# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001752724-23-046396
**Filing Date:** 2023-2
**Character Count:** 56117
**Document Hash:** 17b01b52d2cc47831a49724bd17ba983
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-046396.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-046396

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 23682410

**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

### Sierra Tactical Risk Spectrum 50 Fund (Series ID: S000071867)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000227420 | Sierra Tactical Risk Spectrum 50 Fund Investor Class |  |
| C000227421 | Sierra Tactical Risk Spectrum 50 Fund Instl Class    |  |
| C000227422 | Sierra Tactical Risk Spectrum 50 Fund CLass C Shares |  |
| C000227423 | Sierra Tactical Risk Spectrum 50 Fund Class A Shares |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL ALL ASSET FUND** | **SIERRA TACTICAL ALL ASSET FUND** | **SIERRA TACTICAL ALL ASSET FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 28.6%** |  |
|  | **COMMODITY - 0.9%** |  |
| 492600 | Invesco Optimum Yield Diversified Commodity | &nbsp;&nbsp;&nbsp; $7280628 |
|  | **EQUITY - 18.7%** |  |
| 236300 | Energy Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 20669161 |
| 266100 | Financial Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 9100620 |
| 52400 | iShares Biotechnology ETF | &nbsp;&nbsp;&nbsp; 6879596 |
| 42200 | iShares US Aerospace & Defense ETF | &nbsp;&nbsp;&nbsp; 4720492 |
| 163900 | JPMorgan Equity Premium Income ETF | &nbsp;&nbsp;&nbsp; 8930911 |
| 67600 | SPDR Dow Jones Industrial Average ETF Trust | &nbsp;&nbsp;&nbsp; 22397908 |
| 352400 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 13736552 |
| 129900 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 45639066 |
| 91400 | Vanguard Small-Cap Value ETF | &nbsp;&nbsp;&nbsp; 14514320 |
| 97800 | Vanguard Value ETF | &nbsp;&nbsp;&nbsp; 13728186 |
|  |  | &nbsp;&nbsp; 160316812 |
|  | **FIXED INCOME - 9.0%** |  |
| 2018100 | Invesco Senior Loan ETF | &nbsp;&nbsp;&nbsp; 41431593 |
| 486500 | iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 35820995 |
|  |  | &nbsp;&nbsp; 77252588 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $245,697,070)** | &nbsp;&nbsp; 244850028 |
|  | **OPEN END FUNDS — 42.4%** |  |
|  | **ALTERNATIVE - 3.4%** |  |
| 261407 | Finisterre Emerging Markets Total Return Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 2224570 |
| 1 | JPMorgan Hedged Equity Fund, Class I | &nbsp;&nbsp;&nbsp; 25 |
| 2649850 | LoCorr Long/Short Commodities Strategy Fund | &nbsp;&nbsp;&nbsp; 27187463 |
|  |  | &nbsp;&nbsp; 29412058 |
|  | **EQUITY - 7.3%** |  |
| 1015140 | Baillie Gifford Emerging Markets Equities Fund, Class I | &nbsp;&nbsp;&nbsp; 17297986 |
| 2691540 | iShares MSCI EAFE International Index Fund | &nbsp;&nbsp;&nbsp; 35662902 |
| 1 | JPMorgan Emerging Markets Equity Fund, Class I | &nbsp;&nbsp;&nbsp; 29 |
| 291422 | Victory Global Energy Transition Fund, Class Y | &nbsp;&nbsp;&nbsp; 9232254 |
| 1 | Virtus KAR Small-Cap Core Fund, Class I | &nbsp;&nbsp;&nbsp; 44 |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL ALL ASSET FUND** | **SIERRA TACTICAL ALL ASSET FUND** | **SIERRA TACTICAL ALL ASSET FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 42.4% (Continued)** |  |
|  | **EQUITY - 7.3% (Continued)** |  |
| 1 | Virtus KAR Small-Cap Growth Fund, Class I | &nbsp;&nbsp;&nbsp; $43 |
|  |  | &nbsp;&nbsp; 62193258 |
|  | **FIXED INCOME - 31.7%** |  |
| 924207 | American Century Intermediate-Term Tax-Free Bond, Class I | &nbsp;&nbsp;&nbsp; 9833567 |
| 890411 | Baird Core Intermediate Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 8993148 |
| 326418 | Baird Quality Intermediate Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 3574277 |
| 8839 | BlackRock High Yield Bond Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp; 58688 |
| 2011 | BlackRock High Yield Municipal Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 17495 |
| 2837150 | BlackRock National Municipal Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 28172903 |
| 1404687 | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 14524465 |
| 1860 | Bramshill Income Performance Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 17781 |
| 9177 | Cohen & Steers Preferred Securities and Income, Class I | &nbsp;&nbsp;&nbsp; 107825 |
| 569190 | Columbia Intermediate Duration Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 5356078 |
| 527646 | DoubleLine Emerging Markets Fixed Income Fund, Class I | &nbsp;&nbsp;&nbsp; 4448057 |
| 740228 | Franklin California High Yield Municipal Fund, Advisor Class | &nbsp;&nbsp;&nbsp; 7217227 |
| 5377 | Goldman Sachs High Yield Floating Rate Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 46508 |
| 1 | Goldman Sachs Investment Grade Credit Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 11 |
| 17 | Invesco High Yield Municipal Fund, Class Y | &nbsp;&nbsp;&nbsp; 148 |
| 4321 | Invesco International Bond Fund, Class Y | &nbsp;&nbsp;&nbsp; 18581 |
| 9548 | Invesco Rochester Municipal Opportunities Fund, Class Y | &nbsp;&nbsp;&nbsp; 63876 |
| 5127 | Invesco Senior Floating Rate Fund, Class Y | &nbsp;&nbsp;&nbsp; 33377 |
| 1 | JPMorgan Emerging Markets Debt Fund, Class I | &nbsp;&nbsp;&nbsp; 6 |
| 728399 | JPMorgan Intermediate Tax Free Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 7218438 |
| 5089 | Lord Abbett Floating Rate Fund, Class I | &nbsp;&nbsp;&nbsp; 39950 |
| 5 | Metropolitan West High Yield Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 44 |
| 2100 | MFS Corporate Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 24925 |
| 727869 | Nuveen All-American Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 7278694 |
| 892016 | Nuveen California Municipal Bond Fund | &nbsp;&nbsp;&nbsp; 8902315 |
| 5851 | Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 87184 |
| 3527 | Nuveen Preferred Securities Fund, Class I | &nbsp;&nbsp;&nbsp; 53049 |
| 1496650 | Nuveen Short Duration High Yield Municipal Bond, Class I | &nbsp;&nbsp;&nbsp; 14263076 |
| 3101 | Nuveen Strategic Income Fund, Class I | &nbsp;&nbsp;&nbsp; 29459 |
| 2609 | PIMCO Diversified Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 23717 |
| 1146464 | PIMCO Emerging Markets Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 9125854 |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL ALL ASSET FUND** | **SIERRA TACTICAL ALL ASSET FUND** | **SIERRA TACTICAL ALL ASSET FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 42.4% (Continued)** |  |
|  | **FIXED INCOME - 31.7% (Continued)** |  |
| 1667934 | PIMCO Emerging Markets Local Currency and Bond, Institutional Class | &nbsp;&nbsp;&nbsp; $9173637 |
| 18 | PIMCO High Yield Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 134 |
| 7316 | PIMCO High Yield Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 59771 |
| 3454818 | PIMCO Income Fund Institutional Class, Institutional Class | &nbsp;&nbsp;&nbsp; 35757369 |
| 3175262 | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | &nbsp;&nbsp;&nbsp; 29529933 |
| 4176239 | PIMCO Investment Grade Credit Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 36040946 |
| 2702 | PIMCO Long-Term Credit Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 23538 |
| 2281 | PIMCO Real Return Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 22788 |
| 2164 | Pioneer Strategic Income Fund, Class Y | &nbsp;&nbsp;&nbsp; 19650 |
| 2573 | Putnam Ultra Short Duration Income Fund, Class Y | &nbsp;&nbsp;&nbsp; 25729 |
| 496786 | Russell Tax Exempt Bond Fund, Class S | &nbsp;&nbsp;&nbsp; 10700760 |
| 2214276 | TCW Emerging Markets Income Fund, Class I | &nbsp;&nbsp;&nbsp; 13418514 |
| 5943 | Voya Securitized Credit Fund, Class I | &nbsp;&nbsp;&nbsp; 52002 |
| 15419 | Western Asset Core Plus Bond Fund, Class Y | &nbsp;&nbsp;&nbsp; 144323 |
| 492092 | Western Asset Managed Municipals Fund, Class IS | &nbsp;&nbsp;&nbsp; 7209145 |
|  |  | &nbsp;&nbsp; 271708962 |
|  | **TOTAL OPEN END FUNDS (Cost $361,586,559)** | &nbsp;&nbsp; 363314278 |
|  | **SHORT-TERM INVESTMENT — 29.1%** |  |
|  | **MONEY MARKET FUND - 29.1%** |  |
| 248884787 | First American Government Obligations Fund Class X, 4.08% (Cost $248,884,787) <sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 248884787 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $856,168,416)** | &nbsp;&nbsp;&nbsp; $857049093 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | &nbsp;&nbsp; (583225) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $856465868 |

---

---

| | |
|:---|:---|
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |
| <sup>(a)</sup> | - Rate disclosed is the seven day effective yield as of December 31, 2022. |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL CORE INCOME FUND** | **SIERRA TACTICAL CORE INCOME FUND** | **SIERRA TACTICAL CORE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 10.7%** |  |
|  | **FIXED INCOME - 10.7%** |  |
| 5691500 | Invesco Senior Loan ETF | &nbsp;&nbsp;&nbsp; $116846495 |
| 1344000 | iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 98958720 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $218,546,581)** | &nbsp;&nbsp; 215805215 |
|  | **OPEN END FUNDS — 43.1%** |  |
|  | **ALTERNATIVE - 0.3%** |  |
| 600356 | Finisterre Emerging Markets Total Return Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 5109033 |
| 54951 | Victory Market Neutral Income Fund, Class I | &nbsp;&nbsp;&nbsp; 458289 |
|  |  | &nbsp;&nbsp; 5567322 |
|  | **FIXED INCOME - 42.8%** |  |
| 3145931 | Allspring Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 30169479 |
| 587980 | American Century Emerging Markets Debt Fund, Class I | &nbsp;&nbsp;&nbsp; 5103670 |
| 1908498 | American Century Intermediate-Term Tax-Free Bond, Class I | &nbsp;&nbsp;&nbsp; 20306420 |
| 9906 | Angel Oak Multi-Strategy Income Fund Insti, Institutional Class | &nbsp;&nbsp;&nbsp; 84595 |
| 1990962 | Baird Core Intermediate Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 20108721 |
| 926017 | Baird Quality Intermediate Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 10139887 |
| 54208 | BlackRock High Yield Bond Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp; 359941 |
| 17893 | BlackRock High Yield Municipal Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 155667 |
| 8096459 | BlackRock National Municipal Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 80397838 |
| 3957749 | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 40923127 |
| 34299 | Cohen & Steers Preferred Securities and Income, Class I | &nbsp;&nbsp;&nbsp; 403014 |
| 1614738 | Columbia Intermediate Duration Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 15194689 |
| 5163 | Credit Suisse Floating Rate High Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 31857 |
| 612 | Fidelity Capital & Income Fund | &nbsp;&nbsp;&nbsp; 5520 |
| 2093207 | Franklin California High Yield Municipal Fund, Advisor Class | &nbsp;&nbsp;&nbsp; 20408767 |
| 11454 | Goldman Sachs High Yield Floating Rate Fund Instl, Institutional Class | &nbsp;&nbsp;&nbsp; 99073 |
| 5809 | Goldman Sachs High Yield Municipal Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 51412 |
| 12472 | Invesco Floating Rate ESG Fund, Class Y | &nbsp;&nbsp;&nbsp; 82942 |
| 17221 | Invesco High Yield Municipal Fund, Class Y | &nbsp;&nbsp;&nbsp; 147415 |
| 23493 | Invesco International Bond Fund, Class Y | &nbsp;&nbsp;&nbsp; 101019 |
| 79530 | Invesco Rochester Municipal Opportunities Fund, Class Y | &nbsp;&nbsp;&nbsp; 532058 |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL CORE INCOME FUND** | **SIERRA TACTICAL CORE INCOME FUND** | **SIERRA TACTICAL CORE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 43.1% (Continued)** |  |
|  | **FIXED INCOME - 42.8% (Continued)** |  |
| 14557 | Invesco Senior Floating Rate Fund, Class Y | &nbsp;&nbsp;&nbsp; $94766 |
| 846192 | JPMorgan Emerging Markets Debt Fund, Class I | &nbsp;&nbsp;&nbsp; 4992530 |
| 3204578 | JPMorgan Global Bond Opportunities Fund, Class I | &nbsp;&nbsp;&nbsp; 30347356 |
| 18243 | JPMorgan Income Fund, Class I | &nbsp;&nbsp;&nbsp; 150137 |
| 3072104 | JPMorgan Intermediate Tax Free Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 30444549 |
| 3959 | MFS California Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 35000 |
| 9408 | MFS Corporate Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 111674 |
| 13350 | MFS Emerging Markets Debt Fund, Class I | &nbsp;&nbsp;&nbsp; 152994 |
| 6371 | MFS Emerging Markets Debt Local Currency Fund, Class I | &nbsp;&nbsp;&nbsp; 33767 |
| 2065034 | Nuveen All-American Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 20650338 |
| 17251 | Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 257039 |
| 4881140 | Nuveen Intermediate Duration Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 42270672 |
| 16129 | Nuveen Preferred Securities Fund, Class I | &nbsp;&nbsp;&nbsp; 242585 |
| 4222589 | Nuveen Short Duration High Yield Municipal Bond, Class I | &nbsp;&nbsp;&nbsp; 40241276 |
| 29 | Nuveen Strategic Income Fund, Class I | &nbsp;&nbsp;&nbsp; 275 |
| 17677 | PIMCO Diversified Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 160685 |
| 3301348 | PIMCO Emerging Markets Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 26278730 |
| 701845 | PIMCO Emerging Markets Currency and Short-Term, Institutional Class | &nbsp;&nbsp;&nbsp; 5172595 |
| 2 | PIMCO Emerging Markets Full Spectrum Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 11 |
| 4746764 | PIMCO Emerging Markets Local Currency and Bond, Institutional Class | &nbsp;&nbsp;&nbsp; 26107200 |
| 4980884 | PIMCO High Yield Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 40693820 |
| 9760942 | PIMCO Income Fund Institutional Class, Institutional Class | &nbsp;&nbsp;&nbsp; 101025749 |
| 8564334 | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | &nbsp;&nbsp;&nbsp; 79648306 |
| 11777002 | PIMCO Investment Grade Credit Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 101635524 |
| 11838 | PIMCO Long-Term Credit Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 103107 |
| 8057 | PIMCO Real Return Fund Institutional Class | &nbsp;&nbsp;&nbsp; 80485 |
| 7415 | Pioneer Strategic Income Fund, Class Y | &nbsp;&nbsp;&nbsp; 67327 |
| 5667 | Putnam Ultra Short Duration Income Fund, Class Y | &nbsp;&nbsp;&nbsp; 56673 |
| 1056 | Semper MBS Total Return Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 8289 |
| 6678931 | TCW Emerging Markets Income Fund, Class I | &nbsp;&nbsp;&nbsp; 40474320 |
| 9993 | TIAA-Cref Bond Index Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 94333 |
| 642535 | TIAA-CREF Emerging Markets Debt Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 5024627 |
| 44114 | Western Asset Core Plus Bond Fund, Class IS | &nbsp;&nbsp;&nbsp; 412905 |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL CORE INCOME FUND** | **SIERRA TACTICAL CORE INCOME FUND** | **SIERRA TACTICAL CORE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 43.1% (Continued)** |  |
|  | **FIXED INCOME - 42.8% (Continued)** |  |
| 1388763 | Western Asset Managed Municipals Fund, Class Y | &nbsp;&nbsp;&nbsp; $20345372 |
|  |  | &nbsp;&nbsp; 862222127 |
|  | **TOTAL OPEN END FUNDS (Cost $863,440,878)** | &nbsp;&nbsp; 867789449 |
|  | **SHORT-TERM INVESTMENT — 46.2%** |  |
|  | **MONEY MARKET FUND - 46.2%** |  |
| 929093196 | First American Government Obligations Fund Class X, 4.08% (Cost $929,093,196) <sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 929093196 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $2,011,080,655)** | &nbsp;&nbsp;&nbsp; $2012687860 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%** <sup>(b)</sup> | &nbsp;&nbsp; (194314) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $2012493546 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| <sup>(a)</sup> | - Rate disclosed is the seven day effective yield as of December 31, 2022. |
| <sup>(b)</sup> | - Percentage rounds to less than 0.1%. |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL MUNICIPAL FUND** | **SIERRA TACTICAL MUNICIPAL FUND** | **SIERRA TACTICAL MUNICIPAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 70.3%** |  |
|  | **FIXED INCOME - 70.3%** |  |
| 8214 | American Century California High-Yield Municipal, Class I | &nbsp;&nbsp;&nbsp; $78440 |
| 1402659 | BlackRock California Municipal Opportunities Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 16467221 |
| 5681421 | BlackRock High Yield Municipal Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 49428359 |
| 1583431 | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 16372677 |
| 1793848 | City National Rochdale Municipal High Income Fund, Service Class | &nbsp;&nbsp;&nbsp; 16288140 |
| 4913653 | Franklin California Tax-Free Income Fund, Advisor Class | &nbsp;&nbsp;&nbsp; 33019749 |
| 3123215 | Franklin Federal Tax-Free Income Fund, Class R6 | &nbsp;&nbsp;&nbsp; 32856222 |
| 4605 | Goldman Sachs High Yield Municipal Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 40754 |
| 10409 | Invesco High Yield Municipal Fund, Class Y | &nbsp;&nbsp;&nbsp; 89101 |
| 21319 | Invesco Rochester Municipal Opportunities Fund, Class Y | &nbsp;&nbsp;&nbsp; 142626 |
| 828731 | JPMorgan Intermediate Tax Free Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 8212726 |
| 7667 | Nuveen All-American Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 76668 |
| 6709 | Nuveen California High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 53004 |
| 886147 | Nuveen California Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 8843744 |
| 16671 | Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 248398 |
| 1707972 | Nuveen Short Duration High Yield Municipal Bond, Class I | &nbsp;&nbsp;&nbsp; 16276975 |
| 1615725 | PIMCO High Yield Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 13200473 |
| 1682325 | PIMCO Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 15325981 |
| 1051900 | Putnam Tax-Free High Yield Fund, Class Y | &nbsp;&nbsp;&nbsp; 11602460 |
|  |  | &nbsp;&nbsp; 238623718 |
|  | **TOTAL OPEN END FUNDS (Cost $234,183,019)** | &nbsp;&nbsp; 238623718 |
|  | **SHORT-TERM INVESTMENTS — 29.7%** |  |
|  | **MONEY MARKET FUNDS - 29.7%** |  |
| 99828698 | BlackRock Liquidity Funds MuniCash, Institutional Class, 3.17%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 99818715 |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL MUNICIPAL FUND** | **SIERRA TACTICAL MUNICIPAL FUND** | **SIERRA TACTICAL MUNICIPAL FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 29.7% (Continued)** |  |
|  | **MONEY MARKET FUNDS - 29.7% (Continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163581 | First American Government Obligations Fund Class X, 4.08%<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1163581 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $100,982,339)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100982296 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $335,165,358)** | &nbsp;&nbsp;&nbsp; $339606014 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%**<sup>(b)</sup> | &nbsp;&nbsp; 13344 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $339619358 |

---

<sup>(a)</sup> - Rate disclosed is the seven day effective yield as of December 31, 2022.

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

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL BOND FUND** | **SIERRA TACTICAL BOND FUND** | **SIERRA TACTICAL BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 47.2%** |  |
|  | **FIXED INCOME - 47.2%** |  |
| 6960900 | iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; $512531067 |
| 5562700 | SPDR Bloomberg High Yield Bond ETF | &nbsp;&nbsp;&nbsp; 500643000 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,027,178,776)** | &nbsp;&nbsp; 1013174067 |
|  | **OPEN END FUNDS — 30.6%** |  |
|  | **FIXED INCOME - 30.6%** |  |
| 4205240 | Allspring Short-Term High Yield Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 32464451 |
| 57670824 | BlackRock High Yield Bond Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp; 382934275 |
| 3543970 | City National Rochdale Fixed Income Opportunities, Class N | &nbsp;&nbsp;&nbsp; 65386243 |
| 16609 | Fidelity Capital & Income Fund | &nbsp;&nbsp;&nbsp; 149811 |
| 43580 | Fidelity High Income Fund | &nbsp;&nbsp;&nbsp; 317261 |
| 27005 | Goldman Sachs High Yield Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 143395 |
| 44620 | John Hancock High Yield Fund, Class I | &nbsp;&nbsp;&nbsp; 128060 |
| 29394 | Lord Abbett High Yield Fund, Class I | &nbsp;&nbsp;&nbsp; 180183 |
| 11 | Metropolitan West High Yield Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 96 |
| 20 | Neuberger Berman High Income Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 144 |
| 5 | Nuveen High Yield Income Fund, Class I | &nbsp;&nbsp;&nbsp; 85 |
| 10555996 | Osterweis Strategic Income Fund | &nbsp;&nbsp;&nbsp; 109043440 |
| 1031383 | Payden High Income Fund, Investor Class | &nbsp;&nbsp;&nbsp; 6033588 |
| 44570 | PGIM High Yield Fund, Class Z | &nbsp;&nbsp;&nbsp; 202795 |
| 20497 | PGIM Short Duration High Yield, Class Z | &nbsp;&nbsp;&nbsp; 164590 |
| 25758 | PIMCO High Yield Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 193444 |
| 2 | PIMCO High Yield Spectrum Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 17 |
| 1583927 | Pioneer High Yield Fund, Class Y | &nbsp;&nbsp;&nbsp; 12924843 |
| 25687 | Principal Funds Inc - High Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 161826 |
| 4694657 | Putnam High Yield Fund, Class Y | &nbsp;&nbsp;&nbsp; 25022519 |
| 991848 | TIAA-CREF High Yield Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 8123238 |
| 2318098 | Western Asset Short Duration High Income Fund, Class I | &nbsp;&nbsp;&nbsp; 10848697 |
|  | **TOTAL OPEN END FUNDS (Cost $657,363,386)** | &nbsp;&nbsp; 654423001 |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL BOND FUND** | **SIERRA TACTICAL BOND FUND** | **SIERRA TACTICAL BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 22.1%** |  |
|  | **MONEY MARKET FUND - 22.1%** |  |
| 472987220 | First American Government Obligations Fund Class X, 4.08% (Cost $472,987,220)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $472987220 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $2,157,529,382)** | &nbsp;&nbsp;&nbsp; $2140584288 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | &nbsp;&nbsp; 1156887 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $2141741175 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor's Depositary Receipt |
| <sup>(a)</sup> | - Rate disclosed is the seven day effective yield as of December 31, 2022. |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL RISK SPECTRUM 50 FUND** | **SIERRA TACTICAL RISK SPECTRUM 50 FUND** | **SIERRA TACTICAL RISK SPECTRUM 50 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 49.5%** |  |
|  | **COMMODITY - 0.8%** |  |
| 93500 | Invesco Optimum Yield Diversified Commodity | &nbsp;&nbsp;&nbsp; $1381930 |
|  | **EQUITY - 42.9%** |  |
| 77200 | Energy Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 6752684 |
| 102400 | Financial Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 3502080 |
| 26400 | iShares Biotechnology ETF | &nbsp;&nbsp;&nbsp; 3466056 |
| 16200 | iShares US Aerospace & Defense ETF | &nbsp;&nbsp;&nbsp; 1812132 |
| 63100 | JPMorgan Equity Premium Income ETF | &nbsp;&nbsp;&nbsp; 3438319 |
| 32000 | SPDR Dow Jones Industrial Average ETF Trust | &nbsp;&nbsp;&nbsp; 10602560 |
| 176600 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 6883868 |
| 78300 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 27509922 |
| 34900 | Vanguard Small-Cap Value ETF | &nbsp;&nbsp;&nbsp; 5542120 |
| 37700 | Vanguard Value ETF | &nbsp;&nbsp;&nbsp; 5291949 |
|  |  | &nbsp;&nbsp; 74801690 |
|  | **FIXED INCOME - 5.8%** |  |
| 253200 | Invesco Senior Loan ETF | &nbsp;&nbsp;&nbsp; 5198196 |
| 65500 | iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 4822765 |
|  |  | &nbsp;&nbsp; 10020961 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $85,919,780)** | &nbsp;&nbsp; 86204581 |
|  | **OPEN END FUNDS — 36.0%** |  |
|  | **ALTERNATIVE - 0.0%<sup>(b)</sup>** |  |
| 1 | JPMorgan Hedged Equity Fund, Class I | &nbsp;&nbsp;&nbsp; 25 |
|  | **EQUITY - 10.1%** |  |
| 132065 | Baillie Gifford Emerging Markets Equities Fund, Class I | &nbsp;&nbsp;&nbsp; 2250385 |
| 1033973 | iShares MSCI EAFE International Index Fund | &nbsp;&nbsp;&nbsp; 13700146 |
| 51641 | Victory Global Energy Transition Fund, Class Y | &nbsp;&nbsp;&nbsp; 1635996 |
|  |  | &nbsp;&nbsp; 17586527 |
|  | **FIXED INCOME - 25.9%** |  |
| 2189 | American Century California High-Yield Municipal, Class I | &nbsp;&nbsp;&nbsp; 20905 |
| 562999 | Ashmore Emerging Markets Total Return Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 2708026 |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL RISK SPECTRUM 50 FUND** | **SIERRA TACTICAL RISK SPECTRUM 50 FUND** | **SIERRA TACTICAL RISK SPECTRUM 50 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 36.0% (Continued)** |  |
|  | **FIXED INCOME - 25.9% (Continued)** |  |
| 49538 | Baird Quality Intermediate Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; $542441 |
| 485926 | BlackRock National Municipal Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 4825248 |
| 175334 | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 1812953 |
| 1668 | Cohen & Steers Preferred Securities and Income, Class I | &nbsp;&nbsp;&nbsp; 19599 |
| 95980 | Columbia Intermediate Duration Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 903169 |
| 197449 | DoubleLine Low Duration Emerging Markets Fixed, Class I | &nbsp;&nbsp;&nbsp; 1782965 |
| 111309 | Franklin California High Yield Municipal Fund, Advisor Class | &nbsp;&nbsp;&nbsp; 1085259 |
| 17 | Invesco High Yield Municipal Fund, Class Y | &nbsp;&nbsp;&nbsp; 148 |
| 10675 | Invesco Rochester Municipal Opportunities Fund, Class Y | &nbsp;&nbsp;&nbsp; 71419 |
| 2119 | Invesco Senior Floating Rate Fund, Class Y | &nbsp;&nbsp;&nbsp; 13794 |
| 276043 | JPMorgan High Yield Municipal Fund, Class I | &nbsp;&nbsp;&nbsp; 2658294 |
| 109730 | JPMorgan Intermediate Tax Free Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 1087424 |
| 109055 | Nuveen All-American Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 1090547 |
| 323 | Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 4812 |
| 1149 | Nuveen Preferred Securities Fund, Class I | &nbsp;&nbsp;&nbsp; 17274 |
| 187821 | Nuveen Short Duration High Yield Municipal Bond, Class I | &nbsp;&nbsp;&nbsp; 1789930 |
| 629 | Nuveen Strategic Income Fund, Class I | &nbsp;&nbsp;&nbsp; 5972 |
| 1827 | PIMCO Emerging Markets Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 14539 |
| 470005 | PIMCO Emerging Markets Full Spectrum Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 2763631 |
| 433372 | PIMCO Income Fund Institutional Class | &nbsp;&nbsp;&nbsp; 4485396 |
| 936475 | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | &nbsp;&nbsp;&nbsp; 8709219 |
| 524256 | PIMCO Investment Grade Credit Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 4524329 |
| 523 | PIMCO Long-Term Credit Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 4554 |
| 462 | PIMCO Real Return Fund Institutional Class | &nbsp;&nbsp;&nbsp; 4614 |
| 204328 | Putnam Mortgage Opportunities Fund, Class Y | &nbsp;&nbsp;&nbsp; 1771523 |
| 62313 | Russell Tax Exempt Bond Fund, Class S | &nbsp;&nbsp;&nbsp; 1342230 |
| 2008 | Western Asset Core Plus Bond Fund, Class IS | &nbsp;&nbsp;&nbsp; 18796 |
| 74131 | Western Asset Managed Municipals Fund, Class Y | &nbsp;&nbsp;&nbsp; 1086024 |
|  |  | &nbsp;&nbsp; 45165034 |
|  | **TOTAL OPEN END FUNDS (Cost $62,109,829)** | &nbsp;&nbsp; 62751586 |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL RISK SPECTRUM 50 FUND** | **SIERRA TACTICAL RISK SPECTRUM 50 FUND** | **SIERRA TACTICAL RISK SPECTRUM 50 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 14.5%** |  |
|  | **MONEY MARKET FUND - 14.5%** |  |
| 25239368 | First American Government Obligations Fund Class X, 4.08% (Cost $25,239,368)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $25239368 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $173,268,977)** | &nbsp;&nbsp;&nbsp; $174195535 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%**<sup>(b)</sup> | &nbsp;&nbsp; (67997) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $174127538 |

---

---

| | |
|:---|:---|
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> - Rate disclosed is the seven day effective yield as of December 31, 2022.

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

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL RISK SPECTRUM 30 FUND** | **SIERRA TACTICAL RISK SPECTRUM 30 FUND** | **SIERRA TACTICAL RISK SPECTRUM 30 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 40.7%** |  |
|  | **COMMODITY - 0.8%** |  |
| 24700 | Invesco Optimum Yield Diversified Commodity | &nbsp;&nbsp;&nbsp; $365066 |
|  | **EQUITY - 32.4%** |  |
| 11800 | Energy Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 1032146 |
| 16200 | Financial Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 554040 |
| 4000 | iShares Biotechnology ETF | &nbsp;&nbsp;&nbsp; 525160 |
| 2500 | iShares US Aerospace & Defense ETF | &nbsp;&nbsp;&nbsp; 279650 |
| 10000 | JPMorgan Equity Premium Income ETF | &nbsp;&nbsp;&nbsp; 544900 |
| 3800 | SPDR Dow Jones Industrial Average ETF Trust | &nbsp;&nbsp;&nbsp; 1259054 |
| 74800 | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp; 3139356 |
| 26900 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 1048562 |
| 11500 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 4040410 |
| 4700 | Vanguard Small-Cap Value ETF | &nbsp;&nbsp;&nbsp; 746360 |
| 6000 | Vanguard Value ETF | &nbsp;&nbsp;&nbsp; 842220 |
|  |  | &nbsp;&nbsp; 14011858 |
|  | **FIXED INCOME - 7.5%** |  |
| 89800 | Invesco Senior Loan ETF | &nbsp;&nbsp;&nbsp; 1843594 |
| 19300 | iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 1421059 |
|  |  | &nbsp;&nbsp; 3264653 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $17,548,511)** | &nbsp;&nbsp; 17641577 |
|  | **OPEN END FUNDS — 33.4%** |  |
|  | **ALTERNATIVE - 1.5%** |  |
| 49998 | AQR Long-Short Equity Fund, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 640470 |
|  | **EQUITY - 0.8%** |  |
| 19173 | Baillie Gifford Emerging Markets Equities Fund, Class I | &nbsp;&nbsp;&nbsp; 326704 |
|  | **FIXED INCOME - 31.1%** |  |
| 212038 | Ashmore Emerging Markets Corporate Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 1170449 |
| 212709 | Ashmore Emerging Markets Total Return Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 1023130 |
| 16578 | Baird Quality Intermediate Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 181526 |

---

---

| | | |
|:---|:---|:---|
| **SIERRA TACTICAL RISK SPECTRUM 30 FUND** | **SIERRA TACTICAL RISK SPECTRUM 30 FUND** | **SIERRA TACTICAL RISK SPECTRUM 30 FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 33.4% (Continued)** |  |
|  | **FIXED INCOME - 31.1% (Continued)** |  |
| 101087 | BlackRock Strategic Municipal Opportunities Fund, Institutional Class | &nbsp;&nbsp;&nbsp; $1045241 |
| 28907 | Columbia Intermediate Duration Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 272018 |
| 24862 | DoubleLine Low Duration Emerging Markets Fixed, Class I | &nbsp;&nbsp;&nbsp; 224500 |
| 127249 | JPMorgan High Yield Municipal Fund, Class I | &nbsp;&nbsp;&nbsp; 1225410 |
| 550 | Nuveen High Yield Municipal Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 8187 |
| 66402 | Nuveen Short Duration High Yield Municipal Bond, Class I | &nbsp;&nbsp;&nbsp; 632814 |
| 157 | Nuveen Strategic Income Fund, Class I | &nbsp;&nbsp;&nbsp; 1496 |
| 153116 | PIMCO Income Fund Institutional Class | &nbsp;&nbsp;&nbsp; 1584747 |
| 259448 | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | &nbsp;&nbsp;&nbsp; 2412862 |
| 185127 | PIMCO Investment Grade Credit Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 1597644 |
| 109171 | PIMCO Municipal Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 994546 |
| 76324 | Putnam Mortgage Opportunities Fund, Class Y | &nbsp;&nbsp;&nbsp; 661726 |
| 21991 | Russell Tax Exempt Bond Fund, Class S | &nbsp;&nbsp;&nbsp; 473686 |
| 716 | Western Asset Core Plus Bond Fund, Class IS | &nbsp;&nbsp;&nbsp; 6704 |
|  |  | &nbsp;&nbsp; 13516686 |
|  | **TOTAL OPEN END FUNDS (Cost $14,526,768)** | &nbsp;&nbsp; 14483860 |
|  | **SHORT-TERM INVESTMENT — 26.0%** |  |
|  | **MONEY MARKET FUND - 26.0%** |  |
| 11297508 | First American Government Obligations Fund Class X, 4.08% (Cost $11,297,508)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 11297508 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $43,372,787)** | &nbsp;&nbsp;&nbsp; $43422945 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | &nbsp;&nbsp; (44401) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $43378544 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of December 31, 2022.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** Sierra Tactical Risk Spectrum 50 Fund

- **b. EDGAR series identifier (if any):** S000071867

- **c. LEI of Series:** 549300WMMTSKG217RJ14

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

- **a. Date of fiscal year-end:** 2023-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $174488481.89

**Total Liabilities:** $360944.07

**Net Assets:** $174127537.82

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227423 | 0.83%                | 3.52%                | -2.68%               |
| Class ID C000227420 | 0.83%                | 3.52%                | -2.71%               |
| Class ID C000227422 | 0.79%                | 3.49%                | -2.78%               |
| Class ID C000227421 | 0.83%                | 3.57%                | -2.66%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-66721.87               | $1297267.52                                |
| Month 2  | $-24122.91               | $5944567.69                                |
| Month 3  | $-43499.97               | $-6258496.06                               |

### Schedule of Portfolio Investments

| Name                                                          | Title                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Blackrock Municipal Bond Fund Inc                             | BLKR-NTL MUN-INS          | CUSIP: 09253C876<br>LEI: N/A                  | Long             | EC               | RF                | US        |    484694 | NS      | $4813007.02   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Municipal                                              | NVN-ALL AMER-I            | CUSIP: 67065Q855<br>LEI: 549300D2RECSQKX7NC33 | Long             | EC               | RF                | US        |    108723 | NS      | $1087231.33   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| American Centy Cal                                            | AC-CA H/Y M-I             | CUSIP: 025075789<br>LEI: N/A                  | Long             | EC               | RF                | US        |      2181 | NS      | $20832.99     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERN FDS INC                                           | FRST AM-GV OB-X           | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |  25239368 | PA      | $25239367.93  | 14.49%            |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Municipal Series Trust                              | BLACKROCK STRAT MUNI OPP- | CUSIP: 09253E609<br>LEI: N13FNQG6SVW6WDIWRJ75 | Long             | EC               | RF                | US        |    174931 | NS      | $1808786.04   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Funds Series Trust I                                 | CLM-INTR DU MU-I          | CUSIP: 19765L637<br>LEI: 549300W5GIE6ZOZOTD82 | Long             | EC               | RF                | US        |     95720 | NS      | $900728.19    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashmore Funds                                                 | ASHMORE EM MRKT TTL RTRN- | CUSIP: 044820405<br>LEI: N/A                  | Long             | EC               | RF                | US        |    562999 | NS      | $2702396.00   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Fds                                            | VANGUARD S&P 500 ETF      | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |     78300 | NS      | $27509922.00  | 15.80%            |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Actively Managed Exchange-Traded Commodity Fund Trust | INVESCO OPTIMUM YIELD DIV | CUSIP: 46090F100<br>LEI: 549300J84F1VGX03MG06 | Long             | EC               | RF                | US        |     93500 | NS      | $1381930.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Legg Mason Partners Income Trust                              | WSTRN ASST MGD MUNI-I     | CUSIP: 52469J509<br>LEI: N/A                  | Long             | EC               | RF                | US        |     73901 | NS      | $1082655.52   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds                                                     | PIMCO-INCOME-INS          | CUSIP: 72201F490<br>LEI: XSQUIHC65X62JACTUZ45 | Long             | EC               | RF                | US        |    431099 | NS      | $4461877.34   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Mun Secs                                             | FRNK-CA HY M-ADV          | CUSIP: 354025801<br>LEI: N/A                  | Long             | EC               | RF                | US        |    110930 | NS      | $1081566.31   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Exchange Traded Fund Trust II                         | INVESCO SENIOR LOAN ETF   | CUSIP: 46138G508<br>LEI: O540V2L4S174Y60FMD36 | Long             | EC               | RF                | US        |    253200 | NS      | $5198196.00   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Aim Tax-Exempt Funds (Invesco Tax-Exempt Funds)               | I/O-H/Y MUNI-Y            | CUSIP: 00141W703<br>LEI: SW0MHD1146AQ1M76HG37 | Long             | EC               | RF                | US        |     10628 | NS      | $71102.13     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                                                 | ISHARES BIOTECHN          | CUSIP: 464287556<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     26400 | NS      | $3466056.00   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds                                                     | PIMCO-EMG FUL-IS          | CUSIP: 72201U562<br>LEI: FRE2ROMRMC2BDS43QJ31 | Long             | EC               | RF                | US        |    465496 | NS      | $2737116.64   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds Pacific Invt Mgmt Ser                               | PIMCO-I/G CR-INS          | CUSIP: 722005816<br>LEI: N/A                  | Long             | EC               | RF                | US        |    522514 | NS      | $4509293.39   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Pfd                                            | C&S-PR SEC I-I            | CUSIP: 19248X307<br>LEI: 549300K2VDWJX1NSUI44 | Long             | EC               | RF                | US        |      1668 | NS      | $19598.88     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Index Fund Inc                                      | ISH-MSCI EAF-INS          | CUSIP: 09253F408<br>LEI: 549300R0LV8YE1DSQ620 | Long             | EC               | RF                | US        |   1033973 | NS      | $13700145.63  | 7.87%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Trust I                                             | JPM-INT TF B-I            | CUSIP: 4812A0458<br>LEI: 549300DM5WZMCZZ70R78 | Long             | EC               | RF                | US        |    109730 | NS      | $1087423.82   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Municipal                                              | NUVEEN SHORT DUR H/Y MUNI | CUSIP: 67065Q699<br>LEI: 549300D2RECSQKX7NC33 | Long             | EC               | RF                | US        |    187212 | NS      | $1784126.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Spdr Dow Jones Ind                                            | SPDR DJIA TRUST           | CUSIP: 78467X109<br>LEI: 54930039F2SG3UG2OZ18 | Long             | EC               | RF                | US        |     32000 | NS      | $10602560.00  | 6.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds                                                     | PIMCO-L/T CR-INS          | CUSIP: 72201P647<br>LEI: ZCHOOW8186RO45QGKP62 | Long             | EC               | RF                | US        |       521 | NS      | $4534.16      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Trust I                                             | JPM-HDG EQTY-I            | CUSIP: 46637K281<br>LEI: 549300DM5WZMCZZ70R78 | Long             | EC               | RF                | US        |         1 | NS      | $24.75        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Fds                                            | VANGUARD VALUE ETF        | CUSIP: 922908744<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |     37700 | NS      | $5291949.00   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Baird Funds Inc                                               | BAIRD-IN MUN-INS          | CUSIP: 057071607<br>LEI: 549300772UJAHRD6LO53 | Long             | EC               | RF                | US        |     49538 | NS      | $542441.40    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr                                            | FINANCIAL SELECT SECTOR S | CUSIP: 81369Y605<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |    102400 | NS      | $3502080.00   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                                                 | ISHARES IBOXX HIGH YLD CO | CUSIP: 464288513<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     65500 | NS      | $4822765.00   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Funds Trust                                            | PTNM-MORT OP-Y            | CUSIP: 74676A477<br>LEI: N/A                  | Long             | EC               | RF                | US        |    204328 | NS      | $1771523.12   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Baillie Gifford Fds                                           | BGF-E/M EQ-INS            | CUSIP: 056823388<br>LEI: 213800T287IYS8QHPC42 | Long             | EC               | RF                | US        |    132065 | NS      | $2250385.35   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard International Equity Index Funds                     | VANGUARD FTSE EMERGING MA | CUSIP: 922042858<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |    176600 | NS      | $6883868.00   | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds Pacific Invt Mgmt Ser                               | PIMCO-RL RTN-INS          | CUSIP: 693391104<br>LEI: UBV6ASKZ6D22Z3BEZJ52 | Long             | EC               | RF                | US        |       459 | NS      | $4590.36      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr                                            | ENERGY SELECT SECTOR SPDR | CUSIP: 81369Y506<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     77200 | NS      | $6752684.00   | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Russell Investment Company                                    | RIC-T/E BND-S             | CUSIP: 782493837<br>LEI: 549300J63VJ9OS4TCK93 | Long             | EC               | RF                | US        |     62313 | NS      | $1342230.19   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Portfolios                                            | VIC-GL EN TR-Y            | CUSIP: 92647Q645<br>LEI: 549300V07N3HJP1EW330 | Long             | EC               | RF                | US        |     51641 | NS      | $1635996.12   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Fds                                            | VANGUARD SMALL-CAP VALUE  | CUSIP: 922908611<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |     34900 | NS      | $5542120.00   | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| J P Morgan Exchange Traded Fund Trust                         | JPM EQTY P-INC            | CUSIP: 46641Q332<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |     63100 | NS      | $3438319.00   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Doubleline Fds Tr                                             | DOUBLELINE LOW DUR EMG-I  | CUSIP: 258620772<br>LEI: 549300MUFFXFRMY0RH66 | Long             | EC               | RF                | US        |    196927 | NS      | $1778251.73   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Aim Tax-Exempt Funds (Invesco Tax-Exempt Funds)               | INVESCO HI YLD MUNI-Y     | CUSIP: 001419654<br>LEI: SW0MHD1146AQ1M76HG37 | Long             | EC               | RF                | US        |        17 | NS      | $147.10       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Trust                                                 | ISHARES U.S. AEROSPACE &  | CUSIP: 464288760<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     16200 | NS      | $1812132.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Aim Counselor Ser Tr Invesco Counselor Ser Tr                 | INV OPP SNR FLTNG RT - Y  | CUSIP: 00141G831<br>LEI: LZYC3CZ7P12IRF1LLV60 | Long             | EC               | RF                | US        |      2054 | NS      | $13369.37     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds Pacific Invt Mgmt Ser                               | PIMCO-IN B $-INS          | CUSIP: 693390882<br>LEI: 549300NKY72DZUNDF872 | Long             | EC               | RF                | US        |    933466 | NS      | $8681231.69   | 4.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Invt Tr V                                              | NVN-PREF SEC-INC          | CUSIP: 670700400<br>LEI: 5493005YOHPRCB8M2Y83 | Long             | EC               | RF                | US        |      1143 | NS      | $17190.13     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Trust I                                             | JPM-H/Y MUNI-I            | CUSIP: 4812A4815<br>LEI: 549300DM5WZMCZZ70R78 | Long             | EC               | RF                | US        |    276043 | NS      | $2658293.71   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds Pacific Invt Mgmt Ser                               | PIMCO-E/M BD-INS          | CUSIP: 693391559<br>LEI: N/A                  | Long             | EC               | RF                | US        |      1818 | NS      | $14471.77     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer