# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-26-001696
**Filing Date:** 2026-3
**Character Count:** 104406
**Document Hash:** 3c393b9bc943a9a4294ed41bc984a067
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001696.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001580642-26-001696

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**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:** 26737590

**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

### The Biondo Focus Fund (Series ID: S000027935)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000084903 | The Biondo Focus Fund Investor Class | BFONX           |

?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,</u> <u>OH 45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company</u> <br> <u>251 Little Falls Drive Wilmington, DE 19808</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) Tailored Shareholder
 Report

#### Biondo Focus Fund

#### Investor Class (BFONX)

#### Annual Shareholder Report - December 31, 2025
![Image](id5d224e6f1c6178da609262e.jpg)

# Fund Overview
This annual shareholder report contains important information about Biondo Focus Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://thebiondogroup.com/biondo-fund/**. You can also request this information by contacting us at 1-800-672-9152.

# 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** |
| Investor Class | $159 | 1.50% |

---

# How did the Fund perform during the reporting period?
The Fund reflected the strength of growth stocks this year. The Fund finished the fourth quarter strong, up 7.13%, with an 11.36% gain for the year. A few of the Fund's holdings outperformed, including TransMedics Group, Alphabet, ASML Holding N.V., and Shopify. Nvidia, a semiconductor chip designer, continued its historic run, as artificial intelligence remained a significant theme throughout the year.

One new holding was added to the Fund during the year – Krystal Biotech, a company that specializes in genetic medicines to treat high unmet medical needs. The Fund also established option overlay positions using exchange-listed options on Nvidia and Mastercard, tactically selling these options against a portion of the Fund's long equity exposure to reduce downside risk and volatility for shareholders. These positions served as a hedge during periods of market stress, while allowing the portfolio to continue participating in the upside potential of our core holdings.

The Fund has an overweight position in technology. Many large-cap tech stocks outperformed during the year, but some areas, particularly traditional software companies, underperformed. Consequently, major detractors from performance included Adobe Inc., ServiceNow, and Block. The Fund sold its positions in Illumina and Procept BioRobotics during the year.

As we enter 2026, the economic and investment landscape reflects the momentum built over a year of resilience and notable gains. New complexities and risks could challenge this progress, underscoring the need for thoughtful strategies and adaptability. We will focus on our long-term investment strategy and remain undeterred by short-term market fluctuations. We are confident that by staying disciplined and patient, we can identify and seize opportunities as they arise.

# 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](ia9100e693ce84f92cde76998.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Biondo Focus Fund** | **S&P 500<sup>®</sup> Index** | **Dow Jones Industrial Average<sup>®</sup>** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $10141 | $11196 | $11650 |
| **Dec-2017** | $13322 | $13640 | $14924 |
| **Dec-2018** | $14167 | $13042 | $14405 |
| **Dec-2019** | $17530 | $17149 | $18056 |
| **Dec-2020** | $22898 | $20304 | $19811 |
| **Dec-2021** | $24344 | $26132 | $23961 |
| **Dec-2022** | $15743 | $21399 | $22317 |
| **Dec-2023** | $21635 | $27025 | $25928 |
| **Dec-2024** | $29807 | $33786 | $29814 |
| **Dec-2025** | $33194 | $39827 | $34263 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Biondo Focus Fund | 11.36% | 7.71% | 12.75% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Dow Jones Industrial Average<sup>®</sup> | 14.92% | 11.58% | 13.11% |

---

***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 1-800-672-9152.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $52557805 |
| Number of Portfolio Holdings | 20 |
| Advisory Fee (net of waivers) | $371993 |
| Portfolio Turnover | 8% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](icc0317007bc0cad2243cd804.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 98.1% |
| Money Market Funds | 1.9% |
| Rights | 0.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i9441effe49732a86c5e6116b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 4.0% |
| Money Market Funds | 1.8% |
| Consumer Discretionary | 4.6% |
| Communications | 5.0% |
| Health Care | 25.1% |
| Technology | 59.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Intuitive Surgical, Inc. | &nbsp;&nbsp;14.6% |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;14.2% |
| &nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;13.6% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;IDEXX Laboratories, Inc. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Shopify, Inc., Class A | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;ASML Holding N.V. - ADR | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Fair Isaac Corporation | &nbsp;&nbsp;4.0% |

---

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

![Image](ic9ef80a2878b414dc2e05386.jpg)

#### Biondo Focus Fund - Investor Class (BFONX)

#### 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://thebiondogroup.com/biondo-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-BFONX

(b) Not applicable

**Item 2. Code of Ethics.** 

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

(b) N/A

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

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

(e) N/A

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

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

---

| |
|:---|
| (a)(1) The Registrant's Board of Trustees has determined that 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15800<br> 2024&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15800 |

---

---

| | |
|:---|:---|
| (b) | Audit-Related Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. |
| (c) | Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows: |
|  | 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3000<br> 2024&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3000 |
|  | 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 |
| (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 Registrants.** 

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) ![(COVER)](bi001_v1.jpg)

---

| |
|:---|
| ***BIONDO FOCUS FUND*** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 94.4%** |  |
|  | **BIOTECH & PHARMA - 5.8%** |  |
| 7500 | Krystal Biotech, Inc.<sup>(a)</sup> | $1849050 |
| 10000 | TransMedics Group, Inc.<sup>(a)</sup> | 1216500 |
|  |  | 3065550 |
|  | **E-COMMERCE DISCRETIONARY - 4.6%** |  |
| 10500 | Amazon.com, Inc.<sup>(a)</sup> | 2423610 |
|  | **INTERNET MEDIA & SERVICES - 5.0%** |  |
| 8400 | Alphabet, Inc., Class A | 2629200 |
|  | **MEDICAL EQUIPMENT & DEVICES - 19.4%** |  |
| 3750 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 2536988 |
| 13500 | Intuitive Surgical, Inc.<sup>(a)</sup> | 7645860 |
|  |  | 10182848 |
|  | **SEMICONDUCTORS - 18.3%** |  |
| 2000 | ASML Holding N.V. - ADR | 2139720 |
| 40000 | NVIDIA Corporation | 7460000 |
|  |  | 9599720 |
|  | **SOFTWARE - 13.8%** |  |
| 4500 | Adobe, Inc.<sup>(a)</sup> | 1574955 |
| 9500 | Atlassian Corporation, Class A<sup>(a)</sup> | 1540330 |
| 11250 | ServiceNow, Inc.<sup>(a)</sup> | 1723388 |
| 15000 | Shopify, Inc., Class A<sup>(a)</sup> | 2414550 |
|  |  | 7253223 |
|  | **TECHNOLOGY HARDWARE - 6.5%** |  |
| 12500 | Apple, Inc. | 3398250 |
|  | **TECHNOLOGY SERVICES - 21.0%** |  |
| 27500 | Block, Inc.<sup>(a)</sup> | 1789975 |
| 1250 | Fair Isaac Corporation<sup>(a)</sup> | 2113275 |
| 12500 | Mastercard, Inc., Class A | 7135999 |
|  |  | 11039249 |
|  | **TOTAL COMMON STOCKS (Cost $14,463,295)** | 49591650 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **BIONDO FOCUS FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shares** | | | | | | **Fair Value** |
|  | **RIGHTS — 0.0%<sup>(b)</sup>** | **RIGHTS — 0.0%<sup>(b)</sup>** | **RIGHTS — 0.0%<sup>(b)</sup>** | **RIGHTS — 0.0%<sup>(b)</sup>** | **RIGHTS — 0.0%<sup>(b)</sup>** |  |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.0%<sup>(b)</sup>** | **MEDICAL EQUIPMENT & DEVICES — 0.0%<sup>(b)</sup>** | **MEDICAL EQUIPMENT & DEVICES — 0.0%<sup>(b)</sup>** | **MEDICAL EQUIPMENT & DEVICES — 0.0%<sup>(b)</sup>** | **MEDICAL EQUIPMENT & DEVICES — 0.0%<sup>(b)</sup>** |  |
| 18500 | ABIOMED, Inc. – CVR<sup>(a)(c)(d)</sup> (Cost $59,570) | ABIOMED, Inc. – CVR<sup>(a)(c)(d)</sup> (Cost $59,570) | ABIOMED, Inc. – CVR<sup>(a)(c)(d)</sup> (Cost $59,570) | ABIOMED, Inc. – CVR<sup>(a)(c)(d)</sup> (Cost $59,570) | ABIOMED, Inc. – CVR<sup>(a)(c)(d)</sup> (Cost $59,570) | $**—** |
|  | **SHORT-TERM INVESTMENT — 1.8%** | **SHORT-TERM INVESTMENT — 1.8%** | **SHORT-TERM INVESTMENT — 1.8%** | **SHORT-TERM INVESTMENT — 1.8%** | **SHORT-TERM INVESTMENT — 1.8%** |  |
|  | **MONEY MARKET FUNDS - 1.8%** | **MONEY MARKET FUNDS - 1.8%** | **MONEY MARKET FUNDS - 1.8%** | **MONEY MARKET FUNDS - 1.8%** | **MONEY MARKET FUNDS - 1.8%** |  |
| 961105 | First American Treasury Obligations Fund, Class X, 3.65%(e) (Cost $961,105) | First American Treasury Obligations Fund, Class X, 3.65%(e) (Cost $961,105) | First American Treasury Obligations Fund, Class X, 3.65%(e) (Cost $961,105) | First American Treasury Obligations Fund, Class X, 3.65%(e) (Cost $961,105) | First American Treasury Obligations Fund, Class X, 3.65%(e) (Cost $961,105) | 961105 |
|  | **TOTAL INVESTMENTS - 96.2% (Cost $15,483,970)** | **TOTAL INVESTMENTS - 96.2% (Cost $15,483,970)** | **TOTAL INVESTMENTS - 96.2% (Cost $15,483,970)** | **TOTAL INVESTMENTS - 96.2% (Cost $15,483,970)** | **TOTAL INVESTMENTS - 96.2% (Cost $15,483,970)** | $50552755 |
|  | **CALL OPTIONS WRITTEN - (0.2)% (Premiums received $610,295)** | **CALL OPTIONS WRITTEN - (0.2)% (Premiums received $610,295)** | **CALL OPTIONS WRITTEN - (0.2)% (Premiums received $610,295)** | **CALL OPTIONS WRITTEN - (0.2)% (Premiums received $610,295)** | **CALL OPTIONS WRITTEN - (0.2)% (Premiums received $610,295)** | (88100) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 4.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 4.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 4.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 4.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 4.0%** | 2093150 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | $52557805 |
|  |  | **Broker/** | **Expiration** |  | **Notional** |  |
| **Contracts<sup>(f)</sup>** |  | **Counterparty** | **Date** | **Exercise Price** | **Value** | **Fair Value** |
|  | **WRITTEN EQUITY OPTIONS - (0.2)%** | **WRITTEN EQUITY OPTIONS - (0.2)%** | **WRITTEN EQUITY OPTIONS - (0.2)%** | **WRITTEN EQUITY OPTIONS - (0.2)%** |  |  |
|  | **CALL OPTIONS WRITTEN - (0.2)%** | **CALL OPTIONS WRITTEN - (0.2)%** | **CALL OPTIONS WRITTEN - (0.2)%** | **CALL OPTIONS WRITTEN - (0.2)%** |  |  |
| 50 | Mastercard, Inc. <sup>(a)</sup> | Cowen | 01/16/2026 | $575 | $(2875000) | $29600 |
| 150 | NVIDIA Corporation<sup>(a)</sup> | Cowen | 01/16/2026 | 190 | (2850000) | 58500 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Proceeds $610,295) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds $610,295) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds $610,295) | **TOTAL CALL OPTIONS WRITTEN** (Proceeds $610,295) |  | 88100 |
|  | **TOTAL WRITTEN EQUITY OPTIONS** (Proceeds $610,295) | **TOTAL WRITTEN EQUITY OPTIONS** (Proceeds $610,295) | **TOTAL WRITTEN EQUITY OPTIONS** (Proceeds $610,295) | **TOTAL WRITTEN EQUITY OPTIONS** (Proceeds $610,295) |  | $88100 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| CVR | - Contingent Value Right |
| N.V. | - Naamioze Vennootschap |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Non-income producing security. |
| |  |
| <sup>(b)</sup> | Percentage rounds to less than 0.1%. |
| |  |
| <sup>(c)</sup> | Illiquid security. |
| |  |
| <sup>(d)</sup> | Valued using unobservable inputs and fair valued by the Advisor. |
| |  |
| <sup>(e)</sup> | Rate disclosed is the seven day effective yield as of December 31, 2025. |
| |  |
| <sup>(f)</sup> | Each option contract allows the holder of the option to purchase 100 shares of the underlying security. |
| |  |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***The Biondo Focus Fund*** |
| **STATEMENT OF ASSETS AND LIABILITIES** |
| **December 31, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $15483970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value | $50552755 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 2191231 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 3600 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses & other assets | 7040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 52754626 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Options written, at value (premiums received $610,295) | 88100 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 34510 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 11197 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 29345 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 33669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 196821 |
| **NET ASSETS** | $**52557805** |
| **Net Assets Consist Of:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital ($0 par value, unlimited shares authorized) | $17101970 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 35455835 |
| **NET ASSETS** | $**52557805** |
| **Net Asset Value Per Share:** |  |
| Investor Class Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**52557805** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | **2459170** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share (a) | $**21.37** |

---

(a) Redemptions of shares held less than
 30 days may be assessed a redemption fee of 2.00%.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***The Biondo Focus Fund*** |
| **STATEMENT OF OPERATIONS** |
| **For the Year Ended December 31, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of $3,457 foreign withholding taxes) | $90198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 35704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 125902 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 507098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) fees - Investor Class | 126775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 76840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 33236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 30839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance officer fees | 24028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 19299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 18110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 17892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 17887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting expense | 13766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 3990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 3736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 2205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 895701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Fees waived by the Advisor | (135105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 760596 |
| **NET INVESTMENT LOSS** | (634694) |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on transactions from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 5094047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (394631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 4699416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 842814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | 522195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1365009 |
| **NET REALIZED AND UNREALIZED GAIN** | 6064425 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**5429731** |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***The Biondo Focus 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 loss | $(634694) | $(664542) |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments and options written | 4699416 | 12064487 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments and options written | 1365009 | 5583850 |
| Net increase in net assets resulting from operations | 5429731 | 16983795 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions paid from earnings | (5729498) | (8570551) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 477841 | 601996 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions | 5701322 | 8539518 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (7554299) | (13721057) |
| &nbsp;&nbsp;&nbsp;Redemption fee proceeds | 8 | 83 |
| Net decrease in net assets from shares of beneficial interest | (1375128) | (4579460) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (1674895) | 3833784 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 54232700 | 50398916 |
| &nbsp;&nbsp;&nbsp;End of Year | $**52557805** | $**54232700** |
| **SHARE ACTIVITY - INVESTOR CLASS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 22823 | 27662 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 266667 | 373721 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (351369) | (632656) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (61879) | (231273) |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***The Biondo Focus Fund*** |
| **FINANCIAL HIGHLIGHTS** |

---

*The table sets forth financial data for one share of beneficial interest outstanding throughout each year presented.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **Year Ended**<br>**December 31,**<br>**2025** | **Year Ended**<br>**December 31,**<br>**2024** | **Year Ended**<br>**December 31,**<br>**2023** | **Year Ended**<br>**December 31,**<br>**2022** | **Year Ended**<br>**December 31,**<br>**2021** |
| Net asset value, beginning of year | $21.51 | $18.31 | $14.64 | $23.01 | $23.35 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.27) | (0.27) | (0.19) | (0.23) | (0.35) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and options | 2.72 | 7.41 | 5.55 | (7.90) | 1.86 |
| &nbsp;&nbsp;&nbsp;Total income from investment operations | 2.45 | 7.14 | 5.36 | (8.13) | 1.51 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.59) | (3.94) | (1.69) | (0.24) | (1.85) |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.59) | (3.94) | (1.69) | (0.24) | (1.85) |
| Paid-in-Capital from redemption fees (12) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net asset value, end of year | $21.37 | $21.51 | $18.31 | $14.64 | $23.01 |
| Total return (3) | 11.36% | 37.77% | 37.43% | (35.33)% | 6.32% |
| Net assets, end of year (in 000s) | $52558 | $54233 | $50399 | $42809 | $75666 |
| Ratio of gross expenses to average net assets (4) | 1.77% | 1.80% | 1.71% | 1.74% | 1.59% |
| Ratio of net expenses to average net assets | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| Ratio of net investment loss to average net assets | (1.25)% | (1.24)% | (1.12)% | (1.35)% | (1.41)% |
| Portfolio turnover rate | 8% | 14% | 8% | 11% | 21% |

---

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

(2) Amount represents less than $0.01
 per share.

(3) Total return represents aggregate
 total return based on Net Asset Value. Total returns would have been lower absent waived fees and reimbursed expenses. Total returns are
 historical in nature and assume changes in share price. The returns shown exclude the effect of applicable redemption fees.

(4) Represents the ratio of expenses to
 average net assets absent fee waivers by the Advisor.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***The Biondo Focus Fund*** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **December 31, 2025** |

---

**1.** **ORGANIZATION** 

The Biondo Focus Fund (the "Fund") is a non-diversified series of shares of beneficial interest of Northern Lights Fund Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware on January 19, 2005. The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Fund currently offers Investor Class shares.

The Fund seeks long-term capital appreciation, which it pursues by investing primarily in a combination of long and short positions in (1) common stock of US companies of any capitalization; (2) American Depositary Receipts ("ADRs") representing common stock of foreign companies; (3) investment grade fixed income securities; (4) exchange-traded funds ("ETFs") that invest primarily in (i) common stocks of US companies, (ii) ADRs or (iii) investment grade fixed income securities; and (5) options on common stock, ADRs and ETFs.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies", including FASB Accounting Standards Update ("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 Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**Accounting Pronouncement –** The Fund 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 Fund's adoption of ASU 2023-09 did not have an impact on the Fund's financial statements.

**Security Valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the 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 primary exchange on the day of valuation. Options contracts listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the day of valuation. Option contracts not listed on a securities exchange or board of trade for which over-the-counter market quotations are not readily available shall be valued at the mean between the current bid and ask prices on the day of valuation. Index options shall be valued at the mean between

---

| |
|:---|
| ***The Biondo Focus Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

---

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") using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. Short-term debt obligations with remaining maturities in excess of sixty days are valued at current market prices by an independent pricing service approved by the Board. 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 net asset value ("NAV").

The Fund may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These investments are valued using the "fair value" procedures approved by the Board. The Board has designated the adviser as its valuation designee (the "Valuation Designee") to execute these procedures. The Board may also enlist third party consultants such 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, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**Fair Valuation Process –** The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that affects the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to the 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 investments, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Fund utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP

---

| |
|:---|
| ***The Biondo Focus Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

---

establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1** – Unadjusted quoted prices in active markets for identical assets and liabilities that the 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 the 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 table summarizes the inputs used as of December 31, 2025 for the Fund's investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $49591650 | $— | $— | $49591650 |
| Rights |  |  |  |  |
| Short-Term Investment | 961105 |  |  | 961105 |
| Total | $50552755 | $— | $— | $50552755 |
| Liabilities \* | Level 1 | Level 2 | Level 3 | Total |
| Call Options Written | $88100 | $— | $— | $88100 |

---

Additional disclosures surrounding Level 3 investments were not significant to the financial statements.

\* Refer to the Schedule of Investments for security classifications.

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

---

| |
|:---|
| ***The Biondo Focus Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

---

**Valuation of Fund of Funds –** The Fund may invest in portfolios of open-end or closed-end investment companies (the "underlying fund"). Open-end investment companies are valued at their respective NAV as reported by such investment companies. Open-end investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the boards of the underlying fund. 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. Investments in closed-end investment companies are valued at their last sales price. 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 Fund will not change.

**Dividends and Distributions to Shareholders –** Dividends from net investment income and distributable net realized capital gains, if any, are declared and paid annually. Dividends from net investment income and distributions from net realized gains 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 their federal tax-basis treatment; temporary differences do not require reclassification. Dividends and distributions to shareholders are recorded on the ex-dividend date.

**Federal Income Taxes –** The Fund complies with the requirements of the Internal Revenue Code applicable to regulated investment companies and distributes all of its taxable income to its shareholders. Therefore, no provision for federal income tax is required. The Fund recognizes 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 Fund's 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 Fund's December 31, 2025, year-end tax returns. The Fund identifies its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Fund makes significant investments. The Fund is 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.

**Options Transactions –** The Fund is subject to equity price risk in the normal course of pursuing their investment objectives and may purchase or sell options to help hedge against this risk.

The Fund may write call options only if it (i) owns an offsetting position in the underlying security or (ii) has an absolute or immediate right to acquire that security without additional cash consideration or exchange of other securities held in its portfolio.

When the Fund writes a call option, an amount equal to the premium received is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Fund has no control over whether the option will be exercised and, as a result, retain the market risk of an unfavorable change in the price of the security underlying the written option.

---

| |
|:---|
| ***The Biondo Focus Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

---

The Fund may purchase put and call options. Call options are purchased to hedge against an increase in the value of securities held in a Fund's portfolio. If such an increase occurs, the call options will permit the Fund to purchase the securities underlying such options at the exercise price, not at the current market price. Put options are purchased to hedge against a decline in the value of securities held in a Fund's portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to a Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty credit risk to the Fund since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

The fair value of written options at December 31, 2025 is $88,100 included under "Options written, at value" on the Statement of Assets and Liabilities.

---

| | | |
|:---|:---|:---|
|  | Location of Derivatives on | |
| Primary Risk | Statement of Assets and | Fair Value of Liability |
| Exposure | Liabilities | Derivative |
| Equity | Options written, at value | $88100 |

---

For the year ended December 31, 2025, the Fund had a net realized loss of $394,631 and change in unrealized appreciation of $522,195 on written options subject to equity price risk. These realized gains and losses are included in the line items marked "Net realized gain on transactions from options written" and "Net change in unrealized appreciation on options written" on the Statement of Operations.

The amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed in the Statement of Operations serve as indicators of the volume of derivative activity.

The average month end notional value of the written options invested during the year ended December 31, 2025 was $4,945,833.

**Sector Risk –** The value of securities from a specific sector can be more volatile than the market as a whole and may be subject to economic or regulatory risks different than the economy as a whole.

**Use of Estimates –** 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 year. Actual results could differ from those estimates.

---

| |
|:---|
| ***The Biondo Focus Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

---

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

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

**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 and U.S. Government securities, amounted to the following:

---

| | |
|:---|:---|
| Purchases | Sales |
| $4008902 | $12253288 |

---

**4.** **AGGREGATE TAX UNREALIZED APPRECIATION AND DEPRECIATION** 

At December 31, 2025, the aggregate cost for federal tax purposes, which differs from fair value by net unrealized appreciation (depreciation) of securities, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Gross Unrealized | Gross Unrealized | Net Unrealized |
| Tax Cost | Appreciation | Depreciation | Appreciation |
| $14873675 | $35650550 | $(59570) | $35590980 |

---

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

Biondo Investment Advisors, LLC serves as the Fund's investment advisor (the "Advisor"). Pursuant to an investment advisory agreement between the Advisor and the Trust, on behalf of the Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 1.00% the Fund's average daily net assets. For the year ended December 31, 2025, the Advisor earned fees of $507,098 for its service to the Fund.

Pursuant to a written contract (the "Waiver Agreement"), the Advisor has agreed, at least until April 30, 2026, to waive a portion of its advisory fee and has agreed to reimburse a portion of the Fund's other expenses to the extent necessary so that the total expenses incurred by the Fund (excluding 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;

---

| |
|:---|
| ***The Biondo Focus Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

---

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 Advisor))) does not exceed 1.50% per annum of the Fund's average daily net assets. This amount will herein be referred to as the "expense limitation." For the year ended December 31, 2025, the Advisor waived fees in the amount of $135,105 for the Fund pursuant to the Waiver Agreement.

If the Advisor waives any fee or reimburses any expense pursuant to the Waiver Agreement, and the Fund's operating expenses are subsequently lower than its expense limitation, the Advisor shall be entitled to reimbursement by the Fund for such waived fees or reimbursed expenses provided that such reimbursement does not cause the Fund's expenses to exceed the expense limitation. If operating expenses subsequently exceed the expense limitation, the reimbursements for the Fund shall be suspended. The Advisor may seek reimbursement only for expenses waived or paid by it during the three years or prior to such reimbursement; provided, however, that such expenses may only be reimbursed to the extent they were waived or paid after the date of the Waiver Agreement (or any similar agreement). The Board may terminate this expense reimbursement arrangement at any time.

As of December 31, 2025, the Advisor had $394,739 of waived expenses that may be recovered by the following dates:

---

| | | | |
|:---|:---|:---|:---|
| December 31, 2026 | December 31, 2027 | December 31, 2028 | Total |
| $100200 | $159434 | $135105 | $394739 |

---

The Trust, with respect to the Fund, has adopted the Trust's Master Distribution and Shareholder Servicing Plan (the "Plan") for Investor Class shares. The Plan provides that a monthly service fee is calculated by the Fund at an annual rate of 0.25% of the average daily net assets attributable to the Investor Class shares for the Fund. Pursuant to the Plan, the Fund may compensate the securities dealers or other financial intermediaries, financial institutions, investment advisors, and others for activities primarily intended to result in the sale of Fund shares and for maintenance and personal service provided to existing shareholders. The Plan further provides for periodic payments to brokers, dealers and other financial intermediaries, including insurance companies, for providing shareholder services and for promotional and other sales-related costs. During the year ended December 31, 2025, the Fund was charged $126,775 pursuant to the Plan.

Northern Lights Distributors, LLC (the "Distributor") acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. For the year ended December 31, 2025, the Distributor received no underwriting commissions.

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

*<u>Ultimus Fund Solutions, LLC ("UFS")</u>*

UFS, 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 Fund pays UFS customary fees for providing administration, fund accounting and transfer agency services to the Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Fund for serving in such capacities.

---

| |
|:---|
| ***The Biondo Focus Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

---

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

NLCS, 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</u>* <u>("Blu Giant")</u>

Blu Giant, 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 Fund.

**6.** **REDEMPTION FEES** 

The Fund may assess a short-term redemption fee of 2.00% of the total redemption amount if shareholders sell their shares after holding them for less than 30 days. The redemption fee is paid directly to the Fund. For the year ended December 31, 2025, the Fund assessed $8 in redemption fees. For the year ended December 31, 2024, the Fund assessed $83 in redemption fees.

**7.** **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, National Financial Services LLC held approximately 85.8% of the Fund. The Fund has no knowledge as to whether all or any portion of the shares owned of record by National Financial Services LLC are also owned beneficially.

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

The tax character of Fund distributions paid for the years ended December 31, 2025 and December 31, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br>December 31, 2025 | Fiscal Year Ended<br>December 31, 2024 |
| Ordinary Income | $— | $— |
| Long-Term Capital Gains | 5729498 | 8570551 |
|  | $5729498 | $8570551 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Distributable Earnings/ |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | (Accumulated Deficit) |
| $— | $939863 | $— | $— | $(1075008) | $35590980 | $35455835 |

---

The difference between book basis and tax basis accumulated net investment loss, unrealized appreciation and accumulated net realized gains from security and options transactions is primarily attributable to the tax deferral

---

| |
|:---|
| ***The Biondo Focus Fund*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

---

of losses on straddles. Amounts listed under other book/tax differences are primarily attributable to the tax deferral of losses on straddles.

During the fiscal year ended December 31, 2025, the Fund utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to net operating losses and tax equalization debits, resulted in reclassification for the Fund for the year ended December 31, 2025, as follows:

---

| | |
|:---|:---|
| Paid In | Distributable |
| Capital | Earnings |
| $(180959) | $180959 |

---

**9.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statement 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.

![(COHEN & CO LOGO)](bi002_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of The Biondo Focus Fund and

Board of Trustees of Northern Lights Fund Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments of The Biondo Focus Fund (the "Fund"), a series of the Northern Lights Fund Trust, as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the years ended December 31, 2022, and prior, were audited by other auditors whose report dated February 28, 2023, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements 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 Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

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.

We have served as the Fund's auditor since 2023.

![(SIGNATURE)](bi003_v1.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 25, 2026

---

| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

---

---

| |
|:---|
| ***The Biondo Focus Fund*** |
| **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**

Biondo Investment Advisors, LLC

Adviser to Biondo Focus Fund\*

In connection with the regular meeting held on September 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 an investment advisory agreement (the "Advisory Agreement") between Biondo Investment Advisors, LLC (the "Adviser") and the Trust, with respect to the Biondo Focus Fund (the "Fund"). In considering the re-approval of the Advisory Agreement, the Board received materials specifically relating to the Advisory Agreement.

The Trustees were assisted by independent legal counsel throughout the advisory agreement 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 Agreement 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 Agreement.

Nature, Extent, and Quality of Services. The Trustees stated that during their discussions held on September 11, 2025, they had noted that the Adviser was founded in 2004, had approximately $1.150 billion in AUM, and offered different wealth management services and tailored solutions to manage the financial goals of its clients. The Trustees reviewed the education and financial industry experience of the key investment personnel responsible for servicing the Fund and observed the deep experience and stability of the team, noting that the Adviser had not experienced any personnel changes. The Trustees further noted that the Adviser focused primarily on investing in companies with market capitalization of $1billion or more in a unique competitive position, and that the Adviser performed deep analysis of each potential investment's financial data, market position, and price to determine whether such company was undervalued or overvalued. The Trustees considered that the Adviser reported no material cyber incidents over the past year, and maintained cybersecurity protocols that focused on protecting client and adviser confidentiality. The Trustees further noted that the Adviser reported no material compliance or litigation issues since the previous advisory contract approval. The Trustees agreed that the Adviser was comprised of experienced professionals who performed robust due diligence and research in implementing the Fund's investment strategy, and that the Adviser would continue to provide high quality service to the Fund for the benefit of its shareholders.

---

| |
|:---|
| ***The Biondo Focus Fund*** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2025** |

---

Performance. The Trustees noted during their September 11th discussions, that the Fund's returns for the since inception and prior one-year and five-year periods were below the Fund's category and peer group medians, and benchmark. The Trustees acknowledged that the Adviser's explanation for the Fund's underperformance was its high concentration in the healthcare sector, which underperformed over the prior year, and that the Fund's highly concentrated strategy can be volatile. The Trustees agreed that the Fund's performance was satisfactory in light of the Fund's investment strategy.

Fees and Expenses. The Trustees noted during their September 11th discussions, that the Adviser charged the Fund an annual advisory fee of 1.00%, which was higher than the category median and average, and equal to the highest fee of the peer group. The Trustees also observed that the Fund had a net expense ratio of 1.50%, which was above the category median and average but within the range. The Trustees acknowledged that that the Adviser had an expense limitation agreement in place with respect to the Fund. The Trustees noted that the that Adviser's explanation for the above average fee was the complex strategy and resources needed to operate the Fund. The Trustees agreed that the Fund's fees and expenses were not unreasonable.

Economies of Scale. The Trustees were reminded that during their September 11th discussions they had considered whether the Adviser had achieved economies of scale with respect to its management of the Fund. The Trustees considered the Adviser's statement that the Fund would benefit from economies of scale at $100 million in AUM and that the Adviser would consider introducing breakpoints above that amount. The Trustees agreed that the absence of breakpoints was acceptable at this time.

Profitability. The Trustees having reviewed the profitability analysis provided by the Adviser during their September 11th discussions noted that they had considered the Adviser's profit in terms of actual dollars and as a percentage of revenue. The Trustees noted that the Adviser had realized a modest profit with respect to its management of the Fund and agreed that the Adviser's relationship with the Fund was not excessively profitable.

Conclusion. Having requested and received such information from the Adviser as the Trustees believed to be reasonably necessary to evaluate the terms of the advisory agreement, and as assisted by the advice of counsel, the Trustees concluded that the renewal of the advisory agreement between the Trust and the Adviser, on behalf of the Fund was in the best interests of the Fund and its shareholders.

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

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

Information regarding how the Fund 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 Fund uses to determine how to vote proxies, will be available without charge, upon request, by (i) calling 1-800-672-9152; (ii) visiting **https://thebiondogroup.com/biondo-fund/**; or (iii) 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

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

None

**Item 16. Controls and Procedures** 

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

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

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

Not applicable

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

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.** 

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

(a)(2) Not applicable

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

Attached hereto. [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.

Northern Lights Fund Trust

---

| | |
|:---|:---|
| By | /s/ Kevin E. Wolf |
| Kevin E. Wolf | Kevin E. Wolf |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 3/10/26 | Date: 3/10/26 |

---

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

---

---

| | |
|:---|:---|
| By | /s/ James Colantino |
| James Colantino | James Colantino |
| Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Date: 3/10/26 | Date: 3/10/26 |

---

## 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.

## 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 Biondo Focus Fund (a series of Northern Lights
 Fund Trust, the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 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 Biondo Focus Fund (a series of Northern Lights
 Fund Trust, the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 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, and James Colantino, Principal Financial Officer of Northern Lights Fund Trust (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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), as applicable, of the Securities Exchange Act of 1934, and

&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.