# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001752724-23-046717
**Filing Date:** 2023-2
**Character Count:** 66590
**Document Hash:** 9d3a2ad7ce0670643161bc85348cb0ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-046717.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-046717

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 23682954

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** | **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** | **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** | **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** | **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)** | **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)** | **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)** | **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)** | **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 4.7%** |  |  |  |
|  | **EQUITY - 4.1%** |  |  |  |
| 9969 | iShares Core S&P 500 ETF |  |  | &nbsp;&nbsp;&nbsp; $3830189 |
| 27892 | iShares MSCI ACWI ETF |  |  | &nbsp;&nbsp;&nbsp; 2367473 |
| 54897 | iShares MSCI ACWI ex US ETF |  |  | &nbsp;&nbsp;&nbsp; 2497813 |
| 37030 | iShares MSCI EAFE ETF |  |  | &nbsp;&nbsp;&nbsp; 2430649 |
| 43007 | iShares MSCI EAFE Small-Cap ETF |  |  | &nbsp;&nbsp;&nbsp; 2429035 |
| 64304 | iShares MSCI Emerging Markets ETF |  |  | &nbsp;&nbsp;&nbsp; 2437122 |
| 18163 | iShares Russell 1000 ETF |  |  | &nbsp;&nbsp;&nbsp; 3823675 |
| 20996 | iShares Russell 2000 ETF |  |  | &nbsp;&nbsp;&nbsp; 3660863 |
| 55661 | iShares Russell Mid-Cap ETF |  |  | &nbsp;&nbsp;&nbsp; 3754334 |
| 44961 | iShares U.S. Real Estate ETF |  |  | &nbsp;&nbsp;&nbsp; 3785267 |
|  |  |  |  | &nbsp;&nbsp; 31016420 |
|  | **FIXED INCOME - 0.6%** |  |  |  |
| 60000 | Vanguard Short-Term Corporate Bond ETF |  |  | &nbsp;&nbsp;&nbsp; 4511400 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $34,179,920)** |  |  | &nbsp;&nbsp; 35527820 |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **BONDS & NOTES — 26.1%** |  |  |  |
|  | **INSURANCE** — **0.6%** |  |  |  |
| 5000000 | Metropolitan Life Global Funding I<sup>(a)</sup> | 0.9000 | &nbsp;&nbsp;&nbsp;06/08/23 | 4917802 |
|  | **OIL & GAS PRODUCERS** — **0.6%** |  |  |  |
| 5000000 | Shell International Finance BV | 2.0000 | &nbsp;&nbsp;&nbsp;11/07/24 | 4759261 |
|  | **SOFTWARE** — **1.3%** |  |  |  |
| 5000000 | Microsoft Corporation | 2.3750 | &nbsp;&nbsp;&nbsp;05/01/23 | 4964903 |
| 5000000 | Microsoft Corporation | 3.1250 | &nbsp;&nbsp;&nbsp;11/03/25 | 4839929 |
|  |  |  |  | 9804832 |
|  | **SUPRANATIONAL** — **1.4%** |  |  |  |
| 10500000 | International Bank for Reconstruction & | 0.1250 | &nbsp;&nbsp;&nbsp;04/20/23 | 10359204 |
|  | **U.S. GOVERNMENT & AGENCY OBLIGATIONS** — **22.2%** |  |  |  |
| 5000000 | Federal Farm Credit Banks Funding Corporation | 0.1250 | &nbsp;&nbsp;&nbsp;04/27/23 | 4930285 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** | **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** | **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** | **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** | **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **BONDS & NOTES — 26.1% (Continued)** |  |  |  |
|  | **U.S. GOVERNMENT & AGENCY OBLIGATIONS** — **22.2% (Continued)** |  |  |  |
| 5000000 | Federal Farm Credit Banks Funding Corporation | 0.1400 | &nbsp;&nbsp;&nbsp;05/18/23 | $4913444 |
| 10000000 | Federal Farm Credit Banks Funding Corporation | 0.2000 | &nbsp;&nbsp;&nbsp;02/16/24 | 9476879 |
| 10000000 | Federal Farm Credit Banks Funding Corporation | 0.3200 | &nbsp;&nbsp;&nbsp;12/23/24 | 9179931 |
| 9000000 | Federal Home Loan Banks | 0.2600 | &nbsp;&nbsp;&nbsp;12/22/23 | 8597542 |
| 7180000 | Federal Home Loan Banks | 0.3750 | &nbsp;&nbsp;&nbsp;06/24/24 | 6716731 |
| 10000000 | Federal Home Loan Banks<sup>(b)</sup> | 0.8750 | &nbsp;&nbsp;&nbsp;06/30/26 | 9050227 |
| 14000000 | Federal Home Loan Banks<sup>(b)</sup> | 0.7500 | &nbsp;&nbsp;&nbsp;07/21/26 | 12572720 |
| 4250000 | Federal Home Loan Banks<sup>(b)</sup> | 0.5000 | &nbsp;&nbsp;&nbsp;05/27/27 | 3846121 |
| 10000000 | Federal Home Loan Banks<sup>(b)</sup> | 0.8750 | &nbsp;&nbsp;&nbsp;06/30/27 | 8798782 |
| 10000000 | Federal Home Loan Banks<sup>(b)</sup> | 0.5000 | &nbsp;&nbsp;&nbsp;01/28/28 | 8696620 |
| 10000000 | Federal Home Loan Banks<sup>(b)</sup> | 0.4000 | &nbsp;&nbsp;&nbsp;02/24/28 | 8709062 |
| 14750000 | Federal Home Loan Banks<sup>(b)</sup> | 0.3000 | &nbsp;&nbsp;&nbsp;02/25/28 | 12790993 |
| 10000000 | Federal Home Loan Banks<sup>(b)</sup> | 0.8750 | &nbsp;&nbsp;&nbsp;08/16/28 | 8658397 |
| 9900000 | Federal Home Loan Banks<sup>(b)</sup> | 0.7500 | &nbsp;&nbsp;&nbsp;08/24/28 | 8644686 |
| 3500000 | Federal Home Loan Mortgage Corporation | 5.0000 | &nbsp;&nbsp;&nbsp;12/16/24 | 3492682 |
| 10000000 | Federal Home Loan Mortgage Corporation | 0.7000 | &nbsp;&nbsp;&nbsp;08/19/26 | 8763938 |
| 6000000 | Federal National Mortgage Association | 0.5500 | &nbsp;&nbsp;&nbsp;08/25/25 | 5410536 |
| 5000000 | Federal National Mortgage Association | 0.7500 | &nbsp;&nbsp;&nbsp;01/20/26 | 4479821 |
| 13000000 | Federal National Mortgage Association | 0.8500 | &nbsp;&nbsp;&nbsp;06/30/26 | 11540719 |
| 2533574 | Government National Mortgage Association | 2.5000 | &nbsp;&nbsp;&nbsp;12/20/49 | 2212541 |
| 7000000 | United States Department of Housing and Urban | 2.8000 | &nbsp;&nbsp;&nbsp;08/01/23 | 6941353 |
|  |  |  |  | 168424010 |
|  | **TOTAL BONDS & NOTES (Cost $217,159,718)** |  |  | 198265109 |
|  | **U.S. GOVERNMENT & AGENCIES — 57.5%** |  |  |  |
|  | **U.S. TREASURY BILLS** — **57.5%** |  |  |  |
| 37000000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;01/19/23 | 36940553 |
| 52000000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;01/26/23 | 51871247 |
| 15000000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;02/02/23 | 14952471 |
| 15000000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;02/09/23 | 14940235 |
| 30000000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;02/23/23 | 29819667 |
| 25000000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;03/02/23 | 24829469 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** | **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** | **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** | **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** | **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 57.5% (Continued)** |  |  |  |
|  | **U.S. TREASURY BILLS** — **57.5% (Continued)** |  |  |  |
| 20000000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;03/07/23 | $19852653 |
| 26000000 | United States Treasury Bill | 0.0000 | &nbsp;&nbsp;&nbsp;03/09/23 | 25801038 |
| 30000000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;03/16/23 | 29751510 |
| 60000000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;03/23/23 | 59442212 |
| 36000000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;04/06/23 | 35609865 |
| 20000000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;04/20/23 | 19739544 |
| 35000000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;04/27/23 | 34507374 |
| 40000000 | United States Treasury Bill<sup>(c)</sup> | 0.0000 | &nbsp;&nbsp;&nbsp;05/25/23 | 39288974 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $437,591,589)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $437,591,589)** |  | 437346812 |
| **Shares** |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 6.9%** |  |  |  |
|  | **MONEY MARKET FUNDS - 6.9%** |  |  |  |
| 52382594 | Morgan Stanley Institutional Liquidity Funds -, Institutional Class, 4.11%<sup>(d)</sup> **(Cost $52,382,594)** | Morgan Stanley Institutional Liquidity Funds -, Institutional Class, 4.11%<sup>(d)</sup> **(Cost $52,382,594)** |  | &nbsp;&nbsp;&nbsp; 52382594 |
|  | **TOTAL INVESTMENTS - 95.2% (Cost $741,313,821)** |  |  | &nbsp;&nbsp;&nbsp; $723522335 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 4.8%** |  |  | &nbsp;&nbsp; 36670671 |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $760193006 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |  |  |  |
| **Number of Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount<sup>(e)</sup>** | **Value and Unrealized Appreciation (Depreciation)** |
| 433 | CBOT 10 Year US Treasury Note | 03/22/2023 | &nbsp;&nbsp;&nbsp; $48624601 | &nbsp;&nbsp;&nbsp; $(606296) |
| 310 | CBOT 5 Year US Treasury Note | 03/31/2023 | &nbsp;&nbsp;&nbsp; 33458300 | &nbsp;&nbsp;&nbsp; (240565) |
| 863 | CBOT Corn Future<sup>(f)</sup> | 03/14/2023 | &nbsp;&nbsp;&nbsp; 29277275 | &nbsp;&nbsp;&nbsp; 287625 |
| 20 | CBOT Oats Future<sup>(f)</sup> | 03/14/2023 | &nbsp;&nbsp;&nbsp; 367250 | &nbsp;&nbsp;&nbsp; (9775) |
| 54 | CBOT Rough Rice Future<sup>(f)</sup> | 03/14/2023 | &nbsp;&nbsp;&nbsp; 1986120 | &nbsp;&nbsp;&nbsp; 13860 |
| 146 | CBOT Soybean Future<sup>(f)</sup> | 03/14/2023 | &nbsp;&nbsp;&nbsp; 11125200 | &nbsp;&nbsp;&nbsp; 193687 |
| 531 | CBOT Soybean Meal Future<sup>(f)</sup> | 03/14/2023 | &nbsp;&nbsp;&nbsp; 25010100 | &nbsp;&nbsp;&nbsp; 1132910 |
| 142 | CBOT Soybean Oil Future<sup>(f)</sup> | 03/14/2023 | &nbsp;&nbsp;&nbsp; 5458764 | &nbsp;&nbsp;&nbsp; (120522) |
| 517 | CBOT US Long Bond Future | 03/22/2023 | &nbsp;&nbsp;&nbsp; 64802847 | &nbsp;&nbsp;&nbsp; (1318254) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** | **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** | **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** | **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** | **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | | | |
| **Number of Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount<sup>(e)</sup>** | **Value and Unrealized Appreciation (Depreciation)** |
| 17 | CBOT Wheat Future<sup>(f)</sup> | 03/14/2023 | &nbsp;&nbsp;&nbsp; $673200 | &nbsp;&nbsp;&nbsp; $(5738) |
| 123 | CME E-Mini Standard & Poor's 500 Index Future | 03/17/2023 | &nbsp;&nbsp;&nbsp; 23745150 | &nbsp;&nbsp;&nbsp; (1123525) |
| 78 | CME E-Mini Standard & Poor's MidCap 400 Index | 03/17/2023 | &nbsp;&nbsp;&nbsp; 19052280 | &nbsp;&nbsp;&nbsp; (551705) |
| 132 | CME Euro Foreign Exchange Currency Future | 03/13/2023 | &nbsp;&nbsp;&nbsp; 17744100 | &nbsp;&nbsp;&nbsp; 144150 |
| 93 | CME Feeder Cattle Future<sup>(f)</sup> | 03/30/2023 | &nbsp;&nbsp;&nbsp; 8659463 | &nbsp;&nbsp;&nbsp; 32825 |
| 26 | CME Lean Hogs Future<sup>(f)</sup> | 02/14/2023 | &nbsp;&nbsp;&nbsp; 912080 | &nbsp;&nbsp;&nbsp; (26090) |
| 248 | CME Live Cattle Future<sup>(f)</sup> | 02/28/2023 | &nbsp;&nbsp;&nbsp; 15663680 | &nbsp;&nbsp;&nbsp; 97600 |
| 1041 | CME Mexican Peso Currency Future | 03/13/2023 | &nbsp;&nbsp;&nbsp; 26347710 | &nbsp;&nbsp;&nbsp; 325985 |
| 47 | CME Swiss Franc Currency Future | 03/13/2023 | &nbsp;&nbsp;&nbsp; 6404925 | &nbsp;&nbsp;&nbsp; (8031) |
| 361 | COMEX Gold 100 Troy Ounces Future<sup>(f)</sup> | 02/24/2023 | &nbsp;&nbsp;&nbsp; 65925820 | &nbsp;&nbsp;&nbsp; 963720 |
| 36 | COMEX Silver Future<sup>(f)</sup> | 03/29/2023 | &nbsp;&nbsp;&nbsp; 4327200 | &nbsp;&nbsp;&nbsp; 165100 |
| 82 | Eurex 10 Year Euro BUND Future | 03/08/2023 | &nbsp;&nbsp;&nbsp; 11671764 | &nbsp;&nbsp;&nbsp; (803908) |
| 4 | Eurex DAX Index Future | 03/17/2023 | &nbsp;&nbsp;&nbsp; 1497805 | &nbsp;&nbsp;&nbsp; (2800) |
| 296 | FTSE 100 Index Future | 03/17/2023 | &nbsp;&nbsp;&nbsp; 26715215 | &nbsp;&nbsp;&nbsp; (129380) |
| 39 | ICE Gas Oil Future<sup>(f)</sup> | 02/10/2023 | &nbsp;&nbsp;&nbsp; 3533400 | &nbsp;&nbsp;&nbsp; (45900) |
| 464 | ICE US MSCI Emerging Markets EM Index Futures | 03/17/2023 | &nbsp;&nbsp;&nbsp; 22258080 | &nbsp;&nbsp;&nbsp; (324525) |
| 75 | LME Copper Future<sup>(f)</sup> | 03/13/2023 | &nbsp;&nbsp;&nbsp; 15704062 | &nbsp;&nbsp;&nbsp; 281160 |
| 29 | LME Nickel Future<sup>(f)</sup> | 03/13/2023 | &nbsp;&nbsp;&nbsp; 4912062 | &nbsp;&nbsp;&nbsp; 487452 |
| 146 | LME Primary Aluminum Future<sup>(f)</sup> | 03/13/2023 | &nbsp;&nbsp;&nbsp; 5859612 | &nbsp;&nbsp;&nbsp; (313626) |
| 166 | LME Zinc Future<sup>(f)</sup> | 03/13/2023 | &nbsp;&nbsp;&nbsp; 2250650 | &nbsp;&nbsp;&nbsp; (750375) |
| 720 | NYBOT CSC Cocoa Future<sup>(f)</sup> | 03/16/2023 | &nbsp;&nbsp;&nbsp; 18720000 | &nbsp;&nbsp;&nbsp; 553880 |
| 1092 | NYBOT CSC Number 11 World Sugar Future<sup>(f)</sup> | 02/28/2023 | &nbsp;&nbsp;&nbsp; 24509722 | &nbsp;&nbsp;&nbsp; 161706 |
| 46 | NYBOT CTN Frozen Concentrated Orange Juice A<sup>(f)</sup> | 03/13/2023 | &nbsp;&nbsp;&nbsp; 1408980 | &nbsp;&nbsp;&nbsp; (7245) |
| 109 | NYBOT CTN Number 2 Cotton Future<sup>(f)</sup> | 03/09/2023 | &nbsp;&nbsp;&nbsp; 4543665 | &nbsp;&nbsp;&nbsp; (87175) |
| 7 | NYMEX NY Harbor ULSD Futures<sup>(f)</sup> | 01/31/2023 | &nbsp;&nbsp;&nbsp; 968730 | &nbsp;&nbsp;&nbsp; 6329 |
| 167 | NYMEX Platinum Future<sup>(f)</sup> | 04/26/2023 | &nbsp;&nbsp;&nbsp; 9042215 | &nbsp;&nbsp;&nbsp; 511450 |
| 72 | NYMEX Reformulated Gasoline Blendstock for Oxygen<sup>(f)</sup> | 01/31/2023 | &nbsp;&nbsp;&nbsp; 7494379 | &nbsp;&nbsp;&nbsp; 94366 |
| 103 | SGX Nikkei 225 Stock Index Future | 03/09/2023 | &nbsp;&nbsp;&nbsp; 10199088 | &nbsp;&nbsp;&nbsp; (629577) |
| 1775 | Three-Month SOFR Futures | 09/30/2024 | &nbsp;&nbsp;&nbsp; 428218750 | &nbsp;&nbsp;&nbsp; (1365299) |
| 35 | TSE Japanese 10 Year Bond Futures | 03/13/2023 | &nbsp;&nbsp;&nbsp; 38786083 | &nbsp;&nbsp;&nbsp; (595384) |
| 101 | WCE Canola Future<sup>(f)</sup> | 03/14/2023 | &nbsp;&nbsp;&nbsp; 1291714 | &nbsp;&nbsp;&nbsp; (7218) |
|  | **NET UNREALIZED DEPRECIATION FROM OPEN LONG FUTURES CONTRACTS** | **NET UNREALIZED DEPRECIATION FROM OPEN LONG FUTURES CONTRACTS** | **NET UNREALIZED DEPRECIATION FROM OPEN LONG FUTURES CONTRACTS** | &nbsp;&nbsp; $(3619108) |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |  |  |  |
| **Number of Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional Amount<sup>(e)</sup>** | **Value and Unrealized Appreciation (Depreciation)** |
| 220 | 3 Month Euro Euribor Future | 09/16/2024 | &nbsp;&nbsp;&nbsp; $57020024 | &nbsp;&nbsp;&nbsp; $17667 |
| 113 | CME Australian Dollar Currency Future | 03/13/2023 | &nbsp;&nbsp;&nbsp; 7716205 | &nbsp;&nbsp;&nbsp; (87520) |
| 66 | CME British Pound Currency Future | 03/13/2023 | &nbsp;&nbsp;&nbsp; 4984650 | &nbsp;&nbsp;&nbsp; (14706) |
| 509 | CME Canadian Dollar Currency Future | 03/14/2023 | &nbsp;&nbsp;&nbsp; 37625280 | &nbsp;&nbsp;&nbsp; (298783) |
| 36 | CME E-Mini NASDAQ 100 Index Future | 03/17/2023 | &nbsp;&nbsp;&nbsp; 7936056 | &nbsp;&nbsp;&nbsp; 529944 |
| 11 | CME New Zealand Dollar Currency Future | 03/13/2023 | &nbsp;&nbsp;&nbsp; 698215 | &nbsp;&nbsp;&nbsp; (375) |
| 17 | CME Random Length Lumber Future CME<sup>(f)</sup> | 03/15/2023 | &nbsp;&nbsp;&nbsp; 715649 | &nbsp;&nbsp;&nbsp; (8184) |
| 353 | Eurex 2 Year Euro SCHATZ Future | 03/08/2023 | &nbsp;&nbsp;&nbsp; 39847157 | &nbsp;&nbsp;&nbsp; 478585 |
| 178 | Eurex 5 Year Euro BOBL Future | 03/08/2023 | &nbsp;&nbsp;&nbsp; 22061784 | &nbsp;&nbsp;&nbsp; 735226 |
| 56 | HKG Hang Seng Index Future | 01/30/2023 | &nbsp;&nbsp;&nbsp; 7143873 | &nbsp;&nbsp;&nbsp; (180318) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** | **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** | **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** | **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** | **GRANT PARK MULTI ALTERNATIVE STRATEGIES FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **OPEN FUTURES CONTRACTS (Continued)** | **OPEN FUTURES CONTRACTS (Continued)** | | | |
| **Number of Contracts** | **Open Short Futures Contracts** | **Expiration** | **Notional Amount<sup>(e)</sup>** | **Value and Unrealized Appreciation (Depreciation)** |
| 71 | ICE Brent Crude Oil Future<sup>(f)</sup> | 03/31/2023 | &nbsp;&nbsp;&nbsp; $6099610 | &nbsp;&nbsp;&nbsp; $(363050) |
| 2 | LME Nickel Future<sup>(f)</sup> | 03/13/2023 | &nbsp;&nbsp;&nbsp; 360540 | &nbsp;&nbsp;&nbsp; (40104) |
| 46 | LME Primary Aluminum Future<sup>(f)</sup> | 03/13/2023 | &nbsp;&nbsp;&nbsp; 2727812 | &nbsp;&nbsp;&nbsp; 37113 |
| 129 | LME Zinc Future<sup>(f)</sup> | 03/13/2023 | &nbsp;&nbsp;&nbsp; 9599212 | &nbsp;&nbsp;&nbsp; 528470 |
| 104 | Long Gilt Future | 03/29/2023 | &nbsp;&nbsp;&nbsp; 12559658 | &nbsp;&nbsp;&nbsp; 585993 |
| 63 | NYBOT CSC C Coffee Future<sup>(f)</sup> | 03/21/2023 | &nbsp;&nbsp;&nbsp; 3952463 | &nbsp;&nbsp;&nbsp; (28407) |
| 105 | NYBOT FINEX United States Dollar Index Future | 03/13/2023 | &nbsp;&nbsp;&nbsp; 10843245 | &nbsp;&nbsp;&nbsp; 18860 |
| 45 | NYMEX Henry Hub Natural Gas Futures<sup>(f)</sup> | 01/27/2023 | &nbsp;&nbsp;&nbsp; 2013750 | &nbsp;&nbsp;&nbsp; 681550 |
| 63 | NYMEX Light Sweet Crude Oil Future<sup>(f)</sup> | 01/20/2023 | &nbsp;&nbsp;&nbsp; 5056380 | &nbsp;&nbsp;&nbsp; (576310) |
| 14 | NYMEX Palladium Future<sup>(f)</sup> | 03/29/2023 | &nbsp;&nbsp;&nbsp; 2517200 | &nbsp;&nbsp;&nbsp; (23650) |
| 426 | Three Month SONIA Index Futures | 03/31/2025 | &nbsp;&nbsp;&nbsp; 123543193 | &nbsp;&nbsp;&nbsp; 432460 |
|  | **NET UNREALIZED APPRECIATION FROM OPEN SHORT FUTURES CONTRACTS** | **NET UNREALIZED APPRECIATION FROM OPEN SHORT FUTURES CONTRACTS** | **NET UNREALIZED APPRECIATION FROM OPEN SHORT FUTURES CONTRACTS** | &nbsp;&nbsp; $2424461 |
|  | **TOTAL NET UNREALIZED DEPRECIATION FROM OPEN FUTURES CONTRACTS** | **TOTAL NET UNREALIZED DEPRECIATION FROM OPEN FUTURES CONTRACTS** | **TOTAL NET UNREALIZED DEPRECIATION FROM OPEN FUTURES CONTRACTS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1194647) |

---

---

| | |
|:---|:---|
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| <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 December 31, 2022 the total market value of 144A securities is $4,917,802 or 0.6% of net assets. |
| <sup>(b)</sup> | Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at December 31, 2022. |
| <sup>(c)</sup> | Zero coupon bond. |
| <sup>(d)</sup> | Rate disclosed is the seven day effective yield as of December 31, 2022. |
| <sup>(e)</sup> | The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund. |
| <sup>(f)</sup> | All or a portion of this investment is a holding of the GPMAS Fund Limited. |

---

## 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:** Grant Park Multi Alternative Strategies Fund

- **b. EDGAR series identifier (if any):** S000043473

- **c. LEI of Series:** 549300WI2ZZPAX73J539

**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:** $761147016.36

**Total Liabilities:** $984801.02

**Net Assets:** $760162215.34

**Amount of Assets Invested in Other Investment Companies:** $28934541.43

**Cash Not Reported:** $39057246.47

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1134.18014500 | **1-Year:** 13219.76824500 | **5-Year:** 37803.00607100 | **10-Year:** 1766.81523000 | **30-Year:** 0.00000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000134837 | 0.28%                | -0.47%               | -1.29%               |
| Class ID C000134836 | 0.28%                | -0.46%               | -1.24%               |
| Class ID C000134835 | 0.10%                | -0.49%               | -1.39%               |
| Class ID C000134834 | 0.19%                | -0.47%               | -1.32%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-739.66                 | $592142.61                                 |
| Month 2  | $-178882.18              | $5355732.38                                |
| Month 3  | $-111311.49              | $-712253.13                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Federal Home Loan Banks                                   | FHLB 0 1/2 06/30/27       | CUSIP: 3130AMWF5<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |  10000000 | PA      | $8798781.70   | 1.16%             | 2027-06-30      | Floating      | 0.88%                 | No            |                  2 | On Loan: No      |
| ICE FUTURES U.S.                                          | MSCI EmgMkt       Mar23   | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Short            | DE               | CORP              | US        |        -9 | NC      | $1905.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE - FINANCIAL PRODUCTS DIVISION          | ICE 3MTH SONIA FU Mar25   | CUSIP: N/A<br>LEI: 549300UF4R84F48NCH34       | Short            | DIR              | CORP              | GB        |      -426 | NC      | $432459.86    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMODITIES EXCHANGE CENTER                               | GOLD 100 OZ FUTR  Feb23   | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              | CORP              | US        |       361 | NC      | $963720.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                                             | ISHARES RUSSELL 1000 ETF  | CUSIP: 464287622<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     18163 | NS      | $3823674.76   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                                             | ISHARES US REAL ESTATE ET | CUSIP: 464287739<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     44961 | NS      | $3785266.59   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                     | FNMA 0 3/4 01/20/26       | CUSIP: 3136G4ZQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |   5000000 | PA      | $4479820.85   | 0.59%             | 2026-01-20      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| EUREX DEUTSCHLAND                                         | DAX INDEX FUTURE  Mar23   | CUSIP: N/A<br>LEI: 529900UT4DG0LG5R9O07       | Long             | DE               | CORP              | DE        |         4 | NC      | $-3037.30     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                              | B 02/09/23                | CUSIP: 912796XZ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $14940234.75  | 1.97%             | 2023-02-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                 | FFCB 0.2 02/16/24         | CUSIP: 3133EMQM7<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |  10000000 | PA      | $9476880.20   | 1.25%             | 2024-02-16      | Fixed         | 0.20%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                              | B 01/26/23                | CUSIP: 912796S34<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  52000000 | PA      | $51871247.48  | 6.82%             | 2023-01-26      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Microsoft Corporation                                     | MSFT 3 1/8 11/03/25       | CUSIP: 594918BJ2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4839928.65   | 0.64%             | 2025-11-03      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| International Bank for Reconstruction and Development     | IBRD 0 1/8 04/20/23       | CUSIP: 459058JV6<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |  10500000 | PA      | $10359204.35  | 1.36%             | 2023-04-20      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                   | FHLB 0 3/8 06/24/24       | CUSIP: 3130AMR38<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   7180000 | PA      | $6716730.75   | 0.88%             | 2024-06-24      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                    | FHLMC 0.7 08/19/26        | CUSIP: 3134GWLX2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |  10000000 | PA      | $8763937.50   | 1.15%             | 2026-08-19      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| NEW YORK MERCANTILE EXCHANGE                              | WTI CRUDE FUTURE  Feb23   | CUSIP: N/A<br>LEI: 5493008GFNDTXFPHWI47       | Short            | DCO              | CORP              | US        |       -63 | NC      | $-576310.00   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                              | B 03/07/23                | CUSIP: 912796Y86<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20000000 | PA      | $19852653.40  | 2.61%             | 2023-03-07      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                              | B 03/23/23                | CUSIP: 912796U31<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  60000000 | PA      | $59442210.60  | 7.82%             | 2023-03-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CME GLOBEX                                                | LUMBER FUTURE     Mar23   | CUSIP: N/A<br>LEI: N/A                        | Short            | DCO              | CORP              | US        |       -17 | NC      | $-8184.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE                                        | Low Su Gasoil G   Feb23   | CUSIP: N/A<br>LEI: 549300UF4R84F48NCH34       | Short            | DCO              | CORP              | GB        |        -9 | NC      | $-46800.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| CME GLOBEX                                                | 3 MONTH SOFR FUT  Sep24   | CUSIP: N/A<br>LEI: N/A                        | Long             | DIR              | CORP              | US        |      1775 | NC      | $-1365300.00  | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE                                        | Low Su Gasoil G   Feb23   | CUSIP: N/A<br>LEI: 549300UF4R84F48NCH34       | Long             | DCO              | CORP              | GB        |        48 | NC      | $-228575.00   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| HONG KONG FUTURES EXCHANGE LTD.                           | HANG SENG IDX FUT Jan23   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | HK        |       -56 | NC      | $-180317.47   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S.                                          | CANOLA FUTR (WCE) Mar23   | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Long             | DCO              | CORP              | US        |       101 | NC      | $-7218.24     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S.                                          | DOLLAR INDEX      Mar23   | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Short            | DFE              | CORP              | US        |      -105 | NC      | $18860.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                              | B 01/19/23                | CUSIP: 912796XS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  37000000 | PA      | $36940553.21  | 4.86%             | 2023-01-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SINGAPORE EXCHANGE DERIVATIVES CLEARING LIMITED           | NIKKEI 225  (SGX) Mar23   | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | SG        |       103 | NC      | $-629577.02   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                  | GNR 2019-159 QA           | CUSIP: 38382BJZ7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   2533574 | PA      | $2212541.41   | 0.29%             | 2049-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE (FLOOR)                       | S&P500 EMINI FUT  Mar23   | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |       123 | NC      | $-1123525.00  | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| CME GLOBEX                                                | MEXICAN PESO FUT  Mar23   | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              | CORP              | US        |      1041 | NC      | $325985.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                    | WHEAT FUTURE(CBT) Mar23   | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DCO              | CORP              | US        |        17 | NC      | $-5737.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S.                                          | SUGAR #11 (WORLD) Mar23   | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Short            | DCO              | CORP              | US        |      -228 | NC      | $-422542.40   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                              | B 03/09/23                | CUSIP: 912796YK9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  26000000 | PA      | $25801037.60  | 3.39%             | 2023-03-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Institutional Liquidity Funds              | MSILF-GOVT-INST           | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  52382594 | PA      | $52382594.02  | 6.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE - FINANCIAL PRODUCTS DIVISION          | LONG GILT FUTURE  Mar23   | CUSIP: N/A<br>LEI: 549300UF4R84F48NCH34       | Short            | DIR              | CORP              | GB        |      -104 | NC      | $585993.41    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                    | US 10YR NOTE (CBT)Mar23   | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |       433 | NC      | $-606295.63   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK MERCANTILE EXCHANGE                              | PALLADIUM FUTURE  Mar23   | CUSIP: N/A<br>LEI: 5493008GFNDTXFPHWI47       | Short            | DCO              | CORP              | US        |       -14 | NC      | $-23650.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                    | US LONG BOND(CBT) Mar23   | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |       517 | NC      | $-1318253.70  | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| CME GLOBEX                                                | EURO FX CURR FUT  Mar23   | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              | CORP              | US        |       132 | NC      | $144150.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Farm Credit Banks                                 | FFCB 0.32 12/23/24        | CUSIP: 3133EMLP5<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |  10000000 | PA      | $9179930.60   | 1.21%             | 2024-12-23      | Fixed         | 0.32%                 | No            |                  2 | On Loan: No      |
| Shell International Finance B.V.                          | RDSALN 2 11/07/24         | CUSIP: 822582CC4<br>LEI: 213800ITMMKU4Z7I4F78 | Long             | DBT              | CORP              | NL        |   5000000 | PA      | $4759260.55   | 0.63%             | 2024-11-07      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Life Global Funding I                        | MET 0.9 06/08/23          | CUSIP: 59217GEH8<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4917802.05   | 0.65%             | 2023-06-08      | Fixed         | 0.90%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bills                              | B 02/02/23                | CUSIP: 912796XT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $14952470.85  | 1.97%             | 2023-02-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                   | FHLB 0 5/8 08/24/28       | CUSIP: 3130ANPY0<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   9900000 | PA      | $8644686.24   | 1.14%             | 2028-08-24      | Floating      | 0.75%                 | No            |                  2 | On Loan: No      |
| COMMODITIES EXCHANGE CENTER                               | SILVER FUTURE     Mar23   | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              | CORP              | US        |        36 | NC      | $165100.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                    | CORN FUTURE       Mar23   | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DCO              | CORP              | US        |       863 | NC      | $287625.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                    | FHLMC 5 12/16/24          | CUSIP: 3134GY5G3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |   3500000 | PA      | $3492681.89   | 0.46%             | 2024-12-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CME GLOBEX                                                | AUDUSD Crncy Fut  Mar23   | CUSIP: N/A<br>LEI: N/A                        | Short            | DFE              | CORP              | US        |      -113 | NC      | $-87520.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S.                                          | MSCI EmgMkt       Mar23   | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Long             | DE               | CORP              | US        |       473 | NC      | $-335235.00   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                    | SOYBEAN OIL FUTR  Mar23   | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DCO              | CORP              | US        |       142 | NC      | $-120522.00   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| CME GLOBEX                                                | BP CURRENCY FUT   Mar23   | CUSIP: N/A<br>LEI: N/A                        | Short            | DFE              | CORP              | US        |       -66 | NC      | $-14706.25    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK MERCANTILE EXCHANGE                              | NY Harb ULSD Fut  Feb23   | CUSIP: N/A<br>LEI: 5493008GFNDTXFPHWI47       | Long             | DCO              | CORP              | US        |         7 | NC      | $6329.40      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                                             | ISHARES MSCI EMERGING MAR | CUSIP: 464287234<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     64304 | NS      | $2437121.60   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE - FINANCIAL PRODUCTS DIVISION          | 3MO EURO EURIBOR  Sep24   | CUSIP: N/A<br>LEI: 549300UF4R84F48NCH34       | Short            | DIR              | CORP              | GB        |      -220 | NC      | $17667.84     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE                                        | BRENT CRUDE FUTR  Mar23   | CUSIP: N/A<br>LEI: 549300UF4R84F48NCH34       | Short            | DCO              | CORP              | GB        |       -71 | NC      | $-363050.00   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S.                                          | FCOJ-A FUTURE     Mar23   | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Long             | DCO              | CORP              | US        |        46 | NC      | $-7245.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                    | SOYBEAN MEAL FUTR Mar23   | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DCO              | CORP              | US        |       531 | NC      | $1132910.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREX DEUTSCHLAND                                         | EURO-BUND FUTURE  Mar23   | CUSIP: N/A<br>LEI: 529900UT4DG0LG5R9O07       | Long             | DIR              | CORP              | DE        |        82 | NC      | $-803908.02   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                                             | ISHARES RUSSELL 2000 ETF  | CUSIP: 464287655<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     20996 | NS      | $3660862.56   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                    | OAT FUTURE        Mar23   | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DCO              | CORP              | US        |        20 | NC      | $-9775.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE - FINANCIAL PRODUCTS DIVISION          | FTSE 100 IDX FUT  Mar23   | CUSIP: N/A<br>LEI: 549300UF4R84F48NCH34       | Long             | DE               | CORP              | GB        |       296 | NC      | $-129380.62   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| CME GLOBEX                                                | C$ CURRENCY FUT   Mar23   | CUSIP: N/A<br>LEI: N/A                        | Short            | DFE              | CORP              | US        |      -509 | NC      | $-298783.00   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK MERCANTILE EXCHANGE                              | PLATINUM FUTURE   Apr23   | CUSIP: N/A<br>LEI: 5493008GFNDTXFPHWI47       | Long             | DCO              | CORP              | US        |       167 | NC      | $511450.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CME GLOBEX                                                | CHF CURRENCY FUT  Mar23   | CUSIP: N/A<br>LEI: N/A                        | Long             | DFE              | CORP              | US        |        47 | NC      | $-8031.25     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Banks                                   | FHLB 0 1/2 06/30/26       | CUSIP: 3130AMZD7<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |  10000000 | PA      | $9050227.00   | 1.19%             | 2026-06-30      | Floating      | 0.88%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                 | FFCB 0 1/8 04/27/23       | CUSIP: 3133EMXM9<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |   5000000 | PA      | $4930284.60   | 0.65%             | 2023-04-27      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| CME GLOBEX                                                | LEAN HOGS FUTURE  Feb23   | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              | CORP              | US        |        27 | NC      | $-19140.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Department of Housing and Urban Development | HUD 2.8 08/01/23          | CUSIP: 911759ME5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   7000000 | PA      | $6941353.09   | 0.91%             | 2023-08-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Ishares Trust                                             | ISHARES MSCI ACWI EX US E | CUSIP: 464288240<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     54897 | NS      | $2497813.50   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Banks                                   | FHLB 0 1/2 07/21/26       | CUSIP: 3130AN6W5<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |  14000000 | PA      | $12572719.74  | 1.65%             | 2026-07-21      | Floating      | 0.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                   | FHLB 0.3 02/25/28         | CUSIP: 3130ALCL6<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |  14750000 | PA      | $12790993.06  | 1.68%             | 2028-02-25      | Fixed         | 0.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                              | B 02/23/23                | CUSIP: 912796T33<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30000000 | PA      | $29819667.30  | 3.92%             | 2023-02-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                   | FHLB 0.26 12/22/23        | CUSIP: 3130AMQ88<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   9000000 | PA      | $8597541.96   | 1.13%             | 2023-12-22      | Fixed         | 0.26%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                 | FFCB 0.14 05/18/23        | CUSIP: 3133EMZP0<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |   5000000 | PA      | $4913443.55   | 0.65%             | 2023-05-18      | Fixed         | 0.14%                 | No            |                  2 | On Loan: No      |
| Ishares Trust                                             | ISHARES RUSSELL MID-CAP E | CUSIP: 464287499<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     55661 | NS      | $3754334.45   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                              | B 03/02/23                | CUSIP: 912796YB9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  25000000 | PA      | $24829469.00  | 3.27%             | 2023-03-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE (FLOOR)                       | NASDAQ 100 E-MINI Mar23   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |       -36 | NC      | $529944.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                              | B 04/06/23                | CUSIP: 912796YN3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  36000000 | PA      | $35609865.12  | 4.68%             | 2023-04-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CME GLOBEX                                                | CATTLE FEEDER FUT Mar23   | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              | CORP              | US        |        93 | NC      | $32825.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                              | B 04/27/23                | CUSIP: 912796YV5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  35000000 | PA      | $34507373.60  | 4.54%             | 2023-04-27      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                              | B 04/20/23                | CUSIP: 912796V48<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20000000 | PA      | $19739544.20  | 2.60%             | 2023-04-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                   | FHLB 0.3 01/28/28         | CUSIP: 3130AKRU2<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |  10000000 | PA      | $8696619.60   | 1.14%             | 2028-01-28      | Floating      | 0.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                   | FHLB 0 1/2 05/27/27       | CUSIP: 3130AME65<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   4250000 | PA      | $3846121.44   | 0.51%             | 2027-05-27      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| LONDON METAL EXCHANGE                                     | LME ZINC FUTURE   Mar23   | CUSIP: N/A<br>LEI: 213800NB8G5VRT1DXC91       | Long             | DCO              | CORP              | GB        |        37 | NC      | $-247762.50   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                              | B 03/16/23                | CUSIP: 912796YL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30000000 | PA      | $29751510.00  | 3.91%             | 2023-03-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CME GLOBEX                                                | S&P MID 400 EMINI Mar23   | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |        78 | NC      | $-551705.00   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Banks                                   | FHLB 0 5/8 08/16/28       | CUSIP: 3130ANGS3<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |  10000000 | PA      | $8658396.90   | 1.14%             | 2028-08-16      | Floating      | 0.88%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                    | ROUGH RICE (CBOT) Mar23   | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DCO              | CORP              | US        |        54 | NC      | $13860.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                     | FNMA 0.85 06/30/26        | CUSIP: 3136G4XJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |  13000000 | PA      | $11540720.23  | 1.52%             | 2026-06-30      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| ICE FUTURES U.S.                                          | COFFEE 'C' FUTURE Mar23   | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Short            | DCO              | CORP              | US        |       -63 | NC      | $-28406.25    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                                             | ISHARES CORE S&P 500 ETF  | CUSIP: 464287200<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      9969 | NS      | $3830189.49   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CME GLOBEX                                                | NEW ZEALAND $ FUT Mar23   | CUSIP: N/A<br>LEI: N/A                        | Short            | DFE              | CORP              | US        |       -11 | NC      | $-375.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                                             | ISHARES MSCI EAFE ETF     | CUSIP: 464287465<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     37030 | NS      | $2430649.20   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S.                                          | COTTON NO.2 FUTR  Mar23   | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Long             | DCO              | CORP              | US        |       109 | NC      | $-87175.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                                             | ISHARES MSCI ACWI ETF     | CUSIP: 464288257<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     27892 | NS      | $2367472.96   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK MERCANTILE EXCHANGE                              | NATURAL GAS FUTR  Feb23   | CUSIP: N/A<br>LEI: 5493008GFNDTXFPHWI47       | Short            | DCO              | CORP              | US        |       -45 | NC      | $681550.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                              | B 05/25/23                | CUSIP: 912796ZF9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  40000000 | PA      | $39288974.40  | 5.17%             | 2023-05-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LONDON METAL EXCHANGE                                     | LME NICKEL FUTURE Mar23   | CUSIP: N/A<br>LEI: 213800NB8G5VRT1DXC91       | Long             | DCO              | CORP              | GB        |        27 | NC      | $442680.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corporation                                     | MSFT 2 3/8 05/01/23       | CUSIP: 594918AT1<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4964903.10   | 0.65%             | 2023-05-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| OSAKA EXCHANGE                                            | JPN 10Y BOND(OSE) Mar23   | CUSIP: N/A<br>LEI: N/A                        | Long             | DIR              | CORP              | JP        |        35 | NC      | $-595384.43   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| LONDON METAL EXCHANGE                                     | LME COPPER FUTURE Mar23   | CUSIP: N/A<br>LEI: 213800NB8G5VRT1DXC91       | Long             | DCO              | CORP              | GB        |        75 | NC      | $281160.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                     | FNMA 0.55 08/25/25        | CUSIP: 3136G4J95<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |   6000000 | PA      | $5410535.88   | 0.71%             | 2025-08-25      | Fixed         | 0.55%                 | No            |                  2 | On Loan: No      |
| CME GLOBEX                                                | LIVE CATTLE FUTR  Feb23   | CUSIP: N/A<br>LEI: N/A                        | Long             | DCO              | CORP              | US        |       248 | NC      | $97600.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Scottsdal                                        | VANGUARD S/T CORP BOND ET | CUSIP: 92206C409<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     60000 | NS      | $4511400.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S.                                          | SUGAR #11 (WORLD) Mar23   | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Long             | DCO              | CORP              | US        |      1320 | NC      | $346931.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                    | SOYBEAN FUTURE    Mar23   | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DCO              | CORP              | US        |       146 | NC      | $193687.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S.                                          | COCOA FUTURE      Mar23   | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Long             | DCO              | CORP              | US        |       720 | NC      | $553880.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK MERCANTILE EXCHANGE                              | GASOLINE RBOB FUT Feb23   | CUSIP: N/A<br>LEI: 5493008GFNDTXFPHWI47       | Long             | DCO              | CORP              | US        |        72 | NC      | $94365.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LONDON METAL EXCHANGE                                     | LME PRI ALUM FUTR Mar23   | CUSIP: N/A<br>LEI: 213800NB8G5VRT1DXC91       | Long             | DCO              | CORP              | GB        |       100 | NC      | $-243212.50   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| EUREX DEUTSCHLAND                                         | EURO-BOBL FUTURE  Mar23   | CUSIP: N/A<br>LEI: 529900UT4DG0LG5R9O07       | Short            | DIR              | CORP              | DE        |      -178 | NC      | $735226.46    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                    | US 5YR NOTE (CBT) Mar23   | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |       310 | NC      | $-240565.28   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| EUREX DEUTSCHLAND                                         | EURO-SCHATZ FUT   Mar23   | CUSIP: N/A<br>LEI: 529900UT4DG0LG5R9O07       | Short            | DIR              | CORP              | DE        |      -353 | NC      | $478584.42    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                                             | ISHARES MSCI EAFE SMALL-C | CUSIP: 464288273<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     43007 | NS      | $2429035.36   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Banks                                   | FHLB 0.4 02/24/28         | CUSIP: 3130ALGX6<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |  10000000 | PA      | $8709062.00   | 1.15%             | 2028-02-24      | Fixed         | 0.40%                 | No            |                  2 | On Loan: No      |
| CME GLOBEX                                                | LEAN HOGS FUTURE  Feb23   | CUSIP: N/A<br>LEI: N/A                        | Short            | DCO              | CORP              | US        |        -1 | NC      | $-2070.00     | -0.00%            |  |  |  | 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