# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0000910472-26-002890
**Filing Date:** 2026-2
**Character Count:** 15267
**Document Hash:** da16b8ee8d5fe0abef0a2a94ff1ce047
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-002890.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000910472-26-002890

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**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:** 26685079

**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

### 13D Activist Fund (Series ID: S000029185)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000089779 | 13D Activist Fund Class A | DDDAX           |
| C000089780 | 13D Activist Fund Class C | DDDCX           |
| C000089781 | 13D Activist Fund Class I | DDDIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **13D ACTIVIST FUND** | **13D ACTIVIST FUND** | **13D ACTIVIST FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.6%** |  |
|  | **AEROSPACE & DEFENSE - 7.6%** |  |
| 103762 | Mercury Systems, Inc.<sup>(a)</sup> | $7575664 |
|  | **AUTOMOTIVE - 6.6%** |  |
| 55839 | Autoliv, Inc. | 6628089 |
|  | **BIOTECH & PHARMA - 5.3%** |  |
| 120335 | Exelixis, Inc.<sup>(a)</sup> | 5274283 |
|  | **E-COMMERCE DISCRETIONARY - 4.0%** |  |
| 71836 | Etsy, Inc.<sup>(a)</sup> | 3982588 |
|  | **ELECTRIC UTILITIES - 4.1%** |  |
| 505000 | Kansai Electric Power Company, Inc. (The) - ADR | 4040000 |
|  | **FOOD - 3.2%** |  |
| 76001 | Lamb Weston Holdings, Inc. | 3183682 |
|  | **GAS & WATER UTILITIES - 5.1%** |  |
| 63798 | Southwest Gas Holdings, Inc. | 5105116 |
|  | **HEALTH CARE FACILITIES & SERVICES - 5.7%** |  |
| 28000 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 5585440 |
|  | **INTERNET MEDIA & SERVICES - 4.4%** |  |
| 300000 | TripAdvisor, Inc.<sup>(a)</sup> | 4368000 |
|  | **LEISURE FACILITIES & SERVICES - 2.9%** |  |
| 186500 | Six Flags Entertainment Corporation<sup>(a)</sup> | 2860910 |
|  | **MACHINERY - 4.0%** |  |
| 335000 | Ebara Corporation - ADR | 3936250 |

---

---

| | | |
|:---|:---|:---|
| **13D ACTIVIST FUND** | **13D ACTIVIST FUND** | **13D ACTIVIST FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 92.6% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.7%** |  |
| 47000 | Integer Holdings Corporation<sup>(a)</sup> | 3686210 |
|  | **PUBLISHING & BROADCASTING - 6.4%** |  |
| 458338 | Pearson plc - ADR | 6435066 |
|  | **SOFTWARE - 18.2%** |  |
| 90000 | BILL Holdings, Inc.<sup>(a)</sup> | 4908600 |
| 60755 | Twilio, Inc., Class A<sup>(a)</sup> | 8641790 |
| 52000 | Workiva, Inc.<sup>(a)</sup> | 4485000 |
|  |  | 18035390 |
|  | **TECHNOLOGY HARDWARE - 7.0%** |  |
| 201750 | ViaSat, Inc.<sup>(a)</sup> | 6952305 |
|  | **TECHNOLOGY SERVICES - 4.4%** |  |
| 29350 | WEX, Inc.<sup>(a)</sup> | 4372563 |
|  | **TOTAL COMMON STOCKS (Cost $71,169,476)** | 92021556 |
|  | **ESCROW SHARES — 0.0%<sup>(b)</sup>** |  |
| 81753 | Pershing Square Sparc Holdings Ltd.<sup>(a)(c)(d)</sup> |  |
| 327017 | Pershing Square Tontine Holdings Ltd. <sup>(a)(c)(d)</sup> | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **TOTAL ESCROW SHARES (Cost $0)** |  |
|  | **SHORT-TERM INVESTMENT — 7.5%** |  |
|  | **MONEY MARKET FUND - 7.5%** |  |
| 7490367 | First American Government Obligations Fund, Class X, 3.64%<sup>(e)</sup><br> (Cost $7,490,367) | 7490367 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $78,659,843)** | $99511923 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (89876) |
|  | **NET ASSETS - 100.0%** | $99422047 |

---

---

| | |
|:---|:---|
| **13D ACTIVIST FUND** | **13D ACTIVIST FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **December 31, 2025** | **December 31, 2025** |
| ADR | - American Depositary Receipt |
| Ltd. | - Limited Company |
| plc | - Public Limited Company |

---

<sup>(a)</sup> Non-income producing security.

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

<sup>(c)</sup> Illiquid security. The total fair value of the security as of December 31, 2025, was $0, representing 0% of net assets.

<sup>(d)</sup> Valued using unobservable inputs and fair valued by the adviser. Security is Level 3.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

## 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:** 13D Activist Fund

- **b. EDGAR series identifier (if any):** S000029185

- **c. LEI of Series:** 549300V8X1F60WTPLO38

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $99553017.22

**Total Liabilities:** $130970.56

**Net Assets:** $99422046.66

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000089779 | 3.38%                | -3.31%               | 0.42%                |
| Class ID C000089780 | 3.35%                | -3.39%               | 0.34%                |
| Class ID C000089781 | 3.41%                | -3.34%               | 0.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $3717218.44                                |
| Month 2  | $3525084.06              | $-7110875.32                               |
| Month 3  | $3686706.63              | $-3139578.02                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Autoliv Inc.                                   | AUTOLIV INC              | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | US        |     55839 | NS      | $6628089.30   | 6.67%             |  |  |  | No            |                  1 | On Loan: No      |
| BILL Holdings Inc                              | BILL HOLDINGS IN         | CUSIP: 090043100<br>LEI: 549300IBF9VZZIGOZW63 | Long             | EC               | CORP              | US        |     90000 | NS      | $4908600.00   | 4.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International, Inc. | CHARLES RIVER LA         | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |     28000 | NS      | $5585440.00   | 5.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Ebara Corp.                                    | EBARA CORP-ADR           | CUSIP: 278614201<br>LEI: 353800UV8U3SOMCDTI49 | Long             | EC               | CORP              | JP        |    335000 | NS      | $3936250.00   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                       | ETSY INC                 | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |     71836 | NS      | $3982587.84   | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis, Inc.                                 | EXELIXIS INC             | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |    120335 | NS      | $5274283.05   | 5.30%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                      | FRST AM-GV OB-X          | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   7490367 | PA      | $7490367.00   | 7.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp.                         | INTEGER HOLDINGS         | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |     47000 | NS      | $3686210.00   | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Kansai Electric Power Co Inc                   | KANSAI ELEC-ADR          | CUSIP: 484602305<br>LEI: 353800PFUKP5ONPJNZ86 | Long             | EC               | CORP              | JP        |    505000 | NS      | $4040000.00   | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc                       | LAMB WESTON              | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |     76001 | NS      | $3183681.89   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc                            | MERCURY SYSTEMS          | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |    103762 | NS      | $7575663.62   | 7.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Pearson PLC                                    | PEARSON PLC-ADR          | CUSIP: 705015105<br>LEI: 2138004JBXWWJKIURC57 | Long             | EC               | CORP              | GB        |    458338 | NS      | $6435065.52   | 6.47%             |  |  |  | No            |                  1 | On Loan: No      |
| PERSHING SPARC HLDGS RTS                       | PERSHING SPARC HLDGS RTS | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     81753 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PERSHING SQUARE TONTINE HOLDINGS LTD.          | PERSHING SQUARE ESCROW   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |    327017 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Six Flags Entertainment Corp.                  | SIX FLAGS ENTERT         | CUSIP: 83001C108<br>LEI: 529900AS2CYWYFHRS781 | Long             | EC               | CORP              | US        |    186500 | NS      | $2860910.00   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Gas Holdings Inc                     | SOUTHWEST GAS HO         | CUSIP: 844895102<br>LEI: 254900LKF9EV0CUKNE09 | Long             | EC               | CORP              | US        |     63798 | NS      | $5105115.96   | 5.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Tripadvisor Inc                                | TRIPADVISOR INC          | CUSIP: 896945201<br>LEI: 549300XVG45PT5BART17 | Long             | EC               | CORP              | US        |    300000 | NS      | $4368000.00   | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                                     | TWILIO INC - A           | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |     60755 | NS      | $8641791.20   | 8.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ViaSat, Inc.                                   | VIASAT INC               | CUSIP: 92552V100<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | EC               | CORP              | US        |    201750 | NS      | $6952305.00   | 6.99%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX Inc                                        | WEX INC                  | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |     29350 | NS      | $4372563.00   | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Workiva Inc                                    | WORKIVA INC              | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |     52000 | NS      | $4485000.00   | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-28

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer