# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-26-001654
**Filing Date:** 2026-3
**Character Count:** 108016
**Document Hash:** 5ba922e7cba9a301b287b1008725d0d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001654.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001580642-26-001654

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 26734140

**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           |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-21720</u>

<u>Northern Lights Fund Trust</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450, Cincinnati, OH</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street, Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-470-2600</u>

Date of fiscal year end: <u>12/31</u> <br>Date of reporting period: <u>12/31/2025</u>

**Item 1. Reports to Stockholders.**

(a) #### TransWestern Institutional Short Duration Government Bond Fund
(TWSGX)

#### Annual Shareholder Report - December 31, 2025
![Image](ia1f42e71ad586e30012a36fe.jpg)

# Fund Overview
This annual shareholder report contains important information about TransWestern Institutional Short Duration Government Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.TranswesternFunds.com**. You can also request this information by contacting us at (800) 997-0718.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Transwestern Institutional Short Duration Government Bond Fund | $67 | 0.65% |

---

# How did the Fund perform during the reporting period?
The Fund had positive total returns and marginally outperformed the BB MBS/BB Short Treasury 50/50 Blend (the "Benchmark") during the year ended December 31, 2025. Security selection contributed the most while sector allocation effects detracted. Out of benchmark allocations to CMO and Agency CMBS contributed the most over the period while an underweight allocation to MBS Passthrough detracted from the Fund's performance. The Fund's overweight to US Treasurys, as compared to the Benchmark detracted from the Fund's performance. Overall, yield curve effects were marginal.

# How has the Fund performed over the last ten years?

# Total Return Based on $2,000,000 Investment
![Growth of 10K Chart](icb4547d2ef266d28c27f4a2f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Transwestern Institutional Short Duration Government Bond Fund** | **BB MBS/BB Short Treasury 50/50 Blend** | **Bloomberg Short Treasury Index** | **Bloomberg U.S. Mortgage Backed Securities Index** |
| **12/31/15** | $2000000 | $2000000 | $2000000 | $2000000 |
| **12/31/16** | $2022414 | $2022072 | $2010470 | $2033469 |
| **12/31/17** | $2049150 | $2055265 | $2026791 | $2083766 |
| **12/31/18** | $2070435 | $2084973 | $2064976 | $2104388 |
| **12/31/19** | $2148640 | $2176528 | $2115709 | $2238062 |
| **12/31/20** | $2196734 | $2228824 | $2135802 | $2324720 |
| **12/31/21** | $2181024 | $2217618 | $2136572 | $2300477 |
| **12/31/22** | $2075789 | $2095216 | $2157666 | $2028776 |
| **12/31/23** | $2167065 | $2203516 | $2267447 | $2131143 |
| **12/31/24** | $2237273 | $2275381 | $2386620 | $2156707 |
| **12/31/25** | $2367492 | $2421959 | $2489549 | $2341830 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Transwestern Institutional Short Duration Government Bond Fund | 5.82% | 1.51% | 1.70% |
| Bloomberg U.S. Mortgage Backed Securities Index | 8.58% | 0.15% | 1.59% |
| Bloomberg Short Treasury Index | 4.31% | 3.11% | 2.21% |
| BB MBS/BB Short Treasury 50/50 Blend | 6.44% | 1.68% | 1.93% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (800) 997-0718.***

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i478efacb8df80c115ef176c9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| U.S. Government & Agencies | 2.7% |
| CMO | 10.1% |
| CMBS | 20.7% |
| MBS Passthrough | 20.7% |
| U.S. Treasury Obligations | 45.0% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $73877183 |
| Number of Portfolio Holdings | 176 |
| Advisory Fee (net of waivers) | $106769 |
| Portfolio Turnover | 205% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iae49a642f91bb6a16c3e7c90.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 10.8% |
| U.S. Government & Agencies | 51.9% |
| U.S. Treasury Bonds & Notes | 37.3% |

---

# Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

Additional information is available on the Fund's website (**www.TranswesternFunds.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-Transwestern-TWSGX-AR 123125

![Image](ia1f42e71ad586e30012a36fe.jpg)

#### TransWestern Institutional Short Duration Government Bond Fund - Fund (TWSGX)

#### Annual Shareholder Report - December 31, 2025
&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

**Item 2. Code of Ethics.**

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) Not
 Applicable

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See
 Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.**

(a)(1) &nbsp;&nbsp;&nbsp;&nbsp; The Registrant's board of trustees has determined that Mark Gersten, Anthony J. Hertl and Mark H. Taylor are audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Gersten, Mr. Hertl and Mr. Taylor are independent for purposes of this Item 3.

(a)(2) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(3) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 4. Principal Accountant Fees and Services.**

---

| | |
|:---|:---|
| (a) | Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:  |
|  | 2025 - $17700<br> 2024 - $17700 |

---

(b) Audit-Related
 Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant
 that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this item.

---

| | |
|:---|:---|
| (c) | Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows: |
|  | 2025 - $3000<br> 2024 - $3000 |
|  | Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns. |

---

(d) All
 Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's
 principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years
 ended December 31, 2024 and 2025, respectively.

---

| | |
|:---|:---|
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.  |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.  |
| (f) | Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%). |

---

(g) All
 non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended
 December 31, 2024 and 2025, respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's
 principal accountant for the registrant's adviser.

(h) Not
 applicable.

(i) Not
 applicable.

(j) Not
 applicable.

**Item 5. Audit Committee of Listed Registrants.** Not applicable to open-end investment companies.

**Item 6. Investments.** Schedule of investments in securities of unaffiliated issuers is included under Item 7.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;

![(LOGO)](tr001_v1.jpg)

**Institutional Short Duration**

**Government Bond Fund**

**TWSGX**

**Annual Financial Statements**

**& Additional Information**

**December 31, 2025**

---

| |
|:---|
| *Advised by*: |
| TransWestern Capital Advisors, LLC |
| 37 Bellevue Avenue |
| Newport, RI 02840 |
| (303) 864-1213 |
| *Subadvised by*: |
| Loomis, Sayles & Company, L.P. |
| One Financial Center |
| Boston, MA 02111 |

---

---

| |
|:---|
| **Tel. (800) 997-0718** |
| **<u>www.TransWesternFunds.com</u>** |

---

---

| |
|:---|
| **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | <br>**Coupon Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 51.5%** |  |  |  |  |
|  | **FEDERAL HOME LOAN MORTGAGE CORP. — 19.9%<sup>(a)</sup>** |  |  |  |  |
| 34210 | Freddie Mac Gold Pool Series G08448 |  | 5.0000 | 05/01/41 | $35247 |
| 360308 | Freddie Mac Gold Pool Series Q18571 |  | 3.5000 | 05/01/43 | 344547 |
| 224839 | Freddie Mac Gold Pool Series Q20545 |  | 3.5000 | 07/01/43 | 215245 |
| 85967 | Freddie Mac Gold Pool Series U92432 |  | 4.0000 | 02/01/44 | 84073 |
| 107027 | Freddie Mac Multifamily Structured Pass Through Series KF60 A <sup>(b)</sup> | SOFR30A + 0.604% | 4.6130 | 02/25/26 | 107043 |
| 406837 | Freddie Mac Multifamily Structured Pass Through Series KJ21 A2 |  | 3.7000 | 09/25/26 | 405461 |
| 49266 | Freddie Mac Multifamily Structured Pass Through Series KF72 A <sup>(b)</sup> | SOFR30A + 0.614% | 4.6230 | 11/25/26 | 49261 |
| 942908 | Freddie Mac Multifamily Structured Pass Through Series KF77 AL <sup>(b)</sup> | SOFR30A + 0.814% | 4.8230 | 02/25/27 | 944266 |
| 1078976 | Freddie Mac Multifamily Structured Pass Through Series K531 AS <sup>(b)</sup> | SOFR30A + 0.530% | 4.5390 | 09/25/29 | 1077622 |
| 1085000 | Freddie Mac Multifamily Structured Pass Through Series K540 A2 <sup>(c)</sup> |  | 4.5130 | 02/25/30 | 1105391 |
| 905000 | Freddie Mac Multifamily Structured Pass Through Series K546 A2 |  | 4.3610 | 05/25/30 | 916692 |
| 526606 | Freddie Mac Multifamily Structured Pass Through Series KF82 AS <sup>(b)</sup> | SOFR30A + 0.420% | 4.4290 | 06/25/30 | 526291 |
| 789908 | Freddie Mac Multifamily Structured Pass Through Series KF82 AL <sup>(b)</sup> | SOFR30A + 0.484% | 4.4930 | 06/25/30 | 788967 |
| 385730 | Freddie Mac Multifamily Structured Pass Through Series KF80 AS <sup>(b)</sup> | SOFR30A + 0.510% | 4.5190 | 06/25/30 | 385220 |
| 1800000 | Freddie Mac Multifamily Structured Pass Through Series K758 A2 <sup>(c)</sup> |  | 4.6800 | 10/25/31 | 1845969 |
| 2580000 | Freddie Mac Multifamily Structured Pass Through Series KJ42 A2 |  | 4.1180 | 11/25/32 | 2571392 |
| 1250840 | Freddie Mac Multifamily Structured Pass Through Series Q016 APT1 <sup>(c)</sup> |  | 1.2350 | 05/25/51 | 1241089 |
| 94526 | Freddie Mac Non Gold Pool Series 780722<sup>(b)</sup> | H15T1Y + 2.220% | 6.2530 | 08/01/33 | 96967 |
| 36289 | Freddie Mac Non Gold Pool Series 972132<sup>(b)</sup> | H15T1Y + 2.225% | 6.1180 | 11/01/33 | 37410 |
| 39038 | Freddie Mac Non Gold Pool Series 1B2025<sup>(b)</sup> | RFUCCT1Y + 1.862% | 6.7520 | 06/01/34 | 40441 |
| 48993 | Freddie Mac Non Gold Pool Series 1Q0160<sup>(b)</sup> | RFUCCT1Y + 1.750% | 6.5000 | 09/01/35 | 50524 |
| 73953 | Freddie Mac Non Gold Pool Series 1L1358<sup>(b)</sup> | H15T1Y + 2.500% | 6.5830 | 05/01/36 | 76600 |
| 194066 | Freddie Mac Non Gold Pool Series 848690<sup>(b)</sup> | H15T1Y + 2.246% | 6.2160 | 03/01/37 | 202573 |
| 9006 | Freddie Mac Non Gold Pool Series 848565<sup>(b)</sup> | RFUCCT1Y + 1.775% | 6.5470 | 12/01/37 | 9284 |
| 32199 | Freddie Mac Non Gold Pool Series 848568<sup>(b)</sup> | H15T1Y + 2.206% | 6.2350 | 09/01/38 | 33179 |
| 453867 | Freddie Mac Non Gold Pool Series 848949<sup>(b)</sup> | H15T1Y + 2.248% | 6.3180 | 09/01/38 | 469124 |
| 46300 | Freddie Mac Non Gold Pool Series 1Q1302<sup>(b)</sup> | RFUCCT1Y + 1.713% | 6.4390 | 11/01/38 | 47486 |
| 15416 | Freddie Mac Non Gold Pool Series 1Q0647<sup>(b)</sup> | RFUCCT1Y + 1.826% | 6.6600 | 11/01/38 | 15893 |
| 121169 | Freddie Mac Non Gold Pool Series 849046<sup>(b)</sup> | RFUCCT1Y + 1.889% | 6.8880 | 09/01/41 | 126018 |
| 288827 | Freddie Mac Pool Series SB8031 |  | 2.5000 | 02/01/35 | 276572 |
| 14839 | Freddie Mac REMICS Series 2102 PE<sup>(d)</sup> |  | 6.5000 | 12/15/28 | 14742 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | <br>**Coupon Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 51.5% (Continued)** |  |  |  |  |
|  | **FEDERAL HOME LOAN MORTGAGE CORP. — 19.9%<sup>(a)</sup> (Continued)** |  |  |  |  |
| 11105 | Freddie Mac REMICS Series 2131 ZB <sup>(d)</sup> |  | 6.0000 | 03/15/29 | $10886 |
| 6925 | Freddie Mac REMICS Series 2412 OF <sup>(b),(d)</sup> | SOFR30A + 1.064% | 5.0480 | 12/15/31 | 6779 |
| 3578 | Freddie Mac REMICS Series 2450 FW <sup>(b),(d)</sup> | SOFR30A + 0.614% | 4.5980 | 03/15/32 | 3469 |
| 11934 | Freddie Mac REMICS Series 2448 FV <sup>(b),(d)</sup> | SOFR30A + 1.114% | 5.0980 | 03/15/32 | 11691 |
| 20763 | Freddie Mac REMICS Series 2581 FD <sup>(b),(d)</sup> | SOFR30A + 0.864% | 4.8480 | 12/15/32 | 20241 |
| 6191 | Freddie Mac REMICS Series 2557 WF <sup>(b),(d)</sup> | SOFR30A + 0.514% | 4.4980 | 01/15/33 | 5989 |
| 18954 | Freddie Mac REMICS Series 2768 PW <sup>(d)</sup> |  | 4.2500 | 03/15/34 | 18366 |
| 112362 | Freddie Mac REMICS Series 2978 JG <sup>(d)</sup> |  | 5.5000 | 05/15/35 | 116272 |
| 165415 | Freddie Mac REMICS Series 3036 NE <sup>(d)</sup> |  | 5.0000 | 09/15/35 | 168453 |
| 57327 | Freddie Mac REMICS Series 3620 AT <sup>(c),(d)</sup> |  | 4.5830 | 12/15/36 | 58523 |
| 98854 | Freddie Mac REMICS Series 3412 AY <sup>(d)</sup> |  | 5.5000 | 02/15/38 | 103135 |
| 81793 | Freddie Mac REMICS Series 3561 W <sup>(c),(d)</sup> |  | 2.5430 | 06/15/48 | 77934 |
|  |  |  |  |  | 14742327 |
|  | **FEDERAL NATIONAL MORTGAGE ASSOCIATION — 22.9%<sup>(a)</sup>** |  |  |  |  |
| 14591 | Fannie Mae Pool Series 642012<sup>(b)</sup> | H15T1Y + 2.265% | 6.5150 | 05/01/32 | 14942 |
| 72775 | Fannie Mae Pool Series 555375 |  | 6.0000 | 04/01/33 | 75472 |
| 34899 | Fannie Mae Pool Series 699985<sup>(b)</sup> | H15T1Y + 2.213% | 6.4630 | 04/01/33 | 35836 |
| 30165 | Fannie Mae Pool Series 721424<sup>(b)</sup> | H15T1Y + 2.287% | 6.2870 | 06/01/33 | 31048 |
| 16612 | Fannie Mae Pool Series 725052<sup>(b)</sup> | H15T1Y + 2.169% | 6.2940 | 07/01/33 | 17001 |
| 12521 | Fannie Mae Pool Series 732087<sup>(b)</sup> | H15T1Y + 2.441% | 6.4410 | 08/01/33 | 12936 |
| 217850 | Fannie Mae Pool Series AD0541<sup>(b)</sup> | H15T1Y + 2.186% | 6.2330 | 11/01/33 | 224876 |
| 6250 | Fannie Mae Pool Series 783245<sup>(b)</sup> | 12MTA + 1.200% | 5.2770 | 04/01/34 | 6250 |
| 16558 | Fannie Mae Pool Series 725392<sup>(b)</sup> | H15T1Y + 2.196% | 6.4210 | 04/01/34 | 16988 |
| 191999 | Fannie Mae Pool Series AL1270<sup>(b)</sup> | H15T1Y + 2.214% | 6.3430 | 10/01/34 | 198363 |
| 30343 | Fannie Mae Pool Series 813844<sup>(b)</sup> | RFUCCT6M + 1.545% | 6.1800 | 01/01/35 | 31595 |
| 9870 | Fannie Mae Pool Series 995552<sup>(b)</sup> | H15T1Y + 2.192% | 6.3410 | 05/01/35 | 10165 |
| 32243 | Fannie Mae Pool Series 735667 |  | 5.0000 | 07/01/35 | 32784 |
| 13630 | Fannie Mae Pool Series 995269<sup>(b)</sup> | RFUCCT6M + 1.546% | 6.0500 | 07/01/35 | 14193 |
| 46841 | Fannie Mae Pool Series AL0361<sup>(b)</sup> | H15T1Y + 2.223% | 6.2230 | 07/01/35 | 48335 |
| 77440 | Fannie Mae Pool Series 889822<sup>(b)</sup> | RFUCCT1Y + 1.552% | 6.3130 | 07/01/35 | 79694 |
| 60272 | Fannie Mae Pool Series 838948<sup>(b)</sup> | RFUCCT6M + 1.510% | 6.0240 | 08/01/35 | 61577 |
| 6740 | Fannie Mae Pool Series 844532<sup>(b)</sup> | 12MTA + 1.717% | 5.8020 | 11/01/35 | 6854 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | <br>**Coupon Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 51.5% (Continued)** |  |  |  |  |
|  | **FEDERAL NATIONAL MORTGAGE ASSOCIATION — 22.9%<sup>(a)</sup> (Continued)** |  |  |  |  |
| 141126 | Fannie Mae Pool Series 813637<sup>(b)</sup> | H15T1Y + 2.185% | 6.4350 | 01/01/36 | $145785 |
| 27880 | Fannie Mae Pool Series 863729<sup>(b)</sup> | H15T1Y + 2.268% | 6.5180 | 01/01/36 | 28789 |
| 98766 | Fannie Mae Pool Series 846749<sup>(b)</sup> | RFUCCT6M + 2.428% | 7.1780 | 01/01/36 | 100459 |
| 7207 | Fannie Mae Pool Series 880366<sup>(b)</sup> | RFUCCT6M + 1.430% | 5.8500 | 02/01/36 | 7341 |
| 56919 | Fannie Mae Pool Series 880373<sup>(b)</sup> | RFUCCT1Y + 1.546% | 6.3660 | 02/01/36 | 59175 |
| 16122 | Fannie Mae Pool Series 886376<sup>(b)</sup> | 12MTA + 2.381% | 6.4450 | 08/01/36 | 16544 |
| 103179 | Fannie Mae Pool Series 920847<sup>(b)</sup> | H15T1Y + 2.500% | 6.6000 | 08/01/36 | 107894 |
| 894 | Fannie Mae Pool Series 879683<sup>(b)</sup> | H15T1Y + 2.145% | 6.2700 | 09/01/36 | 922 |
| 7927 | Fannie Mae Pool Series 995949<sup>(b)</sup> | 12MTA + 2.412% | 6.4910 | 09/01/36 | 8172 |
| 27250 | Fannie Mae Pool Series 995008<sup>(b)</sup> | 12MTA + 2.220% | 6.2960 | 10/01/36 | 28089 |
| 87064 | Fannie Mae Pool Series 900197<sup>(b)</sup> | RFUCCT1Y + 2.075% | 6.7930 | 10/01/36 | 91181 |
| 29406 | Fannie Mae Pool Series AE0870<sup>(b)</sup> | RFUCCT1Y + 1.668% | 6.4600 | 11/01/36 | 30313 |
| 116246 | Fannie Mae Pool Series 889819<sup>(b)</sup> | RFUCCT1Y + 1.561% | 6.3850 | 04/01/37 | 120124 |
| 16039 | Fannie Mae Pool Series 748848<sup>(b)</sup> | H15T1Y + 2.270% | 6.2700 | 06/01/37 | 16657 |
| 52324 | Fannie Mae Pool Series AB5688 |  | 3.5000 | 07/01/37 | 49860 |
| 25762 | Fannie Mae Pool Series AL0920 |  | 5.0000 | 07/01/37 | 26146 |
| 1071 | Fannie Mae Pool Series 899633 |  | 5.5000 | 07/01/37 | 1095 |
| 61890 | Fannie Mae Pool Series AD0959<sup>(b)</sup> | RFUCCT6M + 2.020% | 6.3880 | 07/01/37 | 63229 |
| 27309 | Fannie Mae Pool Series 888628<sup>(b)</sup> | RFUCCT1Y + 1.837% | 6.7090 | 07/01/37 | 28271 |
| 111290 | Fannie Mae Pool Series AL1288<sup>(b)</sup> | RFUCCT1Y + 1.580% | 6.3360 | 09/01/37 | 114494 |
| 5309 | Fannie Mae Pool Series AL0883<sup>(b)</sup> | RFUCCT1Y + 1.529% | 6.0910 | 01/01/38 | 5449 |
| 65044 | Fannie Mae Pool Series 964760<sup>(b)</sup> | RFUCCT1Y + 1.616% | 6.2810 | 08/01/38 | 66714 |
| 2412 | Fannie Mae Pool Series 725320<sup>(b)</sup> | H15T1Y + 2.256% | 6.3150 | 08/01/39 | 2475 |
| 34318 | Fannie Mae Pool Series AC2472 |  | 5.0000 | 06/01/40 | 35095 |
| 979038 | Fannie Mae Pool Series BM1078<sup>(b)</sup> | H15T1Y + 2.164% | 6.2540 | 12/01/40 | 1017549 |
| 4985 | Fannie Mae Pool Series AL2559<sup>(b)</sup> | RFUCCT1Y + 1.810% | 6.8050 | 07/01/41 | 5177 |
| 252629 | Fannie Mae Pool Series AJ0875<sup>(b)</sup> | RFUCCT1Y + 1.800% | 6.3660 | 10/01/41 | 264545 |
| 320255 | Fannie Mae Pool Series AO4163 |  | 3.5000 | 06/01/42 | 305140 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | <br>**Coupon Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 51.5% (Continued)** |  |  |  |  |
|  | **FEDERAL NATIONAL MORTGAGE ASSOCIATION — 22.9%<sup>(a)</sup> (Continued)** |  |  |  |  |
| 181642 | Fannie Mae Pool Series AB5519 |  | 3.5000 | 07/01/42 | $173070 |
| 1738497 | Fannie Mae Pool Series AO8169 |  | 3.5000 | 09/01/42 | 1656425 |
| 234582 | Fannie Mae Pool Series AB7016 |  | 4.0000 | 11/01/42 | 229078 |
| 462271 | Fannie Mae Pool Series AQ6238 |  | 3.5000 | 12/01/42 | 440451 |
| 301324 | Fannie Mae Pool Series AQ9715 |  | 3.0000 | 01/01/43 | 278847 |
| 324456 | Fannie Mae Pool Series MA1404 |  | 3.5000 | 04/01/43 | 309141 |
| 97943 | Fannie Mae Pool Series AB9096 |  | 4.0000 | 04/01/43 | 95673 |
| 16351 | Fannie Mae Pool Series 803338<sup>(b)</sup> | 12MTA + 1.200% | 5.2770 | 09/01/44 | 16551 |
| 181660 | Fannie Mae Pool Series MA3536 |  | 4.0000 | 12/01/48 | 175348 |
| 2733626 | Fannie Mae Pool Series CB2846 |  | 2.0000 | 02/01/52 | 2219004 |
| 2590205 | Fannie Mae Pool Series MA4562 |  | 2.0000 | 03/01/52 | 2105281 |
| 944183 | Fannie Mae Pool Series FS8360 |  | 3.5000 | 09/01/52 | 877212 |
| 8877 | Fannie Mae REMICS Series 2000-45 FD <sup>(b),(d)</sup> | SOFR30A + 0.664% | 4.6010 | 12/18/30 | 8612 |
| 6089 | Fannie Mae REMICS Series 2000-45 FG <sup>(b),(d)</sup> | SOFR30A + 0.664% | 4.6010 | 12/18/30 | 5907 |
| 16249 | Fannie Mae REMICS Series 2002-30 FB <sup>(b),(d)</sup> | SOFR30A + 1.114% | 4.9890 | 08/25/31 | 15858 |
| 10074 | Fannie Mae REMICS Series 2002-16 VF <sup>(b),(d)</sup> | SOFR30A + 0.664% | 4.5390 | 04/25/32 | 9777 |
| 2843 | Fannie Mae REMICS Series 2002-71 AP <sup>(d)</sup> |  | 5.0000 | 11/25/32 | 2744 |
| 994 | Fannie Mae REMICS Series 2003-35 FG <sup>(b),(d)</sup> | SOFR30A + 0.414% | 4.2890 | 05/25/33 | 962 |
| 17331 | Fannie Mae REMICS Series 2005-29 WQ <sup>(d)</sup> |  | 5.5000 | 04/25/35 | 17831 |
| 55357 | Fannie Mae REMICS Series 2009-50 PT <sup>(c),(d)</sup> |  | 6.1430 | 05/25/37 | 56384 |
| 50664 | Fannie Mae REMICS Series 2008-86 LA <sup>(c),(d)</sup> |  | 3.4760 | 08/25/38 | 49851 |
| 219742 | Fannie Mae REMICS Series 2010-60 HB <sup>(d)</sup> |  | 5.0000 | 06/25/40 | 223296 |
| 81312 | Fannie Mae REMICS Series 2013-63 YF <sup>(b),(d)</sup> | SOFR30A + 1.114% | 4.9890 | 06/25/43 | 73477 |
| 901134 | Fannie Mae REMICS Series 2020-35 FA <sup>(b),(d)</sup> | SOFR30A + 0.614% | 4.8230 | 06/25/50 | 889308 |
| 1183965 | Fannie Mae-Aces Series 2017-M3 A2 <sup>(c)</sup> |  | 2.4780 | 12/25/26 | 1169144 |
| 2160137 | Fannie Mae-Aces Series 2017-M14 A2 <sup>(c)</sup> |  | 2.8100 | 11/25/27 | 2123874 |
|  |  |  |  |  | 16888699 |
|  | **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 8.7%** |  |  |  |  |
| 9683 | Ginnie Mae II Pool Series 891616<sup>(b)</sup> | H15T1Y + 1.400% | 5.0400 | 06/20/58 | 9811 |
| 14777 | Ginnie Mae II Pool Series 710065<sup>(c)</sup> |  | 4.8100 | 02/20/61 | 14808 |
| 5141 | Ginnie Mae II Pool Series 894704<sup>(b)</sup> | H15T1Y + 0.909% | 4.5100 | 10/20/61 | 5170 |
| 1299 | Ginnie Mae II Pool Series 773437<sup>(c)</sup> |  | 4.4850 | 02/20/62 | 1286 |
| 2129 | Ginnie Mae II Pool Series 759745<sup>(c)</sup> |  | 4.8150 | 05/20/62 | 2138 |
| 49610 | Ginnie Mae II Pool Series 897906<sup>(b)</sup> | H15T1Y + 1.024% | 4.6610 | 06/20/62 | 49983 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | <br>**Coupon Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 51.5% (Continued)** |  |  |  |  |
|  | **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION — 8.7% (Continued)** |  |  |  |  |
| 158018 | Ginnie Mae II Pool Series 896363<sup>(b)</sup> | H15T1Y + 0.685% | 4.3230 | 07/20/62 | $158916 |
| 924 | Ginnie Mae II Pool Series 766556<sup>(c)</sup> |  | 4.7550 | 08/20/62 | 915 |
| 6721 | Ginnie Mae II Pool Series 777432<sup>(c)</sup> |  | 4.5990 | 10/20/62 | 6703 |
| 46626 | Ginnie Mae II Pool Series 899072<sup>(b)</sup> | RFUCCT1M + 1.767% | 6.0560 | 10/20/62 | 47432 |
| 3709 | Ginnie Mae II Pool Series 765229<sup>(c)</sup> |  | 4.5530 | 11/20/62 | 3643 |
| 242073 | Ginnie Mae II Pool Series 899633<sup>(b)</sup> | RFUCCT1M + 1.777% | 6.0700 | 01/20/63 | 247825 |
| 14719 | Ginnie Mae II Pool Series 898433<sup>(b)</sup> | RFUCCT1M + 2.180% | 6.4620 | 01/20/63 | 15183 |
| 112510 | Ginnie Mae II Pool Series 899765<sup>(b)</sup> | RFUCCT1M + 1.860% | 6.1390 | 02/20/63 | 115118 |
| 118533 | Ginnie Mae II Pool Series 899650<sup>(b)</sup> | RFUCCT1M + 1.890% | 6.1680 | 02/20/63 | 120456 |
| 30818 | Ginnie Mae II Pool Series 898436<sup>(b)</sup> | RFUCCT1M + 2.130% | 6.4110 | 02/20/63 | 31588 |
| 51028 | Ginnie Mae II Pool Series 899651<sup>(b)</sup> | RFUCCT1M + 2.362% | 6.6290 | 02/20/63 | 52058 |
| 9870 | Ginnie Mae II Pool Series AE9606<sup>(b)</sup> | H15T1Y + 1.140% | 4.7800 | 08/20/64 | 9975 |
| 298 | Ginnie Mae II Pool Series AG8190<sup>(b)</sup> | H15T1Y + 1.140% | 4.7800 | 09/20/64 | 302 |
| 3023 | Ginnie Mae II Pool Series AG8209<sup>(b)</sup> | H15T1Y + 0.862% | 4.4950 | 10/20/64 | 3041 |
| 798 | Ginnie Mae II Pool Series AG8275<sup>(b)</sup> | H15T1Y + 1.140% | 4.7800 | 03/20/65 | 810 |
| 19337 | Government National Mortgage Association Series 2003-72 Z <sup>(c)</sup> |  | 5.4850 | 11/16/45 | 19297 |
| 113940 | Government National Mortgage Association Series 2014-H12 HZ <sup>(c),(d)</sup> |  | 4.5920 | 06/20/64 | 112162 |
| 521 | Government National Mortgage Association Series 2015-H09 HA <sup>(d)</sup> |  | 1.7500 | 03/20/65 | 472 |
| 1687273 | Government National Mortgage Association Series 2018-H16 FA <sup>(b),(d)</sup> | TSFR1M + 0.534% | 4.5340 | 09/20/68 | 1684289 |
| 1505692 | Government National Mortgage Association Series 2020-H04 FP <sup>(b),(d)</sup> | TSFR1M + 0.614% | 4.6140 | 06/20/69 | 1506373 |
| 2190095 | Government National Mortgage Association Series 2020-H02 FG <sup>(b),(d)</sup> | TSFR1M + 0.714% | 4.7140 | 01/20/70 | 2192114 |
|  |  |  |  |  | 6411868 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $38,677,834)** |  |  |  | 38042894 |
|  | **U.S. TREASURY NOTES — 37.0%** |  |  |  |  |
| 495000 | United States Treasury Note |  | 4.5000 | 03/31/26 | 496074 |
| 205000 | United States Treasury Note |  | 4.8750 | 05/31/26 | 206084 |
| 1000000 | United States Treasury Note |  | 4.1250 | 06/15/26 | 1002893 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Coupon Rate (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. TREASURY NOTES — 37.0% (Continued)** |  |  |  |
| 870000 | United States Treasury Note | 3.7500 | 08/31/26 | $870994 |
| 430000 | United States Treasury Note | 3.5000 | 09/30/26 | 429719 |
| 810000 | United States Treasury Note | 4.1250 | 10/31/26 | 813533 |
| 815000 | United States Treasury Note | 4.6250 | 11/15/26 | 822360 |
| 480000 | United States Treasury Note | 4.2500 | 11/30/26 | 482990 |
| 555000 | United States Treasury Note | 4.2500 | 12/31/26 | 558935 |
| 595000 | United States Treasury Note | 4.1250 | 01/31/27 | 598800 |
| 185000 | United States Treasury Note | 4.1250 | 02/28/27 | 186279 |
| 300000 | United States Treasury Note | 3.8750 | 03/31/27 | 301348 |
| 480000 | United States Treasury Note | 3.7500 | 04/30/27 | 481584 |
| 965000 | United States Treasury Note | 3.8750 | 05/31/27 | 970089 |
| 810000 | United States Treasury Note | 3.8750 | 07/31/27 | 814873 |
| 565000 | United States Treasury Note | 3.6250 | 08/31/27 | 566346 |
| 684000 | United States Treasury Note | 3.5000 | 09/30/27 | 684267 |
| 372000 | United States Treasury Note | 3.5000 | 10/31/27 | 372153 |
| 709000 | United States Treasury Note | 3.3750 | 11/30/27 | 707754 |
| 4236000 | United States Treasury Note | 3.3750 | 12/31/27 | 4228471 |
| 270000 | United States Treasury Note | 3.6250 | 03/31/28 | 270802 |
| 2190000 | United States Treasury Note | 4.0000 | 01/31/29 | 2219171 |
| 486000 | United States Treasury Note | 3.6250 | 12/31/30 | 484196 |
| 3420000 | United States Treasury Note | 4.1250 | 11/15/32 | 3464821 |
| 1411000 | United States Treasury Note | 3.8750 | 08/15/34 | 1392288 |
| 1545000 | United States Treasury Note | 4.2500 | 11/15/34 | 1564675 |
| 720000 | United States Treasury Note | 4.6250 | 02/15/35 | 749039 |
| 555000 | United States Treasury Note | 4.2500 | 05/15/35 | 560940 |
| 275000 | United States Treasury Note | 4.2500 | 08/15/35 | 277621 |
| 749000 | United States Treasury Note | 4.0000 | 11/15/35 | 739930 |
|  | **TOTAL U.S. TREASURY NOTES (Cost $27,176,422)** |  |  | 27319029 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Yield (%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 10.7%** |  |  |  |
|  | **AGENCY DISCOUNT NOTES — 2.7%** |  |  |  |
| 1961000 | Federal Home Loan Bank Discount Notes | 3.00 | 01/13/26 | $1958909 |
|  | **U.S. TREASURY BILLS — 8.0%** |  |  |  |
| 1865000 | United States Treasury Bill | 2.64 | 01/08/26 | 1863920 |
| 1273000 | United States Treasury Bill | 3.01 | 01/13/26 | 1271637 |
| 2813000 | United States Treasury Bill | 3.40 | 02/05/26 | 2803601 |
|  |  |  |  | 5939158 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $7,897,221)** |  |  | 7898067 |
|  | **TOTAL INVESTMENTS - 99.2% (Cost $73,751,477)** |  |  | $73259990 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8%** |  |  | 617193 |
|  | **NET ASSETS - 100.0%** |  |  | $73877183 |

---

---

| | |
|:---|:---|
| 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> 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>(b)</sup> Variable rate security; the rate shown represents the rate on December 31, 2025.

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

See accompanying notes to financial statements.

---

| |
|:---|
| **TransWestern Institutional Short Duration Government Bond Fund** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **December 31, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $73751477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value | $73259990 |
| &nbsp;&nbsp;&nbsp;Cash | 335410 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 1966400 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 313596 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 2881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 75878277 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 1958909 |
| &nbsp;&nbsp;&nbsp;Distributions payable | 24586 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 8507 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 1884 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 6331 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 2001094 |
| **NET ASSETS** | $**73877183** |
| **Net Assets Consist Of:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | 105910855 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (32033672) |
| **NET ASSETS** | $**73877183** |
| **Net Asset Value Per Share:** |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | **7959928** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets divided by Shares Outstanding), offering price and redemption price per share (a) | $**9.28** |

---

(a) Redemptions made within 30 days of
 purchase may be assessed a redemption fee of 0.25%.

See accompanying notes to financial statements.

---

| |
|:---|
| **TransWestern Institutional Short Duration Government Bond Fund** |
| **STATEMENT OF OPERATIONS** |
| **Year Ended December 31, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Interest | $3067625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 3067625 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 337016 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees | 74892 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 102260 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 38393 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 33694 |
| &nbsp;&nbsp;&nbsp;Legal fees | 30761 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 28792 |
| &nbsp;&nbsp;&nbsp;Audit fees | 23426 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 21950 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 10265 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 6970 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 4666 |
| &nbsp;&nbsp;&nbsp;Registration fees | 326 |
| &nbsp;&nbsp;&nbsp;Other expenses | 3681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 717092 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Advisor | (230247) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 486845 |
| **NET INVESTMENT INCOME** | 2580780 |
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 142573 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 1513328 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 1655901 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $**4236681** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TransWestern Institutional Short Duration Government Bond Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2580780 | $3082665 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 142573 | 52531 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | 1513328 | (365785) |
| Net increase in net assets resulting from operations | 4236681 | 2769411 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM EARNINGS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid | (2696512) | (3334091) |
| Net decrease in net assets from distributions to shareholders | (2696512) | (3334091) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders | 2338126 | 2934163 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (4336612) | (11813571) |
| Net decrease in net assets from shares of beneficial interest | (1998486) | (8879408) |
| **TOTAL DECREASE IN NET ASSETS** | (458317) | (9444088) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 74335500 | 83779588 |
| &nbsp;&nbsp;&nbsp;End of year | $**73877183** | $**74335500** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 253717 | 321813 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (469035) | (1294583) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (215318) | (972770) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TransWestern Institutional Short Duration Government Bond Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**December 31,**<br>**2022** | **Year Ended**<br>**December 31,**<br>**2021** |
| **Net Asset Value, Beginning of Year** | $9.09 | $9.16 | $9.10 | $9.72 | $9.82 |
| Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.32 | 0.33 | 0.29 | 0.10 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.20 | (0.04) | 0.10 | (0.57) | (0.08) |
| Total from investment operations | 0.52 | 0.29 | 0.39 | (0.47) | (0.07) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.33) | (0.36) | (0.33) | (0.15) | (0.03) |
| Total from distributions | (0.33) | (0.36) | (0.33) | (0.15) | (0.03) |
| **Net Asset Value, End of Year** | $9.28 | $9.09 | $9.16 | $9.10 | $9.72 |
| **Total return** (2) | 5.82% | 3.24% | 4.40% | (4.82)% | (0.72)% |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $73877 | $74336 | $83780 | $88994 | $325544 |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets | 0.96% | 0.85% | 0.85% | 0.74% | 0.70% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.65% | 0.65% | 0.65% | 0.65% | 0.64% (4) |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.45% | 3.66% | 3.24% | 1.05% | 0.11% |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | 205% | 208% | 222% | 218% (3) | 317% (3) |

---

(1) Per
 share amounts calculated using the average share method, which appropriately presents the per share data for the year.

(2) Total
 returns shown are historical in nature and assume changes in share price, reinvestment of dividends, and capital gain distributions, if
 any, and exclude the effect of applicable sales loads. Had the Advisor not waived a portion of its fees, total returns would have been
 lower.

(3) The
 portfolio turnover rate excludes dollar roll transactions for the years ended December 31, 2022 and December 31, 2021. If these were included
 in the calculation the turnover percentage would be 237%, and 320%, respectively. The Fund had no dollar rolls for the years ended December
 31, 2023, December 31, 2024 and December 31, 2025.

(4) During
 the year ended December 31, 2021, the Advisor voluntarily waived a portion of the advisory fee. Without this waiver, the net expense ratio
 would have been 0.65%.

See accompanying notes to financial statements.

**TransWestern Institutional Short Duration Government Bond Fund**

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025**

**1.** **ORGANIZATION** 

The TransWestern Institutional Short Duration Government Bond Fund (the "Fund") is a separate diversified series of shares of beneficial interest of Northern Lights Fund Trust (the "Trust"). The Trust is organized under the laws of the State of Delaware, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Fund's investment objective is to seek to provide income consistent with liquidity, and limited credit and interest rate risk. The Fund commenced operations on January 3, 2011 and is offered at net asset value ("NAV") without a sales charge.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies", including Accounting Standards Update 2013-08.

**Operating Segments -** An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Trust. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**Securities Valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees of the Trust (the "Board") based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". The Fund may fair value a particular bond if the advisor does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund's holding. Short-term debt obligations, having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

**TransWestern Institutional Short Duration Government Bond Fund** 

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

The Fund may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These investments are valued using the "fair value" procedures approved by the Board. The Board has designated the adviser as its valuation designee (the "Valuation Designee") to execute these procedures. The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**Fair Valuation Process –** The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that affects the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to the Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1 –** Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

**Level 2 –** Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3 –** Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

**TransWestern Institutional Short Duration Government Bond Fund** 

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of December 31, 2025 for the Fund's investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| U.S. Government & Agencies | $— | $38042894 | $— | $38042894 |
| U.S. Treasury Notes |  | 27319029 |  | 27319029 |
| Short-Term Investments |  | 7898067 |  | 7898067 |
| Total | $— | $73259990 | $— | $73259990 |

---

The Fund did not hold any Level 3 securities during the period.

\* Refer to the Schedule of Investments for industry classification.

**Security Transactions and Related Income –** Security transactions are accounted for on trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

**Dividends and Distributions to Shareholders –** Dividends from net investment income are declared daily and paid monthly. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Any such reclassifications will have no effect on net assets, results of operations, or net asset value per share of the Fund.

**Federal Income Tax –** It is the Fund's policy to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code of 1986 as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended December 31, 2022 to December 31, 2024 or expected to be taken in the Fund's December 31, 2025 year-end tax returns. The Fund identifies its major tax jurisdictions as U.S. federal and Ohio and foreign jurisdictions where the Fund makes significant investments. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

The Fund adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Fund's adoption of ASU 2023-09 did not have a material impact on the Fund's financial statements.

**TransWestern Institutional Short Duration Government Bond Fund** 

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

**When-Issued and Delayed-Delivery Transactions –** The Fund may engage in when-issued or delayed-delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

**Dollar Roll Transactions –** A mortgage dollar roll transaction involves a sale by the Fund of mortgage related securities that it holds with an agreement by the Fund to repurchase similar securities at an agreed upon price and date. The securities purchased will bear the same interest rate as those sold, but generally will be collateralized by pools of mortgages with different prepayment histories than those securities sold. The Fund accounts for mortgage dollar rolls as purchases and sales transactions. There were no dollar roll transactions during the year ended December 31, 2025.

**Short Sales –** A short sale is a transaction in which the Fund sells a security it does not own but has borrowed in anticipation that the market price of that security will decline. The Fund is obligated to replace the security borrowed by purchasing it on the open market at a later date. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss. Conversely, if the price declines, the Fund will realize a gain. There were no short sales transactions during the year ended December 31, 2025.

**Indemnification –** The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**Expenses –** Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

**Cash –** The Fund considers its investment in an FDIC insured interest bearing savings account to be cash. The Fund maintains cash balances, which, at times, may exceed federally insured limits. The Fund maintains these balances with a high-quality financial institution.

**3.** **INVESTMENT TRANSACTIONS** 

For the year ended December 31, 2025, the cost of purchases and proceeds from sales of U.S. government securities, other than short-term investments, amounted to $143,845,659 and $151,034,096, respectively.

**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

TransWestern Capital Advisors, LLC serves as the Fund's investment advisor (the "Advisor") and Loomis, Sayles & Company, L.P. serves as the Fund's sub-advisor (the "Sub-Advisor"). Pursuant to an advisory agreement between the Advisor and the Trust, on behalf of the Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a management fee, computed and accrued daily and paid monthly, at an annual rate of 0.45% of the Fund's average daily net assets. Subject to the authority of the Board and oversight by the Advisor, the Sub-Advisor is responsible for day-to-day execution of the Fund's strategy and management of the Fund's investment portfolio according to the Fund's investment objective, policies and restrictions. The Sub-Advisor is paid by the Advisor, not the Fund. During the year ended December 31, 2025, the Fund incurred $337,016 in advisory fees.

Pursuant to an expense limitation agreement between the Advisor and the Trust, on behalf of the Fund, (the "Expense Limitation Agreement"), the Advisor has contractually agreed, at least until April 30, 2026, to waive a portion of its advisory fee and has agreed to reimburse the Fund for other expenses to the extent necessary so that the total expenses incurred by the Fund (exclusive of any front end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, fees and expenses associated with instruments in other collective investment vehicles or derivative instruments

**TransWestern Institutional Short Duration Government Bond Fund** 

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

(including for example options and swap fees and expenses) borrowing costs (such as interest and dividend expense on securities sold short), taxes, and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor))) will not exceed 0.65% per annum of the Fund's average daily net assets. During the year ended December 31, 2025, the Advisor waived fees of $230,247.

If the Advisor waives any fee or reimburses any expense pursuant to the Expense Limitation Agreement, and the Fund's operating expenses are subsequently less than 0.65% of average daily net assets, the Advisor shall be entitled to reimbursement by the Fund for such waived fees or reimbursed expenses provided that such reimbursement does not cause the Fund's expenses to exceed 0.65% of average daily net assets. If the Fund's operating expenses subsequently exceed 0.65% per annum of the Fund's average daily net assets, the reimbursements shall be suspended. The Advisor may seek reimbursement only for expenses waived or paid by it during the three fiscal years prior to such reimbursement; provided, however, that such expenses may only be reimbursed to the extent they were waived or paid after the date of the Expense Limitation Agreement (or any similar agreement). As of December 31, 2025, fee waivers subject to recapture by the Advisor were as follows:

---

| | |
|:---|:---|
| <u>Year of Expiration</u> |  |
| December 31, 2026 | $175104 |
| December 31, 2027 | $166086 |
| December 31, 2028 | $230247 |

---

As of December 31, 2025, $173,594 in previously waived fees expired unrecouped.

The Trust, with respect to the Fund, has adopted the Trust's Master Distribution and Shareholder Servicing Plan (the "Plan"). Pursuant to the Plan, the Fund pays the Advisor an annual fee for distribution and shareholder servicing expenses of up to 0.10% of the Fund's average daily net assets. During the year ended December 31, 2025, pursuant to the Plan, the Advisor received $74,892 of fees.

Pursuant to a separate servicing agreement with Ultimus Fund Solutions, LLC ("UFS"), the Fund pays UFS fees for providing administration, fund accounting and transfer agency services to the Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Fund for serving in such capacities.

In addition, certain affiliates of UFS provide ancillary services to the Fund as follows:

<u>Northern Lights Compliance Services, LLC ("NLCS")</u>, an affiliate of UFS, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives fees from the Fund.

<u>Blu Giant, LLC ("Blu Giant")</u>, an affiliate of UFS, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives fees from the Fund.

**5.** **REDEMPTION FEE** 

The Fund may assess a short-term redemption fee of 0.25% of the total redemption amount if shareholders sell their shares after holding them for less than 30 days. The redemption fee is paid directly to the Fund. For the year ended December 31, 2025, the Fund did not assess any redemption fees.

**6.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATON – TAX BASIS** 

The identified cost of investments in securities owned by the Fund for federal income tax purposes (including securities sold short), and its respective gross unrealized appreciation and depreciation at December 31, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|<br>**Cost** |<br>**Appreciation** |<br>**Depreciation** | **Net Unrealized**<br>**Depreciation** |
| $73763412 | $413858 | $(917280) | $(503422) |

---

**TransWestern Institutional Short Duration Government Bond Fund**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

**7.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of Fund distributions paid during the years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>December 31, 2025 | Fiscal Year Ended<br>December 31, 2024 |
| Ordinary Income | $2696512 | $3334091 |
|  | $2696512 | $3334091 |

---

As of December 31, 2025, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other |  | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Unrealized | Accumulated |
| Income | Gains | Late Year Loss | Forwards | Differences | Depreciation | Deficit |
| $— | $— | $(7289) | $(31498375) | $(24586) | $(503422) | $(32033672) |

---

The difference between book basis and tax basis undistributed net investment income/(loss and other book/tax adjustments is primarily attributable to the tax deferral of losses on wash sales and adjustments for accrued dividends payable.

At December 31, 2025, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

---

| | | | |
|:---|:---|:---|:---|
| Short-Term | Long-Term | Total | CLCF Utilized |
| $10125775 | $21372600 | $31498375 | $14901 |

---

Permanent book and tax differences, primarily attributable to book tax treatment of paydown distributions, resulted in the reclassification of distributed income to realized gains of $115,895 as of December 31, 2025.

**8.** **BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2025, Crest Forest Realty Corporation held 78.36% of the voting securities of the Fund.

**9.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

![(LOGO)](tr002_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of TransWestern Institutional Short Duration Government Bond Fund and Board of Trustees of Northern Lights Fund Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of TransWestern Institutional Short Duration Government Bond Fund (the "Fund"), a series of the Northern Lights Fund Trust, as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the years ended December 31, 2022, and prior, were audited by other auditors whose report dated February 28, 2023, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2023.

![(LOGO)](tr003_v1.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 25, 2026

---

| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **\| 866.818.4538 fax \| cohenco.com** |

---

**TransWestern Institutional Short Duration Government Bond Fund** 

**ADDITIONAL INFORMATION (Unaudited)**

**December 31, 2025**

**Changes in and Disagreements with Accountants**

Not applicable

**Proxy Disclosures**

Not applicable

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement** 

Not applicable

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-855-881-2380, by visiting www.TransWesternFunds.com, or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**INVESTMENT ADVISOR**

TransWestern Capital Advisors, LLC

37 Bellevue Avenue

Newport, RI 02840

**SUB-ADVISOR**

Loomis, Sayles & Company, L.P.

One Financial Center

Boston, MA 02111

**ADMINISTRATOR**

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.**

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officer](coe.htm)

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto.](ex99-cert.htm)

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Northern Lights Fund Trust</u>

---

| |
|:---|
| By (Signature and Title) |
| /s/ Kevin E. Wolf |
| Kevin E. Wolf, Principal Executive Officer |

---

Date <u>3/5/2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| |
|:---|
| By (Signature and Title) |
| /s/ Kevin E. Wolf |
| Kevin E. Wolf, Principal Executive Officer |

---

Date <u>3/5/2026</u>

---

| |
|:---|
| By (Signature and Title) |
| /s/ Jim Colantino |
| Jim Colantino, Principal Financial Officer |

---

Date <u>3/5/2026</u>

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Kevin E. Wolf, certify that:

1. I have reviewed this report on Form N-CSR of the TransWestern Institutional Short Duration Government Bond Fund, a series of Northern Lights Fund Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/5/2026 | /s/ Kevin E. Wolf |
|  |  | Kevin E. Wolf |
|  |  | Principal Executive Officer |

---

**Certification** [Exhibit 99. CERT]

I, Jim Colantino, certify that:

1. I have reviewed this report on Form N-CSR of the TransWestern Institutional Short Duration Government Bond Fund, a series of Northern Lights Fund Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/5/2026 | /s/ Jim Colantino |
|  |  | Jim Colantino |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

**CERTIFICATION**

Kevin E. Wolf, Principal Executive Officer, and Jim Colantino, Principal Financial Officer of Northern Lights Fund Trust (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer | Principal Executive Officer | Principal Financial Officer | Principal Financial Officer |
| Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust |
| /s/ Kevin E. Wolf | /s/ Kevin E. Wolf | /s/ Jim Colantino | /s/ Jim Colantino |
| Kevin E. Wolf | Kevin E. Wolf | Jim Colantino | Jim Colantino |
| Date: | 3/5/2026 | Date: | 3/5/2026 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Northern Lights Fund Trust and will be retained by Northern Lights Fund Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**<u>Northern Lights Fund Trust and the Northern Lights Variable Trust</u>**

 **CODE OF ETHICS**

February 19, 2007

Northern Lights Fund Trust and the Northern Lights Variable Trust (the "Trusts") and each of its series (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**THE INTERESTS OF THE FUNDS MUST ALWAYS BE PARAMOUNT**

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trusts.

**Access Persons may not take advantage of their relationship with the Funds**

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest**

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**Access Persons must comply with all applicable laws**

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

***DEFINITIONS***

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Advisers with respect to its corresponding series of the Trusts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trusts or the Advisers (or of any company controlling or controlled by or under common control with the Trusts or the Advisers) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control with the Trusts or the Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities by the Funds.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trusts with respect to Trustees and officers of the Trusts, or the CCO of the Advisers with respect to Advisers personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Advisers personnel.

**"Funds"** means series of the Trusts.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trusts that would not be deemed an "interested person" of the Trusts, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trusts; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trusts when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trusts certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-Trusts certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly know as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Advisers"** means the Advisers to the Trusts.

**"Trusts"** mean Northern Lights Fund Trust and the Northern Lights Variable Trust.

***PROHIBITED ACTIONS AND ACTIVITIES***

&nbsp;&nbsp;&nbsp;&nbsp;A. No Access Person shall purchase or sell directly or indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp; B.

Decision-Making Access Persons may not participate in any initial public offering of Covered Securities in any account over which they exercise Beneficial Ownership. All other Access Persons must obtain prior written authorization from the Chief Compliance Officer or his designee prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp; C.

No Access Person may purchase a Covered Security in which by reason of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization of the acquisition by the Chief Compliance Officer or his designee;

&nbsp;&nbsp;&nbsp;&nbsp; D.

Access Persons may not accept any fee, commission, gift, or services, other than de minimus gifts, from any single person or entity that does business with or on behalf of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp; E.

Decision-Making Access Persons may not serve on the board of directors of a publicly traded company without prior authorization from the Chief Compliance Officer or his designee based upon a determination that such service would be consistent with the interests of the Trusts. If such service is authorized, procedures will then be put in place to isolate such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions on behalf of the Trusts.

Advanced notice should be given so that the Trusts or Advisers may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp; F.

Decision-Making Access Person may not execute a Personal Securities Transaction involving a Covered Security without authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance Officer from time to time.

&nbsp;&nbsp;&nbsp;&nbsp; G.

It shall be a violation of this Code for any Access Person, in connection with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trusts any untrue statement of a material fact or to omit to state to the Trusts a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Trusts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trusts.

EXEMPTED TRANSACTIONS

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

· Purchases or Sales of Securities effected in any account in which an Access Person has no Beneficial Ownership;

· Purchases or Sales of Securities which are non-volitional on the part the Access Person (for example, the receipt of stock dividends);

· Purchase of Securities made as part of automatic dividend reinvestment plans;

· Purchases of Securities made as part of an employee benefit plan involving the periodic purchase or company stock or mutual Funds; and

· Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer shall require prior authorization from the President or Chief Executive Officer of the Trusts (unless such person is also the Chief Compliance Officer), who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trusts shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trusts order.

If a person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, such person shall cancel the trade.

***REPORTING AND MONITORING***

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code.

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Trusts, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trusts may be sent to the Advisers.

INITIAL HOLDINGS REPORT

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

ANNUAL HOLDINGS REPORTS

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

· The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

· The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

· The price of the Covered Security at which the transaction was effected; and

· The name of the broker, dealer, or bank with or through whom the transaction was effected.

· The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

***ENFORCEMENTS AND PENALTIES***

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trusts Board of Trustees.

Upon being informed of a violation of this Code, the Trusts Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trusts shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

Annually, the Chief Compliance Officer at each regular meeting of the Board shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

· Summarize existing procedures concerning Personal Securities investing and any changes in the procedures made during the prior year;

· Identify any violations of this Code and any significant remedial action taken during the prior year; and;

· Identify any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

***ACKNOWLEDGMENT***

The Trusts must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.

<br>