# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-26-000168
**Filing Date:** 2026-1
**Character Count:** 374900
**Document Hash:** 8373de962c0fb3ceb9b6317d383a66e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000168.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001580642-26-000168

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260108

**EFFECTIVENESS DATE**: 20260109

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 26520893

**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           |

### Navigator Ultra Short Bond Fund (Series ID: S000064812)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000209835 | Navigator Ultra Short Bond Fund Class A | NUSAX           |
| C000209836 | Navigator Ultra Short Bond Fund Class I | NUSIX           |

### Navigator Tactical Investment Grade Bond Fund (Series ID: S000070871)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000225122 | Navigator Tactical Investment Grade Bond Fund Class I | NTIIX           |

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

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

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

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

 **FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

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

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

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

Registrant's telephone number, including area code: <u>631-470-2633</u>

Date of fiscal year end: <u>10/31</u> <br>Date of reporting period: <u>10/31/25</u>

**Item 1. Reports to Stockholders.** 

(a) Tailored Shareholder Report

#### Navigator Tactical Fixed Income Fund - Class A (NTBAX)

#### Annual Shareholder Report - October 31, 2025
![Image](id36788136a70fc67dcef9e38.jpg)

# Fund Overview
This annual shareholder report contains important information about Navigator Tactical Fixed Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://navigatorfunds.com/**. You can also request this information by contacting us at (877) 766-2264.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $123 | 1.21% |

---

# How did the Fund perform during the reporting period?
For the fiscal year ended October 31st, 2025 the Navigator Tactical Fixed Income Fund Class A shares (the "Fund") gained 2.63%, compared to the Bloomberg US Corporate High Yield Index gain of 8.16% and the Bloomberg US Aggregate Bond Index 6.16% gain. The primary driver of performance in the Fund has always been the Fund's sector exposure and the modeling processes that drives the allocation between High Yield Bonds, US Treasuries, and cash equivalents. The Fund entered the period invested in High Yield Bonds, a position that it established on November 6, 2023 and ended the period also invested in High Yield Bonds. However, in early April 2025, the tariff induced market volatility and drawdowns negatively impacted the Fund's performance.

• The market uncertainty around the impacts of the tariffs and the ensuing brief market declines turned our model's defensive after a successful long-term allocation in High Yield Bonds. While risk-off from 4/7 – 4/29, High Yield Bonds advanced 2.97% and the Fund underperformed due to its risk-off allocation.

• The Federal Reserve paused its rate cutting cycle after three cuts in 2024, then resumed cutting rates and lowered the overnight rate at each of its September and October 2025 Federal Open Market Committee ("FOMC") meetings. Policymakers viewed the cut as an insurance policy against further weakening of the labor market, as Chairman Powell termed it a "risk management cut", even though GDP continues to grow at a solid and inflation remains above the Fed's 2.0% year over year target.

• Throughout the annual period, the 10-Year Treasury yield remained rangebound between 3.74% and 4.80%. It seems like the path of least resistance to rates is lower with the new rate cut regime. Support on the 10-year Treasury Note yield is 4.0%; below that, the 2024 lows of 3.6% are in play.

• Our models continue to favor credit. High yield credit spreads surged to 453 bps during the tariff turmoil in April. Following the peak uncertainty, spreads narrowed to near record lows in September as economic growth surprised to the upside and solid credit fundamentals provided a supportive backdrop for gains. High Yield credit spreads ended the period at 281 basis points.

In our opinion, risk assets have a tailwind as liquidity is abundant, credit spreads are low and stable, the economy is on solid footing with continued economic growth in the offing, and financial conditions are supportive. The Fed appears committed to a new rate cut cycle with three more rate cuts priced into the market through the end of 2026. Investor sentiment is neutral at worst and certainly not at levels that caution for a meaningful pullback. For example, there is a lot of dry powder on the sidelines with a record $7.3 Trillion of cash in money market fund assets and in 30 of the 44 weeks this year through October, the American Association of Individual Investors (AAII) sentiment poll showed more investors were bearish than bullish; not what we would expect to see with risk assets trading near new highs.

As we head into next year, it is critically important in our opinion for corporate earnings to continue growing to support the lofty valuation landscape. Analysts currently expect corporate earnings to growth by 16% in 2026, we expect growth but more likely to be in the high single digit range. Politics will play a role in how the market behaves next year. There could be another government shutdown if Congress fails to pass spending legislation in January and the Mid-Term Elections are likely to spark a bout of volatility.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i71ffff8d8b299d713e62cef0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Navigator Tactical Fixed Income Fund - with load** | **Bloomberg U.S. Corporate High Yield Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Oct-2015** | $9628 | $10000 | $10000 |
| **Oct-2016** | $10724 | $11014 | $10437 |
| **Oct-2017** | $11603 | $11996 | $10531 |
| **Oct-2018** | $11722 | $12113 | $10315 |
| **Oct-2019** | $12230 | $13129 | $11502 |
| **Oct-2020** | $12835 | $13587 | $12214 |
| **Oct-2021** | $13991 | $15017 | $12155 |
| **Oct-2022** | $12621 | $13252 | $10249 |
| **Oct-2023** | $13477 | $14078 | $10286 |
| **Oct-2024** | $15059 | $16397 | $11370 |
| **Oct-2025** | $15454 | $17735 | $12071 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Navigator Tactical Fixed Income Fund |  |  |  |
| Without Load | 2.63% | 3.78% | 4.85% |
| With Load | -1.24% | 3.00% | 4.45% |
| Bloomberg U.S. Corporate High Yield Index | 8.16% | 5.47% | 5.90% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7503436945 |
| Number of Portfolio Holdings | 127 |
| Advisory Fee (net of waivers) | $62212511 |
| Portfolio Turnover | 44% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total exposure)<sup>1</sup>**![Group By Sector Chart](i9d9483a58168ce34027ca510.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 32.9% |
| Credit Default Swap | 27.3% |
| U.S. Government & Agencies | 23.2% |
| Money Market Funds | 6.5% |
| Exchange-Traded Funds | 6.0% |
| Futures | 2.9% |
| Open End Funds | 1.2% |

---

# Top 10 Holdings (% of net assets)<sup>2</sup>

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares iBoxx $ High Yield Corporate Bond ETF | 8.6% |
| United States Treasury Note, 4.125%, 10/31/29 | 4.1% |
| United States Treasury Note, 3.500%, 09/30/29 | 3.3% |
| United States Treasury Bill, 1.920%, 11/06/25 | 2.0% |
| United States Treasury Bill, 3.030%, 11/13/25 | 2.0% |
| United States Treasury Bill, 3.340%, 11/20/25 | 2.0% |
| United States Treasury Bill, 3.510%, 11/28/25 | 2.0% |
| United States Treasury Bill, 3.590%, 12/04/25 | 2.0% |
| United States Treasury Bill, 3.660%, 12/11/25 | 2.0% |
| United States Treasury Bill, 3.680%, 12/18/25 | 2.0% |

---

<sup>1</sup>Presented as a percentage of the total notional value of all investments in the Fund.

<sup>2</sup>Presented as a percentage of net assets, including derivative instruments valued at the value used for determining the Fund's NAV. The notional exposure of such derivative instruments may be greater.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i95c2f4e38901bf9d23e65b1d.jpg)

#### Navigator Tactical Fixed Income Fund - Class A (NTBAX)

#### Annual Shareholder Report - October 31, 2025
Additional information is available on the Fund's website (**https://navigatorfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-NTBAX

#### Navigator Tactical Fixed Income Fund - Class C (NTBCX)

#### Annual Shareholder Report - October 31, 2025
![Image](id36788136a70fc67dcef9e38.jpg)

# Fund Overview
This annual shareholder report contains important information about Navigator Tactical Fixed Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://navigatorfunds.com/**. You can also request this information by contacting us at (877) 766-2264.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $198 | 1.96% |

---

# How did the Fund perform during the reporting period?
For the fiscal year ended October 31st, 2025 the Navigator Tactical Fixed Income Fund Class C shares (the "Fund") gained 1.96%, compared to the Bloomberg US Corporate High Yield Index gain of 8.16% and the Bloomberg US Aggregate Bond Index 6.16% gain. The primary driver of performance in the Fund has always been the Fund's sector exposure and the modeling processes that drives the allocation between High Yield Bonds, US Treasuries, and cash equivalents. The Fund entered the period invested in High Yield Bonds, a position that it established on November 6, 2023 and ended the period also invested in High Yield Bonds. However, in early April 2025, the tariff induced market volatility and drawdowns negatively impacted the Fund's performance.

• The market uncertainty around the impacts of the tariffs and the ensuing brief market declines turned our model's defensive after a successful long-term allocation in High Yield Bonds. While risk-off from 4/7 – 4/29, High Yield Bonds advanced 2.97% and the Fund underperformed due to its risk-off allocation.

• The Federal Reserve paused its rate cutting cycle after three cuts in 2024, then resumed cutting rates and lowered the overnight rate at each of its September and October 2025 Federal Open Market Committee ("FOMC") meetings. Policymakers viewed the cut as an insurance policy against further weakening of the labor market, as Chairman Powell termed it a "risk management cut", even though GDP continues to grow at a solid and inflation remains above the Fed's 2.0% year over year target.

• Throughout the annual period, the 10-Year Treasury yield remained rangebound between 3.74% and 4.80%. It seems like the path of least resistance to rates is lower with the new rate cut regime. Support on the 10-year Treasury Note yield is 4.0%; below that, the 2024 lows of 3.6% are in play.

• Our models continue to favor credit. High yield credit spreads surged to 453 bps during the tariff turmoil in April. Following the peak uncertainty, spreads narrowed to near record lows in September as economic growth surprised to the upside and solid credit fundamentals provided a supportive backdrop for gains. High Yield credit spreads ended the period at 281 basis points.

In our opinion, risk assets have a tailwind as liquidity is abundant, credit spreads are low and stable, the economy is on solid footing with continued economic growth in the offing, and financial conditions are supportive. The Fed appears committed to a new rate cut cycle with three more rate cuts priced into the market through the end of 2026. Investor sentiment is neutral at worst and certainly not at levels that caution for a meaningful pullback. For example, there is a lot of dry powder on the sidelines with a record $7.3 Trillion of cash in money market fund assets and in 30 of the 44 weeks this year through October, the American Association of Individual Investors (AAII) sentiment poll showed more investors were bearish than bullish; not what we would expect to see with risk assets trading near new highs.

As we head into next year, it is critically important in our opinion for corporate earnings to continue growing to support the lofty valuation landscape. Analysts currently expect corporate earnings to growth by 16% in 2026, we expect growth but more likely to be in the high single digit range. Politics will play a role in how the market behaves next year. There could be another government shutdown if Congress fails to pass spending legislation in January and the Mid-Term Elections are likely to spark a bout of volatility.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0f26481510354214bbc7b49d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Navigator Tactical Fixed Income Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Corporate High Yield Index** |
| **Oct-2015** | $10000 | $10000 | $10000 |
| **Oct-2016** | $11073 | $10437 | $11014 |
| **Oct-2017** | $11885 | $10531 | $11996 |
| **Oct-2018** | $11917 | $10315 | $12113 |
| **Oct-2019** | $12341 | $11502 | $13129 |
| **Oct-2020** | $12854 | $12214 | $13587 |
| **Oct-2021** | $13915 | $12155 | $15017 |
| **Oct-2022** | $12449 | $10249 | $13252 |
| **Oct-2023** | $13194 | $10286 | $14078 |
| **Oct-2024** | $14638 | $11370 | $16397 |
| **Oct-2025** | $14924 | $12071 | $17735 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Navigator Tactical Fixed Income Fund | 1.96% | 3.03% | 4.09% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Bloomberg U.S. Corporate High Yield Index | 8.16% | 5.47% | 5.90% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7503436945 |
| Number of Portfolio Holdings | 127 |
| Advisory Fee (net of waivers) | $62212511 |
| Portfolio Turnover | 44% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total exposure)<sup>1</sup>**![Group By Sector Chart](i9d9483a58168ce34027ca510.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 32.9% |
| Credit Default Swap | 27.3% |
| U.S. Government & Agencies | 23.2% |
| Money Market Funds | 6.5% |
| Exchange-Traded Funds | 6.0% |
| Futures | 2.9% |
| Open End Funds | 1.2% |

---

# Top 10 Holdings (% of net assets)<sup>2</sup>

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares iBoxx $ High Yield Corporate Bond ETF | 8.6% |
| United States Treasury Note, 4.125%, 10/31/29 | 4.1% |
| United States Treasury Note, 3.500%, 09/30/29 | 3.3% |
| United States Treasury Bill, 1.920%, 11/06/25 | 2.0% |
| United States Treasury Bill, 3.030%, 11/13/25 | 2.0% |
| United States Treasury Bill, 3.340%, 11/20/25 | 2.0% |
| United States Treasury Bill, 3.510%, 11/28/25 | 2.0% |
| United States Treasury Bill, 3.590%, 12/04/25 | 2.0% |
| United States Treasury Bill, 3.660%, 12/11/25 | 2.0% |
| United States Treasury Bill, 3.680%, 12/18/25 | 2.0% |

---

<sup>1</sup>Presented as a percentage of the total notional value of all investments in the Fund.

<sup>2</sup>Presented as a percentage of net assets, including derivative instruments valued at the value used for determining the Fund's NAV. The notional exposure of such derivative instruments may be greater.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i95c2f4e38901bf9d23e65b1d.jpg)

#### Navigator Tactical Fixed Income Fund - Class C (NTBCX)

#### Annual Shareholder Report - October 31, 2025
Additional information is available on the Fund's website (**https://navigatorfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-NTBCX

#### Navigator Tactical Fixed Income Fund - Class I (NTBIX)

#### Annual Shareholder Report - October 31, 2025
![Image](id36788136a70fc67dcef9e38.jpg)

# Fund Overview
This annual shareholder report contains important information about Navigator Tactical Fixed Income Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://navigatorfunds.com/**. You can also request this information by contacting us at (877) 766-2264.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $97 | 0.96% |

---

# How did the Fund perform during the reporting period?
For the fiscal year ended October 31st, 2025 the Navigator Tactical Fixed Income Fund Class I shares (the "Fund") gained 2.89%, compared to the Bloomberg US Corporate High Yield Index gain of 8.16% and the Bloomberg US Aggregate Bond Index 6.16% gain. The primary driver of performance in the Fund has always been the Fund's sector exposure and the modeling processes that drives the allocation between High Yield Bonds, US Treasuries, and cash equivalents. The Fund entered the period invested in High Yield Bonds, a position that it established on November 6, 2023 and ended the period also invested in High Yield Bonds. However, in early April 2025, the tariff induced market volatility and drawdowns negatively impacted the Fund's performance.

• The market uncertainty around the impacts of the tariffs and the ensuing brief market declines turned our model's defensive after a successful long-term allocation in High Yield Bonds. While risk-off from 4/7 – 4/29, High Yield Bonds advanced 2.97% and the Fund underperformed due to its risk-off allocation.

• The Federal Reserve paused its rate cutting cycle after three cuts in 2024, then resumed cutting rates and lowered the overnight rate at each of its September and October 2025 Federal Open Market Committee ("FOMC") meetings. Policymakers viewed the cut as an insurance policy against further weakening of the labor market, as Chairman Powell termed it a "risk management cut", even though GDP continues to grow at a solid and inflation remains above the Fed's 2.0% year over year target.

• Throughout the annual period, the 10-Year Treasury yield remained rangebound between 3.74% and 4.80%. It seems like the path of least resistance to rates is lower with the new rate cut regime. Support on the 10-year Treasury Note yield is 4.0%; below that, the 2024 lows of 3.6% are in play.

• Our models continue to favor credit. High yield credit spreads surged to 453 bps during the tariff turmoil in April. Following the peak uncertainty, spreads narrowed to near record lows in September as economic growth surprised to the upside and solid credit fundamentals provided a supportive backdrop for gains. High Yield credit spreads ended the period at 281 basis points.

In our opinion, risk assets have a tailwind as liquidity is abundant, credit spreads are low and stable, the economy is on solid footing with continued economic growth in the offing, and financial conditions are supportive. The Fed appears committed to a new rate cut cycle with three more rate cuts priced into the market through the end of 2026. Investor sentiment is neutral at worst and certainly not at levels that caution for a meaningful pullback. For example, there is a lot of dry powder on the sidelines with a record $7.3 Trillion of cash in money market fund assets and in 30 of the 44 weeks this year through October, the American Association of Individual Investors (AAII) sentiment poll showed more investors were bearish than bullish; not what we would expect to see with risk assets trading near new highs.

As we head into next year, it is critically important in our opinion for corporate earnings to continue growing to support the lofty valuation landscape. Analysts currently expect corporate earnings to growth by 16% in 2026, we expect growth but more likely to be in the high single digit range. Politics will play a role in how the market behaves next year. There could be another government shutdown if Congress fails to pass spending legislation in January and the Mid-Term Elections are likely to spark a bout of volatility.

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

# Total Return Based on $25,000 Investment
![Growth of 10K Chart](ia6af26e911c33e8fe71a3592.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Navigator Tactical Fixed Income Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Corporate High Yield Index** |
| **Oct-2015** | $25000 | $25000 | $25000 |
| **Oct-2016** | $27937 | $26093 | $27535 |
| **Oct-2017** | $30297 | $26328 | $29991 |
| **Oct-2018** | $30696 | $25787 | $30284 |
| **Oct-2019** | $32073 | $28755 | $32822 |
| **Oct-2020** | $33771 | $30535 | $33968 |
| **Oct-2021** | $36908 | $30389 | $37543 |
| **Oct-2022** | $33384 | $25623 | $33130 |
| **Oct-2023** | $35739 | $25714 | $35194 |
| **Oct-2024** | $40029 | $28426 | $40992 |
| **Oct-2025** | $41187 | $30177 | $44337 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Navigator Tactical Fixed Income Fund | 2.89% | 4.05% | 5.12% |
| Bloomberg U.S. Corporate High Yield Index | 8.16% | 5.47% | 5.90% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7503436945 |
| Number of Portfolio Holdings | 127 |
| Advisory Fee (net of waivers) | $62212511 |
| Portfolio Turnover | 44% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total exposure)<sup>1</sup>**![Group By Sector Chart](i9d9483a58168ce34027ca510.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 32.9% |
| Credit Default Swap | 27.3% |
| U.S. Government & Agencies | 23.2% |
| Money Market Funds | 6.5% |
| Exchange-Traded Funds | 6.0% |
| Futures | 2.9% |
| Open End Funds | 1.2% |

---

# Top 10 Holdings (% of net assets)<sup>2</sup>

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares iBoxx $ High Yield Corporate Bond ETF | 8.6% |
| United States Treasury Note, 4.125%, 10/31/29 | 4.1% |
| United States Treasury Note, 3.500%, 09/30/29 | 3.3% |
| United States Treasury Bill, 1.920%, 11/06/25 | 2.0% |
| United States Treasury Bill, 3.030%, 11/13/25 | 2.0% |
| United States Treasury Bill, 3.340%, 11/20/25 | 2.0% |
| United States Treasury Bill, 3.510%, 11/28/25 | 2.0% |
| United States Treasury Bill, 3.590%, 12/04/25 | 2.0% |
| United States Treasury Bill, 3.660%, 12/11/25 | 2.0% |
| United States Treasury Bill, 3.680%, 12/18/25 | 2.0% |

---

<sup>1</sup>Presented as a percentage of the total notional value of all investments in the Fund.

<sup>2</sup>Presented as a percentage of net assets, including derivative instruments valued at the value used for determining the Fund's NAV. The notional exposure of such derivative instruments may be greater.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i95c2f4e38901bf9d23e65b1d.jpg)

#### Navigator Tactical Fixed Income Fund - Class I (NTBIX)

#### Annual Shareholder Report - October 31, 2025
Additional information is available on the Fund's website (**https://navigatorfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-NTBIX

#### Navigator Tactical Investment Grade Bond Fund - Class I (NTIIX)

#### Annual Shareholder Report - October 31, 2025
![Image](ia33e01696552c175254e1743.jpg)

# Fund Overview
This annual shareholder report contains important information about Navigator Tactical Investment Grade Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://navigatorfunds.com/**. You can also request this information by contacting us at (877) 766-2264.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $101 | 1.01% |

---

# How did the Fund perform during the reporting period?
For the fiscal year ended October 31st, 2025 the Navigator Tactical Investment Grade Bond Fund Class I shares (the "Fund") lost 0.20% compared to the Bloomberg US Aggregate Bond Index 6.16% gain. The primary driver of performance in the Fund is its sector exposure and the modeling processes that drive the allocation between Investment Grade Bonds, US Treasuries, and cash equivalents.

• The Fund's alpha is driven by the Credit Risk Management models that determine its allocation. When risk-on the Fund will invest in Investment Grade Corporate Bonds; when risk-off the Fund will invest in U.S. Treasuries or T-bills.

• The market uncertainty around the impacts of the tariffs and the ensuing brief market declines turned our model's defensive on April 8, and the Fund sold Investment Grade Corporate Bonds. The Fund remained defensively positioned and therefore underperformed the markets until it allocated back into Investment Grade Corporate Bonds on April 29.

• The Federal Reserve paused its rate cutting cycle after three cuts in 2024, then resumed cutting rates and lowered the overnight rate at each of its September and October 2025 Federal Open Market Committee ("FOMC") meetings. Policymakers viewed the cut as an insurance policy against further weakening of the labor market, as Chairman Powell termed it a "risk management cut", even though GDP continues to grow at a solid and inflation remains above the Fed's 2.0% year over year target.

• Throughout the annual period, the 10-Year Treasury yield remained rangebound between 3.74% and 4.80%. It seems like the path of least resistance to rates is lower with the new rate cut regime. Support on the 10-year Treasury Note yield is 4.0%, below that the 2024 lows of 3.6% are in play.

• BBB rated corporate credit outperformed the 7-10 Year Treasury Index during the annual period by 65 bps.

In our opinion, risk assets have a tailwind as liquidity is abundant, credit spreads are low and stable, the economy is on solid footing with continued economic growth in the offing, and financial conditions are supportive. The Fed appears committed to a new rate cut cycle with three more rate cuts priced into the market through the end of 2026. Investor sentiment is neutral at worst. For example, there is a lot of dry powder on the sidelines with a record $7.3 Trillion of cash in money market fund assets and in 30 of the 44 weeks this year through October, the American Association of Individual Investors (AAII) sentiment poll showed more investors were bearish than bullish; not what we would expect to see with risk assets trading near new highs.

As we head into next year, it is critically important in our opinion for corporate earnings to continue growing to support the lofty valuation landscape. Analysts currently expect corporate earnings to grow by 16% in 2026; we expect growth, but more likely to be in the high single digit range. Politics will play a role in how the market behaves next year. There could be another government shutdown if Congress fails to pass spending legislation in January and the Mid-Term Elections are likely to spark a bout of volatility.

# How has the Fund performed since inception?

# Total Return Based on $25,000 Investment
![Growth of 10K Chart](i1ad649379a53c4ae0497baf0.jpg)

---

| | | |
|:---|:---|:---|
| | **Navigator Tactical Investment Grade Bond Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Aug-2021** | $25000 | $25000 |
| **Oct-2021** | $24743 | $24777 |
| **Oct-2022** | $22578 | $20891 |
| **Oct-2023** | $23103 | $20965 |
| **Oct-2024** | $25412 | $23177 |
| **Oct-2025** | $25361 | $24604 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (August 31, 2021)** |
| Navigator Tactical Investment Grade Bond Fund | -0.20% | 0.34% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.38% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1153678172 |
| Number of Portfolio Holdings | 1209 |
| Advisory Fee (net of waivers) | $9373025 |
| Portfolio Turnover | 464% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total exposure)<sup>1</sup>**![Group By Sector Chart](i7ee679350970da78fd69dcea.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 73.0% |
| Money Market Funds | 19.4% |
| Credit Default Swap | 5.2% |
| Futures | 2.4% |

---

# Top 10 Holdings (% of net assets)<sup>2</sup>

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| AT&T, Inc., 2.750%, 06/01/31 | 0.2% |
| AT&T, Inc., 2.550%, 12/01/33 | 0.2% |
| T-Mobile USA, Inc., 3.875%, 04/15/30 | 0.2% |
| AT&T, Inc., 3.500%, 09/15/53 | 0.2% |
| AT&T, Inc., 3.550%, 09/15/55 | 0.2% |
| AT&T, Inc., 3.650%, 09/15/59 | 0.2% |
| AT&T, Inc., 5.400%, 02/15/34 | 0.2% |
| Kraft Heinz Foods Company, 4.375%, 06/01/46 | 0.2% |
| Microsoft Corporation, 2.525%, 06/01/50 | 0.2% |
| AT&T, Inc., 3.800%, 12/01/57 | 0.2% |

---

<sup>1</sup>Presented as a percentage of the total notional value of all investments in the Fund.

<sup>2</sup>Presented as a percentage of net assets, including derivative instruments valued at the value used for determining the Fund's NAV. The notional exposure of such derivative instruments may be greater.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i1114bda534f4d99833286883.jpg)

#### Navigator Tactical Investment Grade Bond Fund - Class I (NTIIX)

#### Annual Shareholder Report - October 31, 2025
Additional information is available on the Fund's website (**https://navigatorfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-NTIIX

#### Navigator Tactical U.S. Allocation Fund - Class I (NTAIX)

#### Annual Shareholder Report - October 31, 2025
![Image](i1413c61853fec1e111aefbd1.jpg)

# Fund Overview
This annual shareholder report contains important information about Navigator Tactical U.S. Allocation Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://navigatorfunds.com/**. You can also request this information by contacting us at (877) 766-2264.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $104 | 1.01% |

---

# How did the Fund perform during the reporting period?
For the fiscal year ended October 31st, 2025 the Navigator Tactical U.S. Allocation Fund Class I shares (the "Fund") gained 5.07% compared to the S&P 500 Index gain of 21.45%. The primary driver of performance in the Fund is its allocation exposure and the modeling processes that drives the allocation between U.S. Equities, US Treasuries, and cash equivalents. The Fund entered the period invested in US Equities, a position that it established on November 6, 2023 and ended the period also invested in US Equities. However, in early April 2025, the tariff induced market volatility and drawdowns negatively impacted the Fund's performance.

• The market uncertainty around the impacts of the tariffs and the ensuing brief market declines turned our model's defensive after a successful long-term allocation in US Equities. While risk-off from 4/7 – 4/29, the S&P 500 advanced 9.91% as the Trump Administration suddenly reversed course and paused the tariffs, and the Fund underperformed due to its risk-off allocation.

• The Federal Reserve paused its rate cutting cycle after three cuts in 2024, then resumed cutting rates and lowered the overnight rate at each of its September and October 2025 Federal Open Market Committee ("FOMC") meetings. Policymakers viewed the cut as an insurance policy against further weakening of the labor market, as Chairman Powell termed it a "risk management cut", even though GDP continues to grow at a solid and inflation remains above the Fed's 2.0% year over year target.

• Throughout the annual period, the 10-Year Treasury yield remained rangebound between 3.74% and 4.80%. It seems like the path of least resistance to rates is lower with the new rate cut regime. Support on the 10-year Treasury Note yield is 4.0%, below that the 2024 lows of 3.6% are in play.

• Our models continue to risk-on. High yield credit spreads surged to 453 basis points during the tariff turmoil in April. Following the peak uncertainty, spreads narrowed to near record lows in September as economic growth surprised to the upside and solid credit fundamentals provided a supportive backdrop for gains.

In our opinion, risk assets have a tailwind as liquidity is abundant, credit spreads are low and stable, the economy is on solid footing with continued economic growth in the offing, and financial conditions are supportive. The Fed appears committed to a new rate cut cycle with three more rate cuts priced into the market through the end of 2026. Investor sentiment is neutral at worst and certainly not at levels that caution for a meaningful pullback. For example, there is a lot of dry powder on the sidelines with a record $7.3 Trillion of cash in money market fund assets and in 30 of the 44 weeks this year through October, the American Association of Individual Investors (AAII) sentiment poll showed more investors were bearish than bullish; not what we would expect to see with risk assets trading near new highs.

As we head into next year, it is critically important in our opinion for corporate earnings to continue growing to support the lofty valuation landscape. Analysts currently expect corporate earnings to grow by 16% in 2026; we expect growth, but more likely in the high single digit range. Politics will play a role in how the market behaves next year. There could be another government shutdown if Congress fails to pass spending legislation in January and the Mid-Term Elections are likely to spark a bout of volatility

# How has the Fund performed since inception?

# Total Return Based on $25,000 Investment
![Growth of 10K Chart](i4f8a34c9acf44d13bb5ea2ff.jpg)

---

| | | |
|:---|:---|:---|
| | **Navigator Tactical U.S. Allocation Fund** | **S&P 500<sup>®</sup> Index** |
| **Jun-2021** | $25000 | $25000 |
| **Oct-2021** | $27125 | $27242 |
| **Oct-2022** | $22981 | $23262 |
| **Oct-2023** | $25593 | $25621 |
| **Oct-2024** | $33575 | $35361 |
| **Oct-2025** | $35277 | $42947 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (June 11, 2021)** |
| Navigator Tactical U.S. Allocation Fund | 5.07% | 8.16% |
| S&P 500<sup>®</sup> Index | 21.45% | 13.12% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $70647642 |
| Number of Portfolio Holdings | 58 |
| Advisory Fee (net of waivers) | $463784 |
| Portfolio Turnover | 40% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total exposure)<sup>1</sup>**![Group By Sector Chart](i7762b66c6c3a74930e05ae7d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Futures | 48.5% |
| Corporate Bonds | 38.8% |
| Money Market Funds | 9.8% |
| Exchange-Traded Funds | 2.9% |

---

# Top 10 Holdings (% of net assets)<sup>2</sup>

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 5.6% |
| Marriott International, Inc., 3.125%, 06/15/26 | 1.7% |
| Take-Two Interactive Software, Inc., 5.000%, 03/28/26 | 1.6% |
| Conagra Brands, Inc., 5.300%, 10/01/26 | 1.4% |
| Citibank NA, 5.038%, 05/29/27 | 1.4% |
| Sempra, 5.400%, 08/01/26 | 1.4% |
| Merck & Company, Inc., 4.713%, 09/15/27 | 1.4% |
| GlaxoSmithKline Capital plc, 4.735%, 03/12/27 | 1.4% |
| American Honda Finance Corporation, 5.080%, 07/09/27 | 1.4% |
| Mercedes-Benz Finance North America, LLC, 4.986%, 04/01/27 | 1.4% |

---

<sup>1</sup>Presented as a percentage of the total notional value of all investments in the Fund.

<sup>2</sup>Presented as a percentage of net assets, including derivative instruments valued at the value used for determining the Fund's NAV. The notional exposure of such derivative instruments may be greater.

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i984236aaf8fd6e922d6c7b29.jpg)

#### Navigator Tactical U.S. Allocation Fund - Class I (NTAIX)

#### Annual Shareholder Report - October 31, 2025
Additional information is available on the Fund's website (**https://navigatorfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-NTAIX

#### Navigator Ultra Short Bond Fund - Class A (NUSAX)

#### Annual Shareholder Report - October 31, 2025
![Image](i420c999746c3c5c1dfb1f0d4.jpg)

# Fund Overview
This annual shareholder report contains important information about Navigator Ultra Short Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://navigatorfunds.com/**. You can also request this information by contacting us at (877) 766-2264.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $66 | 0.65% |

---

# How did the Fund perform during the reporting period?
For the fiscal period ending October 31, 2025, the Navigator Ultra Short Bond Fund ("The Fund") Class A shares returned 4.34%, compared to the Bloomberg U.S Treasury Bellwethers 1 Year Index return of 4.40%. Below we discuss developments in the ultra-short duration fixed income space, along with an overview of the Fund's performance and positioning relative to the benchmark for the 2025 fiscal year.

To begin the fiscal year, risks to either side of the Federal Reserve's dual mandate of maximum employment and two percent inflation were roughly in balance, according to the Federal Open Market Committee ("FOMC") statement released on November 7, 2024. Consequently, the FOMC lowered the target range for the federal funds rate by 25 basis points at consecutive meetings. However, inflation stayed somewhat elevated, prompting a pause in rate cuts for much of fiscal 2025.

In April, volatility spiked in bond and equity markets as tariff uncertainty increased. Front-end credit spreads widened out significantly in response. As trade tensions eased, spreads quickly recovered and ultimately closed the year three basis points lower than at the start. Meanwhile, the Fed began signaling a growing focus on downside risks to employment in the latter part of the year, resulting in two more rate cuts in September and October. By October 31, 2025, the target federal funds rate stood between 3.75% and 4.0%. Despite the tariff related volatility, The Fund experienced no meaningful credit events during the year and performed approximately in-line with its benchmark as credit spreads tightened and the yield curve steepened.

Looking ahead, federal funds futures indicate three more 25 basis point cuts over the coming fiscal year, implying a year-end target range of 3.0% to 3.25%. Despite the recent resumption of rate cuts, the FOMC is likely to proceed cautiously with continued vigilance toward inflation pressures. The Fund remains underweight duration and will continue to invest opportunistically within the short-duration space.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic714e8aa96fa5a2fb0e20b16.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Navigator Ultra Short Bond Fund - with load** | **Bloomberg U.S. Treasury Bellwethers: 1 Year Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Mar-2019** | $9625 | $10000 | $10000 |
| **Oct-2019** | $9856 | $10197 | $10584 |
| **Oct-2020** | $10076 | $10397 | $11239 |
| **Oct-2021** | $10114 | $10414 | $11185 |
| **Oct-2022** | $10121 | $10308 | $9431 |
| **Oct-2023** | $10641 | $10767 | $9465 |
| **Oct-2024** | $11226 | $11384 | $10463 |
| **Oct-2025** | $11713 | $11885 | $11107 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (3/25/2019)** |
| Navigator Ultra Short Bond Fund |  |  |  |
| Without Load | 4.34% | 3.06% | 3.02% |
| With Load | 0.41% | 2.28% | 2.42% |
| Bloomberg U.S. Treasury Bellwethers: 1 Year Index | 4.40% | 2.71% | 2.65% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.60% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $80376765 |
| Number of Portfolio Holdings | 73 |
| Advisory Fee (net of waivers) | $23269 |
| Portfolio Turnover | 12% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i16e18edff72de642487ee155.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 96.3% |
| Money Market Funds | 3.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i9afb2ae3afb22e36ad1025ac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Energy | 2.5% |
| Utilities | 2.5% |
| Materials | 2.5% |
| Money Market Funds | 3.7% |
| Real Estate | 4.2% |
| Communications | 6.7% |
| Industrials | 6.8% |
| Health Care | 9.3% |
| Consumer Staples | 11.7% |
| Technology | 12.4% |
| Financials | 16.0% |
| Consumer Discretionary | 22.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mattel, Inc., 3.375%, 04/01/26 | 2.8% |
| DuPont de Nemours, Inc., 4.493%, 11/15/25 | 2.5% |
| Take-Two Interactive Software, Inc., 5.000%, 03/28/26 | 2.1% |
| Walmart, Inc., 4.693%, 04/28/27 | 1.9% |
| American Honda Finance Corporation, 5.024%, 08/13/27 | 1.9% |
| HCA, Inc., 5.875%, 02/15/26 | 1.9% |
| Keurig Dr Pepper, Inc., 4.873%, 11/15/26 | 1.9% |
| Sprint, LLC, 7.625%, 03/01/26 | 1.9% |
| Teledyne Technologies, Inc., 1.600%, 04/01/26 | 1.7% |
| Kellogg Company, 3.250%, 04/01/26 | 1.7% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i4ebdeaec06b4d283f258f3ce.jpg)

#### Navigator Ultra Short Bond Fund - Class A (NUSAX)

#### Annual Shareholder Report - October 31, 2025
Additional information is available on the Fund's website (**https://navigatorfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-NUSAX

#### Navigator Ultra Short Bond Fund - Class I (NUSIX)

#### Annual Shareholder Report - October 31, 2025
![Image](i420c999746c3c5c1dfb1f0d4.jpg)

# Fund Overview
This annual shareholder report contains important information about Navigator Ultra Short Bond Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://navigatorfunds.com/**. You can also request this information by contacting us at (877) 766-2264.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $41 | 0.40% |

---

# How did the Fund perform during the reporting period?
For the fiscal period ending October 31, 2025, the Navigator Ultra Short Bond Fund ("The Fund") Class I shares returned 4.76%, compared to the Bloomberg U.S Treasury Bellwethers 1 Year Index return of 4.40%. Below we discuss developments in the ultra-short duration fixed income space, along with an overview of the Fund's performance and positioning relative to the benchmark for the 2025 fiscal year.

To begin the fiscal year, risks to either side of the Federal Reserve's dual mandate of maximum employment and two percent inflation were roughly in balance, according to the Federal Open Market Committee ("FOMC") statement released on November 7, 2024. Consequently, the FOMC lowered the target range for the federal funds rate by 25 basis points at consecutive meetings. However, inflation stayed somewhat elevated, prompting a pause in rate cuts for much of fiscal 2025.

In April, volatility spiked in bond and equity markets as tariff uncertainty increased. Front-end credit spreads widened out significantly in response. As trade tensions eased, spreads quickly recovered and ultimately closed the year three basis points lower than at the start. Meanwhile, the Fed began signaling a growing focus on downside risks to employment in the latter part of the year, resulting in two more rate cuts in September and October. By October 31, 2025, the target federal funds rate stood between 3.75% and 4.0%. Despite the tariff related volatility, The Fund experienced no meaningful credit events during the year and outperformed its benchmark modestly as credit spreads tightened and the yield curve steepened.

Looking ahead, federal funds futures indicate three more 25 basis point cuts over the coming fiscal year, implying a year-end target range of 3.0% to 3.25%. Despite the recent resumption of rate cuts, the FOMC is likely to proceed cautiously with continued vigilance toward inflation pressures. The Fund remains underweight duration and will continue to invest opportunistically within the short-duration space.

# How has the Fund performed since inception?

# Total Return Based on $25,000 Investment
![Growth of 10K Chart](i9654ad31fc0b89ca302857fe.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Navigator Ultra Short Bond Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Treasury Bellwethers: 1 Year Index** |
| **Mar-2019** | $25000 | $25000 | $25000 |
| **Oct-2019** | $25404 | $26461 | $25492 |
| **Oct-2020** | $25829 | $28098 | $25993 |
| **Oct-2021** | $25991 | $27963 | $26034 |
| **Oct-2022** | $26051 | $23578 | $25770 |
| **Oct-2023** | $27456 | $23662 | $26918 |
| **Oct-2024** | $29046 | $26158 | $28460 |
| **Oct-2025** | $30429 | $27769 | $29712 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (March 25, 2019)** |
| Navigator Ultra Short Bond Fund | 4.76% | 3.33% | 3.02% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.60% |
| Bloomberg U.S. Treasury Bellwethers: 1 Year Index | 4.40% | 2.71% | 2.65% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $80376765 |
| Number of Portfolio Holdings | 73 |
| Advisory Fee (net of waivers) | $23269 |
| Portfolio Turnover | 12% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i16e18edff72de642487ee155.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 96.3% |
| Money Market Funds | 3.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i9afb2ae3afb22e36ad1025ac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Energy | 2.5% |
| Utilities | 2.5% |
| Materials | 2.5% |
| Money Market Funds | 3.7% |
| Real Estate | 4.2% |
| Communications | 6.7% |
| Industrials | 6.8% |
| Health Care | 9.3% |
| Consumer Staples | 11.7% |
| Technology | 12.4% |
| Financials | 16.0% |
| Consumer Discretionary | 22.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mattel, Inc., 3.375%, 04/01/26 | 2.8% |
| DuPont de Nemours, Inc., 4.493%, 11/15/25 | 2.5% |
| Take-Two Interactive Software, Inc., 5.000%, 03/28/26 | 2.1% |
| Walmart, Inc., 4.693%, 04/28/27 | 1.9% |
| American Honda Finance Corporation, 5.024%, 08/13/27 | 1.9% |
| HCA, Inc., 5.875%, 02/15/26 | 1.9% |
| Keurig Dr Pepper, Inc., 4.873%, 11/15/26 | 1.9% |
| Sprint, LLC, 7.625%, 03/01/26 | 1.9% |
| Teledyne Technologies, Inc., 1.600%, 04/01/26 | 1.7% |
| Kellogg Company, 3.250%, 04/01/26 | 1.7% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

![Image](i4ebdeaec06b4d283f258f3ce.jpg)

#### Navigator Ultra Short Bond Fund - Class I (NUSIX)

#### Annual Shareholder Report - October 31, 2025
Additional information is available on the Fund's website (**https://navigatorfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 103125-NUSIX

(b) Not applicable

**Item 2. Code of Ethics.**

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

(b) N/A

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

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

(e) N/A

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

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

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

(a)(2) Not applicable.

(a)(3) Not applicable.

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

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

2025 – $70,200

2024 – $67,500

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

2025 – None

2024 – None

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

2025 – $12,000

2024 – $12,000

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

(d) All Other Fees.
 The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant,
 other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended October 31, 2025
 and 2024, respectively.

(e)(1) The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable. The percentage of hours expended on the principal
 accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed
 to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%).

(g) All non-audit fees billed by the registrant's principal
 accountant for services rendered to the registrant for the fiscal years ended October 31, 2025 and 2024, respectively are disclosed in
 (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's
 adviser.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.** Not applicable.

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

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

(a) ![(COVER PAGE)](na001_v1.jpg)

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 8.6%** | **EXCHANGE-TRADED FUNDS — 8.6%** | **EXCHANGE-TRADED FUNDS — 8.6%** |  |  |
|  | **FIXED INCOME - 8.6%** | **FIXED INCOME - 8.6%** | **FIXED INCOME - 8.6%** |  |  |
| 8000000 | iShares iBoxx $ High Yield Corporate Bond ETF<sup>(h)</sup> | iShares iBoxx $ High Yield Corporate Bond ETF<sup>(h)</sup> | iShares iBoxx $ High Yield Corporate Bond ETF<sup>(h)</sup> |  | $646400000 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $630,506,100)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $630,506,100)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $630,506,100)** |  | 646400000 |
| **Shares** |  |  |  |  |  |
|  | **OPEN-END FUNDS — 1.7%** | **OPEN-END FUNDS — 1.7%** |  |  |  |
|  | **FIXED INCOME - 0.8%** | **FIXED INCOME - 0.8%** | **FIXED INCOME - 0.8%** |  |  |
| 5644443 | Navigator Ultra Short Bond Fund, Class I<sup>(g)</sup> | Navigator Ultra Short Bond Fund, Class I<sup>(g)</sup> | Navigator Ultra Short Bond Fund, Class I<sup>(g)</sup> |  | 57121760 |
|  | **MIXED ALLOCATION - 0.9%** | **MIXED ALLOCATION - 0.9%** | **MIXED ALLOCATION - 0.9%** |  |  |
| 6700222 | Navigator Tactical US Allocation Fund, Class I<sup>(g)</sup> | Navigator Tactical US Allocation Fund, Class I<sup>(g)</sup> | Navigator Tactical US Allocation Fund, Class I<sup>(g)</sup> |  | 70553334 |
|  | **TOTAL OPEN-END FUNDS (Cost $123,873,600)** | **TOTAL OPEN-END FUNDS (Cost $123,873,600)** | **TOTAL OPEN-END FUNDS (Cost $123,873,600)** |  | 127675094 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **Spread** | **(%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 47.1%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 1.5%** |  |  |  |  |
| 15534000 | BAE Systems Holdings, Inc.<sup>(a)</sup> |  | 3.8500 | 12/15/25 | 15526255 |
| 80000000 | Boeing Company |  | 2.1960 | 02/04/26 | 79575280 |
| 14044000 | Teledyne Technologies, Inc. |  | 1.6000 | 04/01/26 | 13880123 |
|  |  |  |  |  | 108981658 |
|  | **ASSET MANAGEMENT — 0.2%** |  |  |  |  |
| 16716000 | Charles Schwab Corporation<sup>(b)</sup> | SOFRRATE + 0.520% | 4.8150 | 05/13/26 | 16721388 |
|  | **AUTOMOTIVE — 6.9%** |  |  |  |  |
| 25000000 | American Honda Finance Corporation<sup>(b)</sup> | SOFRRATE + 0.500% | 4.7170 | 01/12/26 | 25012310 |
| 30000000 | American Honda Finance Corporation<sup>(b)</sup> | SOFRRATE + 0.650% | 4.9420 | 05/20/26 | 30045021 |
| 23000000 | American Honda Finance Corporation<sup>(b)</sup> | SOFRRATE + 0.870% | 5.0800 | 07/09/27 | 23118802 |
| 47500000 | American Honda Finance Corporation<sup>(b)</sup> | SOFRRATE + 0.730% | 5.0240 | 08/13/27 | 47607675 |
| 14700000 | BMW US Capital, LLC<sup>(a),(b)</sup> | SOFRINDX + 0.800% | 5.0950 | 08/13/26 | 14752312 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.1% (Continued)** |  |  |  |  |
|  | **AUTOMOTIVE — 6.9% (Continued)** |  |  |  |  |
| 28000000 | BMW US Capital, LLC<sup>(a),(b)</sup> | SOFRINDX + 0.780% | 4.9800 | 03/19/27 | $28103666 |
| 43168000 | Ford Motor Credit Company, LLC |  | 2.7000 | 08/10/26 | 42557671 |
| 39000000 | Ford Motor Credit Company, LLC<sup>(b)</sup> | SOFRRATE + 1.450% | 5.7550 | 11/05/26 | 38982802 |
| 9033000 | General Motors Financial Company, Inc. |  | 1.2500 | 01/08/26 | 8980619 |
| 12719000 | General Motors Financial Company, Inc. |  | 5.4000 | 04/06/26 | 12776080 |
| 42000000 | Hyundai Capital America<sup>(a),(b)</sup> | SOFRRATE + 0.990% | 5.1900 | 03/25/27 | 42111944 |
| 56000000 | Mercedes-Benz Finance North America, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.780% | 4.9860 | 04/01/27 | 56260047 |
| 4250000 | Toyota Motor Corporation |  | 1.3390 | 03/25/26 | 4203398 |
| 30000000 | Toyota Motor Credit Corporation<sup>(b)</sup> | SOFRRATE + 0.450% | 4.6630 | 04/10/26 | 30035338 |
| 40000000 | Toyota Motor Credit Corporation<sup>(b)</sup> | SOFRRATE + 0.470% | 4.6780 | 01/08/27 | 40040554 |
| 20000000 | Volkswagen Group of America Finance, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.830% | 5.0250 | 03/20/26 | 20018940 |
| 23688000 | Volkswagen Group of America Finance, LLC<sup>(a),(b)</sup> | SOFRRATE + 1.060% | 5.3540 | 08/14/26 | 23784249 |
| 30000000 | Volkswagen Group of America Finance, LLC<sup>(a),(b)</sup> | SOFRRATE + 1.060% | 5.2600 | 03/25/27 | 30083030 |
|  |  |  |  |  | 518474458 |
|  | **BANKING — 9.2%** |  |  |  |  |
| 50000000 | Bank of America Corporation<sup>(c)</sup> | TSFR3M + 1.322% | 3.5590 | 04/23/27 | 49828867 |
| 91500000 | Bank of America Corporation<sup>(c)</sup> | SOFRRATE + 0.960% | 1.7340 | 07/22/27 | 89888810 |
| 25000000 | Citibank NA<sup>(b)</sup> | SOFRINDX + 0.590% | 4.8800 | 04/30/26 | 25037413 |
| 40000000 | Citibank NA<sup>(b)</sup> | SOFRINDX + 0.708% | 4.9990 | 08/06/26 | 40105394 |
| 58000000 | Citibank NA<sup>(b)</sup> | SOFRRATE + 0.781% | 5.0380 | 05/29/27 | 58430430 |
| 43201000 | Citigroup, Inc.<sup>(c)</sup> | SOFRRATE + 0.765% | 1.1220 | 01/28/27 | 42879741 |
| 20000000 | Commonwealth Bank of Australia<sup>(a),(b)</sup> | SOFRRATE + 0.460% | 4.7370 | 11/27/26 | 19995535 |
| 38000000 | Cooperatieve Rabobank UA<sup>(b)</sup> | SOFRRATE + 0.620% | 4.8950 | 08/28/26 | 38103437 |
| 100000000 | JPMorgan Chase & Company<sup>(c)</sup> | SOFRRATE + 0.800% | 1.0450 | 11/19/26 | 99865374 |
| 35535000 | JPMorgan Chase & Company<sup>(c)</sup> | US0003M + 1.245% | 3.9600 | 01/29/27 | 35501592 |
| 89047000 | JPMorgan Chase & Company<sup>(c)</sup> | SOFRRATE + 0.765% | 1.4700 | 09/22/27 | 86953665 |
| 6316000 | PNC Bank NA<sup>(c)</sup> | SOFRRATE + 0.630% | 4.5430 | 05/13/27 | 6325227 |
| 100000000 | Wells Fargo & Company<sup>(c)</sup> | US0003M + 1.170% | 3.1960 | 06/17/27 | 99381455 |
|  |  |  |  |  | 692296940 |
|  | **BEVERAGES — 0.8%** |  |  |  |  |
| 57500000 | Keurig Dr Pepper, Inc.<sup>(b)</sup> | SOFRRATE + 0.580% | 4.8730 | 11/15/26 | 57509072 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.1% (Continued)** |  |  |  |  |
|  | **BIOTECH & PHARMA — 1.7%** |  |  |  |  |
| 21227000 | Amgen, Inc. |  | 2.6000 | 08/19/26 | $20983687 |
| 26547000 | Bayer US Finance II, LLC<sup>(a)</sup> |  | 4.2500 | 12/15/25 | 26535137 |
| 48000000 | GlaxoSmithKline Capital plc<sup>(b)</sup> | SOFRRATE + 0.500% | 4.7350 | 03/12/27 | 48265262 |
| 28000000 | Merck & Company, Inc.<sup>(b)</sup> | SOFRRATE + 0.460% | 4.7130 | 09/15/27 | 28170004 |
|  |  |  |  |  | 123954090 |
|  | **CABLE & SATELLITE — 0.0%<sup>(d)</sup>** |  |  |  |  |
| 1200000 | Cequel Communications Holdings I, LLC / Cequel<sup>(a)</sup> |  | 7.5000 | 04/01/28 | 814500 |
|  | **CHEMICALS — 0.8%** |  |  |  |  |
| 57962000 | DuPont de Nemours, Inc. |  | 4.4930 | 11/15/25 | 57946735 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.3%** |  |  |  |  |
| 20438000 | TR Finance, LLC |  | 3.3500 | 05/15/26 | 20306440 |
|  | **E-COMMERCE DISCRETIONARY — 0.2%** |  |  |  |  |
| 15997000 | eBay, Inc. |  | 1.4000 | 05/10/26 | 15770206 |
|  | **ELECTRIC UTILITIES — 0.5%** |  |  |  |  |
| 38450000 | Entergy Corporation |  | 2.9500 | 09/01/26 | 38114007 |
|  | **ELECTRICAL EQUIPMENT — 1.0%** |  |  |  |  |
| 48000000 | Amphenol Corporation<sup>(b)</sup> | SOFRRATE + 0.530% | 4.5920 | 11/15/27 | 48105377 |
| 10000000 | Fortive Corporation |  | 3.1500 | 06/15/26 | 9930416 |
| 18379000 | Johnson Controls International plc |  | 3.9000 | 02/14/26 | 18352193 |
|  |  |  |  |  | 76387986 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.1% (Continued)** |  |  |  |  |
|  | **FOOD — 2.3%** |  |  |  |  |
| 62597000 | Conagra Brands, Inc. |  | 4.6000 | 11/01/25 | $62597000 |
| 6041000 | Conagra Brands, Inc. |  | 5.3000 | 10/01/26 | 6097098 |
| 35665000 | Kellogg Company |  | 3.2500 | 04/01/26 | 35509850 |
| 63774000 | Kraft Heinz Foods Company |  | 3.0000 | 06/01/26 | 63302170 |
| 1999000 | McCormick & Company, Inc. |  | 3.2500 | 11/15/25 | 1998344 |
|  |  |  |  |  | 169504462 |
|  | **HEALTH CARE FACILITIES & SERVICES — 3.2%** |  |  |  |  |
| 9458000 | Cigna Corporation |  | 1.2500 | 03/15/26 | 9354269 |
| 73051000 | CVS Health Corporation |  | 2.8750 | 06/01/26 | 72470277 |
| 5227000 | CVS Health Corporation |  | 3.0000 | 08/15/26 | 5176645 |
| 73765000 | HCA, Inc. |  | 5.8750 | 02/15/26 | 73853713 |
| 36956000 | HCA, Inc. |  | 5.2500 | 06/15/26 | 36993457 |
| 47352000 | Universal Health Services, Inc. |  | 1.6500 | 09/01/26 | 46358997 |
|  |  |  |  |  | 244207358 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.6%** |  |  |  |  |
| 8440000 | Goldman Sachs Group, Inc.<sup>(c)</sup> | SOFRRATE + 0.789% | 1.0930 | 12/09/26 | 8412029 |
| 20000000 | Jefferies Financial Group, Inc. |  | 4.7500 | 08/11/26 | 20017755 |
| 24000000 | Jefferies Financial Group, Inc. |  | 4.5000 | 09/15/26 | 24112331 |
| 40000000 | Morgan Stanley<sup>(c)</sup> | SOFRRATE + 0.720% | 0.9850 | 12/10/26 | 39864508 |
| 100000000 | Morgan Stanley<sup>(c)</sup> | SOFRRATE + 0.879% | 1.5930 | 05/04/27 | 98650105 |
| 5000000 | Morgan Stanley<sup>(c)</sup> | SOFRRATE + 0.858% | 1.5120 | 07/20/27 | 4904436 |
|  |  |  |  |  | 195961164 |
|  | **LEISURE FACILITIES & SERVICES — 1.4%** |  |  |  |  |
| 9626000 | Marriott International, Inc. |  | 3.1250 | 06/15/26 | 9569377 |
| 26264000 | Marriott International, Inc. |  | 5.4500 | 09/15/26 | 26563041 |
| 59350000 | Royal Caribbean Cruises Ltd.<sup>(a)</sup> |  | 4.2500 | 07/01/26 | 59286091 |
| 9100000 | Royal Caribbean Cruises Ltd.<sup>(a)</sup> |  | 5.5000 | 08/31/26 | 9127317 |
|  |  |  |  |  | 104545826 |
|  | **LEISURE PRODUCTS — 0.7%** |  |  |  |  |
| 51802000 | Mattel, Inc.<sup>(a)</sup> |  | 3.3750 | 04/01/26 | 51507928 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.1% (Continued)** |  |  |  |  |
|  | **MACHINERY — 0.9%** |  |  |  |  |
| 30000000 | Caterpillar Financial Services Corporation<sup>(b)</sup> | SOFRRATE + 0.690% | 4.9270 | 10/16/26 | $30145806 |
| 40000000 | Caterpillar Financial Services Corporation<sup>(b)</sup> | SOFRRATE + 0.380% | 4.5860 | 01/07/27 | 40081535 |
|  |  |  |  |  | 70227341 |
|  | **OIL & GAS PRODUCERS — 1.0%** |  |  |  |  |
| 48317000 | Chevron USA, Inc.<sup>(b)</sup> | SOFRINDX + 0.360% | 4.6420 | 02/26/27 | 48428790 |
| 21654000 | Kinder Morgan, Inc. |  | 1.7500 | 11/15/26 | 21151891 |
| 6994000 | MPLX, L.P. B |  | 1.7500 | 03/01/26 | 6935711 |
|  |  |  |  |  | 76516392 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 2.1%** |  |  |  |  |
| 43637000 | Crown Castle International Corporation |  | 3.7000 | 06/15/26 | 43449048 |
| 50075000 | Equinix, Inc. |  | 1.4500 | 05/15/26 | 49330906 |
| 53714000 | Realty Income Corporation |  | 4.6250 | 11/01/25 | 53714000 |
| 13052000 | Weyerhaeuser Company |  | 4.7500 | 05/15/26 | 13093313 |
|  |  |  |  |  | 159587267 |
|  | **RETAIL - CONSUMER STAPLES — 0.4%** |  |  |  |  |
| 33500000 | Walmart, Inc.<sup>(b)</sup> | SOFRINDX + 0.430% | 4.6930 | 04/28/27 | 33625476 |
|  | **RETAIL - DISCRETIONARY — 1.8%** |  |  |  |  |
| 26597000 | AutoZone, Inc. |  | 3.1250 | 04/21/26 | 26464859 |
| 13721000 | AutoZone, Inc. |  | 5.0500 | 07/15/26 | 13809868 |
| 66448000 | Lowe's Companies, Inc. |  | 4.8000 | 04/01/26 | 66579778 |
| 6000000 | O'Reilly Automotive, Inc. |  | 3.5500 | 03/15/26 | 5983287 |
| 9106000 | O'Reilly Automotive, Inc. |  | 5.7500 | 11/20/26 | 9254629 |
| 10127000 | Ross Stores, Inc. |  | 0.8750 | 04/15/26 | 9976623 |
|  |  |  |  |  | 132069044 |
|  | **SEMICONDUCTORS — 0.3%** |  |  |  |  |
| 19623000 | Skyworks Solutions, Inc. |  | 1.8000 | 06/01/26 | 19326599 |
|  | **SOFTWARE — 2.0%** |  |  |  |  |
| 22876000 | Fortinet, Inc. |  | 1.0000 | 03/15/26 | 22581170 |
| 70768000 | Oracle Corporation |  | 1.6500 | 03/25/26 | 70074348 |
| 57225000 | Oracle Corporation |  | 2.6500 | 07/15/26 | 56656490 |
|  |  |  |  |  | 149312008 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.1% (Continued)** |  |  |  |  |
|  | **SPECIALTY FINANCE — 0.7%** |  |  |  |  |
| 33495000 | American Express Company<sup>(c)</sup> | SOFRINDX + 0.750% | 5.6450 | 04/23/27 | $33719569 |
| 22696000 | NTT Finance Corporation<sup>(a)</sup> |  | 1.1620 | 04/03/26 | 22410824 |
|  |  |  |  |  | 56130393 |
|  | **TECHNOLOGY HARDWARE — 0.3%** |  |  |  |  |
| 6606000 | Dell International, LLC / EMC Corporation |  | 6.0200 | 06/15/26 | 6655263 |
| 17000000 | TD SYNNEX Corporation |  | 1.7500 | 08/09/26 | 16674571 |
|  |  |  |  |  | 23329834 |
|  | **TECHNOLOGY SERVICES — 1.4%** |  |  |  |  |
| 3225000 | Fidelity National Information Services, Inc. |  | 1.1500 | 03/01/26 | 3193325 |
| 100000000 | International Business Machines Corporation |  | 3.3000 | 05/15/26 | 99645034 |
|  |  |  |  |  | 102838359 |
|  | **TELECOMMUNICATIONS — 2.2%** |  |  |  |  |
| 83800000 | Sprint, LLC |  | 7.6250 | 03/01/26 | 83800000 |
| 54946000 | T-Mobile USA, Inc. |  | 1.5000 | 02/15/26 | 54498182 |
| 27478000 | T-Mobile USA, Inc. |  | 2.2500 | 02/15/26 | 27313939 |
|  |  |  |  |  | 165612121 |
|  | **TOBACCO & CANNABIS — 0.7%** |  |  |  |  |
| 21230000 | Altria Group, Inc. |  | 4.4000 | 02/14/26 | 21222134 |
| 29943000 | Altria Group, Inc. |  | 2.6250 | 09/16/26 | 29583707 |
|  |  |  |  |  | 50805841 |
|  | **TOTAL CORPORATE BONDS (Cost $3,523,354,727)** |  |  |  | 3532384893 |
|  | **U.S. GOVERNMENT & AGENCIES — 33.2%** |  |  |  |  |
|  | **U.S. TREASURY BILLS — 33.2%** |  |  |  |  |
| 150000000 | United States Treasury Bill<sup>(e)</sup> |  | 1.9200 | 11/06/25 | 149952566 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> |  | 3.0300 | 11/13/25 | 149838098 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> |  | 3.3400 | 11/20/25 | 149725875 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> |  | 3.5100 | 11/28/25 | 149597630 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 33.2% (Continued)** |  |  |  |
|  | **U.S. TREASURY BILLS/NOTES — 33.2% (Continued)** |  |  |  |
| 150000000 | United States Treasury Bill<sup>(e)</sup> | 3.5900 | 12/04/25 | $149500416 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> | 3.6600 | 12/11/25 | 149386378 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> | 3.6800 | 12/18/25 | 149276625 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> | 3.7600 | 12/26/25 | 149139274 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> | 3.7300 | 01/02/26 | 149039500 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> | 3.6900 | 01/08/26 | 148961841 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> | 3.6900 | 01/15/26 | 148855002 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> | 3.7000 | 01/22/26 | 148748501 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> | 3.6800 | 01/29/26 | 148649506 |
| 250000000 | United States Treasury Note | 3.5000 | 09/30/29 | 248510742 |
| 300000000 | United States Treasury Note | 4.1250 | 10/31/29 | 305009766 |
|  |  |  |  | 2494191720 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,485,190,760)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,485,190,760)** |  | 2494191720 |
| **Units** |  |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED — 0.0%<sup>(d)</sup>** | **COLLATERAL FOR SECURITIES LOANED — 0.0%<sup>(d)</sup>** | **COLLATERAL FOR SECURITIES LOANED — 0.0%<sup>(d)</sup>** |  |
| 2598750 | Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 4.02% <sup>(f),(i)</sup> | Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 4.02% <sup>(f),(i)</sup> | Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 4.02% <sup>(f),(i)</sup> | 2598750 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $2,598,750)** | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $2,598,750)** | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $2,598,750)** |  |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 7.4%** |  |  |  |
|  | **MONEY MARKET FUND - 7.4%** |  |  |  |
| 551638411 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.96% (Cost $551,638,411)<sup>(f)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.96% (Cost $551,638,411)<sup>(f)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.96% (Cost $551,638,411)<sup>(f)</sup> | 551638411 |
|  | **TOTAL INVESTMENTS - 98.0% (Cost $7,317,162,348)** | **TOTAL INVESTMENTS - 98.0% (Cost $7,317,162,348)** |  | $7354888868 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 2.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 2.0%** |  | 148548077 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $7503436945 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount** | **Unrealized <br> Appreciation** |
| 17825 | CBOT 5 Year US Treasury Note | 12/31/2025 | $1946684970 | $2740775 |
| 895 | CME E-Mini Standard & Poor's 500 Index Futures | 12/19/2025 | 307611500 | 8988163 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $11728938 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| SOFRINDX | Secured Overnight Financing Rate Index |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR3M | 3-Month CME Term SOFR |
| US0003M | US Treasury 3 Month Bill Money Market Yield |

---

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2025 the total market value of 144A securities is $420,317,775 or 5.6% of net assets.

<sup>(b)</sup> Floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(c)</sup> Variable rate security; the rate shown represents the rate on October 31, 2025.

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

<sup>(e)</sup> Zero coupon bond; rate disclosed is the effective yield as of October 31, 2025.

<sup>(f)</sup> Rate disclosed is the seven-day effective yield as of October 31, 2025.

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

<sup>(h)</sup> All or a portion of the security is on loan. Total loaned securities had a value of $2,545,200 at October 31, 2025.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** |
| **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** |
|  |  | Termination | Interest<br> Rate | Payment | Notional<br> Value at |  | Upfront | Unrealized |
| &nbsp;&nbsp;&nbsp;Reference Entity | Counterparty | Date | Payable | Frequency | October 31, 2025 | Value | Premiums Paid | Appreciation |
| CDX North American High Yield Series 42 | GS | 6/20/2029 | 5.00% | Quarterly | $125000000 | $10505944 | $7244068 | $3261876 |
| CDX North American High Yield Series 43 | GS | 12/20/2029 | 5.00% | Quarterly | 123600000 | 9784616 | 5304043 | 4480573 |
| CDX North American High Yield Series 44 | GS | 6/20/2030 | 5.00% | Quarterly | 1067000000 | 87057123 | 62333614 | 24723509 |
| CDX North American High Yield Series 44 | MS | 6/20/2030 | 5.00% | Quarterly | 84000000 | 6853606 | 3302196 | 3551410 |
| CDX North American High Yield Series 45 | GS | 12/20/2030 | 5.00% | Quarterly | 1536200000 | 121079529 | 110799878 | 10279651 |
| **TOTAL** |  |  |  |  |  | $235280818 | $188983799 | $46297019 |

---

GS - Goldman Sachs

MS - Morgan Stanley

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

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

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 1.8%** |  |  |  |  |
| 800000 | Boeing Company |  | 6.2980 | 05/01/29 | $848736 |
| 1500000 | Boeing Company |  | 5.1500 | 05/01/30 | 1541571 |
| 100000 | Boeing Company |  | 3.6250 | 02/01/31 | 96001 |
| 1100000 | Boeing Company |  | 6.5280 | 05/01/34 | 1217254 |
| 1100000 | Boeing Company |  | 5.7050 | 05/01/40 | 1122056 |
| 1000000 | Boeing Company |  | 5.8050 | 05/01/50 | 995557 |
| 800000 | Boeing Company |  | 6.8580 | 05/01/54 | 907939 |
| 1400000 | Boeing Company |  | 5.9300 | 05/01/60 | 1392089 |
| 600000 | Boeing Company |  | 7.0080 | 05/01/64 | 686775 |
| 1100000 | General Dynamics Corporation |  | 3.6250 | 04/01/30 | 1078756 |
| 500000 | L3Harris Technologies, Inc. |  | 5.4000 | 07/31/33 | 521868 |
| 500000 | L3Harris Technologies, Inc. |  | 5.3500 | 06/01/34 | 519100 |
| 500000 | Lockheed Martin Corporation |  | 5.2500 | 01/15/33 | 525699 |
| 800000 | Lockheed Martin Corporation |  | 4.0700 | 12/15/42 | 696325 |
| 800000 | Lockheed Martin Corporation |  | 3.8000 | 03/01/45 | 653445 |
| 900000 | Lockheed Martin Corporation |  | 4.0900 | 09/15/52 | 732699 |
| 600000 | Lockheed Martin Corporation |  | 5.2000 | 02/15/55 | 579494 |
| 700000 | Northrop Grumman Corporation |  | 4.4000 | 05/01/30 | 705915 |
| 400000 | Northrop Grumman Corporation |  | 5.2000 | 06/01/54 | 382736 |
| 1100000 | Raytheon Technologies Corporation |  | 3.0300 | 03/15/52 | 728824 |
| 1200000 | RTX Corporation |  | 4.1250 | 11/16/28 | 1201174 |
| 700000 | RTX Corporation |  | 2.2500 | 07/01/30 | 642589 |
| 300000 | RTX Corporation |  | 6.0000 | 03/15/31 | 323775 |
| 700000 | RTX Corporation |  | 5.1500 | 02/27/33 | 725767 |
| 700000 | RTX Corporation |  | 6.1000 | 03/15/34 | 769324 |
| 500000 | RTX Corporation |  | 5.3750 | 02/27/53 | 491538 |
| 600000 | RTX Corporation |  | 6.4000 | 03/15/54 | 675436 |
|  |  |  |  |  | 20762442 |
|  | **APPAREL & TEXTILE PRODUCTS — 0.1%** |  |  |  |  |
| 700000 | NIKE, Inc. |  | 2.8500 | 03/27/30 | 665957 |
| 800000 | NIKE, Inc. |  | 3.3750 | 03/27/50 | 584797 |
|  |  |  |  |  | 1250754 |
|  | **ASSET MANAGEMENT — 0.5%** |  |  |  |  |
| 500000 | Apollo Debt Solutions BDC |  | 6.7000 | 07/29/31 | 526237 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **ASSET MANAGEMENT — 0.5% (Continued)** |  |  |  |  |
| 800000 | Ares Capital Corporation |  | 5.8000 | 03/08/32 | $807123 |
| 900000 | Blue Owl Credit Income Corporation |  | 6.6500 | 03/15/31 | 934551 |
| 600000 | Brookfield Finance, Inc. |  | 5.9680 | 03/04/54 | 615754 |
| 800000 | Charles Schwab Corporation |  | 2.9000 | 03/03/32 | 731910 |
| 700000 | Raymond James Financial, Inc. |  | 4.9500 | 07/15/46 | 647002 |
| 600000 | Sixth Street Lending Partners<sup>(a)</sup> |  | 6.1250 | 07/15/30 | 616667 |
| 600000 | UBS Group A.G. |  | 4.8750 | 05/15/45 | 565162 |
|  |  |  |  |  | 5444406 |
|  | **AUTOMOTIVE — 1.8%** |  |  |  |  |
| 800000 | Aptiv plc / Aptiv Corporation |  | 4.1500 | 05/01/52 | 619232 |
| 1000000 | Ford Motor Company |  | 3.2500 | 02/12/32 | 873303 |
| 900000 | Ford Motor Company |  | 6.1000 | 08/19/32 | 923847 |
| 900000 | Ford Motor Company |  | 4.7500 | 01/15/43 | 724500 |
| 900000 | Ford Motor Credit Company, LLC |  | 6.7980 | 11/07/28 | 940358 |
| 800000 | Ford Motor Credit Company, LLC |  | 5.8000 | 03/08/29 | 814032 |
| 600000 | Ford Motor Credit Company, LLC |  | 5.1130 | 05/03/29 | 597338 |
| 700000 | Ford Motor Credit Company, LLC |  | 5.8750 | 11/07/29 | 714323 |
| 700000 | Ford Motor Credit Company, LLC |  | 7.3500 | 03/06/30 | 748608 |
| 300000 | Ford Motor Credit Company, LLC |  | 4.0000 | 11/13/30 | 281423 |
| 500000 | Ford Motor Credit Company, LLC |  | 6.0500 | 03/05/31 | 511436 |
| 300000 | Ford Motor Credit Company, LLC |  | 6.0540 | 11/05/31 | 306549 |
| 200000 | Ford Motor Credit Company, LLC |  | 7.1220 | 11/07/33 | 214853 |
| 800000 | Ford Motor Credit Company, LLC |  | 6.1250 | 03/08/34 | 809405 |
| 600000 | General Motors Company |  | 5.0000 | 10/01/28 | 610291 |
| 800000 | General Motors Company |  | 6.6000 | 04/01/36 | 869392 |
| 700000 | General Motors Company |  | 6.2500 | 10/02/43 | 715504 |
| 600000 | General Motors Company |  | 5.9500 | 04/01/49 | 590193 |
| 600000 | General Motors Financial Company, Inc. |  | 5.8000 | 01/07/29 | 625012 |
| 500000 | General Motors Financial Company, Inc. |  | 4.3000 | 04/06/29 | 498226 |
| 500000 | General Motors Financial Company, Inc. |  | 5.3500 | 01/07/30 | 514594 |
| 500000 | General Motors Financial Company, Inc. |  | 5.8500 | 04/06/30 | 524644 |
| 600000 | General Motors Financial Company, Inc. |  | 3.6000 | 06/21/30 | 575476 |
| 500000 | General Motors Financial Company, Inc. |  | 5.7500 | 02/08/31 | 524102 |
| 700000 | General Motors Financial Company, Inc. |  | 2.7000 | 06/10/31 | 630357 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **AUTOMOTIVE — 1.8% (Continued)** |  |  |  |  |
| 500000 | General Motors Financial Company, Inc. |  | 3.1000 | 01/12/32 | $452966 |
| 500000 | General Motors Financial Company, Inc. |  | 6.4000 | 01/09/33 | 538737 |
| 500000 | General Motors Financial Company, Inc. |  | 6.1000 | 01/07/34 | 528316 |
| 500000 | General Motors Financial Company, Inc. |  | 5.9500 | 04/04/34 | 522589 |
| 500000 | Mercedes-Benz Finance North America, LLC |  | 8.5000 | 01/18/31 | 594886 |
| 500000 | Toyota Motor Credit Corporation |  | 4.4500 | 06/29/29 | 505971 |
| 800000 | Toyota Motor Credit Corporation |  | 3.3750 | 04/01/30 | 776086 |
| 600000 | Toyota Motor Credit Corporation |  | 5.5500 | 11/20/30 | 636741 |
| 600000 | Toyota Motor Credit Corporation |  | 5.3500 | 01/09/35 | 630379 |
|  |  |  |  |  | 20943669 |
|  | **BANKING — 14.4%** |  |  |  |  |
| 800000 | Banco Santander S.A. |  | 6.6070 | 11/07/28 | 854420 |
| 800000 | Banco Santander S.A. |  | 5.5650 | 01/17/30 | 833589 |
| 600000 | Banco Santander S.A.<sup>(b)</sup> | H15T1Y + 1.450% | 5.5380 | 03/14/30 | 620512 |
| 1000000 | Banco Santander S.A. |  | 2.7490 | 12/03/30 | 908097 |
| 1000000 | Banco Santander S.A. |  | 6.9210 | 08/08/33 | 1109295 |
| 600000 | Banco Santander S.A. |  | 6.3500 | 03/14/34 | 645683 |
| 700000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 1.472% | 3.9740 | 02/07/30 | 695099 |
| 1000000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.000% | 5.1620 | 01/24/31 | 1033232 |
| 800000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 1.252% | 2.4960 | 02/13/31 | 742624 |
| 1600000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 2.150% | 2.5920 | 04/29/31 | 1487563 |
| 1200000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.530% | 1.8980 | 07/23/31 | 1075065 |
| 900000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.370% | 1.9220 | 10/24/31 | 800724 |
| 800000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.220% | 2.6510 | 03/11/32 | 731328 |
| 1400000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.320% | 2.6870 | 04/22/32 | 1279226 |
| 1300000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.220% | 2.2990 | 07/21/32 | 1156708 |
| 1100000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.210% | 2.5720 | 10/20/32 | 989137 |
| 1300000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.830% | 4.5710 | 04/27/33 | 1297760 |
| 1500000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 2.160% | 5.0150 | 07/22/33 | 1535132 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **BANKING — 14.4% (Continued)** |  |  |  |  |
| 1600000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.910% | 5.2880 | 04/25/34 | $1655786 |
| 1200000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.840% | 5.8720 | 09/15/34 | 1284092 |
| 1400000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.650% | 5.4680 | 01/23/35 | 1461898 |
| 1000000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.310% | 5.5110 | 01/24/36 | 1046768 |
| 600000 | Bank of America Corporation |  | 6.1100 | 01/29/37 | 647937 |
| 800000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 2.076% | 4.2440 | 04/24/38 | 749649 |
| 600000 | Bank of America Corporation |  | 7.7500 | 05/14/38 | 735684 |
| 1300000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.930% | 2.6760 | 06/19/41 | 964329 |
| 1200000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.580% | 3.3110 | 04/22/42 | 954596 |
| 1000000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 1.782% | 4.3300 | 03/15/50 | 855221 |
| 1800000 | Bank of America Corporation B<sup>(b)</sup> | TSFR3M + 3.412% | 4.0830 | 03/20/51 | 1472106 |
| 700000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.560% | 2.9720 | 07/21/52 | 466841 |
| 500000 | Bank of Montreal |  | 5.5110 | 06/04/31 | 527312 |
| 500000 | Bank of Nova Scotia |  | 4.8500 | 02/01/30 | 510876 |
| 500000 | Bank of Nova Scotia<sup>(b)</sup> | SOFRRATE + 1.070% | 5.1300 | 02/14/31 | 513561 |
| 400000 | Barclays plc<sup>(b)</sup> | SOFRRATE + 1.740% | 5.6900 | 03/12/30 | 415203 |
| 800000 | Barclays plc<sup>(b)</sup> | SOFRRATE + 1.230% | 5.3670 | 02/25/31 | 825059 |
| 800000 | Barclays plc<sup>(b)</sup> | H15T1Y + 1.900% | 2.6450 | 06/24/31 | 737164 |
| 1000000 | Barclays plc<sup>(b)</sup> | H15T1Y + 3.500% | 7.4370 | 11/02/33 | 1147367 |
| 900000 | Barclays plc<sup>(b)</sup> | SOFRRATE + 2.980% | 6.2240 | 05/09/34 | 969976 |
| 600000 | Barclays plc<sup>(b)</sup> | SOFRRATE + 2.620% | 6.6920 | 09/13/34 | 664329 |
| 600000 | Barclays plc<sup>(b)</sup> | SOFRRATE + 1.910% | 5.3350 | 09/10/35 | 608393 |
| 1000000 | Barclays plc<sup>(b)</sup> | SOFRRATE + 1.590% | 5.7850 | 02/25/36 | 1045731 |
| 800000 | Canadian Imperial Bank of Commerce<sup>(b)</sup> | SOFRRATE + 1.105% | 5.2450 | 01/13/31 | 825758 |
| 800000 | Canadian Imperial Bank of Commerce |  | 3.6000 | 04/07/32 | 760634 |
| 900000 | Citibank NA |  | 5.5700 | 04/30/34 | 954571 |
| 800000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.364% | 5.1740 | 02/13/30 | 820985 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **BANKING — 14.4% (Continued)** |  |  |  |  |
| 500000 | Citigroup, Inc.<sup>(b)</sup> | TSFR3M + 1.600% | 3.9800 | 03/20/30 | $494718 |
| 700000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.338% | 4.5420 | 09/19/30 | 704546 |
| 600000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.422% | 2.9760 | 11/05/30 | 569425 |
| 800000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.146% | 2.6660 | 01/29/31 | 745527 |
| 1300000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 3.914% | 4.4120 | 03/31/31 | 1297322 |
| 1400000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 2.107% | 2.5720 | 06/03/31 | 1290917 |
| 1100000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.167% | 2.5610 | 05/01/32 | 993827 |
| 700000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.177% | 2.5200 | 11/03/32 | 622306 |
| 1000000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.351% | 3.0570 | 01/25/33 | 913436 |
| 800000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 2.086% | 4.9100 | 05/24/33 | 809321 |
| 1000000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 2.338% | 6.2700 | 11/17/33 | 1091119 |
| 1100000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.465% | 5.3330 | 03/27/36 | 1125481 |
| 700000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 4.548% | 5.3160 | 03/26/41 | 699805 |
| 800000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.379% | 2.9040 | 11/03/42 | 590995 |
| 700000 | Citigroup, Inc. |  | 6.6750 | 09/13/43 | 792814 |
| 900000 | Citigroup, Inc. |  | 4.7500 | 05/18/46 | 801269 |
| 900000 | Citigroup, Inc. |  | 4.6500 | 07/23/48 | 804547 |
| 700000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.746% | 5.6120 | 03/04/56 | 710756 |
| 400000 | Citizens Financial Group, Inc.<sup>(b)</sup> | SOFRRATE + 2.010% | 5.8410 | 01/23/30 | 415870 |
| 600000 | Citizens Financial Group, Inc. |  | 3.2500 | 04/30/30 | 568638 |
| 500000 | Citizens Financial Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.259% | 5.2530 | 03/05/31 | 511393 |
| 800000 | Cooperatieve Rabobank UA |  | 5.7500 | 12/01/43 | 822317 |
| 500000 | Deutsche Bank A.G. |  | 5.4140 | 05/10/29 | 519477 |
| 800000 | Deutsche Bank A.G.<sup>(b)</sup> | SOFRRATE + 3.043% | 3.5470 | 09/18/31 | 759210 |
| 500000 | Deutsche Bank A.G.<sup>(b)</sup> | SOFRRATE + 2.050% | 5.4030 | 09/11/35 | 509121 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **BANKING — 14.4% (Continued)** |  |  |  |  |
| 500000 | Fifth Third Bancorp<sup>(b)</sup> | SOFRINDX + 2.127% | 4.7720 | 07/28/30 | $505309 |
| 600000 | Fifth Third Bancorp<sup>(b)</sup> | SOFRRATE + 1.840% | 5.6310 | 01/29/32 | 627940 |
| 1000000 | HSBC Holdings plc |  | 4.9500 | 03/31/30 | 1024523 |
| 900000 | HSBC Holdings plc<sup>(b)</sup> | US0003M + 1.610% | 3.9730 | 05/22/30 | 887685 |
| 500000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 1.290% | 5.2860 | 11/19/30 | 515634 |
| 500000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 1.290% | 5.1300 | 03/03/31 | 511529 |
| 900000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 2.387% | 2.8480 | 06/04/31 | 838482 |
| 700000 | HSBC Holdings plc<sup>(b)</sup> |  | 2.3570 | 08/18/31 | 634850 |
| 400000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 1.520% | 5.7330 | 05/17/32 | 421128 |
| 1200000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 1.187% | 2.8040 | 05/24/32 | 1091738 |
| 700000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 2.870% | 5.4020 | 08/11/33 | 726924 |
| 900000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 2.390% | 6.2540 | 03/09/34 | 979149 |
| 700000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 1.780% | 5.7190 | 03/04/35 | 738123 |
| 900000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 1.560% | 5.4500 | 03/03/36 | 929580 |
| 900000 | HSBC Holdings plc |  | 6.5000 | 09/15/37 | 971651 |
| 1000000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 2.650% | 6.3320 | 03/09/44 | 1104268 |
| 600000 | HSBC Holdings plc |  | 5.2500 | 03/14/44 | 589883 |
| 700000 | Huntington Bancshares, Inc.<sup>(b)</sup> | SOFRRATE + 1.276% | 5.2720 | 01/15/31 | 720484 |
| 600000 | ING Groep N.V.<sup>(b)</sup> | SOFRRATE + 1.440% | 5.3350 | 03/19/30 | 618930 |
| 600000 | ING Groep N.V.<sup>(b)</sup> | SOFRINDX + 1.230% | 5.0660 | 03/25/31 | 614188 |
| 700000 | ING Groep N.V.<sup>(b)</sup> | SOFRRATE + 2.090% | 6.1140 | 09/11/34 | 756719 |
| 900000 | ING Groep N.V.<sup>(b)</sup> | SOFRRATE + 1.770% | 5.5500 | 03/19/35 | 937571 |
| 600000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.570% | 6.0870 | 10/23/29 | 632296 |
| 900000 | JPMorgan Chase & Company<sup>(b)</sup> | US0003M + 1.330% | 4.4520 | 12/05/29 | 907420 |
| 700000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.310% | 5.0120 | 01/23/30 | 716930 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **BANKING — 14.4% (Continued)** |  |  |  |  |
| 600000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.160% | 5.5810 | 04/22/30 | $626062 |
| 600000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.422% | 3.7020 | 05/06/30 | 589917 |
| 500000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.125% | 4.9950 | 07/22/30 | 512899 |
| 900000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.510% | 2.7390 | 10/15/30 | 850981 |
| 700000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 0.900% | 5.1400 | 01/24/31 | 723152 |
| 1300000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 3.790% | 4.4930 | 03/24/31 | 1312660 |
| 1300000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 2.040% | 2.5220 | 04/22/31 | 1207994 |
| 700000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.435% | 5.1030 | 04/22/31 | 722822 |
| 700000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.105% | 1.7640 | 11/19/31 | 619214 |
| 1000000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.065% | 1.9530 | 02/04/32 | 885653 |
| 900000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.250% | 2.5800 | 04/22/32 | 820271 |
| 800000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.180% | 2.5450 | 11/08/32 | 718886 |
| 100000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.260% | 2.9630 | 01/25/33 | 91598 |
| 800000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.800% | 4.5860 | 04/26/33 | 802978 |
| 1400000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 2.080% | 4.9120 | 07/25/33 | 1428135 |
| 1400000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.845% | 5.3500 | 06/01/34 | 1460280 |
| 1000000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.810% | 6.2540 | 10/23/34 | 1101124 |
| 900000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.620% | 5.3360 | 01/23/35 | 934222 |
| 800000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.490% | 5.7660 | 04/22/35 | 852921 |
| 900000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.460% | 5.2940 | 07/22/35 | 930422 |
| 700000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.340% | 4.9460 | 10/22/35 | 707598 |
| 900000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.315% | 5.5020 | 01/24/36 | 944187 |
| 700000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.680% | 5.5720 | 04/22/36 | 737619 |
| 900000 | JPMorgan Chase & Company<sup>(b)</sup> | US0003M + 1.360% | 3.8820 | 07/24/38 | 811862 |
| 700000 | JPMorgan Chase & Company |  | 5.6000 | 07/15/41 | 734896 |
| 700000 | JPMorgan Chase & Company |  | 5.4000 | 01/06/42 | 718230 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **BANKING — 14.4% (Continued)** |  |  |  |  |
| 900000 | JPMorgan Chase & Company |  | 4.9500 | 06/01/45 | $858985 |
| 1100000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.550% | 5.5340 | 11/29/45 | 1131811 |
| 1200000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.642% | 3.9640 | 11/15/48 | 984769 |
| 800000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 2.440% | 3.1090 | 04/22/51 | 557136 |
| 1100000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.580% | 3.3280 | 04/22/52 | 793474 |
| 700000 | Lloyds Banking Group plc<sup>(b)</sup> | H15T1Y + 1.070% | 5.7210 | 06/05/30 | 732239 |
| 1000000 | Lloyds Banking Group plc<sup>(b)</sup> | H15T1Y + 1.750% | 5.6790 | 01/05/35 | 1049779 |
| 700000 | M&T Bank Corporation<sup>(b)</sup> | SOFRRATE + 1.610% | 5.3850 | 01/16/36 | 709059 |
| 900000 | Mitsubishi UFJ Financial Group, Inc. |  | 3.1950 | 07/18/29 | 867956 |
| 900000 | Mitsubishi UFJ Financial Group, Inc. |  | 2.5590 | 02/25/30 | 840210 |
| 600000 | Mitsubishi UFJ Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 0.780% | 5.1970 | 01/16/31 | 619357 |
| 1000000 | Mitsubishi UFJ Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 0.950% | 2.3090 | 07/20/32 | 889692 |
| 500000 | Mitsubishi UFJ Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 2.125% | 5.1330 | 07/20/33 | 515921 |
| 900000 | Mitsubishi UFJ Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 1.630% | 5.4410 | 02/22/34 | 946235 |
| 800000 | Mitsubishi UFJ Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 1.000% | 5.4260 | 04/17/35 | 834364 |
| 800000 | Mizuho Financial Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.532% | 1.9790 | 09/08/31 | 715203 |
| 700000 | Mizuho Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 1.800% | 5.7540 | 05/27/34 | 744498 |
| 600000 | Mizuho Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 0.980% | 5.4220 | 05/13/36 | 622546 |
| 600000 | National Bank of Canada |  | 5.6000 | 12/18/28 | 625487 |
| 700000 | NatWest Group plc<sup>(b)</sup> | US0003M + 1.905% | 5.0760 | 01/27/30 | 715537 |
| 700000 | NatWest Group plc<sup>(b)</sup> | US0003M + 1.871% | 4.4450 | 05/08/30 | 701218 |
| 700000 | NatWest Group plc<sup>(b)</sup> | H15T1Y + 1.500% | 5.7780 | 03/01/35 | 740861 |
| 700000 | PNC Financial Services Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.198% | 5.4920 | 05/14/30 | 727847 |
| 600000 | PNC Financial Services Group, Inc.<sup>(b)</sup> | SOFRINDX + 2.140% | 6.0370 | 10/28/33 | 646816 |
| 700000 | PNC Financial Services Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.933% | 5.0680 | 01/24/34 | 714304 |
| 1000000 | PNC Financial Services Group, Inc.<sup>(b)</sup> | SOFRRATE + 2.284% | 6.8750 | 10/20/34 | 1132153 |
| 600000 | PNC Financial Services Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.902% | 5.6760 | 01/22/35 | 633661 |
| 600000 | PNC Financial Services Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.599% | 5.4010 | 07/23/35 | 620798 |
| 700000 | PNC Financial Services Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.394% | 5.5750 | 01/29/36 | 731373 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **BANKING — 14.4% (Continued)** |  |  |  |  |
| 400000 | Royal Bank of Canada<sup>(b)</sup> | SOFRRATE + 1.100% | 4.9690 | 08/02/30 | $409223 |
| 600000 | Royal Bank of Canada<sup>(b)</sup> | SOFRINDX + 1.080% | 4.6500 | 10/18/30 | 607312 |
| 600000 | Royal Bank of Canada<sup>(b)</sup> | SOFRRATE + 1.030% | 5.1530 | 02/04/31 | 617754 |
| 700000 | Royal Bank of Canada<sup>(b)</sup> | SOFRINDX + 1.130% | 4.9700 | 05/02/31 | 717115 |
| 900000 | Royal Bank of Canada |  | 5.0000 | 02/01/33 | 927520 |
| 700000 | Royal Bank of Canada |  | 5.1500 | 02/01/34 | 731340 |
| 600000 | Santander Holdings USA, Inc.<sup>(b)</sup> | SOFRRATE + 1.940% | 5.3530 | 09/06/30 | 611231 |
| 500000 | Santander Holdings USA, Inc.<sup>(b)</sup> | SOFRRATE + 1.878% | 5.7410 | 03/20/31 | 516024 |
| 700000 | Santander UK Group Holdings plc<sup>(b)</sup> | SOFRINDX + 1.524% | 5.6940 | 04/15/31 | 729285 |
| 1000000 | Sumitomo Mitsui Financial Group, Inc. |  | 2.7500 | 01/15/30 | 939974 |
| 800000 | Sumitomo Mitsui Financial Group, Inc. |  | 2.1300 | 07/08/30 | 725879 |
| 700000 | Sumitomo Mitsui Financial Group, Inc. |  | 5.7660 | 01/13/33 | 747656 |
| 500000 | Sumitomo Mitsui Financial Group, Inc. |  | 5.5580 | 07/09/34 | 528576 |
| 500000 | Sumitomo Mitsui Financial Group, Inc. |  | 5.6320 | 01/15/35 | 531690 |
| 700000 | Sumitomo Mitsui Financial Group, Inc. |  | 5.8360 | 07/09/44 | 736658 |
| 700000 | Toronto-Dominion Bank |  | 4.7830 | 12/17/29 | 715341 |
| 500000 | Toronto-Dominion Bank |  | 5.2980 | 01/30/32 | 521645 |
| 900000 | Toronto-Dominion Bank |  | 4.4560 | 06/08/32 | 900143 |
| 700000 | Truist Bank |  | 2.2500 | 03/11/30 | 639595 |
| 800000 | Truist Financial Corporation<sup>(b)</sup> | SOFRRATE + 2.446% | 7.1610 | 10/30/29 | 864772 |
| 500000 | Truist Financial Corporation<sup>(b)</sup> | SOFRRATE + 1.571% | 5.1530 | 08/05/32 | 513248 |
| 800000 | Truist Financial Corporation<sup>(b)</sup> | SOFRRATE + 2.361% | 5.8670 | 06/08/34 | 846924 |
| 1000000 | Truist Financial Corporation<sup>(b)</sup> | SOFRRATE + 1.922% | 5.7110 | 01/24/35 | 1047614 |
| 800000 | US Bancorp<sup>(b)</sup> | SOFRRATE + 1.560% | 5.3840 | 01/23/30 | 826589 |
| 800000 | US Bancorp<sup>(b)</sup> | SOFRRATE + 1.061% | 5.0460 | 02/12/31 | 820204 |
| 700000 | US Bancorp<sup>(b)</sup> | SOFRRATE + 2.090% | 5.8500 | 10/21/33 | 746453 |
| 600000 | US Bancorp<sup>(b)</sup> | SOFRRATE + 1.600% | 4.8390 | 02/01/34 | 602740 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **BANKING — 14.4% (Continued)** |  |  |  |  |
| 700000 | US Bancorp<sup>(b)</sup> | SOFRRATE + 2.260% | 5.8360 | 06/12/34 | $746402 |
| 500000 | US Bancorp<sup>(b)</sup> | SOFRRATE + 1.411% | 5.4240 | 02/12/36 | 518111 |
| 800000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.790% | 6.3030 | 10/23/29 | 846138 |
| 1000000 | Wells Fargo & Company<sup>(b)</sup> | TSFR3M + 1.432% | 2.8790 | 10/30/30 | 947943 |
| 800000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.110% | 5.2440 | 01/24/31 | 827960 |
| 900000 | Wells Fargo & Company<sup>(b)</sup> | TSFR3M + 1.262% | 2.5720 | 02/11/31 | 838971 |
| 900000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 4.032% | 4.4780 | 04/04/31 | 905061 |
| 900000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.500% | 5.1500 | 04/23/31 | 927965 |
| 1000000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.500% | 3.3500 | 03/02/33 | 932262 |
| 1400000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.100% | 4.8970 | 07/25/33 | 1421210 |
| 1100000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.020% | 5.3890 | 04/24/34 | 1142391 |
| 1300000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.990% | 5.5570 | 07/25/34 | 1364600 |
| 1100000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.060% | 6.4910 | 10/23/34 | 1221123 |
| 900000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.780% | 5.4990 | 01/23/35 | 939087 |
| 800000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.380% | 5.2110 | 12/03/35 | 818108 |
| 600000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.740% | 5.6050 | 04/23/36 | 630171 |
| 900000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.530% | 3.0680 | 04/30/41 | 701472 |
| 800000 | Wells Fargo & Company |  | 5.6060 | 01/15/44 | 803604 |
| 800000 | Wells Fargo & Company |  | 4.6500 | 11/04/44 | 711256 |
| 700000 | Wells Fargo & Company |  | 4.9000 | 11/17/45 | 640614 |
| 800000 | Wells Fargo & Company |  | 4.4000 | 06/14/46 | 679978 |
| 700000 | Wells Fargo & Company |  | 4.7500 | 12/07/46 | 624144 |
| 1000000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.130% | 4.6110 | 04/25/53 | 877428 |
| 700000 | Westpac Banking Corporation |  | 5.5350 | 11/17/28 | 732068 |
| 800000 | Westpac Banking Corporation |  | 1.9530 | 11/20/28 | 754941 |
| 1000000 | Westpac Banking Corporation |  | 2.1500 | 06/03/31 | 902106 |
| 800000 | Westpac Banking Corporation |  | 2.9630 | 11/16/40 | 617694 |
|  |  |  |  |  | 166029296 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **BEVERAGES — 1.5%** |  |  |  |  |
| 600000 | Anheuser-Busch InBev Worldwide, Inc. |  | 8.2000 | 01/15/39 | $775447 |
| 700000 | Anheuser-Busch InBev Worldwide, Inc. |  | 4.9500 | 01/15/42 | 677301 |
| 900000 | Anheuser-Busch InBev Worldwide, Inc. |  | 4.4390 | 10/06/48 | 789224 |
| 1300000 | Anheuser-Busch InBev Worldwide, Inc. |  | 5.5500 | 01/23/49 | 1318143 |
| 700000 | Anheuser-Busch InBev Worldwide, Inc. |  | 5.8000 | 01/23/59 | 731689 |
| 500000 | Coca-Cola Company |  | 3.4500 | 03/25/30 | 488215 |
| 800000 | Coca-Cola Company |  | 1.6500 | 06/01/30 | 721755 |
| 800000 | Coca-Cola Company |  | 2.5000 | 06/01/40 | 596442 |
| 800000 | Coca-Cola Company |  | 3.0000 | 03/05/51 | 545410 |
| 500000 | Coca-Cola Company |  | 5.3000 | 05/13/54 | 498405 |
| 500000 | Coca-Cola Company |  | 5.2000 | 01/14/55 | 491076 |
| 500000 | Coca-Cola Company |  | 5.4000 | 05/13/64 | 497759 |
| 600000 | Constellation Brands, Inc. |  | 3.1500 | 08/01/29 | 577180 |
| 700000 | Constellation Brands, Inc. |  | 2.2500 | 08/01/31 | 619530 |
| 500000 | Diageo Capital plc |  | 5.5000 | 01/24/33 | 527443 |
| 500000 | Diageo Capital plc |  | 5.6250 | 10/05/33 | 532152 |
| 800000 | Keurig Dr Pepper, Inc. |  | 3.2000 | 05/01/30 | 757518 |
| 800000 | Keurig Dr Pepper, Inc. |  | 4.5000 | 04/15/52 | 653804 |
| 1000000 | Molson Coors Beverage Company |  | 4.2000 | 07/15/46 | 817464 |
| 700000 | PepsiCo, Inc. |  | 2.7500 | 03/19/30 | 662577 |
| 800000 | PepsiCo, Inc. |  | 1.6250 | 05/01/30 | 721415 |
| 800000 | PepsiCo, Inc. |  | 3.9000 | 07/18/32 | 785623 |
| 600000 | PepsiCo, Inc. |  | 5.0000 | 02/07/35 | 617056 |
| 800000 | PepsiCo, Inc. |  | 2.6250 | 10/21/41 | 586107 |
| 1100000 | PepsiCo, Inc. |  | 2.7500 | 10/21/51 | 712424 |
|  |  |  |  |  | 16701159 |
|  | **BIOTECH & PHARMA — 6.1%** |  |  |  |  |
| 1700000 | AbbVie, Inc. |  | 3.2000 | 11/21/29 | 1641798 |
| 500000 | AbbVie, Inc. |  | 4.8750 | 03/15/30 | 514915 |
| 400000 | AbbVie, Inc. |  | 4.9500 | 03/15/31 | 413537 |
| 800000 | AbbVie, Inc. |  | 5.0500 | 03/15/34 | 824111 |
| 600000 | AbbVie, Inc. |  | 4.5500 | 03/15/35 | 593049 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **BIOTECH & PHARMA — 6.1% (Continued)** |  |  |  |  |
| 600000 | AbbVie, Inc. |  | 5.2000 | 03/15/35 | $620848 |
| 800000 | AbbVie, Inc. |  | 4.5000 | 05/14/35 | 786198 |
| 1200000 | AbbVie, Inc. |  | 4.0500 | 11/21/39 | 1074968 |
| 1000000 | AbbVie, Inc. |  | 4.4000 | 11/06/42 | 903636 |
| 600000 | AbbVie, Inc. |  | 4.8500 | 06/15/44 | 564776 |
| 1100000 | AbbVie, Inc. |  | 4.7000 | 05/14/45 | 1014745 |
| 900000 | AbbVie, Inc. |  | 4.4500 | 05/14/46 | 797735 |
| 700000 | AbbVie, Inc. |  | 4.8750 | 11/14/48 | 649742 |
| 1100000 | AbbVie, Inc. |  | 5.4000 | 03/15/54 | 1094513 |
| 600000 | AbbVie, Inc. |  | 5.5000 | 03/15/64 | 598909 |
| 700000 | Amgen, Inc. |  | 2.4500 | 02/21/30 | 649982 |
| 1000000 | Amgen, Inc. |  | 5.2500 | 03/02/30 | 1037625 |
| 1500000 | Amgen, Inc. |  | 5.2500 | 03/02/33 | 1552948 |
| 1300000 | Amgen, Inc. |  | 5.6000 | 03/02/43 | 1319350 |
| 800000 | Amgen, Inc. |  | 4.5630 | 06/15/48 | 692695 |
| 1000000 | Amgen, Inc. |  | 3.3750 | 02/21/50 | 725530 |
| 1400000 | Amgen, Inc. |  | 5.6500 | 03/02/53 | 1397142 |
| 700000 | Amgen, Inc. |  | 4.4000 | 02/22/62 | 560344 |
| 900000 | Amgen, Inc. |  | 5.7500 | 03/02/63 | 896310 |
| 800000 | Astrazeneca Finance, LLC |  | 4.8500 | 02/26/29 | 820604 |
| 700000 | Astrazeneca Finance, LLC |  | 5.0000 | 02/26/34 | 723915 |
| 900000 | AstraZeneca plc |  | 1.3750 | 08/06/30 | 795418 |
| 900000 | AstraZeneca plc |  | 6.4500 | 09/15/37 | 1028302 |
| 1100000 | Biogen, Inc. |  | 3.1500 | 05/01/50 | 721753 |
| 700000 | Bristol-Myers Squibb Company |  | 4.9000 | 02/22/29 | 718184 |
| 600000 | Bristol-Myers Squibb Company |  | 5.7500 | 02/01/31 | 642005 |
| 600000 | Bristol-Myers Squibb Company |  | 5.1000 | 02/22/31 | 623771 |
| 700000 | Bristol-Myers Squibb Company |  | 5.2000 | 02/22/34 | 726826 |
| 800000 | Bristol-Myers Squibb Company |  | 4.1250 | 06/15/39 | 726223 |
| 900000 | Bristol-Myers Squibb Company |  | 6.2500 | 11/15/53 | 985197 |
| 1400000 | Bristol-Myers Squibb Company |  | 5.5500 | 02/22/54 | 1392714 |
| 600000 | Bristol-Myers Squibb Company |  | 3.9000 | 03/15/62 | 441299 |
| 500000 | Bristol-Myers Squibb Company |  | 6.4000 | 11/15/63 | 553130 |
| 600000 | Bristol-Myers Squibb Company |  | 5.6500 | 02/22/64 | 595787 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **BIOTECH & PHARMA — 6.1% (Continued)** |  |  |  |  |
| 800000 | Eli Lilly & Company |  | 4.5000 | 02/09/29 | $813308 |
| 700000 | Eli Lilly & Company |  | 4.7500 | 02/12/30 | 718594 |
| 800000 | Eli Lilly & Company |  | 4.7000 | 02/09/34 | 809203 |
| 800000 | Eli Lilly & Company |  | 5.1000 | 02/12/35 | 828138 |
| 700000 | Eli Lilly & Company |  | 4.8750 | 02/27/53 | 654787 |
| 500000 | Eli Lilly & Company |  | 5.0000 | 02/09/54 | 474801 |
| 500000 | Eli Lilly & Company |  | 5.0500 | 08/14/54 | 478180 |
| 500000 | Eli Lilly & Company |  | 5.5000 | 02/12/55 | 510041 |
| 800000 | Eli Lilly & Company |  | 5.1000 | 02/09/64 | 756362 |
| 600000 | Eli Lilly & Company |  | 5.6000 | 02/12/65 | 618808 |
| 500000 | Gilead Sciences, Inc. |  | 5.1000 | 06/15/35 | 514730 |
| 500000 | Gilead Sciences, Inc. |  | 4.6000 | 09/01/35 | 495525 |
| 500000 | Gilead Sciences, Inc. |  | 5.6500 | 12/01/41 | 522291 |
| 800000 | Gilead Sciences, Inc. |  | 4.8000 | 04/01/44 | 748166 |
| 800000 | Gilead Sciences, Inc. |  | 4.5000 | 02/01/45 | 719148 |
| 800000 | Gilead Sciences, Inc. |  | 4.7500 | 03/01/46 | 737075 |
| 500000 | Gilead Sciences, Inc. |  | 4.1500 | 03/01/47 | 421539 |
| 700000 | Gilead Sciences, Inc. |  | 2.8000 | 10/01/50 | 454844 |
| 400000 | Gilead Sciences, Inc. |  | 5.5500 | 10/15/53 | 405279 |
| 400000 | Gilead Sciences, Inc. |  | 5.5000 | 11/15/54 | 403655 |
| 500000 | GlaxoSmithKline Capital, Inc. |  | 4.8750 | 04/15/35 | 507064 |
| 800000 | GlaxoSmithKline Capital, Inc. |  | 6.3750 | 05/15/38 | 902139 |
| 500000 | Johnson & Johnson |  | 4.7000 | 03/01/30 | 515145 |
| 900000 | Johnson & Johnson |  | 1.3000 | 09/01/30 | 798077 |
| 500000 | Johnson & Johnson |  | 4.8500 | 03/01/32 | 519646 |
| 1000000 | Johnson & Johnson |  | 5.0000 | 03/01/35 | 1038915 |
| 1000000 | Johnson & Johnson |  | 3.6250 | 03/03/37 | 909945 |
| 600000 | Johnson & Johnson |  | 3.7000 | 03/01/46 | 493084 |
| 800000 | Johnson & Johnson |  | 3.7500 | 03/03/47 | 655736 |
| 600000 | Merck & Company, Inc. |  | 4.5000 | 05/17/33 | 605006 |
| 800000 | Merck & Company, Inc. |  | 4.1500 | 05/18/43 | 697012 |
| 600000 | Merck & Company, Inc. |  | 4.9000 | 05/17/44 | 571480 |
| 900000 | Merck & Company, Inc. |  | 3.7000 | 02/10/45 | 725360 |
| 1600000 | Merck & Company, Inc. |  | 2.7500 | 12/10/51 | 1017861 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **BIOTECH & PHARMA — 6.1% (Continued)** |  |  |  |  |
| 800000 | Novartis Capital Corporation |  | 4.4000 | 05/06/44 | $725520 |
| 800000 | Novartis Capital Corporation |  | 4.0000 | 11/20/45 | 679184 |
| 1000000 | Novartis Capital Corporation |  | 2.7500 | 08/14/50 | 659327 |
| 600000 | Pfizer Investment Enterprises Pte Ltd. |  | 4.6500 | 05/19/30 | 611958 |
| 1300000 | Pfizer Investment Enterprises Pte Ltd. |  | 4.7500 | 05/19/33 | 1315791 |
| 1900000 | Pfizer Investment Enterprises Pte Ltd. |  | 5.3000 | 05/19/53 | 1834789 |
