# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-25-004069
**Filing Date:** 2025-7
**Character Count:** 315806
**Document Hash:** 0125328e097a9e936748f3cffd32de68
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004069.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001580642-25-004069

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 251107824

**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           |

### Navigator Ultra Short Bond Fund (Series ID: S000064812)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000209835 | Navigator Ultra Short Bond Fund Class A | NUSAX           |
| C000209836 | Navigator Ultra Short Bond Fund Class I | NUSIX           |

### Navigator Tactical Investment Grade Bond Fund (Series ID: S000070871)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000225122 | Navigator Tactical Investment Grade Bond Fund Class I | NTIIX           |

### Navigator Tactical U.S. Allocation Fund (Series ID: S000070872)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000225125 | Navigator Tactical U.S. Allocation Fund Class I | NTAIX           |

?xml version='1.0' encoding='ASCII'?

**united states securities and exchange commission washington, d.c. 20549**

 **form n-csr**

**certified shareholder report of registered management investment companies**

Investment Company Act file number <u>811-21720</u>

<u>Northern Lights Fund Trust</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450, Cincinnati, OH</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-470-2633</u>

Date of fiscal year end: <u>10/31</u> <br>Date of reporting period: <u>4/30/25</u>

**Item 1. Reports to Stockholders.** 

(a) #### Navigator Tactical Fixed Income Fund - Class A (NTBAX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](ib71cee6f52da7d74cfedd3e5.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Navigator Tactical Fixed Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://navigatorfunds.com/**. You can also request this information by contacting us at (877) 766-2264.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $59 | 1.20%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7495773692 |
| Number of Portfolio Holdings | 129 |
| Advisory Fee (net of waivers) | $31283895 |
| Portfolio Turnover | 35% |

---

# Top 10 Holdings (% of net assets)<sup>2</sup>

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Floating Rate Note, 4.396%, 07/31/25 | 6.3% |
| iShares iBoxx High Yield Corporate Bond ETF | 4.2% |
| United States Treasury Note, 4.125%, 10/31/29 | 4.1% |
| United States Treasury Note, 3.500%, 09/30/29 | 3.3% |
| United States Treasury Bill, 0.000%, 05/01/25 | 2.0% |
| United States Treasury Bill, 3.730%, 05/08/25 | 2.0% |
| United States Treasury Bill, 3.990%, 05/15/25 | 2.0% |
| United States Treasury Bill, 4.100%, 05/22/25 | 2.0% |
| United States Treasury Bill, 4.140%, 05/29/25 | 2.0% |
| United States Treasury Bill, 4.180%, 06/05/25 | 2.0% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total exposure)<sup>1</sup>**![Group By Sector Chart](ib5dacaca019f459ad4cade86.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 32.7% |
| U.S. Government & Agencies | 21.8% |
| Credit Default Swap | 15.0% |
| Money Market Funds | 10.4% |
| Futures | 8.3% |
| Options | 7.8% |
| Exchange-Traded Funds | 2.9% |
| Open End Funds | 1.1% |

---

<sup>1</sup>Presented as a percentage of the total notional value of all investments in the Fund.

<sup>2</sup>Presented as a percentage of net assets, including derivative instruments valued at the value used for determining the Fund's NAV. The notional exposure of such derivative instruments may be greater.

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i2e7d72318667491e6ebdae45.jpg)

#### Navigator Tactical Fixed Income Fund - Class A (NTBAX)

#### Semi-Annual Shareholder Report - April 30, 2025
Additional information is available on the Fund's website (**https://navigatorfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-NTBAX

#### Navigator Tactical Fixed Income Fund - Class C (NTBCX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](ib333ca4eb37a14bc304f8e0e.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Navigator Tactical Fixed Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://navigatorfunds.com/**. You can also request this information by contacting us at (877) 766-2264.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $95 | 1.95%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7495773692 |
| Number of Portfolio Holdings | 129 |
| Advisory Fee (net of waivers) | $31283895 |
| Portfolio Turnover | 35% |

---

# Top 10 Holdings (% of net assets)<sup>2</sup>

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Floating Rate Note, 4.396%, 07/31/25 | 6.3% |
| iShares iBoxx High Yield Corporate Bond ETF | 4.2% |
| United States Treasury Note, 4.125%, 10/31/29 | 4.1% |
| United States Treasury Note, 3.500%, 09/30/29 | 3.3% |
| United States Treasury Bill, 0.000%, 05/01/25 | 2.0% |
| United States Treasury Bill, 3.730%, 05/08/25 | 2.0% |
| United States Treasury Bill, 3.990%, 05/15/25 | 2.0% |
| United States Treasury Bill, 4.100%, 05/22/25 | 2.0% |
| United States Treasury Bill, 4.140%, 05/29/25 | 2.0% |
| United States Treasury Bill, 4.180%, 06/05/25 | 2.0% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total exposure)<sup>1</sup>**![Group By Sector Chart](i9026d3d7dd547ac67c9e756f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 32.7% |
| U.S. Government & Agencies | 21.8% |
| Credit Default Swap | 15.0% |
| Money Market Funds | 10.4% |
| Futures | 8.3% |
| Options | 7.8% |
| Exchange-Traded Funds | 2.9% |
| Open End Funds | 1.1% |

---

<sup>1</sup>Presented as a percentage of the total notional value of all investments in the Fund.

<sup>2</sup>Presented as a percentage of net assets, including derivative instruments valued at the value used for determining the Fund's NAV. The notional exposure of such derivative instruments may be greater.

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](idf27b88b3f5ea4c6097d406a.jpg)

#### Navigator Tactical Fixed Income Fund - Class C (NTBCX)

#### Semi-Annual Shareholder Report - April 30, 2025
Additional information is available on the Fund's website (**https://navigatorfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-NTBCX

#### Navigator Tactical Fixed Income Fund - Class I (NTBIX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i242854eb7dcda2e8e816abb9.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Navigator Tactical Fixed Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://navigatorfunds.com/**. You can also request this information by contacting us at (877) 766-2264.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $47 | 0.95%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7495773692 |
| Number of Portfolio Holdings | 129 |
| Advisory Fee (net of waivers) | $31283895 |
| Portfolio Turnover | 35% |

---

# Top 10 Holdings (% of net assets)<sup>2</sup>

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Floating Rate Note, 4.396%, 07/31/25 | 6.3% |
| iShares iBoxx High Yield Corporate Bond ETF | 4.2% |
| United States Treasury Note, 4.125%, 10/31/29 | 4.1% |
| United States Treasury Note, 3.500%, 09/30/29 | 3.3% |
| United States Treasury Bill, 0.000%, 05/01/25 | 2.0% |
| United States Treasury Bill, 3.730%, 05/08/25 | 2.0% |
| United States Treasury Bill, 3.990%, 05/15/25 | 2.0% |
| United States Treasury Bill, 4.100%, 05/22/25 | 2.0% |
| United States Treasury Bill, 4.140%, 05/29/25 | 2.0% |
| United States Treasury Bill, 4.180%, 06/05/25 | 2.0% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total exposure)<sup>1</sup>**![Group By Sector Chart](i93a37702badcd7686bfce22b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 32.7% |
| U.S. Government & Agencies | 21.8% |
| Credit Default Swap | 15.0% |
| Money Market Funds | 10.4% |
| Futures | 8.3% |
| Options | 7.8% |
| Exchange-Traded Funds | 2.9% |
| Open End Funds | 1.1% |

---

<sup>1</sup>Presented as a percentage of the total notional value of all investments in the Fund.

<sup>2</sup>Presented as a percentage of net assets, including derivative instruments valued at the value used for determining the Fund's NAV. The notional exposure of such derivative instruments may be greater.

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](idcfaed36899905c33a1e3cec.jpg)

#### Navigator Tactical Fixed Income Fund - Class I (NTBIX)

#### Semi-Annual Shareholder Report - April 30, 2025
Additional information is available on the Fund's website (**https://navigatorfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-NTBIX

#### Navigator Tactical Investment Grade Bond Fund - Class I (NTIIX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i35c87a3d0979bcaa8e32daca.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Navigator Tactical Investment Grade Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://navigatorfunds.com/**. You can also request this information by contacting us at (877) 766-2264.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $49 | 1.01%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1233488380 |
| Number of Portfolio Holdings | 1334 |
| Advisory Fee (net of waivers) | $4947041 |
| Portfolio Turnover | 721% |

---

# Top 10 Holdings (% of net assets)<sup>2</sup>

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Southern Company (The), 4.000%, 01/15/51 | 0.2% |
| AT&T, Inc., 2.750%, 06/01/31 | 0.2% |
| AT&T, Inc., 2.550%, 12/01/33 | 0.2% |
| T-Mobile USA, Inc., 3.875%, 04/15/30 | 0.2% |
| AT&T, Inc., 3.500%, 09/15/53 | 0.2% |
| AT&T, Inc., 3.550%, 09/15/55 | 0.2% |
| AT&T, Inc., 3.650%, 09/15/59 | 0.2% |
| AT&T, Inc., 5.400%, 02/15/34 | 0.2% |
| Kraft Heinz Foods Company, 4.375%, 06/01/46 | 0.2% |
| Microsoft Corporation, 2.525%, 06/01/50 | 0.2% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total exposure)<sup>1</sup>**![Group By Sector Chart](i29132a956f443d76a8284132.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 71.8% |
| Money Market Funds | 17.7% |
| Credit Default Swap | 7.2% |
| Futures | 3.3% |

---

<sup>1</sup>Presented as a percentage of the total notional value of all investments in the Fund.

<sup>2</sup>Presented as a percentage of net assets, including derivative instruments valued at the value used for determining the Fund's NAV. The notional exposure of such derivative instruments may be greater.

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i41310bf0cd2b07e661c76c63.jpg)

#### Navigator Tactical Investment Grade Bond Fund - Class I (NTIIX)

#### Semi-Annual Shareholder Report - April 30, 2025
Additional information is available on the Fund's website (**https://navigatorfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-NTIIX

#### Navigator Tactical U.S. Allocation Fund - Class I (NTAIX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](ie5785bcf355b1d5f51d5145d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Navigator Tactical U.S. Allocation Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://navigatorfunds.com/**. You can also request this information by contacting us at (877) 766-2264.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $47 | 1.01%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $57797889 |
| Number of Portfolio Holdings | 46 |
| Advisory Fee (net of waivers) | $235138 |
| Portfolio Turnover | 38% |

---

# Top 10 Holdings (% of net assets)<sup>2</sup>

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Altria Group, Inc., 2.350%, 05/06/25 | 2.6% |
| HCA, Inc., 7.690%, 06/15/25 | 1.9% |
| Sprint, LLC, 7.625%, 03/01/26 | 1.8% |
| GE HealthCare Technologies, Inc., 5.600%, 11/15/25 | 1.7% |
| Goldman Sachs Group, Inc. (The), 5.798%, 08/10/26 | 1.7% |
| Cooperatieve Rabobank UA, 4.971%, 08/28/26 | 1.7% |
| Keurig Dr Pepper, Inc., 4.967%, 11/15/26 | 1.7% |
| Block Financial, LLC, 5.250%, 10/01/25 | 1.7% |
| Toronto-Dominion Bank (The), 4.818%, 10/10/25 | 1.7% |
| American Honda Finance Corporation, 4.955%, 08/14/25 | 1.7% |

---

# What did the Fund invest in?

# **Security Type Weighting (% of total exposure)<sup>1</sup>**![Group By Sector Chart](id00865ca1bd810e99118020f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 50.8% |
| Futures | 33.4% |
| Money Market Funds | 15.8% |

---

<sup>1</sup>Presented as a percentage of the total notional value of all investments in the Fund.

<sup>2</sup>Presented as a percentage of net assets, including derivative instruments valued at the value used for determining the Fund's NAV. The notional exposure of such derivative instruments may be greater.

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i4fb7efc24c5701fb48f9e2cf.jpg)

#### Navigator Tactical U.S. Allocation Fund - Class I (NTAIX)

#### Semi-Annual Shareholder Report - April 30, 2025
Additional information is available on the Fund's website (**https://navigatorfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-NTAIX

#### Navigator Ultra Short Bond Fund - Class A (NUSAX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](if5877cd8d491b6ee628a4817.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Navigator Ultra Short Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://navigatorfunds.com/**. You can also request this information by contacting us at (877) 766-2264.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $33 | 0.65%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $74599996 |
| Number of Portfolio Holdings | 67 |
| Advisory Fee (net of waivers) | $17375 |
| Portfolio Turnover | 13% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i37be4d9746384bcebf6800a9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 94.0% |
| Money Market Funds | 6.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](idacb6f82ad2aa7f812ed5d49.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.9% |
| Real Estate | 1.7% |
| Utilities | 2.6% |
| Industrials | 5.8% |
| Technology | 5.9% |
| Money Market Funds | 6.2% |
| Materials | 6.7% |
| Communications | 7.0% |
| Health Care | 9.5% |
| Energy | 9.7% |
| Consumer Staples | 13.5% |
| Financials | 14.2% |
| Consumer Discretionary | 20.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| DuPont de Nemours, Inc., 4.493%, 11/15/25 | 2.7% |
| Take-Two Interactive Software, Inc., 5.000%, 03/28/26 | 2.3% |
| Sprint, LLC, 7.625%, 03/01/26 | 2.0% |
| Walmart, Inc., 4.759%, 04/28/27 | 2.0% |
| Keurig Dr Pepper, Inc., 4.967%, 11/15/26 | 2.0% |
| American Honda Finance Corporation, 4.955%, 08/14/25 | 2.0% |
| Altria Group, Inc., 2.350%, 05/06/25 | 2.0% |
| DR Horton, Inc., 2.600%, 10/15/25 | 1.9% |
| Kellogg Company, 3.250%, 04/01/26 | 1.8% |
| Juniper Networks, Inc., 1.200%, 12/10/25 | 1.7% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i6f5307fa0138ba8bf526a4a7.jpg)

#### Navigator Ultra Short Bond Fund - Class A (NUSAX)

#### Semi-Annual Shareholder Report - April 30, 2025
Additional information is available on the Fund's website (**https://navigatorfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-NUSAX

#### Navigator Ultra Short Bond Fund - Class I (NUSIX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](ib59acb76c586286cf6706d6b.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Navigator Ultra Short Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://navigatorfunds.com/**. You can also request this information by contacting us at (877) 766-2264.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $20 | 0.40%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $74599996 |
| Number of Portfolio Holdings | 67 |
| Advisory Fee (net of waivers) | $17375 |
| Portfolio Turnover | 13% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if5cf01c876ef7781508de694.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 94.0% |
| Money Market Funds | 6.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i04a1a02441accdfefd9fab97.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.9% |
| Real Estate | 1.7% |
| Utilities | 2.6% |
| Industrials | 5.8% |
| Technology | 5.9% |
| Money Market Funds | 6.2% |
| Materials | 6.7% |
| Communications | 7.0% |
| Health Care | 9.5% |
| Energy | 9.7% |
| Consumer Staples | 13.5% |
| Financials | 14.2% |
| Consumer Discretionary | 20.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| DuPont de Nemours, Inc., 4.493%, 11/15/25 | 2.7% |
| Take-Two Interactive Software, Inc., 5.000%, 03/28/26 | 2.3% |
| Sprint, LLC, 7.625%, 03/01/26 | 2.0% |
| Walmart, Inc., 4.759%, 04/28/27 | 2.0% |
| Keurig Dr Pepper, Inc., 4.967%, 11/15/26 | 2.0% |
| American Honda Finance Corporation, 4.955%, 08/14/25 | 2.0% |
| Altria Group, Inc., 2.350%, 05/06/25 | 2.0% |
| DR Horton, Inc., 2.600%, 10/15/25 | 1.9% |
| Kellogg Company, 3.250%, 04/01/26 | 1.8% |
| Juniper Networks, Inc., 1.200%, 12/10/25 | 1.7% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 2025.

![Image](i9b18bea4ae4a91e610ea0826.jpg)

#### Navigator Ultra Short Bond Fund - Class I (NUSIX)

#### Semi-Annual Shareholder Report - April 30, 2025
Additional information is available on the Fund's website (**https://navigatorfunds.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 043025-NUSIX

(b) Not applicable.

**Item 2. Code of Ethics.** Not applicable.

**Item 3. Audit Committee Financial Expert.** Not applicable.

**Item 4. Principal Accountant Fees and Services.** Not applicable.

**Item 5. Audit Committee of Listed Registrants.** Not applicable.

**Item 6. Investments.** The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![(COVER PAGE)](na001_v1.jpg)

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUND — 4.2%** |  |  |  |  |
|  | **FIXED INCOME - 4.2%** |  |  |  |  |
| 4000000 | iShares iBoxx High Yield Corporate Bond ETF<sup>(i)</sup> |  |  |  | $314400000 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $315,310,100)** | **TOTAL EXCHANGE-TRADED FUND (Cost $315,310,100)** | **TOTAL EXCHANGE-TRADED FUND (Cost $315,310,100)** |  | 314400000 |
|  | **OPEN-END FUNDS — 1.5%** |  |  |  |  |
|  | **FIXED INCOME - 0.7%** |  |  |  |  |
| 5623081 | Navigator Ultra Short Bond Fund, Class I<sup>(h)</sup> |  |  |  | 56736885 |
|  | **MIXED ALLOCATION - 0.8%** |  |  |  |  |
| 6600898 | Navigator Tactical US Allocation Fund, Class I<sup>(h)</sup> |  |  |  | 57757854 |
|  | **TOTAL OPEN-END FUNDS (Cost $122,671,378)** |  |  |  | 114494739 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **Spread** | **(%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 47.5%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 1.0%** |  |  |  |  |
| 80000000 | Boeing Company |  | 2.1960 | 02/04/26 | 78391174 |
|  | **AUTOMOTIVE — 7.9%** |  |  |  |  |
| 9795000 | American Honda Finance Corporation |  | 5.0000 | 05/23/25 | 9795953 |
| 57500000 | American Honda Finance Corporation<sup>(a)</sup> | SOFRRATE + 0.600% | 4.9550 | 08/14/25 | 57515775 |
| 41868000 | American Honda Finance Corporation<sup>(a)</sup> | SOFRRATE + 0.500% | 4.8380 | 10/10/25 | 41863039 |
| 25000000 | American Honda Finance Corporation<sup>(a)</sup> | SOFRRATE + 0.500% | 4.8300 | 01/12/26 | 24968829 |
| 14700000 | BMW US Capital, LLC<sup>(a),(b)</sup> | SOFRINDX + 0.800% | 5.1550 | 08/13/26 | 14721110 |
| 28000000 | BMW US Capital, LLC<sup>(a),(b)</sup> | SOFRINDX + 0.780% | 5.1270 | 03/19/27 | 27946253 |
| 42797000 | Ford Motor Credit Company, LLC |  | 5.1250 | 06/16/25 | 42765759 |
| 15214000 | Ford Motor Credit Company, LLC |  | 4.1340 | 08/04/25 | 15146092 |
| 39000000 | Ford Motor Credit Company, LLC<sup>(a)</sup> | SOFRRATE + 1.450% | 5.8090 | 11/05/26 | 38311024 |
| 9033000 | General Motors Financial Company, Inc. |  | 1.2500 | 01/08/26 | 8811482 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.5% (Continued)** |  |  |  |  |
|  | **AUTOMOTIVE — 7.9% (Continued)** |  |  |  |  |
| 12719000 | General Motors Financial Company, Inc. |  | 5.4000 | 04/06/26 | $12749972 |
| 42000000 | Hyundai Capital America<sup>(a),(b)</sup> | SOFRRATE + 0.990% | 5.3420 | 03/25/27 | 41774922 |
| 56000000 | Mercedes-Benz Finance North America, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.780% | 5.1300 | 04/01/27 | 55782985 |
| 30000000 | Toyota Motor Credit Corporation<sup>(a)</sup> | SOFRRATE + 0.450% | 4.7880 | 04/10/26 | 29971775 |
| 55500000 | Toyota Motor Credit Corporation<sup>(a)</sup> | SOFRRATE + 0.450% | 4.8050 | 05/15/26 | 55446255 |
| 40000000 | Toyota Motor Credit Corporation<sup>(a)</sup> | SOFRRATE + 0.470% | 4.8110 | 01/08/27 | 39860778 |
| 20000000 | Volkswagen Group of America Finance, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.830% | 5.1760 | 03/20/26 | 19999224 |
| 23688000 | Volkswagen Group of America Finance, LLC<sup>(a),(b)</sup> | SOFRRATE + 1.060% | 5.4150 | 08/14/26 | 23692281 |
| 30000000 | Volkswagen Group of America Finance, LLC<sup>(a),(b)</sup> | SOFRRATE + 1.060% | 5.4120 | 03/25/27 | 29861705 |
|  |  |  |  |  | 590985213 |
|  | **BANKING — 7.4%** |  |  |  |  |
| 69060000 | Bank of America Corporation<sup>(c)</sup> | SOFRRATE + 1.150% | 1.3190 | 06/19/26 | 68735944 |
| 20000000 | Bank of America Corporation<sup>(c)</sup> | SOFRRATE + 0.960% | 1.7340 | 07/22/27 | 19334381 |
| 25000000 | Citibank NA<sup>(a)</sup> | SOFRINDX + 0.590% | 4.9500 | 04/30/26 | 24947697 |
| 40000000 | Citibank NA<sup>(a)</sup> | SOFRINDX + 0.708% | 5.0660 | 08/06/26 | 39988610 |
| 24037000 | Citigroup, Inc.<sup>(c)</sup> | SOFRRATE + 1.546% | 5.6100 | 09/29/26 | 24118866 |
| 43201000 | Citigroup, Inc.<sup>(c)</sup> | SOFRRATE + 0.765% | 1.1220 | 01/28/27 | 42095751 |
| 20000000 | Commonwealth Bank of Australia<sup>(a),(b)</sup> | SOFRRATE + 0.460% | 4.8120 | 11/27/26 | 19992355 |
| 38000000 | Cooperatieve Rabobank UA<sup>(a)</sup> | SOFRRATE + 0.620% | 4.9710 | 08/28/26 | 38051876 |
| 100000000 | JPMorgan Chase & Company<sup>(c)</sup> | SOFRRATE + 0.800% | 1.0450 | 11/19/26 | 98047977 |
| 51327000 | Toronto-Dominion Bank |  | 3.7660 | 06/06/25 | 51281184 |
| 42445000 | Toronto-Dominion Bank |  | 1.1500 | 06/12/25 | 42270822 |
| 50000000 | Toronto-Dominion Bank<sup>(a)</sup> | SOFRRATE + 0.480% | 4.8180 | 10/10/25 | 50015705 |
| 32638000 | Wells Fargo & Company<sup>(c)</sup> | SOFRRATE + 1.560% | 4.5400 | 08/15/26 | 32613624 |
|  |  |  |  |  | 551494792 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.5% (Continued)** |  |  |  |  |
|  | **BEVERAGES — 1.0%** |  |  |  |  |
| 17330000 | Constellation Brands, Inc. |  | 5.0000 | 02/02/26 | $17327753 |
| 57500000 | Keurig Dr Pepper, Inc.<sup>(a)</sup> | SOFRRATE + 0.580% | 4.9670 | 11/15/26 | 57551847 |
|  |  |  |  |  | 74879600 |
|  | **BIOTECH & PHARMA — 2.1%** |  |  |  |  |
| 20000000 | Bayer US Finance II, LLC<sup>(b)</sup> |  | 4.2500 | 12/15/25 | 19910541 |
| 14068000 | Biogen, Inc. |  | 4.0500 | 09/15/25 | 14020039 |
| 48000000 | GlaxoSmithKline Capital plc<sup>(a)</sup> | SOFRRATE + 0.500% | 4.8460 | 03/12/27 | 47952912 |
| 75028000 | Royalty Pharma plc |  | 1.2000 | 09/02/25 | 74088903 |
|  |  |  |  |  | 155972395 |
|  | **CABLE & SATELLITE — 0.3%** |  |  |  |  |
| 1200000 | Cequel Communications Holdings I, LLC / Cequel<sup>(b)</sup> |  | 7.5000 | 04/01/28 | 885000 |
| 22883000 | Charter Communications Operating, LLC / Charter |  | 4.9080 | 07/23/25 | 22852236 |
|  |  |  |  |  | 23737236 |
|  | **CHEMICALS — 1.3%** |  |  |  |  |
| 57962000 | DuPont de Nemours, Inc. |  | 4.4930 | 11/15/25 | 57867545 |
| 39325000 | International Flavors & Fragrances, Inc.<sup>(b)</sup> |  | 1.2300 | 10/01/25 | 38621421 |
|  |  |  |  |  | 96488966 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.6%** |  |  |  |  |
| 45576000 | Block Financial, LLC |  | 5.2500 | 10/01/25 | 45606870 |
|  | **CONTAINERS & PACKAGING — 0.5%** |  |  |  |  |
| 37221000 | Amcor Flexibles North America, Inc. |  | 4.0000 | 05/17/25 | 37192239 |
|  | **ELECTRIC UTILITIES — 1.1%** |  |  |  |  |
| 40116000 | Duke Energy Corporation |  | 0.9000 | 09/15/25 | 39560734 |
| 11094000 | Entergy Corporation |  | 0.9000 | 09/15/25 | 10937446 |
| 23000000 | Georgia Power Company<sup>(a)</sup> | SOFRINDX + 0.750% | 5.1080 | 05/08/25 | 23001362 |
| 11914000 | Southern Company |  | 5.1500 | 10/06/25 | 11940910 |
|  |  |  |  |  | 85440452 |
|  | **ELECTRICAL EQUIPMENT — 0.3%** |  |  |  |  |
| 18379000 | Johnson Controls International plc |  | 3.9000 | 02/14/26 | 18237157 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.5% (Continued)** |  |  |  |  |
|  | **FOOD — 1.3%** |  |  |  |  |
| 62597000 | Conagra Brands, Inc. |  | 4.6000 | 11/01/25 | $62542655 |
| 35665000 | Kellogg Company |  | 3.2500 | 04/01/26 | 35278033 |
| 1999000 | McCormick & Company, Inc. |  | 3.2500 | 11/15/25 | 1984401 |
|  |  |  |  |  | 99805089 |
|  | **HEALTH CARE FACILITIES & SERVICES — 2.1%** |  |  |  |  |
| 66911000 | CVS Health Corporation |  | 3.8750 | 07/20/25 | 66780236 |
| 28032000 | Elevance Health, Inc. |  | 4.9000 | 02/08/26 | 28034337 |
| 10910000 | HCA, Inc. |  | 7.6900 | 06/15/25 | 10936260 |
| 53024000 | HCA, Inc. |  | 5.8750 | 02/15/26 | 53161245 |
|  |  |  |  |  | 158912078 |
|  | **HOME CONSTRUCTION — 0.7%** |  |  |  |  |
| 18510000 | DR Horton, Inc. |  | 2.6000 | 10/15/25 | 18336727 |
| 8000000 | Fortune Brands Home & Security, Inc. |  | 4.0000 | 06/15/25 | 7987149 |
| 23856000 | Lennar Corporation |  | 4.7500 | 05/30/25 | 23852925 |
|  |  |  |  |  | 50176801 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 2.7%** |  |  |  |  |
| 24847000 | Bank of New York Mellon Corporation<sup>(c)</sup> | SOFRRATE + 1.345% | 4.4140 | 07/24/26 | 24830696 |
| 59165000 | Goldman Sachs Group, Inc.<sup>(c)</sup> | SOFRRATE + 1.075% | 5.7980 | 08/10/26 | 59311640 |
| 8440000 | Goldman Sachs Group, Inc.<sup>(c)</sup> | SOFRRATE + 0.789% | 1.0930 | 12/09/26 | 8261135 |
| 20000000 | Jefferies Financial Group, Inc. |  | 5.0000 | 02/10/26 | 20028007 |
| 19000000 | Jefferies Financial Group, Inc. |  | 5.0300 | 03/16/26 | 19048388 |
| 4073000 | Morgan Stanley Series I<sup>(c)</sup> | SOFRRATE + 1.669% | 4.6790 | 07/17/26 | 4070002 |
| 18000000 | Morgan Stanley<sup>(c)</sup> | SOFRRATE + 1.770% | 6.1380 | 10/16/26 | 18109681 |
| 29000000 | Morgan Stanley<sup>(c)</sup> | SOFRRATE + 0.720% | 0.9850 | 12/10/26 | 28350544 |
| 20000000 | State Street Bank & Trust Company<sup>(a)</sup> | SOFRRATE + 0.460% | 4.8130 | 11/25/26 | 19983445 |
|  |  |  |  |  | 201993538 |
|  | **INTERNET MEDIA & SERVICES — 0.2%** |  |  |  |  |
| 13000000 | Netflix, Inc.<sup>(b)</sup> |  | 3.6250 | 06/15/25 | 12975344 |
|  | **LEISURE FACILITIES & SERVICES — 0.1%** |  |  |  |  |
| 9929000 | McDonald's Corporation Series MTN B |  | 3.3750 | 05/26/25 | 9918922 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.5% (Continued)** |  |  |  |  |
|  | **MACHINERY — 1.1%** |  |  |  |  |
| 42000000 | Caterpillar Financial Services Corporation<sup>(a)</sup> | SOFRRATE + 0.690% | 5.0150 | 10/16/26 | $42153610 |
| 40000000 | Caterpillar Financial Services Corporation<sup>(a)</sup> | SOFRRATE + 0.380% | 4.7240 | 01/07/27 | 39906322 |
|  |  |  |  |  | 82059932 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.6%** |  |  |  |  |
| 41554000 | GE HealthCare Technologies, Inc. |  | 5.6000 | 11/15/25 | 41748673 |
| 5025000 | Stryker Corporation |  | 1.1500 | 06/15/25 | 5002576 |
|  |  |  |  |  | 46751249 |
|  | **OIL & GAS PRODUCERS — 5.0%** |  |  |  |  |
| 48317000 | Chevron USA, Inc.<sup>(a)</sup> | SOFRINDX + 0.360% | 4.7120 | 02/26/27 | 48225991 |
| 11441000 | Enbridge Energy Partners, L.P. |  | 5.8750 | 10/15/25 | 11465465 |
| 58311000 | Energy Transfer, L.P. |  | 2.9000 | 05/15/25 | 58265411 |
| 45676000 | Kinder Morgan, Inc. |  | 4.3000 | 06/01/25 | 45644214 |
| 53841000 | Marathon Petroleum Corporation |  | 4.7000 | 05/01/25 | 53841000 |
| 10000000 | Ovintiv, Inc. |  | 5.6500 | 05/15/25 | 9996365 |
| 77565000 | Plains All American Pipeline, L.P. / PAA Finance |  | 4.6500 | 10/15/25 | 77446072 |
| 5580000 | Range Resources Corporation |  | 4.8750 | 05/15/25 | 5580209 |
| 63819000 | Williams Companies, Inc. |  | 4.0000 | 09/15/25 | 63633174 |
|  |  |  |  |  | 374097901 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.8%** |  |  |  |  |
| 53714000 | Realty Income Corporation |  | 4.6250 | 11/01/25 | 53695731 |
| 7339000 | Weyerhaeuser Company |  | 4.7500 | 05/15/26 | 7348621 |
|  |  |  |  |  | 61044352 |
|  | **RETAIL - CONSUMER STAPLES — 0.5%** |  |  |  |  |
| 33500000 | Walmart, Inc.<sup>(a)</sup> | SOFRINDX + 0.430% | 4.7590 | 04/28/27 | 33559553 |
|  | **RETAIL - DISCRETIONARY — 1.0%** |  |  |  |  |
| 18349000 | AutoZone, Inc. |  | 3.1250 | 04/21/26 | 18096772 |
| 59656000 | Lowe's Companies, Inc. |  | 4.8000 | 04/01/26 | 59792086 |
|  |  |  |  |  | 77888858 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 47.5% (Continued)** |  |  |  |  |
|  | **SEMICONDUCTORS — 0.5%** |  |  |  |  |
| 33043000 | NXP BV / NXP Funding, LLC / NXP USA, Inc. |  | 2.7000 | 05/01/25 | $33043000 |
|  | **SOFTWARE — 1.8%** |  |  |  |  |
| 18646000 | Fortinet, Inc. |  | 1.0000 | 03/15/26 | 18073398 |
| 100000000 | Oracle Corporation |  | 2.9500 | 05/15/25 | 99929336 |
| 17654000 | VMware, Inc. |  | 4.5000 | 05/15/25 | 17645557 |
|  |  |  |  |  | 135648291 |
|  | **SPECIALTY FINANCE — 0.2%** |  |  |  |  |
| 11068000 | American Express Company<sup>(c)</sup> | SOFRRATE + 1.330% | 6.3380 | 10/30/26 | 11167113 |
|  | **STEEL — 0.1%** |  |  |  |  |
| 5203000 | Reliance, Inc. |  | 1.3000 | 08/15/25 | 5149863 |
|  | **TECHNOLOGY HARDWARE — 0.5%** |  |  |  |  |
| 32000000 | HP, Inc. |  | 2.2000 | 06/17/25 | 31884867 |
| 6347000 | NetApp, Inc. |  | 1.8750 | 06/22/25 | 6320086 |
|  |  |  |  |  | 38204953 |
|  | **TECHNOLOGY SERVICES — 1.3%** |  |  |  |  |
| 100000000 | International Business Machines Corporation |  | 3.3000 | 05/15/26 | 98893562 |
|  | **TELECOMMUNICATIONS — 2.0%** |  |  |  |  |
| 83800000 | Sprint, LLC |  | 7.6250 | 03/01/26 | 84898102 |
| 52457000 | T-Mobile USA, Inc. |  | 1.5000 | 02/15/26 | 51183858 |
| 17367000 | T-Mobile USA, Inc. |  | 2.2500 | 02/15/26 | 17036440 |
|  |  |  |  |  | 153118400 |
|  | **TOBACCO & CANNABIS — 1.5%** |  |  |  |  |
| 29672000 | Altria Group, Inc. |  | 2.3500 | 05/06/25 | 29660535 |
| 21230000 | Altria Group, Inc. |  | 4.4000 | 02/14/26 | 21184623 |
| 62097000 | Reynolds American, Inc. |  | 4.4500 | 06/12/25 | 62064826 |
|  |  |  |  |  | 112909984 |
|  | **TOTAL CORPORATE BONDS (Cost $3,556,153,792)** |  |  |  | 3555744877 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 31.6%** |  |  |  |  |
|  | **U.S. TREASURY BILLS — 31.6%** |  |  |  |  |
| 150000000 | United States Treasury Bill<sup>(d)</sup> |  | 0.0000 | 05/01/25 | $150000000 |
| 150000000 | United States Treasury Bill<sup>(d)</sup> |  | 3.7300 | 05/08/25 | 149877576 |
| 150000000 | United States Treasury Bill<sup>(d)</sup> |  | 3.9900 | 05/15/25 | 149754417 |
| 150000000 | United States Treasury Bill<sup>(d)</sup> |  | 4.1000 | 05/22/25 | 149630313 |
| 150000000 | United States Treasury Bill<sup>(d)</sup> |  | 4.1400 | 05/29/25 | 149508745 |
| 150000000 | United States Treasury Bill<sup>(d)</sup> |  | 4.1800 | 06/05/25 | 149383854 |
| 150000000 | United States Treasury Bill<sup>(d)</sup> |  | 4.2100 | 06/12/25 | 149260188 |
| 100000000 | United States Treasury Bill<sup>(d)</sup> |  | 4.2000 | 06/20/25 | 99415278 |
| 150000000 | United States Treasury Bill<sup>(d)</sup> |  | 4.2400 | 07/31/25 | 148413187 |
| 50000000 | United States Treasury Bill<sup>(d)</sup> |  | 4.1900 | 10/02/25 | 49125409 |
| 470000000 | United States Treasury Floating Rate Note<sup>(a)</sup> | USBMMY3M + 0.125% | 4.3960 | 07/31/25 | 470014161 |
| 250000000 | United States Treasury Note |  | 3.5000 | 09/30/29 | 247783203 |
| 300000000 | United States Treasury Note |  | 4.1250 | 10/31/29 | 304951173 |
|  |  |  |  |  | 2367117504 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,358,858,854)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,358,858,854)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,358,858,854)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,358,858,854)** | 2367117504 |
| **Shares** |  |  |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED — 0.6%** | **COLLATERAL FOR SECURITIES LOANED — 0.6%** | **COLLATERAL FOR SECURITIES LOANED — 0.6%** |  |  |
| 48836720 | Goldman Sachs Financial Square Government Fund, Institutional Class, 4.29% <sup>(e),(j)</sup> | Goldman Sachs Financial Square Government Fund, Institutional Class, 4.29% <sup>(e),(j)</sup> | Goldman Sachs Financial Square Government Fund, Institutional Class, 4.29% <sup>(e),(j)</sup> |  | 48836720 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $48,836,720)** | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $48,836,720)** | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $48,836,720)** |  |  |
|  | **SHORT-TERM INVESTMENTS — 16.7%** |  |  |  |  |
|  | **MONEY MARKET FUND – 16.7%** |  |  |  |  |
| 1251144297 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.18% (Cost $1,251,144,297)<sup>(e)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.18% (Cost $1,251,144,297)<sup>(e)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.18% (Cost $1,251,144,297)<sup>(e)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.18% (Cost $1,251,144,297)<sup>(e)</sup> | 1251144297 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(f)</sup>** |  | **Expiration Date** | **Exercise Price** | **Notional Value** | |
|  | **FUTURE OPTIONS PURCHASED - 0.0% <sup>(g)</sup>** |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 0.0%<sup>(g)</sup>** |  |  |  |  |
| 4675 | U.S. 10 Years Futures Option | 06/25/2025 | $101.50 | $522945500 | 47 |
| 3000 | U.S. 5 Years Futures Option | 06/25/2025 | 100.00 | 326730000 | 30 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $96,500) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $96,500) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $96,500) |  | 77 |
|  | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $96,500) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $96,500) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $96,500) |  | 77 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL INVESTMENTS - 102.1% (Cost $7,653,071,641)** | $7651738214 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (2.1)%** | (155964522) |
| **NET ASSETS - 100.0%** | $7495773692 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of**<br>**Contracts** | <br>**Open Long Futures Contracts** | <br>**Expiration** |<br>**Notional Amount** | **Unrealized Appreciation**<br>**(Depreciation)** |
| 7250 | CBOT 5 Year U.S. Treasury Note | 07/01/2025 | $791666019 | $1047614 |
| 400 | CME E-Mini Standard & Poor's 500 Index Futures | 06/23/2025 | 111740000 | (17320) |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $1030294 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| SOFRINDX | Secured Overnight Financing Rate Index |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| USBMMY3M | US Treasury 3 Month Bill Money Market Yield |

---

<sup>(a)</sup> Floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<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 April 30, 2025 the total market value of 144A securities is 306,163,141 or 4.1% of net assets.

<sup>(c)</sup> Variable rate security; the rate shown represents the rate on April 30, 2025.

<sup>(d)</sup> Zero coupon bond; rate disclosed is the effective yield as of April 30, 2025.

<sup>(e)</sup> Rate disclosed is the seven-day effective yield as of April 30, 2025.

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

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

<sup>(h)</sup> Affiliated Security.

<sup>(i)</sup> All or a portion of the security is on loan. Total loaned securities had a value of $47,849,692 at April 30, 2025.

<sup>(j)</sup> Security purchased with cash proceeds of securities lending collateral.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| |
|:---|
| **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** |
| **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | | | | Unrealized |
|  |  | Termination | Interest Rate | Notional Value at | | Upfront | Appreciation |
| Reference Entity | Counterparty | Date | Payable | April 30, 2025 | Value | Premiums Paid | (Depreciation) |
| CDX North American High Yield Series 42 | GS | 6/20/2029 | 5.00% | $329900000 | $15833660 | $21042433 | $(5208773) |
| CDX North American High Yield Series 43 | GS | 12/20/2029 | 5.00% | 73600000 | 3153490 | 3089376 | 64114 |
| CDX North American High Yield Series 44 | GS | 6/20/2030 | 5.00% | 1195000000 | 48644155 | 46268037 | 2376118 |
| CDX North American High Yield Series 44 | MS | 6/20/2030 | 5.00% | 34000000 | 1375720 | 1362674 | 13046 |
| **TOTAL** |  |  |  |  | $69007025 | $71762520 | $(2755495) |

---

GS - Goldman Sachs <br>MS - Morgan Stanley

<sup>(1)</sup> For centrally cleared swaps, the notional amounts represent the maximum potential the Fund may pay/receive as a seller/buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the reference entity.

<sup>(2)</sup> For centrally cleared swaps, w hen a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection w ill either (i) pay a net amount equal to the par value of the defaulted reference entity and take delivery of the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 1.8%** |  |  |  |  |
| 800000 | Boeing Company |  | 6.2980 | 05/01/29 | $840757 |
| 1500000 | Boeing Company |  | 5.1500 | 05/01/30 | 1513840 |
| 100000 | Boeing Company |  | 3.6250 | 02/01/31 | 93321 |
| 1100000 | Boeing Company |  | 6.5280 | 05/01/34 | 1181900 |
| 1100000 | Boeing Company |  | 5.7050 | 05/01/40 | 1065313 |
| 1000000 | Boeing Company |  | 5.8050 | 05/01/50 | 938803 |
| 800000 | Boeing Company |  | 6.8580 | 05/01/54 | 856022 |
| 1400000 | Boeing Company |  | 5.9300 | 05/01/60 | 1296101 |
| 600000 | Boeing Compan |  | 7.0080 | 05/01/64 | 641727 |
| 1100000 | General Dynamics Corporation |  | 3.6250 | 04/01/30 | 1067656 |
| 900000 | L3Harris Technologies, Inc. |  | 4.4000 | 06/15/28 | 898261 |
| 500000 | L3Harris Technologies, Inc. B |  | 5.4000 | 07/31/33 | 507191 |
| 500000 | L3Harris Technologies, Inc. |  | 5.3500 | 06/01/34 | 504025 |
| 500000 | Lockheed Martin Corporation |  | 5.2500 | 01/15/33 | 515761 |
| 800000 | Lockheed Martin Corporation |  | 4.0700 | 12/15/42 | 663009 |
| 800000 | Lockheed Martin Corporation |  | 3.8000 | 03/01/45 | 628123 |
| 900000 | Lockheed Martin Corporation |  | 4.0900 | 09/15/52 | 699305 |
| 600000 | Lockheed Martin Corporation |  | 5.2000 | 02/15/55 | 558655 |
| 700000 | Northrop Grumman Corporation |  | 4.4000 | 05/01/30 | 695808 |
| 400000 | Northrop Grumman Corporation |  | 5.2000 | 06/01/54 | 367855 |
| 900000 | Raytheon Technologies Corporation |  | 4.1500 | 05/15/45 | 725606 |
| 1100000 | Raytheon Technologies Corporation |  | 3.0300 | 03/15/52 | 691031 |
| 1200000 | RTX Corporation |  | 4.1250 | 11/16/28 | 1189600 |
| 700000 | RTX Corporation |  | 2.2500 | 07/01/30 | 626366 |
| 300000 | RTX Corporation |  | 6.0000 | 03/15/31 | 320157 |
| 700000 | RTX Corporation |  | 5.1500 | 02/27/33 | 706758 |
| 700000 | RTX Corporation |  | 6.1000 | 03/15/34 | 751671 |
| 600000 | RTX Corporation |  | 3.7500 | 11/01/46 | 450190 |
| 500000 | RTX Corporation |  | 5.3750 | 02/27/53 | 471055 |
| 600000 | RTX Corporation |  | 6.4000 | 03/15/54 | 645296 |
|  |  |  |  |  | 22111163 |
|  | **APPAREL & TEXTILE PRODUCTS — 0.1%** |  |  |  |  |
| 700000 | NIKE, Inc. |  | 2.8500 | 03/27/30 | 654384 |
| 800000 | NIKE, Inc. |  | 3.3750 | 03/27/50 | 556959 |
|  |  |  |  |  | 1211343 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **ASSET MANAGEMENT — 0.4%** |  |  |  |  |
| 500000 | Apollo Debt Solutions BDC |  | 6.7000 | 07/29/31 | $508176 |
| 800000 | Ares Capital Corporation |  | 5.8000 | 03/08/32 | 782487 |
| 900000 | Blue Owl Credit Income Corporation |  | 6.6500 | 03/15/31 | 909137 |
| 600000 | Brookfield Finance, Inc. |  | 5.9680 | 03/04/54 | 585912 |
| 800000 | Charles Schwab Corporation |  | 2.9000 | 03/03/32 | 704275 |
| 700000 | Raymond James Financial, Inc. |  | 4.9500 | 07/15/46 | 619927 |
| 600000 | Sixth Street Lending Partners<sup>(a)</sup> |  | 6.1250 | 07/15/30 | 601613 |
| 600000 | UBS Group A.G. |  | 4.8750 | 05/15/45 | 528941 |
|  |  |  |  |  | 5240468 |
|  | **AUTOMOTIVE — 1.9%** |  |  |  |  |
| 1000000 | American Honda Finance Corporation |  | 5.1250 | 07/07/28 | 1020612 |
| 800000 | American Honda Finance Corporation |  | 5.6500 | 11/15/28 | 830897 |
| 800000 | Aptiv plc / Aptiv Corporation |  | 4.1500 | 05/01/52 | 547367 |
| 1000000 | Ford Motor Company Class B |  | 3.2500 | 02/12/32 | 817194 |
| 900000 | Ford Motor Company |  | 6.1000 | 08/19/32 | 865709 |
| 900000 | Ford Motor Company |  | 4.7500 | 01/15/43 | 674169 |
| 900000 | Ford Motor Credit Company, LLC |  | 6.7980 | 11/07/28 | 917738 |
| 800000 | Ford Motor Credit Company, LLC |  | 5.8000 | 03/08/29 | 784164 |
| 600000 | Ford Motor Credit Company, LLC |  | 5.1130 | 05/03/29 | 575275 |
| 700000 | Ford Motor Credit Company, LLC |  | 5.8750 | 11/07/29 | 688022 |
| 700000 | Ford Motor Credit Company, LLC |  | 7.3500 | 03/06/30 | 723336 |
| 300000 | Ford Motor Credit Company, LLC |  | 4.0000 | 11/13/30 | 266704 |
| 500000 | Ford Motor Credit Company, LLC |  | 6.0500 | 03/05/31 | 488260 |
| 300000 | Ford Motor Credit Company, LLC |  | 6.0540 | 11/05/31 | 290720 |
| 200000 | Ford Motor Credit Company, LLC |  | 7.1220 | 11/07/33 | 201227 |
| 800000 | Ford Motor Credit Company, LLC |  | 6.1250 | 03/08/34 | 756160 |
| 600000 | General Motors Company |  | 5.0000 | 10/01/28 | 600571 |
| 800000 | General Motors Company |  | 6.6000 | 04/01/36 | 822688 |
| 700000 | General Motors Company |  | 6.2500 | 10/02/43 | 660808 |
| 600000 | General Motors Company |  | 5.2000 | 04/01/45 | 497169 |
| 600000 | General Motors Company |  | 5.9500 | 04/01/49 | 534978 |
| 600000 | General Motors Financial Company, Inc. |  | 5.8000 | 01/07/29 | 612323 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **AUTOMOTIVE — 1.9% (Continued)** |  |  |  |  |
| 500000 | General Motors Financial Company, Inc. |  | 4.3000 | 04/06/29 | $482679 |
| 500000 | General Motors Financial Company, Inc. |  | 5.3500 | 01/07/30 | 500802 |
| 500000 | General Motors Financial Company, Inc. |  | 5.8500 | 04/06/30 | 507998 |
| 600000 | General Motors Financial Company, Inc. |  | 3.6000 | 06/21/30 | 551418 |
| 500000 | General Motors Financial Company, Inc. |  | 5.7500 | 02/08/31 | 504850 |
| 700000 | General Motors Financial Company, Inc. |  | 2.7000 | 06/10/31 | 598213 |
| 500000 | General Motors Financial Company, Inc. |  | 3.1000 | 01/12/32 | 428187 |
| 500000 | General Motors Financial Company, Inc. |  | 6.4000 | 01/09/33 | 516473 |
| 500000 | General Motors Financial Company, Inc. |  | 6.1000 | 01/07/34 | 501850 |
| 500000 | General Motors Financial Company, Inc. |  | 5.9500 | 04/04/34 | 497232 |
| 500000 | Mercedes-Benz Finance North America, LLC |  | 8.5000 | 01/18/31 | 590217 |
| 700000 | Toyota Motor Credit Corporation |  | 5.2500 | 09/11/28 | 721449 |
| 500000 | Toyota Motor Credit Corporation |  | 4.4500 | 06/29/29 | 501305 |
| 800000 | Toyota Motor Credit Corporation |  | 3.3750 | 04/01/30 | 761310 |
| 600000 | Toyota Motor Credit Corporation |  | 5.5500 | 11/20/30 | 629599 |
| 600000 | Toyota Motor Credit Corporation |  | 5.3500 | 01/09/35 | 614418 |
|  |  |  |  |  | 23084091 |
|  | **BANKING — 15.5%** |  |  |  |  |
| 800000 | Banco Santander S.A. |  | 6.6070 | 11/07/28 | 853611 |
| 800000 | Banco Santander S.A. |  | 5.5650 | 01/17/30 | 825694 |
| 600000 | Banco Santander S.A.<sup>(b)</sup> | H15T1Y + 1.450% | 5.5380 | 03/14/30 | 615306 |
| 1000000 | Banco Santander S.A. |  | 2.7490 | 12/03/30 | 875617 |
| 1000000 | Banco Santander S.A. |  | 6.9210 | 08/08/33 | 1062551 |
| 600000 | Banco Santander S.A. |  | 6.3500 | 03/14/34 | 612516 |
| 1200000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.630% | 5.2020 | 04/25/29 | 1225124 |
| 600000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.060% | 2.0870 | 06/14/29 | 557973 |
| 1200000 | Bank of America Corporation Series N<sup>(b)</sup> | TSFR3M + 1.572% | 4.2710 | 07/23/29 | 1191544 |
| 800000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.570% | 5.8190 | 09/15/29 | 832966 |
| 700000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 1.472% | 3.9740 | 02/07/30 | 684667 |
| 1000000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.000% | 5.1620 | 01/24/31 | 1017489 |
| 800000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 1.252% | 2.4960 | 02/13/31 | 723140 |
| 1600000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 2.150% | 2.5920 | 04/29/31 | 1443453 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **BANKING — 15.5% (Continued)** |  |  |  |  |
| 1200000 | Bank of America Corporation B<sup>(b)</sup> | SOFRRATE + 1.530% | 1.8980 | 07/23/31 | $1039684 |
| 900000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.370% | 1.9220 | 10/24/31 | 775354 |
| 800000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.220% | 2.6510 | 03/11/32 | 708713 |
| 1400000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.320% | 2.6870 | 04/22/32 | 1236769 |
| 1300000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.220% | 2.2990 | 07/21/32 | 1115610 |
| 1100000 | Bank of America Corporation Series N<sup>(b)</sup> | SOFRRATE + 1.210% | 2.5720 | 10/20/32 | 954250 |
| 900000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.330% | 2.9720 | 02/04/33 | 790847 |
| 1300000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.830% | 4.5710 | 04/27/33 | 1258558 |
| 1500000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 2.160% | 5.0150 | 07/22/33 | 1493287 |
| 1600000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.910% | 5.2880 | 04/25/34 | 1603658 |
| 1200000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.840% | 5.8720 | 09/15/34 | 1249094 |
| 1400000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.650% | 5.4680 | 01/23/35 | 1417656 |
| 1000000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.310% | 5.5110 | 01/24/36 | 1012862 |
| 600000 | Bank of America Corporation |  | 6.1100 | 01/29/37 | 619062 |
| 800000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 2.076% | 4.2440 | 04/24/38 | 714669 |
| 600000 | Bank of America Corporation |  | 7.7500 | 05/14/38 | 702525 |
| 1800000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.930% | 2.6760 | 06/19/41 | 1273398 |
| 1400000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.580% | 3.3110 | 04/22/42 | 1054930 |
| 1000000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 1.782% | 4.3300 | 03/15/50 | 812216 |
| 1800000 | Bank of America Corporation B<sup>(b)</sup> | TSFR3M + 3.412% | 4.0830 | 03/20/51 | 1396233 |
| 1100000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.560% | 2.9720 | 07/21/52 | 696567 |
| 500000 | Bank of Montreal |  | 5.7170 | 09/25/28 | 520073 |
| 500000 | Bank of Montreal |  | 5.5110 | 06/04/31 | 519646 |
| 500000 | Bank of Nova Scotia |  | 4.8500 | 02/01/30 | 505241 |
| 500000 | Bank of Nova Scotia<sup>(b)</sup> | SOFRRATE + 1.070% | 5.1300 | 02/14/31 | 507169 |
| 900000 | Barclays plc<sup>(b)</sup> | US0003M + 1.902% | 4.9720 | 05/16/29 | 903538 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **BANKING — 15.5% (Continued)** |  |  |  |  |
| 400000 | Barclays plc<sup>(b)</sup> | SOFRRATE + 2.220% | 6.4900 | 09/13/29 | $420860 |
| 400000 | Barclays plc<sup>(b)</sup> | SOFRRATE + 1.740% | 5.6900 | 03/12/30 | 410585 |
| 800000 | Barclays plc<sup>(b)</sup> | SOFRRATE + 1.230% | 5.3670 | 02/25/31 | 810447 |
| 800000 | Barclays plc<sup>(b)</sup> | H15T1Y + 1.900% | 2.6450 | 06/24/31 | 715371 |
| 1000000 | Barclays plc<sup>(b)</sup> | H15T1Y + 3.500% | 7.4370 | 11/02/33 | 1115162 |
| 900000 | Barclays plc<sup>(b)</sup> | SOFRRATE + 2.980% | 6.2240 | 05/09/34 | 937550 |
| 600000 | Barclays plc<sup>(b)</sup> | SOFRRATE + 2.620% | 6.6920 | 09/13/34 | 640357 |
| 600000 | Barclays plc<sup>(b)</sup> | SOFRRATE + 1.910% | 5.3350 | 09/10/35 | 581367 |
| 1000000 | Barclays plc<sup>(b)</sup> | SOFRRATE + 1.590% | 5.7850 | 02/25/36 | 999511 |
| 800000 | Canadian Imperial Bank of Commerce<sup>(b)</sup> | SOFRRATE + 1.105% | 5.2450 | 01/13/31 | 815248 |
| 800000 | Canadian Imperial Bank of Commerce |  | 3.6000 | 04/07/32 | 734411 |
| 900000 | Citibank NA |  | 5.5700 | 04/30/34 | 927863 |
| 900000 | Citigroup, Inc. |  | 4.1250 | 07/25/28 | 889595 |
| 700000 | Citigroup, Inc.<sup>(b)</sup> | TSFR3M + 1.454% | 4.0750 | 04/23/29 | 691617 |
| 800000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.364% | 5.1740 | 02/13/30 | 811013 |
| 500000 | Citigroup, Inc.<sup>(b)</sup> | US0003M + 1.338% | 3.9800 | 03/20/30 | 486130 |
| 700000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.338% | 4.5420 | 09/19/30 | 692144 |
| 600000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.422% | 2.9760 | 11/05/30 | 556259 |
| 800000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.146% | 2.6660 | 01/29/31 | 725753 |
| 1300000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 3.914% | 4.4120 | 03/31/31 | 1274923 |
| 1400000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 2.107% | 2.5720 | 06/03/31 | 1252104 |
| 1100000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.167% | 2.5610 | 05/01/32 | 960468 |
| 700000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.177% | 2.5200 | 11/03/32 | 602191 |
| 1000000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.351% | 3.0570 | 01/25/33 | 877760 |
| 800000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 2.086% | 4.9100 | 05/24/33 | 785886 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **BANKING — 15.5% (Continued)** |  |  |  |  |
| 1000000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 2.338% | 6.2700 | 11/17/33 | $1059007 |
| 1100000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.465% | 5.3330 | 03/27/36 | 1090239 |
| 700000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 4.548% | 5.3160 | 03/26/41 | 670976 |
| 800000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.379% | 2.9040 | 11/03/42 | 553706 |
| 700000 | Citigroup, Inc. |  | 6.6750 | 09/13/43 | 740066 |
| 900000 | Citigroup, Inc. |  | 4.7500 | 05/18/46 | 745738 |
| 900000 | Citigroup, Inc. |  | 4.6500 | 07/23/48 | 756793 |
| 700000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.746% | 5.6120 | 03/04/56 | 670376 |
| 400000 | Citizens Financial Group, Inc.<sup>(b)</sup> | SOFRRATE + 2.010% | 5.8410 | 01/23/30 | 409047 |
| 600000 | Citizens Financial Group, Inc. |  | 3.2500 | 04/30/30 | 550063 |
| 500000 | Citizens Financial Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.259% | 5.2530 | 03/05/31 | 500241 |
| 800000 | Cooperatieve Rabobank UA |  | 5.7500 | 12/01/43 | 775515 |
| 500000 | Deutsche Bank A.G. |  | 5.4140 | 05/10/29 | 514657 |
| 800000 | Deutsche Bank A.G.<sup>(b)</sup> | SOFRRATE + 3.043% | 3.5470 | 09/18/31 | 738671 |
| 500000 | Deutsche Bank A.G.<sup>(b)</sup> | SOFRRATE + 2.050% | 5.4030 | 09/11/35 | 487464 |
| 1100000 | Fifth Third Bancorp<sup>(b)</sup> | SOFRRATE + 2.340% | 6.3390 | 07/27/29 | 1152815 |
| 500000 | Fifth Third Bancorp<sup>(b)</sup> | SOFRINDX + 2.127% | 4.7720 | 07/28/30 | 497842 |
| 600000 | Fifth Third Bancorp<sup>(b)</sup> | SOFRRATE + 1.840% | 5.6310 | 01/29/32 | 613825 |
| 1200000 | HSBC Holdings plc<sup>(b)</sup> | US0003M + 1.535% | 4.5830 | 06/19/29 | 1195720 |
| 1000000 | HSBC Holdings plc |  | 4.9500 | 03/31/30 | 1009523 |
| 900000 | HSBC Holdings plc<sup>(b)</sup> | US0003M + 1.610% | 3.9730 | 05/22/30 | 869050 |
| 500000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 1.290% | 5.2860 | 11/19/30 | 507016 |
| 500000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 1.290% | 5.1300 | 03/03/31 | 503325 |
| 900000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 2.387% | 2.8480 | 06/04/31 | 812733 |
| 700000 | HSBC Holdings plc<sup>(b)</sup> |  | 2.3570 | 08/18/31 | 613899 |
| 400000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 1.520% | 5.7330 | 05/17/32 | 413293 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **BANKING — 15.5% (Continued)** |  |  |  |  |
| 1200000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 1.187% | 2.8040 | 05/24/32 | $1055259 |
| 700000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 2.870% | 5.4020 | 08/11/33 | 707295 |
| 900000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 2.390% | 6.2540 | 03/09/34 | 950756 |
| 700000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 1.780% | 5.7190 | 03/04/35 | 714919 |
| 900000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 1.560% | 5.4500 | 03/03/36 | 893126 |
| 900000 | HSBC Holdings plc |  | 6.5000 | 09/15/37 | 932463 |
| 1000000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 2.650% | 6.3320 | 03/09/44 | 1049881 |
| 600000 | HSBC Holdings plc |  | 5.2500 | 03/14/44 | 558233 |
| 1000000 | Huntington Bancshares, Inc.<sup>(b)</sup> | SOFRRATE + 2.020% | 6.2080 | 08/21/29 | 1039225 |
| 700000 | Huntington Bancshares, Inc.<sup>(b)</sup> | SOFRRATE + 1.276% | 5.2720 | 01/15/31 | 705023 |
| 600000 | ING Groep N.V.<sup>(b)</sup> | SOFRRATE + 1.440% | 5.3350 | 03/19/30 | 612143 |
| 600000 | ING Groep N.V.<sup>(b)</sup> | SOFRINDX + 1.230% | 5.0660 | 03/25/31 | 604815 |
| 700000 | ING Groep N.V.<sup>(b)</sup> | SOFRRATE + 2.090% | 6.1140 | 09/11/34 | 736261 |
| 900000 | ING Groep N.V.<sup>(b)</sup> | SOFRRATE + 1.770% | 5.5500 | 03/19/35 | 908868 |
| 700000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.015% | 2.0690 | 06/01/29 | 652546 |
| 1200000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.522% | 4.2030 | 07/23/29 | 1189405 |
| 800000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.450% | 5.2990 | 07/24/29 | 819446 |
| 600000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.570% | 6.0870 | 10/23/29 | 630225 |
| 900000 | JPMorgan Chase & Company<sup>(b)</sup> | US0003M + 1.330% | 4.4520 | 12/05/29 | 898094 |
| 700000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.310% | 5.0120 | 01/23/30 | 710752 |
| 600000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.160% | 5.5810 | 04/22/30 | 621325 |
| 600000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.422% | 3.7020 | 05/06/30 | 580036 |
| 500000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.125% | 4.9950 | 07/22/30 | 506747 |
| 900000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.510% | 2.7390 | 10/15/30 | 832109 |
| 700000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 0.900% | 5.1400 | 01/24/31 | 713967 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **BANKING — 15.5% (Continued)** |  |  |  |  |
| 1300000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 3.790% | 4.4930 | 03/24/31 | $1289640 |
| 1300000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 2.040% | 2.5220 | 04/22/31 | 1175026 |
| 700000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.435% | 5.1030 | 04/22/31 | 712222 |
| 700000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.105% | 1.7640 | 11/19/31 | 598754 |
| 1000000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.065% | 1.9530 | 02/04/32 | 857752 |
| 900000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.250% | 2.5800 | 04/22/32 | 796733 |
| 800000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.180% | 2.5450 | 11/08/32 | 696659 |
| 800000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.260% | 2.9630 | 01/25/33 | 708782 |
| 800000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.800% | 4.5860 | 04/26/33 | 781139 |
| 1400000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 2.080% | 4.9120 | 07/25/33 | 1391583 |
| 1400000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.845% | 5.3500 | 06/01/34 | 1421220 |
| 1000000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.810% | 6.2540 | 10/23/34 | 1073884 |
| 900000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.620% | 5.3360 | 01/23/35 | 906572 |
| 800000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.490% | 5.7660 | 04/22/35 | 828602 |
| 900000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.460% | 5.2940 | 07/22/35 | 899627 |
| 700000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.340% | 4.9460 | 10/22/35 | 682857 |
| 900000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.315% | 5.5020 | 01/24/36 | 914224 |
| 700000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.680% | 5.5720 | 04/22/36 | 714784 |
| 900000 | JPMorgan Chase & Company<sup>(b)</sup> | US0003M + 1.360% | 3.8820 | 07/24/38 | 779311 |
| 700000 | JPMorgan Chase & Company |  | 5.6000 | 07/15/41 | 707259 |
| 700000 | JPMorgan Chase & Company |  | 5.4000 | 01/06/42 | 693948 |
| 1000000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.460% | 3.1570 | 04/22/42 | 745169 |
| 900000 | JPMorgan Chase & Company |  | 4.9500 | 06/01/45 | 819263 |
| 1100000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.550% | 5.5340 | 11/29/45 | 1084292 |
| 1200000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.642% | 3.9640 | 11/15/48 | 939050 |
| 700000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.482% | 3.8970 | 01/23/49 | 541384 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **BANKING — 15.5% (Continued)** |  |  |  |  |
| 800000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 2.440% | 3.1090 | 04/22/51 | $527731 |
| 1100000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.580% | 3.3280 | 04/22/52 | 754494 |
| 700000 | Lloyds Banking Group plc<sup>(b)</sup> | H15T1Y + 1.070% | 5.7210 | 06/05/30 | 723437 |
| 1000000 | Lloyds Banking Group plc<sup>(b)</sup> | H15T1Y + 1.750% | 5.6790 | 01/05/35 | 1011413 |
| 800000 | Lloyds Banking Group plc |  | 4.3440 | 01/09/48 | 614793 |
| 700000 | M&T Bank Corporation<sup>(b)</sup> | SOFRRATE + 1.610% | 5.3850 | 01/16/36 | 680720 |
| 700000 | Mitsubishi UFJ Financial Group, Inc. |  | 4.0500 | 09/11/28 | 693394 |
| 900000 | Mitsubishi UFJ Financial Group, Inc. |  | 3.1950 | 07/18/29 | 850441 |
| 900000 | Mitsubishi UFJ Financial Group, Inc. |  | 2.5590 | 02/25/30 | 817101 |
| 600000 | Mitsubishi UFJ Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 0.780% | 5.1970 | 01/16/31 | 611601 |
| 1000000 | Mitsubishi UFJ Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 0.950% | 2.3090 | 07/20/32 | 858971 |
| 500000 | Mitsubishi UFJ Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 2.125% | 5.1330 | 07/20/33 | 499845 |
| 900000 | Mitsubishi UFJ Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 1.630% | 5.4410 | 02/22/34 | 915063 |
| 800000 | Mitsubishi UFJ Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 1.000% | 5.4260 | 04/17/35 | 805731 |
| 800000 | Mizuho Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 1.500% | 5.6670 | 05/27/29 | 825392 |
| 900000 | Mizuho Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 1.650% | 5.7780 | 07/06/29 | 931382 |
| 800000 | Mizuho Financial Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.532% | 1.9790 | 09/08/31 | 689267 |
| 700000 | Mizuho Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 1.800% | 5.7540 | 05/27/34 | 719093 |
| 600000 | Mizuho Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 0.980% | 5.4220 | 05/13/36 | 601490 |
| 600000 | National Bank of Canada |  | 5.6000 | 12/18/28 | 621174 |
| 900000 | Natwest Group plc<sup>(b)</sup> | US0003M + 1.754% | 4.8920 | 05/18/29 | 904672 |
| 700000 | NatWest Group plc<sup>(b)</sup> | US0003M + 1.905% | 5.0760 | 01/27/30 | 705043 |
| 700000 | NatWest Group plc<sup>(b)</sup> | US0003M + 1.871% | 4.4450 | 05/08/30 | 688909 |
| 700000 | NatWest Group plc<sup>(b)</sup> | H15T1Y + 1.500% | 5.7780 | 03/01/35 | 711467 |
| 300000 | PNC Bank NA |  | 4.0500 | 07/26/28 | 295272 |
| 1000000 | PNC Financial Services Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.841% | 5.5820 | 06/12/29 | 1030339 |
| 700000 | PNC Financial Services Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.198% | 5.4920 | 05/14/30 | 719803 |
| 600000 | PNC Financial Services Group, Inc.<sup>(b)</sup> | SOFRINDX + 2.140% | 6.0370 | 10/28/33 | 626483 |
| 700000 | PNC Financial Services Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.933% | 5.0680 | 01/24/34 | 690773 |
| 1000000 | PNC Financial Services Group, Inc.<sup>(b)</sup> | SOFRRATE + 2.284% | 6.8750 | 10/20/34 | 1098150 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **BANKING — 15.5% (Continued)** |  |  |  |  |
| 600000 | PNC Financial Services Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.902% | 5.6760 | 01/22/35 | $610790 |
| 600000 | PNC Financial Services Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.599% | 5.4010 | 07/23/35 | 598938 |
| 700000 | PNC Financial Services Group, Inc. <sup>(b)</sup> | SOFRRATE + 1.394% | 5.5750 | 01/29/36 | 707643 |
| 800000 | Royal Bank of Canada |  | 5.2000 | 08/01/28 | 820923 |
| 400000 | Royal Bank of Canada<sup>(b)</sup> | SOFRRATE + 1.100% | 4.9690 | 08/02/30 | 404763 |
| 600000 | Royal Bank of Canada<sup>(b)</sup> | SOFRINDX + 1.080% | 4.6500 | 10/18/30 | 598526 |
| 600000 | Royal Bank of Canada<sup>(b)</sup> | SOFRRATE + 1.030% | 5.1530 | 02/04/31 | 609889 |
| 700000 | Royal Bank of Canada<sup>(b)</sup> | SOFRINDX + 1.130% | 4.9700 | 05/02/31 | 706815 |
| 900000 | Royal Bank of Canada |  | 5.0000 | 02/01/33 | 902985 |
| 700000 | Royal Bank of Canada |  | 5.1500 | 02/01/34 | 709402 |
| 600000 | Santander Holdings USA, Inc.<sup>(b)</sup> | SOFRRATE + 1.940% | 5.3530 | 09/06/30 | 601137 |
| 500000 | Santander Holdings USA, Inc.<sup>(b)</sup> | SOFRRATE + 1.878% | 5.7410 | 03/20/31 | 504695 |
| 700000 | Santander UK Group Holdings plc<sup>(b)</sup> | SOFRINDX + 1.524% | 5.6940 | 04/15/31 | 716960 |
| 600000 | Sumitomo Mitsui Financial Group, Inc. |  | 5.8000 | 07/13/28 | 624369 |
| 400000 | Sumitomo Mitsui Financial Group, Inc. |  | 5.7160 | 09/14/28 | 415496 |
| 900000 | Sumitomo Mitsui Financial Group, Inc. |  | 1.9020 | 09/17/28 | 828801 |
| 1000000 | Sumitomo Mitsui Financial Group, Inc. |  | 2.7500 | 01/15/30 | 918760 |
| 800000 | Sumitomo Mitsui Financial Group, Inc. |  | 2.1300 | 07/08/30 | 705464 |
| 700000 | Sumitomo Mitsui Financial Group, Inc. |  | 5.7660 | 01/13/33 | 727300 |
| 500000 | Sumitomo Mitsui Financial Group, Inc. |  | 5.5580 | 07/09/34 | 511140 |
| 500000 | Sumitomo Mitsui Financial Group, Inc. |  | 5.6320 | 01/15/35 | 513929 |
| 700000 | Sumitomo Mitsui Financial Group, Inc. |  | 5.8360 | 07/09/44 | 698945 |
| 800000 | Toronto-Dominion Bank |  | 5.5230 | 07/17/28 | 829000 |
| 700000 | Toronto-Dominion Bank |  | 4.7830 | 12/17/29 | 706042 |
| 500000 | Toronto-Dominion Bank |  | 5.2980 | 01/30/32 | 509131 |
| 900000 | Toronto-Dominion Bank |  | 4.4560 | 06/08/32 | 874468 |
| 700000 | Truist Bank |  | 2.2500 | 03/11/30 | 615801 |
| 800000 | Truist Financial Corporation<sup>(b)</sup> | SOFRRATE + 0.862% | 1.8870 | 06/07/29 | 737799 |
| 800000 | Truist Financial Corporation<sup>(b)</sup> | SOFRRATE + 2.446% | 7.1610 | 10/30/29 | 863262 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **BANKING — 15.5% (Continued)** |  |  |  |  |
| 500000 | Truist Financial Corporation<sup>(b)</sup> | SOFRRATE + 1.571% | 5.1530 | 08/05/32 | $502033 |
| 800000 | Truist Financial Corporation<sup>(b)</sup> | SOFRRATE + 2.361% | 5.8670 | 06/08/34 | 819043 |
| 1000000 | Truist Financial Corporation<sup>(b)</sup> | SOFRRATE + 1.922% | 5.7110 | 01/24/35 | 1016218 |
| 800000 | US Bancorp<sup>(b)</sup> | SOFRRATE + 2.020% | 5.7750 | 06/12/29 | 827186 |
| 800000 | US Bancorp<sup>(b)</sup> | SOFRRATE + 1.560% | 5.3840 | 01/23/30 | 818505 |
| 800000 | US Bancorp<sup>(b)</sup> | SOFRRATE + 1.061% | 5.0460 | 02/12/31 | 809376 |
| 700000 | US Bancorp Series AA<sup>(b)</sup> | SOFRRATE + 2.090% | 5.8500 | 10/21/33 | 724217 |
| 600000 | US Bancorp<sup>(b)</sup> | SOFRRATE + 1.600% | 4.8390 | 02/01/34 | 581597 |
| 700000 | US Bancorp<sup>(b)</sup> | SOFRRATE + 2.260% | 5.8360 | 06/12/34 | 722001 |
| 500000 | US Bancorp<sup>(b)</sup> | SOFRRATE + 1.411% | 5.4240 | 02/12/36 | 500808 |
| 1400000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.740% | 5.5740 | 07/25/29 | 1439250 |
| 800000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.790% | 6.3030 | 10/23/29 | 843659 |
| 1000000 | Wells Fargo & Company<sup>(b)</sup> | TSFR3M + 1.432% | 2.8790 | 10/30/30 | 925432 |
| 800000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.110% | 5.2440 | 01/24/31 | 815655 |
| 900000 | Wells Fargo & Company<sup>(b)</sup> | TSFR3M + 1.262% | 2.5720 | 02/11/31 | 814536 |
| 900000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 4.032% | 4.4780 | 04/04/31 | 886541 |
| 900000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.500% | 5.1500 | 04/23/31 | 912769 |
| 1000000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.500% | 3.3500 | 03/02/33 | 897243 |
| 1400000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.100% | 4.8970 | 07/25/33 | 1375326 |
| 1100000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.020% | 5.3890 | 04/24/34 | 1103842 |
| 1300000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.990% | 5.5570 | 07/25/34 | 1316349 |
| 1100000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.060% | 6.4910 | 10/23/34 | 1181738 |
| 900000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.780% | 5.4990 | 01/23/35 | 905924 |
| 800000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.380% | 5.2110 | 12/03/35 | 788681 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **BANKING — 15.5% (Continued)** |  |  |  |  |
| 600000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.740% | 5.6050 | 04/23/36 | $608681 |
| 900000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.530% | 3.0680 | 04/30/41 | 661877 |
| 800000 | Wells Fargo & Company |  | 5.6060 | 01/15/44 | 754793 |
| 800000 | Wells Fargo & Company |  | 4.6500 | 11/04/44 | 668156 |
| 700000 | Wells Fargo & Company |  | 3.9000 | 05/01/45 | 545577 |
| 700000 | Wells Fargo & Company |  | 4.9000 | 11/17/45 | 598423 |
| 800000 | Wells Fargo & Company |  | 4.4000 | 06/14/46 | 634844 |
| 700000 | Wells Fargo & Company |  | 4.7500 | 12/07/46 | 582091 |
| 1600000 | Wells Fargo & Company<sup>(b)</sup> | TSFR3M + 4.502% | 5.0130 | 04/04/51 | 1410578 |
| 1000000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.130% | 4.6110 | 04/25/53 | 830976 |
| 700000 | Westpac Banking Corporation |  | 5.5350 | 11/17/28 | 732281 |
| 800000 | Westpac Banking Corporation |  | 1.9530 | 11/20/28 | 741926 |
| 1000000 | Westpac Banking Corporation |  | 2.1500 | 06/03/31 | 879179 |
| 800000 | Westpac Banking Corporation |  | 2.9630 | 11/16/40 | 582406 |
|  |  |  |  |  | 191508424 |
|  | **BEVERAGES — 1.5%** |  |  |  |  |
| 900000 | Anheuser-Busch InBev Worldwide, Inc. |  | 4.7500 | 01/23/29 | 913226 |
| 600000 | Anheuser-Busch InBev Worldwide, Inc. |  | 8.2000 | 01/15/39 | 762036 |
| 700000 | Anheuser-Busch InBev Worldwide, Inc. |  | 4.9500 | 01/15/42 | 651776 |
| 900000 | Anheuser-Busch InBev Worldwide, Inc. |  | 4.4390 | 10/06/48 | 758927 |
| 1300000 | Anheuser-Busch InBev Worldwide, Inc. |  | 5.5500 | 01/23/49 | 1289084 |
| 700000 | Anheuser-Busch InBev Worldwide, Inc. |  | 5.8000 | 01/23/59 | 710596 |
| 500000 | Coca-Cola Company |  | 3.4500 | 03/25/30 | 484932 |
| 800000 | Coca-Cola Company |  | 1.6500 | 06/01/30 | 705521 |
| 600000 | Coca-Cola Company |  | 2.2500 | 01/05/32 | 527367 |
| 800000 | Coca-Cola Company |  | 2.5000 | 06/01/40 | 576473 |
| 1000000 | Coca-Cola Company |  | 2.6000 | 06/01/50 | 612933 |
| 800000 | Coca-Cola Company |  | 3.0000 | 03/05/51 | 529737 |
| 500000 | Coca-Cola Company |  | 5.3000 | 05/13/54 | 484366 |
| 500000 | Coca-Cola Company |  | 5.2000 | 01/14/55 | 476795 |
| 500000 | Coca-Cola Company |  | 5.4000 | 05/13/64 | 483893 |
| 600000 | CONSTELLATION BRANDS INC 3.15% 08/01/2029 |  | 3.1500 | 08/01/29 | 564531 |
| 700000 | Constellation Brands, Inc. |  | 2.2500 | 08/01/31 | 598262 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **BEVERAGES — 1.5% (Continued)** |  |  |  |  |
| 500000 | Diageo Capital plc |  | 5.5000 | 01/24/33 | $513257 |
| 500000 | Diageo Capital plc |  | 5.6250 | 10/05/33 | 519224 |
| 800000 | Keurig Dr Pepper, Inc. |  | 3.2000 | 05/01/30 | 748692 |
| 800000 | Keurig Dr Pepper, Inc. |  | 4.5000 | 04/15/52 | 654904 |
| 1000000 | Molson Coors Beverage Company |  | 4.2000 | 07/15/46 | 799358 |
| 700000 | PepsiCo, Inc. |  | 2.7500 | 03/19/30 | 653798 |
| 800000 | PepsiCo, Inc. |  | 1.6250 | 05/01/30 | 704266 |
| 800000 | PepsiCo, Inc. |  | 3.9000 | 07/18/32 | 768209 |
| 600000 | PepsiCo, Inc. |  | 5.0000 | 02/07/35 | 605312 |
| 900000 | PepsiCo, Inc. |  | 2.6250 | 10/21/41 | 633547 |
| 1100000 | PepsiCo, Inc. |  | 2.7500 | 10/21/51 | 684987 |
|  |  |  |  |  | 18416009 |
|  | **BIOTECH & PHARMA — 6.1%** |  |  |  |  |
| 1700000 | AbbVie, Inc. |  | 3.2000 | 11/21/29 | 1618516 |
| 500000 | AbbVie, Inc. |  | 4.8750 | 03/15/30 | 510494 |
| 400000 | AbbVie, Inc. |  | 4.9500 | 03/15/31 | 408813 |
| 800000 | AbbVie, Inc. |  | 5.0500 | 03/15/34 | 805835 |
| 600000 | AbbVie, Inc. |  | 4.5500 | 03/15/35 | 577418 |
| 600000 | AbbVie, Inc. |  | 5.2000 | 03/15/35 | 607532 |
| 800000 | AbbVie, Inc. |  | 4.5000 | 05/14/35 | 765786 |
| 1200000 | AbbVie, Inc. |  | 4.0500 | 11/21/39 | 1038327 |
| 1000000 | AbbVie, Inc. |  | 4.4000 | 11/06/42 | 871130 |
| 600000 | AbbVie, Inc. |  | 4.8500 | 06/15/44 | 545920 |
| 1100000 | AbbVie, Inc. |  | 4.7000 | 05/14/45 | 974194 |
| 900000 | AbbVie, Inc. |  | 4.4500 | 05/14/46 | 767758 |
| 700000 | AbbVie, Inc. |  | 4.8750 | 11/14/48 | 630398 |
| 1100000 | AbbVie, Inc. |  | 5.4000 | 03/15/54 | 1057226 |
| 600000 | AbbVie, Inc. |  | 5.5000 | 03/15/64 | 576247 |
| 1000000 | Amgen, Inc. |  | 1.6500 | 08/15/28 | 918644 |
| 700000 | Amgen, Inc. |  | 2.4500 | 02/21/30 | 635901 |
| 1000000 | Amgen, Inc. |  | 5.2500 | 03/02/30 | 1027291 |
| 1500000 | Amgen, Inc. |  | 5.2500 | 03/02/33 | 1514655 |
| 1000000 | Amgen, Inc. |  | 2.8000 | 08/15/41 | 706873 |
| 1300000 | Amgen, Inc. |  | 5.6000 | 03/02/43 | 1266392 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **BIOTECH & PHARMA — 6.1% (Continued)** |  |  |  |  |
| 800000 | Amgen, Inc. |  | 4.5630 | 06/15/48 | $664646 |
| 1000000 | Amgen, Inc. |  | 3.3750 | 02/21/50 | 685077 |
| 1400000 | Amgen, Inc. |  | 5.6500 | 03/02/53 | 1345947 |
| 700000 | Amgen, Inc. |  | 4.4000 | 02/22/62 | 533693 |
| 900000 | Amgen, Inc. |  | 5.7500 | 03/02/63 | 858664 |
| 800000 | Astrazeneca Finance, LLC |  | 4.8500 | 02/26/29 | 816869 |
| 700000 | Astrazeneca Finance, LLC |  | 5.0000 | 02/26/34 | 706010 |
| 900000 | AstraZeneca plc |  | 1.3750 | 08/06/30 | 774248 |
| 900000 | AstraZeneca plc |  | 6.4500 | 09/15/37 | 1002679 |
| 1000000 | AstraZeneca plc |  | 4.3750 | 11/16/45 | 861594 |
| 1100000 | Biogen, Inc. |  | 3.1500 | 05/01/50 | 671862 |
| 700000 | Bristol-Myers Squibb Company |  | 4.9000 | 02/22/29 | 716646 |
| 600000 | Bristol-Myers Squibb Company |  | 5.7500 | 02/01/31 | 637903 |
| 600000 | Bristol-Myers Squibb Company |  | 5.1000 | 02/22/31 | 618646 |
| 700000 | Bristol-Myers Squibb Company |  | 2.9500 | 03/15/32 | 627143 |
| 700000 | Bristol-Myers Squibb Company |  | 5.2000 | 02/22/34 | 708281 |
| 800000 | Bristol-Myers Squibb Company |  | 4.1250 | 06/15/39 | 701150 |
| 900000 | Bristol-Myers Squibb Company |  | 3.5500 | 03/15/42 | 699876 |
| 900000 | Bristol-Myers Squibb Company |  | 6.2500 | 11/15/53 | 948786 |
| 1400000 | Bristol-Myers Squibb Company |  | 5.5500 | 02/22/54 | 1351267 |
| 600000 | Bristol-Myers Squibb Company |  | 3.9000 | 03/15/62 | 423695 |
| 500000 | Bristol-Myers Squibb Company |  | 6.4000 | 11/15/63 | 534858 |
| 600000 | Bristol-Myers Squibb Company |  | 5.6500 | 02/22/64 | 577993 |
| 800000 | Eli Lilly & Company |  | 4.5000 | 02/09/29 | 812043 |
| 700000 | Eli Lilly & Company |  | 4.7500 | 02/12/30 | 716956 |
| 800000 | Eli Lilly & Company |  | 4.7000 | 02/09/34 | 792192 |
| 800000 | Eli Lilly & Company |  | 5.1000 | 02/12/35 | 815851 |
| 700000 | Eli Lilly & Company |  | 4.8750 | 02/27/53 | 636573 |
| 500000 | Eli Lilly & Company |  | 5.0000 | 02/09/54 | 463458 |
| 500000 | Eli Lilly & Company |  | 5.0500 | 08/14/54 | 467331 |
| 500000 | Eli Lilly & Company |  | 5.5000 | 02/12/55 | 501558 |
| 800000 | Eli Lilly & Company |  | 5.1000 | 02/09/64 | 738783 |
| 600000 | Eli Lilly & Company |  | 5.6000 | 02/12/65 | 600529 |
| 500000 | Gilead Sciences, Inc. |  | 5.1000 | 06/15/35 | 501203 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **BIOTECH & PHARMA — 6.1% (Continued)** |  |  |  |  |
| 500000 | Gilead Sciences, Inc. |  | 4.6000 | 09/01/35 | $480834 |
| 500000 | Gilead Sciences, Inc. |  | 5.6500 | 12/01/41 | 499800 |
| 800000 | Gilead Sciences, Inc. |  | 4.8000 | 04/01/44 | 717278 |
| 800000 | Gilead Sciences, Inc. |  | 4.5000 | 02/01/45 | 688155 |
| 800000 | Gilead Sciences, Inc. |  | 4.7500 | 03/01/46 | 705862 |
| 800000 | Gilead Sciences, Inc. |  | 4.1500 | 03/01/47 | 648789 |
| 900000 | Gilead Sciences, Inc. |  | 2.8000 | 10/01/50 | 558894 |
| 400000 | Gilead Sciences, Inc. |  | 5.5500 | 10/15/53 | 390848 |
| 400000 | Gilead Sciences, Inc. |  | 5.5000 | 11/15/54 | 388900 |
| 500000 | GlaxoSmithKline Capital, Inc. |  | 4.8750 | 04/15/35 | 495101 |
| 800000 | GlaxoSmithKline Capital, Inc. |  | 6.3750 | 05/15/38 | 879644 |
| 500000 | Johnson & Johnson |  | 4.7000 | 03/01/30 | 513394 |
| 900000 | Johnson & Johnson |  | 1.3000 | 09/01/30 | 779778 |
| 500000 | Johnson & Johnson |  | 4.8500 | 03/01/32 | 512085 |
| 1000000 | Johnson & Johnson |  | 5.0000 | 03/01/35 | 1018493 |
| 1000000 | Johnson & Johnson |  | 3.6250 | 03/03/37 | 886800 |
| 800000 | Johnson & Johnson |  | 3.7000 | 03/01/46 | 642937 |
| 800000 | Johnson & Johnson |  | 3.7500 | 03/03/47 | 637450 |
| 800000 | Merck & Company, Inc. |  | 2.1500 | 12/10/31 | 695570 |
| 600000 | Merck & Company, Inc. |  | 4.5000 | 05/17/33 | 593963 |
| 800000 | Merck & Company, Inc. |  | 4.1500 | 05/18/43 | 675361 |
| 600000 | Merck & Company, Inc. |  | 4.9000 | 05/17/44 | 557462 |
| 1100000 | Merck & Company, Inc. |  | 3.7000 | 02/10/45 | 858450 |
| 1600000 | Merck & Company, Inc. |  | 2.7500 | 12/10/51 | 976152 |
| 800000 | Novartis Capital Corporation |  | 4.4000 | 05/06/44 | 704494 |
| 800000 | Novartis Capital Corporation |  | 4.0000 | 11/20/45 | 660257 |
| 1000000 | Novartis Capital Corporation |  | 2.7500 | 08/14/50 | 634917 |
| 600000 | Pfizer Investment Enterprises Pte Ltd. |  | 4.6500 | 05/19/30 | 606887 |
| 1300000 | Pfizer Investment Enterprises Pte Ltd. |  | 4.7500 | 05/19/33 | 1282498 |
| 1100000 | Pfizer Investment Enterprises Pte Ltd. |  | 5.1100 | 05/19/43 | 1031639 |
| 1900000 | Pfizer Investment Enterprises Pte Ltd. |  | 5.3000 | 05/19/53 | 1764610 |
| 1300000 | Pfizer Investment Enterprises Pte Ltd. |  | 5.3400 | 05/19/63 | 1183357 |
| 600000 | Pfizer, Inc. |  | 2.6250 | 04/01/30 | 552737 |
| 600000 | Pfizer, Inc. |  | 1.7000 | 05/28/30 | 526473 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **BIOTECH & PHARMA — 6.1% (Continued)** |  |  |  |  |
| 900000 | Pfizer, Inc. |  | 7.2000 | 03/15/39 | $1050078 |
| 600000 | Pfizer, Inc. |  | 4.3000 | 06/15/43 | 509980 |
| 700000 | Pfizer, Inc. |  | 4.4000 | 05/15/44 | 602414 |
| 800000 | Pfizer, Inc. |  | 4.1250 | 12/15/46 | 642344 |
| 700000 | Regeneron Pharmaceuticals, Inc. |  | 1.7500 | 09/15/30 | 596877 |
| 900000 | Royalty Pharma plc |  | 3.3000 | 09/02/40 | 659795 |
| 1000000 | Takeda Pharmaceutical Company Ltd. |  | 5.0000 | 11/26/28 | 1017641 |
| 700000 | Takeda Pharmaceutical Company Ltd. |  | 5.6500 | 07/05/44 | 684699 |
| 500000 | Takeda Pharmaceutical Company Ltd. |  | 3.1750 | 07/09/50 | 322404 |
| 900000 | Viatris, Inc. |  | 4.0000 | 06/22/50 | 565447 |
| 900000 | Wyeth, LLC |  | 5.9500 | 04/01/37 | 947218 |
| 600000 | Zoetis, Inc. |  | 4.7000 | 02/01/43 | 540599 |
|  |  |  |  |  | 75228725 |
|  | **CABLE & SATELLITE — 2.1%** |  |  |  |  |
| 1000000 | Charter Communications Operating, LLC / Charter |  | 6.1000 | 06/01/29 | 1034435 |
| 600000 | Charter Communications Operating, LLC / Charter |  | 6.6500 | 02/01/34 | 622509 |
| 600000 | Charter Communications Operating, LLC / Charter |  | 6.5500 | 06/01/34 | 618283 |
| 900000 | Charter Communications Operating, LLC / Charter |  | 6.3840 | 10/23/35 | 910058 |
| 1400000 | Charter Communications Operating, LLC / Charter |  | 6.4840 | 10/23/45 | 1304132 |
| 1200000 | Charter Communications Operating, LLC / Charter |  | 5.3750 | 05/01/47 | 975067 |
| 1100000 | Charter Communications Operating, LLC / Charter |  | 5.7500 | 04/01/48 | 938685 |
| 1400000 | Charter Communications Operating, LLC / Charter |  | 4.8000 | 03/01/50 | 1044327 |
| 1200000 | Charter Communications Operating, LLC / Charter |  | 3.7000 | 04/01/51 | 743179 |
| 1300000 | Charter Communications Operating, LLC / Charter |  | 3.9000 | 06/01/52 | 824904 |
| 600000 | Charter Communications Operating, LLC / Charter |  | 4.4000 | 12/01/61 | 390810 |
| 1200000 | Comcast Corporation |  | 4.1500 | 10/15/28 | 1196616 |
| 900000 | Comcast Corporation |  | 3.4000 | 04/01/30 | 857930 |
| 500000 | Comcast Corporation |  | 4.2500 | 10/15/30 | 493503 |
| 700000 | Comcast Corporation |  | 1.9500 | 01/15/31 | 607509 |
| 500000 | Comcast Corporation |  | 1.5000 | 02/15/31 | 422054 |
| 100000 | Comcast Corporation |  | 5.5000 | 11/15/32 | 103876 |
| 500000 | Comcast Corporation |  | 4.2500 | 01/15/33 | 477632 |
| 500000 | Comcast Corporation |  | 4.6500 | 02/15/33 | 490783 |
| 600000 | Comcast Corporation |  | 4.8000 | 05/15/33 | 592043 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **CABLE & SATELLITE — 2.1% (Continued)** |  |  |  |  |
| 600000 | Comcast Corporation |  | 4.2000 | 08/15/34 | $561650 |
| 700000 | Comcast Corporation |  | 3.2000 | 07/15/36 | 579203 |
| 1000000 | Comcast Corporation |  | 3.9000 | 03/01/38 | 856319 |
| 600000 | Comcast Corporation |  | 3.2500 | 11/01/39 | 463755 |
| 900000 | Comcast Corporation |  | 3.7500 | 04/01/40 | 737358 |
| 1100000 | Comcast Corporation |  | 3.4000 | 07/15/46 | 776847 |
| 1000000 | Comcast Corporation |  | 4.0000 | 08/15/47 | 761624 |
| 1100000 | Comcast Corporation |  | 3.9690 | 11/01/47 | 836270 |
| 1100000 | Comcast Corporation |  | 3.9990 | 11/01/49 | 829718 |
| 1200000 | Comcast Corporation |  | 3.4500 | 02/01/50 | 815422 |
| 3000000 | Comcast Corporation |  | 2.8870 | 11/01/51 | 1809180 |
| 600000 | Comcast Corporation |  | 5.3500 | 05/15/53 | 552129 |
| 600000 | Time Warner Cable, LLC |  | 7.3000 | 07/01/38 | 626080 |
| 600000 | Time Warner Cable, LLC |  | 6.7500 | 06/15/39 | 598230 |
| 700000 | Time Warner Cable, LLC |  | 5.5000 | 09/01/41 | 600295 |
|  |  |  |  |  | 26052415 |
|  | **CHEMICALS — 0.8%** |  |  |  |  |
| 800000 | Air Products and Chemicals, Inc. |  | 4.6000 | 02/08/29 | 811748 |
| 1300000 | Air Products and Chemicals, Inc. |  | 2.0500 | 05/15/30 | 1161623 |
| 1000000 | Dow Chemical Company |  | 4.3750 | 11/15/42 | 786545 |
| 800000 | Dow Chemical Company |  | 3.6000 | 11/15/50 | 524772 |
| 500000 | Dow Chemical Company |  | 6.9000 | 05/15/53 | 523451 |
| 800000 | DuPont de Nemours, Inc. |  | 4.7250 | 11/15/28 | 808537 |
| 900000 | DuPont de Nemours, Inc. |  | 5.4190 | 11/15/48 | 879728 |
| 1200000 | Eastman Chemical Company |  | 5.0000 | 08/01/29 | 1207995 |
| 700000 | LYB International Finance III, LLC |  | 5.5000 | 03/01/34 | 679903 |
| 1000000 | LYB International Finance III, LLC |  | 4.2000 | 05/01/50 | 716840 |
| 700000 | Nutrien Ltd. |  | 5.8000 | 03/27/53 | 681720 |
| 800000 | Sherwin-Williams Company |  | 4.5000 | 06/01/47 | 664378 |
|  |  |  |  |  | 9447240 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.4%** |  |  |  |  |
| 1300000 | Republic Services, Inc. |  | 3.9500 | 05/15/28 | 1291556 |
| 800000 | Waste Connections, Inc. |  | 5.0000 | 03/01/34 | 801921 |
| 600000 | Waste Management, Inc. |  | 4.6250 | 02/15/30 | 608135 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **COMMERCIAL SUPPORT SERVICES — 0.4% (Continued)** |  |  |  |  |
| 800000 | Waste Management, Inc. |  | 4.8000 | 03/15/32 | $804627 |
| 900000 | Waste Management, Inc. |  | 4.9500 | 03/15/35 | 893889 |
| 100000 | Waste Management, Inc. |  | 5.3500 | 10/15/54 | 96247 |
|  |  |  |  |  | 4496375 |
|  | **CONSTRUCTION MATERIALS — 0.2%** |  |  |  |  |
| 800000 | CRH America Finance, Inc. |  | 5.5000 | 01/09/35 | 811380 |
| 700000 | CRH SMW Finance DAC |  | 5.1250 | 01/09/30 | 712786 |
| 1000000 | Martin Marietta Materials, Inc. |  | 5.1500 | 12/01/34 | 993551 |
|  |  |  |  |  | 2517717 |
|  | **CONTAINERS & PACKAGING — 0.1%** |  |  |  |  |
| 600000 | Amcor Flexibles North America, Inc.<sup>(a)</sup> |  | 5.5000 | 03/17/35 | 598792 |
| 700000 | Berry Global, Inc. Series 21-25A CR |  | 5.8000 | 06/15/31 | 728366 |
|  |  |  |  |  | 1327158 |
|  | **DIVERSIFIED INDUSTRIALS — 0.6%** |  |  |  |  |
| 1600000 | 3M Company |  | 2.3750 | 08/26/29 | 1471839 |
| 1000000 | Emerson Electric Company |  | 2.2000 | 12/21/31 | 869947 |
| 1000000 | Honeywell International, Inc. |  | 1.9500 | 06/01/30 | 885330 |
| 700000 | Honeywell International, Inc. |  | 1.7500 | 09/01/31 | 588667 |
| 600000 | Honeywell International, Inc. |  | 5.0000 | 02/15/33 | 601634 |
| 700000 | Honeywell International, Inc. |  | 4.5000 | 01/15/34 | 676194 |
| 800000 | Honeywell International, Inc. |  | 5.2500 | 03/01/54 | 751622 |
| 1200000 | Parker-Hannifin Corporation |  | 4.5000 | 09/15/29 | 1206097 |
|  |  |  |  |  | 7051330 |
|  | **E-COMMERCE DISCRETIONARY — 0.8%** |  |  |  |  |
| 700000 | Amazon.com, Inc. |  | 4.6500 | 12/01/29 | 718033 |
| 900000 | Amazon.com, Inc. |  | 1.5000 | 06/03/30 | 789892 |
| 700000 | Amazon.com, Inc. |  | 2.1000 | 05/12/31 | 618362 |
| 800000 | Amazon.com, Inc. |  | 3.6000 | 04/13/32 | 758075 |
| 600000 | Amazon.com, Inc. |  | 4.7000 | 12/01/32 | 607774 |
| 1000000 | Amazon.com, Inc. |  | 3.8750 | 08/22/37 | 900514 |
| 800000 | Amazon.com, Inc. |  | 2.8750 | 05/12/41 | 592943 |
| 100000 | Amazon.com, Inc. |  | 4.9500 | 12/05/44 | 96056 |
| 1200000 | Amazon.com, Inc. |  | 4.0500 | 08/22/47 | 985489 |
| 1400000 | Amazon.com, Inc. |  | 3.1000 | 05/12/51 | 945311 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **E-COMMERCE DISCRETIONARY — 0.8% (Continued)** |  |  |  |  |
| 900000 | Amazon.com, Inc. |  | 3.9500 | 04/13/52 | $711219 |
| 900000 | Amazon.com, Inc. |  | 4.2500 | 08/22/57 | 732994 |
| 700000 | Amazon.com, Inc. |  | 4.1000 | 04/13/62 | 548106 |
| 700000 | eBay, Inc. |  | 4.0000 | 07/15/42 | 555033 |
|  |  |  |  |  | 9559801 |
|  | **ELECTRIC UTILITIES — 3.4%** |  |  |  |  |
| 700000 | AES Corporation |  | 5.8000 | 03/15/32 | 697847 |
| 600000 | American Electric Power Company, Inc. |  | 5.6250 | 03/01/33 | 615047 |
| 700000 | Berkshire Hathaway Energy Company |  | 5.1500 | 11/15/43 | 653028 |
| 900000 | Berkshire Hathaway Energy Company |  | 4.6000 | 05/01/53 | 736988 |
| 700000 | Consolidated Edison Company of New York, Inc. |  | 5.9000 | 11/15/53 | 706442 |
| 800000 | Consolidated Edison Company of New York, Inc. |  | 5.7000 | 05/15/54 | 787976 |
| 600000 | Constellation Energy Generation, LLC |  | 6.5000 | 10/01/53 | 623047 |
| 600000 | Constellation Energy Generation, LLC |  | 5.7500 | 03/15/54 | 568481 |
| 700000 | Dominion Energy, Inc. |  | 5.0000 | 06/15/30 | 706634 |
| 900000 | Dominion Energy, Inc. |  | 2.2500 | 08/15/31 | 769244 |
| 900000 | DTE Energy Company Series C |  | 4.8750 | 06/01/28 | 908367 |
| 800000 | Duke Energy Carolinas, LLC |  | 4.9500 | 01/15/33 | 803944 |
| 500000 | Duke Energy Carolinas, LLC |  | 5.3500 | 01/15/53 | 471228 |
| 500000 | Duke Energy Carolinas, LLC |  | 5.4000 | 01/15/54 | 477338 |
| 900000 | Duke Energy Corporation |  | 2.4500 | 06/01/30 | 807454 |
| 700000 | Duke Energy Corporation |  | 5.4500 | 06/15/34 | 710714 |
| 1000000 | Duke Energy Corporation |  | 3.7500 | 09/01/46 | 723465 |
| 500000 | Entergy Louisiana, LLC |  | 5.8000 | 03/15/55 | 492717 |
| 900000 | Exelon Corporation |  | 4.0500 | 04/15/30 | 876695 |
| 900000 | Exelon Corporation |  | 4.7000 | 04/15/50 | 743616 |
| 600000 | Florida Power & Light Company |  | 2.4500 | 02/03/32 | 523233 |
| 700000 | Florida Power & Light Company |  | 4.8000 | 05/15/33 | 696256 |
| 600000 | Florida Power & Light Company |  | 5.3000 | 06/15/34 | 614738 |
| 800000 | Florida Power & Light Company |  | 2.8750 | 12/04/51 | 504671 |
| 600000 | Florida Power & Light Company |  | 5.3000 | 04/01/53 | 570468 |
| 1100000 | Georgia Power Company |  | 4.9500 | 05/17/33 | 1096408 |
| 700000 | MidAmerican Energy Company |  | 5.8500 | 09/15/54 | 709746 |
| 600000 | National Grid plc |  | 5.4180 | 01/11/34 | 606446 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **ELECTRIC UTILITIES — 3.4% (Continued)** |  |  |  |  |
| 600000 | NextEra Energy Capital Holdings, Inc. |  | 5.3000 | 03/15/32 | $611582 |
| 700000 | NextEra Energy Capital Holdings, Inc. |  | 5.0500 | 02/28/33 | 695736 |
| 500000 | NextEra Energy Capital Holdings, Inc. |  | 5.2500 | 03/15/34 | 497742 |
| 600000 | NextEra Energy Capital Holdings, Inc. |  | 5.4500 | 03/15/35 | 603783 |
| 800000 | NextEra Energy Capital Holdings, Inc. |  | 5.2500 | 02/28/53 | 718375 |
| 500000 | Northern States Power Company |  | 5.1000 | 05/15/53 | 457145 |
| 600000 | Oncor Electric Delivery Company, LLC |  | 5.5500 | 06/15/54 | 573760 |
| 700000 | Pacific Gas and Electric Company |  | 6.1000 | 01/15/29 | 722467 |
| 1100000 | Pacific Gas and Electric Company |  | 4.5500 | 07/01/30 | 1065735 |
| 600000 | Pacific Gas and Electric Company |  | 6.4000 | 06/15/33 | 620112 |
| 500000 | Pacific Gas and Electric Company |  | 5.8000 | 05/15/34 | 499153 |
| 600000 | Pacific Gas and Electric Company |  | 5.7000 | 03/01/35 | 591515 |
| 800000 | Pacific Gas and Electric Company |  | 4.5000 | 07/01/40 | 662935 |
| 1500000 | Pacific Gas and Electric Company |  | 4.9500 | 07/01/50 | 1206799 |
| 900000 | Pacific Gas and Electric Company |  | 3.5000 | 08/01/50 | 576175 |
| 700000 | Pacific Gas and Electric Company |  | 6.7500 | 01/15/53 | 706175 |
| 700000 | PacifiCorporation |  | 5.4500 | 02/15/34 | 704752 |
| 600000 | PacifiCorporation |  | 5.5000 | 05/15/54 | 544962 |
| 800000 | PacifiCorporation |  | 5.8000 | 01/15/55 | 762911 |
| 500000 | PPL Capital Funding, Inc. |  | 5.2500 | 09/01/34 | 499677 |
| 700000 | Public Service Company of Colorado |  | 5.3500 | 05/15/34 | 703554 |
| 500000 | Public Service Company of Colorado |  | 5.7500 | 05/15/54 | 487386 |
| 800000 | Public Service Enterprise Group, Inc. |  | 2.4500 | 11/15/31 | 694704 |
| 700000 | San Diego Gas & Electric Company |  | 5.3500 | 04/01/53 | 647197 |
| 700000 | Southern California Edison Company |  | 5.4500 | 06/01/31 | 707384 |
| 800000 | Southern California Edison Company |  | 5.2000 | 06/01/34 | 767947 |
| 1200000 | Southern California Edison Company |  | 4.0000 | 04/01/47 | 861599 |
| 600000 | Southern Company |  | 5.2000 | 06/15/33 | 602989 |
| 400000 | Southern Company |  | 4.4000 | 07/01/46 | 324538 |
| 3000000 | Southern Company<sup>(b)</sup> | H15T5Y + 3.733% | 4.0000 | 01/15/51 | 2963230 |
| 700000 | Xcel Energy, Inc. |  | 5.6000 | 04/15/35 | 705909 |
|  |  |  |  |  | 41990166 |
|  | **ELECTRICAL EQUIPMENT — 0.4%** |  |  |  |  |
| 1000000 | Amphenol Corporation |  | 2.8000 | 02/15/30 | 932415 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **ELECTRICAL EQUIPMENT — 0.4% (Continued)** |  |  |  |  |
| 1300000 | Carrier Global Corporation B |  | 2.7220 | 02/15/30 | $1199378 |
| 1100000 | Carrier Global Corporation |  | 2.7000 | 02/15/31 | 987894 |
| 1400000 | Otis Worldwide Corporation |  | 5.2500 | 08/16/28 | 1436955 |
|  |  |  |  |  | 4556642 |
|  | **ENTERTAINMENT CONTENT — 0.9%** |  |  |  |  |
| 600000 | Fox Corporation |  | 5.4760 | 01/25/39 | 575511 |
| 700000 | Fox Corporation |  | 5.5760 | 01/25/49 | 639398 |
| 800000 | Paramount Global |  | 4.2000 | 05/19/32 | 716040 |
| 900000 | Paramount Global |  | 4.3750 | 03/15/43 | 648967 |
| 600000 | Walt Disney Company |  | 2.0000 | 09/01/29 | 547488 |
| 600000 | Walt Disney Company |  | 3.8000 | 03/22/30 | 586703 |
| 600000 | Walt Disney Company |  | 2.6500 | 01/13/31 | 547031 |
| 500000 | Walt Disney Company |  | 6.6500 | 11/15/37 | 563581 |
| 1000000 | Walt Disney Company |  | 3.5000 | 05/13/40 | 808979 |
| 1100000 | Walt Disney Company |  | 2.7500 | 09/01/49 | 685057 |
| 1000000 | Walt Disney Company |  | 3.6000 | 01/13/51 | 728168 |
| 2000000 | Warnermedia Holdings, Inc. |  | 4.2790 | 03/15/32 | 1711016 |
| 2500000 | Warnermedia Holdings, Inc. |  | 5.1410 | 03/15/52 | 1719757 |
| 1100000 | Warnermedia Holdings, Inc. |  | 5.3910 | 03/15/62 | 750399 |
|  |  |  |  |  | 11228095 |
|  | **FOOD — 1.0%** |  |  |  |  |
| 800000 | Campbell Soup Company |  | 5.4000 | 03/21/34 | 805703 |
| 900000 | Conagra Brands, Inc. |  | 4.8500 | 11/01/28 | 905360 |
| 700000 | Conagra Brands, Inc. |  | 5.3000 | 11/01/38 | 661782 |
| 600000 | Hormel Foods Corporation |  | 1.8000 | 06/11/30 | 530157 |
| 800000 | J M Smucker Company |  | 6.5000 | 11/15/53 | 851153 |
| 1800000 | JBS USA LUX S.A. / JBS USA Food Company / JBS USA |  | 5.5000 | 01/15/30 | 1829666 |
| 1000000 | JBS USA LUX S.A. / JBS USA Food Company / JBS USA |  | 3.0000 | 05/15/32 | 862518 |
| 900000 | JBS USA LUX S.A. / JBS USA Food Company / JBS USA |  | 6.5000 | 12/01/52 | 928339 |
| 900000 | JBS USA LUX Sarl / JBS USA Food Company / JBS USA<sup>(a)</sup> |  | 5.9500 | 04/20/35 | 927909 |
| 2300000 | Kraft Heinz Foods Company |  | 4.3750 | 06/01/46 | 1862560 |
| 900000 | Mondelez International, Inc. |  | 3.0000 | 03/17/32 | 801729 |
| 1000000 | Tyson Foods, Inc. |  | 5.1000 | 09/28/48 | 887773 |
|  |  |  |  |  | 11854649 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **GAS & WATER UTILITIES — 0.3%** |  |  |  |  |
| 900000 | American Water Capital Corporation |  | 4.4500 | 06/01/32 | $876117 |
| 700000 | American Water Capital Corporation |  | 5.2500 | 03/01/35 | 703514 |
| 800000 | NiSource, Inc. |  | 3.6000 | 05/01/30 | 762187 |
| 600000 | NiSource, Inc. |  | 1.7000 | 02/15/31 | 506576 |
| 800000 | NiSource, Inc. |  | 4.3750 | 05/15/47 | 649797 |
|  |  |  |  |  | 3498191 |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.2%** |  |  |  |  |
| 600000 | AmerisourceBergen Corporation |  | 2.7000 | 03/15/31 | 536200 |
| 800000 | Anthem, Inc. |  | 4.6500 | 08/15/44 | 690686 |
| 1000000 | Anthem, Inc. |  | 3.6000 | 03/15/51 | 701049 |
| 500000 | Cardinal Health, Inc. |  | 5.3500 | 11/15/34 | 501611 |
| 1000000 | Centene Corporation |  | 2.4500 | 07/15/28 | 919535 |
| 900000 | Centene Corporation |  | 4.6250 | 12/15/29 | 866856 |
| 600000 | Centene Corporation |  | 2.5000 | 03/01/31 | 509024 |
| 500000 | Centene Corporation |  | 2.6250 | 08/01/31 | 422460 |
| 700000 | Cigna Corporation |  | 4.8000 | 07/15/46 | 603658 |
| 900000 | Cigna Group |  | 4.3750 | 10/15/28 | 897846 |
| 800000 | Cigna Group |  | 2.3750 | 03/15/31 | 701543 |
| 400000 | Cigna Group |  | 5.1250 | 05/15/31 | 407952 |
| 600000 | Cigna Group |  | 5.2500 | 02/15/34 | 604165 |
| 1100000 | Cigna Group |  | 4.9000 | 12/15/48 | 949038 |
| 1000000 | Cigna Group |  | 3.4000 | 03/15/51 | 661075 |
| 700000 | Cigna Group |  | 5.6000 | 02/15/54 | 660195 |
| 700000 | CVS Health Corporation |  | 5.0000 | 01/30/29 | 707166 |
| 800000 | CVS Health Corporation |  | 3.2500 | 08/15/29 | 753123 |
| 600000 | CVS Health Corporation |  | 5.1250 | 02/21/30 | 606476 |
| 600000 | CVS Health Corporation |  | 5.2500 | 01/30/31 | 607824 |
| 700000 | CVS Health Corporation |  | 5.5500 | 06/01/31 | 718357 |
| 700000 | CVS Health Corporation |  | 5.2500 | 02/21/33 | 692932 |
| 600000 | CVS Health Corporation |  | 5.3000 | 06/01/33 | 595290 |
| 1700000 | CVS Health Corporation |  | 4.7800 | 03/25/38 | 1530717 |
| 800000 | CVS Health Corporation |  | 5.3000 | 12/05/43 | 715407 |
| 1600000 | CVS Health Corporation |  | 5.1250 | 07/20/45 | 1388570 |
| 800000 | CVS Health Corporation |  | 5.6250 | 02/21/53 | 727452 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.2% (Continued)** |  |  |  |  |
| 1000000 | CVS Health Corporation |  | 5.8750 | 06/01/53 | $939461 |
| 700000 | Elevance Health, Inc. |  | 4.9500 | 11/01/31 | 705844 |
| 600000 | Elevance Health, Inc. |  | 5.3750 | 06/15/34 | 607365 |
| 600000 | Elevance Health, Inc. |  | 5.2000 | 02/15/35 | 599888 |
| 1000000 | Elevance Health, Inc. |  | 3.1250 | 05/15/50 | 643859 |
| 500000 | Elevance Health, Inc. |  | 6.1000 | 10/15/52 | 507845 |
| 900000 | Elevance Health, Inc. |  | 5.1250 | 02/15/53 | 796094 |
| 600000 | HCA, Inc. |  | 5.2000 | 06/01/28 | 609380 |
| 800000 | HCA, Inc. |  | 4.1250 | 06/15/29 | 777963 |
| 700000 | HCA, Inc. |  | 3.5000 | 09/01/30 | 653297 |
| 400000 | HCA, Inc. |  | 5.5000 | 03/01/32 | 404629 |
| 500000 | HCA, Inc. |  | 3.6250 | 03/15/32 | 452609 |
| 600000 | HCA, Inc. |  | 5.5000 | 06/01/33 | 603219 |
| 500000 | HCA, Inc. |  | 5.4500 | 09/15/34 | 495235 |
| 600000 | HCA, Inc. |  | 5.7500 | 03/01/35 | 604857 |
| 600000 | HCA, Inc. |  | 5.5000 | 06/15/47 | 544203 |
| 800000 | HCA, Inc. |  | 5.2500 | 06/15/49 | 695694 |
| 700000 | HCA, Inc. |  | 3.5000 | 07/15/51 | 453652 |
| 800000 | HCA, Inc. |  | 4.6250 | 03/15/52 | 629172 |
| 400000 | HCA, Inc. |  | 5.9000 | 06/01/53 | 378370 |
| 500000 | HCA, Inc. |  | 6.2000 | 03/01/55 | 491194 |
| 1400000 | Humana, Inc. |  | 5.3750 | 04/15/31 | 1416266 |
| 900000 | IQVIA, Inc. |  | 6.2500 | 02/01/29 | 936074 |
| 800000 | Laboratory Corp of America Holdings |  | 4.8000 | 10/01/34 | 768997 |
| 500000 | Quest Diagnostics, Inc. |  | 2.9500 | 06/30/30 | 462225 |
| 500000 | Quest Diagnostics, Inc. |  | 6.4000 | 11/30/33 | 542041 |
| 800000 | UnitedHealth Group, Inc. |  | 4.2500 | 01/15/29 | 799219 |
| 800000 | UnitedHealth Group, Inc. |  | 4.8000 | 01/15/30 | 812571 |
| 700000 | UnitedHealth Group, Inc. |  | 2.0000 | 05/15/30 | 621341 |
| 700000 | UnitedHealth Group, Inc. |  | 4.9500 | 01/15/32 | 705955 |
| 600000 | UnitedHealth Group, Inc. |  | 4.2000 | 05/15/32 | 576915 |
| 700000 | UnitedHealth Group, Inc. |  | 5.3500 | 02/15/33 | 716809 |
| 700000 | UnitedHealth Group, Inc. |  | 4.5000 | 04/15/33 | 676860 |
| 600000 | UnitedHealth Group, Inc. |  | 6.8750 | 02/15/38 | 680839 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.2% (Continued)** |  |  |  |  |
| 800000 | UnitedHealth Group, Inc. |  | 5.5000 | 07/15/44 | $774646 |
| 900000 | UnitedHealth Group, Inc. |  | 4.7500 | 07/15/45 | 789100 |
| 900000 | UnitedHealth Group, Inc. |  | 4.2500 | 06/15/48 | 717377 |
| 900000 | UnitedHealth Group, Inc. |  | 2.9000 | 05/15/50 | 557020 |
| 1000000 | UnitedHealth Group, Inc. |  | 3.2500 | 05/15/51 | 660967 |
| 800000 | UnitedHealth Group, Inc. |  | 4.7500 | 05/15/52 | 675623 |
| 800000 | UnitedHealth Group, Inc. |  | 5.8750 | 02/15/53 | 793885 |
| 800000 | UnitedHealth Group, Inc. |  | 5.0500 | 04/15/53 | 709054 |
| 700000 | UnitedHealth Group, Inc. |  | 5.3750 | 04/15/54 | 651161 |
| 600000 | UnitedHealth Group, Inc. |  | 5.6250 | 07/15/54 | 579016 |
| 700000 | UnitedHealth Group, Inc. |  | 3.8750 | 08/15/59 | 489174 |
| 500000 | UnitedHealth Group, Inc. |  | 6.0500 | 02/15/63 | 503676 |
| 700000 | UnitedHealth Group, Inc. |  | 5.2000 | 04/15/63 | 619157 |
| 600000 | UnitedHealth Group, Inc. |  | 5.7500 | 07/15/64 | 580592 |
| 700000 | Universal Health Services, Inc. |  | 2.6500 | 10/15/30 | 613051 |
|  |  |  |  |  | 51699648 |
|  | **HOUSEHOLD PRODUCTS — 0.4%** |  |  |  |  |
| 500000 | Kenvue, Inc. |  | 5.0000 | 03/22/30 | 515103 |
| 600000 | Kenvue, Inc. |  | 4.9000 | 03/22/33 | 606720 |
| 800000 | Kenvue, Inc. |  | 5.0500 | 03/22/53 | 743693 |
| 600000 | Kimberly-Clark Corporation B |  | 3.1000 | 03/26/30 | 568862 |
| 600000 | Procter & Gamble Company |  | 3.0000 | 03/25/30 | 572178 |
| 700000 | Procter & Gamble Company |  | 1.2000 | 10/29/30 | 599673 |
| 400000 | Procter & Gamble Company |  | 4.0500 | 01/26/33 | 392114 |
| 600000 | Unilever Capital Corporation |  | 5.9000 | 11/15/32 | 651644 |
| 700000 | Unilever Capital Corporation |  | 5.0000 | 12/08/33 | 715878 |
|  |  |  |  |  | 5365865 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 4.8%** |  |  |  |  |
| 900000 | Brookfield Finance, Inc. |  | 4.3500 | 04/15/30 | 878861 |
| 1700000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | TSFR3M + 1.563% | 4.2230 | 05/01/29 | 1682559 |
| 800000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.770% | 6.4840 | 10/24/29 | 848306 |
| 1300000 | Goldman Sachs Group, Inc. |  | 3.8000 | 03/15/30 | 1251215 |
| 600000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.265% | 5.7270 | 04/25/30 | 621539 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 4.8% (Continued)** |  |  |  |  |
| 700000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.210% | 5.0490 | 07/23/30 | $707383 |
| 600000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.078% | 5.2070 | 01/28/31 | 609524 |
| 1200000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.580% | 5.2180 | 04/23/31 | 1220912 |
| 1300000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.090% | 1.9920 | 01/27/32 | 1106510 |
| 1400000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.281% | 2.6150 | 04/22/32 | 1228980 |
| 900000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.264% | 2.6500 | 10/21/32 | 779772 |
| 1200000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.410% | 3.1020 | 02/24/33 | 1057441 |
| 1000000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.552% | 5.8510 | 04/25/35 | 1030225 |
| 1100000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.550% | 5.3300 | 07/23/35 | 1092234 |
| 1800000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.420% | 5.0160 | 10/23/35 | 1744342 |
| 1500000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.380% | 5.5360 | 01/28/36 | 1514537 |
| 900000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | TSFR3M + 1.635% | 4.0170 | 10/31/38 | 765487 |
| 700000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | TSFR3M + 1.692% | 4.4110 | 04/23/39 | 614697 |
| 900000 | Goldman Sachs Group, Inc. |  | 6.2500 | 02/01/41 | 939757 |
| 900000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.513% | 3.2100 | 04/22/42 | 657224 |
| 1000000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.632% | 3.4360 | 02/24/43 | 744323 |
| 700000 | Goldman Sachs Group, Inc. |  | 5.1500 | 05/22/45 | 621418 |
| 700000 | Goldman Sachs Group, Inc. |  | 4.7500 | 10/21/45 | 607358 |
| 1000000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.580% | 5.5610 | 11/19/45 | 962491 |
| 1000000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.696% | 5.7340 | 01/28/56 | 976719 |
| 400000 | Intercontinental Exchange, Inc. |  | 5.2500 | 06/15/31 | 414225 |
| 700000 | Intercontinental Exchange, Inc. |  | 1.8500 | 09/15/32 | 574393 |
| 600000 | Intercontinental Exchange, Inc. |  | 4.6000 | 03/15/33 | 591499 |
| 700000 | Intercontinental Exchange, Inc. |  | 4.2500 | 09/21/48 | 570695 |
| 1200000 | Intercontinental Exchange, Inc. |  | 3.0000 | 06/15/50 | 780626 |
| 600000 | Intercontinental Exchange, Inc. |  | 4.9500 | 06/15/52 | 539197 |
| 1000000 | Jefferies Financial Group, Inc. |  | 6.2000 | 04/14/34 | 1012334 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 4.8% (Continued)** |  |  |  |  |
| 700000 | LPL Holdings, Inc. |  | 6.7500 | 11/17/28 | $743666 |
| 700000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.590% | 5.1640 | 04/20/29 | 712216 |
| 500000 | Morgan Stanley Series I<sup>(b)</sup> | SOFRRATE + 1.630% | 5.4490 | 07/20/29 | 512916 |
| 700000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.830% | 6.4070 | 11/01/29 | 740497 |
| 400000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.450% | 5.1730 | 01/16/30 | 407119 |
| 700000 | Morgan Stanley<sup>(b)</sup> | TSFR3M + 1.890% | 4.4310 | 01/23/30 | 694812 |
| 500000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.260% | 5.6560 | 04/18/30 | 516653 |
| 300000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.215% | 5.0420 | 07/19/30 | 303380 |
| 400000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.100% | 4.6540 | 10/18/30 | 398458 |
| 700000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.108% | 5.2300 | 01/15/31 | 712648 |
| 1100000 | Morgan Stanley Series GMTN<sup>(b)</sup> | SOFRRATE + 1.143% | 2.6990 | 01/22/31 | 1003270 |
| 1400000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 3.120% | 3.6220 | 04/01/31 | 1327409 |
| 1100000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.510% | 5.1920 | 04/17/31 | 1118301 |
| 1000000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.034% | 1.7940 | 02/13/32 | 842330 |
| 800000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.020% | 1.9280 | 04/28/32 | 673250 |
| 1100000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.178% | 2.2390 | 07/21/32 | 937514 |
| 700000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.200% | 2.5110 | 10/20/32 | 603495 |
| 800000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.290% | 2.9430 | 01/21/33 | 702269 |
| 600000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 2.076% | 4.8890 | 07/20/33 | 591128 |
| 1000000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 2.560% | 6.3420 | 10/18/33 | 1070209 |
| 1000000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.870% | 5.2500 | 04/21/34 | 998590 |
| 800000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.880% | 5.4240 | 07/21/34 | 807321 |
| 900000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 2.050% | 6.6270 | 11/01/34 | 978725 |
| 700000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.730% | 5.4660 | 01/18/35 | 706051 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 4.8% (Continued)** |  |  |  |  |
| 1000000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.580% | 5.8310 | 04/19/35 | $1031523 |
| 1000000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.555% | 5.3200 | 07/19/35 | 994330 |
| 900000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.418% | 5.5870 | 01/18/36 | 911890 |
| 600000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.757% | 5.6640 | 04/17/36 | 612536 |
| 700000 | Morgan Stanley<sup>(b)</sup> | US0003M + 1.455% | 3.9710 | 07/22/38 | 601302 |
| 800000 | Morgan Stanley |  | 6.3750 | 07/24/42 | 859317 |
| 800000 | Morgan Stanley |  | 4.3750 | 01/22/47 | 667566 |
| 700000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 4.840% | 5.5970 | 03/24/51 | 679719 |
| 900000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.430% | 2.8020 | 01/25/52 | 544999 |
| 900000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.710% | 5.5160 | 11/19/55 | 861866 |
| 700000 | Nasdaq, Inc. |  | 5.9500 | 08/15/53 | 705511 |
| 300000 | Nomura Holdings, Inc. |  | 2.1720 | 07/14/28 | 277620 |
| 1100000 | Nomura Holdings, Inc. |  | 2.6790 | 07/16/30 | 981647 |
| 1000000 | Nomura Holdings, Inc. |  | 2.9990 | 01/22/32 | 867807 |
| 700000 | Northern Trust Corporation |  | 1.9500 | 05/01/30 | 621180 |
| 800000 | State Street Corporation |  | 4.8340 | 04/24/30 | 810590 |
|  |  |  |  |  | 58878413 |
|  | **INSURANCE — 1.8%** |  |  |  |  |
| 1100000 | American International Group, Inc. |  | 5.1250 | 03/27/33 | 1098757 |
| 1000000 | Aon Corporation |  | 3.7500 | 05/02/29 | 971401 |
| 700000 | Aon North America, Inc. |  | 5.4500 | 03/01/34 | 711605 |
| 800000 | Aon North America, Inc. |  | 5.7500 | 03/01/54 | 775788 |
| 700000 | Arthur J Gallagher & Company |  | 5.1500 | 02/15/35 | 693976 |
| 700000 | Arthur J Gallagher & Company |  | 5.5500 | 02/15/55 | 658570 |
| 900000 | Berkshire Hathaway Finance Corporation |  | 4.2000 | 08/15/48 | 746653 |
| 800000 | Berkshire Hathaway Finance Corporation |  | 4.2500 | 01/15/49 | 671639 |
| 1000000 | Berkshire Hathaway Finance Corporation |  | 2.8500 | 10/15/50 | 637063 |
| 1000000 | Berkshire Hathaway Finance Corporation |  | 3.8500 | 03/15/52 | 766782 |
| 600000 | Berkshire Hathaway, Inc. |  | 4.5000 | 02/11/43 | 554515 |
| 600000 | Chubb Corporation |  | 6.0000 | 05/11/37 | 641218 |
| 900000 | Chubb INA Holdings, Inc. |  | 4.3500 | 11/03/45 | 764674 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **INSURANCE — 1.8% (Continued)** |  |  |  |  |
| 800000 | Chubb INA Holdings, LLC B |  | 5.0000 | 03/15/34 | $800699 |
| 800000 | Corebridge Financial, Inc. |  | 3.9000 | 04/05/32 | 736553 |
| 700000 | Corebridge Financial, Inc. |  | 4.4000 | 04/05/52 | 546923 |
| 1400000 | Equitable Holdings, Inc. |  | 4.3500 | 04/20/28 | 1391684 |
| 700000 | Marsh & McLennan Companies, Inc. |  | 4.8500 | 11/15/31 | 706792 |
| 900000 | Marsh & McLennan Companies, Inc. |  | 5.0000 | 03/15/35 | 891913 |
| 800000 | Marsh & McLennan Companies, Inc. |  | 4.9000 | 03/15/49 | 714410 |
| 700000 | Marsh & McLennan Companies, Inc. |  | 5.4000 | 03/15/55 | 665265 |
| 700000 | MetLife, Inc. |  | 5.7000 | 06/15/35 | 733473 |
| 1000000 | MetLife, Inc. |  | 4.8750 | 11/13/43 | 903170 |
| 600000 | MetLife, Inc. |  | 5.0000 | 07/15/52 | 539516 |
| 500000 | MetLife, Inc. |  | 5.2500 | 01/15/54 | 467818 |
| 800000 | Prudential Financial, Inc. |  | 5.2000 | 03/14/35 | 801159 |
| 1000000 | Prudential Financial, Inc. |  | 3.9350 | 12/07/49 | 750029 |
| 800000 | Prudential Financial, Inc. |  | 3.7000 | 03/13/51 | 581162 |
| 600000 | Travelers Companies, Inc. |  | 6.2500 | 06/15/37 | 655972 |
| 800000 | Willis North America, Inc. |  | 5.3500 | 05/15/33 | 806290 |
|  |  |  |  |  | 22385469 |
|  | **INTERNET MEDIA & SERVICES — 1.0%** |  |  |  |  |
| 1700000 | Alphabet, Inc. |  | 1.1000 | 08/15/30 | 1464402 |
| 1400000 | Alphabet, Inc. |  | 1.9000 | 08/15/40 | 935573 |
| 700000 | Booking Holdings, Inc. |  | 4.6250 | 04/13/30 | 705067 |
| 600000 | Expedia Group, Inc. |  | 5.4000 | 02/15/35 | 589793 |
| 500000 | Meta Platforms, Inc. |  | 4.9500 | 05/15/33 | 508487 |
| 700000 | Meta Platforms, Inc. |  | 4.7500 | 08/15/34 | 696386 |
| 900000 | Meta Platforms, Inc. |  | 4.4500 | 08/15/52 | 751414 |
| 800000 | Meta Platforms, Inc. |  | 5.6000 | 05/15/53 | 792342 |
| 1000000 | Meta Platforms, Inc. |  | 5.4000 | 08/15/54 | 964914 |
| 600000 | Meta Platforms, Inc. |  | 4.6500 | 08/15/62 | 502544 |
| 600000 | Meta Platforms, Inc. |  | 5.7500 | 05/15/63 | 598928 |
| 1000000 | Meta Platforms, Inc. |  | 5.5500 | 08/15/64 | 965809 |
| 800000 | Netflix, Inc. |  | 5.8750 | 11/15/28 | 843811 |
| 400000 | Netflix, Inc. |  | 6.3750 | 05/15/29 | 430651 |
| 500000 | Netflix, Inc. |  | 5.4000 | 08/15/54 | 487794 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **INTERNET MEDIA & SERVICES — 1.0% (Continued)** |  |  |  |  |
| 600000 | Uber Technologies, Inc. |  | 4.8000 | 09/15/34 | $581724 |
| 500000 | Uber Technologies, Inc. |  | 5.3500 | 09/15/54 | 458806 |
|  |  |  |  |  | 12278445 |
|  | **LEISURE FACILITIES & SERVICES — 0.7%** |  |  |  |  |
| 500000 | Marriott International, Inc. |  | 4.6250 | 06/15/30 | 496688 |
| 700000 | Marriott International, Inc. |  | 2.8500 | 04/15/31 | 625349 |
| 600000 | Marriott International, Inc. |  | 5.3500 | 03/15/35 | 589474 |
| 600000 | Marriott International, Inc. |  | 5.5000 | 04/15/37 | 584090 |
| 400000 | McDonald's Corporation |  | 3.6000 | 07/01/30 | 384823 |
| 700000 | McDonald's Corporation |  | 4.7000 | 12/09/35 | 679927 |
| 700000 | McDonald's Corporation |  | 4.8750 | 12/09/45 | 624465 |
| 700000 | McDonald's Corporation |  | 4.4500 | 03/01/47 | 584795 |
| 1000000 | McDonald's Corporation |  | 3.6250 | 09/01/49 | 720615 |
| 600000 | McDonald's Corporation |  | 5.1500 | 09/09/52 | 548128 |
| 600000 | Sands China Ltd. |  | 5.9000 | 08/08/28 | 590690 |
| 800000 | Starbucks Corporation |  | 2.2500 | 03/12/30 | 717169 |
| 700000 | Starbucks Corporation |  | 2.5500 | 11/15/30 | 626791 |
| 1000000 | Starbucks Corporation |  | 3.5000 | 11/15/50 | 672891 |
|  |  |  |  |  | 8445895 |
|  | **MACHINERY — 0.6%** |  |  |  |  |
| 800000 | Caterpillar, Inc. |  | 3.8030 | 08/15/42 | 654252 |
| 900000 | Caterpillar, Inc. |  | 3.2500 | 09/19/49 | 625928 |
| 500000 | Deere & Company |  | 5.7000 | 01/19/55 | 515892 |
| 1100000 | Eaton Corporation |  | 4.1500 | 03/15/33 | 1054871 |
| 1100000 | Ingersoll Rand, Inc. |  | 5.1760 | 06/15/29 | 1120807 |
| 600000 | John Deere Capital Corporation |  | 4.8500 | 06/11/29 | 614150 |
| 700000 | John Deere Capital Corporation |  | 4.4000 | 09/08/31 | 697925 |
| 900000 | John Deere Capital Corporation |  | 5.0500 | 06/12/34 | 906436 |
| 500000 | Regal Rexnord Corporation |  | 6.4000 | 04/15/33 | 509447 |
| 800000 | Stanley Black & Decker, Inc. |  | 2.3000 | 03/15/30 | 695849 |
| 600000 | Trane Technologies Luxembourg Finance S.A. |  | 3.8000 | 03/21/29 | 587383 |
|  |  |  |  |  | 7982940 |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.3%** |  |  |  |  |
| 600000 | Abbott Laboratories |  | 4.7500 | 11/30/36 | 592014 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.3% (Continued)** |  |  |  |  |
| 1100000 | Abbott Laboratories<sup>(c)</sup> |  | 4.9000 | 11/30/46 | $1028723 |
| 700000 | Agilent Technologies, Inc. |  | 2.3000 | 03/12/31 | 610874 |
| 900000 | Baxter International, Inc. |  | 2.2720 | 12/01/28 | 829860 |
| 1000000 | Becton Dickinson & Company |  | 2.8230 | 05/20/30 | 914174 |
| 1100000 | Becton Dickinson & Company |  | 1.9570 | 02/11/31 | 939948 |
| 800000 | Danaher Corporation |  | 2.8000 | 12/10/51 | 491684 |
| 1200000 | DH Europe Finance II Sarl |  | 2.6000 | 11/15/29 | 1112504 |
| 500000 | GE HealthCare Technologies, Inc. |  | 5.8570 | 03/15/30 | 523618 |
| 600000 | GE HealthCare Technologies, Inc. |  | 5.9050 | 11/22/32 | 629205 |
| 500000 | GE HealthCare Technologies, Inc. |  | 6.3770 | 11/22/52 | 526770 |
| 500000 | Medtronic Global Holdings SCA |  | 4.5000 | 03/30/33 | 489599 |
| 600000 | Solventum Corporation |  | 5.4000 | 03/01/29 | 611439 |
| 500000 | Solventum Corporation |  | 5.4500 | 03/13/31 | 509917 |
| 700000 | Solventum Corporation |  | 5.6000 | 03/23/34 | 707119 |
| 500000 | Solventum Corporation |  | 5.9000 | 04/30/54 | 484217 |
| 700000 | Stryker Corporation B |  | 1.9500 | 06/15/30 | 618323 |
| 500000 | Stryker Corporation |  | 5.2000 | 02/10/35 | 503271 |
| 700000 | Stryker Corporation |  | 4.6250 | 03/15/46 | 610747 |
| 800000 | Thermo Fisher Scientific, Inc. |  | 2.6000 | 10/01/29 | 745573 |
| 800000 | Thermo Fisher Scientific, Inc. |  | 4.9770 | 08/10/30 | 819392 |
| 900000 | Thermo Fisher Scientific, Inc. |  | 5.0860 | 08/10/33 | 909604 |
| 600000 | Zimmer Biomet Holdings, Inc. |  | 2.6000 | 11/24/31 | 525024 |
|  |  |  |  |  | 15733599 |
|  | **METALS & MINING — 0.8%** |  |  |  |  |
| 700000 | Barrick North America Finance, LLC |  | 5.7500 | 05/01/43 | 687350 |
| 700000 | BHP Billiton Finance USA Ltd. |  | 5.0000 | 02/21/30 | 713853 |
| 800000 | BHP Billiton Finance USA Ltd. |  | 5.2500 | 09/08/33 | 808538 |
| 800000 | BHP Billiton Finance USA Ltd. |  | 5.3000 | 02/21/35 | 804235 |
| 1300000 | BHP Billiton Finance USA Ltd. |  | 5.0000 | 09/30/43 | 1207885 |
| 600000 | Freeport-McMoRan, Inc. |  | 5.4500 | 03/15/43 | 555103 |
| 1500000 | Newmont Corporation |  | 2.2500 | 10/01/30 | 1335535 |
| 700000 | Rio Tinto Finance USA Ltd. |  | 7.1250 | 07/15/28 | 757167 |
| 800000 | Rio Tinto Finance USA plc |  | 4.8750 | 03/14/30 | 811081 |
| 900000 | Rio Tinto Finance USA plc |  | 5.2500 | 03/14/35 | 901921 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **METALS & MINING — 0.8% (Continued)** |  |  |  |  |
| 1000000 | Rio Tinto Finance USA plc |  | 5.7500 | 03/14/55 | $989261 |
|  |  |  |  |  | 9571929 |
|  | **OIL & GAS PRODUCERS — 6.4%** |  |  |  |  |
| 1000000 | BP Capital Markets America, Inc. |  | 3.6330 | 04/06/30 | 959005 |
| 600000 | BP Capital Markets America, Inc. |  | 2.7210 | 01/12/32 | 526927 |
| 800000 | BP Capital Markets America, Inc. |  | 4.8120 | 02/13/33 | 784768 |
| 800000 | BP Capital Markets America, Inc. |  | 5.2270 | 11/17/34 | 798362 |
| 800000 | BP Capital Markets America, Inc. |  | 3.0600 | 06/17/41 | 577248 |
| 700000 | BP Capital Markets America, Inc. |  | 3.0000 | 02/24/50 | 439248 |
| 900000 | BP Capital Markets America, Inc. |  | 2.7720 | 11/10/50 | 539274 |
| 900000 | BP Capital Markets America, Inc. |  | 2.9390 | 06/04/51 | 554489 |
| 800000 | BP Capital Markets America, Inc. |  | 3.3790 | 02/08/61 | 502469 |
| 600000 | Canadian Natural Resources Ltd.<sup>(a)</sup> |  | 5.0000 | 12/15/29 | 597749 |
| 600000 | Canadian Natural Resources Ltd. |  | 6.2500 | 03/15/38 | 604426 |
| 600000 | Cheniere Corpus Christi Holdings, LLC |  | 3.7000 | 11/15/29 | 572934 |
| 500000 | Cheniere Energy Partners, L.P. |  | 4.5000 | 10/01/29 | 488086 |
| 700000 | Cheniere Energy Partners, L.P. |  | 5.9500 | 06/30/33 | 714644 |
| 500000 | Cheniere Energy Partners, L.P. |  | 5.7500 | 08/15/34 | 500974 |
| 900000 | Cheniere Energy, Inc. |  | 4.6250 | 10/15/28 | 890754 |
| 500000 | Cheniere Energy, Inc. |  | 5.6500 | 04/15/34 | 497481 |
| 700000 | Chevron USA, Inc. |  | 4.9800 | 04/15/35 | 699556 |
| 700000 | ConocoPhillips Company |  | 5.0500 | 09/15/33 | 700297 |
| 700000 | ConocoPhillips Company |  | 3.8000 | 03/15/52 | 500548 |
| 600000 | ConocoPhillips Company |  | 5.5000 | 01/15/55 | 557652 |
| 700000 | Devon Energy Corporation |  | 5.2000 | 09/15/34 | 654579 |
| 800000 | Devon Energy Corporation |  | 4.7500 | 05/15/42 | 634825 |
| 800000 | Diamondback Energy, Inc. |  | 3.1250 | 03/24/31 | 722293 |
| 900000 | Diamondback Energy, Inc. |  | 5.5500 | 04/01/35 | 883700 |
| 700000 | Diamondback Energy, Inc. |  | 5.7500 | 04/18/54 | 626644 |
| 600000 | Enbridge, Inc. |  | 6.0000 | 11/15/28 | 627477 |
| 500000 | Enbridge, Inc. |  | 3.1250 | 11/15/29 | 467372 |
| 400000 | Enbridge, Inc. |  | 6.2000 | 11/15/30 | 424547 |
| 800000 | Enbridge, Inc. |  | 5.7000 | 03/08/33 | 815723 |
| 500000 | Enbridge, Inc. |  | 5.6250 | 04/05/34 | 504537 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 6.4% (Continued)** |  |  |  |  |
| 800000 | Enbridge, Inc. |  | 3.4000 | 08/01/51 | $520913 |
| 600000 | Enbridge, Inc. |  | 6.7000 | 11/15/53 | 633320 |
| 800000 | Energy Transfer Operating, L.P. |  | 4.9500 | 06/15/28 | 807289 |
| 500000 | Energy Transfer, L.P. |  | 5.2500 | 04/15/29 | 505999 |
| 500000 | Energy Transfer, L.P. |  | 6.4000 | 12/01/30 | 531151 |
| 600000 | Energy Transfer, L.P. |  | 6.5500 | 12/01/33 | 633541 |
| 600000 | Energy Transfer, L.P. |  | 5.6000 | 09/01/34 | 594198 |
| 700000 | Energy Transfer, L.P. |  | 6.1250 | 12/15/45 | 663892 |
| 600000 | Energy Transfer, L.P. |  | 6.0000 | 06/15/48 | 553175 |
| 700000 | Energy Transfer, L.P. |  | 6.2500 | 04/15/49 | 664415 |
| 800000 | Energy Transfer, L.P. |  | 5.0000 | 05/15/50 | 640776 |
| 600000 | Energy Transfer, L.P. |  | 5.9500 | 05/15/54 | 544500 |
| 500000 | Energy Transfer, L.P. |  | 6.0500 | 09/01/54 | 458366 |
| 700000 | Enterprise Products Operating, LLC |  | 2.8000 | 01/31/30 | 651724 |
| 600000 | Enterprise Products Operating, LLC |  | 5.3500 | 01/31/33 | 612140 |
| 700000 | Enterprise Products Operating, LLC |  | 4.9500 | 02/15/35 | 685723 |
| 900000 | Enterprise Products Operating, LLC |  | 4.8500 | 03/15/44 | 796588 |
| 900000 | Enterprise Products Operating, LLC |  | 5.1000 | 02/15/45 | 818790 |
| 1100000 | Enterprise Products Operating, LLC |  | 4.2500 | 02/15/48 | 876207 |
| 800000 | Enterprise Products Operating, LLC |  | 3.2000 | 02/15/52 | 515489 |
| 700000 | Enterprise Products Operating, LLC |  | 3.3000 | 02/15/53 | 455625 |
| 700000 | Enterprise Products Operating, LLC |  | 5.5500 | 02/16/55 | 659092 |
| 600000 | EOG Resources, Inc. |  | 5.6500 | 12/01/54 | 570687 |
| 500000 | Expand Energy Corporation |  | 5.7000 | 01/15/35 | 493442 |
| 800000 | Exxon Mobil Corporation |  | 4.2270 | 03/19/40 | 707022 |
| 1200000 | Exxon Mobil Corporation |  | 4.1140 | 03/01/46 | 975282 |
| 700000 | Exxon Mobil Corporation |  | 3.0950 | 08/16/49 | 465302 |
| 900000 | Exxon Mobil Corporation |  | 4.3270 | 03/19/50 | 740919 |
| 1000000 | Exxon Mobil Corporation |  | 3.4520 | 04/15/51 | 701254 |
| 700000 | Hess Corporation |  | 5.6000 | 02/15/41 | 691458 |
| 500000 | Kinder Morgan Energy Partners, L.P. |  | 6.9500 | 01/15/38 | 541109 |
| 700000 | Kinder Morgan, Inc. |  | 5.0000 | 02/01/29 | 706544 |
| 800000 | Kinder Morgan, Inc. |  | 5.2000 | 06/01/33 | 786506 |
| 600000 | Kinder Morgan, Inc. |  | 5.4000 | 02/01/34 | 593342 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 6.4% (Continued)** |  |  |  |  |
| 800000 | Kinder Morgan, Inc. |  | 5.5500 | 06/01/45 | $733056 |
| 800000 | Kinder Morgan, Inc. |  | 5.2000 | 03/01/48 | 693434 |
| 800000 | Marathon Petroleum Corporation |  | 5.1500 | 03/01/30 | 805219 |
| 700000 | Marathon Petroleum Corporation |  | 6.5000 | 03/01/41 | 705377 |
| 600000 | MPLX, L.P. |  | 5.5000 | 06/01/34 | 589533 |
| 500000 | MPLX, L.P. |  | 5.4000 | 04/01/35 | 485942 |
| 700000 | MPLX, L.P. |  | 4.7000 | 04/15/48 | 551783 |
| 700000 | MPLX, L.P. |  | 5.5000 | 02/15/49 | 615644 |
| 800000 | MPLX, L.P. |  | 4.9500 | 03/14/52 | 644323 |
| 800000 | Occidental Petroleum Corporation |  | 5.2000 | 08/01/29 | 788765 |
| 800000 | Occidental Petroleum Corporation |  | 8.8750 | 07/15/30 | 896900 |
| 400000 | Occidental Petroleum Corporation |  | 7.5000 | 05/01/31 | 427122 |
| 500000 | Occidental Petroleum Corporation |  | 5.3750 | 01/01/32 | 476675 |
| 500000 | Occidental Petroleum Corporation |  | 6.4500 | 09/15/36 | 487633 |
| 500000 | Occidental Petroleum Corporation |  | 6.6000 | 03/15/46 | 471946 |
| 700000 | ONEOK, Inc. |  | 5.6500 | 11/01/28 | 721234 |
| 600000 | ONEOK, Inc. |  | 4.7500 | 10/15/31 | 584343 |
| 700000 | ONEOK, Inc. |  | 6.0500 | 09/01/33 | 717610 |
| 700000 | ONEOK, Inc. |  | 5.0500 | 11/01/34 | 662205 |
| 700000 | ONEOK, Inc. |  | 5.7000 | 11/01/54 | 622912 |
| 700000 | Phillips 66 |  | 5.8750 | 05/01/42 | 671160 |
| 900000 | Phillips 66 |  | 4.8750 | 11/15/44 | 749102 |
| 600000 | Phillips 66 Company |  | 5.2500 | 06/15/31 | 610757 |
| 500000 | Plains All American Pipeline, L.P. / PAA Finance |  | 3.8000 | 09/15/30 | 470834 |
| 900000 | Sabine Pass Liquefaction, LLC |  | 4.5000 | 05/15/30 | 886505 |
| 1000000 | Shell Finance US, Inc. |  | 4.3750 | 05/11/45 | 837520 |
| 800000 | Shell Finance US, Inc. |  | 4.0000 | 05/10/46 | 633323 |
| 900000 | Shell Finance US, Inc. |  | 3.2500 | 04/06/50 | 605708 |
| 1000000 | Shell International Finance BV |  | 3.8750 | 11/13/28 | 993442 |
| 1000000 | Shell International Finance BV |  | 6.3750 | 12/15/38 | 1096793 |
| 700000 | Shell International Finance BV |  | 5.5000 | 03/25/40 | 697951 |
| 600000 | Southwestern Energy Company |  | 5.3750 | 03/15/30 | 595966 |
| 500000 | Suncor Energy, Inc. |  | 6.8500 | 06/01/39 | 537023 |
| 700000 | Sunoco Logistics Partners Operations, L.P. |  | 5.4000 | 10/01/47 | 602261 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 6.4% (Continued)** |  |  |  |  |
| 600000 | Targa Resources Corporation |  | 5.5500 | 08/15/35 | $587480 |
| 400000 | Targa Resources Corporation |  | 6.5000 | 02/15/53 | 398571 |
| 500000 | Targa Resources Corporation |  | 6.1250 | 05/15/55 | 473423 |
| 800000 | Targa Resources Partners, L.P. / Targa Resources |  | 5.5000 | 03/01/30 | 799678 |
| 900000 | TotalEnergies Capital International S.A. |  | 2.8290 | 01/10/30 | 846103 |
| 1600000 | TotalEnergies Capital International S.A. |  | 3.1270 | 05/29/50 | 1043829 |
| 600000 | TotalEnergies Capital S.A. |  | 5.1500 | 04/05/34 | 604887 |
| 900000 | TotalEnergies Capital S.A. |  | 5.4880 | 04/05/54 | 848711 |
| 800000 | TotalEnergies Capital S.A. |  | 5.6380 | 04/05/64 | 761474 |
| 1100000 | TransCanada PipeLines Ltd. |  | 4.1000 | 04/15/30 | 1061219 |
| 600000 | TransCanada PipeLines Ltd. |  | 4.6250 | 03/01/34 | 562976 |
| 900000 | TransCanada PipeLines Ltd. |  | 6.2000 | 10/15/37 | 920428 |
| 800000 | Valero Energy Corporation |  | 3.6500 | 12/01/51 | 522503 |
| 700000 | Western Midstream Operating, L.P. |  | 4.0500 | 02/01/30 | 664225 |
| 800000 | Western Midstream Operating, L.P. |  | 5.4500 | 11/15/34 | 762036 |
| 700000 | Williams Companies, Inc. |  | 5.3000 | 08/15/28 | 715927 |
| 900000 | Williams Companies, Inc. |  | 2.6000 | 03/15/31 | 794491 |
| 800000 | Williams Companies, Inc. |  | 5.6000 | 03/15/35 | 804909 |
| 700000 | Williams Companies, Inc. |  | 5.1000 | 09/15/45 | 613375 |
| 700000 | Williams Companies, Inc. |  | 5.3000 | 08/15/52 | 621544 |
| 700000 | Woodside Finance Ltd. |  | 5.1000 | 09/12/34 | 666421 |
|  |  |  |  |  | 78908579 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.1%** |  |  |  |  |
| 500000 | Halliburton Company |  | 4.8500 | 11/15/35 | 470443 |
| 600000 | Halliburton Company |  | 7.4500 | 09/15/39 | 684031 |
| 900000 | Halliburton Company |  | 5.0000 | 11/15/45 | 770042 |
|  |  |  |  |  | 1924516 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.5%** |  |  |  |  |
| 1000000 | Alexandria Real Estate Equities, Inc. |  | 1.8750 | 02/01/33 | 778610 |
| 800000 | Alexandria Real Estate Equities, Inc. |  | 3.5500 | 03/15/52 | 529928 |
| 700000 | American Tower Corporation |  | 5.8000 | 11/15/28 | 728238 |
| 600000 | American Tower Corporation |  | 2.1000 | 06/15/30 | 528018 |
| 600000 | American Tower Corporation |  | 1.8750 | 10/15/30 | 515674 |
| 500000 | American Tower Corporation |  | 5.5500 | 07/15/33 | 511367 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.5% (Continued)** |  |  |  |  |
| 500000 | American Tower Corporation |  | 5.9000 | 11/15/33 | $523548 |
| 800000 | Boston Properties, L.P. |  | 3.2500 | 01/30/31 | 719917 |
| 500000 | Boston Properties, L.P. |  | 6.5000 | 01/15/34 | 524025 |
| 700000 | Boston Properties, L.P. |  | 5.7500 | 01/15/35 | 689627 |
| 700000 | Brixmor Operating Partnership, L.P. |  | 4.0500 | 07/01/30 | 672531 |
| 700000 | Crown Castle, Inc. |  | 2.2500 | 01/15/31 | 603762 |
| 800000 | Crown Castle, Inc. |  | 2.1000 | 04/01/31 | 679125 |
| 700000 | Crown Castle, Inc. |  | 5.8000 | 03/01/34 | 716307 |
| 800000 | Equinix, Inc. |  | 2.1500 | 07/15/30 | 706716 |
| 800000 | Equinix, Inc. |  | 2.5000 | 05/15/31 | 699688 |
| 500000 | GLP Capital, L.P. / GLP Financing II, Inc. |  | 5.6250 | 09/15/34 | 489376 |
| 600000 | Healthcare Realty Holdings, L.P. |  | 2.0000 | 03/15/31 | 505343 |
| 600000 | Healthpeak OP, LLC |  | 5.2500 | 12/15/32 | 601784 |
| 500000 | Host Hotels & Resorts, L.P. |  | 3.5000 | 09/15/30 | 454494 |
| 600000 | Prologis, L.P. |  | 5.1250 | 01/15/34 | 599987 |
| 600000 | Prologis, L.P. |  | 5.0000 | 03/15/34 | 593978 |
| 700000 | Prologis, L.P. |  | 5.2500 | 03/15/54 | 648583 |
| 800000 | Realty Income Corporation |  | 5.1250 | 02/15/34 | 794832 |
| 700000 | Simon Property Group, L.P. |  | 2.4500 | 09/13/29 | 643961 |
| 900000 | Simon Property Group, L.P. |  | 3.2500 | 09/13/49 | 595479 |
| 500000 | Ventas Realty, L.P. |  | 4.4000 | 01/15/29 | 495385 |
| 500000 | VICI Properties, L.P. |  | 4.9500 | 02/15/30 | 496783 |
| 500000 | VICI Properties, L.P. |  | 5.1250 | 11/15/31 | 493569 |
| 500000 | VICI Properties, L.P. |  | 5.1250 | 05/15/32 | 489747 |
| 800000 | Welltower, Inc. |  | 3.1000 | 01/15/30 | 752716 |
|  |  |  |  |  | 18783098 |
|  | **RETAIL - CONSUMER STAPLES — 0.9%** |  |  |  |  |
| 900000 | Costco Wholesale Corporation |  | 1.6000 | 04/20/30 | 797613 |
| 900000 | Kroger Company |  | 5.0000 | 09/15/34 | 880842 |
| 1000000 | Kroger Company |  | 5.5000 | 09/15/54 | 935783 |
| 600000 | Kroger Company |  | 5.6500 | 09/15/64 | 556860 |
| 800000 | Target Corporation |  | 2.3500 | 02/15/30 | 731529 |
| 800000 | Target Corporation |  | 5.0000 | 04/15/35 | 790280 |
| 800000 | Target Corporation |  | 4.8000 | 01/15/53 | 702977 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **RETAIL - CONSUMER STAPLES — 0.9% (Continued)** |  |  |  |  |
| 900000 | Walmart, Inc. |  | 1.5000 | 09/22/28 | $832375 |
| 700000 | Walmart, Inc. |  | 1.8000 | 09/22/31 | 607991 |
| 500000 | Walmart, Inc. |  | 4.1500 | 09/09/32 | 493336 |
| 500000 | Walmart, Inc. |  | 4.1000 | 04/15/33 | 487233 |
| 900000 | Walmart, Inc. |  | 4.9000 | 04/28/35 | 910871 |
| 1000000 | Walmart, Inc. |  | 2.5000 | 09/22/41 | 702773 |
| 1000000 | Walmart, Inc. |  | 2.6500 | 09/22/51 | 622349 |
| 900000 | Walmart, Inc. |  | 4.5000 | 09/09/52 | 786606 |
|  |  |  |  |  | 10839418 |
|  | **RETAIL - DISCRETIONARY — 1.0%** |  |  |  |  |
| 700000 | AutoZone, Inc. |  | 4.0000 | 04/15/30 | 679095 |
| 800000 | Home Depot, Inc. |  | 3.9000 | 12/06/28 | 795857 |
| 900000 | Home Depot, Inc. |  | 2.9500 | 06/15/29 | 856205 |
| 700000 | Home Depot, Inc. |  | 2.7000 | 04/15/30 | 648765 |
| 700000 | Home Depot, Inc. |  | 1.3750 | 03/15/31 | 587040 |
| 700000 | Home Depot, Inc. |  | 1.8750 | 09/15/31 | 597919 |
| 500000 | Home Depot, Inc. |  | 4.9500 | 06/25/34 | 502435 |
| 900000 | Home Depot, Inc. |  | 5.8750 | 12/16/36 | 958650 |
| 600000 | Home Depot, Inc. |  | 5.9500 | 04/01/41 | 628690 |
| 900000 | Home Depot, Inc. |  | 4.2500 | 04/01/46 | 747757 |
| 900000 | Home Depot, Inc. |  | 3.9000 | 06/15/47 | 702329 |
| 900000 | Home Depot, Inc. |  | 3.1250 | 12/15/49 | 600126 |
| 1000000 | Home Depot, Inc. |  | 2.7500 | 09/15/51 | 608263 |
| 600000 | Home Depot, Inc. |  | 5.3000 | 06/25/54 | 570028 |
| 600000 | Lowe's Companies, Inc. |  | 3.6500 | 04/05/29 | 581358 |
| 700000 | Lowe's Companies, Inc. |  | 1.7000 | 10/15/30 | 601065 |
| 700000 | Lowe's Companies, Inc. |  | 2.8000 | 09/15/41 | 474985 |
| 1200000 | Lowe's Companies, Inc. |  | 3.0000 | 10/15/50 | 734658 |
| 700000 | Lowe's Companies, Inc. |  | 4.2500 | 04/01/52 | 535321 |
| 500000 | Lowe's Companies, Inc. |  | 5.6250 | 04/15/53 | 469190 |
|  |  |  |  |  | 12879736 |
|  | **SEMICONDUCTORS — 2.4%** |  |  |  |  |
| 1200000 | Analog Devices, Inc. B |  | 2.1000 | 10/01/31 | 1035378 |
| 800000 | Applied Materials, Inc. |  | 2.7500 | 06/01/50 | 494437 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **SEMICONDUCTORS — 2.4% (Continued)** |  |  |  |  |
| 500000 | Broadcom, Inc. |  | 5.0500 | 07/12/29 | $509127 |
| 500000 | Broadcom, Inc. |  | 4.3500 | 02/15/30 | 494730 |
| 600000 | Broadcom, Inc. |  | 5.0500 | 04/15/30 | 610272 |
| 1400000 | Broadcom, Inc.<sup>(a)</sup> |  | 2.4500 | 02/15/31 | 1235362 |
| 700000 | Broadcom, Inc.<sup>(a)</sup> |  | 4.1500 | 04/15/32 | 665155 |
| 700000 | Broadcom, Inc. |  | 5.2000 | 04/15/32 | 711019 |
| 700000 | Broadcom, Inc.<sup>(a)</sup> |  | 3.4190 | 04/15/33 | 623578 |
| 1000000 | Broadcom, Inc.<sup>(a)</sup> |  | 3.4690 | 04/15/34 | 877746 |
| 600000 | Broadcom, Inc. |  | 4.8000 | 10/15/34 | 583393 |
| 1100000 | Broadcom, Inc.<sup>(a)</sup> |  | 3.1370 | 11/15/35 | 910423 |
| 1000000 | Broadcom, Inc.<sup>(a)</sup> |  | 3.1870 | 11/15/36 | 815474 |
| 800000 | Broadcom, Inc.<sup>(a)</sup> |  | 4.9260 | 05/15/37 | 765230 |
| 800000 | Broadcom, Inc.<sup>(a)</sup> |  | 3.7500 | 02/15/51 | 584685 |
| 600000 | Intel Corporation |  | 1.6000 | 08/12/28 | 544169 |
| 500000 | Intel Corporation |  | 5.1250 | 02/10/30 | 504174 |
| 600000 | Intel Corporation |  | 3.9000 | 03/25/30 | 572525 |
| 700000 | Intel Corporation |  | 2.0000 | 08/12/31 | 584904 |
| 1100000 | Intel Corporation |  | 5.2000 | 02/10/33 | 1079635 |
| 900000 | Intel Corporation |  | 4.1000 | 05/19/46 | 652881 |
| 1100000 | Intel Corporation |  | 3.7340 | 12/08/47 | 751582 |
| 1100000 | Intel Corporation |  | 3.2500 | 11/15/49 | 674090 |
| 900000 | Intel Corporation |  | 4.7500 | 03/25/50 | 708082 |
| 800000 | Intel Corporation |  | 5.7000 | 02/10/53 | 713859 |
| 600000 | Intel Corporation |  | 5.9000 | 02/10/63 | 542828 |
| 700000 | KLA Corporation |  | 4.9500 | 07/15/52 | 630283 |
| 500000 | KLA Corporation |  | 5.2500 | 07/15/62 | 459014 |
| 1300000 | Lam Research Corporation |  | 1.9000 | 06/15/30 | 1153018 |
| 800000 | Microchip Technology, Inc. |  | 5.0500 | 03/15/29 | 800784 |
| 1500000 | Micron Technology, Inc. |  | 5.8750 | 09/15/33 | 1533976 |
| 1000000 | NVIDIA Corporation |  | 2.8500 | 04/01/30 | 943848 |
| 1000000 | NVIDIA Corporation |  | 3.5000 | 04/01/50 | 741520 |
| 800000 | NXP BV / NXP Funding, LLC / NXP USA, Inc. |  | 3.4000 | 05/01/30 | 741082 |
| 700000 | NXP BV / NXP Funding, LLC / NXP USA, Inc. |  | 2.5000 | 05/11/31 | 602251 |
| 900000 | QUALCOMM, Inc. |  | 1.6500 | 05/20/32 | 737799 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **SEMICONDUCTORS — 2.4% (Continued)** |  |  |  |  |
| 1100000 | QUALCOMM, Inc. |  | 4.8000 | 05/20/45 | $987021 |
| 1000000 | QUALCOMM, Inc. |  | 4.5000 | 05/20/52 | 830216 |
| 1100000 | Texas Instruments, Inc. |  | 4.1500 | 05/15/48 | 896237 |
| 800000 | Texas Instruments, Inc. |  | 5.0500 | 05/18/63 | 717753 |
|  |  |  |  |  | 30019540 |
|  | **SOFTWARE — 2.5%** |  |  |  |  |
| 900000 | Adobe, Inc. |  | 2.3000 | 02/01/30 | 827292 |
| 500000 | Autodesk, Inc. |  | 2.4000 | 12/15/31 | 431614 |
| 3000000 | Microsoft Corporation |  | 2.5250 | 06/01/50 | 1858729 |
| 1100000 | Microsoft Corporation |  | 2.5000 | 09/15/50 | 675054 |
| 2300000 | Microsoft Corporation |  | 2.9210 | 03/17/52 | 1531021 |
| 2000000 | Microsoft Corporation |  | 3.0410 | 03/17/62 | 1286133 |
| 700000 | Oracle Corporation |  | 6.1500 | 11/09/29 | 743428 |
| 1100000 | Oracle Corporation |  | 2.9500 | 04/01/30 | 1016297 |
| 900000 | Oracle Corporation |  | 2.8750 | 03/25/31 | 808300 |
| 400000 | Oracle Corporation |  | 5.2500 | 02/03/32 | 405090 |
| 900000 | Oracle Corporation |  | 6.2500 | 11/09/32 | 958927 |
| 700000 | Oracle Corporation |  | 4.3000 | 07/08/34 | 648749 |
| 600000 | Oracle Corporation |  | 4.7000 | 09/27/34 | 570633 |
| 600000 | Oracle Corporation |  | 3.9000 | 05/15/35 | 531346 |
| 500000 | Oracle Corporation |  | 5.5000 | 08/03/35 | 501235 |
| 900000 | Oracle Corporation |  | 3.8000 | 11/15/37 | 750585 |
| 600000 | Oracle Corporation |  | 6.5000 | 04/15/38 | 640549 |
| 1100000 | Oracle Corporation |  | 3.6000 | 04/01/40 | 856105 |
| 800000 | Oracle Corporation |  | 5.3750 | 07/15/40 | 757946 |
| 700000 | Oracle Corporation |  | 3.6500 | 03/25/41 | 535437 |
| 900000 | Oracle Corporation |  | 4.1250 | 05/15/45 | 699208 |
| 1100000 | Oracle Corporation |  | 4.0000 | 07/15/46 | 826752 |
| 900000 | Oracle Corporation |  | 4.0000 | 11/15/47 | 668326 |
| 1900000 | Oracle Corporation |  | 3.6000 | 04/01/50 | 1297495 |
| 1300000 | Oracle Corporation |  | 3.9500 | 03/25/51 | 937058 |
| 700000 | Oracle Corporation |  | 5.5500 | 02/06/53 | 639420 |
| 700000 | Oracle Corporation |  | 4.3750 | 05/15/55 | 530041 |
| 500000 | Oracle Corporation |  | 6.0000 | 08/03/55 | 487012 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **SOFTWARE — 2.5% (Continued)** |  |  |  |  |
| 1600000 | Oracle Corporation |  | 3.8500 | 04/01/60 | $1073706 |
| 1200000 | Roper Technologies, Inc. |  | 4.2000 | 09/15/28 | 1190389 |
| 700000 | Salesforce, Inc. |  | 1.9500 | 07/15/31 | 609662 |
| 800000 | Salesforce, Inc. |  | 2.7000 | 07/15/41 | 564742 |
| 1000000 | Salesforce, Inc. |  | 2.9000 | 07/15/51 | 636569 |
| 700000 | Synopsys, Inc. |  | 4.8500 | 04/01/30 | 706703 |
| 600000 | Synopsys, Inc. |  | 5.0000 | 04/01/32 | 603331 |
| 800000 | Synopsys, Inc. |  | 5.1500 | 04/01/35 | 800952 |
| 600000 | Synopsys, Inc. |  | 5.7000 | 04/01/55 | 581463 |
| 500000 | VMware, LLC |  | 4.7000 | 05/15/30 | 494944 |
| 600000 | VMware, LLC |  | 2.2000 | 08/15/31 | 509704 |
| 600000 | Workday, Inc. |  | 3.8000 | 04/01/32 | 554813 |
|  |  |  |  |  | 30746760 |
|  | **SPECIALTY FINANCE — 0.4%** |  |  |  |  |
| 200000 | AerCap Ireland Capital DAC / AerCap Global |  | 5.7500 | 06/06/28 | 205839 |
| 900000 | AerCap Ireland Capital DAC / AerCap Global |  | 3.0000 | 10/29/28 | 849385 |
| 600000 | AerCap Ireland Capital DAC / AerCap Global |  | 6.1500 | 09/30/30 | 632909 |
| 1400000 | AerCap Ireland Capital DAC / AerCap Global |  | 3.3000 | 01/30/32 | 1235416 |
| 900000 | AerCap Ireland Capital DAC / AerCap Global |  | 4.9500 | 09/10/34 | 861276 |
| 900000 | Air Lease Corporation |  | 2.8750 | 01/15/32 | 781182 |
|  |  |  |  |  | 4566007 |
|  | **TECHNOLOGY HARDWARE — 2.1%** |  |  |  |  |
| 1000000 | Apple, Inc. |  | 1.4000 | 08/05/28 | 924071 |
| 400000 | Apple, Inc. |  | 3.2500 | 08/08/29 | 389074 |
| 1100000 | Apple, Inc. |  | 1.6500 | 05/11/30 | 977012 |
| 700000 | Apple, Inc. |  | 1.2500 | 08/20/30 | 605500 |
| 1100000 | Apple, Inc. |  | 1.6500 | 02/08/31 | 959758 |
| 700000 | Apple, Inc. |  | 3.3500 | 08/08/32 | 659964 |
| 1100000 | Apple, Inc. |  | 3.8500 | 05/04/43 | 912632 |
| 600000 | Apple, Inc. |  | 4.4500 | 05/06/44 | 546086 |
| 1100000 | Apple, Inc. |  | 3.4500 | 02/09/45 | 847523 |
| 800000 | Apple, Inc. |  | 4.3750 | 05/13/45 | 705191 |
| 1300000 | Apple, Inc. |  | 4.6500 | 02/23/46 | 1181717 |
| 900000 | Apple, Inc. |  | 3.8500 | 08/04/46 | 726760 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY HARDWARE — 2.1% (Continued)** |  |  |  |  |
| 900000 | Apple, Inc. |  | 3.7500 | 09/12/47 | $708269 |
| 800000 | Apple, Inc. |  | 2.9500 | 09/11/49 | 533584 |
| 1000000 | Apple, Inc. |  | 2.6500 | 05/11/50 | 624941 |
| 1100000 | Apple, Inc. |  | 2.6500 | 02/08/51 | 682393 |
| 1000000 | Apple, Inc. |  | 2.7000 | 08/05/51 | 622198 |
| 700000 | Apple, Inc. |  | 3.9500 | 08/08/52 | 554210 |
| 800000 | Apple, Inc. |  | 4.1000 | 08/08/62 | 634355 |
| 500000 | CDW, LLC / CDW Finance Corporation |  | 3.5690 | 12/01/31 | 450270 |
| 800000 | Cisco Systems, Inc. |  | 4.9500 | 02/26/31 | 821806 |
| 900000 | Cisco Systems, Inc. |  | 5.0500 | 02/26/34 | 909940 |
| 700000 | Cisco Systems, Inc. |  | 5.9000 | 02/15/39 | 745828 |
| 800000 | Cisco Systems, Inc. |  | 5.5000 | 01/15/40 | 815629 |
| 1100000 | Cisco Systems, Inc. |  | 5.3000 | 02/26/54 | 1051753 |
| 700000 | Corning, Inc. |  | 4.3750 | 11/15/57 | 542064 |
| 500000 | Dell International, LLC / EMC Corporation |  | 5.3000 | 10/01/29 | 509731 |
| 500000 | Dell International, LLC / EMC Corporation |  | 5.0000 | 04/01/30 | 502376 |
| 500000 | Dell International, LLC / EMC Corporation |  | 5.7500 | 02/01/33 | 517153 |
| 500000 | Dell International, LLC / EMC Corporation |  | 5.4000 | 04/15/34 | 498943 |
| 500000 | Dell International, LLC / EMC Corporation |  | 5.5000 | 04/01/35 | 491255 |
| 700000 | Hewlett Packard Enterprise Company |  | 4.5500 | 10/15/29 | 692724 |
| 1000000 | Hewlett Packard Enterprise Company |  | 5.0000 | 10/15/34 | 964080 |
| 600000 | Hewlett Packard Enterprise Company |  | 5.6000 | 10/15/54 | 554445 |
| 800000 | HP, Inc. |  | 2.6500 | 06/17/31 | 691604 |
| 500000 | Motorola Solutions, Inc. |  | 4.6000 | 05/23/29 | 499524 |
| 800000 | Motorola Solutions, Inc. |  | 2.3000 | 11/15/30 | 703786 |
|  |  |  |  |  | 25758149 |
|  | **TECHNOLOGY SERVICES — 1.7%** |  |  |  |  |
| 700000 | Accenture Capital, Inc. |  | 4.5000 | 10/04/34 | 675047 |
| 700000 | Automatic Data Processing, Inc. |  | 4.4500 | 09/09/34 | 681112 |
| 600000 | Broadridge Financial Solutions, Inc. |  | 2.6000 | 05/01/31 | 526274 |
| 1100000 | Fiserv, Inc. |  | 3.5000 | 07/01/29 | 1047491 |
| 600000 | Fiserv, Inc. |  | 5.6000 | 03/02/33 | 611089 |
| 600000 | Fiserv, Inc. |  | 5.1500 | 08/12/34 | 589219 |
| 800000 | Fiserv, Inc. |  | 4.4000 | 07/01/49 | 629996 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY SERVICES — 1.7% (Continued)** |  |  |  |  |
| 1100000 | Global Payments, Inc. |  | 2.9000 | 05/15/30 | $989011 |
| 600000 | IBM International Capital Pte Ltd. |  | 5.2500 | 02/05/44 | 566413 |
| 500000 | IBM International Capital Pte Ltd. |  | 5.3000 | 02/05/54 | 461502 |
| 600000 | International Business Machines Corporation |  | 3.5000 | 05/15/29 | 580007 |
| 500000 | International Business Machines Corporation |  | 4.8000 | 02/10/30 | 505632 |
| 800000 | International Business Machines Corporation |  | 1.9500 | 05/15/30 | 706119 |
| 600000 | International Business Machines Corporation |  | 4.4000 | 07/27/32 | 581941 |
| 800000 | International Business Machines Corporation |  | 4.1500 | 05/15/39 | 693227 |
| 700000 | International Business Machines Corporation |  | 4.0000 | 06/20/42 | 571042 |
| 1200000 | International Business Machines Corporation |  | 4.2500 | 05/15/49 | 955558 |
| 600000 | Leidos, Inc. |  | 4.3750 | 05/15/30 | 582402 |
| 700000 | Mastercard, Inc. B |  | 3.3500 | 03/26/30 | 673231 |
| 500000 | Mastercard, Inc. |  | 4.8750 | 05/09/34 | 502986 |
| 600000 | Mastercard, Inc. |  | 4.5500 | 01/15/35 | 585178 |
| 900000 | Mastercard, Inc. |  | 3.8500 | 03/26/50 | 705205 |
| 600000 | Paychex, Inc. |  | 5.1000 | 04/15/30 | 608243 |
| 800000 | PayPal Holdings, Inc. |  | 5.1500 | 06/01/34 | 801869 |
| 600000 | RELX Capital, Inc. |  | 4.0000 | 03/18/29 | 592636 |
| 800000 | RELX Capital, Inc. |  | 3.0000 | 05/22/30 | 747989 |
| 900000 | S&P Global, Inc. |  | 4.2500 | 05/01/29 | 896360 |
| 1100000 | Visa, Inc. |  | 2.0500 | 04/15/30 | 995687 |
| 800000 | Visa, Inc. |  | 4.1500 | 12/14/35 | 760499 |
| 1600000 | Visa, Inc. |  | 4.3000 | 12/14/45 | 1376770 |
|  |  |  |  |  | 21199735 |
|  | **TELECOMMUNICATIONS — 4.5%** |  |  |  |  |
| 2900000 | AT&T, Inc. |  | 2.7500 | 06/01/31 | 2597519 |
| 2800000 | AT&T, Inc. |  | 2.5500 | 12/01/33 | 2308605 |
| 1900000 | AT&T, Inc. |  | 5.4000 | 02/15/34 | 1938095 |
| 3000000 | AT&T, Inc. |  | 3.5000 | 09/15/53 | 2013670 |
| 3000000 | AT&T, Inc. |  | 3.5500 | 09/15/55 | 2006503 |
| 2600000 | AT&T, Inc. |  | 3.8000 | 12/01/57 | 1794796 |
| 3000000 | AT&T, Inc. |  | 3.6500 | 09/15/59 | 1987133 |
| 900000 | Bell Telephone Company of Canada or Bell Canada |  | 4.4640 | 04/01/48 | 719837 |
| 800000 | British Telecommunications plc |  | 9.6250 | 12/15/30 | 977698 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **TELECOMMUNICATIONS — 4.5% (Continued)** |  |  |  |  |
| 1200000 | Deutsche Telekom International Finance BV |  | 8.7500 | 06/15/30 | $1410433 |
| 1100000 | Orange S.A. |  | 9.0000 | 03/01/31 | 1335809 |
| 600000 | Rogers Communications, Inc. |  | 3.8000 | 03/15/32 | 547846 |
| 700000 | Rogers Communications, Inc. |  | 5.3000 | 02/15/34 | 689292 |
| 900000 | Rogers Communications, Inc. |  | 4.3500 | 05/01/49 | 697802 |
| 1200000 | Rogers Communications, Inc. |  | 4.5500 | 03/15/52 | 949395 |
| 500000 | Sprint Capital Corporation |  | 6.8750 | 11/15/28 | 534435 |
| 500000 | Sprint Capital Corporation |  | 8.7500 | 03/15/32 | 599674 |
| 900000 | Telefonica Emisiones S.A. |  | 7.0450 | 06/20/36 | 995508 |
| 500000 | T-Mobile USA, Inc. |  | 2.6250 | 02/15/29 | 465351 |
| 700000 | T-Mobile USA, Inc. |  | 3.3750 | 04/15/29 | 667297 |
| 2200000 | T-Mobile USA, Inc. |  | 3.8750 | 04/15/30 | 2119611 |
| 1100000 | T-Mobile USA, Inc. |  | 2.5500 | 02/15/31 | 974633 |
| 500000 | T-Mobile USA, Inc. |  | 2.8750 | 02/15/31 | 450643 |
| 800000 | T-Mobile USA, Inc. |  | 3.5000 | 04/15/31 | 743823 |
| 500000 | T-Mobile USA, Inc. |  | 5.1250 | 05/15/32 | 504789 |
| 600000 | T-Mobile USA, Inc. |  | 5.2000 | 01/15/33 | 602873 |
| 1000000 | T-Mobile USA, Inc. |  | 5.0500 | 07/15/33 | 993385 |
| 1000000 | T-Mobile USA, Inc. |  | 5.3000 | 05/15/35 | 1002684 |
| 700000 | T-Mobile USA, Inc. |  | 4.3750 | 04/15/40 | 610254 |
| 1100000 | T-Mobile USA, Inc. |  | 3.0000 | 02/15/41 | 787788 |
| 1300000 | T-Mobile USA, Inc. |  | 4.5000 | 04/15/50 | 1057256 |
| 1300000 | T-Mobile USA, Inc. |  | 3.3000 | 02/15/51 | 855732 |
| 1300000 | T-Mobile USA, Inc. |  | 3.4000 | 10/15/52 | 864552 |
| 800000 | T-Mobile USA, Inc. |  | 5.6500 | 01/15/53 | 765634 |
| 500000 | T-Mobile USA, Inc. |  | 5.7500 | 01/15/54 | 483894 |
| 400000 | Verizon Communications, Inc. |  | 3.8750 | 02/08/29 | 393163 |
| 900000 | Verizon Communications, Inc. |  | 4.0160 | 12/03/29 | 882777 |
| 500000 | Verizon Communications, Inc. |  | 3.1500 | 03/22/30 | 470473 |
| 1000000 | Verizon Communications, Inc. |  | 1.6800 | 10/30/30 | 857225 |
| 1600000 | Verizon Communications, Inc. |  | 1.7500 | 01/20/31 | 1367697 |
| 1900000 | Verizon Communications, Inc. |  | 2.3550 | 03/15/32 | 1619749 |
| 800000 | Verizon Communications, Inc. |  | 5.0500 | 05/09/33 | 805883 |
| 600000 | Verizon Communications, Inc. |  | 4.7800 | 02/15/35 | 582521 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **TELECOMMUNICATIONS — 4.5% (Continued)** |  |  |  |  |
| 1200000 | Verizon Communications, Inc. |  | 5.2500 | 04/02/35 | $1204183 |
| 1500000 | Verizon Communications, Inc. |  | 2.6500 | 11/20/40 | 1053622 |
| 1700000 | Verizon Communications, Inc. |  | 3.4000 | 03/22/41 | 1297889 |
| 900000 | Verizon Communications, Inc. |  | 4.0000 | 03/22/50 | 682820 |
| 1500000 | Verizon Communications, Inc. |  | 2.8750 | 11/20/50 | 923265 |
| 1600000 | Verizon Communications, Inc. |  | 3.5500 | 03/22/51 | 1133212 |
| 600000 | Verizon Communications, Inc. |  | 3.8750 | 03/01/52 | 442106 |
| 600000 | Verizon Communications, Inc. |  | 5.5000 | 02/23/54 | 577022 |
| 2100000 | Verizon Communications, Inc. |  | 3.7000 | 03/22/61 | 1431560 |
| 1000000 | Vodafone Group plc |  | 4.8750 | 06/19/49 | 842822 |
| 700000 | Vodafone Group plc |  | 4.2500 | 09/17/50 | 531355 |
| 800000 | Vodafone Group plc |  | 5.7500 | 06/28/54 | 757021 |
|  |  |  |  |  | 55910614 |
|  | **TOBACCO & CANNABIS — 1.4%** |  |  |  |  |
| 1000000 | Altria Group, Inc. |  | 3.4000 | 05/06/30 | 939388 |
| 800000 | Altria Group, Inc. |  | 2.4500 | 02/04/32 | 677756 |
| 1300000 | Altria Group, Inc. |  | 3.4000 | 02/04/41 | 937190 |
| 1000000 | Altria Group, Inc. |  | 4.2500 | 08/09/42 | 792351 |
| 1200000 | Altria Group, Inc. |  | 3.8750 | 09/16/46 | 860824 |
| 900000 | Altria Group, Inc. |  | 3.7000 | 02/04/51 | 608085 |
| 500000 | BAT Capital Corporation |  | 6.3430 | 08/02/30 | 534009 |
| 500000 | BAT Capital Corporation |  | 5.8340 | 02/20/31 | 519990 |
| 500000 | BAT Capital Corporation |  | 2.7260 | 03/25/31 | 444049 |
| 500000 | BAT Capital Corporation |  | 6.4210 | 08/02/33 | 534944 |
| 400000 | BAT Capital Corporation |  | 6.0000 | 02/20/34 | 417988 |
| 1000000 | BAT Capital Corporation |  | 4.3900 | 08/15/37 | 875800 |
| 900000 | BAT Capital Corporation |  | 7.0810 | 08/02/53 | 980160 |
| 600000 | BAT International Finance plc |  | 5.9310 | 02/02/29 | 627327 |
| 500000 | Philip Morris International, Inc. |  | 4.6250 | 11/01/29 | 503768 |
| 600000 | Philip Morris International, Inc. |  | 5.6250 | 11/17/29 | 628835 |
| 800000 | Philip Morris International, Inc. |  | 5.1250 | 02/15/30 | 819918 |
| 800000 | Philip Morris International, Inc. |  | 2.1000 | 05/01/30 | 713627 |
| 600000 | Philip Morris International, Inc. |  | 4.7500 | 11/01/31 | 601631 |
| 600000 | Philip Morris International, Inc. |  | 5.7500 | 11/17/32 | 628920 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **TOBACCO & CANNABIS — 1.4% (Continued)** |  |  |  |  |
| 800000 | Philip Morris International, Inc. |  | 5.3750 | 02/15/33 | $818281 |
| 900000 | Philip Morris International, Inc. |  | 5.2500 | 02/13/34 | 908541 |
| 1200000 | Philip Morris International, Inc. |  | 3.8750 | 08/21/42 | 953454 |
| 1000000 | Reynolds American, Inc. |  | 5.8500 | 08/15/45 | 936728 |
|  |  |  |  |  | 17263564 |
|  | **TRANSPORTATION & LOGISTICS — 1.2%** |  |  |  |  |
| 1200000 | Burlington Northern Santa Fe, LLC |  | 4.4500 | 03/15/43 | 1047024 |
| 1300000 | Burlington Northern Santa Fe, LLC |  | 3.9000 | 08/01/46 | 1023572 |
| 900000 | Burlington Northern Santa Fe, LLC |  | 5.2000 | 04/15/54 | 844935 |
| 700000 | Burlington Northern Santa Fe, LLC |  | 5.5000 | 03/15/55 | 687312 |
| 600000 | Canadian National Railway Company |  | 3.8500 | 08/05/32 | 561798 |
| 800000 | Canadian Pacific Railway Company |  | 3.0000 | 12/02/41 | 574442 |
| 1000000 | Canadian Pacific Railway Company |  | 3.1000 | 12/02/51 | 647653 |
| 1100000 | CSX Corp 3.800000 11/01/2046 |  | 3.8000 | 11/01/46 | 849623 |
| 700000 | CSX Corporation |  | 4.2500 | 03/15/29 | 697940 |
| 900000 | Norfolk Southern Corporation |  | 3.0500 | 05/15/50 | 583904 |
| 400000 | Norfolk Southern Corporation |  | 5.3500 | 08/01/54 | 377597 |
| 700000 | Union Pacific Corporation |  | 2.4000 | 02/05/30 | 640927 |
| 600000 | Union Pacific Corporation |  | 2.8000 | 02/14/32 | 536324 |
| 600000 | Union Pacific Corporation |  | 5.1000 | 02/20/35 | 603645 |
| 900000 | Union Pacific Corporation |  | 3.2000 | 05/20/41 | 678526 |
| 1200000 | Union Pacific Corporation |  | 3.7990 | 10/01/51 | 900246 |
| 600000 | Union Pacific Corporation |  | 2.9500 | 03/10/52 | 380099 |
| 1100000 | Union Pacific Corporation |  | 3.8390 | 03/20/60 | 784518 |
| 500000 | United Parcel Service, Inc. |  | 5.1500 | 05/22/34 | 506368 |
| 700000 | United Parcel Service, Inc. |  | 5.3000 | 04/01/50 | 655289 |
| 600000 | United Parcel Service, Inc. |  | 5.0500 | 03/03/53 | 540110 |
| 500000 | United Parcel Service, Inc. |  | 5.5000 | 05/22/54 | 477228 |
|  |  |  |  |  | 14599080 |
|  | **TRANSPORTATION EQUIPMENT** — **0.0%<sup>(c)</sup>** |  |  |  |  |
| 500000 | Cummins, Inc. |  | 5.4500 | 02/20/54 | 478497 |
|  | **WHOLESALE - CONSUMER STAPLES — 0.2%** |  |  |  |  |
| 1100000 | Archer-Daniels-Midland Company |  | 3.2500 | 03/27/30 | 1042152 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 80.2% (Continued)** |  |  |  |  |
|  | **WHOLESALE - CONSUMER STAPLES — 0.2% (Continued)** |  |  |  |  |
| 1000000 | Bunge Ltd. Finance Corporation |  | 2.7500 | 05/14/31 | $893874 |
| 1000000 | Sysco Corporation |  | 3.1500 | 12/14/51 | 625069 |
|  |  |  |  |  | 2561095 |
|  | **TOTAL CORPORATE BONDS (Cost $992,572,205)** | **TOTAL CORPORATE BONDS (Cost $992,572,205)** | **TOTAL CORPORATE BONDS (Cost $992,572,205)** |  | 989160593 |
| **Shares** |  |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 21.4%** |  |  |  |  |
|  | **MONEY MARKET FUND – 21.4%** |  |  |  |  |
| 264535681 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.18% (Cost $264,535,681)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.18% (Cost $264,535,681)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.18% (Cost $264,535,681)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.18% (Cost $264,535,681)<sup>(d)</sup> | 264535681 |
|  | **TOTAL INVESTMENTS - 101.6% (Cost $1,257,107,886)** | **TOTAL INVESTMENTS - 101.6% (Cost $1,257,107,886)** | **TOTAL INVESTMENTS - 101.6% (Cost $1,257,107,886)** |  | $1253696274 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.6)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.6)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.6)%** |  | (20207894) |
|  | **NET ASSETS - 100.0%** |  |  |  | $1233488380 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of**<br>**Contracts** | <br>**Open Long Futures Contracts** | <br>**Expiration** |<br>**Notional Amount** |<br>**Unrealized Appreciation** |
| 400 | CBOT 10 Year U.S. Treasury Note | 06/19/2025 | $44887500 | $18740 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |
| H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| SOFRINDX | Secured Overnight Financing Rate Index |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR3M | 3-Month CME Term SOFR |
| US0003M | US Treasury 3 Month Bill Money Market Yield |

---

<sup>(a)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2025 the total market value of 144A securities is $9,203,716 or 0.7% of net assets.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on April 30, 2025.

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

<sup>(d)</sup> Rate disclosed is the seven-day effective yield as of April 30, 2025.

---

| |
|:---|
| **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** |
| **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Termination | Interest Rate | Notional Value at | | Upfront | Unrealized |
| Reference Entity | Counterparty | Date | Payable | April 30, 2025 | Value | Premiums Paid | Appreciation |
| CDX North American High Yield Series 44 | GS | 6/20/2030 | 5.00% | $25000000 | $1011558 | $994470 | $17088 |
| CDX North American Investment Grade Series 44 | GS | 6/20/2030 | 5.00% | 75000000 | 1167500 | 1146098 | 21402 |
| **TOTAL OPEN CREDIT DEFAULT SWAP** |  |  |  |  | $2179058 | $2140568 | $38490 |

---

GS - Goldman Sachs

<sup>(1)</sup> For centrally cleared swaps, the notional amounts represent the maximum potential the Fund may pay/receive as a seller/buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the reference entity.

<sup>(2)</sup> For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 76.3%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 1.7%** |  |  |  |  |
| 1000000 | Boeing Company |  | 2.1960 | 02/04/26 | $979890 |
|  | **AUTOMOTIVE — 8.6%** |  |  |  |  |
| 1000000 | American Honda Finance Corporation<sup>(a)</sup> | SOFRRATE + 0.600% | 4.9550 | 08/14/25 | 1000275 |
| 1000000 | BMW US Capital, LLC<sup>(a),(b)</sup> | SOFRINDX + 0.780% | 5.1270 | 03/19/27 | 998080 |
| 1000000 | Hyundai Capital America<sup>(a),(b)</sup> | SOFRRATE + 0.990% | 5.3420 | 03/25/27 | 994641 |
| 1000000 | Mercedes-Benz Finance North America, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.780% | 5.1300 | 04/01/27 | 996125 |
| 1000000 | Volkswagen Group of America Finance, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.830% | 5.1760 | 03/20/26 | 999961 |
|  |  |  |  |  | 4989082 |
|  | **BANKING — 6.8%** |  |  |  |  |
| 1000000 | Bank of America Corporation<sup>(c)</sup> | SOFRRATE + 1.150% | 1.3190 | 06/19/26 | 995308 |
| 970000 | Bank of America Corporation<sup>(c)</sup> | SOFRRATE + 1.010% | 1.1970 | 10/24/26 | 953933 |
| 1000000 | Cooperatieve Rabobank UA<sup>(a)</sup> | SOFRRATE + 0.620% | 4.9710 | 08/28/26 | 1001365 |
| 1000000 | Toronto-Dominion Bank<sup>(a)</sup> | SOFRRATE + 0.480% | 4.8180 | 10/10/25 | 1000314 |
|  |  |  |  |  | 3950920 |
|  | **BEVERAGES — 1.7%** |  |  |  |  |
| 1000000 | Keurig Dr Pepper, Inc.<sup>(a)</sup> | SOFRRATE + 0.580% | 4.9670 | 11/15/26 | 1000902 |
|  | **BIOTECH & PHARMA — 5.2%** |  |  |  |  |
| 1000000 | Biogen, Inc. |  | 4.0500 | 09/15/25 | 996591 |
| 1000000 | GlaxoSmithKline Capital plc<sup>(a)</sup> | SOFRRATE + 0.500% | 4.8460 | 03/12/27 | 999019 |
| 1000000 | Royalty Pharma plc |  | 1.2000 | 09/02/25 | 987483 |
|  |  |  |  |  | 2983093 |
|  | **CHEMICALS — 3.4%** |  |  |  |  |
| 1000000 | DuPont de Nemours, Inc. |  | 4.4930 | 11/15/25 | 998370 |
| 1000000 | International Flavors & Fragrances, Inc.<sup>(b)</sup> |  | 1.2300 | 10/01/25 | 982109 |
|  |  |  |  |  | 1980479 |
|  | **COMMERCIAL SUPPORT SERVICES — 1.7%** |  |  |  |  |
| 1000000 | Block Financial, LLC |  | 5.2500 | 10/01/25 | 1000677 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 76.3% (Continued)** |  |  |  |  |
|  | **CONTAINERS & PACKAGING — 1.7%** |  |  |  |  |
| 1000000 | Amcor Flexibles North America, Inc. |  | 4.0000 | 05/17/25 | $999227 |
|  | **ELECTRIC UTILITIES — 5.2%** |  |  |  |  |
| 1000000 | Duke Energy Corporation |  | 0.9000 | 09/15/25 | 986159 |
| 1000000 | Entergy Corporation |  | 0.9000 | 09/15/25 | 985888 |
| 1000000 | Georgia Power Company<sup>(a)</sup> | SOFRINDX + 0.750% | 5.1080 | 05/08/25 | 1000059 |
|  |  |  |  |  | 2972106 |
|  | **FOOD — 3.5%** |  |  |  |  |
| 1000000 | Conagra Brands, Inc. |  | 4.6000 | 11/01/25 | 999132 |
| 1000000 | Mondelez International, Inc. |  | 1.5000 | 05/04/25 | 999665 |
|  |  |  |  |  | 1998797 |
|  | **HEALTH CARE FACILITIES & SERVICES — 3.6%** |  |  |  |  |
| 1000000 | CVS Health Corporation |  | 3.8750 | 07/20/25 | 998046 |
| 1090000 | HCA, Inc. |  | 7.6900 | 06/15/25 | 1092624 |
|  |  |  |  |  | 2090670 |
|  | **HOME CONSTRUCTION — 3.5%** |  |  |  |  |
| 1000000 | Fortune Brands Home & Security, Inc. |  | 4.0000 | 06/15/25 | 998394 |
| 1000000 | Lennar Corporation |  | 4.7500 | 05/30/25 | 999871 |
|  |  |  |  |  | 1998265 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 4.9%** |  |  |  |  |
| 1000000 | Goldman Sachs Group, Inc.<sup>(c)</sup> | SOFRRATE + 1.075% | 5.7980 | 08/10/26 | 1002478 |
| 1000000 | Morgan Stanley Series I<sup>(c)</sup> | SOFRRATE + 1.669% | 4.6790 | 07/17/26 | 999264 |
| 800000 | Nasdaq, Inc. |  | 5.6500 | 06/28/25 | 801018 |
|  |  |  |  |  | 2802760 |
|  | **INSURANCE — 1.6%** |  |  |  |  |
| 912000 | Allstate Corporation |  | 0.7500 | 12/15/25 | 890714 |
|  | **INTERNET MEDIA & SERVICES — 1.7%** |  |  |  |  |
| 1000000 | Netflix, Inc.<sup>(b)</sup> |  | 3.6250 | 06/15/25 | 998103 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 76.3% (Continued)** |  |  |  |  |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.7%** |  |  |  |  |
| 1000000 | GE HealthCare Technologies, Inc. |  | 5.6000 | 11/15/25 | $1004685 |
|  | **OIL & GAS PRODUCERS — 6.9%** |  |  |  |  |
| 1000000 | Kinder Morgan, Inc. |  | 4.3000 | 06/01/25 | 999304 |
| 1000000 | Marathon Petroleum Corporation |  | 4.7000 | 05/01/25 | 1000000 |
| 1000000 | Plains All American Pipeline, L.P. / PAA Finance |  | 4.6500 | 10/15/25 | 998467 |
| 1000000 | Williams Companies, Inc. |  | 4.0000 | 09/15/25 | 997088 |
|  |  |  |  |  | 3994859 |
|  | **SOFTWARE — 3.4%** |  |  |  |  |
| 1000000 | Fortinet, Inc. |  | 1.0000 | 03/15/26 | 969291 |
| 1000000 | VMware, Inc. |  | 4.5000 | 05/15/25 | 999522 |
|  |  |  |  |  | 1968813 |
|  | **STEEL — 1.7%** |  |  |  |  |
| 1000000 | Reliance, Inc. |  | 1.3000 | 08/15/25 | 989787 |
|  | **TECHNOLOGY HARDWARE — 1.7%** |  |  |  |  |
| 1000000 | HP, Inc. |  | 2.2000 | 06/17/25 | 996402 |
|  | **TELECOMMUNICATIONS — 1.8%** |  |  |  |  |
| 1000000 | Sprint, LLC |  | 7.6250 | 03/01/26 | 1013104 |
|  | **TOBACCO & CANNABIS — 4.3%** |  |  |  |  |
| 1500000 | Altria Group, Inc. |  | 2.3500 | 05/06/25 | 1499420 |
| 1000000 | Reynolds American, Inc. |  | 4.4500 | 06/12/25 | 999482 |
|  |  |  |  |  | 2498902 |
|  | **TOTAL CORPORATE BONDS (Cost $44,106,325)** |  |  |  | 44102237 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 19.6%** |  |
|  | **MONEY MARKET FUND – 19.6%** |  |
| 11338245 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.18% (Cost $11,338,245)<sup>(d)</sup> | $11338245 |
|  | **TOTAL INVESTMENTS - 95.9% (Cost $55,444,570)** | $55440482 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 4.1%** | 2357407 |
|  | **NET ASSETS - 100.0%** | $57797889 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of**<br>**Contracts** | <br>**Open Long Futures Contracts** | <br>**Expiration** |<br>**Notional Amount** |<br>**Unrealized Appreciation** |
| 104 | CME E-Mini Standard & Poor's 500 Index Futures | 06/23/2025 | $29052400 | $106275 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| PLC | - Public Limited Company |
| SOFRINDX | Secured Overnight Financing Rate Index |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |

---

<sup>(a)</sup> Floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<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 April 30, 2025 the total market value of 144A securities is $5,969,019 or 10.3% of net assets.

<sup>(c)</sup> Variable rate security; the rate shown represents the rate on April 30, 2025.

<sup>(d)</sup> Rate disclosed is the seven-day effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 96.7%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 1.3%** |  |  |  |  |
| 1000000 | Boeing Company |  | 2.1960 | 02/04/26 | $979890 |
|  | **AUTOMOTIVE — 12.9%** |  |  |  |  |
| 1500000 | American Honda Finance Corporation<sup>(a)</sup> | SOFRRATE + 0.600% | 4.9550 | 08/14/25 | 1500411 |
| 1000000 | BMW US Capital, LLC<sup>(a),(b)</sup> | SOFRINDX + 0.780% | 5.1270 | 03/19/27 | 998080 |
| 1000000 | Ford Motor Credit Company, LLC |  | 4.1340 | 08/04/25 | 995537 |
| 1000000 | Ford Motor Credit Company, LLC<sup>(a)</sup> | SOFRRATE + 1.450% | 5.8090 | 11/05/26 | 982334 |
| 1000000 | General Motors Financial Company, Inc. |  | 1.2500 | 01/08/26 | 975477 |
| 1000000 | Hyundai Capital America<sup>(a),(b)</sup> | SOFRRATE + 0.990% | 5.3420 | 03/25/27 | 994641 |
| 1000000 | Mercedes-Benz Finance North America, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.780% | 5.1300 | 04/01/27 | 996125 |
| 1140000 | Volkswagen Group of America Finance, LLC<sup>(b)</sup> |  | 3.3500 | 05/13/25 | 1139480 |
| 1000000 | Volkswagen Group of America Finance, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.830% | 5.1760 | 03/20/26 | 999961 |
|  |  |  |  |  | 9582046 |
|  | **BANKING — 6.7%** |  |  |  |  |
| 1000000 | Bank of America Corporation<sup>(c)</sup> | SOFRRATE + 1.150% | 1.3190 | 06/19/26 | 995308 |
| 970000 | Bank of America Corporation<sup>(c)</sup> | SOFRRATE + 1.010% | 1.1970 | 10/24/26 | 953933 |
| 1000000 | Citibank NA<sup>(a)</sup> | SOFRINDX + 0.590% | 4.9500 | 04/30/26 | 997908 |
| 1000000 | Cooperatieve Rabobank UA<sup>(a)</sup> | SOFRRATE + 0.620% | 4.9710 | 08/28/26 | 1001365 |
| 1000000 | Toronto-Dominion Bank<sup>(a)</sup> | SOFRRATE + 0.480% | 4.8180 | 10/10/25 | 1000314 |
|  |  |  |  |  | 4948828 |
|  | **BEVERAGES — 2.0%** |  |  |  |  |
| 1500000 | Keurig Dr Pepper, Inc.<sup>(a)</sup> | SOFRRATE + 0.580% | 4.9670 | 11/15/26 | 1501353 |
|  | **BIOTECH & PHARMA — 4.0%** |  |  |  |  |
| 1000000 | Biogen, Inc. |  | 4.0500 | 09/15/25 | 996591 |
| 1000000 | GlaxoSmithKline Capital plc<sup>(a)</sup> | SOFRRATE + 0.500% | 4.8460 | 03/12/27 | 999019 |
| 1000000 | Royalty Pharma plc |  | 1.2000 | 09/02/25 | 987483 |
|  |  |  |  |  | 2983093 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 96.7% (Continued)** |  |  |  |  |
|  | **CABLE & SATELLITE — 1.3%** |  |  |  |  |
| 1000000 | Charter Communications Operating, LLC / Charter |  | 4.9080 | 07/23/25 | $998656 |
|  | **CHEMICALS — 4.0%** |  |  |  |  |
| 2000000 | DuPont de Nemours, Inc. |  | 4.4930 | 11/15/25 | 1996740 |
| 1000000 | International Flavors & Fragrances, Inc.<sup>(b)</sup> |  | 1.2300 | 10/01/25 | 982109 |
|  |  |  |  |  | 2978849 |
|  | **COMMERCIAL SUPPORT SERVICES — 1.3%** |  |  |  |  |
| 1000000 | Block Financial, LLC |  | 5.2500 | 10/01/25 | 1000677 |
|  | **CONTAINERS & PACKAGING — 1.3%** |  |  |  |  |
| 1000000 | Amcor Flexibles North America, Inc. |  | 4.0000 | 05/17/25 | 999227 |
|  | **ELECTRIC UTILITIES — 2.6%** |  |  |  |  |
| 1000000 | Duke Energy Corporation |  | 0.9000 | 09/15/25 | 986159 |
| 1000000 | Entergy Corporation |  | 0.9000 | 09/15/25 | 985888 |
|  |  |  |  |  | 1972047 |
|  | **ELECTRICAL EQUIPMENT — 1.5%** |  |  |  |  |
| 1139000 | Johnson Controls International plc |  | 3.9000 | 02/14/26 | 1130210 |
|  | **ENTERTAINMENT CONTENT — 2.3%** |  |  |  |  |
| 1680000 | Take-Two Interactive Software, Inc. |  | 5.0000 | 03/28/26 | 1684900 |
|  | **FOOD — 6.2%** |  |  |  |  |
| 1000000 | Conagra Brands, Inc. |  | 4.6000 | 11/01/25 | 999132 |
| 1348000 | Kellogg Company |  | 3.2500 | 04/01/26 | 1333374 |
| 1000000 | McCormick & Company, Inc. |  | 3.2500 | 11/15/25 | 992697 |
| 1272000 | Mondelez International, Inc. |  | 1.5000 | 05/04/25 | 1271574 |
|  |  |  |  |  | 4596777 |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.2%** |  |  |  |  |
| 1000000 | CVS Health Corporation |  | 3.8750 | 07/20/25 | 998046 |
| 1000000 | Elevance Health, Inc. |  | 4.9000 | 02/08/26 | 1000083 |
| 1091000 | HCA, Inc. |  | 7.6900 | 06/15/25 | 1093626 |
|  |  |  |  |  | 3091755 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 96.7% (Continued)** |  |  |  |  |
|  | **HOME CONSTRUCTION — 4.6%** |  |  |  |  |
| 1435000 | DR Horton, Inc. |  | 2.6000 | 10/15/25 | $1421567 |
| 1000000 | Fortune Brands Home & Security, Inc. |  | 4.0000 | 06/15/25 | 998394 |
| 1000000 | Lennar Corporation |  | 4.7500 | 05/30/25 | 999871 |
|  |  |  |  |  | 3419832 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 5.1%** |  |  |  |  |
| 1000000 | Goldman Sachs Group, Inc.<sup>(c)</sup> | SOFRRATE + 1.075% | 5.7980 | 08/10/26 | 1002478 |
| 1000000 | Jefferies Financial Group, Inc. |  | 5.0300 | 03/16/26 | 1002547 |
| 1000000 | Morgan Stanley<sup>(c)</sup> | SOFRRATE + 0.720% | 0.9850 | 12/10/26 | 977605 |
| 800000 | Nasdaq, Inc. |  | 5.6500 | 06/28/25 | 801018 |
|  |  |  |  |  | 3783648 |
|  | **INSURANCE — 1.2%** |  |  |  |  |
| 913000 | Allstate Corporation |  | 0.7500 | 12/15/25 | 891691 |
|  | **INTERNET MEDIA & SERVICES — 1.3%** |  |  |  |  |
| 1000000 | Netflix, Inc.<sup>(b)</sup> |  | 3.6250 | 06/15/25 | 998103 |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.3%** |  |  |  |  |
| 1000000 | GE HealthCare Technologies, Inc. |  | 5.6000 | 11/15/25 | 1004685 |
|  | **OIL & GAS PRODUCERS — 9.7%** |  |  |  |  |
| 1000000 | Chevron USA, Inc.<sup>(a)</sup> | SOFRINDX + 0.360% | 4.7120 | 02/26/27 | 998117 |
| 1000000 | Enbridge Energy Partners, L.P. |  | 5.8750 | 10/15/25 | 1002138 |
| 1000000 | Energy Transfer, L.P. |  | 2.9000 | 05/15/25 | 999218 |
| 1000000 | Kinder Morgan, Inc. |  | 4.3000 | 06/01/25 | 999304 |
| 1000000 | Marathon Petroleum Corporation |  | 4.7000 | 05/01/25 | 1000000 |
| 1000000 | Plains All American Pipeline, L.P. / PAA Finance |  | 4.6500 | 10/15/25 | 998467 |
| 1250000 | Range Resources Corporation |  | 4.8750 | 05/15/25 | 1250047 |
|  |  |  |  |  | 7247291 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.7%** |  |  |  |  |
| 1250000 | Weyerhaeuser Company |  | 4.7500 | 05/15/26 | 1251639 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 96.7% (Continued)** |  |  |  |  |
|  | **RETAIL - CONSUMER STAPLES — 2.0%** |  |  |  |  |
| 1500000 | Walmart, Inc.<sup>(a)</sup> | SOFRINDX + 0.430% | 4.7590 | 04/28/27 | $1502666 |
|  | **RETAIL - DISCRETIONARY — 2.7%** |  |  |  |  |
| 1000000 | AutoZone, Inc. |  | 3.1250 | 04/21/26 | 986254 |
| 1000000 | Lowe's Companies, Inc. |  | 4.8000 | 04/01/26 | 1002281 |
|  |  |  |  |  | 1988535 |
|  | **SOFTWARE — 2.8%** |  |  |  |  |
| 1141000 | Fortinet, Inc. |  | 1.0000 | 03/15/26 | 1105961 |
| 1000000 | VMware, Inc. |  | 4.5000 | 05/15/25 | 999522 |
|  |  |  |  |  | 2105483 |
|  | **SPECIALTY FINANCE — 1.4%** |  |  |  |  |
| 1000000 | American Express Company<sup>(c)</sup> | SOFRRATE + 1.330% | 6.3380 | 10/30/26 | 1008955 |
|  | **STEEL — 1.3%** |  |  |  |  |
| 1000000 | Reliance, Inc. |  | 1.3000 | 08/15/25 | 989787 |
|  | **TECHNOLOGY HARDWARE — 3.1%** |  |  |  |  |
| 1000000 | HP, Inc. |  | 2.2000 | 06/17/25 | 996402 |
| 1311000 | Juniper Networks, Inc. |  | 1.2000 | 12/10/25 | 1284798 |
|  |  |  |  |  | 2281200 |
|  | **TELECOMMUNICATIONS — 2.0%** |  |  |  |  |
| 1500000 | Sprint, LLC |  | 7.6250 | 03/01/26 | 1519656 |
|  | **TOBACCO & CANNABIS — 3.3%** |  |  |  |  |
| 1500000 | Altria Group, Inc. |  | 2.3500 | 05/06/25 | 1499420 |
| 1000000 | Reynolds American, Inc. |  | 4.4500 | 06/12/25 | 999482 |
|  |  |  |  |  | 2498902 |
|  | **TRANSPORTATION EQUIPMENT — 1.6%** |  |  |  |  |
| 1209000 | Westinghouse Air Brake Technologies Corporation |  | 3.2000 | 06/15/25 | 1206290 |
|  | **TOTAL CORPORATE BONDS (Cost $72,166,259)** |  |  |  | 72146671 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 6.2%** |  |
|  | **MONEY MARKET FUND – 6.2%** |  |
| 4596699 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.18% (Cost $4,596,699)<sup>(d)</sup> | $4596699 |
|  | **TOTAL INVESTMENTS – 102.9% (Cost $76,762,958)** | $76743370 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (2.9)%** | (2143374) |
|  | **NET ASSETS - 100.0%** | $74599996 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| SOFRINDX | Secured Overnight Financing Rate Index |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |

---

<sup>(a)</sup> Floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<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 April 30, 2025 the total market value of 144A securities is $7,108,499 or 9.5% of net assets.

<sup>(c)</sup> Variable rate security; the rate shown represents the rate on April 30, 2025.

<sup>(d)</sup> Rate disclosed is the seven-day effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Navigator Tactical**<br>**Fixed Income**<br>**Fund** | **Navigator Tactical**<br>**Investment**<br>**Grade Bond Fund** | **Navigator**<br>**Tactical U.S.**<br>**Allocation Fund** | **Navigator Ultra**<br>**Short Bond**<br>**Fund** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities at Cost (including affiliated securities of $122,671,378, $0, $0 and $0 respectively) | $7653071641 | $1257107886 | $55444570 | $76762958 |
| &nbsp;&nbsp;&nbsp;Investments in Securities at Value (including affiliated securities of $114,494,739, $0, $0 and $0 respectively) | $7651738214 <sup>(a)</sup> | $1253696274 | $55440482 | $76743370 |
| &nbsp;&nbsp;&nbsp;Cash | 557303 |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits with Broker for Futures Contracts with Goldman Sachs | 58041728 | 4632529 | 2846052 |  |
| &nbsp;&nbsp;&nbsp;Deposit with Broker for Swaps | 53075786 | 4895592 |  |  |
| &nbsp;&nbsp;&nbsp;Deposits with Broker for Option Contracts with Pershing | 537591 |  |  |  |
| &nbsp;&nbsp;&nbsp;Premiums Paid for Swap Contracts | 71762520 | 2140568 |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Swap Contracts | 2453278 | 38490 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 38675753 | 14697878 | 461090 | 699883 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund Shares Sold | 6910872 | 775959 |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Futures Contracts | 1047614 | 18740 | 106275 |  |
| &nbsp;&nbsp;&nbsp;Receivable for Securities Sold | 1767500 |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for Securities Lending Income | 134507 |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses and Other Assets | 90747 | 2305 | 1463 | 17801 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 7886793413 | 1280898335 | 58855362 | 77461054 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral on Securities Loaned | 48836720 |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized Depreciation on Futures Contracts | 17320 |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Securities Purchased | 322595372 | 44486936 | 1000000 | 2836782 |
| &nbsp;&nbsp;&nbsp;Payable for Fund Shares Redeemed | 8905174 | 1945669 |  | 5625 |
| &nbsp;&nbsp;&nbsp;Accrued Advisory Fees | 4919751 | 782067 | 30344 | 3117 |
| &nbsp;&nbsp;&nbsp;Unrealized Depreciation on Swap Contracts | 5208773 |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to Related Parties | 143084 | 188553 | 10131 | 3159 |
| &nbsp;&nbsp;&nbsp;Accrued Distribution Fees | 30280 |  |  | 11 |
| &nbsp;&nbsp;&nbsp;Accrued Expenses and Other Liabilities | 363247 | 6730 | 16998 | 12364 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 391019721 | 47409955 | 1057473 | 2861058 |
| **Net Assets** | $7495773692 | $1233488380 | $57797889 | $74599996 |
| **Composition of Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At April 30, 2025, Net Assets consisted of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in-Capital | $8307118858 | $1330829184 | $66466291 | $74175942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated Earnings (Losses) | $(811345166) | (97340804) | (8668402) | 424054 |
| **Net Assets** | $7495773692 | $1233488380 | $57797889 | $74599996 |
| **Net Asset Value Per Share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $44517594 |  |  | $63931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited shares of no par beneficial interest authorized) | 4724713 |  |  | 6096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets ÷ Shares Outstanding) and Redemption Price Per Share |  |  |  |  |
|  | $9.42 |  |  | $10.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum Offering Price Per Share (Maximum sales charge of 3.75% and 3.75%, respectively) | $9.79 |  |  | $10.90 |
| &nbsp;&nbsp;&nbsp;**Class C Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $24778928 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited shares of no par beneficial interest authorized) | 2637310 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets ÷ Shares Outstanding), Offering and Redemption Price Per Share | $9.40 |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $7426477170 | $1233488380 | $57797889 | $74536065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited shares of no par beneficial interest authorized) | 787638202 | 141504119 | 6607015 | 7387291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets ÷ Shares Outstanding), Offering and Redemption Price Per Share | $9.43 | $8.72 | $8.75 | $10.09 |

---

<sup>(a)</sup> Includes loaned securities with a value of $47,849,692.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds** |
| **STATEMENTS OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Navigator Tactical**<br>**Fixed Income Fund** | **Navigator Tactical**<br>**Investment Grade**<br>**Bond Fund** | **Navigator**<br>**Tactical U.S.**<br>**Allocation Fund** | <br>**Navigator Ultra**<br>**Short Bond Fund** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Income (including income on affiliated securities of $4,956,995, $0, $0 and $0, respectively) | $44083440 | $— | $47933 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Income | 127733134 | 29563282 | 1449219 | 1701594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending - net | 4992264 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 176808838 | 29563282 | 1497152 | 1701594 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Fees | 31791315 | 5510625 | 286085 | 105360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 59312 |  |  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 129217 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Party Administrative Servicing Fees | 3925760 | 676524 |  | 7401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent Fees | 616745 | 296601 | 11349 | 11676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration Fees | 577453 | 389581 | 42685 | 40276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody Fees | 255181 | 54003 | 5341 | 5935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing Expense | 192868 | 64290 | 445 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration & Filing Fees | 81598 | 58850 | 494 | 12610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 65875 | 23749 | 15539 | 15575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Expense | 35606 | 7418 | 1731 | 1731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit Fees | 10386 | 10386 | 9890 | 9890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' Fees | 7913 | 7913 | 7913 | 7913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Fees | 7913 | 7913 | 7914 | 7913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Expenses | 27759 | 3437 | 1236 | 1484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 37784901 | 7111290 | 390622 | 228544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Expenses waived or fees reimbursed by Advisor for Affiliated Holdings | (507420) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Expenses waived or fees reimbursed/recaptured by the Advisor |  | (563584) | (50947) | (87985) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 37277481 | 6547706 | 339675 | 140559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income** | 139531357 | 23015576 | 1157477 | 1561035 |
| **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (including gain on affiliated securities of $0, $0, $0 and $0, respectively) | 23135770 | (74924642) | 957483 | 93095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution of Realized Gains From Underlying Investment Companies | 4064697 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | (58519808) | (3053900) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | (239402172) | (2888446) | (9363385) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Purchased | 152472 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Written | (7500) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaptions Purchased | 5050000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaptions Written | (1375000) |  |  |  |
|  | (266901541) | (80866988) | (8405902) | 93095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (including loss on affiliated securities of ($17159691), $0, $0 and $0, respectively) | (76377768) | (3451115) | (1714212) | (108411) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | (39783873) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | 39177946 | 18740 | (454785) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Purchased | (96423) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaptions Purchased | 474500 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaptions Written | (39500) |  |  |  |
|  | (76645118) | (3432375) | (2168997) | (108411) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Loss on Investments** | (343546659) | (84299363) | (10574899) | (15316) |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $(204015302) | $(61283787) | $(9417422) | $1545719 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Navigator Tactical Fixed Income Fund** | **Navigator Tactical Fixed Income Fund** |
|  | **For the Six Months**<br>**Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended**<br>**October 31, 2024** |
|  | **(Unaudited)** |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $139531357 | $327976794 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (270966238) | 384471652 |
| &nbsp;&nbsp;&nbsp;Distribution of Realized Gains From Underlying Investment Companies | 4064697 |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (76645118) | 89755573 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (204015302) | 802204019 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1387855) | (2625725) |
| &nbsp;&nbsp;&nbsp;Class C | (671633) | (1172188) |
| &nbsp;&nbsp;&nbsp;Class I | (238795498) | (420332497) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Distributions to Shareholders** | (240854986) | (424130410) |
| **Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 7619504 | 11588958 |
| &nbsp;&nbsp;&nbsp;Class C | 3066553 | 6542897 |
| &nbsp;&nbsp;&nbsp;Class I | 1288962599 | 2108334780 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1371004 | 2588372 |
| &nbsp;&nbsp;&nbsp;Class C | 641302 | 1111979 |
| &nbsp;&nbsp;&nbsp;Class I | 160875131 | 285676953 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (8004643) | (16121396) |
| &nbsp;&nbsp;&nbsp;Class C | (3216714) | (5611713) |
| &nbsp;&nbsp;&nbsp;Class I | (1182839166) | (1650616804) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Shares of Beneficial Interest** | 268475570 | 743494026 |
| **Increase (Decrease) in Net Assets** | (176394718) | 1121567635 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 7672168410 | 6550600775 |
| &nbsp;&nbsp;&nbsp;End of Period | $7495773692 | $7672168410 |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 771758 | 1178429 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 139091 | 263003 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (821251) | (1639798) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 89598 | (198366) |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 310547 | 664725 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 65191 | 113152 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (329337) | (572626) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 46401 | 205251 |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 129943221 | 213993929 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 16321062 | 28998187 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (120212278) | (167681329) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 26052005 | 75310787 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Navigator Tactical Investment Grade Bond Fund** | **Navigator Tactical Investment Grade Bond Fund** |
|  | **For the Six Months**<br>**Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended**<br>**October 31, 2024** |
|  | **(Unaudited)** |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $23015576 | $51920362 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (80866988) | 59135286 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (3432375) | 18533 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (61283787) | 111074181 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class l | (22929267) | (52150532) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Distributions to Shareholders** | (22929267) | (52150532) |
| **Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 179658032 | 405097540 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 21352417 | 48649828 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (202563470) | (274708451) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Shares of Beneficial Interest** | (1553021) | 179038917 |
| **Increase (Decrease) in Net Assets** | (85766075) | 237962566 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 1319254455 | 1081291889 |
| &nbsp;&nbsp;&nbsp;End of Period | $1233488380 | $1319254455 |
| **SHARE ACTIVITY** |  |  |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 19778537 | 43658301 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 2376775 | 5217750 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (22466051) | (29644113) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (310739) | 19231938 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Navigator Tactical U.S. Allocation Fund** | **Navigator Tactical U.S. Allocation Fund** |
|  | **For the Six Months**<br>**Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended**<br>**October 31, 2024** |
|  | **(Unaudited)** |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1157477 | $2531120 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (8405902) | 11169818 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (2168997) | 2279964 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (9417422) | 15980902 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class l | (7830510) | (2602333) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Distributions to Shareholders** | (7830510) | (2602333) |
| **Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 7830510 | 2602333 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Shares of Beneficial Interest** | 7894402 | 2602333 |
| **Increase (Decrease) in Net Assets** | (9353530) | 15980902 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 67151419 | 51170517 |
| &nbsp;&nbsp;&nbsp;End of Period | $57797889 | $67151419 |
| **Share Activity** |  |  |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 6162 |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 746559 | 241892 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (89) |  |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 752632 | 241892 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Navigator Ultra Short Bond Fund** | **Navigator Ultra Short Bond Fund** |
|  | **For the Six Months**<br>**Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended**<br>**October 31, 2024** |
|  | **(Unaudited)** |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1561035 | $3595408 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 93095 | 45429 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (108411) | 102493 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 1545719 | 3743330 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (596) | (303) |
| &nbsp;&nbsp;&nbsp;Class I | (1499672) | (3739965) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Distributions to Shareholders** | (1500268) | (3740268) |
| **Beneficial Interest Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 66588 |  |
| &nbsp;&nbsp;&nbsp;Class C |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 14724960 | 11290700 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 596 | 303 |
| &nbsp;&nbsp;&nbsp;Class I | 1376764 | 3513545 |
| &nbsp;&nbsp;&nbsp;Cost of Shares Redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (9113) | (297) |
| &nbsp;&nbsp;&nbsp;Class I | (12639653) | (5423694) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Shares of Beneficial Interest** | 3520142 | 9380557 |
| **Increase in Net Assets** | 3565593 | 9383619 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 71034403 | 61650784 |
| &nbsp;&nbsp;&nbsp;End of Period | $74599996 | $71034403 |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 6348 |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 57 | 29 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (869) | (29) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 5536 |  |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1458814 | 1116644 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 137281 | 350359 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1251955) | (536692) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 344140 | 930311 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds**<br>**FINANCIAL HIGHLIGHTS** |
| The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Navigator Tactical Fixed Income Fund - Class A** | **Navigator Tactical Fixed Income Fund - Class A** | **Navigator Tactical Fixed Income Fund - Class A** | **Navigator Tactical Fixed Income Fund - Class A** | **Navigator Tactical Fixed Income Fund - Class A** | **Navigator Tactical Fixed Income Fund - Class A** |
|  | **For the Six**<br>**Months Ended**<br>**April 30, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** | **For the**<br>**Year Ended**<br>**October 31, 2023** | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Year Ended**<br>**October 31, 2021** | **For the**<br>**Year Ended**<br>**October 31, 2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $9.97 | $9.44 | $9.29 | $10.92 | $10.63 | $10.24 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.16 | 0.42 | 0.36 | 0.05 | 0.05 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (0.42) | 0.67 | 0.26 | (1.06) | 0.88 | 0.41 |
| &nbsp;&nbsp;&nbsp;Total from operations | (0.26) | 1.09 | 0.62 | (1.01) | 0.93 | 0.50 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.29) | (0.56) | (0.47) | (0.13) | (0.18) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.49) | (0.46) | (0.00) <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.29) | (0.56) | (0.47) | (0.62) | (0.64) | (0.11) |
| **Net Asset Value, End of Period** | $9.42 | $9.97 | $9.44 | $9.29 | $10.92 | $10.63 |
| **Total Return <sup>(b)</sup>** | (2.69)% <sup>(h)</sup> | 11.73% | 6.78% | (9.79)% | 9.00% | 4.95% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $44518 | $46222 | $45626 | $47808 | $61196 | $67235 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waivers/reimbursement <sup>(c)</sup> | 1.21 % <sup>(g)</sup> | 1.23% | 1.24% | 1.21% | 1.22 % <sup>(f)</sup> | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement <sup>(c)</sup> | 1.20 % <sup>(g)</sup> | 1.21% | 1.22% | 1.20% | 1.21% | 1.23% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets <sup>(c)(d)</sup> | 3.32 % <sup>(g)</sup> | 4.30% | 3.71% | 0.49% | 0.42% | 0.84% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 35 % <sup>(h)</sup> | 34% | 250% | 197% | 157% | 197% |
|  | **Navigator Tactical Fixed Income Fund - Class C** | **Navigator Tactical Fixed Income Fund - Class C** | **Navigator Tactical Fixed Income Fund - Class C** | **Navigator Tactical Fixed Income Fund - Class C** | **Navigator Tactical Fixed Income Fund - Class C** | **Navigator Tactical Fixed Income Fund - Class C** |
|  | **For the Six** | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **April 30, 2025** | **October 31, 2024** | **October 31, 2023** | **October 31, 2022** | **October 31, 2021** | **October 31, 2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $9.94 | $9.41 | $9.26 | $10.91 | $10.62 | $10.27 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)</sup> | 0.13 | 0.35 | 0.28 | (0.02) | (0.03) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (0.41) | 0.67 | 0.27 | (1.07) | 0.89 | 0.41 |
| &nbsp;&nbsp;&nbsp;Total from operations | (0.28) | 1.02 | 0.55 | (1.09) | 0.86 | 0.42 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.49) | (0.40) | (0.07) | (0.11) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.49) | (0.46) | (0.00) <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.26) | (0.49) | (0.40) | (0.56) | (0.57) | (0.07) |
| **Net Asset Value, End of Period** | $9.40 | $9.94 | $9.41 | $9.26 | $10.91 | $10.62 |
| **Total Return <sup>(b)</sup>** | (2.96)% <sup>(h)</sup> | 10.94% | 5.99% | (10.53)% | 8.25% | 4.15% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $24779 | $25764 | $22461 | $26309 | $30016 | $18357 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waivers/reimbursement <sup>(c)</sup> | 1.96 % <sup>(g)</sup> | 1.98% | 1.99% | 1.96% | 1.97 % <sup>(f)</sup> | 1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement <sup>(c)</sup> | 1.95 % <sup>(g)</sup> | 1.96% | 1.97% | 1.95% | 1.96% | 1.98% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(c)(d)</sup> | 2.58 % <sup>(g)</sup> | 3.57% | 2.96% | (0.21)% | (0.26)% | 0.08% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 35 % <sup>(h)</sup> | 34% | 250% | 197% | 157% | 197% |

---

<sup>(a)</sup> Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the period.

<sup>(b)</sup> Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and exclude any sales charges (loads).

 

<sup>(c)</sup> Does not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(d)</sup> Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

 

<sup>(e)</sup> Per share amount represents less than $0.01 per share.

<sup>(f)</sup> Ratio includes less than 0.01% of interest expense.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Not annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds**<br>**FINANCIAL HIGHLIGHTS** |
| The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Navigator Tactical Fixed Income Fund - Class I** | **Navigator Tactical Fixed Income Fund - Class I** | **Navigator Tactical Fixed Income Fund - Class I** | **Navigator Tactical Fixed Income Fund - Class I** | **Navigator Tactical Fixed Income Fund - Class I** | **Navigator Tactical Fixed Income Fund - Class I** |
|  | **For the Six**<br>**Months Ended**<br>**April 30, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** | **For the**<br>**Year Ended**<br>**October 31, 2023** | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Year Ended**<br>**October 31, 2021** | **For the**<br>**Year Ended**<br>**October 31, 2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $9.98 | $9.45 | $9.30 | $10.93 | $10.64 | $10.23 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.18 | 0.45 | 0.38 | 0.08 | 0.07 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (0.42) | 0.66 | 0.27 | (1.07) | 0.89 | 0.42 |
| &nbsp;&nbsp;&nbsp;Total from operations | (0.24) | 1.11 | 0.65 | (0.99) | 0.96 | 0.53 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.31) | (0.58) | (0.50) | (0.15) | (0.21) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.49) | (0.46) | (0.00) <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.31) | (0.58) | (0.50) | (0.64) | (0.67) | (0.12) |
| **Net Asset Value, End of Period** | $9.43 | $9.98 | $9.45 | $9.30 | $10.93 | $10.64 |
| **Total Return <sup>(b)</sup>** | (2.56)% <sup>(h)</sup> | 12.00% | 7.05% | (9.55)% | 9.29% | 5.30% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $7426477 | $7600182 | $6482514 | $6558482 | $8427502 | $6087718 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waivers/reimbursement <sup>(c)</sup> | 0.96 % <sup>(g)</sup> | 0.98% | 0.99% | 0.96% | 0.97 % <sup>(f)</sup> | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement <sup>(c)</sup> | 0.95 % <sup>(g)</sup> | 0.96% | 0.97% | 0.95% | 0.96% | 0.98% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;average net assets <sup>(c)(d)</sup> | 3.58 % <sup>(g)</sup> | 4.56% | 3.97% | 0.76% | 0.69% | 1.08% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 35 % <sup>(h)</sup> | 34% | 250% | 197% | 157% | 197% |

---

<sup>(a)</sup> Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the period.

 

<sup>(b)</sup> Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

<sup>(c)</sup> Does not include the expenses of the underlying investment companies in which the Fund invests.

 

<sup>(d)</sup> Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

<sup>(e)</sup> Per share amount represents less than $0.01 per share.

<sup>(f)</sup> Ratio includes less than 0.01% of the interest expenses.

<sup>(g)</sup> Annualized.

 

<sup>(h)</sup> Not annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds**<br>**FINANCIAL HIGHLIGHTS** |
| The table below sets forth financial data for one share of beneficial interest outstanding throughout each year/period presented. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Navigator Tactical Investment Grade Bond Fund - Class I** | **Navigator Tactical Investment Grade Bond Fund - Class I** | **Navigator Tactical Investment Grade Bond Fund - Class I** | **Navigator Tactical Investment Grade Bond Fund - Class I** | **Navigator Tactical Investment Grade Bond Fund - Class I** |
|  | **For the Six**<br>**Months Ended**<br>**April 30, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** | **For the**<br>**Year Ended**<br>**October 31, 2023** | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Period\***<br>**October 31, 2021** |
|  | **(Unaudited)** |  |  |  |  |
| **Net Asset Value, Beginning of Year/Period** | $9.30 | $8.82 | $8.94 | $9.89 | $10.00 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.16 | 0.39 | 0.36 | 0.13 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (0.58) | 0.49 | (0.15) | (0.99) | (0.12) |
| &nbsp;&nbsp;&nbsp;Total from operations | (0.42) | 0.88 | 0.21 | (0.86) | (0.10) |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.16) | (0.40) | (0.33) | (0.09) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.00) <sup>(g)</sup> |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.16) | (0.40) | (0.33) | (0.09) | (0.01) |
| **Net Asset Value, End of Year/Period** | $8.72 | $9.30 | $8.82 | $8.94 | $9.89 |
| **Total Return <sup>(b)</sup>** | (4.57)% <sup>(f)</sup> | 9.99% | 2.33% | (8.75)% | (1.03)% <sup>(f)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000's) | $1233488 | $1319254 | $1081292 | $1011004 | $49463 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waivers/reimbursement/recapture <sup>(c)</sup> | 1.10 % <sup>(e)</sup> | 1.09% | 1.08% | 1.10% | 1.52 % <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement/recapture <sup>(c)</sup> | 1.01 % <sup>(e)</sup> | 1.01% | 1.01% | 1.01% | 1.01 % <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets <sup>(c)(d)</sup> | 3.55 % <sup>(e)</sup> | 4.23% | 3.99% | 1.44% | 1.06 % <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 721 % <sup>(f)</sup> | 360% | 1368% | 1502% | 0 % <sup>(f)</sup> |

---

\* For the period August 31, 2021 (commencement of operations) to October 31, 2021.

 

<sup>(a)</sup> Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the year/period.

<sup>(b)</sup> Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

<sup>(c)</sup> Does not include the expenses of the underlying investment companies in which the Fund invests.

 

<sup>(d)</sup> Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

 

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Per share amount represents less than $0.01 per share.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds**<br>**FINANCIAL HIGHLIGHTS** |
| The table below sets forth financial data for one share of beneficial interest outstanding throughout each year/period presented. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Navigator Tactical U.S. Allocation Fund - Class I** | **Navigator Tactical U.S. Allocation Fund - Class I** | **Navigator Tactical U.S. Allocation Fund - Class I** | **Navigator Tactical U.S. Allocation Fund - Class I** | **Navigator Tactical U.S. Allocation Fund - Class I** |
|  | **For the Six**<br>**Months Ended**<br>**April 30, 2025** | **For the**<br>**Year Ended**<br>**October 31, 2024** | **For the**<br>**Year Ended**<br>**October 31, 2023** | **For the**<br>**Year Ended**<br>**October 31, 2022** | **For the**<br>**Period Ended\***<br>**October 31, 2021** |
|  | **(Unaudited)** |  |  |  |  |
| **Net Asset Value, Beginning of Year/Period** | $11.47 | $9.12 | $8.47 | $10.85 | $10.00 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(a)</sup> | 0.18 | 0.44 | 0.35 | 0.02 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (1.57) | 2.37 | 0.61 | (1.54) | 0.88 |
| &nbsp;&nbsp;&nbsp;Total from operations | (1.39) | 2.81 | 0.96 | (1.52) | 0.85 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.46) | (0.31) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (1.13) |  |  | (0.85) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.33) | (0.46) | (0.31) | (0.86) |  |
| **Net Asset Value, End of Year/Period** | $8.75 | $11.47 | $9.12 | $8.47 | $10.85 |
| **Total Return <sup>(b)</sup>** | (13.99)% <sup>(d)</sup> | 31.19% | 11.36% | (15.28)% | 8.50 % <sup>(d)</sup> |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (in 000's) | $57798 | $67151 | $51171 | $45975 | $54240 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waivers/reimbursement <sup>(e)</sup> | 1.16 % <sup>(c)</sup> | 1.18% | 1.23% | 1.25 % <sup>(f)</sup> | 1.31 % <sup>(c)(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement <sup>(e)</sup> | 1.01 % <sup>(c)</sup> | 1.01% | 1.01% | 1.02 % <sup>(f)</sup> | 1.04 % <sup>(c)(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets <sup>(e)(g)</sup> | 3.44 % <sup>(c)</sup> | 4.14% | 3.84% | 0.25 % <sup>(f)</sup> | (0.70)% <sup>(c)(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 38 % <sup>(d)</sup> | 4% | 25% | 14% | 8 % <sup>(d)</sup> |

---

\* For the period June 11, 2021 (commencement of operations) to October 31, 2021.

<sup>(a)</sup> Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the year/period.

<sup>(b)</sup> Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Does not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(f)</sup> Includes interest expense of 0.01% and 0.03% for the year ended October 31, 2022 and the period ended October 31, 2021, respectively.

<sup>(g)</sup> Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds**<br>**FINANCIAL HIGHLIGHTS** |
| The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Navigator Ultra Short Bond Fund - Class A** | **Navigator Ultra Short Bond Fund - Class A** | **Navigator Ultra Short Bond Fund - Class A** | **Navigator Ultra Short Bond Fund - Class A** | **Navigator Ultra Short Bond Fund - Class A** | **Navigator Ultra Short Bond Fund - Class A** |
|  | **For the Six**<br>**Months Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended October**<br>**31, 2024** | **For the Year**<br>**Ended October**<br>**31, 2023** | **For the Year**<br>**Ended October**<br>**31, 2022** | **For the Year**<br>**Ended October**<br>**31, 2021** | **For the Year**<br>**Ended October**<br>**31, 2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $10.48 | $10.46 | $10.32 | $10.40 | $10.38 | $10.24 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.22 | 0.54 | 0.44 | 0.07 | 0.02 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.00 <sup>(h)</sup> | 0.02 | 0.08 | (0.06) | 0.02 | 0.21 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.22 | 0.56 | 0.52 | 0.01 | 0.04 | 0.23 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.54) | (0.38) | (0.07) | (0.02) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.02) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.21) | (0.54) | (0.38) | (0.09) | (0.02) | (0.09) |
| **Net Asset Value, End of Period** | $10.49 | $10.48 | $10.46 | $10.32 | $10.40 | $10.38 |
| **Total Return <sup>(b)</sup>** | 2.09 % <sup>(g)</sup> | 5.50% | 5.14% | 0.07% | 0.38% | 2.23% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $64 | $6 | $6 | $11 | $23 | $81 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waivers/reimbursement <sup>(c)</sup> | 0.90 % <sup>(f)</sup> | 0.90% | 0.92% | 0.95% | 0.96% | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement <sup>(c)</sup> | 0.65 % <sup>(f)</sup> | 0.65% | 0.65% | 0.71% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets <sup>(c)(d)</sup> | 4.11 % <sup>(f)</sup> | 5.16% | 4.23% | 0.71% | 0.19% | 0.19% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 13 % <sup>(g)</sup> | 21% | 36% | 36% | 145% | 29% |
|  | **Navigator Ultra Short Bond Fund - Class I** | **Navigator Ultra Short Bond Fund - Class I** | **Navigator Ultra Short Bond Fund - Class I** | **Navigator Ultra Short Bond Fund - Class I** | **Navigator Ultra Short Bond Fund - Class I** | **Navigator Ultra Short Bond Fund - Class I** |
|  | **For the Six** | **For the Year** | **For the Year** | **For the Year** | **For the Year** | **For the Year** |
|  | **Months Ended** | **Ended October** | **Ended October** | **Ended October** | **Ended October** | **Ended October** |
|  | **April 30, 2025** | **31, 2024** | **31, 2023** | **31, 2022** | **31, 2021** | **31, 2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $10.08 | $10.08 | $9.96 | $10.05 | $10.03 | $10.04 |
| &nbsp;&nbsp;&nbsp;From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.22 | 0.55 | 0.46 | 0.12 | 0.04 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.01 | 0.02 | 0.07 | (0.09) | 0.02 | 0.03 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.23 | 0.57 | 0.53 | 0.03 | 0.06 | 0.17 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.57) | (0.41) | (0.10) | (0.04) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.02) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.22) | (0.57) | (0.41) | (0.12) | (0.04) | (0.18) |
| **Net Asset Value, End of Period** | $10.09 | $10.08 | $10.08 | $9.96 | $10.05 | $10.03 |
| **Total Return <sup>(b)</sup>** | 2.26 % <sup>(g)</sup> | 5.79% | 5.39% | 0.23% | 0.63% | 1.67% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $74536 | $71029 | $61645 | $53954 | $53161 | $53733 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before waivers/reimbursement/recapture <sup>(c)</sup> | 0.65 % <sup>(f)</sup> | 0.65% | 0.68% | 0.69% | 0.71% | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of waivers/reimbursement/recapture <sup>(c)</sup> | 0.40 % <sup>(f)</sup> | 0.40% | 0.40% | 0.45% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets <sup>(c)(d)</sup> | 4.44 % <sup>(f)</sup> | 5.40% | 4.62% | 1.22% | 0.41% | 1.37% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 13 % <sup>(g)</sup> | 21% | 36% | 36% | 145% | 29% |

---

<sup>(a)</sup> Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the period.

<sup>(b)</sup> Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and exclude any sales charges (loads).

<sup>(c)</sup> Does not include the expenses of the underlying investment companies in which the Fund invests.

<sup>(d)</sup> Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

 

<sup>(e)</sup> Net realized and unrealized gain on investments per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains (losses) in the Statements of Operations due to the share transactions for the year.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Not annualized.

 

<sup>(h)</sup> Per share amount represents less than $0.01 per share.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| **April 30, 2025** |

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**1.** **ORGANIZATION** 

Navigator Tactical Fixed Income Fund ("Tactical Fund"), Navigator Tactical Investment Grade Bond Fund ("Bond Fund"), Navigator Tactical U.S. Allocation Fund ("Allocation Fund") and Navigator Ultra Short Bond Fund ("Ultra Fund") (each a "Fund" and collectively, the "Funds") are series of shares of beneficial interest of the Northern Lights Fund Trust (the "Trust"), a Delaware statutory trust organized on January 19, 2005. The Funds are each a diversified series of the Trust. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

Tactical Fund offers three classes of shares designated as Class A, Class C and Class I, Ultra Fund offers only Class A and Class I shares and Bond Fund and Allocation Fund offer only Class I shares. Class A shares are offered at net asset value ("NAV") plus a maximum sales charge of 3.75% for the Tactical Fund and Ultra Fund. Class C and Class I shares are offered at NAV. Each class represents an interest in the same assets of the Funds and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. The Funds' income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class. The primary investment objective of the Tactical Fund, which commenced operations on March 27, 2014, is to seek total return with a secondary goal of current income. The primary investment objective of the Bond Fund, which commenced operations on August 31, 2021, is to seek total return with a secondary goal of current income. The primary investment objective of the Allocation Fund, which commenced operations on June 11, 2021, is to seek long-term capital appreciation. The primary investment objective of the Ultra Fund, which commenced operations on March 21, 2019, is current income consistent with the preservation of capital.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services Investment Companies," including FASB Accounting Standards Update ("ASU") 2013-08.

*Operating Segments* – The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

*Securities Valuation –* Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Futures and future options are valued at the final settled price or, in the absence of a settled price, at the last sale price on the day of valuation. Options contracts listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the day of valuation. Option contracts not listed on a securities exchange or board of trade for which over-the-counter market

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| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

quotations are readily available shall be valued at the mean between the current bid and ask prices on the day of valuation. Index options shall be valued at the mean between the current bid and ask prices on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust's Board of Trustees (the "Board") based on methods that include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". The Funds may fair value a particular bond if the advisor does not believe that the round lot value provided by the independent pricing service reflects fair value of the Funds' holding. Short-term debt obligations, having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at NAV. Swaps are valued through an independent pricing service or at fair value based upon the daily price reporting based on the underlying index or asset.

The Funds may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid investments, for which market quotations are not readily available or are determined to be unreliable. These investments are valued using the "fair value" procedures approved by the Board. The Board has designated the advisor as its valuation designee (the "Valuation Designee") to execute these procedures. The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

*Fair Valuation Process* – The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that affects the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of a Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

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| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

The Funds utilize various methods to measure the fair value of all of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1** – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

**Level 2** – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3** – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of April 30, 2025 for the Funds' assets and liabilities measured at fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Tactical Fund**<br>**Assets\*\*** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Exchange Traded Fund | $314400000 | $— | $— | $314400000 |
| Open-End Funds | 114494739 |  |  | 114494739 |
| Corporate Bonds |  | 3555744877 |  | 3555744877 |
| U.S. Government & Agencies |  | 2367117504 |  | 2367117504 |
| Short-Term Investments | 1251144297 |  |  | 1251144297 |
| Options Purchased |  | 77 |  | 77 |
| Collateral for Securities Loaned | 48836720 |  |  | 48836720 |
| Total | $1728875756 | $5922862458 | $— | $7651738214 |
| **Derivatives:** |  |  |  |  |
| Futures Contracts\* | $1047614 | $— | $— | $1047614 |
| Open Swap Contracts^ |  | 2453278 |  | 2453278 |
| Total | $1047614 | $2453278 | $— | $3500892 |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures Contracts\* | $(17320) | $— | $— | $(17320) |
| Open Swap Contracts^ |  | (5208773) |  | (5208773) |
| Total | $(17320) | $(5208773) | $— | $(5226093) |
| **Bond Fund** |  |  |  |  |
| **Assets\*\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds | $— | $989160593 | $— | $989160593 |
| Short-Term Investments | 264535681 |  |  | 264535681 |
| Total | $264535681 | $989160593 | $— | $1253696274 |
| **Derivatives** |  |  |  |  |
| Futures Contracts \* | $18740 | $— | $— | $18740 |
| Open Swap Contract ^ |  | 38490 |  | 38490 |
| Total | $18740 | $38490 | $— | $57230 |

---

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Allocation Fund**<br>**Assets\*\*** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| Corporate Bonds | $— | $44102237 | $— | $44102237 |
| Short-Term Investments | 11338245 |  |  | 11338245 |
| Total | $11338245 | $44102237 | $— | $55440482 |
| **Derivatives:** |  |  |  |  |
| Futures Contracts\* | $106275 | $— | $— | $106275 |
| Total | $106275 | $— | $— | $106275 |
| **Ultra Fund** |  |  |  |  |
| **Assets\*\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds | $— | $72146671 | $— | $72146671 |
| Short-Term Investments | 4596699 |  |  | 4596699 |
| Total | $4596699 | $72146671 | $— | $76743370 |

---

The Funds did not hold any Level 3 securities during the period.

\* Includes cumulative unrealized gain (loss) on futures contracts open at April 30, 2025.

\*\* Refer to the Schedule of Investments for industry, geographic, or other classifications.

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| | |
|:---|:---|
| ^ | The amounts shown for swaps and swaptions are unrealized appreciation (depreciation) at April 30, 2025. |

---

*Valuation of Fund of Funds –* The Funds may invest in portfolios of open-end or closed-end investment companies (the "underlying funds"). Underlying funds that are open-end investment companies are valued at their respective NAVs as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the boards of the underlying funds. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the NAV per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change.

*Security Transactions and Investment Income* – Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the highest cost method for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Purchase discounts and premiums on securities are accreted and amortized over the life of the respective securities.

*Exchange Traded Funds –* The Funds may invest in exchange traded funds ("ETFs"). ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the potential lack of liquidity of an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

*Short Sales –* A "short sale" is a transaction in which a Fund sells a security it does not own but has borrowed in anticipation that the market price of that security will decline. A Fund is obligated to replace the security borrowed by purchasing it on the open market at a later date. If the price of the security sold short increases between the time of the short sale and the time a Fund replaces the borrowed security, the Fund will incur a loss which could potentially be unlimited in size. Conversely, if the price declines, a Fund will realize a gain, limited to the price at which the Fund sold the security short.

*Swap Agreements* – The Funds are subject to equity price risk and/or interest rate risk in the normal course of pursuing their respective investment objectives. The Funds may hold fixed-rate bonds, the value of which may decrease if interest rates rise, and equities which are subject to equity price risk. The Funds may enter into various swap transactions for investment purposes or to manage interest rate, equity, foreign exchange (currency) or credit risk. These would be two-

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| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments.

*Credit Default Swaptions –* Credit default swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific referenced investment by entering into a pre-defined swap agreement by some specified date in the future.

*Credit Default Swaps* - Credit default swaps ("CDS") are typically two-party (bilateral) financial contracts that transfer credit exposure between the two parties. One party to a CDS (referred to as the credit protection "buyer") receives credit protection or sheds credit risk, whereas the other party to a CDS (referred to as the credit protection "seller") is selling credit protection or taking on credit risk. The seller typically receives pre-determined periodic payments from the other party. These payments are in consideration for agreeing to make compensating specific payments to the buyer should a negative credit event occur, such as (1) bankruptcy or (2) failure to pay interest or principal on a reference debt instrument, with respect to a specified issuer or one of the reference issuers in a CDS portfolio. In general, CDS may be used by the Funds to obtain credit risk exposure similar to that of a direct investment in high yield bonds. The amounts to be exchanged or "swapped" between parties are calculated with respect to the notional amount. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as premiums paid for swap contacts. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statements of Operations. The maximum pay-outs for these contracts are limited to the notional amount of each swap. CDS may involve greater risks than if the Funds had invested in the referenced obligation directly and are subject to general market risk, liquidity risk, counterparty risk and credit risk.

*Futures –* The Tactical Fund and Allocation Fund are subject to interest rate risk in the normal course of pursuing their investment objectives. To help manage equity risk, the Tactical Fund and Allocation Fund may enter into futures contracts. Upon entering into a futures contract with a broker, the Tactical Fund and Allocation Fund are required to deposit in a segregated account a specified amount of cash or U.S. government securities which are classified as deposits with broker in the accompanying Statements of Assets and Liabilities. Futures contracts are valued daily and unrealized gains or losses are recorded in a "variation margin" account. Periodically, the Tactical Fund and Allocation Fund will receive from or pay to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Tactical Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. With futures contracts, there is minimal counterparty credit risk to the Tactical Fund and Allocation Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Futures contracts outstanding at period end are listed after the Tactical Fund's and Allocation Fund's Schedules of Investments.

*Option Transactions –* The Funds are subject to equity price and interest rate risk in the normal course of pursuing their investment objective and may purchase or sell options to help hedge against risk. When a Fund writes put and call options, an amount equal to the premium received is included in the Statements of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Funds enter into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Funds have no control over whether the option will be exercised and, as a result, retain the market risk of an unfavorable change in the price of the security underlying the written option.

The Funds may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in the Funds' portfolios or to gain inverse exposure to market index. If such a decline occurs, the put options will permit the Funds to sell the securities underlying such options at the exercise price, or to close out the

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| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

options at a profit. Call options are purchased to allow the Funds to enter a futures contract or purchase an exchange-traded note at a specified price. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by a Fund upon exercise of the option, and, unless the price of the underlying security, index, or future rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security, index, or future in connection with which an option was purchased moves in a direction favorable to a Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Funds since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

The notional value of the derivative instruments outstanding as of April 30, 2025, as disclosed in the Schedule of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the year/period as disclosed below and within the Statements of Operations serve as indicators of the volume of derivative activity for the Funds.

*Expenses –* Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

*Federal Income Taxes* – The Funds intend to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to their shareholders. Therefore, no provision for Federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended October 31, 2022 to October 31, 2024, or expected to be taken in the Funds' October 31, 2025 year-end tax returns. The Funds have identified their major tax jurisdictions as U.S. federal, and foreign jurisdictions where the Funds make significant investments. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

*Distributions to Shareholders* – Dividends from investment income are declared and paid quarterly for the Funds and are recorded on the ex-dividend date. The Funds will declare and pay net realized capital gains, if any, annually. The character of income and gains to be distributed is determined in accordance with income tax regulations which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their Federal tax-basis treatment; temporary differences do not require reclassification. These reclassifications have no effect on net assets, results from operations or NAV per share of the Funds.

*Indemnification –* The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Trust expects the risk of loss due to these warranties and indemnities to be remote.

**3.** **RISKS** 

*ETF, Mutual Fund and Exchange Traded Note ("ETN") Risk **-*** ETFs, mutual funds and ETNs are subject to investment advisory or management and other expenses, which will be indirectly paid by each Fund. Each is subject to specific risks, depending on investment strategy. Also, each may be subject to leverage risk, which will magnify losses. ETNs are subject to default risks.

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

*Market Risk* - Overall market risks may also affect the value of the Funds. The market values of securities or other investments owned by a Fund will go up or down, sometimes rapidly or unpredictably. Factors such as economic growth and market conditions, interest rate levels, exchange rates and political events affect the securities markets. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. Unexpected local, regional or global events and their aftermath, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; recessions and depressions; or other tragedies, catastrophes and events could have a significant impact on the Funds and its investments and could result in increased premiums or discounts to the Funds' net asset value, and may impair market liquidity, thereby increasing liquidity risk. Such events can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. The Funds could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. In times of severe market disruptions, you could lose your entire investment.

**4.** **DERIVATIVES** 

*Offsetting of Financial Assets and Derivative Assets and Liabilities –* International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") govern OTC financial derivative transactions entered into by the Tactical Fund, Allocation Fund and Bond Fund and their counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreements. Any election to early terminate could be material to the financial statements. Additionally, the Tactical Fund and each derivative counterparty enter into a Credit Support Annex which becomes part of the ISDA Master Agreement. The Credit Support Annex governs the margin collateral arrangements between the Tactical Fund and the derivative counterparty.

Under an ISDA Master Agreement or similar agreement, the Funds typically may offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by a counterparty, the return of collateral with market value in excess of the Funds net liability, held by the defaulting party, may be delayed or denied.

The Funds' policy is to recognize a net asset or liability equal to the gross appreciation (depreciation) of the derivative. The following tables show additional information regarding derivatives and the offsetting of assets and liabilities at April 30, 2025.

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

**Tactical Fund:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | Gross Amounts Not Offset in the Statements | Gross Amounts Not Offset in the Statements | |
| <u>Assets:</u> |  |  |  |  | of Assets & Liabilities | of Assets & Liabilities |  |
|  |  |  | Gross |  |  |  |  |
|  |  |  | Amounts |  |  |  |  |
|  |  |  | Offset in the | Net Amounts |  |  |  |
|  |  |  | Statements of | Presented in the |  | Cash Collateral |  |
|  | Counter | Gross Amounts of | Assets & | Statements of | Financial Instruments | Pledged/ |  |
| <u>Description</u> | party | Recognized Assets | Liabilities | Assets & Liabilities | Pledged <sup>(1)</sup> | (Received)<sup>(2)</sup> | Net Amount |
| Futures Contracts | GS | $1047614 | $— | $1047614 | $(17320) | $— | $1030294 |
| Swap Contracts | GS | 2440232 |  | 2440232 | (2440232) |  |  |
| Swap Contracts | MS | 13046 |  | 13046 |  |  | 13046 |
| Total |  | $3500892 | $— | $3500892 | $(2457552) | $— | $1043340 |
|  |  |  |  |  | Gross Amounts Not Offset in the Statements | Gross Amounts Not Offset in the Statements |  |
| <u>Liabilities:</u> |  |  |  |  | of Assets & Liabilities | of Assets & Liabilities |  |
|  |  |  | Gross |  |  |  |  |
|  |  |  | Amounts |  |  |  |  |
|  |  |  | Offset in the | Net Amounts |  |  |  |
|  |  | Gross Amounts of | Statements of | Presented in the |  | Cash Collateral |  |
|  | Counter | Recognized | Assets & | Statements of |  | Pledged/ |  |
| <u>Description</u> | party | Liabilities | Liabilities | Assets & Liabilities | Financial Instruments <sup>(1)</sup> | (Received)<sup>(2)</sup> | Net Amount |
| Futures Contracts | GS | $(17320) | $— | $(17320) | $17320 | $— | $— |
| Swap Contracts | GS | (5208773) |  | (5208773) | 2440232 | (2768541) |  |
| Total |  | $(5226093) | $— | $(5226093) | $2457552 | $(2768541) | $— |

---

GS - Goldman Sachs

MS - Morgan Stanley

<sup>(1)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to a master netting agreement.

 

<sup>(2)</sup> The amount does not include excess collateral pledged to or by the counterparty. Detailed collateral amounts are presented in the Statements of Assets and Liabilities.

The effect of Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Contract Type/**<br>**Primary Risk Exposure** | <br>**Balance Sheet Location** |<br>**Value** | <br>**Balance Sheet Location** |<br>**Value** |
| Futures contracts / Equity risk | Unrealized Appreciation on Futures Contracts | $— | Unrealized Depreciation on Futures Contracts | $17320 |
| Futures contracts / Interest rate risk | Unrealized Appreciation on Futures Contracts | 1047614 | Unrealized Depreciation on Futures Contracts |  |
| Credit default swaps/Credit risk | Unrealized Appreciation on Swap Contracts | 2453278 | Unrealized Depreciation on Swap Contracts | 5208773 |
|  |  | $3500892 |  | $5226093 |

---

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

**Tactical Fund:**

The effect of Derivative Instruments on the Statements of Operations for the six months ended April 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  |  | | Change in Unrealized |
|  |  | Realized | Appreciation |
| Contract Type/ | Location of Gain or (Loss) On | Gain (Loss) | /(Depreciation) |
| Primary Risk Exposure | Derivatives | on Derivatives | on Derivatives |
| Credit default swaps/Credit risk | Net realized gain (loss) on swaps contracts/Net change in unrealized appreciation (depreciation) on swaps contracts | $(43827608) | $(41267652) |
| Total return swaps/interest rate risk | Net realized gain (loss) on swaps contracts/Net change in unrealized appreciation (depreciation) on swaps contracts | (14692200) | 1483779 |
| Futures contracts / Interest rate risk | Net realized gain (loss) on futures contracts/Net change in unrealized appreciation (depreciation) on futures contracts | (200303417) | 40775901 |
| Futures contracts / Equity risk | Net realized gain (loss) on futures contracts/Net change in unrealized appreciation (depreciation) on futures contracts | (39098755) | (1597955) |
| Options Purchased / Interest rate risk | Net realized gain (loss) on options purchased/Net change in unrealized appreciation (depreciation) on options purchased | 152472 | (96423) |
| Options Written / Interest rate risk | Net realized gain (loss) on options written / Net change unrealized appreciation/(depreciation) on options written | (7500) |  |
| Swaptions Purchased / Credit risk | Net realized gain (loss) on swaptions purchased/Net change in unrealized appreciation (depreciation) on swaptions purchased | 5050000 | 474500 |
| Swaptions Written / Credit risk | Net realized gain (loss) on swaptions written / Net change unrealized appreciation/(depreciation) on swaptions written | (1375000) | (39500) |
| Total |  | $(294102008) | $(267350) |

---

**Bond Fund:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | Gross Amounts Not Offset in the Statements | Gross Amounts Not Offset in the Statements | |
| <u>Assets:</u> |  |  |  |  | of Assets & Liabilities | of Assets & Liabilities |  |
|  |  |  | Gross |  |  |  |  |
|  |  |  | Amounts |  |  |  |  |
|  |  |  | Offset in the | Net Amounts |  |  |  |
|  |  |  | Statements of | Presented in the |  | Cash Collateral |  |
|  | Counter | Gross Amounts of | Assets & | Statements of | Financial Instruments | Pledged/ |  |
| <u>Description</u> | party | Recognized Assets | Liabilities | Assets & Liabilities | Pledged <sup>(1)</sup> | (Received)<sup>(2)</sup> | Net Amount |
| Futures Contracts | GS | $18740 | $— | $18740 | $— | $— | $18740 |
| Swap Contracts | GS | 38490 |  | 38490 |  |  | 38490 |
| Total |  | $57230 | $— | $57230 | $— | $— | $57230 |

---

GS - Gol dman Sachs

<sup>(1)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to a master netting agreement.

 

<sup>(2)</sup> The amount does not include excess collateral pledged to or by the counterparty. Detailed collateral amounts are presented in the Statements of Assets and Liabilities.

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

**Bond Fund:**

The effect of Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Contract Type/**<br>**Primary Risk Exposure** | <br>**Balance Sheet Location** |<br>**Value** | <br>**Balance Sheet Location** |<br>**Value** |
| Futures contracts / Interest rate risk | Unrealized Appreciation on Futures Contracts | $18740 | Unrealized Depreciation on Futures Contracts | $— |
| Credit default swaps/Credit risk | Unrealized Appreciation on Swap Contracts | 38490 | Unrealized Depreciation on Swap Contracts |  |
|  |  | $57230 |  | $— |

---

The effect of Derivative Instruments on the Statements of Operations for the six months ended April 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contract Type/Primary Risk**<br>**Exposure** | <br>**Location of Gain or (Loss) on Derivatives** |<br>**Realized Loss on**<br>**Derivatives** | **Change in Unrealized**<br>**Appreciation**<br>**(Depreciation) on**<br>**Derivatives** |
| Credit default swaps/Credit risk | Net realized gain on swaps contracts/Net change in unrealized appreciation (depreciation) on swaps contracts | $(3053900) | $— |
| Futures contracts /Interest rate risk | Net realized gain on futures contracts/Net change in unrealized appreciation (depreciation) on futures contracts | (2888446) | 18740 |
| Total |  | $(5942346) | $18740 |

---

**Allocation Fund:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the | |
| <u>Assets:</u> |  |  |  |  | Statements of Assets & Liabilities | Statements of Assets & Liabilities |  |
|  |  |  | Gross |  |  |  |  |
|  |  |  | Amounts |  |  |  |  |
|  |  |  | Offset in the | Net Amounts |  |  |  |
|  |  |  | Statements of | Presented in the | Financial | Cash Collateral |  |
|  | Counter | Gross Amounts of | Assets & | Statements of | Instruments | Pledged/ |  |
| <u>Description</u> | party | Recognized Assets | Liabilities | Assets & Liabilities | Pledged <sup>(1)</sup> | (Received)<sup>(2)</sup> | Net Amount |
| Futures Contracts | GS | $106275 | $— | $106275 | $— | $— | $106275 |
| Total |  | $106275 | $— | $106275 | $— | $— | $106275 |

---

GS - Goldman Sachs

<sup>(1)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to a master netting agreement.

 

<sup>(2)</sup> The amount does not include excess collateral pledged to or by the counterparty. Detailed collateral amounts are presented in the Statements of Assets and Liabilities.

The effect of Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Contract Type/**<br>**Primary Risk Exposure** | <br>**Balance Sheet Location** |<br>**Value** | <br>**Balance Sheet Location** |<br>**Value** |
| Futures contracts / Equity risk | Unrealized Appreciation on Futures Contracts | $106275 | Unrealized Depreciation on Futures Contracts | $— |
|  |  | $106275 |  | $— |

---

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

**Allocation Fund:**

The effect of Derivative Instruments on the Statements of Operations for the six months ended April 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Contract Type/Primary Risk**<br>**Exposure** | <br>**Location of Gain or (Loss) on Derivatives** |<br>**Realized Loss on**<br>**Derivatives** | **Change in Unrealized**<br>**Depreciation on**<br>**Derivatives** |
| Futures contracts /Equity risk | Net realized loss on futures contracts/Net change in unrealized appreciation (depreciation) on futures contracts | $(9363385) | $(454785) |
| Total |  | $(9363385) | $(454785) |

---

**5.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

Clark Capital Management Group, Inc. serves as the Funds' investment advisor (the "Advisor").

Pursuant to the investment advisory agreement (the "Advisory Agreement") with the Trust on behalf of the Funds, the Advisor, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. Under the terms of the Advisory Agreement, the Advisor receives monthly fees calculated daily and paid monthly at an annual rate of 0.85% of the average daily net assets of the Tactical Fund, Bond Fund and Allocation Fund up to $4.5 billion, 0.80% of the of the average daily net assets of the Tactical Fund, Bond Fund and Allocation Fund from $4.5 billion to $5.5 billion and 0.75% of the average daily net assets of the Tactical Fund, Bond Fund and Allocation Fund above $5.5 billion and 0.30% of the average daily net assets of the Ultra Fund. For the six months ended April 30, 2025, the Advisor earned advisory fees of $31,791,315, $5,510,625, $286,085 and $105,360 for the Tactical Fund, Bond Fund, Allocation Fund and Ultra Fund, respectively.

Pursuant to an exemptive order, the Tactical Fund invested a portion of its assets in the Allocation Fund and Ultra Fund. The Advisor has agreed to waive its net advisory fee (after expense limitation agreement waiver) on the portion of the Tactical Fund's assets that are invested in the Bond Fund, Allocation Fund and Ultra Fund. For the six months ended April 30, 2025, the Tactical Fund waived $507,420 in advisory fees pursuant to this agreement.

The Advisor has contractually agreed to waive all or part of its management fees and/or make payments to limit the Funds' expenses (exclusive of any front-end or contingent deferred loads; brokerage fees and commissions; acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); borrowing costs (such as interest and dividend expense on securities sold short); taxes; expenses incurred in connection with any merger or reorganization; and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Advisor)) at least until the expiration dates specified below and will not exceed the following levels of the average daily net assets attributable to each class of shares:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class I** | **Expiration Date** |
| Bond Fund | 1.26% | 1.01% | 2/28/2026 |
| Allocation Fund | 1.26% | 1.01% | 2/28/2026 |
| Ultra Fund | 0.65% | 0.40% | 2/28/2026 |

---

Waivers and expense payments may be recouped by the Advisor from the Funds, to the extent that overall expenses fall below the expense limitation amounts listed above, within three years of when the amounts were waived. During the six months ended April 30, 2025, the Advisor waived $563,584, $50,947 and $87,985 in fees from the Bond Fund, Allocation Fund and Ultra Fund, respectively.

The following table shows the remaining waived expenses subject to potential recovery which expire in:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **October 31, 2025** | **October 31, 2026** | **October 31, 2027** | **Total** |
| Bond Fund | $632196 | $774444 | $989596 | $2396236 |
| Allocation Fund | 112432 | 111067 | 105755 | 329254 |
| Ultra Fund | 128968 | 161276 | 165873 | 456117 |

---

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

*Distributor –* The distributor of the Funds is Northern Lights Distributors, LLC (the "Distributor"). The Trust has adopted, on behalf of the Funds, the Trust's Master Distribution and Shareholder Servicing Plans (the "Plans") for Class A and Class C shares, respectively, pursuant to Rule 12b-1 under the 1940 Act, to pay for certain distribution activities and shareholder services. Under the Plans, the Funds may pay 0.25% per year of the average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares for such distribution and shareholder service activities. For the six months ended April 30, 2025, the Tactical Fund incurred distribution fees of $59,312 and $129,217 for Class A shares and Class C shares, respectively, and the Ultra Fund incurred distribution fees of $38 for Class A shares.

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. For the six months ended April 30, 2025, the Distributor received $27,004 in underwriting commissions for sales of Class A shares, of which $6,106 was retained by the principal underwriter or other affiliated broker-dealers.

In addition, certain affiliates of the Distributor provide services to the Funds as follows:

Ultimus Fund Solutions, LLC ("UFS") – UFS, an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Funds for serving in such capacities.

Northern Lights Compliance Services, LLC ("NLCS") - NLCS, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Funds.

Blu Giant, LLC ("Blu Giant") – Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

**6.** **INVESTMENT TRANSACTIONS** 

The cost of purchases and the proceeds from the sale of securities, other than short-term securities and U.S. Government securities, for the six months ended April 30, 2025, amounted to $3,275,762,060 and $1,841,376,258, respectively, for the Tactical Fund, $4,139,319,213 and $3,069,872,989, respectively, for the Bond Fund, $43,322,481 and $21,154,894, respectively, for the Allocation Fund; and $59,487,429 and $8,672,382, respectively, for the Ultra Fund.

The cost of purchases and the proceeds from the sale of U.S. Government securities, for the six months ended April 30, 2025, amounted to $2,621,043,138 and $150,744,141, respectively, for the Tactical Fund, $1,088,984,377 and $1,993,088,632, respectively, for the Bond Fund and $6,563,652 and $7,574,357, respectively, for the Allocation Fund.

**7.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The identified cost of investments in securities owned by each Fund for federal income tax purposes including options and swaps, and its respective gross unrealized appreciation and depreciation at April 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>Tax Cost |<br>Gross Unrealized<br>Appreciation |<br>Gross Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| Navigator Tactical Fixed Income Fund | $7889585954 | $11332770 | $(249180510) | $(237847740) |
| Navigator Tactical Investment Garde Bond Fund | 1257107886 | 236642 | (3648254) | (3411612) |
| Navigator Tactical US Allocation Fund | 55444570 | 19962 | (24050) | (4088) |
| Navigator Ultra Short Fund | 76762958 | 32567 | (52155) | (19588) |

---

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

**8.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of distributions paid during the years ended October 31, 2024 and October 31, 2023 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***For the year ended October 31, 2024:*** | ***For the year ended October 31, 2024:*** | ***For the year ended October 31, 2024:*** | ***For the year ended October 31, 2024:*** | ***For the year ended October 31, 2024:*** |
|  | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| Navigator Tactical Fixed Income Fund | $424130410 | $— | $— | $424130410 |
| Navigator Tactical Investment Grade Bond Fund | 52150532 |  |  | 52150532 |
| Navigator Tactical US Allocation Fund | 2602333 |  |  | 2602333 |
| Navigator Ultra Short Bond Fund | 3740268 |  |  | 3740268 |
| ***For the year ended October 31, 2023:*** | ***For the year ended October 31, 2023:*** | ***For the year ended October 31, 2023:*** | ***For the year ended October 31, 2023:*** | ***For the year ended October 31, 2023:*** |
|  | **Ordinary** | **Long-Term** | **Return of** |  |
|  | **Income** | **Capital Gains** | **Capital** | **Total** |
| Navigator Tactical Fixed Income Fund | $345059888 | $— | $— | $345059888 |
| Navigator Tactical Investment Grade Bond Fund | 37900560 |  |  | 37900560 |
| Navigator Tactical US Allocation Fund | 1679685 |  |  | 1679685 |
| Navigator Ultra Short Bond Fund | 2370909 |  |  | 2370909 |

---

As of October 31, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Navigator Tactical Fixed Income Fund | $76503855 | $— | $— | $(534882913) | $— | $91904180 | $(366474878) |
| Navigator Tactical Investment Grade Bond Fund | 6772502 |  |  | (19939755) |  | 39503 | (13127750) |
| Navigator Tactical US Allocation Fund | 2804856 | 4064550 |  |  |  | 1710124 | 8579530 |
| Navigator Ultra Short Bond Fund | 339318 |  |  | (49538) |  | 88823 | 378603 |

---

The difference between book basis and tax basis unrealized appreciation/(depreciation) and accumulated net realized gain/(loss) from investments is primarily attributable to the tax deferral of losses on wash sales, and mark-to-market on open futures contracts.

At October 31, 2024, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carry forwards utilized, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Short-Term** |<br>**Long-Term** |<br>**Total** | **Capital Loss Carry**<br>**Forward Utilized** |
| Navigator Tactical Fixed Income Fund | $484468724 | $50414189 | $534882913 | $228974868 |
| Navigator Tactical Investment Grade Bond Fund | 17432832 | 2506923 | 19939755 \* | 56510554 |
| Navigator Tactical US Allocation Fund |  |  |  | 5130277 |
| Navigator Ultra Short Bond Fund | 49538 |  | 49538 | 45429 |

---

\* The Bond Fund experienced a shareholder change in ownership resulting in an annual limitation on the amount of pre-change capital loss carry forwards available to be recognized in each year. Due to IRC Section 382 limitations, utilization of these carry forwards is limited to a maximum of $1,543,207 per year and has a total limited capital loss remaining of $221,608.

**9.** **SECURITIES LENDING** 

The Funds have entered into a securities lending arrangement (the "Agreement") with The Bank of New York Mellon (the "Lending Agent"). Under the terms of the Agreement, the Funds are authorized to loan securities to the Lending Agent. In exchange, the Funds receive cash and "non-cash" or "securities" collateral in the amount of at least 102% of the value of the securities loaned. The value of securities loaned is disclosed in a footnote on the Statements of Assets and Liabilities and on the Schedules of Investments. Securities lending income is disclosed in the Funds' Statements of Operations. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the Lending Agent fails to return the securities on loan. The Funds' cash collateral received in securities lending transactions is invested in the Goldman Sachs Financial Square Government Fund, as

---

| |
|:---|
| **Navigator Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **April 30, 2025** |

---

presented below. The Lending Agent retains the right to offset amounts payable to the Funds under the Agreement against amounts payable by the Lending Agent. Accordingly, the Agreement does not permit the Funds to enforce a netting arrangement.

As of April 30, 2025, the Tactical Fund loaned securities which was collateralized by cash and other securities. The value of the securities on loan and the value of the related collateral was as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Value of Securities Loaned** | **Value of Collateral\*** |
| Tactical Fund | $47849692 | $48836720 |

---

\* The Tactical Fund received cash collateral of $48,836,720 which was subsequently invested in the Goldman Sachs Financial Square Government Fund as reported in the Schedule of Investments.

---

| | |
|:---|:---|
| **<u>Securities Lending Transactions</u>** |  |
| &nbsp;&nbsp;&nbsp;**Overnight and Continuous** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tactical Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund, Institutional Class | $48836720 |

---

**10.** **INVESTMENTS IN AFFILIATED COMPANIES** 

An affiliated company is a company in which a Fund has ownership of at least 5% of the voting securities or are affiliated through common management. Companies which are affiliates of the Tactical Fund as of April 30, 2025, are noted in the Funds' Schedule of Investments. Transactions during the six months ended April 30, 2025, with affiliated companies were as follows:

**Tactical Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Affiliated Holding** |<br>**Value - Beginning of**<br>**Year/Period** |<br>**Purchases** |<br>**Sales Proceeds** |<br>**Realized Gain /**<br>**(Loss)** | **Change in**<br>**Unrealized Gain /**<br>**(Loss)** |<br>**Dividend**<br>**Income** |<br>**Value - End of**<br>**Year/Period** |<br>**Ending Shares** |
| Ultra Fund | $55482977 | $1191616 | $— | $— | $62292 | $1191616 | $56736885 | 5623081 |
| Allocation Fund | 67149761 | 7830076 |  |  | (17221983) | 3765379 | 57757854 | 6600898 |
|  | $122632738 | $9021692 | $— | $— | $(17159691) | $4956995 | $114494739 | 12223979 |

---

**11.** **BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund under section 2(a)(9) of the 1940 Act. As of April 30, 2025, National Financial Services LLC accounts holding Shares for the benefit of others, holding approximately 57% and 43% of the voting securities of the Tactical Fund and Bond Fund, respectively. As of April 30, 2025, Mac & Co. held approximately 76% and 100% of the voting securities of the Ultra Fund and Allocation Fund, respectively. As of April 30, 2025, Pershing LLC held approximately 32% of the voting securities of the Bond Fund.

**12.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

**How to Obtain Proxy Voting Information**

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-877-766-2264, by visiting the Funds website at <u>www.navigatorfunds.com</u>, or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

---

| |
|:---|
| **Navigator Funds** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **April 30, 2025** |

---

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the Statement of Operations included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies** Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** Not applicable to open-end investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** Not applicable to open-end investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** Not applicable to open-end investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.** None

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto.](ex99-cert.htm)

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Northern Lights Fund Trust</u>

---

| |
|:---|
| By (Signature and Title) |
| /s/ Kevin E. Wolf |
| Kevin E. Wolf, Principal Executive Officer/President |

---

Date <u>6/27/25</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the dates indicated.

---

| |
|:---|
| By (Signature and Title) |
| /s/ Kevin E. Wolf |
| Kevin E. Wolf, Principal Executive Officer/President |

---

Date <u>6/27/25</u>

---

| |
|:---|
| By (Signature and Title) |
| /s/ Jim Colantino |
| Jim Colantino, Principal Financial Officer/Treasurer |

---

Date <u>6/27/25</u>

## Ex-99.Cert

CERTIFICATIONS

I, Kevin E. Wolf, certify that:

1. I have reviewed this report on Form N-CSR of the Navigator Funds (series of Northern Lights Fund Trust);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/27/25 | /s/ Kevin E. Wolf |
|  |  | Kevin E. Wolf |
|  |  | Principal Executive Officer/President |

---

I, Jim Colantino, certify that:

1. I have reviewed this report on Form N-CSR of the Navigator Funds (series of Northern Lights Fund Trust);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/27/25 | /s/ Jim Colantino |
|  |  | Jim Colantino |
|  |  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**certification**

Kevin E. Wolf, Principal Executive Officer/President, and Jim Colantino, Principal Financial Officer/Treasurer of Northern Lights Fund Trust (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended April 30, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust |
| /s/ Kevin E. Wolf | /s/ Kevin E. Wolf | /s/ Jim Colantino | /s/ Jim Colantino |
| Kevin E. Wolf | Kevin E. Wolf | Jim Colantino | Jim Colantino |
| Date: | 6/27/25 | Date: | 6/27/25 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Northern Lights Fund Trust and will be retained by Northern Lights Fund Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.