# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-25-004218
**Filing Date:** 2025-7
**Character Count:** 41273
**Document Hash:** c81b212a3a6774dc252c926412a2f754
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004218.hdr.sgml**: 20250711

**ACCESSION NUMBER**: 0001580642-25-004218

**CONFORMED SUBMISSION TYPE**: PRE 14A

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20250711

**FILED AS OF DATE**: 20250711

**DATE AS OF CHANGE**: 20250711

**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:** PRE 14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 251118195

**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

### Princeton Premium Fund (Series ID: S000053754)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000168965 | Princeton Premium Fund Class A |  |
| C000168966 | Princeton Premium Fund Class C |  |
| C000168967 | Princeton Premium Fund Class I |  |

### Princeton Adaptive Premium Fund (Series ID: S000067491)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000217027 | Princeton Adaptive Premium Fund Class I shares |  |
| C000217028 | Princeton Adaptive Premium Fund Class A shares |  |
| C000217029 | Princeton Adaptive Premium Fund Class C shares |  |

**SCHEDULE 14A INFORMATION**

**Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934**

Filed by the Registrant 🗷

Filed by a Party other than the Registrant □

Check the appropriate box:

🗷 Preliminary Proxy Statement

□ Confidential, for Use of the Commission only (as permitted by Rule 14a-6(e)(2))

□ Definitive Proxy Statement

□ Definitive Additional Materials

□ Soliciting Material Pursuant to §240.14a-12

**<u>Northern Lights Fund Trust</u>**

(Name of Registrant as Specified in Its Charter)

Not Applicable

(Name of Person (s) Filing Proxy Statement, if Other Than the Registrant)

Payment of Filing Fee (Check the appropriate box):

🗷 No fee required.

□ Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

1) Title of each class of securities to which transaction applies:

__________________________________________________________________________________

2) Aggregate number of securities to which transaction applies:

__________________________________________________________________________________

3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined):

__________________________________________________________________________________

4) Proposed maximum aggregate value of transaction:

__________________________________________________________________________________

5) Total fee paid:

__________________________________________________________________________________

□ Fee paid previously with preliminary materials:

□ Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

1) Amount Previously Paid:

__________________________________________________________________________________

2) Form, Schedule or Registration Statement No.:

__________________________________________________________________________________

3) Filing Party:

__________________________________________________________________________________

4) Date Filed:

__________________________________________________________________________________

**<br> PRINCETON PREMIUM FUND<br> PRINCETON ADAPTIVE PREMIUM FUND**

each a series of

**Northern Lights Fund Trust**

**225 Pictoria Drive, Suite 450**

**Cincinnati, OH 45246**

**(631) 490-4300**

**NOTICE OF SPECIAL MEETING OF SHAREHOLDERS**

**To Be Held [ ], 2025**

Dear Shareholders:

The Board of Trustees of the **Northern Lights Fund Trust**, an open-end management investment company organized as a Delaware statutory trust, has called a special meeting of the shareholders of the **Princeton Premium Fund** and **Princeton Adaptive Premium Fund** (each, a "Fund" and, together, the "Funds"), to be held at the offices of the Trust's administrator, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246, on [ ], 2024 at 10:00 a.m., Eastern Time, for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To approve a new investment advisory agreement ("New Advisory Agreement") by and between the Trust, on behalf of each Fund, and Princeton Fund Advisors, LLC, the current investment adviser to the Funds. (*Shareholders of each Fund, voting separately, must approve this proposal with respect to their Fund.*) **No fee increase is proposed.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To transact such other business as may properly come before the Meeting or any adjournments or postponements
thereof.

Shareholders of record at the close of business on [ ], 2025 are entitled to notice of, and to vote at, the special meeting and any adjournments or postponements thereof.

**Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be Held on [ ], 2025.**

**A copy of the Notice of Shareholder Meeting, the Proxy Statement (including the proposed advisory agreement) and Proxy Voting Ballot are available at www.princetonpremiumfund.com and www.princetonadaptivepremiumfund.com.** 

By Order of the Board of Trustees

Kevin Wolf

President

[ ], 2025

**YOUR VOTE IS IMPORTANT**

**To assure your representation at the meeting, please complete the enclosed proxy and return it promptly in the accompanying envelope or by calling the number listed on your proxy card, whether or not you expect to be present at the meeting. If you attend the meeting, you may revoke your proxy and vote your shares in person.**

**PRINCETON PREMIUM FUND<br> PRINCETON ADAPTIVE PREMIUM FUND**

**each a series of**

**Northern Lights Fund Trust**

**with its principal offices at**

**225 Pictoria Drive, Suite 450** 

**Cincinnati, OH 45246**

**____________**

**PROXY STATEMENT**

**____________**

**SPECIAL MEETING OF SHAREHOLDERS**

**To Be Held [ ], 2025**

**____________**

**<u>INTRODUCTION</u>**

This Proxy Statement is furnished in connection with the solicitation of proxies by the Board of Trustees (the "Board" or the "Trustees") of the **Northern Lights Fund Trust** (the "Trust") on behalf of the **Princeton Premium Fund** and **Princeton Premium Adaptive Fund** (each a "Fund" and, together, the "Funds"), for use at the Special Meeting of Shareholders of the Trust (the "Meeting") to be held at the offices of the Trust's administrator, [225 Pictoria Drive, Suite 450, Cincinnati, OH 45246] on [ ], 2025 at 10:00 a.m., Eastern Time, and at any and all adjournments thereof. The Notice of Meeting, Proxy Statement, and accompanying form of proxy will be mailed to shareholders on or about [ ], 2025.

The Meeting has been called by the Board of Trustees of the Trust for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To approve a new investment advisory agreement ("New Advisory Agreement") by and between the
Trust, on behalf of each Fund, and Princeton Fund Advisors, LLC, the current investment adviser to the Funds. (*Shareholders of each Fund, voting separately, must approve this proposal with respect to their Fund.*) **No fee increase is proposed.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To transact such other business as may properly come before the meeting or any adjournments or postponements thereof.

Only shareholders of record at the close of business on [ ], 2025 (the "Record Date") are entitled to notice of, and to vote at, the Meeting and any adjournments or postponements thereof.

**A copy of each Fund's most recent annual or semi-annual report, including financial statements and schedules, is available at no charge by sending a written request to the Fund, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246] or by calling 1-888-868-9501.**

**<u>PROPOSAL I</u>**

**APPROVAL OF A NEW INVESTMENT ADVISORY AGREEMENT BY AND BETWEEN**

**THE TRUST AND PRINCETON FUND ADVISORS, LLC**

**<u>Background and Information</u>**

The primary purpose of this proposal is to enable Princeton Fund Advisors, LLC ("Princeton") to continue to serve as the investment adviser to the Funds. Princeton currently serves as the Fund's investment adviser pursuant to an investment advisory agreement with the Trust, on behalf of the Fund (the "Current Advisory Agreement").

Princeton is a limited liability company that is governed by a Board of Managers. Currently Princeton's Board of Managers is composed of one Manager, Greg Anderson. All management decisions of Princeton are controlled by Mr. Anderson. Under Princeton's organizational documents, the ability to make management and policy decisions relating to Princeton's business is solely entrusted to its Board of Managers and the Board of Managers, not shareholders, solely has the ability to add Managers. Shareholders of Princeton do not have the ability to vote for Managers or other corporate actions. Mr. Anderson would like to name four additional individuals to Princeton's Board of Managers. These individuals are Mark Penske, Jim Dickson, Eric Clarke and G. Mike Mikan. The addition of four Managers to Princeton's Board of Managers (the "Restructuring") may be deemed to constitute a change in control of Princeton and therefore an "assignment" of the Current Advisory Agreement for purposes of the Investment Company Act of 1940 (the "1940 Act"). The 1940 Act further states that an assignment of an investment advisory causes the automatic termination of the investment advisory agreement. As a result, the Current Advisory Agreement will automatically terminate by its terms as required by the 1940 Act when the Restructuring occurs.

At a meeting on June 25-26, 2025 (the "Board Meeting"), the Board approved a new investment advisory agreement with Princeton and the Funds (the "New Advisory Agreement"), subject to shareholder approval. The 1940 Act requires that investment advisory agreements such as the New Advisory Agreement be approved by a vote of a majority of the outstanding shares of each Fund. Therefore, shareholders of each Fund are being asked to approve the proposed New Advisory Agreement with Princeton. Shareholders of each Fund will vote separately with respect to their shares in each Fund.

The terms of the New Advisory Agreement for each Fund are identical in all material respects to those of each Fund's Current Advisory Agreement.

There will be no changes to any Fund's investment objectives, principal strategies or risks.

**<u>Information about Adviser</u>**

Princeton located at 1580 Lincoln St., Suite 680 Denver, CO 80203, serves as investment adviser to the Funds. Subject to the oversight of the Board of Trustees, Princeton is responsible for selecting appropriate investment strategies, assuring that investments are made according to each Fund's investment objective, policies and restrictions and determining the allocation of Fund assets among each Fund's principal investment strategies. Princeton was established in 2011 for the purpose of advising individuals and institutions. As of March 31, 2025, the Adviser had approximately $[ ] million in assets under management. Greg Anderson is responsible for Princeton's oversight role with respect to the Funds.

**<u>The Advisory Agreements</u>**

Under the terms of the Current Advisory Agreement, the Adviser is entitled to receive an annual fee from each Fund equal to the percentages of such Fund's average daily net assets set forth below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Management Fee** |
| &nbsp;&nbsp;Princeton Premium Fund | &nbsp;&nbsp;1.75% |
| &nbsp;&nbsp;Princeton Adaptive Premium Fund | &nbsp;&nbsp;1.50% |

---

For such compensation, the Adviser, at its expense, continuously furnishes an investment program for each Fund, makes investment decisions on behalf of each Fund, and places all orders for the purchase and sale of portfolio securities, subject to each Fund's investment objective, policies, and restrictions and such policies as the Trustees may determine. The Board of Trustees, consisting solely of Independent Trustees (as defined in the 1940 Act), unanimously approved the Current Advisory Agreement with respect to the Princeton Premium Fund, prior to it being amended, at a meeting held on [ ], and with respect to the Princeton Adaptive Premium Fund, prior to it being amended, at a meeting held on [ ].

Subject to shareholder approval and completion of the Restructuring, the Trust will enter into the New Advisory Agreement, on behalf of each Fund, with the Adviser. The terms and conditions of the New Advisory Agreement is identical in all material respects to those of the Current Advisory Agreement. The dates of their execution, effectiveness, and termination are changed. If the New Advisory Agreement with Princeton is not approved by the shareholders of either Fund or the other mutual funds managed by Princeton, the Board and Princeton will consider other options, including a new or modified request for shareholder approval of a new advisory agreement.

The effective date of the New Advisory Agreement for each Fund will be the date of the Restructuring. The New Advisory Agreement provides that it will continue in force for an initial period of two years, and from year to year thereafter, but only so long as its continuance is approved at least annually by the Trustees at a meeting called for that purpose or by the vote of a majority of the outstanding shares of the Trust. The New Advisory Agreement automatically terminates on assignment and is terminable upon notice by each Fund with respect to that Fund. In addition, the New Advisory Agreement may be terminated upon 60 days' notice by Princeton given to one or more of the Funds. In the event the Princeton ceases to manage one or more of the Funds, the right of those Funds to use the identifying name of "Princeton" may be withdrawn.

The New Advisory Agreement, like the Current Advisory Agreement, provides that the Adviser shall not be subject to any liability in connection with the performance of its services thereunder in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties.

The New Advisory Agreement is attached as <u>Appendix A</u>. You should read the New Advisory Agreement. The description in this Proxy Statement of the New Advisory Agreement is only a summary.

**<u>Information Concerning Princeton</u>**

Princeton is a limited liability company organized under the laws of the State of Delaware and located at 1580 Lincoln Street, Suite 680 Denver, CO 80203. The name, title, addresses, and principal occupations of the current principal executive officer and Manager of Princeton is set forth below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Address\*:** | &nbsp;&nbsp;**Title:** | &nbsp;&nbsp;**Principal Occupation:** |
| &nbsp;&nbsp;Greg Anderson | &nbsp;&nbsp;Manager and President | &nbsp;&nbsp;Portfolio Manager; Princeton Fund Advisors, LLC (Manager and President) |

---

\* Each officer address is in care of Princeton, 1580 Lincoln Street, Suite 680 Denver, CO 80203.

For the fiscal years ended on the dates indicated below, under the Current Advisory Agreement and subject to an expense limitation agreement between Princeton and the Trust, Princeton received management fees after waiver or recapture in the following amounts:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Management Fees** | &nbsp;&nbsp;**Fiscal Year Ended** |
| &nbsp;&nbsp;Princeton Premium Fund | &nbsp;&nbsp;$5723906 | &nbsp;&nbsp;September 30, 2024 |
| &nbsp;&nbsp;Princeton Adaptive Premium Fund | &nbsp;&nbsp;-$185968 | &nbsp;&nbsp;April 30, 2024 |

---

**<u>Evaluation by the Board of Trustees</u>**

At the Board Meeting held on June 24-25, 2025, the Board deliberated whether to approve the New Advisory Agreement with the Adviser. 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 New Advisory Agreement and the weight to be given to each such factor. The Trustees' conclusions were based on an 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 Agreements. The following summarizes the Trustees' review process and the information on which their conclusions were based:

*Nature, Extent and Quality of Service.* The Trustees observed that Princeton was founded in 2011 with approximately $854 million in assets under management ("AUM"). The Trustees acknowledged that Princeton researches and evaluates liquid alternative strategies and managers whose strategy can meet the requirements of a mutual fund or be modified to meet the requirements of a mutual fund to be made available for investors looking for non-traditional investment options. They noted that Princeton develops its own alternative strategies to meet mutual fund standards when it determines there is a demand for such strategy. The Trustees reviewed the education and financial industry experience of the investment personnel responsible for servicing the Funds. They noted that Princeton's Chief Executive Officer had retired in the prior year and one of the compliance officers had been replaced with an experienced financial professional. The Trustees stated that they believed these changes did not have any negative effect on Princeton's services. The Trustees expressed their satisfaction with Princeton's intention to continue its current focus on risk management. They discussed Princeton's process for monitoring compliance with each Fund's investment limitations, by reviewing diversification and liquidity requirements, and maintaining and reviewing a compliance tracking system of items. The Trustees noted that Princeton selected broker-dealers based on its best execution policy with a focus on certain factors including, but not limited to, execution efficiency and timing, the viability of the broker-dealer and responsiveness. They considered Princeton's cyber-security protocols and its use of a third-party service provider to monitor its technology infrastructure. They noted that Princeton reported no cyber security incidents in the past year, or any material enhances in its program, but Princeton carries cybersecurity

insurances and has policies to cover protocols for employee cyber training, dual authentication, frequent password changes, incoming and outgoing email, and anti-virus software. The Trustees noted that Princeton does not utilize artificial intelligence in its investment process. The Trustees acknowledged that the Securities and Exchange Commission had issued a deficiency letter to Princeton in September 2024 related to a private fund it manages and unrelated to its mutual funds, which was addressed by Princeton. They further noted Princeton had no material compliance issues or litigation issues since the previous advisory agreement approval. The Trustees concluded that they expect Princeton to continue providing high quality services to the Funds and their shareholders.

*Performance.* 

 

Princeton Premium Fund. The Trustees noted that the Fund has approximately $312 million in AUM, which was a decrease of $25 million from the prior year. The Trustees observed that the Fund had a three-star fund rating by Morningstar. They further noted the Fund's objective is capital appreciation and income, with the specific goal of capturing option premiums to achieve the long-term total returns of 7%-10% per year. The Trustees acknowledged that since Princeton has served as adviser to the Fund it has achieved an 8.39% return per year over the last five years. The Fund's current yield for the one-year period is 2.12% with a low standard deviation. The Trustees noted that the Fund has produced strong Sortino ratios over the last five-year period. The Trustees concluded that Princeton should be retained for the Fund.

Princeton Adaptive Premium Fund. The Trustees noted that the Fund has approximately $1.98 million in AUM, which was a decrease of approximately $400,000 from the prior year. The Trustees observed that because the Fund had been around for less than three years there was no current Morningstar rating for the Fund. The Trustees acknowledged that the objective of the Fund was to return 4%-8% per year with a drawdown of 2-3% and the Fund has generally accomplished its objective. The Trustees concluded that Princeton should be retained for the Fund.

*Fees and Expenses.* 

 

Princeton Premium Fund. The Trustees noted the advisory fee of 1.75% with respect to the Fund, which ranked in the 85<sup>th</sup> percentile for the Broadridge generated peer group fees. They noted that the advisory fee was higher than the Broadridge generated peer group of 1.27% and the equity hedged group of 0.99%. The Trustees acknowledged that Princeton's reasoning for the higher advisory fee than the average peer group is the strength and experience of the advisory team and the uniqueness of the investment strategy. The Trustees noted that the expense ratio includes 80 basis points margin interest and that three funds in the peer group have the same advisory fee or higher. The Trustees concluded that the Fund's advisory fee was not unreasonable.

Princeton Adaptive Premium Fund. The Trustees noted the advisory fee of 1.50% with respect to the Fund. They further noted that the peer group average is 1.27% and the equity hedged group average is 0.99%. The Trustees acknowledged that Princeton's reasoning for the higher advisory fee than the average peer group is because the strength and experience of the advisory team, the uniqueness of the investment strategy, and the significant amount of time dedicated to implementing the strategy. The Trustees concluded that the Fund's advisory fee was not unreasonable.

*Economies of Scale.* The Trustees considered whether economies of scale will be reached with respect to the management of the Funds.

Princeton Premium Fund. The Trustees considered whether Princeton had realized economies of scale in connection with its management of the Fund. The Trustees noted that Princeton did not have breakpoints

in its advisory fee for the Fund. The Trustees agreed that in light of the expense limitation agreements in place and Princeton's perceived capacity limitations on the potential size of the Fund, the absence of breakpoints was acceptable

Princeton Adaptive Premium Fund. The Trustees considered whether Princeton had realized economies of scale in connection with its management of the Fund. The Trustees noted that the Fund had a size limitation estimated at $500 million - $1 billion. The Trustees agreed that in light of the expense limitation agreements in place and Princeton's perceived capacity limitations on the potential size of the Fund, the size limitation was acceptable.

 

*Profitability.* The Trustees considered the anticipated profits Princeton would realize in connection with managing the Funds and whether the estimated amount of profit is a fair entrepreneurial profit with respect to the services to be provided to the Funds.

Princeton Premium Fund. The Trustees reviewed the information provided by Princeton regarding the profitability analysis in terms of absolute dollars and as a percentage of revenue, with respect to its management of each of the Fund. They considered that the Fund was profitable. The Trustees agreed that Princeton's profitability with respect to the Fund was not excessive.

Princeton Adaptive Premium Fund. The Trustees reviewed the information provided by Princeton regarding the profitability analysis in terms of absolute dollars and as a percentage of revenue, with respect to its management of the Fund. The Trustees acknowledged that Fund had a loss. The Trustees agreed that Princeton's profitability with respect to the Fund was not excessive.

 

*Conclusion.* Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of Counsel, the Board concluded that the advisory fee structure is reasonable and that approval of the Advisory Agreement is in the best interests of the shareholders of the Funds. The Trustees further concluded that the Advisory Agreement and related transaction meet the requirements of Section 15 of the 1940 Act such that there will be no unfair burden on the Funds or shareholders, and that the Board will remain at least 75% independent.

As a result of their considerations, the Board of Trustees, determined that the proposed New Advisory Agreement is in the best interests of each Fund and its shareholders. Accordingly, the Board of Trustees unanimously approved the New Advisory Agreement and voted to recommend it to shareholders for approval.

 **

***Accordingly, the Board of Trustees of the Trust recommends that shareholders of each Fund vote "<u>FOR</u>" approval of the New Advisory Agreement.***

 

**<u>OTHER INFORMATION</u>**

**OPERATION OF THE FUNDS**

Each Fund is a non-diversified series of the Northern Lights Fund Trust, an open-end investment management company organized as a Delaware statutory trust and formed by an Agreement and Declaration of Trust on January 19, 2005. The Trust's principal executive offices are located at 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246. The Board of Trustees supervises the business activities of the Funds. Like other mutual funds, the Funds retain various organizations to perform specialized services. The Funds currently retain Princeton as Fund manager and investment adviser. Northern Lights

Distributors, LLC, located at 4221 North 203<sup>rd</sup> Street, Suite 100, Elkhorn, Nebraska 68022, serves as principal underwriter and distributor of the Funds. Ultimus Fund Solutions, LLC provides the Funds with transfer agent, accounting, and administrative services. Northern Lights Compliance Services, located at 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246 provides the Funds with the services of a chief compliance officer and supporting compliance services.

**THE PROXY**

The Board of Trustees solicits proxies so that each shareholder has the opportunity to vote on the proposals to be considered at the Meeting. A proxy for voting your shares at the Meeting is enclosed. The shares represented by each valid proxy received in time will be voted at the Meeting as specified. If no specification is made, the shares represented by a duly executed proxy will be voted: for approval of the proposed New Advisory Agreement and, at the discretion of the holders of the proxy on any other matter that may come before the meeting that the Trust did not have notice of a reasonable time prior to the mailing of this Proxy Statement. You may revoke your proxy at any time before it is exercised by (1) submitting a duly executed proxy bearing a later date, (2) submitting a written notice to the President of the Trust revoking the proxy, or (3) attending and voting in person at the Meeting.

**VOTING SECURITIES AND VOTING**

As of the Record Date, there were the number of shares of beneficial interest of each Fund issued and outstanding as set forth below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Shares Issued and Outstanding** |
| &nbsp;&nbsp;Princeton Premium Fund | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;Princeton Adaptive Premium Fund | &nbsp;&nbsp;[ ] |

---

All shareholders of record of the Funds on the Record Date are entitled to vote at the Meeting on Proposal 1. Shareholders of each Fund will vote separately with respect to their Fund. Each shareholder is entitled to one (1) vote per share held, and fractional votes for fractional shares held, on any matter submitted to a vote at the Meeting.

Each Fund will vote separately, and an affirmative vote of the holders of a majority of the outstanding shares of a Fund is required for the approval of the proposed New Advisory Agreement with respect to that Fund. As defined in the 1940 Act, a vote of the holders of a majority of the outstanding shares of the Fund means the vote of (1) 67% or more of the voting shares of the Fund present at the meeting, if the holders of more than 50% of the outstanding shares of the Fund are present in person or represented by proxy, or (2) more than 50% of the outstanding voting shares of the Fund, whichever is less.

Broker non-votes and abstentions will be considered present for purposes of determining the existence of a quorum and the number of shares of each Fund represented at the Meeting, but they are not affirmative votes for any proposal. As a result, with respect to approval of the proposed New Advisory Agreement, non-votes and abstentions will have the same effect as a vote against the proposal because the required vote is a percentage of the shares present or outstanding.

**Security Ownership of Management AND Certain Beneficial Owners**

To the best knowledge of the Trust, except as listed below, there were no Trustees or officers of the Trust or other shareholders who were the beneficial owners of more than 5% of the outstanding shares

of any Fund on the Record Date. As of the Record Date, the Trust knows of no other person (including any "group" as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) that beneficially owns more than 5% of the outstanding shares of any Fund.

The record owners of more than 5% of the outstanding shares of each Fund on the Record Date are listed in the following table.

[Ultimus to provide]

Shareholders owning more than 25% of the shares of a Fund are considered to "control" the Fund, as that term is defined under the 1940 Act. Persons controlling a Fund can determine the outcome of any proposal submitted to the shareholders for approval. As a group, the Trustees and officers of the Trust owned less than 1% of the outstanding shares of each Fund as of the Record Date. As a result, the Trustees and officers as a group are not deemed to control the Funds.

**SHAREHOLDER PROPOSALS**

The Trust has not received any shareholder proposals to be considered for presentation at the Meeting. Under the proxy rules of the SEC, shareholder proposals may, under certain conditions, be included in the Trust's Proxy Statement and proxy for a particular meeting. Under these rules, proposals submitted for inclusion in the Trust's proxy materials must be received by the Trust within a reasonable time before the solicitation is made. The fact that the Trust receives a shareholder proposal in a timely manner does not ensure its inclusion in its proxy materials, because there are other requirements in the proxy rules relating to such inclusion. You should be aware that annual meetings of shareholders are not required. Any shareholder proposal should be sent to [Stephanie Shearer, Secretary, Northern Lights Fund Trust, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246].

**COST OF SOLICITATION**

The Board of Trustees of the Trust is making this solicitation of proxies. The Trust has engaged [ ], a proxy solicitation firm (the "Proxy Solicitor"), to assist in the solicitation. The estimated fees anticipated to be paid to the Proxy Solicitor for solicitation services are approximately $[ ]. The cost of preparing and mailing this Proxy Statement, the accompanying Notice of Special Meeting and proxy and any additional materials relating to the meeting and the cost of soliciting proxies will be borne by Princeton. In addition to solicitation by mail, the Trust will request banks, brokers and other custodial nominees and fiduciaries, to supply proxy materials to the respective beneficial owners of shares of the Funds of whom they have knowledge, and Princeton will reimburse them for their expenses in so doing. Certain officers, employees and agents of the Trust and Princeton may solicit proxies in person or by telephone, facsimile transmission, or mail, for which they will not receive any special compensation.

**OTHER MATTERS**

The Trust's Board of Trustees knows of no other matters to be presented at the Meeting other than as set forth above. If any other matters properly come before the Meeting that the Trust did not have notice of a reasonable time prior to the mailing of this Proxy Statement, the holders of the proxy will vote the shares represented by the proxy on such matters in accordance with their best judgment, and discretionary authority to do so is included in the proxy.

**PROXY DELIVERY**

If you and another shareholder share the same address, the Trust may only send one Proxy Statement unless you or the other shareholder(s) request otherwise. Call or write to the Trust if you wish to receive a separate copy of the Proxy Statement, and the Trust will promptly mail a copy to you. You may also call or write to the Trust if you wish to receive a separate proxy in the future or if you are receiving multiple copies now and wish to receive a single copy in the future. For such requests, call the Trust at [1-888-868-9501], or write the Trust at [225 Pictoria Drive, Suite 450, Cincinnati, OH 45246].

**Important Notice Regarding the Availability of Proxy materials**

**for the Shareholder Meeting to be Held on [ ], 2025**

**A copy of the Notice of Shareholder Meeting, the Proxy Statement (including a copy of the proposed advisory agreement), and Proxy Card are available at www.princetonpremiumfund.com and www.princetonadaptivepremiumfund.com**

BY ORDER OF THE BOARD OF TRUSTEES

Kevin Wolf, President

Dated [ ], 2025

**Please date and sign the enclosed proxy and return it promptly in the enclosed reply envelope OR CALL THE NUMBER LISTED ON YOUR PROXY CARD.** 

**Appendix A**

[INSERT ADVISORY AGREEMENT]

**Northern Lights Fund Trust**

**225 Pictoria Drive, Suite 450** 

**Cincinnati, OH 45246<br>** 

<br> **PRINCETON PREMIUM FUND**

**SPECIAL MEETING OF SHAREHOLDERS TO BE HELD [ ], 2025**

The undersigned, revoking previous proxies, if any, with respect to the shares described below, hereby appoints [Kevin E. Wolf, Timothy Burdick and Stephanie Shearer] each the attorney, agent, and proxy of the undersigned, with full power of substitution, to vote at the Special Meeting of Shareholders (the "Meeting") of Northern Lights Fund Trust (the "Trust") to be held at the offices of the Trust's administrator, [225 Pictoria Drive, Suite 450, Cincinnati, OH 45246 on [ ], 2025 at 10:00 a.m.], Eastern time, and at any and all adjournments thereof, all shares of beneficial interest of the Princeton Premium Fund (the "Fund"), on the proposals set forth regarding the approval of: (i) a new investment advisory agreement between the Trust, on behalf of the Fund, and Princeton Fund Advisors, LLC and (ii) any other matters properly brought before the Meeting.

**THIS PROXY WILL, WHEN PROPERLY EXECUTED, BE VOTED AS DIRECTED HEREIN BY THE SIGNING SHAREHOLDER(S). IF NO CONTRARY DIRECTION IS GIVEN WHEN THE DULY EXECUTED PROXY IS RETURNED, THIS PROXY WILL BE VOTED "FOR": (i) THE INVESTMENT ADVISORY AGREEMENT AND (ii) IN THE APPOINTED PROXIES' DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING.**

**YOUR SIGNATURE IS REQUIRED FOR YOUR VOTE TO BE COUNTED.** The undersigned acknowledges receipt with this Proxy Statement of the Board of Trustees. Your signature(s) on this should be exactly as your name(s) appear on this Proxy. If the shares are held jointly, each holder should sign this Proxy. Attorneys-in-fact, executors, administrators, trustees or guardians should indicate the full title and capacity in which they are signing.

_______________________________________ Signature Date

_______________________________________

Signature of Joint Shareholder Date

*![](image_001.gif)▲ FOLD HERE PLEASE DO NOT TEAR ▲*

**THIS PROXY IS SOLICITED ON BEHALF OF THE COMPANY'S BOARD OF TRUSTEES, AND MAY BE REVOKED PRIOR TO ITS EXERCISE BY FILING WITH THE SECRETARY OF THE COMPANY AN INSTRUMENT REVOKING THIS PROXY OR A DULY EXECUTED PROXY BEARING A LATER DATE, OR BY APPEARING IN PERSON AND VOTING AT THE MEETING.**

TO VOTE, MARK ONE BOX IN BLUE OR BLACK INK. Example:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**FOR** | &nbsp;&nbsp;**AGAINST** | &nbsp;&nbsp;**ABSTAIN** |
| &nbsp;&nbsp;1. To approve a new Investment advisory agreement between the Trust, on behalf of the Fund, and Princeton Fund Advisors, LLC | &nbsp;&nbsp;□ | &nbsp;&nbsp;□ | &nbsp;&nbsp;□ |

---

______________________________________________________________

A copy of the Proxy Statement and sample Proxy Ballot are available online at: www.princetonpremiumfund.com

**YOUR VOTE IS IMPORTANT NO MATTER HOW MANY SHARES YOU OWN. PLEASE SIGN AND DATE THIS PROXY AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE.**

![Text Box: "Scanner Bar Code"????????? TAG ID:??????????? CUSIP:](image_002.gif)

**Northern Lights Fund Trust**

**225 Pictoria Drive, Suite 450** 

**Cincinnati, OH 45246<br>** 

<br> **PRINCETON ADAPTIVE PREMIUM FUND**

**SPECIAL MEETING OF SHAREHOLDERS TO BE HELD [ ], 2025**

The undersigned, revoking previous proxies, if any, with respect to the shares described below, hereby appoints [Kevin E. Wolf, Timothy Burdick and Stephanie Shearer] each the attorney, agent, and proxy of the undersigned, with full power of substitution, to vote at the Special Meeting of Shareholders (the "Meeting") of Northern Lights Fund Trust (the "Trust") to be held at the offices of the Trust's administrator, [225 Pictoria Drive, Suite 450, Cincinnati, OH 45246 on [ ], 2025 at 10:00 a.m.], Eastern time, and at any and all adjournments thereof, all shares of beneficial interest of the Princeton Adaptive Premium Fund (the "Fund"), on the proposals set forth regarding the approval of: (i) a new investment advisory agreement between the Trust, on behalf of the Fund, and Princeton Fund Advisors, LLC and (ii) any other matters properly brought before the Meeting.

**THIS PROXY WILL, WHEN PROPERLY EXECUTED, BE VOTED AS DIRECTED HEREIN BY THE SIGNING SHAREHOLDER(S). IF NO CONTRARY DIRECTION IS GIVEN WHEN THE DULY EXECUTED PROXY IS RETURNED, THIS PROXY WILL BE VOTED "FOR": (i) THE INVESTMENT ADVISORY AGREEMENT AND (ii) IN THE APPOINTED PROXIES' DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING.**

**YOUR SIGNATURE IS REQUIRED FOR YOUR VOTE TO BE COUNTED.** The undersigned acknowledges receipt with this Proxy Statement of the Board of Trustees. Your signature(s) on this should be exactly as your name(s) appear on this Proxy. If the shares are held jointly, each holder should sign this Proxy. Attorneys-in-fact, executors, administrators, trustees or guardians should indicate the full title and capacity in which they are signing.

_______________________________________ Signature Date

_______________________________________

Signature of Joint Shareholder Date

*![](image_003.gif)▲ FOLD HERE PLEASE DO NOT TEAR ▲*

**THIS PROXY IS SOLICITED ON BEHALF OF THE COMPANY'S BOARD OF TRUSTEES, AND MAY BE REVOKED PRIOR TO ITS EXERCISE BY FILING WITH THE SECRETARY OF THE COMPANY AN INSTRUMENT REVOKING THIS PROXY OR A DULY EXECUTED PROXY BEARING A LATER DATE, OR BY APPEARING IN PERSON AND VOTING AT THE MEETING.**

TO VOTE, MARK ONE BOX IN BLUE OR BLACK INK. Example:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**FOR** | &nbsp;&nbsp;**AGAINST** | &nbsp;&nbsp;**ABSTAIN** |
| &nbsp;&nbsp;1. To approve a new Investment advisory agreement between the Trust, on behalf of the Fund, and Princeton Fund Advisors, LLC | &nbsp;&nbsp;□ | &nbsp;&nbsp;□ | &nbsp;&nbsp;□ |

---

______________________________________________________________

A copy of the Proxy Statement and sample Proxy Ballot are available online at: www.princetonadaptivepremiumfund.com

**YOUR VOTE IS IMPORTANT NO MATTER HOW MANY SHARES YOU OWN. PLEASE SIGN AND DATE THIS PROXY AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE.**

![Text Box: "Scanner Bar Code"????????? TAG ID:??????????? CUSIP:](image_004.gif)