# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-25-005903
**Filing Date:** 2025-9
**Character Count:** 135628
**Document Hash:** c4d595eee2fa55c4430d7d2a7795e18c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005903.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001580642-25-005903

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**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:** 251298968

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

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

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

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

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

## Series and Classes Contracts Data

### Altegris Futures Evolution Strategy Fund (Series ID: S000034148)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000105241 | Altegris Futures Evolution Strategy Fund Class A Funds | EVOAX           |
| C000105242 | Altegris Futures Evolution Strategy Fund Class C Funds | EVOCX           |
| C000105243 | Altegris Futures Evolution Strategy Fund Class I Funds | EVOIX           |

?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, OH</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Co, Corporate Trust Center, 251 Little Falls Dr. Wilmington, DE 19808</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>6/30</u>

Date of reporting period: <u>6/30/2025</u>

**Item 1. Reports to Stockholders.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;

# Altegris Futures Evolution Strategy Fund

# Class A (EVOAX)

#### Annual Shareholder Report - June 30, 2025
![Image](i6bedfe0798672a7e6484eea8.jpg)

## Fund Overview
This annual shareholder report contains important information about Altegris Futures Evolution Strategy Fund ("Fund") for the period of July 1, 2024 to June 30, 2025.You can find additional information about the Fund at **https://funds.altegris.com/altegris-futures-evolution-strategy-fund-documents**. You can also request this information by contacting us at 1-877-772-5838. **This report describes changes to the Fund that occurred during the reporting period.**

## 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 | $149 | 1.59% |

---

## How did the Fund perform during the reporting period?
The year ended June 30, 2025, was a difficult one for systematic trend strategies. The Fund's combination of managed futures exposure and active fixed income allocation, while designed for diversification and stability, struggled to buffer against rapid reversals in macro economic trends reflecting the difficulty in capturing momentum during choppy, non directional markets. Within key sectors, earlier 2025 saw sharp reversals in currency trends that neutralized prior gains; while metals and energy posted stronger returns by June, these late-quarter gains were insufficient to recoup earlier losses. Meanwhile, global equity markets suffered a sell-off in March and April 2025 driven by the fear of a global trade war. The subsequent V-Shaped recovery was too rapid for most trend following systems to adapt and respond to, leaving the Fund underexposed to equity markets during the unexpected return to bull market conditions. Similarly, fixed income trading experienced losses due to fluctuating expectations for global rates. The Doubleline strategy yielded modest gains for the Fund amidst uncertainties regarding inflation and U.S. interest rates.

The year ended June 30, 2025, saw no changes to the Fund's investment objectives, which remain focused on generating long term capital appreciation with low correlation to traditional equity and bond markets through a dual strategy of managed futures and active fixed income. Portfolio construction remained consistent—diversified futures across multiple asset classes, supplemented by DoubleLine managed fixed income exposures. The Fund's use of leverage, trend following model design, and inherent exposure to directional reversals means that periods of negative performance, even significant ones—can occur even when the strategy functions as intended. The Fund remains committed to adapting its positioning to the changing landscape, navigating short-term volatility, and striving for positive absolute performance.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i34302c3d4b515b6ec551d6b0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Altegris Futures Evolution Strategy Fund** | **Altegris Futures Evolution Strategy Fund - with load** | **Bloomberg Global Aggregate Index** | **ICE BofA 3-Month U.S. Treasury Bill Index** |
| **06/30/15** | $10000 | $9426 | $10000 | $10000 |
| **06/30/16** | $10963 | $10334 | $10888 | $10019 |
| **06/30/17** | $10156 | $9573 | $10650 | $10068 |
| **06/30/18** | $10772 | $10154 | $10795 | $10205 |
| **06/30/19** | $10704 | $10090 | $11426 | $10441 |
| **06/30/20** | $9008 | $8491 | $11909 | $10611 |
| **06/30/21** | $10220 | $9634 | $12222 | $10621 |
| **06/30/22** | $12518 | $11800 | $10358 | $10639 |
| **06/30/23** | $12562 | $11841 | $10222 | $11024 |
| **06/30/24** | $13631 | $12849 | $10316 | $11623 |
| **06/30/25** | $11840 | $11161 | $11235 | $12171 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Altegris Futures Evolution Strategy Fund |  |  |  |
| Without Load | -13.14% | 5.62% | 1.70% |
| With Load | -18.13% | 4.38% | 1.10% |
| Bloomberg Global Aggregate Index | 8.91% | -1.16% | 1.17% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.71% | 2.78% | 1.98% |

---

***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$28,414,998

* Number of Portfolio Holdings5

* Advisory Fee (net of waivers)$153,576

* Portfolio Turnover4%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ibd328998d924ca57effa406d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 8.1% |
| Open End Funds | 72.5% |
| Purchased Options | 19.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i8596caaa1cfeb15809a8ffdc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Money Market Funds | 8.1% |
| Purchased Options | 19.6% |
| Fixed Income | 72.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| DoubleLine Core Fixed Income Fund, Class I | 36.4% |
| DoubleLine Low Duration Bond Fund, Class I | 36.4% |
| Nomura WNTN Shares | 13.4% |
| First American Government Obligations Fund, Class X | 8.1% |
| Nomura WNTN TRND Shares | 6.2% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For complete information, you may review the Fund's next prospectus, which we expect to be available October 28, 2025 at www.altegris.com or upon request at 1-877-772-5838.

The Board of Trustees after careful consideration and upon the recommendation of the Advisor, approved a new advisory agreement between the Trust and Winton Capital Management Limited on behalf of the Fund (the "New Advisory Agreement"). If approved by the Fund's shareholders, the New Advisory Agreement is expected to take into effect upon the termination of the Advisory agreement with the Advisor after such approval is obtained.

![Image](i92da86829a8b07848259b5e9.jpg)

# Altegris Futures Evolution Strategy Fund - Class A (EVOAX)

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

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funds.altegris.com/altegris-futures-evolution-strategy-fund-documents**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-EVOAX

# Altegris Futures Evolution Strategy Fund

# Class C (EVOCX)

#### Annual Shareholder Report - June 30, 2025
![Image](i102dc4b097e72eb838a4cd92.jpg)

## Fund Overview
This annual shareholder report contains important information about Altegris Futures Evolution Strategy Fund ("Fund") for the period of July 1, 2024 to June 30, 2025.You can find additional information about the Fund at **https://funds.altegris.com/altegris-futures-evolution-strategy-fund-documents**. You can also request this information by contacting us at 1-877-772-5838. **This report describes changes to the Fund that occurred during the reporting period.**

## 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 | $218 | 2.34% |

---

## How did the Fund perform during the reporting period?
The year ended June 30, 2025, was a difficult one for systematic trend strategies. The Fund's combination of managed futures exposure and active fixed income allocation, while designed for diversification and stability, struggled to buffer against rapid reversals in macro economic trends reflecting the difficulty in capturing momentum during choppy, non directional markets. Within key sectors, earlier 2025 saw sharp reversals in currency trends that neutralized prior gains; while metals and energy posted stronger returns by June, these late-quarter gains were insufficient to recoup earlier losses. Meanwhile, global equity markets suffered a sell-off in March and April 2025 driven by the fear of a global trade war. The subsequent V-Shaped recovery was too rapid for most trend following systems to adapt and respond to, leaving the Fund underexposed to equity markets during the unexpected return to bull market conditions. Similarly, fixed income trading experienced losses due to fluctuating expectations for global rates. The Doubleline strategy yielded modest gains for the Fund amidst uncertainties regarding inflation and U.S. interest rates.

The year ended June 30, 2025, saw no changes to the Fund's investment objectives, which remain focused on generating long term capital appreciation with low correlation to traditional equity and bond markets through a dual strategy of managed futures and active fixed income. Portfolio construction remained consistent—diversified futures across multiple asset classes, supplemented by DoubleLine managed fixed income exposures. The Fund's use of leverage, trend following model design, and inherent exposure to directional reversals means that periods of negative performance, even significant ones—can occur even when the strategy functions as intended. The Fund remains committed to adapting its positioning to the changing landscape, navigating short-term volatility, and striving for positive absolute performance.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i840037aa918c1f0a1e3f16f9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Altegris Futures Evolution Strategy Fund** | **Bloomberg Global Aggregate Index** | **ICE BofA 3-Month U.S. Treasury Bill Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $10893 | $10888 | $10019 |
| **Jun-2017** | $10019 | $10650 | $10068 |
| **Jun-2018** | $10536 | $10795 | $10205 |
| **Jun-2019** | $10397 | $11426 | $10441 |
| **Jun-2020** | $8677 | $11909 | $10611 |
| **Jun-2021** | $9772 | $12222 | $10621 |
| **Jun-2022** | $11885 | $10358 | $10639 |
| **Jun-2023** | $11845 | $10222 | $11024 |
| **Jun-2024** | $12760 | $10316 | $11623 |
| **Jun-2025** | $10983 | $11235 | $12171 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Altegris Futures Evolution Strategy Fund | -13.92% | 4.83% | 0.94% |
| Bloomberg Global Aggregate Index | 8.91% | -1.16% | 1.17% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.71% | 2.78% | 1.98% |

---

***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$28,414,998

* Number of Portfolio Holdings5

* Advisory Fee (net of waivers)$153,576

* Portfolio Turnover4%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic1acb9a649c9c499032bcc87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 8.1% |
| Open End Funds | 72.5% |
| Purchased Options | 19.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia42f6313c2bc760dd1c03353.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Money Market Funds | 8.1% |
| Purchased Options | 19.6% |
| Fixed Income | 72.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| DoubleLine Core Fixed Income Fund, Class I | 36.4% |
| DoubleLine Low Duration Bond Fund, Class I | 36.4% |
| Nomura WNTN Shares | 13.4% |
| First American Government Obligations Fund, Class X | 8.1% |
| Nomura WNTN TRND Shares | 6.2% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For complete information, you may review the Fund's next prospectus, which we expect to be available October 28, 2025 at www.altegris.com or upon request at 1-877-772-5838.

The Board of Trustees after careful consideration and upon the recommendation of the Advisor, approved a new advisory agreement between the Trust and Winton Capital Management Limited on behalf of the Fund (the "New Advisory Agreement"). If approved by the Fund's shareholders, the New Advisory Agreement is expected to take into effect upon the termination of the Advisory agreement with the Advisor after such approval is obtained.

![Image](i9ac91f9ce9cb65fa29083f83.jpg)

# Altegris Futures Evolution Strategy Fund - Class C (EVOCX)

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

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funds.altegris.com/altegris-futures-evolution-strategy-fund-documents**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-EVOCX

# Altegris Futures Evolution Strategy Fund

# Class I (EVOIX)

#### Annual Shareholder Report - June 30, 2025
![Image](idbfbde6c6e10130be8d468d5.jpg)

## Fund Overview
This annual shareholder report contains important information about Altegris Futures Evolution Strategy Fund ("Fund") for the period of July 1, 2024 to June 30, 2025.You can find additional information about the Fund at **https://funds.altegris.com/altegris-futures-evolution-strategy-fund-documents**. You can also request this information by contacting us at 1-877-772-5838. **This report describes changes to the Fund that occurred during the reporting period.**

## 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 | $125 | 1.34% |

---

## How did the Fund perform during the reporting period?
The year ended June 30, 2025, was a difficult one for systematic trend strategies. The Fund's combination of managed futures exposure and active fixed income allocation, while designed for diversification and stability, struggled to buffer against rapid reversals in macro economic trends reflecting the difficulty in capturing momentum during choppy, non directional markets. Within key sectors, earlier 2025 saw sharp reversals in currency trends that neutralized prior gains; while metals and energy posted stronger returns by June, these late-quarter gains were insufficient to recoup earlier losses. Meanwhile, global equity markets suffered a sell-off in March and April 2025 driven by the fear of a global trade war. The subsequent V-Shaped recovery was too rapid for most trend following systems to adapt and respond to, leaving the Fund underexposed to equity markets during the unexpected return to bull market conditions. Similarly, fixed income trading experienced losses due to fluctuating expectations for global rates. The Doubleline strategy yielded modest gains for the Fund amidst uncertainties regarding inflation and U.S. interest rates.

The year ended June 30, 2025, saw no changes to the Fund's investment objectives, which remain focused on generating long term capital appreciation with low correlation to traditional equity and bond markets through a dual strategy of managed futures and active fixed income. Portfolio construction remained consistent—diversified futures across multiple asset classes, supplemented by DoubleLine managed fixed income exposures. The Fund's use of leverage, trend following model design, and inherent exposure to directional reversals means that periods of negative performance, even significant ones—can occur even when the strategy functions as intended. The Fund remains committed to adapting its positioning to the changing landscape, navigating short-term volatility, and striving for positive absolute performance.

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

### Total Return Based on $100,000 Investment
![Growth of 10K Chart](iafa3f4c769a4f21227375991.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Altegris Futures Evolution Strategy Fund** | **Bloomberg Global Aggregate Index** | **ICE BofA 3-Month U.S. Treasury Bill Index** |
| **Jun-2015** | $100000 | $100000 | $100000 |
| **Jun-2016** | $109937 | $108875 | $100190 |
| **Jun-2017** | $102189 | $106504 | $100677 |
| **Jun-2018** | $108658 | $107951 | $102049 |
| **Jun-2019** | $108287 | $114263 | $104409 |
| **Jun-2020** | $91317 | $119086 | $106110 |
| **Jun-2021** | $103789 | $122223 | $106210 |
| **Jun-2022** | $127486 | $103584 | $106388 |
| **Jun-2023** | $128358 | $102219 | $110243 |
| **Jun-2024** | $139511 | $103164 | $116232 |
| **Jun-2025** | $121335 | $112353 | $121707 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Altegris Futures Evolution Strategy Fund | -13.03% | 5.85% | 1.95% |
| Bloomberg Global Aggregate Index | 8.91% | -1.16% | 1.17% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.71% | 2.78% | 1.98% |

---

***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$28,414,998

* Number of Portfolio Holdings5

* Advisory Fee (net of waivers)$153,576

* Portfolio Turnover4%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i36a266002ff541eca8f37d41.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 8.1% |
| Open End Funds | 72.5% |
| Purchased Options | 19.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if6b6b8c2fdf17c2a4cb02737.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Money Market Funds | 8.1% |
| Purchased Options | 19.6% |
| Fixed Income | 72.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| DoubleLine Core Fixed Income Fund, Class I | 36.4% |
| DoubleLine Low Duration Bond Fund, Class I | 36.4% |
| Nomura WNTN Shares | 13.4% |
| First American Government Obligations Fund, Class X | 8.1% |
| Nomura WNTN TRND Shares | 6.2% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For complete information, you may review the Fund's next prospectus, which we expect to be available October 28, 2025 at www.altegris.com or upon request at 1-877-772-5838.

The Board of Trustees after careful consideration and upon the recommendation of the Advisor, approved a new advisory agreement between the Trust and Winton Capital Management Limited on behalf of the Fund (the "New Advisory Agreement"). If approved by the Fund's shareholders, the New Advisory Agreement is expected to take into effect upon the termination of the Advisory agreement with the Advisor after such approval is obtained.

![Image](i59a69b2074e6b27c83341972.jpg)

# Altegris Futures Evolution Strategy Fund - Class I (EVOIX)

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

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funds.altegris.com/altegris-futures-evolution-strategy-fund-documents**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-EVOIX

(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 Mr. Mark Gersten, Mr. Anthony Hertl and Mr. Mark H. Taylor are audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Mark Gersten, Mr. Anthony Hertl and Mr. Mark H. Taylor ARE independent for purposes of this Item.<br>(a)(2) Not applicable.<br>(a)(3) Not applicable.<br>

**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 | $41720 |
| 2024.0 | $40500 |

---

(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 | $11720 |
| 2024.0 | $11370 |

---

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 June 30, 2025 and 2024 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. |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended June 30, 2025 and 2024 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 Registrants.**

Not applicable

**Item 6. 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)&nbsp;&nbsp;&nbsp;&nbsp;

![(LOGO)](al001_v1.jpg)

**June 30, 2025** 

The Altegris Mutual Funds

**A SERIES OF NORTHERN LIGHTS FUND TRUST** 

**Annual Financial Statements and**

**Additional Information**

**Altegris Futures Evolution Strategy Fund**

Advised by:

Altegris Advisors, LLC

1200 Prospect, Suite 400

La Jolla, CA 92037

800.828.5225 \| WWW.ALTEGRIS.COM

---

| |
|:---|
| **ALTEGRIS FUTURES EVOLUTION STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  |  | **Fair Value** |
|  | **OPEN END FUNDS — 72.8%** | **OPEN END FUNDS — 72.8%** | **OPEN END FUNDS — 72.8%** | **OPEN END FUNDS — 72.8%** |  |  |
|  | **FIXED INCOME - 72.8%** | **FIXED INCOME - 72.8%** | **FIXED INCOME - 72.8%** | **FIXED INCOME - 72.8%** |  |  |
| 1115022 | DoubleLine Core Fixed Income Fund, Class I | DoubleLine Core Fixed Income Fund, Class I | DoubleLine Core Fixed Income Fund, Class I | DoubleLine Core Fixed Income Fund, Class I |  | $10358553 |
| 1070804 | DoubleLine Low Duration Bond Fund, Class I | DoubleLine Low Duration Bond Fund, Class I | DoubleLine Low Duration Bond Fund, Class I | DoubleLine Low Duration Bond Fund, Class I |  | 10333260 |
|  | **TOTAL OPEN END FUNDS (Cost $20,414,099)** | **TOTAL OPEN END FUNDS (Cost $20,414,099)** | **TOTAL OPEN END FUNDS (Cost $20,414,099)** | **TOTAL OPEN END FUNDS (Cost $20,414,099)** | **TOTAL OPEN END FUNDS (Cost $20,414,099)** | 20691813 |
|  | **SHORT-TERM INVESTMENTS — 8.1%** | **SHORT-TERM INVESTMENTS — 8.1%** | **SHORT-TERM INVESTMENTS — 8.1%** | **SHORT-TERM INVESTMENTS — 8.1%** |  |  |
|  | **MONEY MARKET FUNDS - 8.1%** | **MONEY MARKET FUNDS - 8.1%** | **MONEY MARKET FUNDS - 8.1%** | **MONEY MARKET FUNDS - 8.1%** |  |  |
| 2306188 | First American Government Obligations Fund, Class X, 4.25% (Cost $2,306,188)<sup>(a)</sup> | First American Government Obligations Fund, Class X, 4.25% (Cost $2,306,188)<sup>(a)</sup> | First American Government Obligations Fund, Class X, 4.25% (Cost $2,306,188)<sup>(a)</sup> | First American Government Obligations Fund, Class X, 4.25% (Cost $2,306,188)<sup>(a)</sup> | First American Government Obligations Fund, Class X, 4.25% (Cost $2,306,188)<sup>(a)</sup> | 2306188 |
| **Contracts<sup>(b)</sup>** |  | **Broker/Counterparty** | **Expiration <br> Date** | **Exercise<br> Price** | **Notional<br> Value** | **Fair Value** |
|  | **EQUITY OPTIONS PURCHASED - 19.6%** |  |  |  |  |  |
|  | **CALL OPTIONS PURCHASED - 19.6%** |  |  |  |  |  |
| 48541 | Nomura WNTN Shares | NOM | 08/16/2025 | $0.0001 | $3868281 | $3805854 |
| 11985 | Nomura WNTN TRND Shares | NOM | 08/16/2025 | 0.0001 | 1650297 | 1749548 |
|  | **TOTAL CALL OPTIONS PURCHASED** (Cost - $5,518,579) |  |  |  |  | 5555402 |
|  | **TOTAL EQUITY OPTIONS PURCHASED** (Cost - $5,518,579) |  |  |  |  | 5555402 |
|  | **TOTAL INVESTMENTS - 100.5% (Cost $28,238,866)** |  |  |  |  | $28553403 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%** |  |  |  |  | (138405) |
|  | **NET ASSETS - 100.0%** |  |  |  |  | $28414998 |

---

NOM Nomura Securities (Bermuda), Ltd.

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

 

<sup>(b)</sup> These securities provide exposure to daily returns of the reference asset that are not publicly available; he Top 50 components and any other components where the the notional value for that component exceeds 1% of the notional value of the underlying basket are shown on the subsequent pages

See accompanying notes to financial statements.

---

| |
|:---|
| **ALTEGRIS FUTURES EVOLUTION STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WNTN Top 50 Holdings ^** | **WNTN Top 50 Holdings ^** | **WNTN Top 50 Holdings ^** | **WNTN Top 50 Holdings ^** | **WNTN Top 50 Holdings ^** | **WNTN Top 50 Holdings ^** |
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Number of <br> Contracts** | **Description** | **Expiration Date** | **Notional Value at**<br> **June 30, 2025** | **Value and<br> Unrealized**<br> **Appreciation/**<br> **(Depreciation)** | **% of Fund**<br> **Net Assets** |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| 3 | 2 YR T-NOTE | Sep-25 | 624070 | $70 | 0.00% |
| 6 | 5 YR T-NOTE | Sep-25 | 654000 | 1547 | 0.01% |
| 12 | AS10YRBOND | Sep-25 | 905171 | 2998 | 0.01% |
| 27 | AS3YRBOND | Sep-25 | 1914418 | 4606 | 0.02% |
| 57 | BRITISH POUND FUTURE | Sep-25 | 4892025 | 86842 | 0.31% |
| 1 | DAX INDEX | Sep-25 | 708664 | 14498 | 0.05% |
| 3 | EMINI S&P | Sep-25 | 938063 | 24678 | 0.09% |
| 8 | EURO BTP FUTURES | Sep-25 | 1140982 | 2687 | 0.01% |
| 18 | EURO BTS FUTURES | Sep-25 | 2290226 | (3707) | (0.01)% |
| 32 | EURO FUTURE | Sep-25 | 4714800 | 95819 | 0.34% |
| 4 | EURO OAT FUTURES | Sep-25 | 583881 | (3854) | (0.01)% |
| 3 | FEEDERS | Aug-25 | 466013 | 30500 | 0.11% |
| 7 | GOLD | Aug-25 | 2315390 | 36060 | 0.13% |
| 18 | HOGS | Oct-25 | 665280 | (1880) | (0.01)% |
| 3 | ICE 3MTH SONIA FUTURE | Dec-26 | 995038 | 257 | 0.00% |
| 3 | ICE 3MTH SONIA FUTURE | Mar-27 | 994729 | 481 | 0.00% |
| 3 | ICE 3MTH SONIA FUTURE | Jun-27 | 994368 | 360 | 0.00% |
| 2 | ICE 3MTH SONIA FUTURE | Sep-26 | 663393 | 240 | 0.00% |
| 2 | ICE 3MTH SONIA FUTURE | Jun-26 | 663256 | 326 | 0.00% |
| 2 | ICE 3MTH SONIA FUTURE | Sep-27 | 662672 | 275 | 0.00% |
| 2 | ICE 3MTH SONIA FUTURE | Dec-27 | 662397 | 515 | 0.00% |
| 2 | ICE 3MTH SONIA FUTURE | Mar-28 | 662123 | 446 | 0.00% |
| 8 | LCATTLE | Oct-25 | 672560 | 23600 | 0.08% |
| 7 | LCATTLE | Dec-25 | 589820 | (7530) | (0.03)% |
| 16 | LME ALUM | Sep-25 | 1040024 | 35695 | 0.13% |
| 4 | LME COPPER | Sep-25 | 988268 | 24805 | 0.09% |
| 20 | LME LEAD$ | Sep-25 | 1022685 | 27338 | 0.10% |
| 7 | LME ZINC | Sep-25 | 481719 | 7920 | 0.03% |
| 3 | MIB INDEX | Sep-25 | 704603 | 6895 | 0.02% |
| 3 | S&P CANADA | Sep-25 | 705504 | 7519 | 0.03% |
| 9 | SILVER | Sep-25 | 1627740 | 6665 | 0.02% |
| 19 | SINGAPORE MSCI INDEX | Jul-25 | 614473 | 7131 | 0.03% |
| 7 | THREE-MONTH SOFR | Jun-27 | 1695838 | 1713 | 0.01% |
| 7 | THREE-MONTH SOFR | Sep-27 | 1694788 | 1738 | 0.01% |
| 6 | THREE-MONTH SOFR | Mar-27 | 1454325 | 1050 | 0.00% |
| 6 | THREE-MONTH SOFR | Dec-27 | 1451775 | 1725 | 0.01% |
| 6 | THREE-MONTH SOFR | Mar-28 | 1450950 | 1388 | 0.00% |
| 5 | THREE-MONTH SOFR | Dec-26 | 1212125 | 875 | 0.00% |
| 4 | THREE-MONTH SOFR | Jun-28 | 966750 | 888 | 0.00% |
| 3 | THREE-MONTH SOFR | Sep-26 | 727013 | 838 | 0.00% |
|  |  |  |  | $444017 |  |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| (19) | AUSTRALIAN DOLLAR FUTURE | Sep-25 | 1250390 | $(10168) | (0.04)% |
| (32) | CANADIAN DOLLAR FUTURE | Sep-25 | 2351680 | (4294) | (0.02)% |
| (9) | E MINI RUSSELL | Sep-25 | 986265 | (20000) | (0.07)% |
| (23) | JAPANESE YEN FUTURE | Sep-25 | 1996113 | 2309 | 0.01% |
| (15) | LME NICKEL | Sep-25 | 1367625 | 30983 | 0.11% |
| (10) | LME ZINC | Sep-25 | 688170 | (18543) | (0.07)% |
| (14) | NATURAL GAS | Sep-25 | 488600 | 32230 | 0.11% |
| (13) | NATURAL GAS | Oct-25 | 467090 | 27880 | 0.10% |
| (6) | SWISS FRANC FUTURE | Sep-25 | 945675 | (28347) | (0.10)% |
| (4) | THREE-MONTH SOFR | Mar-26 | 966000 | (2400) | (0.01)% |
|  |  |  | Subtotal | $9650 |  |
|  | All Other Investments | All Other Investments | All Other Investments | 3352187 |  |
|  | Total Value of Purchased Option | Total Value of Purchased Option | Total Value of Purchased Option | 3805854 |  |

---

^ This investment is not a direct holding of the Fund. The Top 50 holdings were determined based on the absolute notional values of the positions within the underlying basket.

See accompanying notes to financial statements

---

| |
|:---|
| **ALTEGRIS FUTURES EVOLUTION STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **June 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WNTN TRND Top 50 Holdings ^** | **WNTN TRND Top 50 Holdings ^** | **WNTN TRND Top 50 Holdings ^** | **WNTN TRND Top 50 Holdings ^** | **WNTN TRND Top 50 Holdings ^** | **WNTN TRND Top 50 Holdings ^** |
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Number of <br> Contracts** | **Description** | **Expiration Date** | **Notional Value at <br> June 30, 2025** | **Value and <br> Unrealized <br> Appreciation/ <br> (Depreciation)** | **% of Fund <br> Net Assets** |
| **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| 2 | 3M CORRA FUTURES | Dec-25 | 358705 | $(248) | (0.00)% |
| 3 | 5 YR T-NOTE | Sep-25 | 327000 | 422 | 0.00% |
| 4 | AS10YRBOND | Sep-25 | 301724 | 547 | 0.00% |
| 20 | AS3YRBOND | Sep-25 | 1418087 | 3998 | 0.01% |
| 6 | AS-BK-BILL | Dec-25 | 279917 | 1246 | 0.00% |
| 5 | AS-BK-BILL | Sep-25 | 233127 | 32 | 0.00% |
| 15 | BRITISH POUND FUTURE | Sep-25 | 1287375 | 23752 | 0.08% |
| 4 | EMINI MSCI EM | Sep-25 | 246700 | 6045 | 0.02% |
| 1 | EMINI S&P | Sep-25 | 312688 | 7913 | 0.03% |
| 2 | ERX 2 BUND | Sep-25 | 252831 | (413) | (0.00)% |
| 3 | EURO BTP FUTURES | Sep-25 | 427868 | 601 | 0.00% |
| 3 | EURO BTS FUTURES | Sep-25 | 381704 | (737) | (0.00)% |
| 16 | EURO FUTURE | Sep-25 | 2357400 | 50245 | 0.18% |
| 2 | GOLD | Aug-25 | 661540 | 10830 | 0.04% |
| 1 | ICE 3MTH SONIA FUTURE | Sep-26 | 331696 | 532 | 0.00% |
| 1 | ICE 3MTH SONIA FUTURE | Dec-26 | 331679 | 549 | 0.00% |
| 1 | ICE 3MTH SONIA FUTURE | Jan-26 | 331628 | 309 | 0.00% |
| 1 | ICE 3MTH SONIA FUTURE | Mar-27 | 331576 | 532 | 0.00% |
| 1 | ICE 3MTH SONIA FUTURE | Jun-27 | 331456 | 309 | 0.00% |
| 1 | ICE 3MTH SONIA FUTURE | Mar-26 | 331405 | 275 | 0.00% |
| 1 | ICE 3MTH SONIA FUTURE | Sep-27 | 331336 | 275 | 0.00% |
| 1 | ICE 3MTH SONIA FUTURE | Dec-27 | 331199 | 343 | 0.00% |
| 1 | ICE 3MTH SONIA FUTURE | Mar-28 | 331061 | 240 | 0.00% |
| 5 | LCATTLE | Oct-25 | 420350 | 5450 | 0.02% |
| 3 | LCATTLE | Dec-25 | 252780 | (1580) | (0.01)% |
| 2 | LIF FTSE | Sep-25 | 241395 | (2142) | (0.01)% |
| 1 | LME COPPER | Sep-25 | 247067 | 6283 | 0.02% |
| 21 | MEXICAN PESO FUTURE | Sep-25 | 560070 | 38778 | 0.14% |
| 4 | NEW ZEALAND DOLLAR FUTURE | Sep-25 | 243840 | 1024 | 0.00% |
| 3 | SWISS FRANC FUTURE | Sep-25 | 472838 | 16195 | 0.06% |
| 3 | THREE-MONTH SOFR | Dec-26 | 727275 | 288 | 0.00% |
| 3 | THREE-MONTH SOFR | Mar-27 | 727163 | 338 | 0.00% |
| 3 | THREE-MONTH SOFR | Sep-26 | 727013 | 163 | 0.00% |
| 3 | THREE-MONTH SOFR | Jun-27 | 726788 | 863 | 0.00% |
| 3 | THREE-MONTH SOFR | Jun-26 | 726150 | (150) | (0.00)% |
| 2 | THREE-MONTH SOFR | Sep-27 | 484225 | 738 | 0.00% |
| 2 | THREE-MONTH SOFR | Dec-27 | 483925 | 88 | 0.00% |
| 2 | THREE-MONTH SOFR | Mar-28 | 483650 | 563 | 0.00% |
| 2 | THREE-MONTH SOFR | Mar-26 | 483000 | 713 | 0.00% |
| 1 | THREE-MONTH SOFR | Jun-28 | 241688 | 138 | 0.00% |
|  |  |  | Subtotal | $175347 |  |
| **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
| (6) | AUSTRALIAN DOLLAR FUTURE | Sep-25 | 394860 | $(2961) | (0.01)% |
| (9) | BEANMEAL | Dec-25 | 260370 | 16060 | 0.06% |
| (3) | EURO BUND | Sep-25 | 460223 | 1768 | 0.01% |
| (2) | EURX EURO-BUXL | Sep-25 | 279918 | 3182 | 0.01% |
| (1) | JAPAN BOND | Sep-25 | 965216 | (3151) | (0.01)% |
| (10) | JAPANESE YEN FUTURE | Sep-25 | 867875 | (1172) | (0.00)% |
| (6) | LME LEAD$ | Sep-25 | 306806 | (13079) | (0.05)% |
| (3) | LME NICKEL | Sep-25 | 273525 | 3418 | 0.01% |
| (2) | T-BOND | Sep-25 | 230938 | (6969) | (0.02)% |
| (3) | ULTRA T-BOND | Sep-25 | 357375 | (11930) | (0.04)% |
|  |  |  | Subtotal | $(14834) |  |
|  | All Other Investments | All Other Investments | All Other Investments | 1589035 |  |
|  | Total Value of Purchased Option | Total Value of Purchased Option | Total Value of Purchased Option | 1749548 |  |

---

^ This investment is not a direct holding of the Fund. The Top 50 holdings were determined based on the absolute notional values of the positions within the underlying basket.

See accompanying notes to financial statements

---

| |
|:---|
| ***Altegris Futures Evolution Strategy Fund*** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **June 30, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** | |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $28238866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value | $28553403 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 794 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 94687 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 37388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 28686272 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 222013 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 7999 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 10886 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 3984 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 26392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 271274 |
| **NET ASSETS** | $**28414998** |
| **Composition of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $64184923 |
| &nbsp;&nbsp;&nbsp;Accumulated loss | (35769925) |
| **NET ASSETS** | $**28414998** |
| **Net Asset Value Per Share:** |  |
| Class A Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**3643755** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **597676** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share (a) | $**6.10** |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (net asset value plus maximum sales charge of 5.75%) (b) | $**6.47** |
| Class C Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**1588658** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **260813** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (c) | $**6.09** |
| Class I Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**23182585** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **3835511** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**6.04** |

---

(a) Purchases of $1 million or more,
 a contingent deferred sales charge of up to 1.00% may apply to redemptions made within 18 months of purchase.

(b) On investments of $25,000 or more,
 the sales load is reduced.

(c) A contingent deferred sales charge
 of up to 1.00% may be applied to shares redeemed within one year of purchase.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Altegris Futures Evolution Strategy Fund*** |
| **STATEMENT OF OPERATIONS** |
| **Year Ended June 30, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $1374435 |
| &nbsp;&nbsp;&nbsp;Interest | 135728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 1510163 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 441499 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 13610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 25615 |
| &nbsp;&nbsp;&nbsp;Audit fees | 60147 |
| &nbsp;&nbsp;&nbsp;Registration fees | 55273 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 53784 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 51484 |
| &nbsp;&nbsp;&nbsp;Third party administrative services fees | 27137 |
| &nbsp;&nbsp;&nbsp;Legal fees | 19874 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 19619 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 18552 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 16416 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 16197 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 14469 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 2999 |
| &nbsp;&nbsp;&nbsp;Other expenses | 4110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 840785 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Advisor | (287923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 552862 |
| **NET INVESTMENT INCOME** | 957301 |
| **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND PURCHASED OPTIONS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) from: |  |
| &nbsp;&nbsp;&nbsp;Investments | 491799 |
| &nbsp;&nbsp;&nbsp;Purchased Options | (6387578) |
| &nbsp;&nbsp;&nbsp;**Net realized loss** | (5895779) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (27976) |
| &nbsp;&nbsp;&nbsp;Purchased Options | (571169) |
| &nbsp;&nbsp;&nbsp;**Net change in unrealized depreciation** | (599145) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND PURCHASED OPTIONS** | (6494924) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**(5537623)** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Altegris Futures Evolution Strategy Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**June 30, 2025** | **For the Year Ended**<br>**June 30, 2024** |
| **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $957301 | $1335227 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments and purchased options | (5895779) | 2599552 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments and purchased options | (599145) | 229991 |
| Net increase/(decrease) in net assets resulting from operations | (5537623) | 4164770 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (557031) | (174937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (229754) | (64719) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (3032024) | (1118465) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N |  | (6508) |
| Total distributions to shareholders | (3818809) | (1364629) |
| **SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 140646 | 5906451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 4832437 | 4491281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N |  | 3232 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 530365 | 167726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 218487 | 62166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 2512274 | 983140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N |  | 6154 |
| &nbsp;&nbsp;&nbsp;Transfer of net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Class N to Class A |  | (4348402) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To Class A from Class N |  | 4348402 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (2839180) | (8297352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (2189768) | (1484539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (13110783) | (37604047) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class N |  | (113444) |
| Net decrease from shares of beneficial interest transactions | (9905522) | (35879221) |
| **NET DECREASE IN NET ASSETS** | (19261954) | (33079080) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 47676952 | 80756032 |
| &nbsp;&nbsp;&nbsp;End of Year | $**28414998** | $**47676952** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| ***Altegris Futures Evolution Strategy Fund*** |
| **STATEMENTS OF CHANGES IN NET ASSETS (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**June 30, 2025** | **For the Year Ended**<br>**June 30, 2024** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 20263 | 816251 |
| &nbsp;&nbsp;&nbsp;Shares Transferred in from Class N |  | 614798 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 76873 | 22709 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (426732) | (1118782) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares of beneficial interest outstanding | (329596) | 334976 |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold |  | 2 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 31555 | 8433 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (314940) | (204336) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (283385) | (195901) |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 708313 | 607105 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 368083 | 135288 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1995439) | (5230362) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (919043) | (4487969) |
| Class N (a): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold |  | 281 |
| &nbsp;&nbsp;&nbsp;Shares Transferred to Class A |  | (613012) |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  | 861 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed |  | (15639) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding |  | (627509) |

---

(a) Effective July 21, 2023, the Class
 N shares were discontinued. Class N shares were transferred to Class A shares at a conversion rate of 1.002913.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Altegris Futures Evolution Strategy Fund*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended**<br>**June 30,**<br>**2025** | **Year Ended**<br>**June 30,**<br>**2024** | **Year Ended**<br>**June 30,**<br>**2023** | **Year Ended**<br>**June 30,**<br>**2022** | **Year Ended**<br>**June 30,**<br>**2021** |
| Net asset value, at beginning of year | $7.70 | $7.25 | $9.71 | $8.64 | $7.74 |
| Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (1) | 0.16 | 0.17 | 0.07 | (0.04) | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.12) | 0.44 | (0.14 | 1.85 | 0.98 |
| Total from investment operations | (0.96) | 0.61 | (0.07 | 1.81 | 1.02 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.64) | (0.16) | (2.39 | (0.74 | (0.12 |
| Total distributions | (0.64) | (0.16) | (2.39 | (0.74 | (0.12 |
| Redemption fees collected |  |  | 0.00 | 0.00 | 0.00 |
| Net asset value, at end of year | $6.10 | $7.70 | $7.25 | $9.71 | $8.64 |
| Total return (3) | (13.14)% | 8.51% | 0.35 | 22.48 | 13.46 |
| Net assets, at end of year (000s) | $3644 | $7143 | $4296 | $6752 | $5771 |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets (45) | 2.34% | 2.10% | 1.87 | 1.77 | 2.20 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets (5) | 1.59% | 1.59% | 1.59 | 1.59 | 1.94 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (56) | 2.33% | 2.29% | 0.92 | (0.42) | 0.55 |
| Portfolio Turnover Rate | 4% | 63% | 42 | 70 | 146 |

---

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

(2) Represents less
 than $0.01 per share.

(3) Total returns
 shown exclude the effect of applicable sales charges and redemption fees and assumes reinvestment of all distributions.

(4) Represents the
 ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor.

(5) The ratios of
 expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment
 companies in which the Fund invests.

(6) Recognition
 of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which
 the Fund invests.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Altegris Futures Evolution Strategy Fund*** |
| **FINANCIAL HIGHLIGHTS (Continued)** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended**<br>**June 30,**<br>**2025** | **Year Ended**<br>**June 30,**<br>**2024** | **Year Ended**<br>**June 30,**<br>**2023** | **Year Ended**<br>**June 30,**<br>**2022** | **Year Ended**<br>**June 30,**<br>**2021** |
| Net asset value, at beginning of year | $7.70 | $7.25 | $9.72 | $8.60 | $7.72 |
| Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (1) | 0.10 | 0.10 | 0.02 | (0.10) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.12) | 0.45 | (0.14 | 1.85 | 0.97 |
| Total from investment operations | (1.02) | 0.55 | (0.12 | 1.75 | 0.96 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.59) | (0.10) | (2.35 | (0.63 | (0.08 |
| Total distributions | (0.59) | (0.10) | (2.35 | (0.63 | (0.08 |
| Redemption fees collected |  |  | 0.00 | 0.00 | 0.00 |
| Net asset value, at end of year | $6.09 | $7.70 | $7.25 | $9.72 | $8.60 |
| Total return (3) | (13.92)% | 7.72% | (0.34 | 21.62 | 12.62 |
| Net assets, at end of year (000s) | $1589 | $4188 | $5365 | $5502 | $4315 |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets (45) | 3.09% | 2.85% | 2.62 | 2.52 | 2.95 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets (5) | 2.34% | 2.34% | 2.34 | 2.34 | 2.69 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (56) | 1.52% | 1.39% | 0.20 | (1.16) | (0.16) |
| Portfolio Turnover Rate | 4% | 63% | 42 | 70 | 146 |

---

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

(2) Represents less
 than $0.01 per share.

(3) Total returns
 shown exclude the effect of applicable sales charges and redemption fees and assumes reinvestment of all distributions.

(4) Represents the
 ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor.

(5) The ratios of
 expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment
 companies in which the Fund invests.

(6) Recognition
 of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which
 the Fund invests.

See accompanying notes to financial statements.

---

| |
|:---|
| ***Altegris Futures Evolution Strategy Fund*** |
| **FINANCIAL HIGHLIGHTS (Continued)** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year Ended**<br>**June 30,**<br>**2025** | **Year Ended**<br>**June 30,**<br>**2024** | **Year Ended**<br>**June 30,**<br>**2023** | **Year Ended**<br>**June 30,**<br>**2022** | **Year Ended**<br>**June 30,**<br>**2021** |
| Net asset value, at beginning of year | $7.64 | $7.20 | $9.65 | $8.60 | $7.71 |
| Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (1) | 0.18 | 0.17 | 0.09 | (0.02) | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.12) | 0.45 | (0.13 | 1.84 | 0.96 |
| Total from investment operations | (0.94) | 0.62 | (0.04 | 1.82 | 1.03 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.66) | (0.18) | (2.41 | (0.77 | (0.14 |
| Total distributions | (0.66) | (0.18) | (2.41 | (0.77 | (0.14 |
| Redemption fees collected |  |  | 0.00 | 0.00 | 0.00 |
| Net asset value, at end of year | $6.04 | $7.64 | $7.20 | $9.65 | $8.60 |
| Total return (3) | (13.03)% (4) | 8.69% | 0.68 | 22.83 | 13.66 |
| Net assets, at end of year (000s) | $23183 | $36346 | $66529 | $131217 | $133684 |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets (56) | 2.09% | 1.85% | 1.62 | 1.52 | 1.95 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets (6) | 1.34% | 1.34% | 1.34 | 1.34 | 1.69 |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (67) | 2.61% | 2.32% | 1.09 | (0.19) | 0.86 |
| Portfolio Turnover Rate | 4% | 63% | 42 | 70 | 146 |

---

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

(2) Represents less
 than $0.01 per share.

(3) Total returns
 shown exclude the effect of applicable sales charges and redemption fees and assumes reinvestment of all distributions.

(4) Includes adjustments
 in accordance with accounting principles generally accepted in the United States and consequently the net asset value for financial reporting
 purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(5) Represents the
 ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the advisor.

(6) The ratios of
 expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment
 companies in which the Fund invests.

(7) Recognition
 of net investment income (loss) is affected by the timing and declaration of dividends by the underlying investment companies in which
 the Fund invests.

See accompanying notes to financial statements.

***Altegris Futures Evolution Strategy Fund***

 **NOTES TO FINANCIAL STATEMENTS**

 **June 30, 2025**

**1.** **ORGANIZATION** 

The Altegris Futures Evolution Strategy Fund (the "Fund") is a 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 is a "fund of funds", in that it generally invests in other investment companies. The Fund's commencement date, diversification status and investment objective are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Commencement<br> Date** | **Diversification<br> Status** | **Investment Objective** |
| Altegris Futures Evolution Strategy Fund | October 31, 2011 | Diversified | Long term capital appreciation. |

---

The Fund offers Class A, Class C, and Class I shares. Class A shares are offered at net asset value ("NAV") plus a maximum sales charge of 5.75%. Investors that purchase $1,000,000 or more of the Fund's Class A shares will not pay any initial sales charge on the purchase. However, purchases of $1,000,000 or more of Class A shares may be subject to a contingent deferred sales charge ("CDSC") on shares redeemed during the first 18 months after their purchase of up to 1.00% (the amount of the commissions paid on the shares redeemed). Class C shares of the Fund are offered at their NAV without an initial sales charge. If you redeem Class C shares within one year after purchase, you will be charged a CDSC of up to 1.00%. The charge will apply to the lesser of the original cost of the Class C shares being redeemed or the proceeds of your redemption and will be calculated without regard to any redemption fee. When you redeem Class C shares, the redemption order is processed so that the lowest CDSC is charged. Class I shares of the Fund are sold at NAV without an initial sales charge and are not subject to 12b-1 distribution fees, but have a higher minimum initial investment than Class A and Class C shares. Each share class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures 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. As of July 21, 2023, the Class N shares were discontinued, the existing Class N shareholders as of that date were redesignated as Class A shareholders with any sales loads associated with Class A shares waived. 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 followed by the Fund in preparation of their financial statements. The policies are in conformity with the generally accepted accounting principles in the United States of America ("GAAP"). The Fund operates as 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 Accounting Standards Update 2013.08. The preparation of the 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 ended. Actual results could differ from those estimates.

**Operating Segments -** The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). 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 manager and Chief Financial Officer of the Trust. 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.

***Altegris Futures Evolution Strategy Fund***

 **NOTES TO FINANCIAL STATEMENTS (Continued)**

 **June 30, 2025**

**Security Valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. 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 net asset value. Options are valued based on the daily price reported from the counterparty or pricing agent based on the underlying custom basket holdings.

**Valuation of Fund of Funds -** The Fund may invest in portfolios of open-end or closed-end investment companies (the "underlying funds") . Underlying open-end investment companies are valued at their respective net asset values as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the boards of the underlying funds.

The Fund may hold securities, 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 securities will be valued using the "fair value" procedures approved by the Trust's Board of Trustees (the "Board"). The Board has delegated execution of these procedures to the Adviser as its valuation designee (the "Valuation Designee"). The Valuation Designee 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 in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**Fair Valuation Process –** The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an 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; 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 will affect 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 net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the 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.

***Altegris Futures Evolution Strategy Fund***

 **NOTES TO FINANCIAL STATEMENTS (Continued)**

 **June 30, 2025**

**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.

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs used as of June 30, 2025 for the Fund's assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets \*** | Level 1 | Level 2 | Level 3 | Total |
| Open Ended Fund | $20691813 | $— | $— | $20691813 |
| Purchased Options |  | 5555402 |  | 5555402 |
| Short Term Investments | 2306188 |  |  | 2306188 |
| Total | $22998001 | $5555402 | $— | $28553403 |

---

\* Refer to the Schedule of Investments for security classification.

The Fund did not hold any Level 3 securities as of June 30, 2025.

**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.

**Dividends and Distributions to Shareholders –** Dividends from net investment income are declared and paid monthly. Distributable net realized capital gains, if any are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are recorded on the ex-dividend date and determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

**Federal Income Taxes** – It is the Fund's policy to continue to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code of 1986, as amended that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision has been recorded.

The Fund recognizes tax benefits only for tax positions 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 expected to be taken on returns filed for all open tax years (2022-2024) or expected to be taken in the Fund's 2025 tax return. The Fund identifies its major tax jurisdictions as U.S. federal and 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.

***Altegris Futures Evolution Strategy Fund***

 **NOTES TO FINANCIAL STATEMENTS (Continued)**

 **June 30, 2025**

**Expenses** – Expenses of the Trust that are directly identifiable to a fund are charged to that fund. Expenses, which are not readily identifiable to a particular fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

**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.

**Market and Geopolitical Risk -** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions.

**Option Transactions** - When the Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such a sale are decreased by the premium originally paid. Written and purchased options are non -income producing securities. The Fund invests in options which are not traded on an exchange. In doing so, it is assuming a credit risk with regard to the party with which it trades and also bears the risk of settlement default. These risks may differ materially from risks associated with transactions effected on an exchange, which generally are backed by clearing organization guarantees, daily mark-to-market and settlement, segregation and minimum capital requirements applicable to intermediaries. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease. In addition, to the extent the Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. The Fund is neither restricted from dealing with any particular counterparty nor from concentrating any or all of its transactions with one counterparty. The ability of the Fund to transact business with any one or number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund. The Fund holds fully funded options with Nomura Securities (Bermuda), Ltd. The options provide exposure to the daily returns of a reference asset on a 1 to 1 basis. The reference assets for the options are Cayman commodity pools engaged in the trading of futures and forward foreign exchange contracts. According to the terms of the option, the Adviser may increase or decrease this exposure on a daily basis. The Fund pays an upfront premium of 1.10% per annum, which is charged based on the contract year. The upfront premium is paid quarterly and is accrued daily over the contract period. The option contracts were initially entered into as of August 16, 2017, and have a two year valuation period, which may be extended or reduced to zero at any time. Based on the terms of the call option agreement, the Fund amortizes the option premiums on a straight-line basis on a quarterly period with the unamortized balance due from the counterparty (paid back to the Fund) in the case of a decreasing exposure or full exercise subject to an early exercise fee. For the year ended June 30, 2025, $80,929 of option premiums was amortized.

**Other Investment Companies or Exchange Traded Funds** – The Fund may invest up to 100% of their net assets in shares of affiliated and unaffiliated investment companies, including money market mutual funds, other mutual funds or exchange-traded funds ("ETFs"). An ETF generally is an open-end investment company, unit investment trust or a portfolio of securities deposited with a depository in exchange for depository receipts. ETFs provide investors the opportunity to buy or sell throughout the day an entire portfolio of securities in a single security. Although index mutual funds are similar to index-based ETFs, they are generally sold and redeemed only once per day at market close. The ETFs in which a Fund invests may be subject to liquidity risk. Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the sale of the security at an advantageous time or price. To the extent that the ETFs in which a Fund invests hold securities of companies with smaller market capitalizations or securities with substantial market risk, they will have a greater exposure to liquidity risk. In addition, ETFs are subject to the following risks that do not apply to conventional mutual funds that can be found in "Exchange-Traded Funds" below: (1) the market price of the ETF's shares may trade at a discount to

***Altegris Futures Evolution Strategy Fund***

 **NOTES TO FINANCIAL STATEMENTS (Continued)**

 **June 30, 2025**

their net asset value; (2) an active trading market for an ETF's shares may not develop or be maintained; or (3) trading of an ETF's shares may be halted if the listing exchange deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally. Additionally, ETFs have management fees, which increase their cost. In addition to the advisory and operational fees a Portfolio bears directly in connection with its own operation, the Portfolio also bears its pro rata portion of the advisory and operational expenses incurred indirectly through investments in other investment companies.

**3.** **INVESTMENT TRANSACTIONS AND ASSOCIATED RISKS** 

For the year ended June 30, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, amounted to the following:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $1180000 | $15430000 |

---

During the normal course of business, the Fund purchases and sells various financial instruments, which may result in market, counterparty and liquidity risks, the amount of which is not apparent from the financial statements.

*Market Risk*: Overall securities and derivatives market risks may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities and derivatives markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

*Counterparty Risk:* The Fund invests in derivative instruments issued for the Fund by Nomura Securities ("Nomura"), a Nomura product or other counterparty's products, as applicable (the "Product"). If Nomura or a counterparty becomes insolvent, it may not be able to make any payments under the Product and investors may lose their capital invested in the Product. A decline in Nomura's or any counterparty's financial standing is likely to reduce the market value of the Product and therefore the price an investor may receive for the Product if they sell it in the market.

*Liquidity Risk:* Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, achieve its desired level of exposure to a certain sector, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

**Impact of Derivatives on the Statement of Assets and Liabilities and Statement of Operations**

The following is a summary of the location of derivative investments on the Fund's Statement of Assets and Liabilities as of June 30, 2025:

---

| | |
|:---|:---|
| **Location on the Statement of Assets and Liabilities** | **Location on the Statement of Assets and Liabilities** |
| **Derivative Investment Type** | **Asset Derivatives** |
| Purchased Options | Investment Securities at value |

---

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Equity Risk | Interest Rate Risk | Currency Risk | Commodity Risk | Total |
| Purchased Options | $5555402 | $— | $— | $— | $5555402 |
|  | $5555402 | $— | $— | $— | $5555402 |

---

***Altegris Futures Evolution Strategy Fund***

 **NOTES TO FINANCIAL STATEMENTS (Continued)**

 **June 30, 2025**

The following is a summary of the location of derivative investments on the Fund's Statement of Operations for the year ended June 30, 2025:

<u>Derivative Investment Type</u> <u>Location of Gain (Loss) on Derivative</u> <br> Options Net realized gain/(loss) from purchased options <br> Net change unrealized appreciation/(depreciation) on purchased options

The effect of Derivative Instruments on the Statement of Operations for the year ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Risk Type** | <br>**Derivative** | <br>**Location of Gain/Loss Derivatives** | **Realized Loss**<br>**Derivatives** | **Change in Unrealized**<br>**Depreciation on Derivatives** |
| Equity Risk | Options purchased | Net realized loss on purchased options | $(6387578) |  |
| Equity Risk |  | Net change in unrealized depreciation on purchased options |  | $(571169) |
| Total |  |  | $(6387578) | $(571169) |

---

The notional value of the derivative instruments outstanding as of June 30, 2025 as disclosed in the Schedule of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statement of Operations and Statement of Changes in Net Assets serve as indicators of the volume of derivative activity for the Fund.

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

Altegris Advisors, L.L.C., serves as the Fund's investment advisor (the "Advisor").

Pursuant to an advisory agreement with the Trust, on behalf of the Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a fee computed and accrued daily and paid monthly, based on the Fund's average daily net assets computed at the following annual rates: 1.15% on the first $1 billion, 1.05% on net assets greater than $1 billion and less than or equal to $1.5 billion, 0.95% on net assets greater than $1.5 billion and less than or equal to $2 billion and 0.90% on net assets greater than $2 billion. During the year ended June 30, 2025, the Advisor earned $441,499.

Pursuant to a written agreement (the "Waiver Agreement") the Advisor has contractually agreed to reduce its fees and to reimburse expenses, at least until October 31, 2025, to ensure that total annual Fund operating expenses (exclusive of 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; expenses incurred in connection with any merger or reorganization; and extraordinary expenses such as litigation expenses) will not exceed the amounts below (the "Expense Limitation"). The Board may terminate the Waiver Agreement at any time upon 60 days' notice to the Advisor.

---

| | | |
|:---|:---|:---|
| Class A | Class C | Class I |
| 1.59% | 2.34% | 1.34% |

---

During the year ended June 30, 2025, the Advisor waived $287,923 pursuant to the Waiver Agreement.

If the Advisor waives any fee or reimburses any expense pursuant to the Waiver Agreement, and a Fund's operating expenses are subsequently lower than its respective Expense Limitation, the Advisor shall be entitled to reimbursement by the Fund provided that such reimbursement does not cause the Fund's operating expense to exceed the respective Expense Limitation. If the Fund's operating expenses subsequently exceed the respective expense limitation, the reimbursement for the Fund shall be suspended. The Advisor 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

***Altegris Futures Evolution Strategy Fund***

 **NOTES TO FINANCIAL STATEMENTS (Continued)**

 **June 30, 2025**

after the date of the Waiver Agreement (or any similar agreement). Expenses previously waived or reimbursed subject to the aforementioned conditions will expire as presented in the table below:

---

| | |
|:---|:---|
| Jun-26 | 288278 |
| Jun-27 | 309353 |
| Jun-28 | 287923 |
|  | $885554 |

---

The Trust, on behalf of the Fund, has adopted the Trust's Master Distribution and Shareholder Servicing Plans for Class A and Class C shares (the "Plans") pursuant to Rule 12b-1 under the 1940 Act. The Plans provide that a monthly service and/or distribution fee is calculated by the Fund at an annual rate of 0.25% and 1.00% of the average daily net assets attributable to Class A and Class C shares, respectively. These fees are paid to Northern Lights Distributors, LLC (the "Distributor") to provide compensation for ongoing distribution-related activities and/or maintenance of the Fund's shareholder accounts, not otherwise required to be provided by the Advisor. During the year ended June 30, 2025, pursuant to the Plans, the Fund incurred the following:

---

| | |
|:---|:---|
| **12b-1 Fees** | **12b-1 Fees** |
| Class A | $13610 |
| Class C | 25615 |

---

The Distributor acts as the Fund's principal underwriter in a continuous public offering of the Fund's Class A and Class C shares. During the year ended June 30, 2025, the Distributor received underwriting commissions for sales of Class A and Class C shares, respectively. The amounts of underwriting commissions received from the Fund and retained by the Distributor are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Received** | **Received** | **Retained** | **Retained** |
| | **Class A** | **Class C** | **Class A** | **Class C** |
| Futures Evolution Strategy Fund | None | None | None | None |

---

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 Fund for serving in such capacities. UFS provides a Principal Executive Officer and a Principal Financial Officer to the Trust.

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

---

| | | | |
|:---|:---|:---|:---|
| | Gross Unrealized | Gross Unrealized | Net Unrealized Appreciation/ |
| Tax Cost | Appreciation | Depreciation | Depreciation |
| $28430340 | $383132 | $(260069) | $123063 |

---

***Altegris Futures Evolution Strategy Fund***

 **NOTES TO FINANCIAL STATEMENTS (Continued)**

 **June 30, 2025**

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

The tax character of Fund distributions paid for the following years was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>June 30, 2025 | Fiscal Year Ended<br>June 30, 2024 |
| Ordinary Income | $3818809 | $1364629 |
| Long-Term Capital Gain |  |  |
| Return of Capital |  |  |
|  | $3818809 | $1364629 |

---

As of June 30, 2025, the components of accumulated earnings/(deficit) on a tax basis was 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) |
| $71659 | $— | $— | $(35964647) | $— | $123063 | $(35769925) |

---

The difference between book basis and tax basis unrealized appreciation (depreciation), accumulated net realized gain (loss) from investments, and accumulated net investment income (loss) is primarily attributable to the tax deferral of losses on wash sales.

At June 30, 2025, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

---

| | | |
|:---|:---|:---|
| Short-Term | Long-Term | Total |
| $9627719 | $26336928 | $35964647 |

---

Permanent book and tax differences, primarily attributable to differences in book and tax treatment of controlled foreign corporations held through the options issued from Nomura resulted in reclassifications for the Fund for the fiscal year ended June 30, 2025, as follows:

---

| | |
|:---|:---|
| Paid In | Accumulated |
| Capital | Deficit |
| $(6387578) | $6387578 |

---

**7.** **UNDERLYING INVESTMENTS IN OTHER INVESTMENT COMPANIES** 

The Fund invests in other investment companies. Each underlying fund, including each ETF, is subject to specific risks, depending on the nature of the underlying fund. These risks could include liquidity risk, sector risk, foreign and related currency risk and high yield risk. Investors in the Funds will indirectly bear fees and expenses charged by the underlying investment companies in which the Funds invest in addition to the Funds' direct fees and expenses. The Fund may invest in investment companies. Such investments would subject the Fund to similar risks.

The performance of the Fund will be directly affected by the performance of the DoubleLine Core Fixed Income Fund Class I and the DoubleLine Low Duration Bond Fund Class I. The financial statements of these Funds, including the portfolio of investments, can be found at the Securities and Exchange Commission's ("SEC") website www.sec.gov and should be read in conjunction with the Fund's financial statements. As of June 30, 2025, the percentage of the Fund invested in the DoubleLine Core Fixed Income Fund Class I and the DoubleLine Low Duration Bond Fund Class I was 36.4% and 36.4% respectively.

***Altegris Futures Evolution Strategy Fund***

 **NOTES TO FINANCIAL STATEMENTS (Continued)**

 **June 30, 2025**

**8.** **BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of 25% or more of the outstanding shares of a fund creates a presumption of control of the fund under Section 2(a)(9) of the 1940 Act. As of June 30, 2025, Charles Schwab & Co., Inc. and National Financial Services LLC were record owners of 28.72% and 32.93% respectively of the Fund's outstanding shares. Charles Schwab & Co., Inc. and National Financial Services LLC may be the beneficial owner of some or all the shares or may hold the shares for the benefit of others. As a result, Charles Schwab & Co., Inc. and National Financial Services LLC may be deemed to control the Fund.

**9.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that other than the below that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

The Board, after careful consideration and upon the recommendation of the Advisor, approved a new advisory agreement between the Trust and Winton Capital Management Limited on behalf of the Fund (the "New Advisory Agreement"). If approved by the Fund's shareholders, the New Advisory Agreement is expected to take into effect upon the termination of the Advisory agreement with the Advisor after such approval is obtained.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of Northern Lights Fund Trust and the Shareholders of Altegris Futures Evolution Strategy Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Altegris Futures Evolution Strategy Fund (the "Fund"), one of the funds constituting the Northern Lights Fund Trust (the "Trust"), including the schedule of investments, as of June 30, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights").

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its 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 and financial highlights 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 audit. 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 the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit 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 and financial highlights 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 audit, 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 audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

![(SIGNATURE)](al002_v1.jpg)

Costa Mesa, California

August 28, 2025

We have served as the auditor of one or more Altegris Funds investment companies since 2014.

***Altegris Futures Evolution Strategy Fund***

 **ADDITIONAL INFORMATION**

 **June 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 1-877- 772-5838 by visiting Altegris.com, by referring to the Security and Exchange Commission's ("SEC") website at http://www.sec.gov.

![(ALTEGRIS LOGO)](al001_v1.jpg)

---

| |
|:---|
| **ABOUT ALTEGRIS** |
| Altegris is a pioneer in providing access to alternative sources of income and growth. |
| With one of the leading research and investment teams focused solely on alternatives, Altegris follows a disciplined process for identifying, evaluating, selecting and monitoring investment talent across a spectrum of alternative strategies. |
| For additional information, visit altegris.com |

---

800.828.5225 \| WWW.ALTEGRIS.COM

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

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

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.**

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&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 is attached hereto.](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](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](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.

Northern Lights Fund Trust

Kevin Wolf

---

| | |
|:---|:---|
| By | /s/ Kevin Wolf |
| Principal Executive Officer | Principal Executive Officer |
| Date: 9/5/2025 | Date: 9/5/2025 |

---

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 | /s/ Kevin Wolf |
| Kevin Wolf | Kevin Wolf |
| Principal Executive Officer | Principal Executive Officer |
| Date: 9/5/2025 | Date: 9/5/2025 |

---

---

| | |
|:---|:---|
| By | /s/ Jim Colantino |
| Jim Colantino | Jim Colantino |
| Principal Financial Officer | Principal Financial Officer |
| Date: 9/5/2025 | Date: 9/5/2025 |

---

## Ex-99.Cert

**Certification Pursuant to Section 302 of Sarbanes-Oxley Act**

I, Kevin Wolf, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Northern Lights Fund Trust ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

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

---

| | |
|:---|:---|
| Date: 9/5/2025 | /s/ Kevin Wolf |
|  | Kevin Wolf |
|  | Principal Executive Officer |

---

**Certification Pursuant to Section 302 of Sarbanes-Oxley Act**

I, Jim Colantino, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Northern Lights Fund Trust ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

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

---

| | |
|:---|:---|
| Date: 9/5/2025 | /s/ Jim Colantino |
|  | Jim Colantino |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**certification PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT**

Kevin Wolf, Principal Executive Officer, and Jim Colantino, Principal Financial Officer 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 June 30, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, 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.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer | Principal Executive Officer | Principal Financial Officer | Principal Financial Officer |
| Kevin Wolf | Kevin Wolf | Jim Colantino | Jim Colantino |
| /s/ Kevin Wolf | /s/ Kevin Wolf | /s/ Jim Colantino | /s/ Jim Colantino |
| Kevin Wolf | Kevin Wolf | Jim Colantino | Jim Colantino |
| Date: | 9/5/2025 | Date: | 9/5/2025 |

---

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.

## 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.

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