# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0000910472-25-000129
**Filing Date:** 2025-8
**Character Count:** 16560
**Document Hash:** 69166e6a5fa979a161d4f8084fe6e2a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-000129.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0000910472-25-000129

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 251239578

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **13D ACTIVIST FUND** | **13D ACTIVIST FUND** | **13D ACTIVIST FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.6%** |  |
|  | **AEROSPACE & DEFENSE - 6.6%** |  |
| 137012 | Mercury Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $7379466 |
|  | **ASSET MANAGEMENT - 4.6%** |  |
| 134654 | Janus Henderson Group plc | &nbsp;&nbsp;&nbsp; 5229961 |
|  | <br>**AUTOMOTIVE - 5.5%** |  |
| 55839 | Autoliv, Inc. | &nbsp;&nbsp;&nbsp; 6248385 |
|  | **BIOTECH & PHARMA - 4.6%** |  |
| 120335 | Exelixis, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5303765 |
|  | **CHEMICALS - 6.0%** |  |
| 23900 | Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp; 6741234 |
|  | **COMMERCIAL SUPPORT SERVICES - 2.8%** |  |
| 560134 | Vestis Corporation | &nbsp;&nbsp;&nbsp; 3209568 |
|  | **E-COMMERCE DISCRETIONARY - 3.4%** |  |
| 77836 | Etsy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3904254 |
|  | **FOOD - 3.7%** |  |
| 80582 | Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp; 4178177 |
|  | **GAS & WATER UTILITIES - 6.4%** |  |
| 96798 | Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp; 7200803 |
|  | **HEALTH CARE FACILITIES & SERVICES - 3.8%** |  |
| 28000 | Charles River Laboratories International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4248440 |
|  | **HOUSEHOLD PRODUCTS - 4.3%** |  |
| 235309 | Kenvue, Inc. | &nbsp;&nbsp;&nbsp; 4925017 |

---

---

| | | |
|:---|:---|:---|
| **13D ACTIVIST FUND** | **13D ACTIVIST FUND** | **13D ACTIVIST FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.6% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 3.6%** |  |
| 132779 | Match Group, Inc. | &nbsp;&nbsp;&nbsp; $4101543 |
|  | **LEISURE FACILITIES & SERVICES - 3.1%** |  |
| 195045 | Penn Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3485454 |
|  | **LEISURE PRODUCTS - 4.6%** |  |
| 164000 | Yeti Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5169280 |
|  | **MACHINERY - 3.3%** |  |
| 26097 | Middleby Corporation (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3757968 |
|  | **PUBLISHING & BROADCASTING - 6.0%** |  |
| 458338 | Pearson plc - ADR | &nbsp;&nbsp;&nbsp; 6842986 |
|  | **RETAIL - DISCRETIONARY - 4.5%** |  |
| 21337 | Asbury Automotive Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5089728 |
|  | **SEMICONDUCTORS - 6.7%** |  |
| 88740 | Qorvo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7534913 |
|  | **SOFTWARE - 6.6%** |  |
| 60755 | Twilio, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7555493 |
|  | **TECHNOLOGY SERVICES - 4.5%** |  |
| 453272 | Riot Blockchain, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5121974 |
|  | **TOTAL COMMON STOCKS (Cost $97,152,407)** | &nbsp;&nbsp; 107228409 |

---

---

| | | |
|:---|:---|:---|
| **13D ACTIVIST FUND** | **13D ACTIVIST FUND** | **13D ACTIVIST FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **ESCROW SHARES — 0.0%<sup>(b)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81753 | Pershing Square Sparc Holdings Ltd.<sup>(a)(c)(d)</sup> | &nbsp;&nbsp;&nbsp;$– |
| 327017 | Pershing Square Tontine Holdings Ltd.<sup>(a)(c)(d)</sup> | &nbsp;&nbsp;&nbsp; – |
|  | **TOTAL ESCROW SHARES (Cost $0)** | &nbsp;&nbsp;&nbsp;– |
|  | **SHORT-TERM INVESTMENT — 3.4%** |  |
|  | **MONEY MARKET FUND - 3.4%** |  |
| 3801339 | First American Government Obligations Fund, Class X, 4.21%<sup>(e)</sup> <br> (Cost $3,801,339) | &nbsp;&nbsp;&nbsp; 3801339 |
|  | **TOTAL INVESTMENTS - 98.0% (Cost $100,953,746)** | &nbsp;&nbsp;&nbsp; $111029748 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 2.0%** | &nbsp;&nbsp; 2246533 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $113276281 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| LTD | - Limited Company |
| PLC | - Public Limited Company |

---

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

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

<sup>(c)</sup> Illiquid security. The total fair value of the security as of June 30, 2025, was $0, representing 0% of net assets.

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

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

- **a. Name of Series:** 13D Activist Fund

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

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

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $113415434.13

**Total Liabilities:** $139153.41

**Net Assets:** $113276280.72

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000089780 | -2.28%               | 3.42%                | 3.59%                |
| Class ID C000089781 | -2.21%               | 3.44%                | 3.75%                |
| Class ID C000089779 | -2.26%               | 3.43%                | 3.70%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1916281.93             | $-659220.88                                |
| Month 2  | $1619479.18              | $2028800.10                                |
| Month 3  | $1472491.47              | $2755223.25                                |

### Schedule of Portfolio Investments

| Name                                           | Title                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Charles River Laboratories International, Inc. | CHARLES RIVER LA         | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |     28000 | NS      | $4248440.00   | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Middleby Corp.                                 | MIDDLEBY CORP            | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |     26097 | NS      | $3757968.00   | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Pearson PLC                                    | PEARSON PLC-ADR          | CUSIP: 705015105<br>LEI: 2138004JBXWWJKIURC57 | Long             | EC               | CORP              | GB        |    458338 | NS      | $6842986.34   | 6.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc.                                    | KENVUE INC               | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |    235309 | NS      | $4925017.37   | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Group PLC                      | JANUS HENDERSON          | CUSIP: G4474Y214<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | JE        |    134654 | NS      | $5229961.36   | 4.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Autoliv Inc.                                   | AUTOLIV INC              | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | US        |     55839 | NS      | $6248384.10   | 5.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                      | QORVO INC                | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |     88740 | NS      | $7534913.40   | 6.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products & Chemicals, Inc.                 | AIR PRODS & CHEM         | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     23900 | NS      | $6741234.00   | 5.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Asbury Automotive Group, Inc.                  | ASBURY AUTO GRP          | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |     21337 | NS      | $5089727.98   | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Yeti Holdings Inc                              | YETI HOLDINGS IN         | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |    164000 | NS      | $5169280.00   | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| PERSHING SPARC HLDGS RTS                       | PERSHING SPARC HLDGS RTS | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     81753 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Match Group Inc                                | MATCH GROUP INC          | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |    132779 | NS      | $4101543.31   | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| PERSHING SQUARE TONTINE HOLDINGS LTD.          | PERSHING SQUARE ESCROW   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |    327017 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Mercury Systems Inc                            | MERCURY SYSTEMS          | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |    137012 | NS      | $7379466.32   | 6.51%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                      | FRST AM-GV OB-X          | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   3801339 | PA      | $3801339.34   | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis, Inc.                                 | EXELIXIS INC             | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |    120335 | NS      | $5303765.13   | 4.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc                       | LAMB WESTON              | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |     80582 | NS      | $4178176.70   | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Gas Holdings Inc                     | SOUTHWEST GAS HO         | CUSIP: 844895102<br>LEI: 254900LKF9EV0CUKNE09 | Long             | EC               | CORP              | US        |     96798 | NS      | $7200803.22   | 6.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PENN Entertainment Inc                         | PENN ENTERTAINME         | CUSIP: 707569109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    195045 | NS      | $3485454.15   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                                     | TWILIO INC - A           | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |     60755 | NS      | $7555491.80   | 6.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Riot Platforms Inc                             | RIOT PLATFORMS I         | CUSIP: 767292105<br>LEI: 5299005LKZAJQDQZDF73 | Long             | EC               | CORP              | US        |    453272 | NS      | $5121973.60   | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                       | ETSY INC                 | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |     77836 | NS      | $3904253.76   | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Vestis Corp.                                   | VESTIS CORP              | CUSIP: 29430C102<br>LEI: 254900QDW0TA2TMFAP59 | Long             | EC               | CORP              | US        |    560134 | NS      | $3209567.82   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-28

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer