# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001752724-23-041643
**Filing Date:** 2023-2
**Character Count:** 19122
**Document Hash:** f545db897e3c19d058ddea126f31c4b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-041643.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-041643

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 23671727

**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

### 13D Activist Fund (Series ID: S000029185)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000089779 | 13D Activist Fund Class A | DDDAX           |
| C000089780 | 13D Activist Fund Class C | DDDCX           |
| C000089781 | 13D Activist Fund Class I | DDDIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **13D ACTIVIST FUND** | **13D ACTIVIST FUND** | **13D ACTIVIST FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.6%** |  |
|  | **AEROSPACE & DEFENSE - 10.4%** |  |
| 293984 | Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp; $11585909 |
| 172100 | Mercury Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7699754 |
|  |  | &nbsp;&nbsp; 19285663 |
|  | **ASSET MANAGEMENT - 2.9%** |  |
| 233701 | Janus Henderson Group plc | &nbsp;&nbsp;&nbsp; 5496648 |
|  | **AUTOMOTIVE - 5.0%** |  |
| 57185 | Autoliv, Inc. | &nbsp;&nbsp;&nbsp; 4379227 |
| 325001 | Dana, Inc. | &nbsp;&nbsp;&nbsp; 4917265 |
|  |  | &nbsp;&nbsp; 9296492 |
|  | **BIOTECH & PHARMA - 9.5%** |  |
| 355780 | Alkermes plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9296531 |
| 2028100 | Amarin Corp plc - ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2454001 |
| 494807 | Ironwood Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6130659 |
|  |  | &nbsp;&nbsp; 17881191 |
|  | **COMMERCIAL SUPPORT SERVICES - 5.8%** |  |
| 262521 | Aramark | &nbsp;&nbsp;&nbsp; 10852618 |
|  | **CONSTRUCTION MATERIALS - 3.3%** |  |
| 200000 | MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp; 6068000 |
|  | **CONTAINERS & PACKAGING - 2.6%** |  |
| 60000 | Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp; 4932600 |
|  | **FOOD - 5.9%** |  |
| 221851 | TreeHouse Foods, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10955002 |
|  | **GAS & WATER UTILITIES - 3.7%** |  |
| 110800 | Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp; 6856304 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.0%** |  |
| 247645 | Pediatrix Medical Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3680005 |

---

---

| | | |
|:---|:---|:---|
| **13D ACTIVIST FUND** | **13D ACTIVIST FUND** | **13D ACTIVIST FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.6% (Continued)** |  |
|  | **HOME & OFFICE PRODUCTS - 2.0%** |  |
| 292226 | Newell Brands, Inc. | &nbsp;&nbsp;&nbsp; $3822316 |
|  | **HOME CONSTRUCTION - 2.7%** |  |
| 140400 | Griffon Corporation | &nbsp;&nbsp;&nbsp; 5024916 |
|  | **INTERNET MEDIA & SERVICES – 4.4%** |  |
| 110280 | GoDaddy, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8251150 |
|  | **LEISURE FACILITIES & SERVICES - 3.2%** |  |
| 72631 | Papa John's International, Inc. | &nbsp;&nbsp;&nbsp; 5978258 |
|  | **PUBLISHING & BROADCASTING - 4.2%** |  |
| 699858 | Pearson plc - ADR | &nbsp;&nbsp;&nbsp; 7887400 |
|  | **RETAIL - CONSUMER STAPLES - 5.5%** |  |
| 72265 | Dollar Tree, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10221162 |
|  | **RETAIL - DISCRETIONARY - 5.8%** |  |
| 30687 | Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5500644 |
| 97500 | Freshpet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5145075 |
|  |  | &nbsp;&nbsp; 10645719 |
|  | **SOFTWARE – 5.6%** |  |
| 425300 | LivePerson, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4312542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | Wix.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6146400 |
|  |  | &nbsp;&nbsp;&nbsp;10458942 |
|  | **TECHNOLOGY HARDWARE - 2.1%** |  |
| 74183 | Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp; 3902768 |
|  | **TECHNOLOGY SERVICES - 5.4%** |  |
| 265001 | Green Dot Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4192316 |
| 57990 | Insight Enterprises, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5814657 |
|  |  | &nbsp;&nbsp; 10006973 |

---

---

| | | |
|:---|:---|:---|
| **13D ACTIVIST FUND** | **13D ACTIVIST FUND** | **13D ACTIVIST FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.6% (Continued)** |  |
|  | **WHOLESALE - CONSUMER STAPLES - 2.6%** |  |
| 142460 | US Foods Holding Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $4846489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327017 | **ESCROW SHARES - 0.0%** **(b)** <br> Pershing Square Tontine Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; - |
|  | **TOTAL COMMON STOCKS (Cost $160,284,095)** | &nbsp;&nbsp; 176350616 |
|  | **SHORT-TERM INVESTMENTS — 5.4%** |  |
|  | **MONEY MARKET FUNDS - 5.4%** |  |
| 10117155 | First American Government Obligations Fund, Class X, 4.08% (Cost $10,117,155)<sup>(C)</sup> | &nbsp;&nbsp;&nbsp; 10117155 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $170,401,250)** | &nbsp;&nbsp;&nbsp; $186467771 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.0%** | &nbsp;&nbsp; 28244 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $186496015 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| PLC | - Public Limited Company |

---

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** 13D Activist Fund

- **b. EDGAR series identifier (if any):** S000029185

- **c. LEI of Series:** 549300V8X1F60WTPLO38

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $186766985.72

**Total Liabilities:** $270970.42

**Net Assets:** $186496015.30

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000089780 | 10.14%               | 5.30%                | -5.23%               |
| Class ID C000089781 | 10.23%               | 5.40%                | -5.18%               |
| Class ID C000089779 | 10.20%               | 5.34%                | -5.17%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1585600.37             | $20059314.76                               |
| Month 2  | $9450557.59              | $720361.36                                 |
| Month 3  | $-394360.00              | $-9831802.57                               |

### Schedule of Portfolio Investments

| Name                                  | Title                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TreeHouse Foods, Inc.                 | TREEHOUSE FOODS        | CUSIP: 89469A104<br>LEI: 5493007M7EVHE470Q576 | Long             | EC               | CORP              | US        |    221851 | NS      | $10955002.38  | 5.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshpet Inc                          | FRESHPET INC           | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |     97500 | NS      | $5145075.00   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| US Foods Holding Corp                 | US FOODS HOLDING CORP  | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |    142460 | NS      | $4846489.20   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Pearson PLC                           | PEARSON PLC-ADR        | CUSIP: 705015105<br>LEI: 2138004JBXWWJKIURC57 | Long             | EC               | CORP              | GB        |    699858 | NS      | $7887399.66   | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PLC       | SEAGATE TECHNOLO       | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |     74183 | NS      | $3902767.63   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands Inc.                    | NEWELL BRANDS IN       | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |    292226 | NS      | $3822316.08   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Griffon Corp                          | GRIFFON CORP           | CUSIP: 398433102<br>LEI: 5493000C2SGNC7ZN3242 | Long             | EC               | CORP              | US        |    140400 | NS      | $5024916.00   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Dot Corp                        | GREEN DOT CORP-A       | CUSIP: 39304D102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    265001 | NS      | $4192315.82   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                       | DOLLAR TREE INC        | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |     72265 | NS      | $10221161.60  | 5.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Dana Incorporated                     | DANA INC               | CUSIP: 235825205<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | EC               | CORP              | US        |    325001 | NS      | $4917265.13   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Papa John's International Inc.        | PAPA JOHN'S INTL       | CUSIP: 698813102<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | EC               | CORP              | US        |     72631 | NS      | $5978257.61   | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Group PLC             | JANUS HENDERSON        | CUSIP: G4474Y214<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | JE        |    233701 | NS      | $5496647.52   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Autoliv, Inc.                         | AUTOLIV INC            | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | US        |     57185 | NS      | $4379227.30   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                          | ALKERMES PLC           | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |    355780 | NS      | $9296531.40   | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Asbury Automotive Group, Inc.         | ASBURY AUTO GRP        | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |     30687 | NS      | $5500644.75   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group, Inc.             | MDU RES GROUP          | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    200000 | NS      | $6068000.00   | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Limited                       | WIX.COM LTD            | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |     80000 | NS      | $6146400.00   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Ironwood Pharmaceuticals, Inc.        | IRONWOOD PHARMAC       | CUSIP: 46333X108<br>LEI: 549300PC8MR6QHH6P296 | Long             | EC               | CORP              | US        |    494807 | NS      | $6130658.73   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PERSHING SQUARE TONTINE HOLDINGS LTD. | PERSHING SQUARE ESCROW | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |    327017 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc                  | HOWMET AEROSPACE       | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |    293984 | NS      | $11585909.44  | 6.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc                   | MERCURY SYSTEMS        | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |    172100 | NS      | $7699754.00   | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERN FDS INC                   | FRST AM-GV OB-X        | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  10117155 | PA      | $10117154.89  | 5.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Amarin Corp                           | AMARIN CORP -ADR       | CUSIP: 023111206<br>LEI: 5493009JFIGUFEVPK217 | Long             | EC               | CORP              | GB        |   2028100 | NS      | $2454001.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Godaddy Inc                           | GODADDY INC-A          | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |    110280 | NS      | $8251149.60   | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                               | ARAMARK                | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |    262521 | NS      | $10852618.14  | 5.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Gas Holdings Inc            | SOUTHWEST GAS HO       | CUSIP: 844895102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110800 | NS      | $6856304.00   | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc.              | INSIGHT ENTERPRI       | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |     57990 | NS      | $5814657.30   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Pediatrix Medical Group Inc           | PEDIATRIX MEDICA       | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    247645 | NS      | $3680004.70   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Liveperson Inc                        | LIVEPERSON INC         | CUSIP: 538146101<br>LEI: 549300IN2P1JZ20G7N40 | Long             | EC               | CORP              | US        |    425300 | NS      | $4312542.00   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings Inc                    | CROWN HOLDINGS I       | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |     60000 | NS      | $4932600.00   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer