# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0000910472-25-005573
**Filing Date:** 2025-12
**Character Count:** 54093
**Document Hash:** ee4f4e65b3605322b5917d7f1aa13003
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-005573.hdr.sgml**: 20251210

**ACCESSION NUMBER**: 0000910472-25-005573

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251210

**DATE AS OF CHANGE**: 20251209

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 251560247

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

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

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

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

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

## Series and Classes Contracts Data

### Navigator Tactical Fixed Income Fund (Series ID: S000044265)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000137888 | Navigator Tactical Fixed Income Fund Class A Shares | NTBAX           |
| C000137889 | Navigator Tactical Fixed Income Fund Class C Shares | NTBCX           |
| C000137890 | Navigator Tactical Fixed Income Fund Class I Shares | NTBIX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** Navigator Tactical Fixed Income Fund

- **b. EDGAR series identifier (if any):** S000044265

- **c. LEI of Series:** 549300MPDMHX5QXP4F47

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-10-31

**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:** $7631177414.10

**Total Liabilities:** $121058503.24

**Net Assets:** $7510118910.86

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 168269.74465200 | **1-Year:** 51423.72347900 | **5-Year:** 22.05117400 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 68367.88631200 | **5-Year:** 1172105.89531900 | **10-Year:** 18889.29095800 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000137888 | 0.94%                | 0.91%                | 0.31%                |
| Class ID C000137890 | 0.94%                | 0.87%                | 0.41%                |
| Class ID C000137889 | 0.94%                | 0.71%                | 0.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $106244.67               | $15094254.68                               |
| Month 2  | $78133.49                | $4630422.01                                |
| Month 3  | $1000577.66              | $-1036262.42                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Weyerhaeuser Company                                             | WY 4 3/4 05/15/26         | CUSIP: 962166CC6<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | DBT              | CORP              | US        |    13052000 | PA      | $13093313.23  | 0.17%             | 2026-05-15      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| Dell International LLC / EMC Corp.                               | DELL 6.02 06/15/26        | CUSIP: 24703TAD8<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |     6606000 | PA      | $6655262.79   | 0.09%             | 2026-06-15      | Fixed         | 6.02%                 | No            | 2                  | On Loan: No      |
| BMW US Capital, LLC                                              | BMW Float 03/19/27        | CUSIP: 05565ECV5<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    28000000 | PA      | $28103665.52  | 0.37%             | 2027-03-19      | Floating      | 4.98%                 | Yes           | 2                  | On Loan: No      |
| United States Treasury Bills                                     | B 11/20/25                | CUSIP: 912797QR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   150000000 | PA      | $149725875.00 | 1.99%             | 2025-11-20      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| Bayer US Finance II LLC                                          | BAYNGR 4 1/4 12/15/25     | CUSIP: 07274NAJ2<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |    26547000 | PA      | $26535137.47  | 0.35%             | 2025-12-15      | Fixed         | 4.25%                 | Yes           | 2                  | On Loan: No      |
| CDX.NA.HY SERIES 44                                              | CDX.NA.HY SERIES 44 06/30 | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |   -84000000 | PA      | $6386940.00   | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| Citibank, N.A.                                                   | C Float 05/29/27          | CUSIP: 17325FBQ0<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    58000000 | PA      | $58430430.18  | 0.78%             | 2027-05-29      | Floating      | 5.04%                 | No            | 2                  | On Loan: No      |
| Caterpillar Financial Services Corp.                             | CAT Float 01/07/27        | CUSIP: 14913UAW0<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    40000000 | PA      | $40081534.80  | 0.53%             | 2027-01-07      | Floating      | 4.59%                 | No            | 2                  | On Loan: No      |
| iShares Trust                                                    | ISHARES IBOXX HI          | CUSIP: 464288513<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     8000000 | NS      | $646400000.00 | 8.61%             |  |  |  | No            | 1                  | On Loan: —       |
| Lowes Companies, Inc.                                            | LOW 4.8 04/01/26          | CUSIP: 548661EP8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    66448000 | PA      | $66579778.34  | 0.89%             | 2026-04-01      | Fixed         | 4.80%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                     | B 01/02/26                | CUSIP: 912797RA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   150000000 | PA      | $149039500.50 | 1.98%             | 2026-01-02      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| Citibank, N.A.                                                   | C Float 08/06/26          | CUSIP: 17325FBH0<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    40000000 | PA      | $40105394.00  | 0.53%             | 2026-08-06      | Floating      | 5.00%                 | No            | 2                  | On Loan: No      |
| Skyworks Solutions, Inc.                                         | SWKS 1.8 06/01/26         | CUSIP: 83088MAK8<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | DBT              | CORP              | US        |    19623000 | PA      | $19326598.51  | 0.26%             | 2026-06-01      | Fixed         | 1.80%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                     | B 01/15/26                | CUSIP: 912797RJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   150000000 | PA      | $148855002.00 | 1.98%             | 2026-01-15      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| Equinix, Inc.                                                    | EQIX 1.45 05/15/26        | CUSIP: 29444UBQ8<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |    50075000 | PA      | $49330905.53  | 0.66%             | 2026-05-15      | Fixed         | 1.45%                 | No            | 2                  | On Loan: No      |
| Goldman Sachs Group, Inc.                                        | GS 1.093 12/09/26         | CUSIP: 38141GXM1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     8440000 | PA      | $8412029.33   | 0.11%             | 2026-12-09      | Fixed         | 1.09%                 | No            | 2                  | On Loan: No      |
| Chevron USA Inc                                                  | CVX Float 02/26/27        | CUSIP: 166756BA3<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |    48317000 | PA      | $48428789.59  | 0.64%             | 2027-02-26      | Floating      | 4.64%                 | No            | 2                  | On Loan: No      |
| Oracle Corp.                                                     | ORCL 1.65 03/25/26        | CUSIP: 68389XCC7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    70768000 | PA      | $70074347.63  | 0.93%             | 2026-03-25      | Fixed         | 1.65%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                     | B 01/29/26                | CUSIP: 912797RK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   150000000 | PA      | $148649506.50 | 1.98%             | 2026-01-29      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| American Honda Finance Corporation                               | HNDA Float 07/09/27       | CUSIP: 02665WGE5<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    23000000 | PA      | $23118802.36  | 0.31%             | 2027-07-09      | Floating      | 5.08%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Trade                                           | US 5YR NOTE (CBT) Dec25   | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |       17825 | NC      | $2740775.35   | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| HCA Inc.                                                         | HCA 5 1/4 06/15/26        | CUSIP: 404119BT5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    36956000 | PA      | $36993457.49  | 0.49%             | 2026-06-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| American Honda Finance Corporation                               | HNDA Float 08/13/27       | CUSIP: 02665WGH8<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    47500000 | PA      | $47607674.90  | 0.63%             | 2027-08-13      | Floating      | 5.02%                 | No            | 2                  | On Loan: No      |
| International Business Machines Corp.                            | IBM 3.3 05/15/26          | CUSIP: 459200JZ5<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |   100000000 | PA      | $99645034.00  | 1.33%             | 2026-05-15      | Fixed         | 3.30%                 | No            | 2                  | On Loan: No      |
| Oracle Corp.                                                     | ORCL 2.65 07/15/26        | CUSIP: 68389XBM6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    57225000 | PA      | $56656489.65  | 0.75%             | 2026-07-15      | Fixed         | 2.65%                 | No            | 2                  | On Loan: No      |
| PNC Bank National Association Pittsburgh Pennsylvania            | PNC 4.543 05/13/27        | CUSIP: 69353RFY9<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |     6316000 | PA      | $6325227.17   | 0.08%             | 2027-05-13      | Fixed         | 4.54%                 | No            | 2                  | On Loan: No      |
| Morgan Stanley                                                   | MS 0.985 12/10/26         | CUSIP: 6174468V4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    40000000 | PA      | $39864508.00  | 0.53%             | 2026-12-10      | Fixed         | 0.98%                 | No            | 2                  | On Loan: No      |
| General Motors Financial Company  Inc                            | GM 1 1/4 01/08/26         | CUSIP: 37045XDD5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     9033000 | PA      | $8980618.72   | 0.12%             | 2026-01-08      | Fixed         | 1.25%                 | No            | 2                  | On Loan: No      |
| Jefferies Financial Group Inc                                    | JEF 4 3/4 08/11/26        | CUSIP: 47233WKM0<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    20000000 | PA      | $20017755.00  | 0.27%             | 2026-08-11      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| Johnson Controls International PLC                               | JCI 3.9 02/14/26          | CUSIP: 478375AR9<br>LEI: 549300XQ6S1GYKGBL205 | Long             | DBT              | CORP              | IE        |    18379000 | PA      | $18352193.31  | 0.24%             | 2026-02-14      | Fixed         | 3.90%                 | No            | 2                  | On Loan: No      |
| Volkswagen Group of America Finance LLC                          | VW Float 03/25/27         | CUSIP: 928668CT7<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    30000000 | PA      | $30083030.40  | 0.40%             | 2027-03-25      | Floating      | 5.26%                 | Yes           | 2                  | On Loan: No      |
| JPMorgan Chase & Co.                                             | JPM 3.96 01/29/27         | CUSIP: 46647PBA3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    35535000 | PA      | $35501592.48  | 0.47%             | 2027-01-29      | Fixed         | 3.96%                 | No            | 2                  | On Loan: No      |
| TR Finance LLC                                                   | TRICN 3.35 05/15/26       | CUSIP: 87268LAA5<br>LEI: 254900OWSTRTOV8P5W25 | Long             | DBT              | CORP              | US        |    20438000 | PA      | $20306439.57  | 0.27%             | 2026-05-15      | Fixed         | 3.35%                 | No            | 2                  | On Loan: No      |
| Kraft Heinz Foods Company                                        | KHC 3 06/01/26            | CUSIP: 50077LAD8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    63774000 | PA      | $63302169.97  | 0.84%             | 2026-06-01      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Northern Lights Fund Trust                                       | NAV-U/S BND-I             | CUSIP: 66538J522<br>LEI: 549300BSYF57GRCG4861 | Long             | EC               | RF                | US        |     5644443 | NS      | $57121760.41  | 0.76%             |  |  |  | No            | 1                  | On Loan: No      |
| Caterpillar Financial Services Corp.                             | CAT Float 10/16/26        | CUSIP: 14913UAP5<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    30000000 | PA      | $30145806.30  | 0.40%             | 2026-10-16      | Floating      | 4.93%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                                     | T 4 1/8 10/31/29          | CUSIP: 91282CLR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   300000000 | PA      | $305009766.00 | 4.06%             | 2029-10-31      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| American Express Company                                         | AXP 5.645 04/23/27        | CUSIP: 025816DT3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    33495000 | PA      | $33719568.90  | 0.45%             | 2027-04-23      | Fixed         | 5.64%                 | No            | 2                  | On Loan: No      |
| Dupont De Nemours Inc                                            | DD 4.493 11/15/25         | CUSIP: 26078JAC4<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |    57962000 | PA      | $57946735.13  | 0.77%             | 2025-11-15      | Fixed         | 4.49%                 | No            | 2                  | On Loan: No      |
| CDX.NA.HY SERIES 43                                              | CDX.NA.HY SERIES 43 12/29 | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |  -123600000 | PA      | $9097948.80   | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| Cequel Communications Holdings I, LLC/Cequel Capital Corporation | CEQUEL 7 1/2 04/01/28     | CUSIP: 15672WAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1200000 | PA      | $814500.00    | 0.01%             | 2028-04-01      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| Citibank, N.A.                                                   | C Float 04/30/26          | CUSIP: 17325FBE7<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    25000000 | PA      | $25037413.25  | 0.33%             | 2026-04-30      | Floating      | 4.88%                 | No            | 2                  | On Loan: No      |
| Realty Income Corporation                                        | O 4 5/8 11/01/25          | CUSIP: 756109BE3<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    53714000 | PA      | $53714000.00  | 0.72%             | 2025-11-01      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| JPMorgan Chase & Co.                                             | JPM 1.045 11/19/26        | CUSIP: 46647PBT2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   100000000 | PA      | $99865374.00  | 1.33%             | 2026-11-19      | Fixed         | 1.04%                 | No            | 2                  | On Loan: No      |
| Merck & Co., Inc                                                 | MRK Float 09/15/27        | CUSIP: 58933YBU8<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    28000000 | PA      | $28170003.68  | 0.38%             | 2027-09-15      | Floating      | 4.71%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                     | B 11/06/25                | CUSIP: 912797QP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   150000000 | PA      | $149952565.50 | 2.00%             | 2025-11-06      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| McCormick & Company, Incorporated                                | MKC 3 1/4 11/15/25        | CUSIP: 579780AK3<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |     1999000 | PA      | $1998343.97   | 0.03%             | 2025-11-15      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| Crown Castle Inc.                                                | CCI 3.7 06/15/26          | CUSIP: 22822VAC5<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    43637000 | PA      | $43449048.46  | 0.58%             | 2026-06-15      | Fixed         | 3.70%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                     | B 11/13/25                | CUSIP: 912797QQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   150000000 | PA      | $149838097.50 | 2.00%             | 2025-11-13      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| eBay Inc.                                                        | EBAY 1.4 05/10/26         | CUSIP: 278642AX1<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |    15997000 | PA      | $15770206.53  | 0.21%             | 2026-05-10      | Fixed         | 1.40%                 | No            | 2                  | On Loan: No      |
| Entergy Corporation                                              | ETR 2.95 09/01/26         | CUSIP: 29364GAJ2<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    38450000 | PA      | $38114007.37  | 0.51%             | 2026-09-01      | Fixed         | 2.95%                 | No            | 2                  | On Loan: No      |
| Dreyfus Treasury Obligations Cash Management                     | DREY-T O C/M-INS          | CUSIP: 261908107<br>LEI: 549300MKKM9KT7BF6329 | Long             | STIV             | RF                | US        |   551638411 | PA      | $551638410.88 | 7.35%             |  |  |  | No            | 1                  | On Loan: No      |
| O'Reilly Automotive Inc.                                         | ORLY 5 3/4 11/20/26       | CUSIP: 67103HAM9<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |     9106000 | PA      | $9254629.22   | 0.12%             | 2026-11-20      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| American Honda Finance Corporation                               | HNDA FLOAT 05/20/26       | CUSIP: 02665WGB1<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    30000000 | PA      | $30045021.00  | 0.40%             | 2026-05-20      | Floating      | 4.94%                 | No            | 2                  | On Loan: No      |
| Autozone, Inc.                                                   | AZO 5.05 07/15/26         | CUSIP: 053332BE1<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |    13721000 | PA      | $13809867.90  | 0.18%             | 2026-07-15      | Fixed         | 5.05%                 | No            | 2                  | On Loan: No      |
| Amphenol Corporation                                             | APH Float 11/15/27        | CUSIP: 032095AV3<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |    48000000 | PA      | $48105377.28  | 0.64%             | 2027-11-15      | Floating      | 4.59%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                     | B 12/18/25                | CUSIP: 912797QZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   150000000 | PA      | $149276625.00 | 1.99%             | 2025-12-18      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| Morgan Stanley                                                   | MS 1.512 07/20/27         | CUSIP: 61747YEC5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     5000000 | PA      | $4904435.60   | 0.07%             | 2027-07-20      | Fixed         | 1.51%                 | No            | 2                  | On Loan: No      |
| Bank of America Corp.                                            | BAC 3.559 04/23/27        | CUSIP: 06051GHT9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    50000000 | PA      | $49828867.00  | 0.66%             | 2027-04-23      | Fixed         | 3.56%                 | No            | 2                  | On Loan: No      |
| General Motors Financial Company  Inc                            | GM 5.4 04/06/26           | CUSIP: 37045XEF9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    12719000 | PA      | $12776080.07  | 0.17%             | 2026-04-06      | Fixed         | 5.40%                 | No            | 2                  | On Loan: No      |
| BAE Systems Holdings Inc.                                        | BALN 3.85 12/15/25        | CUSIP: 05523UAP5<br>LEI: MF62XBVMNYTYMC18DL76 | Long             | DBT              | CORP              | US        |    15534000 | PA      | $15526254.75  | 0.21%             | 2025-12-15      | Fixed         | 3.85%                 | Yes           | 2                  | On Loan: No      |
| Autozone, Inc.                                                   | AZO 3 1/8 04/21/26        | CUSIP: 053332AT9<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |    26597000 | PA      | $26464859.19  | 0.35%             | 2026-04-21      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| Altria Group, Inc.                                               | MO 4.4 02/14/26           | CUSIP: 02209SBC6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    21230000 | PA      | $21222133.65  | 0.28%             | 2026-02-14      | Fixed         | 4.40%                 | No            | 2                  | On Loan: No      |
| Sprint LLC                                                       | S 7 5/8 03/01/26          | CUSIP: 85207UAK1<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |    83800000 | PA      | $83800000.00  | 1.12%             | 2026-03-01      | Fixed         | 7.62%                 | No            | 2                  | On Loan: No      |
| Commonwealth Bank of Australia                                   | CBAAU Float 11/27/26      | CUSIP: 2027A0KV0<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    20000000 | PA      | $19995534.60  | 0.27%             | 2026-11-27      | Floating      | 4.74%                 | Yes           | 2                  | On Loan: No      |
| Keurig Dr Pepper Inc                                             | KDP Float 11/15/26        | CUSIP: 49271VAY6<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |    57500000 | PA      | $57509071.78  | 0.77%             | 2026-11-15      | Floating      | 4.87%                 | No            | 2                  | On Loan: No      |
| Toyota Motor Corp.                                               | TOYOTA 1.339 03/25/26     | CUSIP: 892331AM1<br>LEI: 5493006W3QUS5LMH6R84 | Long             | DBT              | CORP              | JP        |     4250000 | PA      | $4203398.20   | 0.06%             | 2026-03-25      | Fixed         | 1.34%                 | No            | 2                  | On Loan: No      |
| CDX.NA.HY SERIES 42                                              | CDXHY42 06/29             | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |  -125000000 | PA      | $9811500.00   | 0.13%             |  |  |  | No            | 2                  | On Loan: No      |
| Altria Group, Inc.                                               | MO 2 5/8 09/16/26         | CUSIP: 02209SAU7<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    29943000 | PA      | $29583707.36  | 0.39%             | 2026-09-16      | Fixed         | 2.62%                 | No            | 2                  | On Loan: No      |
| Bank of America Corp.                                            | BAC 1.734 07/22/27        | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    91500000 | PA      | $89888810.36  | 1.20%             | 2027-07-22      | Fixed         | 1.73%                 | No            | 2                  | On Loan: No      |
| Cooperatieve Rabobank U.A. New York Branch                       | RABOBK Float 08/28/26     | CUSIP: 21688ABG6<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    38000000 | PA      | $38103436.76  | 0.51%             | 2026-08-28      | Floating      | 4.89%                 | No            | 2                  | On Loan: No      |
| MORGAN STANLEY INSTITUTIONAL LIQUIDITY FUNDS - GOVERNMENT PORTFO | MS INST LIQ GOVT CL INST  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |           0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| CDX.NA.HY SERIES 44                                              | CDX.NA.HY SERIES 44 6/30  | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       | -1067000000 | PA      | $81129345.00  | 1.08%             |  |  |  | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                     | B 11/28/25                | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   150000000 | PA      | $149597629.50 | 1.99%             | 2025-11-28      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| CVS Health Corp                                                  | CVS 3 08/15/26            | CUSIP: 126650DF4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     5227000 | PA      | $5176644.86   | 0.07%             | 2026-08-15      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| T-Mobile USA, Inc.                                               | TMUS 1 1/2 02/15/26       | CUSIP: 87264ABZ7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    54946000 | PA      | $54498182.41  | 0.73%             | 2026-02-15      | Fixed         | 1.50%                 | No            | 2                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE (FLOOR)                              | S&P500 EMINI FUT  Dec25   | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |         895 | NC      | $8988162.60   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| CVS Health Corp                                                  | CVS 2 7/8 06/01/26        | CUSIP: 126650CU2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    73051000 | PA      | $72470276.69  | 0.96%             | 2026-06-01      | Fixed         | 2.88%                 | No            | 2                  | On Loan: No      |
| NTT Finance Corp                                                 | NTT 1.162 04/03/26        | CUSIP: 62954WAC9<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    22696000 | PA      | $22410823.63  | 0.30%             | 2026-04-03      | Fixed         | 1.16%                 | Yes           | 2                  | On Loan: No      |
| United States Treasury Notes                                     | T 3 1/2 09/30/29          | CUSIP: 91282CLN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   250000000 | PA      | $248510742.50 | 3.31%             | 2029-09-30      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| CDX.NA.HY SERIES 45                                              | CDX.NA.HY SERIES 45 12/30 | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       | -1536200000 | PA      | $112545084.40 | 1.50%             |  |  |  | No            | 2                  | On Loan: No      |
| HCA Inc.                                                         | HCA 5 7/8 02/15/26        | CUSIP: 404119BS7<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    73765000 | PA      | $73853713.48  | 0.98%             | 2026-02-15      | Fixed         | 5.88%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                     | B 01/22/26                | CUSIP: 912797PD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   150000000 | PA      | $148748500.50 | 1.98%             | 2026-01-22      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| Fortive Corporation                                              | FTV 3.15 06/15/26         | CUSIP: 34959JAG3<br>LEI: 549300MU9YQJYHDQEF63 | Long             | DBT              | CORP              | US        |    10000000 | PA      | $9930415.40   | 0.13%             | 2026-06-15      | Fixed         | 3.15%                 | No            | 2                  | On Loan: No      |
| Royal Caribbean Group                                            | RCL 5 1/2 08/31/26        | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     9100000 | PA      | $9127316.38   | 0.12%             | 2026-08-31      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| The Charles Schwab Corporation                                   | SCHW FLOAT 05/13/26       | CUSIP: 808513BQ7<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    16716000 | PA      | $16721387.73  | 0.22%             | 2026-05-13      | Floating      | 4.82%                 | No            | 2                  | On Loan: No      |
| Teledyne Technologies Inc                                        | TDY 1.6 04/01/26          | CUSIP: 879360AC9<br>LEI: 549300VSMO9KYQWDND94 | Long             | DBT              | CORP              | US        |    14044000 | PA      | $13880123.37  | 0.18%             | 2026-04-01      | Fixed         | 1.60%                 | No            | 2                  | On Loan: No      |
| The Cigna Group                                                  | CI 1 1/4 03/15/26         | CUSIP: 125523CP3<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     9458000 | PA      | $9354268.63   | 0.12%             | 2026-03-15      | Fixed         | 1.25%                 | No            | 2                  | On Loan: No      |
| Ford Motor Credit Company LLC                                    | F Float 11/05/26          | CUSIP: 345397F99<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    39000000 | PA      | $38982801.78  | 0.52%             | 2026-11-05      | Floating      | 5.76%                 | No            | 2                  | On Loan: No      |
| MPLX LP                                                          | MPLX 1 3/4 03/01/26       | CUSIP: 55336VBR0<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     6994000 | PA      | $6935711.02   | 0.09%             | 2026-03-01      | Fixed         | 1.75%                 | No            | 2                  | On Loan: No      |
| Fortinet Inc                                                     | FTNT 1 03/15/26           | CUSIP: 34959EAA7<br>LEI: 549300O0QJWDBAS0QX03 | Long             | DBT              | CORP              | US        |    22876000 | PA      | $22581170.45  | 0.30%             | 2026-03-15      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| Kellanova                                                        | K 3 1/4 04/01/26          | CUSIP: 487836BP2<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | DBT              | CORP              | US        |    35665000 | PA      | $35509850.47  | 0.47%             | 2026-04-01      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| Mercedes-Benz Finance North America LLC                          | MBGGR Float 04/01/27      | CUSIP: 58769JBD8<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    56000000 | PA      | $56260047.20  | 0.75%             | 2027-04-01      | Floating      | 4.99%                 | Yes           | 2                  | On Loan: No      |
| Walmart Inc                                                      | WMT Float 04/28/27        | CUSIP: 931142FM0<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |    33500000 | PA      | $33625475.59  | 0.45%             | 2027-04-28      | Floating      | 4.69%                 | No            | 2                  | On Loan: No      |
| Volkswagen Group of America Finance LLC                          | VW Float 03/20/26         | CUSIP: 928668CD2<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    20000000 | PA      | $20018940.00  | 0.27%             | 2026-03-20      | Floating      | 5.03%                 | Yes           | 2                  | On Loan: No      |
| United States Treasury Bills                                     | B 12/26/25                | CUSIP: 912797NU7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   150000000 | PA      | $149139274.50 | 1.99%             | 2025-12-26      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| Hyundai Capital America                                          | HYNMTR Float 03/25/27     | CUSIP: 44891ADS3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    42000000 | PA      | $42111943.44  | 0.56%             | 2027-03-25      | Floating      | 5.19%                 | Yes           | 2                  | On Loan: No      |
| United States Treasury Bills                                     | B 01/08/26                | CUSIP: 912797RH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   150000000 | PA      | $148961841.00 | 1.98%             | 2026-01-08      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| Conagra Brands Inc                                               | CAG 4.6 11/01/25          | CUSIP: 205887CB6<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |    62597000 | PA      | $62597000.00  | 0.83%             | 2025-11-01      | Fixed         | 4.60%                 | No            | 2                  | On Loan: No      |
| Mattel, Inc.                                                     | MAT 3 3/8 04/01/26        | CUSIP: 577081BE1<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |    51802000 | PA      | $51507928.33  | 0.69%             | 2026-04-01      | Fixed         | 3.38%                 | Yes           | 2                  | On Loan: No      |
| T-Mobile USA, Inc.                                               | TMUS 2 1/4 02/15/26       | CUSIP: 87264ABR5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    27478000 | PA      | $27313938.48  | 0.36%             | 2026-02-15      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| Toyota Motor Credit Corp.                                        | TOYOTA Float 01/08/27     | CUSIP: 89236TMZ5<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    40000000 | PA      | $40040554.40  | 0.53%             | 2027-01-08      | Floating      | 4.68%                 | No            | 2                  | On Loan: No      |
| Northern Lights Fund Trust                                       | NAV-US ALL-I              | CUSIP: 66538J415<br>LEI: 549300BSYF57GRCG4861 | Long             | EC               | RF                | US        |     6700222 | NS      | $70553333.65  | 0.94%             |  |  |  | No            | 1                  | On Loan: No      |
| TD Synnex Corp                                                   | SNX 1 3/4 08/09/26        | CUSIP: 87162WAF7<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |    17000000 | PA      | $16674571.38  | 0.22%             | 2026-08-09      | Fixed         | 1.75%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                     | B 12/04/25                | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   150000000 | PA      | $149500416.00 | 1.99%             | 2025-12-04      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| Marriott International, Inc.                                     | MAR 5.45 09/15/26         | CUSIP: 571903BM4<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    26264000 | PA      | $26563041.38  | 0.35%             | 2026-09-15      | Fixed         | 5.45%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                     | B 12/11/25                | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   150000000 | PA      | $149386378.50 | 1.99%             | 2025-12-11      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| Citigroup Inc.                                                   | C 1.122 01/28/27          | CUSIP: 17327CAM5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    43201000 | PA      | $42879740.52  | 0.57%             | 2027-01-28      | Fixed         | 1.12%                 | No            | 2                  | On Loan: No      |
| BMW US Capital, LLC                                              | BMW FLOAT 08/13/26        | CUSIP: 05565ECN3<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    14700000 | PA      | $14752312.01  | 0.20%             | 2026-08-13      | Floating      | 5.10%                 | Yes           | 2                  | On Loan: No      |
| Toyota Motor Credit Corp.                                        | TOYOTA Float 04/10/26     | CUSIP: 89236TMR3<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    30000000 | PA      | $30035337.90  | 0.40%             | 2026-04-10      | Floating      | 4.66%                 | No            | 2                  | On Loan: No      |
| Kinder Morgan, Inc.                                              | KMI 1 3/4 11/15/26        | CUSIP: 49456BAU5<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    21654000 | PA      | $21151890.95  | 0.28%             | 2026-11-15      | Fixed         | 1.75%                 | No            | 2                  | On Loan: No      |
| The Boeing Company                                               | BA 2.196 02/04/26         | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    80000000 | PA      | $79575280.00  | 1.06%             | 2026-02-04      | Fixed         | 2.20%                 | No            | 2                  | On Loan: No      |
| Jefferies Financial Group Inc                                    | JEF 4 1/2 09/15/26        | CUSIP: 47233WKS7<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    24000000 | PA      | $24112331.52  | 0.32%             | 2026-09-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Wells Fargo & Co.                                                | WFC 3.196 06/17/27        | CUSIP: 95000U2F9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   100000000 | PA      | $99381455.00  | 1.32%             | 2027-06-17      | Fixed         | 3.20%                 | No            | 2                  | On Loan: No      |
| Universal Health Services, Inc.                                  | UHS 1.65 09/01/26         | CUSIP: 913903AZ3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    47352000 | PA      | $46358996.83  | 0.62%             | 2026-09-01      | Fixed         | 1.65%                 | No            | 2                  | On Loan: No      |
| American Honda Finance Corporation                               | HNDA FLOAT 01/12/26       | CUSIP: 02665WFM8<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    25000000 | PA      | $25012310.25  | 0.33%             | 2026-01-12      | Floating      | 4.72%                 | No            | 2                  | On Loan: No      |
| O'Reilly Automotive Inc.                                         | ORLY 3.55 03/15/26        | CUSIP: 67103HAE7<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |     6000000 | PA      | $5983286.46   | 0.08%             | 2026-03-15      | Fixed         | 3.55%                 | No            | 2                  | On Loan: No      |
| Fidelity National Information Services Inc                       | FIS 1.15 03/01/26         | CUSIP: 31620MBR6<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |     3225000 | PA      | $3193324.60   | 0.04%             | 2026-03-01      | Fixed         | 1.15%                 | No            | 2                  | On Loan: No      |
| Marriott International, Inc.                                     | MAR 3 1/8 06/15/26        | CUSIP: 571903AS2<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     9626000 | PA      | $9569376.69   | 0.13%             | 2026-06-15      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| Royal Caribbean Group                                            | RCL 4 1/4 07/01/26        | CUSIP: 780153BH4<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    59350000 | PA      | $59286091.33  | 0.79%             | 2026-07-01      | Fixed         | 4.25%                 | Yes           | 2                  | On Loan: No      |
| GlaxoSmithKline Capital PLC                                      | GSK Float 03/12/27        | CUSIP: 377373AN5<br>LEI: 549300U0LV41VX7LEP38 | Long             | DBT              | CORP              | GB        |    48000000 | PA      | $48265262.40  | 0.64%             | 2027-03-12      | Floating      | 4.73%                 | No            | 2                  | On Loan: No      |
| Conagra Brands Inc                                               | CAG 5.3 10/01/26          | CUSIP: 205887CJ9<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |     6041000 | PA      | $6097097.87   | 0.08%             | 2026-10-01      | Fixed         | 5.30%                 | No            | 2                  | On Loan: No      |
| Ford Motor Credit Company LLC                                    | F 2.7 08/10/26            | CUSIP: 345397B77<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    43168000 | PA      | $42557671.39  | 0.57%             | 2026-08-10      | Fixed         | 2.70%                 | No            | 2                  | On Loan: No      |
| Ross Stores Inc                                                  | ROST 0 7/8 04/15/26       | CUSIP: 778296AF0<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | DBT              | CORP              | US        |    10127000 | PA      | $9976622.76   | 0.13%             | 2026-04-15      | Fixed         | 0.88%                 | No            | 2                  | On Loan: No      |
| Amgen Inc.                                                       | AMGN 2.6 08/19/26         | CUSIP: 031162CJ7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    21227000 | PA      | $20983686.57  | 0.28%             | 2026-08-19      | Fixed         | 2.60%                 | No            | 2                  | On Loan: No      |
| Volkswagen Group of America Finance LLC                          | VW FLOAT 08/14/26         | CUSIP: 928668CJ9<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    23688000 | PA      | $23784248.61  | 0.32%             | 2026-08-14      | Floating      | 5.35%                 | Yes           | 2                  | On Loan: No      |
| Morgan Stanley                                                   | MS 1.593 05/04/27         | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   100000000 | PA      | $98650105.00  | 1.31%             | 2027-05-04      | Fixed         | 1.59%                 | No            | 2                  | On Loan: No      |
| JPMorgan Chase & Co.                                             | JPM 1.47 09/22/27         | CUSIP: 46647PCP9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    89047000 | PA      | $86953665.31  | 1.16%             | 2027-09-22      | Fixed         | 1.47%                 | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2025-11-28

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer