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nlft:A464287226iSharesCoreUSAggregateBondETFCTIMember 2026-04-30 0001314414 nlft:C000127804Member nlft:A78468R622SPDRBloombergHighYieldBondETFCTIMember 2026-04-30 0001314414 nlft:C000127804Member nlft:A464288513iSharesiBoxxHighYieldCorporateBondETFCTIMember 2026-04-30 0001314414 nlft:C000127804Member nlft:A092528504iSharesAAACLOActiveETFCTIMember 2026-04-30 0001314414 nlft:C000127804Member nlft:A46429B655iSharesFloatingRateBondETFCTIMember 2026-04-30 iso4217:USD pure nlft:Holding 0001314414 false N-CSR Northern Lights Fund Trust N-1A 2026-04-30 THLGX Annual Shareholder Report This annual shareholder report contains important information about Toews Hedged U.S. Fund for the period of May 1, 2025 to April 30, 2026. You can find additional information about the Fund at <span style="font-weight: 700; box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left; text-align-last: left; white-space-collapse: preserve-breaks;">https://toewscorp.com/equity-funds/. You can also request this information by contacting us at 1-877-558-6397. https://toewscorp.com/equity-funds/ 1-877-558-6397 139 0.0125 Toews Hedged U.S. Fund Nasdaq-100<sup style="inset: 1.5px 0px 4px; box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 700; grid-area: auto; line-height: 0px; margin: 0px; overflow: visible; position: relative; text-align: center; text-align-last: auto; white-space-collapse: preserve-breaks;">® Index S&P 500<sup style="inset: 1.5px 0px 4px; box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 700; grid-area: auto; line-height: 0px; margin: 0px; overflow: visible; position: relative; text-align: center; text-align-last: auto; white-space-collapse: preserve-breaks;">® Index 10000 10000 10000 10675 13023 11792 11125 15573 13356 12853 18548 15158 13997 21683 15289 17770 33659 22320 16864 31432 22367 16838 32686 22963 18847 43398 28167 18294 49084 31574 22370 69315 41379 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. 0.2228 0.0471 0.0838 0.4122 0.1554 0.2136 0.3105 0.1314 0.1526

61098961

4 490786

0.002 0.998 0.001 0.736 0.736 0.001 Toews Hedged U.S. Fund Annual Shareholder Report https://toewscorp.com/equity-funds/ THLGX THSMX Annual Shareholder Report This annual shareholder report contains important information about Toews Hedged Opportunity Fund for the period of May 1, 2025 to April 30, 2026. You can find additional information about the Fund at <span style="font-weight: 700; box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left; text-align-last: left; white-space-collapse: preserve-breaks;">https://toewscorp.com/equity-funds/. You can also request this information by contacting us at 1-877-558-6397 https://toewscorp.com/equity-funds/ 1-877-558-6397 This report describes changes to the Fund that occurred during the reporting period. 140 0.0125 Toews Hedged Opportunity Fund Morningstar US Small Cap TR USD S&P 500<sup style="inset: 1.5px 0px 4px; box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 700; grid-area: auto; line-height: 0px; margin: 0px; overflow: visible; position: relative; text-align: center; text-align-last: auto; white-space-collapse: preserve-breaks;">® Index 10000 10000 10000 10032 12117 11792 10119 13264 13356 10856 14107 15158 11158 11638 15289 16047 20081 22320 13468 17226 22367 12148 16989 22963 13472 19511 28167 12281 20085 31574 15223 26468 41379 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. 0.2396 -0.0105 0.0429 0.3178 0.0568 0.1022 0.3105 0.1314 0.1526

48325160

9 230226

0.263 0.002 0.735 0.001 0.200 0.559 0.559 0.200 0.001 0.000 0.000 Toews Hedged Opportunity Fund Annual Shareholder Report https://toewscorp.com/equity-funds/ THSMX TMREX Annual Shareholder Report This annual shareholder report contains important information about Toews Managed Risk Equity Fund for the period of May 1, 2025 to April 30, 2026. You can find additional information about the Fund at <span style="font-weight: 700; box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left; text-align-last: left; white-space-collapse: preserve-breaks;">https://toewscorp.com/equity-funds/. You can also request this information by contacting us at 1-877-558-6397 https://toewscorp.com/equity-funds/ 1-877-558-6397 This report describes changes to the Fund that occurred during the reporting period. 135 0.0125 Toews Managed Risk Equity Fund CBOE S&P 500<sup style="inset: 1.5px 0px 4px; box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 700; grid-area: auto; line-height: 0px; margin: 0px; overflow: visible; position: relative; text-align: center; text-align-last: auto; white-space-collapse: preserve-breaks;">® BuyWrite Index MSCI World Index S&P 500<sup style="inset: 1.5px 0px 4px; box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; font-weight: 700; grid-area: auto; line-height: 0px; margin: 0px; overflow: visible; position: relative; text-align: center; text-align-last: auto; white-space-collapse: preserve-breaks;">® Index 10000 10000 10000 10000 10949 11273 11465 11792 11734 12106 12981 13356 12593 12533 13822 15158 12151 10882 13268 15289 17434 13859 19282 22320 16482 15047 18604 22367 14799 14879 19195 22963 15807 16236 22724 28167 15828 17778 25487 31574 18256 20893 32917 41379 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. 0.1534 0.0093 0.0620 0.2916 0.1129 0.1265 0.1752 0.0856 0.0765 0.3105 0.1314 0.1526

67387785

3 596890

0.077 0.923 0.060 0.712 0.712 0.060 Toews Managed Risk Equity Fund Annual Shareholder Report https://toewscorp.com/equity-funds/ TMREX THHYX Annual Shareholder Report This annual shareholder report contains important information about Toews Tactical Income Fund for the period of May 1, 2025 to April 30, 2026. You can find additional information about the Fund at <span style="font-weight: 700; box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left; text-align-last: left; white-space-collapse: preserve-breaks;">https://toewscorp.com/fixed-income-funds/. You can also request this information by contacting us at 1-877-558-6397. https://toewscorp.com/fixed-income-funds/ 1-877-558-6397 128 0.0124 Toews Tactical Income Fund Bloomberg U.S. Aggregate Bond Index ICE BofA High Yield U.S. Corporates Cash Pay Index Morningstar US Core Bond TR USD Index 10000 10000 10000 10000 10728 10083 11356 10072 10769 10051 11718 10037 11365 10582 12507 10569 11205 11730 11856 11703 12202 11698 14221 11681 11907 10703 13516 10684 11609 10657 13680 10632 12056 10500 14896 10469 12573 11343 16190 11308 13314 11803 17619 11767 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. 0.0589 0.0176 0.0290 0.0406 0.0018 0.0167 0.0883 0.0438 0.0583 0.0405 0.0015 0.0164

381780272

183 4110877

1.94

0.289 0.621 0.090 0.009 0.015 0.016 0.020 0.020 0.026 0.026 0.034 0.041 0.051 0.054 0.098 0.676 0.468 0.063 0.062 0.048 0.035 0.009 0.007 0.006 0.006 0.006 Toews Tactical Income Fund Annual Shareholder Report https://toewscorp.com/fixed-income-funds/ THHYX TUIFX Annual Shareholder Report This annual shareholder report contains important information about Toews Unconstrained Income Fund for the period of May 1, 2025 to April 30, 2026. You can find additional information about the Fund at <span style="font-weight: 700; box-sizing: border-box; color: rgb(0, 0, 0); display: inline; flex-wrap: nowrap; font-size: 12px; grid-area: auto; line-height: 18px; margin: 0px; overflow: visible; text-align: left; text-align-last: left; white-space-collapse: preserve-breaks;">https://toewscorp.com/fixed-income-funds/. You can also request this information by contacting us at 1-877-558-6397. https://toewscorp.com/fixed-income-funds/ 1-877-558-6397 128 0.0125 Toews Unconstrained Income Fund Bloomberg U.S. Aggregate Bond Index Morningstar US Core Bond TR USD Index 10000 10000 10000 10590 10083 10072 10270 10051 10037 10731 10582 10569 10698 11730 11703 11262 11698 11681 10955 10703 10684 10880 10657 10632 11133 10500 10469 11596 11343 11308 12114 11803 11767 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. 0.0447 0.0147 0.0194 0.0406 0.0018 0.0167 0.0405 0.0015 0.0164

42090977

9 365188

2.31

0.894 0.106 0.118 0.990 0.364 0.155 0.126 0.125 0.062 0.058 0.050 0.050 Toews Unconstrained Income Fund Annual Shareholder Report https://toewscorp.com/fixed-income-funds/ TUIFX