| 1 | Goldman Sachs Investment Grade Credit Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 11 |
| 17 | Invesco High Yield Municipal Fund, Class Y | &nbsp;&nbsp;&nbsp; 148 |
| 4321 | Invesco International Bond Fund, Class Y | &nbsp;&nbsp;&nbsp; 18581 |
| 9548 | Invesco Rochester Municipal Opportunities Fund, Class Y | &nbsp;&nbsp;&nbsp; 63876 |
| 5127 | Invesco Senior Floating Rate Fund, Class Y | &nbsp;&nbsp;&nbsp; 33377 |
| 1 | JPMorgan Emerging Markets Debt Fund, Class I | &nbsp;&nbsp;&nbsp; 6 |
| 728399 | JPMorgan Intermediate Tax Free Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 7218438 |
| 5089 | Lord Abbett Floating Rate Fund, Class I | &nbsp;&nbsp;&nbsp; 39950 |
| 5 | Metropolitan West High Yield Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 44 |
| 2100 | MFS Corporate Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 24925 |
| 727869 | Nuveen All-American Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 7278694 |
| 892016 | Nuveen California Municipal Bond Fund | &nbsp;&nbsp;&nbsp; 8902315 |
| 5851 | Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 87184 |
| 3527 | Nuveen Preferred Securities Fund, Class I | &nbsp;&nbsp;&nbsp; 53049 |
| 1496650 | Nuveen Short Duration High Yield Municipal Bond, Class I | &nbsp;&nbsp;&nbsp; 14263076 |
| 3101 | Nuveen Strategic Income Fund, Class I | &nbsp;&nbsp;&nbsp; 29459 |
| 2609 | PIMCO Diversified Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 23717 |
| 1146464 | PIMCO Emerging Markets Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 9125854 |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL ALL ASSET FUND** | **SIERRA TACTICAL ALL ASSET FUND** | **SIERRA TACTICAL ALL ASSET FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 42.4% (Continued)** |  |
|  | **FIXED INCOME - 31.7% (Continued)** |  |
| 1667934 | PIMCO Emerging Markets Local Currency and Bond, Institutional Class | &nbsp;&nbsp;&nbsp; $9173637 |
| 18 | PIMCO High Yield Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 134 |
| 7316 | PIMCO High Yield Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 59771 |
| 3454818 | PIMCO Income Fund Institutional Class, Institutional Class | &nbsp;&nbsp;&nbsp; 35757369 |
| 3175262 | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | &nbsp;&nbsp;&nbsp; 29529933 |
| 4176239 | PIMCO Investment Grade Credit Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 36040946 |
| 2702 | PIMCO Long-Term Credit Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 23538 |
| 2281 | PIMCO Real Return Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 22788 |
| 2164 | Pioneer Strategic Income Fund, Class Y | &nbsp;&nbsp;&nbsp; 19650 |
| 2573 | Putnam Ultra Short Duration Income Fund, Class Y | &nbsp;&nbsp;&nbsp; 25729 |
| 496786 | Russell Tax Exempt Bond Fund, Class S | &nbsp;&nbsp;&nbsp; 10700760 |
| 2214276 | TCW Emerging Markets Income Fund, Class I | &nbsp;&nbsp;&nbsp; 13418514 |
| 5943 | Voya Securitized Credit Fund, Class I | &nbsp;&nbsp;&nbsp; 52002 |
| 15419 | Western Asset Core Plus Bond Fund, Class Y | &nbsp;&nbsp;&nbsp; 144323 |
| 492092 | Western Asset Managed Municipals Fund, Class IS | &nbsp;&nbsp;&nbsp; 7209145 |
|  |  | &nbsp;&nbsp; 271708962 |
|  | **TOTAL OPEN END FUNDS (Cost $361,586,559)** | &nbsp;&nbsp; 363314278 |
|  | **SHORT-TERM INVESTMENT — 29.1%** |  |
|  | **MONEY MARKET FUND - 29.1%** |  |
| 248884787 | First American Government Obligations Fund Class X, 4.08% (Cost $248,884,787) <sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 248884787 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $856,168,416)** | &nbsp;&nbsp;&nbsp; $857049093 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | &nbsp;&nbsp; (583225) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $856465868 |

---

---

| | |
|:---|:---|
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |
| <sup>(a)</sup> | - Rate disclosed is the seven day effective yield as of December 31, 2022. |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL CORE INCOME FUND** | **SIERRA TACTICAL CORE INCOME FUND** | **SIERRA TACTICAL CORE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 10.7%** |  |
|  | **FIXED INCOME - 10.7%** |  |
| 5691500 | Invesco Senior Loan ETF | &nbsp;&nbsp;&nbsp; $116846495 |
| 1344000 | iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 98958720 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $218,546,581)** | &nbsp;&nbsp; 215805215 |
|  | **OPEN END FUNDS — 43.1%** |  |
|  | **ALTERNATIVE - 0.3%** |  |
| 600356 | Finisterre Emerging Markets Total Return Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 5109033 |
| 54951 | Victory Market Neutral Income Fund, Class I | &nbsp;&nbsp;&nbsp; 458289 |
|  |  | &nbsp;&nbsp; 5567322 |
|  | **FIXED INCOME - 42.8%** |  |
| 3145931 | Allspring Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 30169479 |
| 587980 | American Century Emerging Markets Debt Fund, Class I | &nbsp;&nbsp;&nbsp; 5103670 |
| 1908498 | American Century Intermediate-Term Tax-Free Bond, Class I | &nbsp;&nbsp;&nbsp; 20306420 |
| 9906 | Angel Oak Multi-Strategy Income Fund Insti, Institutional Class | &nbsp;&nbsp;&nbsp; 84595 |
| 1990962 | Baird Core Intermediate Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 20108721 |
| 926017 | Baird Quality Intermediate Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 10139887 |
| 54208 | BlackRock High Yield Bond Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp; 359941 |
| 17893 | BlackRock High Yield Municipal Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 155667 |
| 8096459 | BlackRock National Municipal Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 80397838 |
| 3957749 | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 40923127 |
| 34299 | Cohen & Steers Preferred Securities and Income, Class I | &nbsp;&nbsp;&nbsp; 403014 |
| 1614738 | Columbia Intermediate Duration Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 15194689 |
| 5163 | Credit Suisse Floating Rate High Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 31857 |
| 612 | Fidelity Capital & Income Fund | &nbsp;&nbsp;&nbsp; 5520 |
| 2093207 | Franklin California High Yield Municipal Fund, Advisor Class | &nbsp;&nbsp;&nbsp; 20408767 |
| 11454 | Goldman Sachs High Yield Floating Rate Fund Instl, Institutional Class | &nbsp;&nbsp;&nbsp; 99073 |
| 5809 | Goldman Sachs High Yield Municipal Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 51412 |
| 12472 | Invesco Floating Rate ESG Fund, Class Y | &nbsp;&nbsp;&nbsp; 82942 |
| 17221 | Invesco High Yield Municipal Fund, Class Y | &nbsp;&nbsp;&nbsp; 147415 |
| 23493 | Invesco International Bond Fund, Class Y | &nbsp;&nbsp;&nbsp; 101019 |
| 79530 | Invesco Rochester Municipal Opportunities Fund, Class Y | &nbsp;&nbsp;&nbsp; 532058 |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL CORE INCOME FUND** | **SIERRA TACTICAL CORE INCOME FUND** | **SIERRA TACTICAL CORE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 43.1% (Continued)** |  |
|  | **FIXED INCOME - 42.8% (Continued)** |  |
| 14557 | Invesco Senior Floating Rate Fund, Class Y | &nbsp;&nbsp;&nbsp; $94766 |
| 846192 | JPMorgan Emerging Markets Debt Fund, Class I | &nbsp;&nbsp;&nbsp; 4992530 |
| 3204578 | JPMorgan Global Bond Opportunities Fund, Class I | &nbsp;&nbsp;&nbsp; 30347356 |
| 18243 | JPMorgan Income Fund, Class I | &nbsp;&nbsp;&nbsp; 150137 |
| 3072104 | JPMorgan Intermediate Tax Free Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 30444549 |
| 3959 | MFS California Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 35000 |
| 9408 | MFS Corporate Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 111674 |
| 13350 | MFS Emerging Markets Debt Fund, Class I | &nbsp;&nbsp;&nbsp; 152994 |
| 6371 | MFS Emerging Markets Debt Local Currency Fund, Class I | &nbsp;&nbsp;&nbsp; 33767 |
| 2065034 | Nuveen All-American Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 20650338 |
| 17251 | Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 257039 |
| 4881140 | Nuveen Intermediate Duration Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 42270672 |
| 16129 | Nuveen Preferred Securities Fund, Class I | &nbsp;&nbsp;&nbsp; 242585 |
| 4222589 | Nuveen Short Duration High Yield Municipal Bond, Class I | &nbsp;&nbsp;&nbsp; 40241276 |
| 29 | Nuveen Strategic Income Fund, Class I | &nbsp;&nbsp;&nbsp; 275 |
| 17677 | PIMCO Diversified Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 160685 |
| 3301348 | PIMCO Emerging Markets Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 26278730 |
| 701845 | PIMCO Emerging Markets Currency and Short-Term, Institutional Class | &nbsp;&nbsp;&nbsp; 5172595 |
| 2 | PIMCO Emerging Markets Full Spectrum Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 11 |
| 4746764 | PIMCO Emerging Markets Local Currency and Bond, Institutional Class | &nbsp;&nbsp;&nbsp; 26107200 |
| 4980884 | PIMCO High Yield Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 40693820 |
| 9760942 | PIMCO Income Fund Institutional Class, Institutional Class | &nbsp;&nbsp;&nbsp; 101025749 |
| 8564334 | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | &nbsp;&nbsp;&nbsp; 79648306 |
| 11777002 | PIMCO Investment Grade Credit Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 101635524 |
| 11838 | PIMCO Long-Term Credit Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 103107 |
| 8057 | PIMCO Real Return Fund Institutional Class | &nbsp;&nbsp;&nbsp; 80485 |
| 7415 | Pioneer Strategic Income Fund, Class Y | &nbsp;&nbsp;&nbsp; 67327 |
| 5667 | Putnam Ultra Short Duration Income Fund, Class Y | &nbsp;&nbsp;&nbsp; 56673 |
| 1056 | Semper MBS Total Return Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 8289 |
| 6678931 | TCW Emerging Markets Income Fund, Class I | &nbsp;&nbsp;&nbsp; 40474320 |
| 9993 | TIAA-Cref Bond Index Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 94333 |
| 642535 | TIAA-CREF Emerging Markets Debt Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 5024627 |
| 44114 | Western Asset Core Plus Bond Fund, Class IS | &nbsp;&nbsp;&nbsp; 412905 |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL CORE INCOME FUND** | **SIERRA TACTICAL CORE INCOME FUND** | **SIERRA TACTICAL CORE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 43.1% (Continued)** |  |
|  | **FIXED INCOME - 42.8% (Continued)** |  |
| 1388763 | Western Asset Managed Municipals Fund, Class Y | &nbsp;&nbsp;&nbsp; $20345372 |
|  |  | &nbsp;&nbsp; 862222127 |
|  | **TOTAL OPEN END FUNDS (Cost $863,440,878)** | &nbsp;&nbsp; 867789449 |
|  | **SHORT-TERM INVESTMENT — 46.2%** |  |
|  | **MONEY MARKET FUND - 46.2%** |  |
| 929093196 | First American Government Obligations Fund Class X, 4.08% (Cost $929,093,196) <sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 929093196 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $2,011,080,655)** | &nbsp;&nbsp;&nbsp; $2012687860 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%** <sup>(b)</sup> | &nbsp;&nbsp; (194314) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $2012493546 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| <sup>(a)</sup> | - Rate disclosed is the seven day effective yield as of December 31, 2022. |
| <sup>(b)</sup> | - Percentage rounds to less than 0.1%. |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL MUNICIPAL FUND** | **SIERRA TACTICAL MUNICIPAL FUND** | **SIERRA TACTICAL MUNICIPAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 70.3%** |  |
|  | **FIXED INCOME - 70.3%** |  |
| 8214 | American Century California High-Yield Municipal, Class I | &nbsp;&nbsp;&nbsp; $78440 |
| 1402659 | BlackRock California Municipal Opportunities Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 16467221 |
| 5681421 | BlackRock High Yield Municipal Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 49428359 |
| 1583431 | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 16372677 |
| 1793848 | City National Rochdale Municipal High Income Fund, Service Class | &nbsp;&nbsp;&nbsp; 16288140 |
| 4913653 | Franklin California Tax-Free Income Fund, Advisor Class | &nbsp;&nbsp;&nbsp; 33019749 |
| 3123215 | Franklin Federal Tax-Free Income Fund, Class R6 | &nbsp;&nbsp;&nbsp; 32856222 |
| 4605 | Goldman Sachs High Yield Municipal Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 40754 |
| 10409 | Invesco High Yield Municipal Fund, Class Y | &nbsp;&nbsp;&nbsp; 89101 |
| 21319 | Invesco Rochester Municipal Opportunities Fund, Class Y | &nbsp;&nbsp;&nbsp; 142626 |
| 828731 | JPMorgan Intermediate Tax Free Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 8212726 |
| 7667 | Nuveen All-American Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 76668 |
| 6709 | Nuveen California High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 53004 |
| 886147 | Nuveen California Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 8843744 |
| 16671 | Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 248398 |
| 1707972 | Nuveen Short Duration High Yield Municipal Bond, Class I | &nbsp;&nbsp;&nbsp; 16276975 |
| 1615725 | PIMCO High Yield Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 13200473 |
| 1682325 | PIMCO Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 15325981 |
| 1051900 | Putnam Tax-Free High Yield Fund, Class Y | &nbsp;&nbsp;&nbsp; 11602460 |
|  |  | &nbsp;&nbsp; 238623718 |
|  | **TOTAL OPEN END FUNDS (Cost $234,183,019)** | &nbsp;&nbsp; 238623718 |
|  | **SHORT-TERM INVESTMENTS — 29.7%** |  |
|  | **MONEY MARKET FUNDS - 29.7%** |  |
| 99828698 | BlackRock Liquidity Funds MuniCash, Institutional Class, 3.17%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 99818715 |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL MUNICIPAL FUND** | **SIERRA TACTICAL MUNICIPAL FUND** | **SIERRA TACTICAL MUNICIPAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 29.7% (Continued)** |  |
|  | **MONEY MARKET FUNDS - 29.7% (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163581 | First American Government Obligations Fund Class X, 4.08%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1163581 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $100,982,339)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100982296 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $335,165,358)** | &nbsp;&nbsp;&nbsp; $339606014 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%**<sup>(b)</sup> | &nbsp;&nbsp; 13344 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $339619358 |

---

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

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

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL BOND FUND** | **SIERRA TACTICAL BOND FUND** | **SIERRA TACTICAL BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 47.2%** |  |
|  | **FIXED INCOME - 47.2%** |  |
| 6960900 | iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; $512531067 |
| 5562700 | SPDR Bloomberg High Yield Bond ETF | &nbsp;&nbsp;&nbsp; 500643000 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,027,178,776)** | &nbsp;&nbsp; 1013174067 |
|  | **OPEN END FUNDS — 30.6%** |  |
|  | **FIXED INCOME - 30.6%** |  |
| 4205240 | Allspring Short-Term High Yield Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 32464451 |
| 57670824 | BlackRock High Yield Bond Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp; 382934275 |
| 3543970 | City National Rochdale Fixed Income Opportunities, Class N | &nbsp;&nbsp;&nbsp; 65386243 |
| 16609 | Fidelity Capital & Income Fund | &nbsp;&nbsp;&nbsp; 149811 |
| 43580 | Fidelity High Income Fund | &nbsp;&nbsp;&nbsp; 317261 |
| 27005 | Goldman Sachs High Yield Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 143395 |
| 44620 | John Hancock High Yield Fund, Class I | &nbsp;&nbsp;&nbsp; 128060 |
| 29394 | Lord Abbett High Yield Fund, Class I | &nbsp;&nbsp;&nbsp; 180183 |
| 11 | Metropolitan West High Yield Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 96 |
| 20 | Neuberger Berman High Income Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 144 |
| 5 | Nuveen High Yield Income Fund, Class I | &nbsp;&nbsp;&nbsp; 85 |
| 10555996 | Osterweis Strategic Income Fund | &nbsp;&nbsp;&nbsp; 109043440 |
| 1031383 | Payden High Income Fund, Investor Class | &nbsp;&nbsp;&nbsp; 6033588 |
| 44570 | PGIM High Yield Fund, Class Z | &nbsp;&nbsp;&nbsp; 202795 |
| 20497 | PGIM Short Duration High Yield, Class Z | &nbsp;&nbsp;&nbsp; 164590 |
| 25758 | PIMCO High Yield Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 193444 |
| 2 | PIMCO High Yield Spectrum Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 17 |
| 1583927 | Pioneer High Yield Fund, Class Y | &nbsp;&nbsp;&nbsp; 12924843 |
| 25687 | Principal Funds Inc - High Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 161826 |
| 4694657 | Putnam High Yield Fund, Class Y | &nbsp;&nbsp;&nbsp; 25022519 |
| 991848 | TIAA-CREF High Yield Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 8123238 |
| 2318098 | Western Asset Short Duration High Income Fund, Class I | &nbsp;&nbsp;&nbsp; 10848697 |
|  | **TOTAL OPEN END FUNDS (Cost $657,363,386)** | &nbsp;&nbsp; 654423001 |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL BOND FUND** | **SIERRA TACTICAL BOND FUND** | **SIERRA TACTICAL BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 22.1%** |  |
|  | **MONEY MARKET FUND - 22.1%** |  |
| 472987220 | First American Government Obligations Fund Class X, 4.08% (Cost $472,987,220)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $472987220 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $2,157,529,382)** | &nbsp;&nbsp;&nbsp; $2140584288 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | &nbsp;&nbsp; 1156887 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $2141741175 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor's Depositary Receipt |
| <sup>(a)</sup> | - Rate disclosed is the seven day effective yield as of December 31, 2022. |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL RISK SPECTRUM 50 FUND** | **SIERRA TACTICAL RISK SPECTRUM 50 FUND** | **SIERRA TACTICAL RISK SPECTRUM 50 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 49.5%** |  |
|  | **COMMODITY - 0.8%** |  |
| 93500 | Invesco Optimum Yield Diversified Commodity | &nbsp;&nbsp;&nbsp; $1381930 |
|  | **EQUITY - 42.9%** |  |
| 77200 | Energy Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 6752684 |
| 102400 | Financial Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 3502080 |
| 26400 | iShares Biotechnology ETF | &nbsp;&nbsp;&nbsp; 3466056 |
| 16200 | iShares US Aerospace & Defense ETF | &nbsp;&nbsp;&nbsp; 1812132 |
| 63100 | JPMorgan Equity Premium Income ETF | &nbsp;&nbsp;&nbsp; 3438319 |
| 32000 | SPDR Dow Jones Industrial Average ETF Trust | &nbsp;&nbsp;&nbsp; 10602560 |
| 176600 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 6883868 |
| 78300 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 27509922 |
| 34900 | Vanguard Small-Cap Value ETF | &nbsp;&nbsp;&nbsp; 5542120 |
| 37700 | Vanguard Value ETF | &nbsp;&nbsp;&nbsp; 5291949 |
|  |  | &nbsp;&nbsp; 74801690 |
|  | **FIXED INCOME - 5.8%** |  |
| 253200 | Invesco Senior Loan ETF | &nbsp;&nbsp;&nbsp; 5198196 |
| 65500 | iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 4822765 |
|  |  | &nbsp;&nbsp; 10020961 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $85,919,780)** | &nbsp;&nbsp; 86204581 |
|  | **OPEN END FUNDS — 36.0%** |  |
|  | **ALTERNATIVE - 0.0%<sup>(b)</sup>** |  |
| 1 | JPMorgan Hedged Equity Fund, Class I | &nbsp;&nbsp;&nbsp; 25 |
|  | **EQUITY - 10.1%** |  |
| 132065 | Baillie Gifford Emerging Markets Equities Fund, Class I | &nbsp;&nbsp;&nbsp; 2250385 |
| 1033973 | iShares MSCI EAFE International Index Fund | &nbsp;&nbsp;&nbsp; 13700146 |
| 51641 | Victory Global Energy Transition Fund, Class Y | &nbsp;&nbsp;&nbsp; 1635996 |
|  |  | &nbsp;&nbsp; 17586527 |
|  | **FIXED INCOME - 25.9%** |  |
| 2189 | American Century California High-Yield Municipal, Class I | &nbsp;&nbsp;&nbsp; 20905 |
| 562999 | Ashmore Emerging Markets Total Return Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 2708026 |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL RISK SPECTRUM 50 FUND** | **SIERRA TACTICAL RISK SPECTRUM 50 FUND** | **SIERRA TACTICAL RISK SPECTRUM 50 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 36.0% (Continued)** |  |
|  | **FIXED INCOME - 25.9% (Continued)** |  |
| 49538 | Baird Quality Intermediate Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; $542441 |
| 485926 | BlackRock National Municipal Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 4825248 |
| 175334 | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 1812953 |
| 1668 | Cohen & Steers Preferred Securities and Income, Class I | &nbsp;&nbsp;&nbsp; 19599 |
| 95980 | Columbia Intermediate Duration Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 903169 |
| 197449 | DoubleLine Low Duration Emerging Markets Fixed, Class I | &nbsp;&nbsp;&nbsp; 1782965 |
| 111309 | Franklin California High Yield Municipal Fund, Advisor Class | &nbsp;&nbsp;&nbsp; 1085259 |
| 17 | Invesco High Yield Municipal Fund, Class Y | &nbsp;&nbsp;&nbsp; 148 |
| 10675 | Invesco Rochester Municipal Opportunities Fund, Class Y | &nbsp;&nbsp;&nbsp; 71419 |
| 2119 | Invesco Senior Floating Rate Fund, Class Y | &nbsp;&nbsp;&nbsp; 13794 |
| 276043 | JPMorgan High Yield Municipal Fund, Class I | &nbsp;&nbsp;&nbsp; 2658294 |
| 109730 | JPMorgan Intermediate Tax Free Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 1087424 |
| 109055 | Nuveen All-American Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 1090547 |
| 323 | Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 4812 |
| 1149 | Nuveen Preferred Securities Fund, Class I | &nbsp;&nbsp;&nbsp; 17274 |
| 187821 | Nuveen Short Duration High Yield Municipal Bond, Class I | &nbsp;&nbsp;&nbsp; 1789930 |
| 629 | Nuveen Strategic Income Fund, Class I | &nbsp;&nbsp;&nbsp; 5972 |
| 1827 | PIMCO Emerging Markets Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 14539 |
| 470005 | PIMCO Emerging Markets Full Spectrum Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 2763631 |
| 433372 | PIMCO Income Fund Institutional Class | &nbsp;&nbsp;&nbsp; 4485396 |
| 936475 | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | &nbsp;&nbsp;&nbsp; 8709219 |
| 524256 | PIMCO Investment Grade Credit Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 4524329 |
| 523 | PIMCO Long-Term Credit Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 4554 |
| 462 | PIMCO Real Return Fund Institutional Class | &nbsp;&nbsp;&nbsp; 4614 |
| 204328 | Putnam Mortgage Opportunities Fund, Class Y | &nbsp;&nbsp;&nbsp; 1771523 |
| 62313 | Russell Tax Exempt Bond Fund, Class S | &nbsp;&nbsp;&nbsp; 1342230 |
| 2008 | Western Asset Core Plus Bond Fund, Class IS | &nbsp;&nbsp;&nbsp; 18796 |
| 74131 | Western Asset Managed Municipals Fund, Class Y | &nbsp;&nbsp;&nbsp; 1086024 |
|  |  | &nbsp;&nbsp; 45165034 |
|  | **TOTAL OPEN END FUNDS (Cost $62,109,829)** | &nbsp;&nbsp; 62751586 |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL RISK SPECTRUM 50 FUND** | **SIERRA TACTICAL RISK SPECTRUM 50 FUND** | **SIERRA TACTICAL RISK SPECTRUM 50 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 14.5%** |  |
|  | **MONEY MARKET FUND - 14.5%** |  |
| 25239368 | First American Government Obligations Fund Class X, 4.08% (Cost $25,239,368)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $25239368 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $173,268,977)** | &nbsp;&nbsp;&nbsp; $174195535 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%**<sup>(b)</sup> | &nbsp;&nbsp; (67997) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $174127538 |

---

---

| | |
|:---|:---|
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |

---

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

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

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL RISK SPECTRUM 30 FUND** | **SIERRA TACTICAL RISK SPECTRUM 30 FUND** | **SIERRA TACTICAL RISK SPECTRUM 30 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 40.7%** |  |
|  | **COMMODITY - 0.8%** |  |
| 24700 | Invesco Optimum Yield Diversified Commodity | &nbsp;&nbsp;&nbsp; $365066 |
|  | **EQUITY - 32.4%** |  |
| 11800 | Energy Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 1032146 |
| 16200 | Financial Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 554040 |
| 4000 | iShares Biotechnology ETF | &nbsp;&nbsp;&nbsp; 525160 |
| 2500 | iShares US Aerospace & Defense ETF | &nbsp;&nbsp;&nbsp; 279650 |
| 10000 | JPMorgan Equity Premium Income ETF | &nbsp;&nbsp;&nbsp; 544900 |
| 3800 | SPDR Dow Jones Industrial Average ETF Trust | &nbsp;&nbsp;&nbsp; 1259054 |
| 74800 | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp; 3139356 |
| 26900 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 1048562 |
| 11500 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 4040410 |
| 4700 | Vanguard Small-Cap Value ETF | &nbsp;&nbsp;&nbsp; 746360 |
| 6000 | Vanguard Value ETF | &nbsp;&nbsp;&nbsp; 842220 |
|  |  | &nbsp;&nbsp; 14011858 |
|  | **FIXED INCOME - 7.5%** |  |
| 89800 | Invesco Senior Loan ETF | &nbsp;&nbsp;&nbsp; 1843594 |
| 19300 | iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 1421059 |
|  |  | &nbsp;&nbsp; 3264653 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $17,548,511)** | &nbsp;&nbsp; 17641577 |
|  | **OPEN END FUNDS — 33.4%** |  |
|  | **ALTERNATIVE - 1.5%** |  |
| 49998 | AQR Long-Short Equity Fund, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 640470 |
|  | **EQUITY - 0.8%** |  |
| 19173 | Baillie Gifford Emerging Markets Equities Fund, Class I | &nbsp;&nbsp;&nbsp; 326704 |
|  | **FIXED INCOME - 31.1%** |  |
| 212038 | Ashmore Emerging Markets Corporate Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 1170449 |
| 212709 | Ashmore Emerging Markets Total Return Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 1023130 |
| 16578 | Baird Quality Intermediate Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 181526 |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL RISK SPECTRUM 30 FUND** | **SIERRA TACTICAL RISK SPECTRUM 30 FUND** | **SIERRA TACTICAL RISK SPECTRUM 30 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 33.4% (Continued)** |  |
|  | **FIXED INCOME - 31.1% (Continued)** |  |
| 101087 | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | &nbsp;&nbsp;&nbsp; $1045241 |
| 28907 | Columbia Intermediate Duration Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 272018 |
| 24862 | DoubleLine Low Duration Emerging Markets Fixed, Class I | &nbsp;&nbsp;&nbsp; 224500 |
| 127249 | JPMorgan High Yield Municipal Fund, Class I | &nbsp;&nbsp;&nbsp; 1225410 |
| 550 | Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 8187 |
| 66402 | Nuveen Short Duration High Yield Municipal Bond, Class I | &nbsp;&nbsp;&nbsp; 632814 |
| 157 | Nuveen Strategic Income Fund, Class I | &nbsp;&nbsp;&nbsp; 1496 |
| 153116 | PIMCO Income Fund Institutional Class | &nbsp;&nbsp;&nbsp; 1584747 |
| 259448 | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | &nbsp;&nbsp;&nbsp; 2412862 |
| 185127 | PIMCO Investment Grade Credit Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 1597644 |
| 109171 | PIMCO Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 994546 |
| 76324 | Putnam Mortgage Opportunities Fund, Class Y | &nbsp;&nbsp;&nbsp; 661726 |
| 21991 | Russell Tax Exempt Bond Fund, Class S | &nbsp;&nbsp;&nbsp; 473686 |
| 716 | Western Asset Core Plus Bond Fund, Class IS | &nbsp;&nbsp;&nbsp; 6704 |
|  |  | &nbsp;&nbsp; 13516686 |
|  | **TOTAL OPEN END FUNDS (Cost $14,526,768)** | &nbsp;&nbsp; 14483860 |
|  | **SHORT-TERM INVESTMENT — 26.0%** |  |
|  | **MONEY MARKET FUND - 26.0%** |  |
| 11297508 | First American Government Obligations Fund Class X, 4.08% (Cost $11,297,508)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 11297508 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $43,372,787)** | &nbsp;&nbsp;&nbsp; $43422945 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | &nbsp;&nbsp; (44401) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $43378544 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of December 31, 2022.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** Sierra Tactical Core Income Fund

- **b. EDGAR series identifier (if any):** S000035209

- **c. LEI of Series:** 549300Q5IJASQRM4OG72

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2014338537.94

**Total Liabilities:** $1844992.21

**Net Assets:** $2012493545.73

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000108313 | 0.02%                | 1.13%                | -0.91%               |
| Class ID C000108315 | 0.07%                | 1.08%                | -0.86%               |
| Class ID C000108316 | 0.10%                | 1.12%                | -0.83%               |
| Class ID C000108314 | 0.02%                | 1.03%                | -0.92%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-1575330.08                               |
| Month 2  | $-2876280.15             | $19945221.13                               |
| Month 3  | $-11941827.19            | $-16339855.64                              |

### Schedule of Portfolio Investments

| Name                                            | Title                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MFS Series Tst Ix                               | MFS-CORP BND-I            | CUSIP: 55272P877<br>LEI: 549300IJONSVWD5I9F62 | Long             | EC               | RF                | US        |      9379 | NS      | $111322.84    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Trust I                               | JPM GLOBAL BOND OPPORT-I  | CUSIP: 46637K687<br>LEI: 549300DM5WZMCZZ70R78 | Long             | EC               | RF                | US        |   3204578 | NS      | $30347355.50  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds                                       | PIMCO-L/T CR-INS          | CUSIP: 72201P647<br>LEI: ZCHOOW8186RO45QGKP62 | Long             | EC               | RF                | US        |     11787 | NS      | $102663.53    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Angel Oak Funds Tr                              | A/O-M/S INC-INS           | CUSIP: 03463K406<br>LEI: N/A                  | Long             | EC               | RF                | US        |      9852 | NS      | $84139.46     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Funds Inc                             | PRIN-FI EM T-INS          | CUSIP: 74255L175<br>LEI: 549300HZGBXSW6DSXF23 | Long             | EC               | RF                | US        |    596692 | NS      | $5077849.23   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                                   | ISHARES IBOXX HIGH YLD CO | CUSIP: 464288513<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |   1344000 | NS      | $98958720.00  | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Trust                             | GLDMN SCHS HI YLD MUNI-IN | CUSIP: 38142Y583<br>LEI: S2FHCT8U6D2VORP0J605 | Long             | EC               | RF                | US        |      5788 | NS      | $51219.78     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Aim Counselor Ser Tr Invesco Counselor Ser Tr   | INVESCO FLOATING RATE-T   | CUSIP: 00141A586<br>LEI: LZYC3CZ7P12IRF1LLV60 | Long             | EC               | RF                | US        |     12167 | NS      | $80910.78     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Aim Investment Funds (Invesco Investment Funds) | INV-INTL BND-Y            | CUSIP: 00143K657<br>LEI: Y5W0BJB7U2X9V6NIC803 | Long             | EC               | RF                | US        |     23419 | NS      | $100702.06    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Trust I                               | JPM IMCOME-I              | CUSIP: 46637K224<br>LEI: 549300DM5WZMCZZ70R78 | Long             | EC               | RF                | US        |     18161 | NS      | $149467.14    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds Pacific Invt Mgmt Ser                 | PIMCO-DIV IN-I            | CUSIP: 693391880<br>LEI: JPLOY0QGZ77SI04T0B25 | Long             | EC               | RF                | US        |     17602 | NS      | $160003.81    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERN FDS INC                             | FRST AM-GV OB-X           | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        | 929093196 | PA      | $929093195.89 | 46.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Aim Tax-Exempt Funds (Invesco Tax-Exempt Funds) | I/O-H/Y MUNI-Y            | CUSIP: 00141W703<br>LEI: SW0MHD1146AQ1M76HG37 | Long             | EC               | RF                | US        |     79178 | NS      | $529698.87    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Funds Trust                              | PUTNAM SHRT DUR INC-Y     | CUSIP: 74676P698<br>LEI: N/A                  | Long             | EC               | RF                | US        |      5648 | NS      | $56481.40     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Municipal                                | NUVEEN SHORT DUR H/Y MUNI | CUSIP: 67065Q699<br>LEI: 549300D2RECSQKX7NC33 | Long             | EC               | RF                | US        |   4208898 | NS      | $40110799.95  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Invt Tr V                                | NVN-PREF SEC-INC          | CUSIP: 670700400<br>LEI: 5493005YOHPRCB8M2Y83 | Long             | EC               | RF                | US        |     16051 | NS      | $241413.34    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Municipal Bond Fund Inc               | BLKR-NTL MUN-INS          | CUSIP: 09253C876<br>LEI: N/A                  | Long             | EC               | RF                | US        |   8074403 | NS      | $80178821.30  | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds                                       | PIMCO HI YLD MUNI BND-I   | CUSIP: 72201F672<br>LEI: 4LIV36RE2YOPJ7ZZHU91 | Long             | EC               | RF                | US        |   4957817 | NS      | $40505366.92  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS Series Tst X                                | MFS-EM MK DB-I            | CUSIP: 55273E640<br>LEI: 5493001MUVNRNUPJY164 | Long             | EC               | RF                | US        |     13084 | NS      | $149937.57    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS Series Tst X                                | MFS-EM DBT LC-I           | CUSIP: 552746422<br>LEI: 5493001MUVNRNUPJY164 | Long             | EC               | RF                | US        |      6352 | NS      | $33664.85     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds                                       | PIMCO EM MRK CUR & S/T-IN | CUSIP: 72201F409<br>LEI: FRE2ROMRMC2BDS43QJ31 | Long             | EC               | RF                | US        |    699005 | NS      | $5151670.44   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Baird Funds Inc                                 | BAIRD-CORE IN-US          | CUSIP: 057071656<br>LEI: 549300772UJAHRD6LO53 | Long             | EC               | RF                | US        |   1990962 | NS      | $20108720.81  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tcw Funds Inc                                   | TCW EMERG MKTS INCOME-I   | CUSIP: 87234N765<br>LEI: 54930078E2I2DS4UJ217 | Long             | EC               | RF                | US        |   6650990 | NS      | $40304999.32  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Funds V                               | BLKR-H/Y BND-INS          | CUSIP: 09260B630<br>LEI: 54930077DSFQPJDWM487 | Long             | EC               | RF                | US        |     53905 | NS      | $357928.40    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Tiaa-Cref Fds                                   | TIAA-BD IDX-INST          | CUSIP: 87245M848<br>LEI: 549300L8R42TEBN5NG46 | Long             | EC               | RF                | US        |      9970 | NS      | $94114.62     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Trust                             | GLDMN SCHS H/Y FLT RT-INS | CUSIP: 38145C455<br>LEI: S2FHCT8U6D2VORP0J605 | Long             | EC               | RF                | US        |     11375 | NS      | $98394.04     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS Mun Ser Tr                                  | MFS-CA MUNI-I             | CUSIP: 55273N418<br>LEI: TQV30XJRB3S7V50XRW52 | Long             | EC               | RF                | US        |      3948 | NS      | $34900.96     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Municipal Bond Fund Inc               | BLACKROCK HIGH YIELD MUNI | CUSIP: 09253C769<br>LEI: N/A                  | Long             | EC               | RF                | US        |     17832 | NS      | $155135.03    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Municipal                                | NUV-INT DURA-I            | CUSIP: 67065Q400<br>LEI: 549300D2RECSQKX7NC33 | Long             | EC               | RF                | US        |   4871291 | NS      | $42185382.57  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CS Warburg Pncs                                 | CREDIT SUISSE FL RT HI IN | CUSIP: 22540S836<br>LEI: 5493002UZ4JX82OVKQ12 | Long             | EC               | RF                | US        |      5127 | NS      | $31633.92     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Capital & Income Fund                  | FIDELITY CAPITAL & INCOME | CUSIP: 316062108<br>LEI: 549300478VTUOFTSUU57 | Long             | EC               | RF                | US        |       609 | NS      | $5495.82      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Legg Mason Partners Income Trust                | WSTRN ASST MGD MUNI-I     | CUSIP: 52469J509<br>LEI: N/A                  | Long             | EC               | RF                | US        |   1384455 | NS      | $20282267.74  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds Pacific Invt Mgmt Ser                 | PIMCO-RL RTN-INS          | CUSIP: 693391104<br>LEI: UBV6ASKZ6D22Z3BEZJ52 | Long             | EC               | RF                | US        |      8015 | NS      | $80065.16     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Mun Secs                               | FRNK-CA HY M-ADV          | CUSIP: 354025801<br>LEI: N/A                  | Long             | EC               | RF                | US        |   2086084 | NS      | $20339323.37  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds Pacific Invt Mgmt Ser                 | PIMCO-E/M BD-INS          | CUSIP: 693391559<br>LEI: N/A                  | Long             | EC               | RF                | US        |   3286000 | NS      | $26156557.20  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| American Century Intl Bond Funds                | AMER CENT EMG MRKT DEBT-I | CUSIP: 025082769<br>LEI: 549300QZXI44OOTBJE66 | Long             | EC               | RF                | US        |    587980 | NS      | $5103669.60   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Baird Funds Inc                                 | BAIRD-IN MUN-INS          | CUSIP: 057071607<br>LEI: 549300772UJAHRD6LO53 | Long             | EC               | RF                | US        |    926017 | NS      | $10139887.34  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds                                       | PIMCO-EMG FUL-IS          | CUSIP: 72201U562<br>LEI: FRE2ROMRMC2BDS43QJ31 | Long             | EC               | RF                | US        |         2 | NS      | $11.15        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds                                       | PIMCO-EM L C-INS          | CUSIP: 72201F516<br>LEI: 549300ZGWYRHH0R7UG85 | Long             | EC               | RF                | US        |   4726283 | NS      | $25994559.16  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Municipal Series Trust                | BLACKROCK STRAT MUNI OPP- | CUSIP: 09253E609<br>LEI: N13FNQG6SVW6WDIWRJ75 | Long             | EC               | RF                | US        |   3948654 | NS      | $40829079.37  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Trust I                               | JPM-INT TF B-I            | CUSIP: 4812A0458<br>LEI: 549300DM5WZMCZZ70R78 | Long             | EC               | RF                | US        |   3072104 | NS      | $30444548.54  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Pfd                              | C&S-PR SEC I-I            | CUSIP: 19248X307<br>LEI: 549300K2VDWJX1NSUI44 | Long             | EC               | RF                | US        |     34299 | NS      | $403013.88    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Advisors Series Trust                           | SEMPR-MBS TO-INS          | CUSIP: 00770X758<br>LEI: N/A                  | Long             | EC               | RF                | US        |      1049 | NS      | $8232.35      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Funds Series Trust I                   | CLM-INTR DU MU-I          | CUSIP: 19765L637<br>LEI: 549300W5GIE6ZOZOTD82 | Long             | EC               | RF                | US        |   1610374 | NS      | $15153621.04  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Tiaa-Cref Fds                                   | TIAA-CREF EM MRKT DEBT-IN | CUSIP: 87245R581<br>LEI: 549300L8R42TEBN5NG46 | Long             | EC               | RF                | US        |    642535 | NS      | $5024627.16   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Aim Tax-Exempt Funds (Invesco Tax-Exempt Funds) | INVESCO HI YLD MUNI-Y     | CUSIP: 001419654<br>LEI: SW0MHD1146AQ1M76HG37 | Long             | EC               | RF                | US        |     17146 | NS      | $146772.28    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds Pacific Invt Mgmt Ser                 | PIMCO-I/G CR-INS          | CUSIP: 722005816<br>LEI: N/A                  | Long             | EC               | RF                | US        |  11737864 | NS      | $101297762.48 | 5.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Trust I                               | JPMORGAN EMERG MRKT DEBT- | CUSIP: 4812A0748<br>LEI: 549300DM5WZMCZZ70R78 | Long             | EC               | RF                | US        |    846192 | NS      | $4992530.47   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds Pacific Invt Mgmt Ser                 | PIMCO-IN B $-INS          | CUSIP: 693390882<br>LEI: 549300NKY72DZUNDF872 | Long             | EC               | RF                | US        |   8536441 | NS      | $79388899.05  | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Aim Counselor Ser Tr Invesco Counselor Ser Tr   | INV OPP SNR FLTNG RT - Y  | CUSIP: 00141G831<br>LEI: LZYC3CZ7P12IRF1LLV60 | Long             | EC               | RF                | US        |     14109 | NS      | $91851.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Municipal                                | NVN-ALL AMER-I            | CUSIP: 67065Q855<br>LEI: 549300D2RECSQKX7NC33 | Long             | EC               | RF                | US        |   2058755 | NS      | $20587546.09  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Portfolios II                           | VCTRY-M/N IN-I            | CUSIP: 92647P654<br>LEI: 5493002SUQLUY3T5P040 | Long             | EC               | RF                | US        |     54951 | NS      | $458289.32    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Exchange Traded Fund Trust II           | INVESCO SENIOR LOAN ETF   | CUSIP: 46138G508<br>LEI: O540V2L4S174Y60FMD36 | Long             | EC               | RF                | US        |   5691500 | NS      | $116846495.00 | 5.81%             |  |  |  | No            |                  1 | On Loan: No      |
| American Centy Tr                               | AC-INT T/F B-I            | CUSIP: 024934846<br>LEI: N/A                  | Long             | EC               | RF                | US        |   1903143 | NS      | $20249442.61  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds                                       | PIMCO-INCOME-INS          | CUSIP: 72201F490<br>LEI: XSQUIHC65X62JACTUZ45 | Long             | EC               | RF                | US        |   9709762 | NS      | $100496033.12 | 4.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Allspring Funds Trust                           | ALLSP-MUN BD-INS          | CUSIP: 949921670<br>LEI: 549300XROIY0CTN7RZ24 | Long             | EC               | RF                | US        |   3137963 | NS      | $30093065.38  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-27

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer