Princeton Premium Fund

Class A Shares (PPFAX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

This semi-annual shareholder report contains important information about Princeton Premium Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.PrincetonPremiumFund.com. You can also request this information by contacting us at 1-888-868-9501.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A Shares	$111	2.20%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$312,107,579
Number of Portfolio Holdings	27
Advisory Fee (net of waivers)	$2,832,509
Portfolio Turnover	0%

Asset Weighting (% of total investments)

Value	Value
Options	1.6%
Money Market Funds	5.3%
U.S. Government & Agencies	93.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	9.8%
Index Option	-0.2%
Money Market Funds	4.9%
U.S. Treasury Obligations	85.5%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
United States Treasury Bill, , 4.2288%, 04/01/25	9.0%
United States Treasury Bill, , 4.2149%, 05/06/25	8.9%
United States Treasury Bill, , 4.2332%, 04/15/25	8.0%
United States Treasury Bill, , 4.2418%, 04/22/25	8.0%
United States Treasury Bill, , 4.2052%, 05/27/25	8.0%
United States Treasury Bill, , 4.2261%, 06/03/25	8.0%
United States Treasury Bill, , 4.2294%, 06/10/25	7.9%
United States Treasury Bill, , 4.2193%, 05/20/25	7.6%
United States Treasury Bill, , 4.2082%, 05/13/25	7.0%
United States Treasury Bill, , 4.2314%, 04/29/25	6.7%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Princeton Premium Fund

Semi-Annual Shareholder Report - March 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.PrincetonPremiumFund.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-PPFAX

Princeton Premium Fund

Class I Shares (PPFIX)

Semi-Annual Shareholder Report - March 31, 2025

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I Shares	$98	1.95%^{Footnote Reference*}

* Annualized

Fund Statistics

Net Assets	$312,107,579
Number of Portfolio Holdings	27
Advisory Fee (net of waivers)	$2,832,509
Portfolio Turnover	0%

Asset Weighting (% of total investments)

Value	Value
Options	1.6%
Money Market Funds	5.3%
U.S. Government & Agencies	93.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Other Assets in Excess of Liabilities	9.8%
Index Option	-0.2%
Money Market Funds	4.9%
U.S. Treasury Obligations	85.5%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
United States Treasury Bill, , 4.2288%, 04/01/25	9.0%
United States Treasury Bill, , 4.2149%, 05/06/25	8.9%
United States Treasury Bill, , 4.2332%, 04/15/25	8.0%
United States Treasury Bill, , 4.2418%, 04/22/25	8.0%
United States Treasury Bill, , 4.2052%, 05/27/25	8.0%
United States Treasury Bill, , 4.2261%, 06/03/25	8.0%
United States Treasury Bill, , 4.2294%, 06/10/25	7.9%
United States Treasury Bill, , 4.2193%, 05/20/25	7.6%
United States Treasury Bill, , 4.2082%, 05/13/25	7.0%
United States Treasury Bill, , 4.2314%, 04/29/25	6.7%

Material Fund Changes

No material changes occurred during the period ended March 31, 2025.

Princeton Premium Fund

Semi-Annual Shareholder Report - March 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (www.PrincetonPremiumFund.com), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033125-PPFIX

Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.

Item 6. Schedule of 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.

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

The Princeton Premium Fund (the “Fund”) is a non-diversified series of shares of beneficial interest of Northern Lights Fund Trust (the “Trust”), a statutory trust organized under the laws of the State of Delaware on January 19, 2005, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The investment objective of the Fund is to seek capital appreciation and income. The Fund commenced operations on November 16, 2016.

The Fund currently offers Class A and Class I shares. Class I shares are offered at net asset value (“NAV”). Class A shares are offered at NAV plus a maximum sales charge of 5.75%, which may be waived at Princeton Fund Advisors, LLC, (the “Advisor”) discretion. Class C shares are not available for purchase. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. 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. The Fund’s income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. The policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of the financial statements 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 income and expenses for the period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies”, including FASB Accounting Standard Update (“ASU”) 2013-08.

Operating Segments – The Fund has adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update 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 Fund. 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 primary exchange on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust’s Board of Trustees (the “Board”) using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be at amortized cost. 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 securities will be valued using the “fair value” procedures approved by the Board. The Board has delegated execution of these procedures to the Advisor as its valuation designee (the “Valuation Designee”). The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

Fair Valuation Process – The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an ask price is available; the spread between bid and ask 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 NAV. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid investments, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may

be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

Options Transactions – When the Fund writes a call or put option, an amount equal to the premium received is included in the statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. When the Fund purchases or sells an option, an amount equal to the premium paid or received by the Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty credit risk to the Fund since these options are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default. The Fund purchases and sells put options on the S&P 500 Index, utilizing a premium collection strategy that implements a put spread on the same option contract. For example, the Fund will sell a put option and buy back the same put option at a different price, thereby creating a defined risk trade. The difference is referred to as a “spread.” The Fund’s put spreads each utilize the S&P 500 Index contracts, same maturity date, and same number of contracts, but the options are at different strike prices. When the option expiration date arrives, if all options are out-of-the-money, they expire worthless and the Fund will retain the cash collected when opening the position, net of any cash (premium) paid to purchase the put positions.

Impact of Derivatives on the Statement of Assets and Liabilities and Statement of Operations

The derivative instruments outstanding, as of March 31, 2025, as disclosed in the Schedule of Investments and Statement of Assets and Liabilities, and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period, as disclosed in the Statement of Operations, serve as indicators of the volume of derivative activity for the Fund.

The following is a summary of the location of derivative investments on the Fund’s Statement of Assets and Liabilities for the six months ended March 31, 2025:

The following is a summary of the location of derivative investments on the Fund’s Statement of Operations for the six months ended March 31, 2025:

The following is a summary of the Fund’s derivative investments activity recognized in the Statement of Operations categorized by primary risk exposure for the six months ended March 31, 2025:

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.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of March 31, 2025 for the Fund’s assets and liabilities measured at fair value:

In accordance with its investment objectives the Fund may have increased or decreased exposure to one or more of the following risk factors defined below:

Commodity Risk – Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Credit Risk – Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.

Equity Risk – Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk – Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk – Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

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, climate-change and climate-related events, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is 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.

Non-Diversified Risk – The Fund is non-diversified. This means that it may invest a larger portion of its assets in a limited number of securities or investments than a diversified fund. Because a relatively high percentage of the Fund’s assets may be invested in the same securities or in investments that could be in the same or related economic sectors, the Fund’s portfolio may be more susceptible to any single economic, technological or regulatory occurrence than the portfolio of a diversified fund.

Options Risk – Options are subject to changes in the underlying securities or index of securities on which such instruments are based. There is no guarantee that the Advisor’s Spread Traded options strategy will be effective or that suitable transactions will be available. The Fund’s Spread Traded option strategy’s profit potential is limited to the net premium received when entering the trades. The potential for loss is an amount equal to the 1) difference between either the strike price of the long put and the strike price of the short put, plus 2) any commissions paid. Maximum loss under the Spread Traded option strategy occurs from the put trade, when the underlying price is less than or equal to the strike price of the short put. A portion of any option premiums may be treated as short-term capital gains and when distributed to shareholders are usually taxable as ordinary income, which may have a higher tax rate than long-term capital gains for shareholders holding Fund shares in a taxable account.

Volatility Risk – Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

Please refer to the Fund’s prospectus for a full listing of risks associated with these investments.

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 to the call date. 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.

Allocation of Income, Expenses, Gains and Losses – Income, expenses (other than those attributable to a specific class), realized and unrealized gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Trading Costs – Trading costs generally consists of brokerage commissions, brokerage fees, clearing fees, exchange and regulatory fees, transaction and National Futures Association fees. Fees vary by type of contract for each purchase and sale or sale and purchase (round turn) of futures, options on futures, and forward contracts. Commissions are paid on each individual purchase and sale transaction.

Dividends and Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid quarterly. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Dividends and distributions to shareholders are recorded on the ex-dividend date.

Federal Income Taxes – The Fund complies with the requirements of the Internal Revenue Code applicable to regulated investment companies and distributes all of its taxable income to its shareholders. Therefore, no provision for Federal income tax is required. The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the Fund’s September 30, 2022 through September 30, 2024 tax returns 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; however 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 six months.

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

Credit Facility – Effective August 1, 2023, the Fund entered into a revolving, uncommitted $160,000,000 line of credit with U.S. Bank National Association (the “Revolving Credit Agreement”) which expired on July 29, 2024. Effective July 29, 2024, the Fund entered into an amended and restated agreement, dated July 29, 2024, with a $150,000,000 line credit with U.S. Bank National Association (the “Amended and Restated Revolving Credit Agreement”) set to expire on July 28, 2025. Borrowings under the Amended and Restated Revolving Credit Agreement bear interest at Prime Rate minus 1% per month. There are no fees charged on the unused portion of the line of credit. For the six months ended September 30, 2024 through March 31, 2025, amounts outstanding to the Fund under the credit facility at no time were permitted to exceed $150,000,000.

For the six months ended March 31, 2025, the interest expense was $0 for the Fund. There was an outstanding balance of $0 as of March 31, 2025. The Fund did not draw on the line of credit for the period October 1, 2024 through March 31, 2025.

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.

For the six months ended March 31, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and U.S. Government securities, amounted to $0 and $0, respectively.

Pursuant to an investment advisory agreement with the Trust, on behalf of the Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a management fee, computed and accrued daily and paid monthly, at an annual rate of 1.75% of the Fund’s average daily net assets. For the six months ended March 31, 2025, the Fund incurred advisory fees of $2,946,894 of which $456,975 is payable at March 31, 2025.

Pursuant to a written contract (the “Waiver Agreement”), the Advisor has agreed, at least until January 31, 2026, to waive a portion of its advisory fee and has agreed to reimburse the Fund for other expenses to the extent necessary so that the total expenses incurred by the Fund (excluding any front-end or contingent deferred loads; brokerage fees and commissions, acquired fund fees and expenses); fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses); borrowing costs (such as interest and dividend expense on securities sold short); taxes; expenses incurred in connection with any merger or reorganization; and extraordinary expenses; such as litigation expenses (which may include indemnification of Fund officers and Trustees), and contractual indemnification of Fund service providers (other than the Advisor) do not exceed 2.20% and 1.95% per annum of the Fund’s average daily net assets for Class A, and Class I shares, respectively (the “Expense Limitation”). For the six months ended March 31, 2025, the Advisor waived fees and reimbursed expenses in the amount of $114,385 pursuant to the Waiver Agreement.

If the Advisor waives any fee or reimburses any expense pursuant to the Waiver Agreement, and the Fund’s Operating Expenses are subsequently less than the Expense Limitation, the Advisor shall be entitled to reimbursement by the Fund for such waived fees or reimbursed expenses provided that such reimbursement does not cause the Fund’s expenses to exceed the Expense Limitation. If Fund Operating Expenses subsequently exceed the Expense Limitation the reimbursements shall be suspended.

The Advisor may seek reimbursement only for expenses waived or paid by it during the three years prior to such reimbursement; provided, however, that such expenses may only be reimbursed to the extent they were waived or paid after the date of the Waiver Agreement (or any similar agreement). The Board may terminate this expense reimbursement arrangement on 60 days written notice to the Advisor.

The following amounts are subject to recapture by the Advisor by the following dates:

The Trust, with respect to the Fund’s Class A shares, has adopted the Trust’s Master Distribution and Shareholder Servicing Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that a monthly service and/or distribution fee is calculated by the Fund at an annual rate of 0.25% of the average daily net assets attributable to the Class A shares, respectively, and is paid to Northern Lights Distributors, LLC (the “Distributor”), to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Fund’s shareholder accounts, not otherwise required to be provided by the Advisor. The Plan is a compensation plan, which means that compensation is provided regardless of 12b-1 expenses incurred. For the six months ended March 31, 2025, the Fund’s Class A shares incurred $10,574 in fees under the Plan.

The Distributor acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s Class A and Class I shares. For the six months ended March 31, 2025, the Distributor received $9,606 in underwriting commissions for sales of Class A shares, of which $1,458 was retained by the principal underwriter or other affiliated broker-dealers.

Ultimus Fund Solutions, LLC (“UFS”) – UFS, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Fund pays UFS customary fees for providing administration, fund accounting and transfer agency services to the Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Fund for serving in such capacities.

Northern Lights Compliance Services, LLC (“NLCS”) – 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 Fund.

Blu Giant, LLC (“Blu Giant”) – Blu Giant, an affiliate of UFS and NLCS, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Fund.

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a portfolio creates presumption of the control of the portfolio, under section 2(a)(9) of the 1940 Act. As of March 31, 2025, the shareholders listed below each held more than 25% of the Fund and may be deemed to control the Fund.

The tax character of fund distributions paid for the year ended September 30, 2024, and September 30, 2023, was as follows:

As of September 30, 2024, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

The difference between book basis and tax basis accumulated realized gain/(loss) on security transactions and unrealized appreciation is primarily attributable to the mark-to-market on 1256 option contracts.

Permanent book and tax differences, primarily attributable to distributions in excess, resulted in reclassifications for the Fund for the fiscal year ended September 30, 2024, as follows:

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.

There were no changes in or disagreements with accountants during the period covered by this report.

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 1-888 -868-9501 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Funds file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC’s website at www.sec.gov.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies. Not applicable

Item 9. Proxy Disclosures for Open-End Management Investment Companies. Not applicable

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. Included under Item 7 of this Form.

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

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

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

(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.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. Exhibit 99. CERT

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto Exhibit 99.906CERT

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.

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.

225 Pictoria Drive, Suite 450, Cincinnati, Ohio	45246
(Address of principal executive offices)	(Zip code)

Principal
Amount ($)					Yield Rate (%)		Maturity		Fair Value
		U.S. GOVERNMENT & AGENCIES — 85.5%
		U.S. TREASURY BILLS — 85.5%
	28,000,000	United States Treasury Bill^(a)(d)			4.2288		04/01/25		$	28,000,000
	15,000,000	United States Treasury Bill^(a)(d)			4.2160		04/08/25			14,987,643
	25,000,000	United States Treasury Bill^(a)(d)			4.2332		04/15/25			24,958,753
	25,000,000	United States Treasury Bill^(a)(d)			4.2418		04/22/25			24,938,028
	21,000,000	United States Treasury Bill^(a)(d)			4.2314		04/29/25			20,930,828
	28,000,000	United States Treasury Bill^(a)(d)			4.2149		05/06/25			27,884,850
	22,000,000	United States Treasury Bill^(a)(d)			4.2082		05/13/25			21,891,841
	24,000,000	United States Treasury Bill^(a)(d)			4.2193		05/20/25			23,862,016
	25,000,000	United States Treasury Bill^(a)(d)			4.2052		05/27/25			24,835,383
	25,000,000	United States Treasury Bill^(a)(d)			4.2261		06/03/25			24,816,688
	25,000,000	United States Treasury Bill^(a)(d)			4.2294		06/10/25			24,796,684
	5,000,000	United States Treasury Bill^(a)(d)			4.2340		06/17/25			4,955,458

		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $266,864,663)								266,858,172

Shares									Fair Value
		SHORT-TERM INVESTMENT — 4.9%

		MONEY MARKET FUND - 4.9%
	15,264,180	Dreyfus Government Cash Management, Class I, 4.23% (Cost $15,264,180)^(b)(d)								15,264,180

Contracts^(c)			Broker	Expiration Date	Exercise Price		Notional Value		Fair Value
		INDEX OPTIONS PURCHASED - 1.4%
		CALL OPTIONS PURCHASED - 0.8%
	3,296	S&P 500 Index	FCS	04/30/2025	$	5,950	$	1,849,665,760	$	2,472,000

		TOTAL CALL OPTIONS PURCHASED (Cost - $6,553,435)

		PUT OPTIONS PURCHASED - 0.6%
	423	S&P 500 Index	FCS	04/03/2025	$	4,700	$	237,381,255	$	21,150
	3,011	S&P 500 Index	FCS	04/03/2025		4,850		1,689,728,035		225,825
	5,656	S&P 500 Index	FCS	04/03/2025		4,900		3,174,062,360		494,900
	1,196	S&P 500 Index	FCS	04/04/2025		4,800		671,177,260		116,610
	3,601	S&P 500 Index	FCS	04/04/2025		4,825		2,020,827,185		369,102
	6,536	S&P 500 Index	FCS	04/04/2025		4,850		3,667,905,160		718,960
		TOTAL PUT OPTIONS PURCHASED (Cost - $1,396,703)								1,946,547

		TOTAL INDEX OPTIONS PURCHASED (Cost - $7,950,138)								4,418,547

		TOTAL INVESTMENTS - 91.8% (Cost $290,078,981)							$	286,540,899
		CALL OPTIONS WRITTEN - (0.8)% (Proceeds received - $6,218,434)								(2,323,680	)
		PUT OPTIONS WRITTEN - (0.8)% (Proceeds received - $1,776,249)								(2,517,718	)
		OTHER ASSETS IN EXCESS OF LIABILITIES - 9.8%								30,408,078
		NET ASSETS - 100.0%							$	312,107,579

Contracts^(c)			Broker	Expiration Date	Exercise Price		Notional Value		Fair Value
		WRITTEN INDEX OPTIONS - (1.6)%
		CALL OPTIONS WRITTEN- (0.8)%
	3,296	S&P 500 Index	FCS	04/30/2025	$	5,955	$	1,849,665,760	$	2,323,680
		TOTAL CALL OPTIONS WRITTEN (Proceeds - $6,218,434)

		PUT OPTIONS WRITTEN - (0.8)%
	423	S&P 500 Index	FCS	04/03/2025	$	4,800	$	237,381,255	$	27,495
	3,011	S&P 500 Index	FCS	04/03/2025		4,950		1,689,728,035		301,100
	5,656	S&P 500 Index	FCS	04/03/2025		5,000		3,174,062,360		650,440
	1,196	S&P 500 Index	FCS	04/04/2025		4,900		671,177,260		146,510
	3,601	S&P 500 Index	FCS	04/04/2025		4,925		2,020,827,185		477,133
	6,536	S&P 500 Index	FCS	04/04/2025		4,950		3,667,905,160		915,040
		TOTAL PUT OPTIONS WRITTEN (Proceeds - $1,776,249)								2,517,718

		TOTAL INDEX OPTIONS WRITTEN (Proceeds - $7,994,683)							$	4,841,398

ASSETS
Investment securities:
At cost	$	290,078,981
At fair value	$	286,540,899
Due from broker		30,847,334
Receivable for securities sold		494,830
Receivable for fund shares sold		387,258
Interest receivable		54,629
Prepaid expenses and other assets		34,628
TOTAL ASSETS		318,359,578

LIABILITIES
Options written, at fair value (proceeds $7,994,683)		4,841,398
Payable for Fund shares redeemed		519,040
Investment advisory fees payable		456,975
Payable for securities purchased		383,879
Payable to related parties		34,231
Accrued expenses and other liabilities		14,888
Distribution (12b-1) fees payable		1,588
TOTAL LIABILITIES		6,251,999
NET ASSETS	$	312,107,579

Net Assets Consist Of:
Paid in capital	$	312,412,925
Accumulated loss		(305,346	)
NET ASSETS	$	312,107,579

Net Asset Value Per Share:
Class A Shares:
Net Assets	$	7,447,403
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		635,011
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	11.73
Maximum offering price per share (net asset value plus maximum sales charge of 5.75%) (a)	$	12.45

Class I Shares:
Net Assets	$	304,660,176
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		25,609,598
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	11.90

INVESTMENT INCOME
Interest	$	7,444,084
TOTAL INVESTMENT INCOME		7,444,084

EXPENSES
Investment advisory fees		2,946,894
Distribution (12b-1) fees:
Class A		10,574
Administrative services fees		137,574
Third Party Administrative Servicing fees		114,952
Registration fees		42,384
Accounting services fees		39,105
Transfer agent fees		29,259
Printing and postage expenses		16,252
Compliance officer fees		15,733
Audit and tax fees		12,280
Legal fees		11,946
Custodian fees		10,982
Trustees fees and expenses		10,773
Insurance expense		2,992
Other expenses		3,455
TOTAL EXPENSES		3,405,155

Less: Fees waived by the advisor		(114,385	)
NET EXPENSES		3,290,770
NET INVESTMENT INCOME		4,153,314

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from:
Investments		(17,307,413	)
Options Written		21,896,112
		4,588,699
Net change in unrealized appreciation (depreciation) on:
Investments		316,657
Options Written		(1,035,173	)
		(718,516	)
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		3,870,183

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,023,497

	Six Months Ended
	March 31, 2025			Year Ended
	(Unaudited)			September 30, 2024
FROM OPERATIONS
Net investment income	$	4,153,314		$	9,003,724
Net realized gain from investments and options written		4,588,699			3,151,748
Net change in unrealized appreciation (depreciation) on investments and options written		(718,516	)		308,868
Net increase in net assets resulting from operations		8,023,497			12,464,340

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid:
Class A		(148,999	)		(1,507,035	)
Class I		(8,307,726	)		(21,045,759	)
Net decrease in net assets from distributions to shareholders		(8,456,725	)		(22,552,794	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A		523,017			6,346,483
Class I		49,151,092			176,021,447
Net asset value of shares issued in reinvestment of distributions:
Class A		146,115			1,483,536
Class I		7,713,030			19,484,870
Payments for shares redeemed:
Class A		(16,074,814	)		(3,993,746	)
Class I		(104,760,741	)		(118,688,015	)
Net increase (decrease) in net assets from shares of beneficial interest		(63,302,301	)		80,654,575

TOTAL INCREASE (DECREASE) IN NET ASSETS		(63,735,529	)		70,566,121

NET ASSETS
Beginning of Period		375,843,108			305,276,987
End of Period	$	312,107,579		$	375,843,108

SHARE ACTIVITY
Class A:
Shares Sold		44,686			527,123
Shares Reinvested		12,445			125,662
Shares Redeemed		(1,373,788	)		(335,239	)
Net increase (decrease) in shares of beneficial interest outstanding		(1,316,657	)		317,546

Class I:
Shares Sold		4,112,026			14,498,598
Shares Reinvested		647,467			1,620,604
Shares Redeemed		(8,776,154	)		(9,786,117	)
Net increase (decrease) in shares of beneficial interest outstanding		(4,016,661	)		6,333,085

Derivative	Risk Type	Statement of Assets and Liabilities	Fair Value
Options purchased	Equity	Investment securities: at fair value	$	4,418,547
Options written	Equity	Options written, at fair value		(4,841,398	)

Derivative Investment Type	Location of Gain/Loss on Derivative
Option purchased	Net realized gain (loss) from Investments
	Net change in unrealized appreciation (depreciation) on Investments
Options written	Net realized gain (loss) from Options Written
	Net change in unrealized appreciation (depreciation) on Options Written

	Primary Risk	Realized gain (loss)			Change in unrealized appreciation
Derivative Investment Type	Exposure	on options contracts			(depreciation) on options contracts
Options Purchased	Equity	$	(17,307,218	)	$	451,030
Options Written	Equity		21,896,112			(1,035,173	)

Assets *	Level 1		Level 2		Level 3		Total
U.S. Treasury Bills	$	—	$	266,858,172	$	—	$	266,858,172
Put Options Purchased		4,418,547		—		—		4,418,547
Money Market Fund		15,264,180		—		—		15,264,180
Total	$	19,682,727	$	266,858,172	$	—	$	286,540,899

Liabilities *	Level 1		Level 2		Level 3		Total
Put Options Written	$	4,841,398	$	—	$	—	$	4,841,398
Total	$	4,841,398	$	—	$	—	$	4,841,398

				% of Outstanding Shares
	Pershing LLC			32.8%
	Charles Schwab			31.1%

	Fiscal Year Ended		Fiscal Year Ended
	September 30, 2024		September 30, 2023
Ordinary Income	$	14,248,670	$	10,904,799
Long-Term Capital Gain		8,304,124		4,323,815
Return of Capital		—		—
	$	22,552,794	$	15,228,614

Undistributed		Undistributed		Post October Loss		Capital Loss		Other		Unrealized		Total
Ordinary		Long-Term		and		Carry		Book/Tax		Appreciation/		Distributable Earnings/
Income		Gains		Late Year Loss		Forwards		Differences		(Depreciation)		(Accumulated Deficit)
$	—	$	—	$	—	$	—	$	—	$	127,882	$	127,882

		Gross		Gross
Cost for Federal		Unrealized		Unrealized			Tax Net Unrealized
Tax purposes		Appreciation		Depreciation			Depreciation
$	282,084,298	$	4,444,791	$	(4,829,588	)	$	(384,797	)

	Six Months Ended
	March 31, 2025			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
Class A	(Unaudited)			September 30, 2024			September 30, 2023			September 30, 2022			September 30, 2021			September 30, 2020
Net asset value, beginning of period	$	11.69		$	12.04		$	11.82		$	12.44		$	10.65		$	10.66
Activity from investment operations:
Net investment income (loss) (1)		0.13			0.29			0.16			(0.18	)		(0.28	)		(0.15	)
Net realized and unrealized gain on investments and options written		0.14			0.15			0.64			0.42			2.12			0.17
Total from investment operations		0.27			0.44			0.80			0.24			1.84			0.02
Less distributions from:
Net investment income		(0.12	)		(0.41	)		(0.35	)		—			—			—
Net realized gains		(0.11	)		(0.38	)		(0.23	)		(0.86	)		(0.05	)		(0.03	)
Return of capital		—			—			—			—			—			(0.00	) (9)
Total distributions		(0.23	)		(0.79	)		(0.58	)		(0.86	)		(0.05	)		(0.03	)

Net asset value, end of period	$	11.73		$	11.69		$	12.04		$	11.82		$	12.44		$	10.65
Total return (2)		2.29	% (12)		3.76	% (10)		6.90	% (10)		1.92	%		17.34	%		0.14	%
Net assets, at end of period (000s)	$	7,447		$	22,816		$	19,682		$	18,742		$	3,606		$	3,724

Ratio of gross expenses to average net assets (3)(11)		2.27	%		2.82	% (8)		3.09	% (7)		2.55	% (6)		2.83	% (5)		2.95	% (4)
Ratio of net expenses to average net assets (11)		2.20	%		2.75	% (8)		3.00	% (7)		2.45	% (6)		2.44	% (5)		2.52	% (4)
Ratio of net investment income (loss) to average net assets (11)		2.24	%		2.39	% (8)		1.32	% (7)		(1.50	)% (6)		(2.42	)% (5)		(1.56	)% (4)
Portfolio Turnover Rate		0	% (12)		0	%		0	%		0	%		0	%		0	%