| 1300000 | Pfizer Investment Enterprises Pte Ltd. |  | 5.3400 | 05/19/63 | 1234069 |
| 600000 | Pfizer, Inc. |  | 2.6250 | 04/01/30 | 564943 |
| 600000 | Pfizer, Inc. |  | 1.7000 | 05/28/30 | 540447 |
| 900000 | Pfizer, Inc. |  | 7.2000 | 03/15/39 | 1082291 |
| 600000 | Pfizer, Inc. |  | 4.3000 | 06/15/43 | 527181 |
| 700000 | Pfizer, Inc. |  | 4.4000 | 05/15/44 | 628300 |
| 800000 | Pfizer, Inc. |  | 4.1250 | 12/15/46 | 670525 |
| 700000 | Regeneron Pharmaceuticals, Inc. |  | 1.7500 | 09/15/30 | 620810 |
| 900000 | Royalty Pharma plc |  | 3.3000 | 09/02/40 | 696756 |
| 1000000 | Takeda Pharmaceutical Company Ltd. |  | 5.0000 | 11/26/28 | 1022676 |
| 700000 | Takeda Pharmaceutical Company Ltd. |  | 5.6500 | 07/05/44 | 716054 |
| 500000 | Takeda Pharmaceutical Company Ltd. |  | 3.1750 | 07/09/50 | 341101 |
| 900000 | Wyeth, LLC |  | 5.9500 | 04/01/37 | 974619 |
| 600000 | Zoetis, Inc. |  | 4.7000 | 02/01/43 | 556198 |
|  |  |  |  |  | 70464017 |
|  | **CABLE & SATELLITE — 2.2%** |  |  |  |  |
| 1000000 | Charter Communications Operating, LLC / Charter |  | 6.1000 | 06/01/29 | 1045186 |
| 600000 | Charter Communications Operating, LLC / Charter |  | 6.6500 | 02/01/34 | 634122 |
| 600000 | Charter Communications Operating, LLC / Charter |  | 6.5500 | 06/01/34 | 631567 |
| 900000 | Charter Communications Operating, LLC / Charter |  | 6.3840 | 10/23/35 | 931544 |
| 1400000 | Charter Communications Operating, LLC / Charter |  | 6.4840 | 10/23/45 | 1361009 |
| 1200000 | Charter Communications Operating, LLC / Charter |  | 5.3750 | 05/01/47 | 1018770 |
| 600000 | Charter Communications Operating, LLC / Charter |  | 5.7500 | 04/01/48 | 532547 |
| 1300000 | Charter Communications Operating, LLC / Charter |  | 4.8000 | 03/01/50 | 1008171 |
| 900000 | Charter Communications Operating, LLC / Charter |  | 3.7000 | 04/01/51 | 581968 |
| 1300000 | Charter Communications Operating, LLC / Charter |  | 3.9000 | 06/01/52 | 853157 |
| 600000 | Charter Communications Operating, LLC / Charter |  | 4.4000 | 12/01/61 | 406710 |
| 900000 | Comcast Corporation |  | 3.4000 | 04/01/30 | 868999 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **CABLE & SATELLITE — 2.2% (Continued)** |  |  |  |  |
| 500000 | Comcast Corporation |  | 4.2500 | 10/15/30 | $499047 |
| 700000 | Comcast Corporation |  | 1.9500 | 01/15/31 | 618814 |
| 500000 | Comcast Corporation |  | 1.5000 | 02/15/31 | 431896 |
| 100000 | Comcast Corporation |  | 5.5000 | 11/15/32 | 105327 |
| 500000 | Comcast Corporation |  | 4.2500 | 01/15/33 | 487232 |
| 500000 | Comcast Corporation |  | 4.6500 | 02/15/33 | 500457 |
| 600000 | Comcast Corporation |  | 4.8000 | 05/15/33 | 603174 |
| 600000 | Comcast Corporation |  | 4.2000 | 08/15/34 | 570817 |
| 700000 | Comcast Corporation |  | 3.2000 | 07/15/36 | 591982 |
| 1209000 | Comcast Corporation<sup>(a)</sup> |  | 5.1680 | 01/15/37 | 1190611 |
| 1000000 | Comcast Corporation |  | 3.9000 | 03/01/38 | 873249 |
| 600000 | Comcast Corporation |  | 3.2500 | 11/01/39 | 474360 |
| 900000 | Comcast Corporation |  | 3.7500 | 04/01/40 | 747970 |
| 1000000 | Comcast Corporation |  | 4.0000 | 08/15/47 | 776827 |
| 1100000 | Comcast Corporation |  | 3.9690 | 11/01/47 | 846682 |
| 1100000 | Comcast Corporation |  | 3.9990 | 11/01/49 | 831706 |
| 1200000 | Comcast Corporation |  | 3.4500 | 02/01/50 | 825648 |
| 3000000 | Comcast Corporation |  | 2.8870 | 11/01/51 | 1814836 |
| 600000 | Comcast Corporation |  | 5.3500 | 05/15/53 | 552421 |
| 600000 | Time Warner Cable, LLC |  | 7.3000 | 07/01/38 | 646110 |
| 600000 | Time Warner Cable, LLC |  | 6.7500 | 06/15/39 | 616203 |
| 700000 | Time Warner Cable, LLC |  | 5.5000 | 09/01/41 | 629655 |
|  |  |  |  |  | 25108774 |
|  | **CHEMICALS — 0.6%** |  |  |  |  |
| 800000 | Air Products and Chemicals, Inc. |  | 4.6000 | 02/08/29 | 814326 |
| 1300000 | Air Products and Chemicals, Inc. |  | 2.0500 | 05/15/30 | 1190495 |
| 500000 | Dow Chemical Company |  | 6.9000 | 05/15/53 | 530706 |
| 800000 | DuPont de Nemours, Inc.<sup>(a)</sup> |  | 4.7250 | 11/15/28 | 813687 |
| 1200000 | Eastman Chemical Company |  | 5.0000 | 08/01/29 | 1221645 |
| 700000 | LYB International Finance III, LLC |  | 5.5000 | 03/01/34 | 698932 |
| 700000 | Nutrien Ltd. |  | 5.8000 | 03/27/53 | 714768 |
| 800000 | Sherwin-Williams Company |  | 4.5000 | 06/01/47 | 696705 |
|  |  |  |  |  | 6681264 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **COMMERCIAL SUPPORT SERVICES — 0.3%** |  |  |  |  |
| 800000 | Waste Connections, Inc. |  | 5.0000 | 03/01/34 | $818256 |
| 600000 | Waste Management, Inc. |  | 4.6250 | 02/15/30 | 610987 |
| 800000 | Waste Management, Inc. |  | 4.8000 | 03/15/32 | 817518 |
| 900000 | Waste Management, Inc. |  | 4.9500 | 03/15/35 | 913806 |
| 100000 | Waste Management, Inc. |  | 5.3500 | 10/15/54 | 98721 |
|  |  |  |  |  | 3259288 |
|  | **CONSTRUCTION MATERIALS — 0.2%** |  |  |  |  |
| 800000 | CRH America Finance, Inc. |  | 5.5000 | 01/09/35 | 835444 |
| 700000 | CRH SMW Finance DAC |  | 5.1250 | 01/09/30 | 720466 |
| 1000000 | Martin Marietta Materials, Inc. |  | 5.1500 | 12/01/34 | 1023176 |
|  |  |  |  |  | 2579086 |
|  | **CONTAINERS & PACKAGING — 0.1%** |  |  |  |  |
| 600000 | Amcor Flexibles North America, Inc. |  | 5.5000 | 03/17/35 | 620708 |
| 700000 | Berry Global, Inc. |  | 5.8000 | 06/15/31 | 741615 |
|  |  |  |  |  | 1362323 |
|  | **DIVERSIFIED INDUSTRIALS — 0.6%** |  |  |  |  |
| 1600000 | 3M Company |  | 2.3750 | 08/26/29 | 1502130 |
| 1000000 | Emerson Electric Company |  | 2.2000 | 12/21/31 | 888434 |
| 1000000 | Honeywell International, Inc. |  | 1.9500 | 06/01/30 | 907676 |
| 700000 | Honeywell International, Inc. |  | 1.7500 | 09/01/31 | 608036 |
| 600000 | Honeywell International, Inc. |  | 5.0000 | 02/15/33 | 617880 |
| 700000 | Honeywell International, Inc. |  | 4.5000 | 01/15/34 | 694099 |
| 800000 | Honeywell International, Inc. |  | 5.2500 | 03/01/54 | 770578 |
| 1200000 | Parker-Hannifin Corporation |  | 4.5000 | 09/15/29 | 1217954 |
|  |  |  |  |  | 7206787 |
|  | **E-COMMERCE DISCRETIONARY — 0.9%** |  |  |  |  |
| 700000 | Amazon.com, Inc. |  | 4.6500 | 12/01/29 | 717696 |
| 900000 | Amazon.com, Inc. |  | 1.5000 | 06/03/30 | 806589 |
| 700000 | Amazon.com, Inc. |  | 2.1000 | 05/12/31 | 629681 |
| 800000 | Amazon.com, Inc. |  | 3.6000 | 04/13/32 | 772549 |
| 600000 | Amazon.com, Inc. |  | 4.7000 | 12/01/32 | 615767 |
| 1000000 | Amazon.com, Inc. |  | 3.8750 | 08/22/37 | 919303 |
| 800000 | Amazon.com, Inc. |  | 2.8750 | 05/12/41 | 612684 |
| 100000 | Amazon.com, Inc. |  | 4.9500 | 12/05/44 | 97936 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **E-COMMERCE DISCRETIONARY — 0.9% (Continued)** |  |  |  |  |
| 1200000 | Amazon.com, Inc. |  | 4.0500 | 08/22/47 | $1007757 |
| 1400000 | Amazon.com, Inc. |  | 3.1000 | 05/12/51 | 970411 |
| 900000 | Amazon.com, Inc. |  | 3.9500 | 04/13/52 | 719565 |
| 900000 | Amazon.com, Inc. |  | 4.2500 | 08/22/57 | 746561 |
| 700000 | Amazon.com, Inc. |  | 4.1000 | 04/13/62 | 557234 |
| 700000 | eBay, Inc. |  | 4.0000 | 07/15/42 | 583849 |
|  |  |  |  |  | 9757582 |
|  | **ELECTRIC UTILITIES — 3.4%** |  |  |  |  |
| 700000 | AES Corporation |  | 5.8000 | 03/15/32 | 715799 |
| 600000 | American Electric Power Company, Inc. |  | 5.6250 | 03/01/33 | 632825 |
| 700000 | Berkshire Hathaway Energy Company |  | 5.1500 | 11/15/43 | 679211 |
| 900000 | Berkshire Hathaway Energy Company |  | 4.6000 | 05/01/53 | 780105 |
| 700000 | Consolidated Edison Company of New York, Inc. |  | 5.9000 | 11/15/53 | 735441 |
| 800000 | Consolidated Edison Company of New York, Inc. |  | 5.7000 | 05/15/54 | 821614 |
| 600000 | Constellation Energy Generation, LLC |  | 6.5000 | 10/01/53 | 663633 |
| 600000 | Constellation Energy Generation, LLC |  | 5.7500 | 03/15/54 | 607962 |
| 700000 | Dominion Energy, Inc. |  | 5.0000 | 06/15/30 | 718328 |
| 900000 | Dominion Energy, Inc. |  | 2.2500 | 08/15/31 | 797282 |
| 800000 | Duke Energy Carolinas, LLC |  | 4.9500 | 01/15/33 | 824498 |
| 500000 | Duke Energy Carolinas, LLC |  | 5.3500 | 01/15/53 | 493024 |
| 500000 | Duke Energy Carolinas, LLC |  | 5.4000 | 01/15/54 | 497337 |
| 900000 | Duke Energy Corporation |  | 2.4500 | 06/01/30 | 830843 |
| 700000 | Duke Energy Corporation |  | 5.4500 | 06/15/34 | 730032 |
| 1000000 | Duke Energy Corporation |  | 3.7500 | 09/01/46 | 770705 |
| 500000 | Entergy Louisiana, LLC |  | 5.8000 | 03/15/55 | 515263 |
| 900000 | Exelon Corporation |  | 4.0500 | 04/15/30 | 891645 |
| 900000 | Exelon Corporation |  | 4.7000 | 04/15/50 | 781588 |
| 600000 | Florida Power & Light Company |  | 2.4500 | 02/03/32 | 541364 |
| 700000 | Florida Power & Light Company |  | 4.8000 | 05/15/33 | 715117 |
| 600000 | Florida Power & Light Company |  | 5.3000 | 06/15/34 | 627892 |
| 800000 | Florida Power & Light Company |  | 2.8750 | 12/04/51 | 523120 |
| 600000 | Florida Power & Light Company |  | 5.3000 | 04/01/53 | 589147 |
| 1100000 | Georgia Power Company |  | 4.9500 | 05/17/33 | 1123123 |
| 700000 | MidAmerican Energy Company |  | 5.8500 | 09/15/54 | 738160 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **ELECTRIC UTILITIES — 3.4% (Continued)** |  |  |  |  |
| 600000 | National Grid plc |  | 5.4180 | 01/11/34 | $623499 |
| 600000 | NextEra Energy Capital Holdings, Inc. |  | 5.3000 | 03/15/32 | 625666 |
| 700000 | NextEra Energy Capital Holdings, Inc. |  | 5.0500 | 02/28/33 | 715886 |
| 500000 | NextEra Energy Capital Holdings, Inc. |  | 5.2500 | 03/15/34 | 513765 |
| 600000 | NextEra Energy Capital Holdings, Inc. |  | 5.4500 | 03/15/35 | 621399 |
| 800000 | NextEra Energy Capital Holdings, Inc. |  | 5.2500 | 02/28/53 | 757574 |
| 500000 | Northern States Power Company |  | 5.1000 | 05/15/53 | 478961 |
| 600000 | Oncor Electric Delivery Company, LLC |  | 5.5500 | 06/15/54 | 597258 |
| 700000 | Pacific Gas and Electric Company |  | 6.1000 | 01/15/29 | 730078 |
| 1100000 | Pacific Gas and Electric Company |  | 4.5500 | 07/01/30 | 1090946 |
| 600000 | Pacific Gas and Electric Company |  | 6.4000 | 06/15/33 | 645817 |
| 500000 | Pacific Gas and Electric Company |  | 5.8000 | 05/15/34 | 518243 |
| 600000 | Pacific Gas and Electric Company |  | 5.7000 | 03/01/35 | 616865 |
| 800000 | Pacific Gas and Electric Company |  | 4.5000 | 07/01/40 | 698129 |
| 1500000 | Pacific Gas and Electric Company |  | 4.9500 | 07/01/50 | 1290059 |
| 900000 | Pacific Gas and Electric Company |  | 3.5000 | 08/01/50 | 614841 |
| 700000 | Pacific Gas and Electric Company |  | 6.7500 | 01/15/53 | 756968 |
| 700000 | PacifiCorporation |  | 5.4500 | 02/15/34 | 719638 |
| 600000 | PacifiCorporation |  | 5.5000 | 05/15/54 | 564634 |
| 800000 | PacifiCorporation |  | 5.8000 | 01/15/55 | 779632 |
| 500000 | PPL Capital Funding, Inc. |  | 5.2500 | 09/01/34 | 513119 |
| 700000 | Public Service Company of Colorado |  | 5.3500 | 05/15/34 | 723429 |
| 500000 | Public Service Company of Colorado |  | 5.7500 | 05/15/54 | 511956 |
| 800000 | Public Service Enterprise Group, Inc. |  | 2.4500 | 11/15/31 | 712873 |
| 700000 | San Diego Gas & Electric Company |  | 5.3500 | 04/01/53 | 675960 |
| 700000 | Southern California Edison Company |  | 5.4500 | 06/01/31 | 721619 |
| 800000 | Southern California Edison Company |  | 5.2000 | 06/01/34 | 800781 |
| 1200000 | Southern California Edison Company |  | 4.0000 | 04/01/47 | 915590 |
| 600000 | Southern Company |  | 5.2000 | 06/15/33 | 617159 |
| 400000 | Southern Company |  | 4.4000 | 07/01/46 | 342680 |
| 700000 | Xcel Energy, Inc. |  | 5.6000 | 04/15/35 | 726298 |
|  |  |  |  |  | 39566380 |
|  | **ELECTRICAL EQUIPMENT — 0.3%** |  |  |  |  |
| 1000000 | Amphenol Corporation |  | 2.8000 | 02/15/30 | 946305 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **ELECTRICAL EQUIPMENT — 0.3% (Continued)** |  |  |  |  |
| 1300000 | Carrier Global Corporation |  | 2.7220 | 02/15/30 | $1219254 |
| 1100000 | Carrier Global Corporation |  | 2.7000 | 02/15/31 | 1013831 |
|  |  |  |  |  | 3179390 |
|  | **ENTERTAINMENT CONTENT — 0.6%** |  |  |  |  |
| 600000 | Fox Corporation |  | 5.4760 | 01/25/39 | 603363 |
| 700000 | Fox Corporation |  | 5.5760 | 01/25/49 | 679608 |
| 800000 | Paramount Global |  | 4.2000 | 05/19/32 | 740108 |
| 800000 | Paramount Global |  | 4.3750 | 03/15/43 | 606134 |
| 600000 | Walt Disney Company |  | 2.0000 | 09/01/29 | 557943 |
| 600000 | Walt Disney Company |  | 3.8000 | 03/22/30 | 594558 |
| 600000 | Walt Disney Company |  | 2.6500 | 01/13/31 | 558947 |
| 500000 | Walt Disney Company |  | 6.6500 | 11/15/37 | 577482 |
| 1000000 | Walt Disney Company |  | 3.5000 | 05/13/40 | 841501 |
| 1100000 | Walt Disney Company |  | 2.7500 | 09/01/49 | 713391 |
| 1000000 | Walt Disney Company |  | 3.6000 | 01/13/51 | 759061 |
|  |  |  |  |  | 7232096 |
|  | **FOOD — 0.9%** |  |  |  |  |
| 800000 | Campbell Soup Company |  | 5.4000 | 03/21/34 | 821785 |
| 900000 | Conagra Brands, Inc. |  | 4.8500 | 11/01/28 | 909659 |
| 700000 | Conagra Brands, Inc. |  | 5.3000 | 11/01/38 | 673571 |
| 600000 | Hormel Foods Corporation |  | 1.8000 | 06/11/30 | 539646 |
| 800000 | J M Smucker Company |  | 6.5000 | 11/15/53 | 885713 |
| 1000000 | JBS USA LUX S.A. / JBS USA Food Company / JBS USA |  | 3.0000 | 05/15/32 | 896114 |
| 900000 | JBS USA LUX S.A. / JBS USA Food Company / JBS USA |  | 6.5000 | 12/01/52 | 935829 |
| 900000 | JBS USA LUX Sarl / JBS USA Food Company / JBS USA<sup>(a)</sup> |  | 5.9500 | 04/20/35 | 942812 |
| 2300000 | Kraft Heinz Foods Company |  | 4.3750 | 06/01/46 | 1922489 |
| 900000 | Mondelez International, Inc. |  | 3.0000 | 03/17/32 | 823486 |
| 1000000 | Tyson Foods, Inc. |  | 5.1000 | 09/28/48 | 923376 |
|  |  |  |  |  | 10274480 |
|  | **GAS & WATER UTILITIES — 0.3%** |  |  |  |  |
| 900000 | American Water Capital Corporation |  | 4.4500 | 06/01/32 | 898980 |
| 700000 | American Water Capital Corporation |  | 5.2500 | 03/01/35 | 719453 |
| 800000 | NiSource, Inc. |  | 3.6000 | 05/01/30 | 776050 |
| 600000 | NiSource, Inc. |  | 1.7000 | 02/15/31 | 521820 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **GAS & WATER UTILITIES — 0.3% (Continued)** |  |  |  |  |
| 800000 | NiSource, Inc. |  | 4.3750 | 05/15/47 | $678288 |
|  |  |  |  |  | 3594591 |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.3%** |  |  |  |  |
| 600000 | AmerisourceBergen Corporation |  | 2.7000 | 03/15/31 | 551295 |
| 800000 | Anthem, Inc. |  | 4.6500 | 08/15/44 | 714140 |
| 1000000 | Anthem, Inc. |  | 3.6000 | 03/15/51 | 721137 |
| 500000 | Cardinal Health, Inc. |  | 5.3500 | 11/15/34 | 514667 |
| 900000 | Centene Corporation |  | 4.6250 | 12/15/29 | 874429 |
| 600000 | Centene Corporation |  | 2.5000 | 03/01/31 | 517398 |
| 500000 | Centene Corporation |  | 2.6250 | 08/01/31 | 429402 |
| 700000 | Cigna Corporation |  | 4.8000 | 07/15/46 | 626843 |
| 900000 | Cigna Group |  | 4.3750 | 10/15/28 | 905491 |
| 800000 | Cigna Group |  | 2.3750 | 03/15/31 | 720817 |
| 400000 | Cigna Group |  | 5.1250 | 05/15/31 | 414213 |
| 600000 | Cigna Group |  | 5.2500 | 02/15/34 | 617548 |
| 1100000 | Cigna Group |  | 4.9000 | 12/15/48 | 985322 |
| 1000000 | Cigna Group |  | 3.4000 | 03/15/51 | 697098 |
| 700000 | Cigna Group |  | 5.6000 | 02/15/54 | 686319 |
| 700000 | CVS Health Corporation |  | 5.0000 | 01/30/29 | 714945 |
| 800000 | CVS Health Corporation |  | 3.2500 | 08/15/29 | 769112 |
| 600000 | CVS Health Corporation |  | 5.1250 | 02/21/30 | 616307 |
| 600000 | CVS Health Corporation |  | 5.2500 | 01/30/31 | 618736 |
| 700000 | CVS Health Corporation |  | 5.5500 | 06/01/31 | 734393 |
| 700000 | CVS Health Corporation |  | 5.2500 | 02/21/33 | 717790 |
| 600000 | CVS Health Corporation |  | 5.3000 | 06/01/33 | 616535 |
| 1700000 | CVS Health Corporation |  | 4.7800 | 03/25/38 | 1596426 |
| 800000 | CVS Health Corporation |  | 5.3000 | 12/05/43 | 754586 |
| 1600000 | CVS Health Corporation |  | 5.1250 | 07/20/45 | 1454104 |
| 800000 | CVS Health Corporation |  | 5.6250 | 02/21/53 | 757391 |
| 1000000 | CVS Health Corporation |  | 5.8750 | 06/01/53 | 982778 |
| 700000 | Elevance Health, Inc. |  | 4.9500 | 11/01/31 | 713900 |
| 600000 | Elevance Health, Inc. |  | 5.3750 | 06/15/34 | 618967 |
| 600000 | Elevance Health, Inc. |  | 5.2000 | 02/15/35 | 612084 |
| 1000000 | Elevance Health, Inc. |  | 3.1250 | 05/15/50 | 666686 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.3% (Continued)** |  |  |  |  |
| 500000 | Elevance Health, Inc. |  | 6.1000 | 10/15/52 | $522876 |
| 900000 | Elevance Health, Inc. |  | 5.1250 | 02/15/53 | 823507 |
| 800000 | HCA, Inc. |  | 4.1250 | 06/15/29 | 794200 |
| 700000 | HCA, Inc. |  | 3.5000 | 09/01/30 | 671525 |
| 400000 | HCA, Inc. |  | 5.5000 | 03/01/32 | 417779 |
| 600000 | HCA, Inc. |  | 5.5000 | 06/01/33 | 625680 |
| 500000 | HCA, Inc. |  | 5.4500 | 09/15/34 | 514886 |
| 600000 | HCA, Inc. |  | 5.7500 | 03/01/35 | 629541 |
| 600000 | HCA, Inc. |  | 5.5000 | 06/15/47 | 576200 |
| 800000 | HCA, Inc. |  | 5.2500 | 06/15/49 | 734145 |
| 700000 | HCA, Inc. |  | 3.5000 | 07/15/51 | 484707 |
| 800000 | HCA, Inc. |  | 4.6250 | 03/15/52 | 664759 |
| 400000 | HCA, Inc. |  | 5.9000 | 06/01/53 | 399259 |
| 500000 | HCA, Inc. |  | 6.2000 | 03/01/55 | 519410 |
| 1400000 | Humana, Inc. |  | 5.3750 | 04/15/31 | 1445513 |
| 900000 | IQVIA, Inc. |  | 6.2500 | 02/01/29 | 948659 |
| 800000 | Laboratory Corp of America Holdings |  | 4.8000 | 10/01/34 | 792651 |
| 500000 | Quest Diagnostics, Inc. |  | 2.9500 | 06/30/30 | 471064 |
| 500000 | Quest Diagnostics, Inc. |  | 6.4000 | 11/30/33 | 555597 |
| 800000 | UnitedHealth Group, Inc. |  | 4.2500 | 01/15/29 | 804106 |
| 800000 | UnitedHealth Group, Inc. |  | 4.8000 | 01/15/30 | 818340 |
| 700000 | UnitedHealth Group, Inc. |  | 2.0000 | 05/15/30 | 636179 |
| 700000 | UnitedHealth Group, Inc. |  | 4.9500 | 01/15/32 | 716686 |
| 600000 | UnitedHealth Group, Inc. |  | 4.2000 | 05/15/32 | 591579 |
| 700000 | UnitedHealth Group, Inc. |  | 5.3500 | 02/15/33 | 730965 |
| 700000 | UnitedHealth Group, Inc. |  | 4.5000 | 04/15/33 | 694211 |
| 600000 | UnitedHealth Group, Inc. |  | 6.8750 | 02/15/38 | 697776 |
| 800000 | UnitedHealth Group, Inc. |  | 5.5000 | 07/15/44 | 802202 |
| 900000 | UnitedHealth Group, Inc. |  | 4.7500 | 07/15/45 | 819870 |
| 1000000 | UnitedHealth Group, Inc. |  | 3.2500 | 05/15/51 | 685814 |
| 800000 | UnitedHealth Group, Inc. |  | 4.7500 | 05/15/52 | 706036 |
| 800000 | UnitedHealth Group, Inc. |  | 5.8750 | 02/15/53 | 821792 |
| 800000 | UnitedHealth Group, Inc. |  | 5.0500 | 04/15/53 | 735003 |
| 700000 | UnitedHealth Group, Inc. |  | 5.3750 | 04/15/54 | 673721 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.3% (Continued)** |  |  |  |  |
| 600000 | UnitedHealth Group, Inc. |  | 5.6250 | 07/15/54 | $596972 |
| 700000 | UnitedHealth Group, Inc. |  | 3.8750 | 08/15/59 | 515867 |
| 500000 | UnitedHealth Group, Inc. |  | 6.0500 | 02/15/63 | 526385 |
| 700000 | UnitedHealth Group, Inc. |  | 5.2000 | 04/15/63 | 640782 |
| 600000 | UnitedHealth Group, Inc. |  | 5.7500 | 07/15/64 | 599095 |
| 700000 | Universal Health Services, Inc. |  | 2.6500 | 10/15/30 | 635206 |
|  |  |  |  |  | 49961404 |
|  | **HOUSEHOLD PRODUCTS — 0.5%** |  |  |  |  |
| 500000 | Kenvue, Inc. |  | 5.0000 | 03/22/30 | 512861 |
| 600000 | Kenvue, Inc. |  | 4.9000 | 03/22/33 | 605966 |
| 800000 | Kenvue, Inc. |  | 5.0500 | 03/22/53 | 734176 |
| 600000 | Kimberly-Clark Corporation |  | 3.1000 | 03/26/30 | 576783 |
| 600000 | Procter & Gamble Company |  | 3.0000 | 03/25/30 | 576536 |
| 700000 | Procter & Gamble Company |  | 1.2000 | 10/29/30 | 614004 |
| 400000 | Procter & Gamble Company |  | 4.0500 | 01/26/33 | 400189 |
| 600000 | Unilever Capital Corporation |  | 5.9000 | 11/15/32 | 657933 |
| 700000 | Unilever Capital Corporation |  | 5.0000 | 12/08/33 | 727770 |
|  |  |  |  |  | 5406218 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 4.6%** |  |  |  |  |
| 900000 | Brookfield Finance, Inc. |  | 4.3500 | 04/15/30 | 901763 |
| 800000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.770% | 6.4840 | 10/24/29 | 849596 |
| 1300000 | Goldman Sachs Group, Inc. |  | 3.8000 | 03/15/30 | 1278252 |
| 600000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.265% | 5.7270 | 04/25/30 | 626934 |
| 700000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.210% | 5.0490 | 07/23/30 | 716152 |
| 600000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.078% | 5.2070 | 01/28/31 | 619147 |
| 1200000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.580% | 5.2180 | 04/23/31 | 1238122 |
| 1300000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.090% | 1.9920 | 01/27/32 | 1149309 |
| 1400000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.281% | 2.6150 | 04/22/32 | 1270163 |
| 900000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.264% | 2.6500 | 10/21/32 | 809377 |
| 100000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.410% | 3.1020 | 02/24/33 | 91746 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 4.6% (Continued)** |  |  |  |  |
| 1000000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.552% | 5.8510 | 04/25/35 | $1065922 |
| 1100000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.550% | 5.3300 | 07/23/35 | 1132523 |
| 1800000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.420% | 5.0160 | 10/23/35 | 1811696 |
| 1500000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.380% | 5.5360 | 01/28/36 | 1561336 |
| 900000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | TSFR3M + 1.635% | 4.0170 | 10/31/38 | 808851 |
| 700000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | TSFR3M + 1.692% | 4.4110 | 04/23/39 | 649812 |
| 900000 | Goldman Sachs Group, Inc. |  | 6.2500 | 02/01/41 | 991744 |
| 800000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.513% | 3.2100 | 04/22/42 | 622044 |
| 700000 | Goldman Sachs Group, Inc. |  | 5.1500 | 05/22/45 | 664351 |
| 700000 | Goldman Sachs Group, Inc. |  | 4.7500 | 10/21/45 | 641072 |
| 1000000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.580% | 5.5610 | 11/19/45 | 1012018 |
| 1000000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.696% | 5.7340 | 01/28/56 | 1036950 |
| 400000 | Intercontinental Exchange, Inc. |  | 5.2500 | 06/15/31 | 418611 |
| 600000 | Intercontinental Exchange, Inc. |  | 4.6000 | 03/15/33 | 605893 |
| 700000 | Intercontinental Exchange, Inc. |  | 4.2500 | 09/21/48 | 597500 |
| 1200000 | Intercontinental Exchange, Inc. |  | 3.0000 | 06/15/50 | 815472 |
| 600000 | Intercontinental Exchange, Inc. |  | 4.9500 | 06/15/52 | 566051 |
| 1000000 | Jefferies Financial Group, Inc. |  | 6.2000 | 04/14/34 | 1051606 |
| 700000 | LPL Holdings, Inc. |  | 6.7500 | 11/17/28 | 746259 |
| 700000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.830% | 6.4070 | 11/01/29 | 741980 |
| 400000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.450% | 5.1730 | 01/16/30 | 410759 |
| 700000 | Morgan Stanley<sup>(b)</sup> | TSFR3M + 1.890% | 4.4310 | 01/23/30 | 704055 |
| 500000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.260% | 5.6560 | 04/18/30 | 521483 |
| 300000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.215% | 5.0420 | 07/19/30 | 307809 |
| 400000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.100% | 4.6540 | 10/18/30 | 404754 |
| 700000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.108% | 5.2300 | 01/15/31 | 722536 |
| 1100000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.143% | 2.6990 | 01/22/31 | 1029508 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 4.6% (Continued)** |  |  |  |  |
| 1400000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 3.120% | 3.6220 | 04/01/31 | $1359170 |
| 1100000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.510% | 5.1920 | 04/17/31 | 1133706 |
| 1000000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.034% | 1.7940 | 02/13/32 | 874416 |
| 800000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.020% | 1.9280 | 04/28/32 | 699935 |
| 1100000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.178% | 2.2390 | 07/21/32 | 973443 |
| 1000000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 2.560% | 6.3420 | 10/18/33 | 1099538 |
| 1000000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.870% | 5.2500 | 04/21/34 | 1032084 |
| 800000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.880% | 5.4240 | 07/21/34 | 833237 |
| 900000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 2.050% | 6.6270 | 11/01/34 | 1008548 |
| 700000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.730% | 5.4660 | 01/18/35 | 728117 |
| 1000000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.580% | 5.8310 | 04/19/35 | 1065891 |
| 1000000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.555% | 5.3200 | 07/19/35 | 1030261 |
| 900000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.418% | 5.5870 | 01/18/36 | 942644 |
| 600000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.757% | 5.6640 | 04/17/36 | 631603 |
| 700000 | Morgan Stanley<sup>(b)</sup> | US0003M + 1.455% | 3.9710 | 07/22/38 | 631065 |
| 800000 | Morgan Stanley |  | 6.3750 | 07/24/42 | 902112 |
| 500000 | Morgan Stanley |  | 4.3750 | 01/22/47 | 439437 |
| 700000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 4.840% | 5.5970 | 03/24/51 | 713991 |
| 900000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.710% | 5.5160 | 11/19/55 | 912045 |
| 700000 | Nasdaq, Inc. |  | 5.9500 | 08/15/53 | 736191 |
| 1100000 | Nomura Holdings, Inc. |  | 2.6790 | 07/16/30 | 1013991 |
| 1000000 | Nomura Holdings, Inc. |  | 2.9990 | 01/22/32 | 906950 |
| 700000 | Northern Trust Corporation |  | 1.9500 | 05/01/30 | 639491 |
| 800000 | State Street Corporation |  | 4.8340 | 04/24/30 | 821494 |
|  |  |  |  |  | 52322516 |
|  | **INSURANCE — 1.9%** |  |  |  |  |
| 1100000 | American International Group, Inc. |  | 5.1250 | 03/27/33 | 1129600 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **INSURANCE — 1.9% (Continued)** |  |  |  |  |
| 1000000 | Aon Corporation |  | 3.7500 | 05/02/29 | $987017 |
| 700000 | Aon North America, Inc. |  | 5.4500 | 03/01/34 | 729418 |
| 800000 | Aon North America, Inc. |  | 5.7500 | 03/01/54 | 808309 |
| 700000 | Arthur J Gallagher & Company |  | 5.1500 | 02/15/35 | 706661 |
| 700000 | Arthur J Gallagher & Company |  | 5.5500 | 02/15/55 | 680405 |
| 900000 | Berkshire Hathaway Finance Corporation |  | 4.2000 | 08/15/48 | 769997 |
| 800000 | Berkshire Hathaway Finance Corporation |  | 4.2500 | 01/15/49 | 689404 |
| 1000000 | Berkshire Hathaway Finance Corporation |  | 2.8500 | 10/15/50 | 660207 |
| 1000000 | Berkshire Hathaway Finance Corporation |  | 3.8500 | 03/15/52 | 788514 |
| 600000 | Berkshire Hathaway, Inc. |  | 4.5000 | 02/11/43 | 571084 |
| 600000 | Chubb Corporation |  | 6.0000 | 05/11/37 | 656489 |
| 900000 | Chubb INA Holdings, Inc. |  | 4.3500 | 11/03/45 | 799870 |
| 800000 | Chubb INA Holdings, LLC |  | 5.0000 | 03/15/34 | 819510 |
| 800000 | Corebridge Financial, Inc. |  | 3.9000 | 04/05/32 | 761438 |
| 700000 | Corebridge Financial, Inc. |  | 4.4000 | 04/05/52 | 579092 |
| 700000 | Marsh & McLennan Companies, Inc. |  | 4.8500 | 11/15/31 | 715526 |
| 900000 | Marsh & McLennan Companies, Inc. |  | 5.0000 | 03/15/35 | 913593 |
| 800000 | Marsh & McLennan Companies, Inc. |  | 4.9000 | 03/15/49 | 738659 |
| 700000 | Marsh & McLennan Companies, Inc. |  | 5.4000 | 03/15/55 | 690361 |
| 700000 | MetLife, Inc. |  | 5.7000 | 06/15/35 | 749890 |
| 1000000 | MetLife, Inc. |  | 4.8750 | 11/13/43 | 943996 |
| 600000 | MetLife, Inc. |  | 5.0000 | 07/15/52 | 560709 |
| 500000 | MetLife, Inc. |  | 5.2500 | 01/15/54 | 484754 |
| 800000 | Prudential Financial, Inc. |  | 5.2000 | 03/14/35 | 821762 |
| 1000000 | Prudential Financial, Inc. |  | 3.9350 | 12/07/49 | 791115 |
| 800000 | Prudential Financial, Inc. |  | 3.7000 | 03/13/51 | 606323 |
| 600000 | Travelers Companies, Inc. |  | 6.2500 | 06/15/37 | 670265 |
| 800000 | Willis North America, Inc. |  | 5.3500 | 05/15/33 | 827504 |
|  |  |  |  |  | 21651472 |
|  | **INTERNET MEDIA & SERVICES — 0.9%** |  |  |  |  |
| 1700000 | Alphabet, Inc. |  | 1.1000 | 08/15/30 | 1490596 |
| 1400000 | Alphabet, Inc. |  | 1.9000 | 08/15/40 | 956956 |
| 600000 | Expedia Group, Inc. |  | 5.4000 | 02/15/35 | 614788 |
| 500000 | Meta Platforms, Inc. |  | 4.9500 | 05/15/33 | 512883 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **INTERNET MEDIA & SERVICES — 0.9% (Continued)** |  |  |  |  |
| 700000 | Meta Platforms, Inc. |  | 4.7500 | 08/15/34 | $702988 |
| 900000 | Meta Platforms, Inc. |  | 4.4500 | 08/15/52 | 753423 |
| 800000 | Meta Platforms, Inc. |  | 5.6000 | 05/15/53 | 793830 |
| 1000000 | Meta Platforms, Inc. |  | 5.4000 | 08/15/54 | 963149 |
| 600000 | Meta Platforms, Inc. |  | 4.6500 | 08/15/62 | 499147 |
| 600000 | Meta Platforms, Inc. |  | 5.7500 | 05/15/63 | 598292 |
| 800000 | Netflix, Inc. |  | 5.8750 | 11/15/28 | 841596 |
| 400000 | Netflix, Inc. |  | 6.3750 | 05/15/29 | 429528 |
| 500000 | Netflix, Inc. |  | 5.4000 | 08/15/54 | 495705 |
| 600000 | Uber Technologies, Inc. |  | 4.8000 | 09/15/34 | 600630 |
| 500000 | Uber Technologies, Inc. |  | 5.3500 | 09/15/54 | 484072 |
|  |  |  |  |  | 10737583 |
|  | **LEISURE FACILITIES & SERVICES — 0.7%** |  |  |  |  |
| 500000 | Marriott International, Inc. |  | 4.6250 | 06/15/30 | 505524 |
| 700000 | Marriott International, Inc. |  | 2.8500 | 04/15/31 | 645057 |
| 600000 | Marriott International, Inc. |  | 5.3500 | 03/15/35 | 615664 |
| 600000 | Marriott International, Inc. |  | 5.5000 | 04/15/37 | 616068 |
| 400000 | McDonald's Corporation |  | 3.6000 | 07/01/30 | 390518 |
| 700000 | McDonald's Corporation |  | 4.7000 | 12/09/35 | 694765 |
| 700000 | McDonald's Corporation |  | 4.8750 | 12/09/45 | 647254 |
| 700000 | McDonald's Corporation |  | 4.4500 | 03/01/47 | 605548 |
| 1000000 | McDonald's Corporation |  | 3.6250 | 09/01/49 | 747550 |
| 600000 | McDonald's Corporation |  | 5.1500 | 09/09/52 | 567879 |
| 800000 | Starbucks Corporation |  | 2.2500 | 03/12/30 | 734869 |
| 700000 | Starbucks Corporation |  | 2.5500 | 11/15/30 | 646206 |
| 1000000 | Starbucks Corporation |  | 3.5000 | 11/15/50 | 717247 |
|  |  |  |  |  | 8134149 |
|  | **MACHINERY — 0.7%** |  |  |  |  |
| 800000 | Caterpillar, Inc. |  | 3.8030 | 08/15/42 | 681476 |
| 800000 | Caterpillar, Inc. |  | 3.2500 | 09/19/49 | 583068 |
| 500000 | Deere & Company |  | 5.7000 | 01/19/55 | 526262 |
| 1100000 | Eaton Corporation |  | 4.1500 | 03/15/33 | 1084530 |
| 1100000 | Ingersoll Rand, Inc. |  | 5.1760 | 06/15/29 | 1136413 |
| 600000 | John Deere Capital Corporation |  | 4.8500 | 06/11/29 | 616720 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **MACHINERY — 0.7% (Continued)** |  |  |  |  |
| 700000 | John Deere Capital Corporation |  | 4.4000 | 09/08/31 | $705869 |
| 900000 | John Deere Capital Corporation |  | 5.0500 | 06/12/34 | 927783 |
| 500000 | Regal Rexnord Corporation |  | 6.4000 | 04/15/33 | 536365 |
| 800000 | Stanley Black & Decker, Inc. |  | 2.3000 | 03/15/30 | 729326 |
| 600000 | Trane Technologies Luxembourg Finance S.A. |  | 3.8000 | 03/21/29 | 593905 |
|  |  |  |  |  | 8121717 |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.1%** |  |  |  |  |
| 600000 | Abbott Laboratories |  | 4.7500 | 11/30/36 | 605238 |
| 1100000 | Abbott Laboratories |  | 4.9000 | 11/30/46 | 1055257 |
| 700000 | Agilent Technologies, Inc. |  | 2.3000 | 03/12/31 | 629271 |
| 900000 | Baxter International, Inc. |  | 2.2720 | 12/01/28 | 845024 |
| 1000000 | Becton Dickinson & Company |  | 2.8230 | 05/20/30 | 938622 |
| 1100000 | Becton Dickinson & Company |  | 1.9570 | 02/11/31 | 972205 |
| 800000 | Danaher Corporation |  | 2.8000 | 12/10/51 | 517171 |
| 1200000 | DH Europe Finance II Sarl |  | 2.6000 | 11/15/29 | 1134352 |
| 500000 | GE HealthCare Technologies, Inc. |  | 5.8570 | 03/15/30 | 529608 |
| 600000 | GE HealthCare Technologies, Inc. |  | 5.9050 | 11/22/32 | 645782 |
| 500000 | GE HealthCare Technologies, Inc. |  | 6.3770 | 11/22/52 | 549930 |
| 500000 | Medtronic Global Holdings SCA |  | 4.5000 | 03/30/33 | 500452 |
| 700000 | Stryker Corporation |  | 1.9500 | 06/15/30 | 633492 |
| 500000 | Stryker Corporation |  | 5.2000 | 02/10/35 | 514791 |
| 800000 | Thermo Fisher Scientific, Inc. |  | 2.6000 | 10/01/29 | 756271 |
| 800000 | Thermo Fisher Scientific, Inc. |  | 4.9770 | 08/10/30 | 825555 |
| 900000 | Thermo Fisher Scientific, Inc. |  | 5.0860 | 08/10/33 | 933339 |
| 600000 | Zimmer Biomet Holdings, Inc. |  | 2.6000 | 11/24/31 | 541143 |
|  |  |  |  |  | 13127503 |
|  | **METALS & MINING — 0.7%** |  |  |  |  |
| 700000 | Barrick North America Finance, LLC |  | 5.7500 | 05/01/43 | 723388 |
| 700000 | BHP Billiton Finance USA Ltd. |  | 5.0000 | 02/21/30 | 721820 |
| 800000 | BHP Billiton Finance USA Ltd. |  | 5.2500 | 09/08/33 | 833082 |
| 800000 | BHP Billiton Finance USA Ltd. |  | 5.3000 | 02/21/35 | 829190 |
| 1300000 | BHP Billiton Finance USA Ltd. |  | 5.0000 | 09/30/43 | 1252589 |
| 600000 | Freeport-McMoRan, Inc. |  | 5.4500 | 03/15/43 | 582421 |
| 800000 | Rio Tinto Finance USA plc |  | 4.8750 | 03/14/30 | 821053 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **METALS & MINING — 0.7% (Continued)** |  |  |  |  |
| 900000 | Rio Tinto Finance USA plc |  | 5.2500 | 03/14/35 | $931021 |
| 1000000 | Rio Tinto Finance USA plc |  | 5.7500 | 03/14/55 | 1035823 |
|  |  |  |  |  | 7730387 |
|  | **OIL & GAS PRODUCERS — 6.5%** |  |  |  |  |
| 1000000 | BP Capital Markets America, Inc. |  | 3.6330 | 04/06/30 | 980105 |
| 600000 | BP Capital Markets America, Inc. |  | 2.7210 | 01/12/32 | 546149 |
| 800000 | BP Capital Markets America, Inc. |  | 4.8120 | 02/13/33 | 810406 |
| 800000 | BP Capital Markets America, Inc. |  | 5.2270 | 11/17/34 | 827735 |
| 800000 | BP Capital Markets America, Inc. |  | 3.0600 | 06/17/41 | 613952 |
| 600000 | BP Capital Markets America, Inc. |  | 3.0000 | 02/24/50 | 399448 |
| 900000 | BP Capital Markets America, Inc. |  | 2.7720 | 11/10/50 | 569958 |
| 900000 | BP Capital Markets America, Inc. |  | 2.9390 | 06/04/51 | 585242 |
| 800000 | BP Capital Markets America, Inc. |  | 3.3790 | 02/08/61 | 534437 |
| 600000 | Canadian Natural Resources Ltd. |  | 6.2500 | 03/15/38 | 640435 |
| 600000 | Cheniere Corpus Christi Holdings, LLC |  | 3.7000 | 11/15/29 | 584705 |
| 500000 | Cheniere Energy Partners, L.P. |  | 4.5000 | 10/01/29 | 500183 |
| 700000 | Cheniere Energy Partners, L.P. |  | 5.9500 | 06/30/33 | 738785 |
| 500000 | Cheniere Energy Partners, L.P. |  | 5.7500 | 08/15/34 | 519850 |
| 500000 | Cheniere Energy, Inc. |  | 5.6500 | 04/15/34 | 517144 |
| 700000 | Chevron USA, Inc. |  | 4.9800 | 04/15/35 | 719122 |
| 700000 | ConocoPhillips Company |  | 5.0500 | 09/15/33 | 721497 |
| 700000 | ConocoPhillips Company |  | 3.8000 | 03/15/52 | 529358 |
| 600000 | ConocoPhillips Company |  | 5.5000 | 01/15/55 | 584773 |
| 700000 | Devon Energy Corporation |  | 5.2000 | 09/15/34 | 695253 |
| 800000 | Devon Energy Corporation |  | 4.7500 | 05/15/42 | 695917 |
| 800000 | Diamondback Energy, Inc. |  | 3.1250 | 03/24/31 | 743608 |
| 900000 | Diamondback Energy, Inc. |  | 5.5500 | 04/01/35 | 923659 |
| 700000 | Diamondback Energy, Inc. |  | 5.7500 | 04/18/54 | 674805 |
| 500000 | Enbridge, Inc. |  | 3.1250 | 11/15/29 | 477682 |
| 400000 | Enbridge, Inc. |  | 6.2000 | 11/15/30 | 431272 |
| 800000 | Enbridge, Inc. |  | 5.7000 | 03/08/33 | 842676 |
| 500000 | Enbridge, Inc. |  | 5.6250 | 04/05/34 | 521916 |
| 800000 | Enbridge, Inc. |  | 3.4000 | 08/01/51 | 552144 |
| 600000 | Enbridge, Inc. |  | 6.7000 | 11/15/53 | 669159 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 6.5% (Continued)** |  |  |  |  |
| 500000 | Energy Transfer, L.P. |  | 5.2500 | 04/15/29 | $513958 |
| 500000 | Energy Transfer, L.P. |  | 6.4000 | 12/01/30 | 541141 |
| 600000 | Energy Transfer, L.P. |  | 6.5500 | 12/01/33 | 655867 |
| 600000 | Energy Transfer, L.P. |  | 5.6000 | 09/01/34 | 617252 |
| 700000 | Energy Transfer, L.P. |  | 6.1250 | 12/15/45 | 698701 |
| 600000 | Energy Transfer, L.P. |  | 6.0000 | 06/15/48 | 586372 |
| 700000 | Energy Transfer, L.P. |  | 6.2500 | 04/15/49 | 699074 |
| 800000 | Energy Transfer, L.P. |  | 5.0000 | 05/15/50 | 678345 |
| 600000 | Energy Transfer, L.P. |  | 5.9500 | 05/15/54 | 576504 |
| 500000 | Energy Transfer, L.P. |  | 6.0500 | 09/01/54 | 486879 |
| 700000 | Enterprise Products Operating, LLC |  | 2.8000 | 01/31/30 | 662836 |
| 600000 | Enterprise Products Operating, LLC |  | 5.3500 | 01/31/33 | 628136 |
| 700000 | Enterprise Products Operating, LLC |  | 4.9500 | 02/15/35 | 708326 |
| 900000 | Enterprise Products Operating, LLC |  | 4.8500 | 03/15/44 | 835807 |
| 900000 | Enterprise Products Operating, LLC |  | 5.1000 | 02/15/45 | 860158 |
| 800000 | Enterprise Products Operating, LLC |  | 3.2000 | 02/15/52 | 543105 |
| 700000 | Enterprise Products Operating, LLC |  | 3.3000 | 02/15/53 | 479256 |
| 700000 | Enterprise Products Operating, LLC |  | 5.5500 | 02/16/55 | 692158 |
| 600000 | EOG Resources, Inc. |  | 5.6500 | 12/01/54 | 600549 |
| 500000 | Expand Energy Corporation |  | 5.7000 | 01/15/35 | 514046 |
| 800000 | Exxon Mobil Corporation |  | 4.2270 | 03/19/40 | 737430 |
| 900000 | Exxon Mobil Corporation |  | 4.3270 | 03/19/50 | 773827 |
| 1000000 | Exxon Mobil Corporation |  | 3.4520 | 04/15/51 | 734984 |
| 700000 | Hess Corporation |  | 5.6000 | 02/15/41 | 733891 |
| 500000 | Kinder Morgan Energy Partners, L.P. |  | 6.9500 | 01/15/38 | 564251 |
| 700000 | Kinder Morgan, Inc. |  | 5.0000 | 02/01/29 | 715632 |
| 800000 | Kinder Morgan, Inc. |  | 5.2000 | 06/01/33 | 819512 |
| 600000 | Kinder Morgan, Inc. |  | 5.4000 | 02/01/34 | 617964 |
| 800000 | Kinder Morgan, Inc. |  | 5.5500 | 06/01/45 | 778452 |
| 800000 | Kinder Morgan, Inc. |  | 5.2000 | 03/01/48 | 737478 |
| 800000 | Marathon Petroleum Corporation |  | 5.1500 | 03/01/30 | 822095 |
| 700000 | Marathon Petroleum Corporation |  | 6.5000 | 03/01/41 | 752525 |
| 600000 | MPLX, L.P. |  | 5.5000 | 06/01/34 | 611451 |
| 500000 | MPLX, L.P. |  | 5.4000 | 04/01/35 | 503425 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 6.5% (Continued)** |  |  |  |  |
| 700000 | MPLX, L.P. |  | 4.7000 | 04/15/48 | $584440 |
| 700000 | MPLX, L.P. |  | 5.5000 | 02/15/49 | 650430 |
| 800000 | MPLX, L.P. |  | 4.9500 | 03/14/52 | 681756 |
| 800000 | Occidental Petroleum Corporation |  | 5.2000 | 08/01/29 | 817406 |
| 800000 | Occidental Petroleum Corporation |  | 8.8750 | 07/15/30 | 925721 |
| 400000 | Occidental Petroleum Corporation |  | 7.5000 | 05/01/31 | 448112 |
| 500000 | Occidental Petroleum Corporation |  | 5.3750 | 01/01/32 | 508968 |
| 500000 | Occidental Petroleum Corporation |  | 6.4500 | 09/15/36 | 530869 |
| 500000 | Occidental Petroleum Corporation |  | 6.6000 | 03/15/46 | 522604 |
| 700000 | ONEOK, Inc. |  | 5.6500 | 11/01/28 | 725843 |
| 600000 | ONEOK, Inc. |  | 4.7500 | 10/15/31 | 599730 |
| 700000 | ONEOK, Inc. |  | 6.0500 | 09/01/33 | 741755 |
| 700000 | ONEOK, Inc. |  | 5.0500 | 11/01/34 | 690881 |
| 700000 | ONEOK, Inc. |  | 5.7000 | 11/01/54 | 654988 |
| 700000 | Phillips 66 |  | 5.8750 | 05/01/42 | 712398 |
| 900000 | Phillips 66 |  | 4.8750 | 11/15/44 | 801545 |
| 600000 | Phillips 66 Company |  | 5.2500 | 06/15/31 | 622513 |
| 500000 | Plains All American Pipeline, L.P. / PAA Finance |  | 3.8000 | 09/15/30 | 483199 |
| 900000 | Sabine Pass Liquefaction, LLC |  | 4.5000 | 05/15/30 | 904068 |
| 1000000 | Shell Finance US, Inc. |  | 4.3750 | 05/11/45 | 876563 |
| 800000 | Shell Finance US, Inc. |  | 4.0000 | 05/10/46 | 659973 |
| 900000 | Shell Finance US, Inc. |  | 3.2500 | 04/06/50 | 639285 |
| 1000000 | Shell International Finance BV |  | 3.8750 | 11/13/28 | 999411 |
| 1000000 | Shell International Finance BV |  | 6.3750 | 12/15/38 | 1131854 |
| 700000 | Shell International Finance BV |  | 5.5000 | 03/25/40 | 726885 |
| 600000 | Southwestern Energy Company |  | 5.3750 | 03/15/30 | 608970 |
| 500000 | Suncor Energy, Inc. |  | 6.8500 | 06/01/39 | 559203 |
| 600000 | Targa Resources Corporation |  | 5.5500 | 08/15/35 | 612785 |
| 400000 | Targa Resources Corporation |  | 6.5000 | 02/15/53 | 421332 |
| 500000 | Targa Resources Corporation |  | 6.1250 | 05/15/55 | 502906 |
| 800000 | Targa Resources Partners, L.P. / Targa Resources |  | 5.5000 | 03/01/30 | 810997 |
| 900000 | TotalEnergies Capital International S.A. |  | 2.8290 | 01/10/30 | 857272 |
| 1600000 | TotalEnergies Capital International S.A. |  | 3.1270 | 05/29/50 | 1096481 |
| 600000 | TotalEnergies Capital S.A. |  | 5.1500 | 04/05/34 | 623753 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 6.5% (Continued)** |  |  |  |  |
| 900000 | TotalEnergies Capital S.A. |  | 5.4880 | 04/05/54 | $885992 |
| 800000 | TotalEnergies Capital S.A. |  | 5.6380 | 04/05/64 | 795390 |
| 1100000 | TransCanada PipeLines Ltd. |  | 4.1000 | 04/15/30 | 1083853 |
| 600000 | TransCanada PipeLines Ltd. |  | 4.6250 | 03/01/34 | 586105 |
| 900000 | TransCanada PipeLines Ltd. |  | 6.2000 | 10/15/37 | 968736 |
| 800000 | Valero Energy Corporation |  | 3.6500 | 12/01/51 | 563439 |
| 700000 | Western Midstream Operating, L.P. |  | 4.0500 | 02/01/30 | 683699 |
| 800000 | Western Midstream Operating, L.P. |  | 5.4500 | 11/15/34 | 798788 |
| 900000 | Williams Companies, Inc. |  | 2.6000 | 03/15/31 | 817337 |
| 800000 | Williams Companies, Inc. |  | 5.6000 | 03/15/35 | 830071 |
| 700000 | Williams Companies, Inc. |  | 5.1000 | 09/15/45 | 648835 |
| 700000 | Williams Companies, Inc. |  | 5.3000 | 08/15/52 | 657843 |
| 700000 | Woodside Finance Ltd. |  | 5.1000 | 09/12/34 | 694174 |
|  |  |  |  |  | 75381920 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.2%** |  |  |  |  |
| 500000 | Halliburton Company |  | 4.8500 | 11/15/35 | 493879 |
| 600000 | Halliburton Company |  | 7.4500 | 09/15/39 | 720332 |
| 900000 | Halliburton Company |  | 5.0000 | 11/15/45 | 819228 |
|  |  |  |  |  | 2033439 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.6%** |  |  |  |  |
| 800000 | Alexandria Real Estate Equities, Inc. |  | 3.5500 | 03/15/52 | 548623 |
| 700000 | American Tower Corporation |  | 5.8000 | 11/15/28 | 729868 |
| 600000 | American Tower Corporation |  | 2.1000 | 06/15/30 | 542123 |
| 600000 | American Tower Corporation |  | 1.8750 | 10/15/30 | 532217 |
| 500000 | American Tower Corporation |  | 5.5500 | 07/15/33 | 523475 |
| 500000 | American Tower Corporation |  | 5.9000 | 11/15/33 | 534767 |
| 800000 | Boston Properties, L.P. |  | 3.2500 | 01/30/31 | 744490 |
| 500000 | Boston Properties, L.P. |  | 6.5000 | 01/15/34 | 538885 |
| 700000 | Boston Properties, L.P. |  | 5.7500 | 01/15/35 | 715966 |
| 700000 | Brixmor Operating Partnership, L.P. |  | 4.0500 | 07/01/30 | 687097 |
| 700000 | Crown Castle, Inc. |  | 2.2500 | 01/15/31 | 623521 |
| 800000 | Crown Castle, Inc. |  | 2.1000 | 04/01/31 | 701317 |
| 700000 | Crown Castle, Inc. |  | 5.8000 | 03/01/34 | 738244 |
| 800000 | Equinix, Inc. |  | 2.1500 | 07/15/30 | 723308 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.6% (Continued)** |  |  |  |  |
| 800000 | Equinix, Inc. |  | 2.5000 | 05/15/31 | $722535 |
| 500000 | GLP Capital, L.P. / GLP Financing II, Inc. |  | 5.6250 | 09/15/34 | 505962 |
| 600000 | Healthpeak OP, LLC |  | 5.2500 | 12/15/32 | 617710 |
| 500000 | Host Hotels & Resorts, L.P. |  | 3.5000 | 09/15/30 | 471099 |
| 600000 | Prologis, L.P. |  | 5.1250 | 01/15/34 | 617417 |
| 600000 | Prologis, L.P. |  | 5.0000 | 03/15/34 | 611332 |
| 700000 | Prologis, L.P. |  | 5.2500 | 03/15/54 | 680627 |
| 800000 | Realty Income Corporation |  | 5.1250 | 02/15/34 | 819445 |
| 700000 | Simon Property Group, L.P. |  | 2.4500 | 09/13/29 | 658091 |
| 900000 | Simon Property Group, L.P. |  | 3.2500 | 09/13/49 | 631810 |
| 500000 | Ventas Realty, L.P. |  | 4.4000 | 01/15/29 | 501264 |
| 500000 | VICI Properties, L.P. |  | 4.9500 | 02/15/30 | 505715 |
| 500000 | VICI Properties, L.P. |  | 5.1250 | 11/15/31 | 506378 |
| 500000 | VICI Properties, L.P. |  | 5.1250 | 05/15/32 | 504108 |
| 800000 | Welltower, Inc. |  | 3.1000 | 01/15/30 | 766325 |
|  |  |  |  |  | 18003719 |
|  | **RETAIL - CONSUMER STAPLES — 0.9%** |  |  |  |  |
| 900000 | Costco Wholesale Corporation |  | 1.6000 | 04/20/30 | 813387 |
| 900000 | Kroger Company |  | 5.0000 | 09/15/34 | 907353 |
| 1000000 | Kroger Company |  | 5.5000 | 09/15/54 | 972949 |
| 600000 | Kroger Company |  | 5.6500 | 09/15/64 | 584927 |
| 800000 | Target Corporation |  | 2.3500 | 02/15/30 | 745961 |
| 800000 | Target Corporation |  | 5.0000 | 04/15/35 | 810324 |
| 800000 | Target Corporation |  | 4.8000 | 01/15/53 | 726046 |
| 700000 | Walmart, Inc. |  | 1.8000 | 09/22/31 | 618851 |
| 500000 | Walmart, Inc. |  | 4.1500 | 09/09/32 | 501352 |
| 500000 | Walmart, Inc. |  | 4.1000 | 04/15/33 | 497691 |
| 900000 | Walmart, Inc. |  | 4.9000 | 04/28/35 | 925391 |
| 1000000 | Walmart, Inc. |  | 2.5000 | 09/22/41 | 726764 |
| 1000000 | Walmart, Inc. |  | 2.6500 | 09/22/51 | 640386 |
| 900000 | Walmart, Inc. |  | 4.5000 | 09/09/52 | 808765 |
|  |  |  |  |  | 10280147 |
|  | **RETAIL - DISCRETIONARY — 1.1%** |  |  |  |  |
| 700000 | AutoZone, Inc. |  | 4.0000 | 04/15/30 | 692365 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **RETAIL - DISCRETIONARY — 1.1% (Continued)** |  |  |  |  |
| 800000 | Home Depot, Inc. |  | 3.9000 | 12/06/28 | $800513 |
| 900000 | Home Depot, Inc. |  | 2.9500 | 06/15/29 | 869558 |
| 700000 | Home Depot, Inc. |  | 2.7000 | 04/15/30 | 660734 |
| 700000 | Home Depot, Inc. |  | 1.3750 | 03/15/31 | 604892 |
| 700000 | Home Depot, Inc. |  | 1.8750 | 09/15/31 | 613538 |
| 500000 | Home Depot, Inc. |  | 4.9500 | 06/25/34 | 511761 |
| 900000 | Home Depot, Inc. |  | 5.8750 | 12/16/36 | 977365 |
| 600000 | Home Depot, Inc. |  | 5.9500 | 04/01/41 | 646463 |
| 900000 | Home Depot, Inc. |  | 4.2500 | 04/01/46 | 774966 |
| 900000 | Home Depot, Inc. |  | 3.9000 | 06/15/47 | 726371 |
| 900000 | Home Depot, Inc. |  | 3.1250 | 12/15/49 | 623389 |
| 1000000 | Home Depot, Inc. |  | 2.7500 | 09/15/51 | 631449 |
| 600000 | Home Depot, Inc. |  | 5.3000 | 06/25/54 | 586366 |
| 600000 | Lowe's Companies, Inc. |  | 3.6500 | 04/05/29 | 589826 |
| 700000 | Lowe's Companies, Inc. |  | 1.7000 | 10/15/30 | 617555 |
| 700000 | Lowe's Companies, Inc. |  | 2.8000 | 09/15/41 | 506750 |
| 1200000 | Lowe's Companies, Inc. |  | 3.0000 | 10/15/50 | 778086 |
| 700000 | Lowe's Companies, Inc. |  | 4.2500 | 04/01/52 | 559833 |
| 500000 | Lowe's Companies, Inc. |  | 5.6250 | 04/15/53 | 493377 |
|  |  |  |  |  | 13265157 |
|  | **SEMICONDUCTORS — 2.6%** |  |  |  |  |
| 1200000 | Analog Devices, Inc. B |  | 2.1000 | 10/01/31 | 1059561 |
| 800000 | Applied Materials, Inc. |  | 2.7500 | 06/01/50 | 523648 |
| 500000 | Broadcom, Inc. |  | 5.0500 | 07/12/29 | 514786 |
| 500000 | Broadcom, Inc. |  | 4.3500 | 02/15/30 | 502402 |
| 600000 | Broadcom, Inc. |  | 5.0500 | 04/15/30 | 620143 |
| 1400000 | Broadcom, Inc. |  | 2.4500 | 02/15/31 | 1275719 |
| 700000 | Broadcom, Inc.<sup>(a)</sup> |  | 4.1500 | 04/15/32 | 685244 |
| 700000 | Broadcom, Inc. |  | 5.2000 | 04/15/32 | 728205 |
| 700000 | Broadcom, Inc. |  | 3.4190 | 04/15/33 | 651622 |
| 1000000 | Broadcom, Inc. |  | 3.4690 | 04/15/34 | 915799 |
| 600000 | Broadcom, Inc. |  | 4.8000 | 10/15/34 | 603185 |
| 1100000 | Broadcom, Inc.<sup>(a)</sup> |  | 3.1370 | 11/15/35 | 952686 |
| 1000000 | Broadcom, Inc.<sup>(a)</sup> |  | 3.1870 | 11/15/36 | 853073 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **SEMICONDUCTORS — 2.6% (Continued)** |  |  |  |  |
| 800000 | Broadcom, Inc.<sup>(a)</sup> |  | 4.9260 | 05/15/37 | $796509 |
| 800000 | Broadcom, Inc. |  | 3.7500 | 02/15/51 | 620287 |
| 500000 | Intel Corporation |  | 5.1250 | 02/10/30 | 513731 |
| 600000 | Intel Corporation |  | 3.9000 | 03/25/30 | 587861 |
| 700000 | Intel Corporation |  | 2.0000 | 08/12/31 | 611944 |
| 1100000 | Intel Corporation |  | 5.2000 | 02/10/33 | 1118198 |
| 900000 | Intel Corporation |  | 4.1000 | 05/19/46 | 709334 |
| 1100000 | Intel Corporation |  | 3.7340 | 12/08/47 | 808986 |
| 1100000 | Intel Corporation |  | 3.2500 | 11/15/49 | 733610 |
| 900000 | Intel Corporation |  | 4.7500 | 03/25/50 | 764404 |
| 800000 | Intel Corporation |  | 5.7000 | 02/10/53 | 769496 |
| 600000 | Intel Corporation |  | 5.9000 | 02/10/63 | 586341 |
| 700000 | KLA Corporation |  | 4.9500 | 07/15/52 | 652682 |
| 500000 | KLA Corporation |  | 5.2500 | 07/15/62 | 481497 |
| 1300000 | Lam Research Corporation |  | 1.9000 | 06/15/30 | 1176970 |
| 800000 | Microchip Technology, Inc. |  | 5.0500 | 03/15/29 | 815313 |
| 1500000 | Micron Technology, Inc. |  | 5.8750 | 09/15/33 | 1596554 |
| 1000000 | NVIDIA Corporation |  | 2.8500 | 04/01/30 | 956033 |
| 1000000 | NVIDIA Corporation |  | 3.5000 | 04/01/50 | 763874 |
| 800000 | NXP BV / NXP Funding, LLC / NXP USA, Inc. |  | 3.4000 | 05/01/30 | 767749 |
| 700000 | NXP BV / NXP Funding, LLC / NXP USA, Inc. |  | 2.5000 | 05/11/31 | 630117 |
| 1100000 | QUALCOMM, Inc. |  | 4.8000 | 05/20/45 | 1027058 |
| 1000000 | QUALCOMM, Inc. |  | 4.5000 | 05/20/52 | 866268 |
| 1100000 | Texas Instruments, Inc. |  | 4.1500 | 05/15/48 | 919108 |
| 800000 | Texas Instruments, Inc. |  | 5.0500 | 05/18/63 | 734558 |
|  |  |  |  |  | 29894555 |
|  | **SOFTWARE — 2.6%** |  |  |  |  |
| 900000 | Adobe, Inc. |  | 2.3000 | 02/01/30 | 839808 |
| 500000 | Autodesk, Inc. |  | 2.4000 | 12/15/31 | 443590 |
| 3000000 | Microsoft Corporation |  | 2.5250 | 06/01/50 | 1884821 |
| 1000000 | Microsoft Corporation |  | 2.5000 | 09/15/50 | 625408 |
| 2300000 | Microsoft Corporation |  | 2.9210 | 03/17/52 | 1547859 |
| 2000000 | Microsoft Corporation |  | 3.0410 | 03/17/62 | 1289702 |
| 700000 | Oracle Corporation |  | 6.1500 | 11/09/29 | 741692 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **SOFTWARE — 2.6% (Continued)** |  |  |  |  |
| 1100000 | Oracle Corporation |  | 2.9500 | 04/01/30 | $1029678 |
| 900000 | Oracle Corporation |  | 2.8750 | 03/25/31 | 820116 |
| 400000 | Oracle Corporation |  | 5.2500 | 02/03/32 | 406638 |
| 900000 | Oracle Corporation |  | 6.2500 | 11/09/32 | 964229 |
| 700000 | Oracle Corporation |  | 4.3000 | 07/08/34 | 656070 |
| 600000 | Oracle Corporation |  | 4.7000 | 09/27/34 | 575952 |
| 600000 | Oracle Corporation |  | 3.9000 | 05/15/35 | 536123 |
| 500000 | Oracle Corporation |  | 5.5000 | 08/03/35 | 505244 |
| 900000 | Oracle Corporation |  | 3.8000 | 11/15/37 | 760397 |
| 600000 | Oracle Corporation |  | 6.5000 | 04/15/38 | 642212 |
| 1100000 | Oracle Corporation |  | 3.6000 | 04/01/40 | 860893 |
| 800000 | Oracle Corporation |  | 5.3750 | 07/15/40 | 762029 |
| 700000 | Oracle Corporation |  | 3.6500 | 03/25/41 | 543322 |
| 900000 | Oracle Corporation |  | 4.1250 | 05/15/45 | 698005 |
| 1100000 | Oracle Corporation |  | 4.0000 | 07/15/46 | 824006 |
| 900000 | Oracle Corporation |  | 4.0000 | 11/15/47 | 671962 |
| 1900000 | Oracle Corporation |  | 3.6000 | 04/01/50 | 1285743 |
| 1300000 | Oracle Corporation |  | 3.9500 | 03/25/51 | 929813 |
| 700000 | Oracle Corporation |  | 5.5500 | 02/06/53 | 629386 |
| 700000 | Oracle Corporation |  | 4.3750 | 05/15/55 | 527844 |
| 500000 | Oracle Corporation |  | 6.0000 | 08/03/55 | 477932 |
| 1600000 | Oracle Corporation |  | 3.8500 | 04/01/60 | 1058247 |
| 700000 | Salesforce, Inc. |  | 1.9500 | 07/15/31 | 621584 |
| 800000 | Salesforce, Inc. |  | 2.7000 | 07/15/41 | 587833 |
| 1000000 | Salesforce, Inc. |  | 2.9000 | 07/15/51 | 652671 |
| 700000 | Synopsys, Inc. |  | 4.8500 | 04/01/30 | 712257 |
| 600000 | Synopsys, Inc. |  | 5.0000 | 04/01/32 | 612753 |
| 800000 | Synopsys, Inc. |  | 5.1500 | 04/01/35 | 812291 |
| 600000 | Synopsys, Inc. |  | 5.7000 | 04/01/55 | 603185 |
| 500000 | VMware, LLC |  | 4.7000 | 05/15/30 | 507166 |
| 600000 | VMware, LLC |  | 2.2000 | 08/15/31 | 530400 |
| 600000 | Workday, Inc. |  | 3.8000 | 04/01/32 | 573451 |
|  |  |  |  |  | 29752312 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **SPECIALTY FINANCE — 0.4% (Continued)** |  |  |  |  |
| 900000 | AerCap Ireland Capital DAC / AerCap Global |  | 3.0000 | 10/29/28 | $869087 |
| 600000 | AerCap Ireland Capital DAC / AerCap Global |  | 6.1500 | 09/30/30 | 642327 |
| 1400000 | AerCap Ireland Capital DAC / AerCap Global |  | 3.3000 | 01/30/32 | 1291965 |
| 900000 | AerCap Ireland Capital DAC / AerCap Global |  | 4.9500 | 09/10/34 | 896040 |
| 900000 | Air Lease Corporation |  | 2.8750 | 01/15/32 | 806094 |
|  |  |  |  |  | 4505513 |
|  | **TECHNOLOGY HARDWARE — 2.0%** |  |  |  |  |
| 400000 | Apple, Inc. |  | 3.2500 | 08/08/29 | 392019 |
| 1100000 | Apple, Inc. |  | 1.6500 | 05/11/30 | 995538 |
| 700000 | Apple, Inc. |  | 1.2500 | 08/20/30 | 618065 |
| 1100000 | Apple, Inc. |  | 1.6500 | 02/08/31 | 974989 |
| 700000 | Apple, Inc. |  | 3.3500 | 08/08/32 | 668160 |
| 1100000 | Apple, Inc. |  | 3.8500 | 05/04/43 | 937945 |
| 600000 | Apple, Inc. |  | 4.4500 | 05/06/44 | 559333 |
| 800000 | Apple, Inc. |  | 4.3750 | 05/13/45 | 724204 |
| 1300000 | Apple, Inc. |  | 4.6500 | 02/23/46 | 1212075 |
| 900000 | Apple, Inc. |  | 3.8500 | 08/04/46 | 740933 |
| 1000000 | Apple, Inc. |  | 2.6500 | 05/11/50 | 636660 |
| 1100000 | Apple, Inc. |  | 2.6500 | 02/08/51 | 694516 |
| 1000000 | Apple, Inc. |  | 2.7000 | 08/05/51 | 635971 |
| 700000 | Apple, Inc. |  | 3.9500 | 08/08/52 | 567259 |
| 800000 | Apple, Inc. |  | 4.1000 | 08/08/62 | 642581 |
| 500000 | CDW, LLC / CDW Finance Corporation |  | 3.5690 | 12/01/31 | 466737 |
| 800000 | Cisco Systems, Inc. |  | 4.9500 | 02/26/31 | 826908 |
| 900000 | Cisco Systems, Inc. |  | 5.0500 | 02/26/34 | 927579 |
| 700000 | Cisco Systems, Inc. |  | 5.9000 | 02/15/39 | 760791 |
| 800000 | Cisco Systems, Inc. |  | 5.5000 | 01/15/40 | 833375 |
| 1100000 | Cisco Systems, Inc. |  | 5.3000 | 02/26/54 | 1075268 |
| 700000 | Corning, Inc. |  | 4.3750 | 11/15/57 | 578960 |
| 500000 | Dell International, LLC / EMC Corporation |  | 5.3000 | 10/01/29 | 516404 |
| 500000 | Dell International, LLC / EMC Corporation |  | 5.0000 | 04/01/30 | 512007 |
| 500000 | Dell International, LLC / EMC Corporation |  | 5.7500 | 02/01/33 | 528025 |
| 500000 | Dell International, LLC / EMC Corporation |  | 5.4000 | 04/15/34 | 515424 |
| 500000 | Dell International, LLC / EMC Corporation |  | 5.5000 | 04/01/35 | 516514 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY HARDWARE — 2.0% (Continued)** |  |  |  |  |
| 700000 | Hewlett Packard Enterprise Company |  | 4.5500 | 10/15/29 | $703378 |
| 1000000 | Hewlett Packard Enterprise Company |  | 5.0000 | 10/15/34 | 988657 |
| 600000 | Hewlett Packard Enterprise Company |  | 5.6000 | 10/15/54 | 565739 |
| 800000 | HP, Inc. |  | 2.6500 | 06/17/31 | 721628 |
| 500000 | Motorola Solutions, Inc. |  | 4.6000 | 05/23/29 | 505676 |
| 800000 | Motorola Solutions, Inc. |  | 2.3000 | 11/15/30 | 723871 |
|  |  |  |  |  | 23267189 |
|  | **TECHNOLOGY SERVICES — 1.8%** |  |  |  |  |
| 700000 | Accenture Capital, Inc. |  | 4.5000 | 10/04/34 | 689804 |
| 700000 | Automatic Data Processing, Inc. |  | 4.4500 | 09/09/34 | 696416 |
| 1100000 | Fiserv, Inc. |  | 3.5000 | 07/01/29 | 1058174 |
| 600000 | Fiserv, Inc. |  | 5.6000 | 03/02/33 | 617126 |
| 600000 | Fiserv, Inc. |  | 5.1500 | 08/12/34 | 595612 |
| 800000 | Fiserv, Inc. |  | 4.4000 | 07/01/49 | 640984 |
| 1100000 | Global Payments, Inc. |  | 2.9000 | 05/15/30 | 1015041 |
| 600000 | IBM International Capital Pte Ltd. |  | 5.2500 | 02/05/44 | 587275 |
| 500000 | IBM International Capital Pte Ltd. |  | 5.3000 | 02/05/54 | 475120 |
| 600000 | International Business Machines Corporation |  | 3.5000 | 05/15/29 | 587754 |
| 500000 | International Business Machines Corporation |  | 4.8000 | 02/10/30 | 511709 |
| 800000 | International Business Machines Corporation |  | 1.9500 | 05/15/30 | 726920 |
| 600000 | International Business Machines Corporation |  | 4.4000 | 07/27/32 | 598568 |
| 800000 | International Business Machines Corporation |  | 4.1500 | 05/15/39 | 718093 |
| 700000 | International Business Machines Corporation |  | 4.0000 | 06/20/42 | 594171 |
| 1200000 | International Business Machines Corporation |  | 4.2500 | 05/15/49 | 990359 |
| 600000 | Leidos, Inc. |  | 4.3750 | 05/15/30 | 599396 |
| 700000 | Mastercard, Inc. B |  | 3.3500 | 03/26/30 | 682120 |
| 500000 | Mastercard, Inc. |  | 4.8750 | 05/09/34 | 511534 |
| 600000 | Mastercard, Inc. |  | 4.5500 | 01/15/35 | 599355 |
| 900000 | Mastercard, Inc. |  | 3.8500 | 03/26/50 | 723977 |
| 600000 | Paychex, Inc. |  | 5.1000 | 04/15/30 | 616812 |
| 800000 | PayPal Holdings, Inc. |  | 5.1500 | 06/01/34 | 825006 |
| 600000 | RELX Capital, Inc. |  | 4.0000 | 03/18/29 | 597028 |
| 800000 | RELX Capital, Inc. |  | 3.0000 | 05/22/30 | 758451 |
| 900000 | S&P Global, Inc. |  | 4.2500 | 05/01/29 | 903740 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY SERVICES — 1.8% (Continued)** |  |  |  |  |
| 1100000 | Visa, Inc. |  | 2.0500 | 04/15/30 | $1014964 |
| 800000 | Visa, Inc. |  | 4.1500 | 12/14/35 | 775103 |
| 1600000 | Visa, Inc. |  | 4.3000 | 12/14/45 | 1416347 |
|  |  |  |  |  | 21126959 |
|  | **TELECOMMUNICATIONS — 4.2%** |  |  |  |  |
| 2900000 | AT&T, Inc. |  | 2.7500 | 06/01/31 | 2655272 |
| 2800000 | AT&T, Inc. |  | 2.5500 | 12/01/33 | 2375958 |
| 1900000 | AT&T, Inc. |  | 5.4000 | 02/15/34 | 1967257 |
| 3000000 | AT&T, Inc. |  | 3.5000 | 09/15/53 | 2059217 |
| 3000000 | AT&T, Inc. |  | 3.5500 | 09/15/55 | 2047902 |
| 2600000 | AT&T, Inc. |  | 3.8000 | 12/01/57 | 1836081 |
| 3000000 | AT&T, Inc. |  | 3.6500 | 09/15/59 | 2033552 |
| 900000 | Bell Telephone Company of Canada or Bell Canada |  | 4.4640 | 04/01/48 | 752135 |
| 800000 | British Telecommunications plc |  | 9.6250 | 12/15/30 | 978653 |
| 1200000 | Deutsche Telekom International Finance BV |  | 8.7500 | 06/15/30 | 1411682 |
| 1100000 | Orange S.A. |  | 9.0000 | 03/01/31 | 1330589 |
| 700000 | Rogers Communications, Inc. |  | 5.3000 | 02/15/34 | 708186 |
| 1200000 | Rogers Communications, Inc. |  | 4.5500 | 03/15/52 | 984391 |
| 500000 | Sprint Capital Corporation |  | 6.8750 | 11/15/28 | 537080 |
| 900000 | Telefonica Emisiones S.A. |  | 7.0450 | 06/20/36 | 1014813 |
| 500000 | T-Mobile USA, Inc. |  | 2.6250 | 02/15/29 | 475157 |
| 700000 | T-Mobile USA, Inc. |  | 3.3750 | 04/15/29 | 680295 |
| 2200000 | T-Mobile USA, Inc. |  | 3.8750 | 04/15/30 | 2156261 |
| 1100000 | T-Mobile USA, Inc. |  | 2.5500 | 02/15/31 | 1000289 |
| 500000 | T-Mobile USA, Inc. |  | 2.8750 | 02/15/31 | 462392 |
| 800000 | T-Mobile USA, Inc. |  | 3.5000 | 04/15/31 | 760535 |
| 1000000 | T-Mobile USA, Inc. |  | 5.0500 | 07/15/33 | 1018679 |
| 1000000 | T-Mobile USA, Inc. |  | 5.3000 | 05/15/35 | 1023176 |
| 700000 | T-Mobile USA, Inc. |  | 4.3750 | 04/15/40 | 628394 |
| 1300000 | T-Mobile USA, Inc. |  | 4.5000 | 04/15/50 | 1089076 |
| 1300000 | T-Mobile USA, Inc. |  | 3.3000 | 02/15/51 | 879854 |
| 1300000 | T-Mobile USA, Inc. |  | 3.4000 | 10/15/52 | 886420 |
| 800000 | T-Mobile USA, Inc. |  | 5.6500 | 01/15/53 | 786913 |
| 500000 | T-Mobile USA, Inc. |  | 5.7500 | 01/15/54 | 497712 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **TELECOMMUNICATIONS — 4.2% (Continued)** |  |  |  |  |
| 400000 | Verizon Communications, Inc. |  | 3.8750 | 02/08/29 | $397098 |
| 1600000 | Verizon Communications, Inc. |  | 1.7500 | 01/20/31 | 1398723 |
| 1900000 | Verizon Communications, Inc. |  | 2.3550 | 03/15/32 | 1664207 |
| 800000 | Verizon Communications, Inc. |  | 5.0500 | 05/09/33 | 818576 |
| 600000 | Verizon Communications, Inc. |  | 4.7800 | 02/15/35 | 587813 |
| 1200000 | Verizon Communications, Inc. |  | 5.2500 | 04/02/35 | 1214330 |
| 1500000 | Verizon Communications, Inc. |  | 2.6500 | 11/20/40 | 1074879 |
| 1700000 | Verizon Communications, Inc. |  | 3.4000 | 03/22/41 | 1335556 |
| 1500000 | Verizon Communications, Inc. |  | 2.8750 | 11/20/50 | 946694 |
| 1600000 | Verizon Communications, Inc. |  | 3.5500 | 03/22/51 | 1154238 |
| 600000 | Verizon Communications, Inc. |  | 3.8750 | 03/01/52 | 453839 |
| 600000 | Verizon Communications, Inc. |  | 5.5000 | 02/23/54 | 582184 |
| 2100000 | Verizon Communications, Inc. |  | 3.7000 | 03/22/61 | 1462771 |
| 800000 | Vodafone Group plc |  | 5.7500 | 06/28/54 | 785640 |
|  |  |  |  |  | 48914469 |
|  | **TOBACCO & CANNABIS — 1.6%** |  |  |  |  |
| 1000000 | Altria Group, Inc. |  | 3.4000 | 05/06/30 | 960984 |
| 800000 | Altria Group, Inc. |  | 2.4500 | 02/04/32 | 702728 |
| 1300000 | Altria Group, Inc. |  | 3.4000 | 02/04/41 | 1002055 |
| 1000000 | Altria Group, Inc. |  | 4.2500 | 08/09/42 | 837706 |
| 1200000 | Altria Group, Inc. |  | 3.8750 | 09/16/46 | 913600 |
| 900000 | Altria Group, Inc. |  | 3.7000 | 02/04/51 | 644127 |
| 500000 | BAT Capital Corporation |  | 6.3430 | 08/02/30 | 538811 |
| 500000 | BAT Capital Corporation |  | 5.8340 | 02/20/31 | 529453 |
| 500000 | BAT Capital Corporation |  | 2.7260 | 03/25/31 | 457574 |
| 500000 | BAT Capital Corporation |  | 6.4210 | 08/02/33 | 550108 |
| 400000 | BAT Capital Corporation |  | 6.0000 | 02/20/34 | 426878 |
| 1000000 | BAT Capital Corporation |  | 4.3900 | 08/15/37 | 918991 |
| 900000 | BAT Capital Corporation |  | 7.0810 | 08/02/53 | 1029051 |
| 600000 | BAT International Finance plc |  | 5.9310 | 02/02/29 | 629611 |
| 500000 | Philip Morris International, Inc. |  | 4.6250 | 11/01/29 | 507403 |
| 600000 | Philip Morris International, Inc. |  | 5.6250 | 11/17/29 | 629360 |
| 800000 | Philip Morris International, Inc. |  | 5.1250 | 02/15/30 | 825709 |
| 800000 | Philip Morris International, Inc. |  | 2.1000 | 05/01/30 | 730050 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **TOBACCO & CANNABIS — 1.6% (Continued)** |  |  |  |  |
| 600000 | Philip Morris International, Inc. |  | 4.7500 | 11/01/31 | $610448 |
| 600000 | Philip Morris International, Inc. |  | 5.7500 | 11/17/32 | 638837 |
| 800000 | Philip Morris International, Inc. |  | 5.3750 | 02/15/33 | 833503 |
| 900000 | Philip Morris International, Inc. |  | 5.2500 | 02/13/34 | 927778 |
| 1200000 | Philip Morris International, Inc. |  | 3.8750 | 08/21/42 | 996123 |
| 1000000 | Reynolds American, Inc. |  | 5.8500 | 08/15/45 | 991341 |
|  |  |  |  |  | 17832230 |
|  | **TRANSPORTATION & LOGISTICS — 1.3%** |  |  |  |  |
| 1200000 | Burlington Northern Santa Fe, LLC |  | 4.4500 | 03/15/43 | 1083512 |
| 1300000 | Burlington Northern Santa Fe, LLC |  | 3.9000 | 08/01/46 | 1058887 |
| 900000 | Burlington Northern Santa Fe, LLC |  | 5.2000 | 04/15/54 | 861720 |
| 700000 | Burlington Northern Santa Fe, LLC |  | 5.5000 | 03/15/55 | 701129 |
| 600000 | Canadian National Railway Company |  | 3.8500 | 08/05/32 | 578376 |
| 800000 | Canadian Pacific Railway Company |  | 3.0000 | 12/02/41 | 601610 |
| 1000000 | Canadian Pacific Railway Company |  | 3.1000 | 12/02/51 | 677660 |
| 700000 | CSX Corporation |  | 4.2500 | 03/15/29 | 704551 |
| 1100000 | CSX Corporation |  | 3.8000 | 11/01/46 | 877685 |
| 900000 | Norfolk Southern Corporation |  | 3.0500 | 05/15/50 | 610334 |
| 400000 | Norfolk Southern Corporation |  | 5.3500 | 08/01/54 | 391781 |
| 700000 | Union Pacific Corporation |  | 2.4000 | 02/05/30 | 652187 |
| 600000 | Union Pacific Corporation |  | 2.8000 | 02/14/32 | 548865 |
| 600000 | Union Pacific Corporation |  | 5.1000 | 02/20/35 | 617379 |
| 900000 | Union Pacific Corporation |  | 3.2000 | 05/20/41 | 708011 |
| 1200000 | Union Pacific Corporation |  | 3.7990 | 10/01/51 | 926024 |
| 600000 | Union Pacific Corporation |  | 2.9500 | 03/10/52 | 393182 |
| 1100000 | Union Pacific Corporation |  | 3.8390 | 03/20/60 | 814841 |
| 500000 | United Parcel Service, Inc. |  | 5.1500 | 05/22/34 | 519614 |
| 700000 | United Parcel Service, Inc. |  | 5.3000 | 04/01/50 | 685074 |
| 600000 | United Parcel Service, Inc. |  | 5.0500 | 03/03/53 | 560091 |
| 500000 | United Parcel Service, Inc. |  | 5.5000 | 05/22/54 | 496158 |
|  |  |  |  |  | 15068671 |
|  | **TRANSPORTATION EQUIPMENT — 0.0%<sup>(c)</sup>** |  |  |  |  |
| 500000 | Cummins, Inc. |  | 5.4500 | 02/20/54 | 498786 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 79.0% (Continued)** |  |  |  |  |
|  | **WHOLESALE - CONSUMER STAPLES — 0.2%** |  |  |  |  |
| 1100000 | Archer-Daniels-Midland Company |  | 3.2500 | 03/27/30 | $1058506 |
| 1000000 | Bunge Ltd. Finance Corporation |  | 2.7500 | 05/14/31 | 918063 |
| 1000000 | Sysco Corporation |  | 3.1500 | 12/14/51 | 672264 |
|  |  |  |  |  | 2648833 |
|  | **TOTAL CORPORATE BONDS (Cost $889,337,571)** | **TOTAL CORPORATE BONDS (Cost $889,337,571)** | **TOTAL CORPORATE BONDS (Cost $889,337,571)** |  | 911064631 |
| **Shares** |  |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 19.3%** | **SHORT-TERM INVESTMENTS — 19.3%** | **SHORT-TERM INVESTMENTS — 19.3%** |  |  |
|  | **MONEY MARKET FUND - 19.3%** | **MONEY MARKET FUND - 19.3%** | **MONEY MARKET FUND - 19.3%** |  |  |
| 223119678 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.96% (Cost $223,119,678)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.96% (Cost $223,119,678)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.96% (Cost $223,119,678)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.96% (Cost $223,119,678)<sup>(d)</sup> | 223119678 |
|  | **TOTAL INVESTMENTS - 98.3% (Cost $1,112,457,249)** | **TOTAL INVESTMENTS - 98.3% (Cost $1,112,457,249)** | **TOTAL INVESTMENTS - 98.3% (Cost $1,112,457,249)** |  | $1134184309 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.7%** |  | 19493863 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $1153678172 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional <br> Amount** | **Unrealized <br> Appreciation** |
| 270 | CBOT 10 Year US Treasury Note | 12/19/2025 | $30421406 | $134993 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |
| H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| SOFRINDX | Secured Overnight Financing Rate Index |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR3M | 3-Month CME Term SOFR |
| US0003M | US Treasury 3 Month Bill Money Market Yield |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2025 the total market value of 144A securities is $6,851,289 or 0.6% of net assets.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on October 31, 2025.

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

<sup>(d)</sup> Rate disclosed is the seven-day effective yield as of October 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** |
| **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** |
|  |  | Termination | Interest<br> Rate | Payment | Notional<br> Value at |  | Upfront | Unrealized |
| Reference Entity | Counterparty | Date | Payable | Frequency | October 31, 2025 | Value | Premiums Paid | Appreciation |
| CDX North American High Yield Series 44 | GS | 6/20/2030 | 5.00% | Quarterly | $15000000 | $1223858 | $538159 | $685699 |
| CDX North American Investment Grade Series 45 | GS | 12/20/2030 | 1.00% | Quarterly | 50000000 | 1164806 | 1115261 | 49545 |
| **TOTAL OPEN CREDIT DEFAULT SWAP** | **TOTAL OPEN CREDIT DEFAULT SWAP** | **TOTAL OPEN CREDIT DEFAULT SWAP** | **TOTAL OPEN CREDIT DEFAULT SWAP** | **TOTAL OPEN CREDIT DEFAULT SWAP** |  | $2388664 | $1653420 | $735244 |

---

GS - Goldman Sachs

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

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

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 5.6%** |  |  |  |  |
|  | **EQUITY - 5.6%** |  |  |  |  |
| 6300 | Vanguard S&P 500 ETF |  |  |  | $3950352 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $3,268,201)** |  |  |  | 3950352 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **Spread** | **(%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 75.4%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 2.8%** |  |  |  |  |
| 1000000 | Boeing Company |  | 2.1960 | 02/04/26 | 994691 |
| 1000000 | Teledyne Technologies, Inc. |  | 1.6000 | 04/01/26 | 988331 |
|  |  |  |  |  | 1983022 |
|  | **ASSET MANAGEMENT — 1.4%** |  |  |  |  |
| 1000000 | Charles Schwab Corporation<sup>(a)</sup> | SOFRRATE + 0.520% | 4.8150 | 05/13/26 | 1000322 |
|  | **AUTOMOTIVE — 9.9%** |  |  |  |  |
| 1000000 | American Honda Finance Corporation<sup>(a)</sup> | SOFRRATE + 0.870% | 5.0800 | 07/09/27 | 1005165 |
| 1000000 | American Honda Finance Corporation<sup>(a)</sup> | SOFRRATE + 0.730% | 5.0240 | 08/13/27 | 1002267 |
| 1000000 | BMW US Capital, LLC<sup>(a),(b)</sup> | SOFRINDX + 0.780% | 4.9800 | 03/19/27 | 1003702 |
| 1000000 | Ford Motor Credit Company, LLC |  | 2.7000 | 08/10/26 | 985862 |
| 1000000 | Hyundai Capital America<sup>(a),(b)</sup> | SOFRRATE + 0.990% | 5.1900 | 03/25/27 | 1002665 |
| 1000000 | Mercedes-Benz Finance North America, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.780% | 4.9860 | 04/01/27 | 1004644 |
| 1000000 | Volkswagen Group of America Finance, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.830% | 5.0250 | 03/20/26 | 1000947 |
|  |  |  |  |  | 7005252 |
|  | **BANKING — 8.4%** |  |  |  |  |
| 1000000 | Bank of America Corporation<sup>(c)</sup> | SOFRRATE + 0.960% | 1.7340 | 07/22/27 | 982391 |
| 1000000 | Citibank NA<sup>(a)</sup> | SOFRRATE + 0.781% | 5.0380 | 05/29/27 | 1007421 |
| 1000000 | Cooperatieve Rabobank UA<sup>(a)</sup> | SOFRRATE + 0.620% | 4.8950 | 08/28/26 | 1002722 |
| 1000000 | JPMorgan Chase & Company<sup>(c)</sup> | US0003M + 1.245% | 3.9600 | 01/29/27 | 999060 |
| 1000000 | JPMorgan Chase & Company<sup>(c)</sup> | SOFRRATE + 0.765% | 1.4700 | 09/22/27 | 976492 |
| 1000000 | Wells Fargo & Company<sup>(c)</sup> | US0003M + 1.170% | 3.1960 | 06/17/27 | 993815 |
|  |  |  |  |  | 5961901 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 75.4% (Continued)** |  |  |  |  |
|  | **BEVERAGES — 1.4%** |  |  |  |  |
| 1000000 | Keurig Dr Pepper, Inc.<sup>(a)</sup> | SOFRRATE + 0.580% | 4.8730 | 11/15/26 | $1000158 |
|  | **BIOTECH & PHARMA — 4.3%** |  |  |  |  |
| 1000000 | Bayer US Finance II, LLC<sup>(b)</sup> |  | 4.2500 | 12/15/25 | 999553 |
| 1000000 | GlaxoSmithKline Capital plc<sup>(a)</sup> | SOFRRATE + 0.500% | 4.7350 | 03/12/27 | 1005526 |
| 1000000 | Merck & Company, Inc.<sup>(a)</sup> | SOFRRATE + 0.460% | 4.7130 | 09/15/27 | 1006072 |
|  |  |  |  |  | 3011151 |
|  | **CHEMICALS — 1.4%** |  |  |  |  |
| 1000000 | DuPont de Nemours, Inc. |  | 4.4930 | 11/15/25 | 999737 |
|  | **E-COMMERCE DISCRETIONARY — 1.4%** |  |  |  |  |
| 1000000 | eBay, Inc. |  | 1.4000 | 05/10/26 | 985823 |
|  | **ELECTRIC UTILITIES — 2.8%** |  |  |  |  |
| 1000000 | Entergy Corporation |  | 2.9500 | 09/01/26 | 991261 |
| 1000000 | Sempra |  | 5.4000 | 08/01/26 | 1006884 |
|  |  |  |  |  | 1998145 |
|  | **ELECTRICAL EQUIPMENT — 2.7%** |  |  |  |  |
| 1000000 | Amphenol Corporation<sup>(a)</sup> | SOFRRATE + 0.530% | 4.5920 | 11/15/27 | 1002195 |
| 866000 | Fortive Corporation |  | 3.1500 | 06/15/26 | 859974 |
|  |  |  |  |  | 1862169 |
|  | **ENTERTAINMENT CONTENT — 1.6%** |  |  |  |  |
| 1121000 | Take-Two Interactive Software, Inc. |  | 5.0000 | 03/28/26 | 1124825 |
|  | **FOOD — 4.3%** |  |  |  |  |
| 1000000 | Conagra Brands, Inc. |  | 4.6000 | 11/01/25 | 1000000 |
| 1000000 | Conagra Brands, Inc. |  | 5.3000 | 10/01/26 | 1009286 |
| 1000000 | Kraft Heinz Foods Company |  | 3.0000 | 06/01/26 | 992602 |
|  |  |  |  |  | 3001888 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 75.4% (Continued)** |  |  |  |  |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.2%** |  |  |  |  |
| 1000000 | CVS Health Corporation |  | 2.8750 | 06/01/26 | $992051 |
| 1000000 | HCA, Inc. |  | 5.8750 | 02/15/26 | 1001203 |
| 1000000 | Universal Health Services, Inc. |  | 1.6500 | 09/01/26 | 979029 |
|  |  |  |  |  | 2972283 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.4%** |  |  |  |  |
| 1000000 | Morgan Stanley<sup>(c)</sup> | SOFRRATE + 0.879% | 1.5930 | 05/04/27 | 986501 |
|  | **INSURANCE — 1.3%** |  |  |  |  |
| 912000 | Allstate Corporation |  | 0.7500 | 12/15/25 | 908247 |
|  | **LEISURE FACILITIES & SERVICES — 3.1%** |  |  |  |  |
| 1177000 | Marriott International, Inc. |  | 3.1250 | 06/15/26 | 1170077 |
| 1000000 | Royal Caribbean Cruises Ltd.<sup>(b)</sup> |  | 4.2500 | 07/01/26 | 998923 |
|  |  |  |  |  | 2169000 |
|  | **LEISURE PRODUCTS — 1.4%** |  |  |  |  |
| 1000000 | Mattel, Inc.<sup>(b)</sup> |  | 3.3750 | 04/01/26 | 994323 |
|  | **OIL & GAS PRODUCERS — 1.4%** |  |  |  |  |
| 1000000 | MPLX, L.P. B |  | 1.7500 | 03/01/26 | 991666 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 3.3%** |  |  |  |  |
| 1000000 | Crown Castle International Corporation |  | 3.7000 | 06/15/26 | 995693 |
| 1000000 | Equinix, Inc. |  | 1.4500 | 05/15/26 | 985141 |
| 341000 | Weyerhaeuser Company |  | 4.7500 | 05/15/26 | 342079 |
|  |  |  |  |  | 2322913 |
|  | **RETAIL - DISCRETIONARY — 4.2%** |  |  |  |  |
| 1000000 | AutoZone, Inc. |  | 3.1250 | 04/21/26 | 995032 |
| 1000000 | Lowe's Companies, Inc. |  | 4.8000 | 04/01/26 | 1001983 |
| 1000000 | Ross Stores, Inc. |  | 0.8750 | 04/15/26 | 985151 |
|  |  |  |  |  | 2982166 |
|  | **SEMICONDUCTORS — 1.4%** |  |  |  |  |
| 1000000 | Skyworks Solutions, Inc. |  | 1.8000 | 06/01/26 | 984895 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 75.4% (Continued)** |  |  |  |  |
|  | **SOFTWARE — 4.2%** |  |  |  |  |
| 1000000 | Fortinet, Inc. |  | 1.0000 | 03/15/26 | $987112 |
| 1000000 | Oracle Corporation |  | 1.6500 | 03/25/26 | 990198 |
| 1000000 | Oracle Corporation |  | 2.6500 | 07/15/26 | 990065 |
|  |  |  |  |  | 2967375 |
|  | **TECHNOLOGY HARDWARE — 4.3%** |  |  |  |  |
| 1000000 | Avnet, Inc. |  | 4.6250 | 04/15/26 | 999958 |
| 200000 | Dell International, LLC / EMC Corporation |  | 6.0200 | 06/15/26 | 201491 |
| 881000 | Jabil, Inc. |  | 1.7000 | 04/15/26 | 870953 |
| 1000000 | TD SYNNEX Corporation |  | 1.7500 | 08/09/26 | 980857 |
|  |  |  |  |  | 3053259 |
|  | **TELECOMMUNICATIONS — 2.8%** |  |  |  |  |
| 1000000 | Sprint, LLC |  | 7.6250 | 03/01/26 | 1000000 |
| 1000000 | T-Mobile USA, Inc. |  | 1.5000 | 02/15/26 | 991850 |
|  |  |  |  |  | 1991850 |
|  | **TOTAL CORPORATE BONDS (Cost $53,166,839)** |  |  |  | 53258871 |
| **Shares** |  |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 12.1%** |  |  |  |  |
|  | **MONEY MARKET FUNDS - 12.1%** |  |  |  |  |
| 8563352 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.96% (Cost $8,563,352)<sup>(d)</sup> |  |  |  | 8563352 |
|  | **TOTAL INVESTMENTS - 93.1% (Cost $64,998,392)** |  |  |  | $65772575 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 6.9%** |  |  |  | 4875067 |
|  | **NET ASSETS - 100.0%** |  |  |  | $70647642 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount** | **Unrealized<br> Appreciation** |
| 194 | CME E-Mini Standard & Poor's 500 Index Futures | 12/19/2025 | $66677800 | $2186390 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| SOFRINDX | Secured Overnight Financing Rate Index |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| US0003M | US Treasury 3 Month Bill Money Market Yield |

---

<sup>(a)</sup> Floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2025 the total market value of 144A securities is $7,004,757 or 9.9% of net assets.

<sup>(c)</sup> Variable rate security; the rate shown represents the rate on October 31, 2025.

<sup>(d)</sup> Rate disclosed is the seven-day effective yield as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 96.8%** |  |  |  |  |
|  | **ADVERTISING & MARKETING — 1.5%** |  |  |  |  |
| 1216000 | Omnicom Group, Inc. / Omnicom Capital, Inc. |  | 3.6000 | 04/15/26 | $1212489 |
|  | **AEROSPACE & DEFENSE — 2.9%** |  |  |  |  |
| 1000000 | Boeing Company |  | 2.1960 | 02/04/26 | 994691 |
| 1380000 | Teledyne Technologies, Inc. |  | 1.6000 | 04/01/26 | 1363897 |
|  |  |  |  |  | 2358588 |
|  | **ASSET MANAGEMENT — 1.2%** |  |  |  |  |
| 1000000 | Charles Schwab Corporation<sup>(a)</sup> | SOFRRATE + 0.520% | 4.8150 | 05/13/26 | 1000322 |
|  | **AUTOMOTIVE — 11.8%** |  |  |  |  |
| 1000000 | American Honda Finance Corporation<sup>(a)</sup> | SOFRRATE + 0.870% | 5.0800 | 07/09/27 | 1005165 |
| 1500000 | American Honda Finance Corporation<sup>(a)</sup> | SOFRRATE + 0.730% | 5.0240 | 08/13/27 | 1503400 |
| 1000000 | BMW US Capital, LLC<sup>(a),(b)</sup> | SOFRINDX + 0.780% | 4.9800 | 03/19/27 | 1003703 |
| 1000000 | Ford Motor Credit Company, LLC |  | 2.7000 | 08/10/26 | 985862 |
| 1000000 | Ford Motor Credit Company, LLC<sup>(a)</sup> | SOFRRATE + 1.450% | 5.7550 | 11/05/26 | 999559 |
| 1000000 | General Motors Financial Company, Inc. |  | 1.2500 | 01/08/26 | 994201 |
| 1000000 | Hyundai Capital America<sup>(a),(b)</sup> | SOFRRATE + 0.990% | 5.1900 | 03/25/27 | 1002665 |
| 1000000 | Mercedes-Benz Finance North America, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.780% | 4.9860 | 04/01/27 | 1004644 |
| 1000000 | Volkswagen Group of America Finance, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.830% | 5.0250 | 03/20/26 | 1000947 |
|  |  |  |  |  | 9500146 |
|  | **BANKING — 8.7%** |  |  |  |  |
| 1000000 | Bank of America Corporation<sup>(c)</sup> | SOFRRATE + 0.960% | 1.7340 | 07/22/27 | 982391 |
| 1000000 | Citibank NA<sup>(a)</sup> | SOFRINDX + 0.590% | 4.8800 | 04/30/26 | 1001497 |
| 1000000 | Citibank NA<sup>(a)</sup> | SOFRRATE + 0.781% | 5.0380 | 05/29/27 | 1007420 |
| 1000000 | Cooperatieve Rabobank UA<sup>(a)</sup> | SOFRRATE + 0.620% | 4.8950 | 08/28/26 | 1002722 |
| 1000000 | JPMorgan Chase & Company<sup>(c)</sup> | US0003M + 1.245% | 3.9600 | 01/29/27 | 999060 |
| 1000000 | JPMorgan Chase & Company<sup>(c)</sup> | SOFRRATE + 0.765% | 1.4700 | 09/22/27 | 976492 |
| 1000000 | Wells Fargo & Company<sup>(c)</sup> | US0003M + 1.170% | 3.1960 | 06/17/27 | 993815 |
|  |  |  |  |  | 6963397 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 96.8% (Continued)** |  |  |  |  |
|  | **BEVERAGES — 1.9%** |  |  |  |  |
| 1500000 | Keurig Dr Pepper, Inc.<sup>(a)</sup> | SOFRRATE + 0.580% | 4.8730 | 11/15/26 | $1500237 |
|  | **BIOTECH & PHARMA — 5.0%** |  |  |  |  |
| 1000000 | Amgen, Inc. |  | 2.6000 | 08/19/26 | 988538 |
| 1000000 | Bayer US Finance II, LLC<sup>(b)</sup> |  | 4.2500 | 12/15/25 | 999553 |
| 1000000 | GlaxoSmithKline Capital plc<sup>(a)</sup> | SOFRRATE + 0.500% | 4.7350 | 03/12/27 | 1005526 |
| 1000000 | Merck & Company, Inc.<sup>(a)</sup> | SOFRRATE + 0.460% | 4.7130 | 09/15/27 | 1006072 |
|  |  |  |  |  | 3999689 |
|  | **CHEMICALS — 2.5%** |  |  |  |  |
| 2000000 | DuPont de Nemours, Inc. |  | 4.4930 | 11/15/25 | 1999473 |
|  | **E-COMMERCE DISCRETIONARY — 1.2%** |  |  |  |  |
| 1000000 | eBay, Inc. |  | 1.4000 | 05/10/26 | 985823 |
|  | **ELECTRIC UTILITIES — 2.5%** |  |  |  |  |
| 1000000 | Entergy Corporation |  | 2.9500 | 09/01/26 | 991261 |
| 1000000 | Sempra |  | 5.4000 | 08/01/26 | 1006883 |
|  |  |  |  |  | 1998145 |
|  | **ELECTRICAL EQUIPMENT — 3.9%** |  |  |  |  |
| 1000000 | Amphenol Corporation<sup>(a)</sup> | SOFRRATE + 0.530% | 4.5920 | 11/15/27 | 1002195 |
| 1000000 | Fortive Corporation |  | 3.1500 | 06/15/26 | 993042 |
| 1139000 | Johnson Controls International plc |  | 3.9000 | 02/14/26 | 1137339 |
|  |  |  |  |  | 3132576 |
|  | **ENTERTAINMENT CONTENT — 2.1%** |  |  |  |  |
| 1680000 | Take-Two Interactive Software, Inc. |  | 5.0000 | 03/28/26 | 1685733 |
|  | **FOOD — 6.7%** |  |  |  |  |
| 1000000 | Conagra Brands, Inc. |  | 4.6000 | 11/01/25 | 1000000 |
| 1000000 | Conagra Brands, Inc. |  | 5.3000 | 10/01/26 | 1009286 |
| 1348000 | Kellogg Company |  | 3.2500 | 04/01/26 | 1342136 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 96.8% (Continued)** |  |  |  |  |
|  | **FOOD — 6.7% (Continued)** |  |  |  |  |
| 1052000 | Kraft Heinz Foods Company |  | 3.0000 | 06/01/26 | $1044217 |
| 1000000 | McCormick & Company, Inc. |  | 3.2500 | 11/15/25 | 999672 |
|  |  |  |  |  | 5395311 |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.3%** |  |  |  |  |
| 1000000 | CVS Health Corporation |  | 2.8750 | 06/01/26 | 992050 |
| 1500000 | HCA, Inc. |  | 5.8750 | 02/15/26 | 1501805 |
| 1000000 | Universal Health Services, Inc. |  | 1.6500 | 09/01/26 | 979029 |
|  |  |  |  |  | 3472884 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 3.7%** |  |  |  |  |
| 1000000 | Jefferies Financial Group, Inc. |  | 4.5000 | 09/15/26 | 1004680 |
| 1000000 | Morgan Stanley<sup>(c)</sup> | SOFRRATE + 0.720% | 0.9850 | 12/10/26 | 996613 |
| 1000000 | Morgan Stanley<sup>(c)</sup> | SOFRRATE + 0.879% | 1.5930 | 05/04/27 | 986501 |
|  |  |  |  |  | 2987794 |
|  | **INSURANCE — 1.1%** |  |  |  |  |
| 913000 | Allstate Corporation |  | 0.7500 | 12/15/25 | 909242 |
|  | **LEISURE FACILITIES & SERVICES — 2.7%** |  |  |  |  |
| 1177000 | Marriott International, Inc. |  | 3.1250 | 06/15/26 | 1170077 |
| 1000000 | Royal Caribbean Cruises Ltd.<sup>(b)</sup> |  | 4.2500 | 07/01/26 | 998923 |
|  |  |  |  |  | 2169000 |
|  | **LEISURE PRODUCTS — 2.8%** |  |  |  |  |
| 2230000 | Mattel, Inc.<sup>(b)</sup> |  | 3.3750 | 04/01/26 | 2217341 |
|  | **OIL & GAS PRODUCERS — 2.5%** |  |  |  |  |
| 1000000 | Chevron USA, Inc.<sup>(a)</sup> | SOFRINDX + 0.360% | 4.6420 | 02/26/27 | 1002313 |
| 1000000 | MPLX, L.P. B |  | 1.7500 | 03/01/26 | 991666 |
|  |  |  |  |  | 1993979 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 4.2%** |  |  |  |  |
| 1000000 | Crown Castle International Corporation |  | 3.7000 | 06/15/26 | 995693 |
| 1000000 | Equinix, Inc. |  | 1.4500 | 05/15/26 | 985140 |
| 1000000 | Host Hotels & Resorts, L.P. |  | 4.5000 | 02/01/26 | 998871 |
| 416000 | Weyerhaeuser Company |  | 4.7500 | 05/15/26 | 417317 |
|  |  |  |  |  | 3397021 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 96.8% (Continued)** |  |  |  |  |
|  | **RETAIL - CONSUMER STAPLES — 1.9%** |  |  |  |  |
| 1500000 | Walmart, Inc.<sup>(a)</sup> | SOFRINDX + 0.430% | 4.6930 | 04/28/27 | $1505618 |
|  | **RETAIL - DISCRETIONARY — 3.7%** |  |  |  |  |
| 1000000 | AutoZone, Inc. |  | 3.1250 | 04/21/26 | 995032 |
| 1000000 | Lowe's Companies, Inc. |  | 4.8000 | 04/01/26 | 1001983 |
| 1000000 | Ross Stores, Inc. |  | 0.8750 | 04/15/26 | 985151 |
|  |  |  |  |  | 2982166 |
|  | **SEMICONDUCTORS — 1.2%** |  |  |  |  |
| 1000000 | Skyworks Solutions, Inc. |  | 1.8000 | 06/01/26 | 984895 |
|  | **SOFTWARE — 4.2%** |  |  |  |  |
| 1141000 | Fortinet, Inc. |  | 1.0000 | 03/15/26 | 1126295 |
| 1000000 | Oracle Corporation |  | 1.6500 | 03/25/26 | 990198 |
| 1237000 | Oracle Corporation |  | 2.6500 | 07/15/26 | 1224711 |
|  |  |  |  |  | 3341204 |
|  | **SPECIALTY FINANCE — 1.3%** |  |  |  |  |
| 1000000 | American Express Company<sup>(c)</sup> | SOFRINDX + 0.750% | 5.6450 | 04/23/27 | 1006704 |
|  | **TECHNOLOGY HARDWARE — 5.8%** |  |  |  |  |
| 1000000 | Avnet, Inc. |  | 4.6250 | 04/15/26 | 999958 |
| 200000 | Dell International, LLC / EMC Corporation |  | 6.0200 | 06/15/26 | 201491 |
| 1000000 | Jabil, Inc. |  | 1.7000 | 04/15/26 | 988596 |
| 1311000 | Juniper Networks, Inc. |  | 1.2000 | 12/10/25 | 1306388 |
| 1150000 | TD SYNNEX Corporation |  | 1.7500 | 08/09/26 | 1127986 |
|  |  |  |  |  | 4624419 |
|  | **TECHNOLOGY SERVICES — 1.2%** |  |  |  |  |
| 1000000 | Fidelity National Information Services, Inc. |  | 1.1500 | 03/01/26 | 990178 |
|  | **TELECOMMUNICATIONS — 3.1%** |  |  |  |  |
| 1500000 | Sprint, LLC |  | 7.6250 | 03/01/26 | 1500000 |
| 1000000 | T-Mobile USA, Inc. |  | 1.5000 | 02/15/26 | 991850 |
|  |  |  |  |  | 2491850 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 96.8% (Continued)** |  |  |  |  |
|  | **TOBACCO & CANNABIS — 1.2%** |  |  |  |  |
| 1000000 | Altria Group, Inc. |  | 2.6250 | 09/16/26 | $988001 |
|  | **TOTAL CORPORATE BONDS (Cost $77,653,911)** |  |  |  | 77794225 |
| **Shares** |  |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 3.7%** | **SHORT-TERM INVESTMENTS — 3.7%** | **SHORT-TERM INVESTMENTS — 3.7%** |  |  |
|  | **MONEY MARKET FUND - 3.7%** | **MONEY MARKET FUND - 3.7%** | **MONEY MARKET FUND - 3.7%** |  |  |
| 3012120 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.96% (Cost $3,012,120)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.96% (Cost $3,012,120)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.96% (Cost $3,012,120)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 3.96% (Cost $3,012,120)<sup>(d)</sup> | 3012120 |
|  | **TOTAL INVESTMENTS - 100.5% (Cost $80,666,031)** | **TOTAL INVESTMENTS - 100.5% (Cost $80,666,031)** | **TOTAL INVESTMENTS - 100.5% (Cost $80,666,031)** |  | $80806345 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%** |  | (429580) |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  | $80376765 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| SOFRINDX | Secured Overnight Financing Rate Index |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| US0003M | US Treasury 3 Month Bill Money Market Yield |

---

<sup>(a)</sup> Floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2025 the total market value of 144A securities is $8,227,775 or 10.2% of net assets.

<sup>(c)</sup> Variable rate security; the rate shown represents the rate on October 31, 2025.

<sup>(d)</sup> Rate disclosed is the seven-day effective yield as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Navigator Tactical**<br>**Fixed Income Fund** | **Navigator Tactical**<br>**Investment Grade**<br>**Bond Fund** | **Navigator**<br>**Tactical U.S.**<br>**Allocation Fund** | <br>**Navigator Ultra**<br>**Short Bond Fund** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities at Cost (including affiliated securities of $123,873,600, $0, $0 and $0 respectively) | $7317162348 | $1112457249 | $64998392 | $80666031 |
| &nbsp;&nbsp;&nbsp;Investments in Securities at Value (including affiliated securities of $127,675,094, $0, $0 and $0 respectively) | $7354888868 <sup>(a)</sup> | $1134184309 | $65772575 | $80806345 |
| &nbsp;&nbsp;&nbsp;Cash | 248142 |  |  | 251 |
| &nbsp;&nbsp;&nbsp;Deposits with Broker for Futures Contracts with Goldman Sachs | 54148542 | 4500859 | 3345032 |  |
| &nbsp;&nbsp;&nbsp;Deposit with Broker for Swaps with Morgan Stanley | 9570962 |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposit with Broker for Swaps with Goldman Sachs |  | 2664833 |  |  |
| &nbsp;&nbsp;&nbsp;Deposits with Broker for Option Contracts with Pershing | 547887 |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums Paid for Swap Contracts | 188983799 | 1653420 |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Swap Contracts | 46297019 | 735244 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 32086667 | 11505744 | 419128 | 574018 |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Futures Contracts | 11728938 | 134993 | 2186390 |  |
| &nbsp;&nbsp;&nbsp;Receivable for Fund Shares Sold | 5611153 | 717066 |  | 26156 |
| &nbsp;&nbsp;&nbsp;Receivable for Securities Lending Income | 7431 |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from Advisor |  |  |  | 6962 |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses and Other Assets | 98856 | 38707 |  | 5838 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 7704218264 | 1156135175 | 71723125 | 81419570 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral on Securities Loaned | 2598750 |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to Broker for Swaps with Goldman Sachs | 131201505 |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Securities Purchased | 48022800 |  | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;Payable for Fund Shares Redeemed | 12293119 | 1414662 |  | 3620 |
| &nbsp;&nbsp;&nbsp;Accrued Advisory Fees | 5054147 | 698939 | 39523 |  |
| &nbsp;&nbsp;&nbsp;Payable to Related Parties | 187378 | 96540 | 8839 | 12194 |
| &nbsp;&nbsp;&nbsp;Accrued Distribution Fees | 29059 |  |  | 8 |
| &nbsp;&nbsp;&nbsp;Accrued Expenses and Other Liabilities | 1394561 | 246862 | 27121 | 26983 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 200781319 | 2457003 | 1075483 | 1042805 |
| **Net Assets** | $7503436945 | $1153678172 | $70647642 | $80376765 |
| **Composition of Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At October 31, 2025, Net Assets consisted of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in-Capital | $8088555953 | $1223576232 | $67451615 | $79758676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated Earnings (Losses) | (585119008) | (69898060) | 3196027 | 618089 |
| **Net Assets** | $7503436945 | $1153678172 | $70647642 | $80376765 |
| **Net Asset Value Per Share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $39726150 |  |  | $47110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited shares of no par beneficial interest authorized) | 4093495 |  |  | 4477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets ÷ Shares Outstanding) and Redemption Price Per Share | $9.70 |  |  | $10.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Maximum sales charge of 3.75% and 3.75%, respectively) | $10.08 |  |  | $10.93 |
| &nbsp;&nbsp;&nbsp;**Class C Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $23603659 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited shares of no par beneficial interest authorized) | 2438989 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets ÷ Shares Outstanding), Offering and Redemption Price Per Share | $9.68 |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $7440107136 | $1153678172 | $70647642 | $80329655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited shares of no par beneficial interest authorized) | 766127056 | 129348871 | 6706149 | 7941124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets ÷ Shares Outstanding), Offering and Redemption Price Per Share | $9.71 | $8.92 | $10.53 | $10.12 |

---

<sup>(a)</sup> Includes loaned securities with a value of $2,545,200.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Navigator Tactical**<br>**Fixed Income Fund** | **Navigator Tactical**<br>**Investment Grade**<br>**Bond Fund** | **Navigator Tactical**<br>**U.S. Allocation**<br>**Fund** | <br>**Navigator Ultra**<br>**Short Bond Fund** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Income (including income on affiliated securities of $7,157,463, $0, $0 and $0, respectively) | $64408913 | $— | $69887 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Income | 299740508 | 59657777 | 2832276 | 3550006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending - net | 5194959 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 369344380 | 59657777 | 2902163 | 3550006 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Fees | 63212083 | 10622007 | 564613 | 223972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 115274 |  |  | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 252523 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Party Administrative Servicing Fees | 8603975 | 1540705 |  | 18000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent Fees | 1236533 | 563168 | 15577 | 30633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration Fees | 1209167 | 658011 | 86754 | 89374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody Fees | 556568 | 201634 | 11231 | 15065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing Expense | 271216 | 83433 | 445 | 1496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration & Filing Fees | 165498 | 63004 | 3449 | 27389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 138498 | 49270 | 32533 | 34205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Expense | 70491 | 14337 | 5867 | 3178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit Fees | 20944 | 20944 | 19944 | 19944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' Fees | 15686 | 15686 | 15696 | 14759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Fees | 15503 | 14578 | 13379 | 16840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Expenses | 158742 | 21889 | 2325 | 4583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 76042701 | 13868666 | 771813 | 499548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Expenses waived or fees reimbursed by Advisor for Affiliated Holdings | (999572) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Expenses waived or fees reimbursed/recaptured by the Advisor |  | (1248982) | (100829) | (200703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 75043129 | 12619684 | 670984 | 298845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income** | 294301251 | 47038093 | 2231179 | 3251161 |
| **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (including gain on affiliated securities of $1,753, $0, $0 and $0, respectively) | 25194933 | (72583408) | 970026 | 105982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution of Realized Gains From Affiliated Investment Companies | 4064697 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | 52065991 | (1612377) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | (183703434) | (3099238) | (455356) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Purchased | 55971 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Written | (7500) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaptions Purchased | 1600000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaptions Written | (1375000) |  |  |  |
|  | (102104342) | (77295023) | 514670 | 105982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (including net depreciation on affiliated securities of ($5181558), $0, $0 and $0, respectively) | (37414244) | 21687557 | (935941) | 51491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | 9268641 | 735244 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | 49876590 | 134993 | 1625330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaptions Purchased | 474500 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaptions Written | (39500) |  |  |  |
|  | 22165987 | 22557794 | 689389 | 51491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss) on Investments** | (79938355) | (54737229) | 1204059 | 157473 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $214362896 | $(7699136) | $3435238 | $3408634 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Navigator Tactical Fixed Income Fund** | **Navigator Tactical Fixed Income Fund** |
|  | **For the Year**<br>**Ended**<br>**October 31, 2025** | **For the Year**<br>**Ended**<br>**October 31, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $294301251 | $327976794 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (102104342) | 384471652 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 22165987 | 89755573 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 214362896 | 802204019 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2460383) | (2625725) |
| &nbsp;&nbsp;&nbsp;Class C | (1160898) | (1172188) |
| &nbsp;&nbsp;&nbsp;Class I | (429385745) | (420332497) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Distributions to Shareholders** | (433007026) | (424130410) |
| **Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 11403884 | 11588958 |
| &nbsp;&nbsp;&nbsp;Class C | 3494755 | 6542897 |
| &nbsp;&nbsp;&nbsp;Class I | 2390613946 | 2108334780 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2392570 | 2588372 |
| &nbsp;&nbsp;&nbsp;Class C | 1104111 | 1111979 |
| &nbsp;&nbsp;&nbsp;Class I | 283463150 | 285676953 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (18912871) | (16121396) |
| &nbsp;&nbsp;&nbsp;Class C | (6017811) | (5611713) |
| &nbsp;&nbsp;&nbsp;Class I | (2617629069) | (1650616804) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Shares of Beneficial Interest** | 49912665 | 743494026 |
| **Increase (Decrease) in Net Assets** | (168731465) | 1121567635 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 7672168410 | 6550600775 |
| &nbsp;&nbsp;&nbsp;End of Year | $7503436945 | $7672168410 |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1164379 | 1178429 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 245350 | 263003 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1951349) | (1639798) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (541620) | (198366) |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 355223 | 664725 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 113432 | 113152 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (620575) | (572626) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (151920) | 205251 |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 244481655 | 213993929 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 29063792 | 28998187 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (269004588) | (167681329) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 4540859 | 75310787 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Navigator Tactical Investment Grade Bond Fund** | **Navigator Tactical Investment Grade Bond Fund** |
|  | **For the Year**<br>**Ended**<br>**October 31, 2025** | **For the Year**<br>**Ended**<br>**October 31, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $47038093 | $51920362 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (77295023) | 59135286 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 22557794 | 18533 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (7699136) | 111074181 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class l | (49071174) | (52150532) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Distributions to Shareholders** | (49071174) | (52150532) |
| **Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 299593513 | 405097540 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 45815769 | 48649828 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (454215255) | (274708451) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Shares of Beneficial Interest** | (108805973) | 179038917 |
| **Increase (Decrease) in Net Assets** | (165576283) | 237962566 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 1319254455 | 1081291889 |
| &nbsp;&nbsp;&nbsp;End of Year | $1153678172 | $1319254455 |
| **SHARE ACTIVITY** |  |  |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 33385103 | 43658301 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 5149589 | 5217750 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (51000679) | (29644113) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (12465987) | 19231938 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Navigator Tactical U.S. Allocation Fund** | **Navigator Tactical U.S. Allocation Fund** |
|  | **For the Year**<br>**Ended**<br>**October 31, 2025** | **For the Year**<br>**Ended**<br>**October 31, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $2231179 | $2531120 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 514670 | 11169818 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 689389 | 2279964 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 3435238 | 15980902 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class l | (8818741) | (2602333) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Distributions to Shareholders** | (8818741) | (2602333) |
| **Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 64723 |  |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 8818741 | 2602333 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (3738) |  |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Shares of Beneficial Interest** | 8879726 | 2602333 |
| **Increase in Net Assets** | 3496223 | 15980902 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 67151419 | 51170517 |
| &nbsp;&nbsp;&nbsp;End of Year | $70647642 | $67151419 |
| **Share Activity** |  |  |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 6162 |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 845975 | 241892 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (371) |  |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 851766 | 241892 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Navigator Ultra Short Bond Fund** | **Navigator Ultra Short Bond Fund** |
|  | **For the Year**<br>**Ended**<br>**October 31, 2025** | **For the Year**<br>**Ended**<br>**October 31, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $3251161 | $3595408 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 105982 | 45429 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 51491 | 102493 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 3408634 | 3743330 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1678) | (303) |
| &nbsp;&nbsp;&nbsp;Class I | (3167470) | (3739965) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Distributions to Shareholders** | (3169148) | (3740268) |
| **Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 66588 |  |
| &nbsp;&nbsp;&nbsp;Class I | 23324351 | 11290700 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1677 | 303 |
| &nbsp;&nbsp;&nbsp;Class I | 2778131 | 3513545 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (27223) | (297) |
| &nbsp;&nbsp;&nbsp;Class I | (17040648) | (5423694) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Shares of Beneficial Interest** | 9102876 | 9380557 |
| **Increase in Net Assets** | 9342362 | 9383619 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 71034403 | 61650784 |
| &nbsp;&nbsp;&nbsp;End of Year | $80376765 | $71034403 |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 6349 |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 160 | 29 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2592) | (29) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 3917 |  |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2308800 | 1116644 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 276441 | 350359 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1687268) | (536692) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 897973 | 930311 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds** |
| **FINANCIAL HIGHLIGHTS** |

---

The table below sets forth financial data for one share of beneficial interest outstanding throughout each year presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Navigator Tactical Fixed Income Fund - Class A** | **Navigator Tactical Fixed Income Fund - Class A** | **Navigator Tactical Fixed Income Fund - Class A** | **Navigator Tactical Fixed Income Fund - Class A** | **Navigator Tactical Fixed Income Fund - Class A** |
|  | **For the**<br>**Year Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** | **For the**<br>**Year Ended**<br>**October 31, 2023** | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Year Ended**<br>**October 31, 2021** |
| **Net Asset Value, Beginning of Year** | $9.97 | $9.44 | $9.29 | $10.92 | $10.63 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.34 | 0.42 | 0.36 | 0.05 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (0.09) | 0.67 | 0.26 | (1.06) | 0.88 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.25 | 1.09 | 0.62 | (1.01) | 0.93 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.52) | (0.56) | (0.47) | (0.13) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.49) | (0.46) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.52) | (0.56) | (0.47) | (0.62) | (0.64) |
| **Net Asset Value, End of Year** | $9.70 | $9.97 | $9.44 | $9.29 | $10.92 |
| **Total Return <sup>(b)</sup>** | 2.63% | 11.73% | 6.78% | (9.79)% | 9.00% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $39726 | $46222 | $45626 | $47808 | $61196 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets,<br> before waivers/reimbursement <sup>(c)</sup> | 1.23% | 1.23% | 1.24% | 1.21% | 1.22 % <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement <sup>(c)</sup> | 1.21% | 1.21% | 1.22% | 1.20% | 1.21% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets <sup>(c)(d)</sup> | 3.50% | 4.30% | 3.71% | 0.49% | 0.42% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 44% | 34% | 250% | 197% | 157% |
|  | **Navigator Tactical Fixed Income Fund - Class C** | **Navigator Tactical Fixed Income Fund - Class C** | **Navigator Tactical Fixed Income Fund - Class C** | **Navigator Tactical Fixed Income Fund - Class C** | **Navigator Tactical Fixed Income Fund - Class C** |
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **October 31, 2025** | **October 31, 2024** | **October 31, 2023** | **October 31, 2022** | **October 31, 2021** |
| **Net Asset Value, Beginning of Year** | $9.94 | $9.41 | $9.26 | $10.91 | $10.62 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)</sup> | 0.27 | 0.35 | 0.28 | (0.02) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (0.08) | 0.67 | 0.27 | (1.07) | 0.89 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.19 | 1.02 | 0.55 | (1.09) | 0.86 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.45) | (0.49) | (0.40) | (0.07) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.49) | (0.46) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.45) | (0.49) | (0.40) | (0.56) | (0.57) |
| **Net Asset Value, End of Year** | $9.68 | $9.94 | $9.41 | $9.26 | $10.91 |
| **Total Return <sup>(b)</sup>** | 1.96% | 10.94% | 5.99% | (10.53)% | 8.25% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $23604 | $25764 | $22461 | $26309 | $30016 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets,<br> before waivers/reimbursement <sup>(c)</sup> | 1.98% | 1.98% | 1.99% | 1.96% | 1.97 % <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement <sup>(c)</sup> | 1.96% | 1.96% | 1.97% | 1.95% | 1.96% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(c)(d)</sup> | 2.79% | 3.57% | 2.96% | (0.21)% | (0.26)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 44% | 34% | 250% | 197% | 157% |

---

<sup>(a)</sup> Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the year.

<sup>(b)</sup> Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and exclude any sales charges (loads).

<sup>(c)</sup> Does not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(d)</sup> Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

<sup>(e)</sup> Ratio includes less than 0.01% of interest expense.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds** |
| **FINANCIAL HIGHLIGHTS** |

---

The table below sets forth financial data for one share of beneficial interest outstanding throughout each year presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Navigator Tactical Fixed Income Fund - Class I** | **Navigator Tactical Fixed Income Fund - Class I** | **Navigator Tactical Fixed Income Fund - Class I** | **Navigator Tactical Fixed Income Fund - Class I** | **Navigator Tactical Fixed Income Fund - Class I** |
|  | **For the**<br>**Year Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** | **For the**<br>**Year Ended**<br>**October 31, 2023** | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Year Ended**<br>**October 31, 2021** |
| **Net Asset Value, Beginning of Year** | $9.98 | $9.45 | $9.30 | $10.93 | $10.64 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.37 | 0.45 | 0.38 | 0.08 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (0.09) | 0.66 | 0.27 | (1.07) | 0.89 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.28 | 1.11 | 0.65 | (0.99) | 0.96 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.55) | (0.58) | (0.50) | (0.15) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.49) | (0.46) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.55) | (0.58) | (0.50) | (0.64) | (0.67) |
| **Net Asset Value, End of Year** | $9.71 | $9.98 | $9.45 | $9.30 | $10.93 |
| **Total Return <sup>(b)</sup>** | 2.89% | 12.00% | 7.05% | (9.55)% | 9.29% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $7440107 | $7600182 | $6482514 | $6558482 | $8427502 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets,<br> before waivers/reimbursement <sup>(c)</sup> | 0.98% | 0.98% | 0.99% | 0.96% | 0.97 % <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement <sup>(c)</sup> | 0.96% | 0.96% | 0.97% | 0.95% | 0.96% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets <sup>(c)(d)</sup> | 3.80% | 4.56% | 3.97% | 0.76% | 0.69% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 44% | 34% | 250% | 197% | 157% |

---

<sup>(a)</sup> Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the year.

<sup>(b)</sup> Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

<sup>(c)</sup> Does not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(d)</sup> Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

<sup>(e)</sup> Ratio includes less than 0.01% of the interest expenses.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds** |
| **FINANCIAL HIGHLIGHTS** |

---

The table below sets forth financial data for one share of beneficial interest outstanding throughout each year/period presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Navigator Tactical Investment Grade Bond Fund - Class I** | **Navigator Tactical Investment Grade Bond Fund - Class I** | **Navigator Tactical Investment Grade Bond Fund - Class I** | **Navigator Tactical Investment Grade Bond Fund - Class I** | **Navigator Tactical Investment Grade Bond Fund - Class I** |
|  | **For the**<br>**Year Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** | **For the**<br>**Year Ended**<br>**October 31, 2023** | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Period\***<br>**October 31, 2021** |
| **Net Asset Value, Beginning of Year/Period** | $9.30 | $8.82 | $8.94 | $9.89 | $10.00 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.34 | 0.39 | 0.36 | 0.13 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (0.36) | 0.49 | (0.15) | (0.99) | (0.12) |
| &nbsp;&nbsp;&nbsp;Total from operations | (0.02) | 0.88 | 0.21 | (0.86) | (0.10) |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.40) | (0.33) | (0.09) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.00) <sup>(g)</sup> |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.36) | (0.40) | (0.33) | (0.09) | (0.01) |
| **Net Asset Value, End of Year/Period** | $8.92 | $9.30 | $8.82 | $8.94 | $9.89 |
| **Total Return <sup>(b)</sup>** | (0.20)% | 9.99% | 2.33% | (8.75)% | (1.03)% <sup>(f)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000's) | $1153678 | $1319254 | $1081292 | $1011004 | $49463 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, <br> before waivers/reimbursement/recapture <sup>(c)</sup> | 1.11% | 1.09% | 1.08% | 1.10% | 1.52 % <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement/recapture <sup>(c)</sup> | 1.01% | 1.01% | 1.01% | 1.01% | 1.01 % <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets <sup>(c)(d)</sup> | 3.77% | 4.23% | 3.99% | 1.44% | 1.06 % <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 464% | 360% | 1368% | 1502% | 0 % <sup>(f)</sup> |

---

\* For the period August 31, 2021 (commencement of operations) to October 31, 2021.

<sup>(a)</sup> Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the year/period.

<sup>(b)</sup> Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

<sup>(c)</sup> Does not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(d)</sup> Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Per share amount represents less than $0.01 per share.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds** |
| **FINANCIAL HIGHLIGHTS** |

---

The table below sets forth financial data for one share of beneficial interest outstanding throughout each year/period presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Navigator Tactical U.S. Allocation Fund - Class I** | **Navigator Tactical U.S. Allocation Fund - Class I** | **Navigator Tactical U.S. Allocation Fund - Class I** | **Navigator Tactical U.S. Allocation Fund - Class I** | **Navigator Tactical U.S. Allocation Fund - Class I** |
|  | **For the**<br>**Year Ended**<br>**October 31, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** | **For the**<br>**Year Ended**<br>**October 31, 2023** | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Period Ended\***<br>**October 31, 2021** |
| **Net Asset Value, Beginning of Year/Period** | $11.47 | $9.12 | $8.47 | $10.85 | $10.00 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)</sup> | 0.34 | 0.44 | 0.35 | 0.02 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.20 | 2.37 | 0.61 | (1.54) | 0.88 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.54 | 2.81 | 0.96 | (1.52) | 0.85 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.35) | (0.46) | (0.31) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (1.13) |  |  | (0.85) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.48) | (0.46) | (0.31) | (0.86) |  |
| **Net Asset Value, End of Year/Period** | $10.53 | $11.47 | $9.12 | $8.47 | $10.85 |
| **Total Return <sup>(b)</sup>** | 5.07% | 31.19% | 11.36% | (15.28)% | 8.50 % <sup>(d)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000's) | $70648 | $67151 | $51171 | $45975 | $54240 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets,<br> before waivers/reimbursement <sup>(e)</sup> | 1.16% | 1.18% | 1.23% | 1.25 % <sup>(f)</sup> | 1.31 % <sup>(c)(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement <sup>(e)</sup> | 1.01% | 1.01% | 1.01% | 1.02 % <sup>(f)</sup> | 1.04 % <sup>(c)(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(e)(g)</sup> | 3.36% | 4.14% | 3.84% | 0.25 % <sup>(f)</sup> | (0.70)% <sup>(c)(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 40% | 4% | 25% | 14% | 8 % <sup>(d)</sup> |

---

\* For the period June 11, 2021 (commencement of operations) to October 31, 2021.

<sup>(a)</sup> Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the year/period.

<sup>(b)</sup> Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

<sup>(c)</sup> Annualized.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Does not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(f)</sup> Includes interest expense of 0.01% and 0.03% for the year ended October 31, 2022 and the period ended October 31, 2021, respectively.

<sup>(g)</sup> Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds** |
| **FINANCIAL HIGHLIGHTS** |

---

The table below sets forth financial data for one share of beneficial interest outstanding throughout each year presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Navigator Ultra Short Bond Fund - Class A** | **Navigator Ultra Short Bond Fund - Class A** | **Navigator Ultra Short Bond Fund - Class A** | **Navigator Ultra Short Bond Fund - Class A** | **Navigator Ultra Short Bond Fund - Class A** |
|  | <br>**For the Year Ended**<br>**October 31, 2025** | <br>**For the Year Ended**<br>**October 31, 2024** | <br>**For the Year Ended**<br>**October 31, 2023** | <br>**For the Year Ended**<br>**October 31, 2022** | **For the Year**<br>**Ended October 31,**<br>**2021** |
| **Net Asset Value, Beginning of Year** | $10.48 | $10.46 | $10.32 | $10.40 | $10.38 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.43 | 0.54 | 0.44 | 0.07 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.02 | 0.02 | 0.08 | (0.06) | 0.02 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.45 | 0.56 | 0.52 | 0.01 | 0.04 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.41) | (0.54) | (0.38) | (0.07) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.41) | (0.54) | (0.38) | (0.09) | (0.02) |
| **Net Asset Value, End of Year** | $10.52 | $10.48 | $10.46 | $10.32 | $10.40 |
| **Total Return <sup>(b)</sup>** | 4.34% | 5.50% | 5.14% | 0.07% | 0.38% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $47 | $6 | $6 | $11 | $23 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets,<br> before waivers/reimbursement <sup>(c)</sup> | 0.92% | 0.90% | 0.92% | 0.95% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement <sup>(c)</sup> | 0.65% | 0.65% | 0.65% | 0.71% | 0.80% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets <sup>(c)(d)</sup> | 4.06% | 5.16% | 4.23% | 0.71% | 0.19% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 12% | 21% | 36% | 36% | 145% |
|  | **Navigator Ultra Short Bond Fund - Class I** | **Navigator Ultra Short Bond Fund - Class I** | **Navigator Ultra Short Bond Fund - Class I** | **Navigator Ultra Short Bond Fund - Class I** | **Navigator Ultra Short Bond Fund - Class I** |
|  |  |  |  |  | **For the Year** |
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **Ended October 31,** |
|  | **October 31, 2025** | **October 31, 2024** | **October 31, 2023** | **October 31, 2022** | **2021** |
| **Net Asset Value, Beginning of Year** | $10.08 | $10.08 | $9.96 | $10.05 | $10.03 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.44 | 0.55 | 0.46 | 0.12 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.03 | 0.02 | 0.07 | (0.09) | 0.02 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.47 | 0.57 | 0.53 | 0.03 | 0.06 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.43) | (0.57) | (0.41) | (0.10) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.43) | (0.57) | (0.41) | (0.12) | (0.04) |
| **Net Asset Value, End of Year** | $10.12 | $10.08 | $10.08 | $9.96 | $10.05 |
| **Total Return <sup>(b)</sup>** | 4.76% | 5.79% | 5.39% | 0.23% | 0.63% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $80330 | $71029 | $61645 | $53954 | $53161 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, <br> before waivers/reimbursement/recapture <sup>(c)</sup> | 0.67% | 0.65% | 0.68% | 0.69% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement/recapture <sup>(c)</sup> | 0.40% | 0.40% | 0.40% | 0.45% | 0.55% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets <sup>(c)(d)</sup> | 4.35% | 5.40% | 4.62% | 1.22% | 0.41% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 12% | 21% | 36% | 36% | 145% |

---

<sup>(a)</sup> Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the year.

<sup>(b)</sup> Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and exclude any sales charges (loads).

<sup>(c)</sup> Does not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(d)</sup> Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **October 31, 2025** |

---

**1.** **ORGANIZATION** 

Navigator Tactical Fixed Income Fund ("Tactical Fund"), Navigator Tactical Investment Grade Bond Fund ("Bond Fund"), Navigator Tactical U.S. Allocation Fund ("Allocation Fund") and Navigator Ultra Short Bond Fund ("Ultra Fund") (each a "Fund" and collectively, the "Funds") are series of shares of beneficial interest of the Northern Lights Fund Trust (the "Trust"), a Delaware statutory trust organized on January 19, 2005. The Funds are each a diversified series of the Trust. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

Tactical Fund offers three classes of shares designated as Class A, Class C and Class I, Ultra Fund offers only Class A and Class I shares and Bond Fund and Allocation Fund offer only Class I shares. Class A shares are offered at net asset value ("NAV") plus a maximum sales charge of 3.75% for the Tactical Fund and Ultra Fund. Class C and Class I shares are offered at NAV. Each class represents an interest in the same assets of the Funds and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. The Funds' income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class. The primary investment objective of the Tactical Fund, which commenced operations on March 27, 2014, is to seek total return with a secondary goal of current income. The primary investment objective of the Bond Fund, which commenced operations on August 31, 2021, is to seek total return with a secondary goal of current income. The primary investment objective of the Allocation Fund, which commenced operations on June 11, 2021, is to seek long-term capital appreciation. The primary investment objective of the Ultra Fund, which commenced operations on March 21, 2019, is current income consistent with the preservation of capital.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

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

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

*Securities Valuation –* Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Futures and future options are valued at the final settled price or, in the absence of a settled price, at the last sale price on the day of valuation. Options contracts listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the day of valuation. Option contracts not listed on a securities exchange or board of trade for which over-the-counter market

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

quotations are readily available shall be valued at the mean between the current bid and ask prices on the day of valuation. Index options shall be valued at the mean between the current bid and ask prices on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust's Board of Trustees (the "Board") based on methods that include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". The Funds may fair value a particular bond if the advisor does not believe that the round lot value provided by the independent pricing service reflects fair value of the Funds' holding. Short-term debt obligations, having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at NAV. Swaps are valued through an independent pricing service or at fair value based upon the daily price reporting based on the underlying index or asset.

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

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

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

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

**Level 1** – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of October 31, 2025 for the Funds' assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tactical Fund**<br>**Assets\*\*** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Exchange Traded Fund | $646400000 | $— | $— | $646400000 |
| Open-End Funds | 127675094 |  |  | 127675094 |
| Corporate Bonds |  | 3532384893 |  | 3532384893 |
| U.S. Government & Agencies |  | 2494191720 |  | 2494191720 |
| Short-Term Investments | 551638411 |  |  | 551638411 |
| Collateral for Securities Loaned | 2598750 |  |  | 2598750 |
| Total | $1328312255 | $6026576613 | $— | $7354888868 |
| **Derivatives:** |  |  |  |  |
| Futures Contracts\* | $11728938 | $— | $— | $11728938 |
| Open Swap Contracts^ |  | 46297019 |  | 46297019 |
| Total | $11728938 | $46297019 | $— | $58025957 |
| **Bond Fund** |  |  |  |  |
| **Assets\*\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds | $— | $911064631 | $— | $911064631 |
| Short-Term Investments | 223119678 |  |  | 223119678 |
| Total | $223119678 | $911064631 | $— | $1134184309 |
| **Derivatives** |  |  |  |  |
| Futures Contracts \* | $134993 | $— | $— | $134993 |
| Open Swap Contract ^ |  | 735244 |  | 735244 |
| Total | $134993 | $735244 | $— | $870237 |

---

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Allocation Fund**<br>**Assets\*\*** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Exchange-Traded Fund | $3950352 | $— | $— | $3950352 |
| Corporate Bonds |  | 53258871 |  | 53258871 |
| Short-Term Investments | 8563352 |  |  | 8563352 |
| Total | $12513704 | $53258871 | $— | $65772575 |
| **Derivatives:** |  |  |  |  |
| Futures Contracts\* | $2186390 | $— | $— | $2186390 |
| Total | $2186390 | $— | $— | $2186390 |
| **Ultra Fund** |  |  |  |  |
| **Assets\*\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds | $— | $77794225 | $— | $77794225 |
| Short-Term Investments | 3012120 |  |  | 3012120 |
| Total | $3012120 | $77794225 | $— | $80806345 |

---

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

\* Includes cumulative unrealized gain (loss) on futures contracts open at October 31, 2025.

\*\* Refer to the Schedule of Investments for industry, geographic, or other classifications.

---

| | |
|:---|:---|
| ^ | The amounts shown for swaps are unrealized appreciation (depreciation) at October 31, 2025. |

---

*Valuation of Fund of Funds -* The Funds may invest in portfolios of open-end or closed-end investment companies (the "underlying funds"). Underlying funds that are open-end investment companies are valued at their respective NAVs as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the boards of the underlying funds. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the NAV per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change.

*Security Transactions and Investment Income* – Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the highest cost method for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Purchase discounts and premiums on securities are accreted and amortized over the life of the respective securities.

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

*Short Sales –* A "short sale" is a transaction in which a Fund sells a security it does not own but has borrowed in anticipation that the market price of that security will decline. A Fund is obligated to replace the security borrowed by purchasing it on the open market at a later date. If the price of the security sold short increases between the time of the short sale and the time a Fund replaces the borrowed security, the Fund will incur a loss which could potentially be unlimited in size. Conversely, if the price declines, a Fund will realize a gain, limited to the price at which the Fund sold the security short.

*Swap Agreements* – The Funds are subject to equity price risk and/or interest rate risk in the normal course of pursuing their respective investment objectives. The Funds may hold fixed-rate bonds, the value of which may decrease if interest rates rise, and equities which are subject to equity price risk. The Funds may enter into various swap transactions for investment purposes or to manage interest rate, equity, foreign exchange (currency) or credit risk. These would be two-

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments.

*Credit Default Swaptions –* Credit default swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific referenced investment by entering into a pre-defined swap agreement by some specified date in the future.

*Credit Default Swaps* - Credit default swaps ("CDS") are typically two-party (bilateral) financial contracts that transfer credit exposure between the two parties. One party to a CDS (referred to as the credit protection "buyer") receives credit protection or sheds credit risk, whereas the other party to a CDS (referred to as the credit protection "seller") is selling credit protection or taking on credit risk. The seller typically receives pre-determined periodic payments from the other party. These payments are in consideration for agreeing to make compensating specific payments to the buyer should a negative credit event occur, such as (1) bankruptcy or (2) failure to pay interest or principal on a reference debt instrument, with respect to a specified issuer or one of the reference issuers in a CDS portfolio. In general, CDS may be used by the Funds to obtain credit risk exposure similar to that of a direct investment in high yield bonds. The amounts to be exchanged or "swapped" between parties are calculated with respect to the notional amount. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as premiums paid for swap contacts. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statements of Operations. The maximum pay-outs for these contracts are limited to the notional amount of each swap. CDS may involve greater risks than if the Funds had invested in the referenced obligation directly and are subject to general market risk, liquidity risk, counterparty risk and credit risk.

*Futures –* The Tactical Fund and Allocation Fund are subject to interest rate risk in the normal course of pursuing their investment objectives. To help manage equity risk, the Tactical Fund and Allocation Fund may enter into futures contracts. Upon entering into a futures contract with a broker, the Tactical Fund and Allocation Fund are required to deposit in a segregated account a specified amount of cash or U.S. government securities which are classified as deposits with broker in the accompanying Statements of Assets and Liabilities. Futures contracts are valued daily and unrealized gains or losses are recorded in a "variation margin" account. Periodically, the Tactical Fund and Allocation Fund will receive from or pay to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Tactical Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. With futures contracts, there is minimal counterparty credit risk to the Tactical Fund and Allocation Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Futures contracts outstanding at period end are listed after the Tactical Fund's and Allocation Fund's Schedules of Investments.

*Option Transactions –* The Funds are subject to equity price and interest rate risk in the normal course of pursuing their investment objective and may purchase or sell options to help hedge against risk. When a Fund writes put and call options, an amount equal to the premium received is included in the Statements of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Funds enter into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As the writer of an option, the Funds have no control over whether the option will be exercised and, as a result, retain the market risk of an unfavorable change in the price of the security underlying the written option.

The Funds may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in the Funds' portfolios or to gain inverse exposure to market index. If such a decline occurs, the put options will permit the Funds to sell the securities underlying such options at the exercise price, or to close out the

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

options at a profit. Call options are purchased to allow the Funds to enter a futures contract or purchase an exchange-traded note at a specified price. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by a Fund upon exercise of the option, and, unless the price of the underlying security, index, or future rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security, index, or future in connection with which an option was purchased moves in a direction favorable to a Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Funds since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

The notional value of the derivative instruments outstanding as of October 31, 2025, as disclosed in the Schedule of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the year/period as disclosed below and within the Statements of Operations serve as indicators of the volume of derivative activity for the Funds.

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

*Federal Income Taxes* – The Funds intend to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to their shareholders. Therefore, no provision for Federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended October 31, 2022 to October 31, 2024, or expected to be taken in the Funds' October 31, 2025 year-end tax returns. The Funds have identified their major tax jurisdictions as U.S. federal, and foreign jurisdictions where the Funds make significant investments. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

*Distributions to Shareholders* – Dividends from investment income are declared and paid quarterly for the Funds and are recorded on the ex-dividend date. The Funds will declare and pay net realized capital gains, if any, annually. The character of income and gains to be distributed is determined in accordance with income tax regulations which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their Federal tax-basis treatment; temporary differences do not require reclassification. These reclassifications have no effect on net assets, results from operations or NAV per share of the Funds.

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

**3.** **RISKS** 

*ETF, Mutual Fund and Exchange Traded Note ("ETN") Risk **-*** ETFs, mutual funds and ETNs are subject to investment advisory or management and other expenses, which will be indirectly paid by each Fund. Each is subject to specific risks, depending on investment strategy. Also, each may be subject to leverage risk, which will magnify losses. ETNs are subject to default risks.

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

*Market Risk* - Overall market risks may also affect the value of the Funds. The market values of securities or other investments owned by a Fund will go up or down, sometimes rapidly or unpredictably. Factors such as economic growth and market conditions, interest rate levels, exchange rates and political events affect the securities markets. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. Unexpected local, regional or global events and their aftermath, such as war; acts of terrorism; tariffs and trade wars; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; recessions and depressions; or other tragedies, catastrophes and events could have a significant impact on the Funds and its investments and could result in increased premiums or discounts to the Funds' net asset value, and may impair market liquidity, thereby increasing liquidity risk. Such events can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. The Funds could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. In times of severe market disruptions, you could lose your entire investment.

**4.** **DERIVATIVES** 

*Offsetting of Financial Assets and Derivative Assets and Liabilities –* International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") govern OTC financial derivative transactions entered into by the Tactical Fund, Allocation Fund and Bond Fund and their counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreements. Any election to early terminate could be material to the financial statements. Additionally, the Tactical Fund and each derivative counterparty enter into a Credit Support Annex which becomes part of the ISDA Master Agreement. The Credit Support Annex governs the margin collateral arrangements between the Tactical Fund and the derivative counterparty.

Under an ISDA Master Agreement or similar agreement, the Funds typically may offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by a counterparty, the return of collateral with market value in excess of the Funds net liability, held by the defaulting party, may be delayed or denied.

The Funds' policy is to recognize a net asset or liability equal to the gross appreciation (depreciation) of the derivative. The following tables show additional information regarding derivatives and the offsetting of assets and liabilities at October 31, 2025.

**Tactical Fund:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | Gross Amounts Not Offset in the Statements | Gross Amounts Not Offset in the Statements | |
| <u>Assets:</u> |  |  |  |  | of Assets & Liabilities | of Assets & Liabilities |  |
|  |  |  | Gross |  |  |  |  |
|  |  |  | Amounts |  |  |  |  |
|  |  |  | Offset in the | Net Amounts |  |  |  |
|  |  |  | Statements of | Presented in the |  | Cash Collateral |  |
|  | Counter | Gross Amounts of | Assets & | Statements of | Financial Instruments | Pledged/ |  |
| <u>Description</u> | party | Recognized Assets | Liabilities | Assets & Liabilities | Pledged <sup>(1)</sup> | (Received)<sup>(2)</sup> | Net Amount |
| Futures Contracts | GS | $11728938 | $— | $11728938 | $— | $— | $11728938 |
| Swap Contracts | GS | 42745609 |  | 42745609 |  |  | 42745609 |
| Swap Contracts | MS | 3551410 |  | 3551410 |  |  | 3551410 |
| Total |  | $58025957 | $— | $58025957 | $— | $— | $58025957 |

---

GS - Goldman Sachs

MS - Morgan Stanley

<sup>(1)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to a master netting agreement.

<sup>(2)</sup> The amount does not include excess collateral pledged to or by the counterparty. Detailed collateral amounts are presented in the Statements of Assets and Liabilities.

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

**Tactical Fund:**

The effect of Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;&nbsp;**Liability Derivatives** |
| <br>&nbsp;&nbsp;&nbsp;**Contract Type/**<br>&nbsp;&nbsp;&nbsp;**Primary Risk Exposure** | <br>**Balance Sheet Location** | <br>**Value** | <br>**Balance Sheet Location** | <br>**Value** |
| Futures contracts / Equity risk | Unrealized Appreciation on Futures Contracts | $8988163 | Unrealized Depreciation on Futures Contracts | $— |
| Futures contracts / Interest rate risk | Unrealized Appreciation on Futures Contracts | 2740775 | Unrealized Depreciation on Futures Contracts |  |
| Credit default swaps/Credit risk | Unrealized Appreciation on Swap Contracts | 46297019 | Unrealized Depreciation on Swap Contracts |  |
|  |  | $58025957 |  | $— |

---

The effect of Derivative Instruments on the Statements of Operations for the year ended October 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  |  | | Change in Unrealized |
|  |  | Realized | Appreciation |
| Contract Type/ | Location of Gain or (Loss) On | Gain (Loss) | /(Depreciation) |
| Primary Risk Exposure | Derivatives | on Derivatives | on Derivatives |
| Credit default swaps/Credit risk | Net realized gain (loss) on swaps contracts/Net change in unrealized appreciation (depreciation) on swaps contracts | $66758191 | $7784862 |
| Total return swaps/interest rate risk | Net realized gain (loss) on swaps contracts/Net change in unrealized appreciation (depreciation) on swaps contracts | (14692200) | 1483779 |
| Futures contracts / Interest rate risk | Net realized gain (loss) on futures contracts/Net change in unrealized appreciation (depreciation) on futures contracts | (196249133) | 42469062 |
| Futures contracts / Equity risk | Net realized gain (loss) on futures contracts/Net change in unrealized appreciation (depreciation) on futures contracts | 12545699 | 7407528 |
| Options Purchased / Interest rate risk | Net realized gain (loss) on options purchased/Net change in unrealized appreciation (depreciation) on options purchased | 55971 |  |
| Options Written / Interest rate risk | Net realized gain (loss) on options written / Net change unrealized appreciation/(depreciation) on options written | (7500) |  |
| Swaptions Purchased / Credit risk | Net realized gain (loss) on swaptions purchased/Net change in unrealized appreciation (depreciation) on swaptions purchased | 1600000 | 474500 |
| Swaptions Written / Credit risk | Net realized gain (loss) on swaptions written / Net change unrealized appreciation/(depreciation) on swaptions written | (1375000) | (39500) |
| Total |  | $(131363972) | $59580231 |

---

**Bond Fund:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | Gross Amounts Not Offset in the Statements | Gross Amounts Not Offset in the Statements | |
| <u>Assets:</u> |  |  |  |  | of Assets & Liabilities | of Assets & Liabilities |  |
|  |  |  | Gross |  |  |  |  |
|  |  |  | Amounts |  |  |  |  |
|  |  |  | Offset in the | Net Amounts |  |  |  |
|  |  |  | Statements of | Presented in the |  | Cash Collateral |  |
|  | Counter | Gross Amounts of | Assets & | Statements of | Financial Instruments | Pledged/ |  |
| <u>Description</u> | party | Recognized Assets | Liabilities | Assets & Liabilities | Pledged <sup>(1)</sup> | (Received)<sup>(2)</sup> | Net Amount |
| Futures Contracts | GS | $134993 | $— | $134993 | $— | $— | $134993 |
| Swap Contracts | GS | 735244 |  | 735244 |  |  | 735244 |
| Total |  | $870237 | $— | $870237 | $— | $— | $870237 |

---

GS - Goldman Sachs

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

**Bond Fund:**

<sup>(1)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to a master netting agreement.

<sup>(2)</sup> The amount does not include excess collateral pledged to or by the counterparty. Detailed collateral amounts are presented in the Statements of Assets and Liabilities.

The effect of Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Contract Type/**<br>**Primary Risk Exposure** | <br>**Balance Sheet Location** |<br>**Value** | <br>**Balance Sheet Location** |<br>**Value** |
| Futures contracts / Interest rate risk | Unrealized Appreciation on Futures Contracts | $134993 | Unrealized Depreciation on Futures Contracts | $— |
| Credit default swaps/Credit risk | Unrealized Appreciation on Swap Contracts | 735244 | Unrealized Depreciation on Swap Contracts |  |
|  |  | $870237 |  | $— |

---

The effect of Derivative Instruments on the Statements of Operations for the year ended October 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contract Type/Primary Risk**<br>**Exposure** | <br>**Location of Gain or (Loss) on Derivatives** |<br>**Realized Loss on**<br>**Derivatives** | **Change in Unrealized**<br>**Appreciation**<br>**(Depreciation) on**<br>**Derivatives** |
| Credit default swaps/Credit risk | Net realized gain (loss) on swaps contracts/Net change in unrealized appreciation (depreciation) on swaps contracts | $(1612377) | $735244 |
| Futures contracts /Interest rate risk | Net realized gain (loss) on futures contracts/Net change in unrealized appreciation (depreciation) on futures contracts | (3099238) | 134993 |
| Total |  | $(4711615) | $870237 |

---

**Allocation Fund:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
| <u>Assets:</u> |  |  |  |  | Statements of Assets & Liabilities | Statements of Assets & Liabilities |  |
|  |  |  | Gross |  |  |  |  |
|  |  |  | Amounts |  |  |  |  |
|  |  |  | Offset in the | Net Amounts |  |  |  |
|  |  |  | Statements of | Presented in the | Financial | Cash Collateral |  |
|  | Counter | Gross Amounts of | Assets & | Statements of | Instruments | Pledged/ |  |
| <u>Description</u> | party | Recognized Assets | Liabilities | Assets & Liabilities | Pledged <sup>(1)</sup> | (Received)<sup>(2)</sup> | Net Amount |
| Futures Contracts | GS | $2186390 | $— | $2186390 | $— | $— | $2186390 |
| Total |  | $2186390 | $— | $2186390 | $— | $— | $2186390 |

---

GS - Goldman Sachs

<sup>(1)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to a master netting agreement.

<sup>(2)</sup> The amount does not include excess collateral pledged to or by the counterparty. Detailed collateral amounts are presented in the Statements of Assets and Liabilities.

The effect of Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Contract Type/**<br>**Primary Risk Exposure** | <br>**Balance Sheet Location** |<br>**Value** | <br>**Balance Sheet Location** |<br>**Value** |
| Futures contracts / Equity risk | Unrealized Appreciation on Futures Contracts | $2186390 | Unrealized Depreciation on Futures Contracts | $— |
|  |  | $2186390 |  | $— |

---

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

**Allocation Fund:**

The effect of Derivative Instruments on the Statements of Operations for the year ended October 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contract Type/Primary Risk**<br>**Exposure** | <br>**Location of Gain or (Loss) on Derivatives** |<br>**Realized Gain (Loss) on**<br>**Derivatives** | **Change in Unrealized**<br>**Appreciation on**<br>**Derivatives** |
| Futures contracts /Equity risk | Net realized gain (loss) on futures contracts/Net change in unrealized appreciation (depreciation) on futures contracts | $936549 | $1625330 |
| Futures contracts /Interest risk | Net realized gain (loss) on futures contracts/Net change in unrealized appreciation (depreciation) on futures contracts | (1391905) |  |
| Total |  | $(455356) | $1625330 |

---

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

Clark Capital Management Group, Inc. serves as the Funds' investment advisor (the "Advisor").

Pursuant to the investment advisory agreement (the "Advisory Agreement") with the Trust on behalf of the Funds, the Advisor, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. Under the terms of the Advisory Agreement, the Advisor receives monthly fees calculated daily and paid monthly at an annual rate of 0.85% of the average daily net assets of the Tactical Fund, Bond Fund and Allocation Fund up to $4.5 billion, 0.80% of the average daily net assets of the Tactical Fund, Bond Fund and Allocation Fund from $4.5 billion to $5.5 billion and 0.75% of the average daily net assets of the Tactical Fund, Bond Fund and Allocation Fund above $5.5 billion and 0.30% of the average daily net assets of the Ultra Fund. For the year ended October 31, 2025, the Advisor earned advisory fees of $63,212,083, $10,622,007, $564,613 and $223,972 for the Tactical Fund, Bond Fund, Allocation Fund and Ultra Fund, respectively.

Pursuant to an exemptive order, the Tactical Fund invested a portion of its assets in the Allocation Fund and Ultra Fund. The Advisor has agreed to waive its net advisory fee (after expense limitation agreement waiver) on the portion of the Tactical Fund's assets that are invested in the Bond Fund, Allocation Fund and Ultra Fund. For the year ended October 31, 2025, the Tactical Fund waived $999,572 in advisory fees pursuant to this agreement.

The Advisor has contractually agreed to waive all or part of its management fees and/or make payments to limit the Funds' expenses (exclusive of any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); borrowing costs (such as interest and dividend expense on securities sold short); taxes; expenses incurred in connection with any merger or reorganization; and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Advisor))) at least until the expiration dates specified below and will not exceed the following levels of the average daily net assets attributable to each class of shares:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class I** | **Expiration Date** |
| Bond Fund |  | 1.01% | 2/28/2026 |
| Allocation Fund |  | 1.01% | 2/28/2026 |
| Ultra Fund | 0.65% | 0.40% | 2/28/2026 |

---

Waivers and expense payments may be recouped by the Advisor from the Funds, to the extent that overall expenses fall below the expense limitation amounts listed above, within three years of when the amounts were waived. During the year ended October 31, 2025, the Advisor waived $1,248,982, $100,829 and $200,703 in fees from the Bond Fund, Allocation Fund and Ultra Fund, respectively.

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

The following table shows the remaining waived expenses subject to potential recovery which expire in:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **October 31, 2026** | **October 31, 2027** | **October 31, 2028** | **Total** |
| Bond Fund | $774444 | $989596 | $1248982 | $3013022 |
| Allocation Fund | 111067 | 105755 | 100829 | 317651 |
| Ultra Fund | 161276 | 165873 | 200703 | 527852 |

---

*Distributor –* The distributor of the Funds is Northern Lights Distributors, LLC (the "Distributor"). The Trust has adopted, on behalf of the Funds, the Trust's Master Distribution and Shareholder Servicing Plans (the "Plans") for Class A and Class C shares, respectively, pursuant to Rule 12b-1 under the 1940 Act, to pay for certain distribution activities and shareholder services. Under the Plans, the Funds may pay 0.25% per year of the average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares for such distribution and shareholder service activities. For the year ended October 31, 2025, the Tactical Fund incurred distribution fees of $115,274 and $252,523 for Class A shares and Class C shares, respectively, and the Ultra Fund incurred distribution fees of $110 for Class A shares.

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. For the year ended October 31, 2025, the Distributor received $28,364 in underwriting commissions for sales of Class A shares, of which $6,280 was retained by the principal underwriter or other affiliated broker-dealers.

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

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

Northern Lights Compliance Services, LLC ("NLCS") - NLCS, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Funds.

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

**6.** **INVESTMENT TRANSACTIONS** 

The cost of purchases and the proceeds from the sale of securities, other than short-term securities and U.S. Government securities, for the year ended October 31, 2025, amounted to $6,124,712,328 and $2,261,787,832, respectively, for the Tactical Fund, $4,139,319,213 and $3,167,436,224, respectively, for the Bond Fund, $88,214,222 and $22,154,915, respectively, for the Allocation Fund, and $110,886,685 and $8,672,382, respectively, for the Ultra Fund.

The cost of purchases and the proceeds from the sale of U.S. Government securities, for the year ended October 31, 2025, amounted to $6,283,249,715 and $150,744,141, respectively, for the Tactical Fund, $1,061,218,350 and $,1,044,814,453, respectively, for the Bond Fund and $6,563,652 and $7,574,357, respectively, for the Allocation Fund.

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

**7.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The identified cost of investments in securities owned by each Fund for federal income tax purposes including options and swaps, and its respective gross unrealized appreciation and depreciation at October 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>Tax Cost |<br>Gross Unrealized<br>Appreciation |<br>Gross Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| Tactical Fund | $7510763183 | $84620510 | $(5214007) | $79406503 |
| Bond Fund | 1128023287 | 22026274 | (13476588) | 8549686 |
| Allocation Fund | 64998392 | 777553 | (3370) | 774183 |
| Ultra Fund | 80666031 | 144842 | (4528) | 140314 |

---

**8.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of distributions paid during the years ended October 31, 2025, and October 31, 2024 was as follows:

***For the year ended October 31, 2025:***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| Tactical Fund | $433007026 | $— | $— | $433007026 |
| Bond Fund | 49071174 |  |  | 49071174 |
| Allocation Fund | 4754043 | 4064698 |  | 8818741 |
| Ultra Fund | 3169148 |  |  | 3169148 |

---

***For the year ended October 31, 2024:***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| Tactical Fund | $424130410 | $— | $— | $424130410 |
| Bond Fund | 52150532 |  |  | 52150532 |
| Allocation Fund | 2602333 |  |  | 2602333 |
| Ultra Fund | 3740268 |  |  | 3740268 |

---

As of October 31, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Tactical Fund | $45340161 | $— | $— | $(709865672) | $79406503 | $(585119008) |
| Bond Fund | 6485926 |  |  | (84933672) | 8549686 | (69898060) |
| Allocation Fund | 819379 | 1602465 |  |  | 774183 | 3196027 |
| Ultra Fund | 471055 | 6720 |  |  | 140314 | 618089 |

---

The difference between book basis and tax basis unrealized appreciation/(depreciation) and accumulated net realized gain/(loss) from investments is primarily attributable to the tax deferral of losses on wash sales, and mark-to-market on open futures contracts and swaps.

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

At October 31, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carry forwards utilized, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Short-Term** |<br>**Long-Term** |<br>**Total** | **Capital Loss**<br>**Carry Forward**<br>**Utilized** |
| Tactical Fund | $594482658 | $115383014 | $709865672 | $— |
| Bond Fund | 80648202 | 4285470 | 84933672 \* |  |
| Allocation Fund |  |  |  |  |
| Ultra Fund |  |  |  | 49538 |

---

\* The Navigator Tactical Investment Grade Bond Fund experienced a shareholder change in ownership resulting in an annual limitation on the amount of pre-change capital loss carry forwards available to be recognized in each year. Due to IRC Section 382 limitations, utilization of these carry forwards is limited to a maximum of $221,608 in its final year. The Fund has no limited capital loss remaining as of October 31, 2025.

**9.** **SECURITIES LENDING** 

The Funds have entered into a securities lending arrangement (the "Agreement") with The Bank of New York Mellon (the "Lending Agent"). Under the terms of the Agreement, the Funds are authorized to loan securities to the Lending Agent. In exchange, the Funds receive cash and "non-cash" or "securities" collateral in the amount of at least 102% of the value of the securities loaned. The value of securities loaned is disclosed in a footnote on the Statements of Assets and Liabilities and on the Schedule of Investments. Securities lending income is disclosed in the Statements of Operations. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the Lending Agent fails to return the securities on loan. The Funds' cash collateral received in securities lending transactions is invested in the Goldman Sachs Financial Square Government Fund, as presented below. The Lending Agent retains the right to offset amounts payable to the Funds under the Agreement against amounts payable by the Lending Agent. Accordingly, the Agreement does not permit the Funds to enforce a netting arrangement.

As of October 31, 2025, the Tactical Fund loaned securities which was collateralized by cash and other securities. The value of the securities on loan and the value of the related collateral was as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Value of Securities Loaned** | **Value of Collateral\*** |
| Tactical Fund | $2545200 | $2598750 |

---

\* The Tactical Fund received cash collateral of $2,598,750 which was subsequently invested in the Morgan Stanley Institutional Liquidity Funds Government Portfolio as reported in the Schedule of Investments.

---

| | |
|:---|:---|
| **<u>Securities Lending Transactions</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Overnight and Continuous** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tactical Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class | $2598750 |

---

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **October 31, 2025** |

---

**10.** **INVESTMENTS IN AFFILIATED COMPANIES** 

An affiliated company is a company in which a Fund has ownership of at least 5% of the voting securities or are affiliated through common management. Companies which are affiliates of the Tactical Fund as of October 31, 2025, are noted in the Schedule of Investments. Transactions during the year ended October 31, 2025, with affiliated companies were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Tactical Fund** | **Tactical Fund** | **Tactical Fund** | **Tactical Fund** | **Tactical Fund** | **Tactical Fund** | **Tactical Fund** | **Tactical Fund** | **Tactical Fund** |
|  | **Value -** | | | | **Change in** | | | |
|  | **Beginning of** | | | **Realized Gain /** | **Unrealized Gain /** | **Dividend** | | |
| **Affiliated Holding** | **Year** | **Purchases** | **Sales Proceeds** | **(Loss)** | **(Loss)** | **Income** | **Value - End of Year** | **Ending Shares** |
| Ultra Fund | $55482977 | $2404765 | $(1000000) | $1753 | $232265 | $2404764 | $57121760 | 5644443 |
| Allocation Fund | 67149761 | 8817396 |  |  | (5413823) | 4752699 | 70553334 | 6700222 |
|  | $122632738 | $11222161 | $(1000000) | $1753 | $(5181558) | $7157463 | $127675094 | 12344665 |

---

**11.** **BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund under section 2(a)(9) of the 1940 Act. As of October 31, 2025, National Financial Services LLC accounts holding Shares for the benefit of others, holding approximately 59% and 43% of the voting securities of the Tactical Fund and Bond Fund, respectively. As of October 31, 2025, Mac & Co. held approximately 71% and 100% of the voting securities of the Ultra Fund and Allocation Fund, respectively. As of October 31, 2025, Pershing LLC held approximately 29% of the voting securities of the Bond Fund.

**12.** **NEW ACCOUNTING PRONOUNCEMENT** 

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

**13.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

![(LOGO)](na002_v1.jpg)

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

To the Shareholders of Navigator Funds and

Board of Trustees of Northern Lights Fund Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Navigator Funds, comprising the Navigator Tactical Fixed Income Fund, Navigator Tactical Investment Grade Bond Fund, Navigator Tactical U.S. Allocation Fund, and Navigator Ultra Short Bond Fund (the "Funds"), each a series of the Northern Lights Fund Trust, as of October 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the years ended October 31, 2022, and prior, were audited by other auditors whose report dated December 28, 2022, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2023.

![(SIGNATURE)](na003_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

December 26, 2025

---

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

---

**How to Obtain Proxy Voting Information**

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-877-766-2264, by visiting the Funds' website at <u>www.navigatorfunds.com</u>, or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

---

| |
|:---|
| **Navigator Funds** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **October 31, 2025** |

---

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

Refer to the Statements of Operations included herein.

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

Clark Capital Management Group, Inc. Adviser to Navigator Tactical Fixed Income Fund ("Navigator Fixed"), Navigator Tactical U.S. Allocation Fund ("Navigator Allocation"), Navigator Tactical Investment Grade Bond Fund ("Navigator Bond"), and Navigator Ultra Short Bond Fund ("Navigator Ultra")\*

In connection with the regular meeting held on June 25-26, 2025 of the Board of Trustees (the "Trustees" or the "Board") of the Northern Lights Fund Trust (the "Trust"), including a majority of the Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of the investment advisory agreement (the "Advisory Agreement") between Clark Capital Management Group, Inc. ("Clark Capital") and the Trust, with respect to the Navigator Bond, Navigator Fixed, Navigator Allocation and Navigator Ultra collectively referred to as (the "Funds"). In considering the renewal of the Advisory Agreement, the Board received materials specifically relating to the Advisory Agreement.

The Trustees were assisted by independent legal counsel throughout the Advisory Agreement review process. The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreement.

<u>Nature, Extent & Quality of Services</u>. The Trustees observed that Clark Capital was founded in 1986 and with approximately $40.8 billion in assets under management ("AUM"). They noted that Clark Capital provides asset management services with strategies directly or through model portfolios, partnering with financial advisers to create personalized investment plans aligned to their clients' financial goal. The Trustees reviewed the education and financial industry experience of the investment personnel that would be responsible for the advisory services provided to the Funds. The Trustees noted that the portfolio management team provides on-going research, ETF and mutual fund analysis, technical analysis, credit analysis, individual equity analysis, risk oversight, makes investment selections for each Fund. The Trustees acknowledged that Clark Capital monitors and reviews new content for the Funds' website prior

---

| |
|:---|
| **Navigator Funds** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **October 31, 2025** |

---

to posting to ensure it meets their standards and requirements and confirms the website is up to date and accurate. The Trustees noted Clark Capital reported no cybersecurity incidents over the past year and made improvements that enhanced cybersecurity defense with real-time threat detection and automated remediation, plus new software to enhance phishing detection, email security, and data leak prevention. The Trustees further noted that Clark Capital does not utilize artificial intelligence in its investment process. The Trustees acknowledged that Clark Capital had an SEC examination in May 2024 that identified two non-Fund related items. The Trustees observed that Clark Capital revised its policies and procedures and provided compliance training to the personnel involved, otherwise, there were no other material compliance or litigation issues that would affect Clark Capital's ability to perform its duties. The Trustees noted that the Adviser's philosophy of adding value to their investment process is supported by a robust operation, experienced investment professionals, and abundant resources. The Trustees concluded that Clark Capital should continue providing high level of quality services to the Funds and their shareholders

<u>Performance</u>.

*Navigator Ultra Short Term Bond Fund.* The Trustees noted that the Fund has approximately $71 million in AUM, with an increase of approximately $4 million from the prior year. The Trustees further noted that the Fund had a four-star fund rating by Morningstar. The Trustees acknowledged the Fund had twelve month rolling returns in the top two quartiles 55% of time and had a twelve month yield 5.08%. The Trustees noted the Fund had strong Sharpe and Sortino ratios. The Trustees concluded that Clark Capital should continue to be retained as the adviser for the Fund.

*Navigator Tactical Investment Grade Bond.* The Trustees noted that Fund has approximately $1.3 billion in AUM, with an increase of approximately $100 million from the prior year. The Trustees further noted the Fund had twelve months rolling in top two quartiles 35% of time and has not performed well compared to Broadridge generated peer group or category median, but slightly outperformed its benchmark since inception. The Trustees acknowledged that the Fund had a twelve month yield of 3.99% The Trustees noted the Fund had strong Sharpe and Sortino ratios. The Trustees concluded that Clark Capital should continue to be retained as the adviser for the Fund, but should return in six months for the Board to review the Fund's performance and see if it had improved.

*Navigator Tactical Fixed Income Fund.* The Trustees noted that the Fund has approximately $8 billion in AUM, with an increase of approximately $800 million from the prior year. The Trustees considered that the Fund had a four-star fund rating by Morningstar with a twelve month yield of 6.15%. The Trustees acknowledged that the Fund has strong Sortino ratio. The Trustees noted the Fund has met its objective overtime by achieving a total return of 4.5%. The Trustees concluded that Clark Capital should continue to be retained as the adviser for the Fund.

*Navigator Tactical US Allocation.* The Trustees noted that the Fund has approximately $66 million in AUM, with an increase of approximately $4 million from the prior year. They further noted that the Fund had a five-star fund rating by Morningstar. The Trustees acknowledged that the Fund had 12-month rolling performance in the top two quartiles 76% of time with total return of 7.29% since inception. The Trustees noted that the Fund had strong Sharpe and Sortino ratios. The Trustees concluded that Clark Capital should continue to be retained as the adviser for the Fund.

---

| |
|:---|
| **Navigator Funds** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **October 31, 2025** |

---

<u>Fees and Expenses</u>.

*Navigator Ultra Short Term Bond Fund*. The Trustees noted that the advisory fee of 0.30% ranked in the 77<sup>th</sup> percentile in the Broadridge generated peer group. The Trustees concluded that the Fund's advisory fee was not unreasonable.

*Navigator Tactical Investment Grade Bond.* The Trustees noted that the advisory fee of 0.85% ranked in 71<sup>st</sup> percentile in the Broadridge generated peer group. The Trustees acknowledged that Clark Capital's explanation for the above average fee is because the investment strategy of the Fund is unique because it utilizes a methodology to allocate to the best performing asset class based on a relative strength basis. The Trustees concluded that the Fund's advisory fee was not unreasonable.

*Navigator Tactical Fixed Income Fund.* The Trustees noted that the advisory fee of 0.82% ranked in the 71<sup>st</sup> percentile in the Broadridge generated peer group. The Trustees acknowledged that Clark Capital's explanation for the above average fee is because the investment strategy of the Fund is unique because it utilizes a methodology to allocate to the best performing asset class based on a relative strength basis. Trustees concluded that the Fund's advisory fee was not unreasonable.

*Navigator Tactical U.S. Allocation.* The Trustees noted that the advisory fee of 0.85% ranked in the 96<sup>th</sup> percentile in the Broadridge generated peer group. The Trustees acknowledged that Clark Capital's explanation for the above average fee is because the investment strategy of the Fund is unique because it utilizes a methodology to allocate to the best performing asset class based on a relative strength basis. The Trustees concluded that the Fund's advisory fee was not unreasonable.

<u>Economies of Scale</u>. The Trustees considered whether Clark Capital had achieved some economies of scale with respect to its management of the Funds. The Trustees noted that Clark Capital had previously agreed to breakpoints with respect to certain Funds and had indicated its willingness to introduce further breakpoints in light of any potential growth in the Funds' assets.

<u>Profitability</u>. The Trustees reviewed the information provided by Clark Capital regarding the profitability analysis in terms of absolute dollars and as a percentage of revenue, with respect to its management of each of the Funds. They considered that Navigator Tactical Investment Grade Bond and Navigator Tactical Fixed Income Fund were profitable. The Trustees acknowledged that Navigator Tactical US Allocation, and Navigator Ultra Short Term Bond Fund each was advised at a loss to Clark Capital. The Trustees agreed that on a fund by fund basis, Clark Capital's profitability with respect to each Fund was not excessive.

<u>Conclusion</u>. Having requested and received such information from Clark Capital as the Trustees believed to be reasonably necessary to evaluate the terms of each Advisory Agreement, and as assisted by the advice of legal counsel, the Trustees concluded that approval of the continuation of each Advisory Agreement was in the best interests of shareholders of the Funds.

\* Due to the timing of the contract renewal schedule, these deliberations may or may not relate to the current performance results of the Funds.

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

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

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

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** Not applicable to open-end investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** Not applicable to open-end investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** Not applicable to open-end investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.** None

**Item 16. Controls and Procedures**

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

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

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable

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

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto.](coe.htm)

(a)(2) Not applicable

(a)(3) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.](ex99-cert.htm)

(a)(4) Not applicable

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto](ex99-906cert.htm)

**SIGNATURES**

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

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

---

| |
|:---|
| By (Signature and Title) |
| /s/ Kevin E. Wolf |
| Kevin E. Wolf, Principal Executive Officer/President |

---

Date <u>12/26/25</u>

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

---

| |
|:---|
| By (Signature and Title) |
| /s/ Kevin E. Wolf |
| Kevin E. Wolf, Principal Executive Officer/President |

---

Date <u>12/26/25</u>

---

| |
|:---|
| By (Signature and Title) |
| /s/ Jim Colantino |
| Jim Colantino, Principal Financial Officer/Treasurer |

---

Date <u>12/26/25</u>

## Ex-99.Code

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

 **CODE OF ETHICS**

February 19, 2007

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

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

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

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

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

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

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

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

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

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

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

***DEFINITIONS***

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

***PROHIBITED ACTIONS AND ACTIVITIES***

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

EXEMPTED TRANSACTIONS

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

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

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

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

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

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

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

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

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

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

***REPORTING AND MONITORING***

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

**Disclosure of Personal Brokerage Accounts**

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

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

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

INITIAL HOLDINGS REPORT

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

ANNUAL HOLDINGS REPORTS

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

QUARTERLY TRANSACTION REPORTS

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

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

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

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

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

· The date the Access Person Submits the Report.

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

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

***ENFORCEMENTS AND PENALTIES***

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

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

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

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

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

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

***ACKNOWLEDGMENT***

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

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

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

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

## Ex-99.Cert

CERTIFICATIONS

I, Kevin E. Wolf, certify that:

1. I have reviewed this report on Form N-CSR of the Navigator Funds (series of Northern Lights Fund Trust);

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 12/26/25 | /s/ Kevin E. Wolf |
|  |  | Kevin E. Wolf |
|  |  | Principal Executive Officer/President |

---

I, Jim Colantino, certify that:

1. I have reviewed this report on Form N-CSR of the Navigator Funds (series of Northern Lights Fund Trust);

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 12/26/25 | /s/ Jim Colantino |
|  |  | Jim Colantino |
|  |  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended October 31, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

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

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust |
| /s/ Kevin E. Wolf | /s/ Kevin E. Wolf | /s/ Jim Colantino | /s/ Jim Colantino |
| Kevin E. Wolf | Kevin E. Wolf | Jim Colantino | Jim Colantino |
| Date: | 12/26/25 | Date: | 12/26/25 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Northern Lights Fund Trust and will be retained by Northern Lights Fund Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

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