# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0000910472-25-000577
**Filing Date:** 2025-9
**Character Count:** 214163
**Document Hash:** a59ceeb8c4a343f58f3be612ca81c1aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-000577.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0000910472-25-000577

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250902

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 251284995

**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 Tactical U.S. Allocation Fund (Series ID: S000070872)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000225125 | Navigator Tactical U.S. Allocation Fund Class I | NTAIX           |

## Nport-Ex

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUND — 8.4%** | **EXCHANGE-TRADED FUND — 8.4%** | **EXCHANGE-TRADED FUND — 8.4%** | **EXCHANGE-TRADED FUND — 8.4%** |  |
|  | **FIXED INCOME - 8.4%** | **FIXED INCOME - 8.4%** | **FIXED INCOME - 8.4%** | **FIXED INCOME - 8.4%** |  |
| 8000000 | iShares iBoxx $ High Yield Corporate Bond ETF | iShares iBoxx $ High Yield Corporate Bond ETF | iShares iBoxx $ High Yield Corporate Bond ETF | iShares iBoxx $ High Yield Corporate Bond ETF | $643040000 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $630,506,100)** | **TOTAL EXCHANGE-TRADED FUND (Cost $630,506,100)** | **TOTAL EXCHANGE-TRADED FUND (Cost $630,506,100)** | **TOTAL EXCHANGE-TRADED FUND (Cost $630,506,100)** | 643040000 |
|  | **OPEN-END FUNDS — 1.6%** | **OPEN-END FUNDS — 1.6%** | **OPEN-END FUNDS — 1.6%** | **OPEN-END FUNDS — 1.6%** |  |
|  | **FIXED INCOME - 0.7%** | **FIXED INCOME - 0.7%** | **FIXED INCOME - 0.7%** | **FIXED INCOME - 0.7%** |  |
| 5682554 | Navigator Ultra Short Bond Fund, Class I | Navigator Ultra Short Bond Fund, Class I | Navigator Ultra Short Bond Fund, Class I | Navigator Ultra Short Bond Fund, Class I | 57393790 |
|  | **MIXED ALLOCATION - 0.9%** | **MIXED ALLOCATION - 0.9%** | **MIXED ALLOCATION - 0.9%** | **MIXED ALLOCATION - 0.9%** |  |
| 6646904 | Navigator Tactical US Allocation Fund, Class I | Navigator Tactical US Allocation Fund, Class I | Navigator Tactical US Allocation Fund, Class I | Navigator Tactical US Allocation Fund, Class I | 65405534 |
|  | **TOTAL OPEN-END FUNDS (Cost $123,709,954)** | **TOTAL OPEN-END FUNDS (Cost $123,709,954)** | **TOTAL OPEN-END FUNDS (Cost $123,709,954)** | **TOTAL OPEN-END FUNDS (Cost $123,709,954)** | 122799324 |
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 47.0%** | **CORPORATE BONDS — 47.0%** |  |  |  |
|  | **AEROSPACE & DEFENSE — 1.3%** |  |  |  |  |
| 6309000 | BAE Systems Holdings, Inc.<sup>(a)</sup> |  | 3.8500 | &nbsp;&nbsp;12/15/25 | 6289807 |
| 80000000 | Boeing Company |  | 2.1960 | &nbsp;&nbsp;02/04/26 | 78949544 |
| 14044000 | Teledyne Technologies, Inc. |  | 1.6000 | &nbsp;&nbsp;04/01/26 | 13761650 |
|  |  |  |  |  | 99001001 |
|  | **ASSET MANAGEMENT — 0.2%** |  |  |  |  |
| 16716000 | Charles Schwab Corporation<sup>(b)</sup> | SOFRRATE + 0.520% | 4.8560 | &nbsp;&nbsp;05/13/26 | 16725372 |
|  | **AUTOMOTIVE — 7.0%** |  |  |  |  |
| 57500000 | American Honda Finance Corporation<sup>(b)</sup> | SOFRRATE + 0.600% | 4.9370 | &nbsp;&nbsp;08/14/25 | 57509744 |
| 41868000 | American Honda Finance Corporation<sup>(b)</sup> | SOFRRATE + 0.500% | 4.8290 | &nbsp;&nbsp;10/10/25 | 41884192 |
| 25000000 | American Honda Finance Corporation<sup>(b)</sup> | SOFRRATE + 0.500% | 4.8280 | &nbsp;&nbsp;01/12/26 | 25023859 |
| 30000000 | American Honda Finance Corporation<sup>(b)</sup> | SOFRRATE + 0.650% | 4.9890 | &nbsp;&nbsp;05/20/26 | 30062322 |
| 23000000 | American Honda Finance Corporation<sup>(b)</sup> | SOFRRATE + 0.870% | 5.1990 | &nbsp;&nbsp;07/09/27 | 23083227 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 47.0% (Continued)** | **CORPORATE BONDS — 47.0% (Continued)** |  |  | |
|  | **AUTOMOTIVE — 7.0% (Continued)** |  |  |  |  |
| 14700000 | BMW US Capital, LLC<sup>(a),(b)</sup> | SOFRINDX + 0.800% | 5.1360 | &nbsp;&nbsp;08/13/26 | $14739603 |
| 28000000 | BMW US Capital, LLC<sup>(a),(b)</sup> | SOFRINDX + 0.780% | 5.1260 | &nbsp;&nbsp;03/19/27 | 28026252 |
| 15214000 | Ford Motor Credit Company, LLC |  | 4.1340 | &nbsp;&nbsp;08/04/25 | 15212627 |
| 39000000 | Ford Motor Credit Company, LLC<sup>(b)</sup> | SOFRRATE + 1.450% | 5.7900 | &nbsp;&nbsp;11/05/26 | 38840471 |
| 9033000 | General Motors Financial Company, Inc. |  | 1.2500 | &nbsp;&nbsp;01/08/26 | 8900582 |
| 12719000 | General Motors Financial Company, Inc. |  | 5.4000 | &nbsp;&nbsp;04/06/26 | 12780698 |
| 42000000 | Hyundai Capital America<sup>(a),(b)</sup> | SOFRRATE + 0.990% | 5.3410 | &nbsp;&nbsp;03/25/27 | 42072504 |
| 56000000 | Mercedes-Benz Finance North America, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.780% | 5.1310 | &nbsp;&nbsp;04/01/27 | 56041283 |
| 30000000 | Toyota Motor Credit Corporation<sup>(b)</sup> | SOFRRATE + 0.450% | 4.7790 | &nbsp;&nbsp;04/10/26 | 30032795 |
| 40000000 | Toyota Motor Credit Corporation<sup>(b)</sup> | SOFRRATE + 0.470% | 4.8040 | &nbsp;&nbsp;01/08/27 | 40000019 |
| 20000000 | Volkswagen Group of America Finance, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.830% | 5.1760 | &nbsp;&nbsp;03/20/26 | 20019325 |
| 23688000 | Volkswagen Group of America Finance, LLC<sup>(a),(b)</sup> | SOFRRATE + 1.060% | 5.3970 | &nbsp;&nbsp;08/14/26 | 23763704 |
| 30000000 | Volkswagen Group of America Finance, LLC<sup>(a),(b)</sup> | SOFRRATE + 1.060% | 5.4110 | &nbsp;&nbsp;03/25/27 | 30017401 |
|  |  |  |  |  | 538010608 |
|  | **BANKING — 7.9%** |  |  |  |  |
| 43284000 | Bank of America Corporation<sup>(c)</sup> | SOFRRATE + 1.010% | 1.1970 | &nbsp;&nbsp;10/24/26 | 42939229 |
| 20000000 | Bank of America Corporation<sup>(c)</sup> | SOFRRATE + 0.960% | 1.7340 | &nbsp;&nbsp;07/22/27 | 19452126 |
| 25000000 | Citibank NA<sup>(b)</sup> | SOFRINDX + 0.590% | 4.9500 | &nbsp;&nbsp;04/30/26 | 25055833 |
| 40000000 | Citibank NA<sup>(b)</sup> | SOFRINDX + 0.708% | 5.0470 | &nbsp;&nbsp;08/06/26 | 40170318 |
| 58000000 | Citibank NA<sup>(b)</sup> | SOFRRATE + 0.781% | 5.1220 | &nbsp;&nbsp;05/29/27 | 58280569 |
| 24037000 | Citigroup, Inc.<sup>(c)</sup> | SOFRRATE + 1.546% | 5.6100 | &nbsp;&nbsp;09/29/26 | 24066474 |
| 43201000 | Citigroup, Inc.<sup>(c)</sup> | SOFRRATE + 0.765% | 1.1220 | &nbsp;&nbsp;01/28/27 | 42436155 |
| 20000000 | Commonwealth Bank of Australia<sup>(a),(b)</sup> | SOFRRATE + 0.460% | 4.7980 | &nbsp;&nbsp;11/27/26 | 20044324 |
| 38000000 | Cooperatieve Rabobank UA<sup>(b)</sup> | SOFRRATE + 0.620% | 4.9590 | &nbsp;&nbsp;08/28/26 | 38146454 |
| 100000000 | JPMorgan Chase & Company<sup>(c)</sup> | SOFRRATE + 0.800% | 1.0450 | &nbsp;&nbsp;11/19/26 | 98907566 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 47.0% (Continued)** | **CORPORATE BONDS — 47.0% (Continued)** |  |  | |
|  | **BANKING — 7.9% (Continued)** |  |  |  |  |
| 35535000 | JPMorgan Chase & Company<sup>(c)</sup> | US0003M + 1.245% | 3.9600 | &nbsp;&nbsp;01/29/27 | $35445059 |
| 69572000 | JPMorgan Chase & Company<sup>(c)</sup> | SOFRRATE + 0.765% | 1.4700 | &nbsp;&nbsp;09/22/27 | 67211147 |
| 6316000 | PNC Bank NA<sup>(c)</sup> | SOFRRATE + 0.630% | 4.5430 | &nbsp;&nbsp;05/13/27 | 6308803 |
| 47750000 | Toronto-Dominion Bank<sup>(b)</sup> | SOFRRATE + 0.480% | 4.8090 | &nbsp;&nbsp;10/10/25 | 47777600 |
| 37138000 | Wells Fargo & Company<sup>(c)</sup> | SOFRRATE + 1.560% | 4.5400 | &nbsp;&nbsp;08/15/26 | 37127589 |
|  |  |  |  |  | 603369246 |
|  | **BEVERAGES — 0.8%** |  |  |  |  |
| 57500000 | Keurig Dr Pepper, Inc.<sup>(b)</sup> | SOFRRATE + 0.580% | 4.9200 | &nbsp;&nbsp;11/15/26 | 57647006 |
|  | **BIOTECH & PHARMA — 2.5%** |  |  |  |  |
| 40844000 | Amgen, Inc. |  | 5.5070 | &nbsp;&nbsp;03/02/26 | 40844128 |
| 26547000 | Bayer US Finance II, LLC<sup>(a)</sup> |  | 4.2500 | &nbsp;&nbsp;12/15/25 | 26481696 |
| 48000000 | GlaxoSmithKline Capital plc<sup>(b)</sup> | SOFRRATE + 0.500% | 4.8410 | &nbsp;&nbsp;03/12/27 | 48184880 |
| 75028000 | Royalty Pharma plc |  | 1.2000 | &nbsp;&nbsp;09/02/25 | 74773543 |
|  |  |  |  |  | 190284247 |
|  | **CABLE & SATELLITE** — **0.0%<sup>(d)</sup>** |  |  |  |  |
| 1200000 | Cequel Communications Holdings I, LLC / Cequel<sup>(a)</sup> |  | 7.5000 | &nbsp;&nbsp;04/01/28 | 981000 |
|  | **CHEMICALS — 1.0%** |  |  |  |  |
| 57962000 | DuPont de Nemours, Inc. |  | 4.4930 | &nbsp;&nbsp;11/15/25 | 57900820 |
| 16160000 | International Flavors & Fragrances, Inc.<sup>(a)</sup> |  | 1.2300 | &nbsp;&nbsp;10/01/25 | 16051087 |
|  |  |  |  |  | 73951907 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.9%** |  |  |  |  |
| 45576000 | Block Financial, LLC |  | 5.2500 | &nbsp;&nbsp;10/01/25 | 45584952 |
| 20438000 | TR Finance, LLC |  | 3.3500 | &nbsp;&nbsp;05/15/26 | 20198244 |
|  |  |  |  |  | 65783196 |
|  | **E-COMMERCE DISCRETIONARY — 0.2%** |  |  |  |  |
| 15997000 | eBay, Inc. |  | 1.4000 | &nbsp;&nbsp;05/10/26 | 15625581 |
|  | **ELECTRIC UTILITIES — 0.8%** |  |  |  |  |
| 40116000 | Duke Energy Corporation |  | 0.9000 | &nbsp;&nbsp;09/15/25 | 39921327 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 47.0% (Continued)** | **CORPORATE BONDS — 47.0% (Continued)** |  |  | |
|  | **ELECTRIC UTILITIES — 0.8% (Continued)** |  |  |  |  |
| 11094000 | Entergy Corporation |  | 0.9000 | &nbsp;&nbsp;09/15/25 | $11043746 |
| 11914000 | Southern Company |  | 5.1500 | &nbsp;&nbsp;10/06/25 | 11918540 |
|  |  |  |  |  | 62883613 |
|  | **ELECTRICAL EQUIPMENT — 0.4%** |  |  |  |  |
| 10000000 | Fortive Corporation |  | 3.1500 | &nbsp;&nbsp;06/15/26 | 9864388 |
| 18379000 | Johnson Controls International plc |  | 3.9000 | &nbsp;&nbsp;02/14/26 | 18295676 |
|  |  |  |  |  | 28160064 |
|  | **FOOD — 2.1%** |  |  |  |  |
| 62597000 | Conagra Brands, Inc. |  | 4.6000 | &nbsp;&nbsp;11/01/25 | 62522125 |
| 35665000 | Kellogg Company |  | 3.2500 | &nbsp;&nbsp;04/01/26 | 35407846 |
| 63774000 | Kraft Heinz Foods Company |  | 3.0000 | &nbsp;&nbsp;06/01/26 | 62949798 |
| 1999000 | McCormick & Company, Inc. |  | 3.2500 | &nbsp;&nbsp;11/15/25 | 1989661 |
|  |  |  |  |  | 162869430 |
|  | **HEALTH CARE FACILITIES & SERVICES — 2.8%** |  |  |  |  |
| 73051000 | CVS Health Corporation |  | 2.8750 | &nbsp;&nbsp;06/01/26 | 72034572 |
| 5227000 | CVS Health Corporation |  | 3.0000 | &nbsp;&nbsp;08/15/26 | 5138873 |
| 28032000 | Elevance Health, Inc. |  | 4.9000 | &nbsp;&nbsp;02/08/26 | 28033236 |
| 73765000 | HCA, Inc. |  | 5.8750 | &nbsp;&nbsp;02/15/26 | 73824868 |
| 36956000 | HCA, Inc. |  | 5.2500 | &nbsp;&nbsp;06/15/26 | 37010352 |
|  |  |  |  |  | 216041901 |
|  | **HOME CONSTRUCTION — 0.2%** |  |  |  |  |
| 18510000 | DR Horton, Inc. |  | 2.6000 | &nbsp;&nbsp;10/15/25 | 18431687 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 3.7%** |  |  |  |  |
| 61165000 | Goldman Sachs Group, Inc.<sup>(c)</sup> | SOFRRATE + 1.075% | 5.7980 | &nbsp;&nbsp;08/10/26 | 61177592 |
| 8440000 | Goldman Sachs Group, Inc.<sup>(c)</sup> | SOFRRATE + 0.789% | 1.0930 | &nbsp;&nbsp;12/09/26 | 8331384 |
| 20000000 | Jefferies Financial Group, Inc. |  | 5.0000 | &nbsp;&nbsp;02/10/26 | 19992073 |
| 19000000 | Jefferies Financial Group, Inc. |  | 5.0300 | &nbsp;&nbsp;03/16/26 | 19017232 |
| 18000000 | Morgan Stanley<sup>(c)</sup> | SOFRRATE + 1.770% | 6.1380 | &nbsp;&nbsp;10/16/26 | 18047633 |
| 40000000 | Morgan Stanley<sup>(c)</sup> | SOFRRATE + 0.720% | 0.9850 | &nbsp;&nbsp;12/10/26 | 39469315 |
| 100000000 | Morgan Stanley<sup>(c)</sup> | SOFRRATE + 0.879% | 1.5930 | &nbsp;&nbsp;05/04/27 | 97750206 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 47.0% (Continued)** | **CORPORATE BONDS — 47.0% (Continued)** |  |  | |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 3.7% (Continued)** |  |  |  |  |
| 20000000 | State Street Bank & Trust Company<sup>(b)</sup> | SOFRRATE + 0.460% | 4.7970 | &nbsp;&nbsp;11/25/26 | $20016942 |
|  |  |  |  |  | 283802377 |
|  | **LEISURE FACILITIES & SERVICES — 0.5%** |  |  |  |  |
| 9626000 | Marriott International, Inc. |  | 3.1250 | &nbsp;&nbsp;06/15/26 | 9512495 |
| 31262000 | Royal Caribbean Cruises Ltd.<sup>(a)</sup> |  | 4.2500 | &nbsp;&nbsp;07/01/26 | 31172339 |
|  |  |  |  |  | 40684834 |
|  | **MACHINERY — 1.1%** |  |  |  |  |
| 42000000 | Caterpillar Financial Services Corporation<sup>(b)</sup> | SOFRRATE + 0.690% | 5.0200 | &nbsp;&nbsp;10/16/26 | 42228362 |
| 40000000 | Caterpillar Financial Services Corporation<sup>(b)</sup> | SOFRRATE + 0.380% | 4.7170 | &nbsp;&nbsp;01/07/27 | 40032481 |
|  |  |  |  |  | 82260843 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.5%** |  |  |  |  |
| 41554000 | GE HealthCare Technologies, Inc. |  | 5.6000 | &nbsp;&nbsp;11/15/25 | 41627675 |
|  | **OIL & GAS PRODUCERS — 2.8%** |  |  |  |  |
| 48317000 | Chevron USA, Inc.<sup>(b)</sup> | SOFRINDX + 0.360% | 4.6980 | &nbsp;&nbsp;02/26/27 | 48408735 |
| 6994000 | MPLX, L.P. B |  | 1.7500 | &nbsp;&nbsp;03/01/26 | 6876937 |
| 13975000 | Pioneer Natural Resources Company |  | 5.1000 | &nbsp;&nbsp;03/29/26 | 14028622 |
| 77565000 | Plains All American Pipeline, L.P. / PAA Finance |  | 4.6500 | &nbsp;&nbsp;10/15/25 | 77544169 |
| 63819000 | Williams Companies, Inc. |  | 4.0000 | &nbsp;&nbsp;09/15/25 | 63740083 |
|  |  |  |  |  | 210598546 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 2.2%** |  |  |  |  |
| 26409000 | Crown Castle International Corporation |  | 3.7000 | &nbsp;&nbsp;06/15/26 | 26195450 |
| 50075000 | Equinix, Inc. |  | 1.4500 | &nbsp;&nbsp;05/15/26 | 48804739 |
| 53714000 | Realty Income Corporation |  | 4.6250 | &nbsp;&nbsp;11/01/25 | 53689064 |
| 39142000 | Weyerhaeuser Company |  | 4.7500 | &nbsp;&nbsp;05/15/26 | 39192535 |
|  |  |  |  |  | 167881788 |
|  | **RETAIL - CONSUMER STAPLES — 0.4%** |  |  |  |  |
| 33500000 | Walmart, Inc.<sup>(b)</sup> | SOFRINDX + 0.430% | 4.7810 | &nbsp;&nbsp;04/28/27 | 33644935 |
|  | **RETAIL - DISCRETIONARY — 1.2%** |  |  |  |  |
| 18349000 | AutoZone, Inc. |  | 3.1250 | &nbsp;&nbsp;04/21/26 | 18148978 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 47.0% (Continued)** | **CORPORATE BONDS — 47.0% (Continued)** |  |  | |
|  | **RETAIL - DISCRETIONARY — 1.2% (Continued)** |  |  |  |  |
| 63656000 | Lowe's Companies, Inc. |  | 4.8000 | &nbsp;&nbsp;04/01/26 | $63725211 |
| 10127000 | Ross Stores, Inc. |  | 0.8750 | &nbsp;&nbsp;04/15/26 | 9864394 |
|  |  |  |  |  | 91738583 |
|  | **SOFTWARE — 1.8%** |  |  |  |  |
| 22876000 | Fortinet, Inc. |  | 1.0000 | &nbsp;&nbsp;03/15/26 | 22373746 |
| 70768000 | Oracle Corporation |  | 1.6500 | &nbsp;&nbsp;03/25/26 | 69459072 |
| 50000000 | Oracle Corporation |  | 2.6500 | &nbsp;&nbsp;07/15/26 | 49116409 |
|  |  |  |  |  | 140949227 |
|  | **SPECIALTY FINANCE — 0.4%** |  |  |  |  |
| 11068000 | American Express Company<sup>(c)</sup> | SOFRRATE + 1.330% | 6.3380 | &nbsp;&nbsp;10/30/26 | 11112118 |
| 22696000 | NTT Finance Corporation<sup>(a)</sup> |  | 1.1620 | &nbsp;&nbsp;04/03/26 | 22189404 |
|  |  |  |  |  | 33301522 |
|  | **STEEL — 0.1%** |  |  |  |  |
| 5203000 | Reliance, Inc. |  | 1.3000 | &nbsp;&nbsp;08/15/25 | 5196016 |
|  | **TECHNOLOGY HARDWARE — 0.4%** |  |  |  |  |
| 33000000 | Dell International, LLC / EMC Corporation |  | 6.0200 | &nbsp;&nbsp;06/15/26 | 33283784 |
|  | **TECHNOLOGY SERVICES — 1.3%** |  |  |  |  |
| 3225000 | Fidelity National Information Services, Inc. |  | 1.1500 | &nbsp;&nbsp;03/01/26 | 3160646 |
| 100000000 | International Business Machines Corporation |  | 3.3000 | &nbsp;&nbsp;05/15/26 | 99132076 |
|  |  |  |  |  | 102292722 |
|  | **TELECOMMUNICATIONS — 2.2%** |  |  |  |  |
| 83800000 | Sprint, LLC |  | 7.6250 | &nbsp;&nbsp;03/01/26 | 84438329 |
| 54946000 | T-Mobile USA, Inc. |  | 1.5000 | &nbsp;&nbsp;02/15/26 | 54055614 |
| 27478000 | T-Mobile USA, Inc. |  | 2.2500 | &nbsp;&nbsp;02/15/26 | 27102288 |
|  |  |  |  |  | 165596231 |
|  | **TOBACCO & CANNABIS — 0.3%** |  |  |  |  |
| 21230000 | Altria Group, Inc. |  | 4.4000 | &nbsp;&nbsp;02/14/26 | 21186893 |
|  | **TOTAL CORPORATE BONDS (Cost $3,599,626,553)** |  |  |  | 3603811835 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 30.5%** |  |  |  |
|  | **U.S. TREASURY BILLS — 30.5%** |  |  |  |
| 150000000 | United States Treasury Bill<sup>(e)</sup> | 3.7400 | &nbsp;&nbsp;08/07/25 | $149892609 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> | 4.0200 | &nbsp;&nbsp;08/14/25 | 149769251 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> | 4.1300 | &nbsp;&nbsp;08/21/25 | 149644167 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> | 4.1900 | &nbsp;&nbsp;08/28/25 | 149518838 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> | 4.2300 | &nbsp;&nbsp;09/04/25 | 149393879 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> | 4.2600 | &nbsp;&nbsp;09/11/25 | 149268386 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> | 4.2600 | &nbsp;&nbsp;09/18/25 | 149148000 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> | 4.2900 | &nbsp;&nbsp;09/25/25 | 149018766 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> | 4.2600 | &nbsp;&nbsp;10/02/25 | 148904667 |
| 150000000 | United States Treasury Bill<sup>(e)</sup> | 4.2800 | &nbsp;&nbsp;10/09/25 | 148779167 |
| 50000000 | United States Treasury Bill<sup>(e)</sup> | 4.2800 | &nbsp;&nbsp;10/16/25 | 49553069 |
| 50000000 | United States Treasury Bill<sup>(e)</sup> | 4.2900 | &nbsp;&nbsp;10/23/25 | 49511511 |
| 200000000 | United States Treasury Bill<sup>(e)</sup> | 4.2900 | &nbsp;&nbsp;10/30/25 | 197881249 |
| 250000000 | United States Treasury Note | 3.5000 | &nbsp;&nbsp;09/30/29 | 245903319 |
| 300000000 | United States Treasury Note | 4.1250 | &nbsp;&nbsp;10/31/29 | 302208983 |
|  |  |  |  | 2338395861 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,335,166,308)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,335,166,308)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $2,335,166,308)** | 2338395861 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 6.9%** | **SHORT-TERM INVESTMENTS — 6.9%** | **SHORT-TERM INVESTMENTS — 6.9%** |  |
|  | **MONEY MARKET FUND - 6.9%** | **MONEY MARKET FUND - 6.9%** | **MONEY MARKET FUND - 6.9%** |  |
| 530320739 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.15%<br> (Cost $530,320,739)<sup>(f)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.15%<br> (Cost $530,320,739)<sup>(f)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.15%<br> (Cost $530,320,739)<sup>(f)</sup> | 530320739 |
|  | **TOTAL INVESTMENTS - 94.4% (Cost $7,219,329,654)** | **TOTAL INVESTMENTS - 94.4% (Cost $7,219,329,654)** | **TOTAL INVESTMENTS - 94.4% (Cost $7,219,329,654)** | $7238367759 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 5.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 5.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 5.6%** | 426516287 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $7664884046 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of <br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount** | **Unrealized<br> Appreciation** |
| 19250 | CBOT 5 Year US Treasury Notes | 10/01/2025 | $2082308594 | $6444980 |
| 1070 | CME E-Mini Standard & Poor's 500 Index Futures | 09/22/2025 | 341022375 | 15987280 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $22432260 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| SOFRINDX | Secured Overnight Financing Rate Index |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| US0003M | US Treasury 3 Month Bill Money Market Yield |

---

<sup>(a)</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 July 31, 2025 the total market value of 144A securities is $337,889,730 or 4.4% of net assets.

<sup>(b)</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>(c)</sup> Variable rate security; the rate shown represents the rate on July 31, 2025.

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

<sup>(e)</sup> Zero coupon bond; rate disclosed is the effective yield as of July 31, 2025.

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

---

| |
|:---|
| **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** |
| **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Termination <br> Date | Interest Rate <br> Payable | Payment <br> Frequency | Notional Value at <br> July 31, 2025 | Value | Upfront <br> Premiums Paid | Unrealized <br> Appreciation |
| CDX North American High Yield Series 42 | GS | 6/20/2029 | 5.00% | Quarterly | $329900000 | $26596318 | $19761226 | $6835092 |
| CDX North American High Yield Series 43 | GS | 12/20/2029 | 5.00% | Quarterly | 273600000 | 20792323 | 12027101 | 8765222 |
| CDX North American High Yield Series 44 | GS | 6/20/2030 | 5.00% | Quarterly | 2290000000 | 179071894 | 97581064 | 81490830 |
| CDX North American High Yield Series 44 | MS | 6/20/2030 | 5.00% | Quarterly | 84000000 | 6568576 | 3481748 | 3086828 |
| **TOTAL** |  |  |  |  |  | $233029111 | $132851139 | $100177972 |

---

GS - Goldman Sachs <br>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>(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 take delivery of 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 INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 1.9%** |  |  |  |  |
| 800000 | Boeing Company |  | 6.2980 | &nbsp;&nbsp;05/01/29 | $844773 |
| 1500000 | Boeing Company |  | 5.1500 | &nbsp;&nbsp;05/01/30 | 1524658 |
| 100000 | Boeing Company |  | 3.6250 | &nbsp;&nbsp;02/01/31 | 94369 |
| 1100000 | Boeing Company |  | 6.5280 | &nbsp;&nbsp;05/01/34 | 1197691 |
| 1100000 | Boeing Company |  | 5.7050 | &nbsp;&nbsp;05/01/40 | 1093349 |
| 1000000 | Boeing Company |  | 5.8050 | &nbsp;&nbsp;05/01/50 | 965490 |
| 800000 | Boeing Company |  | 6.8580 | &nbsp;&nbsp;05/01/54 | 880856 |
| 1400000 | Boeing Company |  | 5.9300 | &nbsp;&nbsp;05/01/60 | 1340220 |
| 600000 | Boeing Company |  | 7.0080 | &nbsp;&nbsp;05/01/64 | 664070 |
| 1100000 | General Dynamics Corporation |  | 3.6250 | &nbsp;&nbsp;04/01/30 | 1068116 |
| 900000 | L3Harris Technologies, Inc. |  | 4.4000 | &nbsp;&nbsp;06/15/28 | 899606 |
| 500000 | L3Harris Technologies, Inc. |  | 5.4000 | &nbsp;&nbsp;07/31/33 | 513457 |
| 500000 | L3Harris Technologies, Inc. |  | 5.3500 | &nbsp;&nbsp;06/01/34 | 509663 |
| 500000 | Lockheed Martin Corporation |  | 5.2500 | &nbsp;&nbsp;01/15/33 | 516152 |
| 800000 | Lockheed Martin Corporation |  | 4.0700 | &nbsp;&nbsp;12/15/42 | 668301 |
| 800000 | Lockheed Martin Corporation |  | 3.8000 | &nbsp;&nbsp;03/01/45 | 628375 |
| 900000 | Lockheed Martin Corporation |  | 4.0900 | &nbsp;&nbsp;09/15/52 | 703812 |
| 600000 | Lockheed Martin Corporation |  | 5.2000 | &nbsp;&nbsp;02/15/55 | 559843 |
| 700000 | Northrop Grumman Corporation |  | 4.4000 | &nbsp;&nbsp;05/01/30 | 698994 |
| 400000 | Northrop Grumman Corporation |  | 5.2000 | &nbsp;&nbsp;06/01/54 | 371181 |
| 900000 | Raytheon Technologies Corporation |  | 4.1500 | &nbsp;&nbsp;05/15/45 | 735708 |
| 1100000 | Raytheon Technologies Corporation |  | 3.0300 | &nbsp;&nbsp;03/15/52 | 701831 |
| 1200000 | RTX Corporation |  | 4.1250 | &nbsp;&nbsp;11/16/28 | 1191799 |
| 700000 | RTX Corporation |  | 2.2500 | &nbsp;&nbsp;07/01/30 | 630756 |
| 300000 | RTX Corporation |  | 6.0000 | &nbsp;&nbsp;03/15/31 | 320939 |
| 700000 | RTX Corporation |  | 5.1500 | &nbsp;&nbsp;02/27/33 | 714974 |
| 700000 | RTX Corporation |  | 6.1000 | &nbsp;&nbsp;03/15/34 | 755255 |
| 600000 | RTX Corporation |  | 3.7500 | &nbsp;&nbsp;11/01/46 | 457057 |
| 500000 | RTX Corporation |  | 5.3750 | &nbsp;&nbsp;02/27/53 | 476458 |
| 600000 | RTX Corporation |  | 6.4000 | &nbsp;&nbsp;03/15/54 | 654568 |
|  |  |  |  |  | 22382321 |
|  | **APPAREL & TEXTILE PRODUCTS — 0.1%** |  |  |  |  |
| 700000 | NIKE, Inc. |  | 2.8500 | &nbsp;&nbsp;03/27/30 | 657621 |
| 800000 | NIKE, Inc. |  | 3.3750 | &nbsp;&nbsp;03/27/50 | 565770 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **APPAREL & TEXTILE PRODUCTS — 0.1% (Continued)** |  |  |  |  |
|  |  |  |  |  | $1223391 |
|  | **ASSET MANAGEMENT — 0.5%** |  |  |  |  |
| 500000 | Apollo Debt Solutions BDC |  | 6.7000 | &nbsp;&nbsp;07/29/31 | 520814 |
| 800000 | Ares Capital Corporation |  | 5.8000 | &nbsp;&nbsp;03/08/32 | 798529 |
| 900000 | Blue Owl Credit Income Corporation |  | 6.6500 | &nbsp;&nbsp;03/15/31 | 926235 |
| 600000 | Brookfield Finance, Inc. |  | 5.9680 | &nbsp;&nbsp;03/04/54 | 605774 |
| 800000 | Charles Schwab Corporation |  | 2.9000 | &nbsp;&nbsp;03/03/32 | 719033 |
| 700000 | Raymond James Financial, Inc. |  | 4.9500 | &nbsp;&nbsp;07/15/46 | 631650 |
| 600000 | Sixth Street Lending Partners<sup>(a)</sup> |  | 6.1250 | &nbsp;&nbsp;07/15/30 | 611875 |
| 600000 | UBS Group A.G. |  | 4.8750 | &nbsp;&nbsp;05/15/45 | 542680 |
|  |  |  |  |  | 5356590 |
|  | **AUTOMOTIVE — 2.0%** |  |  |  |  |
| 1000000 | American Honda Finance Corporation |  | 5.1250 | &nbsp;&nbsp;07/07/28 | 1018810 |
| 800000 | American Honda Finance Corporation |  | 5.6500 | &nbsp;&nbsp;11/15/28 | 827790 |
| 800000 | Aptiv plc / Aptiv Corporation |  | 4.1500 | &nbsp;&nbsp;05/01/52 | 577084 |
| 1000000 | Ford Motor Company Class B |  | 3.2500 | &nbsp;&nbsp;02/12/32 | 848423 |
| 900000 | Ford Motor Company |  | 6.1000 | &nbsp;&nbsp;08/19/32 | 902032 |
| 900000 | Ford Motor Company |  | 4.7500 | &nbsp;&nbsp;01/15/43 | 698008 |
| 900000 | Ford Motor Credit Company, LLC |  | 6.7980 | &nbsp;&nbsp;11/07/28 | 931583 |
| 800000 | Ford Motor Credit Company, LLC |  | 5.8000 | &nbsp;&nbsp;03/08/29 | 801781 |
| 600000 | Ford Motor Credit Company, LLC |  | 5.1130 | &nbsp;&nbsp;05/03/29 | 587178 |
| 700000 | Ford Motor Credit Company, LLC |  | 5.8750 | &nbsp;&nbsp;11/07/29 | 701976 |
| 700000 | Ford Motor Credit Company, LLC |  | 7.3500 | &nbsp;&nbsp;03/06/30 | 740360 |
| 300000 | Ford Motor Credit Company, LLC |  | 4.0000 | &nbsp;&nbsp;11/13/30 | 275668 |
| 500000 | Ford Motor Credit Company, LLC |  | 6.0500 | &nbsp;&nbsp;03/05/31 | 501458 |
| 300000 | Ford Motor Credit Company, LLC |  | 6.0540 | &nbsp;&nbsp;11/05/31 | 300250 |
| 200000 | Ford Motor Credit Company, LLC |  | 7.1220 | &nbsp;&nbsp;11/07/33 | 208045 |
| 800000 | Ford Motor Credit Company, LLC |  | 6.1250 | &nbsp;&nbsp;03/08/34 | 780655 |
| 600000 | General Motors Company |  | 5.0000 | &nbsp;&nbsp;10/01/28 | 605122 |
| 800000 | General Motors Company |  | 6.6000 | &nbsp;&nbsp;04/01/36 | 845187 |
| 700000 | General Motors Company |  | 6.2500 | &nbsp;&nbsp;10/02/43 | 693695 |
| 600000 | General Motors Company |  | 5.2000 | &nbsp;&nbsp;04/01/45 | 521975 |
| 600000 | General Motors Company |  | 5.9500 | &nbsp;&nbsp;04/01/49 | 567521 |
| 600000 | General Motors Financial Company, Inc. |  | 5.8000 | &nbsp;&nbsp;01/07/29 | 618648 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **AUTOMOTIVE — 2.0% (Continued)** |  |  |  |  |
| 500000 | General Motors Financial Company, Inc. |  | 4.3000 | &nbsp;&nbsp;04/06/29 | $491072 |
| 500000 | General Motors Financial Company, Inc. |  | 5.3500 | &nbsp;&nbsp;01/07/30 | 507198 |
| 500000 | General Motors Financial Company, Inc. |  | 5.8500 | &nbsp;&nbsp;04/06/30 | 516700 |
| 600000 | General Motors Financial Company, Inc. |  | 3.6000 | &nbsp;&nbsp;06/21/30 | 564062 |
| 500000 | General Motors Financial Company, Inc. |  | 5.7500 | &nbsp;&nbsp;02/08/31 | 514547 |
| 700000 | General Motors Financial Company, Inc. |  | 2.7000 | &nbsp;&nbsp;06/10/31 | 613958 |
| 500000 | General Motors Financial Company, Inc. |  | 3.1000 | &nbsp;&nbsp;01/12/32 | 441743 |
| 500000 | General Motors Financial Company, Inc. |  | 6.4000 | &nbsp;&nbsp;01/09/33 | 526636 |
| 500000 | General Motors Financial Company, Inc. |  | 6.1000 | &nbsp;&nbsp;01/07/34 | 516332 |
| 500000 | General Motors Financial Company, Inc. |  | 5.9500 | &nbsp;&nbsp;04/04/34 | 508529 |
| 500000 | Mercedes-Benz Finance North America, LLC |  | 8.5000 | &nbsp;&nbsp;01/18/31 | 592753 |
| 700000 | Toyota Motor Credit Corporation |  | 5.2500 | &nbsp;&nbsp;09/11/28 | 720112 |
| 500000 | Toyota Motor Credit Corporation |  | 4.4500 | &nbsp;&nbsp;06/29/29 | 501397 |
| 800000 | Toyota Motor Credit Corporation |  | 3.3750 | &nbsp;&nbsp;04/01/30 | 764517 |
| 600000 | Toyota Motor Credit Corporation |  | 5.5500 | &nbsp;&nbsp;11/20/30 | 629360 |
| 600000 | Toyota Motor Credit Corporation |  | 5.3500 | &nbsp;&nbsp;01/09/35 | 614602 |
|  |  |  |  |  | 23576767 |
|  | **BANKING — 16.4%** |  |  |  |  |
| 800000 | Banco Santander S.A. |  | 6.6070 | &nbsp;&nbsp;11/07/28 | 850097 |
| 800000 | Banco Santander S.A. |  | 5.5650 | &nbsp;&nbsp;01/17/30 | 827579 |
| 600000 | Banco Santander S.A.<sup>(b)</sup> | H15T1Y + 1.450% | 5.5380 | &nbsp;&nbsp;03/14/30 | 617278 |
| 1000000 | Banco Santander S.A. |  | 2.7490 | &nbsp;&nbsp;12/03/30 | 890102 |
| 1000000 | Banco Santander S.A. |  | 6.9210 | &nbsp;&nbsp;08/08/33 | 1090041 |
| 600000 | Banco Santander S.A. |  | 6.3500 | &nbsp;&nbsp;03/14/34 | 630344 |
| 1200000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.630% | 5.2020 | &nbsp;&nbsp;04/25/29 | 1222319 |
| 600000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.060% | 2.0870 | &nbsp;&nbsp;06/14/29 | 561748 |
| 1200000 | Bank of America Corporation Series N<sup>(b)</sup> | TSFR3M + 1.572% | 4.2710 | &nbsp;&nbsp;07/23/29 | 1194589 |
| 800000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.570% | 5.8190 | &nbsp;&nbsp;09/15/29 | 830919 |
| 700000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 1.472% | 3.9740 | &nbsp;&nbsp;02/07/30 | 688640 |
| 1000000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.000% | 5.1620 | &nbsp;&nbsp;01/24/31 | 1023266 |
| 800000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 1.252% | 2.4960 | &nbsp;&nbsp;02/13/31 | 730359 |
| 1600000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 2.150% | 2.5920 | &nbsp;&nbsp;04/29/31 | 1463027 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **BANKING — 16.4% (Continued)** |  |  |  |  |
| 1200000 | Bank of America Corporation B<sup>(b)</sup> | SOFRRATE + 1.530% | 1.8980 | &nbsp;&nbsp;07/23/31 | $1054676 |
| 900000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.370% | 1.9220 | &nbsp;&nbsp;10/24/31 | 785083 |
| 800000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.220% | 2.6510 | &nbsp;&nbsp;03/11/32 | 716596 |
| 1400000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.320% | 2.6870 | &nbsp;&nbsp;04/22/32 | 1255674 |
| 1300000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.220% | 2.2990 | &nbsp;&nbsp;07/21/32 | 1132912 |
| 1100000 | Bank of America Corporation, Series N<sup>(b)</sup> | SOFRRATE + 1.210% | 2.5720 | &nbsp;&nbsp;10/20/32 | 969803 |
| 900000 | Bank of America Corporation, Series N<sup>(b)</sup> | SOFRRATE + 1.330% | 2.9720 | &nbsp;&nbsp;02/04/33 | 806050 |
| 1300000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.830% | 4.5710 | &nbsp;&nbsp;04/27/33 | 1280034 |
| 1500000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 2.160% | 5.0150 | &nbsp;&nbsp;07/22/33 | 1516255 |
| 1600000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.910% | 5.2880 | &nbsp;&nbsp;04/25/34 | 1630682 |
| 1200000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.840% | 5.8720 | &nbsp;&nbsp;09/15/34 | 1264612 |
| 1400000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.650% | 5.4680 | &nbsp;&nbsp;01/23/35 | 1436329 |
| 1000000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.310% | 5.5110 | &nbsp;&nbsp;01/24/36 | 1025099 |
| 600000 | Bank of America Corporation |  | 6.1100 | &nbsp;&nbsp;01/29/37 | 630935 |
| 800000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 2.076% | 4.2440 | &nbsp;&nbsp;04/24/38 | 726462 |
| 600000 | Bank of America Corporation |  | 7.7500 | &nbsp;&nbsp;05/14/38 | 715137 |
| 1800000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.930% | 2.6760 | &nbsp;&nbsp;06/19/41 | 1284198 |
| 1400000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.580% | 3.3110 | &nbsp;&nbsp;04/22/42 | 1070728 |
| 1000000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 1.782% | 4.3300 | &nbsp;&nbsp;03/15/50 | 829914 |
| 1800000 | Bank of America Corporation<sup>(b)</sup> | TSFR3M + 3.412% | 4.0830 | &nbsp;&nbsp;03/20/51 | 1427951 |
| 1100000 | Bank of America Corporation<sup>(b)</sup> | SOFRRATE + 1.560% | 2.9720 | &nbsp;&nbsp;07/21/52 | 711228 |
| 500000 | Bank of Montreal |  | 5.7170 | &nbsp;&nbsp;09/25/28 | 519151 |
| 500000 | Bank of Montreal |  | 5.5110 | &nbsp;&nbsp;06/04/31 | 520403 |
| 500000 | Bank of Nova Scotia |  | 4.8500 | &nbsp;&nbsp;02/01/30 | 507364 |
| 500000 | Bank of Nova Scotia<sup>(b)</sup> | SOFRRATE + 1.070% | 5.1300 | &nbsp;&nbsp;02/14/31 | 508800 |
| 900000 | Barclays plc<sup>(b)</sup> | US0003M + 1.902% | 4.9720 | &nbsp;&nbsp;05/16/29 | 908306 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **BANKING — 16.4% (Continued)** |  |  |  |  |
| 400000 | Barclays plc<sup>(b)</sup> | SOFRRATE + 2.220% | 6.4900 | &nbsp;&nbsp;09/13/29 | $421362 |
| 400000 | Barclays plc<sup>(b)</sup> | SOFRRATE + 1.740% | 5.6900 | &nbsp;&nbsp;03/12/30 | 412926 |
| 800000 | Barclays plc<sup>(b)</sup> | SOFRRATE + 1.230% | 5.3670 | &nbsp;&nbsp;02/25/31 | 817420 |
| 800000 | Barclays plc<sup>(b)</sup> | H15T1Y + 1.900% | 2.6450 | &nbsp;&nbsp;06/24/31 | 724954 |
| 1000000 | Barclays plc<sup>(b)</sup> | H15T1Y + 3.500% | 7.4370 | &nbsp;&nbsp;11/02/33 | 1136848 |
| 900000 | Barclays plc<sup>(b)</sup> | SOFRRATE + 2.980% | 6.2240 | &nbsp;&nbsp;05/09/34 | 957344 |
| 600000 | Barclays plc<sup>(b)</sup> | SOFRRATE + 2.620% | 6.6920 | &nbsp;&nbsp;09/13/34 | 655060 |
| 600000 | Barclays plc<sup>(b)</sup> | SOFRRATE + 1.910% | 5.3350 | &nbsp;&nbsp;09/10/35 | 597515 |
| 1000000 | Barclays plc<sup>(b)</sup> | SOFRRATE + 1.590% | 5.7850 | &nbsp;&nbsp;02/25/36 | 1022373 |
| 800000 | Canadian Imperial Bank of Commerce<sup>(b)</sup> | SOFRRATE + 1.105% | 5.2450 | &nbsp;&nbsp;01/13/31 | 818000 |
| 800000 | Canadian Imperial Bank of Commerce |  | 3.6000 | &nbsp;&nbsp;04/07/32 | 745075 |
| 900000 | Citibank NA |  | 5.5700 | &nbsp;&nbsp;04/30/34 | 936242 |
| 900000 | Citigroup, Inc. |  | 4.1250 | &nbsp;&nbsp;07/25/28 | 892290 |
| 700000 | Citigroup, Inc.<sup>(b)</sup> | TSFR3M + 1.454% | 4.0750 | &nbsp;&nbsp;04/23/29 | 691823 |
| 800000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.364% | 5.1740 | &nbsp;&nbsp;02/13/30 | 814794 |
| 500000 | Citigroup, Inc.<sup>(b)</sup> | US0003M + 1.338% | 3.9800 | &nbsp;&nbsp;03/20/30 | 489444 |
| 700000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.338% | 4.5420 | &nbsp;&nbsp;09/19/30 | 697324 |
| 600000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.422% | 2.9760 | &nbsp;&nbsp;11/05/30 | 560458 |
| 800000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.146% | 2.6660 | &nbsp;&nbsp;01/29/31 | 732933 |
| 1300000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 3.914% | 4.4120 | &nbsp;&nbsp;03/31/31 | 1285017 |
| 1400000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 2.107% | 2.5720 | &nbsp;&nbsp;06/03/31 | 1269867 |
| 1100000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.167% | 2.5610 | &nbsp;&nbsp;05/01/32 | 974378 |
| 700000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.177% | 2.5200 | &nbsp;&nbsp;11/03/32 | 611152 |
| 1000000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.351% | 3.0570 | &nbsp;&nbsp;01/25/33 | 896454 |
| 800000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 2.086% | 4.9100 | &nbsp;&nbsp;05/24/33 | 798783 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **BANKING — 16.4% (Continued)** |  |  |  |  |
| 1000000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 2.338% | 6.2700 | &nbsp;&nbsp;11/17/33 | $1077682 |
| 1100000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.465% | 5.3330 | &nbsp;&nbsp;03/27/36 | 1105876 |
| 700000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 4.548% | 5.3160 | &nbsp;&nbsp;03/26/41 | 680649 |
| 800000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.379% | 2.9040 | &nbsp;&nbsp;11/03/42 | 567455 |
| 700000 | Citigroup, Inc. |  | 6.6750 | &nbsp;&nbsp;09/13/43 | 766851 |
| 900000 | Citigroup, Inc. |  | 4.7500 | &nbsp;&nbsp;05/18/46 | 778103 |
| 900000 | Citigroup, Inc. |  | 4.6500 | &nbsp;&nbsp;07/23/48 | 778144 |
| 700000 | Citigroup, Inc.<sup>(b)</sup> | SOFRRATE + 1.746% | 5.6120 | &nbsp;&nbsp;03/04/56 | 684538 |
| 400000 | Citizens Financial Group, Inc.<sup>(b)</sup> | SOFRRATE + 2.010% | 5.8410 | &nbsp;&nbsp;01/23/30 | 413035 |
| 600000 | Citizens Financial Group, Inc. |  | 3.2500 | &nbsp;&nbsp;04/30/30 | 560845 |
| 500000 | Citizens Financial Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.259% | 5.2530 | &nbsp;&nbsp;03/05/31 | 506578 |
| 800000 | Cooperatieve Rabobank UA |  | 5.7500 | &nbsp;&nbsp;12/01/43 | 802745 |
| 500000 | Deutsche Bank A.G. |  | 5.4140 | &nbsp;&nbsp;05/10/29 | 515718 |
| 800000 | Deutsche Bank A.G.<sup>(b)</sup> | SOFRRATE + 3.043% | 3.5470 | &nbsp;&nbsp;09/18/31 | 751606 |
| 500000 | Deutsche Bank A.G.<sup>(b)</sup> | SOFRRATE + 2.050% | 5.4030 | &nbsp;&nbsp;09/11/35 | 499099 |
| 1100000 | Fifth Third Bancorp<sup>(b)</sup> | SOFRRATE + 2.340% | 6.3390 | &nbsp;&nbsp;07/27/29 | 1156070 |
| 500000 | Fifth Third Bancorp<sup>(b)</sup> | SOFRINDX + 2.127% | 4.7720 | &nbsp;&nbsp;07/28/30 | 502139 |
| 600000 | Fifth Third Bancorp<sup>(b)</sup> | SOFRRATE + 1.840% | 5.6310 | &nbsp;&nbsp;01/29/32 | 621560 |
| 1200000 | HSBC Holdings plc<sup>(b)</sup> | US0003M + 1.535% | 4.5830 | &nbsp;&nbsp;06/19/29 | 1198470 |
| 1000000 | HSBC Holdings plc |  | 4.9500 | &nbsp;&nbsp;03/31/30 | 1016194 |
| 900000 | HSBC Holdings plc<sup>(b)</sup> | US0003M + 1.610% | 3.9730 | &nbsp;&nbsp;05/22/30 | 876417 |
| 500000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 1.290% | 5.2860 | &nbsp;&nbsp;11/19/30 | 510720 |
| 500000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 1.290% | 5.1300 | &nbsp;&nbsp;03/03/31 | 507066 |
| 900000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 2.387% | 2.8480 | &nbsp;&nbsp;06/04/31 | 824103 |
| 700000 | HSBC Holdings plc<sup>(b)</sup> |  | 2.3570 | &nbsp;&nbsp;08/18/31 | 623234 |
| 400000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 1.520% | 5.7330 | &nbsp;&nbsp;05/17/32 | 415573 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **BANKING — 16.4% (Continued)** |  |  |  |  |
| 1200000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 1.187% | 2.8040 | &nbsp;&nbsp;05/24/32 | $1068850 |
| 700000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 2.870% | 5.4020 | &nbsp;&nbsp;08/11/33 | 718120 |
| 900000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 2.390% | 6.2540 | &nbsp;&nbsp;03/09/34 | 964132 |
| 700000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 1.780% | 5.7190 | &nbsp;&nbsp;03/04/35 | 728756 |
| 900000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 1.560% | 5.4500 | &nbsp;&nbsp;03/03/36 | 906084 |
| 900000 | HSBC Holdings plc |  | 6.5000 | &nbsp;&nbsp;09/15/37 | 953864 |
| 1000000 | HSBC Holdings plc<sup>(b)</sup> | SOFRRATE + 2.650% | 6.3320 | &nbsp;&nbsp;03/09/44 | 1068861 |
| 600000 | HSBC Holdings plc |  | 5.2500 | &nbsp;&nbsp;03/14/44 | 567508 |
| 1000000 | Huntington Bancshares, Inc.<sup>(b)</sup> | SOFRRATE + 2.020% | 6.2080 | &nbsp;&nbsp;08/21/29 | 1046242 |
| 700000 | Huntington Bancshares, Inc.<sup>(b)</sup> | SOFRRATE + 1.276% | 5.2720 | &nbsp;&nbsp;01/15/31 | 714974 |
| 600000 | ING Groep N.V.<sup>(b)</sup> | SOFRRATE + 1.440% | 5.3350 | &nbsp;&nbsp;03/19/30 | 614891 |
| 600000 | ING Groep N.V.<sup>(b)</sup> | SOFRINDX + 1.230% | 5.0660 | &nbsp;&nbsp;03/25/31 | 609046 |
| 700000 | ING Groep N.V.<sup>(b)</sup> | SOFRRATE + 2.090% | 6.1140 | &nbsp;&nbsp;09/11/34 | 743656 |
| 900000 | ING Groep N.V.<sup>(b)</sup> | SOFRRATE + 1.770% | 5.5500 | &nbsp;&nbsp;03/19/35 | 919748 |
| 700000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.015% | 2.0690 | &nbsp;&nbsp;06/01/29 | 655842 |
| 1200000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.522% | 4.2030 | &nbsp;&nbsp;07/23/29 | 1191959 |
| 800000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.450% | 5.2990 | &nbsp;&nbsp;07/24/29 | 819155 |
| 600000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.570% | 6.0870 | &nbsp;&nbsp;10/23/29 | 628482 |
| 900000 | JPMorgan Chase & Company<sup>(b)</sup> | US0003M + 1.330% | 4.4520 | &nbsp;&nbsp;12/05/29 | 899070 |
| 700000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.310% | 5.0120 | &nbsp;&nbsp;01/23/30 | 711880 |
| 600000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.160% | 5.5810 | &nbsp;&nbsp;04/22/30 | 622080 |
| 600000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.422% | 3.7020 | &nbsp;&nbsp;05/06/30 | 583652 |
| 500000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.125% | 4.9950 | &nbsp;&nbsp;07/22/30 | 508473 |
| 900000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.510% | 2.7390 | &nbsp;&nbsp;10/15/30 | 838701 |
| 700000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 0.900% | 5.1400 | &nbsp;&nbsp;01/24/31 | 716125 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **BANKING — 16.4% (Continued)** |  |  |  |  |
| 1300000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 3.790% | 4.4930 | &nbsp;&nbsp;03/24/31 | $1295671 |
| 1300000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 2.040% | 2.5220 | &nbsp;&nbsp;04/22/31 | 1188187 |
| 700000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.435% | 5.1030 | &nbsp;&nbsp;04/22/31 | 715802 |
| 700000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.105% | 1.7640 | &nbsp;&nbsp;11/19/31 | 606337 |
| 1000000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.065% | 1.9530 | &nbsp;&nbsp;02/04/32 | 867842 |
| 900000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.250% | 2.5800 | &nbsp;&nbsp;04/22/32 | 803619 |
| 800000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.180% | 2.5450 | &nbsp;&nbsp;11/08/32 | 703250 |
| 800000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.260% | 2.9630 | &nbsp;&nbsp;01/25/33 | 718927 |
| 800000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.800% | 4.5860 | &nbsp;&nbsp;04/26/33 | 790847 |
| 1400000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 2.080% | 4.9120 | &nbsp;&nbsp;07/25/33 | 1409364 |
| 1400000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.845% | 5.3500 | &nbsp;&nbsp;06/01/34 | 1437180 |
| 1000000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.810% | 6.2540 | &nbsp;&nbsp;10/23/34 | 1085697 |
| 900000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.620% | 5.3360 | &nbsp;&nbsp;01/23/35 | 920856 |
| 800000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.490% | 5.7660 | &nbsp;&nbsp;04/22/35 | 839568 |
| 900000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.460% | 5.2940 | &nbsp;&nbsp;07/22/35 | 912463 |
| 700000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.340% | 4.9460 | &nbsp;&nbsp;10/22/35 | 692688 |
| 900000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.315% | 5.5020 | &nbsp;&nbsp;01/24/36 | 923698 |
| 700000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.680% | 5.5720 | &nbsp;&nbsp;04/22/36 | 723607 |
| 900000 | JPMorgan Chase & Company<sup>(b)</sup> | US0003M + 1.360% | 3.8820 | &nbsp;&nbsp;07/24/38 | 791580 |
| 700000 | JPMorgan Chase & Company |  | 5.6000 | &nbsp;&nbsp;07/15/41 | 717368 |
| 700000 | JPMorgan Chase & Company |  | 5.4000 | &nbsp;&nbsp;01/06/42 | 698958 |
| 1000000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.460% | 3.1570 | &nbsp;&nbsp;04/22/42 | 755938 |
| 900000 | JPMorgan Chase & Company |  | 4.9500 | &nbsp;&nbsp;06/01/45 | 818923 |
| 1100000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.550% | 5.5340 | &nbsp;&nbsp;11/29/45 | 1103056 |
| 1200000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.642% | 3.9640 | &nbsp;&nbsp;11/15/48 | 955733 |
| 700000 | JPMorgan Chase & Company<sup>(b)</sup> | TSFR3M + 1.482% | 3.8970 | &nbsp;&nbsp;01/23/49 | 549812 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **BANKING — 16.4% (Continued)** |  |  |  |  |
| 800000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 2.440% | 3.1090 | &nbsp;&nbsp;04/22/51 | $538440 |
| 1100000 | JPMorgan Chase & Company<sup>(b)</sup> | SOFRRATE + 1.580% | 3.3280 | &nbsp;&nbsp;04/22/52 | 767238 |
| 700000 | Lloyds Banking Group plc<sup>(b)</sup> | H15T1Y + 1.070% | 5.7210 | &nbsp;&nbsp;06/05/30 | 726420 |
| 1000000 | Lloyds Banking Group plc<sup>(b)</sup> | H15T1Y + 1.750% | 5.6790 | &nbsp;&nbsp;01/05/35 | 1027160 |
| 800000 | Lloyds Banking Group plc |  | 4.3440 | &nbsp;&nbsp;01/09/48 | 639886 |
| 700000 | M&T Bank Corporation<sup>(b)</sup> | SOFRRATE + 1.610% | 5.3850 | &nbsp;&nbsp;01/16/36 | 697919 |
| 700000 | Mitsubishi UFJ Financial Group, Inc. |  | 4.0500 | &nbsp;&nbsp;09/11/28 | 693874 |
| 900000 | Mitsubishi UFJ Financial Group, Inc. |  | 3.1950 | &nbsp;&nbsp;07/18/29 | 858100 |
| 900000 | Mitsubishi UFJ Financial Group, Inc. |  | 2.5590 | &nbsp;&nbsp;02/25/30 | 824937 |
| 600000 | Mitsubishi UFJ Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 0.780% | 5.1970 | &nbsp;&nbsp;01/16/31 | 613130 |
| 1000000 | Mitsubishi UFJ Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 0.950% | 2.3090 | &nbsp;&nbsp;07/20/32 | 870284 |
| 500000 | Mitsubishi UFJ Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 2.125% | 5.1330 | &nbsp;&nbsp;07/20/33 | 506059 |
| 900000 | Mitsubishi UFJ Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 1.630% | 5.4410 | &nbsp;&nbsp;02/22/34 | 928602 |
| 800000 | Mitsubishi UFJ Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 1.000% | 5.4260 | &nbsp;&nbsp;04/17/35 | 817035 |
| 800000 | Mizuho Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 1.500% | 5.6670 | &nbsp;&nbsp;05/27/29 | 824118 |
| 900000 | Mizuho Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 1.650% | 5.7780 | &nbsp;&nbsp;07/06/29 | 930545 |
| 800000 | Mizuho Financial Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.532% | 1.9790 | &nbsp;&nbsp;09/08/31 | 698960 |
| 700000 | Mizuho Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 1.800% | 5.7540 | &nbsp;&nbsp;05/27/34 | 731302 |
| 600000 | Mizuho Financial Group, Inc.<sup>(b)</sup> | H15T1Y + 0.980% | 5.4220 | &nbsp;&nbsp;05/13/36 | 608306 |
| 600000 | National Bank of Canada |  | 5.6000 | &nbsp;&nbsp;12/18/28 | 619484 |
| 900000 | Natwest Group plc<sup>(b)</sup> | US0003M + 1.754% | 4.8920 | &nbsp;&nbsp;05/18/29 | 907772 |
| 700000 | NatWest Group plc<sup>(b)</sup> | US0003M + 1.905% | 5.0760 | &nbsp;&nbsp;01/27/30 | 709651 |
| 700000 | NatWest Group plc<sup>(b)</sup> | US0003M + 1.871% | 4.4450 | &nbsp;&nbsp;05/08/30 | 695240 |
| 700000 | NatWest Group plc<sup>(b)</sup> | H15T1Y + 1.500% | 5.7780 | &nbsp;&nbsp;03/01/35 | 726956 |
| 300000 | PNC Bank NA |  | 4.0500 | &nbsp;&nbsp;07/26/28 | 296795 |
| 1000000 | PNC Financial Services Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.841% | 5.5820 | &nbsp;&nbsp;06/12/29 | 1031034 |
| 700000 | PNC Financial Services Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.198% | 5.4920 | &nbsp;&nbsp;05/14/30 | 724704 |
| 600000 | PNC Financial Services Group, Inc.<sup>(b)</sup> | SOFRINDX + 2.140% | 6.0370 | &nbsp;&nbsp;10/28/33 | 638104 |
| 700000 | PNC Financial Services Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.933% | 5.0680 | &nbsp;&nbsp;01/24/34 | 702436 |
| 1000000 | PNC Financial Services Group, Inc.<sup>(b)</sup> | SOFRRATE + 2.284% | 6.8750 | &nbsp;&nbsp;10/20/34 | 1117611 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **BANKING — 16.4% (Continued)** |  |  |  |  |
| 600000 | PNC Financial Services Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.902% | 5.6760 | &nbsp;&nbsp;01/22/35 | $622858 |
| 600000 | PNC Financial Services Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.599% | 5.4010 | &nbsp;&nbsp;07/23/35 | 610692 |
| 700000 | PNC Financial Services Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.394% | 5.5750 | &nbsp;&nbsp;01/29/36 | 718247 |
| 800000 | Royal Bank of Canada |  | 5.2000 | &nbsp;&nbsp;08/01/28 | 820049 |
| 400000 | Royal Bank of Canada<sup>(b)</sup> | SOFRRATE + 1.100% | 4.9690 | &nbsp;&nbsp;08/02/30 | 405937 |
| 600000 | Royal Bank of Canada<sup>(b)</sup> | SOFRINDX + 1.080% | 4.6500 | &nbsp;&nbsp;10/18/30 | 600266 |
| 600000 | Royal Bank of Canada<sup>(b)</sup> | SOFRRATE + 1.030% | 5.1530 | &nbsp;&nbsp;02/04/31 | 612066 |
| 700000 | Royal Bank of Canada<sup>(b)</sup> | SOFRINDX + 1.130% | 4.9700 | &nbsp;&nbsp;05/02/31 | 709515 |
| 900000 | Royal Bank of Canada |  | 5.0000 | &nbsp;&nbsp;02/01/33 | 915606 |
| 700000 | Royal Bank of Canada |  | 5.1500 | &nbsp;&nbsp;02/01/34 | 716841 |
| 600000 | Santander Holdings USA, Inc.<sup>(b)</sup> | SOFRRATE + 1.940% | 5.3530 | &nbsp;&nbsp;09/06/30 | 611142 |
| 500000 | Santander Holdings USA, Inc.<sup>(b)</sup> | SOFRRATE + 1.878% | 5.7410 | &nbsp;&nbsp;03/20/31 | 514587 |
| 700000 | Santander UK Group Holdings plc<sup>(b)</sup> | SOFRINDX + 1.524% | 5.6940 | &nbsp;&nbsp;04/15/31 | 724746 |
| 600000 | Sumitomo Mitsui Financial Group, Inc. |  | 5.8000 | &nbsp;&nbsp;07/13/28 | 623291 |
| 400000 | Sumitomo Mitsui Financial Group, Inc. |  | 5.7160 | &nbsp;&nbsp;09/14/28 | 414527 |
| 900000 | Sumitomo Mitsui Financial Group, Inc. |  | 1.9020 | &nbsp;&nbsp;09/17/28 | 833140 |
| 1000000 | Sumitomo Mitsui Financial Group, Inc. |  | 2.7500 | &nbsp;&nbsp;01/15/30 | 925821 |
| 800000 | Sumitomo Mitsui Financial Group, Inc. |  | 2.1300 | &nbsp;&nbsp;07/08/30 | 711656 |
| 700000 | Sumitomo Mitsui Financial Group, Inc. |  | 5.7660 | &nbsp;&nbsp;01/13/33 | 735791 |
| 500000 | Sumitomo Mitsui Financial Group, Inc. |  | 5.5580 | &nbsp;&nbsp;07/09/34 | 517996 |
| 500000 | Sumitomo Mitsui Financial Group, Inc. |  | 5.6320 | &nbsp;&nbsp;01/15/35 | 520238 |
| 700000 | Sumitomo Mitsui Financial Group, Inc. |  | 5.8360 | &nbsp;&nbsp;07/09/44 | 707889 |
| 800000 | Toronto-Dominion Bank |  | 5.5230 | &nbsp;&nbsp;07/17/28 | 824493 |
| 700000 | Toronto-Dominion Bank |  | 4.7830 | &nbsp;&nbsp;12/17/29 | 707152 |
| 500000 | Toronto-Dominion Bank |  | 5.2980 | &nbsp;&nbsp;01/30/32 | 513287 |
| 900000 | Toronto-Dominion Bank |  | 4.4560 | &nbsp;&nbsp;06/08/32 | 882872 |
| 700000 | Truist Bank |  | 2.2500 | &nbsp;&nbsp;03/11/30 | 629694 |
| 800000 | Truist Financial Corporation<sup>(b)</sup> | SOFRRATE + 0.862% | 1.8870 | &nbsp;&nbsp;06/07/29 | 744728 |
| 800000 | Truist Financial Corporation<sup>(b)</sup> | SOFRRATE + 2.446% | 7.1610 | &nbsp;&nbsp;10/30/29 | 863504 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **BANKING — 16.4% (Continued)** |  |  |  |  |
| 500000 | Truist Financial Corporation<sup>(b)</sup> | SOFRRATE + 1.571% | 5.1530 | &nbsp;&nbsp;08/05/32 | $508581 |
| 800000 | Truist Financial Corporation<sup>(b)</sup> | SOFRRATE + 2.361% | 5.8670 | &nbsp;&nbsp;06/08/34 | 836755 |
| 1000000 | Truist Financial Corporation<sup>(b)</sup> | SOFRRATE + 1.922% | 5.7110 | &nbsp;&nbsp;01/24/35 | 1035210 |
| 800000 | US Bancorp<sup>(b)</sup> | SOFRRATE + 2.020% | 5.7750 | &nbsp;&nbsp;06/12/29 | 828274 |
| 800000 | US Bancorp<sup>(b)</sup> | SOFRRATE + 1.560% | 5.3840 | &nbsp;&nbsp;01/23/30 | 821848 |
| 800000 | US Bancorp<sup>(b)</sup> | SOFRRATE + 1.061% | 5.0460 | &nbsp;&nbsp;02/12/31 | 812817 |
| 700000 | US Bancorp Series AA<sup>(b)</sup> | SOFRRATE + 2.090% | 5.8500 | &nbsp;&nbsp;10/21/33 | 734264 |
| 600000 | US Bancorp<sup>(b)</sup> | SOFRRATE + 1.600% | 4.8390 | &nbsp;&nbsp;02/01/34 | 592526 |
| 700000 | US Bancorp<sup>(b)</sup> | SOFRRATE + 2.260% | 5.8360 | &nbsp;&nbsp;06/12/34 | 733763 |
| 500000 | US Bancorp<sup>(b)</sup> | SOFRRATE + 1.411% | 5.4240 | &nbsp;&nbsp;02/12/36 | 509113 |
| 1400000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.740% | 5.5740 | &nbsp;&nbsp;07/25/29 | 1441561 |
| 800000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.790% | 6.3030 | &nbsp;&nbsp;10/23/29 | 841807 |
| 1000000 | Wells Fargo & Company<sup>(b)</sup> | TSFR3M + 1.432% | 2.8790 | &nbsp;&nbsp;10/30/30 | 934292 |
| 800000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.110% | 5.2440 | &nbsp;&nbsp;01/24/31 | 819035 |
| 900000 | Wells Fargo & Company<sup>(b)</sup> | TSFR3M + 1.262% | 2.5720 | &nbsp;&nbsp;02/11/31 | 825569 |
| 900000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 4.032% | 4.4780 | &nbsp;&nbsp;04/04/31 | 895135 |
| 900000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.500% | 5.1500 | &nbsp;&nbsp;04/23/31 | 918418 |
| 1000000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.500% | 3.3500 | &nbsp;&nbsp;03/02/33 | 915693 |
| 1400000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.100% | 4.8970 | &nbsp;&nbsp;07/25/33 | 1399478 |
| 1100000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.020% | 5.3890 | &nbsp;&nbsp;04/24/34 | 1125856 |
| 1300000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.990% | 5.5570 | &nbsp;&nbsp;07/25/34 | 1342349 |
| 1100000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.060% | 6.4910 | &nbsp;&nbsp;10/23/34 | 1203048 |
| 900000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.780% | 5.4990 | &nbsp;&nbsp;01/23/35 | 922955 |
| 800000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.380% | 5.2110 | &nbsp;&nbsp;12/03/35 | 802476 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **BANKING — 16.4% (Continued)** |  |  |  |  |
| 600000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 1.740% | 5.6050 | &nbsp;&nbsp;04/23/36 | $617932 |
| 900000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.530% | 3.0680 | &nbsp;&nbsp;04/30/41 | 679595 |
| 800000 | Wells Fargo & Company |  | 5.6060 | &nbsp;&nbsp;01/15/44 | 779167 |
| 800000 | Wells Fargo & Company |  | 4.6500 | &nbsp;&nbsp;11/04/44 | 686770 |
| 700000 | Wells Fargo & Company |  | 3.9000 | &nbsp;&nbsp;05/01/45 | 556926 |
| 700000 | Wells Fargo & Company |  | 4.9000 | &nbsp;&nbsp;11/17/45 | 617899 |
| 800000 | Wells Fargo & Company |  | 4.4000 | &nbsp;&nbsp;06/14/46 | 657989 |
| 700000 | Wells Fargo & Company |  | 4.7500 | &nbsp;&nbsp;12/07/46 | 605823 |
| 1600000 | Wells Fargo & Company<sup>(b)</sup> | TSFR3M + 4.502% | 5.0130 | &nbsp;&nbsp;04/04/51 | 1452793 |
| 1000000 | Wells Fargo & Company<sup>(b)</sup> | SOFRRATE + 2.130% | 4.6110 | &nbsp;&nbsp;04/25/53 | 854288 |
| 700000 | Westpac Banking Corporation |  | 5.5350 | &nbsp;&nbsp;11/17/28 | 728424 |
| 800000 | Westpac Banking Corporation |  | 1.9530 | &nbsp;&nbsp;11/20/28 | 744179 |
| 1000000 | Westpac Banking Corporation |  | 2.1500 | &nbsp;&nbsp;06/03/31 | 884353 |
| 800000 | Westpac Banking Corporation |  | 2.9630 | &nbsp;&nbsp;11/16/40 | 592599 |
|  |  |  |  |  | 193852411 |
|  | **BEVERAGES — 1.6%** |  |  |  |  |
| 900000 | Anheuser-Busch InBev Worldwide, Inc. |  | 4.7500 | &nbsp;&nbsp;01/23/29 | 913437 |
| 600000 | Anheuser-Busch InBev Worldwide, Inc. |  | 8.2000 | &nbsp;&nbsp;01/15/39 | 759453 |
| 700000 | Anheuser-Busch InBev Worldwide, Inc. |  | 4.9500 | &nbsp;&nbsp;01/15/42 | 655778 |
| 900000 | Anheuser-Busch InBev Worldwide, Inc. |  | 4.4390 | &nbsp;&nbsp;10/06/48 | 762227 |
| 1300000 | Anheuser-Busch InBev Worldwide, Inc. |  | 5.5500 | &nbsp;&nbsp;01/23/49 | 1281023 |
| 700000 | Anheuser-Busch InBev Worldwide, Inc. |  | 5.8000 | &nbsp;&nbsp;01/23/59 | 711054 |
| 500000 | Coca-Cola Company |  | 3.4500 | &nbsp;&nbsp;03/25/30 | 482667 |
| 800000 | Coca-Cola Company |  | 1.6500 | &nbsp;&nbsp;06/01/30 | 708428 |
| 600000 | Coca-Cola Company |  | 2.2500 | &nbsp;&nbsp;01/05/32 | 529170 |
| 800000 | Coca-Cola Company |  | 2.5000 | &nbsp;&nbsp;06/01/40 | 579125 |
| 1000000 | Coca-Cola Company |  | 2.6000 | &nbsp;&nbsp;06/01/50 | 617132 |
| 800000 | Coca-Cola Company |  | 3.0000 | &nbsp;&nbsp;03/05/51 | 532541 |
| 500000 | Coca-Cola Company |  | 5.3000 | &nbsp;&nbsp;05/13/54 | 484827 |
| 500000 | Coca-Cola Company |  | 5.2000 | &nbsp;&nbsp;01/14/55 | 476943 |
| 500000 | Coca-Cola Company |  | 5.4000 | &nbsp;&nbsp;05/13/64 | 483858 |
| 600000 | Constellation Brands, Inc. |  | 3.1500 | &nbsp;&nbsp;08/01/29 | 569498 |
| 700000 | Constellation Brands, Inc. |  | 2.2500 | &nbsp;&nbsp;08/01/31 | 606816 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **BEVERAGES — 1.6% (Continued)** |  |  |  |  |
| 500000 | Diageo Capital plc |  | 5.5000 | &nbsp;&nbsp;01/24/33 | $521547 |
| 500000 | Diageo Capital plc |  | 5.6250 | &nbsp;&nbsp;10/05/33 | 525089 |
| 800000 | Keurig Dr Pepper, Inc. |  | 3.2000 | &nbsp;&nbsp;05/01/30 | 750965 |
| 800000 | Keurig Dr Pepper, Inc. |  | 4.5000 | &nbsp;&nbsp;04/15/52 | 657366 |
| 1000000 | Molson Coors Beverage Company |  | 4.2000 | &nbsp;&nbsp;07/15/46 | 794135 |
| 700000 | PepsiCo, Inc. |  | 2.7500 | &nbsp;&nbsp;03/19/30 | 653612 |
| 800000 | PepsiCo, Inc. |  | 1.6250 | &nbsp;&nbsp;05/01/30 | 708968 |
| 800000 | PepsiCo, Inc. |  | 3.9000 | &nbsp;&nbsp;07/18/32 | 771139 |
| 600000 | PepsiCo, Inc. |  | 5.0000 | &nbsp;&nbsp;02/07/35 | 606106 |
| 900000 | PepsiCo, Inc. |  | 2.6250 | &nbsp;&nbsp;10/21/41 | 635590 |
| 1100000 | PepsiCo, Inc. |  | 2.7500 | &nbsp;&nbsp;10/21/51 | 684217 |
|  |  |  |  |  | 18462711 |
|  | **BIOTECH & PHARMA — 6.4%** |  |  |  |  |
| 1700000 | AbbVie, Inc. |  | 3.2000 | &nbsp;&nbsp;11/21/29 | 1620307 |
| 500000 | AbbVie, Inc. |  | 4.8750 | &nbsp;&nbsp;03/15/30 | 510202 |
| 400000 | AbbVie, Inc. |  | 4.9500 | &nbsp;&nbsp;03/15/31 | 408702 |
| 800000 | AbbVie, Inc. |  | 5.0500 | &nbsp;&nbsp;03/15/34 | 810776 |
| 600000 | AbbVie, Inc. |  | 4.5500 | &nbsp;&nbsp;03/15/35 | 580206 |
| 600000 | AbbVie, Inc. |  | 5.2000 | &nbsp;&nbsp;03/15/35 | 610776 |
| 800000 | AbbVie, Inc. |  | 4.5000 | &nbsp;&nbsp;05/14/35 | 769010 |
| 1200000 | AbbVie, Inc. |  | 4.0500 | &nbsp;&nbsp;11/21/39 | 1047465 |
| 1000000 | AbbVie, Inc. |  | 4.4000 | &nbsp;&nbsp;11/06/42 | 877145 |
| 600000 | AbbVie, Inc. |  | 4.8500 | &nbsp;&nbsp;06/15/44 | 550030 |
| 1100000 | AbbVie, Inc. |  | 4.7000 | &nbsp;&nbsp;05/14/45 | 983289 |
| 900000 | AbbVie, Inc. |  | 4.4500 | &nbsp;&nbsp;05/14/46 | 770954 |
| 700000 | AbbVie, Inc. |  | 4.8750 | &nbsp;&nbsp;11/14/48 | 631629 |
| 1100000 | AbbVie, Inc. |  | 5.4000 | &nbsp;&nbsp;03/15/54 | 1062023 |
| 600000 | AbbVie, Inc. |  | 5.5000 | &nbsp;&nbsp;03/15/64 | 578831 |
| 1000000 | Amgen, Inc. |  | 1.6500 | &nbsp;&nbsp;08/15/28 | 922919 |
| 700000 | Amgen, Inc. |  | 2.4500 | &nbsp;&nbsp;02/21/30 | 639862 |
| 1000000 | Amgen, Inc. |  | 5.2500 | &nbsp;&nbsp;03/02/30 | 1027591 |
| 1500000 | Amgen, Inc. |  | 5.2500 | &nbsp;&nbsp;03/02/33 | 1530514 |
| 1000000 | Amgen, Inc. |  | 2.8000 | &nbsp;&nbsp;08/15/41 | 719995 |
| 1300000 | Amgen, Inc. |  | 5.6000 | &nbsp;&nbsp;03/02/43 | 1285660 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **BIOTECH & PHARMA — 6.4% (Continued)** |  |  |  |  |
| 800000 | Amgen, Inc. |  | 4.5630 | &nbsp;&nbsp;06/15/48 | $675278 |
| 1000000 | Amgen, Inc. |  | 3.3750 | &nbsp;&nbsp;02/21/50 | 697259 |
| 1400000 | Amgen, Inc. |  | 5.6500 | &nbsp;&nbsp;03/02/53 | 1357142 |
| 700000 | Amgen, Inc. |  | 4.4000 | &nbsp;&nbsp;02/22/62 | 539614 |
| 900000 | Amgen, Inc. |  | 5.7500 | &nbsp;&nbsp;03/02/63 | 864753 |
| 800000 | Astrazeneca Finance, LLC |  | 4.8500 | &nbsp;&nbsp;02/26/29 | 814741 |
| 700000 | Astrazeneca Finance, LLC |  | 5.0000 | &nbsp;&nbsp;02/26/34 | 709757 |
| 900000 | AstraZeneca plc |  | 1.3750 | &nbsp;&nbsp;08/06/30 | 779701 |
| 900000 | AstraZeneca plc |  | 6.4500 | &nbsp;&nbsp;09/15/37 | 1005364 |
| 1000000 | AstraZeneca plc |  | 4.3750 | &nbsp;&nbsp;11/16/45 | 873038 |
| 1100000 | Biogen, Inc. |  | 3.1500 | &nbsp;&nbsp;05/01/50 | 688090 |
| 700000 | Bristol-Myers Squibb Company |  | 4.9000 | &nbsp;&nbsp;02/22/29 | 713506 |
| 600000 | Bristol-Myers Squibb Company |  | 5.7500 | &nbsp;&nbsp;02/01/31 | 636697 |
| 600000 | Bristol-Myers Squibb Company |  | 5.1000 | &nbsp;&nbsp;02/22/31 | 617507 |
| 700000 | Bristol-Myers Squibb Company |  | 2.9500 | &nbsp;&nbsp;03/15/32 | 633348 |
| 700000 | Bristol-Myers Squibb Company |  | 5.2000 | &nbsp;&nbsp;02/22/34 | 715364 |
| 800000 | Bristol-Myers Squibb Company |  | 4.1250 | &nbsp;&nbsp;06/15/39 | 706304 |
| 900000 | Bristol-Myers Squibb Company |  | 3.5500 | &nbsp;&nbsp;03/15/42 | 708483 |
| 900000 | Bristol-Myers Squibb Company |  | 6.2500 | &nbsp;&nbsp;11/15/53 | 958903 |
| 1400000 | Bristol-Myers Squibb Company |  | 5.5500 | &nbsp;&nbsp;02/22/54 | 1357365 |
| 600000 | Bristol-Myers Squibb Company |  | 3.9000 | &nbsp;&nbsp;03/15/62 | 426797 |
| 500000 | Bristol-Myers Squibb Company |  | 6.4000 | &nbsp;&nbsp;11/15/63 | 536423 |
| 600000 | Bristol-Myers Squibb Company |  | 5.6500 | &nbsp;&nbsp;02/22/64 | 580537 |
| 800000 | Eli Lilly & Company |  | 4.5000 | &nbsp;&nbsp;02/09/29 | 808209 |
| 700000 | Eli Lilly & Company |  | 4.7500 | &nbsp;&nbsp;02/12/30 | 713339 |
| 800000 | Eli Lilly & Company |  | 4.7000 | &nbsp;&nbsp;02/09/34 | 797324 |
| 800000 | Eli Lilly & Company |  | 5.1000 | &nbsp;&nbsp;02/12/35 | 814222 |
| 700000 | Eli Lilly & Company |  | 4.8750 | &nbsp;&nbsp;02/27/53 | 635161 |
| 500000 | Eli Lilly & Company |  | 5.0000 | &nbsp;&nbsp;02/09/54 | 462868 |
| 500000 | Eli Lilly & Company |  | 5.0500 | &nbsp;&nbsp;08/14/54 | 466877 |
| 500000 | Eli Lilly & Company |  | 5.5000 | &nbsp;&nbsp;02/12/55 | 498699 |
| 800000 | Eli Lilly & Company |  | 5.1000 | &nbsp;&nbsp;02/09/64 | 736882 |
| 600000 | Eli Lilly & Company |  | 5.6000 | &nbsp;&nbsp;02/12/65 | 601852 |
| 500000 | Gilead Sciences, Inc. |  | 5.1000 | &nbsp;&nbsp;06/15/35 | 503843 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **BIOTECH & PHARMA — 6.4% (Continued)** |  |  |  |  |
| 500000 | Gilead Sciences, Inc. |  | 4.6000 | &nbsp;&nbsp;09/01/35 | $483799 |
| 500000 | Gilead Sciences, Inc. |  | 5.6500 | &nbsp;&nbsp;12/01/41 | 505672 |
| 800000 | Gilead Sciences, Inc. |  | 4.8000 | &nbsp;&nbsp;04/01/44 | 726889 |
| 800000 | Gilead Sciences, Inc. |  | 4.5000 | &nbsp;&nbsp;02/01/45 | 694375 |
| 800000 | Gilead Sciences, Inc. |  | 4.7500 | &nbsp;&nbsp;03/01/46 | 713930 |
| 800000 | Gilead Sciences, Inc. |  | 4.1500 | &nbsp;&nbsp;03/01/47 | 653058 |
| 900000 | Gilead Sciences, Inc. |  | 2.8000 | &nbsp;&nbsp;10/01/50 | 563390 |
| 400000 | Gilead Sciences, Inc. |  | 5.5500 | &nbsp;&nbsp;10/15/53 | 393473 |
| 400000 | Gilead Sciences, Inc. |  | 5.5000 | &nbsp;&nbsp;11/15/54 | 391491 |
| 500000 | GlaxoSmithKline Capital, Inc. |  | 4.8750 | &nbsp;&nbsp;04/15/35 | 496409 |
| 800000 | GlaxoSmithKline Capital, Inc. |  | 6.3750 | &nbsp;&nbsp;05/15/38 | 883861 |
| 500000 | Johnson & Johnson |  | 4.7000 | &nbsp;&nbsp;03/01/30 | 510070 |
| 900000 | Johnson & Johnson |  | 1.3000 | &nbsp;&nbsp;09/01/30 | 781648 |
| 500000 | Johnson & Johnson |  | 4.8500 | &nbsp;&nbsp;03/01/32 | 511849 |
| 1000000 | Johnson & Johnson |  | 5.0000 | &nbsp;&nbsp;03/01/35 | 1020880 |
| 1000000 | Johnson & Johnson |  | 3.6250 | &nbsp;&nbsp;03/03/37 | 886326 |
| 800000 | Johnson & Johnson |  | 3.7000 | &nbsp;&nbsp;03/01/46 | 637237 |
| 800000 | Johnson & Johnson |  | 3.7500 | &nbsp;&nbsp;03/03/47 | 637466 |
| 800000 | Merck & Company, Inc. |  | 2.1500 | &nbsp;&nbsp;12/10/31 | 694930 |
| 600000 | Merck & Company, Inc. |  | 4.5000 | &nbsp;&nbsp;05/17/33 | 595499 |
| 800000 | Merck & Company, Inc. |  | 4.1500 | &nbsp;&nbsp;05/18/43 | 676829 |
| 600000 | Merck & Company, Inc. |  | 4.9000 | &nbsp;&nbsp;05/17/44 | 556920 |
| 1100000 | Merck & Company, Inc. |  | 3.7000 | &nbsp;&nbsp;02/10/45 | 858993 |
| 1600000 | Merck & Company, Inc. |  | 2.7500 | &nbsp;&nbsp;12/10/51 | 974627 |
| 800000 | Novartis Capital Corporation |  | 4.4000 | &nbsp;&nbsp;05/06/44 | 707433 |
| 800000 | Novartis Capital Corporation |  | 4.0000 | &nbsp;&nbsp;11/20/45 | 659602 |
| 1000000 | Novartis Capital Corporation |  | 2.7500 | &nbsp;&nbsp;08/14/50 | 629741 |
| 600000 | Pfizer Investment Enterprises Pte Ltd. |  | 4.6500 | &nbsp;&nbsp;05/19/30 | 605091 |
| 1300000 | Pfizer Investment Enterprises Pte Ltd. |  | 4.7500 | &nbsp;&nbsp;05/19/33 | 1294331 |
| 1100000 | Pfizer Investment Enterprises Pte Ltd. |  | 5.1100 | &nbsp;&nbsp;05/19/43 | 1041633 |
| 1900000 | Pfizer Investment Enterprises Pte Ltd. |  | 5.3000 | &nbsp;&nbsp;05/19/53 | 1778139 |
| 1300000 | Pfizer Investment Enterprises Pte Ltd. |  | 5.3400 | &nbsp;&nbsp;05/19/63 | 1193483 |
| 600000 | Pfizer, Inc. |  | 2.6250 | &nbsp;&nbsp;04/01/30 | 556258 |
| 600000 | Pfizer, Inc. |  | 1.7000 | &nbsp;&nbsp;05/28/30 | 529578 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **BIOTECH & PHARMA — 6.4% (Continued)** |  |  |  |  |
| 900000 | Pfizer, Inc. |  | 7.2000 | &nbsp;&nbsp;03/15/39 | $1060728 |
| 600000 | Pfizer, Inc. |  | 4.3000 | &nbsp;&nbsp;06/15/43 | 514596 |
| 700000 | Pfizer, Inc. |  | 4.4000 | &nbsp;&nbsp;05/15/44 | 609026 |
| 800000 | Pfizer, Inc. |  | 4.1250 | &nbsp;&nbsp;12/15/46 | 650680 |
| 700000 | Regeneron Pharmaceuticals, Inc. |  | 1.7500 | &nbsp;&nbsp;09/15/30 | 607993 |
| 900000 | Royalty Pharma plc |  | 3.3000 | &nbsp;&nbsp;09/02/40 | 675539 |
| 1000000 | Takeda Pharmaceutical Company Ltd. |  | 5.0000 | &nbsp;&nbsp;11/26/28 | 1014286 |
| 700000 | Takeda Pharmaceutical Company Ltd. |  | 5.6500 | &nbsp;&nbsp;07/05/44 | 693821 |
| 500000 | Takeda Pharmaceutical Company Ltd. |  | 3.1750 | &nbsp;&nbsp;07/09/50 | 326801 |
| 900000 | Viatris, Inc. |  | 4.0000 | &nbsp;&nbsp;06/22/50 | 592598 |
| 900000 | Wyeth, LLC |  | 5.9500 | &nbsp;&nbsp;04/01/37 | 956158 |
| 600000 | Zoetis, Inc. |  | 4.7000 | &nbsp;&nbsp;02/01/43 | 545649 |
|  |  |  |  |  | 75665918 |
|  | **CABLE & SATELLITE — 2.2%** |  |  |  |  |
| 1000000 | Charter Communications Operating, LLC / Charter |  | 6.1000 | &nbsp;&nbsp;06/01/29 | 1042241 |
| 600000 | Charter Communications Operating, LLC / Charter |  | 6.6500 | &nbsp;&nbsp;02/01/34 | 636367 |
| 600000 | Charter Communications Operating, LLC / Charter |  | 6.5500 | &nbsp;&nbsp;06/01/34 | 632707 |
| 900000 | Charter Communications Operating, LLC / Charter |  | 6.3840 | &nbsp;&nbsp;10/23/35 | 930722 |
| 1400000 | Charter Communications Operating, LLC / Charter |  | 6.4840 | &nbsp;&nbsp;10/23/45 | 1366644 |
| 1200000 | Charter Communications Operating, LLC / Charter |  | 5.3750 | &nbsp;&nbsp;05/01/47 | 1018594 |
| 1100000 | Charter Communications Operating, LLC / Charter |  | 5.7500 | &nbsp;&nbsp;04/01/48 | 974614 |
| 1400000 | Charter Communications Operating, LLC / Charter |  | 4.8000 | &nbsp;&nbsp;03/01/50 | 1086613 |
| 1200000 | Charter Communications Operating, LLC / Charter |  | 3.7000 | &nbsp;&nbsp;04/01/51 | 776423 |
| 1300000 | Charter Communications Operating, LLC / Charter |  | 3.9000 | &nbsp;&nbsp;06/01/52 | 861779 |
| 600000 | Charter Communications Operating, LLC / Charter |  | 4.4000 | &nbsp;&nbsp;12/01/61 | 408313 |
| 1200000 | Comcast Corporation |  | 4.1500 | &nbsp;&nbsp;10/15/28 | 1192443 |
| 900000 | Comcast Corporation |  | 3.4000 | &nbsp;&nbsp;04/01/30 | 860375 |
| 500000 | Comcast Corporation |  | 4.2500 | &nbsp;&nbsp;10/15/30 | 494961 |
| 700000 | Comcast Corporation |  | 1.9500 | &nbsp;&nbsp;01/15/31 | 611196 |
| 500000 | Comcast Corporation |  | 1.5000 | &nbsp;&nbsp;02/15/31 | 425209 |
| 100000 | Comcast Corporation |  | 5.5000 | &nbsp;&nbsp;11/15/32 | 104377 |
| 500000 | Comcast Corporation |  | 4.2500 | &nbsp;&nbsp;01/15/33 | 481475 |
| 500000 | Comcast Corporation |  | 4.6500 | &nbsp;&nbsp;02/15/33 | 494879 |
| 600000 | Comcast Corporation |  | 4.8000 | &nbsp;&nbsp;05/15/33 | 595980 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **CABLE & SATELLITE — 2.2% (Continued)** |  |  |  |  |
| 600000 | Comcast Corporation |  | 4.2000 | &nbsp;&nbsp;08/15/34 | $564089 |
| 700000 | Comcast Corporation |  | 3.2000 | &nbsp;&nbsp;07/15/36 | 583914 |
| 1000000 | Comcast Corporation |  | 3.9000 | &nbsp;&nbsp;03/01/38 | 862302 |
| 600000 | Comcast Corporation |  | 3.2500 | &nbsp;&nbsp;11/01/39 | 467406 |
| 900000 | Comcast Corporation |  | 3.7500 | &nbsp;&nbsp;04/01/40 | 740648 |
| 1100000 | Comcast Corporation |  | 3.4000 | &nbsp;&nbsp;07/15/46 | 778578 |
| 1000000 | Comcast Corporation |  | 4.0000 | &nbsp;&nbsp;08/15/47 | 769277 |
| 1100000 | Comcast Corporation |  | 3.9690 | &nbsp;&nbsp;11/01/47 | 841463 |
| 1100000 | Comcast Corporation |  | 3.9990 | &nbsp;&nbsp;11/01/49 | 831273 |
| 1200000 | Comcast Corporation |  | 3.4500 | &nbsp;&nbsp;02/01/50 | 820436 |
| 3000000 | Comcast Corporation |  | 2.8870 | &nbsp;&nbsp;11/01/51 | 1806834 |
| 600000 | Comcast Corporation |  | 5.3500 | &nbsp;&nbsp;05/15/53 | 551801 |
| 600000 | Time Warner Cable, LLC |  | 7.3000 | &nbsp;&nbsp;07/01/38 | 647135 |
| 600000 | Time Warner Cable, LLC |  | 6.7500 | &nbsp;&nbsp;06/15/39 | 615351 |
| 700000 | Time Warner Cable, LLC |  | 5.5000 | &nbsp;&nbsp;09/01/41 | 629651 |
|  |  |  |  |  | 26506070 |
|  | **CHEMICALS — 0.8%** |  |  |  |  |
| 800000 | Air Products and Chemicals, Inc. |  | 4.6000 | &nbsp;&nbsp;02/08/29 | 809328 |
| 1300000 | Air Products and Chemicals, Inc. |  | 2.0500 | &nbsp;&nbsp;05/15/30 | 1169069 |
| 1000000 | Dow Chemical Company |  | 4.3750 | &nbsp;&nbsp;11/15/42 | 796198 |
| 800000 | Dow Chemical Company |  | 3.6000 | &nbsp;&nbsp;11/15/50 | 529148 |
| 500000 | Dow Chemical Company |  | 6.9000 | &nbsp;&nbsp;05/15/53 | 523922 |
| 800000 | DuPont de Nemours, Inc. |  | 4.7250 | &nbsp;&nbsp;11/15/28 | 809600 |
| 900000 | DuPont de Nemours, Inc. |  | 5.4190 | &nbsp;&nbsp;11/15/48 | 901170 |
| 1200000 | Eastman Chemical Company |  | 5.0000 | &nbsp;&nbsp;08/01/29 | 1213846 |
| 700000 | LYB International Finance III, LLC |  | 5.5000 | &nbsp;&nbsp;03/01/34 | 693357 |
| 1000000 | LYB International Finance III, LLC |  | 4.2000 | &nbsp;&nbsp;05/01/50 | 729415 |
| 700000 | Nutrien Ltd. |  | 5.8000 | &nbsp;&nbsp;03/27/53 | 692952 |
| 800000 | Sherwin-Williams Company |  | 4.5000 | &nbsp;&nbsp;06/01/47 | 669477 |
|  |  |  |  |  | 9537482 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.4%** |  |  |  |  |
| 1300000 | Republic Services, Inc. |  | 3.9500 | &nbsp;&nbsp;05/15/28 | 1290258 |
| 800000 | Waste Connections, Inc. |  | 5.0000 | &nbsp;&nbsp;03/01/34 | 807406 |
| 600000 | Waste Management, Inc. |  | 4.6250 | &nbsp;&nbsp;02/15/30 | 605756 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **COMMERCIAL SUPPORT SERVICES — 0.4% (Continued)** |  |  |  |  |
| 800000 | Waste Management, Inc. |  | 4.8000 | &nbsp;&nbsp;03/15/32 | $809694 |
| 900000 | Waste Management, Inc. |  | 4.9500 | &nbsp;&nbsp;03/15/35 | 899642 |
| 100000 | Waste Management, Inc. |  | 5.3500 | &nbsp;&nbsp;10/15/54 | 96825 |
|  |  |  |  |  | 4509581 |
|  | **CONSTRUCTION MATERIALS — 0.2%** |  |  |  |  |
| 800000 | CRH America Finance, Inc. |  | 5.5000 | &nbsp;&nbsp;01/09/35 | 818300 |
| 700000 | CRH SMW Finance DAC |  | 5.1250 | &nbsp;&nbsp;01/09/30 | 714564 |
| 1000000 | Martin Marietta Materials, Inc. |  | 5.1500 | &nbsp;&nbsp;12/01/34 | 1003740 |
|  |  |  |  |  | 2536604 |
|  | **CONTAINERS & PACKAGING — 0.1%** |  |  |  |  |
| 600000 | Amcor Flexibles North America, Inc.<sup>(a)</sup> |  | 5.5000 | &nbsp;&nbsp;03/17/35 | 611000 |
| 700000 | Berry Global, Inc. Series 21-25A CR |  | 5.8000 | &nbsp;&nbsp;06/15/31 | 734312 |
|  |  |  |  |  | 1345312 |
|  | **DIVERSIFIED INDUSTRIALS — 0.6%** |  |  |  |  |
| 1600000 | 3M Company |  | 2.3750 | &nbsp;&nbsp;08/26/29 | 1481189 |
| 1000000 | Emerson Electric Company |  | 2.2000 | &nbsp;&nbsp;12/21/31 | 874297 |
| 1000000 | Honeywell International, Inc. |  | 1.9500 | &nbsp;&nbsp;06/01/30 | 892497 |
| 700000 | Honeywell International, Inc. |  | 1.7500 | &nbsp;&nbsp;09/01/31 | 595986 |
| 600000 | Honeywell International, Inc. |  | 5.0000 | &nbsp;&nbsp;02/15/33 | 608367 |
| 700000 | Honeywell International, Inc. |  | 4.5000 | &nbsp;&nbsp;01/15/34 | 682240 |
| 800000 | Honeywell International, Inc. |  | 5.2500 | &nbsp;&nbsp;03/01/54 | 754258 |
| 1200000 | Parker-Hannifin Corporation |  | 4.5000 | &nbsp;&nbsp;09/15/29 | 1204817 |
|  |  |  |  |  | 7093651 |
|  | **E-COMMERCE DISCRETIONARY — 0.8%** |  |  |  |  |
| 700000 | Amazon.com, Inc. |  | 4.6500 | &nbsp;&nbsp;12/01/29 | 712804 |
| 900000 | Amazon.com, Inc. |  | 1.5000 | &nbsp;&nbsp;06/03/30 | 794074 |
| 700000 | Amazon.com, Inc. |  | 2.1000 | &nbsp;&nbsp;05/12/31 | 619765 |
| 800000 | Amazon.com, Inc. |  | 3.6000 | &nbsp;&nbsp;04/13/32 | 763739 |
| 600000 | Amazon.com, Inc. |  | 4.7000 | &nbsp;&nbsp;12/01/32 | 609446 |
| 1000000 | Amazon.com, Inc. |  | 3.8750 | &nbsp;&nbsp;08/22/37 | 899576 |
| 800000 | Amazon.com, Inc. |  | 2.8750 | &nbsp;&nbsp;05/12/41 | 595969 |
| 100000 | Amazon.com, Inc. |  | 4.9500 | &nbsp;&nbsp;12/05/44 | 96579 |
| 1200000 | Amazon.com, Inc. |  | 4.0500 | &nbsp;&nbsp;08/22/47 | 989032 |
| 1400000 | Amazon.com, Inc. |  | 3.1000 | &nbsp;&nbsp;05/12/51 | 942029 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **E-COMMERCE DISCRETIONARY — 0.8% (Continued)** |  |  |  |  |
| 900000 | Amazon.com, Inc. |  | 3.9500 | &nbsp;&nbsp;04/13/52 | $707780 |
| 900000 | Amazon.com, Inc. |  | 4.2500 | &nbsp;&nbsp;08/22/57 | 736695 |
| 700000 | Amazon.com, Inc. |  | 4.1000 | &nbsp;&nbsp;04/13/62 | 546856 |
| 700000 | eBay, Inc. |  | 4.0000 | &nbsp;&nbsp;07/15/42 | 566912 |
|  |  |  |  |  | 9581256 |
|  | **ELECTRIC UTILITIES — 3.6%** |  |  |  |  |
| 700000 | AES Corporation |  | 5.8000 | &nbsp;&nbsp;03/15/32 | 710702 |
| 600000 | American Electric Power Company, Inc. |  | 5.6250 | &nbsp;&nbsp;03/01/33 | 622663 |
| 700000 | Berkshire Hathaway Energy Company |  | 5.1500 | &nbsp;&nbsp;11/15/43 | 662459 |
| 900000 | Berkshire Hathaway Energy Company |  | 4.6000 | &nbsp;&nbsp;05/01/53 | 756599 |
| 700000 | Consolidated Edison Company of New York, Inc. |  | 5.9000 | &nbsp;&nbsp;11/15/53 | 714462 |
| 800000 | Consolidated Edison Company of New York, Inc. |  | 5.7000 | &nbsp;&nbsp;05/15/54 | 796220 |
| 600000 | Constellation Energy Generation, LLC |  | 6.5000 | &nbsp;&nbsp;10/01/53 | 649933 |
| 600000 | Constellation Energy Generation, LLC |  | 5.7500 | &nbsp;&nbsp;03/15/54 | 589978 |
| 700000 | Dominion Energy, Inc. |  | 5.0000 | &nbsp;&nbsp;06/15/30 | 712198 |
| 900000 | Dominion Energy, Inc. |  | 2.2500 | &nbsp;&nbsp;08/15/31 | 782625 |
| 900000 | DTE Energy Company Series C |  | 4.8750 | &nbsp;&nbsp;06/01/28 | 909264 |
| 800000 | Duke Energy Carolinas, LLC |  | 4.9500 | &nbsp;&nbsp;01/15/33 | 811844 |
| 500000 | Duke Energy Carolinas, LLC |  | 5.3500 | &nbsp;&nbsp;01/15/53 | 477289 |
| 500000 | Duke Energy Carolinas, LLC |  | 5.4000 | &nbsp;&nbsp;01/15/54 | 482615 |
| 900000 | Duke Energy Corporation |  | 2.4500 | &nbsp;&nbsp;06/01/30 | 815824 |
| 700000 | Duke Energy Corporation |  | 5.4500 | &nbsp;&nbsp;06/15/34 | 717972 |
| 1000000 | Duke Energy Corporation |  | 3.7500 | &nbsp;&nbsp;09/01/46 | 741248 |
| 500000 | Entergy Louisiana, LLC |  | 5.8000 | &nbsp;&nbsp;03/15/55 | 499572 |
| 900000 | Exelon Corporation |  | 4.0500 | &nbsp;&nbsp;04/15/30 | 883389 |
| 900000 | Exelon Corporation |  | 4.7000 | &nbsp;&nbsp;04/15/50 | 756179 |
| 600000 | Florida Power & Light Company |  | 2.4500 | &nbsp;&nbsp;02/03/32 | 529316 |
| 700000 | Florida Power & Light Company |  | 4.8000 | &nbsp;&nbsp;05/15/33 | 699948 |
| 600000 | Florida Power & Light Company |  | 5.3000 | &nbsp;&nbsp;06/15/34 | 616463 |
| 800000 | Florida Power & Light Company |  | 2.8750 | &nbsp;&nbsp;12/04/51 | 503296 |
| 600000 | Florida Power & Light Company |  | 5.3000 | &nbsp;&nbsp;04/01/53 | 575302 |
| 1100000 | Georgia Power Company |  | 4.9500 | &nbsp;&nbsp;05/17/33 | 1105851 |
| 700000 | MidAmerican Energy Company |  | 5.8500 | &nbsp;&nbsp;09/15/54 | 716061 |
| 600000 | National Grid plc |  | 5.4180 | &nbsp;&nbsp;01/11/34 | 611456 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **ELECTRIC UTILITIES — 3.6% (Continued)** |  |  |  |  |
| 600000 | NextEra Energy Capital Holdings, Inc. |  | 5.3000 | &nbsp;&nbsp;03/15/32 | $616327 |
| 700000 | NextEra Energy Capital Holdings, Inc. |  | 5.0500 | &nbsp;&nbsp;02/28/33 | 703280 |
| 500000 | NextEra Energy Capital Holdings, Inc. |  | 5.2500 | &nbsp;&nbsp;03/15/34 | 504733 |
| 600000 | NextEra Energy Capital Holdings, Inc. |  | 5.4500 | &nbsp;&nbsp;03/15/35 | 610799 |
| 800000 | NextEra Energy Capital Holdings, Inc. |  | 5.2500 | &nbsp;&nbsp;02/28/53 | 736645 |
| 500000 | Northern States Power Company |  | 5.1000 | &nbsp;&nbsp;05/15/53 | 464478 |
| 600000 | Oncor Electric Delivery Company, LLC |  | 5.5500 | &nbsp;&nbsp;06/15/54 | 583914 |
| 700000 | Pacific Gas and Electric Company |  | 6.1000 | &nbsp;&nbsp;01/15/29 | 724194 |
| 1100000 | Pacific Gas and Electric Company |  | 4.5500 | &nbsp;&nbsp;07/01/30 | 1079075 |
| 600000 | Pacific Gas and Electric Company |  | 6.4000 | &nbsp;&nbsp;06/15/33 | 633297 |
| 500000 | Pacific Gas and Electric Company |  | 5.8000 | &nbsp;&nbsp;05/15/34 | 507776 |
| 600000 | Pacific Gas and Electric Company |  | 5.7000 | &nbsp;&nbsp;03/01/35 | 602571 |
| 800000 | Pacific Gas and Electric Company |  | 4.5000 | &nbsp;&nbsp;07/01/40 | 676379 |
| 1500000 | Pacific Gas and Electric Company |  | 4.9500 | &nbsp;&nbsp;07/01/50 | 1242254 |
| 900000 | Pacific Gas and Electric Company |  | 3.5000 | &nbsp;&nbsp;08/01/50 | 591461 |
| 700000 | Pacific Gas and Electric Company |  | 6.7500 | &nbsp;&nbsp;01/15/53 | 727856 |
| 700000 | PacifiCorporation |  | 5.4500 | &nbsp;&nbsp;02/15/34 | 706164 |
| 600000 | PacifiCorporation |  | 5.5000 | &nbsp;&nbsp;05/15/54 | 549753 |
| 800000 | PacifiCorporation |  | 5.8000 | &nbsp;&nbsp;01/15/55 | 762294 |
| 500000 | PPL Capital Funding, Inc. |  | 5.2500 | &nbsp;&nbsp;09/01/34 | 504657 |
| 700000 | Public Service Company of Colorado |  | 5.3500 | &nbsp;&nbsp;05/15/34 | 710581 |
| 500000 | Public Service Company of Colorado |  | 5.7500 | &nbsp;&nbsp;05/15/54 | 494321 |
| 800000 | Public Service Enterprise Group, Inc. |  | 2.4500 | &nbsp;&nbsp;11/15/31 | 700677 |
| 700000 | San Diego Gas & Electric Company |  | 5.3500 | &nbsp;&nbsp;04/01/53 | 652459 |
| 700000 | Southern California Edison Company |  | 5.4500 | &nbsp;&nbsp;06/01/31 | 712973 |
| 800000 | Southern California Edison Company |  | 5.2000 | &nbsp;&nbsp;06/01/34 | 785658 |
| 1200000 | Southern California Edison Company |  | 4.0000 | &nbsp;&nbsp;04/01/47 | 874517 |
| 600000 | Southern Company |  | 5.2000 | &nbsp;&nbsp;06/15/33 | 610827 |
| 400000 | Southern Company |  | 4.4000 | &nbsp;&nbsp;07/01/46 | 332771 |
| 3000000 | Southern Company<sup>(b)</sup> | H15T5Y + 3.733% | 4.0000 | &nbsp;&nbsp;01/15/51 | 2988592 |
| 700000 | Xcel Energy, Inc. |  | 5.6000 | &nbsp;&nbsp;04/15/35 | 713702 |
|  |  |  |  |  | 42555713 |
|  | **ELECTRICAL EQUIPMENT — 0.4%** |  |  |  |  |
| 1000000 | Amphenol Corporation |  | 2.8000 | &nbsp;&nbsp;02/15/30 | 935543 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **ELECTRICAL EQUIPMENT — 0.4% (Continued)** |  |  |  |  |
| 1300000 | Carrier Global Corporation |  | 2.7220 | &nbsp;&nbsp;02/15/30 | $1206984 |
| 1100000 | Carrier Global Corporation |  | 2.7000 | &nbsp;&nbsp;02/15/31 | 998580 |
| 1400000 | Otis Worldwide Corporation |  | 5.2500 | &nbsp;&nbsp;08/16/28 | 1431623 |
|  |  |  |  |  | 4572730 |
|  | **ENTERTAINMENT CONTENT — 0.7%** |  |  |  |  |
| 600000 | Fox Corporation |  | 5.4760 | &nbsp;&nbsp;01/25/39 | 584538 |
| 700000 | Fox Corporation |  | 5.5760 | &nbsp;&nbsp;01/25/49 | 655868 |
| 800000 | Paramount Global |  | 4.2000 | &nbsp;&nbsp;05/19/32 | 734158 |
| 900000 | Paramount Global |  | 4.3750 | &nbsp;&nbsp;03/15/43 | 681887 |
| 600000 | Walt Disney Company |  | 2.0000 | &nbsp;&nbsp;09/01/29 | 549261 |
| 600000 | Walt Disney Company |  | 3.8000 | &nbsp;&nbsp;03/22/30 | 587231 |
| 600000 | Walt Disney Company |  | 2.6500 | &nbsp;&nbsp;01/13/31 | 550101 |
| 500000 | Walt Disney Company |  | 6.6500 | &nbsp;&nbsp;11/15/37 | 568422 |
| 1000000 | Walt Disney Company |  | 3.5000 | &nbsp;&nbsp;05/13/40 | 818199 |
| 1100000 | Walt Disney Company |  | 2.7500 | &nbsp;&nbsp;09/01/49 | 688702 |
| 1000000 | Walt Disney Company |  | 3.6000 | &nbsp;&nbsp;01/13/51 | 735188 |
| 1162000 | Warnermedia Holdings, Inc. |  | 4.2790 | &nbsp;&nbsp;03/15/32 | 979712 |
|  |  |  |  |  | 8133267 |
|  | **FOOD — 0.8%** |  |  |  |  |
| 800000 | Campbell Soup Company |  | 5.4000 | &nbsp;&nbsp;03/21/34 | 808522 |
| 900000 | Conagra Brands, Inc. |  | 4.8500 | &nbsp;&nbsp;11/01/28 | 903626 |
| 700000 | Conagra Brands, Inc. |  | 5.3000 | &nbsp;&nbsp;11/01/38 | 659337 |
| 600000 | Hormel Foods Corporation |  | 1.8000 | &nbsp;&nbsp;06/11/30 | 531504 |
| 800000 | J M Smucker Company |  | 6.5000 | &nbsp;&nbsp;11/15/53 | 857689 |
| 1000000 | JBS USA LUX S.A. / JBS USA Food Company / JBS USA |  | 3.0000 | &nbsp;&nbsp;05/15/32 | 874003 |
| 900000 | JBS USA LUX S.A. / JBS USA Food Company / JBS USA |  | 6.5000 | &nbsp;&nbsp;12/01/52 | 922200 |
| 900000 | JBS USA LUX Sarl / JBS USA Food Company / JBS USA<sup>(a)</sup> |  | 5.9500 | &nbsp;&nbsp;04/20/35 | 930186 |
| 2300000 | Kraft Heinz Foods Company |  | 4.3750 | &nbsp;&nbsp;06/01/46 | 1829179 |
| 900000 | Mondelez International, Inc. |  | 3.0000 | &nbsp;&nbsp;03/17/32 | 810909 |
| 1000000 | Tyson Foods, Inc. |  | 5.1000 | &nbsp;&nbsp;09/28/48 | 895256 |
|  |  |  |  |  | 10022411 |
|  | **GAS & WATER UTILITIES — 0.3%** |  |  |  |  |
| 900000 | American Water Capital Corporation |  | 4.4500 | &nbsp;&nbsp;06/01/32 | 885151 |
| 700000 | American Water Capital Corporation |  | 5.2500 | &nbsp;&nbsp;03/01/35 | 707908 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **GAS & WATER UTILITIES — 0.3% (Continued)** |  |  |  |  |
| 800000 | NiSource, Inc. |  | 3.6000 | &nbsp;&nbsp;05/01/30 | $766373 |
| 600000 | NiSource, Inc. |  | 1.7000 | &nbsp;&nbsp;02/15/31 | 511712 |
| 800000 | NiSource, Inc. |  | 4.3750 | &nbsp;&nbsp;05/15/47 | 658657 |
|  |  |  |  |  | 3529801 |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.4%** |  |  |  |  |
| 600000 | AmerisourceBergen Corporation |  | 2.7000 | &nbsp;&nbsp;03/15/31 | 541495 |
| 800000 | Anthem, Inc. |  | 4.6500 | &nbsp;&nbsp;08/15/44 | 689747 |
| 1000000 | Anthem, Inc. |  | 3.6000 | &nbsp;&nbsp;03/15/51 | 692508 |
| 500000 | Cardinal Health, Inc. |  | 5.3500 | &nbsp;&nbsp;11/15/34 | 506137 |
| 1000000 | Centene Corporation |  | 2.4500 | &nbsp;&nbsp;07/15/28 | 912377 |
| 900000 | Centene Corporation |  | 4.6250 | &nbsp;&nbsp;12/15/29 | 856379 |
| 600000 | Centene Corporation |  | 2.5000 | &nbsp;&nbsp;03/01/31 | 503853 |
| 500000 | Centene Corporation |  | 2.6250 | &nbsp;&nbsp;08/01/31 | 417838 |
| 700000 | Cigna Corporation |  | 4.8000 | &nbsp;&nbsp;07/15/46 | 605141 |
| 900000 | Cigna Group |  | 4.3750 | &nbsp;&nbsp;10/15/28 | 896759 |
| 800000 | Cigna Group |  | 2.3750 | &nbsp;&nbsp;03/15/31 | 709540 |
| 400000 | Cigna Group |  | 5.1250 | &nbsp;&nbsp;05/15/31 | 408790 |
| 600000 | Cigna Group |  | 5.2500 | &nbsp;&nbsp;02/15/34 | 606705 |
| 1100000 | Cigna Group |  | 4.9000 | &nbsp;&nbsp;12/15/48 | 953198 |
| 1000000 | Cigna Group |  | 3.4000 | &nbsp;&nbsp;03/15/51 | 666957 |
| 700000 | Cigna Group |  | 5.6000 | &nbsp;&nbsp;02/15/54 | 664774 |
| 700000 | CVS Health Corporation |  | 5.0000 | &nbsp;&nbsp;01/30/29 | 709505 |
| 800000 | CVS Health Corporation |  | 3.2500 | &nbsp;&nbsp;08/15/29 | 758248 |
| 600000 | CVS Health Corporation |  | 5.1250 | &nbsp;&nbsp;02/21/30 | 609968 |
| 600000 | CVS Health Corporation |  | 5.2500 | &nbsp;&nbsp;01/30/31 | 611810 |
| 700000 | CVS Health Corporation |  | 5.5500 | &nbsp;&nbsp;06/01/31 | 725087 |
| 700000 | CVS Health Corporation |  | 5.2500 | &nbsp;&nbsp;02/21/33 | 702390 |
| 600000 | CVS Health Corporation |  | 5.3000 | &nbsp;&nbsp;06/01/33 | 603546 |
| 1700000 | CVS Health Corporation |  | 4.7800 | &nbsp;&nbsp;03/25/38 | 1554853 |
| 800000 | CVS Health Corporation |  | 5.3000 | &nbsp;&nbsp;12/05/43 | 725507 |
| 1600000 | CVS Health Corporation |  | 5.1250 | &nbsp;&nbsp;07/20/45 | 1408387 |
| 800000 | CVS Health Corporation |  | 5.6250 | &nbsp;&nbsp;02/21/53 | 736630 |
| 1000000 | CVS Health Corporation |  | 5.8750 | &nbsp;&nbsp;06/01/53 | 950554 |
| 700000 | Elevance Health, Inc. |  | 4.9500 | &nbsp;&nbsp;11/01/31 | 704177 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.4% (Continued)** |  |  |  |  |
| 600000 | Elevance Health, Inc. |  | 5.3750 | &nbsp;&nbsp;06/15/34 | $608211 |
| 600000 | Elevance Health, Inc. |  | 5.2000 | &nbsp;&nbsp;02/15/35 | 600478 |
| 1000000 | Elevance Health, Inc. |  | 3.1250 | &nbsp;&nbsp;05/15/50 | 638289 |
| 500000 | Elevance Health, Inc. |  | 6.1000 | &nbsp;&nbsp;10/15/52 | 504379 |
| 900000 | Elevance Health, Inc. |  | 5.1250 | &nbsp;&nbsp;02/15/53 | 795124 |
| 600000 | HCA, Inc. |  | 5.2000 | &nbsp;&nbsp;06/01/28 | 610228 |
| 800000 | HCA, Inc. |  | 4.1250 | &nbsp;&nbsp;06/15/29 | 784624 |
| 700000 | HCA, Inc. |  | 3.5000 | &nbsp;&nbsp;09/01/30 | 660003 |
| 400000 | HCA, Inc. |  | 5.5000 | &nbsp;&nbsp;03/01/32 | 410779 |
| 500000 | HCA, Inc. |  | 3.6250 | &nbsp;&nbsp;03/15/32 | 460459 |
| 600000 | HCA, Inc. |  | 5.5000 | &nbsp;&nbsp;06/01/33 | 612999 |
| 500000 | HCA, Inc. |  | 5.4500 | &nbsp;&nbsp;09/15/34 | 502707 |
| 600000 | HCA, Inc. |  | 5.7500 | &nbsp;&nbsp;03/01/35 | 614897 |
| 600000 | HCA, Inc. |  | 5.5000 | &nbsp;&nbsp;06/15/47 | 555539 |
| 800000 | HCA, Inc. |  | 5.2500 | &nbsp;&nbsp;06/15/49 | 708437 |
| 700000 | HCA, Inc. |  | 3.5000 | &nbsp;&nbsp;07/15/51 | 461152 |
| 800000 | HCA, Inc. |  | 4.6250 | &nbsp;&nbsp;03/15/52 | 640647 |
| 400000 | HCA, Inc. |  | 5.9000 | &nbsp;&nbsp;06/01/53 | 384063 |
| 500000 | HCA, Inc. |  | 6.2000 | &nbsp;&nbsp;03/01/55 | 500487 |
| 1400000 | Humana, Inc. |  | 5.3750 | &nbsp;&nbsp;04/15/31 | 1428091 |
| 900000 | IQVIA, Inc. |  | 6.2500 | &nbsp;&nbsp;02/01/29 | 941106 |
| 800000 | Laboratory Corp of America Holdings |  | 4.8000 | &nbsp;&nbsp;10/01/34 | 778337 |
| 500000 | Quest Diagnostics, Inc. |  | 2.9500 | &nbsp;&nbsp;06/30/30 | 464664 |
| 500000 | Quest Diagnostics, Inc. |  | 6.4000 | &nbsp;&nbsp;11/30/33 | 547269 |
| 800000 | UnitedHealth Group, Inc. |  | 4.2500 | &nbsp;&nbsp;01/15/29 | 795186 |
| 800000 | UnitedHealth Group, Inc. |  | 4.8000 | &nbsp;&nbsp;01/15/30 | 808605 |
| 700000 | UnitedHealth Group, Inc. |  | 2.0000 | &nbsp;&nbsp;05/15/30 | 623333 |
| 700000 | UnitedHealth Group, Inc. |  | 4.9500 | &nbsp;&nbsp;01/15/32 | 705542 |
| 600000 | UnitedHealth Group, Inc. |  | 4.2000 | &nbsp;&nbsp;05/15/32 | 578629 |
| 700000 | UnitedHealth Group, Inc. |  | 5.3500 | &nbsp;&nbsp;02/15/33 | 717048 |
| 700000 | UnitedHealth Group, Inc. |  | 4.5000 | &nbsp;&nbsp;04/15/33 | 678347 |
| 600000 | UnitedHealth Group, Inc. |  | 6.8750 | &nbsp;&nbsp;02/15/38 | 672648 |
| 800000 | UnitedHealth Group, Inc. |  | 5.5000 | &nbsp;&nbsp;07/15/44 | 773008 |
| 900000 | UnitedHealth Group, Inc. |  | 4.7500 | &nbsp;&nbsp;07/15/45 | 785993 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.4% (Continued)** |  |  |  |  |
| 900000 | UnitedHealth Group, Inc. |  | 4.2500 | &nbsp;&nbsp;06/15/48 | $714968 |
| 900000 | UnitedHealth Group, Inc. |  | 2.9000 | &nbsp;&nbsp;05/15/50 | 553311 |
| 1000000 | UnitedHealth Group, Inc. |  | 3.2500 | &nbsp;&nbsp;05/15/51 | 654431 |
| 800000 | UnitedHealth Group, Inc. |  | 4.7500 | &nbsp;&nbsp;05/15/52 | 673849 |
| 800000 | UnitedHealth Group, Inc. |  | 5.8750 | &nbsp;&nbsp;02/15/53 | 790993 |
| 800000 | UnitedHealth Group, Inc. |  | 5.0500 | &nbsp;&nbsp;04/15/53 | 705065 |
| 700000 | UnitedHealth Group, Inc. |  | 5.3750 | &nbsp;&nbsp;04/15/54 | 645228 |
| 600000 | UnitedHealth Group, Inc. |  | 5.6250 | &nbsp;&nbsp;07/15/54 | 573943 |
| 700000 | UnitedHealth Group, Inc. |  | 3.8750 | &nbsp;&nbsp;08/15/59 | 487892 |
| 500000 | UnitedHealth Group, Inc. |  | 6.0500 | &nbsp;&nbsp;02/15/63 | 500234 |
| 700000 | UnitedHealth Group, Inc. |  | 5.2000 | &nbsp;&nbsp;04/15/63 | 611370 |
| 600000 | UnitedHealth Group, Inc. |  | 5.7500 | &nbsp;&nbsp;07/15/64 | 573042 |
| 700000 | Universal Health Services, Inc. |  | 2.6500 | &nbsp;&nbsp;10/15/30 | 619249 |
|  |  |  |  |  | 51887743 |
|  | **HOUSEHOLD PRODUCTS — 0.5%** |  |  |  |  |
| 500000 | Kenvue, Inc. |  | 5.0000 | &nbsp;&nbsp;03/22/30 | 512437 |
| 600000 | Kenvue, Inc. |  | 4.9000 | &nbsp;&nbsp;03/22/33 | 607290 |
| 800000 | Kenvue, Inc. |  | 5.0500 | &nbsp;&nbsp;03/22/53 | 734975 |
| 600000 | Kimberly-Clark Corporation B |  | 3.1000 | &nbsp;&nbsp;03/26/30 | 569266 |
| 600000 | Procter & Gamble Company |  | 3.0000 | &nbsp;&nbsp;03/25/30 | 569488 |
| 700000 | Procter & Gamble Company |  | 1.2000 | &nbsp;&nbsp;10/29/30 | 601990 |
| 400000 | Procter & Gamble Company |  | 4.0500 | &nbsp;&nbsp;01/26/33 | 393190 |
| 600000 | Unilever Capital Corporation |  | 5.9000 | &nbsp;&nbsp;11/15/32 | 651226 |
| 700000 | Unilever Capital Corporation |  | 5.0000 | &nbsp;&nbsp;12/08/33 | 716369 |
|  |  |  |  |  | 5356231 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 5.0%** |  |  |  |  |
| 900000 | Brookfield Finance, Inc. |  | 4.3500 | &nbsp;&nbsp;04/15/30 | 889630 |
| 1700000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | TSFR3M + 1.563% | 4.2230 | &nbsp;&nbsp;05/01/29 | 1687917 |
| 800000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.770% | 6.4840 | &nbsp;&nbsp;10/24/29 | 845778 |
| 1300000 | Goldman Sachs Group, Inc. |  | 3.8000 | &nbsp;&nbsp;03/15/30 | 1265013 |
| 600000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.265% | 5.7270 | &nbsp;&nbsp;04/25/30 | 623012 |
| 700000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.210% | 5.0490 | &nbsp;&nbsp;07/23/30 | 711256 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 5.0% (Continued)** |  |  |  |  |
| 600000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.078% | 5.2070 | &nbsp;&nbsp;01/28/31 | $613041 |
| 1200000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.580% | 5.2180 | &nbsp;&nbsp;04/23/31 | 1227124 |
| 1300000 | Goldman Sachs Group, Inc. <sup>(b)</sup> | SOFRRATE + 1.090% | 1.9920 | &nbsp;&nbsp;01/27/32 | 1127852 |
| 1400000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.281% | 2.6150 | &nbsp;&nbsp;04/22/32 | 1246826 |
| 900000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.264% | 2.6500 | &nbsp;&nbsp;10/21/32 | 793495 |
| 1200000 | Goldman Sachs Group, Inc. <sup>(b)</sup> | SOFRRATE + 1.410% | 3.1020 | &nbsp;&nbsp;02/24/33 | 1079417 |
| 1000000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.552% | 5.8510 | &nbsp;&nbsp;04/25/35 | 1048331 |
| 1100000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.550% | 5.3300 | &nbsp;&nbsp;07/23/35 | 1111439 |
| 1800000 | Goldman Sachs Group, Inc. <sup>(b)</sup> | SOFRRATE + 1.420% | 5.0160 | &nbsp;&nbsp;10/23/35 | 1776401 |
| 1500000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.380% | 5.5360 | &nbsp;&nbsp;01/28/36 | 1534547 |
| 900000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | TSFR3M + 1.635% | 4.0170 | &nbsp;&nbsp;10/31/38 | 787044 |
| 700000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | TSFR3M + 1.692% | 4.4110 | &nbsp;&nbsp;04/23/39 | 631496 |
| 900000 | Goldman Sachs Group, Inc. |  | 6.2500 | &nbsp;&nbsp;02/01/41 | 963059 |
| 900000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.513% | 3.2100 | &nbsp;&nbsp;04/22/42 | 673072 |
| 1000000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.632% | 3.4360 | &nbsp;&nbsp;02/24/43 | 762626 |
| 700000 | Goldman Sachs Group, Inc. |  | 5.1500 | &nbsp;&nbsp;05/22/45 | 632709 |
| 700000 | Goldman Sachs Group, Inc. |  | 4.7500 | &nbsp;&nbsp;10/21/45 | 621327 |
| 1000000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.580% | 5.5610 | &nbsp;&nbsp;11/19/45 | 989410 |
| 1000000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | SOFRRATE + 1.696% | 5.7340 | &nbsp;&nbsp;01/28/56 | 1005390 |
| 400000 | Intercontinental Exchange, Inc. |  | 5.2500 | &nbsp;&nbsp;06/15/31 | 415001 |
| 700000 | Intercontinental Exchange, Inc. |  | 1.8500 | &nbsp;&nbsp;09/15/32 | 580261 |
| 600000 | Intercontinental Exchange, Inc. |  | 4.6000 | &nbsp;&nbsp;03/15/33 | 596659 |
| 700000 | Intercontinental Exchange, Inc. |  | 4.2500 | &nbsp;&nbsp;09/21/48 | 579925 |
| 1200000 | Intercontinental Exchange, Inc. |  | 3.0000 | &nbsp;&nbsp;06/15/50 | 785480 |
| 600000 | Intercontinental Exchange, Inc. |  | 4.9500 | &nbsp;&nbsp;06/15/52 | 538669 |
| 1000000 | Jefferies Financial Group, Inc. |  | 6.2000 | &nbsp;&nbsp;04/14/34 | 1045351 |
| 700000 | LPL Holdings, Inc. |  | 6.7500 | &nbsp;&nbsp;11/17/28 | 743158 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 5.0% (Continued)** |  |  |  |  |
| 700000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.590% | 5.1640 | &nbsp;&nbsp;04/20/29 | $711296 |
| 500000 | Morgan Stanley Series I<sup>(b)</sup> | SOFRRATE + 1.630% | 5.4490 | &nbsp;&nbsp;07/20/29 | 513193 |
| 700000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.830% | 6.4070 | &nbsp;&nbsp;11/01/29 | 738751 |
| 400000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.450% | 5.1730 | &nbsp;&nbsp;01/16/30 | 408145 |
| 700000 | Morgan Stanley<sup>(b)</sup> | TSFR3M + 1.890% | 4.4310 | &nbsp;&nbsp;01/23/30 | 697839 |
| 500000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.260% | 5.6560 | &nbsp;&nbsp;04/18/30 | 518156 |
| 300000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.215% | 5.0420 | &nbsp;&nbsp;07/19/30 | 305241 |
| 400000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.100% | 4.6540 | &nbsp;&nbsp;10/18/30 | 400840 |
| 700000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.108% | 5.2300 | &nbsp;&nbsp;01/15/31 | 716977 |
| 1100000 | Morgan Stanley Series GMTN<sup>(b)</sup> | SOFRRATE + 1.143% | 2.6990 | &nbsp;&nbsp;01/22/31 | 1013811 |
| 1400000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 3.120% | 3.6220 | &nbsp;&nbsp;04/01/31 | 1341213 |
| 1100000 | Morgan Stanley Series I<sup>(b)</sup> | SOFRRATE + 1.510% | 5.1920 | &nbsp;&nbsp;04/17/31 | 1123880 |
| 1000000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.034% | 1.7940 | &nbsp;&nbsp;02/13/32 | 855523 |
| 800000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.020% | 1.9280 | &nbsp;&nbsp;04/28/32 | 685800 |
| 1100000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.178% | 2.2390 | &nbsp;&nbsp;07/21/32 | 953463 |
| 700000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.200% | 2.5110 | &nbsp;&nbsp;10/20/32 | 612852 |
| 800000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.290% | 2.9430 | &nbsp;&nbsp;01/21/33 | 715104 |
| 600000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 2.076% | 4.8890 | &nbsp;&nbsp;07/20/33 | 600783 |
| 1000000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 2.560% | 6.3420 | &nbsp;&nbsp;10/18/33 | 1084180 |
| 1000000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.870% | 5.2500 | &nbsp;&nbsp;04/21/34 | 1016543 |
| 800000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.880% | 5.4240 | &nbsp;&nbsp;07/21/34 | 819892 |
| 900000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 2.050% | 6.6270 | &nbsp;&nbsp;11/01/34 | 993278 |
| 700000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.730% | 5.4660 | &nbsp;&nbsp;01/18/35 | 717331 |
| 1000000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.580% | 5.8310 | &nbsp;&nbsp;04/19/35 | 1049030 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 5.0% (Continued)** |  |  |  |  |
| 1000000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.555% | 5.3200 | &nbsp;&nbsp;07/19/35 | $1012831 |
| 900000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.418% | 5.5870 | &nbsp;&nbsp;01/18/36 | 924058 |
| 600000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.757% | 5.6640 | &nbsp;&nbsp;04/17/36 | 619403 |
| 700000 | Morgan Stanley<sup>(b)</sup> | US0003M + 1.455% | 3.9710 | &nbsp;&nbsp;07/22/38 | 613313 |
| 800000 | Morgan Stanley |  | 6.3750 | &nbsp;&nbsp;07/24/42 | 878695 |
| 800000 | Morgan Stanley |  | 4.3750 | &nbsp;&nbsp;01/22/47 | 683234 |
| 700000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 4.840% | 5.5970 | &nbsp;&nbsp;03/24/51 | 692379 |
| 900000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.430% | 2.8020 | &nbsp;&nbsp;01/25/52 | 558467 |
| 900000 | Morgan Stanley<sup>(b)</sup> | SOFRRATE + 1.710% | 5.5160 | &nbsp;&nbsp;11/19/55 | 883557 |
| 700000 | Nasdaq, Inc. |  | 5.9500 | &nbsp;&nbsp;08/15/53 | 712813 |
| 300000 | Nomura Holdings, Inc. |  | 2.1720 | &nbsp;&nbsp;07/14/28 | 280144 |
| 1100000 | Nomura Holdings, Inc. |  | 2.6790 | &nbsp;&nbsp;07/16/30 | 994505 |
| 1000000 | Nomura Holdings, Inc. |  | 2.9990 | &nbsp;&nbsp;01/22/32 | 889824 |
| 700000 | Northern Trust Corporation |  | 1.9500 | &nbsp;&nbsp;05/01/30 | 628946 |
| 800000 | State Street Corporation |  | 4.8340 | &nbsp;&nbsp;04/24/30 | 812752 |
|  |  |  |  |  | 59709758 |
|  | **INSURANCE — 1.9%** |  |  |  |  |
| 1100000 | American International Group, Inc. |  | 5.1250 | &nbsp;&nbsp;03/27/33 | 1114146 |
| 1000000 | Aon Corporation |  | 3.7500 | &nbsp;&nbsp;05/02/29 | 976443 |
| 700000 | Aon North America, Inc. |  | 5.4500 | &nbsp;&nbsp;03/01/34 | 716592 |
| 800000 | Aon North America, Inc. |  | 5.7500 | &nbsp;&nbsp;03/01/54 | 780487 |
| 700000 | Arthur J Gallagher & Company |  | 5.1500 | &nbsp;&nbsp;02/15/35 | 696419 |
| 700000 | Arthur J Gallagher & Company |  | 5.5500 | &nbsp;&nbsp;02/15/55 | 661973 |
| 900000 | Berkshire Hathaway Finance Corporation |  | 4.2000 | &nbsp;&nbsp;08/15/48 | 747908 |
| 800000 | Berkshire Hathaway Finance Corporation |  | 4.2500 | &nbsp;&nbsp;01/15/49 | 667680 |
| 1000000 | Berkshire Hathaway Finance Corporation |  | 2.8500 | &nbsp;&nbsp;10/15/50 | 636857 |
| 1000000 | Berkshire Hathaway Finance Corporation |  | 3.8500 | &nbsp;&nbsp;03/15/52 | 763986 |
| 600000 | Berkshire Hathaway, Inc. |  | 4.5000 | &nbsp;&nbsp;02/11/43 | 557534 |
| 600000 | Chubb Corporation |  | 6.0000 | &nbsp;&nbsp;05/11/37 | 645661 |
| 900000 | Chubb INA Holdings, Inc. |  | 4.3500 | &nbsp;&nbsp;11/03/45 | 772991 |
| 800000 | Chubb INA Holdings, LLC B |  | 5.0000 | &nbsp;&nbsp;03/15/34 | 809369 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **INSURANCE — 1.9% (Continued)** |  |  |  |  |
| 800000 | Corebridge Financial, Inc. |  | 3.9000 | &nbsp;&nbsp;04/05/32 | $752324 |
| 700000 | Corebridge Financial, Inc. |  | 4.4000 | &nbsp;&nbsp;04/05/52 | 561177 |
| 1400000 | Equitable Holdings, Inc. |  | 4.3500 | &nbsp;&nbsp;04/20/28 | 1394565 |
| 700000 | Marsh & McLennan Companies, Inc. |  | 4.8500 | &nbsp;&nbsp;11/15/31 | 708249 |
| 900000 | Marsh & McLennan Companies, Inc. |  | 5.0000 | &nbsp;&nbsp;03/15/35 | 898787 |
| 800000 | Marsh & McLennan Companies, Inc. |  | 4.9000 | &nbsp;&nbsp;03/15/49 | 717223 |
| 700000 | Marsh & McLennan Companies, Inc. |  | 5.4000 | &nbsp;&nbsp;03/15/55 | 668988 |
| 700000 | MetLife, Inc. |  | 5.7000 | &nbsp;&nbsp;06/15/35 | 736453 |
| 1000000 | MetLife, Inc. |  | 4.8750 | &nbsp;&nbsp;11/13/43 | 913958 |
| 600000 | MetLife, Inc. |  | 5.0000 | &nbsp;&nbsp;07/15/52 | 541092 |
| 500000 | MetLife, Inc. |  | 5.2500 | &nbsp;&nbsp;01/15/54 | 469479 |
| 800000 | Prudential Financial, Inc. |  | 5.2000 | &nbsp;&nbsp;03/14/35 | 806246 |
| 1000000 | Prudential Financial, Inc. |  | 3.9350 | &nbsp;&nbsp;12/07/49 | 762671 |
| 800000 | Prudential Financial, Inc. |  | 3.7000 | &nbsp;&nbsp;03/13/51 | 585329 |
| 600000 | Travelers Companies, Inc. |  | 6.2500 | &nbsp;&nbsp;06/15/37 | 658549 |
| 800000 | Willis North America, Inc. |  | 5.3500 | &nbsp;&nbsp;05/15/33 | 816419 |
|  |  |  |  |  | 22539555 |
|  | **INTERNET MEDIA & SERVICES — 1.0%** |  |  |  |  |
| 1700000 | Alphabet, Inc. |  | 1.1000 | &nbsp;&nbsp;08/15/30 | 1465929 |
| 1400000 | Alphabet, Inc. |  | 1.9000 | &nbsp;&nbsp;08/15/40 | 931636 |
| 700000 | Booking Holdings, Inc. |  | 4.6250 | &nbsp;&nbsp;04/13/30 | 705517 |
| 600000 | Expedia Group, Inc. |  | 5.4000 | &nbsp;&nbsp;02/15/35 | 604619 |
| 500000 | Meta Platforms, Inc. |  | 4.9500 | &nbsp;&nbsp;05/15/33 | 509600 |
| 700000 | Meta Platforms, Inc. |  | 4.7500 | &nbsp;&nbsp;08/15/34 | 698224 |
| 900000 | Meta Platforms, Inc. |  | 4.4500 | &nbsp;&nbsp;08/15/52 | 757776 |
| 800000 | Meta Platforms, Inc. |  | 5.6000 | &nbsp;&nbsp;05/15/53 | 794059 |
| 1000000 | Meta Platforms, Inc. |  | 5.4000 | &nbsp;&nbsp;08/15/54 | 967075 |
| 600000 | Meta Platforms, Inc. |  | 4.6500 | &nbsp;&nbsp;08/15/62 | 504188 |
| 600000 | Meta Platforms, Inc. |  | 5.7500 | &nbsp;&nbsp;05/15/63 | 604054 |
| 1000000 | Meta Platforms, Inc. |  | 5.5500 | &nbsp;&nbsp;08/15/64 | 971564 |
| 800000 | Netflix, Inc. |  | 5.8750 | &nbsp;&nbsp;11/15/28 | 838992 |
| 400000 | Netflix, Inc. |  | 6.3750 | &nbsp;&nbsp;05/15/29 | 428735 |
| 500000 | Netflix, Inc. |  | 5.4000 | &nbsp;&nbsp;08/15/54 | 490304 |
| 600000 | Uber Technologies, Inc. |  | 4.8000 | &nbsp;&nbsp;09/15/34 | 589972 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **INTERNET MEDIA & SERVICES — 1.0% (Continued)** |  |  |  |  |
| 500000 | Uber Technologies, Inc. |  | 5.3500 | &nbsp;&nbsp;09/15/54 | $467903 |
|  |  |  |  |  | 12330147 |
|  | **LEISURE FACILITIES & SERVICES — 0.7%** |  |  |  |  |
| 500000 | Marriott International, Inc. |  | 4.6250 | &nbsp;&nbsp;06/15/30 | 499362 |
| 700000 | Marriott International, Inc. |  | 2.8500 | &nbsp;&nbsp;04/15/31 | 634651 |
| 600000 | Marriott International, Inc. |  | 5.3500 | &nbsp;&nbsp;03/15/35 | 602540 |
| 600000 | Marriott International, Inc. |  | 5.5000 | &nbsp;&nbsp;04/15/37 | 599279 |
| 400000 | McDonald's Corporation |  | 3.6000 | &nbsp;&nbsp;07/01/30 | 385934 |
| 700000 | McDonald's Corporation |  | 4.7000 | &nbsp;&nbsp;12/09/35 | 681000 |
| 700000 | McDonald's Corporation |  | 4.8750 | &nbsp;&nbsp;12/09/45 | 629980 |
| 700000 | McDonald's Corporation |  | 4.4500 | &nbsp;&nbsp;03/01/47 | 587688 |
| 1000000 | McDonald's Corporation |  | 3.6250 | &nbsp;&nbsp;09/01/49 | 726894 |
| 600000 | McDonald's Corporation |  | 5.1500 | &nbsp;&nbsp;09/09/52 | 550390 |
| 600000 | Sands China Ltd. |  | 5.9000 | &nbsp;&nbsp;08/08/28 | 607903 |
| 800000 | Starbucks Corporation |  | 2.2500 | &nbsp;&nbsp;03/12/30 | 724280 |
| 700000 | Starbucks Corporation |  | 2.5500 | &nbsp;&nbsp;11/15/30 | 633043 |
| 1000000 | Starbucks Corporation |  | 3.5000 | &nbsp;&nbsp;11/15/50 | 691165 |
|  |  |  |  |  | 8554109 |
|  | **MACHINERY — 0.7%** |  |  |  |  |
| 800000 | Caterpillar, Inc. |  | 3.8030 | &nbsp;&nbsp;08/15/42 | 655816 |
| 900000 | Caterpillar, Inc. |  | 3.2500 | &nbsp;&nbsp;09/19/49 | 628805 |
| 500000 | Deere & Company |  | 5.7000 | &nbsp;&nbsp;01/19/55 | 513806 |
| 1100000 | Eaton Corporation |  | 4.1500 | &nbsp;&nbsp;03/15/33 | 1067537 |
| 1100000 | Ingersoll Rand, Inc. |  | 5.1760 | &nbsp;&nbsp;06/15/29 | 1125961 |
| 600000 | John Deere Capital Corporation |  | 4.8500 | &nbsp;&nbsp;06/11/29 | 611992 |
| 700000 | John Deere Capital Corporation |  | 4.4000 | &nbsp;&nbsp;09/08/31 | 696824 |
| 900000 | John Deere Capital Corporation |  | 5.0500 | &nbsp;&nbsp;06/12/34 | 915233 |
| 500000 | Regal Rexnord Corporation |  | 6.4000 | &nbsp;&nbsp;04/15/33 | 528850 |
| 800000 | Stanley Black & Decker, Inc. |  | 2.3000 | &nbsp;&nbsp;03/15/30 | 714785 |
| 600000 | Trane Technologies Luxembourg Finance S.A. |  | 3.8000 | &nbsp;&nbsp;03/21/29 | 588866 |
|  |  |  |  |  | 8048475 |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.3%** |  |  |  |  |
| 600000 | Abbott Laboratories |  | 4.7500 | &nbsp;&nbsp;11/30/36 | 591147 |
| 1100000 | Abbott Laboratories |  | 4.9000 | &nbsp;&nbsp;11/30/46 | 1028321 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.3% (Continued)** |  |  |  |  |
| 700000 | Agilent Technologies, Inc. |  | 2.3000 | &nbsp;&nbsp;03/12/31 | $618629 |
| 900000 | Baxter International, Inc. |  | 2.2720 | &nbsp;&nbsp;12/01/28 | 837080 |
| 1000000 | Becton Dickinson & Company |  | 2.8230 | &nbsp;&nbsp;05/20/30 | 924217 |
| 1100000 | Becton Dickinson & Company |  | 1.9570 | &nbsp;&nbsp;02/11/31 | 954093 |
| 800000 | Danaher Corporation |  | 2.8000 | &nbsp;&nbsp;12/10/51 | 498058 |
| 1200000 | DH Europe Finance II Sarl |  | 2.6000 | &nbsp;&nbsp;11/15/29 | 1117681 |
| 500000 | GE HealthCare Technologies, Inc. |  | 5.8570 | &nbsp;&nbsp;03/15/30 | 526016 |
| 600000 | GE HealthCare Technologies, Inc. |  | 5.9050 | &nbsp;&nbsp;11/22/32 | 637694 |
| 500000 | GE HealthCare Technologies, Inc. |  | 6.3770 | &nbsp;&nbsp;11/22/52 | 538338 |
| 500000 | Medtronic Global Holdings SCA |  | 4.5000 | &nbsp;&nbsp;03/30/33 | 493509 |
| 600000 | Solventum Corporation |  | 5.4000 | &nbsp;&nbsp;03/01/29 | 617386 |
| 500000 | Solventum Corporation |  | 5.4500 | &nbsp;&nbsp;03/13/31 | 517878 |
| 700000 | Solventum Corporation |  | 5.6000 | &nbsp;&nbsp;03/23/34 | 718243 |
| 500000 | Solventum Corporation |  | 5.9000 | &nbsp;&nbsp;04/30/54 | 496686 |
| 700000 | Stryker Corporation B |  | 1.9500 | &nbsp;&nbsp;06/15/30 | 622988 |
| 500000 | Stryker Corporation |  | 5.2000 | &nbsp;&nbsp;02/10/35 | 508330 |
| 700000 | Stryker Corporation |  | 4.6250 | &nbsp;&nbsp;03/15/46 | 618361 |
| 800000 | Thermo Fisher Scientific, Inc. |  | 2.6000 | &nbsp;&nbsp;10/01/29 | 749470 |
| 800000 | Thermo Fisher Scientific, Inc. |  | 4.9770 | &nbsp;&nbsp;08/10/30 | 821063 |
| 900000 | Thermo Fisher Scientific, Inc. |  | 5.0860 | &nbsp;&nbsp;08/10/33 | 920225 |
| 600000 | Zimmer Biomet Holdings, Inc. |  | 2.6000 | &nbsp;&nbsp;11/24/31 | 530256 |
|  |  |  |  |  | 15885669 |
|  | **METALS & MINING — 0.8%** |  |  |  |  |
| 700000 | Barrick North America Finance, LLC |  | 5.7500 | &nbsp;&nbsp;05/01/43 | 704679 |
| 700000 | BHP Billiton Finance USA Ltd. |  | 5.0000 | &nbsp;&nbsp;02/21/30 | 716951 |
| 800000 | BHP Billiton Finance USA Ltd. |  | 5.2500 | &nbsp;&nbsp;09/08/33 | 820011 |
| 800000 | BHP Billiton Finance USA Ltd. |  | 5.3000 | &nbsp;&nbsp;02/21/35 | 817432 |
| 1300000 | BHP Billiton Finance USA Ltd. |  | 5.0000 | &nbsp;&nbsp;09/30/43 | 1230167 |
| 600000 | Freeport-McMoRan, Inc. |  | 5.4500 | &nbsp;&nbsp;03/15/43 | 567076 |
| 1500000 | Newmont Corporation |  | 2.2500 | &nbsp;&nbsp;10/01/30 | 1360036 |
| 700000 | Rio Tinto Finance USA Ltd. |  | 7.1250 | &nbsp;&nbsp;07/15/28 | 754295 |
| 800000 | Rio Tinto Finance USA plc |  | 4.8750 | &nbsp;&nbsp;03/14/30 | 812262 |
| 900000 | Rio Tinto Finance USA plc |  | 5.2500 | &nbsp;&nbsp;03/14/35 | 914030 |
| 1000000 | Rio Tinto Finance USA plc |  | 5.7500 | &nbsp;&nbsp;03/14/55 | 1002537 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **METALS & MINING — 0.8% (Continued)** |  |  |  |  |
|  |  |  |  |  | $9699476 |
|  | **OIL & GAS PRODUCERS — 6.8%** |  |  |  |  |
| 1000000 | BP Capital Markets America, Inc. |  | 3.6330 | &nbsp;&nbsp;04/06/30 | 968149 |
| 600000 | BP Capital Markets America, Inc. |  | 2.7210 | &nbsp;&nbsp;01/12/32 | 534529 |
| 800000 | BP Capital Markets America, Inc. |  | 4.8120 | &nbsp;&nbsp;02/13/33 | 797804 |
| 800000 | BP Capital Markets America, Inc. |  | 5.2270 | &nbsp;&nbsp;11/17/34 | 810097 |
| 800000 | BP Capital Markets America, Inc. |  | 3.0600 | &nbsp;&nbsp;06/17/41 | 590736 |
| 700000 | BP Capital Markets America, Inc. |  | 3.0000 | &nbsp;&nbsp;02/24/50 | 447251 |
| 900000 | BP Capital Markets America, Inc. |  | 2.7720 | &nbsp;&nbsp;11/10/50 | 545373 |
| 900000 | BP Capital Markets America, Inc. |  | 2.9390 | &nbsp;&nbsp;06/04/51 | 559414 |
| 800000 | BP Capital Markets America, Inc. |  | 3.3790 | &nbsp;&nbsp;02/08/61 | 515304 |
| 600000 | Canadian Natural Resources Ltd.<sup>(a)</sup> |  | 5.0000 | &nbsp;&nbsp;12/15/29 | 604069 |
| 600000 | Canadian Natural Resources Ltd. |  | 6.2500 | &nbsp;&nbsp;03/15/38 | 619754 |
| 600000 | Cheniere Corpus Christi Holdings, LLC |  | 3.7000 | &nbsp;&nbsp;11/15/29 | 576945 |
| 500000 | Cheniere Energy Partners, L.P. |  | 4.5000 | &nbsp;&nbsp;10/01/29 | 494740 |
| 700000 | Cheniere Energy Partners, L.P. |  | 5.9500 | &nbsp;&nbsp;06/30/33 | 731127 |
| 500000 | Cheniere Energy Partners, L.P. |  | 5.7500 | &nbsp;&nbsp;08/15/34 | 512764 |
| 900000 | Cheniere Energy, Inc. |  | 4.6250 | &nbsp;&nbsp;10/15/28 | 895555 |
| 500000 | Cheniere Energy, Inc. |  | 5.6500 | &nbsp;&nbsp;04/15/34 | 508828 |
| 700000 | Chevron USA, Inc. |  | 4.9800 | &nbsp;&nbsp;04/15/35 | 705495 |
| 700000 | ConocoPhillips Company |  | 5.0500 | &nbsp;&nbsp;09/15/33 | 711923 |
| 700000 | ConocoPhillips Company |  | 3.8000 | &nbsp;&nbsp;03/15/52 | 507414 |
| 600000 | ConocoPhillips Company |  | 5.5000 | &nbsp;&nbsp;01/15/55 | 567915 |
| 700000 | Devon Energy Corporation |  | 5.2000 | &nbsp;&nbsp;09/15/34 | 680253 |
| 800000 | Devon Energy Corporation |  | 4.7500 | &nbsp;&nbsp;05/15/42 | 671733 |
| 800000 | Diamondback Energy, Inc. |  | 3.1250 | &nbsp;&nbsp;03/24/31 | 732093 |
| 900000 | Diamondback Energy, Inc. |  | 5.5500 | &nbsp;&nbsp;04/01/35 | 906748 |
| 700000 | Diamondback Energy, Inc. |  | 5.7500 | &nbsp;&nbsp;04/18/54 | 651164 |
| 600000 | Enbridge, Inc. |  | 6.0000 | &nbsp;&nbsp;11/15/28 | 628115 |
| 500000 | Enbridge, Inc. |  | 3.1250 | &nbsp;&nbsp;11/15/29 | 471701 |
| 400000 | Enbridge, Inc. |  | 6.2000 | &nbsp;&nbsp;11/15/30 | 426242 |
| 800000 | Enbridge, Inc. |  | 5.7000 | &nbsp;&nbsp;03/08/33 | 829243 |
| 500000 | Enbridge, Inc. |  | 5.6250 | &nbsp;&nbsp;04/05/34 | 512016 |
| 800000 | Enbridge, Inc. |  | 3.4000 | &nbsp;&nbsp;08/01/51 | 529468 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 6.8% (Continued)** |  |  |  |  |
| 600000 | Enbridge, Inc. |  | 6.7000 | &nbsp;&nbsp;11/15/53 | $648916 |
| 800000 | Energy Transfer Operating, L.P. |  | 4.9500 | &nbsp;&nbsp;06/15/28 | 808419 |
| 500000 | Energy Transfer, L.P. |  | 5.2500 | &nbsp;&nbsp;04/15/29 | 510193 |
| 500000 | Energy Transfer, L.P. |  | 6.4000 | &nbsp;&nbsp;12/01/30 | 536675 |
| 600000 | Energy Transfer, L.P. |  | 6.5500 | &nbsp;&nbsp;12/01/33 | 648403 |
| 600000 | Energy Transfer, L.P. |  | 5.6000 | &nbsp;&nbsp;09/01/34 | 607070 |
| 700000 | Energy Transfer, L.P. |  | 6.1250 | &nbsp;&nbsp;12/15/45 | 691491 |
| 600000 | Energy Transfer, L.P. |  | 6.0000 | &nbsp;&nbsp;06/15/48 | 575109 |
| 700000 | Energy Transfer, L.P. |  | 6.2500 | &nbsp;&nbsp;04/15/49 | 691509 |
| 800000 | Energy Transfer, L.P. |  | 5.0000 | &nbsp;&nbsp;05/15/50 | 669952 |
| 600000 | Energy Transfer, L.P. |  | 5.9500 | &nbsp;&nbsp;05/15/54 | 567988 |
| 500000 | Energy Transfer, L.P. |  | 6.0500 | &nbsp;&nbsp;09/01/54 | 480602 |
| 700000 | Enterprise Products Operating, LLC |  | 2.8000 | &nbsp;&nbsp;01/31/30 | 653789 |
| 600000 | Enterprise Products Operating, LLC |  | 5.3500 | &nbsp;&nbsp;01/31/33 | 619840 |
| 700000 | Enterprise Products Operating, LLC |  | 4.9500 | &nbsp;&nbsp;02/15/35 | 694298 |
| 900000 | Enterprise Products Operating, LLC |  | 4.8500 | &nbsp;&nbsp;03/15/44 | 808077 |
| 900000 | Enterprise Products Operating, LLC |  | 5.1000 | &nbsp;&nbsp;02/15/45 | 833932 |
| 1100000 | Enterprise Products Operating, LLC |  | 4.2500 | &nbsp;&nbsp;02/15/48 | 887488 |
| 800000 | Enterprise Products Operating, LLC |  | 3.2000 | &nbsp;&nbsp;02/15/52 | 523994 |
| 700000 | Enterprise Products Operating, LLC |  | 3.3000 | &nbsp;&nbsp;02/15/53 | 461664 |
| 700000 | Enterprise Products Operating, LLC |  | 5.5500 | &nbsp;&nbsp;02/16/55 | 671861 |
| 600000 | EOG Resources, Inc. |  | 5.6500 | &nbsp;&nbsp;12/01/54 | 585554 |
| 500000 | Expand Energy Corporation |  | 5.7000 | &nbsp;&nbsp;01/15/35 | 506801 |
| 800000 | Exxon Mobil Corporation |  | 4.2270 | &nbsp;&nbsp;03/19/40 | 710621 |
| 1200000 | Exxon Mobil Corporation |  | 4.1140 | &nbsp;&nbsp;03/01/46 | 980137 |
| 700000 | Exxon Mobil Corporation |  | 3.0950 | &nbsp;&nbsp;08/16/49 | 467151 |
| 900000 | Exxon Mobil Corporation |  | 4.3270 | &nbsp;&nbsp;03/19/50 | 743818 |
| 1000000 | Exxon Mobil Corporation |  | 3.4520 | &nbsp;&nbsp;04/15/51 | 707524 |
| 700000 | Hess Corporation |  | 5.6000 | &nbsp;&nbsp;02/15/41 | 709690 |
| 500000 | Kinder Morgan Energy Partners, L.P. |  | 6.9500 | &nbsp;&nbsp;01/15/38 | 550611 |
| 700000 | Kinder Morgan, Inc. |  | 5.0000 | &nbsp;&nbsp;02/01/29 | 709391 |
| 800000 | Kinder Morgan, Inc. |  | 5.2000 | &nbsp;&nbsp;06/01/33 | 803799 |
| 600000 | Kinder Morgan, Inc. |  | 5.4000 | &nbsp;&nbsp;02/01/34 | 606406 |
| 800000 | Kinder Morgan, Inc. |  | 5.5500 | &nbsp;&nbsp;06/01/45 | 752069 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 6.8% (Continued)** |  |  |  |  |
| 800000 | Kinder Morgan, Inc. |  | 5.2000 | &nbsp;&nbsp;03/01/48 | $716316 |
| 800000 | Marathon Petroleum Corporation |  | 5.1500 | &nbsp;&nbsp;03/01/30 | 815019 |
| 700000 | Marathon Petroleum Corporation |  | 6.5000 | &nbsp;&nbsp;03/01/41 | 731005 |
| 600000 | MPLX, L.P. |  | 5.5000 | &nbsp;&nbsp;06/01/34 | 601174 |
| 500000 | MPLX, L.P. |  | 5.4000 | &nbsp;&nbsp;04/01/35 | 494765 |
| 700000 | MPLX, L.P. |  | 4.7000 | &nbsp;&nbsp;04/15/48 | 566284 |
| 700000 | MPLX, L.P. |  | 5.5000 | &nbsp;&nbsp;02/15/49 | 633860 |
| 800000 | MPLX, L.P. |  | 4.9500 | &nbsp;&nbsp;03/14/52 | 661590 |
| 800000 | Occidental Petroleum Corporation |  | 5.2000 | &nbsp;&nbsp;08/01/29 | 803092 |
| 800000 | Occidental Petroleum Corporation |  | 8.8750 | &nbsp;&nbsp;07/15/30 | 912494 |
| 400000 | Occidental Petroleum Corporation |  | 7.5000 | &nbsp;&nbsp;05/01/31 | 440149 |
| 500000 | Occidental Petroleum Corporation |  | 5.3750 | &nbsp;&nbsp;01/01/32 | 496169 |
| 500000 | Occidental Petroleum Corporation |  | 6.4500 | &nbsp;&nbsp;09/15/36 | 509574 |
| 500000 | Occidental Petroleum Corporation |  | 6.6000 | &nbsp;&nbsp;03/15/46 | 494428 |
| 700000 | ONEOK, Inc. |  | 5.6500 | &nbsp;&nbsp;11/01/28 | 722191 |
| 600000 | ONEOK, Inc. |  | 4.7500 | &nbsp;&nbsp;10/15/31 | 594454 |
| 700000 | ONEOK, Inc. |  | 6.0500 | &nbsp;&nbsp;09/01/33 | 734978 |
| 700000 | ONEOK, Inc. |  | 5.0500 | &nbsp;&nbsp;11/01/34 | 680866 |
| 700000 | ONEOK, Inc. |  | 5.7000 | &nbsp;&nbsp;11/01/54 | 644410 |
| 700000 | Phillips 66 |  | 5.8750 | &nbsp;&nbsp;05/01/42 | 696480 |
| 900000 | Phillips 66 |  | 4.8750 | &nbsp;&nbsp;11/15/44 | 780856 |
| 600000 | Phillips 66 Company |  | 5.2500 | &nbsp;&nbsp;06/15/31 | 615810 |
| 500000 | Plains All American Pipeline, L.P. / PAA Finance |  | 3.8000 | &nbsp;&nbsp;09/15/30 | 476738 |
| 900000 | Sabine Pass Liquefaction, LLC |  | 4.5000 | &nbsp;&nbsp;05/15/30 | 895973 |
| 1000000 | Shell Finance US, Inc. |  | 4.3750 | &nbsp;&nbsp;05/11/45 | 843363 |
| 800000 | Shell Finance US, Inc. |  | 4.0000 | &nbsp;&nbsp;05/10/46 | 635772 |
| 900000 | Shell Finance US, Inc. |  | 3.2500 | &nbsp;&nbsp;04/06/50 | 614497 |
| 1000000 | Shell International Finance BV |  | 3.8750 | &nbsp;&nbsp;11/13/28 | 990868 |
| 1000000 | Shell International Finance BV |  | 6.3750 | &nbsp;&nbsp;12/15/38 | 1104794 |
| 700000 | Shell International Finance BV |  | 5.5000 | &nbsp;&nbsp;03/25/40 | 706449 |
| 600000 | Southwestern Energy Company |  | 5.3750 | &nbsp;&nbsp;03/15/30 | 601364 |
| 500000 | Suncor Energy, Inc. |  | 6.8500 | &nbsp;&nbsp;06/01/39 | 540474 |
| 700000 | Sunoco Logistics Partners Operations, L.P. |  | 5.4000 | &nbsp;&nbsp;10/01/47 | 624691 |
| 600000 | Targa Resources Corporation |  | 5.5500 | &nbsp;&nbsp;08/15/35 | 601810 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 6.8% (Continued)** |  |  |  |  |
| 400000 | Targa Resources Corporation |  | 6.5000 | &nbsp;&nbsp;02/15/53 | $409378 |
| 500000 | Targa Resources Corporation |  | 6.1250 | &nbsp;&nbsp;05/15/55 | 489062 |
| 800000 | Targa Resources Partners, L.P. / Targa Resources |  | 5.5000 | &nbsp;&nbsp;03/01/30 | 812331 |
| 900000 | TotalEnergies Capital International S.A. |  | 2.8290 | &nbsp;&nbsp;01/10/30 | 850429 |
| 1600000 | TotalEnergies Capital International S.A. |  | 3.1270 | &nbsp;&nbsp;05/29/50 | 1058250 |
| 600000 | TotalEnergies Capital S.A. |  | 5.1500 | &nbsp;&nbsp;04/05/34 | 614274 |
| 900000 | TotalEnergies Capital S.A. |  | 5.4880 | &nbsp;&nbsp;04/05/54 | 863521 |
| 800000 | TotalEnergies Capital S.A. |  | 5.6380 | &nbsp;&nbsp;04/05/64 | 769180 |
| 1100000 | TransCanada PipeLines Ltd. |  | 4.1000 | &nbsp;&nbsp;04/15/30 | 1072008 |
| 600000 | TransCanada PipeLines Ltd. |  | 4.6250 | &nbsp;&nbsp;03/01/34 | 573600 |
| 900000 | TransCanada PipeLines Ltd. |  | 6.2000 | &nbsp;&nbsp;10/15/37 | 940928 |
| 800000 | Valero Energy Corporation |  | 3.6500 | &nbsp;&nbsp;12/01/51 | 536934 |
| 700000 | Western Midstream Operating, L.P. |  | 4.0500 | &nbsp;&nbsp;02/01/30 | 672513 |
| 800000 | Western Midstream Operating, L.P. |  | 5.4500 | &nbsp;&nbsp;11/15/34 | 784755 |
| 700000 | Williams Companies, Inc. |  | 5.3000 | &nbsp;&nbsp;08/15/28 | 716672 |
| 900000 | Williams Companies, Inc. |  | 2.6000 | &nbsp;&nbsp;03/15/31 | 804873 |
| 800000 | Williams Companies, Inc. |  | 5.6000 | &nbsp;&nbsp;03/15/35 | 818157 |
| 700000 | Williams Companies, Inc. |  | 5.1000 | &nbsp;&nbsp;09/15/45 | 632562 |
| 700000 | Williams Companies, Inc. |  | 5.3000 | &nbsp;&nbsp;08/15/52 | 637180 |
| 700000 | Woodside Finance Ltd. |  | 5.1000 | &nbsp;&nbsp;09/12/34 | 679560 |
|  |  |  |  |  | 80387728 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.2%** |  |  |  |  |
| 500000 | Halliburton Company |  | 4.8500 | &nbsp;&nbsp;11/15/35 | 480899 |
| 600000 | Halliburton Company |  | 7.4500 | &nbsp;&nbsp;09/15/39 | 695187 |
| 900000 | Halliburton Company |  | 5.0000 | &nbsp;&nbsp;11/15/45 | 790677 |
|  |  |  |  |  | 1966763 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.6%** |  |  |  |  |
| 1000000 | Alexandria Real Estate Equities, Inc. |  | 1.8750 | &nbsp;&nbsp;02/01/33 | 804489 |
| 800000 | Alexandria Real Estate Equities, Inc. |  | 3.5500 | &nbsp;&nbsp;03/15/52 | 541987 |
| 700000 | American Tower Corporation |  | 5.8000 | &nbsp;&nbsp;11/15/28 | 726817 |
| 600000 | American Tower Corporation |  | 2.1000 | &nbsp;&nbsp;06/15/30 | 532914 |
| 600000 | American Tower Corporation |  | 1.8750 | &nbsp;&nbsp;10/15/30 | 520984 |
| 500000 | American Tower Corporation |  | 5.5500 | &nbsp;&nbsp;07/15/33 | 515692 |
| 500000 | American Tower Corporation |  | 5.9000 | &nbsp;&nbsp;11/15/33 | 527411 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **REAL ESTATE INVESTMENT TRUSTS — 1.6% (Continued)** |  |  |  |  |
| 800000 | Boston Properties, L.P. |  | 3.2500 | &nbsp;&nbsp;01/30/31 | $734135 |
| 500000 | Boston Properties, L.P. |  | 6.5000 | &nbsp;&nbsp;01/15/34 | 535465 |
| 700000 | Boston Properties, L.P. |  | 5.7500 | &nbsp;&nbsp;01/15/35 | 704478 |
| 700000 | Brixmor Operating Partnership, L.P. |  | 4.0500 | &nbsp;&nbsp;07/01/30 | 678360 |
| 700000 | Crown Castle, Inc. |  | 2.2500 | &nbsp;&nbsp;01/15/31 | 611808 |
| 800000 | Crown Castle, Inc. |  | 2.1000 | &nbsp;&nbsp;04/01/31 | 688504 |
| 700000 | Crown Castle, Inc. |  | 5.8000 | &nbsp;&nbsp;03/01/34 | 727064 |
| 800000 | Equinix, Inc. |  | 2.1500 | &nbsp;&nbsp;07/15/30 | 711838 |
| 800000 | Equinix, Inc. |  | 2.5000 | &nbsp;&nbsp;05/15/31 | 709323 |
| 500000 | GLP Capital, L.P. / GLP Financing II, Inc. |  | 5.6250 | &nbsp;&nbsp;09/15/34 | 499854 |
| 600000 | Healthcare Realty Holdings, L.P. |  | 2.0000 | &nbsp;&nbsp;03/15/31 | 512493 |
| 600000 | Healthpeak OP, LLC |  | 5.2500 | &nbsp;&nbsp;12/15/32 | 609892 |
| 500000 | Host Hotels & Resorts, L.P. |  | 3.5000 | &nbsp;&nbsp;09/15/30 | 463672 |
| 600000 | Prologis, L.P. |  | 5.1250 | &nbsp;&nbsp;01/15/34 | 606808 |
| 600000 | Prologis, L.P. |  | 5.0000 | &nbsp;&nbsp;03/15/34 | 600213 |
| 700000 | Prologis, L.P. |  | 5.2500 | &nbsp;&nbsp;03/15/54 | 655284 |
| 800000 | Realty Income Corporation |  | 5.1250 | &nbsp;&nbsp;02/15/34 | 809729 |
| 700000 | Simon Property Group, L.P. |  | 2.4500 | &nbsp;&nbsp;09/13/29 | 649772 |
| 900000 | Simon Property Group, L.P. |  | 3.2500 | &nbsp;&nbsp;09/13/49 | 607636 |
| 500000 | Ventas Realty, L.P. |  | 4.4000 | &nbsp;&nbsp;01/15/29 | 497327 |
| 500000 | VICI Properties, L.P. |  | 4.9500 | &nbsp;&nbsp;02/15/30 | 502502 |
| 500000 | VICI Properties, L.P. |  | 5.1250 | &nbsp;&nbsp;11/15/31 | 499650 |
| 500000 | VICI Properties, L.P. |  | 5.1250 | &nbsp;&nbsp;05/15/32 | 499070 |
| 800000 | Welltower, Inc. |  | 3.1000 | &nbsp;&nbsp;01/15/30 | 756061 |
|  |  |  |  |  | 19041232 |
|  | **RETAIL - CONSUMER STAPLES — 0.9%** |  |  |  |  |
| 900000 | Costco Wholesale Corporation |  | 1.6000 | &nbsp;&nbsp;04/20/30 | 800345 |
| 900000 | Kroger Company |  | 5.0000 | &nbsp;&nbsp;09/15/34 | 891268 |
| 1000000 | Kroger Company |  | 5.5000 | &nbsp;&nbsp;09/15/54 | 944564 |
| 600000 | Kroger Company |  | 5.6500 | &nbsp;&nbsp;09/15/64 | 566945 |
| 800000 | Target Corporation |  | 2.3500 | &nbsp;&nbsp;02/15/30 | 736080 |
| 800000 | Target Corporation |  | 5.0000 | &nbsp;&nbsp;04/15/35 | 799097 |
| 800000 | Target Corporation |  | 4.8000 | &nbsp;&nbsp;01/15/53 | 709334 |
| 900000 | Walmart, Inc. |  | 1.5000 | &nbsp;&nbsp;09/22/28 | 831815 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **RETAIL - CONSUMER STAPLES — 0.9% (Continued)** |  |  |  |  |
| 700000 | Walmart, Inc. |  | 1.8000 | &nbsp;&nbsp;09/22/31 | $606639 |
| 500000 | Walmart, Inc. |  | 4.1500 | &nbsp;&nbsp;09/09/32 | 491377 |
| 500000 | Walmart, Inc. |  | 4.1000 | &nbsp;&nbsp;04/15/33 | 486169 |
| 900000 | Walmart, Inc. |  | 4.9000 | &nbsp;&nbsp;04/28/35 | 907644 |
| 1000000 | Walmart, Inc. |  | 2.5000 | &nbsp;&nbsp;09/22/41 | 703052 |
| 1000000 | Walmart, Inc. |  | 2.6500 | &nbsp;&nbsp;09/22/51 | 619367 |
| 900000 | Walmart, Inc. |  | 4.5000 | &nbsp;&nbsp;09/09/52 | 783505 |
|  |  |  |  |  | 10877201 |
|  | **RETAIL - DISCRETIONARY — 1.1%** |  |  |  |  |
| 700000 | AutoZone, Inc. |  | 4.0000 | &nbsp;&nbsp;04/15/30 | 682820 |
| 800000 | Home Depot, Inc. |  | 3.9000 | &nbsp;&nbsp;12/06/28 | 795139 |
| 900000 | Home Depot, Inc. |  | 2.9500 | &nbsp;&nbsp;06/15/29 | 858843 |
| 700000 | Home Depot, Inc. |  | 2.7000 | &nbsp;&nbsp;04/15/30 | 651679 |
| 700000 | Home Depot, Inc. |  | 1.3750 | &nbsp;&nbsp;03/15/31 | 592581 |
| 700000 | Home Depot, Inc. |  | 1.8750 | &nbsp;&nbsp;09/15/31 | 601393 |
| 500000 | Home Depot, Inc. |  | 4.9500 | &nbsp;&nbsp;06/25/34 | 504400 |
| 900000 | Home Depot, Inc. |  | 5.8750 | &nbsp;&nbsp;12/16/36 | 961747 |
| 600000 | Home Depot, Inc. |  | 5.9500 | &nbsp;&nbsp;04/01/41 | 632560 |
| 900000 | Home Depot, Inc. |  | 4.2500 | &nbsp;&nbsp;04/01/46 | 753076 |
| 900000 | Home Depot, Inc. |  | 3.9000 | &nbsp;&nbsp;06/15/47 | 703942 |
| 900000 | Home Depot, Inc. |  | 3.1250 | &nbsp;&nbsp;12/15/49 | 604064 |
| 1000000 | Home Depot, Inc. |  | 2.7500 | &nbsp;&nbsp;09/15/51 | 611043 |
| 600000 | Home Depot, Inc. |  | 5.3000 | &nbsp;&nbsp;06/25/54 | 572544 |
| 600000 | Lowe's Companies, Inc. |  | 3.6500 | &nbsp;&nbsp;04/05/29 | 584447 |
| 700000 | Lowe's Companies, Inc. |  | 1.7000 | &nbsp;&nbsp;10/15/30 | 606829 |
| 700000 | Lowe's Companies, Inc. |  | 2.8000 | &nbsp;&nbsp;09/15/41 | 486307 |
| 1200000 | Lowe's Companies, Inc. |  | 3.0000 | &nbsp;&nbsp;10/15/50 | 745570 |
| 700000 | Lowe's Companies, Inc. |  | 4.2500 | &nbsp;&nbsp;04/01/52 | 543641 |
| 500000 | Lowe's Companies, Inc. |  | 5.6250 | &nbsp;&nbsp;04/15/53 | 478491 |
|  |  |  |  |  | 12971116 |
|  | **SEMICONDUCTORS — 2.6%** |  |  |  |  |
| 1200000 | Analog Devices, Inc. |  | 2.1000 | &nbsp;&nbsp;10/01/31 | 1046380 |
| 800000 | Applied Materials, Inc. |  | 2.7500 | &nbsp;&nbsp;06/01/50 | 502672 |
| 500000 | Broadcom, Inc. |  | 5.0500 | &nbsp;&nbsp;07/12/29 | 510412 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **SEMICONDUCTORS — 2.6% (Continued)** |  |  |  |  |
| 500000 | Broadcom, Inc. |  | 4.3500 | &nbsp;&nbsp;02/15/30 | $496668 |
| 600000 | Broadcom, Inc. |  | 5.0500 | &nbsp;&nbsp;04/15/30 | 613577 |
| 1400000 | Broadcom, Inc.<sup>(a)</sup> |  | 2.4500 | &nbsp;&nbsp;02/15/31 | 1249318 |
| 700000 | Broadcom, Inc.<sup>(a)</sup> |  | 4.1500 | &nbsp;&nbsp;04/15/32 | 673002 |
| 700000 | Broadcom, Inc. |  | 5.2000 | &nbsp;&nbsp;04/15/32 | 717410 |
| 700000 | Broadcom, Inc.<sup>(a)</sup> |  | 3.4190 | &nbsp;&nbsp;04/15/33 | 633477 |
| 1000000 | Broadcom, Inc.<sup>(a)</sup> |  | 3.4690 | &nbsp;&nbsp;04/15/34 | 889522 |
| 600000 | Broadcom, Inc. |  | 4.8000 | &nbsp;&nbsp;10/15/34 | 589351 |
| 1100000 | Broadcom, Inc.<sup>(a)</sup> |  | 3.1370 | &nbsp;&nbsp;11/15/35 | 924000 |
| 1000000 | Broadcom, Inc.<sup>(a)</sup> |  | 3.1870 | &nbsp;&nbsp;11/15/36 | 825758 |
| 800000 | Broadcom, Inc.<sup>(a)</sup> |  | 4.9260 | &nbsp;&nbsp;05/15/37 | 773298 |
| 800000 | Broadcom, Inc.<sup>(a)</sup> |  | 3.7500 | &nbsp;&nbsp;02/15/51 | 599841 |
| 600000 | Intel Corporation |  | 1.6000 | &nbsp;&nbsp;08/12/28 | 550189 |
| 500000 | Intel Corporation |  | 5.1250 | &nbsp;&nbsp;02/10/30 | 507384 |
| 600000 | Intel Corporation |  | 3.9000 | &nbsp;&nbsp;03/25/30 | 577491 |
| 700000 | Intel Corporation |  | 2.0000 | &nbsp;&nbsp;08/12/31 | 595414 |
| 1100000 | Intel Corporation |  | 5.2000 | &nbsp;&nbsp;02/10/33 | 1100323 |
| 900000 | Intel Corporation |  | 4.1000 | &nbsp;&nbsp;05/19/46 | 658533 |
| 1100000 | Intel Corporation |  | 3.7340 | &nbsp;&nbsp;12/08/47 | 753601 |
| 1100000 | Intel Corporation |  | 3.2500 | &nbsp;&nbsp;11/15/49 | 674009 |
| 900000 | Intel Corporation |  | 4.7500 | &nbsp;&nbsp;03/25/50 | 714108 |
| 800000 | Intel Corporation |  | 5.7000 | &nbsp;&nbsp;02/10/53 | 721302 |
| 600000 | Intel Corporation |  | 5.9000 | &nbsp;&nbsp;02/10/63 | 545818 |
| 700000 | KLA Corporation |  | 4.9500 | &nbsp;&nbsp;07/15/52 | 636415 |
| 500000 | KLA Corporation |  | 5.2500 | &nbsp;&nbsp;07/15/62 | 467921 |
| 1300000 | Lam Research Corporation |  | 1.9000 | &nbsp;&nbsp;06/15/30 | 1158517 |
| 800000 | Microchip Technology, Inc. |  | 5.0500 | &nbsp;&nbsp;03/15/29 | 809093 |
| 1500000 | Micron Technology, Inc. |  | 5.8750 | &nbsp;&nbsp;09/15/33 | 1564888 |
| 1000000 | NVIDIA Corporation |  | 2.8500 | &nbsp;&nbsp;04/01/30 | 944905 |
| 1000000 | NVIDIA Corporation |  | 3.5000 | &nbsp;&nbsp;04/01/50 | 750029 |
| 800000 | NXP BV / NXP Funding, LLC / NXP USA, Inc. |  | 3.4000 | &nbsp;&nbsp;05/01/30 | 756736 |
| 700000 | NXP BV / NXP Funding, LLC / NXP USA, Inc. |  | 2.5000 | &nbsp;&nbsp;05/11/31 | 618167 |
| 900000 | QUALCOMM, Inc. |  | 1.6500 | &nbsp;&nbsp;05/20/32 | 748673 |
| 1100000 | QUALCOMM, Inc. |  | 4.8000 | &nbsp;&nbsp;05/20/45 | 1001238 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **SEMICONDUCTORS — 2.6% (Continued)** |  |  |  |  |
| 1000000 | QUALCOMM, Inc. |  | 4.5000 | &nbsp;&nbsp;05/20/52 | $843251 |
| 1100000 | Texas Instruments, Inc. |  | 4.1500 | &nbsp;&nbsp;05/15/48 | 899251 |
| 800000 | Texas Instruments, Inc. |  | 5.0500 | &nbsp;&nbsp;05/18/63 | 726039 |
|  |  |  |  |  | 30367981 |
|  | **SOFTWARE — 2.6%** |  |  |  |  |
| 900000 | Adobe, Inc. |  | 2.3000 | &nbsp;&nbsp;02/01/30 | 827586 |
| 500000 | Autodesk, Inc. |  | 2.4000 | &nbsp;&nbsp;12/15/31 | 437011 |
| 3000000 | Microsoft Corporation |  | 2.5250 | &nbsp;&nbsp;06/01/50 | 1848927 |
| 1100000 | Microsoft Corporation |  | 2.5000 | &nbsp;&nbsp;09/15/50 | 665408 |
| 2300000 | Microsoft Corporation |  | 2.9210 | &nbsp;&nbsp;03/17/52 | 1519912 |
| 2000000 | Microsoft Corporation |  | 3.0410 | &nbsp;&nbsp;03/17/62 | 1270252 |
| 700000 | Oracle Corporation |  | 6.1500 | &nbsp;&nbsp;11/09/29 | 742526 |
| 1100000 | Oracle Corporation |  | 2.9500 | &nbsp;&nbsp;04/01/30 | 1023864 |
| 900000 | Oracle Corporation |  | 2.8750 | &nbsp;&nbsp;03/25/31 | 816231 |
| 400000 | Oracle Corporation |  | 5.2500 | &nbsp;&nbsp;02/03/32 | 408323 |
| 900000 | Oracle Corporation |  | 6.2500 | &nbsp;&nbsp;11/09/32 | 969554 |
| 700000 | Oracle Corporation |  | 4.3000 | &nbsp;&nbsp;07/08/34 | 659355 |
| 600000 | Oracle Corporation |  | 4.7000 | &nbsp;&nbsp;09/27/34 | 576886 |
| 600000 | Oracle Corporation |  | 3.9000 | &nbsp;&nbsp;05/15/35 | 538168 |
| 500000 | Oracle Corporation |  | 5.5000 | &nbsp;&nbsp;08/03/35 | 507296 |
| 900000 | Oracle Corporation |  | 3.8000 | &nbsp;&nbsp;11/15/37 | 764003 |
| 600000 | Oracle Corporation |  | 6.5000 | &nbsp;&nbsp;04/15/38 | 646626 |
| 1100000 | Oracle Corporation |  | 3.6000 | &nbsp;&nbsp;04/01/40 | 868141 |
| 800000 | Oracle Corporation |  | 5.3750 | &nbsp;&nbsp;07/15/40 | 770316 |
| 700000 | Oracle Corporation |  | 3.6500 | &nbsp;&nbsp;03/25/41 | 548039 |
| 900000 | Oracle Corporation |  | 4.1250 | &nbsp;&nbsp;05/15/45 | 708579 |
| 1100000 | Oracle Corporation |  | 4.0000 | &nbsp;&nbsp;07/15/46 | 841680 |
| 900000 | Oracle Corporation |  | 4.0000 | &nbsp;&nbsp;11/15/47 | 682729 |
| 1900000 | Oracle Corporation |  | 3.6000 | &nbsp;&nbsp;04/01/50 | 1308051 |
| 1300000 | Oracle Corporation |  | 3.9500 | &nbsp;&nbsp;03/25/51 | 945250 |
| 700000 | Oracle Corporation |  | 5.5500 | &nbsp;&nbsp;02/06/53 | 648192 |
| 700000 | Oracle Corporation |  | 4.3750 | &nbsp;&nbsp;05/15/55 | 538670 |
| 500000 | Oracle Corporation |  | 6.0000 | &nbsp;&nbsp;08/03/55 | 490900 |
| 1600000 | Oracle Corporation |  | 3.8500 | &nbsp;&nbsp;04/01/60 | 1081235 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **SOFTWARE — 2.6% (Continued)** |  |  |  |  |
| 1200000 | Roper Technologies, Inc. |  | 4.2000 | &nbsp;&nbsp;09/15/28 | $1190876 |
| 700000 | Salesforce, Inc. |  | 1.9500 | &nbsp;&nbsp;07/15/31 | 611585 |
| 800000 | Salesforce, Inc. |  | 2.7000 | &nbsp;&nbsp;07/15/41 | 573139 |
| 1000000 | Salesforce, Inc. |  | 2.9000 | &nbsp;&nbsp;07/15/51 | 637209 |
| 700000 | Synopsys, Inc. |  | 4.8500 | &nbsp;&nbsp;04/01/30 | 708004 |
| 600000 | Synopsys, Inc. |  | 5.0000 | &nbsp;&nbsp;04/01/32 | 606163 |
| 800000 | Synopsys, Inc. |  | 5.1500 | &nbsp;&nbsp;04/01/35 | 803245 |
| 600000 | Synopsys, Inc. |  | 5.7000 | &nbsp;&nbsp;04/01/55 | 592972 |
| 500000 | VMware, LLC |  | 4.7000 | &nbsp;&nbsp;05/15/30 | 500509 |
| 600000 | VMware, LLC |  | 2.2000 | &nbsp;&nbsp;08/15/31 | 519393 |
| 600000 | Workday, Inc. |  | 3.8000 | &nbsp;&nbsp;04/01/32 | 563933 |
|  |  |  |  |  | 30960738 |
|  | **SPECIALTY FINANCE — 0.4%** |  |  |  |  |
| 200000 | AerCap Ireland Capital DAC / AerCap Global |  | 5.7500 | &nbsp;&nbsp;06/06/28 | 206114 |
| 900000 | AerCap Ireland Capital DAC / AerCap Global |  | 3.0000 | &nbsp;&nbsp;10/29/28 | 856571 |
| 600000 | AerCap Ireland Capital DAC / AerCap Global |  | 6.1500 | &nbsp;&nbsp;09/30/30 | 637957 |
| 1400000 | AerCap Ireland Capital DAC / AerCap Global |  | 3.3000 | &nbsp;&nbsp;01/30/32 | 1267197 |
| 900000 | AerCap Ireland Capital DAC / AerCap Global |  | 4.9500 | &nbsp;&nbsp;09/10/34 | 878251 |
| 900000 | Air Lease Corporation |  | 2.8750 | &nbsp;&nbsp;01/15/32 | 798154 |
|  |  |  |  |  | 4644244 |
|  | **TECHNOLOGY HARDWARE — 2.2%** |  |  |  |  |
| 1000000 | Apple, Inc. |  | 1.4000 | &nbsp;&nbsp;08/05/28 | 924695 |
| 400000 | Apple, Inc. |  | 3.2500 | &nbsp;&nbsp;08/08/29 | 387221 |
| 1100000 | Apple, Inc. |  | 1.6500 | &nbsp;&nbsp;05/11/30 | 977908 |
| 700000 | Apple, Inc. |  | 1.2500 | &nbsp;&nbsp;08/20/30 | 606583 |
| 1100000 | Apple, Inc. |  | 1.6500 | &nbsp;&nbsp;02/08/31 | 957633 |
| 700000 | Apple, Inc. |  | 3.3500 | &nbsp;&nbsp;08/08/32 | 657633 |
| 1100000 | Apple, Inc. |  | 3.8500 | &nbsp;&nbsp;05/04/43 | 917300 |
| 600000 | Apple, Inc. |  | 4.4500 | &nbsp;&nbsp;05/06/44 | 547867 |
| 1100000 | Apple, Inc. |  | 3.4500 | &nbsp;&nbsp;02/09/45 | 844723 |
| 800000 | Apple, Inc. |  | 4.3750 | &nbsp;&nbsp;05/13/45 | 705269 |
| 1300000 | Apple, Inc. |  | 4.6500 | &nbsp;&nbsp;02/23/46 | 1183813 |
| 900000 | Apple, Inc. |  | 3.8500 | &nbsp;&nbsp;08/04/46 | 726265 |
| 900000 | Apple, Inc. |  | 3.7500 | &nbsp;&nbsp;09/12/47 | 706734 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY HARDWARE — 2.2% (Continued)** |  |  |  |  |
| 800000 | Apple, Inc. |  | 2.9500 | &nbsp;&nbsp;09/11/49 | $535028 |
| 1000000 | Apple, Inc. |  | 2.6500 | &nbsp;&nbsp;05/11/50 | 623033 |
| 1100000 | Apple, Inc. |  | 2.6500 | &nbsp;&nbsp;02/08/51 | 679771 |
| 1000000 | Apple, Inc. |  | 2.7000 | &nbsp;&nbsp;08/05/51 | 623336 |
| 700000 | Apple, Inc. |  | 3.9500 | &nbsp;&nbsp;08/08/52 | 555278 |
| 800000 | Apple, Inc. |  | 4.1000 | &nbsp;&nbsp;08/08/62 | 631417 |
| 500000 | CDW, LLC / CDW Finance Corporation |  | 3.5690 | &nbsp;&nbsp;12/01/31 | 461019 |
| 800000 | Cisco Systems, Inc. |  | 4.9500 | &nbsp;&nbsp;02/26/31 | 819438 |
| 900000 | Cisco Systems, Inc. |  | 5.0500 | &nbsp;&nbsp;02/26/34 | 916969 |
| 700000 | Cisco Systems, Inc. |  | 5.9000 | &nbsp;&nbsp;02/15/39 | 748572 |
| 800000 | Cisco Systems, Inc. |  | 5.5000 | &nbsp;&nbsp;01/15/40 | 819437 |
| 1100000 | Cisco Systems, Inc. |  | 5.3000 | &nbsp;&nbsp;02/26/54 | 1062238 |
| 700000 | Corning, Inc. |  | 4.3750 | &nbsp;&nbsp;11/15/57 | 561066 |
| 500000 | Dell International, LLC / EMC Corporation |  | 5.3000 | &nbsp;&nbsp;10/01/29 | 513420 |
| 500000 | Dell International, LLC / EMC Corporation |  | 5.0000 | &nbsp;&nbsp;04/01/30 | 507386 |
| 500000 | Dell International, LLC / EMC Corporation |  | 5.7500 | &nbsp;&nbsp;02/01/33 | 524938 |
| 500000 | Dell International, LLC / EMC Corporation |  | 5.4000 | &nbsp;&nbsp;04/15/34 | 510094 |
| 500000 | Dell International, LLC / EMC Corporation |  | 5.5000 | &nbsp;&nbsp;04/01/35 | 505675 |
| 700000 | Hewlett Packard Enterprise Company |  | 4.5500 | &nbsp;&nbsp;10/15/29 | 696076 |
| 1000000 | Hewlett Packard Enterprise Company |  | 5.0000 | &nbsp;&nbsp;10/15/34 | 970590 |
| 600000 | Hewlett Packard Enterprise Company |  | 5.6000 | &nbsp;&nbsp;10/15/54 | 553116 |
| 800000 | HP, Inc. |  | 2.6500 | &nbsp;&nbsp;06/17/31 | 707556 |
| 500000 | Motorola Solutions, Inc. |  | 4.6000 | &nbsp;&nbsp;05/23/29 | 501613 |
| 800000 | Motorola Solutions, Inc. |  | 2.3000 | &nbsp;&nbsp;11/15/30 | 710881 |
|  |  |  |  |  | 25881591 |
|  | **TECHNOLOGY SERVICES — 1.8%** |  |  |  |  |
| 700000 | Accenture Capital, Inc. |  | 4.5000 | &nbsp;&nbsp;10/04/34 | 678421 |
| 700000 | Automatic Data Processing, Inc. |  | 4.4500 | &nbsp;&nbsp;09/09/34 | 683484 |
| 600000 | Broadridge Financial Solutions, Inc. |  | 2.6000 | &nbsp;&nbsp;05/01/31 | 531754 |
| 1100000 | Fiserv, Inc. |  | 3.5000 | &nbsp;&nbsp;07/01/29 | 1055686 |
| 600000 | Fiserv, Inc. |  | 5.6000 | &nbsp;&nbsp;03/02/33 | 616867 |
| 600000 | Fiserv, Inc. |  | 5.1500 | &nbsp;&nbsp;08/12/34 | 596363 |
| 800000 | Fiserv, Inc. |  | 4.4000 | &nbsp;&nbsp;07/01/49 | 639948 |
| 1100000 | Global Payments, Inc. |  | 2.9000 | &nbsp;&nbsp;05/15/30 | 1004110 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY SERVICES — 1.8% (Continued)** |  |  |  |  |
| 600000 | IBM International Capital Pte Ltd. |  | 5.2500 | &nbsp;&nbsp;02/05/44 | $573587 |
| 500000 | IBM International Capital Pte Ltd. |  | 5.3000 | &nbsp;&nbsp;02/05/54 | 464927 |
| 600000 | International Business Machines Corporation |  | 3.5000 | &nbsp;&nbsp;05/15/29 | 581694 |
| 500000 | International Business Machines Corporation |  | 4.8000 | &nbsp;&nbsp;02/10/30 | 507132 |
| 800000 | International Business Machines Corporation |  | 1.9500 | &nbsp;&nbsp;05/15/30 | 712685 |
| 600000 | International Business Machines Corporation |  | 4.4000 | &nbsp;&nbsp;07/27/32 | 588801 |
| 800000 | International Business Machines Corporation |  | 4.1500 | &nbsp;&nbsp;05/15/39 | 701020 |
| 700000 | International Business Machines Corporation |  | 4.0000 | &nbsp;&nbsp;06/20/42 | 577498 |
| 1200000 | International Business Machines Corporation |  | 4.2500 | &nbsp;&nbsp;05/15/49 | 964067 |
| 600000 | Leidos, Inc. |  | 4.3750 | &nbsp;&nbsp;05/15/30 | 589066 |
| 700000 | Mastercard, Inc. |  | 3.3500 | &nbsp;&nbsp;03/26/30 | 672706 |
| 500000 | Mastercard, Inc. |  | 4.8750 | &nbsp;&nbsp;05/09/34 | 503777 |
| 600000 | Mastercard, Inc. |  | 4.5500 | &nbsp;&nbsp;01/15/35 | 586458 |
| 900000 | Mastercard, Inc. |  | 3.8500 | &nbsp;&nbsp;03/26/50 | 701343 |
| 600000 | Paychex, Inc. |  | 5.1000 | &nbsp;&nbsp;04/15/30 | 612991 |
| 800000 | PayPal Holdings, Inc. |  | 5.1500 | &nbsp;&nbsp;06/01/34 | 810297 |
| 600000 | RELX Capital, Inc. |  | 4.0000 | &nbsp;&nbsp;03/18/29 | 594177 |
| 800000 | RELX Capital, Inc. |  | 3.0000 | &nbsp;&nbsp;05/22/30 | 752040 |
| 900000 | S&P Global, Inc. |  | 4.2500 | &nbsp;&nbsp;05/01/29 | 898448 |
| 1100000 | Visa, Inc. |  | 2.0500 | &nbsp;&nbsp;04/15/30 | 997693 |
| 800000 | Visa, Inc. |  | 4.1500 | &nbsp;&nbsp;12/14/35 | 757094 |
| 1600000 | Visa, Inc. |  | 4.3000 | &nbsp;&nbsp;12/14/45 | 1380699 |
|  |  |  |  |  | 21334833 |
|  | **TELECOMMUNICATIONS — 4.6%** |  |  |  |  |
| 2900000 | AT&T, Inc. |  | 2.7500 | &nbsp;&nbsp;06/01/31 | 2622314 |
| 2800000 | AT&T, Inc. |  | 2.5500 | &nbsp;&nbsp;12/01/33 | 2335372 |
| 1900000 | AT&T, Inc. |  | 5.4000 | &nbsp;&nbsp;02/15/34 | 1943885 |
| 3000000 | AT&T, Inc. |  | 3.5000 | &nbsp;&nbsp;09/15/53 | 2025239 |
| 3000000 | AT&T, Inc. |  | 3.5500 | &nbsp;&nbsp;09/15/55 | 2015492 |
| 2600000 | AT&T, Inc. |  | 3.8000 | &nbsp;&nbsp;12/01/57 | 1809044 |
| 3000000 | AT&T, Inc. |  | 3.6500 | &nbsp;&nbsp;09/15/59 | 1998394 |
| 900000 | Bell Telephone Company of Canada or Bell Canada |  | 4.4640 | &nbsp;&nbsp;04/01/48 | 725974 |
| 800000 | British Telecommunications plc |  | 9.6250 | &nbsp;&nbsp;12/15/30 | 977929 |
| 1200000 | Deutsche Telekom International Finance BV |  | 8.7500 | &nbsp;&nbsp;06/15/30 | 1408126 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **TELECOMMUNICATIONS — 4.6% (Continued)** |  |  |  |  |
| 1100000 | Orange S.A. |  | 9.0000 | &nbsp;&nbsp;03/01/31 | $1327697 |
| 600000 | Rogers Communications, Inc. |  | 3.8000 | &nbsp;&nbsp;03/15/32 | 559556 |
| 700000 | Rogers Communications, Inc. |  | 5.3000 | &nbsp;&nbsp;02/15/34 | 700262 |
| 1200000 | Rogers Communications, Inc. |  | 4.5500 | &nbsp;&nbsp;03/15/52 | 974687 |
| 500000 | Sprint Capital Corporation |  | 6.8750 | &nbsp;&nbsp;11/15/28 | 534522 |
| 500000 | Sprint Capital Corporation |  | 8.7500 | &nbsp;&nbsp;03/15/32 | 604718 |
| 900000 | Telefonica Emisiones S.A. |  | 7.0450 | &nbsp;&nbsp;06/20/36 | 997965 |
| 500000 | T-Mobile USA, Inc. |  | 2.6250 | &nbsp;&nbsp;02/15/29 | 470189 |
| 700000 | T-Mobile USA, Inc. |  | 3.3750 | &nbsp;&nbsp;04/15/29 | 672498 |
| 2200000 | T-Mobile USA, Inc. |  | 3.8750 | &nbsp;&nbsp;04/15/30 | 2132457 |
| 1100000 | T-Mobile USA, Inc. |  | 2.5500 | &nbsp;&nbsp;02/15/31 | 982806 |
| 500000 | T-Mobile USA, Inc. |  | 2.8750 | &nbsp;&nbsp;02/15/31 | 454898 |
| 800000 | T-Mobile USA, Inc. |  | 3.5000 | &nbsp;&nbsp;04/15/31 | 750864 |
| 500000 | T-Mobile USA, Inc. |  | 5.1250 | &nbsp;&nbsp;05/15/32 | 507379 |
| 600000 | T-Mobile USA, Inc. |  | 5.2000 | &nbsp;&nbsp;01/15/33 | 608069 |
| 1000000 | T-Mobile USA, Inc. |  | 5.0500 | &nbsp;&nbsp;07/15/33 | 1003873 |
| 1000000 | T-Mobile USA, Inc. |  | 5.3000 | &nbsp;&nbsp;05/15/35 | 1008055 |
| 700000 | T-Mobile USA, Inc. |  | 4.3750 | &nbsp;&nbsp;04/15/40 | 618725 |
| 1100000 | T-Mobile USA, Inc. |  | 3.0000 | &nbsp;&nbsp;02/15/41 | 805233 |
| 1300000 | T-Mobile USA, Inc. |  | 4.5000 | &nbsp;&nbsp;04/15/50 | 1069422 |
| 1300000 | T-Mobile USA, Inc. |  | 3.3000 | &nbsp;&nbsp;02/15/51 | 863521 |
| 1300000 | T-Mobile USA, Inc. |  | 3.4000 | &nbsp;&nbsp;10/15/52 | 868664 |
| 800000 | T-Mobile USA, Inc. |  | 5.6500 | &nbsp;&nbsp;01/15/53 | 772689 |
| 500000 | T-Mobile USA, Inc. |  | 5.7500 | &nbsp;&nbsp;01/15/54 | 489603 |
| 400000 | Verizon Communications, Inc. |  | 3.8750 | &nbsp;&nbsp;02/08/29 | 394066 |
| 1600000 | Verizon Communications, Inc. |  | 1.7500 | &nbsp;&nbsp;01/20/31 | 1377422 |
| 1900000 | Verizon Communications, Inc. |  | 2.3550 | &nbsp;&nbsp;03/15/32 | 1634301 |
| 800000 | Verizon Communications, Inc. |  | 5.0500 | &nbsp;&nbsp;05/09/33 | 807679 |
| 600000 | Verizon Communications, Inc. |  | 4.7800 | &nbsp;&nbsp;02/15/35 | 581801 |
| 1200000 | Verizon Communications, Inc. |  | 5.2500 | &nbsp;&nbsp;04/02/35 | 1203698 |
| 2233000 | Verizon Communications, Inc.<sup>(a)</sup> |  | 5.4010 | &nbsp;&nbsp;07/02/37 | 2229580 |
| 1500000 | Verizon Communications, Inc. |  | 2.6500 | &nbsp;&nbsp;11/20/40 | 1051717 |
| 1700000 | Verizon Communications, Inc. |  | 3.4000 | &nbsp;&nbsp;03/22/41 | 1312400 |
| 900000 | Verizon Communications, Inc. |  | 4.0000 | &nbsp;&nbsp;03/22/50 | 688633 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **TELECOMMUNICATIONS — 4.6% (Continued)** |  |  |  |  |
| 1500000 | Verizon Communications, Inc. |  | 2.8750 | &nbsp;&nbsp;11/20/50 | $931688 |
| 1600000 | Verizon Communications, Inc. |  | 3.5500 | &nbsp;&nbsp;03/22/51 | 1139872 |
| 600000 | Verizon Communications, Inc. |  | 3.8750 | &nbsp;&nbsp;03/01/52 | 446262 |
| 600000 | Verizon Communications, Inc. |  | 5.5000 | &nbsp;&nbsp;02/23/54 | 577826 |
| 2100000 | Verizon Communications, Inc. |  | 3.7000 | &nbsp;&nbsp;03/22/61 | 1446681 |
| 800000 | Vodafone Group plc |  | 5.7500 | &nbsp;&nbsp;06/28/54 | 765383 |
|  |  |  |  |  | 54229130 |
|  | **TOBACCO & CANNABIS — 1.5%** |  |  |  |  |
| 1000000 | Altria Group, Inc. |  | 3.4000 | &nbsp;&nbsp;05/06/30 | 946085 |
| 800000 | Altria Group, Inc. |  | 2.4500 | &nbsp;&nbsp;02/04/32 | 688992 |
| 1300000 | Altria Group, Inc. |  | 3.4000 | &nbsp;&nbsp;02/04/41 | 965957 |
| 1000000 | Altria Group, Inc. |  | 4.2500 | &nbsp;&nbsp;08/09/42 | 811703 |
| 1200000 | Altria Group, Inc. |  | 3.8750 | &nbsp;&nbsp;09/16/46 | 884172 |
| 900000 | Altria Group, Inc. |  | 3.7000 | &nbsp;&nbsp;02/04/51 | 621837 |
| 500000 | BAT Capital Corporation |  | 6.3430 | &nbsp;&nbsp;08/02/30 | 536138 |
| 500000 | BAT Capital Corporation |  | 5.8340 | &nbsp;&nbsp;02/20/31 | 523761 |
| 500000 | BAT Capital Corporation |  | 2.7260 | &nbsp;&nbsp;03/25/31 | 449194 |
| 500000 | BAT Capital Corporation |  | 6.4210 | &nbsp;&nbsp;08/02/33 | 542443 |
| 400000 | BAT Capital Corporation |  | 6.0000 | &nbsp;&nbsp;02/20/34 | 421524 |
| 1000000 | BAT Capital Corporation |  | 4.3900 | &nbsp;&nbsp;08/15/37 | 894189 |
| 900000 | BAT Capital Corporation |  | 7.0810 | &nbsp;&nbsp;08/02/53 | 1005989 |
| 600000 | BAT International Finance plc |  | 5.9310 | &nbsp;&nbsp;02/02/29 | 626888 |
| 500000 | Philip Morris International, Inc. |  | 4.6250 | &nbsp;&nbsp;11/01/29 | 502762 |
| 600000 | Philip Morris International, Inc. |  | 5.6250 | &nbsp;&nbsp;11/17/29 | 626261 |
| 800000 | Philip Morris International, Inc. |  | 5.1250 | &nbsp;&nbsp;02/15/30 | 819213 |
| 800000 | Philip Morris International, Inc. |  | 2.1000 | &nbsp;&nbsp;05/01/30 | 717647 |
| 600000 | Philip Morris International, Inc. |  | 4.7500 | &nbsp;&nbsp;11/01/31 | 600796 |
| 600000 | Philip Morris International, Inc. |  | 5.7500 | &nbsp;&nbsp;11/17/32 | 630215 |
| 800000 | Philip Morris International, Inc. |  | 5.3750 | &nbsp;&nbsp;02/15/33 | 821698 |
| 900000 | Philip Morris International, Inc. |  | 5.2500 | &nbsp;&nbsp;02/13/34 | 911606 |
| 1200000 | Philip Morris International, Inc. |  | 3.8750 | &nbsp;&nbsp;08/21/42 | 970336 |
| 1000000 | Reynolds American, Inc. |  | 5.8500 | &nbsp;&nbsp;08/15/45 | 970401 |
|  |  |  |  |  | 17489807 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 83.8% (Continued)** |  |  |  |  |
|  | **TRANSPORTATION & LOGISTICS — 1.2%** |  |  |  |  |
| 1200000 | Burlington Northern Santa Fe, LLC |  | 4.4500 | &nbsp;&nbsp;03/15/43 | $1050419 |
| 1300000 | Burlington Northern Santa Fe, LLC |  | 3.9000 | &nbsp;&nbsp;08/01/46 | 1029504 |
| 900000 | Burlington Northern Santa Fe, LLC |  | 5.2000 | &nbsp;&nbsp;04/15/54 | 842611 |
| 700000 | Burlington Northern Santa Fe, LLC |  | 5.5000 | &nbsp;&nbsp;03/15/55 | 684585 |
| 600000 | Canadian National Railway Company |  | 3.8500 | &nbsp;&nbsp;08/05/32 | 568702 |
| 800000 | Canadian Pacific Railway Company |  | 3.0000 | &nbsp;&nbsp;12/02/41 | 580247 |
| 1000000 | Canadian Pacific Railway Company |  | 3.1000 | &nbsp;&nbsp;12/02/51 | 654092 |
| 700000 | CSX Corporation |  | 4.2500 | &nbsp;&nbsp;03/15/29 | 697278 |
| 1100000 | CSX Corporation |  | 3.8000 | &nbsp;&nbsp;11/01/46 | 851712 |
| 900000 | Norfolk Southern Corporation |  | 3.0500 | &nbsp;&nbsp;05/15/50 | 587138 |
| 400000 | Norfolk Southern Corporation |  | 5.3500 | &nbsp;&nbsp;08/01/54 | 381202 |
| 700000 | Union Pacific Corporation |  | 2.4000 | &nbsp;&nbsp;02/05/30 | 643063 |
| 600000 | Union Pacific Corporation |  | 2.8000 | &nbsp;&nbsp;02/14/32 | 539642 |
| 600000 | Union Pacific Corporation |  | 5.1000 | &nbsp;&nbsp;02/20/35 | 606916 |
| 900000 | Union Pacific Corporation |  | 3.2000 | &nbsp;&nbsp;05/20/41 | 685119 |
| 1200000 | Union Pacific Corporation |  | 3.7990 | &nbsp;&nbsp;10/01/51 | 896686 |
| 600000 | Union Pacific Corporation |  | 2.9500 | &nbsp;&nbsp;03/10/52 | 378746 |
| 1100000 | Union Pacific Corporation |  | 3.8390 | &nbsp;&nbsp;03/20/60 | 789697 |
| 500000 | United Parcel Service, Inc. |  | 5.1500 | &nbsp;&nbsp;05/22/34 | 509756 |
| 700000 | United Parcel Service, Inc. |  | 5.3000 | &nbsp;&nbsp;04/01/50 | 659014 |
| 600000 | United Parcel Service, Inc. |  | 5.0500 | &nbsp;&nbsp;03/03/53 | 540552 |
| 500000 | United Parcel Service, Inc. |  | 5.5000 | &nbsp;&nbsp;05/22/54 | 480165 |
|  |  |  |  |  | 14656846 |
|  | **TRANSPORTATION EQUIPMENT** — **0.0%<sup>(c)</sup>** |  |  |  |  |
| 500000 | Cummins, Inc. |  | 5.4500 | &nbsp;&nbsp;02/20/54 | 485157 |
|  | **WHOLESALE - CONSUMER STAPLES — 0.2%** |  |  |  |  |
| 1100000 | Archer-Daniels-Midland Company |  | 3.2500 | &nbsp;&nbsp;03/27/30 | 1045712 |
| 1000000 | Bunge Ltd. Finance Corporation |  | 2.7500 | &nbsp;&nbsp;05/14/31 | 901894 |
| 1000000 | Sysco Corporation |  | 3.1500 | &nbsp;&nbsp;12/14/51 | 639838 |
|  |  |  |  |  | 2587444 |
|  | **TOTAL CORPORATE BONDS (Cost $986,487,253)** |  |  |  | 992336961 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | | | | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 14.0%** | **SHORT-TERM INVESTMENTS — 14.0%** | **SHORT-TERM INVESTMENTS — 14.0%** |  |
|  | **MONEY MARKET FUND - 14.0%** | **MONEY MARKET FUND - 14.0%** | **MONEY MARKET FUND - 14.0%** |  |
| 165998566 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.15% (Cost $165,998,566)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.15% (Cost $165,998,566)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.15% (Cost $165,998,566)<sup>(d)</sup> | $165998566 |
|  | **TOTAL INVESTMENTS - 97.8% (Cost $1,152,485,819)** | **TOTAL INVESTMENTS - 97.8% (Cost $1,152,485,819)** | **TOTAL INVESTMENTS - 97.8% (Cost $1,152,485,819)** | $1158335527 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 2.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 2.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 2.2%** | 25560688 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $1183896215 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount** | **Unrealized<br> Appreciation** |
| 275 | CBOT 10 Year US Treasury Notes | 09/22/2025 | $30542188 | $379039 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| 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 |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| SOFRINDX | Secured Overnight Financing Rate Index |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| TSFR3M | 3-Month CME Term SOFR |
| US0003M | US Treasury 3 Month Bill Money Market Yield |

---

<sup>(a)</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 July 31, 2025 the total market value of 144A securities is $11,554,926 or 1.0% of net assets.

<sup>(b)</sup> Variable rate security; the rate shown represents the rate on July 31, 2025.

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

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

---

| |
|:---|
| **NAVIGATOR TACTICAL INVESTMENT GRADE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| |
|:---|
| **OPEN CREDIT DEFAULT SWAP AGREEMENTS <sup>(1)</sup>** |
| **OPEN CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION <sup>(2)</sup>** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Termination<br> Date | Interest Rate<br> Payable | Payment<br> Frequency | Notional Value at<br> July 31, 2025 | Value | Upfront<br> Premiums Paid | Unrealized<br> Appreciation |
| CDX North American High Yield Series 44 | GS | 6/20/2030 | 5.00% | Quarterly | $15000000 | $1172960 | $567420 | $605540 |
| CDX North American Investment Grade Series 44 | GS | 6/20/2030 | 5.00% | Quarterly | 50000000 | 1141633 | 726593 | 415040 |
| **TOTAL** |  |  |  |  |  | $2314593 | $1294013 | $1020580 |

---

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>(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** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | | | | | **Fair Value** |
|  | **EXCHANGE-TRADED FUND — 5.6%** | **EXCHANGE-TRADED FUND — 5.6%** | **EXCHANGE-TRADED FUND — 5.6%** | **EXCHANGE-TRADED FUND — 5.6%** |  |
|  | **EQUITY - 5.6%** | **EQUITY - 5.6%** | **EQUITY - 5.6%** | **EQUITY - 5.6%** |  |
| 6300 | Vanguard S&P 500 ETF | Vanguard S&P 500 ETF | Vanguard S&P 500 ETF | Vanguard S&P 500 ETF | $3660426 |
|  | **TOTAL EXCHANGE-TRADED FUND (Cost $3,268,201)** | **TOTAL EXCHANGE-TRADED FUND (Cost $3,268,201)** | **TOTAL EXCHANGE-TRADED FUND (Cost $3,268,201)** | **TOTAL EXCHANGE-TRADED FUND (Cost $3,268,201)** | 3660426 |
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 74.8%** | **CORPORATE BONDS — 74.8%** |  |  |  |
|  | **AEROSPACE & DEFENSE — 3.0%** |  |  |  |  |
| 1000000 | Boeing Company |  | 2.1960 | &nbsp;&nbsp;02/04/26 | 986870 |
| 1000000 | Teledyne Technologies, Inc. |  | 1.6000 | &nbsp;&nbsp;04/01/26 | 979895 |
|  |  |  |  |  | 1966765 |
|  | **ASSET MANAGEMENT — 1.5%** |  |  |  |  |
| 1000000 | Charles Schwab Corporation<sup>(a)</sup> | SOFRRATE + 0.520% | 4.8560 | &nbsp;&nbsp;05/13/26 | 1000561 |
|  | **AUTOMOTIVE — 9.2%** |  |  |  |  |
| 1000000 | American Honda Finance Corporation<sup>(a)</sup> | SOFRRATE + 0.600% | 4.9370 | &nbsp;&nbsp;08/14/25 | 1000169 |
| 1000000 | American Honda Finance Corporation<sup>(a)</sup> | SOFRRATE + 0.870% | 5.1990 | &nbsp;&nbsp;07/09/27 | 1003619 |
| 1000000 | BMW US Capital, LLC<sup>(a),(b)</sup> | SOFRINDX + 0.780% | 5.1260 | &nbsp;&nbsp;03/19/27 | 1000938 |
| 1000000 | Hyundai Capital America<sup>(a),(b)</sup> | SOFRRATE + 0.990% | 5.3410 | &nbsp;&nbsp;03/25/27 | 1001726 |
| 1000000 | Mercedes-Benz Finance North America, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.780% | 5.1310 | &nbsp;&nbsp;04/01/27 | 1000737 |
| 1000000 | Volkswagen Group of America Finance, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.830% | 5.1760 | &nbsp;&nbsp;03/20/26 | 1000966 |
|  |  |  |  |  | 6008155 |
|  | **BANKING — 7.6%** |  |  |  |  |
| 970000 | Bank of America Corporation<sup>(c)</sup> | SOFRRATE + 1.010% | 1.1970 | &nbsp;&nbsp;10/24/26 | 962274 |
| 1000000 | Citibank NA<sup>(a)</sup> | SOFRRATE + 0.781% | 5.1220 | &nbsp;&nbsp;05/29/27 | 1004837 |
| 1000000 | Cooperatieve Rabobank UA<sup>(a)</sup> | SOFRRATE + 0.620% | 4.9590 | &nbsp;&nbsp;08/28/26 | 1003854 |
| 1000000 | JPMorgan Chase & Company<sup>(c)</sup> | US0003M + 1.245% | 3.9600 | &nbsp;&nbsp;01/29/27 | 997469 |
| 1000000 | Toronto-Dominion Bank<sup>(a)</sup> | SOFRRATE + 0.480% | 4.8090 | &nbsp;&nbsp;10/10/25 | 1000578 |
|  |  |  |  |  | 4969012 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 74.8% (Continued)** | **CORPORATE BONDS — 74.8% (Continued)** |  |  | |
| | **BEVERAGES — 1.5%** | **BEVERAGES — 1.5%** |  |  | |
| 1000000 | Keurig Dr Pepper, Inc.<sup>(a)</sup> | SOFRRATE + 0.580% | 4.9200 | &nbsp;&nbsp;11/15/26 | $1002557 |
|  | **BIOTECH & PHARMA — 4.6%** |  |  |  |  |
| 1000000 | Bayer US Finance II, LLC<sup>(b)</sup> |  | 4.2500 | &nbsp;&nbsp;12/15/25 | 997540 |
| 1000000 | GlaxoSmithKline Capital plc<sup>(a)</sup> | SOFRRATE + 0.500% | 4.8410 | &nbsp;&nbsp;03/12/27 | 1003851 |
| 1000000 | Royalty Pharma plc |  | 1.2000 | &nbsp;&nbsp;09/02/25 | 996609 |
|  |  |  |  |  | 2998000 |
|  | **CHEMICALS — 2.2%** |  |  |  |  |
| 1000000 | DuPont de Nemours, Inc. |  | 4.4930 | &nbsp;&nbsp;11/15/25 | 998944 |
| 411000 | International Flavors & Fragrances, Inc.<sup>(b)</sup> |  | 1.2300 | &nbsp;&nbsp;10/01/25 | 408230 |
|  |  |  |  |  | 1407174 |
|  | **COMMERCIAL SUPPORT SERVICES — 1.5%** |  |  |  |  |
| 1000000 | Block Financial, LLC |  | 5.2500 | &nbsp;&nbsp;10/01/25 | 1000196 |
|  | **E-COMMERCE DISCRETIONARY — 1.5%** |  |  |  |  |
| 1000000 | eBay, Inc. |  | 1.4000 | &nbsp;&nbsp;05/10/26 | 976782 |
|  | **ELECTRIC UTILITIES — 3.1%** |  |  |  |  |
| 1000000 | Duke Energy Corporation |  | 0.9000 | &nbsp;&nbsp;09/15/25 | 995147 |
| 1000000 | Entergy Corporation |  | 0.9000 | &nbsp;&nbsp;09/15/25 | 995470 |
|  |  |  |  |  | 1990617 |
|  | **ELECTRICAL EQUIPMENT — 1.3%** |  |  |  |  |
| 866000 | Fortive Corporation |  | 3.1500 | &nbsp;&nbsp;06/15/26 | 854256 |
|  | **FOOD — 3.0%** |  |  |  |  |
| 1000000 | Conagra Brands, Inc. |  | 4.6000 | &nbsp;&nbsp;11/01/25 | 998804 |
| 1000000 | Kraft Heinz Foods Company |  | 3.0000 | &nbsp;&nbsp;06/01/26 | 987076 |
|  |  |  |  |  | 1985880 |
|  | **HEALTH CARE FACILITIES & SERVICES — 3.0%** |  |  |  |  |
| 1000000 | CVS Health Corporation |  | 2.8750 | &nbsp;&nbsp;06/01/26 | 986086 |
| 1000000 | HCA, Inc. |  | 5.8750 | &nbsp;&nbsp;02/15/26 | 1000812 |
|  |  |  |  |  | 1986898 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 74.8% (Continued)** | **CORPORATE BONDS — 74.8% (Continued)** |  |  | |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 3.0%** |  |  |  |  |
| 1000000 | Goldman Sachs Group, Inc.<sup>(c)</sup> | SOFRRATE + 1.075% | 5.7980 | &nbsp;&nbsp;08/10/26 | $1000206 |
| 1000000 | Morgan Stanley<sup>(c)</sup> | SOFRRATE + 0.879% | 1.5930 | &nbsp;&nbsp;05/04/27 | 977502 |
|  |  |  |  |  | 1977708 |
|  | **INSURANCE — 1.4%** |  |  |  |  |
| 912000 | Allstate Corporation |  | 0.7500 | &nbsp;&nbsp;12/15/25 | 899554 |
|  | **LEISURE FACILITIES & SERVICES — 3.3%** |  |  |  |  |
| 1177000 | Marriott International, Inc. |  | 3.1250 | &nbsp;&nbsp;06/15/26 | 1163121 |
| 1000000 | Royal Caribbean Cruises Ltd.<sup>(b)</sup> |  | 4.2500 | &nbsp;&nbsp;07/01/26 | 997132 |
|  |  |  |  |  | 2160253 |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.5%** |  |  |  |  |
| 1000000 | GE HealthCare Technologies, Inc. |  | 5.6000 | &nbsp;&nbsp;11/15/25 | 1001773 |
|  | **OIL & GAS PRODUCERS — 4.6%** |  |  |  |  |
| 1000000 | MPLX, L.P. B |  | 1.7500 | &nbsp;&nbsp;03/01/26 | 983262 |
| 1000000 | Plains All American Pipeline, L.P. / PAA Finance |  | 4.6500 | &nbsp;&nbsp;10/15/25 | 999732 |
| 1000000 | Williams Companies, Inc. |  | 4.0000 | &nbsp;&nbsp;09/15/25 | 998763 |
|  |  |  |  |  | 2981757 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 4.6%** |  |  |  |  |
| 1000000 | Crown Castle International Corporation |  | 3.7000 | &nbsp;&nbsp;06/15/26 | 991914 |
| 1000000 | Equinix, Inc. |  | 1.4500 | &nbsp;&nbsp;05/15/26 | 974633 |
| 1023000 | Weyerhaeuser Company |  | 4.7500 | &nbsp;&nbsp;05/15/26 | 1024320 |
|  |  |  |  |  | 2990867 |
|  | **RETAIL - DISCRETIONARY — 3.0%** |  |  |  |  |
| 1000000 | Lowe's Companies, Inc. |  | 4.8000 | &nbsp;&nbsp;04/01/26 | 1001087 |
| 1000000 | Ross Stores, Inc. |  | 0.8750 | &nbsp;&nbsp;04/15/26 | 974069 |
|  |  |  |  |  | 1975156 |
|  | **SOFTWARE — 3.0%** |  |  |  |  |
| 1000000 | Fortinet, Inc. |  | 1.0000 | &nbsp;&nbsp;03/15/26 | 978045 |
| 1000000 | Oracle Corporation |  | 1.6500 | &nbsp;&nbsp;03/25/26 | 981504 |
|  |  |  |  |  | 1959549 |
|  | **STEEL — 1.5%** |  |  |  |  |
| 1000000 | Reliance, Inc. |  | 1.3000 | &nbsp;&nbsp;08/15/25 | 998658 |

---

---

| |
|:---|
| **NAVIGATOR TACTICAL U.S. ALLOCATION FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 74.8% (Continued)** | **CORPORATE BONDS — 74.8% (Continued)** |  |  | |
|  | **TECHNOLOGY HARDWARE — 2.9%** |  |  |  |  |
| 1000000 | Dell International, LLC / EMC Corporation |  | 6.0200 | &nbsp;&nbsp;06/15/26 | $1008600 |
| 881000 | Jabil, Inc. |  | 1.7000 | &nbsp;&nbsp;04/15/26 | 863596 |
|  |  |  |  |  | 1872196 |
|  | **TELECOMMUNICATIONS — 3.0%** |  |  |  |  |
| 1000000 | Sprint, LLC |  | 7.6250 | &nbsp;&nbsp;03/01/26 | 1007617 |
| 1000000 | T-Mobile USA, Inc. |  | 1.5000 | &nbsp;&nbsp;02/15/26 | 983795 |
|  |  |  |  |  | 1991412 |
|  | **TOTAL CORPORATE BONDS (Cost $48,915,672)** | **TOTAL CORPORATE BONDS (Cost $48,915,672)** | **TOTAL CORPORATE BONDS (Cost $48,915,672)** | **TOTAL CORPORATE BONDS (Cost $48,915,672)** | 48955736 |
| **Shares** |  |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 9.2%** | **SHORT-TERM INVESTMENTS — 9.2%** | **SHORT-TERM INVESTMENTS — 9.2%** | **SHORT-TERM INVESTMENTS — 9.2%** |  |
|  | **MONEY MARKET FUND - 9.2%** | **MONEY MARKET FUND - 9.2%** | **MONEY MARKET FUND - 9.2%** | **MONEY MARKET FUND - 9.2%** |  |
| 6040340 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.15% (Cost $6,040,340)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.15% (Cost $6,040,340)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.15% (Cost $6,040,340)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.15% (Cost $6,040,340)<sup>(d)</sup> | 6040340 |
|  | **TOTAL INVESTMENTS - 89.6% (Cost $58,224,213)** | **TOTAL INVESTMENTS - 89.6% (Cost $58,224,213)** | **TOTAL INVESTMENTS - 89.6% (Cost $58,224,213)** | **TOTAL INVESTMENTS - 89.6% (Cost $58,224,213)** | $58656502 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 10.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 10.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 10.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 10.4%** | 6790669 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $65447171 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount** | **Unrealized<br> Appreciation** |
| 194 | CME E-Mini Standard & Poor's 500 Index Futures | 09/22/2025 | $61830225 | $2883895 |
|  | **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 |
| SOFRINDX | Secured Overnight Financing Rate Index |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| US0003M | US Treasury 3 Month Bill Money Market Yield |

---

<sup>(a)</sup> 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 July 31, 2025 the total market value of 144A securities is $6,407,269 or 9.8% of net assets.

<sup>(c)</sup> Variable rate security; the rate shown represents the rate on July 31, 2025.

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

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 95.8%** | **CORPORATE BONDS — 95.8%** |  |  | |
|  | **ADVERTISING & MARKETING — 1.5%** |  |  |  |  |
| 1216000 | Omnicom Group, Inc. / Omnicom Capital, Inc. |  | 3.6000 | &nbsp;&nbsp;&nbsp;04/15/26 | $1207251 |
|  | **AEROSPACE & DEFENSE — 3.0%** |  |  |  |  |
| 1000000 | Boeing Company |  | 2.1960 | &nbsp;&nbsp;&nbsp;02/04/26 | 986869 |
| 1380000 | Teledyne Technologies, Inc. |  | 1.6000 | &nbsp;&nbsp;&nbsp;04/01/26 | 1352256 |
|  |  |  |  |  | 2339125 |
|  | **ASSET MANAGEMENT — 1.3%** |  |  |  |  |
| 1000000 | Charles Schwab Corporation<sup>(a)</sup> | SOFRRATE + 0.520% | 4.8560 | &nbsp;&nbsp;&nbsp;05/13/26 | 1000561 |
|  | **AUTOMOTIVE — 12.0%** |  |  |  |  |
| 1500000 | American Honda Finance Corporation<sup>(a)</sup> | SOFRRATE + 0.600% | 4.9370 | &nbsp;&nbsp;&nbsp;08/14/25 | 1500254 |
| 1000000 | American Honda Finance Corporation<sup>(a)</sup> | SOFRRATE + 0.870% | 5.1990 | &nbsp;&nbsp;&nbsp;07/09/27 | 1003619 |
| 1000000 | BMW US Capital, LLC<sup>(a),(b)</sup> | SOFRINDX + 0.780% | 5.1260 | &nbsp;&nbsp;&nbsp;03/19/27 | 1000938 |
| 1000000 | Ford Motor Credit Company, LLC |  | 4.1340 | &nbsp;&nbsp;&nbsp;08/04/25 | 999910 |
| 1000000 | Ford Motor Credit Company, LLC<sup>(a)</sup> | SOFRRATE + 1.450% | 5.7900 | &nbsp;&nbsp;&nbsp;11/05/26 | 995909 |
| 1000000 | General Motors Financial Company, Inc. |  | 1.2500 | &nbsp;&nbsp;&nbsp;01/08/26 | 985341 |
| 1000000 | Hyundai Capital America<sup>(a),(b)</sup> | SOFRRATE + 0.990% | 5.3410 | &nbsp;&nbsp;&nbsp;03/25/27 | 1001726 |
| 1000000 | Mercedes-Benz Finance North America, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.780% | 5.1310 | &nbsp;&nbsp;&nbsp;04/01/27 | 1000737 |
| 1000000 | Volkswagen Group of America Finance, LLC<sup>(a),(b)</sup> | SOFRRATE + 0.830% | 5.1760 | &nbsp;&nbsp;&nbsp;03/20/26 | 1000966 |
|  |  |  |  |  | 9489400 |
|  | **BANKING — 8.8%** |  |  |  |  |
| 970000 | Bank of America Corporation<sup>(c)</sup> | SOFRRATE + 1.010% | 1.1970 | &nbsp;&nbsp;&nbsp;10/24/26 | 962274 |
| 1000000 | Citibank NA<sup>(a)</sup> | SOFRINDX + 0.590% | 4.9500 | &nbsp;&nbsp;&nbsp;04/30/26 | 1002233 |
| 1000000 | Citibank NA<sup>(a)</sup> | SOFRRATE + 0.781% | 5.1220 | &nbsp;&nbsp;&nbsp;05/29/27 | 1004837 |
| 1000000 | Cooperatieve Rabobank UA<sup>(a)</sup> | SOFRRATE + 0.620% | 4.9590 | &nbsp;&nbsp;&nbsp;08/28/26 | 1003854 |
| 1000000 | JPMorgan Chase & Company<sup>(c)</sup> | US0003M + 1.245% | 3.9600 | &nbsp;&nbsp;&nbsp;01/29/27 | 997469 |
| 1000000 | JPMorgan Chase & Company<sup>(c)</sup> | SOFRRATE + 0.765% | 1.4700 | &nbsp;&nbsp;&nbsp;09/22/27 | 966066 |
| 1000000 | Toronto-Dominion Bank <sup>(a)</sup> | SOFRRATE + 0.480% | 4.8090 | &nbsp;&nbsp;&nbsp;10/10/25 | 1000578 |
|  |  |  |  |  | 6937311 |

---

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 95.8% (Continued)** |  |  |  |  |
|  | **BEVERAGES — 1.9%** |  |  |  |  |
| 1500000 | Keurig Dr Pepper, Inc.<sup>(a)</sup> | SOFRRATE + 0.580% | 4.9200 | 11/15/26 | $1503835 |
|  | **BIOTECH & PHARMA — 3.8%** |  |  |  |  |
| 1000000 | Bayer US Finance II, LLC<sup>(b)</sup> |  | 4.2500 | 12/15/25 | 997540 |
| 1000000 | GlaxoSmithKline Capital plc<sup>(a)</sup> | SOFRRATE + 0.500% | 4.8410 | 03/12/27 | 1003852 |
| 1000000 | Royalty Pharma plc |  | 1.2000 | 09/02/25 | 996608 |
|  |  |  |  |  | 2998000 |
|  | **CHEMICALS — 3.0%** |  |  |  |  |
| 2000000 | DuPont de Nemours, Inc. |  | 4.4930 | 11/15/25 | 1997889 |
| 411000 | International Flavors & Fragrances, Inc.<sup>(b)</sup> |  | 1.2300 | 10/01/25 | 408230 |
|  |  |  |  |  | 2406119 |
|  | **COMMERCIAL SUPPORT SERVICES — 1.3%** |  |  |  |  |
| 1000000 | Block Financial, LLC |  | 5.2500 | 10/01/25 | 1000197 |
|  | **E-COMMERCE DISCRETIONARY — 1.2%** |  |  |  |  |
| 1000000 | eBay, Inc. |  | 1.4000 | 05/10/26 | 976782 |
|  | **ELECTRIC UTILITIES — 2.5%** |  |  |  |  |
| 1000000 | Duke Energy Corporation |  | 0.9000 | 09/15/25 | 995147 |
| 1000000 | Entergy Corporation |  | 0.9000 | 09/15/25 | 995470 |
|  |  |  |  |  | 1990617 |
|  | **ELECTRICAL EQUIPMENT — 2.7%** |  |  |  |  |
| 1000000 | Fortive Corporation |  | 3.1500 | 06/15/26 | 986439 |
| 1139000 | Johnson Controls International plc |  | 3.9000 | 02/14/26 | 1133836 |
|  |  |  |  |  | 2120275 |
|  | **ENTERTAINMENT CONTENT — 2.1%** |  |  |  |  |
| 1680000 | Take-Two Interactive Software, Inc. |  | 5.0000 | 03/28/26 | 1683717 |

---

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 95.8% (Continued)** |  |  |  |  |
|  | **FOOD — 5.5%** |  |  |  |  |
| 1000000 | Conagra Brands, Inc. |  | 4.6000 | &nbsp;&nbsp;11/01/25 | $998804 |
| 1348000 | Kellogg Company |  | 3.2500 | &nbsp;&nbsp;04/01/26 | 1338281 |
| 1052000 | Kraft Heinz Foods Company |  | 3.0000 | &nbsp;&nbsp;06/01/26 | 1038404 |
| 1000000 | McCormick & Company, Inc. |  | 3.2500 | &nbsp;&nbsp;11/15/25 | 995328 |
|  |  |  |  |  | 4370817 |
|  | **HEALTH CARE FACILITIES & SERVICES — 4.4%** |  |  |  |  |
| 1000000 | CVS Health Corporation |  | 2.8750 | &nbsp;&nbsp;06/01/26 | 986086 |
| 1000000 | Elevance Health, Inc. |  | 4.9000 | &nbsp;&nbsp;02/08/26 | 1000044 |
| 1500000 | HCA, Inc. |  | 5.8750 | &nbsp;&nbsp;02/15/26 | 1501218 |
|  |  |  |  |  | 3487348 |
|  | **HOME CONSTRUCTION — 1.8%** |  |  |  |  |
| 1435000 | DR Horton, Inc. |  | 2.6000 | &nbsp;&nbsp;10/15/25 | 1428929 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 5.0%** |  |  |  |  |
| 1000000 | Goldman Sachs Group, Inc.<sup>(c)</sup> | SOFRRATE + 1.075% | 5.7980 | &nbsp;&nbsp;08/10/26 | 1000206 |
| 1000000 | Jefferies Financial Group, Inc. |  | 5.0300 | &nbsp;&nbsp;03/16/26 | 1000907 |
| 1000000 | Morgan Stanley<sup>(c)</sup> | SOFRRATE + 0.720% | 0.9850 | &nbsp;&nbsp;12/10/26 | 986733 |
| 1000000 | Morgan Stanley<sup>(c)</sup> | SOFRRATE + 0.879% | 1.5930 | &nbsp;&nbsp;05/04/27 | 977502 |
|  |  |  |  |  | 3965348 |
|  | **INSURANCE — 1.1%** |  |  |  |  |
| 913000 | Allstate Corporation |  | 0.7500 | &nbsp;&nbsp;12/15/25 | 900540 |
|  | **LEISURE FACILITIES & SERVICES — 2.7%** |  |  |  |  |
| 1177000 | Marriott International, Inc. |  | 3.1250 | &nbsp;&nbsp;06/15/26 | 1163121 |
| 1000000 | Royal Caribbean Cruises Ltd.<sup>(b)</sup> |  | 4.2500 | &nbsp;&nbsp;07/01/26 | 997132 |
|  |  |  |  |  | 2160253 |
|  | **LEISURE PRODUCTS — 1.5%** |  |  |  |  |
| 1230000 | Mattel, Inc.<sup>(b)</sup> |  | 3.3750 | &nbsp;&nbsp;04/01/26 | 1214965 |
|  | **MEDICAL EQUIPMENT & DEVICES — 1.3%** |  |  |  |  |
| 1000000 | GE HealthCare Technologies, Inc. |  | 5.6000 | &nbsp;&nbsp;11/15/25 | 1001773 |

---

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 95.8% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 3.8%** |  |  |  |  |
| 1000000 | Chevron USA, Inc.<sup>(a)</sup> | SOFRINDX + 0.360% | 4.6980 | &nbsp;&nbsp;02/26/27 | $1001899 |
| 1000000 | MPLX, L.P. B |  | 1.7500 | &nbsp;&nbsp;03/01/26 | 983262 |
| 1000000 | Plains All American Pipeline, L.P. / PAA Finance |  | 4.6500 | &nbsp;&nbsp;10/15/25 | 999731 |
|  |  |  |  |  | 2984892 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 4.1%** |  |  |  |  |
| 1000000 | Crown Castle International Corporation |  | 3.7000 | &nbsp;&nbsp;06/15/26 | 991913 |
| 1000000 | Equinix, Inc. |  | 1.4500 | &nbsp;&nbsp;05/15/26 | 974633 |
| 1250000 | Weyerhaeuser Company |  | 4.7500 | &nbsp;&nbsp;05/15/26 | 1251614 |
|  |  |  |  |  | 3218160 |
|  | **RETAIL - CONSUMER STAPLES — 1.9%** |  |  |  |  |
| 1500000 | Walmart, Inc.<sup>(a)</sup> | SOFRINDX + 0.430% | 4.7810 | &nbsp;&nbsp;04/28/27 | 1506490 |
|  | **RETAIL - DISCRETIONARY — 3.7%** |  |  |  |  |
| 1000000 | AutoZone, Inc. |  | 3.1250 | &nbsp;&nbsp;04/21/26 | 989099 |
| 1000000 | Lowe's Companies, Inc. |  | 4.8000 | &nbsp;&nbsp;04/01/26 | 1001087 |
| 1000000 | Ross Stores, Inc. |  | 0.8750 | &nbsp;&nbsp;04/15/26 | 974069 |
|  |  |  |  |  | 2964255 |
|  | **SOFTWARE — 2.7%** |  |  |  |  |
| 1141000 | Fortinet, Inc. |  | 1.0000 | &nbsp;&nbsp;03/15/26 | 1115949 |
| 1000000 | Oracle Corporation |  | 1.6500 | &nbsp;&nbsp;03/25/26 | 981504 |
|  |  |  |  |  | 2097453 |
|  | **SPECIALTY FINANCE — 1.3%** |  |  |  |  |
| 1000000 | American Express Company<sup>(c)</sup> | SOFRRATE + 1.330% | 6.3380 | &nbsp;&nbsp;10/30/26 | 1003986 |
|  | **STEEL — 1.3%** |  |  |  |  |
| 1000000 | Reliance, Inc. |  | 1.3000 | &nbsp;&nbsp;08/15/25 | 998658 |
|  | **TECHNOLOGY HARDWARE — 4.2%** |  |  |  |  |
| 1000000 | Dell International, LLC / EMC Corporation |  | 6.0200 | &nbsp;&nbsp;06/15/26 | 1008600 |
| 1000000 | Jabil, Inc. |  | 1.7000 | &nbsp;&nbsp;04/15/26 | 980246 |
| 1311000 | Juniper Networks, Inc. |  | 1.2000 | &nbsp;&nbsp;12/10/25 | 1293942 |
|  |  |  |  |  | 3282788 |

---

---

| |
|:---|
| **NAVIGATOR ULTRA SHORT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **July 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount ($)** |  | **Spread** | **Coupon Rate <br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 95.8% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY SERVICES — 1.2%** |  |  |  |  |
| 1000000 | Fidelity National Information Services, Inc. |  | 1.1500 | &nbsp;&nbsp;03/01/26 | $980045 |
|  | **TELECOMMUNICATIONS — 3.2%** |  |  |  |  |
| 1500000 | Sprint, LLC |  | 7.6250 | &nbsp;&nbsp;03/01/26 | 1511426 |
| 1000000 | T-Mobile USA, Inc. |  | 1.5000 | &nbsp;&nbsp;02/15/26 | 983795 |
|  |  |  |  |  | 2495221 |
|  | **TOTAL CORPORATE BONDS (Cost $75,657,252)** |  |  |  | 75715111 |
| **Shares** |  |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 3.3%** | **SHORT-TERM INVESTMENTS — 3.3%** | **SHORT-TERM INVESTMENTS — 3.3%** | **SHORT-TERM INVESTMENTS — 3.3%** |  |
|  | **MONEY MARKET FUND - 3.3%** | **MONEY MARKET FUND - 3.3%** | **MONEY MARKET FUND - 3.3%** | **MONEY MARKET FUND - 3.3%** |  |
| 2652795 | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.15% (Cost $2,652,795)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.15% (Cost $2,652,795)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.15% (Cost $2,652,795)<sup>(d)</sup> | Dreyfus Treasury Obligations Cash Management Fund, Institutional Class, 4.15% (Cost $2,652,795)<sup>(d)</sup> | 2652795 |
|  | **TOTAL INVESTMENTS - 99.1% (Cost $78,310,047)** | **TOTAL INVESTMENTS - 99.1% (Cost $78,310,047)** | **TOTAL INVESTMENTS - 99.1% (Cost $78,310,047)** | **TOTAL INVESTMENTS - 99.1% (Cost $78,310,047)** | $78367906 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%** | 689084 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $79056990 |

---

---

| | |
|:---|:---|
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |
| SOFRINDX | Secured Overnight Financing Rate Index |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| US0003M | US Treasury 3 Month Bill Money Market Yield |

---

<sup>(a)</sup> 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 July 31, 2025 the total market value of 144A securities is $7,622,234 or 9.6% of net assets.

<sup>(c)</sup> Variable rate security; the rate shown represents the rate on July 31, 2025.

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** Navigator Tactical U.S. Allocation Fund

- **b. EDGAR series identifier (if any):** S000070872

- **c. LEI of Series:** 549300G5M55K2WBS7Z32

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $65522475.59

**Total Liabilities:** $75304.61

**Net Assets:** $65447170.98

**Cash Not Reported:** $3551086.96

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2137.96839100 | **1-Year:** 975.78327400 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225125 | 5.37%                | 5.07%                | 2.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-16573.21               | $174262.77                                 |
| Month 2  | $11847.95                | $171558.51                                 |
| Month 3  | $350.69                  | $90556.24                                  |

**Designated Index Information**

- **Index Name:** S&P 500 (TR)

- **Index Identifier:** 500TR

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Keurig Dr Pepper Inc                          | KDP Float 11/15/26      | CUSIP: 49271VAY6<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002556.62   | 1.53%             | 2026-11-15      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Dell International L.L.C. and EMC Corporation | DELL 6.02 06/15/26      | CUSIP: 24703TAD8<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1008599.52   | 1.54%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                              | DUK 0.9 09/15/25        | CUSIP: 26441CBJ3<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $995147.25    | 1.52%             | 2025-09-15      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                         | BAC 1.197 10/24/26      | CUSIP: 06051GJK6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    970000 | PA      | $962273.63    | 1.47%             | 2026-10-24      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC       | VW Float 03/20/26       | CUSIP: 928668CD2<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000966.24   | 1.53%             | 2026-03-20      | Floating      | 5.18%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                     | GS 5.798 08/10/26       | CUSIP: 38145GAM2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000205.87   | 1.53%             | 2026-08-10      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation            | HNDA Float 07/09/27     | CUSIP: 02665WGE5<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1003618.58   | 1.53%             | 2027-07-09      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                       | MPLX 1 3/4 03/01/26     | CUSIP: 55336VBR0<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $983262.32    | 1.50%             | 2026-03-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Entergy Corporation                           | ETR 0.9 09/15/25        | CUSIP: 29364GAM5<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $995470.17    | 1.52%             | 2025-09-15      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| BMW US Capital, LLC                           | BMW Float 03/19/27      | CUSIP: 05565ECV5<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000937.56   | 1.53%             | 2027-03-19      | Floating      | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Royalty Pharma PLC                            | RPRX 1.2 09/02/25       | CUSIP: 78081BAH6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $996608.50    | 1.52%             | 2025-09-02      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| GlaxoSmithKline Capital PLC                   | GSK Float 03/12/27      | CUSIP: 377373AN5<br>LEI: 549300U0LV41VX7LEP38 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1003851.67   | 1.53%             | 2027-03-12      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank U.A. New York Branch    | RABOBK Float 08/28/26   | CUSIP: 21688ABG6<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |   1000000 | PA      | $1003854.05   | 1.53%             | 2026-08-28      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Citibank, N.A.                                | C Float 05/29/27        | CUSIP: 17325FBQ0<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1004837.39   | 1.54%             | 2027-05-29      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                   | S&P500 EMINI FUT  SEP25 | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |       194 | NC      | $2883895.00   | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                                     | EBAY 1.4 05/10/26       | CUSIP: 278642AX1<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $976781.96    | 1.49%             | 2026-05-10      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                | SCHW FLOAT 05/13/26     | CUSIP: 808513BQ7<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000560.64   | 1.53%             | 2026-05-13      | Floating      | 4.86%                 | 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        |   6040340 | PA      | $6040339.65   | 9.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                               | CVS 2 7/8 06/01/26      | CUSIP: 126650CU2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $986086.05    | 1.51%             | 2026-06-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Jabil Inc                                     | JBL 1.7 04/15/26        | CUSIP: 466313AL7<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |    881000 | PA      | $863596.32    | 1.32%             | 2026-04-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Ross Stores Inc                               | ROST 0 7/8 04/15/26     | CUSIP: 778296AF0<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $974068.76    | 1.49%             | 2026-04-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                       | HYNMTR Float 03/25/27   | CUSIP: 44891ADS3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001726.29   | 1.53%             | 2027-03-25      | Floating      | 5.34%                 | Yes           |                  2 | On Loan: No      |
| Sprint LLC                                    | S 7 5/8 03/01/26        | CUSIP: 85207UAK1<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1007617.30   | 1.54%             | 2026-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                             | CCI 3.7 06/15/26        | CUSIP: 22822VAC5<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $991913.73    | 1.52%             | 2026-06-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                  | ORCL 1.65 03/25/26      | CUSIP: 68389XCC7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $981503.96    | 1.50%             | 2026-03-25      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                      | HCA 5 7/8 02/15/26      | CUSIP: 404119BS7<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000811.60   | 1.53%             | 2026-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                            | BA 2.196 02/04/26       | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $986869.30    | 1.51%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Williams Partners L.P.                        | WMB 4 09/15/25          | CUSIP: 96949LAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998763.42    | 1.53%             | 2025-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Equinix, Inc.                                 | EQIX 1.45 05/15/26      | CUSIP: 29444UBQ8<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $974632.83    | 1.49%             | 2026-05-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Fortive Corporation                           | FTV 3.15 06/15/26       | CUSIP: 34959JAG3<br>LEI: 549300MU9YQJYHDQEF63 | Long             | DBT              | CORP              | US        |    866000 | PA      | $854256.00    | 1.31%             | 2026-06-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Plains All American Pipeline L.P.             | PAA 4.65 10/15/25       | CUSIP: 72650RBJ0<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999731.45    | 1.53%             | 2025-10-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                | MS 1.593 05/04/27       | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $977502.06    | 1.49%             | 2027-05-04      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                         | LOW 4.8 04/01/26        | CUSIP: 548661EP8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001087.25   | 1.53%             | 2026-04-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Bayer US Finance II LLC                       | BAYNGR 4 1/4 12/15/25   | CUSIP: 07274NAJ2<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $997540.05    | 1.52%             | 2025-12-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| The Allstate Corporation                      | ALL 0 3/4 12/15/25      | CUSIP: 020002BH3<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    912000 | PA      | $899553.63    | 1.37%             | 2025-12-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                     | TD Float 10/10/25       | CUSIP: 89115A2Z4<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1000578.01   | 1.53%             | 2025-10-10      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| Fortinet Inc                                  | FTNT 1 03/15/26         | CUSIP: 34959EAA7<br>LEI: 549300O0QJWDBAS0QX03 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $978044.52    | 1.49%             | 2026-03-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                         | RCL 4 1/4 07/01/26      | CUSIP: 780153BH4<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1000000 | PA      | $997131.96    | 1.52%             | 2026-07-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                          | JPM 3.96 01/29/27       | CUSIP: 46647PBA3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $997468.94    | 1.52%             | 2027-01-29      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| Conagra Brands Inc                            | CAG 4.6 11/01/25        | CUSIP: 205887CB6<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998803.86    | 1.53%             | 2025-11-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Teledyne Technologies Inc                     | TDY 1.6 04/01/26        | CUSIP: 879360AC9<br>LEI: 549300VSMO9KYQWDND94 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $979895.29    | 1.50%             | 2026-04-01      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Weyerhaeuser Company                          | WY 4 3/4 05/15/26       | CUSIP: 962166CC6<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | DBT              | CORP              | US        |   1023000 | PA      | $1024320.75   | 1.57%             | 2026-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC       | MBGGR Float 04/01/27    | CUSIP: 58769JBD8<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000737.21   | 1.53%             | 2027-04-01      | Floating      | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Marriott International, Inc.                  | MAR 3 1/8 06/15/26      | CUSIP: 571903AS2<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |   1177000 | PA      | $1163121.38   | 1.78%             | 2026-06-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Block Financial Llc                           | HRB 5 1/4 10/01/25      | CUSIP: 093662AG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000196.42   | 1.53%             | 2025-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation            | HNDA Float 08/14/25     | CUSIP: 02665WFB2<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000169.47   | 1.53%             | 2025-08-14      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| International Flavors & Fragrances Inc.       | IFF 1.23 10/01/25       | CUSIP: 459506AN1<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |    411000 | PA      | $408230.02    | 0.62%             | 2025-10-01      | Fixed         | 1.23%                 | Yes           |                  2 | On Loan: No      |
| Dupont De Nemours Inc                         | DD 4.493 11/15/25       | CUSIP: 26078JAC4<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998944.48    | 1.53%             | 2025-11-15      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Reliance Inc                                  | RS 1.3 08/15/25         | CUSIP: 759509AF9<br>LEI: 549300E287ZOFT3C5Z56 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998657.64    | 1.53%             | 2025-08-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Vanguard Index Funds                          | VANGUARD S&P 500        | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |      6300 | NS      | $3660426.00   | 5.59%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Healthcare Technologies Inc.               | GEHC 5.6 11/15/25       | CUSIP: 36267VAD5<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001772.99   | 1.53%             | 2025-11-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                            | TMUS 1 1/2 02/15/26     | CUSIP: 87264ABZ7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $983795.25    | 1.50%             | 2026-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                     | KHC 3 06/01/26          | CUSIP: 50077LAD8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $987076.20    | 1.51%             | 2026-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer