# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001752724-23-033330
**Filing Date:** 2023-2
**Character Count:** 17462
**Document Hash:** dbc65d75aabe33c6b3140957d2164801
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-033330.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001752724-23-033330

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**PERIOD START**: 20221231

**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:** 23652476

**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

### Altegris/AACA Opportunistic Real Estate Fund (Series ID: S000043690)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000135469 | Altegris/AACA Opportunistic Real Estate Fund Class A | RAAAX           |
| C000135470 | Altegris/AACA Opportunistic Real Estate Fund Class C | RAACX           |
| C000135471 | Altegris/AACA Opportunistic Real Estate Fund Class I | RAAIX           |
| C000135472 | Altegris/AACA Opportunistic Real Estate Fund Class N | RAANX           |

## 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:** Altegris/AACA Opportunistic Real Estate Fund

- **b. EDGAR series identifier (if any):** S000043690

- **c. LEI of Series:** 549300HUAR30OK9GUJ48

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

- **a. Date of fiscal year-end:** 2022-12-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $263803403.95

**Total Liabilities:** $39065812.27

**Net Assets:** $224737591.68

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000135469 | 0.40%                | 6.49%                | -9.35%               |
| Class ID C000135470 | 0.32%                | 6.42%                | -9.42%               |
| Class ID C000135471 | 0.39%                | 6.57%                | -9.39%               |
| Class ID C000135472 | 0.40%                | 6.48%                | -9.34%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5052521.77             | $6444720.11                                |
| Month 2  | $-8305328.19             | $26219932.42                               |
| Month 3  | $-25266038.50            | $139331.61                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SBA Communications Corporation          | SBA COMM CORP             | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |     34381 | NS      | $9637338.11   | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc New           | CAESARS ENTERTAI          | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |    179466 | NS      | $7465785.60   | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                              | AIRBNB INC-A              | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     62642 | NS      | $5355891.00   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.   | ALEXANDRIA REAL           | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     76477 | NS      | $11140404.59  | 4.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities, Inc. | MID-AMERICA APAR          | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |     15389 | NS      | $2415919.11   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Wework Inc                              | WEWORK INC                | CUSIP: 96209A104<br>LEI: 549300LMICFYRYZXP603 | Long             | EC               | CORP              | US        |   3280619 | NS      | $4691285.17   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.             | AVALONBAY COMMUN          | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     22535 | NS      | $3639853.20   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                           | EQUINIX INC               | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     16815 | NS      | $11014329.45  | 4.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc.                       | CROWN CASTLE INC          | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     73878 | NS      | $10020811.92  | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Infrastructure Inc                 | FTAI INFRASTRUCT          | CUSIP: 35953C106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1560439 | NS      | $4603295.05   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc.          | REXFORD INDUSTRI          | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |    254219 | NS      | $13890526.16  | 6.18%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                   | AMERICAN HOMES-A          | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    339360 | NS      | $10228310.40  | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation              | AMERICAN TOWER C          | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     58645 | NS      | $12424529.70  | 5.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc               | HEALTHPEAK PROPE          | CUSIP: 42250P103<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | EC               | CORP              | US        |    111892 | NS      | $2805132.44   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc.                | EXTRA SPACE STOR          | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |     30911 | NS      | $4549480.98   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc.                       | RADIAN GROUP INC          | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Short            | EC               | CORP              | US        |   -260971 | NS      | $-4976716.97  | -2.21%            |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                 | DIGITALBRIDGE GR          | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |    896908 | NS      | $9812173.52   | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc.                   | INVITATION HOMES          | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    301668 | NS      | $8941439.52   | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| IQHQ Inc                                | IQHQ INC                  | CUSIP: 44988Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    890864 | NS      | $23584911.71  | 10.49%            |  |  |  | Yes           |                  1 | On Loan: No      |
| DigitalBridge Group Inc                 | DBRG 7.15 PERP            | CUSIP: 25401T405<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     25000 | NS      | $469000.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                    | VORNADO RLTY TST          | CUSIP: 929042109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -110405 | NS      | $-2297528.05  | -1.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc           | EMPIRE STATE REALTY TRUST | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Short            | EC               | CORP              | US        |   -447917 | NS      | $-3018960.58  | -1.34%            |  |  |  | No            |                  1 | On Loan: No      |
| MGM Resorts International               | MGM RESORTS INTE          | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |    226991 | NS      | $7611008.23   | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities, Inc.                   | SUN COMMUNITIES           | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |     79480 | NS      | $11365640.00  | 5.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                           | PROLOGIS INC              | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    138031 | NS      | $15560234.63  | 6.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Newlake Capital Partners Inc            | NEWLAKE CAPITAL           | CUSIP: 651495103<br>LEI: 549300SW6G33FGNP2338 | Long             | EC               | CORP              | US        |    531456 | NS      | $8513925.12   | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                 | UDR INC                   | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |     62356 | NS      | $2415047.88   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                       | FTAI 8 PERP               | CUSIP: G3730V121<br>LEI: N/A                  | Long             | EP               | CORP              | KY        |     20000 | NS      | $383000.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Storage Inc                        | LIFE STORAGE INC          | CUSIP: 53223X107<br>LEI: W9EE01AFDDF9DQCQZC68 | Long             | EC               | CORP              | US        |     68774 | NS      | $6774239.00   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust       | NATIONAL STORAGE          | CUSIP: 637870106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    126187 | NS      | $4557874.44   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                   | CAMDEN PROP TR            | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     21741 | NS      | $2432383.08   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadiz Inc                               | CADIZ INC                 | CUSIP: 127537207<br>LEI: 549300PFFIS1TCKZS151 | Long             | EC               | CORP              | US        |   1085216 | NS      | $2713040.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                 | DBRG 7 1/8 PERP           | CUSIP: 25401T306<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     19918 | NS      | $373860.86    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                 | DBRG 7 1/8 PERP           | CUSIP: 25401T504<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     13735 | NS      | $259590.13    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Vici Properties Inc                     | VICI PROPERTIES           | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |    176452 | NS      | $5717044.80   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                | DIGITAL REALTY            | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     66984 | NS      | $6716485.68   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Sl Green Realty Corp                    | SL GREEN REALTY           | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Short            | EC               | CORP              | US        |    -38127 | NS      | $-1285642.44  | -0.57%            |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                       | FTAI AVIATION LT          | CUSIP: G3730V105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    502559 | NS      | $8603810.08   | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Lifestyle Properties Inc         | EQUITY LIFESTYLE          | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     69574 | NS      | $4494480.40   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corporation              | TERRENO REALTY C          | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    118264 | NS      | $6725673.68   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovative Industrial Propertes Inc     | INNOVATIVE INDUS          | CUSIP: 45781V101<br>LEI: 5493008BQ0545EZXRR30 | Long             | EC               | CORP              | US        |     51289 | NS      | $5198140.15   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer