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        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Gemini Fund Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-06083</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>Filing Number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NE" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Gemini Fund Services, LLC</adminName>
            <adminLei>84-06083</adminLei>
            <idNumberDesc>Filing Number</idNumberDesc>
            <adminStateCountry adminState="US-NE" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>WELLS FARGO BANK</principalName>
            <principalFileNo>8-65876</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>28524843</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>STIFEL NICOLAUS &amp; COMPANY, INC.</principalName>
            <principalFileNo>8-01447</principalFileNo>
            <principalCrdNo>000000793</principalCrdNo>
            <principalLei>5WUVMA08EYG4KEUPW589</principalLei>
            <principalStateCountry principalState="US-MO" principalCountry="US"/>
            <principalTotalPurchaseSale>9900625</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BNY MELLON</principalName>
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            <principalCrdNo>000047268</principalCrdNo>
            <principalLei>4EP6JBYBTPTQ47LZOB67</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>10482851</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JPMORGAN CHASE</principalName>
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            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>8I5DZWZKVSZI1NUHU748</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>83000372</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CITIGROUP</principalName>
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            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>14038915</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>ROYAL BANK OF CANADA (RBC)</principalName>
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            <principalCrdNo>000022698</principalCrdNo>
            <principalLei>ES7IP3U3RHIGC71XBU11</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>30374511</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>GOLDMAN SACHS</principalName>
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            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>784F5XWPLTWKTBV3E584</principalLei>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>11793185</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>MORGAN STANLEY SMITH BARNEY LLC</principalName>
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            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>7262870</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>MARKETAXES CORP.</principalName>
            <principalFileNo>8-50727</principalFileNo>
            <principalCrdNo>000044542</principalCrdNo>
            <principalLei>GPSMMRI21JE7ZCVYF972</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>6556911</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>U.S. BANCORP</principalName>
            <principalFileNo>8-35359</principalFileNo>
            <principalCrdNo>000017868</principalCrdNo>
            <principalLei>H85Z6XZP8B10ES0M2G89</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>14841271</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>238730192</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>104382572</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0</dailyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Navigator Duration Neutral Bond Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000041821</mgmtInvSeriesId>
        <mgmtInvLei>549300BOAZKJVVO0K382</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Navigator Duration Neutral Bond Fund Class I" sharesOutstandingClassId="C000129859" sharesOutstandingTickerSymbol="NDNIX"/>
          <sharesOutstanding sharesOutstandingClassName="Navigator Duration Neutral Bond Fund Class A" sharesOutstandingClassId="C000129857" sharesOutstandingTickerSymbol="NDNAX"/>
          <sharesOutstanding sharesOutstandingClassName="Navigator Duration Neutral Bond Fund Class C" sharesOutstandingClassId="C000129858" sharesOutstandingTickerSymbol="NDNCX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>The Bank of New York Mellon</securitiesAgentName>
            <securitiesAgentLei>HPFHU0OQ28E4N0NFVK49</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="The Bank of New York Mellon" collateralManagerLei="HPFHU0OQ28E4N0NFVK49" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="N"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>125573.00</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>1830.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Clark Capital Management Group, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-28445</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000104796</investmentAdviserCrdNo>
            <investmentAdviserLei>549300S8H7HQWRDTYJ79</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Gemini Fund Services, LLC</transferAgentName>
            <transferAgentFileNo>84-06083</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>Filing Number</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Gemini Fund Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-06083</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>Filing Number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NE" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Gemini Fund Services, LLC</adminName>
            <adminLei>84-06083</adminLei>
            <idNumberDesc>Filing Number</idNumberDesc>
            <adminStateCountry adminState="US-NE" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>ROYAL BANK OF CANADA (RBC)</brokerName>
            <brokerFileNo>8-39947</brokerFileNo>
            <brokerCrdNo>000022698</brokerCrdNo>
            <brokerLei>ES7IP3U3RHIGC71XBU11</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>423</grossCommission>
          </broker>
          <broker>
            <brokerName>JPMORGAN CHASE</brokerName>
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            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>8I5DZWZKVSZI1NUHU748</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3288</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>3711</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>MORGAN STANLEY SMITH BARNEY LLC</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>9580851</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>STIFEL NICOLAUS &amp; COMPANY, INC.</principalName>
            <principalFileNo>8-01447</principalFileNo>
            <principalCrdNo>000000793</principalCrdNo>
            <principalLei>5WUVMA08EYG4KEUPW589</principalLei>
            <principalStateCountry principalState="US-MO" principalCountry="US"/>
            <principalTotalPurchaseSale>6878592</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>GOLDMAN SACHS</principalName>
            <principalFileNo>8-129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>784F5XWPLTWKTBV3E584</principalLei>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>9356878</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>FTN Financial Securities Corp.</principalName>
            <principalFileNo>8-51393</principalFileNo>
            <principalCrdNo>000046346</principalCrdNo>
            <principalLei>PHDL2C07HIPM5DUL8S59</principalLei>
            <principalStateCountry principalState="US-TN" principalCountry="US"/>
            <principalTotalPurchaseSale>5664725</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JPMORGAN CHASE</principalName>
            <principalFileNo>8-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>8I5DZWZKVSZI1NUHU748</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>5641935</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Piper Jaffray &amp; Co.</principalName>
            <principalFileNo>8-15204</principalFileNo>
            <principalCrdNo>000000665</principalCrdNo>
            <principalLei>549300GRQCWQ3XGH0H10</principalLei>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>8926130</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BANK OF AMERICA MERRILL LYNCH</principalName>
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            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>8NAV47T0Y26Q87Y0QP81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>16201500</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>ROYAL BANK OF CANADA (RBC)</principalName>
            <principalFileNo>8-39947</principalFileNo>
            <principalCrdNo>000022698</principalCrdNo>
            <principalLei>ES7IP3U3RHIGC71XBU11</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>8722792</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JEFFERIES GROUP LLC</principalName>
            <principalFileNo>8-15074</principalFileNo>
            <principalCrdNo>000002347</principalCrdNo>
            <principalLei>NY9Q8VBNB6D1L6YV0J84</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>9867520</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>CITIGROUP</principalName>
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            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>15102957</principalTotalPurchaseSale>
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        </principalTransactions>
        <principalAggregatePurchase>152498475</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>59817513</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0</dailyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Navigator Equity Hedged Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000030737</mgmtInvSeriesId>
        <mgmtInvLei>549300SDU3UQEJZDYD44</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Navigator Equity Hedged Fund Class A" sharesOutstandingClassId="C000095337" sharesOutstandingTickerSymbol="NAVAX"/>
          <sharesOutstanding sharesOutstandingClassName="Navigator Equity Hedged Fund Class I" sharesOutstandingClassId="C000095339" sharesOutstandingTickerSymbol="NAVIX"/>
          <sharesOutstanding sharesOutstandingClassName="Navigator Equity Hedged Fund Class C" sharesOutstandingClassId="C000095338" sharesOutstandingTickerSymbol="NAVCX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Fund of Funds</fundType>
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        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>The Bank of New York Mellon</securitiesAgentName>
            <securitiesAgentLei>HPFHU0OQ28E4N0NFVK49</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="The Bank of New York Mellon" collateralManagerLei="HPFHU0OQ28E4N0NFVK49" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="N"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>6821569.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>88759.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Clark Capital Management Group, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-28445</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000104796</investmentAdviserCrdNo>
            <investmentAdviserLei>549300S8H7HQWRDTYJ79</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Gemini Fund Services, LLC</transferAgentName>
            <transferAgentFileNo>84-06083</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>Filing Number</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Gemini Fund Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-06083</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>Filing Number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NE" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
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            <adminName>Gemini Fund Services, LLC</adminName>
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            <idNumberDesc>Filing Number</idNumberDesc>
            <adminStateCountry adminState="US-NE" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
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          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
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          <broker>
            <brokerName>PERSHING LLC</brokerName>
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        </brokers>
        <aggregateCommission>9688</aggregateCommission>
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          <principalTransaction>
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        <principalAggregatePurchase>72281468</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>36736022</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0</dailyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Navigator Sentry Managed Volatility Fund</mgmtInvFundName>
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        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Navigator Sentry Managed Volatility Class I" sharesOutstandingClassId="C000136699" sharesOutstandingTickerSymbol="NVXIX"/>
          <sharesOutstanding sharesOutstandingClassName="Navigator Sentry Managed Volatility Class C" sharesOutstandingClassId="C000136698" sharesOutstandingTickerSymbol="NVXCX"/>
          <sharesOutstanding sharesOutstandingClassName="Navigator Sentry Managed Volatility Class A" sharesOutstandingClassId="C000136697" sharesOutstandingTickerSymbol="NVXAX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Inverse of a benchmark</fundType>
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        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
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        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Clark Capital Management Group, Inc.</investmentAdviserName>
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        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Gemini Fund Services, LLC</transferAgentName>
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            <transferAgentStateCountry transferAgentState="US-NE" transferAgentCountry="US"/>
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            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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            <pricingServiceIdNumberDesc>Filing Number</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
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            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
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            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Gemini Fund Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-06083</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>Filing Number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NE" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Gemini Fund Services, LLC</adminName>
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            <idNumberDesc>Filing Number</idNumberDesc>
            <adminStateCountry adminState="US-NE" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>BNY MELLON</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
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          <broker>
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            <brokerStateCountry brokerState="US-NJ" brokerCountry="US"/>
            <grossCommission>806738</grossCommission>
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        </brokers>
        <aggregateCommission>840338</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>BNY MELLON</principalName>
            <principalFileNo>8-51710</principalFileNo>
            <principalCrdNo>000047268</principalCrdNo>
            <principalLei>4EP6JBYBTPTQ47LZOB67</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>160388</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>160388</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>12429234</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0</dailyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="NORTHERN LIGHTS FUND TRUST" signedDate="2020-01-13" signature="James Colantino" title="Treasurer"/>
  </formData>
</edgarSubmission>
