Northern Lights Fund Trust
09/04/2026 | Press release | Distributed by Public on 09/04/2026 10:52
Semi-Annual Report by Investment Company (Form N-CSRS)
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 | 811-21720 |
| Northern Lights Fund Trust |
| (Exact name of registrant as specified in charter) |
| 225 Pictoria Drive, Suite 450, Cincinnati, OH | 45246 |
| (Address of principal executive offices) | (Zip code) |
| The Corporation Trust Company |
| 1209 Orange Street, Wilmington, DE 19801 |
| (Name and address of agent for service) |
| Registrants telephone number, including area code: | 631-470-2600 |
| Date of fiscal year end: | 12/31 |
| Date of reporting period: | 6/30/2026 |
Item 1. Reports to Stockholders.
| (a) |
TransWestern Institutional Short Duration Government Bond Fund
(TWSGX)
Semi-Annual Shareholder Report - June 30, 2026
Fund Overview
This semi-annual shareholder report contains important information about TransWestern Institutional Short Duration Government Bond Fund for the period of January 1, 2026 to June 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)
Table Summary
|
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
|
$32
|
0.65%Footnote Reference*
|
| Footnote | Description |
|
Footnote*
|
Annualized |
How did the Fund perform during the reporting period?
The fund underperformed its benchmark during the quarter, primarily due to security selection. Although yield curve positioning and allocation effects contributed positively, these gains were insufficient to fully offset the negative impact from security selection. Agency mortgage exposure dragged on performance due to both allocation and selection effects.
How has the Fund performed over the last ten years?
Total Return Based on $2,000,000 Investment
Table Summary
|
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
|
|
|
06/30/16
|
$2,000,000
|
$2,000,000
|
$2,000,000
|
$2,000,000
|
|
06/30/17
|
$2,003,335
|
$2,004,336
|
$2,009,667
|
$1,998,806
|
|
06/30/18
|
$2,010,932
|
$2,018,835
|
$2,035,676
|
$2,001,727
|
|
06/30/19
|
$2,086,931
|
$2,106,512
|
$2,086,236
|
$2,126,146
|
|
06/30/20
|
$2,149,697
|
$2,186,521
|
$2,126,976
|
$2,246,721
|
|
06/30/21
|
$2,151,382
|
$2,183,210
|
$2,129,354
|
$2,237,357
|
|
06/30/22
|
$2,053,192
|
$2,081,412
|
$2,126,132
|
$2,035,324
|
|
06/30/23
|
$2,064,698
|
$2,102,389
|
$2,197,867
|
$2,004,386
|
|
06/30/24
|
$2,149,249
|
$2,183,469
|
$2,317,094
|
$2,046,794
|
|
06/30/25
|
$2,269,434
|
$2,307,834
|
$2,428,341
|
$2,180,208
|
|
06/30/26
|
$2,346,549
|
$2,413,377
|
$2,523,554
|
$2,293,729
|
Average Annual Total Returns
Table Summary
|
6 Months
|
1 Year
|
5 Years
|
10 Years
|
|
|
Transwestern Institutional Short Duration Government Bond Fund
|
0.94%
|
3.40%
|
1.75%
|
1.61%
|
|
BB MBS/BB Short Treasury 50/50 Blend
|
1.36%
|
4.57%
|
2.02%
|
1.90%
|
|
Bloomberg Short Treasury Index
|
1.71%
|
3.92%
|
3.46%
|
2.35%
|
|
Bloomberg U.S. Mortgage Backed Securities Index
|
0.99%
|
5.21%
|
0.50%
|
1.38%
|
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)
Table Summary
|
Value
|
Value
|
|
Other Assets in Excess of Liabilities
|
0.9%
|
|
CMO
|
9.2%
|
|
MBS Passthrough
|
20.8%
|
|
CMBS
|
23.0%
|
|
U.S. Treasury Obligations
|
46.1%
|
Fund Statistics
Table Summary
|
Net Assets
|
$67,842,318
|
|
Number of Portfolio Holdings
|
172
|
|
Advisory Fee (net of waivers)
|
$40,289
|
|
Portfolio Turnover
|
129%
|
Asset Weighting (% of total investments)
Table Summary
|
Value
|
Value
|
|
Short-Term Investments
|
8.1%
|
|
U.S. Government & Agencies
|
53.5%
|
|
U.S. Treasury Bonds & Notes
|
38.4%
|
Material Fund Changes
No material changes occurred during the period ended June 30, 2026.
Additional information is available on the Fund's website (www.TranswesternFunds.com), including its:
-
Prospectus
-
Financial information
-
Holdings
-
Proxy voting information
TSR-Transwestern-TWSGX-SAR 063026
TransWestern Institutional Short Duration Government Bond Fund - Fund (TWSGX)
Semi-Annual Shareholder Report - June 30, 2026
| (b) | Not Applicable |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants. Not applicable to open-end investment companies.
Item 6. Investments. Schedule of investments in securities of unaffiliated issuers is included under Item 7.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) Long Form Financial Statements
| Institutional Short Duration | |
| Government Bond Fund | |
| TWSGX | |
| Semi-Annual Financial Statements | |
| & Additional Information | |
| June 30, 2026 | |
| Advised by: | |
| TransWestern Capital Advisors, LLC | |
| 37 Bellevue Avenue | |
| Newport, RI 02840 | |
| (303) 864-1213 | |
| Subadvised by: | |
| Loomis, Sayles & Company, L.P. | |
| One Financial Center | |
| Boston, MA 02111 | |
| Tel. (800) 997-0718 | |
| www.TransWesternFunds.com | |
| TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| June 30, 2026 |
| Principal | Coupon | |||||||||||||
| Amount ($) | Spread | Rate (%) | Maturity | Fair Value | ||||||||||
| U.S. GOVERNMENT & AGENCIES - 53.0% | ||||||||||||||
| FEDERAL HOME LOAN MORTGAGE CORPORATION - 22.5%(b) | ||||||||||||||
| 33,407 | Freddie Mac Gold Pool Series G08448 | 5.0000 | 05/01/41 | $ | 33,714 | |||||||||
| 349,920 | Freddie Mac Gold Pool Series Q18571 | 3.5000 | 05/01/43 | 327,516 | ||||||||||
| 217,566 | Freddie Mac Gold Pool Series Q20545 | 3.5000 | 07/01/43 | 203,889 | ||||||||||
| 81,196 | Freddie Mac Gold Pool Series U92432 | 4.0000 | 02/01/44 | 78,533 | ||||||||||
| 1,629,981 | Freddie Mac Multifamily Structured Pass-Through Series K561 AS(a) | SOFR30A + 0.500% | 4.0920 | 03/25/31 | 1,637,955 | |||||||||
| 51,701 | Freddie Mac Multifamily Structured Pass-Through Series KJ21 A2 | 3.7000 | 09/25/26 | 51,560 | ||||||||||
| 938,003 | Freddie Mac Multifamily Structured Pass-Through Series KF77 AL(a) | SOFR30A + 0.814% | 4.4060 | 02/25/27 | 938,555 | |||||||||
| 1,078,149 | Freddie Mac Multifamily Structured Pass-Through Series K531 AS(a) | SOFR30A + 0.530% | 4.1220 | 09/25/29 | 1,076,821 | |||||||||
| 1,085,000 | Freddie Mac Multifamily Structured Pass-Through Series K540 A2(c) | 4.5130 | 02/25/30 | 1,086,073 | ||||||||||
| 905,000 | Freddie Mac Multifamily Structured Pass-Through Series K546 A2 | 4.3610 | 05/25/30 | 901,404 | ||||||||||
| 523,643 | Freddie Mac Multifamily Structured Pass-Through Series KF82 AS(a) | SOFR30A + 0.420% | 4.0120 | 06/25/30 | 522,707 | |||||||||
| 785,465 | Freddie Mac Multifamily Structured Pass-Through Series KF82 AL(a) | SOFR30A + 0.484% | 4.0760 | 06/25/30 | 783,664 | |||||||||
| 383,315 | Freddie Mac Multifamily Structured Pass-Through Series KF80 AS(a) | SOFR30A + 0.510% | 4.1020 | 06/25/30 | 382,412 | |||||||||
| 1,800,000 | Freddie Mac Multifamily Structured Pass-Through Series K758 A2(c) | 4.6800 | 10/25/31 | 1,815,115 | ||||||||||
| 2,580,000 | Freddie Mac Multifamily Structured Pass-Through Series KJ42 A2 | 4.1180 | 11/25/32 | 2,521,592 | ||||||||||
| 1,065,546 | Freddie Mac Multifamily Structured Pass-Through Series Q016 APT1(c) | 5.0260 | 05/25/51 | 1,063,970 | ||||||||||
| 65,774 | Freddie Mac Non-Gold Pool Series 780722(a) | H15T1Y + 2.220% | 6.2660 | 08/01/33 | 67,098 | |||||||||
| 32,669 | Freddie Mac Non-Gold Pool Series 972132(a) | H15T1Y + 2.225% | 6.1180 | 11/01/33 | 33,489 | |||||||||
| 37,042 | Freddie Mac Non-Gold Pool Series 1B2025(a) | RFUCCT1Y + 1.862% | 6.1690 | 06/01/34 | 38,108 | |||||||||
| 47,207 | Freddie Mac Non-Gold Pool Series 1Q0160(a) | RFUCCT1Y + 1.750% | 6.5000 | 09/01/35 | 48,417 | |||||||||
| 69,374 | Freddie Mac Non-Gold Pool Series 1L1358(a) | H15T1Y + 2.500% | 6.2560 | 05/01/36 | 71,397 | |||||||||
| 182,206 | Freddie Mac Non-Gold Pool Series 848690(a) | H15T1Y + 2.246% | 6.0620 | 03/01/37 | 189,165 | |||||||||
| 1,958 | Freddie Mac Non-Gold Pool Series 848565(a) | RFUCCT1Y + 1.806% | 6.1800 | 12/01/37 | 2,004 | |||||||||
| 31,010 | Freddie Mac Non-Gold Pool Series 848568(a) | H15T1Y + 2.206% | 6.0260 | 09/01/38 | 31,799 | |||||||||
| 427,187 | Freddie Mac Non-Gold Pool Series 848949(a) | H15T1Y + 2.248% | 6.2930 | 09/01/38 | 439,248 | |||||||||
| 11,899 | Freddie Mac Non-Gold Pool Series 1Q0647(a) | RFUCCT1Y + 1.848% | 6.0800 | 11/01/38 | 12,165 | |||||||||
| 44,780 | Freddie Mac Non-Gold Pool Series 1Q1302(a) | RFUCCT1Y + 1.713% | 6.4070 | 11/01/38 | 45,718 | |||||||||
| 66,941 | Freddie Mac Non-Gold Pool Series 849046(a) | RFUCCT1Y + 1.889% | 6.0270 | 09/01/41 | 69,315 | |||||||||
| 262,870 | Freddie Mac Pool Series SB8031 | 2.5000 | 02/01/35 | 246,748 | ||||||||||
| 11,432 | Freddie Mac REMICS Series 2102 PE(d) | 6.5000 | 12/15/28 | 11,252 | ||||||||||
| 8,157 | Freddie Mac REMICS Series 2131 ZB(d) | 6.0000 | 03/15/29 | 7,946 | ||||||||||
| 5,843 | Freddie Mac REMICS Series 2412 OF(a),(d) | SOFR30A + 1.064% | 4.6570 | 12/15/31 | 5,723 | |||||||||
| 2,955 | Freddie Mac REMICS Series 2450 FW(a),(d) | SOFR30A + 0.614% | 4.2070 | 03/15/32 | 2,868 | |||||||||
| 10,490 | Freddie Mac REMICS Series 2448 FV(a),(d) | SOFR30A + 1.114% | 4.7070 | 03/15/32 | 10,282 | |||||||||
See accompanying notes to financial statements.
1
| TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| Principal | Coupon | |||||||||||||
| Amount ($) | Spread | Rate (%) | Maturity | Fair Value | ||||||||||
| U.S. GOVERNMENT & AGENCIES - 53.0% (Continued) | ||||||||||||||
| FEDERAL HOME LOAN MORTGAGE CORPORATION - 22.5%(b) (Continued) | ||||||||||||||
| 5,680 | Freddie Mac REMICS Series 2557 WF(a),(d) | SOFR30A + 0.514% | 4.1070 | 01/15/33 | $ | 5,503 | ||||||||
| 18,600 | Freddie Mac REMICS Series 2581 FD(a),(d) | SOFR30A + 0.864% | 4.4570 | 12/15/32 | 18,156 | |||||||||
| 17,416 | Freddie Mac REMICS Series 2768 PW(d) | 4.2500 | 03/15/34 | 16,629 | ||||||||||
| 102,110 | Freddie Mac REMICS Series 2978 JG(d) | 5.5000 | 05/15/35 | 102,847 | ||||||||||
| 149,725 | Freddie Mac REMICS Series 3036 NE(d) | 5.0000 | 09/15/35 | 148,685 | ||||||||||
| 44,094 | Freddie Mac REMICS Series 3620 AT(c),(d) | 4.9270 | 12/15/36 | 45,309 | ||||||||||
| 92,939 | Freddie Mac REMICS Series 3412 AY(d) | 5.5000 | 02/15/38 | 93,893 | ||||||||||
| 75,652 | Freddie Mac REMICS Series 3561 W(c),(d) | 2.5170 | 06/15/48 | 69,921 | ||||||||||
| 15,259,165 | ||||||||||||||
| FEDERAL NATIONAL MORTGAGE ASSOCIATION - 22.7%(b) | ||||||||||||||
| 13,651 | Fannie Mae Pool Series 642012(a) | H15T1Y + 2.265% | 5.7650 | 05/01/32 | 13,883 | |||||||||
| 7,327 | Fannie Mae Pool Series 699985(a) | H15T1Y + 2.205% | 5.7050 | 04/01/33 | 7,459 | |||||||||
| 65,878 | Fannie Mae Pool Series 555375 | 6.0000 | 04/01/33 | 67,462 | ||||||||||
| 28,420 | Fannie Mae Pool Series 721424(a) | H15T1Y + 2.287% | 6.2870 | 06/01/33 | 29,090 | |||||||||
| 15,680 | Fannie Mae Pool Series 725052(a) | H15T1Y + 2.171% | 5.6700 | 07/01/33 | 15,946 | |||||||||
| 11,860 | Fannie Mae Pool Series 732087(a) | H15T1Y + 2.441% | 6.4410 | 08/01/33 | 12,188 | |||||||||
| 203,447 | Fannie Mae Pool Series AD0541(a) | H15T1Y + 2.185% | 6.2270 | 11/01/33 | 208,970 | |||||||||
| 5,953 | Fannie Mae Pool Series 783245(a) | 12MTA + 1.200% | 4.9670 | 04/01/34 | 5,955 | |||||||||
| 15,683 | Fannie Mae Pool Series 725392(a) | H15T1Y + 2.197% | 5.8150 | 04/01/34 | 16,014 | |||||||||
| 172,886 | Fannie Mae Pool Series AL1270(a) | H15T1Y + 2.213% | 5.9890 | 10/01/34 | 177,658 | |||||||||
| 24,654 | Fannie Mae Pool Series 813844(a) | RFUCCT6M + 1.556% | 5.7430 | 01/01/35 | 25,605 | |||||||||
| 9,407 | Fannie Mae Pool Series 995552(a) | H15T1Y + 2.192% | 5.9200 | 05/01/35 | 9,636 | |||||||||
| 29,106 | Fannie Mae Pool Series 735667 | 5.0000 | 07/01/35 | 29,106 | ||||||||||
| 12,907 | Fannie Mae Pool Series 995269(a) | RFUCCT6M + 1.546% | 5.6470 | 07/01/35 | 13,399 | |||||||||
| 71,789 | Fannie Mae Pool Series 889822(a) | RFUCCT1Y + 1.551% | 6.1320 | 07/01/35 | 73,485 | |||||||||
| 45,065 | Fannie Mae Pool Series AL0361(a) | H15T1Y + 2.223% | 6.2230 | 07/01/35 | 46,304 | |||||||||
| 49,592 | Fannie Mae Pool Series 838948(a) | RFUCCT6M + 1.510% | 5.7090 | 08/01/35 | 50,497 | |||||||||
| 5,511 | Fannie Mae Pool Series 844532(a) | 12MTA + 1.705% | 5.4670 | 11/01/35 | 5,598 | |||||||||
| 133,401 | Fannie Mae Pool Series 813637(a) | H15T1Y + 2.185% | 5.8100 | 01/01/36 | 137,263 | |||||||||
| 26,867 | Fannie Mae Pool Series 863729(a) | H15T1Y + 2.268% | 5.8930 | 01/01/36 | 27,633 | |||||||||
| 95,364 | Fannie Mae Pool Series 846749(a) | RFUCCT6M + 2.428% | 6.5530 | 01/01/36 | 96,868 | |||||||||
| 6,859 | Fannie Mae Pool Series 880366(a) | RFUCCT6M + 1.430% | 5.4770 | 02/01/36 | 6,968 | |||||||||
| 54,711 | Fannie Mae Pool Series 880373(a) | RFUCCT1Y + 1.546% | 5.8790 | 02/01/36 | 56,635 | |||||||||
| 15,435 | Fannie Mae Pool Series 886376(a) | 12MTA + 2.391% | 6.1760 | 08/01/36 | 15,796 | |||||||||
See accompanying notes to financial statements.
2
| TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| Principal | Coupon | |||||||||||||
| Amount ($) | Spread | Rate (%) | Maturity | Fair Value | ||||||||||
| U.S. GOVERNMENT & AGENCIES - 53.0% (Continued) | ||||||||||||||
| FEDERAL NATIONAL MORTGAGE ASSOCIATION - 22.7%(b) (Continued) | ||||||||||||||
| 7,152 | Fannie Mae Pool Series 995949(a) | 12MTA + 2.420% | 6.1920 | 09/01/36 | $ | 7,359 | ||||||||
| 99,652 | Fannie Mae Pool Series 920847(a) | H15T1Y + 2.500% | 6.2480 | 08/01/36 | 103,621 | |||||||||
| 862 | Fannie Mae Pool Series 879683(a) | H15T1Y + 2.145% | 6.2700 | 09/01/36 | 885 | |||||||||
| 25,781 | Fannie Mae Pool Series 995008(a) | 12MTA + 2.222% | 5.9740 | 10/01/36 | 26,549 | |||||||||
| 83,582 | Fannie Mae Pool Series 900197(a) | RFUCCT1Y + 2.075% | 6.7800 | 10/01/36 | 87,061 | |||||||||
| 26,189 | Fannie Mae Pool Series AE0870(a) | RFUCCT1Y + 1.665% | 6.1570 | 11/01/36 | 26,837 | |||||||||
| 109,998 | Fannie Mae Pool Series 889819(a) | RFUCCT1Y + 1.560% | 6.0160 | 04/01/37 | 113,023 | |||||||||
| 15,553 | Fannie Mae Pool Series 748848(a) | H15T1Y + 2.270% | 6.2700 | 06/01/37 | 16,063 | |||||||||
| 49,752 | Fannie Mae Pool Series AB5688 | 3.5000 | 07/01/37 | 46,630 | ||||||||||
| 23,150 | Fannie Mae Pool Series AL0920 | 5.0000 | 07/01/37 | 23,120 | ||||||||||
| 986 | Fannie Mae Pool Series 899633 | 5.5000 | 07/01/37 | 1,004 | ||||||||||
| 55,404 | Fannie Mae Pool Series AD0959(a) | RFUCCT6M + 1.980% | 6.0880 | 07/01/37 | 56,387 | |||||||||
| 25,665 | Fannie Mae Pool Series 888628(a) | RFUCCT1Y + 1.844% | 6.3520 | 07/01/37 | 26,452 | |||||||||
| 107,201 | Fannie Mae Pool Series AL1288(a) | RFUCCT1Y + 1.576% | 6.3160 | 09/01/37 | 109,776 | |||||||||
| 4,600 | Fannie Mae Pool Series AL0883(a) | RFUCCT1Y + 1.589% | 6.0380 | 01/01/38 | 4,712 | |||||||||
| 63,203 | Fannie Mae Pool Series 964760(a) | RFUCCT1Y + 1.616% | 6.2810 | 08/01/38 | 64,485 | |||||||||
| 2,257 | Fannie Mae Pool Series 725320(a) | H15T1Y + 2.256% | 6.0430 | 08/01/39 | 2,304 | |||||||||
| 33,244 | Fannie Mae Pool Series AC2472 | 5.0000 | 06/01/40 | 33,357 | ||||||||||
| 884,885 | Fannie Mae Pool Series BM1078(a) | H15T1Y + 2.162% | 5.9750 | 12/01/40 | 914,547 | |||||||||
| 4,862 | Fannie Mae Pool Series AL2559(a) | RFUCCT1Y + 1.810% | 5.9740 | 07/01/41 | 5,014 | |||||||||
| 246,811 | Fannie Mae Pool Series AJ0875(a) | RFUCCT1Y + 1.800% | 6.3650 | 10/01/41 | 257,311 | |||||||||
| 304,599 | Fannie Mae Pool Series AO4163 | 3.5000 | 06/01/42 | 285,439 | ||||||||||
| 169,709 | Fannie Mae Pool Series AB5519 | 3.5000 | 07/01/42 | 159,036 | ||||||||||
| 1,562,510 | Fannie Mae Pool Series AO8169 | 3.5000 | 09/01/42 | 1,464,198 | ||||||||||
| 216,798 | Fannie Mae Pool Series AB7016 | 4.0000 | 11/01/42 | 209,372 | ||||||||||
| 437,723 | Fannie Mae Pool Series AQ6238 | 3.5000 | 12/01/42 | 410,186 | ||||||||||
| 281,631 | Fannie Mae Pool Series AQ9715 | 3.0000 | 01/01/43 | 257,191 | ||||||||||
| 308,278 | Fannie Mae Pool Series MA1404 | 3.5000 | 04/01/43 | 288,883 | ||||||||||
| 91,327 | Fannie Mae Pool Series AB9096 | 4.0000 | 04/01/43 | 88,224 | ||||||||||
| 14,642 | Fannie Mae Pool Series 803338(a) | 12MTA + 1.200% | 4.9670 | 09/01/44 | 14,816 | |||||||||
| 173,413 | Fannie Mae Pool Series MA3536 | 4.0000 | 12/01/48 | 164,554 | ||||||||||
| 2,617,120 | Fannie Mae Pool Series CB2846 | 2.0000 | 02/01/52 | 2,103,526 | ||||||||||
| 2,504,652 | Fannie Mae Pool Series MA4562 | 2.0000 | 03/01/52 | 2,015,335 | ||||||||||
| 904,380 | Fannie Mae Pool Series FS8360 | 3.5000 | 09/01/52 | 824,201 | ||||||||||
See accompanying notes to financial statements.
3
| TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| Principal | Coupon | |||||||||||||
| Amount ($) | Spread | Rate (%) | Maturity | Fair Value | ||||||||||
| U.S. GOVERNMENT & AGENCIES - 53.0% (Continued) | ||||||||||||||
| FEDERAL NATIONAL MORTGAGE ASSOCIATION - 22.7%(b) (Continued) | ||||||||||||||
| 874,777 | Fannie Mae-Aces Series 2017-M3 A2(c) | 2.5640 | 12/25/26 | $ | 867,735 | |||||||||
| 1,996,524 | Fannie Mae-Aces Series 2017-M14 A2(c) | 2.8690 | 11/25/27 | 1,954,873 | ||||||||||
| 2,398 | Fannie Mae REMICS Series 2000-45 FG(a),(d) | SOFR30A + 0.664% | 4.2710 | 12/18/30 | 2,327 | |||||||||
| 3,496 | Fannie Mae REMICS Series 2000-45 FD(a),(d) | SOFR30A + 0.664% | 4.2710 | 12/18/30 | 3,393 | |||||||||
| 12,405 | Fannie Mae REMICS Series 2002-30 FB(a),(d) | SOFR30A + 1.114% | 4.7420 | 08/25/31 | 12,105 | |||||||||
| 8,527 | Fannie Mae REMICS Series 2002-16 VF(a),(d) | SOFR30A + 0.664% | 4.2920 | 04/25/32 | 8,282 | |||||||||
| 2,083 | Fannie Mae REMICS Series 2002-71 AP(d) | 5.0000 | 11/25/32 | 2,007 | ||||||||||
| 793 | Fannie Mae REMICS Series 2003-35 FG(a),(d) | SOFR30A + 0.414% | 4.0420 | 05/25/33 | 768 | |||||||||
| 15,843 | Fannie Mae REMICS Series 2005-29 WQ(d) | 5.5000 | 04/25/35 | 15,942 | ||||||||||
| 50,809 | Fannie Mae REMICS Series 2009-50 PT(c),(d) | 6.1060 | 05/25/37 | 50,779 | ||||||||||
| 45,825 | Fannie Mae REMICS Series 2008-86 LA(c),(d) | 3.5350 | 08/25/38 | 44,556 | ||||||||||
| 193,579 | Fannie Mae REMICS Series 2010-60 HB(d) | 5.0000 | 06/25/40 | 191,932 | ||||||||||
| 81,312 | Fannie Mae REMICS Series 2013-63 YF(a),(d) | SOFR30A + 1.114% | 4.7420 | 06/25/43 | 73,366 | |||||||||
| 819,056 | Fannie Mae REMICS Series 2020-35 FA(a),(d) | SOFR30A + 0.614% | 4.2640 | 06/25/50 | 808,425 | |||||||||
| 15,397,366 | ||||||||||||||
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 7.8% | ||||||||||||||
| 8,538 | Ginnie Mae II Pool Series 891616(a) | H15T1Y + 1.400% | 5.1900 | 06/20/58 | 8,623 | |||||||||
| 15,136 | Ginnie Mae II Pool Series 710065(c) | 4.8100 | 02/20/61 | 15,098 | ||||||||||
| 1,498 | Ginnie Mae II Pool Series 894704(a) | H15T1Y + 0.711% | 4.5490 | 10/20/61 | 1,502 | |||||||||
| 1,289 | Ginnie Mae II Pool Series 773437(c) | 4.4850 | 02/20/62 | 1,259 | ||||||||||
| 2,093 | Ginnie Mae II Pool Series 759745(c) | 4.8150 | 05/20/62 | 2,081 | ||||||||||
| 43,779 | Ginnie Mae II Pool Series 897906(a) | H15T1Y + 1.033% | 4.8270 | 06/20/62 | 43,975 | |||||||||
| 147,994 | Ginnie Mae II Pool Series 896363(a) | H15T1Y + 0.687% | 4.4750 | 07/20/62 | 148,684 | |||||||||
| 905 | Ginnie Mae II Pool Series 766556(c) | 4.7550 | 08/20/62 | 886 | ||||||||||
| 6,660 | Ginnie Mae II Pool Series 777432(c) | 4.5990 | 10/20/62 | 6,639 | ||||||||||
| 34,604 | Ginnie Mae II Pool Series 899072(a) | RFUCCT1M + 1.721% | 5.5070 | 10/20/62 | 35,410 | |||||||||
| 3,664 | Ginnie Mae II Pool Series 765229(c) | 4.5530 | 11/20/62 | 3,568 | ||||||||||
| 216,562 | Ginnie Mae II Pool Series 899633(a) | RFUCCT1M + 1.765% | 5.5440 | 01/20/63 | 222,622 | |||||||||
| 13,877 | Ginnie Mae II Pool Series 898433(a) | RFUCCT1M + 2.179% | 5.9560 | 01/20/63 | 14,323 | |||||||||
| 103,726 | Ginnie Mae II Pool Series 899765(a) | RFUCCT1M + 1.829% | 5.6270 | 02/20/63 | 106,270 | |||||||||
| 84,370 | Ginnie Mae II Pool Series 899650(a) | RFUCCT1M + 1.890% | 5.6720 | 02/20/63 | 85,987 | |||||||||
| 30,461 | Ginnie Mae II Pool Series 898436(a) | RFUCCT1M + 2.127% | 5.9080 | 02/20/63 | 31,169 | |||||||||
| 34,689 | Ginnie Mae II Pool Series 899651(a) | RFUCCT1M + 2.391% | 6.1740 | 02/20/63 | 35,623 | |||||||||
| 5,355 | Ginnie Mae II Pool Series AE9606(a) | H15T1Y + 1.140% | 4.9300 | 08/20/64 | 5,419 | |||||||||
See accompanying notes to financial statements.
4
| TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| Principal | Coupon | |||||||||||||
| Amount ($) | Spread | Rate (%) | Maturity | Fair Value | ||||||||||
| U.S. GOVERNMENT & AGENCIES - 53.0% (Continued) | ||||||||||||||
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 7.8% (Continued) | ||||||||||||||
| 2,276 | Ginnie Mae II Pool Series AG8209(a) | H15T1Y + 0.845% | 4.6620 | 10/20/64 | $ | 2,288 | ||||||||
| 290 | Ginnie Mae II Pool Series AG8190(a) | H15T1Y + 1.140% | 4.9300 | 09/20/64 | 293 | |||||||||
| 800 | Ginnie Mae II Pool Series AG8275(a) | H15T1Y + 1.140% | 4.9300 | 03/20/65 | 810 | |||||||||
| 18,044 | Government National Mortgage Association Series 2003-72 Z(c) | 5.4990 | 11/16/45 | 18,009 | ||||||||||
| 115,455 | Government National Mortgage Association Series 2014-H12 HZ(c),(d) | 4.5920 | 06/20/64 | 112,087 | ||||||||||
| 429 | Government National Mortgage Association Series 2015-H09 HA(d) | 1.7500 | 03/20/65 | 383 | ||||||||||
| 1,491,781 | Government National Mortgage Association Series 2018-H16 FA(a),(d) | TSFR1M + 0.534% | 4.1810 | 09/20/68 | 1,490,700 | |||||||||
| 1,144,988 | Government National Mortgage Association Series 2020-H04 FP(a),(d) | TSFR1M + 0.614% | 4.2610 | 06/20/69 | 1,147,060 | |||||||||
| 1,736,492 | Government National Mortgage Association Series 2020-H02 FG(a),(d) | TSFR1M + 0.714% | 4.3610 | 01/20/70 | 1,739,688 | |||||||||
| 5,280,456 | ||||||||||||||
| TOTAL U.S. GOVERNMENT & AGENCIES (Cost $36,807,171) | 35,936,987 | |||||||||||||
| U.S. TREASURY NOTES - 38.1% | ||||||||||||||
| 430,000 | United States Treasury Note | 3.5000 | 09/30/26 | 429,640 | ||||||||||
| 810,000 | United States Treasury Note | 4.1250 | 10/31/26 | 810,516 | ||||||||||
| 815,000 | United States Treasury Note | 4.6250 | 11/15/26 | 817,148 | ||||||||||
| 480,000 | United States Treasury Note | 4.2500 | 11/30/26 | 480,676 | ||||||||||
| 555,000 | United States Treasury Note | 4.2500 | 12/31/26 | 555,782 | ||||||||||
| 595,000 | United States Treasury Note | 4.1250 | 01/31/27 | 595,406 | ||||||||||
| 185,000 | United States Treasury Note | 4.1250 | 02/28/27 | 185,135 | ||||||||||
| 300,000 | United States Treasury Note | 3.8750 | 03/31/27 | 299,711 | ||||||||||
| 480,000 | United States Treasury Note | 3.7500 | 04/30/27 | 478,805 | ||||||||||
| 965,000 | United States Treasury Note | 3.8750 | 05/31/27 | 963,239 | ||||||||||
| 810,000 | United States Treasury Note | 3.8750 | 07/31/27 | 807,864 | ||||||||||
| 565,000 | United States Treasury Note | 3.6250 | 08/31/27 | 561,822 | ||||||||||
| 684,000 | United States Treasury Note | 3.5000 | 09/30/27 | 678,790 | ||||||||||
| 372,000 | United States Treasury Note | 3.5000 | 10/31/27 | 368,905 | ||||||||||
| 709,000 | United States Treasury Note | 3.3750 | 11/30/27 | 701,578 | ||||||||||
| 753,000 | United States Treasury Note | 3.3750 | 12/31/27 | 744,558 | ||||||||||
| 1,108,000 | United States Treasury Note | 3.5000 | 01/31/28 | 1,096,963 | ||||||||||
| 270,000 | United States Treasury Note | 3.6250 | 03/31/28 | 267,627 | ||||||||||
| 305,000 | United States Treasury Note | 3.8750 | 03/31/28 | 303,606 | ||||||||||
| 371,000 | United States Treasury Note | 3.7500 | 04/30/28 | 368,449 | ||||||||||
See accompanying notes to financial statements.
5
| TRANSWESTERN INSTITUTIONAL SHORT DURATION GOVERNMENT BOND FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| June 30, 2026 |
| Principal | Coupon | |||||||||||
| Amount ($) | Rate (%) | Maturity | Fair Value | |||||||||
| U.S. TREASURY NOTES - 38.1% (Continued) | ||||||||||||
| 4,434,000 | United States Treasury Note | 4.1250 | 06/30/28 | $ | 4,433,048 | |||||||
| 1,334,000 | United States Treasury Note | 4.0000 | 01/31/29 | 1,328,893 | ||||||||
| 451,000 | United States Treasury Note | 4.1250 | 06/30/31 | 449,784 | ||||||||
| 3,420,000 | United States Treasury Note | 4.1250 | 11/15/32 | 3,393,883 | ||||||||
| 555,000 | United States Treasury Note | 4.2500 | 05/15/35 | 549,439 | ||||||||
| 941,000 | United States Treasury Note | 4.0000 | 11/15/35 | 912,035 | ||||||||
| 3,138,000 | United States Treasury Note | 4.1250 | 02/15/36 | 3,067,885 | ||||||||
| 170,000 | United States Treasury Note | 4.3750 | 05/15/36 | 169,402 | ||||||||
| TOTAL U.S. TREASURY NOTES (Cost $25,974,833) | 25,820,589 | |||||||||||
| Yield (%) | ||||||||||||
| SHORT-TERM INVESTMENTS- 8.0% | ||||||||||||
| U.S. TREASURY BILLS - 8.0% | ||||||||||||
| 3,158,000 | United States Treasury Bill | 3.12 | 07/07/26 | 3,156,113 | ||||||||
| 408,000 | United States Treasury Bill | 3.50 | 07/23/26 | 407,102 | ||||||||
| 1,905,000 | United States Treasury Bill | 3.62 | 08/13/26 | 1,896,729 | ||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $5,459,995) | 5,459,944 | |||||||||||
| TOTAL INVESTMENTS - 99.1% (Cost $68,241,999) | $ | 67,217,520 | ||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9% | 624,798 | |||||||||||
| NET ASSETS - 100.0% | $ | 67,842,318 | ||||||||||
| REMIC | Real Estate Mortgage Investment Conduit |
| 12MTA | Federal Reserve US 12 Month Cumulative Avg 1 Year CMT |
| H15T1Y | US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| 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 |
| (a) | Variable rate security; the rate shown represents the rate on June 30, 2026. |
| (b) | 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. |
| (c) | 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. |
| (d) | Collateralized mortgage obligation (CMO). |
See accompanying notes to financial statements.
6
| TransWestern Institutional Short Duration Government Bond Fund |
| STATEMENT OF ASSETS AND LIABILITIES (Unaudited) |
| June 30, 2026 |
| ASSETS | ||||
| Investment securities: | ||||
| At cost | $ | 68,241,999 | ||
| At value | $ | 67,217,520 | ||
| Cash | 385,104 | |||
| Receivable for securities sold | 2,033,576 | |||
| Interest receivable | 296,019 | |||
| Prepaid expenses and other assets | 1,761 | |||
| TOTAL ASSETS | 69,933,980 | |||
| LIABILITIES | ||||
| Payable for investments purchased | 2,031,782 | |||
| Distributions payable | 22,395 | |||
| Investment advisory fees payable | 5,226 | |||
| Payable to related parties | 4,146 | |||
| Distribution (12b-1) fees payable | 5,557 | |||
| Accrued expenses and other liabilities | 22,556 | |||
| TOTAL LIABILITIES | 2,091,662 | |||
| NET ASSETS | $ | 67,842,318 | ||
| Net Assets Consist Of: | ||||
| Paid in capital | 100,397,279 | |||
| Accumulated deficit | (32,554,961 | ) | ||
| NET ASSETS | $ | 67,842,318 | ||
| Net Asset Value Per Share: | ||||
| Shares of beneficial interest outstanding [$0 par value, unlimited shares authorized] | 7,363,130 | |||
| Net asset value (Net Assets divided by Shares Outstanding), offering price and redemption price per share (a) | $ | 9.21 |
| (a) | Redemptions made within 30 days of purchase may be assessed a redemption fee of 0.25%. |
See accompanying notes to financial statements.
7
| TransWestern Institutional Short Duration Government Bond Fund |
| STATEMENT OF OPERATIONS (Unaudited) |
| Six Months Ended June 30, 2026 |
| INVESTMENT INCOME | ||||
| Interest | $ | 1,399,924 | ||
| TOTAL INVESTMENT INCOME | 1,399,924 | |||
| EXPENSES | ||||
| Investment advisory fees | 158,408 | |||
| Distribution (12b-1) fees | 35,202 | |||
| Administrative services fees | 48,269 | |||
| Accounting services fees | 22,592 | |||
| Legal fees | 18,817 | |||
| Compliance officer fees | 17,394 | |||
| Transfer agent fees | 13,005 | |||
| Audit fees | 12,373 | |||
| Trustees fees and expenses | 11,644 | |||
| Printing and postage expenses | 3,564 | |||
| Insurance expense | 1,739 | |||
| Custodian fees | 1,546 | |||
| Other expenses | 2,264 | |||
| TOTAL EXPENSES | 346,817 | |||
| Less: Fees waived by the Advisor | (118,119 | ) | ||
| NET EXPENSES | 228,698 | |||
| NET INVESTMENT INCOME | 1,171,226 | |||
| REALIZED AND UNREALIZED GAIN ON INVESTMENTS | ||||
| Net realized gain from investments | 41,932 | |||
| Net change in unrealized depreciation on investments | (532,992 | ) | ||
| NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS | (491,060 | ) | ||
| NET INCREASE IN NET ASSETS FROM OPERATIONS | $ | 680,166 |
See accompanying notes to financial statements.
8
| TransWestern Institutional Short Duration Government Bond Fund |
| STATEMENTS OF CHANGES IN NET ASSETS |
| Six Months Ended | ||||||||
| June 30, 2026 | Year Ended | |||||||
| (Unaudited) | December 31, 2025 | |||||||
| FROM OPERATIONS | ||||||||
| Net investment income | $ | 1,171,226 | $ | 2,580,780 | ||||
| Net realized gain from investments | 41,932 | 142,573 | ||||||
| Net change in unrealized appreciation/(depreciation) on investments | (532,992 | ) | 1,513,328 | |||||
| Net increase in net assets resulting from operations | 680,166 | 4,236,681 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM EARNINGS | ||||||||
| Total distributions paid | (1,201,455 | ) | (2,696,512 | ) | ||||
| Net decrease in net assets from distributions to shareholders | (1,201,455 | ) | (2,696,512 | ) | ||||
| FROM BENEFICIAL INTEREST TRANSACTIONS: | ||||||||
| Net asset value of shares issued in reinvestment of distributions to shareholders | 1,073,958 | 2,338,126 | ||||||
| Payments for shares redeemed | (6,587,534 | ) | (4,336,612 | ) | ||||
| Net decrease in net assets from shares of beneficial interest | (5,513,576 | ) | (1,998,486 | ) | ||||
| TOTAL DECREASE IN NET ASSETS | (6,034,865 | ) | (458,317 | ) | ||||
| NET ASSETS | ||||||||
| Beginning of year/period | 73,877,183 | 74,335,500 | ||||||
| End of year/period | $ | 67,842,318 | $ | 73,877,183 | ||||
| SHARE ACTIVITY | ||||||||
| Shares reinvested | 116,103 | 253,717 | ||||||
| Shares redeemed | (712,901 | ) | (469,035 | ) | ||||
| Net decrease in shares of beneficial interest outstanding | (596,798 | ) | (215,318 | ) | ||||
See accompanying notes to financial statements.
9
| TransWestern Institutional Short Duration Government Bond Fund |
| FINANCIAL HIGHLIGHTS |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period |
| Six Months Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
| June 30, 2026 | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| Net Asset Value, Beginning of Year/Period | $ | 9.28 | $ | 9.09 | $ | 9.16 | $ | 9.10 | $ | 9.72 | $ | 9.82 | ||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (1) | 0.15 | 0.32 | 0.33 | 0.29 | 0.10 | 0.01 | ||||||||||||||||||
| Net realized and unrealized gain/(loss) on investments | (0.06 | ) | 0.20 | (0.04 | ) | 0.10 | (0.57 | ) | (0.08 | ) | ||||||||||||||
| Total from investment operations | 0.09 | 0.52 | 0.29 | 0.39 | (0.47 | ) | (0.07 | ) | ||||||||||||||||
| Less distributions from: | ||||||||||||||||||||||||
| Net investment income | (0.16 | ) | (0.33 | ) | (0.36 | ) | (0.33 | ) | (0.15 | ) | (0.03 | ) | ||||||||||||
| Total from distributions | (0.16 | ) | (0.33 | ) | (0.36 | ) | (0.33 | ) | (0.15 | ) | (0.03 | ) | ||||||||||||
| Net Asset Value, End of Year/Period | $ | 9.21 | $ | 9.28 | $ | 9.09 | $ | 9.16 | $ | 9.10 | $ | 9.72 | ||||||||||||
| Total return (2) | 0.94 | % (5) | 5.82 | % | 3.24 | % | 4.40 | % | (4.82 | )% | (0.72 | )% | ||||||||||||
| Net assets, end of year/period (000s) | $ | 67,842 | $ | 73,877 | $ | 74,336 | $ | 83,780 | $ | 88,994 | $ | 325,544 | ||||||||||||
| Ratio of gross expenses to average net assets | 0.99 | % (6) | 0.96 | % | 0.85 | % | 0.85 | % | 0.74 | % | 0.70 | % | ||||||||||||
| Ratio of net expenses to average net assets | 0.65 | % (6) | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.64 | % (4) | ||||||||||||
| Ratio of net investment income to average net assets | 3.33 | % (6) | 3.45 | % | 3.66 | % | 3.24 | % | 1.05 | % | 0.11 | % | ||||||||||||
| Portfolio Turnover Rate | 129 | % (5) | 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/period. |
| (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%. |
| (5) | Not annualized. |
| (6) | Annualized. |
See accompanying notes to financial statements.
10
TransWestern Institutional Short Duration Government Bond Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)
June 30, 2026
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 Funds 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 (ASU) 2013-08.
Segment Reporting - 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 entitys 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 Principal Financial Officer of the Trust. The Fund operates as a single operating segment. The Funds 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.
Accounting Pronouncement - The Fund adopted the FASB ASU 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 Funds adoption of ASU 2023-09 did not have a material impact on the Funds financial statements.
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. 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 Funds holding. Short-term debt obligations, having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.
11
TransWestern Institutional Short Duration Government Bond Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2026
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 Funds 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 Funds 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 Funds 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.
12
TransWestern Institutional Short Duration Government Bond Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2026
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 June 30, 2026 for the Funds investments measured at fair value:
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| U.S. Government & Agencies | $ | - | $ | 35,936,987 | $ | - | $ | 35,936,987 | ||||||||
| U.S. Treasury Notes | - | 25,820,589 | - | 25,820,589 | ||||||||||||
| Short-Term Investments | - | 5,459,944 | - | 5,459,944 | ||||||||||||
| Total | $ | - | $ | 67,217,520 | $ | - | $ | 67,217,520 | ||||||||
The Fund did not hold any Level 1 or 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 Funds 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 Funds 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 Funds 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.
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.
13
TransWestern Institutional Short Duration Government Bond Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2026
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 six months ended June 30, 2026.
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 six months ended June 30, 2026.
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 Funds 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 six months ended June 30, 2026, the cost of purchases and proceeds from sales of U.S. government securities, other than short-term investments, amounted to $83,257,635 and $86,390,378, respectively.
4. INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES
TransWestern Capital Advisors, LLC serves as the Funds investment advisor (the Advisor) and Loomis, Sayles & Company, L.P. serves as the Funds 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 Funds 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 Funds strategy and management of the Funds investment portfolio according to the Funds investment objective, policies and restrictions. The Sub-Advisor is paid by the Advisor, not the Fund. During the six months ended June 30, 2026, the Fund incurred $158,408 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, 2027, 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 (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 Funds average daily net assets. During the six months ended June 30, 2026, the Advisor waived fees of $118,119.
14
TransWestern Institutional Short Duration Government Bond Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2026
If the Advisor waives any fee or reimburses any expense pursuant to the Expense Limitation Agreement, and the Funds 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 Funds expenses to exceed 0.65% of average daily net assets. If the Funds operating expenses subsequently exceed 0.65% per annum of the Funds 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:
| Year of Expiration | ||||
| December 31, 2026 | $ | 175,104 | ||
| December 31, 2027 | $ | 166,086 | ||
| December 31, 2028 | $ | 230,247 | ||
As of December 31, 2025, $173,594 in previously waived fees expired unrecouped.
The Trust, with respect to the Fund, has adopted the Trusts 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 Funds average daily net assets. During the six months ended June 30, 2026, pursuant to the Plan, the Advisor received $35,202 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:
Northern Lights Compliance Services, LLC (NLCS), 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.
Blu Giant, LLC (Blu Giant), 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.
The Trust engages an insurance broker affiliated with UFS for the purposes of assisting the Trust in obtaining its insurance policies.
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 six months ended June 30, 2026, the Fund did not assess any redemption fees.
15
TransWestern Institutional Short Duration Government Bond Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2026
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 June 30, 2026, were as follows:
| Cost | Appreciation | Depreciation |
Net Unrealized Depreciation |
|||||||||||
| $ | 68,253,934 | $ | 125,946 | $ | (1,162,360 | ) | $ | (1,036,414 | ) | |||||
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 | Fiscal Year Ended | |||||||
| December 31, 2025 | December 31, 2024 | |||||||
| Ordinary Income | $ | 2,696,512 | $ | 3,334,091 | ||||
| $ | 2,696,512 | $ | 3,334,091 | |||||
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 | ||||||||||||||||||||
| $ | - | $ | - | $ | (7,289 | ) | $ | (31,498,375 | ) | $ | (24,586 | ) | $ | (503,422 | ) | $ | (32,033,672 | ) | ||||||||
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 | |||||||||||
| $ | 10,125,775 | $ | 21,372,600 | $ | 31,498,375 | $ | 14,901 | |||||||
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 June 30, 2026, Crest Forest Realty Corporation held 86.15% 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.
16
TransWestern Institutional Short Duration Government Bond Fund
ADDITIONAL INFORMATION (Unaudited)
June 30, 2026
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 (Unaudited)
Transwestern Advisors -Advisor to TransWestern Institutional Short Duration Government Bond Fund*
In connection with the regular meeting held on December 17-18, 2025 of the Board of Trustees (the Trustees or the Board) of the Northern Lights Fund Trust (the Trust), including a majority of the Trustees who are not interested persons, as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of an investment advisory agreement (the Advisory Agreement) between TransWestern Capital Advisors, LLC (TCA or the Adviser) and the Trust, with respect to the TransWestern Institutional Short Duration Government Bond Fund (the Fund). In considering the renewal of the Advisory Agreement, the Board received materials specifically relating to the Advisory Agreement.
The Trustees were assisted by independent legal counsel throughout the Advisory Agreement review process. The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreement.
Nature, Extent, and Quality of Services. The Trustees observed that TCA was founded in 2005, managed approximately $74 million in assets, and specialized in fixed income asset management services. The Trustees considered the background information of the key investment personnel responsible for servicing the Fund, noting the lead professionals deep experience in fixed income products and his relationships with community banks, insurance companies, hedge funds, and mutual funds. The Trustees noted that the Advisers strategy, which focused on limited duration highly rated US government bonds and agency-backed mortgages, was designed to be conservative and highly liquid, and that such strategy was intended to assist depository institutions improve earnings and manage risk. The Trustees observed that daily execution of the Funds strategy was delegated to the Sub-Adviser, with the Adviser providing ongoing due diligence, assessment of management, performance monitoring and oversight. The Trustees further observed that the Adviser and Sub-Adviser communicated regularly on portfolio position, instrument duration, and risk metrics. The Trustees agreed that they expected the Adviser to continue providing high quality service to the Fund.
Performance. The Trustees observed that the Funds returns were comparable to each of the Funds category and peer group medians for each of the prior one-year, three-year, five-year periods, and above for the since inception period. The Trustees agreed that the Fund performance had been reasonable for shareholders in light of the strategy.
Fees and Expenses. The Trustees noted that the Adviser charged the Fund an annual advisory fee of 0.45%, which was above the peer group and category average. They considered the sub-advisory fee in relation to the advisory fee and the relative risks and responsibilities of the Adviser and Sub-Adviser. The Trustees further noted that the Funds net expense ratio of 0.65% was also above the peer group and category. The Trustees acknowledged that the Fund had an expense limitation agreement in place with respect to the Fund that expires April 30, 2027. The Adviser justified its fee based on complexity of the strategy and the investment process. The Trustees agreed that the Funds advisory fee was not unreasonable.
17
TransWestern Institutional Short Duration Government Bond Fund
ADDITIONAL INFORMATION (Unaudited) (Continued)
June 30, 2026
Economies of Scale. The Trustees considered whether the Adviser had realized economies of scale in managing the Fund. The Trustees acknowledged the Advisers representation that it expects the Fund to benefit from economies of scale as assets under management approach approximately $1 billion and noted that an expense limitation agreement was in place. The Trustees considered the Advisers position that it did not believe that breakpoints were currently appropriate but indicated it may reconsider them as the Funds assets materially increase. The Trustees agreed that the current absence of breakpoints was acceptable.
Profitability. The Trustees considered whether TCAs advisory relationship with the Fund was excessively profitable. Noting that TCAs profit analysis reflected a net loss over the prior 12 months, the Trustees concluded the Fund was not excessively profitable.
Conclusion. The Trustees reviewed the requested information from TCA that they reasonably deemed necessary to evaluate the terms of the advisory agreement, consulted with counsel, and agreed that approving the advisory agreement between the Trust and TCA on behalf of the Fund was in the best interests of the Fund and its shareholders.
| * | Due to the timing of the contract renewal schedule, these deliberations may or may not relate to the current performance results of the Fund. |
Loomis, Sayles & Company, L.P. -Sub-Adviser to TransWestern Institutional Short Duration Government Bond Fund*
In connection with the regular meeting held on December 17-18, 2025 of the Board of Trustees (the Trustees or the Board) of the Northern Lights Fund Trust (the Trust), including a majority of the Trustees who are not interested persons, as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of a sub-advisory agreement (the Sub-Advisory Agreement) between Loomis, Sayles, & Company, L.P. (Loomis Sayles or the Sub-Adviser) and TransWestern Capital Advisors, LLC (the Adviser), with respect to the TransWestern Institutional Short Duration Government Bond Fund (the Fund). In considering the renewal of the Sub-Advisory Agreement, the Board received materials specifically relating to the Sub-Advisory Agreement.
The Trustees were assisted by independent legal counsel throughout the Sub -Advisory Agreement review process. The Board relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Sub-Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Sub-Advisory Agreement.
Nature, Extent, and Quality of Services. The Trustees observed that Loomis Sayles was founded in 1926, managed over $418 billion in assets, and offered equity, fixed income, and alternative strategies to individual and institutional clients. The Trustees reviewed the backgrounds of the key investment personnel responsible for servicing the Fund, including their education and financial industry experience, and noted that Loomis Sayles possessed a large investment team with varied skills. The Trustees observed that Loomis Sayles possessed teams who focused their research on specific fixed income sectors and assessed macroeconomic, issuer, credit quality, and risk characteristics. The Trustees further observed that Loomis Sayles had firmwide, macro level risk controls in place. The Trustees agreed that Loomis Sayles possessed ample infrastructure and resources that enabled them to execute within the narrow parameters of the Funds strategy and noted that the Adviser praised Loomis Sayles rigorous analysis and recommended their retention. The Trustees agreed that they expected Loomis Sayles to continue to provide high quality service to the Adviser and the Fund for the benefit of its shareholders.
Performance. The Trustees observed that the Funds returns were comparable to the Funds Morningstar category and peer group medians for each of the prior one-, three-, and five-year periods, and above the since inception period. The Trustees agreed that the Fund performance had been reasonable for shareholders.
18
TransWestern Institutional Short Duration Government Bond Fund
ADDITIONAL INFORMATION (Unaudited) (Continued)
June 30, 2026
Fees and Expenses . The Trustees considered the reasonableness of the sub-advisory fee paid out of the advisory fee by TCA to Loomis Sayles. The Trustees noted that the annual sub- advisory fee was 0.10% for the first $1 billion of the Funds assets, and 0.8% thereafter. The Trustees also noted that the annual advisory fee was 0.45%, and that TCA had delegated the daily execution of the Funds strategy and broker-dealer selection to Loomis Sayles. The Trustees agreed that, given the allocation of responsibilities between the Adviser and Sub-Adviser, the sub-advisory fee paid to Loomis Sayles was not unreasonable.
Economies of Scale. The Trustees considered whether the Sub -Adviser had realized economies of scale in managing the Fund, but agreed that economies of scale were primarily an adviser-level consideration that should account for the overall advisory agreement and the impact of the sub-advisory expense.
Profitability. The Trustees assessed whether Loomis Sayles sub-advisory arrangement with the Fund generated excessive profits. Based on a profitability analysis indicating a loss in connection to the sub-advisory relationship, they concluded that excessive profitability was not an issue at this time.
Conclusion. The Trustees reviewed the requested information from TCA that they reasonably deemed necessary to evaluate the terms of the Sub -Advisory Agreement, and as assisted by the advice of counsel, the Trustees agreed that approving the Sub-Advisory Agreement between TCA and Loomis Sayles on behalf of the Fund was in the best interests of the Fund and its shareholders.
| * | Due to the timing of the contract renewal schedule, these deliberations may or may not relate to the current performance results of the Fund. |
19
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 Commissions (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) Not applicable
(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.
(a)(4) Not applicable
(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto
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) Northern Lights Fund Trust
By (Signature and Title)
| /s/ Kevin E. Wolf | |
| Kevin E. Wolf, Principal Executive Officer | |
| Date | 9/4/2026 |
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 | 9/4/2026 |
By (Signature and Title)
| /s/ Jim Colantino | |
| Jim Colantino, Principal Financial Officer | |
| Date | 9/4/2026 |
Northern Lights Fund Trust published this content on September 04, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on September 04, 2026 at 16:52 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]