# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-25-004126
**Filing Date:** 2025-7
**Character Count:** 129027
**Document Hash:** 7ab0382f970d007a97038a1a4caedc6a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004126.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001580642-25-004126

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250708

**DATE AS OF CHANGE**: 20250708

**EFFECTIVENESS DATE**: 20250708

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 251110716

**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

### Toews Agility Shares Dynamic Tactical Income ETF (Series ID: S000060136)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000196833 | Toews Agility Shares Dynamic Tactical Income ETF | THY             |

### Toews Agility Shares Managed Risk ETF (Series ID: S000060147)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000196860 | Toews Agility Shares Managed Risk ETF | MRSK            |

?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)

---

| |
|:---|
| The Corporation Trust Company |
| 1209 Orange Street |
| Wilmington, DE 19801 |
| (Name and address of agent for service) |

---

Registrant's telephone number, including area code: <u>631-470-2600</u>

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

**Item 1. Reports to Stockholders.** 

(a) Tailored Shareholder Report

#### Toews Agility Shares Dynamic Tactical Income ETF
(THY) NYSE Arca, Inc.

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

# Fund Overview
This annual shareholder report contains important information about Toews Agility Shares Dynamic Tactical Income ETF for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://toewsetfs.com/etfs/thy-dynamic-tactical-income-etf/**. You can also request this information by contacting us at 1-800-511-9270.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Toews Agility Shares Dynamic Tactical Income ETF | $97 | 0.95% |

---

# How did the Fund perform during the reporting period?
Performance Overview:

The Fund returned 4.04%, underperforming the Bloomberg U.S. Aggregate Bond Index, which rose 8.02% during the fiscal year.

Key Performance Drivers:

The Fund's tactical allocation model navigated a complex interest rate and credit environment marked by shifting economic data, geopolitical risks, and volatility in high-yield spreads. The Fund entered and exited high-yield positions multiple times in response to these signals, most notably in January and March 2025, which led to performance drag due to whipsaw effects. However, the Fund remained fully invested in high-yield bonds during stronger periods such as Q3 2024, contributing to its positive return. In Q4 2024 and Q1 2025, risk-off signals prompted the fund to reduce exposures, helping mitigate drawdowns during market weakness.

Strategic Techniques:

THY does not seek to track a specific index but rather employs a rules-based model to tactically allocate across fixed income sectors. When fully invested, the Fund targets exposure to high-yield corporate bonds, with the ability to shift to investment-grade, TIPS, Treasuries, or cash. Its dynamic approach allows for rapid adjustments in response to technical market indicators and macroeconomic trends. The strategy tends to underperform in strong or sideways markets but seeks to add value by avoiding major downturns through defensive rotation.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ica32c0861d62cc72783d5b19.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Toews Agility Shares Dynamic Tactical Income ETF - NAV** | **ICE BofA High Yield U.S. Corporates Cash Pay Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **06/24/20** | $10000 | $10000 | $10000 |
| **04/30/21** | $10441 | $11247 | $9887 |
| **04/30/22** | $10088 | $10689 | $9045 |
| **04/30/23** | $9882 | $10819 | $9007 |
| **04/30/24** | $10306 | $11781 | $8874 |
| **04/30/25** | $10722 | $12804 | $9586 |

---

***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.***

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (June 24, 2020) |
| Toews Agility Shares Dynamic Tactical Income ETF - NAV | 4.04% | 1.45% |
| ICE BofA High Yield U.S. Corporates Cash Pay Index | 8.69% | 5.23% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.87% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $36636797 |
| Number of Portfolio Holdings | 4 |
| Advisory Fee (net of waivers) | $128206 |
| Portfolio Turnover | 679% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5a92f7047c58c6c445531321.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 100.0% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i8bc865825d810b24806a77b4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Fixed Income | 99.6% |

---

# Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares Fallen Angels USD Bond ETF | 24.9% |
| SPDR Portfolio High Yield Bond ETF | 24.9% |
| Xtrackers USD High Yield Corporate Bond ETF | 24.9% |
| iShares Broad USD High Yield Corporate Bond ETF | 24.9% |

---

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

#### Toews Agility Shares Dynamic Tactical Income ETF

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

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://toewsetfs.com/etfs/thy-dynamic-tactical-income-etf/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-THY

#### Toews Agility Shares Managed Risk ETF
(MRSK) NYSE Arca, Inc.

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

# Fund Overview
This annual shareholder report contains important information about Toews Agility Shares Managed Risk ETF for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://toewsetfs.com/etfs/mrsk-managed-risk-etf/**. You can also request this information by contacting us at 1-800-511-9270.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Toews Agility Shares Managed Risk ETF | $99 | 0.95% |

---

# How did the Fund perform during the reporting period?
Performance Overview:

The Fund returned 7.98%, underperforming the S&P 500 Total Return Index, which gained 12.10%, and the CBOE S&P 500 BuyWrite Index, which returned 9.50%.

Key Performance Drivers:

MRSK maintained full equity exposure via S&P 500 ETFs throughout the year, hedged by long-dated put options (LEAPs) and short-term options strategies. The Fund's hedges proved beneficial during the Q1 2025 correction, when the S&P 500 declined over 10% from its February peak. However, the Fund's put spreads and LEAP hedges detracted from returns during equity rallies in Q2 and Q4 2024. The strategy's net effect was to limit downside during stress periods while slightly lagging in strong uptrends.

Strategic Techniques:

The Fund uses a structured, derivative-based strategy to maintain equity market exposure while managing downside risk. It invests in S&P 500 ETFs and implements hedging through long puts and put spreads. Option premium is offset by writing out-of-the-money calls and additional put spreads, aiming to lower the net cost of hedging. This disciplined framework is designed to preserve capital in drawdowns while still participating in equity market growth.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic98de570fba11467b9ec114c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Toews Agility Shares Managed Risk ETF - NAV** | **CBOE S&P 500<sup>®</sup> BuyWrite Index** | **S&P 500<sup>®</sup> Index** |
| **06/24/20** | $10000 | $10000 | $10000 |
| **06/30/20** | $10184 | $10167 | $10166 |
| **09/30/20** | $10952 | $10830 | $11074 |
| **12/31/20** | $11668 | $11647 | $12420 |
| **03/31/21** | $12210 | $12315 | $13187 |
| **06/30/21** | $12966 | $12940 | $14314 |
| **09/30/21** | $12970 | $13115 | $14397 |
| **12/31/21** | $14053 | $14031 | $15985 |
| **03/31/22** | $13495 | $14147 | $15250 |
| **06/30/22** | $12382 | $12601 | $12794 |
| **09/30/22** | $12177 | $11645 | $12170 |
| **12/31/22** | $12394 | $12437 | $13090 |
| **03/31/23** | $13099 | $13177 | $14071 |
| **06/30/23** | $14021 | $13739 | $15301 |
| **09/30/23** | $13442 | $13348 | $14800 |
| **12/31/23** | $14053 | $13907 | $16531 |
| **03/31/24** | $14990 | $14744 | $18276 |
| **06/30/24** | $15447 | $14963 | $19059 |
| **09/30/24** | $15772 | $15792 | $20180 |
| **12/31/24** | $16045 | $16705 | $20667 |
| **03/31/25** | $15416 | $16189 | $19784 |
| **04/30/25** | $15645 | $15925 | $19650 |

---

***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.***

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception (June 24, 2020) |
| Toews Agility Shares Managed Risk ETF - NAV | 7.98% | 9.67% |
| CBOE S&P 500<sup>®</sup> BuyWrite Index | 9.50% | 10.07% |
| S&P 500<sup>®</sup> Index | 12.10% | 14.95% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $265412227 |
| Number of Portfolio Holdings | 3 |
| Advisory Fee (net of waivers) | $1420742 |
| Portfolio Turnover | 6% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i307483bd11311fdf90e12f87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 90.2% |
| Purchased Options | 9.8% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i7e8b44fa108485ca7f1944a4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 4.3% |
| Future Option | 8.8% |
| Equity | 86.9% |

---

# Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares Core S&P 500 ETF | 86.9% |
| CMC E-Mini Standard & Poor's 500 Index Future, 12/18/26 5850.0 Put | 9.5% |
| CMC E-Mini Standard & Poor's 500 Index Future, 06/20/25 5775.0 Call | -0.7% |

---

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

#### Toews Agility Shares Managed Risk ETF

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

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://toewsetfs.com/etfs/mrsk-managed-risk-etf/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-MRSK

(b) 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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $34200 <br> 2024 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $34200 |

---

---

| | |
|:---|:---|
| (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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7800 <br> 2024 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7800 |

---

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

---

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

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and has a separately designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange Act. The registrant's audit committee members are Mark Garbin, Mark D. Gersten, Anthony J.Hertl, Gary W. Lanzen, John V. Palancia and Mark H. Taylor.

**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) ---

| |
|:---|
| ![(LOGO)](to001_v1.jpg) |
| **TOEWS AGILITY SHARES DYNAMIC TACTICAL INCOME ETF** |
| **(Ticker THY)** |
| **TOEWS AGILITY SHARES MANAGED RISK ETF** |
| **(Ticker MRSK)** |
| **April 30, 2025** |
| **Annual Financial Statements and Additional Information** |
| ***Advised by:*** |
| Toews Corporation |
| 1750 Zion Road, Suite 201 |
| Northfield, NJ 08225 |
| www.toewsetfs.com |
| 1-800-511-9270 |

---

---

| |
|:---|
| **TOEWS AGILITY SHARES DYNAMIC TACTICAL INCOME ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.6%** |  |
|  | **FIXED INCOME - 99.6%** |  |
| 249000 | iShares Broad USD High Yield Corporate Bond ETF | $9113400 |
| 347100 | iShares Fallen Angels USD Bond ETF | 9121788 |
| 392300 | SPDR Portfolio High Yield Bond ETF | 9120975 |
| 253100 | Xtrackers USD High Yield Corporate Bond ETF | 9119193 |
|  |  | 36475356 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $36,528,934)** | 36475356 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $36,528,934)** | $36475356 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%** | 161441 |
|  | **NET ASSETS - 100.0%** | $36636797 |

---

ETF - Exchange-Traded Fund <br>SPDR - Standard & Poor's Depositary Receipt

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS AGILITY SHARES MANAGED RISK ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 86.9%** | **EXCHANGE-TRADED FUNDS — 86.9%** | **EXCHANGE-TRADED FUNDS — 86.9%** | **EXCHANGE-TRADED FUNDS — 86.9%** |  |
|  | **EQUITY - 86.9%** | **EQUITY - 86.9%** | **EQUITY - 86.9%** | **EQUITY - 86.9%** |  |
| 413740 | iShares Core S&P 500 ETF | iShares Core S&P 500 ETF | iShares Core S&P 500 ETF | iShares Core S&P 500 ETF | $230850369 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $239,444,218)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $239,444,218)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $239,444,218)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $239,444,218)** |  |
| **Contracts<sup>(a)</sup>** | **Counterparty** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Value** |  |
|  | **FUTURE OPTIONS PURCHASED - 9.5%** | **FUTURE OPTIONS PURCHASED - 9.5%** |  |  |  |
|  | **PUT OPTIONS PURCHASED - 9.5%** | **PUT OPTIONS PURCHASED - 9.5%** |  |  |  |
| 895 | EDF | 12/18/2026 | $5850 | $260019875 | $25115938 |
|  | **TOTAL PUT OPTIONS PURCHASED (Cost - $20,702,905)** | **TOTAL PUT OPTIONS PURCHASED (Cost - $20,702,905)** |  |  |  |
|  | **TOTAL INVESTMENTS - 96.4% (Cost $260,147,123)** | **TOTAL INVESTMENTS - 96.4% (Cost $260,147,123)** |  |  | $255966307 |
|  | **CALL OPTIONS WRITTEN - (0.7)% (Premiums received - $2,081,124)** | **CALL OPTIONS WRITTEN - (0.7)% (Premiums received - $2,081,124)** |  |  | (1867750) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 4.3%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 4.3%** |  |  | 11313670 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  | $265412227 |
|  | **Counterparty** | **Expiration <br> Date** | **Exercise<br> Price** | **Notional<br> Value** |  |
|  | **FUTURE OPTIONS WRITTEN - (0.7)%** | **FUTURE OPTIONS WRITTEN - (0.7)%** |  |  |  |
|  | **CALL OPTIONS WRITTEN - (0.7)%** | **CALL OPTIONS WRITTEN - (0.7)%** |  |  |  |
| 482 | EDF | 06/20/2025 | $5775 | $134646700 | $1867750 |
|  | **TOTAL FUTURE OPTIONS WRITTEN (Premiums received - $2,081,124)** | **TOTAL FUTURE OPTIONS WRITTEN (Premiums received - $2,081,124)** | **TOTAL FUTURE OPTIONS WRITTEN (Premiums received - $2,081,124)** |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of <br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br> Amount<sup>(b)</sup>** | **Fair Value and <br> Unrealized <br> Appreciation** |
| 126 | CME E-Mini Standard & Poor's 500 Index EDF | 06/23/2025 | $35198100 | $1862761 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

---

| |
|:---|
| ETF - Exchange-Traded Fund |
| EDF- ED&F Man Capital Markets, Inc. |

---

<sup>(a)</sup> Each contract is equivalent to one futures contract.

<sup>(b)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

See accompanying notes to financial statements.

---

| |
|:---|
| **Toews Agility Shares ETFs** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Dynamic Tactical**<br>**Income ETF** | **Managed**<br>**Risk ETF** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $36528934 | $260147123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value | $36475356 | $255966307 |
| &nbsp;&nbsp;&nbsp;Cash | 185770 | 5978795 |
| &nbsp;&nbsp;&nbsp;Deposits at broker for options and futures contracts |  | 3654087 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts |  | 1862761 |
| &nbsp;&nbsp;&nbsp;Dividends receivable |  | 466 |
| &nbsp;&nbsp;&nbsp;Securities lending income receivable | 20 |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 9859 | 9840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 36671005 | 267472256 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Audit and tax fees payable | 20984 | 20972 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 9281 | 166211 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 429 | 4176 |
| &nbsp;&nbsp;&nbsp;Options written, at fair value (premiums received $0 and $2,081,124) |  | 1867750 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 3514 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 34208 | 2060029 |
| **NET ASSETS** | $**36636797** | $**265412227** |
| **Net Assets Consist Of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital (a) | $41569639 | $284268265 |
| &nbsp;&nbsp;&nbsp;Accumulated gain (loss) | (4932842) | (18856038) |
| **NET ASSETS** | $**36636797** | $**265412227** |
| **Net Asset Value Per Share:** |  |  |
| Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**36636797** | $**265412227** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (a) | **1675000** | **8275000** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**21.87** | $**32.07** |

---

(a) Unlimited number of shares of beneficial
 interest authorized, no par value.

See accompanying notes to financial statements.

---

| |
|:---|
| **Toews Agility Shares ETFs** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Dynamic Tactical**<br>**Income ETF** | **Managed**<br>**Risk ETF** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $1570195 | $2071716 |
| &nbsp;&nbsp;&nbsp;Interest | 397294 | 542510 |
| &nbsp;&nbsp;&nbsp;Securities lending income, net | 2779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 1970268 | 2614226 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 279678 | 1541873 |
| &nbsp;&nbsp;&nbsp;Administration fees | 56487 | 114395 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 26505 | 63496 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 20997 | 20997 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 18601 | 17001 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 16681 | 16581 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 10801 | 10001 |
| &nbsp;&nbsp;&nbsp;Legal fees | 10543 | 11043 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 10067 | 20273 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 9628 | 16551 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 2719 | 4519 |
| &nbsp;&nbsp;&nbsp;Interest expense |  | 1638 |
| &nbsp;&nbsp;&nbsp;Other expenses | 1501 | 11201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 464208 | 1849569 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived and expenses reimbursed by the Adviser | (151472) | (121131) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 312736 | 1728438 |
| **NET INVESTMENT INCOME** | 1657532 | 885788 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OPTIONS AND FUTURES CONTRACTS** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments | (528641) | 1544765 |
| &nbsp;&nbsp;&nbsp;Net realized loss from futures contracts | (66804) | (124313) |
| &nbsp;&nbsp;&nbsp;Net realized loss from options purchased |  | (7399493) |
| &nbsp;&nbsp;&nbsp;Net realized loss from options written |  | (6163436) |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 37752 | 35480663 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 42229 | (22221816) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on futures contracts | (119) | 2262296 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on options purchased |  | 7187838 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on options written |  | 607387 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OPTIONS AND FUTURES CONTRACTS** | (515583) | 11173891 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**1141949** | $**12059679** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Toews Agility Shares Dynamic Tactical Income ETF** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**April 30, 2025** | **Year Ended**<br>**April 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1657532 | $1636869 |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments, options and futures contracts | (595445) | (420768) |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 37752 | 207578 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, options and futures contracts | 42110 | (217361) |
| Net increase in net assets resulting from operations | 1141949 | 1206318 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions paid | (1629365) | (1591645) |
| Net decrease in net assets from distributions to shareholders | (1629365) | (1591645) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 11810098 | 8878981 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (5592990) | (17053687) |
| Net increase (decrease) in net assets from shares of beneficial interest | 6217108 | (8174706) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 5729692 | (8560033) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 30907105 | 39467138 |
| &nbsp;&nbsp;&nbsp;End of Year | $**36636797** | $**30907105** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 525000 | 400000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (250000) | (775000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares from beneficial interest outstanding | 275000 | (375000) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Toews Agility Shares Managed Risk ETF** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**April 30, 2025** | **Year Ended**<br>**April 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $885788 | $802295 |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments, options and futures contracts | (12142477) | (5664265) |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 35480663 | 1004428 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, options and futures contracts | (12164295) | 10994434 |
| Net increase in net assets resulting from operations | 12059679 | 7136892 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid | (869790) | (725615) |
| Net decrease in net assets from distributions to shareholders | (869790) | (725615) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 264212784 | 88469237 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (139026051) | (15765363) |
| Net increase in net assets from shares of beneficial interest | 125186733 | 72703874 |
| **TOTAL INCREASE IN NET ASSETS** | 136376622 | 79115151 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 129035605 | 49920454 |
| &nbsp;&nbsp;&nbsp;End of Year | $**265412227** | $**129035605** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 8075000 | 3075000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (4125000) | (550000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares from beneficial interest outstanding | 3950000 | 2525000 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Toews Agility Shares Dynamic Tactical Income ETF** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**April 30, 2025** | **Year Ended**<br>**April 30, 2024** | **Year Ended**<br>**April 30, 2023** | **Year Ended**<br>**April 30, 2022** | **Period Ended**<br>**April 30, 2021 (a)** |
| Net asset value, beginning of year/period | $22.08 | $22.24 | $23.69 | $25.29 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 1.13 | 1.10 | 0.84 | 0.45 | 0.43 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments (c) | (0.24) | (0.17) | (1.31) | (1.29) | 0.66 |
| Total from investment operations | 0.89 | 0.93 | (0.47) | (0.84) | 1.09 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.10) | (1.09) | (0.80) | (0.48) | (0.44) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.17) | (0.28) | (0.36) |
| Total distributions | (1.10) | (1.09) | (0.98) | (0.76) | (0.80) |
| Net asset value, end of year/period | $21.87 | $22.08 | $22.24 | $23.69 | $25.29 |
| Market price, end of year/period | $21.89 | $22.08 | $22.24 | $23.69 | $25.26 |
| Total return (d) | 4.04% | 4.30% | (2.05)% | (3.38)% | 4.41 % (e) |
| Market Price Total return (d) | 4.13% | 4.30% | (2.05)% | (3.27)% | 4.29 % (e) |
| Net assets, end of year/period (000s) | $36637 | $30907 | $39467 | $34353 | $38564 |
| Ratio of gross expenses to average net assets (g)(h) | 1.41% | 1.39% | 1.31% | 1.27% | 1.19 % (f) |
| Ratio of net expenses to average net assets (g) | 0.95% | 0.95% | 0.95% | 0.95% | 0.95 % (f) |
| Ratio of net investment income to average net assets (i) | 5.04% | 5.02% | 3.65% | 1.85% | 1.99 % (f) |
| Portfolio Turnover Rate (j) | 679% | 486% | 614% | 548% | 595 % (e) |

---

(a) The Fund commenced operations on June
 24, 2020.

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

(c) Realized and unrealized gain (loss)
 per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may
 not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions during the year.

(d) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates. Total return would have been lower absent fee waiver/expense reimbursement.

(e) Not annualized.

(f) Annualized.

(g) Does not include the expenses of other
 investment companies in which the Fund invests.

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

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

(j) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in creation units.

See accompanying notes to financial statements.

---

| |
|:---|
| **Toews Agility Shares Managed Risk ETF** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period Presented |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**April 30, 2025** | **Year Ended**<br>**April 30, 2024** | **Year Ended**<br>**April 30, 2023** | **Year Ended**<br>**April 30, 2022** | **Period Ended**<br>**April 30, 2021 (a)** |
| Net asset value, beginning of year/period | $29.83 | $27.73 | $27.39 | $30.11 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (b) | 0.16 | 0.24 | 0.20 | (0.01) | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments (c) | 2.23 | 2.03 | 0.43 | 1.48 | 6.27 |
| Total from investment operations | 2.39 | 2.27 | 0.63 | 1.47 | 6.31 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.06) |  | (0.04) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.11) | (0.29) | (4.15) | (1.12) |
| Total distributions | (0.15) | (0.17) | (0.29) | (4.19) | (1.20) |
| Net asset value, end of year/period | $32.07 | $29.83 | $27.73 | $27.39 | $30.11 |
| Market price, end of year/period | $31.98 | $29.90 | $27.82 | $27.33 | $30.11 |
| Total return (d) | 7.98% | 8.23% | 2.36% | 4.06% | 25.69 % (e) |
| Market Price Total return (d) | 7.42% | 8.13% | 2.92% | 3.82% | 25.70 % (e) |
| Net assets, end of year/period (000s) | $265412 | $129036 | $49920 | $30819 | $6775 |
| Ratio of gross expenses to average net assets (g)(h)(k) | 1.02% | 1.09% | 1.32% | 1.79% | 3.46 % (f) |
| Ratio of net expenses to average net assets (g)(k) | 0.95% | 0.95% | 0.95% | 0.96% | 0.96 % (f) |
| Ratio of net investment income (loss) to average net assets (i)(k) | 0.49% | 0.82% | 0.76% | (0.05)% | 0.17 % (f) |
| Portfolio Turnover Rate (j) | 6% | 9% | 13% | 335% | 522 % (e) |

---

(a) The Fund commenced operations on June
 24, 2020.

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

(c) Realized and unrealized gain (loss)
 per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may
 not reconcile with aggregate gains and losses in the Statement of Operations due to timing of share transactions during the year.

(d) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates. Total return would have been lower absent fee waiver/expense reimbursement.

(e) Not annualized.

(f) Annualized.

(g) Does not include the expenses of other
 investment companies in which the Fund invests.

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

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

(j) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in creation units.

(k) Excluding interest expense, the following
 ratios would have been:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross expenses to average net assets (g) | 1.02% | 1.09% | 1.32% | 1.78% | 3.45% (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses to average net assets (g) | 0.95% | 0.95% | 0.95% | 0.95% | 0.95 % (f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) to average net assets (i) | 0.49% | 0.82% | 0.76% | (0.04)% | 0.18 % (f) |

---

See accompanying notes to financial statements.

**Toews Agility Shares ETFs NOTES TO FINANCIAL STATEMENTS April 30, 2025**

**(1)** **ORGANIZATION** 

The Toews Agility Shares Dynamic Tactical Income ETF (the "Income Fund") and Toews Agility Shares Managed Risk ETF (the "Managed Risk Fund") (each a "Fund," collectively the "Funds"), are each a series of shares of beneficial interest of the Northern Lights Fund Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware on January 19, 2005, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company. The Funds commenced operations on June 24, 2020. The Funds are actively managed exchange traded funds ("ETFs") that are each a "fund of funds" in that the Funds will generally invest in other investment companies. The Income Fund's investment objective is to seek to provide income. The Income Fund seeks to achieve its investment objective by investing primarily in ETFs; options on ETFs, equities and indices; futures and options that invest in or are otherwise exposed to domestic and foreign high-yield debt instruments. The Managed Risk Fund's investment objective is to provide income and long-term growth of capital, while limiting risk. The Managed Risk Fund seeks to achieve its investment objective by investing at least 80% of its net assets, plus any amounts of borrowing, in: 1) equity and equity index futures, 2) equity index options, 3) options on equity index futures, 4) options on ETFs, 5) ETFs that invest primarily in common stocks, 6) ETFs that invest primarily in fixed income securities, 7) common stocks, 8) fixed income securities and 9) cash or cash equivalents.

**(2)** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (''GAAP"), and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies," including FASB Accounting Standards Update 2013-08.

*Operating Segments* – The Funds have 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 each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio managers and Chief Financial Officer of the Funds. Each Fund operates as a single operating segment. Each 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 each Fund, using the information presented in the financial statements and financial highlights.

*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. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust's Board of Trustees (the "Board") based on methods that include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". The Funds may fair value a particular bond if the adviser does not believe that the round lot value provided by the independent pricing service reflects fair value of the Funds' holding. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase may be valued at amortized cost (which approximates fair value). Exchange traded options, futures and options on futures are valued at the final settle price or, in the absence of a sale price, at the mean between the current bid and ask prices on the

**Toews Agility Shares ETFs NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025**

day of valuation. Index options shall be valued at the mean between the current bid and ask prices on the day of valuation. Investments in open-end investment companies are valued at net asset value.

The Funds may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These investments are valued using the "fair value" procedures approved by the Board. The Board has designated the adviser as its valuation designee (the "Valuation Designee") to execute these procedures. The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**Fair Valuation Process –** The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that affects the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a 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 investments, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of a 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.

*Options Transactions –* The Funds are subject to equity price risk in the normal course of pursuing their investment objective and may purchase or sell options to help hedge against risk. When a Fund writes put and call options, an amount equal to the premium received is included in the Statements of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Funds enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Funds have no control over whether the option will be exercised and, as a result, retain the market risk of an unfavorable change in the price of the security underlying the written option.

**Toews Agility Shares ETFs NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025**

The Funds may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in the Funds' portfolios or to gain inverse exposure to market index. If such a decline occurs, the put options will permit the Funds to sell the securities underlying such options at the exercise price, or to close out the options at a profit. Call options are purchased to allow the Funds to enter a futures contract or purchase an exchange-traded note at a specified price. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Funds upon exercise of the option, and, unless the price of the underlying security, index, or future rises or declines sufficiently, the option may expire worthless to the Funds. In addition, in the event that the price of the security, index, or future in connection with which an option was purchased moves in a direction favorable to a Fund, the benefits realized by the Funds as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Funds since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

*Valuation of Underlying Funds* - The Funds may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). Investment companies are valued at their respective net asset values as reported by such investment companies. Open-end investment companies 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 to the methods established by the board of directors of the open-end funds. The shares of many closed-end investment companies and ETFs, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company or ETF purchased by the Funds will not change.

*Exchange Traded Funds –* The Funds may invest in ETFs; ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities in which it invests, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

*Futures Contracts -* The Funds are subject to equity price risk risk in the normal course of pursuing their investment objectives. The Funds may purchase or sell futures contracts to hedge against market risk and to reduce return volatility. Initial margin deposits required upon entering into futures contracts as presented in deposit at broker for futures contracts in the Statements of Assets and Liabilities are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Funds' agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, the Funds recognize a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Funds' basis in the contract. If the Funds were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Funds would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. The Funds segregate liquid securities having a value at least equal to the amount of the current obligation under any open futures contract. Risks may exceed amounts recognized in the Statements of Assets and Liabilities. With futures, there is minimal counterparty credit risk to the Funds because futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

**Toews Agility Shares ETFs NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025**

In unusual circumstances, securities may be valued at their fair value as determined in good faith by the Trust's Fair Value Committee and in accordance with the Trust's Portfolio Securities Valuation Procedures (the "Procedures"). The Board will review the fair value method in use for securities requiring a fair market value determination at least quarterly. The Procedures consider, among others, the following factors to determine a security's fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security.

The Funds utilize 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 Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

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

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

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

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

**Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $36475356 | $— | $— | $36475356 |
| Total | $36475356 | $— | $— | $36475356 |

---

**Managed Risk Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $230850369 | $— | $— | $230850369 |
| Future Options Purchased | 25115938 |  |  | 25115938 |
| Open Long Futures Contracts | 1862761 |  |  | 1862761 |
| Total | $257829068 | $— | $— | $257829068 |
| Liabilities\* | Level 1 | Level 2 | Level 3 | Total |
| Future Options Written | $1867750 | $— | $— | $1867750 |
| Total | $1867750 | $— | $— | $1867750 |

---

The Funds did not hold any Level 2 or Level 3 securities during the period.

\* Refer to the Schedule of Investments for portfolio composition.

**Toews Agility Shares ETFs NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025**

**Offsetting of Financial Assets and Derivative Assets**

The Funds' policy is to recognize a net asset or liability equal to the net variation margin for futures contracts. During the year ended April 30, 2025, the Funds were not subject to any master netting arrangements. The following table shows additional information regarding the offsetting of assets and liabilities at April 30, 2025 for the Funds.

**Managed Risk Fund**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Net Amounts of | | | |
|  | | | Gross Amounts | Assets & Liabilities | | | |
|  | Gross Amounts | Gross Amounts | Offset in the | Presented in the | | | Net Amount of |
|  | of Recognized | of Recognized | Statement of | Statement of Assets | Financial | Cash Collateral | Assets & |
| Description | Assets | Liabilities | Assets & Liabilities | & Liabilities | Instruments | Pledged \* | Liabilities |
| Futures Contracts | $1862761 | $— | $— | $1862761 | $— | $— | $1862761 |
| Future Options Purchased | 25115938 |  |  | 25115938 |  |  | 25115938 |
| Future Options Written |  | (1867750) |  | (1867750) |  | 1867750 |  |
| Total | $26978699 | $(1867750) | $— | $25110949 | $— | $1867750 | $26978699 |

---

\* Collateral pledged is limited to the net outstanding amount due to/from one individual counterparty. The actual collateral amounts pledged may exceed these amounts and fluctuate in value. Please refer to the Statement of Assets and Liabilities for the total collateral held as of April 30, 2025.

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

The following is a summary of the location of derivative investments on the Funds' Statements of Assets and Liabilities as of April 30, 2025:

**Managed Risk Fund**

---

| | | | |
|:---|:---|:---|:---|
| Derivative Investments Type | Risk | Location on the Statement of Assets and Liabilities | Amount |
| Future Options Purchased | Equity | Investment Securities at Fair Value | $25115938 |
| Future Options Written | Equity | Options Written at Fair Value | (1867750) |
| Futures Contracts | Equity | Unrealized Appreciation on Futures Contracts | 1862761 |

---

The following is a summary of the location of derivative investments in the Funds' Statements of Operations for the year ended April 30, 2025:

**Income Fund**

---

| | | | |
|:---|:---|:---|:---|
| Derivative |  |  |  |
| Investments Type | Risk | Location of Gain/Loss on Derivative | Amount |
| Futures Contracts | Interest | Net Realized Loss from Futures Contracts | (66804) |
| Futures Contracts | Interest | Net Change in Unrealized Depreciation on Futures Contracts | (119) |

---

**Managed Risk Fund**

---

| | | | |
|:---|:---|:---|:---|
| Derivative |  |  |  |
| Investments Type | Risk | Location of Gain/Loss on Derivative | Amount |
| Options Purchased | Equity | Net Realized Loss from Options Purchased | $(7399493) |
| Options Written | Equity | Net Realized Loss from Options Written | (6163436) |
| Futures Contracts | Equity | Net Realized Loss from Futures Contracts | (124313) |
| Options Purchased | Equity | Net Change in Unrealized Appreciation on Options Purchased | 7187838 |
| Options Written | Equity | Net Change in Unrealized Appreciation on Options Written | 607387 |
| Futures Contracts | Equity | Net Change in Unrealized Appreciation on Futures Contracts | 2262296 |

---

**Toews Agility Shares ETFs NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025**

The derivative instruments outstanding as of April 30, 2025 as disclosed in the Schedules of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed in the Statements of Operations serve as indicators of the volume of derivative activity for the Funds.

**Security Transactions and Related Income**

Security transactions are accounted for on trade date basis. Interest income is recognized on an accrual basis. 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**

Ordinarily, dividends from net investment income, if any, are declared and paid monthly by the Income Fund and annually by the Managed Risk Fund. The Funds distribute their net realized capital gains, if any, to shareholders 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**

The Funds intend to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no provision for federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended April 30, 2022, to April 30, 2024, or expected to be taken in the Fund's April 30, 2025, year-end tax returns. The Funds identified their major tax jurisdictions as U.S. Federal and Ohio. The Funds are 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.

**Expenses**

Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable (as determined by the Board), taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

**Indemnification**

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

**(3)** **CASH – CONCENTRATION IN UNINSURED ACCOUNT** 

For cash management purposes, the Funds may concentrate cash with the Funds' custodian. This typically results in cash balances exceeding the Federal Deposit Insurance Corporation ("FDIC") insurance limits. As of April 30, 2025, the Managed Risk Fund held $5,978,595 in cash at Brown Brothers Harriman & Co. that exceeded the FDIC insurance limit of $250,000 per account.

**Toews Agility Shares ETFs NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025**

**(4)** **INVESTMENT TRANSACTIONS** 

For the year ended April 30, 2025, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments) for the Income Fund amounted to $180,292,861 and $165,472,490, respectively. For the year ended April 30, 2025, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions for the Income Fund, amounted to $8,897,781 and $2,781,217, respectively.

For the year ended April 30, 2025, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments) for the Managed Risk Fund amounted to $132,968,588 and $8,802,296, respectively. For the year ended April 30, 2025, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions for the Managed Risk Fund, amounted to $117,679,944 and $137,594,598, respectively.

**(5)** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

Toews Corporation serves as the Funds' investment adviser (the "Adviser"). Pursuant to an investment advisory agreement with the Funds, the Adviser, subject to the authority of the Board, is responsible for managing the day to day operations of the Funds, including: selecting the overall investment strategies. As compensation for its services, the Funds pay to the Adviser an annual advisory fee (computed daily and paid monthly) at an annual rate of 0.85% of its average daily net assets. For the year ended April 30, 2025, the Income Fund and Managed Risk Fund incurred advisory fees of $279,678 and $1,541,873, respectively.

The Adviser, pursuant to an expense limitation agreement (the "Agreement") has contractually agreed to reduce the Funds' fees and/or absorb expenses of each Fund until at least August 31, 2025 to ensure that total annual Fund operating expenses after fee waiver and reimbursement (exclusive of any taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which a Fund may invest, or extraordinary expenses such as litigation) will not exceed 0.95% of average daily net assets. The Agreement may be terminated by the Board on 60 days' written notice to the Adviser. These fee waivers and expense reimbursements are subject to possible recoupment from the applicable Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. No reimbursement amount will be paid to the Adviser in any fiscal quarter unless the Board has determined in advance that a reimbursement is in the best interest of the Funds and its shareholders. For the year ended April 30, 2025, the Income Fund and Managed Risk Fund waived advisory fees in the amount of $151,472 and $121,131, respectively.

As of April 30, 2025, the total amount of expense reimbursement subject to recapture for the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expires**<br>**April 30, 2026** | **Expires**<br>**April 30, 2027** | **Expires**<br>**April 30, 2028** |<br>**Total** |
| Income Fund | $133279 | $144888 | $151472 | $429639 |
| Managed Risk Fund | $138595 | $138824 | $121131 | $398550 |

---

The Trust, with respect to the Funds, has adopted a distribution and service plan ("the Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Funds are authorized to pay distribution fees to Northern Lights Distibutors, LLC (the "Distributor") and other firms that provide distribution and shareholder services ("Service Providers"). If a Service Provider provides these services, the Funds may pay fees at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act.

No distribution or service fees are currently paid by the Funds and there are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Funds.

**Toews Agility Shares ETFs NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025**

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

<u>Ultimus Fund Solutions, LLC ("UFS")</u>, an affiliate of the Distributor, provides administration and fund accounting services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration and fund accounting services to the Funds. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Funds for servicing in such capacities.

<u>BluGiant, LLC ("BluGiant")</u>, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, BluGiant receives customary fees from the Funds.

<u>Northern Lights Compliance Services, LLC ("NLCS")</u>, 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 Funds.

**(6)** **CAPITAL SHARE TRANSACTIONS** 

Shares are not individually redeemable and may be redeemed by the Funds at NAV only in large blocks known as "Creation Units." Shares are created and redeemed by the Funds only in Creation Unit size aggregations of 25,000 shares. Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of a Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, a Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Funds in effecting trades. A fixed fee payable to the Custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate a Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Fixed Fee, the "Transaction Fees"). Transactions in capital shares for each Fund are disclosed in the Statements of Changes in Net Assets.

The Transaction Fees for the Funds are listed in the table below:

---

| | |
|:---|:---|
| <br>&nbsp;&nbsp; **Fee for In-Kind and Cash Purchases** | &nbsp;&nbsp;**Maximum Additional Variable Charge for Cash**<br>&nbsp;&nbsp;**Purchases\*** |
| &nbsp;&nbsp;$200 | &nbsp;&nbsp;2.00% |

---

\* The maximum Transaction Fee may be up to 2.00% of the amount invested.

For the year ended April 30, 2025, the fixed and variable fees were as follows:

---

| | | |
|:---|:---|:---|
|  | **Fixed Fees** | **Variable Fees** |
| Income Fund | $3400 | $— |
| Managed Risk Fund | $15000 | $— |

---

**Toews Agility Shares ETFs NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025**

**(7)** **PRINCIPAL INVESTMENT RISKS** 

The Funds' investments in securities, financial instruments and derivatives expose it to various risks, certain of which are discussed below. Please refer to the Funds' prospectus and statement of additional information for a full listing of risks associated with the Funds' investments which include, but are not limited to: authorized participant concentration risk, cybersecurity risk, derivatives risk, futures risk, gap risk, leverage risk, limited history of operations risk, management risk, newly-formed company risk, options risk and securities market risk.

*Underlying Fund Risk* - 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, as well as risks associated with real estate investments and commodities. Investors in a Fund will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the Fund's direct fees and expenses.

*Derivatives Risk* - The derivative instruments in which the Funds may invest, including futures, options and other similar instruments, may be more volatile than other instruments. The risks associated with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing or improper valuation. Changes in the market value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Funds could lose more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that a particular derivative position will be available when sought by the portfolio manager.

*ETF Structure Risks:* The Funds are structured as ETFs and as a result is subject to the special risks, including:

● *Not Individually Redeemable*. Funds' shares are not individually redeemable and may be redeemed by the Funds at NAV only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Funds' shares to constitute a Creation Unit.

● *Trading Issues.* Trading in Funds' shares on the NYSE Arca, Inc. (the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Funds' shares inadvisable, such as extraordinary market volatility. There can be no assurance that Funds' shares will continue to meet the listing requirements of the Exchange. An active trading market for the Funds' shares may not be developed or maintained. If the Funds' shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Funds' shares.

● *Market Price Variance Risk.* The market prices of Funds' shares will fluctuate in response to changes in NAV and supply and demand for Funds' shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly and you may pay more than NAV when buying Funds' shares on the secondary market, and you may receive less than NAV when you sell those Funds' shares. The market price of Funds' shares, like the price of any exchange-traded security, includes a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. In times of severe market disruption, the bid-ask spread often increases significantly. This means that Funds' shares may trade at a discount to NAV and the discount is likely to be greatest when the price of Funds' shares are falling fastest, which may be the time that you most want to sell your Funds' shares. The Funds' investment results are measured based upon the daily NAV of the Funds over a period of time. Investors purchasing and selling Funds' shares in the secondary market may not experience investment results consistent with those experienced by those creating and redeeming directly with the Funds.

**Toews Agility Shares ETFs NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025**

In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Funds' shares and the Funds' NAV.

● The market price for the Funds' shares may deviate from the Funds' NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Funds' shares than the Funds' NAV, which is reflected in the bid and ask price for Funds' shares or in the closing price.

● When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Funds' shares is open, there may be changes from the last quote of the closed market and the quote from the Funds' domestic trading day, which could lead to differences between the market value of the Funds' shares and the Funds' NAV.

● In stressed market conditions, the market for the Funds' shares may become less liquid in response to the deteriorating liquidity of the Funds' portfolio. This adverse effect on the liquidity of the Funds' shares may, in turn, lead to differences between the market value of the Funds' shares and the Funds' NAV.

*Fluctuation of Net Asset Value Risk:* The NAV of the Funds' shares will generally fluctuate with changes in the market value of the Funds' holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the shares on the Exchange. The Adviser cannot predict whether the shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for the Shares will be closely related to, but not identical to, the same forces influencing the prices of the Funds' holdings trading individually or in the aggregate at any point in time. In addition, unlike conventional ETFs, the Funds are not index funds. The Funds are actively managed and does not seek to replicate the performance of a specified index. Index based ETFs have generally traded at prices which closely correspond to NAV per share. Actively managed ETFs have a limited trading history and, therefore, there can be no assurance as to whether and/or the extent to which the Shares will trade at premiums or discounts to NAV.

*Market Risk* - Overall market risks may also affect the value of the Funds. The market values of securities or other investments owned by each Fund will go up or down, sometimes rapidly or unpredictably. Factors such as economic growth and market conditions, interest rate levels, exchange rates and political events affect the securities markets. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. Unexpected local, regional or global events and their aftermath, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; recessions and depressions; or other tragedies, catastrophes and events could have a significant impact on the Funds and its investments and could result in increased premiums or discounts to the Funds' NAV, and may impair market liquidity, thereby increasing liquidity risk. Such events can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. The Funds could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. In times of severe market disruptions you could lose your entire investment.

*Securities Lending Risk* - The Funds may lend portfolio securities to institutions, such as banks and certain broker-dealers. A Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund (see additional information at Note 10).

*Portfolio Turnover Risk* - As a Fund principally investing in Underlying Funds, higher portfolio turnover within the Underlying Funds will result in higher transactional and brokerage costs for the Underlying Funds. Similarly, a higher portfolio turnover rate for the Fund itself will result in higher transactional and brokerage costs. Active trading may also increase a Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

**Toews Agility Shares ETFs NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025**

**(8)** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The identified cost of investments in securities owned by each Fund for federal income tax purposes and its respective gross unrealized appreciation and depreciation at April 30, 2025, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>Tax Cost |<br>Gross Unrealized<br>Appreciation |<br>Gross Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
| Income Fund | $37668873 | $— | $(1193517) | $(1193517) |
| Managed Risk Fund | 264555166 | 6489167 | (15083015) | (8593848) |

---

**(9)** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of Fund distributions paid for the year ended April 30, 2025, and April 30, 2024, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **For the period ended April 30, 2025:**<br>**Ordinary**<br>**Income** |<br>**Long-Term**<br>**Capital Gains** |<br>**Return**<br>**of Capital** |<br>**Tax-Exempt**<br>**Income** |<br>**Total** |
| Income Fund | 1629365 |  |  |  | 1629365 |
| Managed Risk Fund | 869790 |  |  |  | 869790 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **For the period ended April 30, 2024:**<br>**Ordinary**<br>**Income** |<br>**Long-Term**<br>**Capital Gains** |<br>**Return**<br>**of Capital** |<br>**Tax-Exempt**<br>**Income** |<br>**Total** |
| Income Fund | 1591645 |  |  |  | 1591645 |
| Managed Risk Fund | 725615 |  |  |  | 725615 |

---

As of April 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Income Fund | 73391 |  | (1301335) | (2511381) |  | (1193517) | (4932842) |
| Managed Risk Fund | 817992 |  |  | (11080182) |  | (8593848) | (18856038) |

---

The difference between book basis and tax basis undistributed net investment income/(loss), accumulated net realized gains, and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales and mark-to-market on open options and futures contracts.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such capital losses as follows:

---

| | | |
|:---|:---|:---|
| | **Post October** | **Post October** |
| <br>**Portfolio** | **Losses** | **Losses** |
| Income Fund |  | 1301335 |
| Managed Risk Fund |  |  |

---

**Toews Agility Shares ETFs NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | | |
| <br>**Portfolio** |<br>**Short-Term** |<br>**Long-Term** |<br>**Total** |<br>**CLCF**<br>**Utilized** |
| Income Fund | 2504871 | 6510 | 2511381 | 1809539 |
| Managed Risk Fund | 5254589 | 5825593 | 11080182 |  |

---

Permanent book and tax differences, primarily attributable book/tax basis treatment of realized gain (loss) on in-kind redemptions resulted in reclassifications for the Funds for the period ended April 30, 2025 as follows:

---

| | | |
|:---|:---|:---|
| <br>**Portfolio** | **Paid**<br>**In**<br>**Capital** |<br>**Accumulated**<br>**Earnings (Losses)** |
| Income Fund | 58564 | (58564) |
| Managed Risk Fund | 35480663 | (35480663) |

---

**(10)** **SECURITIES LENDING** 

The Income Fund has entered into a securities lending arrangement with the Securities Finance Trust Company ("SFTC"). Under an agreement (the "Securities Lending Agreement") with SFTC, the Income Fund can lend its portfolio securities to brokers, dealers and other financial institutions approved by the Board to earn additional income. For each securities loan, the borrower shall transfer collateral in an amount determined by applying the margin to the market value of the loaned available securities (102% for same currency and 105% for cross currency) . Collateral is invested in highly liquid, short-term instruments such as money market funds in accordance with the Income Fund's security lending procedures. The Income Fund continues to receive interest or dividends on the securities loaned. The Income Fund has the right under the Securities Lending Agreement to recover the securities from the borrower on demand; if the borrower fails to deliver the securities on a timely basis, the Income Fund could experience delays or losses on recovery. Additionally, the Income Fund is subject to the risk of loss from investments made with the cash received as collateral. The Income Fund manages credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third party borrowers that provide in the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third-party borrower's rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty. As of April 30, 2025, the Income Fund did not have any securities out on loan.

**(11)** **UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES** 

The Income Fund and the Managed Risk Fund invest in other ETFs. Each ETF is subject to specific risks depending on the nature of the ETF. 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 performance of the Managed Risk Fund will be directly affected by the performance of the iShares Core S&P 500 ETF. The annual report for these securities, along with the report of the independent registered public accounting firm are included in these securities' Form N-CSRs available at "www.sec.gov". As of April 30, 2025, the percentage of the Managed Risk Fund's net assets invested in the iShares Core S&P 500 ETF was 86.9%.

**Toews Agility Shares ETFs NOTES TO FINANCIAL STATEMENTS (Continued) April 30, 2025**

**(12)** **SUBSEQUENT EVENTS** 

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Northern Lights Fund Trust

and the Shareholders of Toews Agility Shares Dynamic Tactical Income ETF and Toews Agility Shares Managed Risk ETF

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Toews Agility Shares Dynamic Tactical Income ETF and Toews Agility Shares Managed Risk ETF (collectively, the Funds), each a separate series of the Northern Lights Fund Trust, including the schedules of investments, as of April 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the related notes to the financial statements (collectively, the financial statements), and the financial highlights for each of the four years in the period then ended and for the period from June 24, 2020 (commencement of operations) through April 30, 2021. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of April 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from June 24, 2020 (commencement of operations) through April 30, 2021, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of April 30, 2025, by correspondence with the custodians and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ RSM US LLP

We have served as the auditor to one or more of the Toews Funds since 2013.

Denver, Colorado

June 27, 2025

**Toews Agility Shares ETFs ADDITIONAL INFORMATION April 30, 2025**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

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

Not applicable.

**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.** 

Not applicable

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

Not applicable

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

Not applicable

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

Not applicable

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

None

**Item 16. Controls and Procedures**

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

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

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

Not applicable

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

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers.](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

---

| |
|:---|
| By <u>/s/ Kevin E. Wolf</u> |
| Kevin E. Wolf |
| Principal Executive Officer |
| Date: 7/3/2025 |

---

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 <u>/s/ Kevin E. Wolf</u> |
| Kevin E. Wolf |
| Principal Executive Officer |
| Date: 7/3/2025 |
| By <u>/s/ Jim Colantino</u> |
| Jim Colantino |
| Principal Financial Officer |
| Date: 7/3/2025 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Kevin E. 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: 7/3/25 | <u>/s/ Kevin E. Wolf</u> |
|  | Kevin E. Wolf |
|  | Principal Executive Officer |

---

**Certification** [Exhibit 99. CERT]

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: 7/3/2025 | <u>/s/ Jim Colantino</u> |
|  | Jim Colantino |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**certification** [Exhibit 99.906 CERT]

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended April 30, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), 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 |
| Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust |
| /s/ Kevin E. Wolf | /s/ Kevin E. Wolf | /s/ Jim Colantino | /s/ Jim Colantino |
| Kevin E. Wolf | Kevin E. Wolf | Jim Colantino | Jim Colantino |
| Date: | 7/3/2025 | Date: | 7/3/2025 |

---

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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