# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-23-001310
**Filing Date:** 2023-3
**Character Count:** 154563
**Document Hash:** 32a795c44be3fbcff55cbdb49b346fa3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001310.hdr.sgml**: 20230307

**ACCESSION NUMBER**: 0001580642-23-001310

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230307

**DATE AS OF CHANGE**: 20230307

**EFFECTIVENESS DATE**: 20230307

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 23713354

**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

### TransWestern Institutional Short Duration Government Bond Fund (Series ID: S000030560)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000094762 | TransWestern Institutional Short Duration Government Bond Fund | TWSGX           |

**united states<br> securities and exchange commission<br> washington, d.c. 20549<br>form n-csr<br>certified shareholder report of registered management<br> investment companies**

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

 <u>Northern Lights Fund Trust</u> 

(Exact name of registrant as specified in charter)

 <u>225 Pictoria Drive, Suite 450, Cincinnati, OH 45246</u> 

(Address of principal executive offices) (Zip code)

 <u>The Corporation Trust Company</u> 

 <u>1209 Orange Street, Wilmington, DE 19801</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-470-2619</u> 

Date of fiscal year end: <u>12/31</u> 

Date of reporting period: <u>12/31/2022</u> 

**Item 1. Reports to Stockholders.**![(LOGO)](ta001_v1.jpg)

**Institutional Short Duration**

**Government Bond Fund**

**TWSGX**

**Annual Report** 

**December 31, 2022**

*Advised by*: TransWestern Capital Advisors, LLC 37 Bellevue Avenue Newport, RI 02840 (303) 864-1213 *Subadvised by*: Loomis, Sayles & Company, L.P. One Financial Center Boston, MA 02111

**Tel. (800) 997-0718** 

**<u>www.TransWesternFunds.com</u>**

![(LOGO)](ta002_v1.jpg)

**Market Conditions:**

<u>2022 Annual:</u>

The global bond market suffered pronounced weakness in 2022. Coming into the year, investors were already on edge as the investment community slowly began to understand that inflation would not be as "transitory" as initially expected. The outlook grew even more challenging after Russia's invasion of Ukraine caused a jump in commodity prices and additional disruptions in global supply chains. Consumer price inflation (CPI) further increased as a result, with year-over-year gains of more than 8% in each monthly report of the second quarter. Inflation stayed elevated for the rest of the year before showing signs of cooling in the fourth quarter. Still, CPI remained above 7% in both the October and November reports, well above the Fed's 2% target.

These developments prompted the US Federal Reserve (Fed) and other major central banks to tighten monetary policy aggressively. The Fed, in addition to ending its stimulative quantitative easing policy, raised interest rates at seven consecutive meetings from March onward. The benchmark fed funds rate, which stood in a range of 0% to 0.25% at the start of 2022, finished the year at 4.25% - 4.50%. This represented the most aggressive increase in short-term rates since the early 1980s.

The backdrop of high inflation and rising rates weighed heavily on US Treasurys. The yield on the two-year note surged from 0.39% to 4.41% over the course of 2022, while the 10-year yield climbed from 1.44% to 3.88%. The Treasury market suffered its second consecutive year of negative returns in 2022 – the first time this has happened since 1958-59. One result of these moves was that the yield curve inverted significantly (meaning that short- term yields traded above those on longer-term debt), an unusual event that typically precedes a recession.

Securitized assets—including agency mortgage-backed securities (MBS) - posted negative total returns but outperformed the broader US bond market due to the category's shorter duration (lower interest-rate sensitivity).

**Performance Results:**

During the year ended December 31, 2022, the TransWestern Institutional Short Duration Government Bond Fund (the "Fund") returned (4.82)% which was approximately 70 basis points higher than its benchmark, the 50% Barclays Short Treasury 50% Barclays MBS Index, which returned (5.52)% over the same period.

**Explanation of Fund Performance:**

Yield curve effects and sector allocation had a positive impact on 2022 performance, while bond selection decisions were a major detractor.

Within our allocation to Agency MBS, bond selection was negative, while allocation in this space contributed to excess returns. Selection to pass-thrus, Agency CMBS, and CMOs were all detractors. The Fund's underweight to US Treasuries as compared to its benchmark had a slightly positive impact on excess return.

![(LOGO)](ta002_v1.jpg)

**Outlook:**

● The Federal Reserve continues to tighten monetary policy as inflation remains above the Fed's preferred range and the unemployment rate has not materially increased over the past three quarters. Market expectations for the terminal fed funds rate are hovering near 5% and our yield curve team is in line with this consensus. However, we believe the range of outcomes can be as low as 4.75% or as high as 5.5% depending on how the economy and inflation respond over the coming quarters. The shape of the yield curve remains inverted with higher yields on shorter maturities relative to longer-dated bonds. We anticipate the Fed will loosen monetary policy as early as the third quarter of 2023 to restimulate economic activity.

● We believe we are in the later phases of the credit cycle. Government, corporate and consumer balance sheets entered this part of the cycle in a strong position, but are showing strains from higher inflation, tightening credit conditions and greater economic uncertainty. We expect the economy will enter a brief and shallow recession in the near future. Demand destruction is expected as well as profit degradation and rising unemployment. However, our view is the recession will be shallow and somewhat brief due to the strong starting position in corporate health. Risk premiums for corporate bonds have increased substantially over the past year in recognition of the potential for the increases in downgrades and defaults that accompany recessions.

● We continue to see the primary market risk as an over-tightening of monetary policy by the Fed which depresses aggregate economic demand. However, the market is also sensitive to any data which may suggest inflation will remain elevated and which could keep the Fed in a hawkish policy stance. Covid concerns are elevated with the onset of winter and the recent outbreak in China which has impacted Chinese economic activity. Lastly, the Russia-Ukraine conflict continues to be a source of anxiety and contribute to market volatility and uncertainty.

● We continue to favor spread sectors, such as corporate bonds and securitized assets.

● Corporate bonds have provided the most robust opportunity for the strategy and we continue to find attractively priced new issues with favorable concessions. The strategy's corporate risk relative to the benchmark is in the upper zone of our budget. For mandates which allow for non-investment grade allocations, the team continues to hold a small number of issuers we believe offer value.

● Asset-backed securities continue to be a favorable alternative to corporate credit in the front end of the curve, and valuations during the quarter were attractive which allowed the team to add new issues. We favor consumer related collateral such as auto receivables and personal consumer loans. We prefer the top of the capital stack but are not limited to the highest quality band of the structure. Risk relative to benchmark is healthy, but in the lower third of our budget.

● Commercial mortgage-backed securities remain in the strategy but exposure is marginal relative to the benchmark. When opportunities arise we favor senior parts of the capital stack.

● We continue to follow our process of building diversified exposures by asset class, industry and issuers.

*This commentary is provided for informational purposes only and should not be construed as investment advice. Any opinions or forecasts contained herein reflect the subjective judgments and assumptions of the authors only and do not necessarily reflect the views of Loomis, Sayles & Company, L.P., or any portfolio manager. Investment recommendations may be inconsistent with these opinions. There can be no assurance that developments will transpire as forecasted and actual results will be different. Data and analysis does not represent the actual or expected future performance of any investment product. We believe the information, including that obtained from outside sources, to be correct, but we cannot guarantee its accuracy. The information is subject to change at any time without notice. Indexes are unmanaged and do not incur fees, and you may not invest directly in an index.*

**Past Performance is no guarantee of future results.** 

**TransWestern Institutional Short Duration Government Bond Fund**

**PORTFOLIO REVIEW (Unaudited)**

**December 31, 2022**

The Fund's performance figures\* for the periods ended December 31, 2022, compared to its benchmarks:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>One Year | Annualized<br>Five Year | Annualized<br>Ten Year | Annualized<br>Since Inception \*\* |
| TransWestern Institutional Short Duration Government Bond Fund | (4.82)% | 0.26% | 0.60% | 0.91% |
| Bloomberg Barclays Capital Mortgage Backed Securities Index \*\*\* | (11.81)% | (0.53)% | 0.74% | 1.35% |
| Bloomberg Barclays Capital Short Treasury Index \*\*\*\* | 0.99% | 1.26% | 0.80% | 0.70% |
| Blended Benchmark Index \*\*\*\*\* | (5.52)% | 0.39% | 0.79% | 1.04% |

---

**Comparison of the Change in Value of a $2,000,000 Investment**

![(LINE GRAPH)](ta003_v1.jpg)

\* The Performance data quoted is historical. **Past performance is no guarantee of future results**. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Returns greater than 1 year are annualized. The Fund may assess a redemption fee of 0.25% of the total redemption amount if shareholders sell their shares after holding them for less than 30 days. Per the fee table in the Fund's May 1, 2022 prospectus, the total annual operating expenses are 0.70% before fee waivers. For performance information current to the most recent month-end, please call 1-855-881-2380.

\*\* Inception date is January 3, 2011.

\*\*\* The Bloomberg Barclays Capital Mortgage Backed Securities Index is an unmanaged market capitalization index which measures the performance of investment grade fixed-rate mortgage-backed pass through securities of Government National Mortgage Association ("GNMA"), Federal National Mortgage Association ("FNMA") and Federal Home Loan Mortgage Corp. ("FHLMC"). Investors may not invest in the Index directly. Unlike the Fund's returns, Index returns do not reflect any fees or expenses.

---

| | |
|:---|:---|
| \*\*\*\* | The Bloomberg Barclays Capital Short Treasury Index measures the performance of United States Treasury Securities with a remaining maturity between 1 to 12 months. The index is unmanaged and its results do not reflect the effect of sales charges, commissions, account fees, expenses or taxes. Investors cannot invest directly in an index. Unlike the Fund's returns, Index returns do not reflect any fees or expenses. |

---

---

| | |
|:---|:---|
| \*\*\*\*\* | The Blended Benchmark Index represents a blend of 50% Barclays Capital Short Treasury Index and 50% Barclays Capital Mortgage Backed Securities Index. The index is unmanaged and its results do not reflect the effect of sales charges, commissions, account fees, expenses or taxes. Investors cannot invest directly in an index. |

---

---

| | |
|:---|:---|
| **Portfolio Composition as of December 31, 2022 (Unaudited)** | **Portfolio Composition as of December 31, 2022 (Unaudited)** |
| **Holdings By Investment Type** | % **of Net Assets** |
| U.S. Government & Agencies | 86.1% |
| U.S. Treasury Notes | 8.5% |
| Short-Term Investments and Other Assets less Liabilities | 5.4% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this report for a detailed listing of the Fund's holdings.

---

| |
|:---|
| **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 86.1%** |  |  |  |  |
|  | **FEDERAL HOME LOAN MORTGAGE CORP.** — **27.4%<sup>(a)</sup>** |  |  |  |  |
| 70436 | Freddie Mac Gold Pool Series G08448 |  | 5.0000 | 05/01/41 | $71379 |
| 534011 | Freddie Mac Gold Pool Series Q18571 |  | 3.5000 | 05/01/43 | 501078 |
| 369516 | Freddie Mac Gold Pool Series Q20545 |  | 3.5000 | 07/01/43 | 346960 |
| 102963 | Freddie Mac Gold Pool Series U92432 |  | 4.0000 | 02/01/44 | 98824 |
| 669090 | Freddie Mac Multifamily Structured Pass Through Series K029 A2 <sup>(b)</sup> |  | 3.3200 | 02/25/23 | 666922 |
| 467954 | Freddie Mac Multifamily Structured Pass Through Series Q015 A <sup>(c)</sup> | SOFR30A + 0.200% | 4.0040 | 08/25/24 | 466314 |
| 3932 | Freddie Mac Multifamily Structured Pass Through Series KJ28 A1 |  | 1.7660 | 02/25/25 | 3899 |
| 1439210 | Freddie Mac Multifamily Structured Pass Through Series KJ20 A2 |  | 3.7990 | 12/25/25 | 1404139 |
| 921565 | Freddie Mac Multifamily Structured Pass Through Series KF60 A <sup>(c)</sup> | US0001M + 0.490% | 4.6320 | 02/25/26 | 914439 |
| 1640331 | Freddie Mac Multifamily Structured Pass Through Series KJ21 A2 |  | 3.7000 | 09/25/26 | 1591906 |
| 1336907 | Freddie Mac Multifamily Structured Pass Through Series KF72 A <sup>(c)</sup> | US0001M + 0.500% | 4.6420 | 11/25/26 | 1332677 |
| 1475672 | Freddie Mac Multifamily Structured Pass Through Series KF77 AL <sup>(c)</sup> | US0001M + 0.700% | 4.8420 | 02/25/27 | 1472964 |
| 298690 | Freddie Mac Multifamily Structured Pass Through Series KF81 AS <sup>(c)</sup> | SOFR30A + 0.400% | 4.1250 | 06/25/27 | 295343 |
| 398783 | Freddie Mac Multifamily Structured Pass Through Series KF81 AL <sup>(c)</sup> | US0001M + 0.360% | 4.5020 | 06/25/27 | 392293 |
| 227807 | Freddie Mac Multifamily Structured Pass Through Series KF93 AS <sup>(c)</sup> | SOFR30A + 0.310% | 4.0350 | 10/25/27 | 224052 |
| 189227 | Freddie Mac Multifamily Structured Pass Through Series KF93 AL <sup>(c)</sup> | US0001M + 0.280% | 4.4220 | 10/25/27 | 186728 |
| 738482 | Freddie Mac Multifamily Structured Pass Through Series KF82 AS <sup>(c)</sup> | SOFR30A + 0.420% | 4.1450 | 06/25/30 | 726177 |
| 1027233 | Freddie Mac Multifamily Structured Pass Through Series KF80 AS <sup>(c)</sup> | SOFR30A + 0.510% | 4.2350 | 06/25/30 | 1010981 |
| 1107723 | Freddie Mac Multifamily Structured Pass Through Series KF82 AL <sup>(c)</sup> | US0001M + 0.370% | 4.5120 | 06/25/30 | 1091209 |
| 2335000 | Freddie Mac Multifamily Structured Pass Through Series KJ37 A2 |  | 2.3330 | 11/25/30 | 2046684 |
| 2580000 | Freddie Mac Multifamily Structured Pass Through Series KJ42 A2 |  | 4.1180 | 11/25/32 | 2482092 |
| 447388 | Freddie Mac Multifamily Structured Pass Through Series Q008 A <sup>(c)</sup> | US0001M + 0.390% | 4.5320 | 10/25/45 | 442975 |
| 1293098 | Freddie Mac Multifamily Structured Pass Through Series Q016 APT1 <sup>(b)</sup> |  | 1.2420 | 05/25/51 | 1174992 |
| 2544 | Freddie Mac Non Gold Pool Series 845830<sup>(c)</sup> | US0006M + 1.659% | 3.5640 | 07/01/24 | 2503 |
| 40212 | Freddie Mac Non Gold Pool Series 847103<sup>(c)</sup> | H15T1Y + 2.302% | 3.9100 | 01/01/33 | 39291 |
| 451922 | Freddie Mac Non Gold Pool Series 780722<sup>(c)</sup> | H15T1Y + 2.220% | 4.2200 | 08/01/33 | 459924 |
| 63918 | Freddie Mac Non Gold Pool Series 972132<sup>(c)</sup> | H15T1Y + 2.225% | 4.3500 | 11/01/33 | 64936 |
| 106139 | Freddie Mac Non Gold Pool Series 1B2025<sup>(c)</sup> | US0012M + 1.862% | 3.0260 | 06/01/34 | 107006 |
| 68167 | Freddie Mac Non Gold Pool Series 1B2721<sup>(c)</sup> | US0012M + 1.727% | 1.9960 | 01/01/35 | 67546 |
| 88349 | Freddie Mac Non Gold Pool Series 783000<sup>(c)</sup> | H15T1Y + 2.280% | 4.4050 | 01/01/35 | 86150 |
| 83441 | Freddie Mac Non Gold Pool Series 783028<sup>(c)</sup> | H15T1Y + 2.250% | 2.4970 | 02/01/35 | 84298 |
| 67820 | Freddie Mac Non Gold Pool Series 1Q0160<sup>(c)</sup> | US0012M + 1.765% | 4.0150 | 09/01/35 | 68478 |
| 119100 | Freddie Mac Non Gold Pool Series 848575<sup>(c)</sup> | H15T1Y + 2.262% | 3.3990 | 02/01/36 | 120426 |
| 107601 | Freddie Mac Non Gold Pool Series 848685<sup>(c)</sup> | H15T1Y + 2.285% | 4.3240 | 02/01/36 | 107815 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued) <br> December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 86.1% (Continued)** |  |  |  |  |
|  | **FEDERAL HOME LOAN MORTGAGE CORP.** — **27.4%<sup>(a)</sup> (Continued)** |  |  |  |  |
| 75745 | Freddie Mac Non Gold Pool Series 1Q0092<sup>(c)</sup> | H15T1Y + 2.245% | 2.5720 | 03/01/36 | $76594 |
| 37645 | Freddie Mac Non Gold Pool Series 1H2695<sup>(c)</sup> | H15T1Y + 2.165% | 3.6910 | 04/01/36 | 36980 |
| 162591 | Freddie Mac Non Gold Pool Series 1L1358<sup>(c)</sup> | H15T1Y + 2.500% | 3.8800 | 05/01/36 | 165993 |
| 145237 | Freddie Mac Non Gold Pool Series 1J1382<sup>(c)</sup> | US0012M + 1.640% | 3.8900 | 11/01/36 | 141794 |
| 386762 | Freddie Mac Non Gold Pool Series 848690<sup>(c)</sup> | H15T1Y + 2.251% | 3.8910 | 03/01/37 | 393453 |
| 16900 | Freddie Mac Non Gold Pool Series 1Q1097<sup>(c)</sup> | US0012M + 1.903% | 2.4530 | 04/01/37 | 16560 |
| 83744 | Freddie Mac Non Gold Pool Series 1Q1104<sup>(c)</sup> | US0012M + 1.724% | 3.1380 | 04/01/37 | 83311 |
| 28073 | Freddie Mac Non Gold Pool Series 1Q1131<sup>(c)</sup> | US0006M + 1.770% | 3.6430 | 06/01/37 | 27305 |
| 23932 | Freddie Mac Non Gold Pool Series 848565<sup>(c)</sup> | US0012M + 1.742% | 3.8060 | 12/01/37 | 23578 |
| 154815 | Freddie Mac Non Gold Pool Series 1Q1380<sup>(c)</sup> | US0012M + 1.980% | 2.6480 | 03/01/38 | 152598 |
| 49183 | Freddie Mac Non Gold Pool Series 848568<sup>(c)</sup> | H15T1Y + 2.208% | 3.8270 | 09/01/38 | 48218 |
| 948707 | Freddie Mac Non Gold Pool Series 848949<sup>(c)</sup> | H15T1Y + 2.248% | 4.2030 | 09/01/38 | 967958 |
| 23510 | Freddie Mac Non Gold Pool Series 1Q0647<sup>(c)</sup> | US0012M + 1.793% | 3.4570 | 11/01/38 | 23123 |
| 56705 | Freddie Mac Non Gold Pool Series 1Q1302<sup>(c)</sup> | US0012M + 1.703% | 3.8830 | 11/01/38 | 55930 |
| 262641 | Freddie Mac Non Gold Pool Series 849046<sup>(c)</sup> | US0012M + 1.896% | 3.2750 | 09/01/41 | 261769 |
| 66581 | Freddie Mac Non Gold Pool Series 2B7388<sup>(c)</sup> | US0012M + 1.840% | 3.8280 | 01/01/46 | 67216 |
| 468030 | Freddie Mac Pool Series SB8031 |  | 2.5000 | 02/01/35 | 430487 |
| 12348 | Freddie Mac REMICS Series 1628 LZ <sup>(d)</sup> |  | 6.5000 | 12/15/23 | 12001 |
| 88283 | Freddie Mac REMICS Series 2903 Z <sup>(d)</sup> |  | 5.0000 | 12/15/24 | 85131 |
| 17194 | Freddie Mac REMICS Series 3104 DH <sup>(d)</sup> |  | 5.0000 | 01/15/26 | 16498 |
| 44134 | Freddie Mac REMICS Series 2102 PE <sup>(d)</sup> |  | 6.5000 | 12/15/28 | 44101 |
| 27906 | Freddie Mac REMICS Series 2131 ZB <sup>(d)</sup> |  | 6.0000 | 03/15/29 | 27041 |
| 13763 | Freddie Mac REMICS Series 2412 OF <sup>(c),(d)</sup> | US0001M + 0.950% | 5.2680 | 12/15/31 | 13422 |
| 7016 | Freddie Mac REMICS Series 2450 FW <sup>(c),(d)</sup> | US0001M + 0.500% | 4.8180 | 03/15/32 | 6745 |
| 25148 | Freddie Mac REMICS Series 2448 FV <sup>(c),(d)</sup> | US0001M + 1.000% | 5.3180 | 03/15/32 | 24518 |
| 59686 | Freddie Mac REMICS Series 2526 FC <sup>(c),(d)</sup> | US0001M + 0.400% | 4.7180 | 11/15/32 | 57234 |
| 37354 | Freddie Mac REMICS Series 2581 FD <sup>(c),(d)</sup> | US0001M + 0.750% | 5.0680 | 12/15/32 | 36113 |
| 11528 | Freddie Mac REMICS Series 2557 WF <sup>(c),(d)</sup> | US0001M + 0.400% | 4.7180 | 01/15/33 | 11047 |
| 28315 | Freddie Mac REMICS Series 2768 PW <sup>(d)</sup> |  | 4.2500 | 03/15/34 | 26356 |
| 177658 | Freddie Mac REMICS Series 2978 JG <sup>(d)</sup> |  | 5.5000 | 05/15/35 | 176750 |
| 259086 | Freddie Mac REMICS Series 3036 NE <sup>(d)</sup> |  | 5.0000 | 09/15/35 | 257209 |
| 170447 | Freddie Mac REMICS Series 3620 AT <sup>(b),(d)</sup> |  | 3.8710 | 12/15/36 | 167568 |
| 127970 | Freddie Mac REMICS Series 3412 AY <sup>(d)</sup> |  | 5.5000 | 02/15/38 | 122359 |
| 53413 | Freddie Mac REMICS Series 3862 GA <sup>(d)</sup> |  | 4.0000 | 04/15/41 | 50099 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued) <br> December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 86.1% (Continued)** |  |  |  |  |
|  | **FEDERAL HOME LOAN MORTGAGE CORP.** — **27.4%<sup>(a)</sup> (Continued)** |  |  |  |  |
| 130981 | Freddie Mac REMICS Series 3561 W <sup>(b),(d)</sup> |  | 2.5760 | 06/15/48 | $112631 |
|  |  |  |  |  | 24373090 |
|  | **FEDERAL NATIONAL MORTGAGE ASSOCIATION** — **30.1%<sup>(a)</sup>** |  |  |  |  |
| 7865 | Fannie Mae Pool Series 762519 |  | 5.5000 | 11/01/23 | 7843 |
| 2335 | Fannie Mae Pool Series | US0006M + 2.097% | 3.3460 | 02/01/25 | 2300 |
| 2040000 | Fannie Mae Pool Series BL0481 |  | 3.5800 | 01/01/26 | 1977686 |
| 25279 | Fannie Mae Pool Series 684842<sup>(c)</sup> | H15T1Y + 2.435% | 3.2630 | 01/01/30 | 24515 |
| 78421 | Fannie Mae Pool Series 619105<sup>(c)</sup> | H15T1Y + 2.125% | 3.1250 | 05/01/32 | 77402 |
| 19688 | Fannie Mae Pool Series 642012<sup>(c)</sup> | H15T1Y + 2.265% | 3.2650 | 05/01/32 | 19406 |
| 58493 | Fannie Mae Pool Series 699985<sup>(c)</sup> | H15T1Y + 2.211% | 3.2110 | 04/01/33 | 57735 |
| 131357 | Fannie Mae Pool Series 555375 |  | 6.0000 | 04/01/33 | 136185 |
| 59300 | Fannie Mae Pool Series 721424<sup>(c)</sup> | H15T1Y + 2.287% | 3.9200 | 06/01/33 | 58634 |
| 22033 | Fannie Mae Pool Series 725052<sup>(c)</sup> | H15T1Y + 2.164% | 3.2890 | 07/01/33 | 21152 |
| 16339 | Fannie Mae Pool Series 732087<sup>(c)</sup> | H15T1Y + 2.440% | 4.2660 | 08/01/33 | 16150 |
| 57615 | Fannie Mae Pool Series 751930<sup>(c)</sup> | US0012M + 1.750% | 4.0000 | 10/01/33 | 56673 |
| 36973 | Fannie Mae Pool Series AL1271<sup>(c)</sup> | H15T1Y + 2.287% | 4.3640 | 10/01/33 | 36356 |
| 346227 | Fannie Mae Pool Series AD0541<sup>(c)</sup> | H15T1Y + 2.185% | 4.2200 | 11/01/33 | 353476 |
| 35422 | Fannie Mae Pool Series 766907<sup>(c)</sup> | US0012M + 1.800% | 2.5440 | 03/01/34 | 35731 |
| 27700 | Fannie Mae Pool Series 725392<sup>(c)</sup> | H15T1Y + 2.199% | 2.7370 | 04/01/34 | 26965 |
| 18264 | Fannie Mae Pool Series 783245<sup>(c)</sup> | 12MTA + 1.200% | 2.8890 | 04/01/34 | 17653 |
| 67037 | Fannie Mae Pool Series AL0332<sup>(c)</sup> | H15T1Y + 2.147% | 2.7440 | 09/01/34 | 67609 |
| 448170 | Fannie Mae Pool Series AL1270<sup>(c)</sup> | H15T1Y + 2.205% | 3.5080 | 10/01/34 | 456162 |
| 126668 | Fannie Mae Pool Series 805753<sup>(c)</sup> | H15T1Y + 2.313% | 2.4380 | 01/01/35 | 126666 |
| 57754 | Fannie Mae Pool Series 813844<sup>(c)</sup> | US0006M + 1.534% | 3.6470 | 01/01/35 | 58428 |
| 17877 | Fannie Mae Pool Series 995552<sup>(c)</sup> | H15T1Y + 2.158% | 3.2930 | 05/01/35 | 17549 |
| 33788 | Fannie Mae Pool Series 894530<sup>(c)</sup> | H15T1Y + 2.486% | 3.4920 | 05/01/35 | 33998 |
| 7562 | Fannie Mae Pool Series 823235<sup>(c)</sup> | US0012M + 2.473% | 4.2230 | 06/01/35 | 7493 |
| 136593 | Fannie Mae Pool Series 889822<sup>(c)</sup> | US0012M + 1.566% | 3.4700 | 07/01/35 | 137797 |
| 78532 | Fannie Mae Pool Series AL0361<sup>(c)</sup> | H15T1Y + 2.223% | 4.0950 | 07/01/35 | 77814 |
| 26224 | Fannie Mae Pool Series 995269<sup>(c)</sup> | US0006M + 1.547% | 4.1150 | 07/01/35 | 26540 |
| 54389 | Fannie Mae Pool Series 735667 |  | 5.0000 | 07/01/35 | 55640 |
| 109110 | Fannie Mae Pool Series 838948<sup>(c)</sup> | US0006M + 1.510% | 3.6480 | 08/01/35 | 109900 |
| 52845 | Fannie Mae Pool Series 832249<sup>(c)</sup> | US0012M + 1.554% | 3.8040 | 08/01/35 | 52084 |
| 80136 | Fannie Mae Pool Series 829608<sup>(c)</sup> | H15T1Y + 2.223% | 4.2230 | 08/01/35 | 81868 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued) <br> December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 86.1% (Continued)** |  |  |  |  |
|  | **FEDERAL NATIONAL MORTGAGE ASSOCIATION** — **30.1%<sup>(a)</sup> (Continued)** |  |  |  |  |
| 34436 | Fannie Mae Pool Series 838444<sup>(c)</sup> | H15T1Y + 2.223% | 4.2230 | 08/01/35 | $33816 |
| 8991 | Fannie Mae Pool Series 844532<sup>(c)</sup> | 12MTA + 1.771% | 3.4810 | 11/01/35 | 8798 |
| 9168 | Fannie Mae Pool Series 846695<sup>(c)</sup> | US0006M + 2.670% | 4.7950 | 11/01/35 | 9011 |
| 192046 | Fannie Mae Pool Series 813637<sup>(c)</sup> | H15T1Y + 2.185% | 2.3100 | 01/01/36 | 191383 |
| 33378 | Fannie Mae Pool Series 863729<sup>(c)</sup> | H15T1Y + 2.268% | 2.3930 | 01/01/36 | 32493 |
| 117067 | Fannie Mae Pool Series 846749<sup>(c)</sup> | US0006M + 2.428% | 3.6780 | 01/01/36 | 114742 |
| 100039 | Fannie Mae Pool Series 880373<sup>(c)</sup> | US0012M + 1.538% | 2.3640 | 02/01/36 | 100748 |
| 19993 | Fannie Mae Pool Series 880366<sup>(c)</sup> | US0006M + 1.430% | 3.8420 | 02/01/36 | 20414 |
| 12224 | Fannie Mae Pool Series 995134<sup>(c)</sup> | H15T1Y + 2.134% | 2.9200 | 06/01/36 | 12214 |
| 146450 | Fannie Mae Pool Series 920847<sup>(c)</sup> | H15T1Y + 2.500% | 3.4800 | 08/01/36 | 150897 |
| 25494 | Fannie Mae Pool Series 886376<sup>(c)</sup> | 12MTA + 2.303% | 4.0020 | 08/01/36 | 25609 |
| 6780 | Fannie Mae Pool Series 879683<sup>(c)</sup> | H15T1Y + 2.145% | 3.9340 | 09/01/36 | 6752 |
| 12428 | Fannie Mae Pool Series 995949<sup>(c)</sup> | 12MTA + 2.342% | 4.0420 | 09/01/36 | 12468 |
| 43702 | Fannie Mae Pool Series 995008<sup>(c)</sup> | 12MTA + 2.178% | 3.8730 | 10/01/36 | 43712 |
| 147233 | Fannie Mae Pool Series 900197<sup>(c)</sup> | US0012M + 2.075% | 4.3250 | 10/01/36 | 148933 |
| 51661 | Fannie Mae Pool Series AE0870<sup>(c)</sup> | US0012M + 1.684% | 3.3730 | 11/01/36 | 52180 |
| 16985 | Fannie Mae Pool Series 906281<sup>(c)</sup> | US0012M + 1.754% | 2.7330 | 01/01/37 | 16751 |
| 649909 | Fannie Mae Pool Series AL1890<sup>(c)</sup> | US0012M + 1.887% | 2.4970 | 03/01/37 | 648062 |
| 271200 | Fannie Mae Pool Series 910289<sup>(c)</sup> | US0012M + 1.804% | 2.5200 | 03/01/37 | 268693 |
| 19035 | Fannie Mae Pool Series 888310<sup>(c)</sup> | US0012M + 1.565% | 2.3150 | 04/01/37 | 18641 |
| 193488 | Fannie Mae Pool Series 889819<sup>(c)</sup> | US0012M + 1.554% | 3.1720 | 04/01/37 | 195253 |
| 20036 | Fannie Mae Pool Series 748848<sup>(c)</sup> | H15T1Y + 2.270% | 4.0200 | 06/01/37 | 20700 |
| 39136 | Fannie Mae Pool Series 888628<sup>(c)</sup> | US0012M + 1.825% | 3.1120 | 07/01/37 | 38477 |
| 69617 | Fannie Mae Pool Series AB5688 |  | 3.5000 | 07/01/37 | 65192 |
| 85260 | Fannie Mae Pool Series AD0959<sup>(c)</sup> | US0006M + 2.030% | 3.7670 | 07/01/37 | 85763 |
| 43861 | Fannie Mae Pool Series AL0920 |  | 5.0000 | 07/01/37 | 44869 |
| 1528 | Fannie Mae Pool Series 899633 |  | 5.5000 | 07/01/37 | 1535 |
| 74401 | Fannie Mae Pool Series AE0354<sup>(c)</sup> | US0012M + 1.706% | 3.0420 | 09/01/37 | 75598 |
| 145039 | Fannie Mae Pool Series AL1288<sup>(c)</sup> | US0012M + 1.564% | 3.7560 | 09/01/37 | 145577 |
| 14885 | Fannie Mae Pool Series AL0883<sup>(c)</sup> | US0012M + 1.174% | 3.2720 | 01/01/38 | 14543 |
| 124543 | Fannie Mae Pool Series 964244<sup>(c)</sup> | US0012M + 1.669% | 3.9190 | 07/01/38 | 123170 |
| 103168 | Fannie Mae Pool Series 964760<sup>(c)</sup> | US0012M + 1.639% | 3.8890 | 08/01/38 | 101750 |
| 5286 | Fannie Mae Pool Series 725320<sup>(c)</sup> | H15T1Y + 2.254% | 3.5180 | 08/01/39 | 5247 |
| 26974 | Fannie Mae Pool Series AC8301<sup>(c)</sup> | US0012M + 1.810% | 2.0600 | 12/01/39 | 26330 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued) <br> December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 86.1% (Continued)** |  |  |  |  |
|  | **FEDERAL NATIONAL MORTGAGE ASSOCIATION** — **30.1%<sup>(a)</sup> (Continued)** |  |  |  |  |
| 43927 | Fannie Mae Pool Series AC2472 |  | 5.0000 | 06/01/40 | $43911 |
| 2237270 | Fannie Mae Pool Series BM1078<sup>(c)</sup> | H15T1Y + 2.168% | 3.4850 | 12/01/40 | 2274327 |
| 8911 | Fannie Mae Pool Series AL2559<sup>(c)</sup> | US0012M + 1.806% | 3.2930 | 07/01/41 | 8754 |
| 331007 | Fannie Mae Pool Series AJ0875<sup>(c)</sup> | US0012M + 1.800% | 4.0500 | 10/01/41 | 335550 |
| 46637 | Fannie Mae Pool Series AI4385<sup>(c)</sup> | US0012M + 1.800% | 2.0500 | 12/01/41 | 45499 |
| 413745 | Fannie Mae Pool Series AO4163 |  | 3.5000 | 06/01/42 | 387408 |
| 265723 | Fannie Mae Pool Series AB5519 |  | 3.5000 | 07/01/42 | 248809 |
| 2375380 | Fannie Mae Pool Series AO8169 |  | 3.5000 | 09/01/42 | 2224479 |
| 318222 | Fannie Mae Pool Series AB7016 |  | 4.0000 | 11/01/42 | 305818 |
| 596798 | Fannie Mae Pool Series AQ6238 |  | 3.5000 | 12/01/42 | 558950 |
| 395436 | Fannie Mae Pool Series AQ9715 |  | 3.0000 | 01/01/43 | 354255 |
| 445321 | Fannie Mae Pool Series MA1404 |  | 3.5000 | 04/01/43 | 417027 |
| 136717 | Fannie Mae Pool Series AB9096 |  | 4.0000 | 04/01/43 | 131049 |
| 25833 | Fannie Mae Pool Series 803338<sup>(c)</sup> | 12MTA + 1.200% | 2.8890 | 09/01/44 | 24603 |
| 246248 | Fannie Mae Pool Series MA3536 |  | 4.0000 | 12/01/48 | 235321 |
| 3206857 | Fannie Mae Pool Series CB2846 |  | 2.0000 | 02/01/52 | 2621343 |
| 3069689 | Fannie Mae Pool Series MA4562 |  | 2.0000 | 03/01/52 | 2509235 |
| 18819 | Fannie Mae REMICS Series 2005-100 BQ <sup>(d)</sup> |  | 5.5000 | 11/25/25 | 18123 |
| 3 | Fannie Mae REMICS Series 1999-57 FC <sup>(c),(d)</sup> | US0001M + 0.250% | 4.5890 | 11/17/29 | 3 |
| 91352 | Fannie Mae REMICS Series 2000-45 FG <sup>(c),(d)</sup> | US0001M + 0.550% | 4.8890 | 12/18/30 | 88413 |
| 133184 | Fannie Mae REMICS Series 2000-45 FD <sup>(c),(d)</sup> | US0001M + 0.550% | 4.8890 | 12/18/30 | 132222 |
| 47163 | Fannie Mae REMICS Series 2002-30 FB <sup>(c),(d)</sup> | US0001M + 1.000% | 5.3890 | 08/25/31 | 46015 |
| 29099 | Fannie Mae REMICS Series 2002-16 VF <sup>(c),(d)</sup> | US0001M + 0.550% | 4.9390 | 04/25/32 | 28032 |
| 8849 | Fannie Mae REMICS Series 2002-71 AP <sup>(d)</sup> |  | 5.0000 | 11/25/32 | 8485 |
| 106507 | Fannie Mae REMICS Series 2011-39 ZA <sup>(d)</sup> |  | 6.0000 | 11/25/32 | 108457 |
| 71741 | Fannie Mae REMICS Series 2003-134 FC <sup>(c),(d)</sup> | US0001M + 0.600% | 4.9890 | 12/25/32 | 70945 |
| 2439 | Fannie Mae REMICS Series 2003-35 FG <sup>(c),(d)</sup> | US0001M + 0.300% | 4.6890 | 05/25/33 | 2333 |
| 28152 | Fannie Mae REMICS Series 2005-29 WQ <sup>(d)</sup> |  | 5.5000 | 04/25/35 | 27683 |
| 89498 | Fannie Mae REMICS Series 2009-50 PT <sup>(b),(d)</sup> |  | 5.7610 | 05/25/37 | 88542 |
| 78249 | Fannie Mae REMICS Series 2008-86 LA <sup>(b),(d)</sup> |  | 3.4210 | 08/25/38 | 73862 |
| 346097 | Fannie Mae REMICS Series 2010-60 HB <sup>(d)</sup> |  | 5.0000 | 06/25/40 | 344734 |
| 81312 | Fannie Mae REMICS Series 2013-63 YF <sup>(c),(d)</sup> | US0001M + 1.000% | 5.0000 | 06/25/43 | 69086 |
| 1753142 | Fannie Mae REMICS Series 2020-35 FA <sup>(c),(d)</sup> | US0001M + 0.500% | 3.4660 | 06/25/50 | 1744204 |
| 1515283 | Fannie Mae-Aces Series 2017-M3 A2 <sup>(b)</sup> |  | 2.4710 | 12/25/26 | 1400172 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued) <br> December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
| 2936442 Fannie Mae-Aces Series 2017-M14 A2 <sup>(b)</sup> |  | 2.8660 | 11/25/27 | $2746886 |
|  |  |  |  | 26820266 |
|  | **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 28.6%** |  |  |  |
| 133290 Ginnie Mae II Pool Series 891616<sup>(c)</sup> | H15T1Y + 1.400% | 5.4800 | 06/20/58 | 133601 |
| 1075 Ginnie Mae II Pool Series 751387<sup>(b)</sup> |  | 4.7420 | 01/20/61 | 1056 |
| 13903 Ginnie Mae II Pool Series 710065<sup>(b)</sup> |  | 4.8100 | 02/20/61 | 13548 |
| 15168 Ginnie Mae II Pool Series 751408<sup>(b)</sup> |  | 4.8170 | 06/20/61 | 14974 |
| 10564 Ginnie Mae II Pool Series 710084<sup>(b)</sup> |  | 4.7000 | 08/20/61 | 10426 |
| 38349 Ginnie Mae II Pool Series 894704<sup>(c)</sup> | H15T1Y + 0.827% | 4.9090 | 10/20/61 | 38297 |
| 27406 Ginnie Mae II Pool Series 773431<sup>(b)</sup> |  | 4.5310 | 12/20/61 | 26674 |
| 96037 Ginnie Mae II Pool Series 896982<sup>(c)</sup> | H15T1Y + 1.140% | 5.2200 | 12/20/61 | 96269 |
| 1363 Ginnie Mae II Pool Series 773437<sup>(b)</sup> |  | 4.4850 | 02/20/62 | 1266 |
| 390 Ginnie Mae II Pool Series 757339<sup>(b)</sup> |  | 4.8620 | 02/20/62 | 381 |
| 4335 Ginnie Mae II Pool Series 759745<sup>(b)</sup> |  | 4.8150 | 05/20/62 | 4281 |
| 1040 Ginnie Mae II Pool Series 757348<sup>(b)</sup> |  | 4.8490 | 06/20/62 | 1030 |
| 470715 Ginnie Mae II Pool Series 897906<sup>(c)</sup> | H15T1Y + 0.813% | 4.8970 | 06/20/62 | 470153 |
| 792893 Ginnie Mae II Pool Series 896363<sup>(c)</sup> | H15T1Y + 0.663% | 4.8120 | 07/20/62 | 790482 |
| 1797 Ginnie Mae II Pool Series 766556<sup>(b)</sup> |  | 4.7550 | 08/20/62 | 1770 |
| 6191 Ginnie Mae II Pool Series 777432<sup>(b)</sup> |  | 4.5990 | 10/20/62 | 6009 |
| 173279 Ginnie Mae II Pool Series 899072<sup>(c)</sup> | US0001M + 2.017% | 5.0960 | 10/20/62 | 176952 |
| 4170 Ginnie Mae II Pool Series 765229<sup>(b)</sup> |  | 4.5530 | 11/20/62 | 3921 |
| 2777 Ginnie Mae II Pool Series 766542<sup>(b)</sup> |  | 4.5900 | 11/20/62 | 2497 |
| 50105 Ginnie Mae II Pool Series 777440<sup>(b)</sup> |  | 4.5060 | 12/20/62 | 47963 |
| 791271 Ginnie Mae II Pool Series 899633<sup>(c)</sup> | US0001M + 1.965% | 5.0550 | 01/20/63 | 804240 |
| 239050 Ginnie Mae II Pool Series 898433<sup>(c)</sup> | US0001M + 2.206% | 5.2810 | 01/20/63 | 243716 |
| 60902 Ginnie Mae II Pool Series 898416<sup>(c)</sup> | US0001M + 1.869% | 4.9490 | 02/20/63 | 61773 |
| 523965 Ginnie Mae II Pool Series 899650<sup>(c)</sup> | US0001M + 1.890% | 4.9700 | 02/20/63 | 532393 |
| 743776 Ginnie Mae II Pool Series 899765<sup>(c)</sup> | US0001M + 1.966% | 5.0430 | 02/20/63 | 755334 |
| 277346 Ginnie Mae II Pool Series 898436<sup>(c)</sup> | US0001M + 2.244% | 5.3230 | 02/20/63 | 280870 |
| 268301 Ginnie Mae II Pool Series 899651<sup>(c)</sup> | US0001M + 2.336% | 5.4130 | 02/20/63 | 273709 |
| 29538 Ginnie Mae II Pool Series AE9606<sup>(c)</sup> | H15T1Y + 1.140% | 5.2200 | 08/20/64 | 29613 |
| 45325 Ginnie Mae II Pool Series AK0197<sup>(c)</sup> | H15T1Y + 0.723% | 4.8030 | 09/20/64 | 45246 |
| 19803 Ginnie Mae II Pool Series AG8190<sup>(c)</sup> | H15T1Y + 1.137% | 5.2170 | 09/20/64 | 19815 |
| 38088 Ginnie Mae II Pool Series AG8209<sup>(c)</sup> | H15T1Y + 0.910% | 4.9910 | 10/20/64 | 38101 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued) <br> December 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
| 30395 Ginnie Mae II Pool Series AG8275<sup>(c)</sup> | H15T1Y + 1.137% | 5.2170 | 03/20/65 | $30427 |
| 282773 Government National Mortgage Association Series 2011-129 FB <sup>(c),(d)</sup> | US0001M + 0.250% | 4.5760 | 06/16/26 | 280852 |
| 9837 Government National Mortgage Association Series 2012-124 HT <sup>(b),(d)</sup> |  | 6.5000 | 07/20/32 | 9519 |
| 42416 Government National Mortgage Association Series 2003-72 Z <sup>(b),(d)</sup> |  | 5.3340 | 11/16/45 | 41459 |
| 2449 Government National Mortgage Association Series 2015-H05 FA <sup>(c),(d)</sup> | US0001M + 0.300% | 4.1420 | 04/20/61 | 2353 |
| 20078 Government National Mortgage Association Series 2012-H21 CF <sup>(c),(d)</sup> | US0001M + 0.700% | 4.5420 | 05/20/61 | 19301 |
| 3738 Government National Mortgage Association Series 2011-H23 HA <sup>(d)</sup> |  | 3.0000 | 12/20/61 | 3424 |
| 184615 Government National Mortgage Association Series 2012-H11 FA <sup>(c),(d)</sup> | US0001M + 0.700% | 4.5420 | 02/20/62 | 182822 |
| 343734 Government National Mortgage Association Series 2012-H20 PT <sup>(b),(d)</sup> |  | 4.9110 | 07/20/62 | 342872 |
| 6721 Government National Mortgage Association Series 2012-H29 HF <sup>(c),(d)</sup> | US0001M + 0.500% | 4.3420 | 10/20/62 | 6411 |
| 12930 Government National Mortgage Association Series 2013-H02 GF <sup>(c),(d)</sup> | US0001M + 0.500% | 4.3420 | 12/20/62 | 12377 |
| 711252 Government National Mortgage Association Series 2013-H22 FT <sup>(c),(d)</sup> | H15T1Y + 0.650% | 5.1430 | 04/20/63 | 710460 |
| 9099 Government National Mortgage Association Series 2015-H13 FL <sup>(c),(d)</sup> | US0001M + 0.280% | 4.1220 | 05/20/63 | 8659 |
| 825970 Government National Mortgage Association Series 2013-H25 SA <sup>(c),(d)</sup> | US0001M + 0.750% | 4.5920 | 10/20/63 | 822244 |
| 3695645 Government National Mortgage Association Series 2014-H12 HZ <sup>(b),(d)</sup> |  | 4.5960 | 06/20/64 | 3659208 |
| 337846 Government National Mortgage Association Series 2014-H16 FL <sup>(c),(d)</sup> | US0001M + 0.470% | 3.6130 | 07/20/64 | 333266 |
| 590583 Government National Mortgage Association Series 2014-H14 FA <sup>(c),(d)</sup> | US0001M + 0.500% | 3.6430 | 07/20/64 | 584993 |
| 394795 Government National Mortgage Association Series 2014-H14 GF <sup>(c),(d)</sup> | US0001M + 0.470% | 4.3120 | 07/20/64 | 392357 |
| 898136 Government National Mortgage Association Series 2014-H15 FA <sup>(c),(d)</sup> | US0001M + 0.500% | 4.3420 | 07/20/64 | 888854 |
| 11073 Government National Mortgage Association Series 2018-H02 FJ <sup>(c),(d)</sup> | US0001M + 0.200% | 4.0420 | 10/20/64 | 10960 |
| 161319 Government National Mortgage Association Series 2015-H04 FL <sup>(c),(d)</sup> | US0001M + 0.470% | 4.3120 | 02/20/65 | 159788 |
| 894 Government National Mortgage Association Series 2015-H09 HA <sup>(d)</sup> |  | 1.7500 | 03/20/65 | 803 |
| 1652 Government National Mortgage Association Series 2015-H11 FA <sup>(c),(d)</sup> | US0001M + 0.250% | 4.0920 | 04/20/65 | 1578 |
| 50971 Government National Mortgage Association Series 2015-H12 FL <sup>(c),(d)</sup> | US0001M + 0.230% | 4.0720 | 05/20/65 | 50444 |
| 14265 Government National Mortgage Association Series 2015-H19 FH <sup>(c),(d)</sup> | US0001M + 0.300% | 4.1420 | 07/20/65 | 14011 |
| 915900 Government National Mortgage Association Series 2015-H27 FA <sup>(c),(d)</sup> | US0001M + 0.750% | 4.5110 | 09/20/65 | 903072 |
| 489225 Government National Mortgage Association Series 2016-H02 FH <sup>(c),(d)</sup> | US0001M + 1.000% | 4.8420 | 01/20/66 | 482775 |
| 175466 Government National Mortgage Association Series 2018-H04 FG <sup>(c),(d)</sup> | US0001M + 0.280% | 4.1220 | 02/20/68 | 173339 |
| 902840 Government National Mortgage Association Series 2018-H11 FJ <sup>(c),(d)</sup> | US0012M + 0.080% | 2.8550 | 06/20/68 | 882170 |
| 2200929 Government National Mortgage Association Series 2018-H16 FA <sup>(c),(d)</sup> | US0001M + 0.420% | 3.4270 | 09/20/68 | 2138542 |
| 3113346 Government National Mortgage Association Series 2020-H04 FP <sup>(c),(d)</sup> | US0001M + 0.500% | 4.3420 | 06/20/69 | 3065513 |
| 115032 Government National Mortgage Association Series 2019-H13 FT <sup>(c),(d)</sup> | H15T1Y + 0.450% | 5.0100 | 08/20/69 | 115006 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued) <br> December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 86.1% (Continued)** |  |  |  |  |
|  | **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 28.6% (Continued)** |  |  |  |  |
| 4200668 | Government National Mortgage Association Series 2020-H02 FG <sup>(c),(d)</sup> | US0001M + 0.600% | 3.9620 | 01/20/70 | $4143191 |
|  |  |  |  |  | 25399410 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $79,716,624)** |  |  |  | 76592766 |
|  | **U.S. TREASURY NOTES — 8.5%** |  |  |  |  |
| 4905000 | United States Treasury Note |  | 4.2500 | 12/31/24 | 4891013 |
| 500000 | United States Treasury Note |  | 3.8750 | 12/31/27 | 498008 |
| 2125000 | United States Treasury Note |  | 4.1250 | 11/15/32 | 2176797 |
|  | **TOTAL U.S. TREASURY NOTES (Cost $7,614,387)** |  |  |  | 7565818 |
|  | **SHORT-TERM INVESTMENTS — 10.9%** |  |  |  |  |
|  | **U.S. TREASURY BILLS — 10.9%** |  |  |  |  |
| 6875000 | United States Treasury Bill |  | 2.3800 | 01/03/23 | 6873658 |
| 2835000 | United States Treasury Bill |  | 2.6300 | 01/10/23 | 2832961 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $9,706,619)** |  |  |  | 9706619 |
|  | **TOTAL INVESTMENTS - 105.5% (Cost $97,037,630)** |  |  |  | $93865203 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (5.5)%** |  |  |  | (4871272) |
|  | **NET ASSETS - 100.0%** |  |  |  | $88993931 |

---

REMIC Real Estate Mortgage Investment Conduit

12MTA Federal Reserve US 12 Month Cumulative Avg 1 Year CMT

H15T1Y US Treasury Yield Curve Rate T Note Constant Maturity 1 Year

SOFR30A United States 30 Day Average SOFR Secured Overnight Financing Rate

US0001M ICE LIBOR USD 1 Month

US0006M ICE LIBOR USD 6 Month

US0012M ICE LIBOR USD 12 Month

(a) Issuer
operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. government. The Federal National
Mortgage Association and the Federal Home Loan Mortgage Corporation currently operate under a federal conservatorship.

(b) Variable
or 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.

(c) Variable
rate security; the rate shown represents the rate on December 31, 2022.

(d) Collateralized
mortgage obligation (CMO).

See accompanying notes to financial statements.

---

| |
|:---|
| **TransWestern Institutional Short Duration Government Bond Fund** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **December 31, 2022** |

---

---

| | |
|:---|:---|
| **ASSETS** | |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $97037630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value | $93865203 |
| &nbsp;&nbsp;&nbsp;Cash | 1980393 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 2052627 |
| &nbsp;&nbsp;&nbsp;Principal paydown receivable | 69579 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 210549 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 3901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 98182252 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 8908186 |
| &nbsp;&nbsp;&nbsp;Distributions payable | 26600 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 115627 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 69937 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 38347 |
| &nbsp;&nbsp;&nbsp;Trustee fees payable | 5104 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 24520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 9188321 |
| **NET ASSETS** | $**88993931** |
| **Net Assets Consist Of:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | 122418641 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (33424710) |
| **NET ASSETS** | $**88993931** |
| **Net Asset Value Per Share:** |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | **9778601** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets divided by Shares Outstanding), offering price and redemption price per share (a) | $**9.10** |

---

(a) Redemptions
made within 30 days of purchase may be assessed a redemption fee of 0.25%.

See accompanying notes to financial statements.

---

| |
|:---|
| **TransWestern Institutional Short Duration Government Bond Fund** |
| **STATEMENT OF OPERATIONS** |
| **Year Ended December 31, 2022** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Interest | $3285021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 3285021 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 872353 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees | 193856 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 161695 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 53318 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 24059 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 36868 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 24580 |
| &nbsp;&nbsp;&nbsp;Legal fees | 11600 |
| &nbsp;&nbsp;&nbsp;Audit fees | 19793 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 19402 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 3538 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 4170 |
| &nbsp;&nbsp;&nbsp;Registration fees | 1369 |
| &nbsp;&nbsp;&nbsp;Other expenses | 3475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 1430076 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Advisor | (173594) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 1256482 |
| **NET INVESTMENT INCOME** | 2028539 |
| **REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND SECURITIES SOLD SHORT** |  |
| &nbsp;&nbsp;&nbsp;Net realized loss from: |  |
| &nbsp;&nbsp;&nbsp;Investments | (10414654) |
| &nbsp;&nbsp;&nbsp;Securities sold short | (9682) |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments and securities sold short | (10424336) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (4727695) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (15152031) |
| **NET DECREASE IN NET ASSETS FROM OPERATIONS** | $**(13123492)** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TransWestern Institutional Short Duration Government Bond Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2022** | **Year Ended**<br>**December 31, 2021** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2028539 | $395540 |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments and securities sold short | (10424336) | (400561) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (4727695) | (2410164) |
| Net decrease in net assets resulting from operations | (13123492) | (2415185) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid | (2491353) | (1076100) |
| Net decrease in net assets from distributions to shareholders | (2491353) | (1076100) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 5000000 | 110453365 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 2269534 | 847654 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (228204931) | (179446304) |
| Net decrease in net assets from shares of beneficial interest | (220935397) | (68145285) |
| **TOTAL DECREASE IN NET ASSETS** | (236550242) | (71636570) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 325544173 | 397180743 |
| &nbsp;&nbsp;&nbsp;End of year | $**88993931** | $**325544173** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 520725 | 11274754 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 245134 | 86799 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (24489373) | (18319214) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (23723514) | (6957661) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TransWestern Institutional Short Duration Government Bond Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 31,**<br>**2022** | **Year Ended**<br>**December 31,**<br>**2021** | **Year Ended**<br>**December 31,**<br>**2020** | **Year Ended**<br>**December 31,**<br>**2019** | **Year Ended**<br>**December 31,**<br>**2018** |
| **Net Asset Value, Beginning of Year** | $9.72 | $9.82 | $9.68 | $9.57 | $9.71 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.10 | 0.01 | 0.03 | 0.13 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.57) | (0.08) | 0.19 | 0.23 | (0.03) |
| Total from investment operations | (0.47) | (0.07) | 0.22 | 0.36 | 0.10 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.03) | (0.08) | (0.25) | (0.24) |
| Total from distributions | (0.15) | (0.03) | (0.08) | (0.25) | (0.24) |
| **Net Asset Value, End of Year** | $9.10 | $9.72 | $9.82 | $9.68 | $9.57 |
| **Total return (2)** | (4.82)% | (0.72)% | 2.24% | 3.78% | 1.04% |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $88994 | $325544 | $397181 | $161140 | $179793 |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets | 0.74% | 0.70% | 0.69% | 0.72% | 0.70% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.65% | 0.64% (4) | 0.64% (4) | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.05% | 0.11% | 0.26% | 1.32% | 1.33% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 218% (3) | 317% (3) | 433% | 431% | 197% |

---

(1) Per
share amounts calculated using the average share method, which appropriately presents the per share data for the year.

(2) Total
returns shown are historical in nature and assume changes in share price, reinvestment of dividends, and capital gain distributions,
if any, and exclude the effect of applicable sales loads. Had the Advisor not waived a portion of its fees, total returns would have
been lower.

(3) The
portfolio turnover rate excludes dollar roll transactions for the years ended December 31, 2022 and December 31, 2021. If these were
included in the calculation the turnover percentage would be 237% and 320%, respectively. The fund had no dollar rolls for years ended
December 31, 2018, December 31, 2019 or December 31, 2020.

(4) During
the years ended December 31, 2021 and December 31, 2020, the Advisor voluntarily waived a portion of the advisory fee. Without this waiver,
the net expense ratio would have been 0.65%.

See accompanying notes to financial statements.

---

| |
|:---|
| **TransWestern Institutional Short Duration Government Bond Fund** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **December 31, 2022** |

---

**1.** **ORGANIZATION** 

The TransWestern Institutional Short Duration Government Bond Fund (the "Fund") is a separate diversified series of shares of beneficial interest of Northern Lights Fund Trust (the "Trust"). The Trust is organized under the laws of the State of Delaware, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Fund's investment objective is to seek to provide income consistent with liquidity, and limited credit and interest rate risk. The Fund commenced operations on January 3, 2011 and is offered at net asset value ("NAV") without a sales charge.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP 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 increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies" including Accounting Standards update 2013-08.

**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. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees of the Trust (the "Board") based on methods which 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. 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 Fund 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 Fund's holding. Short-term debt obligations, having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

The Fund may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities are valued using the "fair value" procedures approved by the Board. The Board has designated the adviser 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

---

| |
|:---|
| **TransWestern Institutional Short Duration Government Bond Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

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 the 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.

The Fund utilizes various methods to measure the fair value of its 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 Fund has 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 on 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 Fund's 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 December 31, 2022, for the Fund's investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| U.S. Government & Agencies | $— | $76592766 | $— | $76592766 |
| U.S. Treasury Notes |  | 7565818 |  | 7565818 |
| Short-Term Investments |  | 9706619 |  | 9706619 |
| Total | $— | $93865203 | $— | $93865203 |

---

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

\* Refer to the Schedule of Investments for industry classification.

---

| |
|:---|
| **TransWestern Institutional Short Duration Government Bond Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

**Security Transactions and Related Income** – Security transactions are accounted for on trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

**Dividends and Distributions to Shareholders** – Dividends from net investment income are declared daily and paid monthly. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., 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. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Fund.

**Federal Income Tax** – It is the Fund's policy to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code of 1986 as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes.

The Fund recognizes 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 Fund's 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 December 31, 2019 to December 31, 2021 or expected to be taken in the Fund's December 31, 2022 year-end tax returns. The Fund identifies its major tax jurisdictions as U.S. federal and Ohio (Nebraska in prior years), and foreign jurisdictions where the Fund makes significant investments. The Fund is 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.

**When-Issued and Delayed-Delivery Transactions** – The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

**Dollar Roll Transactions** – A mortgage dollar roll transaction involves a sale by the Fund of mortgage related securities that it holds with an agreement by the Fund to repurchase similar securities at an agreed upon price and date. The securities purchased will bear the same interest rate as those sold, but generally will be collateralized by pools of mortgages with different prepayment histories than those securities sold. The Fund accounts for mortgage dollar rolls as purchases and sales transactions.

**Short Sales** – A short sale is a transaction in which the Fund sells a security it does not own but has borrowed in anticipation that the market price of that security will decline. The 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 the Fund replaces the borrowed security, the Fund will incur a loss. Conversely, if the price declines, the Fund will realize a gain.

**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 Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**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.

---

| |
|:---|
| **TransWestern Institutional Short Duration Government Bond Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

Cash – The Fund considers its investment in an FDIC insured interest bearing savings account to be cash. The Fund maintains cash balances, which, at times, may exceed federally insured limits. The Fund maintains these balances with a high-quality financial institution.

**3.** **INVESTMENT TRANSACTIONS** 

For the year ended December 31, 2022, the cost of purchases and proceeds from sales of U.S. government securities, other than short-term investments, amounted to $453,330,571 and $666,110,529, respectively, of which $39,803,715 in purchases and $43,271,391 in sales were from mortgage dollar roll transactions. In addition, sold securities short and purchases securities to cover short sales in the amount of $30,465,724 and $30,475,406, respectively.

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

TransWestern Capital Advisors, LLC serves as the Fund's investment advisor (the "Advisor") and Loomis, Sayles & Company, L.P. serves as the Fund's sub-advisor (the "Sub-Advisor"). Pursuant to an advisory agreement between the Advisor and the Trust, on behalf of the Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a management fee, computed and accrued daily and paid monthly, at an annual rate of 0.45% of the Fund's average daily net assets. Subject to the authority of the Board and oversight by the Advisor, the Sub-Advisor is responsible for day-to-day execution of the Fund's strategy and management of the Fund's investment portfolio according to the Fund's investment objective, policies and restrictions. The Sub-Advisor is paid by the Advisor, not the Fund. During the year ended December 31, 2022, the Fund incurred $872,353 in advisory fees.

Pursuant to an expense limitation agreement between the Advisor and the Trust, on behalf of the Fund, (the "Expense Limitation Agreement"), the Advisor has contractually agreed, at least until April 30, 2023, to waive a portion of its advisory fee and has agreed to reimburse the Fund for other expenses to the extent necessary so that the total expenses incurred by the Fund (exclusive of any front end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses) borrowing costs (such as interest and dividend expense on securities sold short), taxes, 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) will not exceed 0.65% per annum of the Fund's average daily net assets. During the year ended December 31, 2022, the Advisor waived fees of $173,594.

If the Advisor waives any fee or reimburses any expense pursuant to the expense limitation agreement, and the Fund's operating expenses are subsequently less than 0.65% of average daily net assets, the Advisor shall be entitled to reimbursement by the Fund for such waived fees or reimbursed expenses provided that such reimbursement does not cause the Fund's expenses to exceed 0.65% of average daily net assets. If the Fund's operating expenses subsequently exceed 0.65% per annum of the Fund's average daily net assets, the reimbursements shall be suspended. The Advisor may seek reimbursement only for expenses waived or paid by it during the three fiscal years prior to such reimbursement; provided, however, that such expenses may only be reimbursed to the extent they were waived or paid after the date of the Expense Limitation Agreement (or any similar agreement). As of December 31, 2022, fee waivers subject to recapture by the Advisor were as follows:

---

| | |
|:---|:---|
| <u>Year of Expiration</u> |  |
| December 31, 2023 | $133788 |
| December 31, 2024 | $164660 |
| December 31, 2025 | $173594 |

---

As of December 31, 2022, $118,507 in previously waived fees expired unrecouped.

Effective September 30, 2020, the Advisor agreed to voluntarily waive a portion of the advisory fee to support an annualized yield. The Advisor can amend or terminate this voluntary waiver at any time. For the year ended December 31, 2022, the Advisor voluntarily waived $0 of advisory fees. The voluntary waiver is not subject to recapture by the Advisor.

---

| |
|:---|
| **TransWestern Institutional Short Duration Government Bond Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

The Trust, with respect to the Fund, has adopted the Trust's Master Distribution and Shareholder Servicing Plan (the "12b-1 Plan" or "Plan"). Pursuant to the Plan, the Fund pays the Advisor an annual fee for distribution and shareholder servicing expenses of up to 0.10% of the Fund's average daily net assets. During the year ended December 31, 2022, pursuant to the Plan, the Advisor received $193,856 of fees.

Pursuant to a separate servicing agreement with Ultimus Fund Solutions, LLC ("UFS"), the Fund pays UFS fees for providing administration, fund accounting and transfer agency services to the Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Fund for serving in such capacities.

In addition, certain affiliates of UFS provide ancillary services to the Fund as follows:

<u>Northern Lights Compliance Services, LLC ("NLCS")</u>, an affiliate of UFS, 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 fees from the Fund.

<u>Blu Giant, LLC ("Blu Giant")</u>, an affiliate of UFS, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives fees from the Fund.

**5.** **REDEMPTION FEE** 

The Fund may assess a short-term redemption fee of 0.25% of the total redemption amount if shareholders sell their shares after holding them for less than 30 days. The redemption fee is paid directly to the Fund. For the years ended December 31, 2021 and December 31, 2022, the Fund did not assess any redemption fees.

**6.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATON – TAX BASIS** 

The identified cost of investments in securities owned by the Fund for federal income tax purposes (including securities sold short), and its respective gross unrealized appreciation and depreciation at December 31, 2022, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|<br>**Cost** |<br>**Appreciation** |<br>**Depreciation** | **Net Unrealized**<br>**Depreciation** |
| $97040326 | $145433 | $(3320556) | $(3175123) |

---

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

The tax character of Fund distributions paid during the years ended December 31, 2022 and December 31, 2021 was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>December 31, 2022 | Fiscal Year Ended<br>December 31, 2021 |
| Ordinary Income | $2491353 | $1076100 |
|  | $2491353 | $1076100 |

---

As of December 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other |  | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Unrealized | Accumulated |
| Income | Gains | Late Year Loss | Forwards | Differences | Depreciation | Deficit |
| $— | $— | $(1325169) | $(28897818) | $(26600) | $(3175123) | $(33424710) |

---

The difference between book basis and tax basis undistributed net investment income/(loss) and other book/tax adjustments is primarily attributable to the tax deferral of losses on wash sales and adjustments for accrued dividends payable.

---

| |
|:---|
| **TransWestern Institutional Short Duration Government Bond Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such capital losses of $1,325,169.

At December 31, 2022, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

---

| | | |
|:---|:---|:---|
| Non-Expiring | Non-Expiring |  |
| Short-Term | Long-Term | Total |
| $8931084 | $19966734 | $28897818 |

---

Permanent book and tax differences, primarily attributable to book tax treatment of distributions, resulted in reclassification as of December 31, 2022 as follows:

---

| | |
|:---|:---|
| Paid In | Accumulated |
| Capital | Deficit |
| $(25613) | $25613 |

---

**8.** **BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2022, Crest Forest Realty Corporation held 57.03% of the voting securities of the Fund.

**9.** **MARKET AND GEOPOLITICAL RISK** 

The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund. The current novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, the Fund 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. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.

**10.** **NEW ACCOUNTING PRONOUNCEMENTS** 

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (''ASU 2020-04''). The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any of applying this ASU.

---

| |
|:---|
| **TransWestern Institutional Short Duration Government Bond Fund** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

**11.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statement 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.

![(BBD LOGO)](ta004_v1.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Trustees of Northern Lights Fund Trust**

**and the Shareholders of TransWestern Institutional Short Duration Government Bond Fund**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of TransWestern Institutional Short Duration Government Bond Fund, a series of shares of beneficial interest in Northern Lights Fund Trust (the ***"Fund"***), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the five- year period then ended, and the related notes (collectively referred to as the ***"financial statements"***). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and its financial highlights for each of the years in the five-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (*"PCAOB"*) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, brokers, or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![(-s- BBD, LLP)](ta005_v1.jpg)

**BBD, LLP**

*We have served as the auditor of one or more of the Funds in the Northern Lights Fund Trust since 2006.*

**Philadelphia, Pennsylvania**

**February 28, 2023**

---

| |
|:---|
| **TransWestern Institutional Short Duration Government Bond Fund** |
| **EXPENSE EXAMPLES** |
| **December 31, 2022 (Unaudited)** |

---

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees; (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022.

**Actual Expenses**

The "Actual" line in the table below provides information about actual account values and actual expenses. You may use the information below; together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The "Hypothetical" line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or redemption fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Annualized | &nbsp;&nbsp;Beginning | &nbsp;&nbsp;Ending | &nbsp;&nbsp;Expenses Paid |
|  | &nbsp;&nbsp;Expense | &nbsp;&nbsp;Account Value | &nbsp;&nbsp;Account Value | &nbsp;&nbsp;During Period \* |
| &nbsp;&nbsp;Actual | &nbsp;&nbsp;Ratio | &nbsp;&nbsp;7/1/22 | &nbsp;&nbsp;12/31/22 | &nbsp;&nbsp;7/1/22 – 12/31/22 |
| &nbsp;&nbsp;TransWestern | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$992.70 | &nbsp;&nbsp;$3.26 |
|  | &nbsp;&nbsp;Annualized | &nbsp;&nbsp;Beginning | &nbsp;&nbsp;Ending | &nbsp;&nbsp;Expenses Paid |
| &nbsp;&nbsp;Hypothetical | &nbsp;&nbsp;Expense | &nbsp;&nbsp;Account Value | &nbsp;&nbsp;Account Value | &nbsp;&nbsp;During Period \* |
| &nbsp;&nbsp;(5% return before expenses) | &nbsp;&nbsp;Ratio | &nbsp;&nbsp;7/1/22 | &nbsp;&nbsp;12/31/22 | &nbsp;&nbsp;7/1/22 – 12/31/22 |
| &nbsp;&nbsp;TransWestern | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1021.93 | &nbsp;&nbsp;$3.31 |

---

\* Expenses are equal to the Fund's annualized expense ratio, multiplied by the number of days in the period (184) divided by the number of days in the fiscal year (365).

---

| |
|:---|
| **TransWestern Institutional Short Duration Government Bond Fund** |
| **SUPPLEMENTAL INFORMATION (Unaudited)** |
| **December 31, 2022** |

---

<u>Transwestern Advisors -Advisor to TransWestern Institutional Short Duration Government Bond Fund\*</u>

In connection with the regular meeting held on December 14-15, 2022 of the Board of Trustees (the "Trustees" or the "Board") of the Northern Lights Fund Trust (the "Trust"), including a majority of the Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of an investment advisory agreement (the "Advisory Agreement") between TransWestern Capital Advisers, LLC ("TCA" or the "Adviser") and the Trust, with respect to the TransWestern Institutional Short Duration Government Bond Fund (the "Fund"). In considering the renewal of the Advisory Agreement, the Board received materials specifically relating to the Advisory Agreement.

The Trustees were assisted by independent legal counsel throughout the Advisory Agreement review process. The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreement.

*Nature, Extent and Quality of Services.* The Board noted that TCA was founded in 2005 and managed approximately $171 million in assets. The Board reviewed the background information of the key investment personnel responsible for servicing the Fund. They acknowledged the Adviser's assertion that it developed the short duration government bond strategy to be low risk, conservative, provide protection against rising interest rates, and receive favorable treatment within a bank's balance sheet. They noted that the Adviser delegated day-to-day management of the strategy to the Fund's sub-adviser, Loomis, Sayles, & Company, L.P., while continuously monitoring and evaluating the sub-adviser's performance, compliance, operations, and research capabilities. They discussed the Adviser's regular communications with Loomis Sayles. The Board confirmed that there were no reported cybersecurity incidents, material litigation or compliance issues since the last renewal of the Advisory Agreement. The Board noted that the Adviser's expertise made it well-suited to develop and oversee a specialty strategy. The Board concluded that TCA was expected to continue to provide high quality service to the Fund and its shareholders.

*Performance.* The Board reviewed the Fund's investment objective and strategy, noting that the Fund was rated 4-star by Morningstar. They noted that the Fund performed in-line with its peer group median and slightly outperformed the category median and benchmark over the since inception period. They also noted that the Fund underperformed all metrics during the one-year, three-year and five-year periods, noting the Adviser's assertion that recent Fund performance was impacted by bond duration/yield curve, sector allocation and security selection. They also considered the Adviser's observations regarding performance compared to a blended benchmark. The Board concluded that the Fund's performance was appropriate given the Fund's investment strategy.

*Fees and Expenses.* The Board noted that the Adviser charged an advisory fee of 0.45%, a portion of which was paid to the sub-adviser. They noted that the advisory fee was slightly higher than both the peer group and category average and median. They also noted that the Fund's net expense ratio of 0.65%, was higher than the peer group and category average and median. They noted the Adviser's intent to renew the expense limitation agreement. They discussed the Adviser's assertion that the fee was reasonable given the complexity of the strategy and the investment process required to manage the strategy, specifically the structuring, advising, administering, and coordinating the management of the parties servicing the Fund. The Board considered the cost of the sub-adviser services. They concluded that the fee was not unreasonable.

*Profitability.* The Board reviewed the profitability analysis provided by the Adviser, noting the services that TCA provided to the Fund. They determined that TCA earned a modest profit in terms of actual dollars and percentage. They agreed that TCA's profitability from its relationship with the Fund was not excessive.

---

| |
|:---|
| **TransWestern Institutional Short Duration Government Bond Fund** |
| **SUPPLEMENTAL INFORMATION (Unaudited)(Continued)** |
| **December 31, 2022** |

---

*Economies of Scale.* The Board considered whether the Adviser had realized economies of scale with respect to the advisory services provided to the Fund. They considered the breakpoints in the current sub-advisory agreement and the Adviser's position that a breakpoint could be considered at $3 billion in assets. They agreed, based on current asset levels and profit margins, that it did not appear the Adviser was benefiting from economies of scale. The Board agreed that the absence of breakpoints in the advisory fee at this time was not unreasonable.

*Conclusion.* Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of independent counsel, the Board concluded that renewal of the Advisory Agreement was in the best interests of the Fund and the shareholders of the Fund.

\* Due to the timing of the contract renewal schedule, these deliberations may or may not relate to the current performance results of the Fund.

---

| |
|:---|
| **TransWestern Institutional Short Duration Government Bond Fund** |
| **SUPPLEMENTAL INFORMATION (Unaudited)** |
| **December 31, 2022** |

---

<u>Loomis, Sayles & Company, L.P. -Sub-Adviser to TransWestern Institutional Short Duration Government Bond Fund\*</u>

In connection with the regular meeting held on December 14-15, 2022 of the Board of Trustees (the "Trustees" or the "Board") of the Northern Lights Fund Trust (the "Trust"), including a majority of the Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of a sub-advisory agreement (the "Sub-Advisory Agreement") between Loomis, Sayles, & Company, L.P. ("Loomis Sayles" or the "Sub-Adviser") and TransWestern Capital Advisers, LLC (the "Adviser"), with respect to the TransWestern Institutional Short Duration Government Bond Fund (the "Fund"). In considering the renewal of the Sub-Advisory Agreement, the Board received materials specifically relating to the Sub-Advisory Agreement.

The Trustees were assisted by independent legal counsel throughout the Sub-Advisory Agreement review process. The Board relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Sub-Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Sub-Advisory Agreement.

*Nature, Extent and Quality of Services.* The Board noted that Loomis Sayles was founded in 1926 and managed approximately $294 billion in assets. They discussed the services offered by Loomis Sayles to institutional and individual clients. The Board reviewed the background of the key personnel servicing the Fund, noting the team's diverse set of asset management skills. They commented that the Sub-Adviser managed the day-to-day strategy using bottom-up analysis conducted by sector research teams that incorporate valuation, volatility and liquidity. They acknowledged that risk management was a focus of the Sub-Adviser, noting that Loomis Sayles had extensive firmwide policies and procedures with risk controls to protect the Fund. They discussed Loomis Sayles' use of pre-and-post trade reporting to monitor the Fund's compliance with its investment limitations. The Board noted that the size of the Sub-Adviser and its multiple affiliates results in several regulatory examinations, inquiries and litigation actions, but there were no material compliance or litigation issues to report. The Board agreed that Loomis Sayles' robust organization and resources are a benefit to the Adviser and the Fund. They acknowledged the Adviser's satisfaction with Loomis Sayles and concluded that it would continue to provide high quality services to the Fund and shareholders.

*Performance.* The Board reviewed the Fund's investment objective and strategy, noting that the Fund was rated 4-star by Morningstar. They further noted that the Fund performed in line with its peer group and slightly outperformed category median and benchmark over the since inception period. The Board concluded that the Fund's performance was consistent with the strategy and the Board's expectations.

*Fees and Expenses.* The Board reviewed and discussed the Sub-Adviser's fee schedules and considered the allocation of duties and fees among the Adviser and Sub-Adviser. The Board agreed that the Sub-Adviser continued to provide an exceptional level of service to the Fund and the Adviser. After further discussion, in consideration of all factors, the Board concluded that the fee charged by the Sub-Adviser was not unreasonable.

*Profitability.* The Board reviewed the profitability analysis provided by the Sub-Adviser, taking into consideration the services the Sub-Adviser provided to the Fund. They observed that the Sub-Adviser earned a modest profit. They concluded that the Sub-Adviser's level of profitability from its relationship with the Fund was not excessive.

*Economies of Scale.* The Board considered whether the Sub-Adviser had achieved economies of scale with respect to the management of the Fund alongside other accounts and agreed that the current fee and breakpoints reflected those economies. They further agreed that economies of scale was primarily a Fund level issue and had been considered with respect to the Fund's overall advisory agreement and advisory fee.

---

| |
|:---|
| **TransWestern Institutional Short Duration Government Bond Fund** |
| **SUPPLEMENTAL INFORMATION (Unaudited)(Continued)** |
| **December 31, 2022** |

---

*Conclusion.* Having requested and received such information from the Sub-Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement, and as assisted by the advice of independent counsel, the Board concluded that renewal of the Sub-Advisory Agreement was in the best interests of the Fund and its shareholders.

\* Due to the timing of the contract renewal schedule, these deliberations may or may not relate to the current performance results of the Fund.

---

| |
|:---|
| **TransWestern Institutional Short Duration Government Bond Fund** |
| **SUPPLEMENTAL INFORMATION (Unaudited)** |
| **December 31, 2022** |

---

The Trustees and the executive officers of the Trust are listed below with their present positions with the Trust and principal occupations over at least the last five years. The business address of each Trustee and Officer is 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246. All correspondence to the Trustees and Officers should be directed to c/o Ultimus Fund Solutions, LLC, P.O. Box 541150, Omaha, Nebraska 68154.

***Independent Trustees***

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address<br> and Year of Birth** | &nbsp;&nbsp;**Position/Term<br> of Office\*** | &nbsp;&nbsp;**Principal Occupation<br> During the Past Five<br> Years** | &nbsp;&nbsp;**Number of<br> Portfolios in<br> Fund<br> Complex\*\*<br> Overseen by<br> Trustee** | &nbsp;&nbsp;**Other Directorships held by Trustee<br> During the Past Five Years** |
| &nbsp;&nbsp;Mark Garbin <br> Born in 1951 | &nbsp;&nbsp;Trustee Since 2013 | &nbsp;&nbsp;Managing Principal, Coherent Capital Management LLC (since 2007). | &nbsp;&nbsp;1 | &nbsp;&nbsp;Northern Lights Fund Trust (for series not affiliated with the Funds since 2013); Two Roads Shared Trust (since 2012); Forethought Variable Insurance Trust (since 2013); Northern Lights Variable Trust (since 2013); OHA Mortgage Strategies Fund (offshore), Ltd. (2014 -2017); and Altegris KKR Commitments Master Fund (since 2014); Carlyle Tactical Private Credit Fund (since March 2018) and Independent Director OHA CLO Enhanced Equity II Genpar LLP (since June 2021). |
| &nbsp;&nbsp;Mark D. Gersten<br> Born in 1950 | &nbsp;&nbsp;Trustee Since 2013 | &nbsp;&nbsp;Independent Consultant (since 2012). | &nbsp;&nbsp;1 | &nbsp;&nbsp;Northern Lights Fund Trust (for series not affiliated with the Funds since 2013); Northern Lights Variable Trust (since 2013); Two Roads Shared Trust (since 2012); Altegris KKR Commitments Master Fund (since 2014); previously, Ramius Archview Credit and Distressed Fund (2015-2017); and Schroder Global Series Trust (2012 to 2017). |
| &nbsp;&nbsp;Anthony J. Hertl <br> Born in 1950 | &nbsp;&nbsp;Trustee Since 2005; Chairman of the Board since 2013 | &nbsp;&nbsp;Retired, previously held several positions in a major Wall Street firm including Capital Markets Controller, Director of Global Taxation, and CFO of the Specialty Finance Group. | &nbsp;&nbsp;1 | &nbsp;&nbsp;Northern Lights Fund Trust (for series not affiliated with the Funds since 2005); Northern Lights Variable Trust (since 2006); Alternative Strategies Fund (since 2010); Satuit Capital Management Trust (2007-2019). |
| &nbsp;&nbsp;Gary W. Lanzen <br> Born in 1954 | &nbsp;&nbsp;Trustee Since 2005 | &nbsp;&nbsp;Retired (since 2012). Formerly, Founder, President, and Chief Investment Officer, Orizon Investment Counsel, Inc. (2000-2012). | &nbsp;&nbsp;1 | &nbsp;&nbsp;Northern Lights Fund Trust (for series not affiliated with the Funds since 2005) Northern Lights Variable Trust (since 2006); AdvisorOne Funds (since 2003); Alternative Strategies Fund (since 2010); and previously, CLA Strategic Allocation Fund (2014-2015). |
| &nbsp;&nbsp;John V. Palancia <br> Born in 1954 | &nbsp;&nbsp;Trustee Since 2011 | &nbsp;&nbsp;Retired (since 2011). Formerly, Director of Futures Operations, Merrill Lynch, Pierce, Fenner & Smith Inc. (1975-2011). | &nbsp;&nbsp;1 | &nbsp;&nbsp;Northern Lights Fund Trust (for series not affiliated with the Funds since 2011); Northern Lights Fund Trust III (since February 2012); Alternative Strategies Fund (since 2012) and Northern Lights Variable Trust (since 2011). |
| &nbsp;&nbsp;Mark H. Taylor <br> Born in 1964 | &nbsp;&nbsp;Trustee Since 2007; Chairman of the Audit Committee since 2013 | &nbsp;&nbsp;Director, Lynn Pippenger School of Accountancy Muma College of Business, University of South Florida, Tampa FL (since 2019); Chair, Department of Accountancy and Andrew D. Braden Professor of Accounting and Auditing, Weatherhead School of Management, Case Western Reserve University (2009-2019); Vice President-Finance, American Accounting Association (2017-2020); President, Auditing Section of the American Accounting Association (2012-15). AICPA Auditing Standards Board Member (2009-2012). | &nbsp;&nbsp;1 | &nbsp;&nbsp;Northern Lights Fund Trust (for series not affiliated with the Funds since 2007); Alternative Strategies Fund (since 2010); Northern Lights Fund Trust III (since 2012); and Northern Lights Variable Trust (since 2007). |

---

*12/31/22 – NLFT_v1*

---

| |
|:---|
| **TransWestern Institutional Short Duration Government Bond Fund** |
| **SUPPLEMENTAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2022** |

---

***Officers***

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and<br> Year of Birth** | &nbsp;&nbsp;**Position/Term of<br> Office\*** | &nbsp;&nbsp;**Principal Occupation During<br> the Past Five Years** | &nbsp;&nbsp;**Number of Portfolios in<br> Fund Complex\*\*<br> Overseen by Trustee** | &nbsp;&nbsp;**Other Directorships held<br> by Trustee During the<br> Past Five Years** |
| &nbsp;&nbsp;Kevin E. Wolf <br> Born in 1969 | &nbsp;&nbsp;President Since June 2017 | &nbsp;&nbsp;Executive Vice President, Head of Fund Administration, and Product; Ultimus Fund Solutions, LLC (since 2020); Vice President of The Ultimus Group, LLC (since 2019); Executive Vice President, Gemini Fund Services, LLC (2019-2020); President, Gemini Fund Services, LLC (2012-2019); Treasurer of the Trust (2006-June 2017). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Eric Kane <br> Born in 1981 | &nbsp;&nbsp;Vice President Since December 2022 | &nbsp;&nbsp;Vice President and Senior Managing Counsel, Ultimus Fund Solutions, LLC (since 2022); Vice President and Managing Counsel, Ultimus Fund Solutions, LLC (2020-2022); Vice President and Counsel, Gemini Fund Services, LLC (2017-2020); Assistant Vice President, Gemini Fund Services, LLC (2014- 2017). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;James Colantino <br> Born in 1969 | &nbsp;&nbsp;Treasurer Since June 2017 | &nbsp;&nbsp;Senior Vice President Fund Administration, Ultimus Fund Solutions (since 2020); Senior Vice President Fund Administration, Gemini Fund Services, LLC (2012-2020); Assistant Treasurer of the Trust (2006-June 2017). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Stephanie Shearer <br> Born in 1979 | &nbsp;&nbsp;Secretary Since February 2017 | &nbsp;&nbsp;Assistant Secretary of the Trust (2012-February 2017); Associate Director, Ultimus Fund Solutions (since 2022); Manager of Legal Administration, Ultimus Fund Solutions (2020-2022); Manager of Legal Administration, Gemini Fund Services, LLC (2018-2020); Senior Paralegal, Gemini Fund Services, LLC (2013 - 2018). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Michael J. Nanosky <br> Born in 1966 | &nbsp;&nbsp;Chief Compliance Officer Since January 2021 | &nbsp;&nbsp;Chief Compliance Officer, of the Trust (since January 2021); Vice President-Senior Compliance Officer, Ultimus Fund Solutions (since 2020); Vice President, Chief Compliance Officer for Williamsburg Investment Trust (2020-current); Senior Vice President- Chief Compliance Officer, PNC Funds (2014-2019). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

\* The term of office for each Trustee and officer listed above will continue indefinitely until the individual resigns or is removed.

\*\* As of December 31, 2022, the Trust was comprised of 67 active portfolios managed by unaffiliated investment advisers. The term "Fund Complex" applies only to the Funds in the Trust advised by the Fund's Adviser. The Fund does not hold itself out as related to any other series within the Trust that is not advised by the Fund's Adviser.

The Fund's SAI includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at 1-855-881-2380.

*12/31/22 – NLFT_v1*

***PRIVACY NOTICE***

 ****

**Northern Lights Fund Trust**

**Rev. February 2014**

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| | |
|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?** |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depends on the product or service that you have with us. This information can include:<br>● Social Security number and wire transfer instructions<br>● account transactions and transaction history<br>● investment experience and purchase history<br>When you are *no longer* our customer, we continue to share your information as described in this notice. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Northern Lights Fund Trust chooses to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reasons we can share your**<br> **personal information:** | &nbsp;&nbsp;**Does Northern Lights Fund Trust<br> share information?** | &nbsp;&nbsp;**Can you limit this sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes -** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | &nbsp;&nbsp;**YES** | &nbsp;&nbsp;**NO** |
| &nbsp;&nbsp;**For our marketing purposes -** to offer our products and services to you. | **NO** | **We don't share** |
| &nbsp;&nbsp;**For joint marketing with other financial companies.** | **NO** | **We don't share** |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes -** information about your transactions and records. | **NO** | **We don't share** |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes -** information about your credit worthiness. | **NO** | **We don't share** |
| &nbsp;&nbsp;**For nonaffiliates to market to you** | **NO** | **We don't share** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**QUESTIONS?** | &nbsp;&nbsp;**Call 1-402-493-4603** |

---

***PRIVACY NOTICE***

 ****

**Northern Lights Fund Trust**

&nbsp;&nbsp;**Page 2**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**What we do:** | &nbsp;&nbsp;**What we do:** |
| &nbsp;&nbsp;<br> **How does Northern Lights Fund Trust protect my personal information?** | &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| &nbsp;&nbsp;<br> **How does Northern Lights Fund Trust collect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;We collect your personal information, for example, when you<br> &nbsp;&nbsp;&nbsp;&nbsp;● open an account or deposit money<br>&nbsp;&nbsp;&nbsp;&nbsp;● direct us to buy securities or direct us to sell your securities<br>&nbsp;&nbsp;&nbsp;&nbsp;● seek advice about your investments<br>We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| &nbsp;&nbsp;<br> **Why can't I limit all sharing?** | &nbsp;&nbsp;&nbsp;&nbsp;Federal law gives you the right to limit only:<br> &nbsp;&nbsp;&nbsp;&nbsp;● sharing for affiliates' everyday business purposes – information about your creditworthiness.<br>&nbsp;&nbsp;&nbsp;&nbsp;● affiliates from using your information to market to you.<br>&nbsp;&nbsp;&nbsp;&nbsp;● sharing for nonaffiliates to market to you. <br>State laws and individual companies may give you additional rights to limit sharing. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;● *Northern Lights Fund Trust does not share with our affiliates.* |
| &nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;● *Northern Lights Fund Trust does not share with nonaffiliates so they can market to you.* |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>&nbsp;&nbsp;&nbsp;&nbsp;● *Northern Lights Fund Trust doesn't jointly market*. |

---

**<u>PROXY VOTING POLICY</u>**

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-855-881-2380 or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**<u>PORTFOLIO HOLDINGS</u>**

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC's website at www.sec.gov.

---

| |
|:---|
| **INVESTMENT ADVISOR** |
| TransWestern Capital Advisors, LLC |
| 155 S. Madison St., Suite 237 |
| Denver, CO 80209 |
| **SUB-ADVISOR** |
| Loomis, Sayles & Company, L.P. |
| One Financial Center |
| Boston, MA 02111 |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |
| TransWestern-AR-22 |

---

(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

(b) Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

**Item 2. Code of Ethics.**

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) For purposes of this item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant
files with, or submits to, the Commission and in other public communications made by the registrant;

(3) Compliance
with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified
in the code; and

(5) Accountability
for adherence to the code.

(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(e) The Code of Ethics is not posted on Registrant' website.

(f) A copy of the Code of Ethics is attached as an exhibit.

**Item 3. Audit Committee Financial Expert.**

(a) The Registrant's board of trustees has determined that Mark Gersten, Anthony J. Hertl and Mark H. Taylor are audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Gersten, Mr. Hertl and Mr. Taylor are independent for purposes of this Item 3.

**Item 4. Principal Accountant Fees and Services.**

(a)  **<u>Audit Fees</u>** 

2022 – $17,100

2021 – $17,100

2020 – $16,600

(b)  **<u>Audit-Related Fees</u>** 

2022 – None

2021 – None

2020 – None

(c)  **<u>Tax Fees</u>** 

2022 - $2,500

2021 - $2,200

2020 - $2,200

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d)  **<u>All Other Fees</u>** 

2022 – None

2021 – None

2020 – None

(e) (1)  **<u>Audit Committee's Pre-Approval Policies</u>** 

The registrant's Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant's Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to

its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  **<u>Percentages of Services Approved by the Audit Committee</u>** 

 <u>2022</u> <u>2021</u> <u>2020</u>

Audit-Related Fees: 0.00% 0.00% 0.00%

Tax Fees: 0.00% 0.00% 0.00%

All Other Fees: 0.00% 0.00% 0.00%

(f) During the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent
of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's
full-time, permanent employees.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with
the adviser that provides ongoing services to the registrant:

2022 - $2,500

2021 - $2,200

2020 - $2,200

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee has considered whether the provision of non-audit services to the registrant's
investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by
another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides
ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible
with maintaining the principal accountant's independence.

(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Companies.** Not applicable to open-end investment companies.

**Item 6. Schedule of Investments.** Schedule of investments in securities of unaffiliated issuers is included under Item 1.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.** Not applicable to open-end investment companies.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** Not applicable to open-end investment companies.

**Item 9. Purchases of Equity Securities by Closed-End Funds.** Not applicable to open-end investment companies.

**Item 10. Submission of Matters to a Vote of Security Holders.** Vote of security holders is included under item 1.

**Item 11. Controls and Procedures.** 

(a) Based on an evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant's management, including the Registrant's principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no significant changes in the Registrant's internal control over financial reporting that occurred 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 12. Disclosure of Securities Lending Activities for Closed-Ended Management Investment Companies**

Not applicable.

**Item 13. Exhibits.**

[(a)(1) Code of Ethics filed herewith.](coe.htm)

[(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.](cert1.htm)

(a)(3) Not applicable for open-end investment companies.

[(b) Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.](cert2.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)

 <u>/s/ Kevin Wolf</u> 

Kevin E. Wolf, Principal Executive Officer

Date <u>03/06/2023</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 persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

 <u>/s/ Kevin E. Wolf</u> 

Kevin E. Wolf, Principal Executive Officer

Date <u>03/06/2023</u> 

By (Signature and Title)

 <u>/s/ Jim Colantino</u> 

Jim Colantino, Principal Financial Officer

Date <u>03/06/2023</u>

## Ex-99.Cert

CERTIFICATIONS

I, Kevin E. Wolf, certify that:

1. I have reviewed this report on Form N-CSR of the TransWestern Institutional Short Duration Government Bond Fund, a 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;&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;&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;&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;&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;&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;&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 <u>03/06/2023</u> 

<u>/s/ Kevin E. Wolf</u>

Kevin E. Wolf

Principal Executive Officer

I, Jim Colantino, certify that:

1. I have reviewed this report on Form N-CSR of the TransWestern Institutional Short Duration Government Bond Fund,, a 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;&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;&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;&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;&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;&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;&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 <u>03/06/2023</u> 

<u>/s/ Jim Colantino</u> 

Jim Colantino

Principal Financial Officer

## Exhibit 99.906

**certification**

Kevin E. Wolf, Principal Executive Officer, and Kevin E. Wolf, Principal Financial Officer, 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 December 31, 2022, (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; 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 | Principal Financial Officer |
| Northern Lights Fund Trust | Northern Lights Fund Trust |
| <u>/s/ Kevin E. Wolf</u> | <u>/s/ Jim Colantino</u> |
| Kevin E. Wolf | Jim Colantino |
| Date 03/06/2023 | Date 03/06/2023 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Northern Lights Funds 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.

## Ex-99.Code

**<u>Northern Lights Fund Trust and the Northern Lights Variable Trust</u>**

 **CODE OF ETHICS**

February 19, 2007

Northern Lights Fund Trust and the Northern Lights Variable Trust (the "Trusts") and each of its series (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**THE INTERESTS OF THE FUNDS MUST ALWAYS BE PARAMOUNT**

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trusts.

**Access Persons may not take advantage of their relationship with the Funds**

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest**

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**Access Persons must comply with all applicable laws**

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

***DEFINITIONS***

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Advisers with respect to its corresponding series of the Trusts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trusts or the Advisers (or of any company controlling or controlled by or under common control with the Trusts or the Advisers) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control with the Trusts or the Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities by the Funds.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trusts with respect to Trustees and officers of the Trusts, or the CCO of the Advisers with respect to Advisers personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Advisers personnel.

**"Funds"** means series of the Trusts.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trusts that would not be deemed an "interested person" of the Trusts, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trusts; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trusts when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trusts certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-Trusts certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly know as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Advisers"** means the Advisers to the Trusts.

**"Trusts"** mean Northern Lights Fund Trust and the Northern Lights Variable Trust.

***PROHIBITED ACTIONS AND ACTIVITIES***

&nbsp;&nbsp;&nbsp;&nbsp;A. No Access Person shall purchase or sell directly or indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp; B.

Decision-Making Access Persons may not participate in any initial public offering of Covered Securities in any account over which they exercise Beneficial Ownership. All other Access Persons must obtain prior written authorization from the Chief Compliance Officer or his designee prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp; C.

No Access Person may purchase a Covered Security in which by reason of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization of the acquisition by the Chief Compliance Officer or his designee;

&nbsp;&nbsp;&nbsp;&nbsp; D.

Access Persons may not accept any fee, commission, gift, or services, other than de minimus gifts, from any single person or entity that does business with or on behalf of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp; E.

Decision-Making Access Persons may not serve on the board of directors of a publicly traded company without prior authorization from the Chief Compliance Officer or his designee based upon a determination that such service would be consistent with the interests of the Trusts. If such service is authorized, procedures will then be put in place to isolate such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions on behalf of the Trusts.

Advanced notice should be given so that the Trusts or Advisers may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp; F.

Decision-Making Access Person may not execute a Personal Securities Transaction involving a Covered Security without authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance Officer from time to time.

&nbsp;&nbsp;&nbsp;&nbsp; G.

It shall be a violation of this Code for any Access Person, in connection with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trusts any untrue statement of a material fact or to omit to state to the Trusts a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Trusts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trusts.

EXEMPTED TRANSACTIONS

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

· Purchases or Sales of Securities effected in any account in which an Access Person has no Beneficial Ownership;

· Purchases or Sales of Securities which are non-volitional on the part the Access Person (for example, the receipt of stock dividends);

· Purchase of Securities made as part of automatic dividend reinvestment plans;

· Purchases of Securities made as part of an employee benefit plan involving the periodic purchase or company stock or mutual Funds; and

· Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer shall require prior authorization from the President or Chief Executive Officer of the Trusts (unless such person is also the Chief Compliance Officer), who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trusts shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trusts order.

If a person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, such person shall cancel the trade.

***REPORTING AND MONITORING***

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code.

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Trusts, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trusts may be sent to the Advisers.

INITIAL HOLDINGS REPORT

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

ANNUAL HOLDINGS REPORTS

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

· The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

· The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

· The price of the Covered Security at which the transaction was effected; and

· The name of the broker, dealer, or bank with or through whom the transaction was effected.

· The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

***ENFORCEMENTS AND PENALTIES***

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trusts Board of Trustees.

Upon being informed of a violation of this Code, the Trusts Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trusts shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

Annually, the Chief Compliance Officer at each regular meeting of the Board shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

· Summarize existing procedures concerning Personal Securities investing and any changes in the procedures made during the prior year;

· Identify any violations of this Code and any significant remedial action taken during the prior year; and;

· Identify any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

***ACKNOWLEDGMENT***

The Trusts must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.

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