# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0000910472-25-000534
**Filing Date:** 2025-8
**Character Count:** 17212
**Document Hash:** f365b7c86540a9b8b2f71c47e64d71eb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-000534.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0000910472-25-000534

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 251279526

**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

### Altegris/AACA Opportunistic Real Estate Fund (Series ID: S000043690)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000135469 | Altegris/AACA Opportunistic Real Estate Fund Class A | RAAAX           |
| C000135470 | Altegris/AACA Opportunistic Real Estate Fund Class C | RAACX           |
| C000135471 | Altegris/AACA Opportunistic Real Estate Fund Class I | RAAIX           |

## 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:** Altegris/AACA Opportunistic Real Estate Fund

- **b. EDGAR series identifier (if any):** S000043690

- **c. LEI of Series:** 549300HUAR30OK9GUJ48

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

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

- **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:** $47920857.65

**Total Liabilities:** $3089441.22

**Net Assets:** $44831416.43

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000135469 | -4.00%               | 3.45%                | 1.55%                |
| Class ID C000135470 | -4.00%               | 3.44%                | 1.39%                |
| Class ID C000135471 | -3.94%               | 3.50%                | 1.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2711669.28             | $-615199.96                                |
| Month 2  | $875239.16               | $624195.63                                 |
| Month 3  | $1529952.16              | $-950863.12                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SBA Communications Corp.                | SBA COMM CORP           | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |      2005 | NS      | $470854.20    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                          | EPR 5 3/4 PERP          | CUSIP: 26884U505<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EP               | CORP              | US        |      7078 | NS      | $147505.52    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc.              | CAESARS ENTERTAI        | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |     64100 | NS      | $1819799.00   | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Annaly Capital Management, Inc.         | NLY 9.76377 PERP        | CUSIP: 035710862<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |     27280 | NS      | $675180.00    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                     | CURRENCY CONTRACT - USD | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |    106719 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mid-America Apartment Communities, Inc. | MAA 8 1/2 PERP          | CUSIP: 59522J889<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EP               | CORP              | US        |      1083 | NS      | $58743.65     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                           | EQUINIX INC             | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      3571 | NS      | $2840623.37   | 6.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc.                       | CROWN CASTLE INC        | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |      9306 | NS      | $956005.38    | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Infrastructure Inc                 | FTAI INFRASTRUCT        | CUSIP: 35953C106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1122894 | NS      | $6928255.98   | 15.45%            |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc.                             | VENTAS INC              | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     28271 | NS      | $1785313.65   | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation              | AMERICAN TOWER C        | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     15242 | NS      | $3368786.84   | 7.51%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                       | FTAI 9 1/2 PERP         | CUSIP: G3730V147<br>LEI: N/A                  | Long             | EP               | CORP              | KY        |      3000 | NS      | $80460.00     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                 | PEB 6 3/8 PERP          | CUSIP: 70509V605<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |      7307 | NS      | $128310.92    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc.                | EXTRA SPACE STOR        | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |      6560 | NS      | $967206.40    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                              | KIRBY CORP              | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |      4902 | NS      | $555935.82    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.               | FRST AM-GV OB-X         | CUSIP: 31846V336<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |     36375 | PA      | $36374.75     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc.                         | GE VERNOVA LLC          | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      2448 | NS      | $1295359.20   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc.                   | INVITATION HOMES        | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |     24647 | NS      | $808421.60    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| IQHQ Inc                                | IQHQ INC                | CUSIP: 44988Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    890864 | NS      | $2013352.64   | 4.49%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DigitalBridge Group Inc                 | DBRG 7.15 PERP          | CUSIP: 25401T405<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     30000 | NS      | $615600.00    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovative Industrial Propertes Inc     | IIPR 9 PERP             | CUSIP: 45781V200<br>LEI: 5493008BQ0545EZXRR30 | Long             | EP               | CORP              | US        |      1041 | NS      | $24567.60     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities, Inc.                   | SUN COMMUNITIES         | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |      4994 | NS      | $631691.06    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                           | PROLOGIS INC            | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     16715 | NS      | $1757080.80   | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Newlake Capital Partners Inc            | NEWLAKE CAPITAL         | CUSIP: 651495103<br>LEI: 549300SW6G33FGNP2338 | Long             | EC               | CORP              | US        |    120682 | NS      | $1745061.72   | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                          | EPR 5 3/4 PERP          | CUSIP: 26884U208<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EP               | CORP              | US        |      7159 | NS      | $179332.95    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                       | FTAI 8 1/4 PERP         | CUSIP: G3730V139<br>LEI: N/A                  | Long             | EP               | CORP              | KY        |      6084 | NS      | $152830.08    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Group Inc.                    | PARAMOUNT GROUP         | CUSIP: 69924R108<br>LEI: 5493006GJU1CFI7Z5J17 | Short            | EC               | CORP              | US        |   -275000 | NS      | $-1677500.00  | -3.74%            |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                | SPG 8 3/8 PERP          | CUSIP: 828806885<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EP               | CORP              | US        |       592 | NS      | $33009.92     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                | SIMON PROPERTY          | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     11304 | NS      | $1817231.04   | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadiz Inc                               | CADIZ INC               | CUSIP: 127537207<br>LEI: 549300PFFIS1TCKZS151 | Long             | EC               | CORP              | US        |    782647 | NS      | $2340114.53   | 5.22%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                 | DBRG 7 1/8 PERP         | CUSIP: 25401T306<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     26505 | NS      | $545207.85    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                 | DBRG 7 1/8 PERP         | CUSIP: 25401T504<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     23735 | NS      | $496773.55    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadiz Inc                               | CDZI 8 7/8 PERP         | CUSIP: 127537306<br>LEI: 549300PFFIS1TCKZS151 | Long             | EP               | CORP              | US        |    106684 | NS      | $1881905.76   | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc.               | DIGITAL REALTY          | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     11408 | NS      | $1988756.64   | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| The Macerich Company                    | MACERICH CO             | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |    115485 | NS      | $1868547.30   | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc.                      | IRON MOUNTAIN           | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |     10195 | NS      | $1045701.15   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| MFA Financial Inc.                      | MFA 7 1/2 PERP          | CUSIP: 55272X409<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |     17941 | NS      | $362767.02    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                 | PEB 6 3/8 PERP          | CUSIP: 70509V803<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |     15983 | NS      | $280501.65    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                       | FTAI AVIATION LT        | CUSIP: G3730V105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     22320 | NS      | $2567692.80   | 5.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                    | GNL 7 1/4 PERP          | CUSIP: 379378300<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        |     12285 | NS      | $268795.80    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| New Fortress Energy Inc.                | NEW FORTRESS ENE        | CUSIP: 644393100<br>LEI: 254900EICTYTCHA5X705 | Long             | EC               | CORP              | US        |    545429 | NS      | $1810824.28   | 4.04%             |  |  |  | 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