# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001752724-23-052246
**Filing Date:** 2023-3
**Character Count:** 163332
**Document Hash:** 2c97fa12547e5d5525d91280d7265d02
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-052246.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001752724-23-052246

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230313

**DATE AS OF CHANGE**: 20230313

**PERIOD START**: 20231031

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 23726146

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

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

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

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

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

## Series and Classes Contracts Data

### Navigator Equity Hedged Fund (Series ID: S000030737)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000095337 | Navigator Equity Hedged Fund Class A Shares | NAVAX           |
| C000095338 | Navigator Equity Hedged Fund Class C Shares | NAVCX           |
| C000095339 | Navigator Equity Hedged Fund Class I Shares | NAVIX           |

## Nport-Ex

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR EQUITY HEDGED FUND** | **NAVIGATOR EQUITY HEDGED FUND** | **NAVIGATOR EQUITY HEDGED FUND** | **NAVIGATOR EQUITY HEDGED FUND** | **NAVIGATOR EQUITY HEDGED FUND** | **NAVIGATOR EQUITY HEDGED FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  |  | | | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 88.6%** | **EXCHANGE-TRADED FUNDS — 88.6%** | | |  |
|  | **EQUITY - 88.6%** | **EQUITY - 88.6%** | | |  |
| 60268 | Global X Robotics & Artificial Intelligence ETF |  |  |  | &nbsp;&nbsp;&nbsp; $1434378 |
| 11699 | iShares Biotechnology ETF<sup>(d)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 1597498 |
| 44533 | iShares Core MSCI EAFE ETF |  |  |  | &nbsp;&nbsp;&nbsp; 2986828 |
| 56049 | iShares MSCI All Country Asia ex Japan ETF<sup>(d)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 3973874 |
| 92709 | iShares MSCI Eurozone ETF<sup>(d)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 4110717 |
| 4738 | iShares Semiconductor ETF |  |  |  | &nbsp;&nbsp;&nbsp; 1912636 |
| 13182 | iShares U.S. Broker-Dealers & Securities Exchanges ETF<sup>(d)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 1347069 |
| 130601 | SPDR Portfolio S&P 500 Value ETF<sup>(d)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 5433002 |
| 19330 | SPDR S&P 400 Mid Cap Value ETF<sup>(d)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 1394660 |
| 48345 | SPDR S&P Metals & Mining ETF<sup>(d)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 2761466 |
|  |  |  |  |  | &nbsp;&nbsp; 26952128 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $25,514,040)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $25,514,040)** |  |  | &nbsp;&nbsp; 26952128 |
|  | **SHORT-TERM INVESTMENTS — 10.1%** | **SHORT-TERM INVESTMENTS — 10.1%** |  |  |  |
|  | **MONEY MARKET FUNDS - 10.1%** | **MONEY MARKET FUNDS - 10.1%** |  |  |  |
| 1463792 | Dreyfus Money Market Fund, Select Class, 3.55%<sup>(a)</sup> | Dreyfus Money Market Fund, Select Class, 3.55%<sup>(a)</sup> |  |  | &nbsp;&nbsp;&nbsp; 1463792 |
| 1623967 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.22%<sup>(a)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.22%<sup>(a)</sup> |  |  | &nbsp;&nbsp;&nbsp; 1623967 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $3,087,759)** | **TOTAL MONEY MARKET FUNDS (Cost $3,087,759)** | **TOTAL MONEY MARKET FUNDS (Cost $3,087,759)** |  | &nbsp;&nbsp; 3087759 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $3,087,759)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $3,087,759)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $3,087,759)** |  | 3087759 |
| **Contracts<sup>(b)</sup>** |  |  |  |  |  |
|  | **INDEX OPTIONS PURCHASED**<sup>(e)</sup> **- 1.4%** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **PUT OPTIONS PURCHASED - 1.4%** | **PUT OPTIONS PURCHASED - 1.4%** |  |  |  |
| 86 | S&P 500 Index | 03/10/2023 | $3950 | &nbsp;&nbsp;&nbsp; $35058760 | &nbsp;&nbsp;&nbsp; $415380 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $506,906) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $506,906) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $506,906) |  |  |
|  | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $506,906) | **TOTAL INDEX OPTIONS PURCHASED** (Cost - $506,906) |  |  | 415380 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR EQUITY HEDGED FUND** | **NAVIGATOR EQUITY HEDGED FUND** | **NAVIGATOR EQUITY HEDGED FUND** | **NAVIGATOR EQUITY HEDGED FUND** | **NAVIGATOR EQUITY HEDGED FUND** | **NAVIGATOR EQUITY HEDGED FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | | | | |
|  | **COLLATERAL FOR SECURITIES LOANED – 35.1%** |  | | | **Fair Value** |
| 10690365 | Goldman Sachs Financial Square Government Fund, Institutional Class, 4.32% <sup>(a), (c)</sup> | Goldman Sachs Financial Square Government Fund, Institutional Class, 4.32% <sup>(a), (c)</sup> |  |  | &nbsp;&nbsp;&nbsp; $10690365 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $10,690,365)** | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $10,690,365)** |  |  |  |
|  | **TOTAL INVESTMENTS – 135.2% (Cost $39,799,070)** |  |  |  | &nbsp;&nbsp;&nbsp; $41145632 |
|  | **PUT OPTIONS WRITTEN - (0.6)% (Proceeds - $236,047)** |  |  |  | &nbsp;&nbsp;&nbsp; (189200) |
|  | **LIBILITIES IN EXCESS OF OTHER ASSETS – (34.6)%** |  |  |  | &nbsp;&nbsp;&nbsp; (10537330) |
|  | **NET ASSETS - 100.0%** |  |  |  | &nbsp;&nbsp;&nbsp; $30419102 |
| **Contracts<sup>(b)</sup>** |  |  |  |  |  |
|  | **WRITTEN INDEX OPTIONS**<sup>(e)</sup> **- (0.6)%** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
| 86 | S&P 500 Index | 03/10/2023 | $3790 | &nbsp;&nbsp;&nbsp; $35058760 | &nbsp;&nbsp;&nbsp; $189200 |
|  | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $236,047) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $236,047) | **TOTAL PUT OPTIONS WRITTEN** (Proceeds - $236,047) |  |  |
|  | **TOTAL INDEX OPTIONS WRITTEN** (Proceeds - $236,047) | **TOTAL INDEX OPTIONS WRITTEN** (Proceeds - $236,047) |  |  | &nbsp;&nbsp; $189200 |

---

---

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

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Rate disclosed is the seven-day effective yield as of January 31, 2023. |
| <sup>(b)</sup><br> <sup>(c)</sup><br> <sup>(d)</sup><br><sup>(e)</sup> | Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.<br> Security purchased with cash proceeds of securities lending collateral.<br> All or a portion of the security is on loan. Total loaned securities had a value of $10,458,078 at January 31, 2023. Security purchase with cash proceeds of securities lending collateral value of $10,690,365.<br> Non-income producing security. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 28.4%** | **EXCHANGE-TRADED FUNDS — 28.4%** |  |  |  |
|  | **FIXED INCOME - 28.4%** | **FIXED INCOME - 28.4%** |  |  |  |
| 16655517 | iShares iBoxx $ High Yield Corporate Bond ETF<sup>(i)</sup> | iShares iBoxx $ High Yield Corporate Bond ETF<sup>(i)</sup> |  |  | &nbsp;&nbsp;&nbsp; $1271315613 |
| 6825169 | SPDR Bloomberg High Yield Bond ETF<sup>(i)</sup> | SPDR Bloomberg High Yield Bond ETF<sup>(i)</sup> |  |  | &nbsp;&nbsp;&nbsp; 639040573 |
|  |  |  |  |  | &nbsp;&nbsp; 1910356186 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,851,426,202)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,851,426,202)** |  |  | &nbsp;&nbsp; 1910356186 |
|  | **OPEN-END FUNDS — 1.5%** | **OPEN-END FUNDS — 1.5%** |  |  |  |
|  | **FIXED INCOME - 0.8%** | **FIXED INCOME - 0.8%** |  |  |  |
| 5142532 | Navigator Ultra Short Bond Fund, Class I<sup>(h)</sup> | Navigator Ultra Short Bond Fund, Class I<sup>(h)</sup> |  |  | &nbsp;&nbsp;&nbsp; 51476742 |
|  | **MIXED ALLOCATION - 0.7%** | **MIXED ALLOCATION - 0.7%** |  |  |  |
| 5467058 | Navigator Tactical US Allocation Fund, Class I<sup>(h)</sup> | Navigator Tactical US Allocation Fund, Class I<sup>(h)</sup> |  |  | &nbsp;&nbsp;&nbsp; 48547474 |
|  | **TOTAL OPEN-END FUNDS (Cost $106,081,549)** | **TOTAL OPEN-END FUNDS (Cost $106,081,549)** |  |  | &nbsp;&nbsp; 100024216 |
| **Principal Amount ($)** |  |  | **Coupon Rate (%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 38.3%** | **CORPORATE BONDS — 38.3%** |  |  |  |
|  | **AEROSPACE & DEFENSE** — **1.4%** | **AEROSPACE & DEFENSE** — **1.4%** |  |  |  |
| 26515000 | Boeing Company | Boeing Company | 1.1670 | &nbsp;&nbsp;&nbsp;02/04/23 | 26510557 |
| 5596000 | Boeing Company | Boeing Company | 4.5080 | &nbsp;&nbsp;&nbsp;05/01/23 | 5587491 |
| 19250000 | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | 0.6700 | &nbsp;&nbsp;&nbsp;08/16/23 | 18796154 |
| 7052000 | L3Harris Technologies, Inc.<sup>(a)</sup> | US0003M + 0.750% | 5.4850 | &nbsp;&nbsp;&nbsp;03/10/23 | 7054787 |
| 40000000 | L3Harris Technologies, Inc. |  | 3.8500 | &nbsp;&nbsp;&nbsp;06/15/23 | 39826584 |
|  |  |  |  |  | 97775573 |
|  | **ASSET MANAGEMENT** — **0.2%** | **ASSET MANAGEMENT** — **0.2%** |  |  |  |
| 15000000 | Charles Schwab Corporation<sup>(a)</sup> | SOFRRATE + 0.500% | 4.8150 | &nbsp;&nbsp;&nbsp;03/18/24 | 15005985 |
|  | **AUTOMOTIVE** — **1.5%** | **AUTOMOTIVE** — **1.5%** |  |  |  |
| 25000000 | American Honda Finance Corporation<sup>(a)</sup> | US0003M + 0.150% | 4.8150 | &nbsp;&nbsp;&nbsp;02/22/23 | 24998894 |
| 10000000 | American Honda Finance Corporation | American Honda Finance Corporation | 0.3500 | &nbsp;&nbsp;&nbsp;04/20/23 | 9908428 |
| 11410000 | American Honda Finance Corporation | American Honda Finance Corporation | 0.8750 | &nbsp;&nbsp;&nbsp;07/07/23 | 11218108 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 38.3% (Continued)** | **CORPORATE BONDS — 38.3% (Continued)** |  |  |  |
|  | **AUTOMOTIVE** — **1.5% (Continued)** | **AUTOMOTIVE** — **1.5% (Continued)** |  |  |  |
| 2900000 | Fiat Chrysler Automobiles N.V. | Fiat Chrysler Automobiles N.V. | 5.2500 | &nbsp;&nbsp;&nbsp;04/15/23 | $2902509 |
| 9100000 | Toyota Motor Credit Corporation<sup>(a)</sup> | US0003M + 0.640% | 5.0000 | &nbsp;&nbsp;&nbsp;04/26/23 | 9092008 |
| 45000000 | Toyota Motor Credit Corporation<sup>(a)</sup> | SOFRINDX + 0.650% | 4.9610 | &nbsp;&nbsp;&nbsp;12/29/23 | 45079050 |
|  |  |  |  |  | 103198997 |
|  | **BANKING** — **7.7%** | **BANKING** — **7.7%** |  |  |  |
| 20000000 | Banco Santander S.A. |  | 3.8480 | &nbsp;&nbsp;&nbsp;04/12/23 | 19935915 |
| 106234000 | Bank of America Corp 3.388500 03/05/2024<sup>(a)</sup> | US0003M + 0.790% | 5.5550 | &nbsp;&nbsp;&nbsp;03/05/24 | 106277475 |
| 10000000 | Bank of America Corporation<sup>(b)</sup> | US0003M + 0.780% | 3.5500 | &nbsp;&nbsp;&nbsp;03/05/24 | 9984498 |
| 15000000 | Bank of Montreal<sup>(a)</sup> | SOFRINDX + 0.710% | 4.9460 | &nbsp;&nbsp;&nbsp;03/08/24 | 15026015 |
| 41975000 | Bank of Nova Scotia<sup>(a)</sup> | SOFRRATE + 0.550% | 4.8450 | &nbsp;&nbsp;&nbsp;09/15/23 | 42127694 |
| 5000000 | Bank of Nova Scotia |  | 0.7000 | &nbsp;&nbsp;&nbsp;04/15/24 | 4757073 |
| 42058000 | Canadian Imperial Bank of Commerce |  | 0.4500 | &nbsp;&nbsp;&nbsp;06/22/23 | 41354616 |
| 25424000 | CIT Group, Inc.<sup>(b)</sup> | SOFRRATE + 3.827% | 3.9290 | &nbsp;&nbsp;&nbsp;06/19/24 | 25282468 |
| 10900000 | Credit Suisse A.G. |  | 1.0000 | &nbsp;&nbsp;&nbsp;05/05/23 | 10770407 |
| 35000000 | Discover Bank |  | 4.2000 | &nbsp;&nbsp;&nbsp;08/08/23 | 34872347 |
| 71450000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.455% | 1.5140 | &nbsp;&nbsp;&nbsp;06/01/24 | 70594823 |
| 28520000 | JPMorgan Chase & Company<sup>(b)</sup> | US0003M + 0.890% | 3.7970 | &nbsp;&nbsp;&nbsp;07/23/24 | 28329561 |
| 4400000 | Lloyds Banking Group plc |  | 4.0500 | &nbsp;&nbsp;&nbsp;08/16/23 | 4376414 |
| 8000000 | National Australia Bank Ltd.<sup>(a),(c)</sup> | US0003M + 0.600% | 5.4060 | &nbsp;&nbsp;&nbsp;04/12/23 | 8002400 |
| 22060000 | Natwest Group plc |  | 3.8750 | &nbsp;&nbsp;&nbsp;09/12/23 | 21871443 |
| 67998000 | Wells Fargo & Company Class MTN<sup>(b)</sup> | SOFRRATE + 1.600% | 1.6540 | &nbsp;&nbsp;&nbsp;06/02/24 | 67198326 |
| 6925000 | Westpac Banking Corporation<sup>(a)</sup> | US0003M + 0.720% | 5.3260 | &nbsp;&nbsp;&nbsp;05/15/23 | 6933911 |
|  |  |  |  |  | 517695386 |
|  | **BEVERAGES** — **0.7%** | **BEVERAGES** — **0.7%** |  |  |  |
| 31140000 | Coca-Cola Europacific Partners plc<sup>(c)</sup> |  | 0.5000 | &nbsp;&nbsp;&nbsp;05/05/23 | 30788886 |
| 14116000 | Heineken N.V.<sup>(c)</sup> |  | 2.7500 | &nbsp;&nbsp;&nbsp;04/01/23 | 14057266 |
|  |  |  |  |  | 44846152 |
|  | **BIOTECH & PHARMA** — **0.8%** | **BIOTECH & PHARMA** — **0.8%** |  |  |  |
| 25000000 | Gilead Sciences, Inc. |  | 2.5000 | &nbsp;&nbsp;&nbsp;09/01/23 | 24646022 |
| 13577000 | Gilead Sciences, Inc. |  | 0.7500 | &nbsp;&nbsp;&nbsp;09/29/23 | 13214246 |
| 14076000 | Royalty Pharma plc | Royalty Pharma plc | 0.7500 | &nbsp;&nbsp;&nbsp;09/02/23 | 13721894 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 38.3% (Continued)** | **CORPORATE BONDS — 38.3% (Continued)** |  |  |  |
|  | **BIOTECH & PHARMA** — **0.8% (Continued)** | **BIOTECH & PHARMA** — **0.8% (Continued)** |  |  |  |
| 200000 | Takeda Pharmaceutical Company Ltd. | Takeda Pharmaceutical Company Ltd. | 4.4000 | &nbsp;&nbsp;&nbsp;11/26/23 | $199245 |
|  |  |  |  |  | 51781407 |
|  | **CABLE & SATELLITE** — **0.1%** | **CABLE & SATELLITE** — **0.1%** |  |  |  |
| 1200000 | Cequel Communications Holdings I, LLC / Cequel<sup>(c)</sup> | Cequel Communications Holdings I, LLC / Cequel<sup>(c)</sup> | 7.5000 | &nbsp;&nbsp;&nbsp;04/01/28 | 882000 |
| 8805000 | Time Warner Entertainment Company, L.P. | Time Warner Entertainment Company, L.P. | 8.3750 | &nbsp;&nbsp;&nbsp;03/15/23 | 8841561 |
|  |  |  |  |  | 9723561 |
|  | **CHEMICALS** — **0.1%** | **CHEMICALS** — **0.1%** |  |  |  |
| 5000000 | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | 3.2000 | &nbsp;&nbsp;&nbsp;05/01/23 | 4976709 |
| 4545000 | LYB International Finance BV | LYB International Finance BV | 4.0000 | &nbsp;&nbsp;&nbsp;07/15/23 | 4522559 |
|  |  |  |  |  | 9499268 |
|  | **CONSTRUCTION MATERIALS** — **0.2%** | **CONSTRUCTION MATERIALS** — **0.2%** |  |  |  |
| 10000000 | Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. | 0.6500 | &nbsp;&nbsp;&nbsp;07/15/23 | 9797481 |
|  | **ELECTRIC & GAS MARKETING & TRADING** — **0.1%** | **ELECTRIC & GAS MARKETING & TRADING** — **0.1%** |  |  |  |
| 3500000 | Centrica plc<sup>(c)</sup> | Centrica plc<sup>(c)</sup> | 4.0000 | &nbsp;&nbsp;&nbsp;10/16/23 | 3449739 |
|  | **ELECTRIC UTILITIES** — **1.8%** | **ELECTRIC UTILITIES** — **1.8%** |  |  |  |
| 15000000 | CenterPoint Energy, Inc.<sup>(a)</sup> | SOFRRATE + 0.650% | 4.7540 | &nbsp;&nbsp;&nbsp;05/13/24 | 14831421 |
| 24150000 | Dominion Energy, Inc.<sup>(a)</sup> | US0003M + 0.530% | 5.2990 | &nbsp;&nbsp;&nbsp;09/15/23 | 24183369 |
| 12025000 | Florida Power & Light Company<sup>(a)</sup> | SOFRRATE + 0.250% | 4.3500 | &nbsp;&nbsp;&nbsp;05/10/23 | 12013212 |
| 34000000 | Florida Power & Light Company<sup>(a)</sup> | SOFRINDX + 0.380% | 4.6870 | &nbsp;&nbsp;&nbsp;01/12/24 | 33926907 |
| 9000000 | Metropolitan Edison Company<sup>(c)</sup> |  | 3.5000 | &nbsp;&nbsp;&nbsp;03/15/23 | 8980788 |
| 2500000 | NextEra Energy Capital Holdings, Inc. |  | 0.6500 | &nbsp;&nbsp;&nbsp;03/01/23 | 2492426 |
| 4191000 | Pacific Gas and Electric Company |  | 4.2500 | &nbsp;&nbsp;&nbsp;08/01/23 | 4172893 |
| 18750000 | Southern Company<sup>(a)</sup> | SOFRRATE + 0.370% | 4.4700 | &nbsp;&nbsp;&nbsp;05/10/23 | 18734689 |
|  |  |  |  |  | 119335705 |
|  | **ELECTRICAL EQUIPMENT** — **0.5%** | **ELECTRICAL EQUIPMENT** — **0.5%** |  |  |  |
| 25000000 | Siemens Financieringsmaatschappij N.V.<sup>(c)</sup> | Siemens Financieringsmaatschappij N.V.<sup>(c)</sup> | 0.4000 | &nbsp;&nbsp;&nbsp;03/11/23 | 24885995 |
| 10000000 | Siemens Financieringsmaatschappij N.V.<sup>(c)</sup> | Siemens Financieringsmaatschappij N.V.<sup>(c)</sup> | 0.6500 | &nbsp;&nbsp;&nbsp;03/11/24 | 9564227 |
|  |  |  |  |  | 34450222 |
|  | **FOOD** — **2.5%** | **FOOD** — **2.5%** |  |  |  |
| 77872000 | Campbell Soup Company | Campbell Soup Company | 3.6500 | &nbsp;&nbsp;&nbsp;03/15/23 | 77791241 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 38.3% (Continued)** | **CORPORATE BONDS — 38.3% (Continued)** | **CORPORATE BONDS — 38.3% (Continued)** |  |  |  |
|  | **FOOD** — **2.5% (Continued)** | **FOOD** — **2.5% (Continued)** | **FOOD** — **2.5% (Continued)** |  |  |  |
| 14250000 | Conagra Brands, Inc. | Conagra Brands, Inc. |  | 0.5000 | &nbsp;&nbsp;&nbsp;08/11/23 | $13914900 |
| 40000000 | Danone S.A.<sup>(c)</sup> | Danone S.A.<sup>(c)</sup> |  | 2.5890 | &nbsp;&nbsp;&nbsp;11/02/23 | 39237234 |
| 38025000 | Kerry Group Financial Services Unltd Company<sup>(c)</sup> | Kerry Group Financial Services Unltd Company<sup>(c)</sup> |  | 3.2000 | &nbsp;&nbsp;&nbsp;04/09/23 | 37851095 |
|  |  |  |  |  |  | 168794470 |
|  | **GAS & WATER UTILITIES** — **0.1%** | **GAS & WATER UTILITIES** — **0.1%** | **GAS & WATER UTILITIES** — **0.1%** |  |  |  |
| 2700000 | Atmos Energy Corporation | Atmos Energy Corporation |  | 0.6250 | &nbsp;&nbsp;&nbsp;03/09/23 | 2688894 |
| 3869000 | Atmos Energy Corporation<sup>(a)</sup> | Atmos Energy Corporation<sup>(a)</sup> | US0003M + 0.380% | 5.1030 | &nbsp;&nbsp;&nbsp;03/09/23 | 3868878 |
|  |  |  |  |  |  | 6557772 |
|  | **HEALTH CARE FACILITIES & SERVICES** — **1.7%** | **HEALTH CARE FACILITIES & SERVICES** — **1.7%** | **HEALTH CARE FACILITIES & SERVICES** — **1.7%** |  |  |  |
| 13830000 | AmerisourceBergen Corporation | AmerisourceBergen Corporation |  | 0.7370 | &nbsp;&nbsp;&nbsp;03/15/23 | 13762905 |
| 26262000 | Cardinal Health, Inc. | Cardinal Health, Inc. |  | 3.2000 | &nbsp;&nbsp;&nbsp;03/15/23 | 26215639 |
| 24253000 | Cigna Corporation<sup>(a)</sup> | Cigna Corporation<sup>(a)</sup> | US0003M + 0.890% | 5.6820 | &nbsp;&nbsp;&nbsp;07/15/23 | 24314815 |
| 21036000 | Elevance Health, Inc. | Elevance Health, Inc. |  | 0.4500 | &nbsp;&nbsp;&nbsp;03/15/23 | 20925639 |
| 23605000 | Humana, Inc. | Humana, Inc. |  | 0.6500 | &nbsp;&nbsp;&nbsp;08/03/23 | 23084649 |
| 5232000 | McKesson Corporation | McKesson Corporation |  | 2.8500 | &nbsp;&nbsp;&nbsp;03/15/23 | 5221237 |
|  |  |  |  |  |  | 113524884 |
|  | **INDUSTRIAL SUPPORT SERVICES** — **0.3%** | **INDUSTRIAL SUPPORT SERVICES** — **0.3%** | **INDUSTRIAL SUPPORT SERVICES** — **0.3%** |  |  |  |
| 20000000 | Triton Container International Ltd.<sup>(c)</sup> | Triton Container International Ltd.<sup>(c)</sup> |  | 0.8000 | &nbsp;&nbsp;&nbsp;08/01/23 | 19433700 |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **1.8%** | **INSTITUTIONAL FINANCIAL SERVICES** — **1.8%** | **INSTITUTIONAL FINANCIAL SERVICES** — **1.8%** |  |  |  |
| 7400000 | Bank of New York Mellon Corporation | Bank of New York Mellon Corporation |  | 0.5000 | &nbsp;&nbsp;&nbsp;04/26/24 | 7031021 |
| 28000000 | Coinbase Global, Inc.<sup>(c)</sup> | Coinbase Global, Inc.<sup>(c)</sup> |  | 3.6250 | &nbsp;&nbsp;&nbsp;10/01/31 | 16354100 |
| 28108000 | Credit Suisse Group A.G. | Credit Suisse Group A.G. |  | 3.8000 | &nbsp;&nbsp;&nbsp;06/09/23 | 27794220 |
| 15452000 | Goldman Sachs Group, Inc.<sup>(a)</sup> | US0003M + 0.750% | US0003M + 0.750% | 5.4420 | &nbsp;&nbsp;&nbsp;02/23/23 | 15457503 |
| 14900000 | Goldman Sachs Group, Inc. |  |  | 0.5230 | &nbsp;&nbsp;&nbsp;03/08/23 | 14835633 |
| 7000000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 0.572% | SOFRRATE + 0.572% | 0.6730 | &nbsp;&nbsp;&nbsp;03/08/24 | 6954245 |
| 25000000 | JPMorgan Chase Financial Company, LLC |  |  | 2.5000 | &nbsp;&nbsp;&nbsp;05/01/23 | 24832155 |
| 10072000 | Morgan Stanley <sup>(a)</sup> | US0003M + 1.220% | US0003M + 1.220% | 5.7700 | &nbsp;&nbsp;&nbsp;05/08/24 | 10094682 |
|  |  |  |  |  |  | 123353559 |
|  | **INSURANCE** — **2.4%** | **INSURANCE** — **2.4%** | **INSURANCE** — **2.4%** |  |  |  |
| 17000000 | Brighthouse Financial Global Funding<sup>(c)</sup> | Brighthouse Financial Global Funding<sup>(c)</sup> |  | 0.6000 | &nbsp;&nbsp;&nbsp;06/28/23 | 16693840 |
| 20000000 | Equitable Financial Life Global Funding<sup>(c)</sup> | Equitable Financial Life Global Funding<sup>(c)</sup> |  | 0.5000 | &nbsp;&nbsp;&nbsp;04/06/23 | 19852845 |
| 43500000 | New York Life Global Funding<sup>(c)</sup> | New York Life Global Funding<sup>(c)</sup> |  | 0.6000 | &nbsp;&nbsp;&nbsp;08/27/24 | 40685009 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 38.3% (Continued)** | **CORPORATE BONDS — 38.3% (Continued)** |  |  |  |
|  | **INSURANCE** — **2.4% (Continued)** | **INSURANCE** — **2.4% (Continued)** |  |  |  |
| 25000000 | New York Life Global Funding<sup>(a),(c)</sup> | SOFRINDX + 0.610% | 4.9140 | &nbsp;&nbsp;&nbsp;04/21/25 | $24945865 |
| 42000000 | Northwestern Mutual Global Funding<sup>(c)</sup> |  | 0.6000 | &nbsp;&nbsp;&nbsp;03/25/24 | 40051434 |
| 5000000 | Pricoa Global Funding I<sup>(c)</sup> |  | 3.4500 | &nbsp;&nbsp;&nbsp;09/01/23 | 4957073 |
| 13400000 | Protective Life Global Funding<sup>(c)</sup> |  | 1.0820 | &nbsp;&nbsp;&nbsp;06/09/23 | 13218976 |
|  |  |  |  |  | 160405042 |
|  | **LEISURE FACILITIES & SERVICES** — **0.3%** | **LEISURE FACILITIES & SERVICES** — **0.3%** |  |  |  |
| 20217000 | Starbucks Corporation<sup>(a)</sup> | SOFRINDX + 0.420% | 4.5240 | &nbsp;&nbsp;&nbsp;02/14/24 | 20170737 |
|  | **MACHINERY** — **2.2%** | **MACHINERY** — **2.2%** |  |  |  |
| 1000000 | Caterpillar Financial Services Corporation |  | 0.2500 | &nbsp;&nbsp;&nbsp;03/01/23 | 996641 |
| 100000000 | Caterpillar Financial Services Corporation<sup>(a)</sup> | SOFRRATE + 0.450% | 4.5500 | &nbsp;&nbsp;&nbsp;11/13/23 | 100074654 |
| 44372000 | Trane Technologies Global Holding Company Ltd. |  | 4.2500 | &nbsp;&nbsp;&nbsp;06/15/23 | 44339343 |
|  |  |  |  |  | 145410638 |
|  | **MEDICAL EQUIPMENT & DEVICES** — **0.5%** | **MEDICAL EQUIPMENT & DEVICES** — **0.5%** |  |  |  |
| 34629000 | Illumina, Inc. |  | 0.5500 | &nbsp;&nbsp;&nbsp;03/23/23 | 34423142 |
|  | **OIL & GAS PRODUCERS** — **3.0%** | **OIL & GAS PRODUCERS** — **3.0%** |  |  |  |
| 9000000 | Chevron USA, Inc.<sup>(a)</sup> | US0003M + 0.200% | 4.8500 | &nbsp;&nbsp;&nbsp;08/11/23 | 8999816 |
| 10716000 | Continental Resources, Inc. |  | 4.5000 | &nbsp;&nbsp;&nbsp;04/15/23 | 10689005 |
| 14457000 | Enbridge, Inc.<sup>(a)</sup> | SOFRRATE + 0.400% | 4.5260 | &nbsp;&nbsp;&nbsp;02/17/23 | 14456527 |
| 17500000 | Enbridge, Inc.<sup>(a)</sup> | SOFRINDX + 0.630% | 4.7520 | &nbsp;&nbsp;&nbsp;02/16/24 | 17441501 |
| 29373000 | Energy Transfer Operating, L.P. | Energy Transfer Operating, L.P. | 3.6000 | &nbsp;&nbsp;&nbsp;02/01/23 | 29373000 |
| 42633000 | Energy Transfer Operating, L.P. | Energy Transfer Operating, L.P. | 4.2500 | &nbsp;&nbsp;&nbsp;03/15/23 | 42600847 |
| 10064000 | Enterprise Products Operating, LLC | Enterprise Products Operating, LLC | 3.3500 | &nbsp;&nbsp;&nbsp;03/15/23 | 10046552 |
| 2500000 | Kinder Morgan Energy Partners, L.P. | Kinder Morgan Energy Partners, L.P. | 3.4500 | &nbsp;&nbsp;&nbsp;02/15/23 | 2498579 |
| 39266000 | Kinder Morgan Energy Partners, L.P. | Kinder Morgan Energy Partners, L.P. | 3.5000 | &nbsp;&nbsp;&nbsp;09/01/23 | 39003967 |
| 8250000 | Kinder Morgan, Inc.<sup>(c)</sup> | Kinder Morgan, Inc.<sup>(c)</sup> | 5.6250 | &nbsp;&nbsp;&nbsp;11/15/23 | 8268054 |
| 16930000 | Pioneer Natural Resources Company | Pioneer Natural Resources Company | 0.5500 | &nbsp;&nbsp;&nbsp;05/15/23 | 16722928 |
|  |  |  |  |  | 200100776 |
|  | **RETAIL - CONSUMER STAPLES** — **0.6%** | **RETAIL - CONSUMER STAPLES** — **0.6%** |  |  |  |
| 40009000 | 7-Eleven, Inc.<sup>(c)</sup> | 7-Eleven, Inc.<sup>(c)</sup> | 0.6250 | &nbsp;&nbsp;&nbsp;02/10/23 | 39967177 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** | | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 38.3% (Continued)** |  |  |  |
|  | **RETAIL - DISCRETIONARY** — **0.7%** |  |  |  |
| 39665000 | Lowe's Companies, Inc. | 3.8750 | &nbsp;&nbsp;&nbsp;09/15/23 | $39397087 |
| 10000000 | TJX Companies, Inc. | 2.5000 | &nbsp;&nbsp;&nbsp;05/15/23 | 9932259 |
|  |  |  |  | 49329346 |
|  | **SEMICONDUCTORS** — **1.3%** |  |  |  |
| 3300000 | Marvell Technology, Inc. | 4.2000 | &nbsp;&nbsp;&nbsp;06/22/23 | 3285190 |
| 58512000 | Microchip Technology, Inc. | 4.3330 | &nbsp;&nbsp;&nbsp;06/01/23 | 58326274 |
| 7000000 | Microchip Technology, Inc. | 0.9720 | &nbsp;&nbsp;&nbsp;02/15/24 | 6702408 |
| 20345000 | Skyworks Solutions, Inc. | 0.9000 | &nbsp;&nbsp;&nbsp;06/01/23 | 20032328 |
|  |  |  |  | 88346200 |
|  | **SOFTWARE** — **0.7%** |  |  |  |
| 25221000 | Oracle Corporation | 3.6250 | &nbsp;&nbsp;&nbsp;07/15/23 | 25076325 |
| 22988000 | VMware, Inc. | 0.6000 | &nbsp;&nbsp;&nbsp;08/15/23 | 22468358 |
|  |  |  |  | 47544683 |
|  | **SPECIALTY FINANCE** — **1.3%** |  |  |  |
| 4000000 | AerCap Ireland Capital DAC / AerCap Global | 4.5000 | &nbsp;&nbsp;&nbsp;09/15/23 | 3978477 |
| 50459000 | US0003M + 0.750% | 5.2100 | &nbsp;&nbsp;&nbsp;08/03/23 | 50544463 |
| 35000000 | SOFRINDX + 0.720% | 4.7830 | &nbsp;&nbsp;&nbsp;05/03/24 | 35088479 |
|  |  |  |  | 89611419 |
|  | **TECHNOLOGY HARDWARE** — **1.1%** |  |  |  |
| 69627000 | Dell International, LLC / EMC Corporation | 5.4500 | &nbsp;&nbsp;&nbsp;06/15/23 | 69714287 |
| 5000000 | Hewlett Packard Enterprise Company | 2.2500 | &nbsp;&nbsp;&nbsp;04/01/23 | 4977401 |
|  |  |  |  | 74691688 |
|  | **TECHNOLOGY SERVICES** — **0.0%<sup>(d)</sup>** |  |  |  |
| 600000 | Fiserv, Inc. | 3.8000 | &nbsp;&nbsp;&nbsp;10/01/23 | 595245 |
|  | **TELECOMMUNICATIONS** — **0.8%** |  |  |  |
| 53000000 | Rogers Communications, Inc. | 3.0000 | &nbsp;&nbsp;&nbsp;03/15/23 | 52894519 |
|  | **TOBACCO & CANNABIS** — **1.1%** |  |  |  |
| 55772000 | Altria Group, Inc. | 4.0000 | &nbsp;&nbsp;&nbsp;01/31/24 | 55240801 |
| 20000000 | Philip Morris International, Inc. | 2.6250 | &nbsp;&nbsp;&nbsp;03/06/23 | 19961223 |
|  |  |  |  | 75202024 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** | | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 38.3% (Continued)** |  |  |  |
|  | **TRANSPORTATION & LOGISTICS** — **0.1%** |  |  |  |
| 6500000 | Ryder System, Inc. | 3.8750 | &nbsp;&nbsp;&nbsp;12/01/23 | $6442338 |
|  | **TRANSPORTATION EQUIPMENT** — **0.7%** |  |  |  |
| 24500000 | SOFRRATE + 0.500% | 4.7350 | &nbsp;&nbsp;&nbsp;06/14/23 | 24485624 |
| 25000000 | SOFRRATE + 1.000% | 5.3100 | &nbsp;&nbsp;&nbsp;04/07/24 | 25013292 |
|  |  |  |  | 49498916 |
|  | **TOTAL CORPORATE BONDS (Cost $2,595,196,463)** |  |  | 2582857750 |
|  | **MUNICIPAL BONDS — 0.5%** |  |  |  |
|  | **COMBINED UTILITIES** — **0.5%** |  |  |  |
| 32970000 | Long Island Power Authority | 0.3590 | &nbsp;&nbsp;&nbsp;03/01/23 | 32844737 |
|  | **TOTAL MUNICIPAL BONDS (Cost $32,953,136)** |  |  | 32844737 |
|  | **U.S. GOVERNMENT & AGENCIES — 11.9%** |  |  |  |
|  | **U.S. TREASURY BILLS** — **5.9%** |  |  |  |
| 200000000 | USBMMY3M + 0.140% | 4.7690 | &nbsp;&nbsp;&nbsp;10/31/24 | 200080910 |
| 200000000 | USBMMY3M + 0.200% | 4.8290 | &nbsp;&nbsp;&nbsp;01/31/25 | 200051652 |
|  |  |  |  | 400132562 |
|  | **UNITED STATES TREASURY NOTES** — **6.0%** |  |  |  |
| 400000000 | United States Treasury Note | 3.8750 | &nbsp;&nbsp;&nbsp;12/31/27 | 403921876 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $798,087,467)** |  |  | 804054438 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **COMMERCIAL PAPER — 0.2%** | | |  |
|  | **COMMERCIAL PAPER - 0.2%** | | |  |
| 10000000 | Hilltop Securities Incorporated | 0.0000 | &nbsp;&nbsp;&nbsp;02/08/23 | &nbsp;&nbsp;&nbsp; $9989189 |
|  | **TOTAL COMMERCIAL PAPER (Cost $9,989,189)** |  |  | &nbsp;&nbsp; 9989189 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 12.8%** |  |  |  |
|  | **MONEY MARKET FUNDS - 12.8%** |  |  |  |
| 100010001 | BlackRock Liquidity Funds TempFund Portfolio, Institutional Class, 4.38%<sup>(e)</sup> |  |  | &nbsp;&nbsp;&nbsp; 100070007 |
| 488052263 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.22%<sup>(e)</sup> |  |  | &nbsp;&nbsp;&nbsp; 488052263 |
| 50000000 | Federated Hermes Institutional Prime Obligations, Institutional Class, 4.40%<sup>(e)</sup> |  |  | &nbsp;&nbsp;&nbsp; 50015000 |
| 49940036 | Goldman Sachs Financial Square Money Market Fund, Institutional Class, 4.46%<sup>(e)</sup> |  |  | &nbsp;&nbsp;&nbsp; 49965006 |
| 150405245 | JPMorgan Prime Money Market Fund, Capital Class, 4.49%<sup>(e)</sup> |  |  | &nbsp;&nbsp;&nbsp; 150495488 |
| 24775552 | Morgan Stanley Institutional Liquidity Funds - Prime Portfolio, Institutional Class, 4.48%<sup>(e)</sup> |  |  | &nbsp;&nbsp;&nbsp; 24773075 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $863,220,665)** | **TOTAL MONEY MARKET FUNDS (Cost $863,220,665)** |  | &nbsp;&nbsp; 863370839 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $863,220,665)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $863,220,665)** |  | 863370839 |
| **Contracts<sup>(f)</sup>** |  |  |  |  |
|  | **FUTURE OPTIONS PURCHASED**<sup>(g)</sup> **- 0.0% <sup>(d)</sup>** | **Exercise Price** | **Notional Value** |  |
|  | **PUT OPTIONS PURCHASED - 0.0%<sup>(d)</sup>** |  |  |  |
| 500 | S&P500 E-Mini Index | $3600 | &nbsp;&nbsp;&nbsp; $203830000 | &nbsp;&nbsp;&nbsp; 300000 |
| 1301 | S&P500 E-Mini Index | 3750 | &nbsp;&nbsp;&nbsp; 530365660 | &nbsp;&nbsp;&nbsp; 1463625 |
|  | **TOTAL PUT OPTIONS PURCHASED (Cost - $6,445,312)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $6,445,312)** |  | &nbsp;&nbsp; 1763625 |
|  | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $6,445,312)** |  |  | 1763625 |
| **Shares** |  |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED – 11.7%** |  |  |  |
| 790747948 | Goldman Sachs Financial Square Government Fund, Institutional Class, 4.32% <sup>(e), (j)</sup> |  |  | &nbsp;&nbsp;&nbsp;790747948 |
|  | **TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $790,747,948)** |  |  |  |
|  | **TOTAL INVESTMENTS – 105.3% (Cost $7,054,147,931)** |  |  | &nbsp;&nbsp;&nbsp; $7096008928 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (5.3)%** |  |  | &nbsp;&nbsp; (357912468) |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $6738096460 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** | **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | | | |
| **Number of Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount** | **Unrealized Appreciation** |
| 250 | CBOT 10 Year US Treasury Note | 03/22/2023 | &nbsp;&nbsp;&nbsp; $28629000 | &nbsp;&nbsp;&nbsp; $97750 |
| 7884 | CBOT 5 Year US Treasury Note | 03/31/2023 | &nbsp;&nbsp;&nbsp; 861263928 | &nbsp;&nbsp;&nbsp; 6709732 |
| 3350 | CME E-Mini Standard & Poor's 500 Index Future | 03/17/2023 | &nbsp;&nbsp;&nbsp; 685075000 | &nbsp;&nbsp;&nbsp; 20242242 |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  | &nbsp;&nbsp; $27049724 |

---

---

| | |
|:---|:---|
| DAC | - Designed Activity Company |
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| MTN | - Medium-Term Note |
| PLC | - Public Limited Company |
| SOFR | - Secured Overnight Financing Rate |
| SPDR | - Standard & Poor's Depositary Receipt |
| SOFRINDX | - Secured Overnight Financing Rate Index |
| SOFRRATE | - United States SOFR Secured Overnight Financing Rate |
| US0003M | ICE LIBOR USD 3 Month |
| USBMMY3M | US Treasury 3 Month Bill Money Market Yield |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
| <sup>(b)</sup> | Variable rate security; the rate shown represents the rate on January 31, 2023. |
| <sup>(c)</sup> | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2023 the total market value of 144A securities is $471,626,618 or 7.0% of net assets. |
| <sup>(d)</sup> | Percentage rounds to less than 0.1%. |
| <sup>(e)</sup> | Rate disclosed is the seven-day effective yield as of January 31, 2023. |
| <sup>(f)</sup> | Each option contract allows the Fund to purchase or sell 1 underlying futures contract or 100 shares of the underlying security. |
| <sup>(g)</sup><br> <sup>(h)</sup><br> <sup>(i)</sup><br><sup>(j)</sup> | Non-income producing security.<br> Affiliated security.<br> All or a portion of the security is on loan. Total loaned securities had a value of $856,995,947 at January 31, 2023. Security purchase with cash proceeds of securities lending collateral value of $877,519,350.<br> Security purchased with cash proceeds of securities lending collateral. |

---

---

| |
|:---|
| <br> **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** |  |  |  |  |
| **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** |  |  |
| Reference Entity | Counterparty | Termination Date | Interest Rate Payable | Notional Value at January 31, 2023 | Value | Upfront Premiums Paid | Unrealized Appreciation/ (Depreciation) |
| CDX North American High Yield Series 35 | GS | 12/20/2025 | 5.00% | $222750000 | $10308276 | $11573012 | $(1264736) |
| CDX North American High Yield Series 36 | GS | 6/20/2026 | 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245421000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12097619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16038332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3940713) |
| CDX North American High Yield Series 37 | GS | 12/20/2026 | 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341748000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17128865 | &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;5436213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11692652 |
| CDX North American High Yield Series 38 | GS | 6/20/2027 | 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11999697 | &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;6755587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5244110 |
| CDX North American High Yield Series 38 | MS | 6/20/2027 | 5.00% | &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;9999000 | &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;446398 | &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;128837 | &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;317561 |
| CDX North American High Yield Series 39 | GS | 12/20/2027 | 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47330638 | &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;(4643263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51973901 |
| CDX North American High Yield Series 39 | MS | 12/20/2027 | 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8109556 | &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;(825990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8935546 |
| Ford Motor Company | GS | 12/20/2023 | 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &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;350602 | &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;251330 | &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;99272 |
| General Motor Company | GS | 12/20/2023 | 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &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;419742 | &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;352045 | &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;67697 |
| Verizon Communications, Inc. | GS | 12/20/2023 | 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | &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;124761 | &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;53989 | &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;70772 |
| **TOTAL OPEN CREDIT DEFAULT SWAPS** | **TOTAL OPEN CREDIT DEFAULT SWAPS** |  |  |  | $108316154 | $35120092 | $73196062 |
| GS - Goldman Sachs |  |  |  |  |  |  |  |
| MS - Morgan Stanley |  |  |  |  |  |  |  |
| <sup>(1)</sup> For centrally cleared swaps, the notional amounts represent the maximum potential the Fund may pay/receive as a seller/buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the reference entity. | <sup>(1)</sup> For centrally cleared swaps, the notional amounts represent the maximum potential the Fund may pay/receive as a seller/buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the reference entity. | <sup>(1)</sup> For centrally cleared swaps, the notional amounts represent the maximum potential the Fund may pay/receive as a seller/buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the reference entity. | <sup>(1)</sup> For centrally cleared swaps, the notional amounts represent the maximum potential the Fund may pay/receive as a seller/buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the reference entity. | <sup>(1)</sup> For centrally cleared swaps, the notional amounts represent the maximum potential the Fund may pay/receive as a seller/buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the reference entity. | <sup>(1)</sup> For centrally cleared swaps, the notional amounts represent the maximum potential the Fund may pay/receive as a seller/buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the reference entity. | <sup>(1)</sup> For centrally cleared swaps, the notional amounts represent the maximum potential the Fund may pay/receive as a seller/buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the reference entity. | <sup>(1)</sup> For centrally cleared swaps, the notional amounts represent the maximum potential the Fund may pay/receive as a seller/buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the reference entity. |
| <sup>(2)</sup> For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. | <sup>(2)</sup> For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. | <sup>(2)</sup> For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. | <sup>(2)</sup> For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. | <sup>(2)</sup> For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. | <sup>(2)</sup> For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. | <sup>(2)</sup> For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. | <sup>(2)</sup> For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAPS** |  |  |  |  |  |
| Counterparty | Termination Date | Notional Amount | Interest Rate Payable | Reference Entity | Unrealized Appreciation |
| Goldman Sachs International | 4/30/2023 | $10000000 | USD-Federal Funds-H.15-OIS-COMP + 30 bps | U.S. Treasury Floating Rate Note due 1/31/25 | $1362 |
| Goldman Sachs International | 2/29/2024 | &nbsp;&nbsp;&nbsp;&nbsp;10000000 | USD-Federal Funds-H.15-OIS-COMP + 30 bps | U.S. Treasury Floating Rate Note due 1/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362 |
| **TOTAL** |  |  |  |  | $2724 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUND — 14.5%** |  |  |  |
|  | **FIXED INCOME - 14.5%** |  |  |  |
| 1350000 | iShares iBoxx $ Investment Grade Corporate Bond ETF |  |  | &nbsp;&nbsp;&nbsp; $149674500 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $146,603,315)** |  |  | &nbsp;&nbsp; 149674500 |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 76.7%** |  |  |  |
|  | **ADVERTISING & MARKETING** — **0.2%** |  |  |  |
| 600000 | Interpublic Group of Companies, Inc. | 5.4000 | &nbsp;&nbsp;&nbsp;10/01/48 | 594191 |
| 1300000 | Omnicom Group, Inc. | 2.6000 | &nbsp;&nbsp;&nbsp;08/01/31 | 1101990 |
|  |  |  |  | 1696181 |
|  | **AEROSPACE & DEFENSE** — **3.1%** |  |  |  |
| 7600000 | Boeing Company | 4.8750 | &nbsp;&nbsp;&nbsp;05/01/25 | 7600097 |
| 3400000 | Boeing Company | 5.1500 | &nbsp;&nbsp;&nbsp;05/01/30 | 3421858 |
| 1300000 | Boeing Company | 5.7050 | &nbsp;&nbsp;&nbsp;05/01/40 | 1327615 |
| 2200000 | Boeing Company | 5.8050 | &nbsp;&nbsp;&nbsp;05/01/50 | 2231761 |
| 1300000 | Boeing Company | 5.9300 | &nbsp;&nbsp;&nbsp;05/01/60 | 1319032 |
| 2900000 | L3Harris Technologies, Inc. | 4.4000 | &nbsp;&nbsp;&nbsp;06/15/28 | 2861589 |
| 2700000 | Northrop Grumman Corporation | 3.2500 | &nbsp;&nbsp;&nbsp;01/15/28 | 2555754 |
| 1200000 | Northrop Grumman Corporation | 4.0300 | &nbsp;&nbsp;&nbsp;10/15/47 | 1055385 |
| 700000 | Northrop Grumman Corporation | 5.2500 | &nbsp;&nbsp;&nbsp;05/01/50 | 729560 |
| 6300000 | Raytheon Technologies Corporation | 4.1250 | &nbsp;&nbsp;&nbsp;11/16/28 | 6173712 |
| 2400000 | Raytheon Technologies Corporation | 2.8200 | &nbsp;&nbsp;&nbsp;09/01/51 | 1687065 |
| 1100000 | Teledyne Technologies, Inc. | 2.7500 | &nbsp;&nbsp;&nbsp;04/01/31 | 933668 |
|  |  |  |  | 31897096 |
|  | **ASSET MANAGEMENT** — **0.7%** |  |  |  |
| 2700000 | Ares Capital Corporation | 2.1500 | &nbsp;&nbsp;&nbsp;07/15/26 | 2358046 |
| 1700000 | Blackstone Private Credit Fund | 3.2500 | &nbsp;&nbsp;&nbsp;03/15/27 | 1485914 |
| 1300000 | Blackstone Private Credit Fund | 4.7000 | &nbsp;&nbsp;&nbsp;03/24/25 | 1261466 |
| 300000 | CI Financial Corporation | 4.1000 | &nbsp;&nbsp;&nbsp;06/15/51 | 188205 |
| 1300000 | FS KKR Capital Corporation | 3.1250 | &nbsp;&nbsp;&nbsp;10/12/28 | 1112270 |
| 1400000 | Owl Rock Capital Corporation | 3.4000 | &nbsp;&nbsp;&nbsp;07/15/26 | 1263047 |
|  |  |  |  | 7668948 |
|  | **AUTOMOTIVE** — **1.9%** |  |  |  |
| 800000 | Aptiv plc | 3.1000 | &nbsp;&nbsp;&nbsp;12/01/51 | 515443 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 76.7% (Continued)** | **CORPORATE BONDS — 76.7% (Continued)** | **CORPORATE BONDS — 76.7% (Continued)** |  |  |  |
|  | **AUTOMOTIVE** — **1.9% (Continued)** | **AUTOMOTIVE** — **1.9% (Continued)** | **AUTOMOTIVE** — **1.9% (Continued)** |  |  |  |
| 400000 | Aptiv plc / Aptiv Corporation | Aptiv plc / Aptiv Corporation |  | 3.2500 | &nbsp;&nbsp;&nbsp;03/01/32 | $344651 |
| 400000 | Aptiv plc / Aptiv Corporation | Aptiv plc / Aptiv Corporation |  | 4.1500 | &nbsp;&nbsp;&nbsp;05/01/52 | 310982 |
| 1300000 | BorgWarner, Inc. | BorgWarner, Inc. |  | 2.6500 | &nbsp;&nbsp;&nbsp;07/01/27 | 1194859 |
| 1200000 | General Motors Company | General Motors Company |  | 6.6000 | &nbsp;&nbsp;&nbsp;04/01/36 | 1252863 |
| 1800000 | General Motors Company | General Motors Company |  | 6.2500 | &nbsp;&nbsp;&nbsp;10/02/43 | 1787845 |
| 8400000 | General Motors Financial Company, Inc. | General Motors Financial Company, Inc. |  | 1.7000 | &nbsp;&nbsp;&nbsp;08/18/23 | 8248036 |
| 3000000 | General Motors Financial Company, Inc. | General Motors Financial Company, Inc. |  | 1.2500 | &nbsp;&nbsp;&nbsp;01/08/26 | 2688119 |
| 3500000 | General Motors Financial Company, Inc. | General Motors Financial Company, Inc. |  | 2.3500 | &nbsp;&nbsp;&nbsp;01/08/31 | 2793249 |
| 300000 | Lear Corporation | Lear Corporation |  | 5.2500 | &nbsp;&nbsp;&nbsp;05/15/49 | 265603 |
|  |  |  |  |  |  | 19401650 |
|  | **BANKING** — **5.3%** | **BANKING** — **5.3%** | **BANKING** — **5.3%** |  |  |  |
| 4600000 | Barclays plc |  |  | 3.6500 | &nbsp;&nbsp;&nbsp;03/16/25 | 4472189 |
| 7200000 | Barclays plc<sup>(a)</sup> | H15T1Y + 1.200% | H15T1Y + 1.200% | 2.6670 | &nbsp;&nbsp;&nbsp;03/10/32 | 5814963 |
| 400000 | Citigroup, Inc. |  |  | 4.6000 | &nbsp;&nbsp;&nbsp;03/09/26 | 397403 |
| 2700000 | Citigroup, Inc. |  |  | 4.4500 | &nbsp;&nbsp;&nbsp;09/29/27 | 2646566 |
| 400000 | Citigroup, Inc. |  |  | 6.6250 | &nbsp;&nbsp;&nbsp;06/15/32 | 437905 |
| 800000 | Citigroup, Inc. |  |  | 6.6750 | &nbsp;&nbsp;&nbsp;09/13/43 | 932863 |
| 1300000 | Citigroup, Inc. |  |  | 4.7500 | &nbsp;&nbsp;&nbsp;05/18/46 | 1190673 |
| 7500000 | Fifth Third Bancorp |  |  | 4.3000 | &nbsp;&nbsp;&nbsp;01/16/24 | 7457245 |
| 300000 | Fifth Third Bancorp |  |  | 8.2500 | &nbsp;&nbsp;&nbsp;03/01/38 | 391648 |
| 8100000 | HSBC Holdings plc |  |  | 4.2500 | &nbsp;&nbsp;&nbsp;08/18/25 | 7911172 |
| 2300000 | KeyCorporation<sup>(a)</sup> | SOFRINDX + 2.060% | SOFRINDX + 2.060% | 4.7890 | &nbsp;&nbsp;&nbsp;06/01/33 | 2246857 |
| 5500000 | Santander Holdings USA, Inc. |  |  | 3.4500 | &nbsp;&nbsp;&nbsp;06/02/25 | 5262035 |
| 7300000 | Santander UK Group Holdings plc<sup>(a)</sup> | SOFRRATE + 0.787% | SOFRRATE + 0.787% | 1.0890 | &nbsp;&nbsp;&nbsp;03/15/25 | 6927373 |
| 3500000 | Wells Fargo & Company |  |  | 4.3000 | &nbsp;&nbsp;&nbsp;07/22/27 | 3453723 |
| 2800000 | Wells Fargo & Company | Wells Fargo & Company |  | 4.9000 | &nbsp;&nbsp;&nbsp;11/17/45 | 2652899 |
| 1900000 | Wells Fargo & Company | Wells Fargo & Company |  | 4.7500 | &nbsp;&nbsp;&nbsp;12/07/46 | 1750654 |
| 800000 | Westpac Banking Corp | Westpac Banking Corp |  | 2.9630 | &nbsp;&nbsp;&nbsp;11/16/40 | 574624 |
| 800000 | Westpac Banking Corporation | Westpac Banking Corporation |  | 3.1330 | &nbsp;&nbsp;&nbsp;11/18/41 | 570384 |
|  |  |  |  |  |  | 55091176 |
|  | **BEVERAGES** — **2.7%** | **BEVERAGES** — **2.7%** | **BEVERAGES** — **2.7%** |  |  |  |
| 6000000 | Anheuser-Busch Companies, LLC / Anheuser-Busch | Anheuser-Busch Companies, LLC / Anheuser-Busch |  | 3.6500 | &nbsp;&nbsp;&nbsp;02/01/26 | 5858009 |
| 5700000 | Anheuser-Busch Companies, LLC / Anheuser-Busch | Anheuser-Busch Companies, LLC / Anheuser-Busch |  | 4.7000 | &nbsp;&nbsp;&nbsp;02/01/36 | 5639092 |
| 1300000 | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |  | 3.5000 | &nbsp;&nbsp;&nbsp;06/01/30 | 1222911 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 76.7% (Continued)** | **CORPORATE BONDS — 76.7% (Continued)** |  |  |  |
|  | **BEVERAGES** — **2.7% (Continued)** | **BEVERAGES** — **2.7% (Continued)** |  |  |  |
| 1600000 | Anheuser-Busch InBev Worldwide, Inc. |  | 5.4500 | &nbsp;&nbsp;&nbsp;01/23/39 | $1672731 |
| 3000000 | Anheuser-Busch InBev Worldwide, Inc. |  | 5.5500 | &nbsp;&nbsp;&nbsp;01/23/49 | 3205248 |
| 1100000 | Constellation Brands, Inc. |  | 4.7500 | &nbsp;&nbsp;&nbsp;05/09/32 | 1097946 |
| 900000 | Constellation Brands, Inc. |  | 3.7500 | &nbsp;&nbsp;&nbsp;05/01/50 | 722594 |
| 6400000 | Keurig Dr Pepper, Inc. |  | 0.7500 | &nbsp;&nbsp;&nbsp;03/15/24 | 6114123 |
| 300000 | Keurig Dr Pepper, Inc. |  | 2.2500 | &nbsp;&nbsp;&nbsp;03/15/31 | 251064 |
| 1200000 | Keurig Dr Pepper, Inc. |  | 3.3500 | &nbsp;&nbsp;&nbsp;03/15/51 | 891653 |
| 1300000 | Molson Coors Beverage Company |  | 4.2000 | &nbsp;&nbsp;&nbsp;07/15/46 | 1086463 |
|  |  |  |  |  | 27761834 |
|  | **BIOTECH & PHARMA** — **5.4%** | **BIOTECH & PHARMA** — **5.4%** |  |  |  |
| 2500000 | AbbVie Inc. |  | 4.7000 | &nbsp;&nbsp;&nbsp;05/14/45 | 2384825 |
| 3700000 | AbbVie, Inc. |  | 2.6000 | &nbsp;&nbsp;&nbsp;11/21/24 | 3564317 |
| 8300000 | AbbVie, Inc. |  | 2.9500 | &nbsp;&nbsp;&nbsp;11/21/26 | 7845959 |
| 1200000 | AbbVie, Inc. |  | 4.5000 | &nbsp;&nbsp;&nbsp;05/14/35 | 1169087 |
| 1900000 | AbbVie, Inc. |  | 4.0500 | &nbsp;&nbsp;&nbsp;11/21/39 | 1707707 |
| 2400000 | AbbVie, Inc. |  | 4.2500 | &nbsp;&nbsp;&nbsp;11/21/49 | 2137119 |
| 7700000 | Amgen, Inc. |  | 3.6250 | &nbsp;&nbsp;&nbsp;05/22/24 | 7577328 |
| 900000 | Amgen, Inc. |  | 2.3000 | &nbsp;&nbsp;&nbsp;02/25/31 | 756071 |
| 3800000 | Amgen, Inc. |  | 2.8000 | &nbsp;&nbsp;&nbsp;08/15/41 | 2792300 |
| 2000000 | Amgen, Inc. |  | 4.6630 | &nbsp;&nbsp;&nbsp;06/15/51 | 1831564 |
| 1300000 | Amgen, Inc. |  | 2.7700 | &nbsp;&nbsp;&nbsp;09/01/53 | 837962 |
| 400000 | Biogen, Inc. |  | 3.1500 | &nbsp;&nbsp;&nbsp;05/01/50 | 286098 |
| 1000000 | Biogen, Inc. |  | 3.2500 | &nbsp;&nbsp;&nbsp;02/15/51 | 727521 |
| 7200000 | Gilead Sciences, Inc. |  | 0.7500 | &nbsp;&nbsp;&nbsp;09/29/23 | 7007628 |
| 300000 | Gilead Sciences, Inc. |  | 1.6500 | &nbsp;&nbsp;&nbsp;10/01/30 | 247113 |
| 1400000 | Gilead Sciences, Inc. |  | 4.8000 | &nbsp;&nbsp;&nbsp;04/01/44 | 1376447 |
| 2100000 | Gilead Sciences, Inc. |  | 4.7500 | &nbsp;&nbsp;&nbsp;03/01/46 | 2033952 |
| 900000 | Mylan, Inc. |  | 5.2000 | &nbsp;&nbsp;&nbsp;04/15/48 | 738079 |
| 700000 | Regeneron Pharmaceuticals, Inc. |  | 1.7500 | &nbsp;&nbsp;&nbsp;09/15/30 | 562402 |
| 400000 | Regeneron Pharmaceuticals, Inc. |  | 2.8000 | &nbsp;&nbsp;&nbsp;09/15/50 | 266156 |
| 1300000 | Royalty Pharma plc |  | 3.3000 | &nbsp;&nbsp;&nbsp;09/02/40 | 969654 |
| 5300000 | Takeda Pharmaceutical Company Ltd. |  | 5.0000 | &nbsp;&nbsp;&nbsp;11/26/28 | 5378248 |
| 1800000 | Viatris, Inc. |  | 2.7000 | &nbsp;&nbsp;&nbsp;06/22/30 | 1481549 |
| 1000000 | Viatris, Inc. |  | 4.0000 | &nbsp;&nbsp;&nbsp;06/22/50 | 690240 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 76.7% (Continued)** | **CORPORATE BONDS — 76.7% (Continued)** |  |  |  |
|  | **BIOTECH & PHARMA** — **5.4% (Continued)** | **BIOTECH & PHARMA** — **5.4% (Continued)** |  |  |  |
| 900000 | Zoetis, Inc. Series 4006 IA |  | 2.0000 | &nbsp;&nbsp;&nbsp;05/15/30 | $760203 |
| 1100000 | Zoetis, Inc. |  | 4.7000 | &nbsp;&nbsp;&nbsp;02/01/43 | 1049296 |
|  |  |  |  |  | 56178825 |
|  | **CABLE & SATELLITE** — **2.4%** | **CABLE & SATELLITE** — **2.4%** |  |  |  |
| 3600000 | Charter Communications Operating, LLC / Charter |  | 4.9080 | &nbsp;&nbsp;&nbsp;07/23/25 | 3580433 |
| 3100000 | Charter Communications Operating, LLC / Charter |  | 2.8000 | &nbsp;&nbsp;&nbsp;04/01/31 | 2535483 |
| 2500000 | Charter Communications Operating, LLC / Charter |  | 6.4840 | &nbsp;&nbsp;&nbsp;10/23/45 | 2456327 |
| 1600000 | Charter Communications Operating, LLC / Charter |  | 5.3750 | &nbsp;&nbsp;&nbsp;05/01/47 | 1361732 |
| 2200000 | Charter Communications Operating, LLC / Charter |  | 3.7000 | &nbsp;&nbsp;&nbsp;04/01/51 | 1455725 |
| 1700000 | Charter Communications Operating, LLC / Charter |  | 3.8500 | &nbsp;&nbsp;&nbsp;04/01/61 | 1073832 |
| 1400000 | Charter Communications Operating, LLC / Charter |  | 3.9500 | &nbsp;&nbsp;&nbsp;06/30/62 | 898591 |
| 1200000 | Time Warner Cable, LLC |  | 6.5500 | &nbsp;&nbsp;&nbsp;05/01/37 | 1223003 |
| 2300000 | Time Warner Cable, LLC |  | 6.7500 | &nbsp;&nbsp;&nbsp;06/15/39 | 2359390 |
| 7400000 | Time Warner Entertainment Company, L.P. |  | 8.3750 | &nbsp;&nbsp;&nbsp;03/15/23 | 7430727 |
|  |  |  |  |  | 24375243 |
|  | **CHEMICALS** — **1.9%** | **CHEMICALS** — **1.9%** |  |  |  |
| 1200000 | Avery Dennison Corporation |  | 2.2500 | &nbsp;&nbsp;&nbsp;02/15/32 | 952528 |
| 800000 | Celanese US Holdings, LLC |  | 6.1650 | &nbsp;&nbsp;&nbsp;07/15/27 | 809742 |
| 900000 | Celanese US Holdings, LLC |  | 6.3300 | &nbsp;&nbsp;&nbsp;07/15/29 | 911709 |
| 500000 | CF Industries, Inc. |  | 5.3750 | &nbsp;&nbsp;&nbsp;03/15/44 | 478112 |
| 900000 | Dow Chemical Company |  | 2.1000 | &nbsp;&nbsp;&nbsp;11/15/30 | 753472 |
| 2900000 | Dow Chemical Company |  | 3.6000 | &nbsp;&nbsp;&nbsp;11/15/50 | 2235872 |
| 1800000 | DuPont de Nemours, Inc. |  | 4.7250 | &nbsp;&nbsp;&nbsp;11/15/28 | 1823825 |
| 1300000 | DuPont de Nemours, Inc. |  | 5.4190 | &nbsp;&nbsp;&nbsp;11/15/48 | 1333862 |
| 800000 | Eastman Chemical Company |  | 4.6500 | &nbsp;&nbsp;&nbsp;10/15/44 | 708402 |
| 700000 | International Flavors & Fragrances, Inc. |  | 5.0000 | &nbsp;&nbsp;&nbsp;09/26/48 | 649758 |
| 1200000 | LYB International Finance III, LLC |  | 4.2000 | &nbsp;&nbsp;&nbsp;05/01/50 | 968475 |
| 700000 | LYB International Finance III, LLC |  | 3.8000 | &nbsp;&nbsp;&nbsp;10/01/60 | 500882 |
| 1300000 | Mosaic Company |  | 4.0500 | &nbsp;&nbsp;&nbsp;11/15/27 | 1271274 |
| 1000000 | Nutrien Ltd. |  | 2.9500 | &nbsp;&nbsp;&nbsp;05/13/30 | 892097 |
| 500000 | Nutrien Ltd. |  | 3.9500 | &nbsp;&nbsp;&nbsp;05/13/50 | 407451 |
| 3100000 | Sherwin-Williams Company |  | 3.4500 | &nbsp;&nbsp;&nbsp;06/01/27 | 2974479 |
| 1100000 | Sherwin-Williams Company |  | 4.5000 | &nbsp;&nbsp;&nbsp;06/01/47 | 988285 |
| 700000 | Westlake Corporation |  | 5.0000 | &nbsp;&nbsp;&nbsp;08/15/46 | 628772 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 76.7% (Continued)** | **CORPORATE BONDS — 76.7% (Continued)** |  |  | |
|  |  |  |  |  | 19288997 |
|  | **COMMERCIAL SUPPORT SERVICES** — **0.7%** | **COMMERCIAL SUPPORT SERVICES** — **0.7%** |  |  |  |
| 1500000 | Block Financial, LLC |  | 2.5000 | &nbsp;&nbsp;&nbsp;07/15/28 | $1315750 |
| 2800000 | Republic Services, Inc. B |  | 3.3750 | &nbsp;&nbsp;&nbsp;11/15/27 | 2666713 |
| 700000 | Waste Connections, Inc. |  | 2.2000 | &nbsp;&nbsp;&nbsp;01/15/32 | 578929 |
| 700000 | Waste Connections, Inc. |  | 3.2000 | &nbsp;&nbsp;&nbsp;06/01/32 | 626662 |
| 500000 | Waste Connections, Inc. |  | 2.9500 | &nbsp;&nbsp;&nbsp;01/15/52 | 356156 |
| 2100000 | Waste Management, Inc. |  | 1.5000 | &nbsp;&nbsp;&nbsp;03/15/31 | 1700547 |
|  |  |  |  |  | 7244757 |
|  | **CONSTRUCTION MATERIALS** — **0.3%** | **CONSTRUCTION MATERIALS** — **0.3%** |  |  |  |
| 2800000 | Martin Marietta Materials, Inc. |  | 3.5000 | &nbsp;&nbsp;&nbsp;12/15/27 | 2671710 |
|  | **CONTAINERS & PACKAGING** — **0.3%** | **CONTAINERS & PACKAGING** — **0.3%** |  |  |  |
| 1200000 | Amcor Flexibles North America, Inc. |  | 2.6900 | &nbsp;&nbsp;&nbsp;05/25/31 | 1013775 |
| 1000000 | Sonoco Products Company |  | 2.8500 | &nbsp;&nbsp;&nbsp;02/01/32 | 852624 |
| 800000 | WRKCo, Inc. |  | 4.9000 | &nbsp;&nbsp;&nbsp;03/15/29 | 792472 |
| 900000 | WRKCo, Inc. |  | 3.0000 | &nbsp;&nbsp;&nbsp;06/15/33 | 761012 |
|  |  |  |  |  | 3419883 |
|  | **DIVERSIFIED INDUSTRIALS** — **0.1%** | **DIVERSIFIED INDUSTRIALS** — **0.1%** |  |  |  |
| 800000 | Parker-Hannifin Corporation |  | 4.0000 | &nbsp;&nbsp;&nbsp;06/14/49 | 682685 |
|  | **E-COMMERCE DISCRETIONARY** — **0.3%** | **E-COMMERCE DISCRETIONARY** — **0.3%** |  |  |  |
| 3300000 | eBay, Inc. |  | 3.6000 | &nbsp;&nbsp;&nbsp;06/05/27 | 3182263 |
| 300000 | eBay, Inc. |  | 3.6500 | &nbsp;&nbsp;&nbsp;05/10/51 | 232715 |
|  |  |  |  |  | 3414978 |
|  | **ELECTRIC UTILITIES** — **4.0%** | **ELECTRIC UTILITIES** — **4.0%** |  |  |  |
| 900000 | AEP Texas, Inc. Series I |  | 2.1000 | &nbsp;&nbsp;&nbsp;07/01/30 | 751040 |
| 1100000 | AES Corporation |  | 2.4500 | &nbsp;&nbsp;&nbsp;01/15/31 | 908119 |
| 3400000 | Avangrid, Inc. |  | 3.2000 | &nbsp;&nbsp;&nbsp;04/15/25 | 3269401 |
| 800000 | Constellation Energy Generation, LLC |  | 6.2500 | &nbsp;&nbsp;&nbsp;10/01/39 | 860939 |
| 1800000 | Dominion Energy, Inc. |  | 3.3750 | &nbsp;&nbsp;&nbsp;04/01/30 | 1638695 |
| 1000000 | Dominion Energy, Inc. |  | 3.3000 | &nbsp;&nbsp;&nbsp;04/15/41 | 786929 |
| 2300000 | Duke Energy Corporation |  | 2.4500 | &nbsp;&nbsp;&nbsp;06/01/30 | 1964652 |
| 1400000 | Duke Energy Corporation |  | 3.7500 | &nbsp;&nbsp;&nbsp;09/01/46 | 1108736 |
| 800000 | Duke Energy Corporation |  | 3.5000 | &nbsp;&nbsp;&nbsp;06/15/51 | 601353 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 76.7% (Continued)** | **CORPORATE BONDS — 76.7% (Continued)** |  |  |  |
|  | **ELECTRIC UTILITIES** — **4.0% (Continued)** | **ELECTRIC UTILITIES** — **4.0% (Continued)** |  |  |  |
| 800000 | Emera US Finance, L.P. |  | 4.7500 | &nbsp;&nbsp;&nbsp;06/15/46 | $667708 |
| 800000 | Entergy Corporation |  | 2.4000 | &nbsp;&nbsp;&nbsp;06/15/31 | 660353 |
| 2300000 | Eversource Energy |  | 2.9000 | &nbsp;&nbsp;&nbsp;03/01/27 | 2156627 |
| 1000000 | Exelon Corporation |  | 4.0500 | &nbsp;&nbsp;&nbsp;04/15/30 | 961680 |
| 1200000 | Exelon Corporation |  | 4.7000 | &nbsp;&nbsp;&nbsp;04/15/50 | 1127427 |
| 1100000 | Georgia Power Company |  | 3.2500 | &nbsp;&nbsp;&nbsp;03/15/51 | 806279 |
| 600000 | Georgia Power Company |  | 5.1250 | &nbsp;&nbsp;&nbsp;05/15/52 | 598292 |
| 3300000 | NextEra Energy Capital Holdings Inc. |  | 2.2500 | &nbsp;&nbsp;&nbsp;06/01/30 | 2790800 |
| 2000000 | Pacific Gas and Electric Company |  | 4.5500 | &nbsp;&nbsp;&nbsp;07/01/30 | 1862673 |
| 1500000 | Pacific Gas and Electric Company |  | 3.2500 | &nbsp;&nbsp;&nbsp;06/01/31 | 1271846 |
| 1400000 | Pacific Gas and Electric Company |  | 4.9500 | &nbsp;&nbsp;&nbsp;07/01/50 | 1164000 |
| 1200000 | Pacific Gas and Electric Company |  | 3.5000 | &nbsp;&nbsp;&nbsp;08/01/50 | 806606 |
| 700000 | Pacific Gas and Electric Company |  | 4.0000 | &nbsp;&nbsp;&nbsp;12/01/46 | 508628 |
| 800000 | Public Service Enterprise Group, Inc. |  | 2.4500 | &nbsp;&nbsp;&nbsp;11/15/31 | 666668 |
| 1800000 | Sempra Energy |  | 3.4000 | &nbsp;&nbsp;&nbsp;02/01/28 | 1704896 |
| 900000 | Sempra Energy |  | 4.0000 | &nbsp;&nbsp;&nbsp;02/01/48 | 752853 |
| 8100000 | Southern Company |  | 2.9500 | &nbsp;&nbsp;&nbsp;07/01/23 | 8033412 |
| 1300000 | Southern Company |  | 4.4000 | &nbsp;&nbsp;&nbsp;07/01/46 | 1161069 |
| 800000 | WEC Energy Group, Inc. |  | 2.2000 | &nbsp;&nbsp;&nbsp;12/15/28 | 699017 |
| 1800000 | Xcel Energy, Inc. |  | 2.6000 | &nbsp;&nbsp;&nbsp;12/01/29 | 1578152 |
|  |  |  |  |  | 41868850 |
|  | **ELECTRICAL EQUIPMENT** — **0.9%** | **ELECTRICAL EQUIPMENT** — **0.9%** |  |  |  |
| 800000 | Amphenol Corporation |  | 2.2000 | &nbsp;&nbsp;&nbsp;09/15/31 | 659728 |
| 1300000 | Carrier Global Corporation |  | 3.5770 | &nbsp;&nbsp;&nbsp;04/05/50 | 1006921 |
| 1200000 | Johnson Controls International plc / Tyco Fire & Security Finance SCA |  | 2.0000 | &nbsp;&nbsp;&nbsp;09/16/31 | 992511 |
| 600000 | Keysight Technologies, Inc. |  | 3.0000 | &nbsp;&nbsp;&nbsp;10/30/29 | 536393 |
| 1300000 | Otis Worldwide Corporation |  | 2.5650 | &nbsp;&nbsp;&nbsp;02/15/30 | 1132707 |
| 500000 | Otis Worldwide Corporation |  | 3.1120 | &nbsp;&nbsp;&nbsp;02/15/40 | 391239 |
| 5600000 | Roper Technologies, Inc. |  | 1.0000 | &nbsp;&nbsp;&nbsp;09/15/25 | 5079833 |
|  |  |  |  |  | 9799332 |
|  | **ENTERTAINMENT CONTENT** — **1.1%** | **ENTERTAINMENT CONTENT** — **1.1%** |  |  |  |
| 400000 | Activision Blizzard, Inc. |  | 2.5000 | &nbsp;&nbsp;&nbsp;09/15/50 | 267332 |
| 2100000 | Discovery Communications, LLC |  | 4.0000 | &nbsp;&nbsp;&nbsp;09/15/55 | 1438434 |
| 500000 | Electronic Arts, Inc. |  | 2.9500 | &nbsp;&nbsp;&nbsp;02/15/51 | 349899 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 76.7% (Continued)** | **CORPORATE BONDS — 76.7% (Continued)** |  |  |  |
|  | **ENTERTAINMENT CONTENT** — **1.1% (Continued)** | **ENTERTAINMENT CONTENT** — **1.1% (Continued)** |  |  |  |
| 1500000 | Fox Corporation |  | 4.7090 | &nbsp;&nbsp;&nbsp;01/25/29 | $1480158 |
| 800000 | Fox Corporation |  | 5.5760 | &nbsp;&nbsp;&nbsp;01/25/49 | 770045 |
| 2900000 | Magallanes, Inc.<sup>(b)</sup> |  | 4.2790 | &nbsp;&nbsp;&nbsp;03/15/32 | 2573098 |
| 3400000 | Magallanes, Inc.<sup>(b)</sup> |  | 5.1410 | &nbsp;&nbsp;&nbsp;03/15/52 | 2814374 |
| 800000 | Paramount Global |  | 4.9500 | &nbsp;&nbsp;&nbsp;05/19/50 | 633579 |
| 1000000 | ViacomCBS, Inc. |  | 4.9500 | &nbsp;&nbsp;&nbsp;01/15/31 | 921695 |
| 900000 | ViacomCBS, Inc. |  | 4.3750 | &nbsp;&nbsp;&nbsp;03/15/43 | 661918 |
|  |  |  |  |  | 11910532 |
|  | **FOOD** — **1.5%** | **FOOD** — **1.5%** |  |  |  |
| 400000 | Campbell Soup Company |  | 4.8000 | &nbsp;&nbsp;&nbsp;03/15/48 | 380177 |
| 2700000 | Conagra Brands, Inc. |  | 1.3750 | &nbsp;&nbsp;&nbsp;11/01/27 | 2308584 |
| 700000 | Conagra Brands, Inc. |  | 5.4000 | &nbsp;&nbsp;&nbsp;11/01/48 | 688061 |
| 500000 | General Mills, Inc. |  | 3.0000 | &nbsp;&nbsp;&nbsp;02/01/51 | 374431 |
| 800000 | J M Smucker Company |  | 2.1250 | &nbsp;&nbsp;&nbsp;03/15/32 | 654034 |
| 500000 | J M Smucker Company |  | 4.3750 | &nbsp;&nbsp;&nbsp;03/15/45 | 447403 |
| 500000 | Kellogg Company |  | 4.5000 | &nbsp;&nbsp;&nbsp;04/01/46 | 462919 |
| 3400000 | Kraft Heinz Foods Company |  | 4.3750 | &nbsp;&nbsp;&nbsp;06/01/46 | 2961986 |
| 3100000 | McCormick & Co, Inc. |  | 0.9000 | &nbsp;&nbsp;&nbsp;02/15/26 | 2763963 |
| 700000 | McCormick & Co, Inc. |  | 1.8500 | &nbsp;&nbsp;&nbsp;02/15/31 | 559611 |
| 1200000 | Mondelez International, Inc. |  | 1.8750 | &nbsp;&nbsp;&nbsp;10/15/32 | 954510 |
| 800000 | Mondelez International, Inc. |  | 2.6250 | &nbsp;&nbsp;&nbsp;09/04/50 | 545198 |
| 1600000 | Tyson Foods, Inc. |  | 4.3500 | &nbsp;&nbsp;&nbsp;03/01/29 | 1570541 |
| 900000 | Tyson Foods, Inc. |  | 5.1000 | &nbsp;&nbsp;&nbsp;09/28/48 | 885144 |
|  |  |  |  |  | 15556562 |
|  | **GAS & WATER UTILITIES** — **0.3%** | **GAS & WATER UTILITIES** — **0.3%** |  |  |  |
| 600000 | Essential Utilities, Inc. |  | 3.3510 | &nbsp;&nbsp;&nbsp;04/15/50 | 440258 |
| 1100000 | NiSource, Inc. |  | 3.6000 | &nbsp;&nbsp;&nbsp;05/01/30 | 1015953 |
| 1400000 | NiSource, Inc. |  | 4.3750 | &nbsp;&nbsp;&nbsp;05/15/47 | 1253924 |
|  |  |  |  |  | 2710135 |
|  | **HEALTH CARE FACILITIES & SERVICES** — **4.3%** | **HEALTH CARE FACILITIES & SERVICES** — **4.3%** |  |  |  |
| 600000 | Aetna, Inc. |  | 6.6250 | &nbsp;&nbsp;&nbsp;06/15/36 | 671409 |
| 800000 | Aetna, Inc. |  | 3.8750 | &nbsp;&nbsp;&nbsp;08/15/47 | 659336 |
| 800000 | AmerisourceBergen Corporation |  | 2.7000 | &nbsp;&nbsp;&nbsp;03/15/31 | 693325 |
| 500000 | AmerisourceBergen Corporation |  | 4.3000 | &nbsp;&nbsp;&nbsp;12/15/47 | 445851 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 76.7% (Continued)** | **CORPORATE BONDS — 76.7% (Continued)** |  |  |  |
|  | **HEALTH CARE FACILITIES & SERVICES** — **4.3% (Continued)** | **HEALTH CARE FACILITIES & SERVICES** — **4.3% (Continued)** |  |  |  |
| 300000 | Anthem, Inc. |  | 1.5000 | &nbsp;&nbsp;&nbsp;03/15/26 | $273273 |
| 1900000 | Anthem, Inc. |  | 2.5500 | &nbsp;&nbsp;&nbsp;03/15/31 | 1640195 |
| 2900000 | Anthem, Inc. |  | 3.6000 | &nbsp;&nbsp;&nbsp;03/15/51 | 2326513 |
| 400000 | Cardinal Health, Inc. |  | 4.3680 | &nbsp;&nbsp;&nbsp;06/15/47 | 336031 |
| 2500000 | Centene Corporation |  | 4.6250 | &nbsp;&nbsp;&nbsp;12/15/29 | 2373000 |
| 2100000 | Centene Corporation |  | 2.6250 | &nbsp;&nbsp;&nbsp;08/01/31 | 1723974 |
| 8400000 | Cigna Corporation |  | 4.1250 | &nbsp;&nbsp;&nbsp;11/15/25 | 8304913 |
| 2400000 | Cigna Corporation |  | 4.8000 | &nbsp;&nbsp;&nbsp;07/15/46 | 2277626 |
| 1000000 | Cigna Corporation |  | 3.4000 | &nbsp;&nbsp;&nbsp;03/15/51 | 757538 |
| 3900000 | CVS Health Corporation |  | 5.0500 | &nbsp;&nbsp;&nbsp;03/25/48 | 3688737 |
| 1700000 | CVS Health Corporation |  | 2.1250 | &nbsp;&nbsp;&nbsp;09/15/31 | 1392686 |
| 3400000 | CVS Health Corporation |  | 4.7800 | &nbsp;&nbsp;&nbsp;03/25/38 | 3244825 |
| 1300000 | HCA Inc. |  | 4.1250 | &nbsp;&nbsp;&nbsp;06/15/29 | 1233868 |
| 6100000 | HCA, Inc. |  | 5.3750 | &nbsp;&nbsp;&nbsp;02/01/25 | 6123159 |
| 1700000 | HCA, Inc. |  | 3.5000 | &nbsp;&nbsp;&nbsp;09/01/30 | 1521226 |
| 1100000 | HCA, Inc. |  | 5.2500 | &nbsp;&nbsp;&nbsp;06/15/49 | 1001017 |
| 1800000 | HCA, Inc. |  | 3.5000 | &nbsp;&nbsp;&nbsp;07/15/51 | 1256344 |
| 800000 | Humana, Inc. |  | 3.9500 | &nbsp;&nbsp;&nbsp;08/15/49 | 665790 |
| 500000 | Laboratory Corp of America Holdings |  | 1.5500 | &nbsp;&nbsp;&nbsp;06/01/26 | 450183 |
| 600000 | Laboratory Corp of America Holdings |  | 4.7000 | &nbsp;&nbsp;&nbsp;02/01/45 | 549406 |
| 600000 | Universal Health Services, Inc. |  | 2.6500 | &nbsp;&nbsp;&nbsp;01/15/32 | 483408 |
|  |  |  |  |  | 44093633 |
|  | **HOME & OFFICE PRODUCTS** — **0.0%<sup>(c)</sup>** | **HOME & OFFICE PRODUCTS** — **0.0%<sup>(c)</sup>** |  |  |  |
| 300000 | Whirlpool Corporation |  | 4.6000 | &nbsp;&nbsp;&nbsp;05/15/50 | 258323 |
|  | **HOME CONSTRUCTION** — **0.1%** | **HOME CONSTRUCTION** — **0.1%** |  |  |  |
| 1000000 | Lennar Corporation |  | 4.7500 | &nbsp;&nbsp;&nbsp;11/29/27 | 985788 |
|  | **HOUSEHOLD PRODUCTS** — **0.1%** | **HOUSEHOLD PRODUCTS** — **0.1%** |  |  |  |
| 1500000 | Clorox Company |  | 1.8000 | &nbsp;&nbsp;&nbsp;05/15/30 | 1236297 |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **2.2%** | **INSTITUTIONAL FINANCIAL SERVICES** — **2.2%** |  |  |  |
| 6200000 | Goldman Sachs Group, Inc. |  | 4.2500 | &nbsp;&nbsp;&nbsp;10/21/25 | 6103005 |
| 2700000 | Goldman Sachs Group, Inc. |  | 5.1500 | &nbsp;&nbsp;&nbsp;05/22/45 | 2666562 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 76.7% (Continued)** | **CORPORATE BONDS — 76.7% (Continued)** |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **2.2% (Continued)** | **INSTITUTIONAL FINANCIAL SERVICES** — **2.2% (Continued)** |  |  |  |
| 1300000 | Jefferies Group, LLC |  | 6.2500 | &nbsp;&nbsp;&nbsp;01/15/36 | $1377016 |
| 5700000 | Morgan Stanley |  | 5.0000 | &nbsp;&nbsp;&nbsp;11/24/25 | 5731518 |
| 1200000 | Nasdaq, Inc. |  | 1.6500 | &nbsp;&nbsp;&nbsp;01/15/31 | 948672 |
| 800000 | Nasdaq, Inc. |  | 3.2500 | &nbsp;&nbsp;&nbsp;04/28/50 | 575086 |
| 6200000 | Nomura Holdings, Inc. |  | 1.8510 | &nbsp;&nbsp;&nbsp;07/16/25 | 5705717 |
|  |  |  |  |  | 23107576 |
|  | **INSURANCE** — **1.3%** | **INSURANCE** — **1.3%** |  |  |  |
| 1400000 | Aon Corporation |  | 2.8000 | &nbsp;&nbsp;&nbsp;05/15/30 | 1237854 |
| 900000 | Aon plc |  | 4.7500 | &nbsp;&nbsp;&nbsp;05/15/45 | 840990 |
| 800000 | Arch Capital Group Ltd. |  | 3.6350 | &nbsp;&nbsp;&nbsp;06/30/50 | 601553 |
| 800000 | Athene Holding Ltd. |  | 3.9500 | &nbsp;&nbsp;&nbsp;05/25/51 | 585170 |
| 900000 | Brown & Brown, Inc. |  | 2.3750 | &nbsp;&nbsp;&nbsp;03/15/31 | 724223 |
| 1800000 | Corebridge Financial, Inc.<sup>(b)</sup> |  | 3.8500 | &nbsp;&nbsp;&nbsp;04/05/29 | 1677749 |
| 600000 | Corebridge Financial, Inc.<sup>(b)</sup> |  | 4.4000 | &nbsp;&nbsp;&nbsp;04/05/52 | 511271 |
| 1300000 | Equitable Holdings, Inc. |  | 4.3500 | &nbsp;&nbsp;&nbsp;04/20/28 | 1265107 |
| 500000 | Equitable Holdings, Inc. |  | 5.0000 | &nbsp;&nbsp;&nbsp;04/20/48 | 470829 |
| 300000 | Everest Reinsurance Holdings, Inc. |  | 3.1250 | &nbsp;&nbsp;&nbsp;10/15/52 | 207357 |
| 1500000 | Fairfax Financial Holdings Ltd. |  | 3.3750 | &nbsp;&nbsp;&nbsp;03/03/31 | 1272981 |
| 1100000 | Hartford Financial Services Group, Inc. |  | 2.8000 | &nbsp;&nbsp;&nbsp;08/19/29 | 980907 |
| 700000 | Hartford Financial Services Group, Inc. |  | 3.6000 | &nbsp;&nbsp;&nbsp;08/19/49 | 553658 |
| 300000 | Jackson Financial, Inc. |  | 4.0000 | &nbsp;&nbsp;&nbsp;11/23/51 | 206869 |
| 700000 | Lincoln National Corporation |  | 3.0500 | &nbsp;&nbsp;&nbsp;01/15/30 | 607725 |
| 300000 | Lincoln National Corporation |  | 7.0000 | &nbsp;&nbsp;&nbsp;06/15/40 | 335618 |
| 700000 | Markel Corporation |  | 5.0000 | &nbsp;&nbsp;&nbsp;04/05/46 | 643582 |
| 300000 | Markel Corporation |  | 3.4500 | &nbsp;&nbsp;&nbsp;05/07/52 | 218947 |
| 300000 | Old Republic International Corporation |  | 3.8500 | &nbsp;&nbsp;&nbsp;06/11/51 | 226442 |
| 400000 | Willis North America, Inc. |  | 3.8750 | &nbsp;&nbsp;&nbsp;09/15/49 | 306476 |
|  |  |  |  |  | 13475308 |
|  | **INTERNET MEDIA & SERVICES** — **0.6%** | **INTERNET MEDIA & SERVICES** — **0.6%** |  |  |  |
| 3500000 | Expedia Group, Inc. |  | 5.0000 | &nbsp;&nbsp;&nbsp;02/15/26 | 3500104 |
| 2100000 | Netflix, Inc. |  | 5.8750 | &nbsp;&nbsp;&nbsp;11/15/28 | 2183896 |
| 400000 | VeriSign, Inc. |  | 2.7000 | &nbsp;&nbsp;&nbsp;06/15/31 | 343408 |
|  |  |  |  |  | 6027408 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 76.7% (Continued)** | **CORPORATE BONDS — 76.7% (Continued)** |  |  |  |
|  | **LEISURE FACILITIES & SERVICES** — **0.8%** | **LEISURE FACILITIES & SERVICES** — **0.8%** |  |  |  |
| 2400000 | McDonald's Corporation |  | 3.6000 | &nbsp;&nbsp;&nbsp;07/01/30 | $2264399 |
| 900000 | McDonald's Corporation |  | 4.8750 | &nbsp;&nbsp;&nbsp;12/09/45 | 887131 |
| 2400000 | McDonald's Corporation |  | 3.6250 | &nbsp;&nbsp;&nbsp;09/01/49 | 1959322 |
| 1200000 | Starbucks Corporation |  | 2.5500 | &nbsp;&nbsp;&nbsp;11/15/30 | 1046842 |
| 1000000 | Starbucks Corporation |  | 3.0000 | &nbsp;&nbsp;&nbsp;02/14/32 | 886910 |
| 1400000 | Starbucks Corporation |  | 3.5000 | &nbsp;&nbsp;&nbsp;11/15/50 | 1087478 |
|  |  |  |  |  | 8132082 |
|  | **LEISURE PRODUCTS** — **0.1%** | **LEISURE PRODUCTS** — **0.1%** |  |  |  |
| 1500000 | Hasbro, Inc. |  | 3.5500 | &nbsp;&nbsp;&nbsp;11/19/26 | 1428389 |
|  | **MACHINERY** — **0.3%** | **MACHINERY** — **0.3%** |  |  |  |
| 1200000 | Eaton Corporation |  | 4.1500 | &nbsp;&nbsp;&nbsp;11/02/42 | 1091735 |
| 1800000 | Parker-Hannifin Corporation |  | 3.2500 | &nbsp;&nbsp;&nbsp;06/14/29 | 1664092 |
|  |  |  |  |  | 2755827 |
|  | **MEDICAL EQUIPMENT & DEVICES** — **0.8%** | **MEDICAL EQUIPMENT & DEVICES** — **0.8%** |  |  |  |
| 900000 | Agilent Technologies, Inc. |  | 2.3000 | &nbsp;&nbsp;&nbsp;03/12/31 | 754011 |
| 3000000 | Baxter International, Inc. |  | 1.9150 | &nbsp;&nbsp;&nbsp;02/01/27 | 2705472 |
| 300000 | Baxter International, Inc. |  | 3.1320 | &nbsp;&nbsp;&nbsp;12/01/51 | 205060 |
| 2500000 | Becton Dickinson and Company |  | 1.9570 | &nbsp;&nbsp;&nbsp;02/11/31 | 2055410 |
| 1300000 | PerkinElmer, Inc. |  | 1.9000 | &nbsp;&nbsp;&nbsp;09/15/28 | 1110050 |
| 600000 | Smith & Nephew plc |  | 2.0320 | &nbsp;&nbsp;&nbsp;10/14/30 | 488186 |
| 800000 | Stryker Corporation |  | 4.6250 | &nbsp;&nbsp;&nbsp;03/15/46 | 752226 |
| 700000 | Zimmer Biomet Holdings, Inc. |  | 2.6000 | &nbsp;&nbsp;&nbsp;11/24/31 | 586084 |
|  |  |  |  |  | 8656499 |
|  | **METALS & MINING** — **0.6%** | **METALS & MINING** — **0.6%** |  |  |  |
| 1100000 | Barrick North America Finance, LLC |  | 5.7000 | &nbsp;&nbsp;&nbsp;05/30/41 | 1182749 |
| 1500000 | Freeport-McMoRan, Inc. |  | 4.1250 | &nbsp;&nbsp;&nbsp;03/01/28 | 1424378 |
| 800000 | Freeport-McMoRan, Inc. |  | 5.4000 | &nbsp;&nbsp;&nbsp;11/14/34 | 796972 |
| 800000 | Freeport-McMoRan, Inc. |  | 5.4500 | &nbsp;&nbsp;&nbsp;03/15/43 | 778402 |
| 1600000 | Newmont Corporation |  | 4.8750 | &nbsp;&nbsp;&nbsp;03/15/42 | 1572766 |
|  |  |  |  |  | 5755267 |
|  | **OIL & GAS PRODUCERS** — **7.4%** | **OIL & GAS PRODUCERS** — **7.4%** |  |  |  |
| 500000 | Boardwalk Pipelines, L.P. |  | 3.4000 | &nbsp;&nbsp;&nbsp;02/15/31 | 445980 |
| 1400000 | Canadian Natural Resources Ltd. |  | 3.8500 | &nbsp;&nbsp;&nbsp;06/01/27 | 1350875 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 76.7% (Continued)** | **CORPORATE BONDS — 76.7% (Continued)** |  |  |  |
|  | **OIL & GAS PRODUCERS** — **7.4% (Continued)** | **OIL & GAS PRODUCERS** — **7.4% (Continued)** |  |  |  |
| 600000 | Canadian Natural Resources Ltd. |  | 6.2500 | &nbsp;&nbsp;&nbsp;03/15/38 | $641139 |
| 1200000 | Cenovus Energy, Inc. |  | 3.7500 | &nbsp;&nbsp;&nbsp;02/15/52 | 909018 |
| 400000 | Continental Resources, Inc. |  | 4.9000 | &nbsp;&nbsp;&nbsp;06/01/44 | 320674 |
| 1300000 | Devon Energy Corporation |  | 4.5000 | &nbsp;&nbsp;&nbsp;01/15/30 | 1256256 |
| 800000 | Devon Energy Corporation |  | 5.0000 | &nbsp;&nbsp;&nbsp;06/15/45 | 733105 |
| 1300000 | Diamondback Energy, Inc. |  | 3.5000 | &nbsp;&nbsp;&nbsp;12/01/29 | 1181921 |
| 500000 | Diamondback Energy, Inc. |  | 4.4000 | &nbsp;&nbsp;&nbsp;03/24/51 | 413110 |
| 1300000 | Enbridge, Inc. |  | 2.5000 | &nbsp;&nbsp;&nbsp;08/01/33 | 1059139 |
| 1400000 | Enbridge, Inc. |  | 4.0000 | &nbsp;&nbsp;&nbsp;11/15/49 | 1150505 |
| 5900000 | Energy Transfer Operating, L.P. |  | 5.8750 | &nbsp;&nbsp;&nbsp;01/15/24 | 5926944 |
| 800000 | Energy Transfer Operating, L.P. |  | 3.7500 | &nbsp;&nbsp;&nbsp;05/15/30 | 732392 |
| 1300000 | Energy Transfer, L.P. |  | 5.0000 | &nbsp;&nbsp;&nbsp;05/15/44 | 1141168 |
| 1300000 | Energy Transfer, L.P. |  | 5.1500 | &nbsp;&nbsp;&nbsp;03/15/45 | 1171415 |
| 2500000 | Energy Transfer, L.P. |  | 5.0000 | &nbsp;&nbsp;&nbsp;05/15/50 | 2175794 |
| 5700000 | Enterprise Products Operating, LLC |  | 3.7500 | &nbsp;&nbsp;&nbsp;02/15/25 | 5608119 |
| 900000 | Enterprise Products Operating, LLC |  | 4.4500 | &nbsp;&nbsp;&nbsp;02/15/43 | 815053 |
| 600000 | Enterprise Products Operating, LLC |  | 4.8500 | &nbsp;&nbsp;&nbsp;03/15/44 | 570524 |
| 1000000 | Enterprise Products Operating, LLC |  | 4.2500 | &nbsp;&nbsp;&nbsp;02/15/48 | 859679 |
| 800000 | Enterprise Products Operating, LLC |  | 4.2000 | &nbsp;&nbsp;&nbsp;01/31/50 | 679526 |
| 1300000 | Enterprise Products Operating, LLC |  | 3.2000 | &nbsp;&nbsp;&nbsp;02/15/52 | 927225 |
| 600000 | Enterprise Products Operating, LLC |  | 3.9500 | &nbsp;&nbsp;&nbsp;01/31/60 | 472043 |
| 1200000 | Hess Corporation |  | 5.6000 | &nbsp;&nbsp;&nbsp;02/15/41 | 1195103 |
| 900000 | Kinder Morgan Energy Partners LP |  | 6.9500 | &nbsp;&nbsp;&nbsp;01/15/38 | 1016025 |
| 7600000 | Kinder Morgan, Inc. |  | 4.3000 | &nbsp;&nbsp;&nbsp;06/01/25 | 7518305 |
| 1200000 | Kinder Morgan, Inc. |  | 5.5500 | &nbsp;&nbsp;&nbsp;06/01/45 | 1165380 |
| 1600000 | Kinder Morgan, Inc. |  | 3.6000 | &nbsp;&nbsp;&nbsp;02/15/51 | 1179042 |
| 700000 | Magellan Midstream Partners, L.P. |  | 4.2500 | &nbsp;&nbsp;&nbsp;09/15/46 | 571693 |
| 500000 | Magellan Midstream Partners, L.P. |  | 3.9500 | &nbsp;&nbsp;&nbsp;03/01/50 | 394941 |
| 700000 | Marathon Oil Corporation |  | 6.6000 | &nbsp;&nbsp;&nbsp;10/01/37 | 739534 |
| 3900000 | Marathon Petroleum Corporation |  | 4.7000 | &nbsp;&nbsp;&nbsp;05/01/25 | 3892568 |
| 500000 | Marathon Petroleum Corporation |  | 6.5000 | &nbsp;&nbsp;&nbsp;03/01/41 | 547013 |
| 1200000 | MPLX, L.P. |  | 2.6500 | &nbsp;&nbsp;&nbsp;08/15/30 | 1022814 |
| 1300000 | MPLX, L.P. |  | 4.5000 | &nbsp;&nbsp;&nbsp;04/15/38 | 1180367 |
| 1200000 | MPLX, L.P. |  | 5.5000 | &nbsp;&nbsp;&nbsp;02/15/49 | 1140878 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 76.7% (Continued)** | **CORPORATE BONDS — 76.7% (Continued)** |  |  |  |
|  | **OIL & GAS PRODUCERS** — **7.4% (Continued)** | **OIL & GAS PRODUCERS** — **7.4% (Continued)** |  |  |  |
| 1700000 | ONEOK, Inc. |  | 5.8500 | &nbsp;&nbsp;&nbsp;01/15/26 | $1741013 |
| 900000 | ONEOK, Inc. |  | 6.3500 | &nbsp;&nbsp;&nbsp;01/15/31 | 955036 |
| 1100000 | ONEOK, Inc. |  | 5.2000 | &nbsp;&nbsp;&nbsp;07/15/48 | 991281 |
| 1700000 | Phillips 66 |  | 4.8750 | &nbsp;&nbsp;&nbsp;11/15/44 | 1664559 |
| 5100000 | Pioneer Natural Resources Company |  | 1.1250 | &nbsp;&nbsp;&nbsp;01/15/26 | 4610457 |
| 1200000 | Plains All American Pipeline, L.P. / PAA Finance |  | 3.5500 | &nbsp;&nbsp;&nbsp;12/15/29 | 1075680 |
| 400000 | Plains All American Pipeline, L.P. / PAA Finance |  | 5.1500 | &nbsp;&nbsp;&nbsp;06/01/42 | 346488 |
| 500000 | Plains All American Pipeline, L.P. / PAA Finance |  | 4.9000 | &nbsp;&nbsp;&nbsp;02/15/45 | 420260 |
| 1500000 | Suncor Energy, Inc. |  | 3.7500 | &nbsp;&nbsp;&nbsp;03/04/51 | 1184024 |
| 1700000 | Targa Resources Corporation |  | 4.2000 | &nbsp;&nbsp;&nbsp;02/01/33 | 1537968 |
| 400000 | Targa Resources Corporation |  | 6.2500 | &nbsp;&nbsp;&nbsp;07/01/52 | 403898 |
| 300000 | TransCanada PipeLines Ltd. |  | 2.5000 | &nbsp;&nbsp;&nbsp;10/12/31 | 249077 |
| 800000 | TransCanada PipeLines Ltd. |  | 6.2000 | &nbsp;&nbsp;&nbsp;10/15/37 | 872352 |
| 800000 | TransCanada PipeLines Ltd. |  | 7.6250 | &nbsp;&nbsp;&nbsp;01/15/39 | 977128 |
| 900000 | TransCanada PipeLines Ltd. |  | 5.1000 | &nbsp;&nbsp;&nbsp;03/15/49 | 884552 |
| 1900000 | Valero Energy Corporation |  | 2.8000 | &nbsp;&nbsp;&nbsp;12/01/31 | 1619568 |
| 900000 | Valero Energy Corporation |  | 3.6500 | &nbsp;&nbsp;&nbsp;12/01/51 | 684989 |
| 500000 | Williams Companies, Inc. |  | 4.5500 | &nbsp;&nbsp;&nbsp;06/24/24 | 499033 |
| 1500000 | Williams Companies, Inc. |  | 2.6000 | &nbsp;&nbsp;&nbsp;03/15/31 | 1267663 |
| 2300000 | Williams Companies, Inc. |  | 5.1000 | &nbsp;&nbsp;&nbsp;09/15/45 | 2171466 |
|  |  |  |  |  | 76261759 |
|  | **OIL & GAS SERVICES & EQUIPMENT** — **0.3%** | **OIL & GAS SERVICES & EQUIPMENT** — **0.3%** |  |  |  |
| 300000 | Halliburton Company |  | 2.9200 | &nbsp;&nbsp;&nbsp;03/01/30 | 267505 |
| 400000 | Halliburton Company |  | 4.8500 | &nbsp;&nbsp;&nbsp;11/15/35 | 390892 |
| 800000 | Halliburton Company |  | 7.4500 | &nbsp;&nbsp;&nbsp;09/15/39 | 958537 |
| 900000 | Halliburton Company |  | 5.0000 | &nbsp;&nbsp;&nbsp;11/15/45 | 854144 |
| 300000 | NOV, Inc. |  | 3.9500 | &nbsp;&nbsp;&nbsp;12/01/42 | 226842 |
|  |  |  |  |  | 2697920 |
|  | **PUBLISHING & BROADCASTING** — **0.2%** | **PUBLISHING & BROADCASTING** — **0.2%** |  |  |  |
| 2400000 | Discovery Communications, LLC |  | 3.9500 | &nbsp;&nbsp;&nbsp;03/20/28 | 2240748 |
|  | **REAL ESTATE INVESTMENT TRUSTS** — **3.1%** | **REAL ESTATE INVESTMENT TRUSTS** — **3.1%** |  |  |  |
| 1800000 | Alexandria Real Estate Equities, Inc. |  | 2.0000 | &nbsp;&nbsp;&nbsp;05/18/32 | 1432587 |
| 1200000 | Alexandria Real Estate Equities, Inc. |  | 4.0000 | &nbsp;&nbsp;&nbsp;02/01/50 | 978000 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 76.7% (Continued)** | **CORPORATE BONDS — 76.7% (Continued)** |  |  |  |
|  | **REAL ESTATE INVESTMENT TRUSTS** — **3.1% (Continued)** | **REAL ESTATE INVESTMENT TRUSTS** — **3.1% (Continued)** |  |  |  |
| 1300000 | American Tower Corporation |  | 3.3750 | &nbsp;&nbsp;&nbsp;10/15/26 | $1232894 |
| 3500000 | American Tower Corporation |  | 3.8000 | &nbsp;&nbsp;&nbsp;08/15/29 | 3266191 |
| 1200000 | American Tower Corporation |  | 3.1000 | &nbsp;&nbsp;&nbsp;06/15/50 | 805204 |
| 2700000 | Boston Properties, L.P. |  | 2.9000 | &nbsp;&nbsp;&nbsp;03/15/30 | 2273920 |
| 800000 | Brixmor Operating Partnership, L.P. |  | 2.5000 | &nbsp;&nbsp;&nbsp;08/16/31 | 639389 |
| 900000 | Crown Castle International Corporation |  | 3.2000 | &nbsp;&nbsp;&nbsp;09/01/24 | 875844 |
| 2500000 | Crown Castle International Corporation |  | 3.8000 | &nbsp;&nbsp;&nbsp;02/15/28 | 2382246 |
| 1000000 | Crown Castle International Corporation |  | 2.9000 | &nbsp;&nbsp;&nbsp;04/01/41 | 731181 |
| 2300000 | Digital Realty Trust, L.P. |  | 3.7000 | &nbsp;&nbsp;&nbsp;08/15/27 | 2186031 |
| 2100000 | Equinix, Inc. |  | 2.1500 | &nbsp;&nbsp;&nbsp;07/15/30 | 1743493 |
| 300000 | Equinix, Inc. |  | 2.9500 | &nbsp;&nbsp;&nbsp;09/15/51 | 202488 |
| 900000 | Essex Portfolio, L.P. |  | 2.6500 | &nbsp;&nbsp;&nbsp;03/15/32 | 741201 |
| 500000 | Federal Realty Investment Trust |  | 4.5000 | &nbsp;&nbsp;&nbsp;12/01/44 | 424572 |
| 2000000 | Healthcare Trust of America Holdings, L.P. |  | 3.7500 | &nbsp;&nbsp;&nbsp;07/01/27 | 1894610 |
| 1100000 | Healthpeak Properties, Inc. |  | 2.1250 | &nbsp;&nbsp;&nbsp;12/01/28 | 953412 |
| 700000 | Healthpeak Properties, Inc. |  | 3.0000 | &nbsp;&nbsp;&nbsp;01/15/30 | 620999 |
| 1300000 | Kimco Realty Corporation |  | 2.7000 | &nbsp;&nbsp;&nbsp;10/01/30 | 1103479 |
| 1100000 | Omega Healthcare Investors, Inc. |  | 3.2500 | &nbsp;&nbsp;&nbsp;04/15/33 | 825936 |
| 1500000 | Ventas Realty, L.P. |  | 4.7500 | &nbsp;&nbsp;&nbsp;11/15/30 | 1460225 |
| 3200000 | VICI Properties, L.P. |  | 4.3750 | &nbsp;&nbsp;&nbsp;05/15/25 | 3132710 |
| 300000 | VICI Properties, L.P. |  | 5.6250 | &nbsp;&nbsp;&nbsp;05/15/52 | 280657 |
| 1700000 | Welltower, Inc. |  | 2.8000 | &nbsp;&nbsp;&nbsp;06/01/31 | 1415576 |
| 400000 | Welltower, Inc. |  | 4.9500 | &nbsp;&nbsp;&nbsp;09/01/48 | 354559 |
|  |  |  |  |  | 31957404 |
|  | **RETAIL - CONSUMER STAPLES** — **0.3%** | **RETAIL - CONSUMER STAPLES** — **0.3%** |  |  |  |
| 1400000 | Dollar General Corporation |  | 3.5000 | &nbsp;&nbsp;&nbsp;04/03/30 | 1289363 |
| 1400000 | Kroger Company |  | 2.2000 | &nbsp;&nbsp;&nbsp;05/01/30 | 1176386 |
| 800000 | Kroger Company |  | 4.4500 | &nbsp;&nbsp;&nbsp;02/01/47 | 716835 |
| 600000 | Kroger Company |  | 3.9500 | &nbsp;&nbsp;&nbsp;01/15/50 | 497902 |
|  |  |  |  |  | 3680486 |
|  | **RETAIL - DISCRETIONARY** — **1.5%** | **RETAIL - DISCRETIONARY** — **1.5%** |  |  |  |
| 800000 | AutoNation, Inc. |  | 3.8500 | &nbsp;&nbsp;&nbsp;03/01/32 | 678203 |
| 5700000 | AutoZone, Inc. |  | 3.1250 | &nbsp;&nbsp;&nbsp;07/15/23 | 5650735 |
| 900000 | Best Buy Company, Inc. |  | 1.9500 | &nbsp;&nbsp;&nbsp;10/01/30 | 733945 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 76.7% (Continued)** | **CORPORATE BONDS — 76.7% (Continued)** |  |  |  |
|  | **RETAIL - DISCRETIONARY** — **1.5% (Continued)** | **RETAIL - DISCRETIONARY** — **1.5% (Continued)** |  |  |  |
| 400000 | Dick's Sporting Goods, Inc. |  | 4.1000 | &nbsp;&nbsp;&nbsp;01/15/52 | $280449 |
| 2400000 | Lowe's Companies, Inc. |  | 2.5000 | &nbsp;&nbsp;&nbsp;04/15/26 | 2261128 |
| 1600000 | Lowe's Companies, Inc. |  | 1.7000 | &nbsp;&nbsp;&nbsp;10/15/30 | 1299685 |
| 800000 | Lowe's Companies, Inc. |  | 5.0000 | &nbsp;&nbsp;&nbsp;04/15/33 | 808905 |
| 2800000 | Lowe's Companies, Inc. |  | 3.7000 | &nbsp;&nbsp;&nbsp;04/15/46 | 2221996 |
| 1800000 | Lowe's Companies, Inc. |  | 4.2500 | &nbsp;&nbsp;&nbsp;04/01/52 | 1520112 |
|  |  |  |  |  | 15455158 |
|  | **SEMICONDUCTORS** — **1.5%** | **SEMICONDUCTORS** — **1.5%** |  |  |  |
| 600000 | Broadcom, Inc.<sup>(b)</sup> |  | 4.0000 | &nbsp;&nbsp;&nbsp;04/15/29 | 561046 |
| 3100000 | Broadcom, Inc.<sup>(b)</sup> |  | 2.4500 | &nbsp;&nbsp;&nbsp;02/15/31 | 2540890 |
| 1800000 | Broadcom, Inc.<sup>(b)</sup> |  | 3.4190 | &nbsp;&nbsp;&nbsp;04/15/33 | 1507225 |
| 2400000 | Broadcom, Inc.<sup>(b)</sup> |  | 3.1370 | &nbsp;&nbsp;&nbsp;11/15/35 | 1857257 |
| 2000000 | Broadcom, Inc.<sup>(b)</sup> |  | 3.5000 | &nbsp;&nbsp;&nbsp;02/15/41 | 1526003 |
| 500000 | Marvell Technology, Inc. |  | 2.9500 | &nbsp;&nbsp;&nbsp;04/15/31 | 422231 |
| 3400000 | Microchip Technology, Inc. |  | 4.2500 | &nbsp;&nbsp;&nbsp;09/01/25 | 3335375 |
| 1300000 | Micron Technology, Inc. |  | 4.6630 | &nbsp;&nbsp;&nbsp;02/15/30 | 1241304 |
| 500000 | Micron Technology, Inc. |  | 3.4770 | &nbsp;&nbsp;&nbsp;11/01/51 | 340195 |
| 1100000 | NXP BV / NXP Funding, LLC / NXP USA, Inc. |  | 4.3000 | &nbsp;&nbsp;&nbsp;06/18/29 | 1056552 |
| 700000 | NXP BV / NXP Funding, LLC / NXP USA, Inc. |  | 5.0000 | &nbsp;&nbsp;&nbsp;01/15/33 | 685061 |
| 600000 | NXP BV / NXP Funding, LLC / NXP USA, Inc. |  | 3.2500 | &nbsp;&nbsp;&nbsp;05/11/41 | 444312 |
| 400000 | NXP BV / NXP Funding, LLC / NXP USA, Inc. |  | 3.2500 | &nbsp;&nbsp;&nbsp;11/30/51 | 271800 |
|  |  |  |  |  | 15789251 |
|  | **SOFTWARE** — **3.1%** | **SOFTWARE** — **3.1%** |  |  |  |
| 1000000 | Autodesk, Inc. |  | 2.4000 | &nbsp;&nbsp;&nbsp;12/15/31 | 837024 |
| 800000 | Oracle Corporation |  | 3.4000 | &nbsp;&nbsp;&nbsp;07/08/24 | 783536 |
| 8200000 | Oracle Corporation |  | 2.5000 | &nbsp;&nbsp;&nbsp;04/01/25 | 7818433 |
| 3500000 | Oracle Corporation |  | 1.6500 | &nbsp;&nbsp;&nbsp;03/25/26 | 3189543 |
| 5000000 | Oracle Corporation |  | 2.8750 | &nbsp;&nbsp;&nbsp;03/25/31 | 4305754 |
| 4700000 | Oracle Corporation |  | 3.6500 | &nbsp;&nbsp;&nbsp;03/25/41 | 3710633 |
| 4500000 | Oracle Corporation |  | 3.9500 | &nbsp;&nbsp;&nbsp;03/25/51 | 3484610 |
| 1900000 | Oracle Corporation |  | 4.1000 | &nbsp;&nbsp;&nbsp;03/25/61 | 1431960 |
| 800000 | ServiceNow, Inc. |  | 1.4000 | &nbsp;&nbsp;&nbsp;09/01/30 | 631525 |
| 2900000 | VMware, Inc. |  | 3.9000 | &nbsp;&nbsp;&nbsp;08/21/27 | 2781590 |
| 3300000 | Workday, Inc. |  | 3.5000 | &nbsp;&nbsp;&nbsp;04/01/27 | 3155100 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 76.7% (Continued)** | **CORPORATE BONDS — 76.7% (Continued)** |  |  | |
|  |  |  |  |  | $32129708 |
|  | **SPECIALTY FINANCE** — **1.3%** | **SPECIALTY FINANCE** — **1.3%** |  |  |  |
| 5300000 | AerCap Ireland Capital DAC / AerCap Global |  | 3.4000 | &nbsp;&nbsp;&nbsp;10/29/33 | 4343435 |
| 1300000 | Air Lease Corporation |  | 2.8750 | &nbsp;&nbsp;&nbsp;01/15/26 | 1218502 |
| 2000000 | Air Lease Corporation |  | 2.1000 | &nbsp;&nbsp;&nbsp;09/01/28 | 1707497 |
| 1700000 | Ally Financial, Inc. |  | 2.2000 | &nbsp;&nbsp;&nbsp;11/02/28 | 1416657 |
| 700000 | Ally Financial, Inc. |  | 8.0000 | &nbsp;&nbsp;&nbsp;11/01/31 | 767387 |
| 2700000 | Discover Financial Services |  | 4.1000 | &nbsp;&nbsp;&nbsp;02/09/27 | 2595756 |
| 600000 | GATX Corporation |  | 3.1000 | &nbsp;&nbsp;&nbsp;06/01/51 | 392860 |
| 1300000 | Synchrony Financial |  | 2.8750 | &nbsp;&nbsp;&nbsp;10/28/31 | 1010260 |
|  |  |  |  |  | 13452354 |
|  | **STEEL** — **0.1%** | **STEEL** — **0.1%** |  |  |  |
| 1100000 | ArcelorMittal S.A. |  | 4.2500 | &nbsp;&nbsp;&nbsp;07/16/29 | 1046147 |
|  | **TECHNOLOGY HARDWARE** — **1.2%** | **TECHNOLOGY HARDWARE** — **1.2%** |  |  |  |
| 900000 | Arrow Electronics, Inc. |  | 2.9500 | &nbsp;&nbsp;&nbsp;02/15/32 | 745191 |
| 500000 | Corning, Inc. |  | 4.3750 | &nbsp;&nbsp;&nbsp;11/15/57 | 425482 |
| 300000 | Corning, Inc. |  | 5.4500 | &nbsp;&nbsp;&nbsp;11/15/79 | 286251 |
| 1500000 | Dell International, LLC / EMC Corporation<sup>(b)</sup> |  | 3.4500 | &nbsp;&nbsp;&nbsp;12/15/51 | 991885 |
| 800000 | Flex Ltd. |  | 4.8750 | &nbsp;&nbsp;&nbsp;06/15/29 | 787143 |
| 800000 | Hewlett Packard Enterprise Company |  | 6.3500 | &nbsp;&nbsp;&nbsp;10/15/45 | 842205 |
| 2900000 | HP, Inc. |  | 2.2000 | &nbsp;&nbsp;&nbsp;06/17/25 | 2730965 |
| 2800000 | HP, Inc. |  | 4.7500 | &nbsp;&nbsp;&nbsp;01/15/28 | 2779336 |
| 2000000 | HP, Inc. |  | 2.6500 | &nbsp;&nbsp;&nbsp;06/17/31 | 1618286 |
| 600000 | Motorola Solutions, Inc. |  | 5.6000 | &nbsp;&nbsp;&nbsp;06/01/32 | 611268 |
| 1000000 | TD SYNNEX Corporation |  | 2.6500 | &nbsp;&nbsp;&nbsp;08/09/31 | 795031 |
|  |  |  |  |  | 12613043 |
|  | **TECHNOLOGY SERVICES** — **2.1%** | **TECHNOLOGY SERVICES** — **2.1%** |  |  |  |
| 800000 | Broadridge Financial Solutions, Inc. |  | 2.6000 | &nbsp;&nbsp;&nbsp;05/01/31 | 677896 |
| 1300000 | Equifax, Inc. |  | 2.3500 | &nbsp;&nbsp;&nbsp;09/15/31 | 1069512 |
| 5000000 | Fidelity National Information Services, Inc. |  | 1.1500 | &nbsp;&nbsp;&nbsp;03/01/26 | 4456453 |
| 600000 | Fidelity National Information Services, Inc. |  | 3.1000 | &nbsp;&nbsp;&nbsp;03/01/41 | 447560 |
| 2300000 | Fiserv, Inc. |  | 3.2000 | &nbsp;&nbsp;&nbsp;07/01/26 | 2185305 |
| 1800000 | Fiserv, Inc. |  | 3.5000 | &nbsp;&nbsp;&nbsp;07/01/29 | 1671694 |
| 1000000 | Fiserv, Inc. |  | 4.4000 | &nbsp;&nbsp;&nbsp;07/01/49 | 855175 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 76.7% (Continued)** | **CORPORATE BONDS — 76.7% (Continued)** |  |  |  |
|  | **TECHNOLOGY SERVICES** — **2.1% (Continued)** | **TECHNOLOGY SERVICES** — **2.1% (Continued)** |  |  |  |
| 5700000 | Global Payments, Inc. |  | 1.2000 | &nbsp;&nbsp;&nbsp;03/01/26 | $5064643 |
| 400000 | Global Payments, Inc. |  | 4.1500 | &nbsp;&nbsp;&nbsp;08/15/49 | 310260 |
| 1000000 | Kyndryl Holdings, Inc. |  | 2.7000 | &nbsp;&nbsp;&nbsp;10/15/28 | 803868 |
| 1200000 | Leidos, Inc. |  | 4.3750 | &nbsp;&nbsp;&nbsp;05/15/30 | 1131585 |
| 1300000 | Moody's Corporation |  | 2.0000 | &nbsp;&nbsp;&nbsp;08/19/31 | 1069941 |
| 1900000 | RELX Capital, Inc. |  | 4.0000 | &nbsp;&nbsp;&nbsp;03/18/29 | 1810037 |
| 300000 | Thomson Reuters Corporation |  | 5.8500 | &nbsp;&nbsp;&nbsp;04/15/40 | 302714 |
| 500000 | Verisk Analytics, Inc. |  | 3.6250 | &nbsp;&nbsp;&nbsp;05/15/50 | 375614 |
|  |  |  |  |  | 22232257 |
|  | **TELECOMMUNICATIONS** — **7.1%** | **TELECOMMUNICATIONS** — **7.1%** |  |  |  |
| 7600000 | AT&T, Inc. |  | 2.7500 | &nbsp;&nbsp;&nbsp;06/01/31 | 6545691 |
| 6800000 | AT&T, Inc. |  | 3.5000 | &nbsp;&nbsp;&nbsp;09/15/53 | 5010650 |
| 1600000 | AT&T, Inc. |  | 3.8000 | &nbsp;&nbsp;&nbsp;12/01/57 | 1208708 |
| 5000000 | AT&T, Inc. |  | 3.6500 | &nbsp;&nbsp;&nbsp;09/15/59 | 3645515 |
| 1200000 | Bell Telephone Company of Canada or Bell Canada |  | 3.6500 | &nbsp;&nbsp;&nbsp;03/17/51 | 945185 |
| 1600000 | British Telecommunications plc |  | 9.6250 | &nbsp;&nbsp;&nbsp;12/15/30 | 2015248 |
| 1400000 | Deutsche Telekom International Finance BV |  | 8.7500 | &nbsp;&nbsp;&nbsp;06/15/30 | 1708220 |
| 1100000 | Orange S.A. |  | 9.0000 | &nbsp;&nbsp;&nbsp;03/01/31 | 1389509 |
| 800000 | Orange S.A. |  | 5.3750 | &nbsp;&nbsp;&nbsp;01/13/42 | 830479 |
| 1900000 | Rogers Communications, Inc. |  | 5.0000 | &nbsp;&nbsp;&nbsp;03/15/44 | 1736929 |
| 700000 | Rogers Communications, Inc. |  | 3.7000 | &nbsp;&nbsp;&nbsp;11/15/49 | 518098 |
| 500000 | Telefonica Emisiones S.A. |  | 7.0450 | &nbsp;&nbsp;&nbsp;06/20/36 | 547679 |
| 3000000 | Telefonica Emisiones S.A. |  | 4.6650 | &nbsp;&nbsp;&nbsp;03/06/38 | 2596310 |
| 400000 | TELUS Corporation |  | 4.6000 | &nbsp;&nbsp;&nbsp;11/16/48 | 367841 |
| 6300000 | T-Mobile USA, Inc. |  | 3.5000 | &nbsp;&nbsp;&nbsp;04/15/25 | 6117638 |
| 4600000 | T-Mobile USA, Inc. |  | 3.7500 | &nbsp;&nbsp;&nbsp;04/15/27 | 4419976 |
| 3900000 | T-Mobile USA, Inc. |  | 3.8750 | &nbsp;&nbsp;&nbsp;04/15/30 | 3644523 |
| 500000 | T-Mobile USA, Inc. |  | 2.5500 | &nbsp;&nbsp;&nbsp;02/15/31 | 423859 |
| 2000000 | T-Mobile USA, Inc. |  | 3.0000 | &nbsp;&nbsp;&nbsp;02/15/41 | 1486239 |
| 700000 | T-Mobile USA, Inc. |  | 4.5000 | &nbsp;&nbsp;&nbsp;04/15/50 | 615183 |
| 1700000 | T-Mobile USA, Inc. |  | 3.3000 | &nbsp;&nbsp;&nbsp;02/15/51 | 1209889 |
| 1300000 | T-Mobile USA, Inc. |  | 3.6000 | &nbsp;&nbsp;&nbsp;11/15/60 | 930289 |
| 8400000 | Verizon Communications, Inc. |  | 4.3290 | &nbsp;&nbsp;&nbsp;09/21/28 | 8274408 |
| 1400000 | Verizon Communications, Inc. |  | 1.6800 | &nbsp;&nbsp;&nbsp;10/30/30 | 1127060 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 76.7% (Continued)** | **CORPORATE BONDS — 76.7% (Continued)** |  |  |  |
|  | **TELECOMMUNICATIONS** — **7.1% (Continued)** | **TELECOMMUNICATIONS** — **7.1% (Continued)** |  |  |  |
| 5400000 | Verizon Communications, Inc. |  | 2.5500 | &nbsp;&nbsp;&nbsp;03/21/31 | $4590633 |
| 3600000 | Verizon Communications, Inc. |  | 3.4000 | &nbsp;&nbsp;&nbsp;03/22/41 | 2888893 |
| 3200000 | Verizon Communications, Inc. |  | 3.5500 | &nbsp;&nbsp;&nbsp;03/22/51 | 2468794 |
| 3200000 | Verizon Communications, Inc. |  | 3.7000 | &nbsp;&nbsp;&nbsp;03/22/61 | 2419036 |
| 1600000 | Vodafone Group plc |  | 6.1500 | &nbsp;&nbsp;&nbsp;02/27/37 | 1717205 |
| 2400000 | Vodafone Group plc |  | 5.2500 | &nbsp;&nbsp;&nbsp;05/30/48 | 2271349 |
|  |  |  |  |  | 73671035 |
|  | **TOBACCO & CANNABIS** — **1.1%** | **TOBACCO & CANNABIS** — **1.1%** |  |  |  |
| 6700000 | BAT Capital Corporation |  | 3.2220 | &nbsp;&nbsp;&nbsp;08/15/24 | 6517352 |
| 400000 | BAT Capital Corporation |  | 2.7260 | &nbsp;&nbsp;&nbsp;03/25/31 | 321527 |
| 1000000 | BAT Capital Corporation |  | 4.7420 | &nbsp;&nbsp;&nbsp;03/16/32 | 922668 |
| 1300000 | BAT Capital Corporation |  | 4.3900 | &nbsp;&nbsp;&nbsp;08/15/37 | 1065414 |
| 1800000 | BAT Capital Corporation |  | 4.5400 | &nbsp;&nbsp;&nbsp;08/15/47 | 1367421 |
| 800000 | BAT Capital Corporation |  | 5.6500 | &nbsp;&nbsp;&nbsp;03/16/52 | 712551 |
|  |  |  |  |  | 10906933 |
|  | **TRANSPORTATION & LOGISTICS** — **1.4%** | **TRANSPORTATION & LOGISTICS** — **1.4%** |  |  |  |
| 2800000 | Canadian Pacific Railway Company |  | 2.0500 | &nbsp;&nbsp;&nbsp;03/05/30 | 2388579 |
| 700000 | Canadian Pacific Railway Company |  | 3.1000 | &nbsp;&nbsp;&nbsp;12/02/51 | 513570 |
| 500000 | Canadian Pacific Railway Company |  | 6.1250 | &nbsp;&nbsp;&nbsp;09/15/15 | 546322 |
| 2100000 | CSX Corporation |  | 4.2500 | &nbsp;&nbsp;&nbsp;03/15/29 | 2077245 |
| 3500000 | CSX Corporation |  | 2.5000 | &nbsp;&nbsp;&nbsp;05/15/51 | 2310975 |
| 1800000 | FedEx Corporation |  | 3.1000 | &nbsp;&nbsp;&nbsp;08/05/29 | 1643107 |
| 1300000 | FedEx Corporation |  | 3.2500 | &nbsp;&nbsp;&nbsp;05/15/41 | 992507 |
| 1800000 | FedEx Corporation |  | 4.7500 | &nbsp;&nbsp;&nbsp;11/15/45 | 1632661 |
| 500000 | Kansas City Southern/Old |  | 3.5000 | &nbsp;&nbsp;&nbsp;05/01/50 | 389276 |
| 1500000 | Norfolk Southern Corporation |  | 3.0500 | &nbsp;&nbsp;&nbsp;05/15/50 | 1085354 |
| 1100000 | Norfolk Southern Corporation |  | 3.1550 | &nbsp;&nbsp;&nbsp;05/15/55 | 789283 |
|  |  |  |  |  | 14368879 |
|  | **TRANSPORTATION EQUIPMENT** — **0.1%** | **TRANSPORTATION EQUIPMENT** — **0.1%** |  |  |  |
| 1300000 | Westinghouse Air Brake Technologies Corporation |  | 4.9500 | &nbsp;&nbsp;&nbsp;09/15/28 | 1289629 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** | **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 76.7% (Continued)** |  |  |  |
|  | **WHOLESALE - CONSUMER STAPLES** — **0.6%** |  |  |  |
| 1100000 | Bunge Ltd. Finance Corporation | 2.7500 | &nbsp;&nbsp;&nbsp;05/14/31 | $940640 |
| 5000000 | Sysco Corporation | 3.3000 | &nbsp;&nbsp;&nbsp;07/15/26 | 4806344 |
| 1000000 | Sysco Corporation | 3.1500 | &nbsp;&nbsp;&nbsp;12/14/51 | 715769 |
|  |  |  |  | 6462753 |
|  | **TOTAL CORPORATE BONDS (Cost $786,910,917)** |  |  | 794807235 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 7.2%** |  |  |  |
|  | **MONEY MARKET FUNDS - 7.2%** |  |  |  |
| 74420976 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.22% (Cost $74,420,976)<sup>(d)</sup> |  |  | &nbsp;&nbsp;&nbsp; 74420976 |
|  | **TOTAL INVESTMENTS - 98.4% (Cost $1,007,935,208)** |  |  | &nbsp;&nbsp;&nbsp; $1018902711 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.6%** |  |  | &nbsp;&nbsp; 16832795 |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $1035735506 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |  |  |  |
| **Number of Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount** | **Unrealized Appreciation** |
| 500 | CBOT 10 Year US Treasury Note | 03/22/2023 | &nbsp;&nbsp;&nbsp; $57258000 | &nbsp;&nbsp;&nbsp; $199400 |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  |  |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |
| H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| SOFRINDX | Secured Overnight Financing Rate Index |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**<br> **January 31, 2023** |

---

<sup>(a)</sup> Variable rate security; the rate shown represents the rate on January 31, 2023.

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2023 the total market value of 144A securities is $16,560,796 or 1.6% of net assets.

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

<sup>(d)</sup> Rate disclosed is the seven-day effective yield as of January 31, 2023.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** |  |  |  |  |  |  |
| **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** | **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** |  |  |  |  |  |
| Reference Entity | Counterparty | Termination Date | Interest Rate Payable | Notional Value at January 31, 2023 | Value | Upfront Premiums Paid | Unrealized Appreciation |
| CDX North American High Yield Series 39 | GS | 12/20/2027 | 5.00% | $22000000 | $713641 | $354947 | $358694 |
| CDX North American Investment Grade Series 39 | GS | 12/20/2027 | 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763768 | &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;1388601 | &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;375167 |
| **TOTAL OPEN CREDIT DEFAULT SWAP** |  |  |  |  | $2477409 | $1743548 | $733861 |
| GS - Goldman Sachs |  |  |  |  |  |  |  |
| <sup>(1)</sup> For centrally cleared swaps, the notional amounts represent the maximum potential the Fund may pay/receive as a seller/buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the reference entity. | <sup>(1)</sup> For centrally cleared swaps, the notional amounts represent the maximum potential the Fund may pay/receive as a seller/buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the reference entity. | <sup>(1)</sup> For centrally cleared swaps, the notional amounts represent the maximum potential the Fund may pay/receive as a seller/buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the reference entity. | <sup>(1)</sup> For centrally cleared swaps, the notional amounts represent the maximum potential the Fund may pay/receive as a seller/buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the reference entity. | <sup>(1)</sup> For centrally cleared swaps, the notional amounts represent the maximum potential the Fund may pay/receive as a seller/buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the reference entity. | <sup>(1)</sup> For centrally cleared swaps, the notional amounts represent the maximum potential the Fund may pay/receive as a seller/buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the reference entity. | <sup>(1)</sup> For centrally cleared swaps, the notional amounts represent the maximum potential the Fund may pay/receive as a seller/buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the reference entity. | <sup>(1)</sup> For centrally cleared swaps, the notional amounts represent the maximum potential the Fund may pay/receive as a seller/buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the reference entity. |
| <sup>(2)</sup> For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. | <sup>(2)</sup> For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. | <sup>(2)</sup> For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. | <sup>(2)</sup> For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. | <sup>(2)</sup> For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. | <sup>(2)</sup> For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. | <sup>(2)</sup> For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. | <sup>(2)</sup> For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** | **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** | **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** | **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** | **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** | **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 73.1%** | **CORPORATE BONDS — 73.1%** |  |  |  |
|  | **AEROSPACE & DEFENSE** — **4.1%** | **AEROSPACE & DEFENSE** — **4.1%** |  |  |  |
| 2000000 | L3Harris Technologies, Inc.<sup>(a)</sup> | US0003M + 0.750% | 5.4850 | &nbsp;&nbsp;&nbsp;03/10/23 | $2000790 |
|  | **AUTOMOTIVE** — **3.1%** | **AUTOMOTIVE** — **3.1%** |  |  |  |
| 1500000 | American Honda Finance Corporation<sup>(a)</sup> | US0003M + 0.420% | 5.1550 | &nbsp;&nbsp;&nbsp;09/08/23 | 1502313 |
|  | **BANKING** — **10.3%** | **BANKING** — **10.3%** |  |  |  |
| 1000000 | Bank of America Corporation<sup>(a)</sup> | US0003M + 0.790% | 5.5550 | &nbsp;&nbsp;&nbsp;03/05/24 | 1000409 |
| 1000000 | First Horizon National Corporation |  | 3.5500 | &nbsp;&nbsp;&nbsp;05/26/23 | 995774 |
| 1000000 | JPMorgan Chase & Company<sup>(b)</sup> | US0003M + 0.890% | 3.7970 | &nbsp;&nbsp;&nbsp;07/23/24 | 993323 |
| 1000000 | National Australia Bank Ltd.<sup>(a),(c)</sup> | US0003M + 0.600% | 5.4060 | &nbsp;&nbsp;&nbsp;04/12/23 | 1000300 |
| 1000000 | Westpac Banking Corporation<sup>(a)</sup> | US0003M + 0.720% | 5.3260 | &nbsp;&nbsp;&nbsp;05/15/23 | 1001287 |
|  |  |  |  |  | 4991093 |
|  | **BEVERAGES** — **4.1%** | **BEVERAGES** — **4.1%** |  |  |  |
| 1000000 | Coca-Cola Europacific Partners plc<sup>(c)</sup> |  | 0.5000 | &nbsp;&nbsp;&nbsp;05/05/23 | 988725 |
| 1000000 | Heineken N.V.<sup>(c)</sup> |  | 2.7500 | &nbsp;&nbsp;&nbsp;04/01/23 | 995839 |
|  |  |  |  |  | 1984564 |
|  | **BIOTECH & PHARMA** — **2.1%** | **BIOTECH & PHARMA** — **2.1%** |  |  |  |
| 1000000 | AstraZeneca plc<sup>(a)</sup> | US0003M + 0.665% | 5.3150 | &nbsp;&nbsp;&nbsp;08/17/23 | 1001599 |
|  | **ELECTRIC UTILITIES** — **6.5%** | **ELECTRIC UTILITIES** — **6.5%** |  |  |  |
| 1123000 | Dominion Energy, Inc.<sup>(a)</sup> | US0003M + 0.530% | 5.2990 | &nbsp;&nbsp;&nbsp;09/15/23 | 1124552 |
| 1035000 | Duke Energy Corporation<sup>(a)</sup> | SOFRRATE + 0.250% | 4.5020 | &nbsp;&nbsp;&nbsp;06/10/23 | 1033959 |
| 1000000 | PPL Electric Utilities Corporation<sup>(a)</sup> | US0003M + 0.250% | 4.9740 | &nbsp;&nbsp;&nbsp;09/28/23 | 996261 |
|  |  |  |  |  | 3154772 |
|  | **FOOD** — **4.9%** | **FOOD** — **4.9%** |  |  |  |
| 1000000 | Campbell Soup Company |  | 3.6500 | &nbsp;&nbsp;&nbsp;03/15/23 | 998963 |
| 1425000 | Danone S.A.<sup>(c)</sup> |  | 2.5890 | &nbsp;&nbsp;&nbsp;11/02/23 | 1397826 |
|  |  |  |  |  | 2396789 |
|  | **HEALTH CARE FACILITIES & SERVICES** — **9.3%** | **HEALTH CARE FACILITIES & SERVICES** — **9.3%** |  |  |  |
| 1000000 | Anthem, Inc. |  | 0.4500 | &nbsp;&nbsp;&nbsp;03/15/23 | 994754 |
| 1500000 | Cardinal Health, Inc. |  | 3.2000 | &nbsp;&nbsp;&nbsp;03/15/23 | 1497352 |
| 2000000 | Cigna Corporation<sup>(a)</sup> | US0003M + 0.890% | 5.6820 | &nbsp;&nbsp;&nbsp;07/15/23 | 2005097 |
|  |  |  |  |  | 4497203 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** | **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** | **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** | **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** | **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** | **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 73.1% (Continued)** | **CORPORATE BONDS — 73.1% (Continued)** |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **2.0%** | **INSTITUTIONAL FINANCIAL SERVICES** — **2.0%** |  |  |  |
| 1000000 | Credit Suisse Group A.G. | Credit Suisse Group A.G. | 3.8000 | &nbsp;&nbsp;&nbsp;06/09/23 | $988837 |
|  | **LEISURE FACILITIES & SERVICES** — **5.1%** | **LEISURE FACILITIES & SERVICES** — **5.1%** |  |  |  |
| 1000000 | Hyatt Hotels Corporation | Hyatt Hotels Corporation | 1.3000 | &nbsp;&nbsp;&nbsp;10/01/23 | 973437 |
| 1500000 | Starbucks Corporation<sup>(a)</sup> | SOFRINDX + 0.420% | 4.5240 | &nbsp;&nbsp;&nbsp;02/14/24 | 1496567 |
|  |  |  |  |  | 2470004 |
|  | **MACHINERY** — **2.0%** | **MACHINERY** — **2.0%** |  |  |  |
| 1000000 | Trane Technologies Global Holding Company Ltd. |  | 4.2500 | &nbsp;&nbsp;&nbsp;06/15/23 | 999264 |
|  | **MEDICAL EQUIPMENT & DEVICES** — **4.0%** | **MEDICAL EQUIPMENT & DEVICES** — **4.0%** |  |  |  |
| 2000000 | PerkinElmer, Inc. |  | 0.5500 | &nbsp;&nbsp;&nbsp;09/15/23 | 1939524 |
|  | **OIL & GAS PRODUCERS** — **9.3%** | **OIL & GAS PRODUCERS** — **9.3%** |  |  |  |
| 1000000 | Chevron USA, Inc.<sup>(a)</sup> | US0003M + 0.200% | 4.8500 | &nbsp;&nbsp;&nbsp;08/11/23 | 999980 |
| 1000000 | Enbridge, Inc.<sup>(a)</sup> | SOFRINDX + 0.630% | 4.7520 | &nbsp;&nbsp;&nbsp;02/16/24 | 996657 |
| 1000000 | Energy Transfer Operating, L.P. |  | 4.2500 | &nbsp;&nbsp;&nbsp;03/15/23 | 999246 |
| 1535000 | Kinder Morgan Energy Partners, L.P. |  | 3.4500 | &nbsp;&nbsp;&nbsp;02/15/23 | 1534127 |
|  |  |  |  |  | 4530010 |
|  | **SPECIALTY FINANCE** — **2.1%** | **SPECIALTY FINANCE** — **2.1%** |  |  |  |
| 1000000 | American Express Company<sup>(a)</sup> | US0003M + 0.750% | 5.2100 | &nbsp;&nbsp;&nbsp;08/03/23 | 1001694 |
|  | **TECHNOLOGY HARDWARE** — **2.1%** | **TECHNOLOGY HARDWARE** — **2.1%** |  |  |  |
| 1000000 | Dell International, LLC / EMC Corporation | Dell International, LLC / EMC Corporation | 5.4500 | &nbsp;&nbsp;&nbsp;06/15/23 | 1001254 |
|  | **TELECOMMUNICATIONS** — **2.1%** | **TELECOMMUNICATIONS** — **2.1%** |  |  |  |
| 1000000 | Rogers Communications, Inc. | Rogers Communications, Inc. | 3.0000 | &nbsp;&nbsp;&nbsp;03/15/23 | 998010 |
|  | **TOTAL CORPORATE BONDS (Cost $35,533,477)** | **TOTAL CORPORATE BONDS (Cost $35,533,477)** |  |  | 35457720 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** | **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** | **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** | **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** | **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | | | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 16.7%** | | |  |
|  | **MONEY MARKET FUNDS - 16.7%** | | |  |
| 6128812 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.22%<sup>(d)</sup> |  |  | &nbsp;&nbsp;&nbsp; $6128812 |
| 2000000 | Federated Hermes Institutional Prime Obligations, Institutional Class, 4.40%<sup>(d)</sup> |  |  | &nbsp;&nbsp;&nbsp; 2000600 |
|  | **TOTAL MONEY MARKET FUNDS (Cost $8,128,812)** | **TOTAL MONEY MARKET FUNDS (Cost $8,128,812)** |  | &nbsp;&nbsp; 8129412 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $8,128,812)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $8,128,812)** |  | 8129412 |
|  | **TOTAL INVESTMENTS - 89.8% (Cost $43,662,289)** |  |  | &nbsp;&nbsp;&nbsp; $43587132 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 10.2%** |  |  | &nbsp;&nbsp; 4955057 |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $48542189 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |  |  |  |
| **Number of Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount** | **Unrealized Appreciation** |
| 237 | CME E-Mini Standard & Poor's 500 Index Future | 03/17/2023 | &nbsp;&nbsp;&nbsp; $48466500 | &nbsp;&nbsp;&nbsp; $1443922 |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  |  |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| S/A | - Société Anonyme |
| SOFRINDX | Secured Overnight Financing Rate Index |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| US0003M | ICE LIBOR USD 3 Month |

---

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

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on January 31, 2023.

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2023 the total market value of 144A securities is $4,382,690 or 9.0% of net assets.

<sup>(d)</sup> Rate disclosed is the seven-day effective yield as of January 31, 2023.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** | **NAVIGATOR ULTRA SHORT BOND FUND** | **NAVIGATOR ULTRA SHORT BOND FUND** | **NAVIGATOR ULTRA SHORT BOND FUND** | **NAVIGATOR ULTRA SHORT BOND FUND** | **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 96.9%** | **CORPORATE BONDS — 96.9%** |  |  |  |
|  | **AEROSPACE & DEFENSE** — **8.6%** | **AEROSPACE & DEFENSE** — **8.6%** |  |  |  |
| 3000000 | Boeing Company | Boeing Company | 1.1670 | &nbsp;&nbsp;&nbsp;02/04/23 | $2999497 |
| 750000 | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | 0.6700 | &nbsp;&nbsp;&nbsp;08/16/23 | 732318 |
| 1000000 | L3Harris Technologies, Inc.<sup>(a)</sup> | US0003M + 0.750% | 5.4850 | &nbsp;&nbsp;&nbsp;03/10/23 | 1000395 |
|  |  |  |  |  | 4732210 |
|  | **ASSET MANAGEMENT** — **3.6%** | **ASSET MANAGEMENT** — **3.6%** |  |  |  |
| 2000000 | Blackstone Holdings Finance Company, LLC<sup>(b)</sup> |  | 4.7500 | &nbsp;&nbsp;&nbsp;02/15/23 | 1999545 |
|  | **AUTOMOTIVE** — **4.5%** | **AUTOMOTIVE** — **4.5%** |  |  |  |
| 1563000 | American Honda Finance Corporation<sup>(a)</sup> | US0003M + 0.420% | 5.1550 | &nbsp;&nbsp;&nbsp;09/08/23 | 1565410 |
| 900000 | Toyota Motor Credit Corporation<sup>(a)</sup> | US0003M + 0.640% | 5.0000 | &nbsp;&nbsp;&nbsp;04/26/23 | 899210 |
|  |  |  |  |  | 2464620 |
|  | **BANKING** — **17.5%** | **BANKING** — **17.5%** |  |  |  |
| 400000 | Banco Santander S.A. |  | 3.8480 | &nbsp;&nbsp;&nbsp;04/12/23 | 398718 |
| 2000000 | Bank of America Corporation<sup>(a)</sup> | US0003M + 0.790% | 5.5550 | &nbsp;&nbsp;&nbsp;03/05/24 | 2000818 |
| 1110000 | Canadian Imperial Bank of Commerce<sup>(a)</sup> | US0003M + 0.660% | 5.3930 | &nbsp;&nbsp;&nbsp;09/13/23 | 1112785 |
| 750000 | CIT Group, Inc.<sup>(c)</sup> | SOFRRATE + 3.827% | 3.9290 | &nbsp;&nbsp;&nbsp;06/19/24 | 745825 |
| 500000 | Credit Suisse A.G. |  | 1.0000 | &nbsp;&nbsp;&nbsp;05/05/23 | 494055 |
| 1680000 | Discover Bank |  | 3.3500 | &nbsp;&nbsp;&nbsp;02/06/23 | 1679727 |
| 1273000 | First Horizon National Corporation |  | 3.5500 | &nbsp;&nbsp;&nbsp;05/26/23 | 1267621 |
| 1000000 | JPMorgan Chase & Company<sup>(c)</sup> | US0003M + 0.890% | 3.7970 | &nbsp;&nbsp;&nbsp;07/23/24 | 993323 |
| 1000000 | National Australia Bank Ltd.<sup>(a),(b)</sup> | US0003M + 0.600% | 5.4060 | &nbsp;&nbsp;&nbsp;04/12/23 | 1000300 |
|  |  |  |  |  | 9693172 |
|  | **BEVERAGES** — **1.8%** | **BEVERAGES** — **1.8%** |  |  |  |
| 1000000 | Heineken N.V.<sup>(b)</sup> |  | 2.7500 | &nbsp;&nbsp;&nbsp;04/01/23 | 995839 |
|  | **BIOTECH & PHARMA** — **1.8%** | **BIOTECH & PHARMA** — **1.8%** |  |  |  |
| 1000000 | AstraZeneca plc<sup>(a)</sup> | US0003M + 0.665% | 5.3150 | &nbsp;&nbsp;&nbsp;08/17/23 | 1001599 |
|  | **CABLE & SATELLITE** — **2.7%** | **CABLE & SATELLITE** — **2.7%** |  |  |  |
| 1500000 | Time Warner Entertainment Company, L.P. | Time Warner Entertainment Company, L.P. | 8.3750 | &nbsp;&nbsp;&nbsp;03/15/23 | 1506228 |
|  | **CONSTRUCTION MATERIALS** — **2.6%** | **CONSTRUCTION MATERIALS** — **2.6%** |  |  |  |
| 1500000 | Carlisle Companies, Inc. | Carlisle Companies, Inc. | 0.5500 | &nbsp;&nbsp;&nbsp;09/01/23 | 1461218 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** | **NAVIGATOR ULTRA SHORT BOND FUND** | **NAVIGATOR ULTRA SHORT BOND FUND** | **NAVIGATOR ULTRA SHORT BOND FUND** | **NAVIGATOR ULTRA SHORT BOND FUND** | **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 96.9% (Continued)** | **CORPORATE BONDS — 96.9% (Continued)** |  |  |  |
|  | **ELEC & GAS MARKETING & TRADING** — **2.7%** | **ELEC & GAS MARKETING & TRADING** — **2.7%** |  |  |  |
| 1500000 | Centrica plc<sup>(b)</sup> | Centrica plc<sup>(b)</sup> | 4.0000 | &nbsp;&nbsp;&nbsp;10/16/23 | $1478459 |
|  | **ELECTRIC UTILITIES** — **5.4%** | **ELECTRIC UTILITIES** — **5.4%** |  |  |  |
| 1000000 | Dominion Energy, Inc.<sup>(a)</sup> | US0003M + 0.530% | 5.2990 | &nbsp;&nbsp;&nbsp;09/15/23 | 1001382 |
| 1000000 | Florida Power & Light Company<sup>(a)</sup> | SOFRINDX + 0.380% | 4.6870 | &nbsp;&nbsp;&nbsp;01/12/24 | 997850 |
| 1000000 | PPL Electric Utilities Corporation<sup>(a)</sup> | US0003M + 0.250% | 4.9740 | &nbsp;&nbsp;&nbsp;09/28/23 | 996261 |
|  |  |  |  |  | 2995493 |
|  | **FOOD** — **3.1%** | **FOOD** — **3.1%** |  |  |  |
| 1000000 | Campbell Soup Company |  | 3.6500 | &nbsp;&nbsp;&nbsp;03/15/23 | 998963 |
| 750000 | Conagra Brands, Inc. |  | 0.5000 | &nbsp;&nbsp;&nbsp;08/11/23 | 732363 |
|  |  |  |  |  | 1731326 |
|  | **GAS & WATER UTILITIES** — **1.4%** | **GAS & WATER UTILITIES** — **1.4%** |  |  |  |
| 750000 | Atmos Energy Corporation<sup>(a)</sup> | US0003M + 0.380% | 5.1030 | &nbsp;&nbsp;&nbsp;03/09/23 | 749976 |
|  | **INSTITUTIONAL FINANCIAL SERVICES** — **8.1%** | **INSTITUTIONAL FINANCIAL SERVICES** — **8.1%** |  |  |  |
| 2000000 | Credit Suisse Group A.G. |  | 3.8000 | &nbsp;&nbsp;&nbsp;06/09/23 | 1977673 |
| 1500000 | Goldman Sachs Group, Inc.<sup>(a)</sup> | US0003M + 0.750% | 5.4420 | &nbsp;&nbsp;&nbsp;02/23/23 | 1500534 |
| 1000000 | JPMorgan Chase Financial Company, LLC |  | 2.5000 | &nbsp;&nbsp;&nbsp;05/01/23 | 993286 |
|  |  |  |  |  | 4471493 |
|  | **INSURANCE** — **2.9%** | **INSURANCE** — **2.9%** |  |  |  |
| 1592000 | Reliance Standard Life Global Funding II<sup>(b)</sup> |  | 3.8500 | &nbsp;&nbsp;&nbsp;09/19/23 | 1580022 |
|  | **LEISURE FACILITIES & SERVICES** — **5.4%** | **LEISURE FACILITIES & SERVICES** — **5.4%** |  |  |  |
| 1000000 | Hyatt Hotels Corporation |  | 1.3000 | &nbsp;&nbsp;&nbsp;10/01/23 | 973437 |
| 2000000 | Starbucks Corporation<sup>(a)</sup> | SOFRINDX + 0.420% | 4.5240 | &nbsp;&nbsp;&nbsp;02/14/24 | 1995423 |
|  |  |  |  |  | 2968860 |
|  | **MACHINERY** — **0.9%** | **MACHINERY** — **0.9%** |  |  |  |
| 500000 | Trane Technologies Global Holding Company Ltd. |  | 4.2500 | &nbsp;&nbsp;&nbsp;06/15/23 | 499632 |
|  | **MEDICAL EQUIPMENT & DEVICES** — **1.7%** | **MEDICAL EQUIPMENT & DEVICES** — **1.7%** |  |  |  |
| 1000000 | PerkinElmer, Inc. | PerkinElmer, Inc. | 0.5500 | &nbsp;&nbsp;&nbsp;09/15/23 | 969762 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** | **NAVIGATOR ULTRA SHORT BOND FUND** | **NAVIGATOR ULTRA SHORT BOND FUND** | **NAVIGATOR ULTRA SHORT BOND FUND** | **NAVIGATOR ULTRA SHORT BOND FUND** | **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 96.9% (Continued)** | **CORPORATE BONDS — 96.9% (Continued)** |  |  |  |
|  | **OIL & GAS PRODUCERS** — **9.0%** | **OIL & GAS PRODUCERS** — **9.0%** |  |  |  |
| 1461000 | Chevron USA, Inc.<sup>(a)</sup> | US0003M + 0.200% | 4.8500 | &nbsp;&nbsp;&nbsp;08/11/23 | $1460970 |
| 1500000 | Enbridge, Inc.<sup>(a)</sup> | SOFRINDX + 0.630% | 4.7520 | &nbsp;&nbsp;&nbsp;02/16/24 | 1494986 |
| 2000000 | Energy Transfer Operating, L.P. |  | 4.2500 | &nbsp;&nbsp;&nbsp;03/15/23 | 1998492 |
|  |  |  |  |  | 4954448 |
|  | **RETAIL - CONSUMER STAPLES** — **1.8%** | **RETAIL - CONSUMER STAPLES** — **1.8%** |  |  |  |
| 1000000 | 7-Eleven, Inc.<sup>(b)</sup> |  | 0.6250 | &nbsp;&nbsp;&nbsp;02/10/23 | 998955 |
|  | **RETAIL - DISCRETIONARY** — **2.1%** | **RETAIL - DISCRETIONARY** — **2.1%** |  |  |  |
| 1170000 | TJX Companies, Inc. |  | 2.5000 | &nbsp;&nbsp;&nbsp;05/15/23 | 1162074 |
|  | **SEMICONDUCTORS** — **1.8%** | **SEMICONDUCTORS** — **1.8%** |  |  |  |
| 1000000 | Skyworks Solutions, Inc. |  | 0.9000 | &nbsp;&nbsp;&nbsp;06/01/23 | 984632 |
|  | **SOFTWARE** — **1.6%** | **SOFTWARE** — **1.6%** |  |  |  |
| 900000 | VMware, Inc. |  | 0.6000 | &nbsp;&nbsp;&nbsp;08/15/23 | 879656 |
|  | **SPECIALTY FINANCE** — **1.9%** | **SPECIALTY FINANCE** — **1.9%** |  |  |  |
| 1030000 | American Express Company<sup>(a)</sup> | US0003M + 0.750% | 5.2100 | &nbsp;&nbsp;&nbsp;08/03/23 | 1031745 |
|  | **TECHNOLOGY HARDWARE** — **2.7%** | **TECHNOLOGY HARDWARE** — **2.7%** |  |  |  |
| 1500000 | Dell International, LLC / EMC Corporation |  | 5.4500 | &nbsp;&nbsp;&nbsp;06/15/23 | 1501880 |
|  | **TOBACCO & CANNABIS** — **1.3%** | **TOBACCO & CANNABIS** — **1.3%** |  |  |  |
| 750000 | Altria Group, Inc. |  | 4.0000 | &nbsp;&nbsp;&nbsp;01/31/24 | 742857 |
|  | **TOTAL CORPORATE BONDS (Cost $53,681,240)** | **TOTAL CORPORATE BONDS (Cost $53,681,240)** |  |  | 53555701 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** | **NAVIGATOR ULTRA SHORT BOND FUND** | **NAVIGATOR ULTRA SHORT BOND FUND** | **NAVIGATOR ULTRA SHORT BOND FUND** | **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **COMMERCIAL PAPER — 1.8%** |  |  |  |
|  | **COMMERCIAL PAPER - 1.8%** |  |  |  |
| 1000000 | Hilltop Securities Incorporated | 0.0000 | &nbsp;&nbsp;&nbsp;02/08/23 | &nbsp;&nbsp;&nbsp; $998919 |
|  | **TOTAL COMMERCIAL PAPER (Cost $998,919)** |  |  | &nbsp;&nbsp; 998919 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |  |  |
|  | **MONEY MARKET FUND - 0.4%** |  |  |  |
| 231375 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.22% (Cost $231,375)<sup>(d)</sup> |  |  | &nbsp;&nbsp;&nbsp; 231375 |
|  | **TOTAL INVESTMENTS - 99.1% (Cost $54,911,534)** |  |  | &nbsp;&nbsp;&nbsp; $54785995 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.9%** |  |  | &nbsp;&nbsp; 469831 |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $55255826 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| S/A | - Société Anonyme |
| SOFRINDX | Secured Overnight Financing Rate Index |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| US0003M | ICE LIBOR USD 3 Month |

---

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

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2023 the total market value of 144A securities is $8,053,120 or 14.6% of net assets.

<sup>(c)</sup> Variable rate security; the rate shown represents the rate on January 31, 2023.

<sup>(d)</sup> Rate disclosed is the seven-day effective yield as of January 31, 2023.

## 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:** Navigator Equity Hedged Fund

- **b. EDGAR series identifier (if any):** S000030737

- **c. LEI of Series:** 549300SDU3UQEJZDYD44

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $32014389.18

**Total Liabilities:** $1595286.84

**Net Assets:** $30419102.34

**Cash Not Reported:** $141940.88

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000095339 | 3.52%                | -2.95%               | 7.06%                |
| Class ID C000095337 | 3.37%                | -2.88%               | 7.00%                |
| Class ID C000095338 | 3.42%                | -3.06%               | 6.99%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $292379.80               | $1081510.49                                |
| Month 2  | $396343.43               | $-1788363.21                               |
| Month 3  | $241220.08               | $1690363.17                                |

**Designated Index Information**

- **Index Name:** MSCI/THE WORLD INDEX (Net)

- **Index Identifier:** 990100N

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Ishares Trust                                | ISHARES CORE MSCI EAFE ET           | CUSIP: 46432F842<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     44533 | NS      | $2986828.31   | 9.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Trust                                | ISHARES BIOTECHN                    | CUSIP: 464287556<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     11699 | NS      | $1597498.45   | 5.25%             |  |  |  | No            | 1                  | On Loan: —       |
| Spdr Series Trust                            | SPDR PORT S&P 500 VALUE             | CUSIP: 78464A508<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    130601 | NS      | $5433001.60   | 17.86%            |  |  |  | No            | 1                  | On Loan: —       |
| Ishares Trust                                | ISHARES SEMICOND                    | CUSIP: 464287523<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      4738 | NS      | $1912635.84   | 6.29%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                          | SPXW US 03/10/23 P3950              | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | N/A       |        86 | NC      | $415380.00    | 1.37%             |  |  |  | No            | 2                  | On Loan: No      |
| Global X Fds                                 | GLOBAL X ROBOTIC                    | CUSIP: 37954Y715<br>LEI: 5493003RA4QUTSYF1N15 | Long             | EC               | RF                | US        |     60268 | NS      | $1434378.40   | 4.72%             |  |  |  | No            | 1                  | On Loan: No      |
| GEN Money Market                             | Dreyfus Money Market Fund           | CUSIP: 370375206<br>LEI: 549300WSYSPRXN5VJY76 | Long             | STIV             | RF                | US        |   1463792 | PA      | $1463792.02   | 4.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                            | SPDR S&P METALS & MINING            | CUSIP: 78464A755<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     48345 | NS      | $2761466.40   | 9.08%             |  |  |  | No            | 1                  | On Loan: —       |
| Ishares Trust                                | ISHARES U.S. BROKER-DEALE           | CUSIP: 464288794<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     13182 | NS      | $1347068.58   | 4.43%             |  |  |  | No            | 1                  | On Loan: —       |
| Ishares Inc                                  | ISHARES MSCI EUROZONE ETF           | CUSIP: 464286608<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     92709 | NS      | $4110717.06   | 13.51%            |  |  |  | No            | 1                  | On Loan: —       |
| Ishares Trust                                | ISHARES MSCI ALL COUNTRY            | CUSIP: 464288182<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     56049 | NS      | $3973874.10   | 13.06%            |  |  |  | No            | 1                  | On Loan: —       |
| GOLDMAN SACHS FINANCIAL SQUARE GOVT FUND     | GOLDMAN SACHS FIN SQ GOVT-FS (#465) | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Spdr Series Trust                            | SPDR S&P 400 MID                    | CUSIP: 78464A839<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     19330 | NS      | $1394659.50   | 4.58%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                          | SPXW US 03/10/23 P3790              | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | N/A       |       -86 | NC      | $-189200.00   | -0.62%            |  |  |  | No            | 2                  | On Loan: No      |
| Dreyfus Treasury Obligations Cash Management | DREY-T O C/M-INS                    | CUSIP: 261908107<br>LEI: 549300MKKM9KT7BF6329 | Long             | STIV             | RF                | US        |   1623967 | PA      | $1623966.86   | 5.34%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer