# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001752724-23-075008
**Filing Date:** 2023-3
**Character Count:** 36385
**Document Hash:** b88b2a3f86354a2bbd26f52d2c58e50a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075008.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075008

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20230430

**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:** 23784060

**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

### Toews Tactical Income Fund (Series ID: S000027930)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000084894 | Toews Tactical Income Fund | THHYX           |

## Nport-Ex

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TOEWS TACTICAL INCOME FUND** | **TOEWS TACTICAL INCOME FUND** | **TOEWS TACTICAL INCOME FUND** | **TOEWS TACTICAL INCOME FUND** | **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 79.6%** |  |  |  |
|  | **FIXED INCOME - 79.6%** |  |  |  |
| 25000 | Franklin Liberty High Yield Corporate ETF |  |  | &nbsp;&nbsp;&nbsp; $572940 |
| 25000 | Goldman Sachs Access High Yield Corporate Bond ETF |  |  | &nbsp;&nbsp;&nbsp; 1086388 |
| 25000 | Invesco Fundamental High Yield Corporate Bond ETF |  |  | &nbsp;&nbsp;&nbsp; 440000 |
| 395000 | iShares 0-5 Year High Yield Corporate Bond ETF |  |  | &nbsp;&nbsp;&nbsp; 16593950 |
| 3500000 | iShares Broad USD High Yield Corporate Bond ETF |  |  | &nbsp;&nbsp;&nbsp; 125265000 |
| 25000 | iShares Fallen Angels USD Bond ETF |  |  | &nbsp;&nbsp;&nbsp; 638750 |
| 1765000 | iShares iBoxx $ High Yield Corporate Bond ETF<sup>(a)</sup> |  |  | &nbsp;&nbsp;&nbsp; 134722450 |
| 25000 | iShares US & International High Yield Corp Bond ETF |  |  | &nbsp;&nbsp;&nbsp; 1076250 |
| 25000 | PIMCO 0-5 Year High Yield Corporate Bond Index ETF |  |  | &nbsp;&nbsp;&nbsp; 2297250 |
| 1380500 | SPDR Bloomberg High Yield Bond ETF |  |  | &nbsp;&nbsp;&nbsp; 129256215 |
| 395000 | SPDR Bloomberg Short Term High Yield Bond |  |  | &nbsp;&nbsp;&nbsp; 9882900 |
| 100000 | VanEck Fallen Angel High Yield Bond ETF |  |  | &nbsp;&nbsp;&nbsp; 2807000 |
| 1675000 | Xtrackers USD High Yield Corporate Bond ETF |  |  | &nbsp;&nbsp;&nbsp; 58574750 |
|  |  |  |  | &nbsp;&nbsp; 483213843 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $473,178,223)** |  |  | &nbsp;&nbsp; 483213843 |
|  | **OPEN END FUNDS — 19.5%** |  |  |  |
|  | **FIXED INCOME - 19.5%** |  |  |  |
| 3019324 | American Century High Income Fund, Class I |  |  | &nbsp;&nbsp;&nbsp; 25211353 |
| 3594249 | JPMorgan High Yield Fund, Class I |  |  | &nbsp;&nbsp;&nbsp; 22751597 |
| 3611557 | Lord Abbett High Yield Fund, Class I |  |  | &nbsp;&nbsp;&nbsp; 22752809 |
| 4859611 | PGIM High Yield Fund, Class Q |  |  | &nbsp;&nbsp;&nbsp; 22694384 |
| 3875969 | Principal Funds Inc - High Income Fund, Institutional Class |  |  | &nbsp;&nbsp;&nbsp; 25155039 |
|  |  |  |  | &nbsp;&nbsp; 118565182 |
|  | **TOTAL OPEN END FUNDS (Cost $117,500,000)** |  |  | &nbsp;&nbsp; 118565182 |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 0.6%** |  |  |  |
|  | **CABLE & SATELLITE** — **0.3%** |  |  |  |
| 1000000 | CCO Holdings, LLC / CCO Holdings Corporation<sup>(b)</sup> | 5.1250 | &nbsp;&nbsp;&nbsp;05/01/27 | 954210 |
| 1000000 | DISH Network Corporation<sup>(b)</sup> | 11.7500 | &nbsp;&nbsp;&nbsp;11/15/27 | 1040715 |
|  |  |  |  | $1994925 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TOEWS TACTICAL INCOME FUND** | **TOEWS TACTICAL INCOME FUND** | **TOEWS TACTICAL INCOME FUND** | **TOEWS TACTICAL INCOME FUND** | **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **HEALTH CARE FACILITIES & SERVICES** — **0.1%** |  |  |  |
| 1000000 | DaVita, Inc.<sup>(b)</sup> | 4.6250 | &nbsp;&nbsp;&nbsp;06/01/30 | $842870 |
|  | **LEISURE FACILITIES & SERVICES** — **0.2%** |  |  |  |
| 1000000 | Caesars Entertainment, Inc.<sup>(b)</sup> | 8.1250 | &nbsp;&nbsp;&nbsp;07/01/27 | 1012625 |
|  | **TOTAL CORPORATE BONDS (Cost $3,847,875)** |  |  | 3850420 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 11.5% (Continued)** |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 11.5%** |  |  |  |
| 69534000 | State Street Institutional US Government Money, 4.13% (Cost $69,534,000)<sup>(c),(d)</sup> |  |  | &nbsp;&nbsp;&nbsp; 69534000 |
|  | **TOTAL INVESTMENTS - 111.2% (Cost $664,060,098)** |  |  | &nbsp;&nbsp;&nbsp; $675163445 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (11.2)%** |  |  | &nbsp;&nbsp; (67999422) |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $607164023 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of January 31, 2023 was $68,697,000.

