# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-25-004133
**Filing Date:** 2025-7
**Character Count:** 126546
**Document Hash:** 58caacda1d92e02e9df96cf7d97d9837
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004133.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001580642-25-004133

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250708

**DATE AS OF CHANGE**: 20250708

**EFFECTIVENESS DATE**: 20250708

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 251111231

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

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

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

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

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

## Series and Classes Contracts Data

### Eagle Energy Infrastructure Fund (Series ID: S000036854)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000112720 | Eagle Energy Infrastructure Fund Class A Shares | EGLAX           |
| C000112721 | Eagle Energy Infrastructure Fund Class I Shares | EGLIX           |
| C000124015 | Eagle Energy Infrastructure Fund Class C Shares | EGLCX           |
| C000203318 | Eagle Energy Infrastructure Fund Class N Shares |  |

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

united states

securities and exchange commission

washington, d.c. 20549

**form n-csr certified shareholder report of registered management investment companies**

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

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

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

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

Registrant's telephone number, including area code: <u>631-490-4300</u>

Date of fiscal year end: <u>4/30</u> <br>Date of reporting period: <u>4/30/25</u>

**Item 1. Reports to Stockholders.** 

(a)&nbsp;&nbsp;&nbsp;&nbsp; Tailored Shareholder Report

#### Eagle Energy Infrastructure Fund

#### Class A Shares (EGLAX)

#### Annual Shareholder Report - April 30, 2025
![Image](i573e35fb6048108838ac3d8d.jpg)

# Fund Overview
This annual shareholder report contains important information about Eagle Energy Infrastructure Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at**www.eaglemlpfund.com**. You can also request this information by contacting us at 1-888-868-9501.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A Shares | $186 | 1.65% |

---

# How did the Fund perform during the reporting period?
The Eagle Energy Infrastructure Fund ("Fund") Class A shares returned +25.06% during the fiscal year ended April 30, 2025 (the "Investment Period"). The Fund invests primarily in securities that provide exposure to the underlying price and income of energy infrastructure assets in an attempt to generate attractive, long-term risk adjusted returns. The Fund's investments attempt to capture the income and market characteristics of energy infrastructure securities while not participating in the tax complexities that can reduce the attractiveness of investing in this asset class, including K-1s, state and local tax filings.

The Investment Period provided a generally favorable environment for energy infrastructure assets. As the worldwide demand for natural gas and demand for electricity associated with the rollout of Artificial Intelligence continues to rise, the Adviser believes energy infrastructure assets will continue to perform well. This increased electricity demand is primarily tied to data centers, which continue to propagate throughout the United States and around the world. While the energy infrastructure space has performed well over the last several years (such as it did during the Investment Period), the Adviser believes there are still attractive valuations within the asset class.

The period that was generally unfavorable for the Fund during the Investment Period was after President Trump announced tariffs on April 2, 2025. This announcement served as the catalyst for a broad-market selloff, which caught energy infrastructure as well. After the tariffs were paused a few days later, the energy infrastructure assets began to recover along with the broader market.

The majority of the Fund's holdings contributed positively to performance during the Investment Period. In particular, the Fund's investments within the Pipeline – Natural Gas category contributed +8.09% to the Fund's performance during the Investment Period. In addition, investments in Pipeline – Natural Gas Liquids Infrastructure category contributed +6.29% to Fund performance during the Investment Period.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4d5d0272f523b3a3d1a094c5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Eagle Energy Infrastructure Fund** | **Alerian MLP Index Trust** | **S&P 500<sup>®</sup> Index** |
| **Sep-2012** | $9425 | $10000 | $10000 |
| **Apr-2013** | $11236 | $11666 | $11046 |
| **Apr-2014** | $13119 | $13083 | $13303 |
| **Apr-2015** | $13631 | $12990 | $15030 |
| **Apr-2016** | $7991 | $9260 | $15211 |
| **Apr-2017** | $9799 | $10564 | $17937 |
| **Apr-2018** | $8514 | $9246 | $20316 |
| **Apr-2019** | $8737 | $9715 | $23058 |
| **Apr-2020** | $5236 | $5753 | $23257 |
| **Apr-2021** | $7791 | $8369 | $33950 |
| **Apr-2022** | $11140 | $10656 | $34023 |
| **Apr-2023** | $12478 | $12444 | $34929 |
| **Apr-2024** | $15873 | $16732 | $42845 |
| **Apr-2025** | $19851 | $18991 | $48027 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Eagle Energy Infrastructure Fund |  |  |  |
| Without Load | 25.06% | 30.54% | 3.83% |
| With Load\* | 17.94% | 28.98% | 3.22% |
| Alerian MLP Index Trust | 13.50% | 26.98% | 3.87% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $226818248 |
| Number of Portfolio Holdings | 21 |
| Advisory Fee (net of waivers) | $1538227 |
| Portfolio Turnover | 32% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5731ba27e4f697dd60a85f38.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Mlp & Mlp Related Securities | 98.4% |
| Money Market Funds | 1.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ifd37d3f5159a1a51be33b1b8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Money Market Funds | 1.6% |
| Utilities | 2.9% |
| Energy | 94.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Targa Resources Corporation | 11.3% |
| Plains GP Holdings, L.P., Class A | 11.0% |
| Energy Transfer, L.P. | 9.9% |
| Cheniere Energy, Inc. | 7.8% |
| Western Midstream Partners, L.P. | 7.0% |
| Kinder Morgan, Inc. | 4.9% |
| Williams Companies, Inc. (The) | 4.9% |
| DT Midstream, Inc. | 4.9% |
| TC Energy Corporation | 4.9% |
| Hess Midstream, L.P., Class A | 4.8% |

---

# Material Fund Changes
No material changes occurred during the year ended April 30, 2025.

![Image](ifa99a10215f972233c7e45c1.jpg)

#### Eagle Energy Infrastructure Fund

#### Annual Shareholder Report - April 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.eaglemlpfund.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-EGLAX

#### Eagle Energy Infrastructure Fund

#### Class C Shares (EGLCX)

#### Annual Shareholder Report - April 30, 2025
![Image](ia293cac3952130c21e9ef252.jpg)

# Fund Overview
This annual shareholder report contains important information about Eagle Energy Infrastructure Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at**www.eaglemlpfund.com**. You can also request this information by contacting us at 1-888-868-9501.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C Shares | $269 | 2.40% |

---

# How did the Fund perform during the reporting period?
The Eagle Energy Infrastructure Fund ("Fund") Class C shares returned +24.20% during the fiscal year ended April 30, 2025 (the "Investment Period"). The Fund invests primarily in securities that provide exposure to the underlying price and income of energy infrastructure assets in an attempt to generate attractive, long-term risk adjusted returns. The Fund's investments attempt to capture the income and market characteristics of energy infrastructure securities while not participating in the tax complexities that can reduce the attractiveness of investing in this asset class, including K-1s, state and local tax filings.

The Investment Period provided a generally favorable environment for energy infrastructure assets. As the worldwide demand for natural gas and demand for electricity associated with the rollout of Artificial Intelligence continues to rise, the Adviser believes energy infrastructure assets will continue to perform well. This increased electricity demand is primarily tied to data centers, which continue to propagate throughout the United States and around the world. While the energy infrastructure space has performed well over the last several years (such as it did during the Investment Period), the Adviser believes there are still attractive valuations within the asset class.

The period that was generally unfavorable for the Fund during the Investment Period was after President Trump announced tariffs on April 2, 2025. This announcement served as the catalyst for a broad-market selloff, which caught energy infrastructure as well. After the tariffs were paused a few days later, the energy infrastructure assets began to recover along with the broader market.

The majority of the Fund's holdings contributed positively to performance during the Investment Period. In particular, the Fund's investments within the Pipeline – Natural Gas category contributed +8.09% to the Fund's performance during the Investment Period. In addition, investments in Pipeline – Natural Gas Liquids Infrastructure category contributed +6.29% to Fund performance during the Investment Period.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i53f86492bbc59c264a7054c6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Eagle Energy Infrastructure Fund** | **Alerian MLP Index Trust** | **S&P 500<sup>®</sup> Index** |
| **Feb-2013** | $10000 | $10000 | $10000 |
| **Apr-2013** | $10821 | $10752 | $10668 |
| **Apr-2014** | $12542 | $12058 | $12848 |
| **Apr-2015** | $12920 | $11972 | $14515 |
| **Apr-2016** | $7517 | $8535 | $14690 |
| **Apr-2017** | $9164 | $9736 | $17322 |
| **Apr-2018** | $7888 | $8521 | $19620 |
| **Apr-2019** | $8045 | $8954 | $22268 |
| **Apr-2020** | $4779 | $5302 | $22460 |
| **Apr-2021** | $7063 | $7713 | $32788 |
| **Apr-2022** | $10018 | $9821 | $32858 |
| **Apr-2023** | $11143 | $11469 | $33733 |
| **Apr-2024** | $14063 | $15421 | $41378 |
| **Apr-2025** | $17467 | $17503 | $46383 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Eagle Energy Infrastructure Fund | 24.20% | 29.59% | 3.06% |
| Alerian MLP Index Trust | 13.50% | 26.98% | 3.87% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $226818248 |
| Number of Portfolio Holdings | 21 |
| Advisory Fee (net of waivers) | $1538227 |
| Portfolio Turnover | 32% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if8a83aea74de194c206c4c33.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Mlp & Mlp Related Securities | 98.4% |
| Money Market Funds | 1.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i96ddfd2d47f3de5762d6db2b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Money Market Funds | 1.6% |
| Utilities | 2.9% |
| Energy | 94.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Targa Resources Corporation | 11.3% |
| Plains GP Holdings, L.P., Class A | 11.0% |
| Energy Transfer, L.P. | 9.9% |
| Cheniere Energy, Inc. | 7.8% |
| Western Midstream Partners, L.P. | 7.0% |
| Kinder Morgan, Inc. | 4.9% |
| Williams Companies, Inc. (The) | 4.9% |
| DT Midstream, Inc. | 4.9% |
| TC Energy Corporation | 4.9% |
| Hess Midstream, L.P., Class A | 4.8% |

---

# Material Fund Changes
No material changes occurred during the year ended April 30, 2025.

![Image](i9857ae241b9090f6404312f4.jpg)

#### Eagle Energy Infrastructure Fund

#### Annual Shareholder Report - April 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.eaglemlpfund.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-EGLCX

#### Eagle Energy Infrastructure Fund

#### Class I Shares (EGLIX)

#### Annual Shareholder Report - April 30, 2025
![Image](ib59e739079d36adf3cf613d1.jpg)

# Fund Overview
This annual shareholder report contains important information about Eagle Energy Infrastructure Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at**www.eaglemlpfund.com**. You can also request this information by contacting us at 1-888-868-9501.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I Shares | $158 | 1.40% |

---

# How did the Fund perform during the reporting period?
The Eagle Energy Infrastructure Fund ("Fund") Class I shares returned +25.46% during the fiscal year ended April 30, 2025 (the "Investment Period"). The Fund invests primarily in securities that provide exposure to the underlying price and income of energy infrastructure assets in an attempt to generate attractive, long-term risk adjusted returns. The Fund's investments attempt to capture the income and market characteristics of energy infrastructure securities while not participating in the tax complexities that can reduce the attractiveness of investing in this asset class, including K-1s, state and local tax filings.

The Investment Period provided a generally favorable environment for energy infrastructure assets. As the worldwide demand for natural gas and demand for electricity associated with the rollout of Artificial Intelligence continues to rise, the Adviser believes energy infrastructure assets will continue to perform well. This increased electricity demand is primarily tied to data centers, which continue to propagate throughout the United States and around the world. While the energy infrastructure space has performed well over the last several years (such as it did during the Investment Period), the Adviser believes there are still attractive valuations within the asset class.

The period that was generally unfavorable for the Fund during the Investment Period was after President Trump announced tariffs on April 2, 2025. This announcement served as the catalyst for a broad-market selloff, which caught energy infrastructure as well. After the tariffs were paused a few days later, the energy infrastructure assets began to recover along with the broader market.

The majority of the Fund's holdings contributed positively to performance during the Investment Period. In particular, the Fund's investments within the Pipeline – Natural Gas category contributed +8.09% to the Fund's performance during the Investment Period. In addition, investments in Pipeline – Natural Gas Liquids Infrastructure category contributed +6.29% to Fund performance during the Investment Period.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9a9e08e793dbb872d7fde830.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Eagle Energy Infrastructure Fund** | **Alerian MLP Index Trust** | **S&P 500<sup>®</sup> Index** |
| **Apr-2015** | $100000 | $100000 | $100000 |
| **Apr-2016** | $58819 | $71286 | $101206 |
| **Apr-2017** | $72288 | $81324 | $119341 |
| **Apr-2018** | $62897 | $71175 | $135173 |
| **Apr-2019** | $64800 | $74788 | $153414 |
| **Apr-2020** | $38895 | $44285 | $154738 |
| **Apr-2021** | $58022 | $64423 | $225889 |
| **Apr-2022** | $83173 | $82032 | $226370 |
| **Apr-2023** | $93400 | $95795 | $232402 |
| **Apr-2024** | $119102 | $128805 | $285068 |
| **Apr-2025** | $149421 | $146198 | $319550 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Eagle Energy Infrastructure Fund | 25.46% | 30.89% | 4.10% |
| Alerian MLP Index Trust | 13.50% | 26.98% | 3.87% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $226818248 |
| Number of Portfolio Holdings | 21 |
| Advisory Fee (net of waivers) | $1538227 |
| Portfolio Turnover | 32% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iaacae37c11fe2fd71341ab77.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Mlp & Mlp Related Securities | 98.4% |
| Money Market Funds | 1.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i1002af8f2063e51d0a0fb13f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Money Market Funds | 1.6% |
| Utilities | 2.9% |
| Energy | 94.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Targa Resources Corporation | 11.3% |
| Plains GP Holdings, L.P., Class A | 11.0% |
| Energy Transfer, L.P. | 9.9% |
| Cheniere Energy, Inc. | 7.8% |
| Western Midstream Partners, L.P. | 7.0% |
| Kinder Morgan, Inc. | 4.9% |
| Williams Companies, Inc. (The) | 4.9% |
| DT Midstream, Inc. | 4.9% |
| TC Energy Corporation | 4.9% |
| Hess Midstream, L.P., Class A | 4.8% |

---

# Material Fund Changes
No material changes occurred during the year ended April 30, 2025.

![Image](i00e1f82cd7ce209fb3fbca64.jpg)

#### Eagle Energy Infrastructure Fund

#### Annual Shareholder Report - April 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.eaglemlpfund.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-EGLIX

#### Eagle Energy Infrastructure Fund

#### Class N Shares (EGLNX)

#### Annual Shareholder Report - April 30, 2025
![Image](i5c5af7c7e7d684fd5a195b80.jpg)

# Fund Overview
This annual shareholder report contains important information about Eagle Energy Infrastructure Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at**www.eaglemlpfund.com**. You can also request this information by contacting us at 1-888-868-9501.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class N Shares | $142 | 1.26% |

---

# How did the Fund perform during the reporting period?
The Eagle Energy Infrastructure Fund ("Fund") Class N shares returned +25.54% during the fiscal year ended April 30, 2025 (the "Investment Period"). The Fund invests primarily in securities that provide exposure to the underlying price and income of energy infrastructure assets in an attempt to generate attractive, long-term risk adjusted returns. The Fund's investments attempt to capture the income and market characteristics of energy infrastructure securities while not participating in the tax complexities that can reduce the attractiveness of investing in this asset class, including K-1s, state and local tax filings.

The Investment Period provided a generally favorable environment for energy infrastructure assets. As the worldwide demand for natural gas and demand for electricity associated with the rollout of Artificial Intelligence continues to rise, the Adviser believes energy infrastructure assets will continue to perform well. This increased electricity demand is primarily tied to data centers, which continue to propagate throughout the United States and around the world. While the energy infrastructure space has performed well over the last several years (such as it did during the Investment Period), the Adviser believes there are still attractive valuations within the asset class.

The period that was generally unfavorable for the Fund during the Investment Period was after President Trump announced tariffs on April 2, 2025. This announcement served as the catalyst for a broad-market selloff, which caught energy infrastructure as well. After the tariffs were paused a few days later, the energy infrastructure assets began to recover along with the broader market.

The majority of the Fund's holdings contributed positively to performance during the Investment Period. In particular, the Fund's investments within the Pipeline – Natural Gas category contributed +8.09% to the Fund's performance during the Investment Period. In addition, investments in Pipeline – Natural Gas Liquids Infrastructure category contributed +6.29% to Fund performance during the Investment Period.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8f97e984fd4a70d9626271c9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Eagle Energy Infrastructure Fund** | **Alerian MLP Index Trust** | **S&P 500<sup>®</sup> Index** |
| **Aug-2018** | $10000 | $10000 | $10000 |
| **Apr-2019** | $9310 | $9235 | $10512 |
| **Apr-2020** | $5594 | $5468 | $10603 |
| **Apr-2021** | $8352 | $7955 | $15479 |
| **Apr-2022** | $11992 | $10129 | $15512 |
| **Apr-2023** | $13494 | $11829 | $15925 |
| **Apr-2024** | $17234 | $15905 | $19534 |
| **Apr-2025** | $21635 | $18053 | $21896 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 16, 2018)** |
| Eagle Energy Infrastructure Fund | 25.54% | 31.06% | 12.20% |
| Alerian MLP Index Trust | 13.50% | 26.98% | 9.21% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.40% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $226818248 |
| Number of Portfolio Holdings | 21 |
| Advisory Fee (net of waivers) | $1538227 |
| Portfolio Turnover | 32% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i82e5118e5b97eb775307dab0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Mlp & Mlp Related Securities | 98.4% |
| Money Market Funds | 1.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i1499efc8de23fdf45c60077b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.8% |
| Money Market Funds | 1.6% |
| Utilities | 2.9% |
| Energy | 94.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Targa Resources Corporation | 11.3% |
| Plains GP Holdings, L.P., Class A | 11.0% |
| Energy Transfer, L.P. | 9.9% |
| Cheniere Energy, Inc. | 7.8% |
| Western Midstream Partners, L.P. | 7.0% |
| Kinder Morgan, Inc. | 4.9% |
| Williams Companies, Inc. (The) | 4.9% |
| DT Midstream, Inc. | 4.9% |
| TC Energy Corporation | 4.9% |
| Hess Midstream, L.P., Class A | 4.8% |

---

# Material Fund Changes
No material changes occurred during the year ended April 30, 2025.

![Image](i33912d2f90831cfee4ac608f.jpg)

#### Eagle Energy Infrastructure Fund

#### Annual Shareholder Report - April 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**www.eaglemlpfund.com**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-EGLNX

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 2. Code of Ethics.** 

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

(b) N/A

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

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

(e) N/A

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

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

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

(a)(2) Not applicable.

(a)(3) Not applicable.

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

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

2025 - $30,250

2024 - $30,250

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

(c) Tax
 Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant
 for tax compliance are as follows:

2025 – $11,250

2024 – $11,250

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) All
 Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's
 principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years
 ended April 30, 2024, and 2025 respectively.

---

| | |
|:---|:---|
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%). |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended April 30, 2024, and 2025 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

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

**Item 6. Schedule of Investments.** The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

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

(a) ---

| |
|:---|
| ![(LOGO)](ea001_v1.jpg) |
| **Class A Shares: EGLAX** |
| **Class C Shares: EGLCX** |
| **Class I Shares: EGLIX** |
| **Class N Shares: EGLNX** |
| Annual Financial Statements |
| and Additional Information |
| April 30, 2025 |

---

---

| |
|:---|
| **EAGLE ENERGY INFRASTRUCTURE FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **MLP & MLP RELATED SECURITIES — 97.6%** |  |
|  | **ELECTRIC UTILITIES - 2.9%** |  |
| 415120 | Hawaiian Electric Industries, Inc.<sup>(a)</sup> | 4358760 |
| 32000 | NextEra Energy, Inc. | 2140160 |
|  |  | 6498920 |
|  | **GATHERING & PROCESSING - 16.5%** |  |
| 240000 | Antero Midstream Corporation | 3972000 |
| 296000 | Hess Midstream, L.P., Class A | 11002320 |
| 106933 | Kinetik Holdings, Inc. | 4420610 |
| 83000 | Summit Midstream Corporation<sup>(a)</sup> | 2310720 |
| 421390 | Western Midstream Partners, L.P. | 15844264 |
|  |  | 37549914 |
|  | **LNG INFRASTRUCTURE - 7.8%** |  |
| 76300 | Cheniere Energy, Inc. | 17633693 |
|  | **PIPELINE-DIVERSIFIED - 17.7%** |  |
| 1362000 | Energy Transfer, L.P. | 22527480 |
| 225500 | Enterprise Products Partners, L.P. | 6742450 |
| 133000 | ONEOK, Inc. | 10927280 |
|  |  | 40197210 |
|  | **PIPELINE-NATURAL GAS - 19.6%** |  |
| 114300 | DT Midstream, Inc. | 11109960 |
| 423500 | Kinder Morgan, Inc. | 11138049 |
| 219950 | TC Energy Corporation | 11087680 |
| 189800 | Williams Companies, Inc. (The) | 11116586 |
|  |  | 44452275 |
|  | **PIPELINE-NGL INFRASTRUCTURE - 17.3%** |  |
| 301500 | Keyera Corporation | 9359333 |
| 110000 | Pembina Pipeline Corporation | 4202000 |
| 149800 | Targa Resources Corporation | 25600820 |
|  |  | 39162153 |
|  | **PIPELINE-PETROLEUM - 11.0%** |  |
| 1336015 | Plains GP Holdings, L.P., Class A | 24903320 |
|  | **PIPELINES AND TRANSPORTATION - 4.8%** |  |
| 215500 | MPLX, L.P. | 10975415 |
|  | **TOTAL MLP & MLP RELATED SECURITIES (Cost $151,375,170)** | 221372900 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **EAGLE ENERGY INFRASTRUCTURE FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 1.6%** |  |
|  | **MONEY MARKET FUND - 1.6%** |  |
| 3683471 | First American Government Obligations Fund, Class X, 4.24%<sup>(b)</sup> **(Cost $3,683,471)** | $3683471 |
|  | **TOTAL INVESTMENTS - 99.2% (Cost $155,058,641)** | $225056371 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8%** | 1761877 |
|  | **NET ASSETS - 100.0%** | $226818248 |

---

---

| | |
|:---|:---|
| L.P. | - Limited Partnership |
| MLP | - Master Limited Partnership |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | Rate disclosed is the seven day effective yield as of April 30, 2025. |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Eagle Energy Infrastructure Fund*** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **April 30, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investments (cost $155,058,641) | $225056371 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 6404964 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 931746 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 620095 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 71316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 233084492 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 5593690 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 423021 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable, net | 151815 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 24406 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 7546 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 65766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 6266244 |
| **NET ASSETS** | $**226818248** |
| **Net Assets Consist Of:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $600491812 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (373673564) |
| **NET ASSETS** | $**226818248** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Eagle Energy Infrastructure Fund*** |
| **STATEMENT OF ASSETS AND LIABILITIES (Continued)** |
| **April 30, 2025** |

---

---

| | |
|:---|:---|
| **Net Asset Value Per Share:** |  |
| Class A Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**15639312** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **1545287** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share | $**10.12** |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (maximum sales charge of 5.75%) | $**10.74** |
| Class C Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**7928703** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding($0 par value, unlimited shares authorized) | **785822** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**10.09** |
| Class I Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**157299086** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **15533822** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**10.13** |
| Class N Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**45951147** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **4482290** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**10.25** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Eagle Energy Infrastructure Fund*** |
| **STATEMENT OF OPERATIONS** |
| **For the Year Ended April 30, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income (net, tax withholdings $120,492) | $5787172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 102071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 5889243 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 2032871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) Fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 25223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 86145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative services fees | 129322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third party administrative servicing fees | 127139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 82074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 74981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting services fees | 69909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | 54857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing and postage expenses | 42089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 29829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance officer fees | 19564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 19051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees fees and expenses | 16932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 3799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 1717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 12916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 2828418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Fees waived by the co-advisers | (494644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 2333774 |
| **NET INVESTMENT INCOME** | 3555469 |
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2558993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 2559165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 18971545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 2648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 18974193 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 21533358 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**25088827** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Eagle Energy Infrastructure Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**April 30, 2025** | **Year Ended**<br>**April 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3555469 | $2715996 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 2559165 | 9592465 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments and foreign currency translations | 18974193 | 10584706 |
| Net increase in net assets resulting from operations | 25088827 | 22893167 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (27473) | (158998) |
| &nbsp;&nbsp;&nbsp;Class C | (21136) | (151863) |
| &nbsp;&nbsp;&nbsp;Class I | (258179) | (1314037) |
| &nbsp;&nbsp;&nbsp;Class N | (124613) | (865527) |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (454434) | (202016) |
| &nbsp;&nbsp;&nbsp;Class C | (277890) | (193105) |
| &nbsp;&nbsp;&nbsp;Class I | (4735595) | (1703003) |
| &nbsp;&nbsp;&nbsp;Class N | (1825297) | (1143941) |
| Net decrease in net assets resulting from distributions to shareholders | (7724617) | (5732490) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 11865790 | 1703975 |
| &nbsp;&nbsp;&nbsp;Class C | 2225776 | 173994 |
| &nbsp;&nbsp;&nbsp;Class I | 122988990 | 7924743 |
| &nbsp;&nbsp;&nbsp;Class N | 4527847 | 923104 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 459740 | 336919 |
| &nbsp;&nbsp;&nbsp;Class C | 261487 | 303658 |
| &nbsp;&nbsp;&nbsp;Class I | 4321251 | 2389156 |
| &nbsp;&nbsp;&nbsp;Class N | 465125 | 465231 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (4068240) | (1899287) |
| &nbsp;&nbsp;&nbsp;Class C | (3153133) | (1446846) |
| &nbsp;&nbsp;&nbsp;Class I | (31590685) | (11277344) |
| &nbsp;&nbsp;&nbsp;Class N | (2092325) | (4961731) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | 106211623 | (5364428) |
| **TOTAL INCREASE IN NET ASSETS** | 123575833 | 11796249 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 103242415 | 91446166 |
| &nbsp;&nbsp;&nbsp;End of Year | $226818248 | $103242415 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Eagle Energy Infrastructure Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**April 30, 2025** | **Year Ended**<br>**April 30, 2024** |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1127002 | 229648 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 45194 | 43797 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (396576) | (246341) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 775620 | 27104 |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 227444 | 21975 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 26231 | 39610 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (301943) | (196002) |
| &nbsp;&nbsp;&nbsp;Net derease in shares of beneficial interest outstanding | (48268) | (134417) |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 11784429 | 1041450 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 422842 | 310380 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (3037920) | (1486167) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 9169351 | (134337) |
| Class N : |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 410683 | 122746 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 45735 | 59695 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (195288) | (707604) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 261130 | (525163) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Eagle Energy Infrastructure Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class A** | **Year Ended**<br>**April 30,**<br>**2025** | **Year Ended**<br>**April 30,**<br>**2024** | **Year Ended**<br>**April 30,**<br>**2023** | **Year Ended**<br>**April 30,**<br>**2022** | **Year Ended**<br>**April 30,**<br>**2021** |
| Net asset value, beginning of year | $8.44 | $7.04 | $6.64 | $4.89 | $3.54 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.20 | 0.20 | 0.17 | 0.12 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.91 | 1.66 | 0.61 | 1.94 | 1.54 |
| Total from investment operations | 2.11 | 1.86 | 0.78 | 2.06 | 1.64 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.40) | (0.26) | (0.19) | (0.17) | (0.24) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.03) | (0.20) | (0.19) | (0.14) | (0.05) |
| Total distributions | (0.43) | (0.46) | (0.38) | (0.31) | (0.29) |
| Net asset value, end of year | $10.12 | $8.44 | $7.04 | $6.64 | $4.89 |
| Total return (2) | 25.06% | 27.20% | 12.01% | 42.99% | 48.78% |
| Net assets, at end of year (000s) | $15639 | $6495 | $5225 | $5480 | $5031 |
| Ratio of gross expenses to average net assets (3)(4) | 1.92% (7) | 2.06% (6) | 1.98% (5) | 1.97% | 2.10% |
| Ratio of net expenses to average net assets (4) | 1.65% (7) | 1.66% (6) | 1.65% (5) | 1.65% | 1.68% |
| Ratio of net investment income to average net assets (4) | 1.96% (7) | 2.66% (6) | 2.43% (5) | 2.01% | 2.67% |
| Portfolio Turnover Rate | 32% | 41% | 46% | 26% | 82% |

---

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

(2) Total returns shown are historical in
 nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable sales
 charges and redemption fees. Had the co-advisers not waived a portion of their fees, total returns would have been lower.

(3) Represents the ratio of expenses to average
 net assets absent fee waivers and/or expense reimbursements by the co-advisers.

(4) Does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests. Recognition of investment income by the Fund is affected
 by the timing and declaration of dividends by underlying investment companies in which the Fund invests.

(5) Includes 0.00% for the year ended April
 30, 2023 attributed to borrowing costs (line of credit fees) which are not subject to waiver by the co-advisers.

(6) Includes 0.01% for the year ended April
 30, 2024 attributed to borrowing costs (line of credit fees) which are not subject to waiver by the co-advisers.

(7) Includes 0.00% for the year ended April
 30, 2025 attributed to borrowing costs (line of credit fees) which are not subject to waiver by the co-advisers.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Eagle Energy Infrastructure Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class C** | **Year Ended**<br>**April 30,**<br>**2025** | **Year Ended**<br>**April 30,**<br>**2024** | **Year Ended**<br>**April 30,**<br>**2023** | **Year Ended**<br>**April 30,**<br>**2022** | **Year Ended**<br>**April 30,**<br>**2021** |
| Net asset value, beginning of year | $8.41 | $7.02 | $6.62 | $4.88 | $3.53 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.13 | 0.15 | 0.10 | 0.07 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.90 | 1.64 | 0.63 | 1.94 | 1.54 |
| Total from investment operations | 2.03 | 1.79 | 0.73 | 2.01 | 1.61 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.33) | (0.23) | (0.17) | (0.15) | (0.21) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.02) | (0.17) | (0.16) | (0.12) | (0.05) |
| Total distributions | (0.35) | (0.40) | (0.33) | (0.27) | (0.26) |
| Net asset value, end of year | $10.09 | $8.41 | $7.02 | $6.62 | $4.88 |
| Total return (2) | 24.20% | 26.21% | 11.23% | 41.84% | 47.80% |
| Net assets, at end of year (000s) | $7929 | $7018 | $6797 | $7197 | $6484 |
| Ratio of gross expenses to average net assets (3)(4) | 2.67% (7) | 2.81% (6) | 2.73% (5) | 2.72% | 2.84% |
| Ratio of net expenses to average net assets (4) | 2.40% (7) | 2.41% (6) | 2.40% (5) | 2.40% | 2.43% |
| Ratio of net investment income to average net assets (4) | 1.30% (7) | 1.94% (6) | 1.48% (5) | 1.27% | 1.65% |
| Portfolio Turnover Rate | 32% | 41% | 46% | 26% | 82% |

---

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

(2) Total returns shown are historical in
 nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable sales
 charges and redemption fees. Had the co-advisers not waived a portion of their fees, total returns would have been lower.

(3) Represents the ratio of expenses to average
 net assets absent fee waivers and/or expense reimbursements by the co-advisers.

(4) Does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests. Recognition of investment income by the Fund is affected
 by the timing and declaration of dividends by underlying investment companies in which the Fund invests.

(5) Includes 0.00% for the year ended April
 30, 2023 attributed to borrowing costs (line of credit fees) which are not subject to waiver by the co-advisers.

(6) Includes 0.01% for the year ended April
 30, 2024 attributed to borrowing costs (line of credit fees) which are not subject to waiver by the co-advisers.

(7) Includes 0.00% for the year ended April
 30, 2025 attributed to borrowing costs (line of credit fees) which are not subject to waiver by the co-advisers.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Eagle Energy Infrastructure Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class I** | **Year Ended**<br>**April 30,**<br>**2025** | **Year Ended**<br>**April 30,**<br>**2024** | **Year Ended**<br>**April 30,**<br>**2023** | **Year Ended**<br>**April 30,**<br>**2022** | **Year Ended**<br>**April 30,**<br>**2021** |
| Net asset value, beginning of year | $8.44 | $7.04 | $6.64 | $4.89 | $3.54 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.22 | 0.22 | 0.17 | 0.13 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.92 | 1.66 | 0.63 | 1.95 | 1.53 |
| Total from investment operations | 2.14 | 1.88 | 0.80 | 2.08 | 1.65 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.42) | (0.27) | (0.21) | (0.18) | (0.25) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.03) | (0.21) | (0.19) | (0.15) | (0.05) |
| Total distributions | (0.45) | (0.48) | (0.40) | (0.33) | (0.30) |
| Net asset value, end of year | $10.13 | $8.44 | $7.04 | $6.64 | $4.89 |
| Total return (2) | 25.46% | 27.52% | 12.30% | 43.35% | 49.18% |
| Net assets, at end of year (000s) | $157299 | $53724 | $45738 | $41084 | $37561 |
| Ratio of gross expenses to average net assets (3)(4) | 1.67% (7) | 1.81% (6) | 1.73% (5) | 1.72% | 1.86% |
| Ratio of net expenses to average net assets (4) | 1.40% (7) | 1.41% (6) | 1.40% (5) | 1.40% | 1.43% |
| Ratio of net investment income to average net assets (4) | 2.19% (7) | 2.96% (6) | 2.52% (5) | 2.30% | 3.04% |
| Portfolio Turnover Rate | 32% | 41% | 46% | 26% | 82% |

---

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

(2) Total returns shown are historical in
 nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable sales
 charges and redemption fees. Had the co-advisers not waived a portion of their fees, total returns would have been lower.

(3) Represents the ratio of expenses to average
 net assets absent fee waivers and/or expense reimbursements by the co-advisers.

(4) Does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests. Recognition of investment income by the Fund is affected
 by the timing and declaration of dividends by underlying investment companies in which the Fund invests.

(5) Includes 0.00% for the year ended April
 30, 2023 attributed to borrowing costs (line of credit fees) which are not subject to waiver by the co-advisers.

(6) Includes 0.01% for the year ended April
 30, 2024 attributed to borrowing costs (line of credit fees) which are not subject to waiver by the co-advisers.

(7) Includes 0.00% for the year ended April
 30, 2025 attributed to borrowing costs (line of credit fees) which are not subject to waiver by the co-advisers.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Eagle Energy Infrastructure Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class N** | **Year Ended**<br>**April 30,**<br>**2025** | **Year Ended**<br>**April 30,**<br>**2024** | **Year Ended**<br>**April 30,**<br>**2023** | **Year Ended**<br>**April 30,**<br>**2022** | **Year Ended**<br>**April 30,**<br>**2021** |
| Net asset value, beginning of year | $8.53 | $7.10 | $6.68 | $4.91 | $3.55 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.24 | 0.24 | 0.18 | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.93 | 1.67 | 0.64 | 1.96 | 1.53 |
| Total from investment operations | 2.17 | 1.91 | 0.82 | 2.10 | 1.66 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.42) | (0.27) | (0.21) | (0.18) | (0.25) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.03) | (0.21) | (0.19) | (0.15) | (0.05) |
| Total distributions | (0.45) | (0.48) | (0.40) | (0.33) | (0.30) |
| Net asset value, end of year | $10.25 | $8.53 | $7.10 | $6.68 | $4.91 |
| Total return (2) | 25.54% | 27.71% | 12.52% | 43.58% | 49.31% |
| Net assets, at end of year (000s) | $45951 | $36005 | $33686 | $36853 | $31199 |
| Ratio of gross expenses to average net assets (3)(4) | 1.67% (7) | 1.81% (6) | 1.73% (5) | 1.72% | 1.84% |
| Ratio of net expenses to average net assets (4) | 1.26% (7) | 1.27% (6) | 1.26% (5) | 1.26% | 1.29% |
| Ratio of net investment income to average net assets (4) | 2.40% (7) | 3.11% (6) | 2.63% (5) | 2.39% | 3.33% |
| Portfolio Turnover Rate | 32% | 41% | 46% | 26% | 82% |

---

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

(2) Total returns shown are historical in
 nature and assume changes in share price, reinvestment of dividends and distributions, if any, and exclude the effect of applicable sales
 charges and redemption fees. Had the co-advisers not waived a portion of their fees, total returns would have been lower.

(3) Represents the ratio of expenses to average
 net assets absent fee waivers and/or expense reimbursements by the co-advisers.

(4) Does not include the Fund's share
 of the expenses of the underlying investment companies in which the Fund invests. Recognition of investment income by the Fund is affected
 by the timing and declaration of dividends by underlying investment companies in which the Fund invests.

(5) Includes 0.00% for the year ended April
 30, 2023 attributed to borrowing costs (line of credit fees) which are not subject to waiver by the co-advisers.

(6) Includes 0.01% for the year ended April
 30, 2024 attributed to borrowing costs (line of credit fees) which are not subject to waiver by the co-advisers.

(7) Includes 0.00% for the year ended April
 30, 2025 attributed to borrowing costs (line of credit fees) which are not subject to waiver by the co-advisers.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Eagle Energy Infrastructure Fund*** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **April 30, 2025** |

---

**1.** **ORGANIZATION** 

The Eagle Energy Infrastructure Fund (the "Fund") formerly known as "Eagle MLP Strategy Fund", is a non-diversified series of shares of beneficial interest of Northern Lights Fund Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware on January 19, 2005, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Fund's investment objective is to seek total return from income and capital appreciation. The Fund commenced operations on September 14, 2012.

The Fund currently offers Class A, Class C, Class I and Class N shares. Class C, Class I and Class N shares are offered at ("NAV"). Class A shares are offered at NAV plus a maximum sales charge of 5.75%, depending on how much you invest, which may be waived by the co-advisers under certain circumstances. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures, minimum investment amounts, and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Fund's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies set by the Trust and followed by the Fund in 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 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 income and expenses for the 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 Standards Codification Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standards Update ("ASU") 2013-08.

**Operating Segments** - The Fund has adopted FASB ASU 2023-07, Segment Reporting ("Topic 280") – Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio managers and Chief Financial Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

---

| |
|:---|
| ***Eagle Energy Infrastructure Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **April 30, 2025** |

---

**Securities Valuation** – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the primary exchange on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust's Board of Trustees (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. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. 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 a co-adviser does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund's holding. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at NAV.

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 will be valued using the "fair value" procedures approved by the Board. The Board has delegated execution of these procedures to the Adviser as its valuation designee (the "Valuation Designee"). 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, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**Exchange Traded Notes –** The Fund may invest in exchange traded notes ("ETNs"). ETNs are a type of debt security that is linked to the performance of underlying securities. The risks of owning ETNs generally reflect the risks of owning the underlying securities they are designed to track. In addition, ETNs are subject to credit risk generally to the same extent as debt securities.

**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 ask price is available; the spread between bid and ask prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades;

---

| |
|:---|
| ***Eagle Energy Infrastructure Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **April 30, 2025** |

---

and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that affects the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to the Fund's calculation of its NAV. 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 investments, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Fund utilizes various methods to measure the fair value of all 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 in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

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

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

---

| |
|:---|
| ***Eagle Energy Infrastructure Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **April 30, 2025** |

---

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Please refer to the Fund's prospectus for a full listing of risks associated with these investments. The following tables summarize the inputs used as of April 30, 2025 for the Fund's assets measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| MLP & MLP Related Securities | $221372900 | $— | $— | $221372900 |
| Short Term Investment | 3683471 |  |  | 3683471 |
| Total | $225056371 | $— | $— | $225056371 |

---

The Fund did not hold any Level 2 or 3 securities during the year.

\* See Schedule of Investments for industry classification.

**Security Transactions and Related Income –** Security transactions are accounted for on a trade date basis. 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. 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.

**Master Limited Partnerships –** The Fund invests in Master Limited Partnerships ("MLPs") which are publicly traded partnerships engaged in, among other things, the transportation, storage and processing of minerals and natural resources, and are treated as partnerships for U.S. federal income tax purposes. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity level taxation. Of the roughly ninety MLPs in existence, fifty are eligible for inclusion in the Alerian MLP Index, approximately two-thirds trade on the NYSE and the rest trade on the NASDAQ. To qualify as a MLP and to not be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the "Code"). These qualifying sources include natural resource based activities such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners typically own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership's operations and management.

---

| |
|:---|
| ***Eagle Energy Infrastructure Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **April 30, 2025** |

---

MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount ("minimum quarterly distribution" or "MQD"). Common and general partner interests also accrue arrearages in distributions to the extent MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of MQD is paid to both common and subordinated units and is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions.

**Allocation of Income, Expenses, Gains and Losses –** Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

**Dividends and Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid quarterly. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains 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) 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. Dividends and distributions to shareholders are recorded on the ex-dividend date.

**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 (as determined by the Board), taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

**Credit Facility –** Effective August 1, 2023, the Fund entered into a revolving, uncommitted $160,000,000 line of credit with U.S. Bank National Association (the "Revolving Credit Agreement") which expired on July 29, 2024. Effective July 29, 2024, the Fund entered into an amended and restated agreement, dated July 29, 2024, with a $150,000,000 line credit with U.S. Bank National Association (the "Amended and Restated Revolving Credit Agreement") set to expire on July 28, 2025. Borrowings under the Amended and Restated Revolving Credit Agreement bear interest at Prime Rate minus 1% per month. There are no fees charged on the unused portion of the line of credit. For the year ended May 1, 2024 through April 30, 2025, amounts outstanding to the Fund under the credit facility at no time were permitted to exceed $150,000,000.

---

| |
|:---|
| ***Eagle Energy Infrastructure Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **April 30, 2025** |

---

For the year ended April 30, 2025, the interest expense was $1,717 for the Fund. There was no outstanding balance as of April 30, 2025. The average borrowings for the Fund for the period the line was drawn, May 1, 2024 through April 30, 2025, was $403,385 at an average borrowing rate of 6.65%. As of April 30, 2025, the maximum borrowing was $1,339,000 at a maximum interest rate of 7.50%.

**Federal Income Taxes –** The Fund intends to comply with the requirements of the Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no provision for federal income tax is required. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on tax returns filed for the open tax years 2022 – 2024, or expected to be taken in the Fund's 2025 tax returns. The Fund identifies its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Fund makes significant investments; however, 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.

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

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

For the year ended April 30, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and U.S. government securities, amounted to $152,749,026 and $51,876,466 respectively.

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

Princeton Fund Advisors, LLC and Eagle Global Advisors, LLC, serve as the Fund's investment co-advisers (the "Co-Advisers"). Pursuant to an investment advisory agreement with the Trust, on behalf of the Fund, the Co-Advisers, under the oversight of the Board, direct the daily operations of the Fund and supervise the performance of administrative and professional services provided by others. As compensation for their services and the related expenses borne by the Co-Advisers, the Fund pays the Co-Advisers a management fee, computed and accrued daily and paid monthly, at an annual rate of 1.25% of the Fund's average daily net assets. For the year ended April 30, 2025, the Fund incurred advisory fees of $2,032,871.

---

| |
|:---|
| ***Eagle Energy Infrastructure Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **April 30, 2025** |

---

Pursuant to a written contract (the "Waiver Agreement"), the Co-Advisers have agreed, at least until August 31, 2025, to waive a portion of their advisory fee and have agreed to reimburse the Fund for other expenses to the extent necessary so that the total expenses incurred by the Fund (excluding expenses such as any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option 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, contractual indemnification of Fund service providers (other than a Co-Adviser))) do not exceed 1.65% per annum of Class A average daily net assets, 2.40% per annum of Class C average daily net assets, 1.40% per annum of Class I average daily net assets and 1.26% per annum of Class N average daily net assets (the "Expense Limitation"). For the year ended April 30, 2025, the Co-Advisers waived expenses of $494,644 pursuant to the Waiver Agreement.

If the Co-Advisers waive any fees or reimburse any expenses pursuant to the Waiver Agreement, and the Fund's operating expenses attributable to Class A, Class C, Class I and Class N shares, respectively, are subsequently less than the Expense Limitation, the Co-Advisers shall be entitled to reimbursement by the Fund for such waived fees or reimbursed expenses provided that such reimbursement does not cause the Fund's expenses to exceed the Expense Limitation and any expense limitation in effect at the time of recoupment. If the operating expenses attributable to the Class A, Class C, Class I and Class N shares subsequently exceed the Expense Limitation, the reimbursements shall be suspended. The Co-Advisers may seek reimbursement only for expenses waived or paid by it during the three years prior to such reimbursement; provided, however, that such expenses may only be reimbursed to the extent they were waived or paid after the effective date of the Waiver Agreement (or any similar agreement). The Board may terminate the Waiver Agreement on 60 days' written notice to the Co-Advisers.

The following amounts are subject to recapture by the Co-Advisers by the following dates:

---

| | | |
|:---|:---|:---|
| April 30, 2026 | April 30, 2027 | April 30, 2028 |
| $342018 | $417998 | $494644 |

---

<u>Distributor</u> – The Trust, with respect to the Fund, has adopted the Trust's Master Distribution and Shareholder Servicing Plans pursuant to Rule 12b-1 under the 1940 Act for each of its Class A and Class C shares (the "Plans"). The Plans provide that a monthly service and/or distribution fee is calculated by the Fund at annual rates of 0.25% and 1.00% of the average daily net assets attributable to Class A shares and Class C shares, respectively, and is paid to Northern Lights Distributors, LLC (the "Distributor"), to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Fund's shareholder accounts, not otherwise required to be provided by the Co-Advisers. Class I and Class N shares do not incur a 12b-1 fee. The Plans are compensation plans, which mean that compensation is provided regardless of 12b-1 expenses incurred. For the year ended April 30, 2025, the Fund paid $25,223 and $86,145 to the Distributor for Class A and Class C shares, respectively.

---

| |
|:---|
| ***Eagle Energy Infrastructure Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **April 30, 2025** |

---

The Distributor acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. On sales of Class A shares, for the year ended April 30, 2025, the Distributor received $163,829 from front-end sales charge of which $22,926 was retained by the Distributor or other affiliated broker-dealers.

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

*<u>Ultimus Fund Solutions, LLC</u>* <u>("UFS")</u> *–* UFS, an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Fund pays UFS customary 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 Trust for serving in such capacities.

*<u>Northern Lights Compliance Services, LLC</u>* <u>("NLCS")</u> *–* NLCS, an affiliate of UFS and the Distributor, 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 customary fees from the Fund.

*<u>Blu Giant LLC</u>* <u>("Blu Giant")</u> *–* Blu Giant, an affiliate of UFS and the Distributor, 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 customary fees from the Fund.

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

The tax character of distributions paid during the tax years ended October 31, 2024, and October 31, 2023 was as follows:

---

| | | |
|:---|:---|:---|
|  | Tax Year Ended<br>October 31, 2024 | Tax Year Ended<br>October 31, 2023 |
| Ordinary Income | $7293216 | $3242065 |
| Long-Term Capital Gain |  |  |
| Return of Capital | 431401 | 2490425 |
|  | $7724617 | $5732490 |

---

The components of accumulated earnings/(deficit) on a tax basis as of October 31, 2024, adjusted for activity through fiscal year end April 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Distributable Earnings/ |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | (Accumulated Deficit) |
| $11149811 | $— | $— | $(427231734) | $— | $42408359 | $(373673564) |

---

The difference between book basis and tax basis unrealized appreciation, accumulated net realized losses from security transactions and undistributed net investment income is primarily attributable to tax adjustments for partnerships and the tax deferral of losses on wash sales. The unrealized appreciation in the table above includes unrealized foreign currency losses of $(2,200).

---

| |
|:---|
| ***Eagle Energy Infrastructure Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **April 30, 2025** |

---

At the Fund's tax year end of October 31, 2024, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carry forwards utilized as follows:

---

| | | | |
|:---|:---|:---|:---|
| Short-Term | Long-Term | Total | CLCF Utilized |
| $68830160 | $361594771 | $430424931 | $4449150 |

---

Permanent book and tax differences, primarily attributable to tax adjustments for distributions in excess, resulted in reclassifications for the Fund for the fiscal year ended April 30, 2025, as follows:

---

| | |
|:---|:---|
| Paid In | Accumulated |
| Capital | Deficit |
| $(431401) | $431401 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| | Gross | Gross | |
| | Unrealized | Unrealized | Tax Net Unrealized |
| Tax Cost | Appreciation | (Depreciation) | Appreciation |
| $182645812 | $71473647 | $(29063088) | $42410559 |

---

**7.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a portfolio creates presumption of the control of the portfolio, under section 2(a)(9) of the 1940 Act. As of April 30, 2025, National Financial Services and LPL Financial held 37.1% and 25.9%, respectively, of the voting securities of the Fund and may be deemed to control the Fund.

**8.** **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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Northern Lights Fund Trust

and the Shareholders of Eagle Energy Infrastructure Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Eagle Energy Infrastructure Fund (formerly, Eagle MLP Strategy Fund) (the Fund), including the schedule of investments, as of April 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the related notes to the financial statements (collectively, the financial statements), and the financial highlights for each of the five years in the period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ RSM US LLP

We have served as the auditor of one or more Princeton Fund Advisors, LLC advised investment companies since 2010.

Denver, Colorado

June 27, 2025

---

| |
|:---|
| ***Eagle Energy Infrastructure Fund*** |
| **Additional Information (Unaudited)** |
| **April 30, 2025** |

---

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

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

Not applicable.

**<u>PROXY VOTING POLICY</u>**

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 -888 -868-9501, by visiting the Fund's website eaglemlpfund.com, or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**<u>PORTFOLIO HOLDINGS</u>**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Form N-PORT is available on the SEC's website at http://www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-888-868-9501.

---

| |
|:---|
| **INVESTMENT CO-ADVISERS** |
| Princeton Fund Advisors, LLC |
| 1580 Lincoln Street, Suite 680 |
| Denver, CO 80203 |
| Eagle Global Advisors, LLC |
| 1330 Post Oak Blvd, Suite 3000 |
| Houston, TX 77056 |
| **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 of this Form.

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

Not applicable.

**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)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 19. Exhibits.** 

(a)(1)[Code of Ethics for Principal Executive and Senior Financial Officers. Exhibit 99.CODE](coe.htm)

(a)(2) Not applicable

(a)(3) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. Exhibit 99. CERT](ex99-cert.htm)

(a)(4) Not applicable.

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto Exhibit 99.906CERT](ex99-906cert.htm)

**SIGNATURES**

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

---

| |
|:---|
| (Registrant) <u>Northern Lights Fund Trust</u> |
| By (Signature and Title) |
| /s/ Kevin E. Wolf |
| Kevin E. Wolf, Principal Executive Officer/President |

---

Date <u>7/8/2025</u>

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

---

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

---

Date <u>7/8/2025</u>

---

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

---

Date <u>7/8/2025</u>

## Ex-99.Code

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

 **CODE OF ETHICS**

February 19, 2007

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

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

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

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

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

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

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

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

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

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

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

***DEFINITIONS***

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

***PROHIBITED ACTIONS AND ACTIVITIES***

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

EXEMPTED TRANSACTIONS

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

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

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

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

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

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

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

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

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

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

***REPORTING AND MONITORING***

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

**Disclosure of Personal Brokerage Accounts**

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

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

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

INITIAL HOLDINGS REPORT

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

ANNUAL HOLDINGS REPORTS

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

QUARTERLY TRANSACTION REPORTS

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

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

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

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

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

· The date the Access Person Submits the Report.

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

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

***ENFORCEMENTS AND PENALTIES***

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

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

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

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

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

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

***ACKNOWLEDGMENT***

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

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

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

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

## Ex-99.Cert

CERTIFICATIONS

I, Kevin E. Wolf, certify that:

1. I have reviewed this report on Form N-CSR of the Eagle Energy Infrastructure Fund (a series of Northern Lights Fund Trust);

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

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

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

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

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
| Date: | 7/8/2025 | /s/ Kevin E. Wolf |
|  |  | Kevin E. Wolf |
|  |  | Principal Executive Officer/President |

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I, James Colantino, certify that:

1. I have reviewed this report on Form N-CSR of the Eagle Energy Infrastructure Fund (a series of Northern Lights Fund Trust);

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

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

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

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

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
| Date: | 7/8/2025 | /s/ James Colantino |
|  |  | James Colantino |
|  |  | Principal Financial Officer/Treasurer |

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## Exhibit 99.906

**certification**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended April 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), of the Securities Exchange Act of 1934, as amended; and

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

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| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust |
| /s/ Kevin E. Wolf | /s/ Kevin E. Wolf | /s/ James Colantino | /s/ James Colantino |
| Kevin E. Wolf | Kevin E. Wolf | James Colantino | James Colantino |
| Date: | 7/8/2025 | Date: | 7/8/2025 |

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