FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Princeton Adaptive Premium Fund

Class A Shares (PAPAX)

Annual Shareholder Report - April 30, 2026

Fund Overview

This annual shareholder report contains important information about Princeton Adaptive Premium Fund for the period of May 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.princetonadaptivepremiumfund.com. You can also request this information by contacting us at 1-888-868-9501. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A Shares	$183	1.79%

How did the Fund perform during the reporting period?

The Princeton Adaptive Premium Fund Class A Shares (“Fund”) returned +4.76% during the fiscal year ended April 30, 2026 (the “Investment Period”). The Fund seeks capital appreciation and income by attempting to collect premium each week through the sale of put options on the S&P 500 (SPX) that have approximately a six-to-eight day or less time frame to expiration. The Fund employs a rules-based system that is replicated weekly. Trades are typically placed at multiple times throughout the week. The options-based strategy seeks to generate a weekly profit. Tactical portfolio management overlays are used to help potentially mitigate volatility. The Fund also invests in fixed income securities.

The Fund’s option trading strategy was profitable in 11 out of the 12 months during the Investment Period. The Fund’s investments in fixed income, which consisted primarily of 90-Day Treasury Bills, contributed positively to performance throughout the Investment Period.

Volatility during the Investment Period was primarily driven by geopolitical developments. Ongoing developments in the tariff war following “Liberation Day” in April 2025 provided several spikes in the VIX throughout the year. The largest move was in October 2025 when, on 10/10/25, the VIX increased 32% (from 16.43 to 21.66) following a post from President Donald Trump on social media that he would be imposing additional tariffs on China. The breakout of a conflict in the Middle East provided significant volatility as well, specifically in March 2026, with the VIX climbing from below 20 on 2/27/26 before the conflict began to over 31 on 3/27/26 at its peak. The Fund was positive in both months, up +0.86% in October 2025, and +0.31% in March 2026. The portfolio management team’s approach surrounding what it considers “binary” risk events helped to mitigate risk in both windows.

The supply shock stemming from the Middle East conflict appears likely to continue driving market uncertainty. Against this backdrop, the Fund will seek to continue generating uncorrelated absolute returns.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	Princeton Adaptive Premium Fund	Bloomberg U.S. Aggregate Bond Index	S&P 500^® Index
Sep-2022	$9,425	$10,000	$10,000
Apr-2023	$9,655	$10,448	$11,404
Apr-2024	$10,132	$10,294	$13,989
Apr-2025	$10,476	$11,120	$15,681
Apr-2026	$10,974	$11,571	$20,550

Average Annual Total Returns

Table Summary
	1 Year	Since Inception (September 23, 2022)
Princeton Adaptive Premium Fund
Without Load	4.76%	4.32%
With Load	-1.27%	2.62%
Bloomberg U.S. Aggregate Bond Index	4.06%	4.14%
S&P 500^® Index	31.05%	22.15%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-888-868-9501.

Fund Statistics

Table Summary
Net Assets	$1,954,704
Number of Portfolio Holdings	13
Advisory Fee (net of waivers)	$0
Portfolio Turnover	0%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Money Market Funds	5.2%
U.S. Government & Agencies	94.8%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	8.7%
Money Market Funds	4.7%
U.S. Treasury Obligations	86.6%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Bill, 3.6100%, 07/21/26	15.2%
United States Treasury Bill, 2.8900%, 05/05/26	9.2%
United States Treasury Bill, 3.3200%, 05/12/26	8.2%
United States Treasury Bill, 3.6100%, 07/14/26	8.1%
United States Treasury Bill, 3.5400%, 06/02/26	7.4%
United States Treasury Bill, 3.5600%, 06/09/26	7.4%
United States Treasury Bill, 3.5000%, 05/26/26	6.6%
United States Treasury Bill, 3.6200%, 06/23/26	5.1%
United States Treasury Bill, 3.6300%, 06/30/26	5.1%
United States Treasury Bill, 3.6200%, 07/07/26	5.1%

Material Fund Changes

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 28, 2026 at www.princetonadaptivepremiumfund.com or upon request at 1-888-868-9501.

At a special meeting of shareholders of the Fund held on September 26, 2025, the Fund's shareholders approved the new investment advisory agreement between Northern Lights Fund Trust and Princeton Fund Advisors, LLC.

Princeton Adaptive Premium Fund

Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 043026-PAPAX

Princeton Adaptive Premium Fund

Class I Shares (PAPIX)

Annual Shareholder Report - April 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I Shares	$158	1.54%

How did the Fund perform during the reporting period?

The Princeton Adaptive Premium Fund Class I Shares (“Fund”) returned +5.42% during the fiscal year ended April 30, 2026 (the “Investment Period”). The Fund seeks capital appreciation and income by attempting to collect premium each week through the sale of put options on the S&P 500 (SPX) that have approximately a six-to-eight day or less time frame to expiration. The Fund employs a rules-based system that is replicated weekly. Trades are typically placed at multiple times throughout the week. The options-based strategy seeks to generate a weekly profit. Tactical portfolio management overlays are used to help potentially mitigate volatility. The Fund also invests in fixed income securities.

How has the Fund performed since inception?

Total Return Based on $100,000 Investment

Table Summary
	Princeton Adaptive Premium Fund	Bloomberg U.S. Aggregate Bond Index	S&P 500^® Index
Sep-2022	$100,000	$100,000	$100,000
Apr-2023	$102,647	$104,478	$114,044
Apr-2024	$109,155	$102,944	$139,888
Apr-2025	$114,095	$111,201	$156,809
Apr-2026	$120,279	$115,712	$205,503

Average Annual Total Returns

Table Summary
	1 Year	Since Inception (September 23, 2022)
Princeton Adaptive Premium Fund	5.42%	5.26%
Bloomberg U.S. Aggregate Bond Index	4.06%	4.14%
S&P 500^® Index	31.05%	22.15%

Fund Statistics

Table Summary
Net Assets	$1,954,704
Number of Portfolio Holdings	13
Advisory Fee (net of waivers)	$0
Portfolio Turnover	0%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Money Market Funds	5.2%
U.S. Government & Agencies	94.8%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	8.7%
Money Market Funds	4.7%
U.S. Treasury Obligations	86.6%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
United States Treasury Bill, 3.6100%, 07/21/26	15.2%
United States Treasury Bill, 2.8900%, 05/05/26	9.2%
United States Treasury Bill, 3.3200%, 05/12/26	8.2%
United States Treasury Bill, 3.6100%, 07/14/26	8.1%
United States Treasury Bill, 3.5400%, 06/02/26	7.4%
United States Treasury Bill, 3.5600%, 06/09/26	7.4%
United States Treasury Bill, 3.5000%, 05/26/26	6.6%
United States Treasury Bill, 3.6200%, 06/23/26	5.1%
United States Treasury Bill, 3.6300%, 06/30/26	5.1%
United States Treasury Bill, 3.6200%, 07/07/26	5.1%

Material Fund Changes

Princeton Adaptive Premium Fund

Annual Shareholder Report - April 30, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 043026-PAPIX

(a)(1) The Registrant’s board of trustees has determined that Mark Gersten, Anthony J. Hertl, and Mark H. Taylor are audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Gersten, Mr. Hertl and Mr. Taylor are independent for purposes of this Item.

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.

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.

The Princeton Adaptive Premium Fund (the “Fund”) is a 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 September 23, 2022.

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.

Segment Reporting – An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio 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.

Accounting Pronouncement – The Fund adopted the FASB ASU 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures” (“ASU 2023-09”), which establishes new income tax

disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in ASU 2023-09 are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Fund’s adoption of ASU 2023-09 did not have a material impact on the Fund’s financial statements.

Security Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“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, which approximately fair 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 securities will be valued using the “fair value” procedures approved by the Board. The Board has designated 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 utilizes a premium collection strategy involving sale or purchase of put options on the S&P 500 Index and investing in fixed income securities. Under normal market conditions, the Advisor intends to allocate between 30% to 100% of the Fund’s net assets to the premium collection strategy at any given time. The Advisor utilizes quantitative models that allow it to determine what it believes is the probability of certain put options expiring worthless; the sale of a put option is typically done at a price that the Advisor believes have a 99.5% or greater probability of the puts sold expiring worthless. These models utilize a formula to calculate probabilities by utilizing market data such as real and/or implied volatility as measured by the CBOE Volatility Index (“VIX”), time to expiration for the option contracts, and the current value of the S&P 500 Index to determine the probability an option will expire worthless. The trades for the Fund are put spreads because an offsetting position is taken for each option contract. Accordingly, the potential risk of the Fund’s put option positions is well defined. It is desirable that the underlying index remains in a relatively narrow trading range from the time the Fund opens the position until the options expire. The Advisor will seek to further mitigate risk and maximize Fund profits by continuing its proprietary quantitative analysis and monitoring the trade during the term of the contracts; and may close a trade early if it determines 1) the probability of the put or call option expiring worthless declines below a defined probability level (typically 85% or higher), 2) it determines it can close the trade for minimum cost, or 3) it can close the trade early and achieve the target profit objective for such trade.

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

The derivative instruments outstanding, as of April 30, 2026 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 year ended April 30, 2026:

The following is a summary of the location of derivative investments on the Fund’s Statement of Operations for the year ended April 30, 2026:

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 year ended April 30, 2026:

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. Investments valued using NAV as a practical expedient are excluded from the fair value hierarchy.

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 April 30, 2026 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 decreases as the dollar appreciates against the currency, while the U.S. dollar value increases 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 tends to reduce the market value of already issued fixed-income investments, and a decline in general interest rates tends 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, pandemics, epidemics, tariffs and trade wars, 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.

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), 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, and 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 at least 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 to distribute all of its taxable income to its shareholders. Therefore, no provision for Federal income tax is required. The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax year ended April 30, 2023 to April 30, 2025, or expected to be taken in the Fund’s April 30, 2026, year-end tax returns. The Fund identifies its major tax jurisdictions as U.S. Federal, Ohio and foreign jurisdictions where the Fund makes significant investments; however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits may 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 July 28, 2025, the Fund entered into an amended and restated agreement, dated July 28, 2025, 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 27, 2026. 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 period from May 1, 2025 through April 30, 2026, amounts outstanding to the Fund under the credit facility at no time were permitted to exceed $150,000,000.

For the year ended April 30, 2026, the interest expense was $582 for the Fund. There was no outstanding balance as of April 30, 2026. The average borrowings for the Fund for the period the line was drawn, May 1, 2025 through April 30, 2026, was $16,000 at an average borrowing rate of 6.50%. At April 30, 2026, the effective borrowing interest rate was 6.50%.

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 year ended April 30, 2026, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, options and U.S. Government securities, amounted to $0 and $0, respectively.

Princeton Fund Advisors, LLC serves as the Fund’s investment Advisor. 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 1.50% of the Fund’s average daily net assets. For the year ended April 30, 2026, the Fund incurred advisory fees of $24,855 of which $0 is payable at April 30, 2026.

Pursuant to a written contract (the “Waiver Agreement”), the Advisor has agreed, at least until January 31, 2027, 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 1.75% and 1.50% per annum of the Fund’s average daily net assets for Class A, and Class I shares, respectively (the “Expense Limitation”) . For the year ended April 30, 2026 the Advisor waived fees and reimbursed expenses in the amount of $211,350 pursuant to the Waiver Agreement, of which $48,986 is due from the Advisor at April 30, 2026.

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 year ended April 30, 2026, the Fund’s Class A shares incurred $0 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 year ended April 30, 2026, the Distributor received $0 in underwriting commissions for sales of Class A shares, of which $0 was retained by the principal underwriter or other affiliated broker-dealers.

Ultimus Fund Solutions, LLC (“UFS”) – UFS, an affiliate of the Distributor, 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 and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Fund.

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

The tax character of Fund distributions paid for the fiscal year ended April 30, 2026, and April 30, 2025, was as follows:

As of April 30, 2026, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

Permanent book and tax differences, primarily attributable to use of tax equalization credits for the fiscal year ended April 30, 2026, as follows:

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 April 30, 2026, the shareholders listed below held more than 25% of the Fund and may be deemed to control the Fund.

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.

To the Board of Trustees of Northern Lights Fund Trust
and the Shareholders of Princeton Adaptive Premium Fund

We have audited the accompanying statement of assets and liabilities of Princeton Adaptive Premium Fund (the Fund), a separate series of Northern Lights Fund Trust, including the schedule of investments, as of April 30, 2026, 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, and the related notes to the financial statements (collectively, the financial statements), and the financial highlights for each of the three years in the period then ended and for the period from September 23, 2022 (commencement of operations) through April 30, 2023. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2026, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from September 23, 2022 (commencement of operations) through April 30, 2023, in conformity with accounting principles generally accepted in the United States of America.

These financial statements 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 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 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, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2026, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Princeton Fund Advisors, LLC investment companies since 2010.

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, by visiting www.princetonadaptivepremiumfund.com, 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)(1) Code of Ethics for Principal Executive and Senior Financial Officers. Exhibit 99.CODE

(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)

Date of fiscal year end:	4/30

Date of reporting period:	4/30/26

(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)

(e)(1)	The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(e)(2)	There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)	Not applicable. The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was zero percent (0%).

(g)	All non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant for the fiscal years ended April 30, 2025, and 2026 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant’s principal accountant for the registrant’s adviser.

(h)	Not applicable.

(i)	Not applicable.

(j)	Not applicable.

Principal
Amount ($)			Yield Rate (%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 86.6%
		U.S. TREASURY BILLS — 86.6%
	180,000	United States Treasury Bill^(a)	3.0430	05/05/26	$	179,929
	160,000	United States Treasury Bill^(a)	3.3730	05/12/26		159,825
	130,000	United States Treasury Bill^(a)	3.5100	05/26/26		129,677
	145,000	United States Treasury Bill^(a)	3.5540	06/02/26		144,537
	145,000	United States Treasury Bill^(a)	3.5660	06/09/26		144,436
	95,000	United States Treasury Bill^(a)	3.5900	06/16/26		94,564
	100,000	United States Treasury Bill^(a)	3.6090	06/23/26		99,468
	100,000	United States Treasury Bill^(a)	3.6300	06/30/26		99,398
	100,000	United States Treasury Bill^(a)	3.6210	07/07/26		99,330
	160,000	United States Treasury Bill^(a)	3.6240	07/14/26		158,823
	300,000	United States Treasury Bill^(a)	3.6260	07/21/26		297,587
	85,000	United States Treasury Bill^(a)	3.6370	07/28/26		84,259
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost$1,691,825)				1,691,833

		SHORT-TERM INVESTMENT — 4.7%
		MONEY MARKET FUND - 4.7%
	92,518	Dreyfus Government Cash Management, Institutional Class, 3.53% (Cost $92,518)^(b)				92,518

		TOTAL INVESTMENTS - 91.3% (Cost $1,784,343)			$	1,784,351
		OTHER ASSETS IN EXCESS OF LIABILITIES - 8.7%				170,353
		NET ASSETS - 100.0%			$	1,954,704

ASSETS
Investment securities:
At cost	$	1,784,343
At fair value	$	1,784,351
Due from broker		137,680
Due from advisor		48,986
Interest receivable		351
Prepaid expenses and other assets		13,726
TOTAL ASSETS		1,985,094

LIABILITIES
Payable to related parties		8,693
Payable for Fund shares redeemed		293
Accrued expenses and other liabilities		21,404
TOTAL LIABILITIES		30,390
NET ASSETS	$	1,954,704

Net Assets Consist Of:
Paid in capital	$	1,949,963
Accumulated earnings		4,741
NET ASSETS	$	1,954,704

Net Asset Value Per Share:
Class A Shares:
Net Assets	$	116
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		12
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	9.86	(b)
Maximum offering price per share (net asset value plus maximum sales charge of 5.75%) (a)	$	10.46

Class I Shares:
Net Assets	$	1,954,588
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		191,269
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	10.22

INVESTMENT INCOME
Interest	$	60,098
TOTAL INVESTMENT INCOME		60,098

EXPENSES
Accounting services fees		37,169
Administrative services fees		34,654
Investment advisory fees		24,855
Registration fees		24,793
Legal fees		20,377
Trustees fees and expenses		20,252
Audit and tax fees		17,638
Printing and postage expenses		10,854
Transfer agent fees		10,700
Compliance officer fees		10,400
Custodian fees		8,903
Insurance expense		4,080
Third party administrative servicing fees		1,106
Interest expense		582
Other expenses		10,424
TOTAL EXPENSES		236,787

Less: Fees waived and expenses reimbursed by the adviser		(211,350	)
NET EXPENSES		25,437
NET INVESTMENT INCOME		34,661

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from :
Investments		(356,901	)
Options Written		408,873
Net realized gain		51,972

Net change in unrealized appreciation (depreciation) on:
Investments		3,640
Options Written		(4,326	)
Net change in unrealized depreciation		(686	)

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		51,286
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	85,947

	Year Ended			Year Ended
	April 30, 2026			April 30, 2025
FROM OPERATIONS
Net investment income	$	34,661		$	70,445
Net realized gain from investments and options written		51,972			29,591
Net change in unrealized appreciation (depreciation) of investments and options written		(686	)		53
Net increase in net assets resulting from operations		85,947			100,089

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid:
Class A		(7	)		(5	)
Class I		(97,958	)		(103,095	)
Net decrease in net assets from distributions to shareholders		(97,965	)		(103,100	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class I		793,685			472,597
Net asset value of shares issued in reinvestment of distributions:
Class A		7			5
Class I		51,844			20,968
Payments for shares redeemed:
Class I		(837,891	)		(829,753	)
Net increase (decrease) in net assets from shares of beneficial interest		7,645			(336,183	)

TOTAL DECREASE IN NET ASSETS		(4,373	)		(339,194	)

NET ASSETS
Beginning of Year		1,959,077			2,298,271
End of Year	$	1,954,704		$	1,959,077

SHARE ACTIVITY
Class A:
Shares Reinvested		1			—	*
Net increase in shares of beneficial interest outstanding		1			—	*

Class I:
Shares Sold		76,312			45,927
Shares Reinvested		5,092			2,063
Shares Redeemed		(80,888	)		(81,181	)
Net increase (decrease) in shares of beneficial interest outstanding		516			(33,191	)

Derivative	Risk Type	Statement of Assets and Liabilities	Fair Value
Options purchased	Equity	Investment securities: at fair value	$	—
Options written	Equity	Options written, at fair value		—

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

		Realized gain
	Primary Risk	(loss) on options			Change in unrealized appreciation
Derivative Investment Type	Exposure	contracts			(depreciation) on options contracts
Options Purchased	Equity	$	(356,905	)	$	3,584
Options Written	Equity		408,873			(4,326	)

Assets *	Level 1		Level 2		Level 3		Total
U.S. Government and Agencies	$	—	$	1,691,833	$	—	$	1,691,833
Short Term Investment		92,518		—		—		92,518
Total	$	92,518	$	1,691,833	$	—	$	1,784,351

	Fiscal Year Ended		Fiscal Year Ended
	April 30, 2026		April 30, 2025
Ordinary Income	$	63,371	$	82,209
Long-Term Capital Gain		34,594		20,891
Return of Capital		—		—
	$	97,965	$	103,100

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)
$	4,733	$	—	$	—	$	—	$	—	$	8	$	4,741

		Gross		Gross
		Unrealized		Unrealized			Tax Net Unrealized
Tax Cost		Appreciation		Depreciation			Appreciation
$	1,784,343	$	18	$	(10	)	$	8

	% of Outstanding Shares
National Financial Services LLC	54.3%
Charles Schwab & Co., Inc.	29.4%

(Registrant) Northern Lights Fund Trust

By (Signature and Title)
/s/ Kevin E. Wolf
Kevin E. Wolf, Principal Executive Officer/President

By (Signature and Title)
/s/ James Colantino
James Colantino, Principal Financial Officer/Treasurer