# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001752724-25-131809
**Filing Date:** 2025-6
**Character Count:** 58397
**Document Hash:** 748b1695419bc5eed9189686f6d2f265
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-131809.hdr.sgml**: 20250604

**ACCESSION NUMBER**: 0001752724-25-131809

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250604

**DATE AS OF CHANGE**: 20250604

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 251022465

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-04-30

**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:** $7826217268.94

**Total Liabilities:** $328449275.19

**Net Assets:** $7497767993.75

**Cash Not Reported:** $12212408.79

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 173737.40453200 | **1-Year:** 48349.23887500 | **5-Year:** 239.44369100 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 22.56831000 | **1-Year:** 28253.32709300 | **5-Year:** 627735.28642500 | **10-Year:** 14577.07318400 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000137888 | 0.70%                | -0.82%               | -4.37%               |
| Class ID C000137889 | 0.60%                | -0.81%               | -4.37%               |
| Class ID C000137890 | 0.70%                | -0.86%               | -4.26%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2323496.09              | $13582807.77                               |
| Month 2  | $2145039.87              | $-26524609.57                              |
| Month 3  | $16031197.34             | $-64500493.73                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Altria Group, Inc.                                                                   | MO 4.4 02/14/26                 | CUSIP: 02209SBC6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    21230000 | PA      | $21184623.00   | 0.28%             | 2026-02-14      | Fixed         | 4.40%                 | No            | 2                  | On Loan: No      |
| Altria Group, Inc.                                                                   | MO 2.35 05/06/25                | CUSIP: 02209SBH5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    29672000 | PA      | $29660534.74   | 0.40%             | 2025-05-06      | Fixed         | 2.35%                 | No            | 2                  | On Loan: No      |
| Amcor Flexibles North America Inc                                                    | AMCR 4 05/17/25                 | CUSIP: 02343JAA8<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |    37221000 | PA      | $37192239.33   | 0.50%             | 2025-05-17      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| American Express Company                                                             | AXP 6.338 10/30/26              | CUSIP: 025816DL0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    11068000 | PA      | $11167112.83   | 0.15%             | 2026-10-30      | Fixed         | 6.34%                 | No            | 2                  | On Loan: No      |
| American Honda Finance Corporation                                                   | HNDA 5 05/23/25                 | CUSIP: 02665WEJ6<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |     9795000 | PA      | $9795953.05    | 0.13%             | 2025-05-23      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| American Honda Finance Corporation                                                   | HNDA Float 08/14/25             | CUSIP: 02665WFB2<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    57500000 | PA      | $57515775.13   | 0.77%             | 2025-08-14      | Floating      | 4.96%                 | No            | 2                  | On Loan: No      |
| American Honda Finance Corporation                                                   | HNDA Float 10/10/25             | CUSIP: 02665WFF3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    41868000 | PA      | $41863038.64   | 0.56%             | 2025-10-10      | Floating      | 4.84%                 | No            | 2                  | On Loan: No      |
| American Honda Finance Corporation                                                   | HNDA FLOAT 01/12/26             | CUSIP: 02665WFM8<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    25000000 | PA      | $24968828.50   | 0.33%             | 2026-01-12      | Floating      | 4.83%                 | No            | 2                  | On Loan: No      |
| Autozone, Inc.                                                                       | AZO 3 1/8 04/21/26              | CUSIP: 053332AT9<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |    18349000 | PA      | $18096771.53   | 0.24%             | 2026-04-21      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| BMW US Capital, LLC                                                                  | BMW FLOAT 08/13/26              | CUSIP: 05565ECN3<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    14700000 | PA      | $14721109.64   | 0.20%             | 2026-08-13      | Floating      | 5.16%                 | Yes           | 2                  | On Loan: No      |
| BMW US Capital, LLC                                                                  | BMW Float 03/19/27              | CUSIP: 05565ECV5<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    28000000 | PA      | $27946252.60   | 0.37%             | 2027-03-19      | Floating      | 5.13%                 | Yes           | 2                  | On Loan: No      |
| Bank of America Corp.                                                                | BAC 1.319 06/19/26              | CUSIP: 06051GJD2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    69060000 | PA      | $68735944.24   | 0.92%             | 2026-06-19      | Fixed         | 1.32%                 | No            | 2                  | On Loan: No      |
| Bank of America Corp.                                                                | BAC 1.734 07/22/27              | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    20000000 | PA      | $19334380.60   | 0.26%             | 2027-07-22      | Fixed         | 1.73%                 | No            | 2                  | On Loan: No      |
| The Bank of New York Mellon Corp.                                                    | BK 4.414 07/24/26               | CUSIP: 06406RBJ5<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    24847000 | PA      | $24830696.14   | 0.33%             | 2026-07-24      | Fixed         | 4.41%                 | No            | 2                  | On Loan: No      |
| Bayer US Finance II LLC                                                              | BAYNGR 4 1/4 12/15/25           | CUSIP: 07274NAJ2<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |    20000000 | PA      | $19910541.00   | 0.27%             | 2025-12-15      | Fixed         | 4.25%                 | Yes           | 2                  | On Loan: No      |
| Biogen Inc                                                                           | BIIB 4.05 09/15/25              | CUSIP: 09062XAF0<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |    14068000 | PA      | $14020039.09   | 0.19%             | 2025-09-15      | Fixed         | 4.05%                 | No            | 2                  | On Loan: No      |
| Block Financial Llc                                                                  | HRB 5 1/4 10/01/25              | CUSIP: 093662AG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    45576000 | PA      | $45606869.54   | 0.61%             | 2025-10-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| The Boeing Company                                                                   | BA 2.196 02/04/26               | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    80000000 | PA      | $78391174.40   | 1.05%             | 2026-02-04      | Fixed         | 2.20%                 | No            | 2                  | On Loan: No      |
| CVS Health Corp                                                                      | CVS 3 7/8 07/20/25              | CUSIP: 126650CL2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    66911000 | PA      | $66780235.83   | 0.89%             | 2025-07-20      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| Caterpillar Financial Services Corp.                                                 | CAT Float 10/16/26              | CUSIP: 14913UAP5<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    42000000 | PA      | $42153609.96   | 0.56%             | 2026-10-16      | Floating      | 5.01%                 | No            | 2                  | On Loan: No      |
| Caterpillar Financial Services Corp.                                                 | CAT Float 01/07/27              | CUSIP: 14913UAW0<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    40000000 | PA      | $39906322.40   | 0.53%             | 2027-01-07      | Floating      | 4.72%                 | No            | 2                  | On Loan: No      |
| Cequel Communications Holdings I, LLC/Cequel Capital Corporation                     | CEQUEL 7 1/2 04/01/28           | CUSIP: 15672WAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1200000 | PA      | $885000.00     | 0.01%             | 2028-04-01      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 4.908 07/23/25             | CUSIP: 161175AY0<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    22883000 | PA      | $22852235.87   | 0.30%             | 2025-07-23      | Fixed         | 4.91%                 | No            | 2                  | On Loan: No      |
| Chevron USA Inc                                                                      | CVX Float 02/26/27              | CUSIP: 166756BA3<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |    48317000 | PA      | $48225991.07   | 0.64%             | 2027-02-26      | Floating      | 4.71%                 | No            | 2                  | On Loan: No      |
| Citigroup Inc.                                                                       | C 5.61 09/29/26                 | CUSIP: 172967NX5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    24037000 | PA      | $24118866.42   | 0.32%             | 2026-09-29      | Fixed         | 5.61%                 | No            | 2                  | On Loan: No      |
| Citibank, N.A.                                                                       | C Float 04/30/26                | CUSIP: 17325FBE7<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    25000000 | PA      | $24947696.50   | 0.33%             | 2026-04-30      | Floating      | 4.95%                 | No            | 2                  | On Loan: No      |
| Citibank, N.A.                                                                       | C Float 08/06/26                | CUSIP: 17325FBH0<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    40000000 | PA      | $39988610.40   | 0.53%             | 2026-08-06      | Floating      | 5.07%                 | No            | 2                  | On Loan: No      |
| Citigroup Inc.                                                                       | C 1.122 01/28/27                | CUSIP: 17327CAM5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    43201000 | PA      | $42095750.80   | 0.56%             | 2027-01-28      | Fixed         | 1.12%                 | No            | 2                  | On Loan: No      |
| HCA Inc.                                                                             | HCA 7.69 06/15/25               | CUSIP: 197677AG2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    10910000 | PA      | $10936259.61   | 0.15%             | 2025-06-15      | Fixed         | 7.69%                 | No            | 2                  | On Loan: No      |
| Commonwealth Bank of Australia                                                       | CBAAU Float 11/27/26            | CUSIP: 2027A0KV0<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    20000000 | PA      | $19992355.40   | 0.27%             | 2026-11-27      | Floating      | 4.81%                 | Yes           | 2                  | On Loan: No      |
| Conagra Brands Inc                                                                   | CAG 4.6 11/01/25                | CUSIP: 205887CB6<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |    62597000 | PA      | $62542655.16   | 0.83%             | 2025-11-01      | Fixed         | 4.60%                 | No            | 2                  | On Loan: No      |
| Constellation Brands, Inc.                                                           | STZ 5 02/02/26                  | CUSIP: 21036PBN7<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    17330000 | PA      | $17327753.34   | 0.23%             | 2026-02-02      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Cooperatieve Rabobank U.A. New York Branch                                           | RABOBK Float 08/28/26           | CUSIP: 21688ABG6<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    38000000 | PA      | $38051876.08   | 0.51%             | 2026-08-28      | Floating      | 4.97%                 | No            | 2                  | On Loan: No      |
| D.R. Horton, Inc.                                                                    | DHI 2.6 10/15/25                | CUSIP: 23331ABN8<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |    18510000 | PA      | $18336727.33   | 0.24%             | 2025-10-15      | Fixed         | 2.60%                 | No            | 2                  | On Loan: No      |
| Dupont De Nemours Inc                                                                | DD 4.493 11/15/25               | CUSIP: 26078JAC4<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |    57962000 | PA      | $57867544.55   | 0.77%             | 2025-11-15      | Fixed         | 4.49%                 | No            | 2                  | On Loan: No      |
| Dreyfus Treasury Obligations Cash Management                                         | DREY-T O C/M-INS                | CUSIP: 261908107<br>LEI: 549300MKKM9KT7BF6329 | Long             | STIV             | RF                | US        |  1351453458 | PA      | $1351453457.69 | 18.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Duke Energy Corp                                                                     | DUK 0.9 09/15/25                | CUSIP: 26441CBJ3<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    40116000 | PA      | $39560733.98   | 0.53%             | 2025-09-15      | Fixed         | 0.90%                 | No            | 2                  | On Loan: No      |
| Elevance Health Inc.                                                                 | ELV 4.9 02/08/26                | CUSIP: 28622HAA9<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    28032000 | PA      | $28034337.59   | 0.37%             | 2026-02-08      | Fixed         | 4.90%                 | No            | 2                  | On Loan: No      |
| Enbridge Energy Partners L.P.                                                        | ENBCN 5 7/8 10/15/25            | CUSIP: 29250RAW6<br>LEI: CZ6VG2MNE1J6YDI02G48 | Long             | DBT              | CORP              | US        |    11441000 | PA      | $11465464.63   | 0.15%             | 2025-10-15      | Fixed         | 5.88%                 | No            | 2                  | On Loan: No      |
| Energy Transfer LP                                                                   | ET 2.9 05/15/25                 | CUSIP: 29278NAP8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    58311000 | PA      | $58265411.29   | 0.78%             | 2025-05-15      | Fixed         | 2.90%                 | No            | 2                  | On Loan: No      |
| Entergy Corporation                                                                  | ETR 0.9 09/15/25                | CUSIP: 29364GAM5<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    11094000 | PA      | $10937445.80   | 0.15%             | 2025-09-15      | Fixed         | 0.90%                 | No            | 2                  | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 5 1/8 06/16/25                | CUSIP: 345397A60<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    42797000 | PA      | $42765759.47   | 0.57%             | 2025-06-16      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F Float 11/05/26                | CUSIP: 345397F99<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    39000000 | PA      | $38311023.66   | 0.51%             | 2026-11-05      | Floating      | 5.81%                 | No            | 2                  | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 4.134 08/04/25                | CUSIP: 345397XL2<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    15214000 | PA      | $15146092.46   | 0.20%             | 2025-08-04      | Fixed         | 4.13%                 | No            | 2                  | On Loan: No      |
| Fortinet Inc                                                                         | FTNT 1 03/15/26                 | CUSIP: 34959EAA7<br>LEI: 549300O0QJWDBAS0QX03 | Long             | DBT              | CORP              | US        |    18646000 | PA      | $18073398.12   | 0.24%             | 2026-03-15      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| Fortune Brands Innovations Inc                                                       | FBHS 4 06/15/25                 | CUSIP: 34964CAA4<br>LEI: 54930032LHW54PQUJD44 | Long             | DBT              | CORP              | US        |     8000000 | PA      | $7987149.04    | 0.11%             | 2025-06-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| GE Healthcare Technologies Inc.                                                      | GEHC 5.6 11/15/25               | CUSIP: 36267VAD5<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    41554000 | PA      | $41748673.01   | 0.56%             | 2025-11-15      | Fixed         | 5.60%                 | No            | 2                  | On Loan: No      |
| General Motors Financial Company  Inc                                                | GM 1 1/4 01/08/26               | CUSIP: 37045XDD5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     9033000 | PA      | $8811481.84    | 0.12%             | 2026-01-08      | Fixed         | 1.25%                 | No            | 2                  | On Loan: No      |
| General Motors Financial Company  Inc                                                | GM 5.4 04/06/26                 | CUSIP: 37045XEF9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    12719000 | PA      | $12749971.91   | 0.17%             | 2026-04-06      | Fixed         | 5.40%                 | No            | 2                  | On Loan: No      |
| Georgia Power Company                                                                | SO Float 05/08/25               | CUSIP: 373334KU4<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    23000000 | PA      | $23001361.83   | 0.31%             | 2025-05-08      | Floating      | 5.11%                 | No            | 2                  | On Loan: No      |
| GlaxoSmithKline Capital PLC                                                          | GSK Float 03/12/27              | CUSIP: 377373AN5<br>LEI: 549300U0LV41VX7LEP38 | Long             | DBT              | CORP              | GB        |    48000000 | PA      | $47952912.48   | 0.64%             | 2027-03-12      | Floating      | 4.85%                 | No            | 2                  | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS 1.093 12/09/26               | CUSIP: 38141GXM1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     8440000 | PA      | $8261134.71    | 0.11%             | 2026-12-09      | Fixed         | 1.09%                 | No            | 2                  | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS 5.798 08/10/26               | CUSIP: 38145GAM2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    59165000 | PA      | $59311639.86   | 0.79%             | 2026-08-10      | Fixed         | 5.80%                 | No            | 2                  | On Loan: No      |
| HCA Inc.                                                                             | HCA 5 7/8 02/15/26              | CUSIP: 404119BS7<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    53024000 | PA      | $53161245.20   | 0.71%             | 2026-02-15      | Fixed         | 5.88%                 | No            | 2                  | On Loan: No      |
| HP Inc                                                                               | HPQ 2.2 06/17/25                | CUSIP: 40434LAA3<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |    32000000 | PA      | $31884867.20   | 0.43%             | 2025-06-17      | Fixed         | 2.20%                 | No            | 2                  | On Loan: No      |
| Hyundai Capital America                                                              | HYNMTR Float 03/25/27           | CUSIP: 44891ADS3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    42000000 | PA      | $41774922.42   | 0.56%             | 2027-03-25      | Floating      | 5.34%                 | Yes           | 2                  | On Loan: No      |
| International Business Machines Corporation                                          | IBM 3.3 05/15/26                | CUSIP: 459200JZ5<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |   100000000 | PA      | $98893562.00   | 1.32%             | 2026-05-15      | Fixed         | 3.30%                 | No            | 2                  | On Loan: No      |
| International Flavors & Fragrances Inc.                                              | IFF 1.23 10/01/25               | CUSIP: 459506AN1<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |    39325000 | PA      | $38621421.09   | 0.52%             | 2025-10-01      | Fixed         | 1.23%                 | Yes           | 2                  | On Loan: No      |
| iShares Trust                                                                        | ISHARES IBOXX HI                | CUSIP: 464288513<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     4000000 | NS      | $314400000.00  | 4.19%             |  |  |  | No            | 1                  | On Loan: —       |
| JPMorgan Chase & Co.                                                                 | JPM 1.045 11/19/26              | CUSIP: 46647PBT2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   100000000 | PA      | $98047977.00   | 1.31%             | 2026-11-19      | Fixed         | 1.04%                 | No            | 2                  | On Loan: No      |
| Jefferies Financial Group Inc                                                        | JEF 5 02/10/26                  | CUSIP: 47233WHZ5<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    20000000 | PA      | $20028007.00   | 0.27%             | 2026-02-10      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Jefferies Financial Group Inc                                                        | JEF 5.03 03/16/26               | CUSIP: 47233WJG5<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    19000000 | PA      | $19048388.25   | 0.25%             | 2026-03-16      | Fixed         | 5.03%                 | No            | 2                  | On Loan: No      |
| Johnson Controls International PLC                                                   | JCI 3.9 02/14/26                | CUSIP: 478375AR9<br>LEI: 549300XQ6S1GYKGBL205 | Long             | DBT              | CORP              | IE        |    18379000 | PA      | $18237156.76   | 0.24%             | 2026-02-14      | Fixed         | 3.90%                 | No            | 2                  | On Loan: No      |
| Kellanova                                                                            | K 3 1/4 04/01/26                | CUSIP: 487836BP2<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | DBT              | CORP              | US        |    35665000 | PA      | $35278033.32   | 0.47%             | 2026-04-01      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| Keurig Dr Pepper Inc                                                                 | KDP Float 11/15/26              | CUSIP: 49271VAY6<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |    57500000 | PA      | $57551847.18   | 0.77%             | 2026-11-15      | Floating      | 4.97%                 | No            | 2                  | On Loan: No      |
| Kinder Morgan, Inc.                                                                  | KMI 4.3 06/01/25                | CUSIP: 49456BAF8<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    45676000 | PA      | $45644214.07   | 0.61%             | 2025-06-01      | Fixed         | 4.30%                 | No            | 2                  | On Loan: No      |
| Lennar Corp.                                                                         | LEN 4 3/4 05/30/25              | CUSIP: 526057BV5<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |    23856000 | PA      | $23852924.72   | 0.32%             | 2025-05-30      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| Lowes Companies, Inc.                                                                | LOW 4.8 04/01/26                | CUSIP: 548661EP8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    59656000 | PA      | $59792086.07   | 0.80%             | 2026-04-01      | Fixed         | 4.80%                 | No            | 2                  | On Loan: No      |
| Marathon Petroleum Corp.                                                             | MPC 4.7 05/01/25                | CUSIP: 56585ABH4<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |    53841000 | PA      | $53841000.00   | 0.72%             | 2025-05-01      | Fixed         | 4.70%                 | No            | 2                  | On Loan: No      |
| McCormick & Company, Incorporated                                                    | MKC 3 1/4 11/15/25              | CUSIP: 579780AK3<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |     1999000 | PA      | $1984400.68    | 0.03%             | 2025-11-15      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| McDonald's Corp.                                                                     | MCD 3 3/8 05/26/25              | CUSIP: 58013MEU4<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     9929000 | PA      | $9918922.07    | 0.13%             | 2025-05-26      | Fixed         | 3.38%                 | No            | 2                  | On Loan: No      |
| Mercedes-Benz Finance North America LLC                                              | MBGGR Float 04/01/27            | CUSIP: 58769JBD8<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    56000000 | PA      | $55782985.44   | 0.74%             | 2027-04-01      | Floating      | 5.13%                 | Yes           | 2                  | On Loan: No      |
| Morgan Stanley                                                                       | MS 0.985 12/10/26               | CUSIP: 6174468V4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    29000000 | PA      | $28350544.13   | 0.38%             | 2026-12-10      | Fixed         | 0.98%                 | No            | 2                  | On Loan: No      |
| Morgan Stanley                                                                       | MS 4.679 07/17/26               | CUSIP: 61747YET8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     4073000 | PA      | $4070002.27    | 0.05%             | 2026-07-17      | Fixed         | 4.68%                 | No            | 2                  | On Loan: No      |
| Morgan Stanley                                                                       | MS 6.138 10/16/26               | CUSIP: 61747YEX9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    18000000 | PA      | $18109681.02   | 0.24%             | 2026-10-16      | Fixed         | 6.14%                 | No            | 2                  | On Loan: No      |
| NXP B V / NXP Funding LLC & NXP USA Inc                                              | NXPI 2.7 05/01/25               | CUSIP: 62954HAW8<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | NL        |    33043000 | PA      | $33043000.00   | 0.44%             | 2025-05-01      | Fixed         | 2.70%                 | No            | 2                  | On Loan: No      |
| NetApp Inc.                                                                          | NTAP 1 7/8 06/22/25             | CUSIP: 64110DAL8<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | DBT              | CORP              | US        |     6347000 | PA      | $6320085.74    | 0.08%             | 2025-06-22      | Fixed         | 1.88%                 | No            | 2                  | On Loan: No      |
| Netflix, Inc.                                                                        | NFLX 3 5/8 06/15/25             | CUSIP: 64110LAY2<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    13000000 | PA      | $12975344.46   | 0.17%             | 2025-06-15      | Fixed         | 3.62%                 | Yes           | 2                  | On Loan: No      |
| Northern Lights Fund Trust                                                           | NAV-US ALL-I                    | CUSIP: 66538J415<br>LEI: 549300BSYF57GRCG4861 | Long             | EC               | RF                | US        |     6600898 | NS      | $57757854.05   | 0.77%             |  |  |  | No            | 1                  | On Loan: No      |
| Northern Lights Fund Trust                                                           | NAV-U/S BND-I                   | CUSIP: 66538J522<br>LEI: 549300BSYF57GRCG4861 | Long             | EC               | RF                | US        |     5623081 | NS      | $56736884.89   | 0.76%             |  |  |  | No            | 1                  | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 2.95 05/15/25              | CUSIP: 68389XBC8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   100000000 | PA      | $99929336.00   | 1.33%             | 2025-05-15      | Fixed         | 2.95%                 | No            | 2                  | On Loan: No      |
| Ovintiv Inc                                                                          | OVV 5.65 05/15/25               | CUSIP: 69047QAA0<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |    10000000 | PA      | $9996364.70    | 0.13%             | 2025-05-15      | Fixed         | 5.65%                 | No            | 2                  | On Loan: No      |
| Plains All American Pipeline L.P.                                                    | PAA 4.65 10/15/25               | CUSIP: 72650RBJ0<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |    77565000 | PA      | $77446071.91   | 1.03%             | 2025-10-15      | Fixed         | 4.65%                 | No            | 2                  | On Loan: No      |
| Range Resources Corp.                                                                | RRC 4 7/8 05/15/25              | CUSIP: 75281AAS8<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |     5580000 | PA      | $5580209.25    | 0.07%             | 2025-05-15      | Fixed         | 4.88%                 | No            | 2                  | On Loan: No      |
| Realty Income Corporation                                                            | O 4 5/8 11/01/25                | CUSIP: 756109BE3<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    53714000 | PA      | $53695730.79   | 0.72%             | 2025-11-01      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| Reliance Inc                                                                         | RS 1.3 08/15/25                 | CUSIP: 759509AF9<br>LEI: 549300E287ZOFT3C5Z56 | Long             | DBT              | CORP              | US        |     5203000 | PA      | $5149862.59    | 0.07%             | 2025-08-15      | Fixed         | 1.30%                 | No            | 2                  | On Loan: No      |
| Reynolds American Inc.                                                               | BATSLN 4.45 06/12/25            | CUSIP: 761713BG0<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |    62097000 | PA      | $62064825.68   | 0.83%             | 2025-06-12      | Fixed         | 4.45%                 | No            | 2                  | On Loan: No      |
| Royalty Pharma PLC                                                                   | RPRX 1.2 09/02/25               | CUSIP: 78081BAH6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |    75028000 | PA      | $74088903.03   | 0.99%             | 2025-09-02      | Fixed         | 1.20%                 | No            | 2                  | On Loan: No      |
| Southern Co.                                                                         | SO 5.15 10/06/25                | CUSIP: 842587DM6<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    11914000 | PA      | $11940910.39   | 0.16%             | 2025-10-06      | Fixed         | 5.15%                 | No            | 2                  | On Loan: No      |
| Sprint LLC                                                                           | S 7 5/8 03/01/26                | CUSIP: 85207UAK1<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |    83800000 | PA      | $84898101.79   | 1.13%             | 2026-03-01      | Fixed         | 7.62%                 | No            | 2                  | On Loan: No      |
| State Street Bank & Trust Co.                                                        | STT FLOAT 11/25/26              | CUSIP: 857449AD4<br>LEI: 571474TGEMMWANRLN572 | Long             | DBT              | CORP              | US        |    20000000 | PA      | $19983444.60   | 0.27%             | 2026-11-25      | Floating      | 4.81%                 | No            | 2                  | On Loan: No      |
| Stryker Corporation                                                                  | SYK 1.15 06/15/25               | CUSIP: 863667BA8<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |     5025000 | PA      | $5002575.54    | 0.07%             | 2025-06-15      | Fixed         | 1.15%                 | No            | 2                  | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 2 1/4 02/15/26             | CUSIP: 87264ABR5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    17367000 | PA      | $17036440.00   | 0.23%             | 2026-02-15      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 1 1/2 02/15/26             | CUSIP: 87264ABZ7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    52457000 | PA      | $51183858.64   | 0.68%             | 2026-02-15      | Fixed         | 1.50%                 | No            | 2                  | On Loan: No      |
| The Toronto-Dominion Bank                                                            | TD 1.15 06/12/25                | CUSIP: 89114QCH9<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    42445000 | PA      | $42270822.27   | 0.56%             | 2025-06-12      | Fixed         | 1.15%                 | No            | 2                  | On Loan: No      |
| The Toronto-Dominion Bank                                                            | TD 3.766 06/06/25               | CUSIP: 89115A2A9<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    51327000 | PA      | $51281184.49   | 0.68%             | 2025-06-06      | Fixed         | 3.77%                 | No            | 2                  | On Loan: No      |
| The Toronto-Dominion Bank                                                            | TD Float 10/10/25               | CUSIP: 89115A2Z4<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    50000000 | PA      | $50015704.50   | 0.67%             | 2025-10-10      | Floating      | 4.82%                 | No            | 2                  | On Loan: No      |
| Toyota Motor Credit Corp.                                                            | TOYOTA Float 05/15/26           | CUSIP: 89236TME2<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    55500000 | PA      | $55446255.47   | 0.74%             | 2026-05-15      | Floating      | 4.81%                 | No            | 2                  | On Loan: No      |
| Toyota Motor Credit Corp.                                                            | TOYOTA Float 04/10/26           | CUSIP: 89236TMR3<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    30000000 | PA      | $29971775.10   | 0.40%             | 2026-04-10      | Floating      | 4.79%                 | No            | 2                  | On Loan: No      |
| Toyota Motor Credit Corp.                                                            | TOYOTA Float 01/08/27           | CUSIP: 89236TMZ5<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    40000000 | PA      | $39860778.00   | 0.53%             | 2027-01-08      | Floating      | 4.81%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                                         | B 05/15/25                      | CUSIP: 912797LB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   150000000 | PA      | $149754417.00  | 2.00%             | 2025-05-15      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                                         | B 06/12/25                      | CUSIP: 912797LN5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   150000000 | PA      | $149260188.00  | 1.99%             | 2025-06-12      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                                         | B 10/02/25                      | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    50000000 | PA      | $49125408.50   | 0.66%             | 2025-10-02      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                                         | B 05/01/25                      | CUSIP: 912797ND5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   150000000 | PA      | $150000000.00  | 2.00%             | 2025-05-01      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                                         | B 05/08/25                      | CUSIP: 912797NE3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   150000000 | PA      | $149877576.00  | 2.00%             | 2025-05-08      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                                         | B 05/22/25                      | CUSIP: 912797NM5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   150000000 | PA      | $149630313.00  | 2.00%             | 2025-05-22      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                                         | B 05/29/25                      | CUSIP: 912797NN3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   150000000 | PA      | $149508745.50  | 1.99%             | 2025-05-29      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                                         | B 06/05/25                      | CUSIP: 912797NP8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   150000000 | PA      | $149383854.00  | 1.99%             | 2025-06-05      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                                         | B 06/20/25                      | CUSIP: 912797NV5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   100000000 | PA      | $99415278.00   | 1.33%             | 2025-06-20      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| United States Treasury Bills                                                         | B 07/31/25                      | CUSIP: 912797PG6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   150000000 | PA      | $148413187.50  | 1.98%             | 2025-07-31      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                                                         | TF FLOAT 07/31/25               | CUSIP: 91282CHS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   470000000 | PA      | $470014161.10  | 6.27%             | 2025-07-31      | Floating      | 4.40%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                                                         | T 3 1/2 09/30/29                | CUSIP: 91282CLN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   250000000 | PA      | $247783202.50  | 3.30%             | 2029-09-30      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| United States Treasury Notes                                                         | T 4 1/8 10/31/29                | CUSIP: 91282CLR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   300000000 | PA      | $304951173.00  | 4.07%             | 2029-10-31      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| VMware LLC                                                                           | VMW 4 1/2 05/15/25              | CUSIP: 928563AD7<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |    17654000 | PA      | $17645556.97   | 0.24%             | 2025-05-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Volkswagen Group of America Finance LLC                                              | VW Float 03/20/26               | CUSIP: 928668CD2<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    20000000 | PA      | $19999223.60   | 0.27%             | 2026-03-20      | Floating      | 5.18%                 | Yes           | 2                  | On Loan: No      |
| Volkswagen Group of America Finance LLC                                              | VW FLOAT 08/14/26               | CUSIP: 928668CJ9<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    23688000 | PA      | $23692281.13   | 0.32%             | 2026-08-14      | Floating      | 5.42%                 | Yes           | 2                  | On Loan: No      |
| Volkswagen Group of America Finance LLC                                              | VW Float 03/25/27               | CUSIP: 928668CT7<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    30000000 | PA      | $29861705.10   | 0.40%             | 2027-03-25      | Floating      | 5.41%                 | Yes           | 2                  | On Loan: No      |
| Walmart Inc                                                                          | WMT Float 04/28/27              | CUSIP: 931142FM0<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |    33500000 | PA      | $33559552.62   | 0.45%             | 2027-04-28      | Floating      | 4.76%                 | No            | 2                  | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC 4.54 08/15/26               | CUSIP: 95000U3C5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    32638000 | PA      | $32613623.98   | 0.43%             | 2026-08-15      | Fixed         | 4.54%                 | No            | 2                  | On Loan: No      |
| Weyerhaeuser Company                                                                 | WY 4 3/4 05/15/26               | CUSIP: 962166CC6<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | DBT              | CORP              | US        |     7339000 | PA      | $7348621.21    | 0.10%             | 2026-05-15      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| Williams Partners L.P.                                                               | WMB 4 09/15/25                  | CUSIP: 96949LAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    63819000 | PA      | $63633173.75   | 0.85%             | 2025-09-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| CDX.NA.HY SERIES 42                                                                  | CDXHY42 06/29                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |  -329900000 | PA      | $13909243.80   | 0.19%             |  |  |  | No            | 2                  | On Loan: No      |
| CDX.NA.HY SERIES 43                                                                  | CDX.NA.HY SERIES 43 12/29       | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |   -73600000 | PA      | $2724156.80    | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| CDX.NA.HY SERIES 44                                                                  | CDX.NA.HY SERIES 44 6/30        | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       | -1195000000 | PA      | $41381655.00   | 0.55%             |  |  |  | No            | 2                  | On Loan: No      |
| CDX.NA.HY SERIES 44                                                                  | CDX.NA.HY SERIES 44 06/30       | CUSIP: N/A<br>LEI: N/A                        | Long             | DCR              | CORP              | N/A       |   -34000000 | PA      | $1177386.00    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                                          | S&P500 EMINI FUT  Jun25         | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |         400 | NC      | $-17320.00     | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| GOLDMAN SACHS FINANCIAL SQUARE PRIME OBLIGATIONS FUND                                | FINANCIAL SQUARE GOV CL FST MMF | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |           0 | NS      | $0.00          | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Chicago Board of Trade                                                               | US 5YR NOTE (CBT) Jun25         | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |        7250 | NC      | $1047614.25    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| OPTION ISSUER                                                                        | US 5YR FUTR OPTN  Jun25P        | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |        3000 | NC      | $30.00         | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| OPTION ISSUER                                                                        | US 10YR FUT OPTN  Jun25P        | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |        4675 | NC      | $46.75         | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2025-05-28

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer