# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0000910472-25-004270
**Filing Date:** 2025-11
**Character Count:** 101329
**Document Hash:** 6cc247231b10a683924a2df4ea287c0a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004270.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004270

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**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:** 251527145

**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

### TransWestern Institutional Short Duration Government Bond Fund (Series ID: S000030560)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000094762 | TransWestern Institutional Short Duration Government Bond Fund | TWSGX           |

## Nport-Ex

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Principal Amount ($)** |  |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES – 54.6%** | **U.S. GOVERNMENT & AGENCIES – 54.6%** |  |  |  |
|  | **FEDERAL HOME LOAN MORTGAGE CORP.** — **19.9%<sup>(b)</sup>** | **FEDERAL HOME LOAN MORTGAGE CORP.** — **19.9%<sup>(b)</sup>** |  |  |  |
| 34604 | Freddie Mac Gold Pool Series G08448 |  | 5.0000 | &nbsp;&nbsp;&nbsp;05/01/41 | $35514 |
| 470910 | Freddie Mac Gold Pool Series Q18571 |  | 3.5000 | &nbsp;&nbsp;&nbsp;05/01/43 | 445189 |
| 244946 | Freddie Mac Gold Pool Series Q20545 |  | 3.5000 | &nbsp;&nbsp;&nbsp;07/01/43 | 231697 |
| 86890 | Freddie Mac Gold Pool Series U92432 |  | 4.0000 | &nbsp;&nbsp;&nbsp;02/01/44 | 84822 |
| 181378 | Freddie Mac Multifamily Structured Pass Through Series KF60 A<sup>(c)</sup> | SOFR30A + 0.604% | 4.9590 | &nbsp;&nbsp;&nbsp;02/25/26 | 181451 |
| 462753 | Freddie Mac Multifamily Structured Pass Through Series KJ21 A2 |  | 3.7000 | &nbsp;&nbsp;&nbsp;09/25/26 | 460516 |
| 50004 | Freddie Mac Multifamily Structured Pass Through Series KF72 A<sup>(c)</sup> | SOFR30A + 0.614% | 4.9690 | &nbsp;&nbsp;&nbsp;11/25/26 | 49993 |
| 945078 | Freddie Mac Multifamily Structured Pass Through Series KF77 AL<sup>(c)</sup> | SOFR30A + 0.814% | 5.1690 | &nbsp;&nbsp;&nbsp;02/25/27 | 946743 |
| 1079344 | Freddie Mac Multifamily Structured Pass Through Series K531 AS<sup>(c)</sup> | SOFR30A + 0.530% | 4.8850 | &nbsp;&nbsp;&nbsp;09/25/29 | 1077938 |
| 1085000 | Freddie Mac Multifamily Structured Pass Through Series K540 A2<sup>(a)</sup> |  | 4.5130 | &nbsp;&nbsp;&nbsp;02/25/30 | 1103977 |
| 905000 | Freddie Mac Multifamily Structured Pass Through Series K546 A2 |  | 4.3610 | &nbsp;&nbsp;&nbsp;05/25/30 | 915681 |
| 527898 | Freddie Mac Multifamily Structured Pass Through Series KF82 AS<sup>(c)</sup> | SOFR30A + 0.420% | 4.7750 | &nbsp;&nbsp;&nbsp;06/25/30 | 527564 |
| 791846 | Freddie Mac Multifamily Structured Pass Through Series KF82 AL<sup>(c)</sup> | SOFR30A + 0.484% | 4.8390 | &nbsp;&nbsp;&nbsp;06/25/30 | 791819 |
| 386783 | Freddie Mac Multifamily Structured Pass Through Series KF80 AS<sup>(c)</sup> | SOFR30A + 0.510% | 4.8650 | &nbsp;&nbsp;&nbsp;06/25/30 | 386252 |
| 1800000 | Freddie Mac Multifamily Structured Pass Through Series K758 A2<sup>(a)</sup> |  | 4.6800 | &nbsp;&nbsp;&nbsp;10/25/31 | 1846143 |
| 2580000 | Freddie Mac Multifamily Structured Pass Through Series KJ42 A2 |  | 4.1180 | &nbsp;&nbsp;&nbsp;11/25/32 | 2561160 |
| 1254356 | Freddie Mac Multifamily Structured Pass Through Series Q016 APT1<sup>(a)</sup> |  | 1.2350 | &nbsp;&nbsp;&nbsp;05/25/51 | 1234929 |
| 97733 | Freddie Mac Non Gold Pool Series 780722<sup>(c)</sup> | H15T1Y + 2.220% | 6.2530 | &nbsp;&nbsp;&nbsp;08/01/33 | 100043 |
| 38745 | Freddie Mac Non Gold Pool Series 972132<sup>(c)</sup> | H15T1Y + 2.225% | 6.7600 | &nbsp;&nbsp;&nbsp;11/01/33 | 39710 |
| 40572 | Freddie Mac Non Gold Pool Series 1B2025<sup>(c)</sup> | RFUCCT1Y + 1.862% | 6.7580 | &nbsp;&nbsp;&nbsp;06/01/34 | 41855 |
| 49863 | Freddie Mac Non Gold Pool Series 1Q0160<sup>(c)</sup> | RFUCCT1Y + 1.750% | 6.5000 | &nbsp;&nbsp;&nbsp;09/01/35 | 51102 |
| 76043 | Freddie Mac Non Gold Pool Series 1L1358<sup>(c)</sup> | H15T1Y + 2.500% | 6.7340 | &nbsp;&nbsp;&nbsp;05/01/36 | 78686 |
| 202475 | Freddie Mac Non Gold Pool Series 848690<sup>(c)</sup> | H15T1Y + 2.246% | 6.4480 | &nbsp;&nbsp;&nbsp;03/01/37 | 209604 |
| 9253 | Freddie Mac Non Gold Pool Series 848565<sup>(c)</sup> | RFUCCT1Y + 1.775% | 7.1320 | &nbsp;&nbsp;&nbsp;12/01/37 | 9440 |
| 463853 | Freddie Mac Non Gold Pool Series 848949<sup>(c)</sup> | H15T1Y + 2.248% | 6.4310 | &nbsp;&nbsp;&nbsp;09/01/38 | 476017 |
| 32739 | Freddie Mac Non Gold Pool Series 848568<sup>(c)</sup> | H15T1Y + 2.206% | 6.6060 | &nbsp;&nbsp;&nbsp;09/01/38 | 33625 |
| 46934 | Freddie Mac Non Gold Pool Series 1Q1302<sup>(c)</sup> | RFUCCT1Y + 1.713% | 6.4680 | &nbsp;&nbsp;&nbsp;11/01/38 | 47675 |
| 16524 | Freddie Mac Non Gold Pool Series 1Q0647<sup>(c)</sup> | RFUCCT1Y + 1.803% | 6.6620 | &nbsp;&nbsp;&nbsp;11/01/38 | 16925 |
| 122430 | Freddie Mac Non Gold Pool Series 849046<sup>(c)</sup> | RFUCCT1Y + 1.894% | 6.8880 | &nbsp;&nbsp;&nbsp;09/01/41 | 126512 |
| 301940 | Freddie Mac Pool Series SB8031 |  | 2.5000 | &nbsp;&nbsp;&nbsp;02/01/35 | 286674 |
| 16341 | Freddie Mac REMICS Series 2102 PE<sup>(d)</sup> |  | 6.5000 | &nbsp;&nbsp;&nbsp;12/15/28 | 16215 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Principal Amount ($)** |  |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES – 54.6% (Continued)** | **U.S. GOVERNMENT & AGENCIES – 54.6% (Continued)** |  |  |  |
|  | **FEDERAL HOME LOAN MORTGAGE CORP.** — **19.9%<sup>(b)</sup> (Continued)** | **FEDERAL HOME LOAN MORTGAGE CORP.** — **19.9%<sup>(b)</sup> (Continued)** |  |  |  |
| 12212 | Freddie Mac REMICS Series 2131 ZB<sup>(d)</sup> |  | 6.0000 | &nbsp;&nbsp;&nbsp;03/15/29 | $11939 |
| 7364 | Freddie Mac REMICS Series 2412 OF<sup>(c),(d)</sup> | SOFR30A + 1.064% | 5.4370 | &nbsp;&nbsp;&nbsp;12/15/31 | 7213 |
| 3761 | Freddie Mac REMICS Series 2450 FW<sup>(c),(d)</sup> | SOFR30A + 0.614% | 4.9870 | &nbsp;&nbsp;&nbsp;03/15/32 | 3643 |
| 12627 | Freddie Mac REMICS Series 2448 FV<sup>(c),(d)</sup> | SOFR30A + 1.114% | 5.4870 | &nbsp;&nbsp;&nbsp;03/15/32 | 12347 |
| 21899 | Freddie Mac REMICS Series 2581 FD<sup>(c),(d)</sup> | SOFR30A + 0.864% | 5.2370 | &nbsp;&nbsp;&nbsp;12/15/32 | 21297 |
| 6438 | Freddie Mac REMICS Series 2557 WF<sup>(c),(d)</sup> | SOFR30A + 0.514% | 4.8870 | &nbsp;&nbsp;&nbsp;01/15/33 | 6224 |
| 20536 | Freddie Mac REMICS Series 2768 PW<sup>(d)</sup> |  | 4.2500 | &nbsp;&nbsp;&nbsp;03/15/34 | 19818 |
| 116769 | Freddie Mac REMICS Series 2978 JG<sup>(d)</sup> |  | 5.5000 | &nbsp;&nbsp;&nbsp;05/15/35 | 120427 |
| 172232 | Freddie Mac REMICS Series 3036 NE<sup>(d)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;09/15/35 | 174565 |
| 63822 | Freddie Mac REMICS Series 3620 AT<sup>(a),(d)</sup> |  | 4.5060 | &nbsp;&nbsp;&nbsp;12/15/36 | 64794 |
| 101423 | Freddie Mac REMICS Series 3412 AY<sup>(d)</sup> |  | 5.5000 | &nbsp;&nbsp;&nbsp;02/15/38 | 105454 |
| 85686 | Freddie Mac REMICS Series 3561 W<sup>(a),(d)</sup> |  | 2.5380 | &nbsp;&nbsp;&nbsp;06/15/48 | 81166 |
|  |  |  |  |  | 15044358 |
|  | **FEDERAL NATIONAL MORTGAGE ASSOCIATION** — **25.5%<sup>(b)</sup>** | **FEDERAL NATIONAL MORTGAGE ASSOCIATION** — **25.5%<sup>(b)</sup>** |  |  |  |
| 2040000 | Fannie Mae Pool Series BL0481 |  | 3.5800 | &nbsp;&nbsp;&nbsp;01/01/26 | 2032708 |
| 1706 | Fannie Mae Pool Series 684842<sup>(c)</sup> | H15T1Y + 2.270% | 6.3160 | &nbsp;&nbsp;&nbsp;01/01/30 | 1703 |
| 15045 | Fannie Mae Pool Series 642012<sup>(c)</sup> | H15T1Y + 2.265% | 6.5150 | &nbsp;&nbsp;&nbsp;05/01/32 | 15408 |
| 75835 | Fannie Mae Pool Series 555375 |  | 6.0000 | &nbsp;&nbsp;&nbsp;04/01/33 | 78506 |
| 35883 | Fannie Mae Pool Series 699985<sup>(c)</sup> | H15T1Y + 2.213% | 6.4630 | &nbsp;&nbsp;&nbsp;04/01/33 | 36790 |
| 31015 | Fannie Mae Pool Series 721424<sup>(c)</sup> | H15T1Y + 2.287% | 6.2870 | &nbsp;&nbsp;&nbsp;06/01/33 | 31914 |
| 17064 | Fannie Mae Pool Series 725052<sup>(c)</sup> | H15T1Y + 2.169% | 6.2930 | &nbsp;&nbsp;&nbsp;07/01/33 | 17456 |
| 12936 | Fannie Mae Pool Series 732087<sup>(c)</sup> | H15T1Y + 2.441% | 6.4410 | &nbsp;&nbsp;&nbsp;08/01/33 | 13332 |
| 239622 | Fannie Mae Pool Series AD0541<sup>(c)</sup> | H15T1Y + 2.185% | 6.4650 | &nbsp;&nbsp;&nbsp;11/01/33 | 246903 |
| 6394 | Fannie Mae Pool Series 783245<sup>(c)</sup> | 12MTA + 1.200% | 5.4210 | &nbsp;&nbsp;&nbsp;04/01/34 | 6392 |
| 16954 | Fannie Mae Pool Series 725392<sup>(c)</sup> | H15T1Y + 2.196% | 6.4200 | &nbsp;&nbsp;&nbsp;04/01/34 | 17380 |
| 200950 | Fannie Mae Pool Series AL1270<sup>(c)</sup> | H15T1Y + 2.214% | 6.3500 | &nbsp;&nbsp;&nbsp;10/01/34 | 206533 |
| 34252 | Fannie Mae Pool Series 813844<sup>(c)</sup> | RFUCCT6M + 1.553% | 6.1960 | &nbsp;&nbsp;&nbsp;01/01/35 | 35213 |
| 10410 | Fannie Mae Pool Series 995552<sup>(c)</sup> | H15T1Y + 2.195% | 6.3430 | &nbsp;&nbsp;&nbsp;05/01/35 | 10684 |
| 33794 | Fannie Mae Pool Series 735667 |  | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/35 | 34298 |
| 14591 | Fannie Mae Pool Series 995269<sup>(c)</sup> | RFUCCT6M + 1.544% | 6.1630 | &nbsp;&nbsp;&nbsp;07/01/35 | 14997 |
| 47707 | Fannie Mae Pool Series AL0361<sup>(c)</sup> | H15T1Y + 2.223% | 6.2230 | &nbsp;&nbsp;&nbsp;07/01/35 | 49153 |
| 80923 | Fannie Mae Pool Series 889822<sup>(c)</sup> | RFUCCT1Y + 1.554% | 6.6540 | &nbsp;&nbsp;&nbsp;07/01/35 | 82855 |
| 61862 | Fannie Mae Pool Series 838948<sup>(c)</sup> | RFUCCT6M + 1.510% | 6.0860 | &nbsp;&nbsp;&nbsp;08/01/35 | 62464 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 54.6% (Continued)** | **U.S. GOVERNMENT & AGENCIES — 54.6% (Continued)** |  |  |  |
|  | **FEDERAL NATIONAL MORTGAGE ASSOCIATION** — **25.5%<sup>(b)</sup> (Continued)** | **FEDERAL NATIONAL MORTGAGE ASSOCIATION** — **25.5%<sup>(b)</sup> (Continued)** |  |  |  |
| 6876 | Fannie Mae Pool Series 844532<sup>(c)</sup> | 12MTA + 1.717% | 5.9500 | &nbsp;&nbsp;&nbsp;11/01/35 | $7000 |
| 145393 | Fannie Mae Pool Series 813637<sup>(c)</sup> | H15T1Y + 2.185% | 6.4350 | &nbsp;&nbsp;&nbsp;01/01/36 | 149971 |
| 28358 | Fannie Mae Pool Series 863729<sup>(c)</sup> | H15T1Y + 2.268% | 6.5180 | &nbsp;&nbsp;&nbsp;01/01/36 | 29160 |
| 100368 | Fannie Mae Pool Series 846749<sup>(c)</sup> | RFUCCT6M + 2.428% | 7.1780 | &nbsp;&nbsp;&nbsp;01/01/36 | 102162 |
| 7361 | Fannie Mae Pool Series 880366<sup>(c)</sup> | RFUCCT6M + 1.430% | 6.0550 | &nbsp;&nbsp;&nbsp;02/01/36 | 7447 |
| 60372 | Fannie Mae Pool Series 880373<sup>(c)</sup> | RFUCCT1Y + 1.546% | 6.4990 | &nbsp;&nbsp;&nbsp;02/01/36 | 62453 |
| 16449 | Fannie Mae Pool Series 886376<sup>(c)</sup> | 12MTA + 2.375% | 6.5690 | &nbsp;&nbsp;&nbsp;08/01/36 | 16899 |
| 104881 | Fannie Mae Pool Series 920847<sup>(c)</sup> | H15T1Y + 2.500% | 6.6000 | &nbsp;&nbsp;&nbsp;08/01/36 | 109260 |
| 908 | Fannie Mae Pool Series 879683<sup>(c)</sup> | H15T1Y + 2.145% | 6.2700 | &nbsp;&nbsp;&nbsp;09/01/36 | 931 |
| 8155 | Fannie Mae Pool Series 995949<sup>(c)</sup> | 12MTA + 2.413% | 6.6220 | &nbsp;&nbsp;&nbsp;09/01/36 | 8412 |
| 27813 | Fannie Mae Pool Series 995008<sup>(c)</sup> | 12MTA + 2.218% | 6.4360 | &nbsp;&nbsp;&nbsp;10/01/36 | 28675 |
| 124191 | Fannie Mae Pool Series 900197<sup>(c)</sup> | RFUCCT1Y + 2.075% | 7.5110 | &nbsp;&nbsp;&nbsp;10/01/36 | 129463 |
| 30608 | Fannie Mae Pool Series AE0870<sup>(c)</sup> | RFUCCT1Y + 1.668% | 6.5340 | &nbsp;&nbsp;&nbsp;11/01/36 | 31396 |
| 119408 | Fannie Mae Pool Series 889819<sup>(c)</sup> | RFUCCT1Y + 1.559% | 6.4950 | &nbsp;&nbsp;&nbsp;04/01/37 | 122835 |
| 16275 | Fannie Mae Pool Series 748848<sup>(c)</sup> | H15T1Y + 2.270% | 6.2700 | &nbsp;&nbsp;&nbsp;06/01/37 | 16780 |
| 53523 | Fannie Mae Pool Series AB5688 |  | 3.5000 | &nbsp;&nbsp;&nbsp;07/01/37 | 50627 |
| 27099 | Fannie Mae Pool Series AL0920 |  | 5.0000 | &nbsp;&nbsp;&nbsp;07/01/37 | 27450 |
| 1112 | Fannie Mae Pool Series 899633 |  | 5.5000 | &nbsp;&nbsp;&nbsp;07/01/37 | 1129 |
| 62971 | Fannie Mae Pool Series AD0959<sup>(c)</sup> | RFUCCT6M + 2.021% | 6.6730 | &nbsp;&nbsp;&nbsp;07/01/37 | 64308 |
| 27747 | Fannie Mae Pool Series 888628<sup>(c)</sup> | RFUCCT1Y + 1.837% | 6.7670 | &nbsp;&nbsp;&nbsp;07/01/37 | 28568 |
| 112882 | Fannie Mae Pool Series AL1288<sup>(c)</sup> | RFUCCT1Y + 1.581% | 6.3380 | &nbsp;&nbsp;&nbsp;09/01/37 | 115091 |
| 5560 | Fannie Mae Pool Series AL0883<sup>(c)</sup> | RFUCCT1Y + 1.513% | 6.4900 | &nbsp;&nbsp;&nbsp;01/01/38 | 5661 |
| 65840 | Fannie Mae Pool Series 964760<sup>(c)</sup> | RFUCCT1Y + 1.616% | 6.2810 | &nbsp;&nbsp;&nbsp;08/01/38 | 66899 |
| 2482 | Fannie Mae Pool Series 725320<sup>(c)</sup> | H15T1Y + 2.256% | 6.3020 | &nbsp;&nbsp;&nbsp;08/01/39 | 2544 |
| 34769 | Fannie Mae Pool Series AC2472 |  | 5.0000 | &nbsp;&nbsp;&nbsp;06/01/40 | 35418 |
| 1068780 | Fannie Mae Pool Series BM1078<sup>(c)</sup> | H15T1Y + 2.169% | 6.3140 | &nbsp;&nbsp;&nbsp;12/01/40 | 1103797 |
| 5044 | Fannie Mae Pool Series AL2559<sup>(c)</sup> | RFUCCT1Y + 1.810% | 6.8040 | &nbsp;&nbsp;&nbsp;07/01/41 | 5207 |
| 255406 | Fannie Mae Pool Series AJ0875<sup>(c)</sup> | RFUCCT1Y + 1.800% | 6.9320 | &nbsp;&nbsp;&nbsp;10/01/41 | 265155 |
| 326785 | Fannie Mae Pool Series AO4163 |  | 3.5000 | &nbsp;&nbsp;&nbsp;06/01/42 | 309065 |
| 190911 | Fannie Mae Pool Series AB5519 |  | 3.5000 | &nbsp;&nbsp;&nbsp;07/01/42 | 180560 |
| 1757416 | Fannie Mae Pool Series AO8169 |  | 3.5000 | &nbsp;&nbsp;&nbsp;09/01/42 | 1662096 |
| 237761 | Fannie Mae Pool Series AB7016 |  | 4.0000 | &nbsp;&nbsp;&nbsp;11/01/42 | 232051 |
| 470724 | Fannie Mae Pool Series AQ6238 |  | 3.5000 | &nbsp;&nbsp;&nbsp;12/01/42 | 445196 |
| 304918 | Fannie Mae Pool Series AQ9715 |  | 3.0000 | &nbsp;&nbsp;&nbsp;01/01/43 | 280683 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 54.6% (Continued)** | **U.S. GOVERNMENT & AGENCIES — 54.6% (Continued)** |  |  |  |
|  | **FEDERAL NATIONAL MORTGAGE ASSOCIATION** — **25.5%<sup>(b)</sup> (Continued)** | **FEDERAL NATIONAL MORTGAGE ASSOCIATION** — **25.5%<sup>(b)</sup> (Continued)** |  |  |  |
| 331405 | Fannie Mae Pool Series MA1404 |  | 3.5000 | &nbsp;&nbsp;&nbsp;04/01/43 | $313433 |
| 99064 | Fannie Mae Pool Series AB9096 |  | 4.0000 | &nbsp;&nbsp;&nbsp;04/01/43 | 96713 |
| 958769 | Fannie Mae Pool Series FS8360 |  | 3.5000 | &nbsp;&nbsp;&nbsp;09/01/52 | 878621 |
| 16745 | Fannie Mae Pool Series 803338<sup>(c)</sup> | 12MTA + 1.200% | 5.4210 | &nbsp;&nbsp;&nbsp;09/01/44 | 16950 |
| 186904 | Fannie Mae Pool Series MA3536 |  | 4.0000 | &nbsp;&nbsp;&nbsp;12/01/48 | 179268 |
| 2778367 | Fannie Mae Pool Series CB2846 |  | 2.0000 | &nbsp;&nbsp;&nbsp;02/01/52 | 2250937 |
| 2631171 | Fannie Mae Pool Series MA4562 |  | 2.0000 | &nbsp;&nbsp;&nbsp;03/01/52 | 2134833 |
| 12320 | Fannie Mae REMICS Series 2000-45 FD<sup>(c),(d)</sup> | SOFR30A + 0.664% | 5.0510 | &nbsp;&nbsp;&nbsp;12/18/30 | 11952 |
| 8451 | Fannie Mae REMICS Series 2000-45 FG<sup>(c),(d)</sup> | SOFR30A + 0.664% | 5.0510 | &nbsp;&nbsp;&nbsp;12/18/30 | 8198 |
| 18437 | Fannie Mae REMICS Series 2002-30 FB<sup>(c),(d)</sup> | SOFR30A + 1.114% | 5.4710 | &nbsp;&nbsp;&nbsp;08/25/31 | 17994 |
| 11082 | Fannie Mae REMICS Series 2002-16 VF<sup>(c),(d)</sup> | SOFR30A + 0.664% | 5.0210 | &nbsp;&nbsp;&nbsp;04/25/32 | 10583 |
| 3449 | Fannie Mae REMICS Series 2002-71 AP<sup>(d)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;11/25/32 | 3324 |
| 1071 | Fannie Mae REMICS Series 2003-35 FG<sup>(c),(d)</sup> | SOFR30A + 0.414% | 4.7710 | &nbsp;&nbsp;&nbsp;05/25/33 | 1035 |
| 17824 | Fannie Mae REMICS Series 2005-29 WQ<sup>(d)</sup> |  | 5.5000 | &nbsp;&nbsp;&nbsp;04/25/35 | 18278 |
| 56682 | Fannie Mae REMICS Series 2009-50 PT<sup>(a),(d)</sup> |  | 6.1360 | &nbsp;&nbsp;&nbsp;05/25/37 | 57609 |
| 52828 | Fannie Mae REMICS Series 2008-86 LA<sup>(a),(d)</sup> |  | 3.4950 | &nbsp;&nbsp;&nbsp;08/25/38 | 51884 |
| 228962 | Fannie Mae REMICS Series 2010-60 HB<sup>(d)</sup> |  | 5.0000 | &nbsp;&nbsp;&nbsp;06/25/40 | 231596 |
| 81312 | Fannie Mae REMICS Series 2013-63 YF<sup>(c),(d)</sup> | SOFR30A + 1.114% | 5.0000 | &nbsp;&nbsp;&nbsp;06/25/43 | 73528 |
| 964867 | Fannie Mae REMICS Series 2020-35 FA<sup>(c),(d)</sup> | SOFR30A + 0.614% | 4.9600 | &nbsp;&nbsp;&nbsp;06/25/50 | 952452 |
| 1243265 | Fannie Mae-Aces Series 2017-M3 A2<sup>(a)</sup> |  | 2.5560 | &nbsp;&nbsp;&nbsp;12/25/26 | 1221088 |
| 2163585 | Fannie Mae-Aces Series 2017-M14 A2<sup>(a)</sup> |  | 2.9040 | &nbsp;&nbsp;&nbsp;11/25/27 | 2112862 |
|  |  |  |  |  | 19342176 |
|  | **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION** — **9.2%** | **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION** — **9.2%** |  |  |  |
| 10978 | Ginnie Mae II Pool Series 891616<sup>(c)</sup> | H15T1Y + 1.400% | 5.3800 | &nbsp;&nbsp;&nbsp;06/20/58 | 11143 |
| 14600 | Ginnie Mae II Pool Series 710065<sup>(a)</sup> |  | 4.8100 | &nbsp;&nbsp;&nbsp;02/20/61 | 14606 |
| 5688 | Ginnie Mae II Pool Series 894704<sup>(c)</sup> | H15T1Y + 0.894% | 4.8720 | &nbsp;&nbsp;&nbsp;10/20/61 | 5720 |
| 1305 | Ginnie Mae II Pool Series 773437<sup>(a)</sup> |  | 4.4850 | &nbsp;&nbsp;&nbsp;02/20/62 | 1286 |
| 2129 | Ginnie Mae II Pool Series 759745<sup>(a)</sup> |  | 4.8150 | &nbsp;&nbsp;&nbsp;05/20/62 | 2130 |
| 66314 | Ginnie Mae II Pool Series 897906<sup>(c)</sup> | H15T1Y + 1.035% | 4.9550 | &nbsp;&nbsp;&nbsp;06/20/62 | 66682 |
| 163878 | Ginnie Mae II Pool Series 896363<sup>(c)</sup> | H15T1Y + 0.684% | 4.6640 | &nbsp;&nbsp;&nbsp;07/20/62 | 164738 |
| 926 | Ginnie Mae II Pool Series 766556<sup>(a)</sup> |  | 4.7550 | &nbsp;&nbsp;&nbsp;08/20/62 | 913 |
| 6772 | Ginnie Mae II Pool Series 777432<sup>(a)</sup> |  | 4.5990 | &nbsp;&nbsp;&nbsp;10/20/62 | 6749 |
| 48579 | Ginnie Mae II Pool Series 899072<sup>(c)</sup> | RFUCCT1M + 1.784% | 6.2320 | &nbsp;&nbsp;&nbsp;10/20/62 | 49482 |
| 3731 | Ginnie Mae II Pool Series 765229<sup>(a)</sup> |  | 4.5530 | &nbsp;&nbsp;&nbsp;11/20/62 | 3652 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 54.6% (Continued)** | **U.S. GOVERNMENT & AGENCIES — 54.6% (Continued)** |  |  |  |
|  | **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION** — **9.2% (Continued)** | **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION** — **9.2% (Continued)** |  |  |  |
| 258654 | Ginnie Mae II Pool Series 899633<sup>(c)</sup> | RFUCCT1M + 1.806% | 6.2280 | &nbsp;&nbsp;&nbsp;01/20/63 | $264794 |
| 19880 | Ginnie Mae II Pool Series 898433<sup>(c)</sup> | RFUCCT1M + 2.198% | 6.6470 | &nbsp;&nbsp;&nbsp;01/20/63 | 20379 |
| 126143 | Ginnie Mae II Pool Series 899765<sup>(c)</sup> | RFUCCT1M + 1.862% | 6.3030 | &nbsp;&nbsp;&nbsp;02/20/63 | 128915 |
| 134009 | Ginnie Mae II Pool Series 899650<sup>(c)</sup> | RFUCCT1M + 1.890% | 6.3330 | &nbsp;&nbsp;&nbsp;02/20/63 | 136280 |
| 35055 | Ginnie Mae II Pool Series 898436<sup>(c)</sup> | RFUCCT1M + 2.143% | 6.5900 | &nbsp;&nbsp;&nbsp;02/20/63 | 35897 |
| 58822 | Ginnie Mae II Pool Series 899651<sup>(c)</sup> | RFUCCT1M + 2.348% | 6.7820 | &nbsp;&nbsp;&nbsp;02/20/63 | 60048 |
| 9847 | Ginnie Mae II Pool Series AE9606<sup>(c)</sup> | H15T1Y + 1.140% | 5.1200 | &nbsp;&nbsp;&nbsp;08/20/64 | 9957 |
| 618 | Ginnie Mae II Pool Series AG8190<sup>(c)</sup> | H15T1Y + 1.140% | 5.1200 | &nbsp;&nbsp;&nbsp;09/20/64 | 623 |
| 3460 | Ginnie Mae II Pool Series AG8209<sup>(c)</sup> | H15T1Y + 0.863% | 4.8250 | &nbsp;&nbsp;&nbsp;10/20/64 | 3480 |
| 1178 | Ginnie Mae II Pool Series AG8275<sup>(c)</sup> | H15T1Y + 1.140% | 5.1200 | &nbsp;&nbsp;&nbsp;03/20/65 | 1190 |
| 19969 | Government National Mortgage Association Series 2003-72 Z<sup>(a)</sup> |  | 5.4790 | &nbsp;&nbsp;&nbsp;11/16/45 | 19928 |
| 117885 | Government National Mortgage Association Series 2014-H12 HZ<sup>(a),(d)</sup> |  | 4.5970 | &nbsp;&nbsp;&nbsp;06/20/64 | 115271 |
| 560 | Government National Mortgage Association Series 2015-H09 HA<sup>(d)</sup> |  | 1.7500 | &nbsp;&nbsp;&nbsp;03/20/65 | 507 |
| 1746928 | Government National Mortgage Association Series 2018-H16 FA<sup>(c),(d)</sup> | TSFR1M + 0.534% | 4.8860 | &nbsp;&nbsp;&nbsp;09/20/68 | 1742839 |
| 1692655 | Government National Mortgage Association Series 2020-H04 FP<sup>(c),(d)</sup> | TSFR1M + 0.614% | 4.9660 | &nbsp;&nbsp;&nbsp;06/20/69 | 1692990 |
| 2387009 | Government National Mortgage Association Series 2020-H02 FG<sup>(c),(d)</sup> | TSFR1M + 0.714% | 5.0660 | &nbsp;&nbsp;&nbsp;01/20/70 | 2385349 |
|  |  |  |  |  | 6945548 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $42,127,985)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41332082 |
|  | **U.S. TREASURY NOTES** — **34.0%** | **U.S. TREASURY NOTES** — **34.0%** |  |  |  |
| 525000 | United States Treasury Note |  | 4.2500 | &nbsp;&nbsp;&nbsp;01/31/26 | 525443 |
| 495000 | United States Treasury Note |  | 4.5000 | &nbsp;&nbsp;&nbsp;03/31/26 | 496594 |
| 205000 | United States Treasury Note |  | 4.8750 | &nbsp;&nbsp;&nbsp;05/31/26 | 206380 |
| 1000000 | United States Treasury Note |  | 4.1250 | &nbsp;&nbsp;&nbsp;06/15/26 | 1002379 |
| 870000 | United States Treasury Note |  | 3.7500 | &nbsp;&nbsp;&nbsp;08/31/26 | 870152 |
| 430000 | United States Treasury Note |  | 3.5000 | &nbsp;&nbsp;&nbsp;09/30/26 | 429148 |
| 810000 | United States Treasury Note |  | 4.1250 | &nbsp;&nbsp;&nbsp;10/31/26 | 813575 |
| 815000 | United States Treasury Note |  | 4.6250 | &nbsp;&nbsp;&nbsp;11/15/26 | 823118 |
| 480000 | United States Treasury Note |  | 4.2500 | &nbsp;&nbsp;&nbsp;11/30/26 | 482944 |
| 555000 | United States Treasury Note |  | 4.2500 | &nbsp;&nbsp;&nbsp;12/31/26 | 558686 |
| 595000 | United States Treasury Note |  | 4.1250 | &nbsp;&nbsp;&nbsp;01/31/27 | 598370 |
| 185000 | United States Treasury Note |  | 4.1250 | &nbsp;&nbsp;&nbsp;02/28/27 | 186142 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** | **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. TREASURY NOTES** — **34.0% (Continued)** | **U.S. TREASURY NOTES** — **34.0% (Continued)** |  |  |  |
| 300000 | United States Treasury Note |  | 3.8750 | &nbsp;&nbsp;&nbsp;03/31/27 | $300949 |
| 480000 | United States Treasury Note |  | 3.7500 | &nbsp;&nbsp;&nbsp;04/30/27 | 480797 |
| 965000 | United States Treasury Note |  | 3.8750 | &nbsp;&nbsp;&nbsp;05/31/27 | 968581 |
| 810000 | United States Treasury Note |  | 3.8750 | &nbsp;&nbsp;&nbsp;07/31/27 | 813528 |
| 565000 | United States Treasury Note |  | 3.6250 | &nbsp;&nbsp;&nbsp;08/31/27 | 565088 |
| 4250000 | United States Treasury Note |  | 3.5000 | &nbsp;&nbsp;&nbsp;09/30/27 | 4241782 |
| 270000 | United States Treasury Note |  | 3.6250 | &nbsp;&nbsp;&nbsp;03/31/28 | 270153 |
| 2190000 | United States Treasury Note |  | 4.0000 | &nbsp;&nbsp;&nbsp;01/31/29 | 2214638 |
| 451300 | United States Treasury Note |  | 3.6250 | &nbsp;&nbsp;&nbsp;09/30/30 | 449132 |
| 3420000 | United States Treasury Note |  | 4.1250 | &nbsp;&nbsp;&nbsp;11/15/32 | 3461013 |
| 2020000 | United States Treasury Note |  | 3.8750 | &nbsp;&nbsp;&nbsp;08/15/34 | 1989621 |
| 1545000 | United States Treasury Note |  | 4.2500 | &nbsp;&nbsp;&nbsp;11/15/34 | 1562924 |
| 720000 | United States Treasury Note |  | 4.6250 | &nbsp;&nbsp;&nbsp;02/15/35 | 748463 |
| 555000 | United States Treasury Note |  | 4.2500 | &nbsp;&nbsp;&nbsp;05/15/35 | 560203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | United States Treasury Note |  | 4.2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/35 | 90738 |
|  | **TOTAL U.S. TREASURY NOTES (Cost $25,588,452)** | **TOTAL U.S. TREASURY NOTES (Cost $25,588,452)** |  |  | 25710541 |
|  | **SHORT-TERM INVESTMENTS – 10.6%** | **SHORT-TERM INVESTMENTS – 10.6%** | **Yield (%)** |  |  |
|  | **AGENCY DISCOUNT NOTES** — **2.6%** | **AGENCY DISCOUNT NOTES** — **2.6%** |  |  |  |
| 1971000 | Federal Home Loan Bank Discount Notes |  | 3.4600 | &nbsp;&nbsp;&nbsp;10/08/25 | 1969505 |
|  | **U.S. TREASURY BILLS** — **8.0%** | **U.S. TREASURY BILLS** — **8.0%** |  |  |  |
| 1135000 | United States Treasury Bill<sup>(e)</sup> |  | 3.5200 | &nbsp;&nbsp;&nbsp;10/07/25 | 1134234 |
| 1530000 | United States Treasury Bill<sup>(e)</sup> |  | 3.9900 | &nbsp;&nbsp;&nbsp;11/28/25 | 1520189 |
| 1560000 | United States Treasury Bill<sup>(e)</sup> |  | 3.9000 | &nbsp;&nbsp;&nbsp;12/02/25 | 1549569 |
| 1865000 | United States Treasury Bill<sup>(e)</sup> |  | 3.8300 | &nbsp;&nbsp;&nbsp;01/08/26 | 1845655 |
|  |  |  |  |  | 6049647 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $8,018,462)** |  |  |  | 8019152 |
|  | **TOTAL INVESTMENTS - 99.2% (Cost $75,734,900)** | **TOTAL INVESTMENTS - 99.2% (Cost $75,734,900)** |  |  | &nbsp;&nbsp;&nbsp; $75061775 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8%** |  |  | &nbsp;&nbsp; 611794 |
|  | **NET ASSETS - 100.0%** |  |  |  | &nbsp;&nbsp; $75673569 |

---

---

| |
|:---|
| **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

---

| | |
|:---|:---|
| 12MTA | Federal Reserve US 12 Month Cumulative Avg 1 Year CMT |
| H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| REMIC | Real Estate Mortgage Investment Conduit |
| RFUCCT1M | Refinitiv USD IBOR Consumer Cash Fallbacks 1 Month Term |
| RFUCCT1Y | Refinitiv USD IBOR Consumer Cash Fallbacks 1 Year Term |
| RFUCCT6M | Refinitiv USD IBOR Consumer Cash Fallbacks 6 Month Term |
| SOFR30A | United States 30 Day Average SOFR Secured Overnight Financing Rate |
| TSFR1M | Term Secured Overnight Financing Rate |

---

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

<sup>(b)</sup> Issuer operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. government. The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation currently operate under a federal conservatorship.

<sup>(c)</sup> Variable rate security; the rate shown represents the rate on September 30, 2025.

<sup>(d)</sup> Collateralized mortgage obligation (CMO)

## 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:** Transwestern Institutional Short Duration Govt Bd Fd

- **b. EDGAR series identifier (if any):** S000030560

- **c. LEI of Series:** 549300F9F3VX5D6MRP98

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $77931727.42

**Total Liabilities:** $2258158.70

**Net Assets:** $75673568.72

**Cash Not Reported:** $513956.84

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 114.54101000 | **1-Year:** 2304.32092700 | **5-Year:** 6800.68519100 | **10-Year:** 4499.88289400 | **30-Year:** 6.95674400

**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 C000094762 | -0.13%               | 0.94%                | 0.53%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-11198.22               | $-290359.59                                |
| Month 2  | $10746.24                | $479157.99                                 |
| Month 3  | $24314.85                | $156131.45                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Government National Mortgage Association               | G2 896363        | CUSIP: 3620E0W69<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    163878 | PA      | $164738.21    | 0.22%             | 2062-07-20      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3 5/8 09/30/30 | CUSIP: 91282CPA3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    451300 | PA      | $449131.64    | 0.59%             | 2030-09-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS KF80 AS     | CUSIP: 3137FUNV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    386783 | PA      | $386252.31    | 0.51%             | 2030-06-25      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 964760        | CUSIP: 31414FJD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     65840 | PA      | $66899.48     | 0.09%             | 2038-08-01      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN BL0481        | CUSIP: 3140HRRB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2040000 | PA      | $2032708.37   | 2.69%             | 2026-01-01      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN AB5688        | CUSIP: 31417CKA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     53523 | PA      | $50627.29     | 0.07%             | 2037-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 732087        | CUSIP: 31402LJ86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12936 | PA      | $13332.14     | 0.02%             | 2033-08-01      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 995552        | CUSIP: 31416B5M6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10410 | PA      | $10684.08     | 0.01%             | 2035-05-01      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHR 2581 FD      | CUSIP: 31393LX99<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     21899 | PA      | $21297.26     | 0.03%             | 2032-12-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHR 3036 NE      | CUSIP: 31396AXW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    172232 | PA      | $174564.43    | 0.23%             | 2035-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | G2 891616        | CUSIP: 36208AZR5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     10978 | PA      | $11143.12     | 0.01%             | 2058-06-20      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 725052        | CUSIP: 31402CQD7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17064 | PA      | $17455.92     | 0.02%             | 2033-07-01      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FNR 2013-63 YF   | CUSIP: 3136AEPD3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     81312 | PA      | $73528.07     | 0.10%             | 2043-06-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GNR 2018-H16 FA  | CUSIP: 38380LKR3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1746928 | PA      | $1742838.67   | 2.30%             | 2068-09-20      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GNR 2020-H04 FP  | CUSIP: 38380L2S1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1692655 | PA      | $1692989.56   | 2.24%             | 2069-06-20      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 920847        | CUSIP: 31412CBQ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    104881 | PA      | $109259.70    | 0.14%             | 2036-08-01      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FH 1B2025        | CUSIP: 3128JMD79<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     40572 | PA      | $41854.90     | 0.06%             | 2034-06-01      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 803338        | CUSIP: 31405YPX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16745 | PA      | $16950.11     | 0.02%             | 2044-09-01      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHR 2412 OF      | CUSIP: 31339DVL9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |      7364 | PA      | $7212.80      | 0.01%             | 2031-12-15      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FH 972132        | CUSIP: 31336CLM3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     38745 | PA      | $39709.60     | 0.05%             | 2033-11-01      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD | FHMS K758 A2     | CUSIP: 3137HHJF9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1800000 | PA      | $1846142.64   | 2.44%             | 2031-10-25      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS KF60 A      | CUSIP: 3137FL7L2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    181378 | PA      | $181451.45    | 0.24%             | 2026-02-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FH 1Q0160        | CUSIP: 3128S4E94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     49863 | PA      | $51102.20     | 0.07%             | 2035-09-01      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHR 3620 AT      | CUSIP: 31398WB86<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     63822 | PA      | $64793.70     | 0.09%             | 2036-12-15      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3 7/8 07/31/27 | CUSIP: 91282CNP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    810000 | PA      | $813527.93    | 1.08%             | 2027-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4 01/31/29     | CUSIP: 91282CJW2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2190000 | PA      | $2214637.50   | 2.93%             | 2029-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4 1/8 10/31/26 | CUSIP: 91282CLS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    810000 | PA      | $813575.39    | 1.08%             | 2026-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4 1/4 12/31/26 | CUSIP: 91282CME8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    555000 | PA      | $558685.54    | 0.74%             | 2026-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD | FHMS K531 AS     | CUSIP: 3137HHUP4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1079344 | PA      | $1077938.11   | 1.42%             | 2029-09-25      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                | FN MA1404        | CUSIP: 31418AR26<br>LEI: 2549001DPIFGXC1TOL40 | Long             | ABS-MBS          | USGSE             | US        |    331405 | PA      | $313432.74    | 0.41%             | 2043-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FNR 2010-60 HB   | CUSIP: 31398RGA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    228962 | PA      | $231596.45    | 0.31%             | 2040-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 900197        | CUSIP: 31410XDA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    124191 | PA      | $129462.73    | 0.17%             | 2036-10-01      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FH 1Q1302        | CUSIP: 3128S5NT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     46934 | PA      | $47674.97     | 0.06%             | 2038-11-01      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 699985        | CUSIP: 31400WUJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35883 | PA      | $36789.81     | 0.05%             | 2033-04-01      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHR 2978 JG      | CUSIP: 31395UKP5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    116769 | PA      | $120426.05    | 0.16%             | 2035-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 684842        | CUSIP: 31400DZF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1706 | PA      | $1703.14      | 0.00%             | 2030-01-01      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FNA 2017-M3 A2   | CUSIP: 3136AVYL7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1243265 | PA      | $1221088.26   | 1.61%             | 2026-12-25      | Floating      | 2.56%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GNR 2015-H09 HA  | CUSIP: 38375UWF3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |       560 | PA      | $506.71       | 0.00%             | 2065-03-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FH 848690        | CUSIP: 31300LUP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    202475 | PA      | $209604.24    | 0.28%             | 2037-03-01      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | G2 897906        | CUSIP: 3620E0VW3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     66314 | PA      | $66681.88     | 0.09%             | 2062-06-20      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | G2 AG8190        | CUSIP: 36182DC37<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       618 | PA      | $622.54       | 0.00%             | 2064-09-20      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FNR 2003-35 FG   | CUSIP: 31393BM85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |      1071 | PA      | $1034.81      | 0.00%             | 2033-05-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GNR 2014-H12 HZ  | CUSIP: 38375UJX9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    117885 | PA      | $115271.34    | 0.15%             | 2064-06-20      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3 7/8 03/31/27 | CUSIP: 91282CMV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $300949.22    | 0.40%             | 2027-03-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FH 848565        | CUSIP: 31300LQS7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      9253 | PA      | $9439.84      | 0.01%             | 2037-12-01      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FH 848949        | CUSIP: 31300L5J0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    463853 | PA      | $476017.10    | 0.63%             | 2038-09-01      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 995269        | CUSIP: 31416BT24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14591 | PA      | $14996.64     | 0.02%             | 2035-07-01      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN AQ6238        | CUSIP: 3138MM4Y5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    470724 | PA      | $445195.89    | 0.59%             | 2042-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4 1/8 06/15/26 | CUSIP: 91282CHH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1002378.76   | 1.32%             | 2026-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3 7/8 08/15/34 | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2020000 | PA      | $1989621.10   | 2.63%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3 1/2 09/30/27 | CUSIP: 91282CPB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4250000 | PA      | $4241782.24   | 5.61%             | 2027-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN AL2559        | CUSIP: 3138EJZZ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5044 | PA      | $5207.36      | 0.01%             | 2041-07-01      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 886376        | CUSIP: 31410DXD7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16449 | PA      | $16898.66     | 0.02%             | 2036-08-01      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3 5/8 03/31/28 | CUSIP: 91282CGT2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    270000 | PA      | $270152.93    | 0.36%             | 2028-03-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHR 2102 PE      | CUSIP: 3133THG84<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     16341 | PA      | $16214.57     | 0.02%             | 2028-12-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN AE0870        | CUSIP: 31419A6G7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     30608 | PA      | $31396.27     | 0.04%             | 2036-11-01      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 889822        | CUSIP: 31410KSK1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     80923 | PA      | $82854.88     | 0.11%             | 2035-07-01      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 748848        | CUSIP: 31403G5H1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16275 | PA      | $16780.03     | 0.02%             | 2037-06-01      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHR 2448 FV      | CUSIP: 31392KYW0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     12627 | PA      | $12347.22     | 0.02%             | 2032-03-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FNR 2002-16 VF   | CUSIP: 31392CWW0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     11082 | PA      | $10582.63     | 0.01%             | 2032-04-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FNR 2000-45 FG   | CUSIP: 31358SZZ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |      8450 | PA      | $8197.97      | 0.01%             | 2030-12-18      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN AB7016        | CUSIP: 31417DYN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    237761 | PA      | $232051.23    | 0.31%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 555375        | CUSIP: 31385W6L8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75835 | PA      | $78505.54     | 0.10%             | 2033-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | G2 759745        | CUSIP: 36230UZJ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2129 | PA      | $2130.36      | 0.00%             | 2062-05-20      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3 7/8 05/31/27 | CUSIP: 91282CNE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    965000 | PA      | $968581.06    | 1.28%             | 2027-05-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FH 780722        | CUSIP: 31342AYT0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     97733 | PA      | $100043.04    | 0.13%             | 2033-08-01      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FG U92432        | CUSIP: 3132HCSV6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     86890 | PA      | $84822.37     | 0.11%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN CB2846        | CUSIP: 3140QNEU2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2778367 | PA      | $2250937.37   | 2.97%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4 1/8 01/31/27 | CUSIP: 91282CMH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    595000 | PA      | $598370.12    | 0.79%             | 2027-01-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS KF82 AL     | CUSIP: 3137FV2F8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    791846 | PA      | $791818.69    | 1.05%             | 2030-06-25      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | G2 710065        | CUSIP: 36297EZ65<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     14600 | PA      | $14606.16     | 0.02%             | 2061-02-20      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN MA3536        | CUSIP: 31418C4W1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    186904 | PA      | $179267.53    | 0.24%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4 5/8 11/15/26 | CUSIP: 91282CJK8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    815000 | PA      | $823118.17    | 1.09%             | 2026-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FG Q20545        | CUSIP: 3132JMTA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    244946 | PA      | $231697.25    | 0.31%             | 2043-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN AL1270        | CUSIP: 3138EHMU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    200950 | PA      | $206533.35    | 0.27%             | 2034-10-01      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | G2 AG8275        | CUSIP: 36182DFQ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1178 | PA      | $1189.51      | 0.00%             | 2065-03-20      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FNR 2005-29 WQ   | CUSIP: 31394DJE1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     17824 | PA      | $18278.46     | 0.02%             | 2035-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | G2 766556        | CUSIP: 36176HMD3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       926 | PA      | $912.94       | 0.00%             | 2062-08-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 995008        | CUSIP: 31416BKV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27813 | PA      | $28675.47     | 0.04%             | 2036-10-01      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4 1/4 05/15/35 | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    555000 | PA      | $560203.13    | 0.74%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                | FHMS Q016 APT1   | CUSIP: 3137H2NT7<br>LEI: 2549001DPIFGXC1TOL40 | Long             | ABS-O            | USGSE             | US        |   1254356 | PA      | $1234929.41   | 1.63%             | 2051-05-25      | Floating      | 1.23%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | G2 899650        | CUSIP: 3620E1AY0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    134009 | PA      | $136280.32    | 0.18%             | 2063-02-20      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4 5/8 02/15/35 | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    720000 | PA      | $748462.50    | 0.99%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 880373        | CUSIP: 31409WCJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     60372 | PA      | $62453.20     | 0.08%             | 2036-02-01      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 879683        | CUSIP: 31409VJ46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       908 | PA      | $930.62       | 0.00%             | 2036-09-01      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR SB8031        | CUSIP: 3132D54Q2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    301940 | PA      | $286674.07    | 0.38%             | 2035-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | G2 773437        | CUSIP: 36176RBE1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1305 | PA      | $1286.08      | 0.00%             | 2062-02-20      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN AL0883        | CUSIP: 3138EG6V1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5560 | PA      | $5660.79      | 0.01%             | 2038-01-01      | Floating      | 6.49%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4 1/4 11/15/34 | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1545000 | PA      | $1562924.41   | 2.07%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | G2 899633        | CUSIP: 3620E06X9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    258654 | PA      | $264793.72    | 0.35%             | 2063-01-20      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | G2 899765        | CUSIP: 3620E1AJ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    126143 | PA      | $128915.44    | 0.17%             | 2063-02-20      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHR 2557 WF      | CUSIP: 31393JPL6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |      6438 | PA      | $6224.10      | 0.01%             | 2033-01-15      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                           | B 11/28/25       | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1530000 | PA      | $1520189.30   | 2.01%             | 2025-11-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN AL1288        | CUSIP: 3138EHNE8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    112882 | PA      | $115091.18    | 0.15%             | 2037-09-01      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHR 2450 FW      | CUSIP: 31392KN93<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |      3761 | PA      | $3643.35      | 0.00%             | 2032-03-15      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 642012        | CUSIP: 31390CGV2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15045 | PA      | $15408.22     | 0.02%             | 2032-05-01      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | G2 899651        | CUSIP: 3620E1AW4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     58822 | PA      | $60048.32     | 0.08%             | 2063-02-20      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 783245        | CUSIP: 31405AES8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6394 | PA      | $6391.84      | 0.01%             | 2034-04-01      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN AQ9715        | CUSIP: 3138MRYM7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    304918 | PA      | $280683.01    | 0.37%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FNR 2008-86 LA   | CUSIP: 31397ME86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     52828 | PA      | $51884.48     | 0.07%             | 2038-08-25      | Floating      | 3.49%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3 3/4 08/31/26 | CUSIP: 91282CLH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    870000 | PA      | $870152.33    | 1.15%             | 2026-08-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | G2 899072        | CUSIP: 3620E02E5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     48579 | PA      | $49481.74     | 0.07%             | 2062-10-20      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHR 3561 W       | CUSIP: 31398JLT8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     85686 | PA      | $81166.47     | 0.11%             | 2048-06-15      | Floating      | 2.54%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN BM1078        | CUSIP: 3140J5FU8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1068780 | PA      | $1103796.65   | 1.46%             | 2040-12-01      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3 3/4 04/30/27 | CUSIP: 91282CMY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    480000 | PA      | $480796.88    | 0.64%             | 2027-04-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4 1/8 11/15/32 | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3420000 | PA      | $3461013.29   | 4.57%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 995949        | CUSIP: 31416CL61<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8155 | PA      | $8411.70      | 0.01%             | 2036-09-01      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 888628        | CUSIP: 31410GHD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27747 | PA      | $28567.63     | 0.04%             | 2037-07-01      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 880366        | CUSIP: 31409WCB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7361 | PA      | $7447.26      | 0.01%             | 2036-02-01      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GNR 2020-H02 FG  | CUSIP: 38380LU50<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   2387009 | PA      | $2385349.12   | 3.15%             | 2070-01-20      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FH 849046        | CUSIP: 31300MBP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    122430 | PA      | $126511.59    | 0.17%             | 2041-09-01      | Floating      | 6.89%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN FS8360        | CUSIP: 3140XQJE8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    958769 | PA      | $878620.78    | 1.16%             | 2052-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 721424        | CUSIP: 31401XPH4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     31015 | PA      | $31913.74     | 0.04%             | 2033-06-01      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 889819        | CUSIP: 31410KSG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    119408 | PA      | $122835.18    | 0.16%             | 2037-04-01      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 725392        | CUSIP: 31402C2Z4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16954 | PA      | $17380.49     | 0.02%             | 2034-04-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FH 1L1358        | CUSIP: 3128Q3QK0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     76043 | PA      | $78685.68     | 0.10%             | 2036-05-01      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FH 848568        | CUSIP: 31300LQV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     32739 | PA      | $33624.79     | 0.04%             | 2038-09-01      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3 5/8 08/31/27 | CUSIP: 91282CNV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    565000 | PA      | $565088.28    | 0.75%             | 2027-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 846749        | CUSIP: 31408BWJ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100368 | PA      | $102162.07    | 0.14%             | 2036-01-01      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | G2 AG8209        | CUSIP: 36182DDN2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3460 | PA      | $3479.72      | 0.00%             | 2064-10-20      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 899633        | CUSIP: 31410WPS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1112 | PA      | $1128.73      | 0.00%             | 2037-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD | FHMS KJ42 A2     | CUSIP: 3137H92P3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   2580000 | PA      | $2561160.32   | 3.38%             | 2032-11-25      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 813844        | CUSIP: 31406MER3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     34252 | PA      | $35212.87     | 0.05%             | 2035-01-01      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                | FHLBDN 10/08/25  | CUSIP: 313385MS2<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1971000 | PA      | $1969505.33   | 2.60%             | 2025-10-08      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | GNR 2003-72 Z    | CUSIP: 38374BQR7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     19969 | PA      | $19927.55     | 0.03%             | 2045-11-16      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FN MA4562        | CUSIP: 31418EB82<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2631171 | PA      | $2134832.78   | 2.82%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FG Q18571        | CUSIP: 3132J96H6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    470910 | PA      | $445189.47    | 0.59%             | 2043-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3 1/2 09/30/26 | CUSIP: 91282CLP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    430000 | PA      | $429148.06    | 0.57%             | 2026-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FH 1Q0647        | CUSIP: 3128S4WG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     16524 | PA      | $16924.52     | 0.02%             | 2038-11-01      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN AD0541        | CUSIP: 31418MS78<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    239622 | PA      | $246903.25    | 0.33%             | 2033-11-01      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 735667        | CUSIP: 31402RJL4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33794 | PA      | $34298.27     | 0.05%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4 1/4 01/31/26 | CUSIP: 91282CJV4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    525000 | PA      | $525443.19    | 0.69%             | 2026-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD | FHMS K540 A2     | CUSIP: 3137HLJA1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1085000 | PA      | $1103976.87   | 1.46%             | 2030-02-25      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS KJ21 A2     | CUSIP: 3137FHGE7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    462753 | PA      | $460516.48    | 0.61%             | 2026-09-25      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4 1/4 08/15/35 | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     90000 | PA      | $90738.28     | 0.12%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FNR 2002-30 FB   | CUSIP: 31392CH49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     18437 | PA      | $17993.68     | 0.02%             | 2031-08-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN AD0959        | CUSIP: 31418NB58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     62971 | PA      | $64307.60     | 0.08%             | 2037-07-01      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4 1/2 03/31/26 | CUSIP: 91282CKH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    495000 | PA      | $496594.31    | 0.66%             | 2026-03-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | G2 898436        | CUSIP: 3620E1AM6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     35055 | PA      | $35897.46     | 0.05%             | 2063-02-20      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FNR 2002-71 AP   | CUSIP: 31392FES2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |      3449 | PA      | $3323.69      | 0.00%             | 2032-11-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD | FHMS K546 A2     | CUSIP: 3137HN4R6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    905000 | PA      | $915681.17    | 1.21%             | 2030-05-25      | Floating      | 4.36%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHR 2131 ZB      | CUSIP: 3133TK5Q9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     12212 | PA      | $11939.21     | 0.02%             | 2029-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN AO4163        | CUSIP: 3138LUTV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    326785 | PA      | $309064.80    | 0.41%             | 2042-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHR 3412 AY      | CUSIP: 31397RFM3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    101423 | PA      | $105454.46    | 0.14%             | 2038-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | G2 898433        | CUSIP: 3620E05W2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     19880 | PA      | $20379.31     | 0.03%             | 2063-01-20      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | G2 765229        | CUSIP: 36176F4N5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3731 | PA      | $3652.39      | 0.00%             | 2062-11-20      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FG G08448        | CUSIP: 3128MJQA1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     34604 | PA      | $35514.06     | 0.05%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS KF77 AL     | CUSIP: 3137FRYZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    945078 | PA      | $946742.67    | 1.25%             | 2027-02-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                           | B 01/08/26       | CUSIP: 912797RH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1865000 | PA      | $1845654.36   | 2.44%             | 2026-01-08      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | G2 AE9606        | CUSIP: 36181DU79<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      9847 | PA      | $9956.94      | 0.01%             | 2064-08-20      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                | FN AB9096        | CUSIP: 31417GDA1<br>LEI: 2549001DPIFGXC1TOL40 | Long             | ABS-MBS          | USGSE             | US        |     99064 | PA      | $96713.17     | 0.13%             | 2043-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHR 2768 PW      | CUSIP: 31394TAG0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     20536 | PA      | $19817.96     | 0.03%             | 2034-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS KF72 A      | CUSIP: 3137FQ3S0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     50004 | PA      | $49992.73     | 0.07%             | 2026-11-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FHMS KF82 AS     | CUSIP: 3137FV2G6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    527898 | PA      | $527564.26    | 0.70%             | 2030-06-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 725320        | CUSIP: 31402CYR7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2482 | PA      | $2544.21      | 0.00%             | 2039-08-01      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN AO8169        | CUSIP: 3138M0CF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1757416 | PA      | $1662096.04   | 2.20%             | 2042-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN AB5519        | CUSIP: 31417CDZ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    190911 | PA      | $180560.13    | 0.24%             | 2042-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN AJ0875        | CUSIP: 3138AR6M1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    255406 | PA      | $265155.23    | 0.35%             | 2041-10-01      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 863729        | CUSIP: 31408XSS0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28358 | PA      | $29159.93     | 0.04%             | 2036-01-01      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 838948        | CUSIP: 31407SBR2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     61862 | PA      | $62463.64     | 0.08%             | 2035-08-01      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FNR 2020-35 FA   | CUSIP: 3136BANP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    964867 | PA      | $952452.03    | 1.26%             | 2050-06-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 844532        | CUSIP: 31407YHH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6876 | PA      | $7000.24      | 0.01%             | 2035-11-01      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FNA 2017-M14 A2  | CUSIP: 3136AY2H5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   2163585 | PA      | $2112861.93   | 2.79%             | 2027-11-25      | Floating      | 2.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                           | B 12/02/25       | CUSIP: 912797RR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1560000 | PA      | $1549568.69   | 2.05%             | 2025-12-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4 1/8 02/28/27 | CUSIP: 91282CMP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    185000 | PA      | $186141.80    | 0.25%             | 2027-02-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN AL0361        | CUSIP: 3138EGMK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     47707 | PA      | $49152.77     | 0.06%             | 2035-07-01      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4 1/4 11/30/26 | CUSIP: 91282CLY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    480000 | PA      | $482943.75    | 0.64%             | 2026-11-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FNR 2009-50 PT   | CUSIP: 31396QMN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     56682 | PA      | $57609.00     | 0.08%             | 2037-05-25      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN AL0920        | CUSIP: 3138EHAW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27099 | PA      | $27450.16     | 0.04%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | G2 777432        | CUSIP: 36176VPR8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      6772 | PA      | $6748.87      | 0.01%             | 2062-10-20      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FNR 2000-45 FD   | CUSIP: 31358SZY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     12320 | PA      | $11952.05     | 0.02%             | 2030-12-18      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN AC2472        | CUSIP: 31417LXA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     34769 | PA      | $35418.07     | 0.05%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                           | B 10/07/25       | CUSIP: 912797RB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1135000 | PA      | $1134233.90   | 1.50%             | 2025-10-07      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN 813637        | CUSIP: 31406L4W5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    145393 | PA      | $149970.73    | 0.20%             | 2036-01-01      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association               | G2 894704        | CUSIP: 3620E0QF6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      5688 | PA      | $5719.92      | 0.01%             | 2061-10-20      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4 7/8 05/31/26 | CUSIP: 91282CKS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    205000 | PA      | $206379.55    | 0.27%             | 2026-05-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer