# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001752724-25-161690
**Filing Date:** 2025-6
**Character Count:** 76847
**Document Hash:** 08a437a9ccb8b295c075ed3246c84d2e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-161690.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001752724-25-161690

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**PERIOD START**: 20250430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Lights Fund Trust
- **CENTRAL INDEX KEY:** 0001314414

**ORGANIZATION NAME:**
- **EIN:** 043023766
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 251084749

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Strategy Shares
- **DATE OF NAME CHANGE:** 20160223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Mutual Fund & Variable Insurance Trust
- **DATE OF NAME CHANGE:** 20160223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Northern Lights Fund Trust
- **DATE OF NAME CHANGE:** 20050121

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** Toews Tactical Income Fund

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

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

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

- **a. Date of fiscal year-end:** 2025-04-30

- **b. Date as of which information is reported:** 2025-04-30

**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:** $440052541.73

**Total Liabilities:** $535796.39

**Net Assets:** $439516745.34

**Cash Not Reported:** $3004.08

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 58.11653700 | **1-Year:** 1192.49929400 | **5-Year:** 8178.56277700 | **10-Year:** 17444.47861300 | **30-Year:** 4933.95791500

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 55.62489400 | **1-Year:** 4952.51982400 | **5-Year:** 14977.60728400 | **10-Year:** 1376.72645300 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000084894 | 0.91%                | -1.84%               | -0.26%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $96845.96                | $1798902.42                                |
| Month 2  | $-5211731.94             | $-5093715.69                               |
| Month 3  | $5175.15                 | $-1406589.40                               |

**Designated Index Information**

- **Index Name:** ICE BofAML US Cash Pay High Yield Index

- **Index Identifier:** J0A0-USD

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| AAdvantage Loyalty IP Ltd/ American Airlines Inc                                     | AAL 5 1/2 04/20/26           | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    333629 | PA      | $331893.48    | 0.08%             | 2026-04-20      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer Inc                     | ALIANT 6 3/4 10/15/27        | CUSIP: 01883LAA1<br>LEI: 5493006Q26653NF8SI73 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298156.61    | 0.07%             | 2027-10-15      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| Allied Universal Holdco LLC / Allied Universal Finance Corporation                   | UNSEAM 7 7/8 02/15/31        | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |    400000 | PA      | $409007.60    | 0.09%             | 2031-02-15      | Fixed         | 7.88%                 | Yes           | 2                  | On Loan: No      |
| Ally Financial Inc.                                                                  | ALLY 6.7 02/14/33            | CUSIP: 02005NBS8<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    400000 | PA      | $397501.48    | 0.09%             | 2033-02-14      | Fixed         | 6.70%                 | No            | 2                  | On Loan: No      |
| Altice Financing S.A.                                                                | ALTICE 5 3/4 08/15/29        | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    350000 | PA      | $258589.70    | 0.06%             | 2029-08-15      | Fixed         | 5.75%                 | Yes           | 2                  | On Loan: No      |
| Anheuser-Busch InBev Worldwide Inc.                                                  | ABIBB 8.2 01/15/39           | CUSIP: 03523TBF4<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2540119.02   | 0.58%             | 2039-01-15      | Fixed         | 8.20%                 | No            | 2                  | On Loan: No      |
| APA Corp.                                                                            | APA 5.1 09/01/40             | CUSIP: 037411AW5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $405655.03    | 0.09%             | 2040-09-01      | Fixed         | 5.10%                 | No            | 2                  | On Loan: No      |
| Appalachian Power Company                                                            | AEP 7 04/01/38               | CUSIP: 037735CM7<br>LEI: 3SCHO1ABYYIG382BEI70 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1113553.15   | 0.25%             | 2038-04-01      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Ardagh Metal Packaging Finance PLC / Ardagh Metal Packaging Finance USA LLC          | AMPBEV 4 09/01/29            | CUSIP: 03969YAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    400000 | PA      | $350376.48    | 0.08%             | 2029-09-01      | Fixed         | 4.00%                 | Yes           | 2                  | On Loan: No      |
| Aston Martin Capital Holdings Ltd.                                                   | ASTONM 10 03/31/29           | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |    500000 | PA      | $430089.55    | 0.10%             | 2029-03-31      | Fixed         | 10.00%                | Yes           | 2                  | On Loan: No      |
| Atmos Energy Corp.                                                                   | ATO 5.45 10/15/32            | CUSIP: 049560AX3<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |    500000 | PA      | $517882.50    | 0.12%             | 2032-10-15      | Fixed         | 5.45%                 | No            | 2                  | On Loan: No      |
| Avis Budget Car Rental LLC/Avis Budget Finance Inc.                                  | CAR 5 3/8 03/01/29           | CUSIP: 053773BF3<br>LEI: XN8R4HH1TVC1XOCL5P21 | Long             | DBT              | CORP              | US        |    400000 | PA      | $368843.24    | 0.08%             | 2029-03-01      | Fixed         | 5.38%                 | Yes           | 2                  | On Loan: No      |
| Barclays PLC                                                                         | BACR 7.437 11/02/33          | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1115162.07   | 0.25%             | 2033-11-02      | Fixed         | 7.44%                 | No            | 2                  | On Loan: No      |
| Bausch Health Companies Inc.                                                         | BHCCN 11 09/30/28            | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $471275.00    | 0.11%             | 2028-09-30      | Fixed         | 11.00%                | Yes           | 2                  | On Loan: No      |
| Bombardier Inc.                                                                      | BBDBCN 7 7/8 04/15/27        | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    255000 | PA      | $255798.41    | 0.06%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           | 2                  | On Loan: No      |
| Boston Scientific Corporation                                                        | BSX 7 3/8 01/15/40           | CUSIP: 101137AL1<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | DBT              | CORP              | US        |    950000 | PA      | $1121617.03   | 0.26%             | 2040-01-15      | Fixed         | 7.38%                 | No            | 2                  | On Loan: No      |
| Builders Firstsource, Inc.                                                           | BLDR 4 1/4 02/01/32          | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    650000 | PA      | $586922.05    | 0.13%             | 2032-02-01      | Fixed         | 4.25%                 | Yes           | 2                  | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                                        | CHTR 5 1/8 05/01/27          | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $987030.80    | 0.22%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                                        | CHTR 4 3/4 03/01/30          | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1179898.38   | 0.27%             | 2030-03-01      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| Community Health Systems Incorporated                                                | CYH 10 7/8 01/15/32          | CUSIP: 12543DBN9<br>LEI: 549300BQWM4WENQ3YW73 | Long             | DBT              | CORP              | US        |    650000 | PA      | $671505.90    | 0.15%             | 2032-01-15      | Fixed         | 10.88%                | Yes           | 2                  | On Loan: No      |
| CSC Holdings, LLC                                                                    | CSCHLD 11 3/4 01/31/29       | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    750000 | PA      | $710150.85    | 0.16%             | 2029-01-31      | Fixed         | 11.75%                | Yes           | 2                  | On Loan: No      |
| CQP Holdco LP & Bip-V Chinook Holdco LLC                                             | BLKCQP 5 1/2 06/15/31        | CUSIP: 12657NAA8<br>LEI: 549300LPL012JY5D4B69 | Long             | DBT              | CORP              | US        |    750000 | PA      | $721152.90    | 0.16%             | 2031-06-15      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| Caesars Entertainment Inc.                                                           | CZR 7 02/15/30               | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    500000 | PA      | $511679.00    | 0.12%             | 2030-02-15      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| Calpine Corporation                                                                  | CPN 5 1/8 03/15/28           | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    600000 | PA      | $594806.22    | 0.14%             | 2028-03-15      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| Canadian Pacific Railway Company                                                     | CP 7 1/8 10/15/31            | CUSIP: 13645RAD6<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    750000 | PA      | $839871.32    | 0.19%             | 2031-10-15      | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| Carnival Corporation                                                                 | CCL 6 05/01/29               | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    500000 | PA      | $497659.76    | 0.11%             | 2029-05-01      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| Carvana Co                                                                           | CVNA 14 06/01/31             | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |    321000 | PA      | $360586.05    | 0.08%             | 2031-06-01      | Fixed         | 14.00%                | Yes           | 2                  | On Loan: No      |
| Lumen Technologies Inc                                                               | LUMN 4 1/2 01/15/29          | CUSIP: 156700BD7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    250000 | PA      | $199902.84    | 0.05%             | 2029-01-15      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| Cheniere Energy Inc                                                                  | LNG 4 5/8 10/15/28           | CUSIP: 16411RAK5<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |    400000 | PA      | $395890.83    | 0.09%             | 2028-10-15      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| Citigroup Inc.                                                                       | C 8 1/8 07/15/39             | CUSIP: 172967EW7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1236595.18   | 0.28%             | 2039-07-15      | Fixed         | 8.12%                 | No            | 2                  | On Loan: No      |
| Cleveland-Cliffs Inc                                                                 | CLF 6 3/4 04/15/30           | CUSIP: 185899AN1<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    700000 | PA      | $674758.50    | 0.15%             | 2030-04-15      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| Cleveland-Cliffs Inc                                                                 | CLF 7 03/15/32               | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    750000 | PA      | $703830.56    | 0.16%             | 2032-03-15      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| Coinbase Global Inc                                                                  | COIN 3 3/8 10/01/28          | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |    150000 | PA      | $138183.75    | 0.03%             | 2028-10-01      | Fixed         | 3.38%                 | Yes           | 2                  | On Loan: No      |
| DBX ETF Trust                                                                        | XTRACKERS USD HI             | CUSIP: 233051432<br>LEI: DNLQXYGHEZ10Q9SIK386 | Long             | EC               | RF                | US        |    300000 | NS      | $10809000.00  | 2.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Mercedes Benz North America Corp.                                                    | MBGGR 8 1/2 01/18/31         | CUSIP: 233835AQ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1770650.70   | 0.40%             | 2031-01-18      | Fixed         | 8.50%                 | No            | 2                  | On Loan: No      |
| Davita Inc                                                                           | DVA 4 5/8 06/01/30           | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $928996.70    | 0.21%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           | 2                  | On Loan: No      |
| Dell International L.L.C. and EMC Corporation                                        | DELL 8.1 07/15/36            | CUSIP: 24703TAJ5<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    750000 | PA      | $882589.04    | 0.20%             | 2036-07-15      | Fixed         | 8.10%                 | No            | 2                  | On Loan: No      |
| Delta Air Lines Inc.                                                                 | DAL 3 3/4 10/28/29           | CUSIP: 247361ZT8<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    400000 | PA      | $371379.20    | 0.08%             | 2029-10-28      | Fixed         | 3.75%                 | No            | 2                  | On Loan: No      |
| Deutsche Telekom International Finance B.V.                                          | DT 9 1/4 06/01/32            | CUSIP: 25156PAD5<br>LEI: 529900ERDFHS6C1M4U58 | Long             | DBT              | CORP              | NL        |   2000000 | PA      | $2474635.44   | 0.56%             | 2032-06-01      | Fixed         | 9.25%                 | No            | 2                  | On Loan: No      |
| Olympus Water US Holding Corp.                                                       | SOLEIN 9 3/4 11/15/28        | CUSIP: 25259KAA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    400000 | PA      | $417213.75    | 0.09%             | 2028-11-15      | Fixed         | 9.75%                 | Yes           | 2                  | On Loan: No      |
| Directv Financing LLC/Directv Financing Co-Obligor Inc.                              | DTV 5 7/8 08/15/27           | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1209558.25   | 0.28%             | 2027-08-15      | Fixed         | 5.88%                 | Yes           | 2                  | On Loan: No      |
| DISH Network Corporation                                                             | DISH 11 3/4 11/15/27         | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    900000 | PA      | $947228.12    | 0.22%             | 2027-11-15      | Fixed         | 11.75%                | Yes           | 2                  | On Loan: No      |
| Dominion Energy Inc                                                                  | D 7 06/15/38                 | CUSIP: 25746UBD0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1112810.81   | 0.25%             | 2038-06-15      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| EchoStar Corp.                                                                       | SATS 10 3/4 11/30/29         | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1164288.06   | 0.26%             | 2029-11-30      | Fixed         | 10.75%                | No            | 2                  | On Loan: No      |
| Caesars Entertainment Inc.                                                           | CZR 8 1/8 07/01/27           | CUSIP: 28470RAK8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    340000 | PA      | $341289.62    | 0.08%             | 2027-07-01      | Fixed         | 8.12%                 | Yes           | 2                  | On Loan: No      |
| EMRLD Borrower LP / Emerald Co-Issuer Inc.                                           | EMECLI 6 5/8 12/15/30        | CUSIP: 29103CAA6<br>LEI: 5493000GJYE7GAQCUC61 | Long             | DBT              | CORP              | US        |    500000 | PA      | $507657.92    | 0.12%             | 2030-12-15      | Fixed         | 6.62%                 | Yes           | 2                  | On Loan: No      |
| Encompass Health Corporation                                                         | EHC 4 3/4 02/01/30           | CUSIP: 29261AAB6<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    500000 | PA      | $486280.43    | 0.11%             | 2030-02-01      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| FMG Resources (August 2006) Pty Ltd.                                                 | FMGAU 4 3/8 04/01/31         | CUSIP: 30251GBC0<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    500000 | PA      | $452943.10    | 0.10%             | 2031-04-01      | Fixed         | 4.38%                 | Yes           | 2                  | On Loan: No      |
| FirstEnergy Corp.                                                                    | FE 3.9 07/15/27              | CUSIP: 337932AH0<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    700000 | PA      | $691740.03    | 0.16%             | 2027-07-15      | Fixed         | 4.15%                 | No            | 2                  | On Loan: No      |
| Fluor Corporation                                                                    | FLR 4 1/4 09/15/28           | CUSIP: 343412AF9<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | DBT              | CORP              | US        |    400000 | PA      | $386551.00    | 0.09%             | 2028-09-15      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 3 3/8 11/13/25             | CUSIP: 345397B28<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $988437.06    | 0.22%             | 2025-11-13      | Fixed         | 3.38%                 | No            | 2                  | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 7.35 11/04/27              | CUSIP: 345397C35<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    750000 | PA      | $772217.99    | 0.18%             | 2027-11-04      | Fixed         | 7.35%                 | No            | 2                  | On Loan: No      |
| Freedom Mortgage Holdings LLC                                                        | FREMOR 9 1/4 02/01/29        | CUSIP: 35641AAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $355569.13    | 0.08%             | 2029-02-01      | Fixed         | 9.25%                 | Yes           | 2                  | On Loan: No      |
| Boost Newco Borrower LLC                                                             | WRLDPY 7 1/2 01/15/31        | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |    400000 | PA      | $422425.20    | 0.10%             | 2031-01-15      | Fixed         | 7.50%                 | Yes           | 2                  | On Loan: No      |
| GE Aerospace                                                                         | GE 6 3/4 03/15/32            | CUSIP: 36962GXZ2<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2238146.02   | 0.51%             | 2032-03-15      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| Genworth Financial Inc.                                                              | GNW 6 1/2 06/15/34           | CUSIP: 37247DAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $513115.63    | 0.12%             | 2034-06-15      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS 6 3/4 10/01/37            | CUSIP: 38141GFD1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3218944.29   | 0.73%             | 2037-10-01      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| Gray Media Inc.                                                                      | GTN 10 1/2 07/15/29          | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    500000 | PA      | $513312.00    | 0.12%             | 2029-07-15      | Fixed         | 10.50%                | Yes           | 2                  | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC 8.113 11/03/33          | CUSIP: 404280DS5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    750000 | PA      | $853544.35    | 0.19%             | 2033-11-03      | Fixed         | 8.11%                 | No            | 2                  | On Loan: No      |
| Hertz Corp.                                                                          | HTZ 12 5/8 07/15/29          | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    800000 | PA      | $779151.05    | 0.18%             | 2029-07-15      | Fixed         | 12.62%                | Yes           | 2                  | On Loan: No      |
| Hillenbrand, Inc.                                                                    | HI 3 3/4 03/01/31            | CUSIP: 431571AE8<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |    600000 | PA      | $521484.48    | 0.12%             | 2031-03-01      | Fixed         | 3.75%                 | No            | 2                  | On Loan: No      |
| Hilton Domestic Operating Co Inc.                                                    | HLT 3 5/8 02/15/32           | CUSIP: 432833AN1<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    900000 | PA      | $796974.12    | 0.18%             | 2032-02-15      | Fixed         | 3.62%                 | Yes           | 2                  | On Loan: No      |
| HUB International Ltd.                                                               | HBGCN 7 1/4 06/15/30         | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    300000 | PA      | $311338.80    | 0.07%             | 2030-06-15      | Fixed         | 7.25%                 | Yes           | 2                  | On Loan: No      |
| HUB International Ltd.                                                               | HBGCN 7 3/8 01/31/32         | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    350000 | PA      | $360976.02    | 0.08%             | 2032-01-31      | Fixed         | 7.38%                 | Yes           | 2                  | On Loan: No      |
| Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation                      | IEP 9 06/15/30               | CUSIP: 451102CJ4<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |    400000 | PA      | $378337.76    | 0.09%             | 2030-06-15      | Fixed         | 9.00%                 | No            | 2                  | On Loan: No      |
| Intelsat Jackson Holdings SA                                                         | INTEL 6 1/2 03/15/30         | CUSIP: 45824TBC8<br>LEI: 8XJ8KF85PBKK1TLMFN29 | Long             | DBT              | CORP              | LU        |   1250000 | PA      | $1232740.63   | 0.28%             | 2030-03-15      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| Iron Mountain Inc.                                                                   | IRM 5 1/4 07/15/30           | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    500000 | PA      | $484854.05    | 0.11%             | 2030-07-15      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| iShares Trust                                                                        | ISHARES IBOXX HI             | CUSIP: 464288513<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    450000 | NS      | $35370000.00  | 8.05%             |  |  |  | No            | 1                  | On Loan: —       |
| iShares Trust                                                                        | ISHARES BROAD US             | CUSIP: 46435U853<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |   5900000 | NS      | $215940000.00 | 49.13%            |  |  |  | No            | 1                  | On Loan: —       |
| Jane Street Group LLC / JSG Finance Inc.                                             | JANSTR 4 1/2 11/15/29        | CUSIP: 47077WAA6<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |    250000 | PA      | $237921.95    | 0.05%             | 2029-11-15      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| Jazz Securities Designated Activity Co.                                              | JAZZ 4 3/8 01/15/29          | CUSIP: 47216FAA5<br>LEI: 6354009DV8VV7K6KOO02 | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $949754.20    | 0.22%             | 2029-01-15      | Fixed         | 4.38%                 | Yes           | 2                  | On Loan: No      |
| Jefferies Group LLC                                                                  | JEF 6.45 06/08/27            | CUSIP: 472319AE2<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    500000 | PA      | $516902.89    | 0.12%             | 2027-06-08      | Fixed         | 6.45%                 | No            | 2                  | On Loan: No      |
| JetBlue Airways Corp. / JetBlue Loyalty LP                                           | JBLU 9 7/8 09/20/31          | CUSIP: 476920AA1<br>LEI: 54930070J9H97ZO93T57 | Long             | DBT              | CORP              | US        |    400000 | PA      | $368781.31    | 0.08%             | 2031-09-20      | Fixed         | 9.88%                 | Yes           | 2                  | On Loan: No      |
| Jones Deslauriers Insurance Management Inc.                                          | NAVCOR 8 1/2 03/15/30        | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $316572.60    | 0.07%             | 2030-03-15      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| KFC Holding Co., Pizza Hut Holdings, LLC Taco Bell of America LLC                    | YUM 4 3/4 06/01/27           | CUSIP: 48250NAC9<br>LEI: 549300G2LG4YUB3MM115 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998409.60    | 0.23%             | 2027-06-01      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| Kohl's Corp.                                                                         | KSS 3 3/8 05/01/31           | CUSIP: 500255AX2<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |    800000 | PA      | $503553.57    | 0.11%             | 2031-05-01      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| Royal Philips NV                                                                     | PHIANA 6 7/8 03/11/38        | CUSIP: 500472AC9<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | DBT              | CORP              | NL        |    750000 | PA      | $812125.25    | 0.18%             | 2038-03-11      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| Kraft Heinz Foods Company                                                            | KHC 6 7/8 01/26/39           | CUSIP: 50076QAR7<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    750000 | PA      | $830815.58    | 0.19%             | 2039-01-26      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| Las Vegas Sands Corp                                                                 | LVS 3.9 08/08/29             | CUSIP: 517834AF4<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    700000 | PA      | $650269.13    | 0.15%             | 2029-08-08      | Fixed         | 3.90%                 | No            | 2                  | On Loan: No      |
| Level 3 Financing, Inc.                                                              | LVLT 11 11/15/29             | CUSIP: 527298BV4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    300000 | PA      | $335625.00    | 0.08%             | 2029-11-15      | Fixed         | 11.00%                | Yes           | 2                  | On Loan: No      |
| Lightning Power LLC                                                                  | LIGPLL 7 1/4 08/15/32        | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |    400000 | PA      | $415215.89    | 0.09%             | 2032-08-15      | Fixed         | 7.25%                 | Yes           | 2                  | On Loan: No      |
| Live Nation Entertainment, Inc.                                                      | LYV 6 1/2 05/15/27           | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1213756.52   | 0.28%             | 2027-05-15      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| Lloyds Banking Group PLC                                                             | LLOYDS 7.953 11/15/33        | CUSIP: 539439AW9<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1136853.88   | 0.26%             | 2033-11-15      | Fixed         | 7.95%                 | No            | 2                  | On Loan: No      |
| MPT Operating Partnership LP / MPT Finance Corporation                               | MPW 3 1/2 03/15/31           | CUSIP: 55342UAM6<br>LEI: WUQXXXF7PXTUPGROE843 | Long             | DBT              | CORP              | US        |    400000 | PA      | $265492.56    | 0.06%             | 2031-03-15      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Macys Retail Holdings LLC                                                            | M 5 7/8 03/15/30             | CUSIP: 55617LAQ5<br>LEI: 549300JMONK27O4SQQ19 | Long             | DBT              | CORP              | US        |    650000 | PA      | $605952.95    | 0.14%             | 2030-03-15      | Fixed         | 5.88%                 | Yes           | 2                  | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                                               | BWY 7 7/8 08/15/26           | CUSIP: 57763RAB3<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    700000 | PA      | $690373.46    | 0.16%             | 2026-08-15      | Fixed         | 7.88%                 | Yes           | 2                  | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                                               | BWY 7 7/8 04/15/27           | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502241.50    | 0.11%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           | 2                  | On Loan: No      |
| McAfee Corp                                                                          | MCFE 7 3/8 02/15/30          | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |    400000 | PA      | $346150.44    | 0.08%             | 2030-02-15      | Fixed         | 7.38%                 | Yes           | 2                  | On Loan: No      |
| Melco Resorts Finance Limited                                                        | MPEL 5 3/8 12/04/29          | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    850000 | PA      | $770932.42    | 0.18%             | 2029-12-04      | Fixed         | 5.38%                 | Yes           | 2                  | On Loan: No      |
| Bank of America Corp.                                                                | BAC 7 3/4 05/14/38           | CUSIP: 59023VAA8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1170874.41   | 0.27%             | 2038-05-14      | Fixed         | 7.75%                 | No            | 2                  | On Loan: No      |
| MetLife Inc.                                                                         | MET 10 3/4 08/01/39          | CUSIP: 59156RAV0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $2217996.80   | 0.50%             | 2039-08-01      | Fixed         | 10.75%                | No            | 2                  | On Loan: No      |
| Microsoft Corp.                                                                      | MSFT 2.921 03/17/52          | CUSIP: 594918CE2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $1996985.64   | 0.45%             | 2052-03-17      | Fixed         | 2.92%                 | No            | 2                  | On Loan: No      |
| Midwest Gaming Borrower LLC                                                          | MWGAME 4 7/8 05/01/29        | CUSIP: 59833DAB6<br>LEI: 5493005826VXDUREHL94 | Long             | DBT              | CORP              | US        |    750000 | PA      | $708471.15    | 0.16%             | 2029-05-01      | Fixed         | 4.88%                 | Yes           | 2                  | On Loan: No      |
| Minerva Merger Subordinated Inc.                                                     | ATHENA 6 1/2 02/15/30        | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    500000 | PA      | $478335.30    | 0.11%             | 2030-02-15      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| Morgan Stanley                                                                       | MS 7 1/4 04/01/32            | CUSIP: 617446HD4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    750000 | PA      | $855385.54    | 0.19%             | 2032-04-01      | Fixed         | 7.25%                 | No            | 2                  | On Loan: No      |
| Medline Borrower LP                                                                  | MEDIND 3 7/8 04/01/29        | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $934954.37    | 0.21%             | 2029-04-01      | Fixed         | 3.88%                 | Yes           | 2                  | On Loan: No      |
| NFE Financing LLC                                                                    | NFE 12 11/15/29              | CUSIP: 62909BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $350424.55    | 0.08%             | 2029-11-15      | Fixed         | 12.00%                | Yes           | 2                  | On Loan: No      |
| Nabors Industries, Inc.                                                              | NBR 9 1/8 01/31/30           | CUSIP: 62957HAP0<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $906134.10    | 0.21%             | 2030-01-31      | Fixed         | 9.12%                 | Yes           | 2                  | On Loan: No      |
| Nationstar Mortgage Holdings Inc                                                     | COOP 5 1/2 08/15/28          | CUSIP: 63861CAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    850000 | PA      | $845607.97    | 0.19%             | 2028-08-15      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| Nationstar Mortgage Holdings Inc                                                     | COOP 7 1/8 02/01/32          | CUSIP: 63861CAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $311530.80    | 0.07%             | 2032-02-01      | Fixed         | 7.12%                 | Yes           | 2                  | On Loan: No      |
| Navient Corporation                                                                  | NAVI 5 1/2 03/15/29          | CUSIP: 63938CAM0<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    300000 | PA      | $284396.28    | 0.06%             | 2029-03-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Neptune BidCo US Inc.                                                                | NLSN 9.29 04/15/29           | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    500000 | PA      | $445612.50    | 0.10%             | 2029-04-15      | Fixed         | 9.29%                 | Yes           | 2                  | On Loan: No      |
| Netflix, Inc.                                                                        | NFLX 5 7/8 11/15/28          | CUSIP: 64110LAT3<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    500000 | PA      | $527381.83    | 0.12%             | 2028-11-15      | Fixed         | 5.88%                 | No            | 2                  | On Loan: No      |
| New Fortress Energy Inc.                                                             | NFE 6 1/2 09/30/26           | CUSIP: 644393AB6<br>LEI: 254900EICTYTCHA5X705 | Long             | DBT              | CORP              | US        |    500000 | PA      | $410051.39    | 0.09%             | 2026-09-30      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| News Corporation                                                                     | NWSA 3 7/8 05/15/29          | CUSIP: 65249BAA7<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |    700000 | PA      | $658961.45    | 0.15%             | 2029-05-15      | Fixed         | 3.88%                 | Yes           | 2                  | On Loan: No      |
| Novelis Corporation                                                                  | HNDLIN 4 3/4 01/30/30        | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    750000 | PA      | $698064.38    | 0.16%             | 2030-01-30      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| Occidental Petroleum Corp.                                                           | OXY 6.45 09/15/36            | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $975266.39    | 0.22%             | 2036-09-15      | Fixed         | 6.45%                 | No            | 2                  | On Loan: No      |
| Occidental Petroleum Corp.                                                           | OXY 6 1/8 01/01/31           | CUSIP: 674599EF8<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    750000 | PA      | $757871.96    | 0.17%             | 2031-01-01      | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| 1011778 B.C. Unlimited Liability Company / New Red Finance, Inc.                     | BCULC 3 7/8 01/15/28         | CUSIP: 68245XAH2<br>LEI: 549300RHSHNRWI5LLA86 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $480564.95    | 0.11%             | 2028-01-15      | Fixed         | 3.88%                 | Yes           | 2                  | On Loan: No      |
| 1011778 B.C. Unlimited Liability Company / New Red Finance, Inc.                     | BCULC 4 10/15/30             | CUSIP: 68245XAM1<br>LEI: 549300RHSHNRWI5LLA86 | Long             | DBT              | CORP              | CA        |    750000 | PA      | $683503.13    | 0.16%             | 2030-10-15      | Fixed         | 4.00%                 | Yes           | 2                  | On Loan: No      |
| Organon & Co                                                                         | OGN 5 1/8 04/30/31           | CUSIP: 68622TAB7<br>LEI: 549300AMCKY57OK2CO56 | Long             | DBT              | CORP              | US        |    650000 | PA      | $546016.04    | 0.12%             | 2031-04-30      | Fixed         | 5.12%                 | Yes           | 2                  | On Loan: No      |
| PBF Holding Company LLC and PBF Finance Corp.                                        | PBFENE 6 02/15/28            | CUSIP: 69318FAJ7<br>LEI: 549300TILVIIV9FLL461 | Long             | DBT              | CORP              | US        |    650000 | PA      | $574330.50    | 0.13%             | 2028-02-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| PG&E Corporation                                                                     | PCG 5 07/01/28               | CUSIP: 69331CAH1<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    190000 | PA      | $185454.14    | 0.04%             | 2028-07-01      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Truist Insurance Holdings LLC & Panther Co-Issuer Inc.                               | TIHLLC 7 1/8 06/01/31        | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $410174.40    | 0.09%             | 2031-06-01      | Fixed         | 7.12%                 | Yes           | 2                  | On Loan: No      |
| Pepsico Inc                                                                          | PEP 7 03/01/29               | CUSIP: 713448EG9<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1104045.33   | 0.25%             | 2029-03-01      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Petsmart Inc / Petsmart Financial Corporation                                        | PETM 7 3/4 02/15/29          | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $746118.32    | 0.17%             | 2029-02-15      | Fixed         | 7.75%                 | Yes           | 2                  | On Loan: No      |
| Progress Energy Inc.                                                                 | DUK 7 3/4 03/01/31           | CUSIP: 743263AE5<br>LEI: 549300FBMTW0JYWMNB26 | Long             | DBT              | CORP              | US        |    750000 | PA      | $858175.14    | 0.20%             | 2031-03-01      | Fixed         | 7.75%                 | No            | 2                  | On Loan: No      |
| Quicken Lns Llc/Quicken Lns Co-Issuer Inc                                            | RKTRM 3 7/8 03/01/31         | CUSIP: 74841CAB7<br>LEI: 549300FGXN1K3HLB1R50 | Long             | DBT              | CORP              | US        |    600000 | PA      | $542392.03    | 0.12%             | 2031-03-01      | Fixed         | 3.88%                 | Yes           | 2                  | On Loan: No      |
| Quikrete Holdings Inc                                                                | QUIKHO 6 3/8 03/01/32        | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    500000 | PA      | $503708.93    | 0.11%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           | 2                  | On Loan: No      |
| Rakuten Group Inc.                                                                   | RAKUTN 9 3/4 04/15/29        | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    800000 | PA      | $846279.13    | 0.19%             | 2029-04-15      | Fixed         | 9.75%                 | Yes           | 2                  | On Loan: No      |
| Rockcliff Energy II LLC                                                              | RCKENE 5 1/2 10/15/29        | CUSIP: 77289KAA3<br>LEI: 5493007AZNVKZ5HEMT23 | Long             | DBT              | CORP              | US        |    500000 | PA      | $463167.95    | 0.11%             | 2029-10-15      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| Rolls-Royce PLC                                                                      | ROLLS 5 3/4 10/15/27         | CUSIP: 77578JAC2<br>LEI: X57JK1U580XATGR67572 | Long             | DBT              | CORP              | GB        |    800000 | PA      | $821271.20    | 0.19%             | 2027-10-15      | Fixed         | 5.75%                 | Yes           | 2                  | On Loan: No      |
| Royal Caribbean Group                                                                | RCL 6 1/4 03/15/32           | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    750000 | PA      | $761452.50    | 0.17%             | 2032-03-15      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| Royal Caribbean Group                                                                | RCL 6 02/01/33               | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    500000 | PA      | $501743.77    | 0.11%             | 2033-02-01      | Fixed         | 6.00%                 | Yes           | 2                  | On Loan: No      |
| SPDR Series Trust                                                                    | SPDR PORT HY BD              | CUSIP: 78468R606<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    300000 | NS      | $6975000.00   | 1.59%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                                                                    | SPDR BLOOMBERG H             | CUSIP: 78468R622<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    450000 | NS      | $42619500.00  | 9.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Saks Global Enterprises LLC                                                          | SAKSGL 11 12/15/29           | CUSIP: 79380MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $302242.35    | 0.07%             | 2029-12-15      | Fixed         | 11.00%                | Yes           | 2                  | On Loan: No      |
| Sands China Ltd.                                                                     | SANLTD 5 1/8 08/08/25        | CUSIP: 80007RAF2<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    700000 | PA      | $699356.35    | 0.16%             | 2025-08-08      | Fixed         | 5.12%                 | No            | 2                  | On Loan: No      |
| Merck & Co., Inc                                                                     | MRK 6 1/2 12/01/33           | CUSIP: 806605AG6<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    500000 | PA      | $561156.23    | 0.13%             | 2033-12-01      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| Seagate HDD Cayman                                                                   | STX 9 5/8 12/01/32           | CUSIP: 81180WBM2<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |    500000 | PA      | $565074.50    | 0.13%             | 2032-12-01      | Fixed         | 9.62%                 | No            | 2                  | On Loan: No      |
| Service Properties Trust                                                             | SVC 8 5/8 11/15/31           | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    300000 | PA      | $318768.00    | 0.07%             | 2031-11-15      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| Shift4 Payments Llc / Shift4 Payments Finance Subordinated Incorporated              | FOUR 6 3/4 08/15/32          | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $507396.00    | 0.12%             | 2032-08-15      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| Simon Property Group LP                                                              | SPG 6 3/4 02/01/40           | CUSIP: 828807CE5<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |    750000 | PA      | $835108.65    | 0.19%             | 2040-02-01      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| Sirius Xm Radio Inc                                                                  | SIRI 4 07/15/28              | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $938362.70    | 0.21%             | 2028-07-15      | Fixed         | 4.00%                 | Yes           | 2                  | On Loan: No      |
| Expand Energy Corp.                                                                  | SWN 4 3/4 02/01/32           | CUSIP: 845467AT6<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    600000 | PA      | $563530.74    | 0.13%             | 2032-02-01      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| Spirit AeroSystems Inc                                                               | SPR 9 3/4 11/15/30           | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    500000 | PA      | $552452.00    | 0.13%             | 2030-11-15      | Fixed         | 9.75%                 | Yes           | 2                  | On Loan: No      |
| Sprint Capital Corporation                                                           | S 8 3/4 03/15/32             | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1199348.72   | 0.27%             | 2032-03-15      | Fixed         | 8.75%                 | No            | 2                  | On Loan: No      |
| Block Inc                                                                            | SQ 3 1/2 06/01/31            | CUSIP: 852234AP8<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    500000 | PA      | $446197.75    | 0.10%             | 2031-06-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Standard Building Solutions Inc.                                                     | BMCAUS 4 3/8 07/15/30        | CUSIP: 853496AG2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    850000 | PA      | $793614.49    | 0.18%             | 2030-07-15      | Fixed         | 4.38%                 | Yes           | 2                  | On Loan: No      |
| Staples, Inc.                                                                        | SPLS 10 3/4 09/01/29         | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    800000 | PA      | $699750.45    | 0.16%             | 2029-09-01      | Fixed         | 10.75%                | Yes           | 2                  | On Loan: No      |
| Starwood Property Trust, Inc.                                                        | STWD 4 3/8 01/15/27          | CUSIP: 85571BAY1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    800000 | PA      | $784741.20    | 0.18%             | 2027-01-15      | Fixed         | 4.38%                 | Yes           | 2                  | On Loan: No      |
| N/A                                                                                  | STATE STREET INST US GOV MMF | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Talen Energy Supply LLC                                                              | TLN 8 5/8 06/01/30           | CUSIP: 87422VAK4<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |    600000 | PA      | $640993.80    | 0.15%             | 2030-06-01      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| Tenet Healthcare Corporation                                                         | THC 6 1/8 10/01/28           | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999502.85    | 0.23%             | 2028-10-01      | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| Tenet Healthcare Corporation                                                         | THC 6 1/8 06/15/30           | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    900000 | PA      | $904093.20    | 0.21%             | 2030-06-15      | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| Tenneco Inc.                                                                         | TEN 8 11/17/28               | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |    600000 | PA      | $573782.34    | 0.13%             | 2028-11-17      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| Tibco Software Inc                                                                   | TIBX 6 1/2 03/31/29          | CUSIP: 88632QAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $650645.99    | 0.15%             | 2029-03-31      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| Tosco Corporation                                                                    | COP 8 1/8 02/15/30           | CUSIP: 891490AT1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1145120.90   | 0.26%             | 2030-02-15      | Fixed         | 8.12%                 | No            | 2                  | On Loan: No      |
| TransDigm, Inc.                                                                      | TDG 5 1/2 11/15/27           | CUSIP: 893647BL0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    750000 | PA      | $747148.47    | 0.17%             | 2027-11-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| TransDigm, Inc.                                                                      | TDG 6 3/4 08/15/28           | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    750000 | PA      | $766080.48    | 0.17%             | 2028-08-15      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| Transocean Inc.                                                                      | RIG 7 1/2 04/15/31           | CUSIP: 893830AF6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $356290.00    | 0.08%             | 2031-04-15      | Fixed         | 7.50%                 | No            | 2                  | On Loan: No      |
| Transocean Inc.                                                                      | RIG 8 3/4 02/15/30           | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |    800000 | PA      | $782739.52    | 0.18%             | 2030-02-15      | Fixed         | 8.75%                 | Yes           | 2                  | On Loan: No      |
| Tronox Incorporated                                                                  | TROX 4 5/8 03/15/29          | CUSIP: 897051AC2<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |    550000 | PA      | $443394.11    | 0.10%             | 2029-03-15      | Fixed         | 4.62%                 | Yes           | 2                  | On Loan: No      |
| UKG Inc.                                                                             | ULTI 6 7/8 02/01/31          | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1029459.00   | 0.23%             | 2031-02-01      | Fixed         | 6.88%                 | Yes           | 2                  | On Loan: No      |
| US Foods Inc                                                                         | USFOOD 4 3/4 02/15/29        | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    400000 | PA      | $388236.16    | 0.09%             | 2029-02-15      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| Uber Technologies Inc                                                                | UBER 4 1/2 08/15/29          | CUSIP: 90353TAK6<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $986367.30    | 0.22%             | 2029-08-15      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| United Air Lines, Inc.                                                               | UAL 4 5/8 04/15/29           | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    400000 | PA      | $376681.44    | 0.09%             | 2029-04-15      | Fixed         | 4.62%                 | Yes           | 2                  | On Loan: No      |
| United Rentals (North America), Inc.                                                 | URI 5 1/4 01/15/30           | CUSIP: 911365BL7<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    750000 | PA      | $742034.18    | 0.17%             | 2030-01-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| United Rentals (North America), Inc.                                                 | URI 3 7/8 11/15/27           | CUSIP: 911365BM5<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    650000 | PA      | $628552.46    | 0.14%             | 2027-11-15      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| Uniti Group LP/Uniti Fiber Holdings Inc/Uniti Group Finance 2019 Inc/CSL Capital LLC | UNIT 10 1/2 02/15/28         | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    478000 | PA      | $507922.70    | 0.12%             | 2028-02-15      | Fixed         | 10.50%                | Yes           | 2                  | On Loan: No      |
| Univision Communications Inc.                                                        | UVN 7 3/8 06/30/30           | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    750000 | PA      | $685391.25    | 0.16%             | 2030-06-30      | Fixed         | 7.38%                 | Yes           | 2                  | On Loan: No      |
| USA Compression Partners LP / USA Compression Finance Corp                           | USAC 7 1/8 03/15/29          | CUSIP: 91740PAG3<br>LEI: 5493000B1PEOKXRZEO65 | Long             | DBT              | CORP              | US        |    750000 | PA      | $759050.25    | 0.17%             | 2029-03-15      | Fixed         | 7.12%                 | Yes           | 2                  | On Loan: No      |
| Valaris Ltd.                                                                         | VAL 8 3/8 04/30/30           | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    400000 | PA      | $375065.92    | 0.09%             | 2030-04-30      | Fixed         | 8.38%                 | Yes           | 2                  | On Loan: No      |
| Vale Overseas Limited                                                                | VALEBZ 8 1/4 01/17/34        | CUSIP: 91911TAE3<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $1177168.00   | 0.27%             | 2034-01-17      | Fixed         | 8.25%                 | No            | 2                  | On Loan: No      |
| Venture Global LNG Inc.                                                              | VENLNG 8 3/8 06/01/31        | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1209707.60   | 0.28%             | 2031-06-01      | Fixed         | 8.38%                 | Yes           | 2                  | On Loan: No      |
| Venture Global LNG Inc.                                                              | VENLNG 9 7/8 02/01/32        | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    500000 | PA      | $508494.68    | 0.12%             | 2032-02-01      | Fixed         | 9.88%                 | Yes           | 2                  | On Loan: No      |
| TK Elevator Us Newco Inc.                                                            | THYELE 5 1/4 07/15/27        | CUSIP: 92537RAA7<br>LEI: 549300C2AFWPAYWS5574 | Long             | DBT              | CORP              | US        |    500000 | PA      | $493003.30    | 0.11%             | 2027-07-15      | Fixed         | 5.25%                 | Yes           | 2                  | On Loan: No      |
| Viking Baked Goods Acquisition Corp                                                  | RISBAK 8 5/8 11/01/31        | CUSIP: 92676AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $332704.86    | 0.08%             | 2031-11-01      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| Expand Energy Corp.                                                                  | CHK 6 3/4 04/15/29           | CUSIP: 92735LAA0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1159208.05   | 0.26%             | 2029-04-15      | Fixed         | 6.75%                 | Yes           | 2                  | On Loan: No      |
| Vistra Operations Co LLC                                                             | VST 7 3/4 10/15/31           | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    400000 | PA      | $423228.00    | 0.10%             | 2031-10-15      | Fixed         | 7.75%                 | Yes           | 2                  | On Loan: No      |
| W. R. Grace Holdings Llc                                                             | GRA 5 5/8 08/15/29           | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    600000 | PA      | $530207.15    | 0.12%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           | 2                  | On Loan: No      |
| Weatherford International Ltd Bermuda                                                | WFRD 8 5/8 04/30/30          | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $495694.81    | 0.11%             | 2030-04-30      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| Windsor Holdings III LLC                                                             | UNVR 8 1/2 06/15/30          | CUSIP: 97360AAA5<br>LEI: 254900IXUJZ9H146T437 | Long             | DBT              | CORP              | US        |    350000 | PA      | $368770.85    | 0.08%             | 2030-06-15      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| Windstream Services LLC / Windstream Escrow Finance Corp.                            | WIN 8 1/4 10/01/31           | CUSIP: 97381AAA0<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |    400000 | PA      | $409851.60    | 0.09%             | 2031-10-01      | Fixed         | 8.25%                 | Yes           | 2                  | On Loan: No      |
| Wynn Macau Ltd.                                                                      | WYNMAC 5 5/8 08/26/28        | CUSIP: 98313RAH9<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    850000 | PA      | $811912.18    | 0.18%             | 2028-08-26      | Fixed         | 5.62%                 | Yes           | 2                  | On Loan: No      |
| Xerox Holdings Corporation                                                           | XRX 5 1/2 08/15/28           | CUSIP: 98421MAB2<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |    500000 | PA      | $321317.20    | 0.07%             | 2028-08-15      | Fixed         | 5.50%                 | Yes           | 2                  | On Loan: No      |
| BANKSAFE TOEWS MONEY MARKET                                                          | BANKSAFE TOEWS               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   5294561 | PA      | $5294561.36   | 1.20%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-05-28

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer