Semi-Annual Report by Investment Company (Form N-CSRS)

united states
securities and exchange commission
washington, d.c. 20549

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number

811-21720

Northern Lights Fund Trust

(Exact name of registrant as specified in charter)

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

The Corporation Trust Company

1209 Orange Street Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code:

631-490-4300

Date of fiscal year end:

6/30

Date of reporting period:

12/31/25

Item 1. Reports to Stockholders.

(a) Tailored Shareholder Report

(b) Not applicable

Item 2. Code of Ethics. Not applicable.

Item 3. Audit Committee Financial Expert. Not applicable.

Item 4. Principal Accountant Fees and Services. Not applicable.

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.

(a)

Ocean Park Diversified Income ETF (DUKZ)

Ocean Park Domestic ETF (DUKQ)

Ocean Park High Income ETF (DUKH)

Ocean Park International ETF (DUKX)

Semi-Annual Financial Statements

and Additional Information

December 31, 2025

1-866-738-4363

www.oceanparketfs.com

OCEAN PARK DIVERSIFIED INCOME ETF

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2025

Shares						Fair Value
				EXCHANGE-TRADED FUNDS - 99.4%
				FIXED INCOME - 99.4%
	155,877			Invesco Senior Loan ETF		$	3,273,416
	58,624			iShares Broad USD High Yield Corporate Bond ETF			2,192,244
	19,898			iShares iBoxx $ Investment Grade Corporate Bond ETF			2,192,561
	23,035			iShares MBS ETF			2,193,393
	67,950			iShares Preferred and Income Securities ETF			2,103,732
	24,225			State Street SPDR Bloomberg Convertible Securities ETF			2,160,870
	21,766			VanEck High Yield Muni ETF			1,112,678
	85,616			VanEck J. P. Morgan EM Local Currency Bond ETF			2,210,605
	16,402			Vanguard Emerging Markets Government Bond ETF			1,105,987
	22,168			Vanguard Tax-Exempt Bond Index ETF			1,114,829
	44,893			Vanguard Total International Bond ETF			2,169,230
				TOTAL EXCHANGE-TRADED FUNDS (Cost $21,683,298)			21,829,545
				TOTAL INVESTMENTS - 99.4% (Cost $21,683,298)		$	21,829,545
				OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%			130,597
				NET ASSETS - 100.0%		$	21,960,142

ETF	- Exchange-Traded Fund
SPDR	- Standard & Poor’s Depositary Receipt

See accompanying notes to financial statements.

OCEAN PARK DOMESTIC ETF

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2025

Shares						Fair Value
				EXCHANGE-TRADED FUNDS - 99.8%
				EQUITY - 99.8%
	7,086			Invesco S&P 500 Equal Weight ETF		$	1,357,394
	20,570			iShares Core S&P Mid-Cap ETF			1,357,620
	5,657			iShares Core S&P Small-Cap ETF			679,858
	2,621			iShares MSCI USA Momentum Factor ETF			656,063
	4,740			iShares Select Dividend ETF			669,004
	11,681			Pacer US Cash Cows 100 ETF			702,846
	84,396			Schwab U.S. Large-Cap Growth ETF			2,752,997
	127,622			Schwab US Large-Cap ETF			3,434,307
	2,285			Vanguard Mid-Cap Growth ETF			637,835
	3,851			Vanguard Mid-Cap Value ETF			683,052
	1,123			Vanguard Small-Cap Growth ETF			339,270
	1,611			Vanguard Small-Cap Value ETF			341,194
				TOTAL EXCHANGE-TRADED FUNDS (Cost $12,903,784)			13,611,440
				TOTAL INVESTMENTS - 99.8% (Cost $12,903,784)		$	13,611,440
				OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%			33,753
				NET ASSETS - 100.0%		$	13,645,193

ETF	- Exchange-Traded Fund
MSCI	- Morgan Stanley Capital International

See accompanying notes to financial statements.

OCEAN PARK HIGH INCOME ETF

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2025

Shares						Fair Value
				EXCHANGE-TRADED FUNDS - 99.4%
				FIXED INCOME - 99.4%
	61,802			iShares Preferred and Income Securities ETF		$	1,913,390
	46,882			State Street SPDR Blackstone Senior Loan ETF			1,934,820
	164,126			State Street SPDR Portfolio High Yield Bond ETF			3,884,863
	19,039			VanEck High Yield Muni ETF			973,274
	19,266			VanEck J. P. Morgan EM Local Currency Bond ETF			497,448
	7,189			Vanguard Emerging Markets Government Bond ETF			484,754
				TOTAL EXCHANGE-TRADED FUNDS (Cost $9,637,943)			9,688,549
				TOTAL INVESTMENTS - 99.4% (Cost $9,637,943)		$	9,688,549
				OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%			56,955
				NET ASSETS - 100.0%		$	9,745,504

ETF	- Exchange-Traded Fund
SPDR	- Standard & Poor’s Depositary Receipt

See accompanying notes to financial statements.

OCEAN PARK INTERNATIONAL ETF

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2025

Shares						Fair Value
				EXCHANGE-TRADED FUNDS - 99.7%
				EQUITY - 99.7%
	1,726			iShares International Dividend Growth ETF		$	142,861
	2,669			iShares MSCI Australia ETF			69,901
	2,177			iShares MSCI Brazil ETF			69,163
	1,784			iShares MSCI EAFE Small-Cap ETF			138,314
	2,156			iShares MSCI Emerging Markets Min Vol Factor ETF			138,070
	1,448			iShares MSCI Japan ETF			116,912
	1,011			iShares MSCI Mexico ETF			70,093
	853			iShares MSCI South Korea ETF			82,929
	1,058			iShares MSCI Taiwan ETF			67,215
	2,440			JPMorgan BetaBuilders Developed Asia Pacific-ex ETF			137,372
	15,338			Vanguard FTSE All-World ex-US ETF			1,128,262
	12,726			Vanguard FTSE Emerging Markets ETF			684,150
				TOTAL EXCHANGE-TRADED FUNDS (Cost $2,687,267)			2,845,242
				TOTAL INVESTMENTS - 99.7% (Cost $2,687,267)		$	2,845,242
				OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%			9,271
				NET ASSETS - 100.0%		$	2,854,513

EAFE	- Europe, Australasia and Far East
ETF	- Exchange-Traded Fund
MSCI	- Morgan Stanley Capital International

See accompanying notes to financial statements.

The Ocean Park ETFs

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

December 31, 2025

		Ocean Park				Ocean Park				Ocean Park				Ocean Park
		Diversified Income ETF				Domestic ETF				High Income ETF				International ETF
ASSETS
Investment securities:
At cost		$	21,683,298			$	12,903,784			$	9,637,943			$	2,687,267
At value		$	21,829,545			$	13,611,440			$	9,688,549			$	2,845,242
Cash			162,157				60,510				47,162				-
Receivable for fund shares sold			-				-				243,637				-
Due from Adviser			8,354				12,242				33,592				48,237
Dividends and interest receivable			251				7,308				80				239
Receivable for investments sold			-				-				-				29,675
Prepaid expenses			1,321				1,593				436				500
TOTAL ASSETS			22,001,628				13,693,093				10,013,456				2,923,893
LIABILITIES
Payable for investments purchased			-				-				242,035				-
Distributions payable			25,404				29,988				-				46,200
Audit fees payable			8,300				8,300				8,300				8,300
Payable to related parties			5,718				5,333				5,515				5,919
Accrued expenses and other liabilities			2,064				4,279				12,102				8,961
TOTAL LIABILITIES			41,486				47,900				267,952				69,380
NET ASSETS		$	21,960,142			$	13,645,193			$	9,745,504			$	2,854,513
Net Assets Consist Of:
Paid in capital		$	21,952,740			$	13,000,539			$	10,070,197			$	2,652,702
Accumulated earnings (deficit)			7,402				644,654				(324,693	)			201,811
NET ASSETS		$	21,960,142			$	13,645,193			$	9,745,504			$	2,854,513
Net Asset Value Per Share:
Net Assets		$	21,960,142			$	13,645,193			$	9,745,504			$	2,854,513
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)			870,000				490,000				400,000				110,000
Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding)		$	25.24			$	27.85			$	24.36			$	25.95

See accompanying notes to financial statements.

The Ocean Park ETFs

STATEMENTS OF OPERATIONS (Unaudited)

For the Period Ended December 31, 2025

		Ocean Park				Ocean Park				Ocean Park				Ocean Park
		Diversified Income ETF				Domestic ETF				High Income ETF				International ETF
INVESTMENT INCOME
Dividends		$	469,666			$	101,087			$	295,849			$	59,933
Interest			750				439				333				72
TOTAL INVESTMENT INCOME			470,416				101,526				296,182				60,005
EXPENSES
Investment advisory fees			52,973				55,079				25,475				10,525
Administrative services			10,928				12,358				10,920				10,249
Custodian fees			9,243				11,135				9,784				9,524
Accounting services fees			8,817				9,179				8,834				8,457
Audit fees			8,317				8,317				8,317				8,317
Professional fees			7,982				8,005				7,499				7,223
Trustees fees and expenses			7,751				7,751				7,751				7,751
Legal fees			7,733				7,863				7,339				7,596
Transfer agent fees			5,413				5,424				5,411				5,418
Printing and postage expenses			3,813				3,382				3,267				3,267
Insurance expense			499				499				499				499
Other Expenses			5,756				5,673				2,543				2,474
TOTAL EXPENSES			129,225				134,665				97,639				81,300
Less: Fees waived/reimbursed by the Adviser			(65,448	)			(70,048	)			(67,011	)			(68,945	)
NET EXPENSES			63,777				64,617				30,628				12,355
NET INVESTMENT INCOME			406,639				36,909				265,554				47,650
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
In-kind redemptions			315,488				1,586,665				139,869				302,191
Investments			(136,985	)			47,643				(32,696	)			30,579
Distributions of capital gains from underlying investment companies			-				-				-				1,940
			178,503				1,634,308				107,173				334,710
Net change in unrealized depreciation on:
Investments			(116,363	)			(474,847	)			(107,730	)			(106,272	)
			(116,363	)			(474,847	)			(107,730	)			(106,272	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS			62,140				1,159,461				(557	)			228,438
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	468,779			$	1,196,370			$	264,997			$	276,088

See accompanying notes to financial statements.

Ocean Park Diversified Income ETF

STATEMENTS OF CHANGES IN NET ASSETS

		Six Months Ended
		December 31, 2025				Period Ended
		(Unaudited)				June 30, 2025 *
FROM OPERATIONS
Net investment income		$	406,639			$	269,220
Net realized gain (loss) in-kind redemptions and investments			178,503				(363,297	)
Net change in unrealized appreciation (depreciation) on investments			(116,363	)			262,610
Net increase in net assets resulting from operations			468,779				168,533
DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings:			(411,565	)			(272,815	)
Net decrease in net assets resulting from distributions to shareholders			(411,565	)			(272,815	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold			12,748,278				15,484,843
Cost of shares redeemed			(3,075,137	)			(3,150,774	)
Net increase in net assets resulting from shares of beneficial interest			9,673,141				12,334,069
TOTAL INCREASE IN NET ASSETS			9,730,355				12,229,787
NET ASSETS
Beginning of Period			12,229,787				-
End of Period		$	21,960,142			$	12,229,787
SHARE ACTIVITY
Shares Sold			500,000				620,000
Shares Redeemed			(120,000	)			(130,000	)
Net increase in shares of beneficial interest outstanding			380,000				490,000

*

The Ocean Park Diversified Income ETF commenced operations on July 10, 2024.

See accompanying notes to financial statements.

Ocean Park Domestic ETF

STATEMENTS OF CHANGES IN NET ASSETS

		Six Months Ended
		December 31, 2025				Period Ended
		(Unaudited)				June 30, 2025 *
FROM OPERATIONS
Net investment income		$	36,909			$	86,516
Net realized gain (loss) in-kind redemptions and investments			1,634,308				(1,670,727	)
Net change in unrealized appreciation (depreciation) on investments			(474,847	)			1,182,503
Net increase (decrease) in net assets resulting from operations			1,196,370				(401,708	)
DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings:			(39,924	)			(81,372	)
Net decrease in net assets resulting from distributions to shareholders			(39,924	)			(81,372	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold			7,731,449				15,886,082
Cost of shares redeemed			(9,402,003	)			(1,243,701	)
Net increase (decrease) in net assets resulting from shares of beneficial interest			(1,670,554	)			14,642,381
TOTAL INCREASE (DECREASE) IN NET ASSETS			(514,108	)			14,159,301
NET ASSETS
Beginning of Period			14,159,301				-
End of Period		$	13,645,193			$	14,159,301
SHARE ACTIVITY
Shares Sold			280,000				600,000
Shares Redeemed			(340,000	)			(50,000	)
Net increase (decrease) in shares of beneficial interest outstanding			(60,000	)			550,000

*

The Ocean Park Domestic ETF commenced operations on July 10, 2024.

See accompanying notes to financial statements.

Ocean Park High Income ETF

STATEMENTS OF CHANGES IN NET ASSETS

		Six Months Ended
		December 31, 2025				Period Ended
		(Unaudited)				June 30, 2025 *
FROM OPERATIONS
Net investment income		$	265,554			$	284,837
Net realized gain (loss) in-kind redemptions and investments			107,173				(477,149	)
Net change in unrealized appreciation (depreciation) on investments			(107,730	)			158,336
Net increase (decrease) in net assets resulting from operations			264,997				(33,976	)
DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings:			(274,261	)			(290,003	)
Net decrease in net assets resulting from distributions to shareholders			(274,261	)			(290,003	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold			7,374,303				8,824,054
Cost of shares redeemed			(4,441,306	)			(1,678,304	)
Net increase in net assets resulting from shares of beneficial interest			2,932,997				7,145,750
TOTAL INCREASE IN NET ASSETS			2,923,733				6,821,771
NET ASSETS
Beginning of Period			6,821,771				-
End of Period		$	9,745,504			$	6,821,771
SHARE ACTIVITY
Shares Sold			300,000				350,000
Shares Redeemed			(180,000	)			(70,000	)
Net increase in shares of beneficial interest outstanding			120,000				280,000

*

The Ocean Park High Income ETF on July 10, 2024.

See accompanying notes to financial statements.

Ocean Park International ETF

STATEMENTS OF CHANGES IN NET ASSETS

		Six Months Ended
		December 31, 2025				Period Ended
		(Unaudited)				June 30, 2025 *
FROM OPERATIONS
Net investment income		$	47,650			$	48,961
Net realized gain (loss) in-kind redemptions and investments			332,770				(290,241	)
Distributions of capital gains from underlying investment companies			1,940				183
Net change in unrealized appreciation (depreciation) on investments			(106,272	)			264,247
Net increase in net assets resulting from operations			276,088				23,150
DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings:			(48,466	)			(49,266	)
Net decrease in net assets resulting from distributions to shareholders			(48,466	)			(49,266	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold			2,053,877				2,656,476
Cost of shares redeemed			(2,057,346	)			-
Net increase (decrease) in net assets resulting from shares of beneficial interest			(3,469	)			2,656,476
TOTAL INCREASE IN NET ASSETS			224,153				2,630,360
NET ASSETS
Beginning of Period			2,630,360				-
End of Period		$	2,854,513			$	2,630,360
SHARE ACTIVITY
Shares Sold			80,000				110,000
Shares Redeemed			(80,000	)			-
Net increase in shares of beneficial interest outstanding			-				110,000

*

The Ocean Park International ETF commenced operations on July 10, 2024.

See accompanying notes to financial statements.

Ocean Park Diversified Income ETF

FINANCIAL HIGHLIGHTS

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

		Six Months Ended
		December 31, 2025				Period Ended
		(Unaudited)				June 30, 2025 (1)
Net asset value, beginning of period		$	24.96			$	25.06
Activity from investment operations:
Net investment income (2)			0.64				1.06
Net realized and unrealized gain (loss) on investments			0.25				(0.12	)
Total from investment operations			0.89				0.94
Less distributions from:
Net investment income			(0.61	)			(1.04	)
Total distributions			(0.61	)			(1.04	)
Net asset value, end of period		$	25.24			$	24.96
Total return (4)(8)			3.57	%			3.76	%
Net assets, at end of period (000s)		$	21,960			$	12,230
Ratio of gross expenses to average net assets (5)(6)(7)			1.58	%			3.22	%
Ratio of net expenses to average net assets (6)(7)			0.78	%			0.78	%
Ratio of net investment income to average net assets (6)(7)			4.97	%			4.32	%
Portfolio Turnover Rate (3)(8)			98	%			269	%

(1)	The Ocean Park Diversified Income ETF commenced operations on July 10, 2024.
(2)	Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
(3)	Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.
(4)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates.
(5)	Represents the ratio of expenses to average net assets absent of fee waivers and/or expense reimbursements by the adviser.
(6)	Does not include the expenses of other investment companies in which the Fund invests.
(7)	Annualized for periods less than one year.
(8)	Not annualized for periods less than one year.

See accompanying notes to financial statements.

Ocean Park Domestic ETF

FINANCIAL HIGHLIGHTS

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

		Six Months Ended
		December 31, 2025				Period Ended
		(Unaudited)				June 30, 2025 (1)
Net asset value, beginning of period		$	25.74			$	25.24
Activity from investment operations:
Net investment income (2)			0.07				0.29
Net realized and unrealized gain on investments			2.12				0.39	(7)
Total from investment operations			2.19				0.68
Less distributions from:
Net investment income			(0.08	)			(0.18	)
Total distributions			(0.08	)			(0.18	)
Net asset value, end of period		$	27.85			$	25.74
Total return (4)(9)			8.51	%			2.70	%
Net assets, at end of period (000s)		$	13,645			$	14,159
Ratio of gross expenses to average net assets (5)(6)(8)			1.83	%			2.86	%
Ratio of net expenses to average net assets (6)(8)			0.88	%			0.88	%
Ratio of net investment income to average net assets (6)(8)			0.50	%			1.19	%
Portfolio Turnover Rate (3)(9)			52	%			321	%

(1)	The Ocean Park Domestic ETF commenced operations on July 10, 2024.
(2)	Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
(3)	Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.
(4)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates.
(5)	Represents the ratio of expenses to average net assets absent of fee waivers and/or expense reimbursements by the adviser.
(6)	Does not include the expenses of other investment companies in which the Fund invests.
(7)	Net realized and unrealized gain on investments per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not accord with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.
(8)	Annualized for periods less than one year.
(9)	Not annualized for periods less than one year.

See accompanying notes to financial statements.

Ocean Park High Income ETF

FINANCIAL HIGHLIGHTS

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

		Six Months Ended
		December 31, 2025				Period Ended
		(Unaudited)				June 30, 2025 (1)
Net asset value, beginning of period		$	24.36			$	25.06
Activity from investment operations:
Net investment income (2)			0.83				1.40
Net realized and unrealized gain (loss) on investments			0.01	(9)			(0.75	)
Total from investment operations			0.84				0.65
Less distributions from:
Net investment income			(0.84	)			(1.35	)
Total distributions			(0.84	)			(1.35	)
Net asset value, end of period		$	24.36			$	24.36
Total return (4)(8)			3.50	%			2.60	%
Net assets, at end of period (000s)		$	9,746			$	6,822
Ratio of gross expenses to average net assets (5)(6)(7)			2.49	%			3.72	%
Ratio of net expenses to average net assets (6)(7)			0.78	%			0.78	%
Ratio of net investment income to average net assets (6)(7)			6.76	%			5.80	%
Portfolio Turnover Rate (3)(8)			111	%			402	%

(1)	The Ocean Park High Income ETF on July 10, 2024.
(2)	Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
(3)	Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.
(4)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates.
(5)	Represents the ratio of expenses to average net assets absent of fee waivers and/or expense reimbursements by the adviser.
(6)	Does not include the expenses of other investment companies in which the Fund invests.
(7)	Annualized for periods less than one year.
(8)	Not annualized for periods less than one year.
(9)	Net realized and unrealized gain (loss) on investments per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not accord with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

See accompanying notes to financial statements.

Ocean Park International ETF

FINANCIAL HIGHLIGHTS

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

		Six Months Ended
		December 31, 2025				Period Ended
		(Unaudited)				June 30, 2025 (1)
Net asset value, beginning of period		$	23.91			$	25.24
Activity from investment operations:
Net investment income (2)			0.43				0.80
Net realized and unrealized gain (loss) on investments			2.05				(1.42	)
Total from investment operations			2.48				(0.62	)
Less distributions from:
Net investment income			(0.44	)			(0.71	)
Total distributions			(0.44	)			(0.71	)
Net asset value, end of period		$	25.95			$	23.91
Total return (4)(8)			10.37	%			(2.44	)%
Net assets, at end of period (000s)		$	2,855			$	2,630
Ratio of gross expenses to average net assets (5)(6)(7)			5.79	%			11.18	%
Ratio of net expenses to average net assets (6)(7)			0.88	%			0.88	%
Ratio of net investment income to average net assets (6)(7)			3.39	%			3.48	%
Portfolio Turnover Rate (3)(8)			77	%			356	%

(1)	The Ocean Park International ETF commenced operations on July 10, 2024.
(2)	Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.
(3)	Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.
(4)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates.
(5)	Represents the ratio of expenses to average net assets absent of fee waivers and/or expense reimbursements by the adviser.
(6)	Does not include the expenses of other investment companies in which the Fund invests.
(7)	Annualized for periods less than one year.
(8)	Not annualized for periods less than one year.

See accompanying notes to financial statements.

The Ocean Park ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited)

December 31, 2025

1.

ORGANIZATION

The Ocean Park Diversified Income ETF (“DUKZ”), Ocean Park Domestic ETF (“DUKQ”), Ocean Park High Income ETF (“DUKH”), and Ocean Park International ETF (“DUKX”) (each a “Fund” and collectively the “Funds”) are each 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-ended management investment company. The Funds’ investment objectives are to provide total return and to limit exposure to downside risk. The investment objectives are non-fundamental. The Funds’ commenced operations on July 10, 2024. The Funds are “fund of funds,” in that they will generally invest in other investment companies.

2.

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of 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 Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies”, including FASB Accounting Standards Update (“ASU”) 2013-08.

Operating Segments - 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”, which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU 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.

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

The Ocean Park ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2025

(“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. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. The independent pricing service does not distinguish between smaller-sized bond positions known as “odd lots” and larger institutional-sized bond positions known as “round lots”. A 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 a Fund’s holding. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

Valuation of Fund of Funds - The Funds may invest in portfolios of open-end or closed-end investment companies (the “underlying funds”). Underlying open-end investment companies are valued at their respective NAV as reported by such investment companies. 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 by the methods established by the boards of the underlying funds. 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 NAV per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by a Fund will not change.

Exchange-Traded Funds - The Funds 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 risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

The Funds may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid investments, for which market quotations are not readily available or are determined to be unreliable. These investments will be valued using the “fair value” procedures approved by the Board. The Board has delegated execution of these procedures to the Adviser as its valuation designee (the “Valuation Designee”). The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-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

The Ocean Park ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2025

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 a Fund’s calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid 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 a 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.

Foreign Securities Risk - Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, economic developments or currency exchange rates and can perform differently from the U.S. market. The net asset value of a Fund will fluctuate based on changes in the value of the foreign securities held by any underlying funds that invest in such securities. When all or a portion of an underlying fund’s portfolio securities trade in a market that is closed when the market for its shares is open, there may be changes from the last quote of the closed market and the quote from the underlying fund’s domestic trading day, which could lead to differences between the market value of its shares and the underlying fund’s NAV.

The Funds utilize various methods to measure the fair value of all of their 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 Funds have 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

The Ocean Park ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2025

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 Funds’ 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 value requires more judgment. Accordingly, the degree of judgment exercised in determining value is greatest for instruments categorized in Level 3.

The inputs used to measure 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 December 31, 2025 for the Funds’ assets measured at value:

DUKZ
Assets *		Level 1				Level 2				Level 3				Total
Exchange-Traded Funds		$	21,829,545			$	-			$	-			$	21,829,545
Total		$	21,829,545			$	-			$	-			$	21,829,545
DUKQ
Assets *		Level 1				Level 2				Level 3				Total
Exchange-Traded Funds		$	13,611,440			$	-			$	-			$	13,611,440
Total		$	13,611,440			$	-			$	-			$	13,611,440
DUKH
Assets *		Level 1				Level 2				Level 3				Total
Exchange-Traded Funds		$	9,688,549			$	-			$	-			$	9,688,549
Total		$	9,688,549			$	-			$	-			$	9,688,549
DUKX
Assets *		Level 1				Level 2				Level 3				Total
Exchange-Traded Funds		$	2,845,242			$	-			$	-			$	2,845,242
Total		$	2,845,242			$	-			$	-			$	2,845,242

The Funds did not hold any Level 2 or 3 securities during the period.

*

See Schedule of Investments for industry classification.

The Ocean Park ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2025

Security Transactions and Related Income - Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective yield method. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Dividends and Distributions to Shareholders - Dividends from net investment income, if any, are declared and paid quarterly for DUKQ and DUKX, and monthly for DUKZ and DUKH. Dividends and distributions to shareholders are recorded on the ex-dividend date. 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 (e.g., deferred losses) 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.

Federal Income Taxes - The Funds comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no provision for federal income tax is required. The Funds recognize 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 Funds’ 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 (none) or expected to be taken in the Funds’ 2025 tax returns. Each Fund identifies its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Fund makes significant investments. Each Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses, in the Statements of Operations. The Funds are 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.

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.

Cash - The Funds consider their investments in an FDIC insured interest bearing savings account to be cash. The Funds maintain cash balances, which, at times, may exceed federally insured limits. The Funds maintain these balances with a high quality financial institution.

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 Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

The Ocean Park ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2025

3.

INVESTMENT TRANSACTIONS

For the six months ended December 31, 2025, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments) for the Funds were as follows:

Ticker		Purchases				Sales
DUKZ		$	15,791,090			$	15,847,226
DUKQ		$	7,461,858			$	7,758,868
DUKH		$	8,657,667			$	8,770,447
DUKX		$	2,114,229			$	2,314,538

For the six months ended December 31, 2025, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions for the Funds were as follows:

Ticker		Purchases				Sales
DUKZ		$	12,711,934			$	3,091,547
DUKQ		$	7,725,156			$	9,115,770
DUKH		$	7,338,241			$	4,351,513
DUKX		$	2,050,482			$	1,859,036

4.

INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

The business activities of the Funds are overseen by the Board. Ocean Park Asset Management, LLC (the “Adviser”) serves as the Funds’ investment adviser pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). The Adviser has engaged Exchange Traded Concepts, LLC as the trading sub-adviser (the “Sub-Adviser”) responsible for trading portfolio securities for the Funds. The Sub-Advisor is paid from the Adviser’s management fee and is not an additional cost to any Fund. The Trust has entered into a Global Custody Agreement with Brown Brothers Harriman & Co. (the “Custodian”) to serve as custodian and to act as transfer and shareholder services agent. The Trust has also entered into an Underwriting Agreement with Northern Lights Distributors, LLC (the “Distributor”) to serve as the principal underwriter and distributor for the Funds. Pursuant to the Advisory Agreement, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Funds pay the Adviser a fee, computed and accrued daily and paid monthly, at an annual rate indicated below of each Fund’s average daily net assets. For the six months ended December 31, 2025, each Fund incurred the following in advisory fees:

Ticker			Annual Rate			Total Advisory Fee
DUKZ			0.65%			$	52,973
DUKQ			0.75%			$	55,079
DUKH			0.65%			$	25,475
DUKX			0.75%			$	10,525

The Ocean Park ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2025

Pursuant to a written contract (the “Waiver Agreement”), the Adviser has agreed for the Funds, at least until January 31, 2027, to waive a portion of its advisory fee and has agreed to reimburse the Funds for other expenses to the extent necessary so that total expenses incurred (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Funds’ officers and Trustees and contractual indemnification of Funds’ service providers (other than the Adviser))) will not exceed 0.78% of average daily net assets for DUKZ and DUKH, and 0.88% of average daily net assets for DUKQ and DUKX, respectively.

If the Adviser waives any fee or reimburses any expenses pursuant to the Waiver Agreement, and Funds’ operating expenses are subsequently lower than its expense limitation, or limitation in place at time of waiver, the Adviser, on a rolling three-year period, shall be entitled to reimbursement by a Fund provided that such reimbursement does not cause that Fund’s operating expense to exceed the expense limitation. If a Fund’s operating expenses subsequently exceed the expense limitation, the reimbursements for the Fund shall be suspended. For the six months ended December 31, 2025, the Adviser waived fees and/or reimbursed expenses in the amount of $65,448, $70,048, $67,011 and $68,945 for DUKZ, DUKQ, DUKH and DUKX, respectively, under the Waiver Agreement.

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

Ticker		6/30/2028
DUKZ		$	152,227
DUKQ		$	144,394
DUKH		$	144,663
DUKX		$	144,759

The Adviser 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 effective date of the Waiver Agreement (or any similar agreement).

The Board may terminate the Waiver Agreement at any time on 60 days’ notice to the Adviser.

The Trust, with respect to the Funds, has adopted a distribution and service plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Funds are authorized to pay distribution fees to the distributor and other firms that provide distribution and shareholder services (“Service Providers”).

If a Service Provider provides these services, the Funds may pay fees at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act.

No distribution or service fees are currently paid by the Funds and there are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Funds.

The Ocean Park ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2025

Ultimus Fund Solutions, LLC (“UFS”)- UFS, an affiliate of the Distributor provides administration and fund accounting services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration and fund accounting services to the Funds. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Funds for serving in such capacities. Pursuant to a Referral Agreement dated November 29, 2023, between UFS and the Sub-Adviser, the Sub-Adviser pays UFS a referral fee that is calculated as a percentage of its sub-advisory fee. During the fiscal six months ended December 31, 2025, Sub-Adviser paid UFS a referral fee of $3,250.

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

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

5.

CAPITAL SHARE TRANSACTIONS

Shares are not individually redeemable and may be redeemed by the Funds at the NAV only in large blocks known as “Creation Units.” Shares are created and redeemed by the Funds only in Creation Unit size aggregations of 10,000 shares for each Fund. Only Authorized Participants or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Funds on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Funds may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Funds in effecting trades. A fixed fee may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction (“Fixed Fee”). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Funds and their ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions (“Variable Charge,” and together with the Fixed Fee, the “Transaction Fees”). For the six months ended December 31, 2025, the fixed and variable fees were as follows:

Ticker		Fixed Fees				Variable Fees
DUKZ		$	3,000			$	-
DUKQ		$	600			$	-
DUKH		$	1,400			$	-
DUKX		$	-			$	-

The Ocean Park ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2025

The Transaction Fees for the Funds are listed in the table below:

			Fee for In-Kind and Cash			Maximum Additional Variable
Ticker			Purchases			Charge for Cash Purchases*
DUKZ			$200			2.00%*
DUKQ			$200			2.00%*
DUKH			$200			2.00%*
DUKX			$200			2.00%*

*

As a percentage of the amount invested

6.

UNDERLYING INVESTMENTS IN OTHER INVESTMENT COMPANIES

DUKQ currently invests a significant portion of its assets in the Schwab US Large-Cap ETF (“SCHX”). DUKQ may redeem its investments in SCHX at any time if the Adviser determines that it is in the best interest of DUKQ and its shareholders to do so. DUKQ’s performance will be directly affected by the performance of SCHX. The financial statements of SCHX, including the schedule of investments, can be found on the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with DUKQ’s financial statements. As of December 31, 2025, DUKQ’s investment in SCHX was 25.2% of DUKQ’s net assets.

DUKH currently invests a significant portion of its assets in the State Street SPDR Portfolio High Yield Bond ETF (“SPHY”). DUKH may redeem its investments in SPHY at any time if the Adviser determines that it is in the best interest of DUKH and its shareholders to do so. DUKH’s performance will be directly affected by the performance of SPHY. The financial statements of SPHY, including the schedule of investments, can be found on the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with DUKH’s financial statements. As of December 31, 2025, DUKH’s investment in SPHY was 39.9% of DUKH’s net assets.

DUKX currently invests a significant portion of its assets in the Vanguard FTSE All-World ex-US ETF (“VEU”). DUKX may redeem its investments in VEU at any time if the Adviser determines that it is in the best interest of DUKX and its shareholders to do so. DUKX’s performance will be directly affected by the performance of VEU. The financial statements of VEU, including the schedule of investments, can be found on the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with DUKX’s financial statements. As of December 31, 2025, DUKX’s investment in VEU was 39.5% of DUKX’s net assets.

7.

DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of fund distributions paid for the period ending June 30, 2025 was as follows:

For the period ended June 30, 2025:
		Ordinary				Long-Term				Return
Portfolio		Income				Capital Gains				of Capital				Total
Ocean Park Diversified Income ETF		$	272,815			$	-			$	-			$	272,815
Ocean Park Domestic ETF			81,372				-				-				81,372
Ocean Park High Income ETF			290,003				-				-				290,003
Ocean Park International ETF			49,266				-				-				49,266

The Ocean Park ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2025

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

		Undistributed				Undistributed				Post October Loss				Capital Loss				Other				Unrealized				Total
		Ordinary				Long-Term				and				Carry				Book/Tax				Appreciation/				Accumulated
Portfolio		Income				Capital Gains				Late Year Loss				Forwards				Differences				(Depreciation)				Earnings/(Deficits)
Ocean Park Diversified Income ETF		$	-			$	-			$	(287,869	)		$	(5,973	)		$	-				244,030			$	(49,812	)
Ocean Park Domestic ETF			5,144				-				(1,680,020	)			(18,817	)			-				1,181,901				(511,792	)
Ocean Park High Income ETF			-				-				(371,738	)			(2,977	)			-				59,286				(315,429	)
Ocean Park International ETF			-				-				(269,368	)			(1,184	)			-				244,741				(25,811	)

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.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such capital losses as follows:

		Post October
Portfolio		Losses
Ocean Park Diversified Income ETF		$	287,869
Ocean Park Domestic ETF			1,680,020
Ocean Park High Income ETF			371,738
Ocean Park International ETF			269,368

At June 30, 2025, the Funds below had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

		Non-Expiring
Portfolio		Short-Term				Long-Term				Total
Ocean Park Diversified Income ETF		$	5,973			$	-			$	5,973
Ocean Park Domestic ETF			18,817				-				18,817
Ocean Park High Income ETF			2,977				-				2,977
Ocean Park International ETF			1,184				-				1,184

Permanent book and tax differences, primarily attributable to tax adjustments for realized gain (loss) on in-kind redemptions and distributions in excess, resulted in reclassifications for the Funds for the fiscal period ended June 30, 2025, as follows:

		Paid In				Distributable/ Accumulated
Portfolio		Capital				Earnings (Losses)
Ocean Park Diversified Income ETF		$	(54,470	)		$	54,470
Ocean Park Domestic ETF			28,712				(28,712	)
Ocean Park High Income ETF			(8,550	)			8,550
Ocean Park International ETF			(305	)			305

The Ocean Park ETFs

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2025

8.

AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION - TAX BASIS

						Gross				Gross				Tax Net Unrealized
		Cost for Federal				Unrealized				Unrealized				Appreciation/
Portfolio		Tax purposes				Appreciation				(Depreciation)				(Depreciation)
Ocean Park Diversified Income ETF		$	21,701,878			$	231,387			$	(103,720	)		$	127,667
Ocean Park Domestic ETF			12,904,387				722,097				(15,044	)			707,053
Ocean Park High Income ETF			9,736,994				80,135				(128,580	)			(48,445	)
Ocean Park International ETF			2,706,774				173,157				(34,689	)			138,468

9.

SUBSEQUENT EVENTS

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued.

Management has determined that no other events or transactions occurred requiring adjustment or disclosure in the financial statements other than the following.

The Board declared the following distributions after December 31, 2025:

Ticker		Distribution Per Share		Record Date		Payable Date
DUKZ		$0.0763		2/5/2026		2/10/2026
DUKH		$0.0952		2/5/2026		2/10/2026

The Ocean Park ETFs

Additional Information (Unaudited)(Continued)

December 31, 2025

Changes in and Disagreements with Accountants

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

Proxy Disclosures

Not applicable.

Remuneration Paid to Directors, Officers and Others

Refer to the financial statements included herein.

Statement Regarding Basis for Approval of Investment Advisory Agreement

Not applicable.

PROXY VOTING POLICY

Information regarding how the Funds 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 Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-866-738-4363, by visiting www.oceanparketfs.com, or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PORTFOLIO HOLDINGS

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 their 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.

PREMIUM/DISCOUNT INFORMATION

Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e. at a premium) or below (i.e. at a discount) the NAV of the Fund during the past calendar year can be found at www.oceanparketfs.com.

INVESTMENT ADVISER

Ocean Park Asset Management, LLC

3420 Ocean Park Blvd., Suite 3060

Santa Monica, CA 90405

TRADING SUB-ADVISER

Exchange Traded Concepts, LLC

10900 Hefner Pointe Drive, Suite 400

Oklahoma City, OK 73120

ADMINISTRATOR

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

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.

Not applicable.

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

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

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

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

None

Item 16. Controls and Procedures.

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Not applicable.

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

(a)(4) Not applicable.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Northern Lights Fund Trust

By (Signature and Title)

/s/ Kevin E. Wolf

Kevin E. Wolf, Principal Executive Officer/President

Date

03/09/26

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

By (Signature and Title)

/s/ Kevin E. Wolf

Kevin E. Wolf, Principal Executive Officer/President

Date

03/09/26

By (Signature and Title)

/s/ James Colantino

James Colantino, Principal Financial Officer/Treasurer

Date

03/09/26