(CPMPX)

Annual Shareholder Report - July 31, 2026

Fund Overview

This annual shareholder report contains important information about the Changing Parameters Fund (the Fund) for the period of August 1, 2025, to July 31, 2026. You can find additional information about the Fund at http://funddocs.filepoint.com/changingparametersfund/. You can also request this information by contacting us at 1-866-618-3456.

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

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Changing Parameters Fund	$189	1.86%

How did the Fund perform during the period?

The Fund delivered a positive total return for the 12-month period ended July 31, 2026, outperforming the Fund's benchmark - the Bloomberg U.S. Aggregate Bond Index.

The period saw contrasting market environments as a budding market recovery was marred by the war with Iran. The ongoing conflict has driven energy prices and inflation higher, but the Fund has been able to navigate these headwinds by following our model and maintaining a systematic, data-driven, and diversified asset allocation.

For the period, investments in High Yield and Emerging Market Bonds made the strongest returns - helping to drive outperformance. All positions were consistent with the Fund’s quantitative, model-based strategy.

The Fund's share price began the period at $10.68 and ended at $10.66. When combined with the distribution of $0.41 per share paid in December 2025, this resulted in a positive total return for our shareholders.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Changing Parameters Fund	Bloomberg U.S. Aggregate Bond Index
Jul-2016	$10,000	$10,000
Jul-2017	$10,561	$9,949
Jul-2018	$10,628	$9,869
Jul-2019	$11,088	$10,666
Jul-2020	$12,043	$11,746
Jul-2021	$13,328	$11,664
Jul-2022	$13,108	$10,600
Jul-2023	$13,677	$10,243
Jul-2024	$14,663	$10,766
Jul-2025	$15,452	$11,130
Jul-2026	$16,013	$11,431

The Fund's past performance is not a guarantee of future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Fund Statistics

Table Summary
Net Assets	$94,061,730
Number of Portfolio Holdings	7
Advisory Fee	$1,419,739
Portfolio Turnover	193%

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Changing Parameters Fund	3.63%	3.74%	4.82%
Bloomberg U.S. Aggregate Bond Index	2.71%	-0.40%	1.35%

What did the Fund invest in?

Asset Weighting (% of total investments)

Table Summary
Value	Value
Money Market Funds	7.5%
Open End Funds	92.5%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.2%
Money Market Funds	7.5%
Fixed Income	92.7%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
American Beacon SiM High Yield Opportunities Fund, Class Y	22.4%
T Rowe Price Institutional Floating Rate Fund, Investor Class	20.5%
Eaton Vance Emerging Markets Debt Opportunities Fund, Class I	19.2%
JPMorgan High Yield Fund, Class I	15.0%
Nuveen Preferred Securities and Income Fund, Class I	10.2%
First American Government Obligations Fund, Class X	7.5%
MassMutual High Yield Fund, Class I	5.4%

Material Fund Changes

No material changes occurred during the year ended July 31, 2026.

Changing Parameters Fund (CPMPX)

Annual Shareholder Report - July 31, 2026

Additional information on the Fund can be found at http://funddocs.filepoint.com/changingparametersfund/, including:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 073126-CPMPX

(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 3.

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

Item 6. Investments. Schedule of investments in securities of unaffiliated issuers is included under Item 7.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

The Changing Parameters Fund (the “Fund”) is a diversified series of shares of beneficial interest of the Northern Lights Fund Trust (the “Trust”), a Delaware statutory trust organized on January 19, 2005. The Trust is 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 total return. The Fund commenced operations on October 2, 2006. The Fund is a “fund of funds” in that the Fund will generally invest in other investment companies.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of 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”.

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 Fund’s CODM is comprised of the portfolio managers and Principal 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.

Securities Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ, at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust’s Board of Trustees (the “Board”) based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions or market quotations from a major market maker in the securities. The independent pricing service does not distinguish between smaller -sized bond positions known as “odd lots” and larger institutional-sized bond positions known as “round lots”. The Fund may fair value a particular bond if the adviser does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund’s holding. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued 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 investments will be valued using the “fair value” procedures approved by the Board. The Board has delegated execution of these procedures to a fair value committee composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) adviser. The committee 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 in determining a security -specific fair value. The Board has also engaged a third party valuation firm to attend valuation meetings held by the Trust, review minutes of such meetings and report to the Board on a quarterly basis. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

Fair Valuation Process – As noted above, the fair value committee is composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) adviser. The applicable investments are valued collectively via inputs from each of these groups. 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 adviser, the prices or values available do not represent the fair value of the instrument. Factors which may cause the adviser 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; (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to the Fund’s calculation of its net asset value (“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 securities, such as private investments or non-traded securities are valued via inputs from the adviser 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 the adviser is unable to obtain a current bid from such independent dealers or other independent parties, the fair value committee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Fund utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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 July 31, 2026 for the Fund’s investments measured at fair value:

The Fund did not hold any Level 2 or 3 securities during the year. Please refer to the Schedule of Investments for industry classifications.

Valuation of Fund of Funds – The Fund may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the board of directors of the Underlying Funds.

Open-end investment companies are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurance that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.

Exchange-Traded Funds – The Fund may invest in exchange-traded funds (“ETFs”). ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities. The Fund may purchase an ETF to gain exposure to a portion of the U.S. or a foreign market. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although a potential lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

Security Transactions and Investment Income – Investment security transactions are accounted for on a trade date basis. Realized gains and losses from sales of securities are based upon the specific identification method for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis.

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, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

Federal Income Taxes – The Fund has qualified and intends to continue to qualify each year as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended. By complying with the requirements applicable to RICs and annually distributing substantially all net investment company taxable income and net realized capital gains, 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 analysed 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 the open tax years ended July 31, 2023 – July 31, 2025, or expected to be taken in the Fund’s July 31, 2026, 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 twelve months. The Fund recognizes interest and penalties related to unrecognized tax benefits in interest and other expenses, respectively. For the year ended July 31, 2026, the Fund did not have any interest or penalties.

Distributions to Shareholders – Distributions from investment income and net realized capital gains, if any, are declared and paid at least annually and are recorded on the ex-dividend date. The character of income and gains to be distributed is determined in accordance with 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. These reclassifications have no effect on net assets, results from operations or net asset value per share of the Fund.

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.

Equity Risk – The net asset value of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund and those Underlying Funds that invest in U.S. and/or foreign stocks. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

Derivatives Risk – Even a small investment in derivatives (which include futures and options on futures) may give rise to leverage risk, and can have a significant impact on the Fund’s performance. Derivatives are also subject to credit risk and liquidity risk.

Emerging Markets Risk – There are typically greater risks involved in investing in emerging markets securities. Generally, economic structures in these countries are less diverse and mature than those in developed countries and their political systems tend to be less stable. Emerging market economies may be based on only a few industries, therefore security issuers, including governments, may be more susceptible to economic weakness and more likely to default. Emerging market countries also may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Investments in emerging markets countries may be affected by government policies that restrict foreign investment in certain issuers or industries.

ETF and Underlying Fund Risk – ETFs and Underlying Funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in ETFs and Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each ETF and Underlying Fund is subject to specific risks, depending on its investments.

Fixed Income Risk – When the Fund invests in fixed income securities directly or indirectly by investing in mutual funds that invest primarily in fixed income securities, the value of the Fund will fluctuate with changes in interest rates. Defaults by fixed income issuers in which the Fund invests will also harm performance.

Floating Rate Loan Risk – Changes in short-term market interest rates will directly affect the yield on the shares of a fund whose investments are invested in floating rate debt securities. If short-term market interest rates fall, the yield on the Fund’s shares will also fall. Conversely, when short-term market interest rates rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on the floating rate debt securities in the Fund’s portfolio, the impact of rising rates will be delayed to the extent of such lag.

Futures Risk – The Fund’s use of futures contracts involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk; (ii) correlation or tracking risk and (iii) liquidity risk. Because futures require only a small initial investment in

the form of a deposit or margin, they involve a high degree of leverage. Accordingly, the fluctuation of the value of futures in relation to the underlying assets upon which they are based is magnified. Thus, the Fund may experience losses that exceed losses experienced by funds that do not use futures contracts.

Hedging Risk – The Fund may attempt to “hedge” its overall portfolio through the use of futures and options, which may limit potential gains when compared to unhedged funds. There can be no assurance that the Fund’s hedging strategy will reduce the risk of the Fund’s investments.

High-Yield Bond Risk – Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.

Interest Rate Risk – Changes in short-term market interest rates will directly affect the yield on the shares of a fund whose investments are normally invested in floating rate debt. If short-term market interest rates fall, the yield on the Fund’s shares will also fall. Conversely, when short-term market interest rates rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on the floating rate debt in the Fund’s portfolio, the impact of rising rates will be delayed to the extent of such lag.

Issuer-Specific Risk – The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole.

Leveraging Risk – By borrowing money for leverage, the Fund incurs the risk that interest expenses may exceed the returns on the securities purchased with borrowed funds. If the value of the securities purchased declines, the Fund would face decreased returns as well as the costs of the borrowing. The use of leverage, such as borrowing money to purchase securities, will magnify the Fund’s gains or losses.

Management Risk – The adviser’s judgments about the potential appreciation of a particular security or instrument in which the Fund invests may prove to be incorrect.

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’s portfolio 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, tariffs and trade wars, international conflicts, 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 not known how long any future impacts of the 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.

Municipal Securities Risk – Municipal securities are subject to the risk that legislative changes and local and business developments may adversely affect the yield or value of an Underlying Fund’s investments in such securities. Municipal general obligation debt is debt that is backed by the credit and taxing power of the issuing jurisdiction rather than the revenue from a given project. Municipal general obligation debt issuers may not be able to levy or collect enough taxes as necessary to make full and timely payments to investors. Municipal revenue obligation debt is debt that is supported by the revenue from a specific project, such as a toll bridge, highway, or local stadium. Municipal revenue obligation debt issuers may experience shortfalls in revenues, such as sales taxes, fuel taxes, or hotel occupancy taxes, generated by the particular project being financed. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in

Underlying Funds that invest in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in bonds from issuers in a single state.

Options Risk – The seller of an uncovered call option assumes the risk of a theoretically unlimited increase in the market price of the underlying security above the exercise price of the option. The securities necessary to satisfy the exercise of the call option may be unavailable for purchase except at much higher prices.

Preferred Stock Risk – The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

Short Sale Risk – Positions in shorted securities are often speculative and riskier than “long” positions (purchases). Unlike long positions, losses on short positions are potentially unlimited.

Turnover Risk – A higher portfolio turnover will result in higher transactional and brokerage costs.

As of July 17, 2026, the Fund has entered into a revolving line of credit agreement with U.S. Bank National Association for investment purposes subject to the limitations of the 1940 Act for borrowings. The maximum amount of borrowing allowed under the agreement is the lesser of $22,000,000 or 30% of the Fund’s daily net assets. The Fund will be charged an annual commitment fee of 0.125% of the daily unused portion of the line for this agreement. The unsecured credit facility contains certain customary covenants, including a maximum debt to asset value ratio covenant and a minimum liquidity requirement. The unsecured credit facility is in place until at least July 26, 2027, provided that the Fund may elect to extend the maturity date upon satisfaction of certain conditions. In addition, the Fund is charged an origination fee of $22,000 to renew the line each year.

Borrowings under this agreement bear interest at a rate equal to the Secured Overnight Financing Rate plus 1.35%, per annum, on the principal balance outstanding. During the year ended July 31, 2026, the Fund incurred $68,317 of interest expense (including origination fees and commitment fees) related to the credit facility. During the year ended July 31, 2026, the Fund did not utilize the line of credit.

Prior to July 17, 2026, the Fund had entered into a revolving line of credit agreement with Huntington National Bank for investment purposes subject to the limitations of the 1940 Act for borrowings.

Advisory Fees – Changing Parameters, LLC serves as the Fund’s investment adviser (the “Adviser”). Pursuant to an investment advisory agreement with the Trust, on behalf of the Fund (the “Advisory Agreement”), the Adviser, 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. Under the terms of the Advisory Agreement, the Adviser receives monthly fees calculated at an annual rate of 1.50% of the average daily net assets of the Fund. For the year ended July 31, 2026, the Adviser earned fees of $1,419,739.

Distributor – The distributor of the Fund is Northern Lights Distributors, LLC (the “Distributor”). The Trust has adopted, on behalf of the Fund, the Trust’s Master Distribution and Shareholder Servicing Agreement pursuant to Rule 12b-1 under the 1940 Act (the “Plan”), as amended, to pay for certain distribution activities and shareholder services. Under the Plan, the Fund may pay up to 0.25% per year of its average daily net assets for such distribution and shareholder service activities. The Plan has not been activated by the Fund and the Fund has no present intention to activate the Plan. During the year ended July 31, 2026, no fees were accrued under the Plan.

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

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 Trust 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 Trust engages an insurance broker affiliated with UFS for the purposes of assisting the Trust in obtaining its insurance policies.

The cost of purchases and proceeds from the sale of securities, other than short-term securities and U.S. government securities, for the year ended July 31, 2026, amounted to $149,113,297 and $149,331,031, respectively.

The tax character of distributions paid during the fiscal years ended July 31, 2026, and July 31, 2025, was as follows:

As of July 31, 2026, the components of accumulated earnings/(deficit) on a tax basis were as follows:

The difference between book basis and tax basis undistributed net investment income/(loss), accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales.

During the fiscal period ended July 31, 2026, the Fund utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to equalization credits, resulted in reclassifications for the Fund for the fiscal year ended July 31, 2026, as follows:

The identified cost of investments in securities owned by the Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at July 31, 2026, were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of July 31, 2026, Constellation Trust held approximately 30.9% of the voting securities of the Fund. The Fund has no knowledge as to whether all or any portion of the shares owned of record within the omnibus accounts are also owned beneficially.

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.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Changing Parameters Fund (the “Fund”), a series of Northern Lights Fund Trust, as of July 31, 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, the financial highlights for each of the four years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 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 four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund’s financial highlights for the year ended July 31, 2022, were audited by other auditors whose report dated September 27, 2022, expressed an unqualified opinion on those financial highlights.

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2026, by correspondence with the custodian. 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.

The following amounts are designated as tax-exempt interest dividends for the fiscal year ended July 31, 2026:

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12 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 1-866-618-3456, by visiting https://funddocs.filepoint.com/changingparametersfund/, or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

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.

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

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:	7/31

Date of reporting period:	7/31/26

(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)	Not Applicable

(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 July 31, 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.









	Changing Parameters Fund





	Annual Financial Statements & Additional Information
	July 31, 2026

Shares			Fair Value
		OPEN END FUNDS — 92.7%
		FIXED INCOME - 92.7%
	2,247,788	American Beacon SiM High Yield Opportunities Fund, Class Y	$	21,106,730
	2,097,021	Eaton Vance Emerging Markets Debt Opportunities Fund, Class I		18,076,318
	2,173,998	JPMorgan High Yield Fund, Class I		14,087,506
	627,440	MassMutual High Yield Fund, Class I		5,050,889
	598,915	Nuveen Preferred Securities and Income Fund, Class I		9,552,702
	2,090,302	T Rowe Price Institutional Floating Rate Fund, Investor Class		19,314,392
		TOTAL OPEN END FUNDS (Cost $87,789,048)		87,188,537

		SHORT-TERM INVESTMENTS — 7.5%
	7,103,533	First American Government Obligations Fund, Class X, 3.58% (Cost $7,103,533)(a)		7,103,533

		TOTAL INVESTMENTS - 100.2% (Cost $94,892,581)	$	94,292,070
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%		(230,340	)
		NET ASSETS - 100.0%	$	94,061,730

Assets:
Investments in Securities at Cost	$	94,892,581
Investments in Securities at Value	$	94,292,070
Dividends & Interest Receivable		22,624
Prepaid Expenses and Other Assets		9,870
Total Assets		94,324,564

Liabilities:
Accrued Advisory Fees		214,026
Audit & Tax Fees Payable		20,092
Payable to Related Parties		18,408
Other Accrued Expenses		10,308
Total Liabilities		262,834

Net Assets	$	94,061,730

Total Shares Outstanding ($0 par value, unlimited shares authorized)		8,826,380

Net Asset Value, Offering and Redemption Price Per Share (Net assets / Total shares outstanding)	$	10.66

Composition of Net Assets:
Paid-in-Capital	$	90,459,091
Accumulated Earnings		3,602,639
Net Assets	$	94,061,730

Investment Income:
Dividend Income	$	4,606,278
Interest Income		671,153
Total Investment Income		5,277,431

Expenses:
Investment Advisory Fees		1,419,739
Administration Fees		114,707
Interest Expense		68,317
Transfer Agent Fees		25,300
Audit & Tax Fees		21,163
Fund Accounting Fees		19,540
Compliance Officer Fees		18,503
Legal Fees		16,652
Trustees’ Fees		16,350
Printing Expenses		15,766
Custody Fees		12,436
Registration & Filing Fees		5,266
Miscellaneous Expenses		6,449
Total Expenses		1,760,188

Net Investment Income		3,517,243

Net Realized and Change in Unrealized Gain/(Loss) on Investments:
Net Realized Gain on Investments		2,381,475

Net Change in Unrealized Depreciation on Investments		(2,555,855	)

Net Realized and Change in Unrealized Loss on Investments		(174,380	)

Net Increase in Net Assets Resulting From Operations	$	3,342,863

	Year			Year
	Ended			Ended
	July 31, 2026			July 31, 2025
Operations:
Net Investment Income	$	3,517,243		$	3,724,544
Net Realized Gain on Investments		2,381,475			925,224
Net Change in Unrealized Appreciation/(Depreciation) on Investments		(2,555,855	)		253,260
Net Increase in Net Assets Resulting From Operations		3,342,863			4,903,028

Distributions to Shareholders From:
Total Earnings Distributions Paid		(3,482,339	)		(6,639,583	)

Beneficial Interest Transactions:
Proceeds from Shares Issued		5,180,073			6,120,720
Distributions Reinvested		3,482,339			6,639,583
Cost of Shares Redeemed		(7,701,402	)		(10,502,114	)
Net Increase in Net Assets Resulting From Beneficial Interest Transactions		961,010			2,258,189

Net Increase in Net Assets		821,534			521,634

Net Assets:
Beginning of Year		93,240,196			92,718,562
End of Year	$	94,061,730		$	93,240,196

Share Activity:
Shares Sold		484,742			579,401
Shares Reinvested		329,144			645,874
Shares Redeemed		(718,946	)		(995,758	)
Net Increase in Total Shares Outstanding		94,940			229,517

	Year Ended July 31, 2026			Year Ended July 31, 2025			Year Ended July 31, 2024			Year Ended July 31, 2023			Year Ended July 31, 2022
Net Asset Value, Beginning of Year	$	10.68		$	10.91		$	10.61		$	10.69		$	11.32
Activity from operations:
Net investment income/(loss) (a)		0.40			0.43			0.45			0.36			—	(b)
Net gain/(loss) from investments (both realized and unrealized)		(0.01	)		0.13			0.30			0.08			(0.17	)
Total from operations		0.39			0.56			0.75			0.44			(0.17	)
Less Distributions:
From net investment income		(0.38	)		(0.54	)		(0.32	)		(0.09	)		(0.25	)
From net realized gain on investments		(0.03	)		(0.25	)		(0.13	)		(0.43	)		(0.21	)
Total Distributions		(0.41	)		(0.79	)		(0.45	)		(0.52	)		(0.46	)
Net Asset Value, End of Year	$	10.66	(c)	$	10.68		$	10.91	(c)	$	10.61		$	10.69
Total Return (c)(d)		3.63	%		5.38	%		7.21	%		4.25	%		(1.56	)%
Ratios/Supplemental Data
Net assets, end of year (in 000’s)	$	94,062		$	93,240		$	92,719		$	86,810		$	85,369
Ratio to average net assets:
Expenses (e)(f)		1.86	%		2.01	%		1.97	%		1.99	%		1.94	%
Net investment income/(loss) (e)(g)		3.72	%		4.01	%		4.22	%		3.43	%		(0.04	)%
Portfolio turnover rate		193	%		240	%		254	%		510	%		360	%

Assets	Level 1		Level 2		Level 3		Total
Open End Funds	$	87,188,537	$	—	$	—	$	87,188,537
Short-Term Investment		7,103,533		—		—		7,103,533
Total	$	94,292,070	$	—	$	—	$	94,292,070

	Fiscal Year Ended		Fiscal Year Ended
	July 31, 2026		July 31, 2025
Ordinary Income	$	3,482,339	$	6,389,327
Tax-exempt Income		—		250,256
	$	3,482,339	$	6,639,583

Undistributed		Undistributed		Undistributed		Post October Loss		Capital Loss		Other		Unrealized			Total
Ordinary		Tax-Exempt		Long-Term		and		Cany		Book/Tax		Appreciation/			Distributable Earnings/
Income		Income		Gains		Late Year Loss		Forwards		Differences		(Depreciation)			(Accumulated Deficit)
$	3,921,629	$	283,013	$	—	$	—	$	—	$	—	$	(602,003	)	$	3,602,639

Cost for Federal Tax purposes	$	94,894,073

Unrealized Appreciation	$	84,581
Unrealized Depreciation		(686,584	)
Tax Net Unrealized Depreciation	$	(602,003	)

	2026 - $16,900
	2025 - $16,900

	2026 - $3,200
	2025 - $3,000

/s/ Kevin E. Wolf
Kevin E. Wolf, Principal Executive Officer/President

/s/ Jim Colantino
Jim Colantino, Principal Financial Officer/Treasurer