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2023 the total market value of 144A securities is 3,850,420 or 0.6% of net assets.

<sup>(c)</sup> Security was purchased with cash received as collateral for securities on loan at January 31, 2023. Total collateral had a value of $69,534,000 at January 31, 2023.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of January 31, 2023.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOEWS HEDGED OCEANA FUND** | **TOEWS HEDGED OCEANA FUND** | **TOEWS HEDGED OCEANA FUND** | **TOEWS HEDGED OCEANA FUND** | **TOEWS HEDGED OCEANA FUND** | **TOEWS HEDGED OCEANA FUND** | **TOEWS HEDGED OCEANA FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  |  |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.7%** | **EXCHANGE-TRADED FUNDS — 98.7%** | **EXCHANGE-TRADED FUNDS — 98.7%** |  |  |  |
|  | **EQUITY - 98.7%** | **EQUITY - 98.7%** | **EQUITY - 98.7%** |  |  |  |
| 1136600 | Vanguard FTSE Developed Markets ETF | Vanguard FTSE Developed Markets ETF |  |  |  | &nbsp;&nbsp;&nbsp; $52010816 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $47,903,669)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $47,903,669)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $47,903,669)** |  |  | &nbsp;&nbsp; 52010816 |
| **Contracts<sup>(a)</sup>** |  |  |  |  |  |  |
|  | **FUTURE OPTIONS PURCHASED - 0.1%** | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **PUT OPTIONS PURCHASED - 0.1%** | **PUT OPTIONS PURCHASED - 0.1%** | **PUT OPTIONS PURCHASED - 0.1%** |  |  |  |
| 266 | CME E-mini Standard & Poor's 500 Index Future | EDF | 03/17/2023 | $3320 | &nbsp;&nbsp;&nbsp; $54397000 | &nbsp;&nbsp;&nbsp; $62510 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $136,325) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $136,325) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $136,325) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $136,325) |  |  |
|  | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $136,325) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $136,325) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $136,325) |  |  | 62510 |
|  | **TOTAL INVESTMENTS - 98.8% (Cost $48,039,994)** | **TOTAL INVESTMENTS - 98.8% (Cost $48,039,994)** | **TOTAL INVESTMENTS - 98.8% (Cost $48,039,994)** |  |  | &nbsp;&nbsp;&nbsp; $52073326 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.2%** |  |  | &nbsp;&nbsp; 621649 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | &nbsp;&nbsp; $5269 4975 |

---

EDF - ED&F Man Capital Markets, Inc. <br> ETF -Exchange-Traded Fund <br> FTSE -Financial Times Stock Exchange

<sup>(a)</sup> Each contract is equivalent to one futures contract.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOEWS HEDGED U.S. FUND** | **TOEWS HEDGED U.S. FUND** | **TOEWS HEDGED U.S. FUND** | **TOEWS HEDGED U.S. FUND** | **TOEWS HEDGED U.S. FUND** | **TOEWS HEDGED U.S. FUND** | **TOEWS HEDGED U.S. FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  |  |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 81.7%** | **U.S. GOVERNMENT & AGENCIES — 81.7%** | **U.S. GOVERNMENT & AGENCIES — 81.7%** |  |  |  |
|  | **U.S. TREASURY BILLS** — **81.7%** | **U.S. TREASURY BILLS** — **81.7%** | **U.S. TREASURY BILLS** — **81.7%** |  |  |  |
| 38500000 | United States Treasury Bill<sup>(a)</sup> | United States Treasury Bill<sup>(a)</sup> |  | 4.44 | &nbsp;&nbsp;&nbsp;04/18/23 | $38132929 |
| 38500000 | United States Treasury Bill<sup>(a)</sup> | United States Treasury Bill<sup>(a)</sup> |  | 4.63 | &nbsp;&nbsp;&nbsp;06/15/23 | 37854289 |
|  |  |  |  |  |  | 75987218 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $76,276,197)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $76,276,197)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $76,276,197)** |  |  | 75987218 |
| **Contracts<sup>(b)</sup>** |  |  |  |  |  |  |
|  | **FUTURE OPTIONS PURCHASED - 0.1%** | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **PUT OPTIONS PURCHASED - 0.1%** | **PUT OPTIONS PURCHASED - 0.1%** | **PUT OPTIONS PURCHASED - 0.1%** |  |  |  |
| 480 | CME E-Mini Standard & Poor's 500 Index Future | EDF | 03/17/2023 | $3320 | &nbsp;&nbsp;&nbsp; $98160000 | &nbsp;&nbsp;&nbsp; $112800 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $231,745) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $231,745) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $231,745) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $231,745) |  |  |
|  | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $231,745) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $231,745) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $231,745) |  |  | 112800 |
|  | **TOTAL INVESTMENTS - 81.8% (Cost $76,507,942)** | **TOTAL INVESTMENTS - 81.8% (Cost $76,507,942)** | **TOTAL INVESTMENTS - 81.8% (Cost $76,507,942)** |  |  | &nbsp;&nbsp;&nbsp; $76100018 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 18.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 18.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 18.2%** |  |  | &nbsp;&nbsp; 16969415 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | &nbsp;&nbsp; $93069433 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |  |  |  |  |
| **Number of Contracts** | **Open Long Futures Contracts** |  |  | **Expiration** | **Notional Amount<sup>(c)</sup>** | **Value and Unrealized Appreciation** |
| 115 | CME E-Mini NASDAQ 100 Index Future | CME E-Mini NASDAQ 100 Index Future |  | 03/17/2023 | &nbsp;&nbsp;&nbsp; $27949600 | &nbsp;&nbsp;&nbsp; $1480001 |
| 319 | CME E-Mini Standard & Poor's 500 Index Future | CME E-Mini Standard & Poor's 500 Index Future |  | 03/17/2023 | &nbsp;&nbsp;&nbsp; 65235500 | &nbsp;&nbsp;&nbsp; 2226466 |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  | &nbsp;&nbsp; $3706467 |

---

<br> EDF -ED&F Man Capital Markets, Inc.

<sup>(a)</sup> Zero coupon bond. Rate shown is discount rate at time of purchase. <br> <sup>(b)</sup> Each contract is equivalent to one futures contract.

<sup>(c)</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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOEWS HEDGED U.S. OPPORTUNITY FUND** | **TOEWS HEDGED U.S. OPPORTUNITY FUND** | **TOEWS HEDGED U.S. OPPORTUNITY FUND** | **TOEWS HEDGED U.S. OPPORTUNITY FUND** | **TOEWS HEDGED U.S. OPPORTUNITY FUND** | **TOEWS HEDGED U.S. OPPORTUNITY FUND** | **TOEWS HEDGED U.S. OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  |  |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 78.3%** | **U.S. GOVERNMENT & AGENCIES — 78.3%** | **U.S. GOVERNMENT & AGENCIES — 78.3%** |  |  |  |
|  | **U.S. TREASURY BILLS** — **78.3%** | **U.S. TREASURY BILLS** — **78.3%** | **U.S. TREASURY BILLS** — **78.3%** |  |  |  |
| 28500000 | United States Treasury Bill<sup>(a)</sup> | United States Treasury Bill<sup>(a)</sup> |  | 4.44 | &nbsp;&nbsp;&nbsp;04/18/23 | $28228272 |
| 28500000 | United States Treasury Bill<sup>(a)</sup> | United States Treasury Bill<sup>(a)</sup> |  | 4.63 | &nbsp;&nbsp;&nbsp;06/15/23 | 28022006 |
|  |  |  |  |  |  | 56250278 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $56,464,198)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $56,464,198)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $56,464,198)** |  |  | 56250278 |
| **Contracts<sup>(b)</sup>** |  |  |  |  |  |  |
|  | **FUTURE OPTIONS PURCHASED - 0.1%** | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **PUT OPTIONS PURCHASED - 0.1%** | **PUT OPTIONS PURCHASED - 0.1%** | **PUT OPTIONS PURCHASED - 0.1%** |  |  |  |
| 759 | CME E-Mini Russell 2000 Index Future | EDF | 03/17/2023 | $1550 | &nbsp;&nbsp;&nbsp; $73600230 | &nbsp;&nbsp;&nbsp; $92978 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $215,684) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $215,684) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $215,684) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $215,684) |  |  |
|  | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $215,684) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $215,684) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $215,684) |  |  | 92978 |
|  | **TOTAL INVESTMENTS - 78.4% (Cost $56,679,882)** | **TOTAL INVESTMENTS - 78.4% (Cost $56,679,882)** | **TOTAL INVESTMENTS - 78.4% (Cost $56,679,882)** |  |  | &nbsp;&nbsp;&nbsp; $56343256 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 21.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 21.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 21.6%** |  |  | &nbsp;&nbsp; 15549373 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | &nbsp;&nbsp; $71892629 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |  |  |  |  |
| **Number of Contracts** | **Open Long Futures Contracts** |  |  | **Expiration** | **Notional Amount<sup>(c)</sup>** | **Value and Unrealized Appreciation** |
| 371 | CME E-Mini Russell 2000 Index Future | CME E-Mini Russell 2000 Index Future |  | 03/17/2023 | &nbsp;&nbsp;&nbsp; $35975870 | &nbsp;&nbsp;&nbsp; $1448201 |
| 135 | CME E-Mini Standard & Poor's MidCap 400 Index Future | CME E-Mini Standard & Poor's MidCap 400 Index Future |  | 03/17/2023 | &nbsp;&nbsp;&nbsp; 35949150 | &nbsp;&nbsp;&nbsp; 1520712 |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  | &nbsp;&nbsp; $2968913 |

---

<br> EDF -ED&F Man Capital Markets, Inc. <br>

<sup>(a)</sup> Zero coupon bond. Rate shown is discount rate at time of purchase.

<sup>(b)</sup> Each contract is equivalent to one futures contract.

<sup>(c)</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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TOEWS UNCONSTRAINED INCOME FUND** | **TOEWS UNCONSTRAINED INCOME FUND** | **TOEWS UNCONSTRAINED INCOME FUND** | **TOEWS UNCONSTRAINED INCOME FUND** | **TOEWS UNCONSTRAINED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 34.5%** |  |  |  |
|  | **FIXED INCOME - 34.5%** |  |  |  |
| 130500 | iShares iBoxx $ High Yield Corporate Bond ETF |  |  | &nbsp;&nbsp;&nbsp; $9961065 |
| 104000 | SPDR Bloomberg High Yield Bond ETF |  |  | &nbsp;&nbsp;&nbsp; 9737520 |
|  |  |  |  | &nbsp;&nbsp; 19698585 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $19,230,139)** |  |  | &nbsp;&nbsp; 19698585 |
|  | **OPEN END FUNDS — 13.3%** |  |  |  |
|  | **FIXED INCOME - 13.3%** |  |  |  |
| 399361 | JPMorgan High Yield Fund, Class I |  |  | &nbsp;&nbsp;&nbsp; 2527955 |
| 401284 | Lord Abbett High Yield Fund, Class I |  |  | &nbsp;&nbsp;&nbsp; 2528090 |
| 539957 | PGIM High Yield Fund, Class Q |  |  | &nbsp;&nbsp;&nbsp; 2521598 |
|  |  |  |  | &nbsp;&nbsp; 7577643 |
|  | **TOTAL OPEN END FUNDS (Cost $7,500,000)** |  |  | &nbsp;&nbsp; 7577643 |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** |  |
|  | **U.S. GOVERNMENT & AGENCIES — 52.1%** |  |  |  |
|  | **U.S. TREASURY BILLS** — **52.1%** |  |  |  |
| 9900000 | United States Treasury Bill<sup>(a)</sup> | 4.49 | &nbsp;&nbsp;&nbsp;02/23/23 | 9873143 |
| 10000000 | United States Treasury Bill<sup>(a)</sup> | 4.29 | &nbsp;&nbsp;&nbsp;03/23/23 | 9938025 |
| 10000000 | United States Treasury Bill<sup>(a)</sup> | 4.44 | &nbsp;&nbsp;&nbsp;04/18/23 | 9904657 |
|  |  |  |  | 29715825 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $29,722,594)** |  |  | 29715825 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $56,452,733)** |  |  | &nbsp;&nbsp;&nbsp; $56992053 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%** |  |  | &nbsp;&nbsp; 35262 |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $57027315 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor's Depositary Receipt |
| <sup>(a)</sup> | Zero coupon bond. Rate shown is discount rate at time of purchase. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TOEWS TACTICAL DEFENSIVE ALPHA FUND** | **TOEWS TACTICAL DEFENSIVE ALPHA FUND** | **TOEWS TACTICAL DEFENSIVE ALPHA FUND** | **TOEWS TACTICAL DEFENSIVE ALPHA FUND** | **TOEWS TACTICAL DEFENSIVE ALPHA FUND** | **TOEWS TACTICAL DEFENSIVE ALPHA FUND** | **TOEWS TACTICAL DEFENSIVE ALPHA FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  |  |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 29.7%** | **EXCHANGE-TRADED FUNDS — 29.7%** | **EXCHANGE-TRADED FUNDS — 29.7%** |  |  |  |
|  | **EQUITY - 29.7%** | **EQUITY - 29.7%** | **EQUITY - 29.7%** |  |  |  |
| 752000 | Vanguard FTSE Developed Markets ETF | Vanguard FTSE Developed Markets ETF |  |  |  | &nbsp;&nbsp;&nbsp; $34411520 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $31,721,884)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $31,721,884)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $31,721,884)** |  |  | &nbsp;&nbsp; 34411520 |
| **Contracts<sup>(a)</sup>** |  |  |  |  |  |  |
|  | **FUTURE OPTIONS PURCHASED - 0.2%** | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **PUT OPTIONS PURCHASED - 0.2%** | **PUT OPTIONS PURCHASED - 0.2%** | **PUT OPTIONS PURCHASED - 0.2%** |  |  |  |
| 613 | CME E-Mini Russell 2000 Index Future | EDF | 03/17/2023 | $1550 | &nbsp;&nbsp;&nbsp; $59442610 | &nbsp;&nbsp;&nbsp; $75093 |
| 577 | CME E-Mini Standard & Poor's 500 Index Future | EDF | 03/17/2023 | 3320 | &nbsp;&nbsp;&nbsp; 117996500 | &nbsp;&nbsp;&nbsp; 135595 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $458,763) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $458,763) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $458,763) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $458,763) |  | &nbsp;&nbsp; 210688 |
|  | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $458,763) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $458,763) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $458,763) |  |  | 210688 |
|  | **TOTAL INVESTMENTS - 29.9% (Cost $32,180,647)** | **TOTAL INVESTMENTS - 29.9% (Cost $32,180,647)** | **TOTAL INVESTMENTS - 29.9% (Cost $32,180,647)** |  |  | &nbsp;&nbsp;&nbsp; $34622208 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 70.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 70.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 70.1%** |  |  | &nbsp;&nbsp; 81261978 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | &nbsp;&nbsp; $115884186 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |  |  |  |  |
| **Number of Contracts** | **Open Long Futures Contracts** |  |  | **Expiration** | **Notional Amount<sup>(b)</sup>** | **Value and Unrealized Appreciation** |
| 29 | CME E-Mini NASDAQ 100 Index Future | CME E-Mini NASDAQ 100 Index Future |  | 03/17/2023 | &nbsp;&nbsp;&nbsp; $7048160 | &nbsp;&nbsp;&nbsp; $375582 |
| 301 | CME E-Mini Russell 2000 Index Future | CME E-Mini Russell 2000 Index Future |  | 03/17/2023 | &nbsp;&nbsp;&nbsp; 29187970 | &nbsp;&nbsp;&nbsp; 1161753 |
| 79 | CME E-Mini Standard & Poor's 500 Index Future | CME E-Mini Standard & Poor's 500 Index Future |  | 03/17/2023 | &nbsp;&nbsp;&nbsp; 16155500 | &nbsp;&nbsp;&nbsp; 553469 |
| 110 | CME E-Mini Standard & Poor's MidCap 400 Index Future | CME E-Mini Standard & Poor's MidCap 400 Index Future |  | 03/17/2023 | &nbsp;&nbsp;&nbsp; 29291900 | &nbsp;&nbsp;&nbsp; 1220504 |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  | &nbsp;&nbsp; $3311308 |

---

EDF - ED&F Man Capital Markets, Inc. <br> ETF -Exchange-Traded Fund

FTSE -Financial Times Stock Exchange

<sup>(a)</sup> Each contract is equivalent to one futures contract.

<sup>(b)</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.

## 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:** Toews Tactical Income Fund

- **b. EDGAR series identifier (if any):** S000027930

- **c. LEI of Series:** 54930005LCFSOMQTFP09

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

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**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:** $611753610.67

**Total Liabilities:** $4589587.75

**Net Assets:** $607164022.92

**Cash Not Reported:** $232462.36

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000084894 | 2.73%                | -1.88%               | 2.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-166437.69              | $13771500.85                               |
| Month 2  | $-7095916.01             | $-9116299.88                               |
| Month 3  | $1501992.71              | $10758376.50                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| DBX ETF Trust                                 | XTRACKERS USD HIGH YIELD     | CUSIP: 233051432<br>LEI: DNLQXYGHEZ10Q9SIK386 | Long             | EC               | RF                | US        |   1675000 | NS      | $58574750.00  | 9.65%             |  |  |  | No            | 1                  | On Loan: No      |
| Davita Inc                                    | DVA 4 5/8 06/01/30           | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $842870.00    | 0.14%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           | 2                  | On Loan: No      |
| JP Morgan Trust Ii                            | JPM-HIGH YLD-I               | CUSIP: 4812C0803<br>LEI: 549300IMXLYKELY96B40 | Long             | EC               | RF                | US        |   3594249 | NS      | $22751597.45  | 3.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Trust                                 | ISHARES 0-5 YR HY CORP BO    | CUSIP: 46434V407<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    395000 | NS      | $16593950.00  | 2.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                             | SPDR BLOOMBERG S             | CUSIP: 78468R408<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    395000 | NS      | $9882900.00   | 1.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Goldman Sachs Etf Trust                       | GS ACC HY CORP               | CUSIP: 381430453<br>LEI: 549300VEZF7K2ES5WL82 | Long             | EC               | RF                | US        |     25000 | NS      | $1086387.50   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Trust                                 | ISHARES IBOXX HIGH YLD CO    | CUSIP: 464288513<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |   1765000 | NS      | $134722450.00 | 22.19%            |  |  |  | No            | 1                  | On Loan: —       |
| Prudential Investment Portfolios Inc. 15      | PGIM HIGH YIELD-Q            | CUSIP: 74440Y884<br>LEI: 5493004GW6X6EIMPJD18 | Long             | EC               | RF                | US        |   4859611 | NS      | $22694384.45  | 3.74%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Trust                                 | ISHARES BROAD USD HIGH YI    | CUSIP: 46435U853<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |   3500000 | NS      | $125265000.00 | 20.63%            |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                             | SPDR BLOOMBERG H             | CUSIP: 78468R622<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |   1380500 | NS      | $129256215.00 | 21.29%            |  |  |  | No            | 1                  | On Loan: No      |
| Lord Abbett High                              | LA-HI YLD-I                  | CUSIP: 54400N409<br>LEI: N/A                  | Long             | EC               | RF                | US        |   3611557 | NS      | $22752808.99  | 3.75%             |  |  |  | No            | 1                  | On Loan: No      |
| FRANKLIN TEMPLETON ETF TR                     | FRANKLIN HIGH YI             | CUSIP: 35473P629<br>LEI: 549300UHXVPT5S43XV04 | Long             | EC               | RF                | US        |     25000 | NS      | $572940.00    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| American Century Investment Trust             | AMER CENT HIGH INCOME-I      | CUSIP: 024932162<br>LEI: N/A                  | Long             | EC               | RF                | US        |   3019324 | NS      | $25211352.65  | 4.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Caesars Entertainment Inc New                 | ERI 8 1/8 07/01/27           | CUSIP: 28470RAK8<br>LEI: 549300V3UCT773B1KR38 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1012625.00   | 0.17%             | 2027-07-01      | Fixed         | 8.12%                 | Yes           | 2                  | On Loan: No      |
| VanEck ETF Trust                              | VANECK FALLEN AN             | CUSIP: 92189F437<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |    100000 | NS      | $2807000.00   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp. | CHTR 5 1/8 05/01/27          | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $954210.00    | 0.16%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| Principal Funds Inc                           | PRINC-H/I-INS                | CUSIP: 74254U481<br>LEI: 549300HZGBXSW6DSXF23 | Long             | EC               | RF                | US        |   3875969 | NS      | $25155038.76  | 4.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Inc                                   | ISHARES US&INTL HIGH YIEL    | CUSIP: 464286178<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     25000 | NS      | $1076250.00   | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| PIMCO ETF Trust                               | PIMCO 0-5 YEAR H/Y CORP B    | CUSIP: 72201R783<br>LEI: N/A                  | Long             | EC               | RF                | US        |     25000 | NS      | $2297250.00   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| DISH Network Corporation                      | DISH 11 3/4 11/15/27         | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1040715.00   | 0.17%             | 2027-11-15      | Fixed         | 11.75%                | Yes           | 2                  | On Loan: No      |
| Invesco Exchange Traded Fund Trust II         | INVESCO FUNDAMENTAL HIGH     | CUSIP: 46138E719<br>LEI: O540V2L4S174Y60FMD36 | Long             | EC               | RF                | US        |     25000 | NS      | $440000.00    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                           | STATE STREET INST US GOV MMF | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Ishares Trust                                 | ISHARES F A ETF              | CUSIP: 46435G474<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     25000 | NS      | $638750.00    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer