# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-25-005820
**Filing Date:** 2025-9
**Character Count:** 27406
**Document Hash:** 23a18174ff2c42de51f5957e8416bf1c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005820.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001580642-25-005820

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-122917
- **FILM NUMBER:** 251296015

**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 Hedged Oceana Fund (Series ID: S000027929)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000084893 | Toews Hedged Oceana Fund | THIDX           |

![](image_003.jpg)

***Toews Hedged Oceana Fund***

**THIDX**

**Summary Prospectus**

**August 28, 2025**

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information, both dated August 28, 2025, along with the Fund's Annual Report dated April 30, 2025, are incorporated by reference into this Summary Prospectus. You can obtain these documents and other information about the Fund online at https://toewscorp.com/mutual-funds-2/. You can also obtain these documents at no cost by calling 1-877-558-6397 or by sending an email request to OrderToews@ultimusfundsolutions.com.

**Investment Objectives:** The Fund seeks to provide long-term growth of capital. A secondary objective of the Fund is to limit risk during unfavorable market conditions.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | |
|:---|:---|
| **Shareholder Fees**<br> *(fees paid directly from your investment)* | |
| Maximum Sales Charge (Load) Imposed on Purchases |  |
| Maximum Deferred Sales Charge (Load) |  |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions |  |
| Redemption Fee |  |
| **Annual Fund Operating Expenses**<br> *(expenses that you pay each year as a percentage of the value of your investment)* |  |
| Management Fees | 1.00% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Expense | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Other Expenses | 0.65% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.02% |
| Total Annual Fund Operating Expenses | 1.68% |
| Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | (0.40)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Acquired Fund Fees and Expenses are the indirect costs of investing in other investment
companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because
the financial statements include only the direct operating expenses incurred by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Fund's adviser has contractually agreed to reduce its fees and/or absorb
expenses of the Fund, through at least August 31, 2026, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement
(exclusive of any (i) front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses;
(iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example
options and swap fees and expenses); (v) borrowing costs<br>
(such as interest and dividend expense on securities sold short); (vi) taxes; (vii) other fees related to underlying investments; (such
as option fees and expenses or swap fees and expenses); or (viii) extraordinary expenses such as litigation (which may include indemnification
of Fund officers and Trustees or contractual indemnification of Fund service providers (other than the adviser) will not exceed 1.25%;
subject to possible recoupment from the 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 does not cause the Fund's expense ratio (after the repayment is taken into account)
to exceed both:<br>
(i) the Fund's expense cap in place at the time such expenses were waived, and (ii) the Fund's current expense cap at the
time of recoupment. This agreement may be terminated only by the Board of Trustees on 60 days' written notice to the adviser.

**Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example further assumes that the expense limitation described in the footnotes to the fee table is in effect only until the end of the 1-year period. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **<u>1 Year</u>** | **<u>3 Years</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| $130 | $491 | $875 | $1954 |

---

**Portfolio Turnover:** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 150% of the average value of its portfolio.

**Principal Investment Strategies:** The adviser seeks to achieve the Fund's investment objectives by investing primarily in securities linked to "developed market" issuers outside the U.S. or stock indices compromised of non-U.S. developed market issuers, as well as ETFs, futures contracts, investment grade fixed-income securities, cash equivalents (such as US Treasury securities) and futures contracts on investment grade fixed-income securities and US Treasury securities. The Fund defines non-U.S. developed markets as those countries included in the FTSE Developed All Cap ex US Index (the "FTSE Index"). As of May 2025, the FTSE Index countries are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Korea, the Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Similarly, the Fund defines non-U.S. developed market derivatives as those linked to securities of issuers in FTSE Index countries.

The adviser employs what it defines as a "tactical" strategy by investing in a combination of securities and derivatives that it believes will produce economic exposure along a continuum similar to that of the securities in the FTSE Index. The Fund's secondary objective is to limit risk during unfavorable market conditions. During unfavorable market conditions there may be periods when the Fund will take a significant position in cash or cash equivalents. The adviser may use a "representative sampling" indexing strategy to manage the Fund. This indexing strategy involves investing in a representative sample of securities that collectively has an investment profile similar to that of the FTSE Index.

The Fund may purchase and sell put and call options on broad-based market and futures market indices. A put option is a contract giving the owner the right, but not the obligation, to sell–or sell short–a specified amount of an underlying security at a pre-determined price within a specified time frame. A call option is a contract giving the option buyer the right, but not the obligation, to buy an asset or instrument at a specified price within a specific time period. The Fund may sell short ETFs that primarily invest in equities including equity index ETFs as well as futures contracts, and derivatives on equities and equity indices. Short selling is an investment strategy that speculates on the decline in the price of a security.

The adviser primarily uses technical analysis, including monitoring price movements and momentum, of developed international markets in an effort to identify the proper weighting of the Fund's portfolio. The adviser buys and sells securities and derivatives to increase or decrease the Fund's exposure to the countries that make up the FTSE Index. The adviser's decision to buy or sell a Fund holding will be made based on current market conditions and the adviser's determination of the appropriate exposure level to securities representative of the FTSE Index. Equity index futures contracts trade on margin. To gain exposure to an Equity index futures contract, a certain percentage of the Fund's assets may be allocated to a futures broker as collateral. This collateral amount is much less than the notional exposure to the underlying index. The Fund may allocate the cash or securities not needed for collateral to fixed income ETFs and/or other fixed income securities and/or fixed income derivatives. The Fund's allocation to fixed income ETFs and/or other fixed income securities may be significant. The Fund's adviser may engage in active and frequent trading of the Fund's portfolio securities and derivatives to achieve the Fund's investment objectives.

**Principal Risks: *As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance. The Fund is not designed to be a complete investment program.***

&nbsp;&nbsp;&nbsp;&nbsp;· *Allocation Risk:* The risk that if the Fund's strategy for allocating assets among different
assets classes does not work as intended, the Fund may not achieve its objective or may underperform other funds with the same or similar
investment strategy.

&nbsp;&nbsp;&nbsp;&nbsp;· *Credit Risk:* Issuers of fixed-income securities may default on interest and principal payments
due to the Fund. Generally, securities with lower debt ratings have speculative characteristics and have greater risk the issuer will
default on its obligation. For high-yield bonds, changes in economic conditions or other circumstances are more likely to lead to a weakened
capacity of those issuers to make principal or interest payments, as compared to issuers of more highly-rated securities. These securities
can also be thinly traded or have restrictions on resale, making them difficult to sell at an acceptable price.

&nbsp;&nbsp;&nbsp;&nbsp;· *Derivatives Risk:* The Fund may execute an investment strategy or hedge by entering into derivative
contracts such as futures and swaps, which can be riskier than traditional investments because they involve leverage, may be illiquid,
may suffer counterparty default and may limit gains.

&nbsp;&nbsp;&nbsp;&nbsp;· *ETF and Underlying Fund Risk:* ETFs and Underlying Funds are subject to investment advisory fees
and other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund will be higher than the
cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in securities. Each ETF is subject to
specific risks, depending on its investments. ETFs in which the Fund invests will not be able to replicate exactly the performance of
the indices they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting
the actual balance of the securities. The market value of the ETF shares may differ from their net asset value. This difference in price
may be due to the fact that the supply and demand in the market for ETF shares at any point in time is not always identical to the supply
and demand in the market for the underlying basket of securities. Accordingly, there may be times when an ETF share trades at a premium
or discount to its net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;· *Fixed Income Risk:* When the Fund invests in fixed income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of bond funds
owned by the Fund. In general, the market price of debt securities with longer maturities will increase or decrease more in response to
changes in interest rates than shorter-term securities. Issuers of fixed-income securities may default on interest and principal payments
due to the Fund. Generally, securities with lower debt ratings have speculative characteristics and have greater risk the issuer will
default on its obligation.

&nbsp;&nbsp;&nbsp;&nbsp;· *Foreign Risk:* The Fund could be subject to greater risks because the Fund's performance may
depend on issues other than the performance of a particular company or U.S. market sector. Changes in foreign economies and political
climates are more likely to affect the Fund than a mutual fund that invests exclusively in U.S. companies. The value of foreign securities
is also affected by the value of the local currency relative to the U.S. dollar.

&nbsp;&nbsp;&nbsp;&nbsp;· *Futures Risk:* Investments in futures involve leverage, which means a small percentage of assets
invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal
amount invested. Futures contracts may become mispriced or improperly valued when compared to the adviser's expectation and may
not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly
with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends
unlike the stocks upon which they are based.

&nbsp;&nbsp;&nbsp;&nbsp;· *Hedging Risk:* When the adviser believes market conditions are unfavorable, the adviser may attempt
to "hedge" with defensive positions and strategies including holding substantial positions in foreign or domestic fixed-income
securities and/or cash equivalents, which may limit potential gains when compared to unhedged funds.

&nbsp;&nbsp;&nbsp;&nbsp;· *Interest Rate Risk:* When the Fund invests in fixed-income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of the fixed-income
securities owned by the Fund. In general, the market price of debt securities with longer maturities will increase or decrease more in
response to changes in interest rates than shorter-term securities.

&nbsp;&nbsp;&nbsp;&nbsp;· *Investment-Grade Corporate Bonds:* Debt securities of industrial, utility, banking and other financial
institutions that are rated at or above investment grade (BBB/Baa or higher). These securities are backed by the credit of the corporation
issuing the fixed-income instrument as to the timely repayment of principal and interest.

&nbsp;&nbsp;&nbsp;&nbsp;· *Issuer Risk:* Fund value might decrease in response to the activities and financial prospects of
an individual company or issuer in the Fund's portfolio. The value of an individual issuer can be more volatile than the market
as a whole and can perform differently from the value of the market as a whole. The value of certain types of companies or issuers can
be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

&nbsp;&nbsp;&nbsp;&nbsp;· *Management Risk:* The ability of the Fund to meet its investment objective is directly related to
the adviser's investment model. The models used by the adviser to determine or guide investment decisions may not achieve the objectives
of the Fund. The adviser's assessment of the attractiveness and potential appreciation of particular investments or markets in which
the Fund invests may prove to be incorrect and there is no guarantee that the adviser's investment strategy will produce the desired
results.

&nbsp;&nbsp;&nbsp;&nbsp;· *Margin Risk:* Certain derivatives require the Fund to make margin payments, a form of security deposit
intended to protect against nonperformance of the derivative contract. The Fund may have to post additional margin if the value of the
derivative position changes in a manner adverse to the Fund. Derivatives may be difficult to value, which may result in increased payment
requirements to counterparties or a loss of value to the Fund. If the Fund has insufficient cash to meet additional margin requirements,
it might need to sell securities at a disadvantageous time.

&nbsp;&nbsp;&nbsp;&nbsp;· *Market and Geopolitical Risk:* The increasing interconnectivity between global economies and financial
markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different
country, region or financial market. Securities in the Fund may underperform due to inflation (or expectations for inflation), interest
rates, global demand for particular products or resources, natural disasters, climate-change and climate-related events, pandemics, epidemics,
terrorism, tariff and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence
of global events similar to those in recent years, such as a worldwide pandemic, terrorist attacks, natural disasters, social and political
discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and
global financial markets. It is difficult to predict when similar events affecting the U.S. or global

financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund. For example, the COVID-19 global pandemic had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long the impacts of the significant events described above would last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, the Fund 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. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions you could lose your entire investment.

&nbsp;&nbsp;&nbsp;&nbsp;· *Options Risk:* There are risks associated with the sale and purchase of call and put options. As
the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option.
As a seller (writer) of a put option, the Fund will tend to lose money if the value of the reference index or security falls below the
strike price. As the seller (writer) of a call option, the Fund will tend to lose money if the value of the reference index or security
rises above the strike price.

&nbsp;&nbsp;&nbsp;&nbsp;· *Portfolio Turnover Risk:* Portfolio turnover results in higher brokerage commissions, dealer mark-ups
and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset
gains in the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;· *Short Sales Risk:* The Fund will engage in short selling and short position derivative activities,
which are significantly different from the investment activities commonly associated with conservative stock or bond funds. Positions
in shorted securities and derivatives are speculative and more risky than "long" positions (purchases) because the cost of
the replacement security or derivative is unknown. Therefore, the potential loss on an uncovered short is unlimited, whereas the potential
loss on long positions is limited to the original purchase price. You should be aware that any strategy that includes selling securities
short could suffer significant losses. Shorting will also result in higher transaction costs (such as interest and dividends), which reduce
the Fund's return, and may result in higher taxes.

&nbsp;&nbsp;&nbsp;&nbsp;· *Tax Inefficiency:* The adviser expects that most of the gains generated by the Fund will be categorized
as short-term capital gains which will be subject to higher tax rates than long-term capital gains. Given the potential tax-inefficiency
of the Fund, investors should consider investing through a tax-deferred account and carefully consider the tax consequences before investing.

&nbsp;&nbsp;&nbsp;&nbsp;· *U.S. Treasury Risk:* Although the Fund invests in short-term Treasury obligations, an investment
in the Fund is subject to risk even if all securities in the Fund are paid in full at maturity. All money market instruments, including
U.S. Treasury obligations, can change in value in response to changes in interest rates, and a major change in rates could cause the share
price to change. While U.S. Treasury obligations are backed by the full faith and credit of the U.S. government, an investment in the
Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation, U.S. government or any other government agency.

**Performance:** The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund's shares for each full calendar year since the Fund's inception. The performance table compares the performance of the Fund's shares over time to the performance of a broad-based securities market index. You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available at no cost by calling 1-877-558-6397.

**Performance Bar Chart**

**Calendar Years Ended December 31**

![](image_004.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter: | 3/31/2017 | 7.37% |
| Worst Quarter: | 12/31/2011 | (16.74)% |

---

The total return for Fund shares from January 1, 2025 to June 30, 2025 was 15.50%.

**Performance Table**

**Average Annual Total Returns**

**(For periods ended December 31, 2024)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ***One<br> Year*** | ***Five<br> Years*** | ***Ten<br> Years*** | ***Since Inception<br> of the Fund<br> (6-4-10)*** |
| Return before taxes | 2.50% | 2.12% | 1.99% | 0.47% |
| Return after taxes on distributions | 1.08% | 1.49% | 1.58% | 0.11% |
| Return after taxes on distributions and sale of Fund shares | 1.48% | 1.39% | 1.38% | 0.23% |
| MSCI EAFE Index<sup>\*</sup> (*reflects no deduction for fees, expense or taxes)* | 3.82% | 4.73% | 5.20% | 6.45% |

---

\* The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Investors cannot invest directly in an index or benchmark.

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").

**Adviser:** Toews Corporation is the Fund's investment adviser.

**Portfolio Managers:** Phillip Toews, President, Jason Graffius, Chief Operating Officer, Randall Schroeder, Managing Director of Synthesis Investments, and Charles Collins, Head of Trading, each of the adviser, serve as the Fund's Co-Portfolio Managers and are jointly and primarily responsible for the day-to-day management of the Fund. Messrs. Toews and Schroeder have each served the Fund in this capacity since the Fund commenced operations in 2010. Mr. Graffius has served the Fund in this capacity since August 2014. Mr. Collins has served the Fund in this capacity since August 2017.

**Purchase and Sale of Fund Shares:** The minimum initial investment to open any type of account is $10,000. The minimum subsequent investment is $100 for all accounts. You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open. Redemptions requests may be made in writing, by telephone, on the Fund's website, or through a financial intermediary and will be paid by check or wire transfer.

**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-free plan. Withdrawals from your tax-free plan may be taxable.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.