# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-26-002946
**Filing Date:** 2026-5
**Character Count:** 20063
**Document Hash:** 26e701f2f23d0a819a801d60bc54de01
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-002946.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001580642-26-002946

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**EFFECTIVENESS DATE**: 20260505

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-122917
- **FILM NUMBER:** 26942779

**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 Enhanced Equity Income Fund (Series ID: S000085575)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000250883 | BTS Enhanced Equity Income Fund - Class R |  |
| C000250884 | BTS Enhanced Equity Income Fund - Class A |  |
| C000250885 | BTS Enhanced Equity Income Fund - Class C |  |
| C000250886 | BTS Enhanced Equity Income Fund - Class I |  |

---

| | |
|:---|:---|
| **Summary Prospectus** | **April 30, 2026** |

---

**BTS ENHANCED EQUITY INCOME fund**

**Class A Shares: EEQAX**

**Class I Shares: EEQIX**

**Class C Shares: EEQCX**

**Class R Shares: EEQRX**

*Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. The Fund's prospectus and Statement of Additional Information both dated April 30, 2026, are incorporated by reference into this Summary Prospectus. You can obtain these documents and other information about the Fund online at www.btsfunds.com/resources/eei-literature.html. You can also obtain these documents at no cost by calling 1 877 BTS-9820 or by sending an email request to OrderBTS@ultimusfundsolutions.com.*

**Investment Objective:** The Fund seeks growth and income.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial intermediary and in **How to Purchase Shares** on page 9 of the Fund's Prospectus.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees<br> (fees paid directly from your investment)** | **Class A** | **Class C** | **Class I** | **Class R** |
| Maximum Sales Charge (Load) Imposed on Purchases <br> (as a % of offering price) | 3.75% |  |  |  |
| Maximum Deferred Sales Charge (Load)<br> (as a % of the lower of original purchase price or redemption proceeds) | 1.00% |  |  |  |
| Maximum Sales Charge (Load) Imposed<br> on Reinvested Dividends and other Distributions |  |  |  |  |
| Redemption Fee |  |  |  |  |
| **Annual Fund Operating Expenses**<br> **(expenses that you pay each year as a<br> percentage of the value of your investment)** |  |  |  |  |
| Management Fees | 0.60% | 0.60% | 0.60% | 0.60% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.00% | 0.50% |
| Other Expenses | 2.39% | 2.32% | 2.32% | 2.32% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | <u>0.03%</u> | <u>0.03%</u> | <u>0.03%</u> | <u>0.03%</u> |
| Total Annual Fund Operating Expenses | <u>3.27%</u> | <u>3.95%</u> | <u>2.95%</u> | <u>3.45%</u> |
| Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | <u>(1.69)%</u> | <u>(1.62)%</u> | <u>(1.62)%</u> | <u>(1.62)%</u> |
| Total Annual Fund Operating Expenses <br> After Fee Waiver and/or Expense Reimbursement | <u>1.58%</u> | <u>2.33%</u> | <u>1.33%</u> | <u>1.83%</u> |

---

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

(2) The Trust, on behalf of the Fund, has entered into an operating expense limitation
agreement with the BTS Asset Management, Inc. (the "Adviser"), pursuant to which the Adviser has contractually agreed
to waive management fees and to make payments to limit Fund expenses, until at least April 30, 2027 so that the total annual operating
expenses (exclusive of certain fees or expenses) do not exceed 1.55%, 2.30%, 1.30% and 1.80% of average daily net assets attributable
to Class A, Class C, Class I and Class R shares, respectively. The agreement excludes any front-end or contingent deferred loads, brokerage
fees and commissions, acquired fund fees and expenses, fees and expenses associated with instruments in other collective investment vehicles
or derivative instruments (including for example options 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 Fund service providers (other than the adviser) from the expense limitation. These fee
waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within
the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits
and the limits at the time of recoupment. This agreement may be terminated only by the Board of Trustee, on 60 days written notice to
the Adviser.

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

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Class</u>** | **<u>1 Year</u>** | **<u>3 Years</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | $530 | $1192 | $1877 | $3697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | $236 | $1056 | $1893 | $4063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | $135 | $760 | $1410 | $3155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | $186 | $909 | $1654 | $3622 |

---

**Portfolio Turnover:** The Fund pays transaction costs, such as commissions, when it buys and sells securities<br> (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover was 177% of the average value of its portfolio.

**Principal Investment Strategies:** The Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of large-cap and mid-cap companies incorporated in the United States. The Adviser generally focuses on companies within the largest 1,500 U.S. publicly traded equities by market capitalization at the time of investment.

The Fund employs a quantitative investment approach that evaluates companies using fundamental financial metrics and proprietary models designed to identify companies with strong financial characteristics, durable competitive positions, and attractive shareholder return profiles.

The Adviser's process incorporates multiple complementary investment approaches that emphasize dividend growth, financial strength, and dividend yield characteristics. Securities are evaluated using proprietary quantitative models and fundamental analysis to identify companies that the Adviser believes demonstrate strong financial fundamentals and sustainable growth potential.

The Fund allocates investments across major industry sectors and may adjust sector exposures based on the Adviser's assessment of relative sector strength and company fundamentals. Portfolio holdings and sector allocations are periodically rebalanced in accordance with the Adviser's investment process.

The Fund may invest up to 10% of its total assets in exchange-traded funds (ETFs) that employ covered call strategies, which typically seek to generate income by writing call options on equity portfolios**.**

Under normal market conditions, the Adviser will initially allocate the Fund's assets across the Fund's four sub-strategies as follows:

Dividend Aristocrats 40%

Equity Fortress 30%

Highest Yielding Equity 20%

Covered Call 10%

The Adviser will rebalance the Fund's portfolio quarterly. The Fund's allocation to a particular sub-strategy at any one time may vary due to market movements.

In seeking to fulfill the Fund's investment objective, the Adviser may engage in frequent trading of the Fund's<br> portfolio securities.

**Principal Investment Risks:** As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Although the Fund will strive to meet its investment objective, there is no assurance that it will do so. Many factors affect the Fund's net asset value and performance.

&nbsp;&nbsp;&nbsp;&nbsp;· *Equity Risk:* Equity securities are susceptible to general stock market
fluctuations and to volatile increases and decreases in value. The equity securities held by the Fund may experience sudden, unpredictable
drops in value or long periods of decline in value. This may occur because of factors affecting securities markets generally, the equity
securities of a specific sector, or a specific company.

&nbsp;&nbsp;&nbsp;&nbsp;· *ETF Risk:* ETFs are subject to investment advisory fees and other
expenses, which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund will be higher than the cost of investing
directly in the ETFs and may be higher than other mutual funds that invest directly in fixed income securities. Certain restrictions of
the 1940 Act may limit the Fund's assets that can be invested in any one ETF. This limit may prevent the Fund from allocating its
investments in the manner the Adviser considers optimal or cause the Adviser to select an investment other than that which the Adviser
considers optimal. The strategy of investing in ETFs could affect the timing, amount and character of distributions and may increase the
amount of taxes paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Covered Call Strategy Risk:* Covered
call ETFs receive premiums from the call options they sell but limit their opportunity to profit from an increase in the value of the
underlying stock. If the underlying stock declines more that the option premium received by the ETF, there will be a loss on the overall
position. Covered call ETFs are also subject to the risks of investing in equity securities.

&nbsp;&nbsp;&nbsp;&nbsp;· *Issuer-Specific Risk:* The value of a specific security can be more
volatile than the market as a whole and can perform differently from the value of the market as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;· *Large Capitalization Company Risk:* Large-cap companies may be unable to respond quickly to new
competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of
successful smaller companies, especially during extended periods of economic expansion.

&nbsp;&nbsp;&nbsp;&nbsp;· *Management Risk:* The Adviser's judgments about the attractiveness,
value and potential appreciation of particular security in which the Fund invests or sells short may prove to be incorrect and may not
produce the desired results.

&nbsp;&nbsp;&nbsp;&nbsp;· *Market and Geopolitical Risk:* The increasing interconnectivity between global economies and
 financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers
 in a different country, region or financial market. Securities in the Fund may underperform due to inflation (or expectations for
 inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism,
 tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of
 global events similar to those in recent years, such as such as a worldwide pandemic, terrorist attacks, natural disasters, social
 and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on
 both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial
 markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a
 significant adverse impact on the value and risk profile of the Fund. For example, the COVID-19 global pandemic had negative
 impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long any future impacts of the
 significant events described above would last, but there could be a prolonged period of global economic slowdown, which may impact
 your investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods
 during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes
 in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe
 market disruptions, you could lose your entire investment.

&nbsp;&nbsp;&nbsp;&nbsp;· *Turnover Risk:* A higher portfolio turnover may result in higher transactional and brokerage costs
and taxes.

**Performance:** The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund's Class I shares for each full calendar year since the Fund's inception. The performance table compares the performance of the share classes of the Fund over time to the performance of a broad-based market index. You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. The performance information set forth below reflects the historical performance of the Fund shares. Updated performance information is available at no cost by visiting www.btsfunds.com or by calling 1-877-BTS-9820.

**Performance Bar Chart For Calendar Years Ended December 31**

![](image_001.gif)

---

| | |
|:---|:---|
| Best Quarter: | 5.05% |
| Worst Quarter: 2<sup>nd</sup> Quarter 2025 | (1.06)% |

---

**Performance Table**

**Average Annual Total Returns**

(For periods ended December 31, 2025)

---

| | | |
|:---|:---|:---|
| | **One <br> Year** | **Life of Fund<sup>(1)</sup>** |
| **Class I shares** | | |
| &nbsp;&nbsp;Return before taxes | 4.12% | 3.72% |
| &nbsp;&nbsp;Return after taxes on distributions | 3.33% | 2.93% |
| &nbsp;&nbsp;Return after taxes on distributions and sale of Fund shares | 2.43% | 2.56% |
| **Class A shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | (0.08)% | (4.95)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return before taxes without a sales load | 3.81% | (1.97)% |
| **S&P 500® Total Return Index** | 17.88% | 17.66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Inception date of the Class I Shares is June 28, 2024. The Inception date of the Class A Shares is
October 4, 2024.

The S&P 500<sup>®</sup> Total Return Index is an unmanaged market capitalization-weighted index of 500 of the largest capitalized U.S. domiciled companies. Index returns assume reinvestment of dividends. Unlike the Fund's returns, however, index returns do not reflect any fees or expenses. An investor cannot invest directly in an index.

After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts (IRAs). After tax returns are not shown for Class A, C and R shares and would differ from those of Class I shares.

**Adviser:** BTS Asset Management, Inc. is the Fund's investment adviser.

**Portfolio Managers:** Vilis Pasts, Director of Research, Matthew Pasts, Chief Executive Officer, Henry Pasts, Executive Vice President and Isaac Braley, President, are co-portfolio managers. Vilis Pasts, Matthew Pasts, Henry Pasts and Mr. Braley have served the Fund as portfolio managers since it commenced operations in June 2024. The portfolio managers are primarily and jointly responsible for the day-to-day management of the Fund.

**Purchase and Sale of Fund Shares:** You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open for trading. Purchases and redemptions may be made by mailing an application or redemption request to BTS Funds c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246, by calling<br> 1-877-BTS-9820 or by visiting the Fund's website www.btsfunds.com. The minimum initial investment in Class A, Class C and Class R shares is $1,000, and the minimum subsequent investment is $100. The minimum initial investment in Class I shares is $100,000, and the minimum subsequent investment is $1,000.

**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a qualified employee benefit plan, retirement plan or some other tax-deferred account, such as a 401(k) plan or IRA. Withdrawals from such tax-free accounts may be taxed at a later time.

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