# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-25-007658
**Filing Date:** 2025-12
**Character Count:** 113417
**Document Hash:** 20cde8486e6b2f90075aca19238c556b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007658.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001580642-25-007658

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**EFFECTIVENESS DATE**: 20251208

**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:** 251555472

**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

### 13D Activist Fund (Series ID: S000029185)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000089779 | 13D Activist Fund Class A | DDDAX           |
| C000089780 | 13D Activist Fund Class C | DDDCX           |
| C000089781 | 13D Activist Fund Class I | DDDIX           |

?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 811-21720

**Northern Lights Fund Trust**

(Exact name of registrant as specified in charter)

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

The Corporation Trust Company, Corporate Trust Center

251 Little Falls Drive, Wilmington, DE 19808

(Name and address of agent for service)

Registrant's telephone number, including area code: 631-470-2600

Date of fiscal year end: <u>9/30</u> <br>Date of reporting period: <u>9/30/2025</u>

**Item 1. Reports to Stockholders.**

(a) #### 13D Activist Fund

#### Class A (DDDAX)

#### Annual Shareholder Report - September 30, 2025
![Image](ia65d1c34dbdfcf47b99170f8.jpg)

# Fund Overview
This annual shareholder report contains important information about 13D Activist Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at**https://13dactivistfund.com/documents**. You can also request this information by contacting us at 1-877-413-3228.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $178 | 1.75% |

---

# How did the Fund perform during the reporting period?
For the past several years, we have been a smidcap value fund in a large cap growth market. However, we are optimistic that things will change for the better. The Russell 2000 (12.39%) outperformed the S&P 500 (8.12%) over a calendar quarter by the largest margin in three years and only the third time over that period. We, and many others, have been talking about a rotation from large cap growth to SMID cap value for some time and while this is only one data point and too early to come close to calling a rotation, it is certainly something to watch. When this rotation does happen, it will not be for people totally forgetting about MAG 7 and AI but realizing that those stocks are becoming a little too overbought and starting to allocate more of their money to overlooked parts of the market like SMID cap value. We believe this rotation will likely be assisted by lower interest rates that favor smaller cap companies and a more robust M&A environment that generally follows. We still strongly believe in the idiosyncratic value that shareholder activism provides.

While activist returns have been challenging in a large cap growth market, activist activity and success have been flourishing. It has been three years since the SEC instituted the Universal Proxy Card ("UPC") for contested director elections and there have been a ton of predictions by everyone as to the effect it would have. So, let's look at some of our data for the three years prior to the UPC and the three years after:

• Number of activist campaigns in the three years prior: 295

• Number of activist campaigns in the three years since: 370

• % of activist campaigns settled in the three years prior: 56%

• % of activist campaigns settled in the three years since: 63%

• % Of Non-Settled Campaigns won by the activist in the three years prior: 38%

• % Of Non-Settled Campaigns won by the activist in the three years since: 58%

• % of activist campaigns either won or settled by the activist in the three years prior: 73%

• % of activist campaigns either won or settled by the activist in the three years since: 88%

So, activism in the US is on the rise and activist success in the US is on the rise. Once the market turns more of its focus to the SMID cap value stocks that activists invest in, we expect that activist returns will also be on the rise.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i45c87c719327d4681e5f50a4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **13D Activist Fund** | **Russell 2000<sup>®</sup> Index** | **Russell 2500<sup>®</sup> Index** |
| **Sep-2015** | $9426 | $10000 | $10000 |
| **Sep-2016** | $10395 | $11547 | $11444 |
| **Sep-2017** | $12333 | $13942 | $13480 |
| **Sep-2018** | $14092 | $16066 | $15662 |
| **Sep-2019** | $13419 | $14638 | $15029 |
| **Sep-2020** | $13855 | $14695 | $15362 |
| **Sep-2021** | $20646 | $21701 | $22280 |
| **Sep-2022** | $15795 | $16602 | $17577 |
| **Sep-2023** | $16615 | $18085 | $19561 |
| **Sep-2024** | $19356 | $22925 | $24679 |
| **Sep-2025** | $19971 | $25391 | $27186 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| 13D Activist Fund |  |  |  |
| Without Load | 3.18% | 7.59% | 7.80% |
| With Load | -2.76% | 6.32% | 7.16% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |
| Russell 2500<sup>®</sup> Index | 10.16% | 12.09% | 10.52% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $107870945 |
| Number of Portfolio Holdings | 21 |
| Advisory Fee | $1862572 |
| Portfolio Turnover | 88% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iab5e6b1602fb93b5c6dc4432.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.5% |
| Money Market Funds | 3.5% |
| Right | 0.0% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Sector Chart](i3c90a01b80facdf02695074e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.1% |
| Money Market Funds | 3.5% |
| Financials | 4.6% |
| Utilities | 4.6% |
| Consumer Staples | 8.2% |
| Health Care | 8.7% |
| Industrials | 9.8% |
| Communications | 14.9% |
| Consumer Discretionary | 15.6% |
| Technology | 29.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Mercury Systems, Inc. | &nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;Qorvo, Inc. | &nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;ViaSat, Inc. | &nbsp;&nbsp;7.3% |
| &nbsp;&nbsp;Autoliv, Inc. | &nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;Pearson plc - ADR | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;Twilio, Inc., Class A | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;Asbury Automotive Group, Inc. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Southwest Gas Holdings, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Exelixis, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Janus Henderson Group plc | &nbsp;&nbsp;4.6% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](ibddad96039f06abb836f69b1.jpg)

#### 13D Activist Fund - Class A (DDDAX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://13dactivistfund.com/documents**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-DDDAX

#### 13D Activist Fund

#### Class C (DDDCX)

#### Annual Shareholder Report - September 30, 2025
![Image](ia65d1c34dbdfcf47b99170f8.jpg)

# Fund Overview
This annual shareholder report contains important information about 13D Activist Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at**https://13dactivistfund.com/documents**. You can also request this information by contacting us at 1-877-413-3228.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $253 | 2.50% |

---

# How did the Fund perform during the reporting period?
For the past several years, we have been a smidcap value fund in a large cap growth market. However, we are optimistic that things will change for the better. The Russell 2000 (12.39%) outperformed the S&P 500 (8.12%) over a calendar quarter by the largest margin in three years and only the third time over that period. We, and many others, have been talking about a rotation from large cap growth to SMID cap value for some time and while this is only one data point and too early to come close to calling a rotation, it is certainly something to watch. When this rotation does happen, it will not be for people totally forgetting about MAG 7 and AI but realizing that those stocks are becoming a little too overbought and starting to allocate more of their money to overlooked parts of the market like SMID cap value. We believe this rotation will likely be assisted by lower interest rates that favor smaller cap companies and a more robust M&A environment that generally follows. We still strongly believe in the idiosyncratic value that shareholder activism provides.

While activist returns have been challenging in a large cap growth market, activist activity and success have been flourishing. It has been three years since the SEC instituted the Universal Proxy Card ("UPC") for contested director elections and there have been a ton of predictions by everyone as to the effect it would have. So, let's look at some of our data for the three years prior to the UPC and the three years after:

• Number of activist campaigns in the three years prior: 295

• Number of activist campaigns in the three years since: 370

• % of activist campaigns settled in the three years prior: 56%

• % of activist campaigns settled in the three years since: 63%

• % Of Non-Settled Campaigns won by the activist in the three years prior: 38%

• % Of Non-Settled Campaigns won by the activist in the three years since: 58%

• % of activist campaigns either won or settled by the activist in the three years prior: 73%

• % of activist campaigns either won or settled by the activist in the three years since: 88%

So, activism in the US is on the rise and activist success in the US is on the rise. Once the market turns more of its focus to the SMID cap value stocks that activists invest in, we expect that activist returns will also be on the rise.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4123155e363d977f4d9f8621.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **13D Activist Fund** | **Russell 2000<sup>®</sup> Index** | **Russell 2500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $10955 | $11547 | $11444 |
| **Sep-2017** | $12897 | $13942 | $13480 |
| **Sep-2018** | $14623 | $16066 | $15662 |
| **Sep-2019** | $13824 | $14638 | $15029 |
| **Sep-2020** | $14166 | $14695 | $15362 |
| **Sep-2021** | $20949 | $21701 | $22280 |
| **Sep-2022** | $15903 | $16602 | $17577 |
| **Sep-2023** | $16606 | $18085 | $19561 |
| **Sep-2024** | $19210 | $22925 | $24679 |
| **Sep-2025** | $19666 | $25391 | $27186 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| 13D Activist Fund | 2.37% | 6.78% | 7.00% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |
| Russell 2500<sup>®</sup> Index | 10.16% | 12.09% | 10.52% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $107870945 |
| Number of Portfolio Holdings | 21 |
| Advisory Fee | $1862572 |
| Portfolio Turnover | 88% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i805e8d145de2eb3e33c09ef3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.5% |
| Money Market Funds | 3.5% |
| Right | 0.0% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Sector Chart](iaa3f17f65dab41ebdc0009fa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.1% |
| Money Market Funds | 3.5% |
| Financials | 4.6% |
| Utilities | 4.6% |
| Consumer Staples | 8.2% |
| Health Care | 8.7% |
| Industrials | 9.8% |
| Communications | 14.9% |
| Consumer Discretionary | 15.6% |
| Technology | 29.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Mercury Systems, Inc. | &nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;Qorvo, Inc. | &nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;ViaSat, Inc. | &nbsp;&nbsp;7.3% |
| &nbsp;&nbsp;Autoliv, Inc. | &nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;Pearson plc - ADR | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;Twilio, Inc., Class A | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;Asbury Automotive Group, Inc. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Southwest Gas Holdings, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Exelixis, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Janus Henderson Group plc | &nbsp;&nbsp;4.6% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](ibddad96039f06abb836f69b1.jpg)

#### 13D Activist Fund - Class C (DDDCX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://13dactivistfund.com/documents**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-DDDCX

#### 13D Activist Fund

#### Class I (DDDIX)

#### Annual Shareholder Report - September 30, 2025
![Image](ia65d1c34dbdfcf47b99170f8.jpg)

# Fund Overview
This annual shareholder report contains important information about 13D Activist Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at**https://13dactivistfund.com/documents**. You can also request this information by contacting us at 1-877-413-3228.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $153 | 1.50% |

---

# How did the Fund perform during the reporting period?
For the past several years, we have been a smidcap value fund in a large cap growth market. However, we are optimistic that things will change for the better. The Russell 2000 (12.39%) outperformed the S&P 500 (8.12%) over a calendar quarter by the largest margin in three years and only the third time over that period. We, and many others, have been talking about a rotation from large cap growth to SMID cap value for some time and while this is only one data point and too early to come close to calling a rotation, it is certainly something to watch. When this rotation does happen, it will not be for people totally forgetting about MAG 7 and AI but realizing that those stocks are becoming a little too overbought and starting to allocate more of their money to overlooked parts of the market like SMID cap value. We believe this rotation will likely be assisted by lower interest rates that favor smaller cap companies and a more robust M&A environment that generally follows. We still strongly believe in the idiosyncratic value that shareholder activism provides.

While activist returns have been challenging in a large cap growth market, activist activity and success have been flourishing. It has been three years since the SEC instituted the Universal Proxy Card ("UPC") for contested director elections and there have been a ton of predictions by everyone as to the effect it would have. So, let's look at some of our data for the three years prior to the UPC and the three years after:

• Number of activist campaigns in the three years prior: 295

• Number of activist campaigns in the three years since: 370

• % of activist campaigns settled in the three years prior: 56%

• % of activist campaigns settled in the three years since: 63%

• % Of Non-Settled Campaigns won by the activist in the three years prior: 38%

• % Of Non-Settled Campaigns won by the activist in the three years since: 58%

• % of activist campaigns either won or settled by the activist in the three years prior: 73%

• % of activist campaigns either won or settled by the activist in the three years since: 88%

So, activism in the US is on the rise and activist success in the US is on the rise. Once the market turns more of its focus to the SMID cap value stocks that activists invest in, we expect that activist returns will also be on the rise.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie8d74b68889fd009f2f11f12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **13D Activist Fund** | **Russell 2000<sup>®</sup> Index** | **Russell 2500<sup>®</sup> Index** |
| **Sep-2015** | $10000 | $10000 | $10000 |
| **Sep-2016** | $11063 | $11547 | $11444 |
| **Sep-2017** | $13156 | $13942 | $13480 |
| **Sep-2018** | $15068 | $16066 | $15662 |
| **Sep-2019** | $14389 | $14638 | $15029 |
| **Sep-2020** | $14896 | $14695 | $15362 |
| **Sep-2021** | $22242 | $21701 | $22280 |
| **Sep-2022** | $17055 | $16602 | $17577 |
| **Sep-2023** | $17992 | $18085 | $19561 |
| **Sep-2024** | $21018 | $22925 | $24679 |
| **Sep-2025** | $21738 | $25391 | $27186 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| 13D Activist Fund | 3.42% | 7.85% | 8.07% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |
| Russell 2500<sup>®</sup> Index | 10.16% | 12.09% | 10.52% |

---

***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.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $107870945 |
| Number of Portfolio Holdings | 21 |
| Advisory Fee | $1862572 |
| Portfolio Turnover | 88% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia51fce1afdd5212b532b27a5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 96.5% |
| Money Market Funds | 3.5% |
| Right | 0.0% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Sector Chart](i38b8e133f3d9e8c2d8399b4d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.1% |
| Money Market Funds | 3.5% |
| Financials | 4.6% |
| Utilities | 4.6% |
| Consumer Staples | 8.2% |
| Health Care | 8.7% |
| Industrials | 9.8% |
| Communications | 14.9% |
| Consumer Discretionary | 15.6% |
| Technology | 29.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Mercury Systems, Inc. | &nbsp;&nbsp;9.8% |
| &nbsp;&nbsp;Qorvo, Inc. | &nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;ViaSat, Inc. | &nbsp;&nbsp;7.3% |
| &nbsp;&nbsp;Autoliv, Inc. | &nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;Pearson plc - ADR | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;Twilio, Inc., Class A | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;Asbury Automotive Group, Inc. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Southwest Gas Holdings, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Exelixis, Inc. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Janus Henderson Group plc | &nbsp;&nbsp;4.6% |

---

# Material Fund Changes
No material changes occurred during the year ended September 30, 2025.

![Image](ibddad96039f06abb836f69b1.jpg)

#### 13D Activist Fund - Class I (DDDIX)

#### Annual Shareholder Report - September 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://13dactivistfund.com/documents**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 093025-DDDIX

(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 Anthony J. Hertl, Mark H. Taylor and Mark Gersten are audit committee financial experts, as defined in Item 3 of Form N-CSR. Anthony J. Hertl, Mark H. Taylor and Mark Gersten are independent for purposes of this Item 3.

(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:

**Audit Fees**

2025 - $17,660

2024 - $17,140

(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:

**Tax Fees**

2025 - $3,730

2024 - $3,620

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 September 30, 2025 and 2024 respectively. |
| (e)(1) | The registrant's Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant's Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee. |
| (e)(2) | <u>**Percentages of Services Approved by the Audit Committee**</u> |

---

---

| | | |
|:---|:---|:---|
|  | <u>**2025**</u> | <u>**2024**</u> |
| Audit-Related Fees: | 0.00% | 0.00% |
| Tax Fees: | 0.00% | 0.00% |
| All Other Fees: | 0.00% | 0.00% |

---

---

| | |
|:---|:---|
| (f) | During the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees. |
| (g) | The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant: |
|  | 2025 - None<br> 2024 - None |
| (h) | The registrant's audit committee has considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

**Item 5. Audit Committee of Listed Registrants.**

Not applicable

**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) ![](img_001.jpg)

Class A Shares: DDDAX

Class C Shares: DDDCX

Class I Shares: DDDIX

Annual Financial Statements

and Additional Information

September 30, 2025

***13D Activist Fund***

**SCHEDULE OF INVESTMENTS**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.4%** |  |
|  | **AEROSPACE & DEFENSE - 9.8%** |  |
| 137012 | Mercury Systems, Inc.<sup>(a)</sup> | $10604729 |
|  | **ASSET MANAGEMENT - 4.6%** |  |
| 111654 | Janus Henderson Group plc | 4969720 |
|  | **AUTOMOTIVE - 6.4%** |  |
| 55839 | Autoliv, Inc. | 6896116 |
|  | **BIOTECH & PHARMA - 4.6%** |  |
| 120335 | Exelixis, Inc.<sup>(a)</sup> | 4969836 |
|  | **E-COMMERCE DISCRETIONARY - 4.4%** |  |
| 71836 | Etsy, Inc.<sup>(a)</sup> | 4769192 |
|  | **FOOD - 4.1%** |  |
| 76001 | Lamb Weston Holdings, Inc. | 4414138 |
|  | **GAS & WATER UTILITIES - 4.6%** |  |
| 63798 | Southwest Gas Holdings, Inc. | 4997935 |
|  | **HEALTH CARE FACILITIES & SERVICES - 4.1%** |  |
| 28000 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 4380880 |
|  | **INTERNET MEDIA & SERVICES - 8.9%** |  |
| 132779 | Match Group, Inc. | 4689754 |
| 300000 | TripAdvisor, Inc.<sup>(a)</sup> | 4878000 |
|  |  | 9567754 |
|  | **PUBLISHING & BROADCASTING - 6.0%** |  |
| 458338 | Pearson plc - ADR | 6490066 |
|  | **RETAIL - DISCRETIONARY - 4.8%** |  |
| 21337 | Asbury Automotive Group, Inc.<sup>(a)</sup> | 5215830 |

---

See accompanying notes to financial statements.

***13D Activist Fund***

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 95.4% (Continued)** |  |
|  | **SEMICONDUCTORS - 7.5%** |  |
| 88740 | Qorvo, Inc.<sup>(a)</sup> | $8082439 |
|  | **SOFTWARE - 14.2%** |  |
| 90000 | BILL Holdings, Inc.<sup>(a)</sup> | 4767300 |
| 60755 | Twilio, Inc., Class A<sup>(a)</sup> | 6080968 |
| 52000 | Workiva, Inc.<sup>(a)</sup> | 4476160 |
|  |  | 15324428 |
|  | **TECHNOLOGY HARDWARE - 7.3%** |  |
| 267000 | ViaSat, Inc.<sup>(a)</sup> | 7823100 |
|  | **WHOLESALE - CONSUMER STAPLES - 4.1%** |  |
| 43000 | Performance Food Group Company<sup>(a)</sup> | 4473720 |
|  | **TOTAL COMMON STOCKS (Cost $75,594,568)** | 102979883 |
|  | **ESCROW SHARES — 0.0%<sup>(b)</sup>** |  |
| 81753 | Pershing Square Sparc Holdings Ltd.<sup>(a)(c)(d)</sup> |  |
| 327017 | Pershing Square Tontine Holdings Ltd.<sup>(a)(c)(d)</sup> | – |
|  | **TOTAL ESCROW SHARES (Cost $0)** | – |
|  | **SHORT-TERM INVESTMENT — 3.5%** |  |
|  | **MONEY MARKET FUND - 3.5%** |  |
| 3745907 | First American Government Obligations Fund, Class X, 4.04%<sup>(e)</sup> (Cost $3,745,907) | 3745907 |
|  | **TOTAL INVESTMENTS - 98.9% (Cost $79,340,475)** | $106725790 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1%** | 1145155 |
|  | **NET ASSETS - 100.0%** | $107870945 |

---

See accompanying notes to financial statements.

***13D Activist Fund***

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

ADR - American Depositary Receipt <br> LTD - Limited Company <br> PLC - Public Limited Company

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

<sup>(b)</sup> Percentage rounds to less than 0.1%.

<sup>(c)</sup> Illiquid security. The total fair value of the security as of September 30, 2025, was $0, representing 0% of net assets.

<sup>(d)</sup> Valued using unobservable inputs and fair valued by the adviser. Security is Level 3.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

See accompanying notes to financial statements.

***13D Activist Fund***

**STATEMENT OF ASSETS AND LIABILITIES**

**September 30, 2025**

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $79340475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value | $106725790 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 5769348 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 17427 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 112513330 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | 4437175 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 64249 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 132921 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 8040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 4642385 |
| **NET ASSETS** | $**107870945** |
| **Net Assets Consist Of:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $77316836 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 30554109 |
| **NET ASSETS** | $**107870945** |
| **Net Asset Value Per Share:** |  |
| Class A Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**16311777** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **786692** |
| &nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets / Shares Outstanding) and redemption price per share (a) | $**20.73** |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (maximum sales charge of 5.75%) | $**21.99** |
| Class C Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**5513568** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **283859** |
| &nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets / Shares Outstanding), offering price and redemption price per share (b) | $**19.42** |
| Class I Shares: |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**86045600** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **3963213** |
| &nbsp;&nbsp;&nbsp;Net Asset Value (Net Assets / Shares Outstanding), offering price and redemption price per share | $**21.71** |

---

(a) For
 certain purchases of $1 million or more, a 1.00% CDSC may apply to redemptions made within twelve months of purchase.

(b) Purchases
 are subject to a 1.00% CDSC of the purchase price on shares redeemed during the first twelve months after their purchase.

See accompanying notes to financial statements.

***13D Activist Fund***

**STATEMENT OF OPERATIONS**

**For the Year Ended September 30, 2025**

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $1240271 |
| &nbsp;&nbsp;&nbsp;Interest | 176856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 1417127 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 5) | 1862572 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees - Class A (Note 5) | 41637 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees - Class C (Note 5) | 66513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 1970722 |
| **NET INVESTMENT LOSS** | (553595) |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 5925757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (373) |
|  | 5925384 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2078798) |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY** | 3846586 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**3292991** |

---

See accompanying notes to financial statements.

***13D Activist Fund***

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(553595) | $(431349) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency translations | 5925384 | 6779399 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (2078798) | 18270442 |
| Net increase in net assets resulting from operations | 3292991 | 24618492 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (930212) | (848668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (419845) | (425395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (5486359) | (5410238) |
| Net decrease in net assets from distributions to shareholders | (6836416) | (6684301) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 998742 | 651036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 2000 | 12172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 3100651 | 1925936 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 903972 | 822468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 416042 | 423256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 5322492 | 4922295 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (3831778) | (4587095) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (2692790) | (2640184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (32383396) | (40398108) |
| Net decrease in net assets resulting from shares of beneficial interest | (28164065) | (38868224) |
| **TOTAL DECREASE IN NET ASSETS** | (31707490) | (20934033) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 139578435 | 160512468 |
| &nbsp;&nbsp;&nbsp;End of Year | $**107870945** | $**139578435** |

---

See accompanying notes to financial statements.

***13D Activist Fund***

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 52788 | 31888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 104 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 145358 | 91096 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 41987 | 42748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 20495 | 23091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 236555 | 245991 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (194054) | (225107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (143876) | (134294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1541507) | (1913945) |
| Net decrease in shares of beneficial interest outstanding | (1382150) | (1837915) |

---

See accompanying notes to financial statements.

***13D Activist Fund***

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the<br> Year Ended<br> September 30,<br> 2023** | **For the<br> Year Ended<br> September 30,<br> 2022** | **For the<br> Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | $21.11 | $18.92 | $19.70 | $28.24 | $20.28 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.12) | (0.09) | (0.09) | (0.19) | (0.24) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 0.83 | 3.13 | 1.24 | (5.82) | 9.86 |
| Total from investment operations | 0.71 | 3.04 | 1.15 | (6.01) | 9.62 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  | (0.57) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.09) | (0.85) | (1.93) | (2.53) | (1.09) |
| Total distributions | (1.09) | (0.85) | (1.93) | (2.53) | (1.66) |
| Net asset value, end of year | $20.73 | $21.11 | $18.92 | $19.70 | $28.24 |
| Total return (2) | 3.18% | 16.50% | 5.19% | (23.50)% | 49.02% |
| Net assets, end of year (000s) | $16312 | $18706 | $19605 | $24937 | $31549 |
| Ratio of expenses to average net assets | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| Ratio of net investment loss to average net assets | (0.61)% | (0.43)% | (0.46)% | (0.75)% | (0.89)% |
| Portfolio Turnover Rate | 88% | 104% | 91% | 38% | 60% |

---

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

(2) Total return shown excludes the effect
 of applicable redemption fees.

See accompanying notes to financial statements.

***13D Activist Fund***

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the<br> Year Ended<br> September 30,<br> 2023** | **For the<br> Year Ended<br> September 30,<br> 2022** | **For the<br> Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | $19.99 | $18.08 | $19.03 | $27.56 | $19.82 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.26) | (0.23) | (0.24) | (0.37) | (0.42) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 0.78 | 2.99 | 1.22 | (5.63) | 9.63 |
| Total from investment operations | 0.52 | 2.76 | 0.98 | (6.00) | 9.21 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  | (0.38) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.09) | (0.85) | (1.93) | (2.53) | (1.09) |
| Total distributions | (1.09) | (0.85) | (1.93) | (2.53) | (1.47) |
| Net asset value, end of year | $19.42 | $19.99 | $18.08 | $19.03 | $27.56 |
| Total return (2) | 2.37% | 15.68% | 4.42% | (24.09)% | 47.88% |
| Net assets, end of year (000s) | $5514 | $8137 | $9360 | $10895 | $15930 |
| Ratio of expenses to average net assets | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% |
| Ratio of net investment loss to average net assets | (1.37)% | (1.19)% | (1.21)% | (1.52)% | (1.64)% |
| Portfolio Turnover Rate | 88% | 104% | 91% | 38% | 60% |

---

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

(2) Total return shown excludes the effect
 of applicable redemption fees.

See accompanying notes to financial statements.

***13D Activist Fund***

**FINANCIAL HIGHLIGHTS**

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the<br> Year Ended<br> September 30,<br> 2025** | **For the<br> Year Ended<br> September 30,<br> 2024** | **For the<br> Year Ended<br> September 30,<br> 2023** | **For the<br> Year Ended<br> September 30,<br> 2022** | **For the<br> Year Ended<br> September 30,<br> 2021** |
| Net asset value, beginning of year | $22.01 | $19.63 | $20.33 | $29.00 | $20.81 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.07) | (0.04) | (0.04) | (0.13) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 0.86 | 3.27 | 1.27 | (6.01) | 10.09 |
| Total from investment operations | 0.79 | 3.23 | 1.23 | (6.14) | 9.92 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  | (0.64) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.09) | (0.85) | (1.93) | (2.53) | (1.09) |
| Total distributions | (1.09) | (0.85) | (1.93) | (2.53) | (1.73) |
| Net asset value, end of year | $21.71 | $22.01 | $19.63 | $20.33 | $29.00 |
| Total return (2) | 3.42% | 16.82% | 5.44%(3) | (23.32)% | 49.32% |
| Net assets, end of year (000s) | $86046 | $112735 | $131548 | $143101 | $228170 |
| Ratio of expenses to average net assets | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| Ratio of net investment loss to average net assets | (0.36)% | (0.19)% | (0.20)% | (0.51)% | (0.64)% |
| Portfolio Turnover Rate | 88% | 104% | 91% | 38% | 60% |

---

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

(2) Total return shown excludes the effect
 of applicable redemption fees.

(3) Total return represents aggregate
 total return based on net asset value.

See accompanying notes to financial statements.

***13D Activist Fund***

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

**1.** **ORGANIZATION** 

The 13D Activist Fund (the "Fund") is a non-diversified series of shares of beneficial interest of Northern Lights Fund Trust (the "Trust"), a trust organized under the laws of the State of Delaware on January 19, 2005, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The investment adviser of the Fund is 13D Management LLC (the "Adviser"), a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Fund's investment objective is capital appreciation. The Fund currently offers three classes of shares: Class A, Class C and Class I shares. The Fund's Class A and Class I shares commenced operations on December 28, 2011; Class C shares commenced operations on December 11, 2012. Class A shares are subject to a maximum sales charge of 5.75% on purchases. Class A shares are subject to a contingent deferred sales charge of up to 1.00% on purchases of $1 million or more. Class C shares are subject to a contingent deferred sales charge of up to 1.00%. There are no sales charges on reinvested distributions. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. Fund level income and expenses and realized and unrealized capital gains and losses are allocated to each class of shares based on their relative assets within the Fund. Class specific expenses are allocated to that share class.

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

The following is a summary of significant accounting policies followed by the Fund in the 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 Accounting Standards Update ("ASU") 2013-08.

Operating Segments – The Fund has adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 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 manager 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.

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 ("NOCP"). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust's Board of Trustees (the "Board") based on methods that include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". The Fund may fair value a particular bond if the Adviser does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund's holding. 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.

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 will be valued using the "fair value" procedures approved by the Board. The Board has delegated execution of these procedures to the Adviser as its valuation designee (the "Valuation Designee"). The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-

***13D Activist Fund***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

Fair Valuation Process – The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to the Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of 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 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.

***13D Activist Fund***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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 September 30, 2025, for the Fund's investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $102979883 | $- | $- | $102979883 |
| Escrow Shares | - | - | - | - |
| Short-Term Investments | 3745907 | - | - | 3745907 |
| Total Investments | $106725790 | $- | $- | $106725790 |

---

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

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

**Foreign Currency Translations –** The accounting records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments, are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade.

Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.

**Forward Foreign Currency Contracts –** As foreign securities are purchased, the Fund generally enters into forward currency exchange contracts in order to hedge against foreign currency exchange rate risks. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. As foreign securities are sold, a portion of the contract is generally closed and the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses from contract transactions are included as a component of net realized gains (losses) from forward foreign currency contracts in the Statement of Operations. For the year ended, September 30, 2025, the Fund did not have any realized gains and losses on forward foreign currency contracts.

**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.

**Dividends and Distributions to Shareholders –** Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid annually. Dividends and distributions to shareholders are recorded on the ex-dividend date. 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 (e.g., deferred losses, capital loss carryforwards) 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. Any such reclassifications will have no effect on net assets, results of operations, or net asset values per share of the Fund.

**Federal Income Tax –** It is the Fund's policy to continue to qualify as a regulated investment company by complying with the provisions of Subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision is required.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund tax positions and has concluded that no liability for

***13D Activist Fund***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for the open tax years for September 30, 2022 through September 30, 2024, or expected to be taken in the Fund's September 30, 2025, 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.

**Foreign Tax Reclaims –** Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statements of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Fund records a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims, as well as payment history and market convention. The Fund may be subject to foreign taxation related to capital gains on the sale of securities in the foreign jurisdictions in which they invest. When a capital gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that may be payable if securities were disposed of on the valuation date

**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 period. Actual results could differ from those estimates.

**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 risk of loss due to these warranties and indemnities appears to be remote.

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

**Management Risk –** The net asset value of the Fund changes daily based on the performance of the securities in which it invests. The ability of the Fund to meet its investment objective is directly related to the Adviser's allocation of the Fund's assets using its activist strategy. The Adviser's objective judgments, based on investment strategy, about the attractiveness and potential appreciation of particular investments in which the Fund invests may prove to be incorrect and there is no guarantee that the Adviser's investment strategy will produce the desired results. The Adviser's activist strategy may result in the Fund's returns being more volatile than funds that pursue more conservative strategies.

***13D Activist Fund***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

**Non-Diversification Risk –** The Fund is a non-diversified investment company, which makes the value of the Fund's shares more susceptible to certain risks than shares of a diversified investment company. The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer. As a non-diversified fund, the Fund may invest greater than 5% of its total assets in the securities of one or more issuers. Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. This fluctuation, if significant, may affect the performance of the Fund.

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

For the year ended September 30, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, amounted to $105,186,148 and $138,934,721, respectively.

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

At September 30, 2025, the tax cost of investments and unrealized appreciation/ (depreciation) is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Cost** | **Gross Unrealized<br> Appreciation** | **Gross Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation** |
| $80482188 | $27984994 | $(1741392) | $26243602 |

---

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

Pursuant to the investment advisory agreement (the "Advisory Agreement") between the Adviser and the Trust, on behalf of the Fund, the Adviser pays all operating expenses of the Fund, except for the fee payments under the Advisory Agreement, brokerage fees and commissions, indirect costs of investing in other investment companies, taxes, borrowing costs and such extraordinary or non-recurring expenses as may arise, including litigation to which the Fund may be a party and indemnification of the Trust's Trustees and officers with respect thereto, and authorized expenses pursuant to Rule 12b-1 under the 1940 Act. Under the terms of the Advisory Agreement, the Fund pays the Adviser a monthly fee calculated at an annual rate of 1.50% of the Fund's average daily net assets. For the year ended September 30, 2025 the Adviser earned advisory fees of $1,862,572.

The Trust, with respect to the Fund, has adopted the Trust's Master Distribution and Shareholder Servicing Plans for each of the Class A and Class C shares (the "Plans"), pursuant to Rule 12b-1 of the 1940 Act. Class I shares does not have a Plan. The Plans provide that a monthly service and/or distribution fee is calculated by the Fund at an annual rate 0.25% and 1.00% of its average daily net assets of Class A and Class C shares, respectively. Pursuant to the Plans, the Fund may compensate the securities dealers or other financial intermediaries, financial institutions, investment advisers, 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 Plans further provide 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. For the year ended September 30, 2025, the Class A and Class C shares incurred distribution fees in the amount of $41,637, and $66,513, respectively.

<u>Ultimus Fund Solutions, LLC ("UFS")</u> – UFS provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Adviser 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.

***13D Activist Fund***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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

<u>Northern Lights Compliance Services, LLC ("NLCS")</u> – NLCS, an affiliate of UFS, 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 Adviser.

<u>Blu Giant, LLC ("Blu Giant")</u> – Blu Giant, an affiliate of UFS, 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 Adviser.

Each Trustee who is not affiliated with the Trust or an adviser to a fund within the Trust receives quarterly fees. For the year ended September 30, 2025, the Trustees received fees in the amount of $15,241, with respect to the Fund, paid by the Adviser.

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

The tax character of fund distributions paid for the year ended September 30, 2025, and September 30, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Fiscal<br> Year Ended<br> September 30,<br> 2025** | **Fiscal<br> Year Ended<br> September 30,<br> 2024** |
| Ordinary Income | $- | $- |
| Long-Term Capital Gain | 6836416 | 7179494 |
| Return of Capital | - | - |
|  | $6836416 | $7179494 |

---

As of September 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed<br> Long-<br> Term Gains** | **Post October<br> Loss and<br> Late Year Loss** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Total<br> Accumulated<br> Earnings/(Deficits)** |
| $4609520 | $(299013) | $26243602 | $30554109 |

---

The difference between book basis and tax basis accumulated net realized gains and unrealized appreciation is primarily attributable to the tax deferral of losses on wash sales and C-Corporation return of capital distributions.

During the fiscal year ended September 30, 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 the reclassification of net operating losses and the use of tax equalization credits, resulted in reclassifications for the Fund for the year ended September 30, 2025, as follows:

---

| | |
|:---|:---|
| **Paid In<br> Capital** | **Distributable<br> Earnings** |
| $551359 | $(551359) |

---

***13D Activist Fund***

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

**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 September 30, 2025, UBS Financial Services Inc. and National Financial Services LLC. (for the benefit of their customers) held approximately 27.5% and 22.4%, respectively, of the voting securities of the Fund.

**8.** **NEW ACCOUNTING PRONOUNCEMENT** 

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund management is evaluating the impacts of these changes on the Fund's financial statements.

**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.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of 13D Activist Fund (the "Fund"), one of the funds constituting the Northern Lights Fund Trust (the "Trust"), including the schedule of investments, as of September 30, 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 five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the 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 audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](img_002.jpg)

Costa Mesa, California

November 26, 2025

We have served as the auditor of one or more 13D Activist Fund investment companies since 2019.

***13D Activist Fund***

**ADDITIONAL INFORMATION (Unaudited)**

**September 30, 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**

Not applicable.

**<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 is available without charge, upon request, by calling 1-877-413-3228 or by referring to the Securities and Exchange Commission's ("SEC") 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](northern_ex99cert.htm).

(a)(4) Not applicable

(b) Certifications required by Rule
 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](northern_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<br> Principal Executive Officer/President |

---

Date: <u>12/8/2025</u>

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

---

| | |
|:---|:---|
| By | /s/ Kevin E. Wolf |
|  | Kevin E. Wolf<br> Principal Executive Officer/President |

---

Date: <u>12/8/2025</u>

---

| | |
|:---|:---|
| By | /s/ James Colantino |
|  | James Colantino<br> Principal Financial Officer/Treasurer |

---

Date: <u>12/8/2025</u>

## Ex-99.Cert

**Exhibit 99.CERT**

**Certification**

I, Kevin E. Wolf, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the 13D Activist Fund, a series of the Northern Lights Fund Trust ("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: | 12/8/2025 | /s/ Kevin E. Wolf |
|  |  | Kevin E. Wolf<br> Principal Executive Officer/President |

---

**Exhibit 99.CERT**

**Certification**

I, James Colantino, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the 13D Activist Fund, a series of the Northern Lights Fund Trust ("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: | 12/8/2025 | /s/ James Colantino |
|  |  | James Colantino<br> Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**certification**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended September 30, 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;&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<br> Northern Lights Fund Trust | Principal Financial Officer/Treasurer<br> Northern Lights Fund Trust |
| /s/ Kevin E. Wolf | /s/ James Colantino |
| Kevin E. Wolf | James Colantino |

---

Date: <u>12/8/2025</u> Date: <u>12/8/2025</u>

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**<u>Northern Lights Fund Trust and the Northern Lights Variable Trust</u>**

 **CODE OF ETHICS**

February 19, 2007

Northern Lights Fund Trust and the Northern Lights Variable Trust (the "Trusts") and each of its series (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**THE INTERESTS OF THE FUNDS MUST ALWAYS BE PARAMOUNT**

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trusts.

**Access Persons may not take advantage of their relationship with the Funds**

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest**

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**Access Persons must comply with all applicable laws**

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

***DEFINITIONS***

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Advisers with respect to its corresponding series of the Trusts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trusts or the Advisers (or of any company controlling or controlled by or under common control with the Trusts or the Advisers) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control with the Trusts or the Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities by the Funds.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trusts with respect to Trustees and officers of the Trusts, or the CCO of the Advisers with respect to Advisers personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Advisers personnel.

**"Funds"** means series of the Trusts.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trusts that would not be deemed an "interested person" of the Trusts, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trusts; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trusts when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trusts certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-Trusts certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly know as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Advisers"** means the Advisers to the Trusts.

**"Trusts"** mean Northern Lights Fund Trust and the Northern Lights Variable Trust.

***PROHIBITED ACTIONS AND ACTIVITIES***

&nbsp;&nbsp;&nbsp;&nbsp;A. No Access Person shall purchase or sell directly or indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp; B.

Decision-Making Access Persons may not participate in any initial public offering of Covered Securities in any account over which they exercise Beneficial Ownership. All other Access Persons must obtain prior written authorization from the Chief Compliance Officer or his designee prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp; C.

No Access Person may purchase a Covered Security in which by reason of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization of the acquisition by the Chief Compliance Officer or his designee;

&nbsp;&nbsp;&nbsp;&nbsp; D.

Access Persons may not accept any fee, commission, gift, or services, other than de minimus gifts, from any single person or entity that does business with or on behalf of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp; E.

Decision-Making Access Persons may not serve on the board of directors of a publicly traded company without prior authorization from the Chief Compliance Officer or his designee based upon a determination that such service would be consistent with the interests of the Trusts. If such service is authorized, procedures will then be put in place to isolate such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions on behalf of the Trusts.

Advanced notice should be given so that the Trusts or Advisers may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp; F.

Decision-Making Access Person may not execute a Personal Securities Transaction involving a Covered Security without authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance Officer from time to time.

&nbsp;&nbsp;&nbsp;&nbsp; G.

It shall be a violation of this Code for any Access Person, in connection with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trusts any untrue statement of a material fact or to omit to state to the Trusts a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Trusts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trusts.

EXEMPTED TRANSACTIONS

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

· Purchases or Sales of Securities effected in any account in which an Access Person has no Beneficial Ownership;

· Purchases or Sales of Securities which are non-volitional on the part the Access Person (for example, the receipt of stock dividends);

· Purchase of Securities made as part of automatic dividend reinvestment plans;

· Purchases of Securities made as part of an employee benefit plan involving the periodic purchase or company stock or mutual Funds; and

· Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer shall require prior authorization from the President or Chief Executive Officer of the Trusts (unless such person is also the Chief Compliance Officer), who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trusts shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trusts order.

If a person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, such person shall cancel the trade.

***REPORTING AND MONITORING***

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code.

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Trusts, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trusts may be sent to the Advisers.

INITIAL HOLDINGS REPORT

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

ANNUAL HOLDINGS REPORTS

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

· The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

· The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

· The price of the Covered Security at which the transaction was effected; and

· The name of the broker, dealer, or bank with or through whom the transaction was effected.

· The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

***ENFORCEMENTS AND PENALTIES***

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trusts Board of Trustees.

Upon being informed of a violation of this Code, the Trusts Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trusts shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

Annually, the Chief Compliance Officer at each regular meeting of the Board shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

· Summarize existing procedures concerning Personal Securities investing and any changes in the procedures made during the prior year;

· Identify any violations of this Code and any significant remedial action taken during the prior year; and;

· Identify any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

***ACKNOWLEDGMENT***

The Trusts must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.

<br>