# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-26-001710
**Filing Date:** 2026-3
**Character Count:** 211768
**Document Hash:** 45afa1a4b6cc6264de3763e54040512e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001710.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001580642-26-001710

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**EFFECTIVENESS DATE**: 20260310

**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:** 26738160

**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

### BTS Tactical Fixed Income Fund (Series ID: S000040719)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000126293 | BTS Tactical Fixed Income Fund Class A Shares | BTFAX           |
| C000126294 | BTS Tactical Fixed Income Fund Class C Shares | BTFCX           |
| C000126295 | BTS Tactical Fixed Income Fund Class I Shares | BTFIX           |
| C000150698 | BTS Tactical Fixed Income Fund Class R Shares | BTFRX           |

### BTS Managed Income Fund (Series ID: S000061476)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000199071 | BTS Managed Income Fund Class A Shares | BTSAX           |
| C000199072 | BTS Managed Income Fund Class C Shares | BTSCX           |
| C000199073 | BTS Managed Income Fund Class I Shares | BTSIX           |
| C000199074 | BTS Managed Income Fund Class R Shares | BTSRX           |

### BTS Enhanced Equity Income Fund (Series ID: S000085575)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000250884 | BTS Enhanced Equity Income Fund - Class A |  |
| C000250886 | BTS Enhanced Equity Income Fund - Class I |  |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

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

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

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

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

Date of fiscal year end: <u>12/31</u> <br>Date of reporting period: <u>12/31/2025</u>

**Item 1. Reports to Stockholders.**

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

# BTS Enhanced Equity Income Fund

## Class A Shares (EEQAX)

## Annual Shareholder Report - December 31, 2025
![Image](i92ffe23d2a79fde8c6bbc9a1.jpg)

## Fund Overview
This annual shareholder report contains important information about BTS Enhanced Equity Income Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at**https://www.btsfunds.com/funds/enhanced-equity-income.html**. You can also request this information by contacting us at 1-877-287-9820.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A Shares | $158 | 1.55% |

---

## How did the Fund perform during the reporting period?
In 2025, the BTS Enhanced Equity Income Fund (Class I) returned 4.12%, while Class A returned 3.81%. The S&P 500 Index returned 17.88%. In April 2025, risk assets suffered downside volatility due to unexpected fiscal policy on global trade and tariffs. The policies created global instability and introduced uncertainty in the economic outlook that affected stocks broadly across sectors. This resulted in roughly a -10% decline in the Fund compared to roughly a -15% decline for the S&P 500 from the start of the year levels to the lows in April. After April, the Fund underperformed the S&P 500 into the end of the year due to the Fund's tilt towards value-factor allocations in its three underlying equity strategies, BTS Dividend Aristocrats (40%), BTS Equity Fortress (30%), and BTS Highest Yielding Equity (20%). These strategies aim to invest in equities with increasing year-over-year dividend payouts, strong balance sheets, and stocks with high yields in their respective sectors under value-driven fundamental and quantitative allocation models as well as an emphasis on attractive relative valuation models. In 2025, markets rewarded growth heavy, artificial intelligence (AI) related technology stocks that make up a large percentage of the S&P 500 Index. AI-related investments and deals dominated capital flows and were favored in the current interest rate cycle against the value-driven allocations with reasonable or undervalued valuations that the Fund aims to invest in.

Additionally, high money market interest rates set by the Federal Reserve dampened flows into yielding equities, and especially high yielding equities, as relative risk-return profiles remained in favor of the risk-free money market rate that held a lower bound range of 3.50%-4.25% over 2025. This negatively impacted the three yield-focused strategies of the Fund aiming to participate in sustained and attractive dividend yields, which make up the majority of the Fund: BTS Dividend Aristocrats (40%), BTS Highest Yielding Equity (20%), and BTS Covered Calls (10%).

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i1ad4455ba29d09c113ab8b2d.jpg)

---

| | | |
|:---|:---|:---|
| | **BTS Enhanced Equity Income Fund** | **S&P 500<sup>®</sup> Index** |
| **Oct-2024** | $9625 | $10000 |
| **Dec-2024** | $9045 | $10258 |
| **Dec-2025** | $9390 | $12092 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (October 4, 2024)** |
| BTS Enhanced Equity Income Fund |  |  |
| Without Load | 3.81% | -1.97% |
| With Load | -0.08% | -4.95% |
| S&P 500<sup>®</sup> Index | 17.88% | 16.54% |

---

***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. For updated performance call 1-877-287-9820.***

## **Fund Statistics** 
* Net Assets$8,572,247

* Number of Portfolio Holdings54

* Advisory Fee (net of waivers)$0

* Portfolio Turnover177%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i042d34eaa73f4f535a56c71e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 89.8% |
| Exchange-Traded Funds | 8.0% |
| Money Market Funds | 2.2% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if2615429f0a61c2a5d9c5b74.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 2.2% |
| Materials | 4.5% |
| Real Estate | 4.5% |
| Energy | 5.4% |
| Health Care | 6.3% |
| Consumer Staples | 6.3% |
| Financials | 6.7% |
| Equity | 8.0% |
| Industrials | 8.0% |
| Consumer Discretionary | 8.0% |
| Technology | 9.4% |
| Communications | 13.8% |
| Utilities | 16.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Consolidated Edison, Inc. | 8.4% |
| Ameren Corporation | 5.5% |
| Alphabet, Inc., Class A | 4.2% |
| Meta Platforms, Inc., Class A | 4.2% |
| JPMorgan Equity Premium Income ETF | 4.0% |
| JPMorgan Nasdaq Equity Premium Income ETF | 4.0% |
| Exelon Corporation | 2.8% |
| Comcast Corporation, Class A | 2.7% |
| Snap-on, Inc. | 2.7% |
| Fidelity Investments Money Market Government Portfolio, Class I | 2.2% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](i92ffe23d2a79fde8c6bbc9a1.jpg)

# BTS Enhanced Equity Income Fund - Class A Shares (EEQAX)

## Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.btsfunds.com/funds/enhanced-equity-income.html**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-EEQAX

# BTS Enhanced Equity Income Fund

## Class I Shares (EEQIX)

## Annual Shareholder Report - December 31, 2025
![Image](i92ffe23d2a79fde8c6bbc9a1.jpg)

## Fund Overview
This annual shareholder report contains important information about BTS Enhanced Equity Income Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at**https://www.btsfunds.com/funds/enhanced-equity-income.html**. You can also request this information by contacting us at 1-877-287-9820.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I Shares | $133 | 1.30% |

---

## How did the Fund perform during the reporting period?
In 2025, the BTS Enhanced Equity Income Fund (Class I) returned 4.12%, while Class A returned 3.81%. The S&P 500 Index returned 17.88%. In April 2025, risk assets suffered downside volatility due to unexpected fiscal policy on global trade and tariffs. The policies created global instability and introduced uncertainty in the economic outlook that affected stocks broadly across sectors. This resulted in roughly a -10% decline in the Fund compared to roughly a -15% decline for the S&P 500 from the start of the year levels to the lows in April. After April, the Fund underperformed the S&P 500 into the end of the year due to the Fund's tilt towards value-factor allocations in its three underlying equity strategies, BTS Dividend Aristocrats (40%), BTS Equity Fortress (30%), and BTS Highest Yielding Equity (20%). These strategies aim to invest in equities with increasing year-over-year dividend payouts, strong balance sheets, and stocks with high yields in their respective sectors under value-driven fundamental and quantitative allocation models as well as an emphasis on attractive relative valuation models. In 2025, markets rewarded growth heavy, artificial intelligence (AI) related technology stocks that make up a large percentage of the S&P 500 Index. AI-related investments and deals dominated capital flows and were favored in the current interest rate cycle against the value-driven allocations with reasonable or undervalued valuations that the Fund aims to invest in.

Additionally, high money market interest rates set by the Federal Reserve dampened flows into yielding equities, and especially high yielding equities, as relative risk-return profiles remained in favor of the risk-free money market rate that held a lower bound range of 3.50%-4.25% over 2025. This negatively impacted the three yield-focused strategies of the Fund aiming to participate in sustained and attractive dividend yields, which make up the majority of the Fund: BTS Dividend Aristocrats (40%), BTS Highest Yielding Equity (20%), and BTS Covered Calls (10%).

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i56c71613306f5f2212a3b350.jpg)

---

| | | |
|:---|:---|:---|
| | **BTS Enhanced Equity Income Fund** | **S&P 500<sup>®</sup> Index** |
| **Jun-2024** | $10000 | $10000 |
| **Dec-2024** | $10148 | $10844 |
| **Dec-2025** | $10567 | $12783 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (June 28, 2024)** |
| BTS Enhanced Equity Income Fund | 4.12% | 3.72% |
| S&P 500<sup>®</sup> Index | 17.88% | 17.66% |

---

***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. For updated performance call 1-877-287-9820.***

## **Fund Statistics** 
* Net Assets$8,572,247

* Number of Portfolio Holdings54

* Advisory Fee (net of waivers)$0

* Portfolio Turnover177%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i042d34eaa73f4f535a56c71e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 89.8% |
| Exchange-Traded Funds | 8.0% |
| Money Market Funds | 2.2% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if2615429f0a61c2a5d9c5b74.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 2.2% |
| Materials | 4.5% |
| Real Estate | 4.5% |
| Energy | 5.4% |
| Health Care | 6.3% |
| Consumer Staples | 6.3% |
| Financials | 6.7% |
| Equity | 8.0% |
| Industrials | 8.0% |
| Consumer Discretionary | 8.0% |
| Technology | 9.4% |
| Communications | 13.8% |
| Utilities | 16.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Consolidated Edison, Inc. | 8.4% |
| Ameren Corporation | 5.5% |
| Alphabet, Inc., Class A | 4.2% |
| Meta Platforms, Inc., Class A | 4.2% |
| JPMorgan Equity Premium Income ETF | 4.0% |
| JPMorgan Nasdaq Equity Premium Income ETF | 4.0% |
| Exelon Corporation | 2.8% |
| Comcast Corporation, Class A | 2.7% |
| Snap-on, Inc. | 2.7% |
| Fidelity Investments Money Market Government Portfolio, Class I | 2.2% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](i92ffe23d2a79fde8c6bbc9a1.jpg)

# BTS Enhanced Equity Income Fund - Class I Shares (EEQIX)

## Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.btsfunds.com/funds/enhanced-equity-income.html**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-EEQIX

# BTS Managed Income Fund

## Class A Shares (BTSAX)

## Annual Shareholder Report - December 31, 2025
![Image](i92ffe23d2a79fde8c6bbc9a1.jpg)

## Fund Overview
This annual shareholder report contains important information about BTS Managed Income Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at**https://www.btsfunds.com/funds/managed-income-fund.html**. You can also request this information by contacting us at 1-877-287-9820.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A Shares | $180 | 1.75% |

---

## How did the fund perform last year?
In 2025, the BTS Managed Income Fund (Class I) returned 5.68%, while Class A, Class C, and Class R returned 5.40%, 4.73%, and 5.15%, respectively. The Bloomberg U.S. Aggregate Bond Index (the 'Agg') returned 7.30%. In April 2025, risk assets suffered downside volatility due to unexpected fiscal policy on global trade. The policies created global instability and introduced uncertainty in the economic outlook. High yield bonds with greater risk of default broke key price support and trend levels that prompted BTS to allocate the Risk Management Strategy (20-40%) of the Fund to short duration treasury notes in order to execute on our tactical mandate of preserving capital and reducing downside volatility.

Subsequently, risk asset prices rebounded quickly as markets began discounting tariff delays and the impact of trade deal negotiations as the administration struck a softer tone on trade policies. Tactical allocation models lagged on re-entry in order to confirm the newly established positive price trend and sustained positive price momentum after the sharp declines. Once tactical models confirmed the new trend in risk assets, BTS re-entered a risk-on trade in high yield bonds and correlated risk-on surrogates in the Risk Management Strategy (20-40%) of the Fund, but the lag in allocating contributed to relative underperformance against the Agg over the calendar year. In our view, the efficacy of a tactical asset allocation strategy may underperform over specific periods and therefore should also be viewed from the perspective of long-term returns and returns during heightened periods of market stress.

The allocations of the Income Strategy (60-80%) of the Fund experienced downside volatility in April 2025 and contributed to the Fund's drawdown during the period, but they subsequently participated in the strong rebound following revised market expectations of fiscal trade policies that resulted in comparable returns against the Agg over the calendar year with performance dragged down by the delayed tactical re-entry in the Risk Management Strategy.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ia89ba75a7d0be9eef9512152.jpg)

---

| | | |
|:---|:---|:---|
| | **BTS Managed Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec-2018** | $9497 | $10000 |
| **Dec-2019** | $9882 | $10872 |
| **Dec-2020** | $10725 | $11688 |
| **Dec-2021** | $10588 | $11508 |
| **Dec-2022** | $9269 | $10010 |
| **Dec-2023** | $9767 | $10564 |
| **Dec-2024** | $10335 | $10696 |
| **Dec-2025** | $10894 | $11477 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 31, 2018)** |
| BTS Managed Income Fund |  |  |  |
| Without Load | 5.40% | 0.31% | 1.98% |
| With Load | 1.47% | -0.46% | 1.23% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 1.99% |

---

***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. For updated performance call 1-877-287-9820.***

## **Fund Statistics** 
* Net Assets$7,141,860

* Number of Portfolio Holdings16

* Advisory Fee (net of waivers)$0

* Portfolio Turnover413%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7ac3e1f8cd6f933bd6a35807.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.4% |
| Money Market Funds | 0.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i23f64be5c3961d535ff7702c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.8% |
| Money Market Funds | 0.8% |
| Mixed Allocation | 4.0% |
| Equity | 23.3% |
| Fixed Income | 70.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares Broad USD High Yield Corporate Bond ETF | 12.2% |
| Xtrackers USD High Yield Corporate Bond ETF | 12.2% |
| iShares Treasury Floating Rate Bond ETF | 11.9% |
| SPDR Blackstone Senior Loan ETF | 7.9% |
| JPMorgan Equity Premium Income ETF | 7.9% |
| iShares Agency Bond ETF | 6.0% |
| Janus Henderson AAA CLO ETF | 6.0% |
| iShares 7-10 Year Treasury Bond ETF | 5.9% |
| SPDR Bloomberg Short Term High Yield Bond ETF | 4.0% |
| State Street Energy Select Sector SPDR Fund | 4.0% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](i92ffe23d2a79fde8c6bbc9a1.jpg)

# BTS Managed Income Fund - Class A Shares (BTSAX)

## Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.btsfunds.com/funds/managed-income-fund.html**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-BTSAX

# BTS Managed Income Fund

## Class C Shares (BTSCX)

## Annual Shareholder Report - December 31, 2025
![Image](i92ffe23d2a79fde8c6bbc9a1.jpg)

## Fund Overview
This annual shareholder report contains important information about BTS Managed Income Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at**https://www.btsfunds.com/funds/managed-income-fund.html**. You can also request this information by contacting us at 1-877-287-9820.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C Shares | $256 | 2.50% |

---

## How did the fund perform last year?
In 2025, the BTS Managed Income Fund (Class I) returned 5.68%, while Class A, Class C, and Class R returned 5.40%, 4.73%, and 5.15%, respectively. The Bloomberg U.S. Aggregate Bond Index (the 'Agg') returned 7.30%. In April 2025, risk assets suffered downside volatility due to unexpected fiscal policy on global trade. The policies created global instability and introduced uncertainty in the economic outlook. High yield bonds with greater risk of default broke key price support and trend levels that prompted BTS to allocate the Risk Management Strategy (20-40%) of the Fund to short duration treasury notes in order to execute on our tactical mandate of preserving capital and reducing downside volatility.

Subsequently, risk asset prices rebounded quickly as markets began discounting tariff delays and the impact of trade deal negotiations as the administration struck a softer tone on trade policies. Tactical allocation models lagged on re-entry in order to confirm the newly established positive price trend and sustained positive price momentum after the sharp declines. Once tactical models confirmed the new trend in risk assets, BTS re-entered a risk-on trade in high yield bonds and correlated risk-on surrogates in the Risk Management Strategy (20-40%) of the Fund, but the lag in allocating contributed to relative underperformance against the Agg over the calendar year. In our view, the efficacy of a tactical asset allocation strategy may underperform over specific periods and therefore should also be viewed from the perspective of long-term returns and returns during heightened periods of market stress.

The allocations of the Income Strategy (60-80%) of the Fund experienced downside volatility in April 2025 and contributed to the Fund's drawdown during the period, but they subsequently participated in the strong rebound following revised market expectations of fiscal trade policies that resulted in comparable returns against the Agg over the calendar year with performance dragged down by the delayed tactical re-entry in the Risk Management Strategy.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](iee4b8cd8e83de8ed90a21257.jpg)

---

| | | |
|:---|:---|:---|
| | **BTS Managed Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec-2018** | $10000 | $10000 |
| **Dec-2019** | $10406 | $10872 |
| **Dec-2020** | $11294 | $11688 |
| **Dec-2021** | $11068 | $11508 |
| **Dec-2022** | $9613 | $10010 |
| **Dec-2023** | $10049 | $10564 |
| **Dec-2024** | $10548 | $10696 |
| **Dec-2025** | $11048 | $11477 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 31, 2018)** |
| BTS Managed Income Fund | 4.73% | -0.44% | 1.43% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 1.99% |

---

***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. For updated performance call 1-877-287-9820.***

## **Fund Statistics** 
* Net Assets$7,141,860

* Number of Portfolio Holdings16

* Advisory Fee (net of waivers)$0

* Portfolio Turnover413%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7ac3e1f8cd6f933bd6a35807.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.4% |
| Money Market Funds | 0.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i23f64be5c3961d535ff7702c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.8% |
| Money Market Funds | 0.8% |
| Mixed Allocation | 4.0% |
| Equity | 23.3% |
| Fixed Income | 70.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares Broad USD High Yield Corporate Bond ETF | 12.2% |
| Xtrackers USD High Yield Corporate Bond ETF | 12.2% |
| iShares Treasury Floating Rate Bond ETF | 11.9% |
| SPDR Blackstone Senior Loan ETF | 7.9% |
| JPMorgan Equity Premium Income ETF | 7.9% |
| iShares Agency Bond ETF | 6.0% |
| Janus Henderson AAA CLO ETF | 6.0% |
| iShares 7-10 Year Treasury Bond ETF | 5.9% |
| SPDR Bloomberg Short Term High Yield Bond ETF | 4.0% |
| State Street Energy Select Sector SPDR Fund | 4.0% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](i92ffe23d2a79fde8c6bbc9a1.jpg)

# BTS Managed Income Fund - Class C Shares (BTSCX)

## Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.btsfunds.com/funds/managed-income-fund.html**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-BTSCX

# BTS Managed Income Fund

## Class I Shares (BTSIX)

## Annual Shareholder Report - December 31, 2025
![Image](i92ffe23d2a79fde8c6bbc9a1.jpg)

## Fund Overview
This annual shareholder report contains important information about BTS Managed Income Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at**https://www.btsfunds.com/funds/managed-income-fund.html**. You can also request this information by contacting us at 1-877-287-9820.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I Shares | $154 | 1.50% |

---

## How did the fund perform last year?
In 2025, the BTS Managed Income Fund (Class I) returned 5.68%, while Class A, Class C, and Class R returned 5.40%, 4.73%, and 5.15%, respectively. The Bloomberg U.S. Aggregate Bond Index (the 'Agg') returned 7.30%. In April 2025, risk assets suffered downside volatility due to unexpected fiscal policy on global trade. The policies created global instability and introduced uncertainty in the economic outlook. High yield bonds with greater risk of default broke key price support and trend levels that prompted BTS to allocate the Risk Management Strategy (20-40%) of the Fund to short duration treasury notes in order to execute on our tactical mandate of preserving capital and reducing downside volatility.

Subsequently, risk asset prices rebounded quickly as markets began discounting tariff delays and the impact of trade deal negotiations as the administration struck a softer tone on trade policies. Tactical allocation models lagged on re-entry in order to confirm the newly established positive price trend and sustained positive price momentum after the sharp declines. Once tactical models confirmed the new trend in risk assets, BTS re-entered a risk-on trade in high yield bonds and correlated risk-on surrogates in the Risk Management Strategy (20-40%) of the Fund, but the lag in allocating contributed to relative underperformance against the Agg over the calendar year. In our view, the efficacy of a tactical asset allocation strategy may underperform over specific periods and therefore should also be viewed from the perspective of long-term returns and returns during heightened periods of market stress.

The allocations of the Income Strategy (60-80%) of the Fund experienced downside volatility in April 2025 and contributed to the Fund's drawdown during the period, but they subsequently participated in the strong rebound following revised market expectations of fiscal trade policies that resulted in comparable returns against the Agg over the calendar year with performance dragged down by the delayed tactical re-entry in the Risk Management Strategy.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](if53f1775f7a45c566e3ffec2.jpg)

---

| | | |
|:---|:---|:---|
| | **BTS Managed Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec-2018** | $10000 | $10000 |
| **Dec-2019** | $10406 | $10872 |
| **Dec-2020** | $11305 | $11688 |
| **Dec-2021** | $11176 | $11508 |
| **Dec-2022** | $9799 | $10010 |
| **Dec-2023** | $10352 | $10564 |
| **Dec-2024** | $10983 | $10696 |
| **Dec-2025** | $11607 | $11477 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 31, 2018)** |
| BTS Managed Income Fund | 5.68% | 0.53% | 2.15% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 1.99% |

---

***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. For updated performance call 1-877-287-9820.***

## **Fund Statistics** 
* Net Assets$7,141,860

* Number of Portfolio Holdings16

* Advisory Fee (net of waivers)$0

* Portfolio Turnover413%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7ac3e1f8cd6f933bd6a35807.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.4% |
| Money Market Funds | 0.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i23f64be5c3961d535ff7702c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.8% |
| Money Market Funds | 0.8% |
| Mixed Allocation | 4.0% |
| Equity | 23.3% |
| Fixed Income | 70.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares Broad USD High Yield Corporate Bond ETF | 12.2% |
| Xtrackers USD High Yield Corporate Bond ETF | 12.2% |
| iShares Treasury Floating Rate Bond ETF | 11.9% |
| SPDR Blackstone Senior Loan ETF | 7.9% |
| JPMorgan Equity Premium Income ETF | 7.9% |
| iShares Agency Bond ETF | 6.0% |
| Janus Henderson AAA CLO ETF | 6.0% |
| iShares 7-10 Year Treasury Bond ETF | 5.9% |
| SPDR Bloomberg Short Term High Yield Bond ETF | 4.0% |
| State Street Energy Select Sector SPDR Fund | 4.0% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](i92ffe23d2a79fde8c6bbc9a1.jpg)

# BTS Managed Income Fund - Class I Shares (BTSIX)

## Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.btsfunds.com/funds/managed-income-fund.html**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-BTSIX

# BTS Managed Income Fund

## Class R Shares (BTSRX)

## Annual Shareholder Report - December 31, 2025
![Image](i92ffe23d2a79fde8c6bbc9a1.jpg)

## Fund Overview
This annual shareholder report contains important information about BTS Managed Income Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at**https://www.btsfunds.com/funds/managed-income-fund.html**. You can also request this information by contacting us at 1-877-287-9820.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R Shares | $205 | 2.00% |

---

## How did the fund perform last year?
In 2025, the BTS Managed Income Fund (Class I) returned 5.68%, while Class A, Class C, and Class R returned 5.40%, 4.73%, and 5.15%, respectively. The Bloomberg U.S. Aggregate Bond Index (the 'Agg') returned 7.30%. In April 2025, risk assets suffered downside volatility due to unexpected fiscal policy on global trade. The policies created global instability and introduced uncertainty in the economic outlook. High yield bonds with greater risk of default broke key price support and trend levels that prompted BTS to allocate the Risk Management Strategy (20-40%) of the Fund to short duration treasury notes in order to execute on our tactical mandate of preserving capital and reducing downside volatility.

Subsequently, risk asset prices rebounded quickly as markets began discounting tariff delays and the impact of trade deal negotiations as the administration struck a softer tone on trade policies. Tactical allocation models lagged on re-entry in order to confirm the newly established positive price trend and sustained positive price momentum after the sharp declines. Once tactical models confirmed the new trend in risk assets, BTS re-entered a risk-on trade in high yield bonds and correlated risk-on surrogates in the Risk Management Strategy (20-40%) of the Fund, but the lag in allocating contributed to relative underperformance against the Agg over the calendar year. In our view, the efficacy of a tactical asset allocation strategy may underperform over specific periods and therefore should also be viewed from the perspective of long-term returns and returns during heightened periods of market stress.

The allocations of the Income Strategy (60-80%) of the Fund experienced downside volatility in April 2025 and contributed to the Fund's drawdown during the period, but they subsequently participated in the strong rebound following revised market expectations of fiscal trade policies that resulted in comparable returns against the Agg over the calendar year with performance dragged down by the delayed tactical re-entry in the Risk Management Strategy.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ia75c67633511a51dfb2ac21c.jpg)

---

| | | |
|:---|:---|:---|
| | **BTS Managed Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec-2018** | $10000 | $10000 |
| **Dec-2019** | $10406 | $10872 |
| **Dec-2020** | $11297 | $11688 |
| **Dec-2021** | $11132 | $11508 |
| **Dec-2022** | $9716 | $10010 |
| **Dec-2023** | $10201 | $10564 |
| **Dec-2024** | $10768 | $10696 |
| **Dec-2025** | $11323 | $11477 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 31, 2018)** |
| BTS Managed Income Fund | 5.15% | 0.05% | 1.79% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 1.99% |

---

***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. For updated performance call 1-877-287-9820.***

## **Fund Statistics** 
* Net Assets$7,141,860

* Number of Portfolio Holdings16

* Advisory Fee (net of waivers)$0

* Portfolio Turnover413%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7ac3e1f8cd6f933bd6a35807.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.4% |
| Money Market Funds | 0.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i23f64be5c3961d535ff7702c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.8% |
| Money Market Funds | 0.8% |
| Mixed Allocation | 4.0% |
| Equity | 23.3% |
| Fixed Income | 70.1% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares Broad USD High Yield Corporate Bond ETF | 12.2% |
| Xtrackers USD High Yield Corporate Bond ETF | 12.2% |
| iShares Treasury Floating Rate Bond ETF | 11.9% |
| SPDR Blackstone Senior Loan ETF | 7.9% |
| JPMorgan Equity Premium Income ETF | 7.9% |
| iShares Agency Bond ETF | 6.0% |
| Janus Henderson AAA CLO ETF | 6.0% |
| iShares 7-10 Year Treasury Bond ETF | 5.9% |
| SPDR Bloomberg Short Term High Yield Bond ETF | 4.0% |
| State Street Energy Select Sector SPDR Fund | 4.0% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](i92ffe23d2a79fde8c6bbc9a1.jpg)

# BTS Managed Income Fund - Class R Shares (BTSRX)

## Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.btsfunds.com/funds/managed-income-fund.html**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-BTSRX

# BTS Tactical Fixed Income Fund

## Class A Shares (BTFAX)

## Annual Shareholder Report - December 31, 2025
![Image](i92ffe23d2a79fde8c6bbc9a1.jpg)

## Fund Overview
This annual shareholder report contains important information about BTS Tactical Fixed Income Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at**https://www.btsfunds.com/funds/tactical-fixed-income.html**. You can also request this information by contacting us at 1-877-287-9820.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A Shares | $200 | 1.97% |

---

## How did the Fund perform during the reporting period?
In 2025, the BTS Tactical Fixed Income Fund (Class I) returned 3.11%, while Class A, Class C, and Class R returned 2.96%, 2.21%, and 2.58%, respectively. The Bloomberg U.S. Aggregate Bond Index (the 'Agg') returned 7.30%. In April 2025, risk assets suffered downside volatility due to unexpected fiscal policy on global trade and tariffs from the U.S. administration. The policies created global instability and introduced uncertainty in the economic outlook and impacts on already elevated inflation rates. High yield bonds with greater risk of default broke key price support and trend levels that prompted BTS to allocate to short duration treasury notes in order to execute on our tactical mandate of preserving capital and reducing downside volatility.

Subsequently, risk asset prices rebounded quickly as markets began discounting tariff delays and the impact of trade deal negotiations as the administration struck a softer tone on trade policies. Since high yield bond and related risk asset surrogate prices had declined severely and quickly from the volatility, tactical allocation models lagged on re-entry in order to confirm the newly established positive price trend and sustained positive price momentum. After tactical models confirmed the new trend in risk assets, BTS re-entered a risk-on trade in high yield bonds and correlated risk-on surrogates, but the lag in entry contributed to relative underperformance against the Agg.

In our view, expectations of lower interest rates in 2025 due to perceived weakness in the labor market supported high yield bonds and other risk-on surrogate asset classes after April. Moreover, BTS believes lower interest rates also aided duration sensitive, credit worth bonds in particular that led to strong gains in the Agg and also contributed to relative underperformance in the calendar year. In our view, the efficacy of a tactical asset allocation strategy may underperform over specific periods and therefore should also be viewed from the perspective of long-term returns and returns during heightened periods of market stress.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i632b31e3964eb67dafae0d4d.jpg)

---

| | | |
|:---|:---|:---|
| | **BTS Tactical Fixed Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec-2015** | $9500 | $10000 |
| **Dec-2016** | $10810 | $10265 |
| **Dec-2017** | $11119 | $10628 |
| **Dec-2018** | $10394 | $10629 |
| **Dec-2019** | $10841 | $11556 |
| **Dec-2020** | $10996 | $12423 |
| **Dec-2021** | $10756 | $12232 |
| **Dec-2022** | $9379 | $10641 |
| **Dec-2023** | $9576 | $11229 |
| **Dec-2024** | $10083 | $11369 |
| **Dec-2025** | $10381 | $12199 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| BTS Tactical Fixed Income Fund |  |  |  |
| Without Load | 2.96% | -1.14% | 0.89% |
| With Load | -0.90% | -1.90% | 0.38% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

***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. For updated performance call 1-877-287-9820.***

## **Fund Statistics** 
* Net Assets$44,254,424

* Number of Portfolio Holdings4

* Advisory Fee $507,261

* Portfolio Turnover237%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9de8cf1fd817cbc2518f1558.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.1% |
| Money Market Funds | 0.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](iaeb5d3d87a60c48f41de2d6b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.3% |
| Money Market Funds | 0.9% |
| Equity | 14.1% |
| Fixed Income | 85.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Xtrackers USD High Yield Corporate Bond ETF | 42.7% |
| iShares Broad USD High Yield Corporate Bond ETF | 42.6% |
| Invesco S&P 500 High Dividend Low Volatility ETF | 14.1% |
| Fidelity Investments Money Market Government Portfolio, Class I | 0.9% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](i92ffe23d2a79fde8c6bbc9a1.jpg)

# BTS Tactical Fixed Income Fund - Class A Shares (BTFAX)

## Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.btsfunds.com/funds/tactical-fixed-income.html**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-BTFAX

# BTS Tactical Fixed Income Fund

## Class C Shares (BTFCX)

## Annual Shareholder Report - December 31, 2025
![Image](i92ffe23d2a79fde8c6bbc9a1.jpg)

## Fund Overview
This annual shareholder report contains important information about BTS Tactical Fixed Income Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at**https://www.btsfunds.com/funds/tactical-fixed-income.html**. You can also request this information by contacting us at 1-877-287-9820.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C Shares | $275 | 2.72% |

---

## How did the Fund perform during the reporting period?
In 2025, the BTS Tactical Fixed Income Fund (Class I) returned 3.11%, while Class A, Class C, and Class R returned 2.96%, 2.21%, and 2.58%, respectively. The Bloomberg U.S. Aggregate Bond Index (the 'Agg') returned 7.30%. In April 2025, risk assets suffered downside volatility due to unexpected fiscal policy on global trade and tariffs from the U.S. administration. The policies created global instability and introduced uncertainty in the economic outlook and impacts on already elevated inflation rates. High yield bonds with greater risk of default broke key price support and trend levels that prompted BTS to allocate to short duration treasury notes in order to execute on our tactical mandate of preserving capital and reducing downside volatility.

Subsequently, risk asset prices rebounded quickly as markets began discounting tariff delays and the impact of trade deal negotiations as the administration struck a softer tone on trade policies. Since high yield bond and related risk asset surrogate prices had declined severely and quickly from the volatility, tactical allocation models lagged on re-entry in order to confirm the newly established positive price trend and sustained positive price momentum. After tactical models confirmed the new trend in risk assets, BTS re-entered a risk-on trade in high yield bonds and correlated risk-on surrogates, but the lag in entry contributed to relative underperformance against the Agg.

In our view, expectations of lower interest rates in 2025 due to perceived weakness in the labor market supported high yield bonds and other risk-on surrogate asset classes after April. Moreover, BTS believes lower interest rates also aided duration sensitive, credit worth bonds in particular that led to strong gains in the Agg and also contributed to relative underperformance in the calendar year. In our view, the efficacy of a tactical asset allocation strategy may underperform over specific periods and therefore should also be viewed from the perspective of long-term returns and returns during heightened periods of market stress.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](id2ed62458ded263a514f57b5.jpg)

---

| | | |
|:---|:---|:---|
| | **BTS Tactical Fixed Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $11294 | $10265 |
| **Dec-2017** | $11523 | $10628 |
| **Dec-2018** | $10700 | $10629 |
| **Dec-2019** | $11078 | $11556 |
| **Dec-2020** | $11152 | $12423 |
| **Dec-2021** | $10822 | $12232 |
| **Dec-2022** | $9368 | $10641 |
| **Dec-2023** | $9493 | $11229 |
| **Dec-2024** | $9924 | $11369 |
| **Dec-2025** | $10144 | $12199 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| BTS Tactical Fixed Income Fund | 2.21% | -1.88% | 0.14% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

***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. For updated performance call 1-877-287-9820.***

## **Fund Statistics** 
* Net Assets$44,254,424

* Number of Portfolio Holdings4

* Advisory Fee $507,261

* Portfolio Turnover237%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9de8cf1fd817cbc2518f1558.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.1% |
| Money Market Funds | 0.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](iaeb5d3d87a60c48f41de2d6b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.3% |
| Money Market Funds | 0.9% |
| Equity | 14.1% |
| Fixed Income | 85.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Xtrackers USD High Yield Corporate Bond ETF | 42.7% |
| iShares Broad USD High Yield Corporate Bond ETF | 42.6% |
| Invesco S&P 500 High Dividend Low Volatility ETF | 14.1% |
| Fidelity Investments Money Market Government Portfolio, Class I | 0.9% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](i92ffe23d2a79fde8c6bbc9a1.jpg)

# BTS Tactical Fixed Income Fund - Class C Shares (BTFCX)

## Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.btsfunds.com/funds/tactical-fixed-income.html**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-BTFCX

# BTS Tactical Fixed Income Fund

## Class I Shares (BTFIX)

## Annual Shareholder Report - December 31, 2025
![Image](i92ffe23d2a79fde8c6bbc9a1.jpg)

## Fund Overview
This annual shareholder report contains important information about BTS Tactical Fixed Income Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at**https://www.btsfunds.com/funds/tactical-fixed-income.html**. You can also request this information by contacting us at 1-877-287-9820.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I Shares | $175 | 1.72% |

---

## How did the Fund perform during the reporting period?
In 2025, the BTS Tactical Fixed Income Fund (Class I) returned 3.11%, while Class A, Class C, and Class R returned 2.96%, 2.21%, and 2.58%, respectively. The Bloomberg U.S. Aggregate Bond Index (the 'Agg') returned 7.30%. In April 2025, risk assets suffered downside volatility due to unexpected fiscal policy on global trade and tariffs from the U.S. administration. The policies created global instability and introduced uncertainty in the economic outlook and impacts on already elevated inflation rates. High yield bonds with greater risk of default broke key price support and trend levels that prompted BTS to allocate to short duration treasury notes in order to execute on our tactical mandate of preserving capital and reducing downside volatility.

Subsequently, risk asset prices rebounded quickly as markets began discounting tariff delays and the impact of trade deal negotiations as the administration struck a softer tone on trade policies. Since high yield bond and related risk asset surrogate prices had declined severely and quickly from the volatility, tactical allocation models lagged on re-entry in order to confirm the newly established positive price trend and sustained positive price momentum. After tactical models confirmed the new trend in risk assets, BTS re-entered a risk-on trade in high yield bonds and correlated risk-on surrogates, but the lag in entry contributed to relative underperformance against the Agg.

In our view, expectations of lower interest rates in 2025 due to perceived weakness in the labor market supported high yield bonds and other risk-on surrogate asset classes after April. Moreover, BTS believes lower interest rates also aided duration sensitive, credit worth bonds in particular that led to strong gains in the Agg and also contributed to relative underperformance in the calendar year. In our view, the efficacy of a tactical asset allocation strategy may underperform over specific periods and therefore should also be viewed from the perspective of long-term returns and returns during heightened periods of market stress.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i80774acba4b044a9051587bd.jpg)

---

| | | |
|:---|:---|:---|
| | **BTS Tactical Fixed Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $11406 | $10265 |
| **Dec-2017** | $11767 | $10628 |
| **Dec-2018** | $11027 | $10629 |
| **Dec-2019** | $11533 | $11556 |
| **Dec-2020** | $11728 | $12423 |
| **Dec-2021** | $11489 | $12232 |
| **Dec-2022** | $10051 | $10641 |
| **Dec-2023** | $10291 | $11229 |
| **Dec-2024** | $10866 | $11369 |
| **Dec-2025** | $11203 | $12199 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| BTS Tactical Fixed Income Fund | 3.11% | -0.91% | 1.14% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

***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. For updated performance call 1-877-287-9820.***

## **Fund Statistics** 
* Net Assets$44,254,424

* Number of Portfolio Holdings4

* Advisory Fee $507,261

* Portfolio Turnover237%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9de8cf1fd817cbc2518f1558.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.1% |
| Money Market Funds | 0.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](iaeb5d3d87a60c48f41de2d6b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.3% |
| Money Market Funds | 0.9% |
| Equity | 14.1% |
| Fixed Income | 85.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Xtrackers USD High Yield Corporate Bond ETF | 42.7% |
| iShares Broad USD High Yield Corporate Bond ETF | 42.6% |
| Invesco S&P 500 High Dividend Low Volatility ETF | 14.1% |
| Fidelity Investments Money Market Government Portfolio, Class I | 0.9% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](i92ffe23d2a79fde8c6bbc9a1.jpg)

# BTS Tactical Fixed Income Fund - Class I Shares (BTFIX)

## Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.btsfunds.com/funds/tactical-fixed-income.html**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-BTFIX

# BTS Tactical Fixed Income Fund

## Class R Shares (BTFRX)

## Annual Shareholder Report - December 31, 2025
![Image](i92ffe23d2a79fde8c6bbc9a1.jpg)

## Fund Overview
This annual shareholder report contains important information about BTS Tactical Fixed Income Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at**https://www.btsfunds.com/funds/tactical-fixed-income.html**. You can also request this information by contacting us at 1-877-287-9820.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R Shares | $225 | 2.22% |

---

## How did the Fund perform during the reporting period?
In 2025, the BTS Tactical Fixed Income Fund (Class I) returned 3.11%, while Class A, Class C, and Class R returned 2.96%, 2.21%, and 2.58%, respectively. The Bloomberg U.S. Aggregate Bond Index (the 'Agg') returned 7.30%. In April 2025, risk assets suffered downside volatility due to unexpected fiscal policy on global trade and tariffs from the U.S. administration. The policies created global instability and introduced uncertainty in the economic outlook and impacts on already elevated inflation rates. High yield bonds with greater risk of default broke key price support and trend levels that prompted BTS to allocate to short duration treasury notes in order to execute on our tactical mandate of preserving capital and reducing downside volatility.

Subsequently, risk asset prices rebounded quickly as markets began discounting tariff delays and the impact of trade deal negotiations as the administration struck a softer tone on trade policies. Since high yield bond and related risk asset surrogate prices had declined severely and quickly from the volatility, tactical allocation models lagged on re-entry in order to confirm the newly established positive price trend and sustained positive price momentum. After tactical models confirmed the new trend in risk assets, BTS re-entered a risk-on trade in high yield bonds and correlated risk-on surrogates, but the lag in entry contributed to relative underperformance against the Agg.

In our view, expectations of lower interest rates in 2025 due to perceived weakness in the labor market supported high yield bonds and other risk-on surrogate asset classes after April. Moreover, BTS believes lower interest rates also aided duration sensitive, credit worth bonds in particular that led to strong gains in the Agg and also contributed to relative underperformance in the calendar year. In our view, the efficacy of a tactical asset allocation strategy may underperform over specific periods and therefore should also be viewed from the perspective of long-term returns and returns during heightened periods of market stress.

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

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i105b4283692e5c5b9d8b2f27.jpg)

---

| | | |
|:---|:---|:---|
| | **BTS Tactical Fixed Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $11355 | $10265 |
| **Dec-2017** | $11644 | $10628 |
| **Dec-2018** | $10857 | $10629 |
| **Dec-2019** | $11296 | $11556 |
| **Dec-2020** | $11434 | $12423 |
| **Dec-2021** | $11143 | $12232 |
| **Dec-2022** | $9702 | $10641 |
| **Dec-2023** | $9892 | $11229 |
| **Dec-2024** | $10389 | $11369 |
| **Dec-2025** | $10657 | $12199 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| BTS Tactical Fixed Income Fund | 2.58% | -1.40% | 0.64% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

***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. For updated performance call 1-877-287-9820.***

## **Fund Statistics** 
* Net Assets$44,254,424

* Number of Portfolio Holdings4

* Advisory Fee $507,261

* Portfolio Turnover237%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9de8cf1fd817cbc2518f1558.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.1% |
| Money Market Funds | 0.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](iaeb5d3d87a60c48f41de2d6b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.3% |
| Money Market Funds | 0.9% |
| Equity | 14.1% |
| Fixed Income | 85.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Xtrackers USD High Yield Corporate Bond ETF | 42.7% |
| iShares Broad USD High Yield Corporate Bond ETF | 42.6% |
| Invesco S&P 500 High Dividend Low Volatility ETF | 14.1% |
| Fidelity Investments Money Market Government Portfolio, Class I | 0.9% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](i92ffe23d2a79fde8c6bbc9a1.jpg)

# BTS Tactical Fixed Income Fund - Class R Shares (BTFRX)

## Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.btsfunds.com/funds/tactical-fixed-income.html**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-BTFRX

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

**Item 2. Code of Ethics.** 

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

(b) N/A

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

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

(e) N/A

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

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

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

(a)(2) Not applicable

(a)(3) Not applicable

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

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

---

| |
|:---|
| 2025 - $49800 |
| 2024 - $49800 |

---

(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 – $11700 |
| 2024 – $11700 |

---

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 December 31, 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. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%). |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended December 31, 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 Companies.** Not applicable to open-end investment companies.

**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) ---

| |
|:---|
| ![(BTS LOGO)](bt001_v1.jpg) |
| BTS Managed Income Fund |
| Class A (BTSAX), Class C (BTSCX), Class I (BTSIX), Class R (BTSRX) |
| BTS Tactical Fixed Income Fund |
| Class A (BTFAX), Class C (BTFCX), Class I (BTFIX), Class R (BTFRX) |
| BTS Enhanced Equity Income Fund |
| Class A (EEQAX), Class I (EEQIX) |
| Annual Financial Statements and Additional Information |
| December 31, 2025 |

---

---

| |
|:---|
| **BTS MANAGED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 97.4%** |  |
|  | **EQUITY - 23.3%** |  |
| 5166 | Invesco S&P 500 High Dividend Low Volatility ETF | $247968 |
| 9902 | JPMorgan Equity Premium Income ETF | 566791 |
| 2719 | ProShares S&P 500 Dividend Aristocrats ETF | 282966 |
| 2368 | State Street Consumer Discretionary Select Sector SPDR Fund | 282763 |
| 6360 | State Street Energy Select Sector SPDR Fund | 284356 |
|  |  | 1664844 |
|  | **FIXED INCOME - 70.1%** |  |
| 4435 | iShares 7-10 Year Treasury Bond ETF | 426470 |
| 3872 | iShares Agency Bond ETF | 426888 |
| 23278 | iShares Broad USD High Yield Corporate Bond ETF | 870480 |
| 16915 | iShares Treasury Floating Rate Bond ETF | 853531 |
| 8435 | Janus Henderson AAA CLO ETF | 426642 |
| 5954 | Janus Henderson B-BBB CLO ETF | 284006 |
| 13788 | SPDR Blackstone Senior Loan ETF | 569031 |
| 11234 | SPDR Bloomberg Short Term High Yield Bond ETF | 284445 |
| 23635 | Xtrackers USD High Yield Corporate Bond ETF | 870477 |
|  |  | 5011970 |
|  | **MIXED ALLOCATION - 4.0%** |  |
| 14297 | Invesco CEF Income Composite ETF | 284224 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $6,933,151)** | 6961038 |
|  | **SHORT-TERM INVESTMENT — 0.8%** |  |
|  | **MONEY MARKET FUND - 0.8%** |  |
| 55056 | Fidelity Investments Money Market Government Portfolio, Class I, 3.64%<sup>(a)</sup> (Cost $55,056) | 55056 |
|  | **TOTAL INVESTMENTS - 98.2% (Cost $6,988,207)** | $7016094 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.8%** | 125766 |
|  | **NET ASSETS - 100.0%** | $7141860 |

---

---

| | |
|:---|:---|
| CLO | - Collateralized Loan Obligation |
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **BTS TACTICAL FIXED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.4%** |  |
|  | **EQUITY - 14.1%** |  |
| 130248 | Invesco S&P 500 High Dividend Low Volatility ETF | $6251904 |
|  | **FIXED INCOME - 85.3%** |  |
| 504310 | iShares Broad USD High Yield Corporate Bond ETF | 18858672 |
| 512189 | Xtrackers USD High Yield Corporate Bond ETF | 18863921 |
|  |  | 37722593 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $43,129,757)** | 43974497 |
|  | **SHORT-TERM INVESTMENT — 0.9%** |  |
|  | **MONEY MARKET FUND - 0.9%** |  |
| 397517 | Fidelity Investments Money Market Government Portfolio, Class I, 3.64%<sup>(a)</sup> (Cost $397,517) | 397517 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $43,527,274)** | $44372014 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | (117590) |
|  | **NET ASSETS - 100.0%** | $44254424 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **BTS ENHANCED EQUITY INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 89.7%** |  |
|  | **ADVERTISING & MARKETING - 0.9%** |  |
| 951 | Omnicom Group, Inc. | $76793 |
|  | **APPAREL & TEXTILE PRODUCTS - 3.2%** |  |
| 1106 | Deckers Outdoor Corporation<sup>(a)</sup> | 114659 |
| 2414 | NIKE, Inc., Class B | 153796 |
|  |  | 268455 |
|  | **AUTOMOTIVE - 0.9%** |  |
| 5852 | Ford Motor Company | 76778 |
|  | **BANKING - 0.9%** |  |
| 2831 | Regions Financial Corporation | 76720 |
|  | **BEVERAGES - 1.3%** |  |
| 750 | Coca-Cola Consolidated, Inc. | 114975 |
|  | **BIOTECH & PHARMA - 2.7%** |  |
| 235 | United Therapeutics Corporation<sup>(a)</sup> | 114504 |
| 916 | Zoetis, Inc. | 115251 |
|  |  | 229755 |
|  | **CABLE & SATELLITE - 2.7%** |  |
| 7722 | Comcast Corporation, Class A | 230811 |
|  | **CHEMICALS - 2.2%** |  |
| 1909 | DuPont de Nemours, Inc. | 76742 |
| 1109 | RPM International, Inc. | 115336 |
|  |  | 192078 |
|  | **CONTAINERS & PACKAGING - 0.9%** |  |
| 371 | Packaging Corporation of America | 76511 |
|  | **ELECTRIC UTILITIES - 16.7%** |  |
| 4802 | Ameren Corporation | 479528 |
| 7253 | Consolidated Edison, Inc. | 720369 |
| 5495 | Exelon Corporation | 239527 |
|  |  | 1439424 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **BTS ENHANCED EQUITY INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 89.7% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 3.1%** |  |
| 963 | Allegion plc | $153328 |
| 1319 | NEXTracker, Inc., Class A<sup>(a)</sup> | 114898 |
|  |  | 268226 |
|  | **FOOD - 1.8%** |  |
| 6497 | Hormel Foods Corporation | 153979 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 1.3%** |  |
| 1000 | Mueller Industries, Inc. | 114800 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.9%** |  |
| 226 | Watsco, Inc. | 76151 |
|  | **INFRASTRUCTURE REIT - 1.4%** |  |
| 596 | SBA Communications Corporation | 115285 |
|  | **INSURANCE - 5.8%** |  |
| 737 | Allstate Corporation (The) | 153407 |
| 402 | Erie Indemnity Company, Class A | 115233 |
| 827 | Marsh & McLennan Companies, Inc. | 153425 |
| 870 | Principal Financial Group, Inc. | 76743 |
|  |  | 498808 |
|  | **INTERNET MEDIA & SERVICES - 8.4%** |  |
| 1147 | Alphabet, Inc., Class A | 359010 |
| 543 | Meta Platforms, Inc., Class A | 358429 |
|  |  | 717439 |
|  | **LEISURE FACILITIES & SERVICES - 1.3%** |  |
| 276 | Domino's Pizza, Inc. | 115042 |
|  | **MACHINERY - 2.7%** |  |
| 668 | Snap-on, Inc. | 230193 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.6%** |  |
| 1228 | Abbott Laboratories | 153856 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **BTS ENHANCED EQUITY INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 89.7% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.6% (Continued)** |  |
| 637 | ResMed, Inc. | $153434 |
|  |  | 307290 |
|  | **OIL & GAS PRODUCERS - 5.4%** |  |
| 1014 | Chevron Corporation | 154544 |
| 823 | ConocoPhillips | 77041 |
| 2943 | Coterra Energy, Inc. | 77460 |
| 1285 | Exxon Mobil Corporation | 154636 |
|  |  | 463681 |
|  | **RESIDENTIAL REIT - 1.3%** |  |
| 4141 | Invitation Homes, Inc. | 115078 |
|  | **RETAIL - CONSUMER STAPLES - 1.9%** |  |
| 2465 | Kroger Company (The) | 154013 |
|  | **RETAIL - DISCRETIONARY - 2.7%** |  |
| 1146 | Best Buy Company, Inc. | 76702 |
| 445 | Home Depot, Inc. (The) | 153124 |
|  |  | 229826 |
|  | **RETAIL REIT - 0.9%** |  |
| 415 | Simon Property Group, Inc. | 76821 |
|  | **SEMICONDUCTORS - 2.2%** |  |
| 614 | NVIDIA Corporation | 114511 |
| 441 | Texas Instruments, Inc. | 76509 |
|  |  | 191020 |
|  | **SOFTWARE - 1.8%** |  |
| 317 | Microsoft Corporation | 153308 |
|  | **SPECIALTY REITS - 0.9%** |  |
| 611 | Lamar Advertising Company, Class A | 77340 |
|  | **STEEL - 1.4%** |  |
| 401 | Reliance, Inc. | 115837 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **BTS ENHANCED EQUITY INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 89.7% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 3.2%** |  |
| 876 | Arista Networks, Inc.<sup>(a)</sup> | $114782 |
| 402 | Motorola Solutions, Inc. | 154094 |
|  |  | 268876 |
|  | **TECHNOLOGY SERVICES - 2.2%** |  |
| 286 | Accenture plc, Class A | 76734 |
| 633 | Jack Henry & Associates, Inc. | 115510 |
|  |  | 192244 |
|  | **TELECOMMUNICATIONS - 1.8%** |  |
| 3775 | Verizon Communications, Inc. | 153756 |
|  | **TOBACCO & CANNABIS - 1.3%** |  |
| 2005 | Altria Group, Inc. | 115608 |
|  | **TOTAL COMMON STOCKS (Cost $7,477,096)** | 7686921 |
|  | **EXCHANGE-TRADED FUNDS — 8.0%** |  |
|  | **EQUITY - 8.0%** |  |
| 5977 | JPMorgan Equity Premium Income ETF | 342124 |
| 5877 | JPMorgan Nasdaq Equity Premium Income ETF | 341571 |
|  |  | 683695 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $670,741)** | 683695 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **BTS ENHANCED EQUITY INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 2.2%** |  |
|  | **MONEY MARKET FUND - 2.2%** |  |
| 197041 | Fidelity Investments Money Market Government Portfolio, Class I, 3.64%<sup>(b)</sup> (Cost $197,041) | $197041 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $8,344,878)** | $8567657 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | 4590 |
|  | **NET ASSETS - 100.0%** | $8572247 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| plc | - Public Limited Company |
| REIT | - Real Estate Investment Trust |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **BTS Funds** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **BTS**<br>**Managed Income**<br>**Fund** | **BTS**<br>**Tactical Fixed Income**<br>**Fund** | **BTS**<br>**Enhanced Equity**<br>**Income Fund** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $6988207 | $43527274 | $8344878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value | $7016094 | $44372014 | $8567657 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 1815 | 35092 |  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 1238442 |  | 3645858 |
| &nbsp;&nbsp;&nbsp;Interest and dividends receivable | 4905 | 1319 | 22274 |
| &nbsp;&nbsp;&nbsp;Receivable due from adviser, net | 29565 |  | 17100 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 15377 | 45706 | 11371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 8306198 | 44454131 | 12264260 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 1137420 |  | 3662611 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 6983 | 15860 | 4955 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 490 | 11520 | 120 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable |  | 38018 |  |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed |  | 112998 |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 19445 | 21311 | 24327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 1164338 | 199707 | 3692013 |
| **NET ASSETS** | $**7141860** | $**44254424** | $**8572247** |
| **Net Assets Consist Of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital ($0 par value, unlimited shares authorized) | $10774057 | $154096847 | $8841539 |
| &nbsp;&nbsp;&nbsp;Accumulated deficits | (3632197) | (109842423) | (269292) |
| **NET ASSETS** | $**7141860** | $**44254424** | $**8572247** |
| **Net Asset Value Per Share:** |  |  |  |
| Class A Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $167799 | $9966501 | $562951 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 17563 | 1299355 | 55062 |
| &nbsp;&nbsp;&nbsp;Net asset value and redemption price per share (Net assets/Shares of Beneficial Interest) | $9.55 | $7.67 | $10.22 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (Maximum sales charge of 3.75%) (1) | $9.92 | $7.97 | $10.62 |
| Class C Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $517152 | $10662359 |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 54285 | 1403746 |  |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Net assets/Shares of Beneficial Interest) | $9.53 | $7.60 |  |
| Class I Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $6427631 | $23134017 | $8009296 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 673603 | 3030845 | 783154 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Net assets/Shares of Beneficial Interest) | $9.54 | $7.63 | $10.23 |
| Class R Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $29278 | $491547 |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 3061 | 64339 |  |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share (Net assets/Shares of Beneficial Interest) | $9.56 | $7.64 |  |

---

(1) On investments
 of $5 million or more, the maximum sales charge will not apply. However, the investment may be subject to a 1.00% contingent deferred
 sales charge if redeemed during the first 18 months.

See accompanying notes to financial statements.

---

| |
|:---|
| **BTS Funds** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **BTS**<br>**Managed Income**<br>**Fund** | **BTS**<br>**Tactical Fixed Income**<br>**Fund** | **BTS**<br>**Enhanced Equity**<br>**Income Fund** |
| **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of $0, $0, $1,474 foreign withholding taxes) | $362000 | $3010784 | $253380 |
| &nbsp;&nbsp;&nbsp;Interest | 7299 | 55177 | 10345 |
| &nbsp;&nbsp;&nbsp;Securities lending income |  | 15261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 369299 | 3081222 | 263725 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 47403 | 507261 | 49821 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees, Class A shares | 495 | 28143 | 945 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees, Class C shares | 5431 | 119232 |  |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees, Class R shares | 142 | 3070 |  |
| &nbsp;&nbsp;&nbsp;Registration fees | 77436 | 39890 | 24094 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 45257 | 44638 | 25241 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 25147 | 63143 | 45618 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 23568 | 89986 | 8744 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 21195 | 21001 | 21031 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 16201 | 16201 | 13909 |
| &nbsp;&nbsp;&nbsp;Legal fees | 16168 | 13632 | 17522 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 7762 | 20234 | 8113 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 6636 | 6500 | 7407 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 6119 | 16084 | 8034 |
| &nbsp;&nbsp;&nbsp;Third party administrative servicing fees | 4149 | 24965 | 7233 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 2703 | 3910 | 1006 |
| &nbsp;&nbsp;&nbsp;Other expenses | 5274 | 4771 | 4825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 311086 | 1022661 | 243543 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived/reimbursed by the Adviser | (195570) |  | (134625) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 115516 | 1022661 | 108918 |
| **NET INVESTMENT INCOME** | 253783 | 2058561 | 154807 |
| **REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments | 176913 | 961652 | (199643) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (35129) | (1723319) | 398010 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | 141784 | (761667) | 198367 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**395567** | $**1296894** | $**353174** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **BTS Managed Income Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $253783 | $293325 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 176913 | 278280 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (35129) | (103334) |
| Net increase in net assets resulting from operations | 395567 | 468271 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions paid |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (9455) | (8454) |
| &nbsp;&nbsp;&nbsp;Class C | (23347) | (16958) |
| &nbsp;&nbsp;&nbsp;Class I | (360266) | (302909) |
| &nbsp;&nbsp;&nbsp;Class R | (1442) | (1138) |
| Net decrease in net assets from distributions to shareholders | (394510) | (329459) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class C | 60000 | 375000 |
| &nbsp;&nbsp;&nbsp;Class I | 815101 | 2356062 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of dividends and distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 9455 | 8454 |
| &nbsp;&nbsp;&nbsp;Class C | 22699 | 16958 |
| &nbsp;&nbsp;&nbsp;Class I | 267904 | 241603 |
| &nbsp;&nbsp;&nbsp;Class R | 1442 | 1138 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (38521) | (36615) |
| &nbsp;&nbsp;&nbsp;Class C | (160445) | (24822) |
| &nbsp;&nbsp;&nbsp;Class I | (1440229) | (2966622) |
| &nbsp;&nbsp;&nbsp;Class R |  | (94897) |
| Net decrease in net assets from shares of beneficial interest | (462594) | (123741) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (461537) | 15071 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 7603397 | 7588326 |
| &nbsp;&nbsp;&nbsp;End of Year | $**7141860** | $**7603397** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 984 | 886 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3927) | (3790) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (2943) | (2904) |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 6261 | 39633 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 2370 | 1781 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (16883) | (2610) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | (8252) | 38804 |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 83913 | 250784 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 27912 | 25367 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (149499) | (313942) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (37674) | (37791) |
| Class R: |  |  |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 150 | 119 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  | (10173) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 150 | (10054) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **BTS Tactical Fixed Income Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2058561 | $2740678 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 961652 | 453301 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (1723319) | 121891 |
| Net increase in net assets resulting from operations | 1296894 | 3315870 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions paid |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (460779) | (642427) |
| &nbsp;&nbsp;&nbsp;Class C | (413704) | (507977) |
| &nbsp;&nbsp;&nbsp;Class I | (1165098) | (1550077) |
| &nbsp;&nbsp;&nbsp;Class R | (23968) | (28432) |
| Net decrease in net assets from distributions to shareholders | (2063549) | (2728913) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 64058 | 226412 |
| &nbsp;&nbsp;&nbsp;Class C | 82776 | 829098 |
| &nbsp;&nbsp;&nbsp;Class I | 4148667 | 6369318 |
| &nbsp;&nbsp;&nbsp;Class R | 3145 | 7247 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of dividends and distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 416148 | 559209 |
| &nbsp;&nbsp;&nbsp;Class C | 358584 | 440060 |
| &nbsp;&nbsp;&nbsp;Class I | 932150 | 1269538 |
| &nbsp;&nbsp;&nbsp;Class R | 20667 | 24514 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (3789069) | (6727286) |
| &nbsp;&nbsp;&nbsp;Class C | (2779166) | (4292905) |
| &nbsp;&nbsp;&nbsp;Class I | (12810815) | (14724338) |
| &nbsp;&nbsp;&nbsp;Class R | (175951) | (332063) |
| Net decrease in net assets from shares of beneficial interest | (13528806) | (16351196) |
| **TOTAL DECREASE IN NET ASSETS** | (14295461) | (15764239) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 58549885 | 74314124 |
| &nbsp;&nbsp;&nbsp;End of Year | $**44254424** | $**58549885** |
| **SHARE ACTIVITY** |  |  |
| Class A: |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 8299 | 28810 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 54004 | 71743 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (488738) | (865222) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (426435) | (764669) |
| Class C: |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 10700 | 106817 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 46994 | 56958 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (362461) | (555433) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (304767) | (391658) |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 536110 | 826025 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 121457 | 163670 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1664392) | (1900769) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (1006825) | (911074) |
| Class R: |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 409 | 941 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 2692 | 3157 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (22829) | (42826) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (19728) | (38728) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **BTS Enhanced Equity Income Fund** |
| **STATEMENT OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Period Ended**<br>**December 31, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $154807 | $42619 |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | (199643) | (256937) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | 398010 | (175231) |
| Net increase (decrease) in net assets resulting from operations | 353174 | (389549) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions paid |  |  |
| &nbsp;&nbsp;&nbsp;Class A\* | (7521) | (1184) |
| &nbsp;&nbsp;&nbsp;Class I\*\* | (148354) | (102871) |
| Net decrease in net assets from distributions to shareholders | (155875) | (104055) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class A\* | 436186 | 104812 |
| &nbsp;&nbsp;&nbsp;Class I\*\* | 777053 | 8228568 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of dividends and distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A\* | 7521 | 1184 |
| &nbsp;&nbsp;&nbsp;Class I\*\* | 146351 | 101696 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class A\* | (3756) |  |
| &nbsp;&nbsp;&nbsp;Class I\*\* | (922494) | (8569) |
| Net increase in net assets from shares of beneficial interest | 440861 | 8427691 |
| **TOTAL INCREASE IN NET ASSETS** | 638160 | 7934087 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 7934087 |  |
| &nbsp;&nbsp;&nbsp;End of Period | $**8572247** | $**7934087** |
| **SHARE ACTIVITY** |  |  |
| Class A:\* |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 44820 | 9746 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 748 | 117 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (369) |  |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 45199 | 9863 |
| Class I:\*\* |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 77846 | 773499 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 14600 | 10064 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (92015) | (840) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 431 | 782723 |

---

\* The BTS Enhanced Equity Income Fund Class A shares commenced operations on October 4, 2024.

\*\* The BTS Enhanced Equity Income Fund Class I shares commenced operations on June 28, 2024.

See accompanying notes to financial statements.

---

| |
|:---|
| **BTS Managed Income Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** | **For the**<br>**Year Ended**<br>**December 31, 2023** | **For the**<br>**Year Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**December 31, 2021** |
| Net asset value, beginning of year | $9.55 | $9.39 | $9.12 | $10.66 | $10.92 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.32 | 0.33 | 0.30 | 0.18 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.19 | 0.21 | 0.18 | (1.51) | (0.26) |
| Total from investment operations | 0.51 | 0.54 | 0.48 | (1.33) | (0.14) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.51) | (0.38) | (0.21 | (0.21) | (0.12) |
| Total distributions | (0.51) | (0.38) | (0.21 | (0.21) | (0.12) |
| Net asset value, end of year | $9.55 | $9.55 | $9.39 | $9.12 | $10.66 |
| Total return (2) | 5.40% | 5.82% | 5.37 | (12.45)% | (1.28)% |
| Net assets, at end of year (000)'s | $168 | $196 | $220 | $280 | $321 |
| Ratio of gross expenses before waiver/reimbursement to average net assets (3) | 4.43% (8) | 3.93% (7) | 2.38 | 2.07% | 1.84% |
| Ratio of net expenses to average net assets (3) | 1.75% (8) | 1.75% (7) | 1.77 | 1.75% | 1.75% |
| Ratio of net investment income before waiver/reimbursement to average net assets (3)(4) | 0.62% | 1.25% | 2.55 | 1.60% | 1.04% |
| Ratio of net investment income to average net assets (3)(4) | 3.30% | 3.43% | 3.24 | 1.93% | 1.13% |
| Portfolio Turnover Rate | 413% | 216% | 165 | 277% | 243% |

---

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

(2) Total returns shown exclude the effect
 of applicable sales loads/redemption fees and assumes reinvestment of dividends and capital gain distributions, if any. Had the Adviser
 not waived a portion of its fees, total returns would have been lower.

(3) The ratios of expenses and net investment
 income to average net assets do not reflect the Fund's proportionate share of expenses of underlying investment companies in which
 the Fund invests.

(4) The recognition of investment income
 by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

(5) Net realized and unrealized gain
 (loss) on investments per share are balancing amounts necessary to reconcile the change in net asset value per share for the year, and
 may not accord with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

(6) Includes 0.02% for the year ended
 December 31, 2023 attributed to custody overdraft fees which are not subject to waiver by the Adviser.

(7) Includes less than 0.01% for the
 year ended December 31, 2024 attributed to custody overdraft fees which are not subject to waiver by the Adviser.

(8) Includes less than 0.01% for the
 year ended December 31, 2025 attributed to custody overdraft fees which are not subject to waiver by the Adviser.

See accompanying notes to financial statements.

---

| |
|:---|
| **BTS Managed Income Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** | **For the**<br>**Year Ended**<br>**December 31, 2023** | **For the**<br>**Year Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**December 31, 2021** |
| Net asset value, beginning of year | $9.52 | $9.37 | $9.12 | $10.67 | $10.93 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.25 | 0.28 | 0.24 | 0.11 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.20 | 0.19 | 0.16 | (1.51) | (0.26) |
| Total from investment operations | 0.45 | 0.47 | 0.40 | (1.40) | (0.22) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.44) | (0.32) | (0.15 | (0.15) | (0.04) |
| Total distributions | (0.44) | (0.32) | (0.15 | (0.15) | (0.04) |
| Net asset value, end of year | $9.53 | $9.52 | $9.37 | $9.12 | $10.67 |
| Total return (2) | 4.73% | 5.08% (6) | 4.43 | (13.15)% | (2.00)% |
| Net assets, at end of year (000)'s | $517 | $595 | $222 | $234 | $320 |
| Ratio of gross expenses before waiver/reimbursement to average net assets (3) | 5.18% (9) | 4.68% (8) | 3.13 | 2.82% | 2.59% |
| Ratio of net expenses to average net assets (3) | 2.50% (9) | 2.50% (8) | 2.52 | 2.50% | 2.50% |
| Ratio of net investment income (loss) before waiver/reimbursement to average net assets (3)(4) | (0.13)% | 0.68% | 1.83 | 0.78% | 0.25% |
| Ratio of net investment income to average net assets (3)(4) | 2.55% | 2.90% | 2.56 | 1.10% | 0.34% |
| Portfolio Turnover Rate | 413% | 216% | 165 | 277% | 243% |

---

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

(2) Total returns shown exclude the effect
 of applicable sales loads/redemption fees and assumes reinvestment of dividends and capital gain distributions, if any. Had the Adviser
 not waived a portion of its fees, total returns would have been lower.

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

(4) The recognition of investment income
 by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

(5) Net realized and unrealized gain
 (loss) on investments per share are balancing amounts necessary to reconcile the change in net asset value per share for the year, and
 may not accord with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

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

(7) Includes 0.02% for the year ended
 December 31, 2023 attributed to custody overdraft fees which are not subject to waiver by the Adviser.

(8) Includes less than 0.01% for the
 year ended December 31, 2024 attributed to custody overdraft fees which are not subject to waiver by the Adviser.

(9) Includes less than 0.01% for the
 year ended December 31, 2025 attributed to custody overdraft fees which are not subject to waiver by the Adviser.

See accompanying notes to financial statements.

---

| |
|:---|
| **BTS Managed Income Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** | **For the**<br>**Year Ended**<br>**December 31, 2023** | **For the**<br>**Year Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**December 31, 2021** |
| Net asset value, beginning of year | $9.54 | $9.38 | $9.11 | $10.66 | $10.93 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.34 | 0.35 | 0.33 | 0.21 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.20 | 0.22 | 0.18 | (1.52) | (0.27) |
| Total from investment operations | 0.54 | 0.57 | 0.51 | (1.31) | (0.12) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.54) | (0.41) | (0.24 | (0.24) | (0.15) |
| Total distributions | (0.54) | (0.41) | (0.24 | (0.24) | (0.15) |
| Net asset value, end of year | $9.54 | $9.54 | $9.38 | $9.11 | $10.66 |
| Total return (2) | 5.68% | 6.09% | 5.65 | (12.32)% | (1.14)% |
| Net assets, at end of year (000)'s | $6428 | $6784 | $7024 | $17634 | $24261 |
| Ratio of gross expenses before waiver/reimbursement to average net assets (3) | 4.18% (8) | 3.68% (7) | 2.13 | 1.82% | 1.59% |
| Ratio of net expenses to average net assets (3) | 1.50% (8) | 1.51% (7) | 1.52 | 1.50% | 1.50% |
| Ratio of net investment income before waiver/reimbursement to average net assets (3)(4) | 0.89% | 1.52% | 2.96 | 1.84% | 1.24% |
| Ratio of net investment income to average net assets (3)(4) | 3.57% | 3.70% | 3.56 | 2.16% | 1.33% |
| Portfolio Turnover Rate | 413% | 216% | 165 | 277% | 243% |

---

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

(2) Total returns shown exclude the effect
 of applicable sales loads/redemption fees and assumes reinvestment of dividends and capital gain distributions, if any. Had the Adviser
 not waived a portion of its fees, total returns would have been lower.

(3) The ratios of expenses and net investment
 income to average net assets do not reflect the Fund's proportionate share of expenses of underlying investment companies in which
 the Fund invests.

(4) The recognition of investment income
 by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

(5) Net realized and unrealized gain
 (loss) on investments per share are balancing amounts necessary to reconcile the change in net asset value per share for the year, and
 may not accord with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

(6) Includes 0.02% for the year ended
 December 31, 2023 attributed to custody overdraft fees which are not subject to waiver by the Adviser.

(7) Includes 0.01% for the year ended
 December 31, 2024 attributed to custody overdraft fees which are not subject to waiver by the Adviser.

(8) Includes less than 0.01% for the
 year ended December 31, 2025 attributed to custody overdraft fees which are not subject to waiver by the Adviser.

See accompanying notes to financial statements.

---

| |
|:---|
| **BTS Managed Income Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** | **For the**<br>**Year Ended**<br>**December 31, 2023** | **For the**<br>**Year Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**December 31, 2021** |
| Net asset value, beginning of year | $9.56 | $9.40 | $9.14 | $10.68 | $10.93 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.30 | 0.24 | 0.28 | 0.12 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.19 | 0.28 | 0.17 | (1.48) | (0.25) |
| Total from investment operations | 0.49 | 0.52 | 0.45 | (1.36) | (0.16) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.49) | (0.36) | (0.19 | (0.18) | (0.09) |
| Total distributions | (0.49) | (0.36) | (0.19 | (0.18) | (0.09) |
| Net asset value, end of year | $9.56 | $9.56 | $9.40 | $9.14 | $10.68 |
| Total return (2) | 5.15% | 5.56% | 4.99 | (12.72)% | (1.45)% |
| Net assets, at end of year (000)'s | $29 | $28 | $122 | $136 | $541 |
| Ratio of gross expenses before waiver/reimbursement to average net assets (3) | 4.68% (8) | 4.18% (7) | 2.63 | 2.32% | 2.09% |
| Ratio of net expenses to average net assets (3) | 2.00% (8) | 2.00% (7) | 2.02 | 2.00% | 2.00% |
| Ratio of net investment income before waiver/reimbursement to average net assets (3)(4) | 0.41% | 0.33% | 2.29 | 0.92% | 0.75% |
| Ratio of net investment income to average net assets (3)(4) | 3.09% | 2.49% | 3.01 | 1.19% | 0.84% |
| Portfolio Turnover Rate | 413% | 216% | 165 | 277% | 243% |

---

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

(2) Total returns shown exclude the effect
 of applicable sales loads/redemption fees and assumes reinvestment of dividends and capital gains distributions, if any. Had the Adviser
 not waived a portion of its fees, total returns would have been lower.

(3) The ratios of expenses and net investment
 income to average net assets do not reflect the Fund's proportionate share of expenses of underlying investment companies in which
 the Fund invests.

(4) The recognition of investment income
 by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

(5) Net realized and unrealized gain
 (loss) on investments per share are balancing amounts necessary to reconcile the change in net asset value per share for the year, and
 may not accord with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

(6) Includes 0.02% for the year ended
 December 31, 2023 attributed to custody overdraft fees which are not subject to waiver by the Adviser.

(7) Includes less than 0.01% for the
 year ended December 31, 2024 attributed to custody overdraft fees which are not subject to waiver by the Adviser.

(8) Includes less than 0.01% for the
 year ended December 31, 2025 attributed to custody overdraft fees which are not subject to waiver by the Adviser.

See accompanying notes to financial statements.

---

| |
|:---|
| **BTS Tactical Fixed Income Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** | **For the**<br>**Year Ended**<br>**December 31, 2023** | **For the**<br>**Year Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**December 31, 2021** |
| Net asset value, beginning of year | $7.78 | $7.72 | $7.83 | $9.17 | $9.53 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.32 | 0.32 | 0.24 | 0.15 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.09) | 0.08 | (0.08) | (1.32) | (0.34) |
| Total from investment operations | 0.23 | 0.40 | 0.16 | (1.17) | (0.20) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.34) | (0.34) | (0.27) | (0.17) | (0.16) |
| Total distributions | (0.34) | (0.34) | (0.27) | (0.17) | (0.16) |
| Net asset value, end of year | $7.67 | $7.78 | $7.72 | $7.83 | $9.17 |
| Total return (2) | 2.96% | 5.29% | 2.10% | (12.80)% | (2.18)% |
| Net assets, at end of year (000's) | $9967 | $13434 | $19236 | $29097 | $46556 |
| Ratio of expenses to average net assets (3) | 1.97% | 1.94% | 1.73% | 1.65% | 1.54% |
| Ratio of net investment income to average net assets (3)(4) | 4.10% | 4.13% | 3.10% | 1.78% | 1.46% |
| Portfolio Turnover Rate | 237% | 32% | 463% | 899% | 513% |

---

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

(2) Total returns shown exclude the effect
 of applicable sales loads/redemption fees and assumes reinvestment of dividends and capital gain distributions, if any.

(3) The ratios of expenses and net investment
 income to average net assets do not reflect the Fund's proportionate share of expenses of underlying investment companies in which
 the Fund invests.

(4) The recognition of investment income
 by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

See accompanying notes to financial statements.

---

| |
|:---|
| **BTS Tactical Fixed Income Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** | **For the**<br>**Year Ended**<br>**December 31, 2023** | **For the**<br>**Year Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**December 31, 2021** |
| Net asset value, beginning of year | $7.71 | $7.65 | $7.76 | $9.10 | $9.47 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.26 | 0.27 | 0.18 | 0.09 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.09) | 0.08 | (0.08) | (1.31) | (0.35) |
| Total from investment operations | 0.17 | 0.35 | 0.10 | (1.22) | (0.28) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.29) | (0.21) | (0.12) | (0.09) |
| Total distributions | (0.28) | (0.29) | (0.21) | (0.12) | (0.09) |
| Net asset value, end of year | $7.60 | $7.71 | $7.65 | $7.76 | $9.10 |
| Total return (2) | 2.21% | 4.54% | 1.33% | (13.43)% | (2.96)% |
| Net assets, at end of year (000's) | $10662 | $13175 | $16074 | $22295 | $38380 |
| Ratio of expenses to average net assets (3) | 2.72% | 2.69% | 2.48% | 2.40% | 2.29% |
| Ratio of net investment income to average net assets (3)(4) | 3.38% | 3.44% | 2.40% | 0.99% | 0.79% |
| Portfolio Turnover Rate | 237% | 32% | 463% | 899% | 513% |

---

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

(2) Total returns shown exclude the effect
 of applicable sales loads/redemption fees and assumes reinvestment of dividends and capital gain distributions, if any.

(3) The ratios of expenses and net investment
 income to average net assets do not reflect the Fund's proportionate share of expenses of underlying investment companies in which
 the Fund invests.

(4) The recognition of investment income
 by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

See accompanying notes to financial statements.

---

| |
|:---|
| **BTS Tactical Fixed Income Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** | **For the**<br>**Year Ended**<br>**December 31, 2023** | **For the**<br>**Year Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**December 31, 2021** |
| Net asset value, beginning of year | $7.75 | $7.69 | $7.80 | $9.13 | $9.50 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.34 | 0.34 | 0.26 | 0.16 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.10) | 0.08 | (0.08) | (1.30) | (0.36) |
| Total from investment operations | 0.24 | 0.42 | 0.18 | (1.14) | (0.19) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.36) | (0.29) | (0.19) | (0.18) |
| Total distributions | (0.36) | (0.36) | (0.29) | (0.19) | (0.18) |
| Net asset value, end of year | $7.63 | $7.75 | $7.69 | $7.80 | $9.13 |
| Total return (2) | 3.11% | 5.59% | 2.38% | (12.51)% | (2.03)% |
| Net assets, at end of year (000's) | $23134 | $31288 | $38059 | $66555 | $153501 |
| Ratio of expenses to average net assets (3) | 1.72% | 1.69% | 1.48% | 1.40% | 1.29% |
| Ratio of net investment income to average net assets (3)(4) | 4.35% | 4.42% | 3.28% | 1.85% | 1.77% |
| Portfolio Turnover Rate | 237% | 32% | 463% | 899% | 513% |

---

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

(2) Total returns shown exclude the effect
 of applicable sales loads/redemption fees and assumes reinvestment of dividends and capital gain distributions, if any.

(3) The ratios of expenses and net investment
 income to average net assets do not reflect the Fund's proportionate share of expenses of underlying investment companies in which
 the Fund invests.

(4) The recognition of investment income
 by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

See accompanying notes to financial statements.

---

| |
|:---|
| **BTS Tactical Fixed Income Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** | **For the**<br>**Year Ended**<br>**December 31, 2023** | **For the**<br>**Year Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**December 31, 2021** |
| Net asset value, beginning of year | $7.76 | $7.69 | $7.80 | $9.13 | $9.50 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.30 | 0.31 | 0.21 | 0.12 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.10) | 0.08 | (0.07) | (1.30) | (0.36) |
| Total from investment operations | 0.20 | 0.39 | 0.14 | (1.18) | (0.24) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.32) | (0.32) | (0.25) | (0.15) | (0.13) |
| Total distributions | (0.32) | (0.32) | (0.25) | (0.15) | (0.13) |
| Net asset value, end of year | $7.64 | $7.76 | $7.69 | $7.80 | $9.13 |
| Total return (2) | 2.58% | 5.16% (5) | 1.83% (5) | (12.93)% | (2.55)% |
| Net assets, at end of year (000's) | $492 | $652 | $945 | $1771 | $3302 |
| Ratio of expenses to average net assets (3) | 2.22% | 2.19% | 1.98% | 1.90% | 1.79% |
| Ratio of net investment income to average net assets (3)(4) | 3.87% | 3.89% | 2.78% | 1.49% | 1.25% |
| Portfolio Turnover Rate | 237% | 32% | 463% | 899% | 513% |

---

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

(2) Total returns shown exclude the effect
 of applicable sales loads/redemption fees and assumes reinvestment of dividends and capital gain distributions, if any.

(3) The ratios of expenses and net investment
 income to average net assets do not reflect the Fund's proportionate share of expenses of underlying investment companies in which
 the Fund invests.

(4) The recognition of investment income
 by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

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

See accompanying notes to financial statements.

---

| |
|:---|
| **BTS Enhanced Equity Income Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class A** |
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Period Ended**<br>**December 31, 2024 (1)** |
| Net asset value, beginning of period | $10.01 | $10.78 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.17 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.21 | (0.68) |
| Total from investment operations | 0.38 | (0.64) |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.05) |
| Total distributions | (0.17) | (0.13) |
| Net asset value, end of period | $10.22 | $10.01 |
| Total return (3) | 3.81% | (6.02)% (6) |
| Net assets, at end of period (000's) | $563 | $99 |
| Ratio of gross expenses before waiver/reimbursement to average net assets (4) | 3.24% | 3.30% (7) |
| Ratio of net expenses to average net assets (4) | 1.55% | 1.55% (7) |
| Ratio of net investment income (loss) before waiver/reimbursement to average net assets (4)(5) | (0.03)% | (0.31)% (7) |
| Ratio of net investment income to average net assets (4)(5) | 1.66% | 1.44% (7) |
| Portfolio Turnover Rate | 177% | 113% (6) |

---

(1) The BTS Enhanced Equity Income Fund
 Class A shares commenced operations on October 4, 2024.

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

(3) Total returns shown exclude the effect
 of applicable sales loads/redemption fees and assumes reinvestment of dividends and capital gain distributions, if any. Had the Adviser
 not waived a portion of its fees, total returns would have been lower.

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

(5) The recognition of investment income
 (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

(6) Not annualized for periods less than
 one year.

(7) Annualized for periods less than
 one year.

See accompanying notes to financial statements.

---

| |
|:---|
| **BTS Enhanced Equity Income Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | |
|:---|:---|:---|
|  | **Class I** | **Class I** |
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Period Ended**<br>**December 31, 2024 (1)** |
| Net asset value, beginning of period | $10.01 | $10.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (2) | 0.19 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.22 | 0.05 |
| Total from investment operations | 0.41 | 0.15 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.05 |
| Total distributions | (0.19) | (0.14 |
| Net asset value, end of period | $10.23 | $10.01 |
| Total return (3) | 4.12% | 1.48 |
| Net assets, at end of period (000's) | $8009 | $7835 |
| Ratio of gross expenses before waiver/reimbursement to average net assets (4) | 2.92% | 5.12 |
| Ratio of net expenses to average net assets (4) | 1.30% | 1.30 |
| Ratio of net investment income (loss) before waiver/reimbursement to average net assets (4)(5) | 0.25% | (1.95) |
| Ratio of net investment income to average net assets (4)(5) | 1.87% | 1.86 |
| Portfolio Turnover Rate | 177% | 113 |

---

(1) The BTS Enhanced Equity Income Fund
 Class I shares commenced operations on June 28, 2024.

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

(3) Total returns shown exclude the effect
 of applicable sales loads/redemption fees and assumes reinvestment of dividends and capital gain distributions, if any. Had the Adviser
 not waived a portion of its fees, total returns would have been lower.

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

(5) The recognition of investment income
 (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

(6) Not annualized for periods less than
 one year.

(7) Annualized for periods less than
 one year.

(8) Net realized and unrealized gain
 (loss) on investments per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and
 may not accord with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

See accompanying notes to financial statements.

---

| |
|:---|
| **BTS Funds** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **December 31, 2025** |

---

**1.** **ORGANIZATION** 

The BTS Managed Income Fund (the "Managed Income Fund"), the BTS Tactical Fixed Income Fund (the "Fixed Income Fund"), and the BTS Enhanced Equity Income Fund (the "Enhanced Equity Income Fund"), (each a "Fund" and together, the "Funds"), are a diversified series of shares of beneficial interest of Northern Lights Fund Trust (the "Trust"), a trust organized under the laws of the State of Delaware on January 19, 2005 and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Managed Income Fund commenced operations on January 25, 2019, the Fixed Income Fund commenced operations on May 31, 2013 and the Enhanced Equity Income Fund commenced operations on June 28, 2024. The Managed Income Fund and the Fixed Income Fund investment objectives seek to provide total return. The Enhanced Equity Income Fund investment objective seeks growth and income.

Managed Income Fund and Fixed Income Fund currently offer four classes of shares: Class A shares, Class C shares, Class I shares and Class R shares. The Enhanced Equity Income Fund currently offers two classes of shares: Class A shares and Class I shares. The Enhanced Equity Income Fund also has Class C shares and Class R shares, which were not offered during the period. The Managed Income Fund's Class A shares, Class C shares, Class I shares and Class R shares commenced operations on January 25, 2019. The Fixed Income Fund's Class A shares and Class C shares commenced operations on May 31, 2013, Class I shares commenced operations on May 27, 2015 and Class R shares commenced operations on May 5, 2015. The Enhanced Equity Income Fund's Class A shares commenced operation on October 4, 2024 and Class I shares commenced operations on June 28, 2024. Class A shares of each Fund are offered at net asset value ("NAV") plus a maximum sales charge of 3.75% for each Fund. Class C shares, Class I shares and Class R shares are offered at NAV. Each class of shares of the Funds has identical rights and privileges, except with respect to arrangements pertaining to shareholder servicing or distribution, class-related expenses, voting rights on matters affecting a single class of shares, and the exchange privilege of each class of shares. The Funds' share classes differ in the fees and expenses charged to shareholders. The Funds' income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class. Managed Income Fund and Fixed Income Fund are "fund of funds", in that they will generally invest in other investment companies.

**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"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies", including FASB Accounting Standards Update ("ASU") 2013-08.

**Segment Reporting –** An operating segment is defined 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 Trust. The Funds operate as a single operating segment. The Funds' income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Funds, using the information presented in the financial statements and financial highlights.

**Accounting Pronouncement –** The Funds adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds' adoption of ASU 2023-09 did not have an impact on the Funds' financial statements.

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| |
|:---|
| **BTS Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

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**Securities Valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. 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 which include consideration of yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at NAV.

**Valuation of Underlying Funds –** The Funds may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the board of directors of the Underlying Funds. Open-end investment companies are valued at their respective NAVs as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the NAV 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 purchased by the Funds will not change.

**Exchange Traded Funds –** The Funds may invest in exchange traded funds ("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 designed to track the performance and dividend yield of a particular domestic or foreign market index. The Funds may purchase an ETF to gain exposure to a portion of the U.S. or a foreign market. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, 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.

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 will be valued using the "fair value" procedures approved by the Board. The Board has delegated execution of these procedures to the adviser as its valuation designee (the "Valuation Designee"). The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**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 will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund's calculation of its NAV. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of 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

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| |
|:---|
| **BTS Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

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to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Funds utilize various methods to measure the fair value of all of their 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 a Fund has the ability to access.

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables, summarize the inputs used as of December 31, 2025 for the Funds' investments measured at fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Managed Income Fund** | **Managed Income Fund** | **Managed Income Fund** | **Managed Income Fund** | **Managed Income Fund** |
| **Assets \*** | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $6961038 | $— | $— | $6961038 |
| Money Market Fund | 55056 |  |  | 55056 |
| Total Investments | $7016094 | $— | $— | $7016094 |
| **Fixed Income Fund** | **Fixed Income Fund** | **Fixed Income Fund** | **Fixed Income Fund** | **Fixed Income Fund** |
| **Assets \*** | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $43974497 | $— | $— | $43974497 |
| Money Market Fund | 397517 |  |  | 397517 |
| Total Investments | $44372014 | $— | $— | $44372014 |
| **Enhanced Equity Income Fund** | **Enhanced Equity Income Fund** | **Enhanced Equity Income Fund** | **Enhanced Equity Income Fund** | **Enhanced Equity Income Fund** |
| **Assets \*** | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $7686921 | $— | $— | $7686921 |
| Exchange-Traded Funds | 683695 |  |  | 683695 |
| Money Market Fund | 197041 |  |  | 197041 |
| Total Investments | $8567657 | $— | $— | $8567657 |

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

\* Please refer to the Schedule of Investments for classification.

**Security Transactions and Related Income –** Security transactions are accounted for on trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of

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| |
|:---|
| **BTS Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

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the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

**Dividends and Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid quarterly. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are recorded on the ex-dividend date and are 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 the Federal tax-basis treatment; temporary differences do not require reclassification. These reclassifications have no effect on net assets, results from operations or NAV per share of the Funds.

**Federal Income Tax –** Each Fund intends 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 federal income tax provision 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 December 31, 2022 to December 31, 2024, or expected to be taken in the Funds' December 31, 2025 year-end tax return. The Funds identify their major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Funds may make significant investments. 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, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

**Indemnification –** The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and 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, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**Cash and Cash Equivalents -** Cash and cash equivalents are held with a financial institution. The assets of the Funds may be placed in deposit accounts at U.S. banks and such deposits generally exceed Federal Deposit Insurance Corporation ("FDIC") insurance limits. The FDIC insures deposit accounts up to $250,000 for each accountholder. The counterparty is generally a single bank rather than a group of financial institutions; thus, there may be a greater counterparty credit risk. The Funds place deposits only with those counterparties which are believed to be creditworthy and there has been no history of loss.

**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 7).

**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 Funds' portfolio 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, tariffs and trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment in the Funds.

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|:---|
| **BTS Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

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

For the year ended December 31, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments were as follows:

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| | | |
|:---|:---|:---|
| <u>Fund</u> | Purchases | Sales |
| Managed Income Fund | $29337621 | $29914414 |
| Fixed Income Fund | 118817786 | 132607487 |
| Enhanced Equity Income Fund | 14746523 | 14337076 |

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

BTS Asset Management, Inc. serves as the Funds' investment adviser (the "Adviser"). Pursuant to an investment advisory agreement with the Trust, on behalf of the Funds, the Adviser, under the supervision of the Board, oversees the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Managed Income Fund pays the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 0.65% of the Managed Income Fund's average daily net assets. As compensation for its services and the related expenses borne by the Adviser, the Fixed Income Fund pays the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 1.00% of the Fixed Income Fund's average daily net assets. As compensation for its services and the related expenses borne by the Adviser, the Enhanced Equity Income Fund pays the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 0.60% of the Enhanced Equity Income Fund's average daily net assets. For the year ended December 31, 2025, the Funds incurred fees as follows:

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| | |
|:---|:---|
| <u>Fund</u> | Advisory Fees |
| Managed Income Fund | $47403 |
| Fixed Income Fund | 507261 |
| Enhanced Equity Income Fund | 49821 |

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Pursuant to a written contract (the "Waiver Agreement"), the Adviser has agreed, at least until April 30, 2026 for Managed Income Fund, Fixed Income Fund and Enhanced Equity Income Fund to waive all or part of its advisory fees and/or make payments to limit the Funds' expenses (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), borrowing costs (such as interest and dividend expense on securities sold short), taxes, and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of the Funds' service providers (other than the Adviser))), so that the annual operating expenses of Managed Income Fund do not exceed 1.75%, 2.50%, 1.50% and 2.00% of the average daily net assets of the Managed Income Fund's Class A, Class C, Class I and Class R shares, respectively, that the total annual operating expenses of the Fixed Income Fund do not exceed 2.00%, 2.75%, 1.75%, and 2.25% of the average daily net assets of the Fixed Income Fund's Class A, Class C, Class I, and Class R shares, respectively, and that the annual operating expenses of Enhanced Equity Income Fund do not exceed 1.55%, 2.30%, 1.30% and 1.80% of the average daily net assets of the Enhanced Equity Income Fund's Class A, Class C, Class I and Class R shares, respectively. Contractual waivers and expense payments may be recouped by the Adviser from the Funds to the extent that overall expenses fall below the expense limitation, within three years of when the amounts were waived.

For the year ended December 31, 2025, the Adviser waived fees and reimbursed expenses pursuant to the Waiver Agreement as follows:

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| | |
|:---|:---|
| <u>Fund</u> | Advisory Fees Waived |
| Managed Income Fund | $195570 |
| Fixed Income Fund |  |
| Enhanced Equity Income Fund | 134625 |

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|:---|
| **BTS Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

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As of December 31, 2025, the Adviser may recapture all or a portion of the waived fees no later than the date stated below:

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| | | | | |
|:---|:---|:---|:---|:---|
| <u>Fund</u> | December 31, 2026 | December 31, 2027 | December 31, 2028 | Total |
| Managed Income Fund | $99003 | $175420 | $195570 | $469993 |
| Fixed Income Fund |  |  |  |  |
| Enhanced Equity Income Fund |  | 86903 | 134625 | 221528 |

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Distributor – The distributor of the Funds is Northern Lights Distributors, LLC (the "Distributor"). The Trust has adopted, on behalf of the Funds, the Trust's Master Distribution and Shareholder Servicing Plans (the "Plans"), as amended, for Class A, Class C and Class R shares pursuant to Rule 12b-1 under the 1940 Act, to pay for certain distribution activities and shareholder services. Under the Plans, the Funds may pay an annual rate of 0.25% of the average daily net assets of the Funds' Class A shares, 1.00% of the average daily net assets for the Funds' Class C shares, and 0.50% of the average daily net assets for the Funds' Class R shares for distribution and shareholder service activities. For the year ended December 31, 2025, the Funds incurred distribution fees as follows:

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| | | | |
|:---|:---|:---|:---|
| <u>Fund</u> | Class A | Class C | Class R |
| Managed Income Fund | $495 | $5431 | $142 |
| Fixed Income Fund | 28143 | 119232 | 3070 |
| Enhanced Equity Income Fund | 945 |  |  |

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The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. For the year ended December 31, 2025, the Distributor received underwriter commissions for sales of the Funds' Class A shares as follows:

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| | | |
|:---|:---|:---|
|  | | Amount |
|  | Underwriter | Retained By |
| <u>Fund</u> | Commissions | Principal Underwriter |
| Managed Income Fund | $— | $— |
| Fixed Income Fund | 268 | 46 |
| Enhanced Equity Income Fund | 1164 | 216 |

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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, fund accounting, and transfer agent services to the Trust. Pursuant to a separate servicing agreement with UFS, the Funds pay UFS customary fees for providing administration, fund accounting and transfer agency 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 serving in such capacities.

*<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 Fund.

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

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| |
|:---|
| **BTS Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

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

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at December 31, 2025, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | Net |
|  | | Gross | Gross | Unrealized |
|  | Tax | Unrealized | Unrealized | Appreciation |
| <u>Fund</u> | Cost | Appreciation | Depreciation | (Depreciation) |
| Managed Income Fund | $6988303 | $44293 | $(16502) | $27791 |
| Fixed Income Fund | 43527274 | 844740 |  | 844740 |
| Enhanced Equity Income Fund | 8344895 | 382035 | (159273) | 222762 |

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

The tax character of fund distributions paid for the year ended December 31, 2025, and year and period ended December 31, 2024, was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended <br> 12/31/2025** | **Ordinary <br> Income** | **Long-Term <br> Capital Gains** | **Return of<br> Capital** | **Total** |
| Managed Income Fund | $394510 | $— | $— | $394510 |
| Fixed Income Fund | 2063549 |  |  | 2063549 |
| Enhanced Equity Income Fund | 155875 |  |  | 155875 |
| **For fiscal year and period ended <br> 12/31/2024** | **Ordinary<br> Income** | **Long-Term <br> Capital Gains** | **Return of<br> Capital** | **Total** |
| Managed Income Fund | $329459 | $— | $— | $329459 |
| Fixed Income Fund | 2728913 |  |  | 2728913 |
| Enhanced Equity Income Fund | 103898 | 157 |  | 104055 |

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As of December 31, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **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)** |
| Managed Income Fund | $85345 | $– $|  | $(3745333) | $– $| 27791 | $(3632197) |
| Fixed Income Fund | 472151 | – |  | (111159314) | – | 844740 | (109842423) |
| Enhanced Equity Income Fund |  | – |  | (492054) | – | 222762 | (269292) |

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

At December 31, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carryforwards utilized as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Capital Loss Carry Forward** | **Capital Loss Carry Forward** | **Capital Loss Carry Forward** | **Capital Loss Carry Forward** |
| **<u>Fund</u>** | **Short-Term** | **Long-Term** | **Total** | **Utilized** |
| Managed Income Fund | 1764486 | 1980847 | 3745333 | 178443 |
| Fixed Income Fund | 111159314 |  | 111159314 | 961652 |
| Enhanced Equity Income Fund | 440693 | 51361 | 492054 |  |

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| |
|:---|
| **BTS Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

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Permanent book and tax differences, primarily attributable to tax adjustments for realized gain (loss) on the book/tax basis treatment of non-deductible expenses, and distributions in excess, resulted in reclassifications for the Funds for the fiscal year ended December 31, 2025, as follows:

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| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **Paid<br> In<br> Capital** | **Accumulated<br> Earnings (Losses)** |
| Managed Income Fund | $— | $— |
| Fixed Income Fund |  |  |
| Enhanced Equity Income Fund | (1410) | 1410 |

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**7.** **SECURITIES LENDING** 

Under an agreement (the "Securities Lending Agreement") with the Securities Finance Trust Company, the Managed Income Fund and the Fixed Income Fund can lend their 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 Managed Income Fund's and the Fixed Income Fund's security lending procedures. The Managed Income Fund and the Fixed Income Fund continue to receive interest or dividends on the securities loaned. The Managed Income Fund and the Fixed Income Fund have 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 Managed Income Fund and the Fixed Income Fund could experience delays or losses on recovery. Additionally, the Managed Income Fund and the Fixed Income Fund are subject to the risk of loss from investments made with the cash received as collateral. The Managed Income Fund and the Fixed Income Fund manage 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.

At December 31, 2025, the Managed Income and Fixed Income Funds had no loaned securities.

**8.** **LINE OF CREDIT** 

The Managed Income Fund and the Fixed Income Fund have each entered into a line of credit agreement with U.S. Bank N.A. for investment purposes subject to the limitations of the 1940 Act for borrowings. The maximum amount the Managed Income Fund is allowed to borrow under its agreement is the lesser of $1,500,000 or 20% of the gross market value of the Managed Income Fund or 33 1/3% of the gross market value (as determined solely by the Bank using consistently applied valuation methods disclosed to the Borrower) of the unencumbered assets of the Managed Income Fund. The maximum amount the Fixed Income Fund is allowed to borrow under its agreement is the lesser of $13,000,000 through July 31, 2025 and $9,000,000 from August 1, 2025 through December 31, 2025, or 20% of the gross market value of the Fixed Income Fund or 33 1/3% of the gross market value (as determined solely by the Bank using consistently applied valuation methods disclosed to the Borrower) of the unencumbered assets of the Fixed Income Fund. Borrowings under each agreement bear interest at the Prime Rate of 6.75% as of December 31, 2025, per annum, on the principal balance outstanding. The maturity date for each line of credit is July 27, 2026. During the year ended December 31, 2025, the Managed Income Fund and Fixed Income Fund did not draw upon or access the line of credit. As a result, average borrowings and the average interest rate on the line during the year ended December 31, 2025, were $0 and 0%, respectively, for both the Managed Income Fund and the Fixed Income Fund.

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

The Fixed Income Fund currently invests a portion of its assets in the Xtrackers USD High Yield Corporate Bond ETF (the "HYLB ETF"). The HYLB ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Index; a rules-based, market value weighted index

---

| |
|:---|
| **BTS Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

---

engineered to mirror the performance of high-yield-rated corporate bonds issued in U.S. dollars. The Fixed Income Fund may redeem its investment from the HYLB ETF at any time if the Adviser determines that it is in the best interest of the Fixed Income Fund and its shareholders to do so. The performance of the Fixed Income Fund will be directly affected by the performance of the HYLB ETF. The financial statements of the HYLB ETF, including the portfolio of investments, can be found at the Securities and Exchange Commission's website, www.sec.gov, and should be read in conjunction with the Fixed Income Fund's financial statements. As of December 31, 2025, the percentage of the Fixed Income Fund's net assets invested in the HYLB ETF was 42.7%.

The Fixed Income Fund currently invests a portion of its assets in the iShares Broad USD High Yield Corporate Bond ETF (the "HYCB ETF"). The HYCB ETF seeks to track the investment results of ICE BofA US High Yield Constrained Index; a rules-based, modified market value weighted index designed to provide a broad representation of the U.S. dollar denominated high yield corporate bond market. The Fixed Income Fund may redeem its investment from the HYCB ETF at any time if the Adviser determines that it is in the best interest of the Fixed Income Fund and its shareholders to do so. The performance of the Fixed Income Fund will be directly affected by the performance of the HYCB ETF. The financial statements of the HYCB ETF, including the portfolio of investments, can be found at the Securities and Exchange Commission's website, www.sec.gov, and should be read in conjunction with the Fixed Income Fund's financial statements. As of December 31, 2025, the percentage of the Fixed Income Fund's net assets invested in the HYCB ETF was 42.6%.

**10.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2025, the shareholders listed below held, for the benefit of others, more than 25% of an individual fund and may be deemed to control that fund. The Funds have no knowledge as to whether all or any portion of the shares owned, by the parties noted below, are also owned beneficially by any party who would be presumed to control the respective Funds.

---

| | | |
|:---|:---|:---|
| **Shareholder** | **Fund** | **Percent** |
| Pershing LLC | Managed Income Fund | 44.5% |
| Charles Schwab | Managed Income Fund | 26.3% |
| Pershing LLC | Fixed Income Fund | 39.8% |
| Charles Schwab | Enhanced Equity Income Fund | 76.7% |

---

**11.** **SUBSEQUENT EVENTS** 

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Northern Lights Fund Trust and the

Shareholders of BTS Managed Income Fund, BTS Tactical Fixed Income Fund, and

BTS Enhanced Equity Income Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of BTS Managed Income Fund, BTS Tactical Fixed Income Fund, and BTS Enhanced Equity Income Fund (collectively, the Funds), each a separate series of Northern Lights Fund Trust, including the schedule of investments, as of December 31, 2025, the related statements of operations and changes in net assets for each of the years/periods presented below and the related notes to the financial statements (collectively, the financial statements), and the financial highlights for each of the years/periods presented below.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, the results of their operations and the changes in net assets for each of the years/period presented below, and the financial highlights for each of the years/periods presented below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statement of Operations** | **Statement of Changes in Net Assets** | **Financial Highlights** |
| BTS Managed Income Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022, and 2021 |
| BTS Tactical Fixed Income Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022, and 2021 |
| BTS Enhanced Equity Income Fund | For the year ended December 31, 2025 | For the year ended December 31, 2025 and for the period June 28, 2024 (commencement of operations through December 31, 2024 | For the year ended December 31, 2025 and for the period June 28, 2024 (commencement of operations) through December 31, 2024 |

---

**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 audit 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, an audit 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 securities owned as of December 31, 2025, by correspondence with the custodian and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ RSM US LLP

We have served as the auditor of one or more BTS Asset Management, Inc. advised investment companies since 2018.

Denver, Colorado

February 27, 2026

**BTS Funds**

**Additional Information (Unaudited)**

**December 31, 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**

BTS Asset Management, Inc. Adviser to BTS Enhanced Equity Fund ("BTS Enhanced"), BTS Managed Income Fund "(BTS Managed"), and BTS Tactical Fixed Income Fund ("BTS Tactical") \*

In connection with the regular meeting held on December 17-18, 2025 of the Board of Trustees (the "Trustees" or the "Board") of the Northern Lights Fund Trust (the "Trust"), including a majority of the Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of the investment advisory agreements (the "Advisory Agreements") between BTS Asset Management, Inc. ("BTS" or the "Adviser") and the Trust, with respect to BTS Enhanced, BTS Managed, and BTS Tactical (each, a "Fund" and collectively, the "BTS Funds"). In considering the renewal of the Advisory Agreements, the Board received materials specifically relating to the Advisory Agreements.

The Trustees were assisted by independent legal counsel throughout the Advisory Agreements review process. The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreements and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreements.

<u>Nature, Extent, and Quality of Services</u>. The Trustees noted that BTS was founded in 1979, directly managed approximately $145 million in assets, with another $17.5 million in assets under advisement, and offered tactically managed investment strategies to individuals and investment companies. The Trustees reviewed the background information of the key investment personnel responsible for servicing the BTS Funds, considering their education and financial industry experience, and noting the longevity of BTS and the extended tenure of its personnel. The Trustees noted that BTS used proprietary quantitative models based on price data and momentum indicators to direct the firm's investment decisions, including which sectors to invest in, which securities to hold, and when to take defensive positions. The Trustees further noted that BTS's investment committee regularly reviewed the firm's models and made updates to the extent necessary using Bloomberg and other analysis software. The Trustees agreed that BTS's active trading style was supported by its technical models and that BTS dedicated resources to monitor and improve such models. The Trustees concluded that they expected BTS to continue providing quality service to the BTS Funds for the benefit of their respective shareholders.

<u>Performance</u>.

*BTS Enhanced*. The Trustees observed that BTS Enhanced returns were below each of the benchmark, peer group median, and Morningstar category median over the prior one-year, and since inception periods. The Trustees noted that the technology growth stocks were part of a surge in the S&P 500 while the Adviser focused on managing volatility which placed the Fund in the top two quartiles for that metric. The Trustees acknowledged that the Adviser believed the model would work better when managed volatility was rewarded by investors. The Trustees concluded

**BTS Funds**

**Additional Information (Unaudited) (Continued)**

**December 31, 2025**

that the Fund was too new to make any specific judgment on returns, but the Fund was managed according to its prospectus.

*BTS Managed*. The Trustees noted that BTS Managed returns were above its benchmark for the one-, three-, five-, and since-inception periods. The Trustees further noted the Fund outperformed peer group for the one-year period. The Trustees remarked that the Fund's Sharpe and Sortino ratios showed continuous improvement in risk adjusted returns. The Trustees acknowledged the Adviser's representation that it had adapted the Fund's strategy to be more active in making investment allocations, which was reflected in the Fund's competitive recent performance in the top quartile. The Trustees agreed that the Fund's performance was satisfactory.

*BTS Tactical*. The Trustees observed that BTS Tactical returns were below each of its benchmark, peer group median, and Morningstar category median over the prior one- , five-, and ten-year periods. The Trustees acknowledged, however, that the Fund's returns exceeded its benchmark for the three-year period. The Trustees noted that the Adviser stated that volatility was managed better in comparison to its peers and Morningstar category with a solid quartile ranking versus its category peers for the three-, five and ten-year periods. The Trustees noted that the Adviser had been consistent with its strategy and approach and performance was acceptable.

<u>Fees and Expenses</u>.

*BTS Enhanced*. The Trustees noted that the Fund's annual advisory fee of 0.60% was equal to the Morningstar category median and slightly below the peer group average of 0.66%. The Trustees also observed that the Fund's net expense ratio of 1.30% was higher than the category average of 0.72% and the peer group average of 0.83%. The Trustees remarked that the Adviser explained because the Fund was newly operating and subject to fee waivers, the Adviser expected expense ratios to decline as assets under management increase, which should bring the Fund's net expense ratio closer to the Morningstar category and peer group averages. Following discussion, the Trustees concluded that the Fund's advisory fee was not unreasonable.

*BTS Managed*. The Trustees noted that the Fund's advisory fee of 0.65% was below both the peer group average of 0.90% and the Morningstar category average of 0.86%. The Trustees acknowledged that the Fund's net expense ratio of 1.50% was above the peer group average of 1.26% and the category average of 1.18%. The Trustees considered the Adviser's explanation that, given the Fund's current asset base, fee waivers were in place and were expected to remain until scale improves. The Trustees noted that the Adviser indicated that, as assets increase, fixed costs should be spread over a larger base, which was expected to reduce the net expense ratio toward peer group and category averages. The Trustees also noted the Adviser's representation that the Fund was managed in the same style as the Adviser's larger funds; that the proprietary nature of the strategy supports the current fee levels; and that newer products were expected to achieve lower costs as they scale. Following discussion, the Trustees concluded that the Fund's advisory fee was not unreasonable.

*BTS Tactical*. The Trustees noted that the Fund's advisory fee of 1.00% was above the Morningstar category average of 0.70% and the peer group average of 0.97%. The Trustees observed that the Fund's net expense ratio of 1.72% was above the category average of 0.93% and the peer group average of 1.35%. In considering these comparisons, the Trustees reviewed the Adviser's long-term record managing high yield bonds, government bonds, and other asset classes; the experience of the portfolio team; and the firm's research-driven, risk-management process across multiple market cycles. The Trustees noted that the Adviser participated in periods of strong positive returns during trending markets with lower volatility. Following discussion, the Trustees concluded that the Fund's advisory fee was not unreasonable.

<u>Economies of Scale</u>. The Trustees considered whether BTS had achieved economies of scale in connection with the advisory services provided to each BTS Fund. The Trustees acknowledged that the Adviser noted that, as assets grow, fixed operating costs were spread over a larger base and non-management expenses were expected to decline on a per-unit basis, which should reduce each Fund's net expense ratio for the benefit of shareholders. The Trustees agreed that

**BTS Funds**

**Additional Information (Unaudited) (Continued)**

**December 31, 2025**

economies of scale had not yet been achieved by the Adviser and that the absence of breakpoints was currently appropriate.

<u>Profitability</u> . The Trustees reviewed the profitability of BTS's advisory relationships with each Fund. Based on the profitability analyses provided by BTS, the Trustees noted that BTS incurred losses in its advisory relationships with BTS Managed and BTS Enhanced.

The Trustees further noted that BTS realized a profit in its advisory relationship with BTS Tactical and evaluated the reasonableness of that profit in both absolute terms and as a percentage of revenue. The Trustees acknowledged BTS's representation that the profit was reasonable in light of its historical ability to tactically manage assets using a base model that was monitored, optimized, and modified to meet the Fund's investment objectives, as well as the time devoted to daily portfolio monitoring and other adviser duties. The Trustees agreed that BTS's advisory relationship with BTS Tactical was not excessively profitable.

<u>Conclusion</u>. Having requested and received such information from BTS as the Trustees believed to be reasonably necessary to evaluate the terms of the Advisory Agreements, and as assisted by the advice of counsel, the Trustees concluded that the approval of the Advisory Agreements between the Trust and BTS, on behalf of BTS Enhanced, BTS Managed, and BTS Tactical, was in the best interests of each of the Funds and their shareholders.

\* Due to the timing of the contract renewal schedule, these deliberations may or may not relate to the current performance results of the BTS Funds.

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

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve month period ended June 30, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies, is available without charge, upon request, by calling 1-877-287-9820, or by referring to the Securities and Exchange Commission's website at http://www.sec.gov.

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

Not applicable

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

Not applicable

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

Included under Item 7 of this Form.

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

Included under Item 7 of this Form.

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

Not applicable

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

Not applicable

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

Not applicable

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

None

**Item 16. Controls and Procedures.** 

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

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

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

Not applicable

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

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

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

**Item 19. Exhibits.** 

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

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)):

Attached hereto. [Exhibit 99. CERT](ex99-cert.htm)

(a)(4) Not applicable.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)):

Attached hereto. [Exhibit 99.906CERT](ex99-906cert.htm)

**SIGNATURES**

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

(Registrant) <u>Northern Lights Fund Trust</u>

---

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

---

Date <u>3/10/26</u>

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

---

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

---

Date <u>3/10/26</u>

---

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

---

Date <u>3/10/26</u>

## 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 the BTS Tactical Fixed Income Fund, BTS Managed
 Income Fund and BTS Enhanced Equity Income Fund (a series of Northern Lights Fund Trust);

&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: | 3/10/26 | /s/ Kevin E. Wolf |
|  |  | Kevin E. Wolf |
|  |  | Principal Executive Officer/President |

---

**Certification** [Exhibit 99. CERT]

I, James Colantino, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the BTS Tactical Fixed Income Fund, BTS Managed
 Income Fund and BTS Enhanced Equity Income Fund (a series of Northern Lights Fund Trust);

&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: | 3/10/26 | /s/ James Colantino |
|  |  | James Colantino |
|  |  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**CERTIFICATION** [EXHIBIT 99.906CERT]

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), of the Securities Exchange Act of 1934, as amended; and

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

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust |
| /s/ Kevin E. Wolf | /s/ Kevin E. Wolf | /s/ James Colantino | /s/ James Colantino |
| Kevin E. Wolf | Kevin E. Wolf | James Colantino | James Colantino |
| Date: | 3/10/26 | Date: | 3/10/26 |

---

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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