# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-26-001720
**Filing Date:** 2026-3
**Character Count:** 181581
**Document Hash:** 6d51237daebe1b78eaa3b2fca0b98bea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001720.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001580642-26-001720

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**EFFECTIVENESS DATE**: 20260310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Lights Fund Trust
- **CENTRAL INDEX KEY:** 0001314414

**ORGANIZATION NAME:**
- **EIN:** 043023766
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 26738701

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Strategy Shares
- **DATE OF NAME CHANGE:** 20160223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Mutual Fund & Variable Insurance Trust
- **DATE OF NAME CHANGE:** 20160223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Northern Lights Fund Trust
- **DATE OF NAME CHANGE:** 20050121

## Series and Classes Contracts Data

### LADENBURG INCOME FUND (Series ID: S000050296)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000158820 | LADENBURG INCOME FUND Class A Shares | LNCAX           |
| C000158821 | LADENBURG INCOME FUND Class C Shares | LNCCX           |
| C000158822 | LADENBURG INCOME FUND Class I Shares | LNCIX           |

### LADENBURG INCOME & GROWTH FUND (Series ID: S000050297)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000158823 | LADENBURG INCOME & GROWTH FUND Class A Shares | LNOAX           |
| C000158824 | LADENBURG INCOME & GROWTH FUND Class C Shares | LNOCX           |
| C000158825 | LADENBURG INCOME & GROWTH FUND Class I Shares | LNOIX           |

### LADENBURG GROWTH & INCOME FUND (Series ID: S000050298)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000158826 | LADENBURG GROWTH & INCOME FUND Class A Shares | LOWAX           |
| C000158827 | LADENBURG GROWTH & INCOME FUND Class C Shares | LOWCX           |
| C000158828 | LADENBURG GROWTH & INCOME FUND Class I Shares | LOWIX           |

### LADENBURG GROWTH FUND (Series ID: S000050299)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000158829 | LADENBURG GROWTH FUND Class A Shares | LGWAX           |
| C000158830 | LADENBURG GROWTH FUND Class C Shares | LGWCX           |
| C000158831 | LADENBURG GROWTH FUND Class I Shares | LGWIX           |

### LADENBURG AGGRESSIVE GROWTH FUND (Series ID: S000050300)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000158832 | LADENBURG AGGRESSIVE GROWTH FUND Class A Shares | LAWAX           |
| C000158833 | LADENBURG AGGRESSIVE GROWTH FUND Class C Shares | LAWCX           |
| C000158834 | LADENBURG AGGRESSIVE GROWTH FUND Class I Shares | LAGIX           |

?xml version='1.0' encoding='ASCII'?

**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 <u>811-21720</u>

<u>Northern Lights Fund Trust</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450, Cincinnati, OH</u>   <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-470-2619</u>

Date of fiscal year end: <u>6/30</u> <br>Date of reporting period: <u>12/31/25</u>

**Item 1. Reports to Stockholders.** 

(a)&nbsp;&nbsp;&nbsp;&nbsp;

# Ladenburg Aggressive Growth Fund

# Class A (LAWAX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](id0498691e289829597034a34.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ladenburg Aggressive Growth Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.ladenburgfunds.com/shareholder-services.aspx**. You can also request this information by contacting us at 1-877-803-6583.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $52 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $65599652 |
| Number of Portfolio Holdings | 11 |
| Advisory Fee (net of waivers) | $157805 |
| Portfolio Turnover | 6% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9b3c581a5ca1059396a39760.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 96.6% |
| Money Market Funds | 3.4% |

---

## What did the Fund invest in?

## Asset Weighting (% of total investments)
![Group By Sector Chart](if4c9d7fe8b98a2565f5fbff8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 3.4% |
| Fixed Income | 3.8% |
| Equity | 92.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Schwab U.S. Large-Cap Value ETF | 26.8% |
| Schwab U.S. Large-Cap Growth ETF | 23.4% |
| WisdomTree U.S. Value Fund | 11.0% |
| iShares Russell Mid-Cap Growth ETF | 8.7% |
| Avantis U.S. Small Cap Value ETF | 8.2% |
| Invesco S&P SmallCap Momentum ETF | 6.9% |
| Fidelity Enhanced International ETF, USD Class | 5.0% |
| First American Government Obligations Fund, Class X | 3.4% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 2.9% |
| Vanguard Intermediate-Term Bond ETF | 1.9% |

---

![Image](if49e3ab068222e9026f436b0.jpg)

# Ladenburg Aggressive Growth Fund - Class A (LAWAX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.ladenburgfunds.com/shareholder-services.aspx**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-LAWAX

# Ladenburg Aggressive Growth Fund

# Class C (LAWCX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](id0498691e289829597034a34.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ladenburg Aggressive Growth Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.ladenburgfunds.com/shareholder-services.aspx**. You can also request this information by contacting us at 1-877-803-6583.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $91 | 1.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $65599652 |
| Number of Portfolio Holdings | 11 |
| Advisory Fee (net of waivers) | $157805 |
| Portfolio Turnover | 6% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9b3c581a5ca1059396a39760.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 96.6% |
| Money Market Funds | 3.4% |

---

## What did the Fund invest in?

## Asset Weighting (% of total investments)
![Group By Sector Chart](if4c9d7fe8b98a2565f5fbff8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 3.4% |
| Fixed Income | 3.8% |
| Equity | 92.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Schwab U.S. Large-Cap Value ETF | 26.8% |
| Schwab U.S. Large-Cap Growth ETF | 23.4% |
| WisdomTree U.S. Value Fund | 11.0% |
| iShares Russell Mid-Cap Growth ETF | 8.7% |
| Avantis U.S. Small Cap Value ETF | 8.2% |
| Invesco S&P SmallCap Momentum ETF | 6.9% |
| Fidelity Enhanced International ETF, USD Class | 5.0% |
| First American Government Obligations Fund, Class X | 3.4% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 2.9% |
| Vanguard Intermediate-Term Bond ETF | 1.9% |

---

![Image](if49e3ab068222e9026f436b0.jpg)

# Ladenburg Aggressive Growth Fund - Class C (LAWCX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.ladenburgfunds.com/shareholder-services.aspx**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-LAWCX

# Ladenburg Aggressive Growth Fund

# Class I (LAGIX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](id0498691e289829597034a34.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ladenburg Aggressive Growth Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.ladenburgfunds.com/shareholder-services.aspx**. You can also request this information by contacting us at 1-877-803-6583.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $45 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $65599652 |
| Number of Portfolio Holdings | 11 |
| Advisory Fee (net of waivers) | $157805 |
| Portfolio Turnover | 6% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9b3c581a5ca1059396a39760.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 96.6% |
| Money Market Funds | 3.4% |

---

## What did the Fund invest in?

## Asset Weighting (% of total investments)
![Group By Sector Chart](if4c9d7fe8b98a2565f5fbff8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 3.4% |
| Fixed Income | 3.8% |
| Equity | 92.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Schwab U.S. Large-Cap Value ETF | 26.8% |
| Schwab U.S. Large-Cap Growth ETF | 23.4% |
| WisdomTree U.S. Value Fund | 11.0% |
| iShares Russell Mid-Cap Growth ETF | 8.7% |
| Avantis U.S. Small Cap Value ETF | 8.2% |
| Invesco S&P SmallCap Momentum ETF | 6.9% |
| Fidelity Enhanced International ETF, USD Class | 5.0% |
| First American Government Obligations Fund, Class X | 3.4% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 2.9% |
| Vanguard Intermediate-Term Bond ETF | 1.9% |

---

![Image](if49e3ab068222e9026f436b0.jpg)

# Ladenburg Aggressive Growth Fund - Class I (LAGIX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.ladenburgfunds.com/shareholder-services.aspx**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-LAGIX

# Ladenburg Growth & Income Fund

# Class A (LOWAX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](id0498691e289829597034a34.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ladenburg Growth & Income Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.ladenburgfunds.com/shareholder-services.aspx**. You can also request this information by contacting us at 1-877-803-6583.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $50 | 0.95%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $179083236 |
| Number of Portfolio Holdings | 13 |
| Advisory Fee | $443684 |
| Portfolio Turnover | 6% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i557216e7b084510a8c27b554.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.0% |
| Money Market Funds | 1.0% |

---

## What did the Fund invest in?

## Asset Weighting (% of total investments)
![Group By Sector Chart](i459c7e0f0080a9b385f8715f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 1.0% |
| Fixed Income | 29.1% |
| Equity | 69.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Schwab U.S. Large-Cap Value ETF | 21.4% |
| Schwab U.S. Large-Cap Growth ETF | 18.0% |
| PIMCO Active Bond ETF | 9.8% |
| Invesco Total Return Bond ETF | 6.8% |
| Vanguard Intermediate-Term Bond ETF | 6.8% |
| Avantis U.S. Small Cap Value ETF | 6.3% |
| SPDR Doubleline Total Return Tactical ETF | 5.8% |
| WisdomTree U.S. Value Fund | 5.1% |
| Fidelity Enhanced International ETF, USD Class | 5.1% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 5.0% |

---

![Image](if49e3ab068222e9026f436b0.jpg)

# Ladenburg Growth & Income Fund - Class A (LOWAX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.ladenburgfunds.com/shareholder-services.aspx**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-LOWAX

# Ladenburg Growth & Income Fund

# Class C (LOWCX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](id0498691e289829597034a34.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ladenburg Growth & Income Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.ladenburgfunds.com/shareholder-services.aspx**. You can also request this information by contacting us at 1-877-803-6583.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $91 | 1.70%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $179083236 |
| Number of Portfolio Holdings | 13 |
| Advisory Fee | $443684 |
| Portfolio Turnover | 6% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i557216e7b084510a8c27b554.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.0% |
| Money Market Funds | 1.0% |

---

## What did the Fund invest in?

## Asset Weighting (% of total investments)
![Group By Sector Chart](i459c7e0f0080a9b385f8715f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 1.0% |
| Fixed Income | 29.1% |
| Equity | 69.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Schwab U.S. Large-Cap Value ETF | 21.4% |
| Schwab U.S. Large-Cap Growth ETF | 18.0% |
| PIMCO Active Bond ETF | 9.8% |
| Invesco Total Return Bond ETF | 6.8% |
| Vanguard Intermediate-Term Bond ETF | 6.8% |
| Avantis U.S. Small Cap Value ETF | 6.3% |
| SPDR Doubleline Total Return Tactical ETF | 5.8% |
| WisdomTree U.S. Value Fund | 5.1% |
| Fidelity Enhanced International ETF, USD Class | 5.1% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 5.0% |

---

![Image](if49e3ab068222e9026f436b0.jpg)

# Ladenburg Growth & Income Fund - Class C (LOWCX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.ladenburgfunds.com/shareholder-services.aspx**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-LOWCX

# Ladenburg Growth & Income Fund

# Class I (LOWIX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](id0498691e289829597034a34.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ladenburg Growth & Income Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.ladenburgfunds.com/shareholder-services.aspx**. You can also request this information by contacting us at 1-877-803-6583.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $38 | 0.73%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $179083236 |
| Number of Portfolio Holdings | 13 |
| Advisory Fee | $443684 |
| Portfolio Turnover | 6% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i557216e7b084510a8c27b554.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.0% |
| Money Market Funds | 1.0% |

---

## What did the Fund invest in?

## Asset Weighting (% of total investments)
![Group By Sector Chart](i459c7e0f0080a9b385f8715f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 1.0% |
| Fixed Income | 29.1% |
| Equity | 69.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Schwab U.S. Large-Cap Value ETF | 21.4% |
| Schwab U.S. Large-Cap Growth ETF | 18.0% |
| PIMCO Active Bond ETF | 9.8% |
| Invesco Total Return Bond ETF | 6.8% |
| Vanguard Intermediate-Term Bond ETF | 6.8% |
| Avantis U.S. Small Cap Value ETF | 6.3% |
| SPDR Doubleline Total Return Tactical ETF | 5.8% |
| WisdomTree U.S. Value Fund | 5.1% |
| Fidelity Enhanced International ETF, USD Class | 5.1% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 5.0% |

---

![Image](if49e3ab068222e9026f436b0.jpg)

# Ladenburg Growth & Income Fund - Class I (LOWIX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.ladenburgfunds.com/shareholder-services.aspx**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-LOWIX

# Ladenburg Growth Fund

# Class A (LGWAX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](id0498691e289829597034a34.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ladenburg Growth Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.ladenburgfunds.com/shareholder-services.aspx**. You can also request this information by contacting us at 1-877-803-6583.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $52 | 0.98%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $132949208 |
| Number of Portfolio Holdings | 12 |
| Advisory Fee (net of waivers) | $323702 |
| Portfolio Turnover | 8% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9e3310101a299bd14c274422.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 97.7% |
| Money Market Funds | 2.3% |

---

## What did the Fund invest in?

## Asset Weighting (% of total investments)
![Group By Sector Chart](i3eca7c842041b55a92daf495.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 2.4% |
| Fixed Income | 12.4% |
| Equity | 85.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Schwab U.S. Large-Cap Value ETF | 25.9% |
| Schwab U.S. Large-Cap Growth ETF | 22.5% |
| WisdomTree U.S. Value Fund | 9.1% |
| Avantis U.S. Small Cap Value ETF | 7.2% |
| iShares Russell Mid-Cap Growth ETF | 5.8% |
| Fidelity Enhanced International ETF, USD Class | 5.0% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 4.9% |
| Invesco S&P SmallCap Momentum ETF | 4.8% |
| Invesco Total Return Bond ETF | 4.8% |
| PIMCO Active Bond ETF | 3.8% |

---

![Image](if49e3ab068222e9026f436b0.jpg)

# Ladenburg Growth Fund - Class A (LGWAX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.ladenburgfunds.com/shareholder-services.aspx**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-LGWAX

# Ladenburg Growth Fund

# Class C (LGWCX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](id0498691e289829597034a34.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ladenburg Growth Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.ladenburgfunds.com/shareholder-services.aspx**. You can also request this information by contacting us at 1-877-803-6583.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $91 | 1.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $132949208 |
| Number of Portfolio Holdings | 12 |
| Advisory Fee (net of waivers) | $323702 |
| Portfolio Turnover | 8% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9e3310101a299bd14c274422.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 97.7% |
| Money Market Funds | 2.3% |

---

## What did the Fund invest in?

## Asset Weighting (% of total investments)
![Group By Sector Chart](i3eca7c842041b55a92daf495.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 2.4% |
| Fixed Income | 12.4% |
| Equity | 85.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Schwab U.S. Large-Cap Value ETF | 25.9% |
| Schwab U.S. Large-Cap Growth ETF | 22.5% |
| WisdomTree U.S. Value Fund | 9.1% |
| Avantis U.S. Small Cap Value ETF | 7.2% |
| iShares Russell Mid-Cap Growth ETF | 5.8% |
| Fidelity Enhanced International ETF, USD Class | 5.0% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 4.9% |
| Invesco S&P SmallCap Momentum ETF | 4.8% |
| Invesco Total Return Bond ETF | 4.8% |
| PIMCO Active Bond ETF | 3.8% |

---

![Image](if49e3ab068222e9026f436b0.jpg)

# Ladenburg Growth Fund - Class C (LGWCX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.ladenburgfunds.com/shareholder-services.aspx**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-LGWCX

# Ladenburg Growth Fund

# Class I (LGWIX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](id0498691e289829597034a34.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ladenburg Growth Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.ladenburgfunds.com/shareholder-services.aspx**. You can also request this information by contacting us at 1-877-803-6583.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $40 | 0.77%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $132949208 |
| Number of Portfolio Holdings | 12 |
| Advisory Fee (net of waivers) | $323702 |
| Portfolio Turnover | 8% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9e3310101a299bd14c274422.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 97.7% |
| Money Market Funds | 2.3% |

---

## What did the Fund invest in?

## Asset Weighting (% of total investments)
![Group By Sector Chart](i3eca7c842041b55a92daf495.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 2.4% |
| Fixed Income | 12.4% |
| Equity | 85.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Schwab U.S. Large-Cap Value ETF | 25.9% |
| Schwab U.S. Large-Cap Growth ETF | 22.5% |
| WisdomTree U.S. Value Fund | 9.1% |
| Avantis U.S. Small Cap Value ETF | 7.2% |
| iShares Russell Mid-Cap Growth ETF | 5.8% |
| Fidelity Enhanced International ETF, USD Class | 5.0% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 4.9% |
| Invesco S&P SmallCap Momentum ETF | 4.8% |
| Invesco Total Return Bond ETF | 4.8% |
| PIMCO Active Bond ETF | 3.8% |

---

![Image](if49e3ab068222e9026f436b0.jpg)

# Ladenburg Growth Fund - Class I (LGWIX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.ladenburgfunds.com/shareholder-services.aspx**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-LGWIX

# Ladenburg Income & Growth Fund

# Class A (LNOAX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](id0498691e289829597034a34.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ladenburg Income & Growth Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.ladenburgfunds.com/shareholder-services.aspx**. You can also request this information by contacting us at 1-877-803-6583.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $52 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $61826909 |
| Number of Portfolio Holdings | 13 |
| Advisory Fee (net of waivers) | $153403 |
| Portfolio Turnover | 6% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i34f188957b45388d47a96e3b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 97.6% |
| Money Market Funds | 2.4% |

---

## What did the Fund invest in?

## Asset Weighting (% of total investments)
![Group By Sector Chart](i8d1bbd2fe533880fad7956e6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 2.4% |
| Fixed Income | 48.4% |
| Equity | 49.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Active Bond ETF | 17.5% |
| Schwab U.S. Large-Cap Value ETF | 15.1% |
| Schwab U.S. Large-Cap Growth ETF | 11.9% |
| Vanguard Intermediate-Term Bond ETF | 10.7% |
| Invesco Total Return Bond ETF | 10.6% |
| SPDR Doubleline Total Return Tactical ETF | 9.6% |
| Fidelity Enhanced International ETF, USD Class | 5.1% |
| Avantis U.S. Small Cap Value ETF | 4.1% |
| WisdomTree U.S. Value Fund | 4.0% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 4.0% |

---

![Image](if49e3ab068222e9026f436b0.jpg)

# Ladenburg Income & Growth Fund - Class A (LNOAX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.ladenburgfunds.com/shareholder-services.aspx**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-LNOAX

# Ladenburg Income & Growth Fund

# Class C (LNOCX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](id0498691e289829597034a34.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ladenburg Income & Growth Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.ladenburgfunds.com/shareholder-services.aspx**. You can also request this information by contacting us at 1-877-803-6583.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $91 | 1.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $61826909 |
| Number of Portfolio Holdings | 13 |
| Advisory Fee (net of waivers) | $153403 |
| Portfolio Turnover | 6% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i34f188957b45388d47a96e3b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 97.6% |
| Money Market Funds | 2.4% |

---

## What did the Fund invest in?

## Asset Weighting (% of total investments)
![Group By Sector Chart](i8d1bbd2fe533880fad7956e6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 2.4% |
| Fixed Income | 48.4% |
| Equity | 49.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Active Bond ETF | 17.5% |
| Schwab U.S. Large-Cap Value ETF | 15.1% |
| Schwab U.S. Large-Cap Growth ETF | 11.9% |
| Vanguard Intermediate-Term Bond ETF | 10.7% |
| Invesco Total Return Bond ETF | 10.6% |
| SPDR Doubleline Total Return Tactical ETF | 9.6% |
| Fidelity Enhanced International ETF, USD Class | 5.1% |
| Avantis U.S. Small Cap Value ETF | 4.1% |
| WisdomTree U.S. Value Fund | 4.0% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 4.0% |

---

![Image](if49e3ab068222e9026f436b0.jpg)

# Ladenburg Income & Growth Fund - Class C (LNOCX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.ladenburgfunds.com/shareholder-services.aspx**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-LNOCX

# Ladenburg Income & Growth Fund

# Class I (LNOIX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](id0498691e289829597034a34.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ladenburg Income & Growth Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.ladenburgfunds.com/shareholder-services.aspx**. You can also request this information by contacting us at 1-877-803-6583.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $44 | 0.82%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $61826909 |
| Number of Portfolio Holdings | 13 |
| Advisory Fee (net of waivers) | $153403 |
| Portfolio Turnover | 6% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i34f188957b45388d47a96e3b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 97.6% |
| Money Market Funds | 2.4% |

---

## What did the Fund invest in?

## Asset Weighting (% of total investments)
![Group By Sector Chart](i8d1bbd2fe533880fad7956e6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 2.4% |
| Fixed Income | 48.4% |
| Equity | 49.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Active Bond ETF | 17.5% |
| Schwab U.S. Large-Cap Value ETF | 15.1% |
| Schwab U.S. Large-Cap Growth ETF | 11.9% |
| Vanguard Intermediate-Term Bond ETF | 10.7% |
| Invesco Total Return Bond ETF | 10.6% |
| SPDR Doubleline Total Return Tactical ETF | 9.6% |
| Fidelity Enhanced International ETF, USD Class | 5.1% |
| Avantis U.S. Small Cap Value ETF | 4.1% |
| WisdomTree U.S. Value Fund | 4.0% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 4.0% |

---

![Image](if49e3ab068222e9026f436b0.jpg)

# Ladenburg Income & Growth Fund - Class I (LNOIX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.ladenburgfunds.com/shareholder-services.aspx**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-LNOIX

# Ladenburg Income Fund

# Class A (LNCAX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](id0498691e289829597034a34.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ladenburg Income Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.ladenburgfunds.com/shareholder-services.aspx**. You can also request this information by contacting us at 1-877-803-6583.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $52 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $10009340 |
| Number of Portfolio Holdings | 13 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 3% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8733a2e99f4419434f2b26df.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.0% |
| Money Market Funds | 1.0% |

---

## What did the Fund invest in?

## Asset Weighting (% of total investments)
![Group By Sector Chart](i5ee77ad9893c9b8974844977.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Money Market Funds | 1.0% |
| Equity | 30.8% |
| Fixed Income | 68.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Active Bond ETF | 22.0% |
| Vanguard Intermediate-Term Bond ETF | 17.9% |
| SPDR Doubleline Total Return Tactical ETF | 15.0% |
| Invesco Total Return Bond ETF | 13.1% |
| Schwab U.S. Large-Cap Value ETF | 9.0% |
| Schwab U.S. Large-Cap Growth ETF | 6.0% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 4.2% |
| Fidelity Enhanced International ETF, USD Class | 3.2% |
| Invesco S&P SmallCap Momentum ETF | 2.1% |
| Avantis U.S. Small Cap Value ETF | 2.1% |

---

![Image](if49e3ab068222e9026f436b0.jpg)

# Ladenburg Income Fund - Class A (LNCAX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.ladenburgfunds.com/shareholder-services.aspx**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-LNCAX

# Ladenburg Income Fund

# Class C (LNCCX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](id0498691e289829597034a34.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ladenburg Income Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.ladenburgfunds.com/shareholder-services.aspx**. You can also request this information by contacting us at 1-877-803-6583.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $90 | 1.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $10009340 |
| Number of Portfolio Holdings | 13 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 3% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8733a2e99f4419434f2b26df.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.0% |
| Money Market Funds | 1.0% |

---

## What did the Fund invest in?

## Asset Weighting (% of total investments)
![Group By Sector Chart](i5ee77ad9893c9b8974844977.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Money Market Funds | 1.0% |
| Equity | 30.8% |
| Fixed Income | 68.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Active Bond ETF | 22.0% |
| Vanguard Intermediate-Term Bond ETF | 17.9% |
| SPDR Doubleline Total Return Tactical ETF | 15.0% |
| Invesco Total Return Bond ETF | 13.1% |
| Schwab U.S. Large-Cap Value ETF | 9.0% |
| Schwab U.S. Large-Cap Growth ETF | 6.0% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 4.2% |
| Fidelity Enhanced International ETF, USD Class | 3.2% |
| Invesco S&P SmallCap Momentum ETF | 2.1% |
| Avantis U.S. Small Cap Value ETF | 2.1% |

---

![Image](if49e3ab068222e9026f436b0.jpg)

# Ladenburg Income Fund - Class C (LNCCX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.ladenburgfunds.com/shareholder-services.aspx**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-LNCCX

# Ladenburg Income Fund

# Class I (LNCIX)

#### Semi-Annual Shareholder Report - December 31, 2025
![Image](id0498691e289829597034a34.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Ladenburg Income Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.ladenburgfunds.com/shareholder-services.aspx**. You can also request this information by contacting us at 1-877-803-6583.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $44 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $10009340 |
| Number of Portfolio Holdings | 13 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 3% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8733a2e99f4419434f2b26df.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.0% |
| Money Market Funds | 1.0% |

---

## What did the Fund invest in?

## Asset Weighting (% of total investments)
![Group By Sector Chart](i5ee77ad9893c9b8974844977.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Money Market Funds | 1.0% |
| Equity | 30.8% |
| Fixed Income | 68.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Active Bond ETF | 22.0% |
| Vanguard Intermediate-Term Bond ETF | 17.9% |
| SPDR Doubleline Total Return Tactical ETF | 15.0% |
| Invesco Total Return Bond ETF | 13.1% |
| Schwab U.S. Large-Cap Value ETF | 9.0% |
| Schwab U.S. Large-Cap Growth ETF | 6.0% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 4.2% |
| Fidelity Enhanced International ETF, USD Class | 3.2% |
| Invesco S&P SmallCap Momentum ETF | 2.1% |
| Avantis U.S. Small Cap Value ETF | 2.1% |

---

![Image](if49e3ab068222e9026f436b0.jpg)

# Ladenburg Income Fund - Class I (LNCIX)

#### Semi-Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.ladenburgfunds.com/shareholder-services.aspx**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 123125-LNCIX

(b)&nbsp;&nbsp;&nbsp;&nbsp; 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 Registrants.** 

Not applicable to open-end investment companies.

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 1 of this form.

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

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![(LOGO)](la001_v1.jpg)

---

| |
|:---|
| **Ladenburg Income Fund** |
| **Ladenburg Income & Growth Fund** |
| **Ladenburg Growth & Income Fund** |
| **Ladenburg Growth Fund** |
| **Ladenburg Aggressive Growth Fund** |
| Semi-Annual Financial Statements and |
| Additional Information |
| December 31, 2025 |

---

---

| |
|:---|
| **LADENBURG INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.8%** |  |
|  | **EQUITY - 30.8%** |  |
| 2094 | Avantis U.S. Small Cap Value ETF | $213546 |
| 8755 | Fidelity Enhanced International ETF, USD Class | 320258 |
| 2972 | Invesco S&P SmallCap Momentum ETF | 214014 |
| 1491 | iShares Russell Mid-Cap Growth ETF | 204178 |
| 6273 | JPMorgan Hedged Equity Laddered Overlay ETF | 416715 |
| 18444 | Schwab U.S. Large-Cap Growth ETF | 601643 |
| 30462 | Schwab U.S. Large-Cap Value ETF | 901980 |
| 2260 | WisdomTree U.S. Value Fund | 210858 |
|  |  | 3083192 |
|  | **FIXED INCOME - 68.0%** |  |
| 27695 | Invesco Total Return Bond ETF | 1313297 |
| 23621 | PIMCO Active Bond ETF | 2198642 |
| 37225 | SPDR Doubleline Total Return Tactical ETF | 1498306 |
| 23087 | Vanguard Intermediate-Term Bond ETF | 1798016 |
|  |  | 6808261 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $9,552,214)** | 9891453 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 1.0%** |  |
|  | **MONEY MARKET FUND - 1.0%** |  |
| 98809 | First American Government Obligations Fund, Class X, 3.64% (Cost $98,809)<sup>(a)</sup> | 98809 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $9,651,023)** | $9990262 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | 19078 |
|  | **NET ASSETS - 100.0%** | $10009340 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor's Depositary Receipt |

---

(a) Rate disclosed is the seven day effective
 yield as of December 31, 2025.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LADENBURG INCOME & GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 97.6%** |  |
|  | **EQUITY - 49.2%** |  |
| 25224 | Avantis U.S. Small Cap Value ETF | $2572344 |
| 85927 | Fidelity Enhanced International ETF, USD Class | 3143210 |
| 17151 | Invesco S&P SmallCap Momentum ETF | 1235044 |
| 13401 | iShares Russell Mid-Cap Growth ETF | 1835133 |
| 36945 | JPMorgan Hedged Equity Laddered Overlay ETF | 2454256 |
| 225204 | Schwab U.S. Large-Cap Growth ETF | 7346154 |
| 316296 | Schwab U.S. Large-Cap Value ETF | 9365524 |
| 26388 | WisdomTree U.S. Value Fund | 2462000 |
|  |  | 30413665 |
|  | **FIXED INCOME - 48.4%** |  |
| 138159 | Invesco Total Return Bond ETF | 6551500 |
| 116075 | PIMCO Active Bond ETF | 10804261 |
| 147225 | SPDR Doubleline Total Return Tactical ETF | 5925806 |
| 85149 | Vanguard Intermediate-Term Bond ETF | 6631405 |
|  |  | 29912972 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $52,682,845)** | 60326637 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 2.4%** |  |
|  | **MONEY MARKET FUND - 2.4%** |  |
| 1493295 | First American Government Obligations Fund, Class X, 3.64% (Cost $1,493,295)<sup>(a)</sup> | 1493295 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $54,176,140)** | $61819932 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%** | 6977 |
|  | **NET ASSETS - 100.0%** | $61826909 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor's Depositary Receipt |

---

(a) Rate disclosed is the seven day effective
 yield as of December 31, 2025.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LADENBURG GROWTH & INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.1%** |  |
|  | **EQUITY - 70.0%** |  |
| 111316 | Avantis U.S. Small Cap Value ETF | $11352006 |
| 251002 | Fidelity Enhanced International ETF, USD Class | 9181653 |
| 123391 | Invesco S&P SmallCap Momentum ETF | 8885386 |
| 52066 | iShares Russell Mid-Cap Growth ETF | 7129918 |
| 134901 | JPMorgan Hedged Equity Laddered Overlay ETF | 8961473 |
| 986769 | Schwab U.S. Large-Cap Growth ETF | 32188405 |
| 1293111 | Schwab U.S. Large-Cap Value ETF | 38289017 |
| 99009 | WisdomTree U.S. Value Fund | 9237540 |
|  |  | 125225398 |
|  | **FIXED INCOME - 29.1%** |  |
| 256868 | Invesco Total Return Bond ETF | 12180681 |
| 187325 | PIMCO Active Bond ETF | 17436210 |
| 258334 | SPDR Doubleline Total Return Tactical ETF | 10397944 |
| 156339 | Vanguard Intermediate-Term Bond ETF | 12175681 |
|  |  | 52190516 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $139,391,615)** | 177415914 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 1.0%** |  |
|  | **MONEY MARKET FUND - 1.0%** |  |
| 1780647 | First American Government Obligations Fund, Class X, 3.64% (Cost $1,780,647)<sup>(a)</sup> | 1780647 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $141,172,262)** | $179196561 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (113325) |
|  | **NET ASSETS - 100.0%** | $179083236 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor's Depositary Receipt |

---

(a) Rate disclosed is the seven day effective
 yield as of December 31, 2025.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LADENBURG GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 97.6%** |  |
|  | **EQUITY - 85.2%** |  |
| 93806 | Avantis U.S. Small Cap Value ETF | $9566336 |
| 182600 | Fidelity Enhanced International ETF, USD Class | 6679508 |
| 89365 | Invesco S&P SmallCap Momentum ETF | 6435174 |
| 56816 | iShares Russell Mid-Cap Growth ETF | 7780383 |
| 98138 | JPMorgan Hedged Equity Laddered Overlay ETF | 6519307 |
| 917267 | Schwab U.S. Large-Cap Growth ETF | 29921250 |
| 1160791 | Schwab U.S. Large-Cap Value ETF | 34371022 |
| 129328 | WisdomTree U.S. Value Fund | 12066302 |
|  |  | 113339282 |
|  | **FIXED INCOME - 12.4%** |  |
| 134002 | Invesco Total Return Bond ETF | 6354375 |
| 54693 | PIMCO Active Bond ETF | 5090824 |
| 65174 | Vanguard Intermediate-Term Bond ETF | 5075750 |
|  |  | 16520949 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $96,325,685)** | 129860231 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 2.4%** |  |
|  | **MONEY MARKET FUND - 2.4%** |  |
| 3124899 | First American Government Obligations Fund, Class X, 3.64% (Cost $3,124,899)<sup>(a)</sup> | 3124899 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $99,450,584)** | $132985130 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%** | (35922) |
|  | **NET ASSETS - 100.0%** | $132949208 |

---

ETF - Exchange-Traded Fund <br>

(a) Rate disclosed is the seven day effective
 yield as of December 31, 2025.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **LADENBURG AGGRESSIVE GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 96.7%** |  |
|  | **EQUITY - 92.9%** |  |
| 52476 | Avantis U.S. Small Cap Value ETF | $5351502 |
| 89827 | Fidelity Enhanced International ETF, USD Class | 3285872 |
| 62480 | Invesco S&P SmallCap Momentum ETF | 4499185 |
| 41924 | iShares Russell Mid-Cap Growth ETF | 5741073 |
| 28966 | JPMorgan Hedged Equity Laddered Overlay ETF | 1924211 |
| 470850 | Schwab U.S. Large-Cap Growth ETF | 15359127 |
| 592848 | Schwab U.S. Large-Cap Value ETF | 17554229 |
| 77156 | WisdomTree U.S. Value Fund | 7198655 |
|  |  | 60913854 |
|  | **FIXED INCOME - 3.8%** |  |
| 26412 | Invesco Total Return Bond ETF | 1252457 |
| 16336 | Vanguard Intermediate-Term Bond ETF | 1272247 |
|  |  | 2524704 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $46,921,667)** | 63438558 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 3.4%** |  |
|  | **MONEY MARKET FUND - 3.4%** |  |
| 2201998 | First American Government Obligations Fund, Class X, 3.64% (Cost $2,201,998)<sup>(a)</sup> | 2201998 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $49,123,665)** | $65640556 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (40904) |
|  | **NET ASSETS - 100.0%** | $65599652 |

---

ETF - Exchange-Traded Fund <br>

(a) Rate disclosed is the seven day effective
 yield as of December 31, 2025.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **Ladenburg Funds** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| **December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>**Ladenburg**<br>**Income**<br>**Fund** | **Ladenburg**<br>**Income &**<br>**Growth**<br>**Fund** | **Ladenburg**<br>**Growth &**<br>**Income**<br>**Fund** |<br>**Ladenburg**<br>**Growth**<br>**Fund** | **Ladenburg**<br>**Aggressive**<br>**Growth**<br>**Fund** |
| **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities at Cost | $9651023 | $54176140 | $141172262 | $99450584 | $49123665 |
| &nbsp;&nbsp;&nbsp;Investments in Securities at Value | $9990262 | $61819932 | $179196561 | $132985130 | $65640556 |
| &nbsp;&nbsp;&nbsp;Due from Advisor | 4690 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for Fund Shares Sold | 9868 | 28451 | 41549 | 110067 | 20950 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 9741 | 52295 | 84863 | 31972 | 7955 |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses and Other Assets | 19847 | 16181 | 24374 | 13020 | 21067 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 10034408 | 61916859 | 179347347 | 133140189 | 65690528 |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemptions Payable | 3814 | 9529 | 66285 | 39706 | 14528 |
| &nbsp;&nbsp;&nbsp;Payable to Related Parties | 5953 | 13388 | 32623 | 37147 | 13022 |
| &nbsp;&nbsp;&nbsp;Accrued Advisory Fees |  | 51166 | 149294 | 109237 | 60997 |
| &nbsp;&nbsp;&nbsp;Accrued Distribution Fees | 61 | 185 | 391 | 180 | 192 |
| &nbsp;&nbsp;&nbsp;Accrued Expenses and Other Liabilities | 15240 | 15682 | 15518 | 4711 | 2137 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 25068 | 89950 | 264111 | 190981 | 90876 |
| **Net Assets** | $10009340 | $61826909 | $179083236 | $132949208 | $65599652 |
| **Composition of Net Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At December 31, 2025, Net Assets consisted of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in-Capital | $9613702 | $53402799 | $139369795 | $97633803 | $48442848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated Earnings | 395638 | 8424110 | 39713441 | 35315405 | 17156804 |
| **Net Assets** | $10009340 | $61826909 | $179083236 | $132949208 | $65599652 |
| **Class A Net Assets** | $256250 | $410054 | $1856611 | $601283 | $757286 |
| **Share of Beneficial Interest Outstanding (Unlimited shares of no par value interest authorized)** | 23173 | 31812 | 124377 | 33842 | 37755 |
| **Net Asset Value and Redemption Price Per Share (Net Assets/Shares Outstanding)** | $11.06 | $12.89 | $14.93 | $17.77 | $20.06 |
| **Maximum Offering Price Per Share (Maximum Sales Charge 5.00%)(a)** | $11.64 | $13.57 | $15.72 | $18.71 | $21.12 |
| **Class C Net Assets** | 13 | $115873 | $4682 | $48402 | $11056 |
| **Share of Beneficial Interest Outstanding (Unlimited shares of no par value interest authorized)** | 1 | 9260 | 326 | 2787 | 582 |
| **Net Asset Value, Offering and Redemption Price Per Share (Net Assets/Shares Outstanding)** | $10.90 (b) | 12.51 (b) | $14.34 (b) | $17.36 | $18.98 (b) |
| **Class I Net Assets** | $9753077 | $61300982 | $177221943 | $132299523 | $64831310 |
| **Share of Beneficial Interest Outstanding (Unlimited shares of no par value interest authorized)** | 889357 | 4751298 | 11811751 | 7499304 | 3307339 |
| **Net Asset Value, Offering and Redemption Price Per Share (Net Assets/Shares Outstanding)** | $10.97 | $12.90 | $15.00 | $17.64 | $19.60 |

---

(a) On investments of $50,000 or more,
 the offering price is reduced. See Note 1 in the Notes to Financial Statements.

(b) Net asset value does not recalculate
 due to rounding.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Ladenburg Funds** |
| **STATEMENTS OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>**Ladenburg**<br>**Income**<br>**Fund** | **Ladenburg**<br>**Income &**<br>**Growth**<br>**Fund** | **Ladenburg**<br>**Growth &**<br>**Income**<br>**Fund** |<br>**Ladenburg**<br>**Growth**<br>**Fund** | **Ladenburg**<br>**Aggressive**<br>**Growth**<br>**Fund** |
| **Investment Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $213317 | $1046241 | $2275133 | $1184251 | $457347 |
| &nbsp;&nbsp;&nbsp;Interest Income | 2756 | 16900 | 31066 | 24737 | 30834 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 216073 | 1063141 | 2306199 | 1208988 | 488181 |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees | 25714 | 153587 | 443684 | 323719 | 157914 |
| &nbsp;&nbsp;&nbsp;Distribution Fees - Class A | 325 | 469 | 2309 | 727 | 904 |
| &nbsp;&nbsp;&nbsp;Distribution Fees - Class C |  | 572 | 23 | 247 | 51 |
| &nbsp;&nbsp;&nbsp;Administration Fees | 12951 | 22686 | 56603 | 52311 | 24723 |
| &nbsp;&nbsp;&nbsp;Registration & Filing Fees | 12087 | 13349 | 17294 | 19732 | 15421 |
| &nbsp;&nbsp;&nbsp;Audit Fees | 8269 | 8747 | 8453 | 8454 | 8697 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 7741 | 7966 | 15819 | 7956 | 8210 |
| &nbsp;&nbsp;&nbsp;Third Party Administrative Services Fees | 4104 | 21441 | 61975 | 38876 | 18815 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 3063 | 4652 | 7863 | 12471 | 4507 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 2501 | 3746 | 8571 | 4683 | 4889 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 2175 | 2299 | 2903 | 3430 | 2245 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 1901 | 8746 | 18729 | 13948 | 8294 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 1463 | 2046 | 247 | 2568 | 2169 |
| &nbsp;&nbsp;&nbsp;Miscellaneous Expenses | 1354 | 1369 | 309 | 1646 | 2025 |
| &nbsp;&nbsp;&nbsp;Printing Expense | 763 | 2754 | 9091 | 6869 | 3988 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 84411 | 254429 | 653873 | 497637 | 262852 |
| &nbsp;&nbsp;&nbsp;Less: Expenses Waived/Reimbursed by the Advisor | (40505) | (184) |  | (17) | (109) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 43906 | 254245 | 653873 | 497620 | 262743 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 172167 | 808896 | 1652326 | 711368 | 225438 |
| **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 160831 | 934681 | 2440209 | 2977377 | 661362 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Investments | 158634 | 1745208 | 7662603 | 5818830 | 3739467 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments** | 319465 | 2679889 | 10102812 | 8796207 | 4400829 |
| **Net Increase in Net Assets Resulting From Operations** | $491632 | $3488785 | $11755138 | $9507575 | $4626267 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Ladenburg Income Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** |
|  | **(Unaudited)** | |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $172167 | $301289 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 160831 | 553383 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Investments | 158634 | 122668 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 491632 | 977340 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (5829) | (12798) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (236221) | (521110) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Distributions to Shareholders** | (242050) | (533908) |
| **Share Transactions of Beneficial Interest:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued |  | 43 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 4763 | 12421 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (11728) | (72637) |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed |  | (16952) |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 918562 | 2030105 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 211210 | 474520 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (1558889) | (3926974) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Share Transactions of Beneficial Interest** | (436082) | (1499474) |
| **Total Decrease in Net Assets** | (186500) | (1056042) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 10195840 | 11251882 |
| &nbsp;&nbsp;&nbsp;End of Period | $10009340 | $10195840 |
| **Share Activity** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 429 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (1065) | (6686) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Shares of Beneficial Interest Outstanding | (636) | (5518) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed |  | (1638) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding |  | (1638) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 84067 | 189236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 19222 | 44957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (142178) | (366975) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Shares of Beneficial Interest Outstanding | (38889) | (132782) |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Ladenburg Income & Growth Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** |
|  | **(Unaudited)** | |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $808896 | $1318208 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 934681 | 4744763 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | 1745208 | (802743) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 3488785 | 5260228 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (10928) | (29544) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (2918) | (9033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1742288) | (5470630) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Distributions to Shareholders** | (1756134) | (5509207) |
| **Share Transactions of Beneficial Interest:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 85723 | 9 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 10928 | 29544 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (4898) | (478554) |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued |  | 3 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 2918 | 9033 |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 5753511 | 10132579 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 1614390 | 4994693 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (7305422) | (15930899) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Share Transactions of Beneficial Interest** | 157150 | (1243592) |
| **Total Increase (Decrease) in Net Assets** | 1889801 | (1492571) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 59937108 | 61429679 |
| &nbsp;&nbsp;&nbsp;End of Period | $61826909 | $59937108 |
| **Share Activity** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 6688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 843 | 2382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (379) | (35548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | 7152 | (33166) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 232 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding | 232 | 755 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 443658 | 802821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 124343 | 404192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (565121) | (1245899) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | 2880 | (38886) |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Ladenburg Growth & Income Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** |
|  | **(Unaudited)** | |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1652326 | $2714618 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 2440209 | 12972315 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | 7662603 | (438255) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 11755138 | 15248678 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (55402) | (106802) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (130) | (355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (5452211) | (14583070) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Distributions to Shareholders** | (5507743) | (14690227) |
| **Share Transactions of Beneficial Interest:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 571 | 528991 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 36861 | 100355 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (13087) | (59211) |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued |  | 200 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 129 | 350 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (70) | (20123) |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 14098108 | 33713565 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 5026940 | 13274567 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (15936445) | (44032163) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Share Transactions of Beneficial Interest** | 3213007 | 3506531 |
| **Total Increase in Net Assets** | 9460402 | 4064982 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 169622834 | 165557852 |
| &nbsp;&nbsp;&nbsp;End of Period | $179083236 | $169622834 |
| **Share Activity** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 37 | 37763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 2446 | 7117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (883) | (4147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding | 1600 | 40733 |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 9 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (5) | (1431) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | 4 | (1391) |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 939685 | 2325498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 331814 | 935920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (1062133) | (3017314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding | 209366 | 244104 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Ladenburg Growth Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** |
|  | **(Unaudited)** | |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $711368 | $1113765 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 2977377 | 13813649 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | 5818830 | (2259211) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 9507575 | 12668203 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (25034) | (47185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (1720) | (5311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (5786912) | (11658079) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Distributions to Shareholders** | (5813666) | (11710575) |
| **Share Transactions of Beneficial Interest:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 29119 | 39091 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 24789 | 47185 |
| &nbsp;&nbsp;&nbsp;Payments for Shares Redeemed | (10050) | (50352) |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued |  | 1 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 1536 | 3708 |
| &nbsp;&nbsp;&nbsp;Payments for Shares Redeemed | (2421) | (14536) |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 17213191 | 31045312 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 5210089 | 10446990 |
| &nbsp;&nbsp;&nbsp;Payments for Shares Redeemed | (15909119) | (43395402) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Share Transactions of Beneficial Interest** | 6557134 | (1878003) |
| **Total Increase in Net Assets** | 10251043 | (920375) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 122698165 | 123618540 |
| &nbsp;&nbsp;&nbsp;End of Period | $132949208 | $122698165 |
| **Share Activity** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 1591 | 2323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 1379 | 2812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (555) | (2868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding | 2415 | 2267 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 87 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (136) | (871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Shares of Beneficial Interest Outstanding | (49) | (646) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 960393 | 1806585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 291718 | 627070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (891084) | (2506593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | 361027 | (72938) |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Ladenburg Aggressive Growth Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2025** |
|  | **(Unaudited)** | |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $225438 | $377233 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 661362 | 6912668 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | 3739467 | (1215387) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 4626267 | 6074514 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (34306) | (37131) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (493) | (496) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (3182149) | (4259611) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Distributions to Shareholders** | (3216948) | (4297238) |
| **Share Transactions of Beneficial Interest:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 34442 | 247153 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 34306 | 37131 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (14444) | (28684) |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 1614 | 3228 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 493 | 496 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 7526755 | 12962841 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 2904744 | 3806412 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (4413805) | (16754901) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Share Transactions of Beneficial Interest** | 6074105 | 273676 |
| **Total Increase in Net Assets** | 7483424 | 2050952 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 58116228 | 56065276 |
| &nbsp;&nbsp;&nbsp;End of Period | $65599652 | $58116228 |
| **Share Activity** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 1696 | 13146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 1687 | 1942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (725) | (1572) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding | 2658 | 13516 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 82 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 26 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding | 108 | 204 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 376108 | 686868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 146187 | 203443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (220367) | (862925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding | 301928 | 27386 |

---

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Ladenburg Income Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

The table below sets forth financial data for one share of beneficial interest outstanding throughout the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $10.79 | $10.37 | $10.07 | $9.85 | $11.78 | $10.99 |
| &nbsp;&nbsp;&nbsp;Activity From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a)(d) | 0.18 | 0.28 | 0.24 | 0.22 | 0.13 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.34 | 0.64 | 0.29 | 0.21 | (1.41) | 0.79 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.52 | 0.92 | 0.53 | 0.43 | (1.28) | 0.90 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.27) | (0.23) | (0.21) | (0.12) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.06) | (0.23) |  |  | (0.53) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.25) | (0.50) | (0.23) | (0.21) | (0.65) | (0.11) |
| **Net Asset Value, End of Period** | $11.06 | $10.79 | $10.37 | $10.07 | $9.85 | $11.78 |
| **Total Return (b)** | 4.84 % (f) | 9.05% | 5.32% | 4.45% | (11.52)% | 8.24% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $256 | $257 | $304 | $385 | $324 | $390 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 1.87 % (e) | 1.94% | 1.95% | 1.78% | 1.65% | 1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 1.00 % (e) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 3.22 % (e) | 2.62% | 2.42% | 2.19% | 1.13% | 0.97% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 3.35 % (f) | 29.08% | 6.81% | 34.51% | 24.84% | 29.04% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $10.64 | $10.23 | $9.94 | $9.73 | $11.67 | $10.90 |
| &nbsp;&nbsp;&nbsp;Activity From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a)(d) | 0.25 | 0.58 | 0.17 | 0.14 | 0.04 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.15 | 0.13 | 0.27 | 0.21 | (1.39) | 0.79 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.40 | 0.71 | 0.44 | 0.35 | (1.35) | 0.81 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.07) | (0.15) | (0.14) | (0.06) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.06) | (0.23) |  |  | (0.53) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.14) | (0.30) | (0.15) | (0.14) | (0.59) | (0.04) |
| **Net Asset Value, End of Period** | $10.90 | $10.64 | $10.23 | $9.94 | $9.73 | $11.67 |
| **Total Return (b)** | 3.77 % (f) | 7.03% | 4.52% | 3.68% | (12.19)% | 7.46% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $0 | $0 | $17 | $16 | $15 | $37 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 2.54 % (e) | 2.84% | 2.69% | 2.54% | 2.40% | 2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 1.75 % (e) | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 4.54 % (e) | 5.60% | 1.70% | 1.48% | 0.32% | 0.18% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 3.35 % (f) | 29.08% | 6.81% | 34.51% | 24.84% | 29.04% |

---

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the year.

(b) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any and do not reflect the impact of
 any sales charges.

(c) Does not include the expenses of other
 investment companies in which the Fund invests.

(d) Recognition of net investment income
 is affected by the timing and declaration of dividends by underlying funds in which the Fund invests.

(e) Annualized.

(f) Not Annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Ladenburg Income Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

The table below sets forth financial data for one share of beneficial interest outstanding throughout the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $10.71 | $10.30 | $10.01 | $9.80 | $11.74 | $10.96 |
| &nbsp;&nbsp;&nbsp;Activity From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a)(d) | 0.18 | 0.30 | 0.26 | 0.23 | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.35 | 0.64 | 0.28 | 0.21 | (1.41) | 0.79 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.53 | 0.94 | 0.54 | 0.44 | (1.27) | 0.92 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.30) | (0.25) | (0.23) | (0.14) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.06) | (0.23) |  |  | (0.53) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.27) | (0.53) | (0.25) | (0.23) | (0.67) | (0.14) |
| **Net Asset Value, End of Period** | $10.97 | $10.71 | $10.30 | $10.01 | $9.80 | $11.74 |
| **Total Return (b)** | 4.92 % (f) | 9.27% | 5.51% | 4.62% | (11.46)% | 8.45% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $9753 | $9939 | $10931 | $10667 | $11379 | $14164 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 1.64 % (e) | 1.68% | 1.69% | 1.53% | 1.40% | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 0.85 % (e) | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 3.35 % (e) | 2.78% | 2.59% | 2.37% | 1.29% | 1.10% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 3.35 % (f) | 29.08% | 6.81% | 34.51% | 24.84% | 29.04% |

---

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the year.

(b) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

(c) Does not include the expenses of other
 investment companies in which the Fund invests.

(d) Recognition of net investment income
 is affected by the timing and declaration of dividends by underlying funds in which the Fund invests.

(e) Annualized.

(f) Not annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Ladenburg Income & Growth Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

The table below sets forth financial data for one share of beneficial interest outstanding throughout the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $12.52 | $12.63 | $11.83 | $11.28 | $13.10 | $11.36 |
| &nbsp;&nbsp;&nbsp;Activity From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a)(d) | 0.16 | 0.26 | 0.22 | 0.21 | 0.11 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.57 | 0.79 | 0.78 | 0.64 | (1.70) | 1.74 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.73 | 1.05 | 1.00 | 0.85 | (1.59) | 1.84 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.25) | (0.20) | (0.20) | (0.11) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.18) | (0.91) |  | (0.10) | (0.12) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.36) | (1.16) | (0.20) | (0.30) | (0.23) | (0.10) |
| **Net Asset Value, End of Period** | $12.89 | 12.52 | $12.63 | $11.83 | $11.28 | $13.10 |
| **Total Return (b)** | 5.81 % (h) | 8.63% | 8.54% | 7.71% | (12.42)% | 16.21% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $410 | $309 | $730 | $1114 | $1088 | $1086 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 1.05 % (g) | 1.15% | 1.14% | 1.11% | 1.10% | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 1.00 % (g) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 2.49 % (g) | 2.02% | 1.87% | 1.84% | 0.89% | 0.78% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 5.58 % (h) | 33.14% | 11.39% | 28.66% | 23.04% | 16.60% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $12.17 | $12.33 | $11.58 | $11.04 | $12.91 | $11.24 |
| &nbsp;&nbsp;&nbsp;Activity From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a)(d) | 0.11 | 0.16 | 0.13 | 0.14 | — (f) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.55 | 0.76 | 0.76 | 0.61 | (1.71) | 1.73 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.66 | 0.92 | 0.89 | 0.75 | (1.71) | 1.73 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.17) | (0.14) | (0.11) | (0.04) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.18) | (0.91) |  | (0.10) | (0.12) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.32) | (1.08) | (0.14) | (0.21) | (0.16) | (0.06) |
| **Net Asset Value, End of Period** | $12.51 | $12.17 | $12.33 | $11.58 | $11.04 | $12.91 |
| **Total Return (b)** | 5.43 % (h) | 7.71% | 7.75% | 6.91% | (13.44)% | 15.40% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $116 | $110 | $102 | $95 | $0 (e) | $18 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 1.75 % (g) | 1.90% | 1.89% | 1.86% | 1.84% | 1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 1.75 % (g) | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 1.71 % (g) | 1.28% | 1.15% | 1.22% | 0.01% | 0.02% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 5.58 % (h) | 33.14% | 11.39% | 28.66% | 23.04% | 16.60% |

---

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the year.

(b) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any and do not reflect the impact of
 any sales charges.

(c) Does not include the expenses of other
 investment companies in which the Fund invests.

(d) Recognition of net investment income
 is affected by the timing and declaration of dividends by underlying funds in which the Fund invests.

(e) Amount represents less than $1,000.

(f) Amount represents less than $0.01
 per share.

(g) Annualized.

(h) Not annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Ladenburg Income & Growth Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

The table below sets forth financial data for one share of beneficial interest outstanding throughout the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $12.53 | $12.66 | $11.87 | $11.33 | $13.16 | $11.42 |
| &nbsp;&nbsp;&nbsp;Activity From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a)(d) | 0.17 | 0.28 | 0.25 | 0.23 | 0.13 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.57 | 0.78 | 0.77 | 0.64 | (1.71) | 1.75 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.74 | 1.06 | 1.02 | 0.87 | (1.58) | 1.86 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.28) | (0.23) | (0.23) | (0.13) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.18) | (0.91) |  | (0.10) | (0.12) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.37) | (1.19) | (0.23) | (0.33) | (0.25) | (0.12) |
| **Net Asset Value, End of Period** | $12.90 | $12.53 | $12.66 | $11.87 | $11.33 | $13.16 |
| **Total Return (b)** | 5.93 % (f) | 8.70% | 8.70% | 7.84% | (12.26)% | 16.39% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $61301 | $59518 | $60598 | $60981 | $54735 | $62953 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 0.82 % (e) | 0.90% | 0.89% | 0.86% | 0.84% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 0.82 % (e) | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 2.64 % (e) | 2.18% | 2.04% | 1.98% | 1.04% | 0.92% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 5.58 % (f) | 33.14% | 11.39% | 28.66% | 23.04% | 16.60% |

---

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the year.

(b) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

(c) Does not include the expenses of other
 investment companies in which the Fund invests.

(d) Recognition of net investment income
 is affected by the timing and declaration of dividends by underlying funds in which the Fund invests.

(e) Annualized.

(f) Not annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Ladenburg Growth & Income Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

The table below sets forth financial data for one share of beneficial interest outstanding throughout the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $14.39 | $14.40 | $13.34 | $12.33 | $14.75 | $12.00 |
| &nbsp;&nbsp;&nbsp;Activity From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a)(d) | 0.12 | 0.21 | 0.19 | 0.18 | 0.07 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.87 | 1.07 | 1.29 | 1.14 | (2.06) | 2.77 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.99 | 1.28 | 1.48 | 1.32 | (1.99) | 2.84 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.16) | (0.20) | (0.16) | (0.18) | (0.08) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.29) | (1.09) | (0.26) | (0.13) | (0.35) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.45) | (1.29) | (0.42) | (0.31) | (0.43) | (0.09) |
| **Net Asset Value, End of Period** | $14.93 | $14.39 | $14.40 | $13.34 | $12.33 | $14.75 |
| **Total Return (b)** | 6.88 % (g) | 9.15% | 11.31% | 10.88% | (13.95)% | 23.78% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $1857 | $1767 | $1182 | $1205 | $1134 | $2057 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 0.95 % (f) | 1.03% | 1.00% | 1.03% | 1.01% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 0.95 % (f) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 1.64 % (f) | 1.44% | 1.38% | 1.40% | 0.51% | 0.53% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 6.25 % (g) | 37.86% | 12.93% | 22.91% | 24.02% | 21.02% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $13.85 | $13.91 | $12.94 | $12.00 | $14.42 | $11.78 |
| &nbsp;&nbsp;&nbsp;Activity From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a)(d) | 0.07 | 0.08 | 0.08 | 0.08 | (0.05) | — (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.83 | 1.06 | 1.25 | 1.11 | (1.99) | 2.68 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.90 | 1.14 | 1.33 | 1.19 | (2.04) | 2.68 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.11) | (0.10) | (0.12) | (0.03) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.29) | (1.09) | (0.26) | (0.13) | (0.35) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.41) | (1.20) | (0.36) | (0.25) | (0.38) | (0.04) |
| **Net Asset Value, End of Period** | $14.34 | $13.85 | $13.91 | $12.94 | $12.00 | $14.42 |
| **Total Return (b)** | 6.45 % (g) | 8.37% | 10.41% | 10.07% | (14.59)% | 22.76% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $5 | $4 | $24 | $19 | $13 | $50 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 1.70 % (f) | 1.82% | 1.75% | 1.78% | 1.76% | 1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 1.70 % (f) | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets (c)(d) | 0.90 % (f) | 0.55% | 0.64% | 0.66% | (0.37)% | (0.03)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 6.25 % (g) | 37.86% | 12.93% | 22.91% | 24.02% | 21.02% |

---

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the year.

(b) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any and does not reflect the impact of
 any sales charges.

(c) Does not include the expenses of other
 investment companies in which the Fund invests.

(d) Recognition of net investment income
 (loss) is affected by the timing and declaration of dividends by underlying funds in which the Fund invests.

(e) Amount represents less than $0.01
 per share.

(f) Annualized.

(g) Not annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Ladenburg Growth & Income Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

The table below sets forth financial data for one share of beneficial interest outstanding throughout the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $14.47 | $14.47 | $13.40 | $12.38 | $14.80 | $12.03 |
| &nbsp;&nbsp;&nbsp;Activity From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a)(d) | 0.14 | 0.24 | 0.22 | 0.21 | 0.12 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.86 | 1.08 | 1.30 | 1.14 | (2.08) | 2.77 |
| &nbsp;&nbsp;&nbsp;Total from operations | 1.00 | 1.32 | 1.52 | 1.35 | (1.96) | 2.88 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.23) | (0.19) | (0.20) | (0.11) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.29) | (1.09) | (0.26) | (0.13) | (0.35) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.47) | (1.32) | (0.45) | (0.33) | (0.46) | (0.11) |
| **Net Asset Value, End of Period** | $15.00 | $14.47 | $14.47 | $13.40 | $12.38 | $14.80 |
| **Total Return (b)** | 6.90 % (f) | 9.42% | 11.59% | 11.14% | (13.74)% | 24.05% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $177222 | $167851 | $164352 | $155349 | $150031 | $175019 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 0.73 % (e) | 0.79% | 0.75% | 0.78% | 0.76% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 0.73 % (e) | 0.79% | 0.75% | 0.78% | 0.76% | 0.77% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 1.86 % (e) | 1.62% | 1.63% | 1.61% | 0.80% | 0.78% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 6.25 % (f) | 37.86% | 12.93% | 22.91% | 24.02% | 21.02% |

---

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the year.

(b) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

(c) Does not include the expenses of other
 investment companies in which the Fund invests.

(d) Recognition of net investment income
 is affected by the timing and declaration of dividends by underlying funds in which the Fund invests.

(e) Not annualized.

(f) Annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Ladenburg Growth Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

The table below sets forth financial data for one share of beneficial interest outstanding throughout the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $17.21 | $17.14 | $15.48 | $13.67 | $16.60 | $12.64 |
| &nbsp;&nbsp;&nbsp;Activity From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a)(d) | 0.08 | 0.13 | 0.13 | 0.13 | 0.06 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 1.25 | 1.66 | 2.04 | 1.78 | (2.62) | 3.95 |
| &nbsp;&nbsp;&nbsp;Total from operations | 1.33 | 1.79 | 2.17 | 1.91 | (2.56) | 4.00 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.13) | (0.12) | (0.12) | (0.06) | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.64) | (1.60) | (0.39) | (0.04) | (0.33) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.77) | (1.72) | (0.51) | (0.10) | (0.37) | (0.04) |
| **Net Asset Value, End of Period** | $17.77 | $17.21 | $17.14 | $15.48 | $13.67 | $16.60 |
| **Total Return (b)** | 7.68 % (f) | 10.67% | 14.25% | 14.08% | (15.85)% | 31.70% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $601 | $541 | $500 | $718 | $642 | $618 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 0.98 % (e) | 1.06% | 1.06% | 1.08% | 1.04% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 0.98 % (e) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 0.88 % (e) | 0.75% | 0.82% | 0.91% | 0.36% | 0.33% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 8.29 % (f) | 45.78% | 16.74% | 12.50% | 23.34% | 17.29% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $16.78 | $16.76 | $15.16 | $13.43 | $16.39 | $12.54 |
| &nbsp;&nbsp;&nbsp;Activity From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a)(d) | 0.01 | (0.01) | 0.02 | 0.02 | (0.08) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 1.21 | 1.63 | 1.98 | 1.75 | (2.55) | 3.90 |
| &nbsp;&nbsp;&nbsp;Total from operations | 1.22 | 1.62 | 2.00 | 1.77 | (2.63) | 3.85 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.64) | (1.60) | (0.39) | (0.04) | (0.33) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.64) | (1.60) | (0.40) | (0.04) | (0.33) |  |
| **Net Asset Value, End of Period** | $17.36 | $16.78 | $16.76 | $15.16 | $13.43 | $16.39 |
| **Total Return (b)** | 7.21 % (f) | 9.86% | 13.38% | 13.22% | (16.44)% | 30.70% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $48 | $48 | $58 | $53 | $43 | $113 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 1.82 % (e) | 1.81% | 1.82% | 1.83% | 1.79% | 1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 1.75 % (e) | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets (c)(d) | (0.03)% (e) | (0.03)% | 0.11% | 0.16% | (0.47)% | (0.32)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 8.29 % (f) | 45.78% | 16.74% | 12.50% | 23.34% | 17.29% |

---

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the year.

(b) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any and do not reflect the impact of
 any sales charges.

(c) Does not include the expenses of other
 investment companies in which the Fund invests.

(d) Recognition of net investment income
 (loss) is affected by the timing and declaration of dividends by underlying funds in which the Fund invests.

(e) Annualized.

(f) Not annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Ladenburg Growth Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

The table below sets forth financial data for one share of beneficial interest outstanding throughout the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $17.11 | $17.07 | $15.42 | $13.63 | $16.55 | $12.62 |
| &nbsp;&nbsp;&nbsp;Activity From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a)(d) | 0.10 | 0.16 | 0.16 | 0.16 | 0.09 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 1.24 | 1.65 | 2.03 | 1.77 | (2.60) | 3.94 |
| &nbsp;&nbsp;&nbsp;Total from operations | 1.34 | 1.81 | 2.19 | 1.93 | (2.51) | 4.03 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.17) | (0.15) | (0.10) | (0.08) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.64) | (1.60) | (0.39) | (0.04) | (0.33) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.81) | (1.77) | (0.54) | (0.14) | (0.41) | (0.10) |
| **Net Asset Value, End of Period** | $17.64 | $17.11 | $17.07 | $15.42 | $13.63 | $16.55 |
| **Total Return (b)** | 7.76 % (g) | 10.88% | 14.50% | 14.26% | (15.64)% | 31.98 % (e) |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $132300 | $122110 | $123060 | $104128 | $97239 | $110388 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 0.77 % (f) | 0.81% | 0.82% | 0.83% | 0.79% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 0.77 % (f) | 0.81% | 0.82% | 0.83% | 0.79% | 0.81% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 1.10 % (f) | 0.92% | 1.01% | 1.08% | 0.54% | 0.64% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 8.29 % (g) | 45.78% | 16.74% | 12.50% | 23.34% | 17.29% |

---

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the year.

(b) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

(c) Does not include the expenses of other
 investment companies in which the Fund invests.

(d) Recognition of net investment income
 is affected by the timing and declaration of dividends by underlying funds in which the Fund invests.

(e) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net assets value for financial reporting purposes
 and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Annualized.

(g) Not annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Ladenburg Aggressive Growth Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

The table below sets forth financial data for one share of beneficial interest outstanding throughout the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $19.51 | $19.04 | $16.98 | $14.80 | $18.03 | $13.38 |
| &nbsp;&nbsp;&nbsp;Activity From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a)(d) | 0.06 | 0.11 | 0.13 | 0.13 | 0.06 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 1.46 | 1.86 | 2.38 | 2.23 | (3.11) | 4.83 |
| &nbsp;&nbsp;&nbsp;Total from operations | 1.52 | 1.97 | 2.51 | 2.36 | (3.05) | 4.88 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.11) | (0.10) | (0.03) | (0.03) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.89) | (1.39) | (0.35) | (0.15) | (0.15) | (0.17) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.97) | (1.50) | (0.45) | (0.18) | (0.18) | (0.23) |
| **Net Asset Value, End of Period** | $20.06 | $19.51 | $19.04 | $16.98 | $14.80 | $18.03 |
| **Total Return (b)** | 7.71 % (f) | 10.50% | 15.01% | 15.12% | (17.16)% | 36.65% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $757 | $685 | $411 | $295 | $244 | $138 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 1.01 % (e) | 1.16% | 1.19% | 1.20% | 1.14% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 1.00 % (e) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 0.54 % (e) | 0.56% | 0.75% | 0.81% | 0.37% | 0.33% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 5.97 % (f) | 44.59% | 15.87% | 6.41% | 16.46% | 17.27% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $18.50 | $18.17 | $16.25 | $14.22 | $17.43 | $12.99 |
| &nbsp;&nbsp;&nbsp;Activity From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a)(d) | 0.04 | (0.03) | (0.20) | 0.02 | (0.10) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 1.33 | 1.76 | 2.47 | 2.16 | (2.96) | 4.67 |
| &nbsp;&nbsp;&nbsp;Total from operations | 1.37 | 1.73 | 2.27 | 2.18 | (3.06) | 4.61 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.89) | (1.39) | (0.35) | (0.15) | (0.15) | (0.17) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.89) | (1.40) | (0.35) | (0.15) | (0.15) | (0.17) |
| **Net Asset Value, End of Period** | $18.98 | $18.50 | $18.17 | $16.25 | $14.22 | $17.43 |
| **Total Return (b)** | 7.32 % (f) | 9.65% | 14.14% | 14.28% | (17.76)% | 35.64% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $11 | $9 | $5 | $268 | $160 | $293 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 1.75 % (e) | 1.94% | 1.94% | 1.95% | 1.89% | 2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 1.75 % (e) | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets (c)(d) | 0.37 % (e) | (0.18)% | (1.25)% | 0.11% | (0.59)% | (0.41)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 5.97 % (f) | 44.59% | 15.87% | 6.41% | 16.46% | 17.27% |

---

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the year.

(b) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any and do not reflect the impact of
 any sales charges.

(c) Does not include the expenses of other
 investment companies in which the Fund invests.

(d) Recognition of net investment income
 (loss) is affected by the timing and declaration of dividends by underlying funds in which the Fund invests.

(e) Annualized.

(f) Not annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Ladenburg Aggressive Growth Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

The table below sets forth financial data for one share of beneficial interest outstanding throughout the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $19.11 | $18.69 | $16.69 | $14.56 | $17.75 | $13.19 |
| &nbsp;&nbsp;&nbsp;Activity From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a)(d) | 0.19 | 0.13 | 0.15 | 0.15 | 0.07 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 1.31 | 1.83 | 2.34 | 2.20 | (3.04) | 4.74 |
| &nbsp;&nbsp;&nbsp;Total from operations | 1.50 | 1.96 | 2.49 | 2.35 | (2.97) | 4.82 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.15) | (0.14) | (0.07) | (0.07) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.89) | (1.39) | (0.35) | (0.15) | (0.15) | (0.17) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.01) | (1.54) | (0.49) | (0.22) | (0.22) | (0.26) |
| **Net Asset Value, End of Period** | $19.60 | $19.11 | $18.69 | $16.69 | $14.56 | $17.75 |
| **Total Return (b)** | 7.77 % (e) | 10.67% | 15.18% | 15.29% | (17.01)% | 36.79% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $64831 | $57423 | $55650 | $45303 | $39135 | $41984 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 0.81 % (f) | 0.90% | 0.94% | 0.95% | 0.89% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 0.83 % (f) | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 1.89 % (f) | 0.67% | 0.87% | 0.94% | 0.41% | 0.50% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 5.97 % (e) | 44.59% | 15.87% | 6.41% | 16.46% | 17.27% |

---

(a) Per share amounts are calculated using
 the average shares method, which more appropriately presents the per share data for the year.

(b) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

(c) Does not include the expenses of other
 investment companies in which the Fund invests.

(d) Recognition of net investment income
 is affected by the timing and declaration of dividends by underlying funds in which the Fund invests.

(e) Annualized.

(f) Not annualized.

The accompanying notes are an integral part of these financial statements.

---

| |
|:---|
| **Ladenburg Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| **December 31, 2025** |

---

**1.** **ORGANIZATION** 

The Ladenburg Income Fund, Ladenburg Income & Growth Fund, Ladenburg Growth & Income Fund, Ladenburg Growth Fund and Ladenburg Aggressive Growth Fund (each a "Fund" and collectively the "Funds") are each a series of Northern Lights Fund Trust, a Delaware statutory trust organized on January 19, 2005 (the "Trust"). The Trust is registered as an open -end management investment company. The Trust is governed by its Board of Trustees (the "Board" or "Trustees"). Each Fund is a diversified investment management company. The Ladenburg Income Fund's investment objective is to provide current income and capital preservation; the Ladenburg Income & Growth Fund's investment objective is to provide current income and capital preservation, with a secondary objective of growth of capital; the Ladenburg Growth & Income Fund's investment objective is to provide long-term growth of capital, with a secondary objective of producing current income; the Ladenburg Growth Fund's investment objective is to provide long-term growth of capital; and the Ladenburg Aggressive Growth Fund's investment objective is to maximize long-term growth of capital.

Each Fund offers three classes of shares: Class A shares, Class C shares and Class I shares. Class A shares are offered at net asset value ("NAV") plus the following sales charges:

---

| | |
|:---|:---|
| **Amount Invested** | **Sales Charge** |
| Less than $50,000 | 5.00% |
| $50,000 but less than $100,000 | 4.75% |
| $100,000 to $249,999 | 3.75% |
| $250,000 to $499,999 | 2.50% |
| $500,000 to $999,999 | 2.00% |
| $1,000,000 and above |  |

---

Class A shares and Class C shares are subject to a 1.00% maximum deferred sales charge. Each class represents an interest in the same assets of a Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Funds' income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class. The Funds commenced operations on August 24, 2015.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Funds in preparation of the 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. Each 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" and Accounting Standards Update ("ASU") 2013-08.

Operating Segments - The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. 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. Each Fund's CODM is comprised of the portfolio manager and the chief financial officer of the Funds. Each Fund operates as a single operating segment. Each 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 each 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 primary exchange on the day of valuation.

---

| |
|:---|
| **Ladenburg Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)** |
| **December 31, 2025** |

---

Futures and future options are valued at the final settled price or, in the absence of a settled price, at the last sale price on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board based on methods that 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. Short -term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

The Funds may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities are valued using the "fair value" procedures approved by the Board. The Board has designated the adviser as its valuation designee (the "Valuation Designee") to execute these procedures. 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, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**Fair Valuation Process –** The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked 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 affects 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 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 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.

**Valuation of Fund of Funds –** The Funds may invest in portfolios of open-end or closed-end investment companies. Open-end funds are valued at their respective NAVs as reported by such investment companies. Open-end 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 board of directors of the underlying funds. The shares of many closed-end investments 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 the Funds will not change.

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.

---

| |
|:---|
| **Ladenburg Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)** |
| **December 31, 2025** |

---

**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 a 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 December 31, 2025 for the Funds' investments measured at fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Ladenburg Income Fund** | **Ladenburg Income Fund** | **Ladenburg Income Fund** | **Ladenburg Income Fund** | **Ladenburg Income Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $9891453 | $— | $— | $9891453 |
| Short-Term Investment | 98809 |  |  | 98809 |
| Total | $9990262 | $— | $— | $9990262 |
| **Ladenburg Income & Growth Fund** | **Ladenburg Income & Growth Fund** | **Ladenburg Income & Growth Fund** | **Ladenburg Income & Growth Fund** | **Ladenburg Income & Growth Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $60326637 | $— | $— | $60326637 |
| Short-Term Investment | 1493295 |  |  | 1493295 |
| Total | $61819932 | $— | $— | $61819932 |
| **Ladenburg Growth & Income Fund** | **Ladenburg Growth & Income Fund** | **Ladenburg Growth & Income Fund** | **Ladenburg Growth & Income Fund** | **Ladenburg Growth & Income Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $177415914 | $— | $— | $177415914 |
| Short-Term Investment | 1780647 |  |  | 1780647 |
| Total | $179196561 | $— | $— | $179196561 |
| **Ladenburg Growth Fund** | **Ladenburg Growth Fund** | **Ladenburg Growth Fund** | **Ladenburg Growth Fund** | **Ladenburg Growth Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $129860231 | $— | $— | $129860231 |
| Short-Term Investment | 3124899 |  |  | 3124899 |
| Total | $132985130 | $— | $— | $132985130 |
| **Ladenburg Aggressive Growth Fund** | **Ladenburg Aggressive Growth Fund** | **Ladenburg Aggressive Growth Fund** | **Ladenburg Aggressive Growth Fund** | **Ladenburg Aggressive Growth Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $63438558 | $— | $— | $63438558 |
| Short-Term Investment | 2201998 |  |  | 2201998 |
| Total | $65640556 | $— | $— | $65640556 |

---

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

\* Refer to the Schedules of Investments for security classifications.

---

| |
|:---|
| **Ladenburg Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)** |
| **December 31, 2025** |

---

**Security Transactions and Related Income –** Security transactions are accounted for on 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. 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.

**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. ETFs are valued at the last close price. 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.

**Dividends and Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid monthly for the Ladenburg Income, Ladenburg Income & Growth, and Ladenburg Growth & Income Funds. Ladenburg Growth and Ladenburg Aggressive Growth Funds make distributions annually. 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. These reclassifications have no effect on net assets, results from operations or NAV per share of the Funds. Dividends and distributions to shareholders are recorded on ex-dividend date.

**Federal Income Taxes –** The Funds have qualified and intend to continue to qualify each year as regulated investment companies ("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 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 reviewed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the current tax year or on returns filed in previous tax years which are still open to examination by all major tax authorities (generally, federal returns are open to examination by the Internal Revenue Service for a period of three years from date of filing). The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations when incurred. During the fiscal year ended June 30, 2025, the Funds did not incur any interest or penalties. The Funds typically intend to annually distribute sufficient net investment company taxable income and net realized capital gains if any, so that they will not be subject to the excise tax on undistributed income of RICs. If the required amount of net investment income or gains is not distributed annually, the Funds could incur a tax expense.

**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.

**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 Funds expect the risk of loss due to these warranties and indemnities to be remote.

---

| |
|:---|
| **Ladenburg Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)** |
| **December 31, 2025** |

---

**3.** **INVESTMENT TRANSACTIONS** 

For the six months ended December 31, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments amounted to the following:

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
| Ladenburg Income Fund | $336730 | $773279 |
| Ladenburg Income & Growth Fund | 3342184 | 4043399 |
| Ladenburg Growth & Income Fund | 11247740 | 10867851 |
| Ladenburg Growth Fund | 10525919 | 10555472 |
| Ladenburg Aggressive Growth Fund | 7060069 | 3634845 |

---

**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

Ladenburg Thalmann Asset Management Inc., ("LTAM") serves as the Funds' investment advisor (the "Advisor"). Pursuant to an advisory agreement between the Trust, on behalf of each Fund, and the Advisor, investment advisory services are provided to each Fund (the "Advisory Agreement"). Under the terms of the Advisory Agreement, the Advisor receives monthly fees calculated at an annual rate of 0.50% of the average daily net assets of each Fund.

During the six months ended December 31, 2025, the advisory fees accrued for the Funds were as follows:

---

| | |
|:---|:---|
| Fund | Advisory Fees |
| Ladenburg Income Fund | $25714 |
| Ladenburg Income & Growth Fund | 153587 |
| Ladenburg Growth & Income Fund | 443684 |
| Ladenburg Growth Fund | 323719 |
| Ladenburg Aggressive Growth Fund | 157914 |

---

The Advisor contractually agreed to waive management fees and/or to make payments to limit Fund expenses, at least until October 31, 2026, so that the total annual operating expenses (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments, borrowing costs (such as interest and dividend expense on securities sold short); taxes and extraordinary expenses, such as litigation expenses (other than the Advisor)) of each Fund does not exceed 1.00%, 1.75% and 0.85% of each Fund's average daily net assets attributable to each Fund's Class A, Class C and Class I shares, respectively.

During the six months ended December 31, 2025, the Advisor waived advisory fees and reimbursed expenses for the Funds as follows:

---

| | |
|:---|:---|
| **Fund** | Waived/Reimbursed |
| Ladenburg Income Fund | $40505 |
| Ladenburg Income & Growth Fund | 184 |
| Ladenburg Growth & Income Fund |  |
| Ladenburg Growth Fund | 17 |
| Ladenburg Aggressive Growth Fund | 109 |

---

---

| |
|:---|
| **Ladenburg Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)** |
| **December 31, 2025** |

---

Fee waivers and expense reimbursements are subject to possible recoupment from the Funds in future years on a rolling three-year basis (within the three years from the date the Advisor waived any payment or reimbursed any expense) if such recoupment can be achieved within the expense limit in place at the time of waiver or the current expense limitation and the repayment is approved by the Board.

During the year ended June 30, 2025, the Advisor waived advisory fees and reimbursed expenses, subject to recapture through the following dates, for the Funds as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | June 30, 2026 | June 30, 2027 | June 30, 2028 | |
| **Fund** | Waived/Reimbursed | Waived/Reimbursed | Waived/Reimbursed | Total |
| Ladenburg Income Fund | $76129 | $93462 | $91618 | $261209 |
| Ladenburg Income & Growth Fund | 9444 | 28771 | 31871 | 70086 |
| Ladenburg Growth & Income Fund | 381 | 70 | 362 | 813 |
| Ladenburg Growth Fund | 557 | 478 | 315 | 1350 |
| Ladenburg Aggressive Growth Fund | 42365 | 48329 | 30147 | 120841 |

---

The Trust, with respect to the Funds, has adopted Master Distribution and Shareholder Servicing Plans pursuant to Rule 12b-1 under the 1940 Act (the "Plans") for each of Class A and Class C shares pursuant to which each Fund is authorized to pay the Ladenburg Thalmann and Co. (the "Distributor"), as compensation for the Distributor's account maintenance services under the Plans, a distribution and shareholder servicing fee at the rate of up to 0.25% for Class A shares and up to 1.00% for Class C shares of the Funds' average daily net assets attributable to the relevant class. There is no plan for Class I shares. Such fees are to be paid by the Funds monthly, or at such other intervals as the Board shall determine. Such fees shall be based upon the Funds' average daily net assets during the preceding month, and shall be calculated and accrued daily. The Funds may pay fees to the Distributor at a lesser rate, as agreed upon by the Board and the Distributor. The Plans authorize payments to the Distributor as compensation for providing account maintenance services to Fund shareholders, including arranging for certain securities dealers or brokers, administrators and others ("Recipients") to provide these services and paying compensation for these services. The Funds will bear their own costs of distribution with respect to its shares. During the six months ended December 31, 2025, the Funds were charged pursuant to the Plans, as follows:

---

| | | |
|:---|:---|:---|
| | **12b-1 Fees** | **12b-1 Fees** |
| <br>**Fund** | **Class A** | **Class C** |
| Ladenburg Income Fund | $325 | $— |
| Ladenburg Income & Growth Fund | 469 | 572 |
| Ladenburg Growth & Income Fund | 2309 | 23 |
| Ladenburg Growth Fund | 727 | 247 |
| Ladenburg Aggressive Growth Fund | 904 | 51 |

---

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. For the six months ended December 31, 2025, the Distributor received $0, $4,277, $30, $1,528 and $1,822 for Ladenburg Income Fund, Ladenburg Income & Growth Fund, Ladenburg Growth & Income Fund, Ladenburg Growth Fund, and Ladenburg Aggressive Growth Fund, respectively, in underwriting commissions for sales of Class A and Class C shares. For the Ladenburg Income Fund, Ladenburg Income & Growth Fund, Ladenburg Growth & Income Fund, Ladenburg Growth Fund, and Ladenburg Aggressive Growth Fund $0, $677, $5, $226, and $274 was retained by the principal underwriter or other affiliated broker-dealers.

*<u>Ultimus Fund Services, LLC ("UFS")</u> -* UFS, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration, fund accounting and transfer agency 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.

---

| |
|:---|
| **Ladenburg Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)** |
| **December 31, 2025** |

---

In addition, certain affiliates of the UFS provide services to the Funds as follows:

*<u>Northern Lights Compliance Services, LLC ("NLCS")</u>* - NLCS, an affiliate of UFS, provides a chief compliance officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Funds.

*<u>Blu Giant, LLC ("Blu Giant")</u>* - 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.

Additionally, the Distributor, an affiliate of the Advisor, executed portfolio trades on behalf of the Funds for which it received no trade commissions during the six months ended December 31, 2025.

**5.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a portfolio creates presumption of control of the portfolio under section 2(a)(9) of the 1940 Act. As of December 31, 2025, National Financial Services held 44.09%, 52.92%, 57.97%, 48.81% and 57.88% of the Ladenburg Income Fund, Ladenburg Income & Growth Fund, Ladenburg Growth & Income Fund, Ladenburg Growth Fund, and Ladenburg Aggressive Growth Fund, respectively, and may be deemed to control a Fund.

**6.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Tax Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation /**<br>**(Depreciation)** |
| Ladenburg Income Fund | 9657476 | 833999 | (501213) | $332786 |
| Ladenburg Income & Growth Fund | 54225891 | 9194436 | (1600395) | 7594041 |
| Ladenburg Growth & Income Fund | 141210968 | 40179217 | (2193624) | 37985593 |
| Ladenburg Growth Fund | 99450584 | 33534546 |  | 33534546 |
| Ladenburg Aggressive Growth Fund | 49123665 | 16529028 | (12137) | 16516891 |

---

**7.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of distributions paid for the years ended June 30, 2025 and June 30, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the year ended June 30, 2025:** | **For the year ended June 30, 2025:** | **For the year ended June 30, 2025:** | **For the year ended June 30, 2025:** |
| <br>**Fund** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return**<br>**Of Capital** |<br>**Total** |
| Ladenburg Income Fund | $301163 | $232745 | $— | $533908 |
| Ladenburg Income & Growth Fund | 1324434 | 4184773 |  | 5509207 |
| Ladenburg Growth & Income Fund | 2720152 | 11970075 |  | 14690227 |
| Ladenburg Growth Fund | 1220425 | 10490150 |  | 11710575 |
| Ladenburg Aggressive Growth Fund | 448266 | 3848972 |  | 4297238 |

---

---

| |
|:---|
| **Ladenburg Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)** |
| **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the year ended June 30, 2024:** | **For the year ended June 30, 2024:** | **For the year ended June 30, 2024:** | **For the year ended June 30, 2024:** |
| <br>**Fund** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return**<br>**Of Capital** |<br>**Total** |
| Ladenburg Income Fund | $274473 | $— | $— | $274473 |
| Ladenburg Income & Growth Fund | 1138702 |  |  | 1138702 |
| Ladenburg Growth & Income Fund | 2252262 | 2992541 |  | 5244803 |
| Ladenburg Growth Fund | 1042895 | 2622704 |  | 3665599 |
| Ladenburg Aggressive Growth Fund | 390916 | 972340 |  | 1363256 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings (Losses)** |
| Ladenburg Income Fund | $11454 | $— | $(39550) | $— | $174152 | $146056 |
| Ladenburg Income & Growth Fund | 162927 | 679699 |  |  | 5848833 | 6691459 |
| Ladenburg Growth & Income Fund | 514845 | 2628211 |  |  | 30322990 | 33466046 |
| Ladenburg Growth Fund | 638853 | 3266927 |  |  | 27715716 | 31621496 |
| Ladenburg Aggressive Growth Fund | 325131 | 2644930 |  |  | 12777424 | 15747485 |

---

The difference between book basis and tax basis 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 Funds incurred and elected to defer such capital losses as follows:

---

| | |
|:---|:---|
| <br>**Fund** | **Post**<br>**October**<br>**Losses** |
| Ladenburg Income Fund | $39550 |
| Ladenburg Income & Growth Fund |  |
| Ladenburg Growth & Income Fund |  |
| Ladenburg Growth Fund |  |
| Ladenburg Aggressive Growth Fund |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | | |
| <br>**Fund** | **Short-Term** | **Long-Term** |<br>**Total** |<br>**CLCF Utilized** |
| Ladenburg Income Fund | $— | $— | $— | $361797 |
| Ladenburg Income & Growth Fund |  |  |  |  |
| Ladenburg Growth & Income Fund |  |  |  |  |
| Ladenburg Growth Fund |  |  |  |  |
| Ladenburg Aggressive Growth Fund |  |  |  |  |

---

---

| |
|:---|
| **Ladenburg Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)** |
| **December 31, 2025** |

---

During the fiscal year ended June 30, 2025, certain of the Funds 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 tax adjustments for use of tax equalization credits, resulted in reclassifications for the Fund for the fiscal year ended June 30, 2025, as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Paid**<br>**In**<br>**Capital** | **Accumulated**<br>**Earnings**<br>**(Losses)** |
| Ladenburg Income Fund | $— | $— |
| Ladenburg Income & Growth Fund | 243159 | (243159) |
| Ladenburg Growth & Income Fund | 772616 | (772616) |
| Ladenburg Growth Fund | 1036950 | (1036950) |
| Ladenburg Aggressive Growth Fund | 475679 | (475679) |

---

**8.** **UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES** 

The Ladenburg Growth Fund and the Ladenburg Aggressive Growth Fund currently seek to achieve their investment objectives by investing a portion of their assets in the Schwab U.S. Large-Cap Value ETF, (the "Value ETF"). The Funds may may redeem their investment in the Value ETF at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.

The performance of the Funds will be directly affected by the performance of Value ETF. The financial statements of the Value ETF, including its portfolio of investments, can be found on the Securities and Exchange Commission's ("SEC") website, www.sec.gov, and should be read in conjunction with the Funds' financial statements. As of December 31, 2025, the percentage of the Ladenburg Growth Fund's and the Ladenburg Aggressive Growth Fund's net assets invested in the Schwab U.S. Large-Cap Value ETF was 25.9% and 26.8%, respectively.

**9.** **ACCOUNTING PRONOUNCEMENT** 

The Funds adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in 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 for the six months ended December 31, 2025.

**10.** **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 events or transactions occurred requiring adjustment or disclosure in the financial statements.

**ADDITIONAL INFORMATION**

**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**

Ladenburg Thalmann Asset Management. Inc. - Adviser to Ladenburg Aggressive Growth Fund, Ladenburg Growth & Income Fund, Ladenburg Growth Fund, Ladenburg Income & Growth Fund & Ladenburg Income Fund\*

In connection with the regular meeting held on December 17-18, 2025 of the Board of Trustees (the "Trustees" or the "Board") of the Northern Lights Fund Trust (the "Trust"), including a majority of the Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of the investment advisory agreement (the "Advisory Agreement") between Ladenburg Thalmann Asset Management, Inc. ("LTAM") and the Trust, with respect to the Ladenburg Aggressive Growth Fund ("Ladenburg Aggressive"), Ladenburg Growth & Income Fund ("Ladenburg Growth & Income"), Ladenburg Growth Fund ("Ladenburg Growth"), Ladenburg Income Fund ("Ladenburg Income"), and Ladenburg Income & Growth Fund ("Ladenburg Income & Growth") (each a "Fund" and collectively the "Funds"). In considering the Advisory Agreement, the Board received materials specifically relating to the Advisory Agreement.

The Trustees were assisted by independent legal counsel and fund counsel throughout the agreement review process. The Trustees relied upon the advice of independent legal counsel and fund counsel, and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreement.

*<u>Nature, Extent, and Quality of Services</u>*. The Trustees observed that LTAM was established in 1982 and managed approximately $6.9 billion in assets for individuals, foundations, endowments and retirement plans. The Trustees considered the background information of the key investment personnel responsible for the Funds, taking into consideration their education and financial industry experience and noting there had been no recent changes to such personnel. The Trustees noted that LTAM set target allocations for each Fund among equity, fixed income, and alternatives depending on such Fund's long-term objectives, and rebalanced each Fund's holdings to meet the target allocation as market conditions changed or subscriptions and redemptions occurred. The Trustees further observed that LTAM managed risk through the application of macroeconomic theory, the diversification of the Fund's holdings across asset classes, and the selection of investments with low correlation to one another. The Trustees noted that LTAM executed trades through an affiliated broker-dealer, citing cost-effectiveness and access to the affiliated broker-dealer's research. The Trustees agreed that LTAM had a robust and experienced investment team and access to ample research and technology to support the Funds' investment process. The Trustees concluded that they expected LTAM to continue providing high quality service to the Funds for the benefit of their respective shareholders.

*<u>Performance</u>*. The Trustees observed that each Fund's returns were generally in line with the Morningstar category and peer-group medians over the prior one-year, three-year, five-year, and since-inception periods. Additional fund-specific observations are summarized below.

*Ladenburg Aggressive*. The Trustees noted that the Fund's since-inception return was 9.33% and that its rolling 12-month return fell within the bottom two quartiles 66% of the time. The Trustees concluded that the Fund's performance was adequate.

*Ladenburg Growth*. The Trustees noted that the Fund's since-inception rate of return was 8.35% and that its rolling 12-month return fell within the bottom two quartiles more than 70% of the time. The Trustees concluded that the Fund's performance was adequate.

*Ladenburg Growth & Income*. The Trustees noted that the Fund's since-inception rate of return was 6.77% and that income as a percentage of average assets was 1.56%. The Fund's rolling 12 -month return fell within the bottom two quartiles 80% of the time. The Trustees concluded that the Fund's performance was acceptable.

*Ladenburg Income*. The Trustees noted that the Fund's yield was 2.93% and that the since-inception rate of return was 3.34%. The Fund's rolling 12-month return fell within the bottom two quartiles 74% of the time. The Trustees concluded that the Fund's performance was acceptable.

*Ladenburg Income & Growth*. The Trustees noted that the Fund's since-inception rate of return was 5.02% and that income generated was 2.19%. The Fund's rolling 12- month return fell within the bottom two quartiles more than 75% of the time. The Trustees concluded that Fund's performance was acceptable.

*<u>Fees and Expenses</u>*.

*Ladenburg Aggressive*. The Trustees noted that LTAM charged the Fund an annual advisory fee of 0.50%, which was higher than the Morningstar category average and lower than the peer group average. The Trustees further noted that the Fund's net expense ratio of 0.85% was above the Morningstar category average and marginally higher than the peer group average. The Trustees acknowledged that the LTAM believed the fee was reasonable based on resources dedicated to the Fund on research and due diligence. The Trustees noted that the average net assets of the peer group were significantly higher than the Fund's net assets and the LTAM's representation that the average expenses of the peer group reflected substantial economies of scale. The Trustees concluded that the Fund's fees and expenses were not unreasonable.

*Ladenburg Growth* . The Trustees noted that the LTAM charged the Fund an annual advisory fee of 0.50%, which was above the Morningstar category average and below the peer group average. The Trustees further noted that the Fund's net expense ratio of 0.81% was above the category and below the peer group average, but within the range for each of the peer group and the Morningstar category. The Trustees acknowledged that the LTAM believed the fee was reasonable based on resources dedicated to the Fund on research and due diligence. The Trustees noted that the average net assets of the peer group were significantly higher than the Fund's net assets and the LTAM's representation that the average expenses of the peer group reflected substantial economies of scale. The Trustees concluded that the Fund's fees and expenses were not unreasonable.

*Ladenburg Growth & Income*. The Trustees observed that LTAM charged the Fund an annual advisory fee of 0.50%, which was above the Morningstar category median and below the peer group median. The Trustees further observed that the Fund had a net expense ratio of 0.79%, which was above the Morningstar category median and equal to the peer group median. The Trustees acknowledged that the LTAM believed the fee was reasonable based on resources dedicated to the Fund on research and due diligence. The Trustees noted that the average net assets of the peer group were significantly higher than the Fund's net assets and the LTAM's representation that the average expenses of the peer group

reflected substantial economies of scale. The Trustees concluded that the Fund's fees and expenses were not unreasonable.

*Ladenburg Income*. The Trustees observed that LTAM charged the Fund an annual advisory fee of 0.50%, which was above the Morningstar category median and below the peer group median. The Trustees also observed that the Fund's net expense ratio of 0.85% was above the Morningstar category median and below the peer group median. The Trustees acknowledged that the LTAM believed the fee was reasonable based on resources dedicated to the Fund on research and due diligence. The Trustees noted that the average net assets of the peer group were significantly higher than the Fund's net assets and the LTAM's representation that the peer group average reflected substantial economies of scale. The Trustees concluded that the Fund's fees and expenses were not unreasonable.

*Ladenburg Income & Growth*. The Trustees noted that the Fund was charged an annual advisory fee of 0.50%, which was above the Morningstar category median and lower than the peer group median. The Trustees also noted that the Fund's net expense ratio of 0.85% was above the Morningstar category median and the peer group median. The Trustees considered that the average net assets of the peer group were substantially higher than the Fund's net assets and the LTAM's representation that the peer group averages reflected significant economies of scale. The Trustees agreed that the Fund's fees and expenses were not unreasonable.

*<u>Economies of Scale</u>*. The Trustees considered whether LTAM had realized economies of scale in its advising of the Funds. The Trustees acknowledged LTAM's representation that it had not yet achieved economies of scale with respect to any of the Funds, observing that each Fund was not yet at a size where the LTAM can accurately estimate when economies of scale would be achieved, particularly considering the increased regulatory responsibilities of the LTAM.

*<u>Profitability</u>*. The Trustees reviewed the profitability of LTAM's advisory relationships with each Ladenburg Fund. Based on the profitability analyses, the Trustees noted that LTAM recorded a loss in connection with Ladenburg Income. The Trustees further noted that LTAM realized modest profits from its advisory relationships with the other Ladenburg Funds. In evaluating those profits, the Trustees considered both absolute dollar amounts and profit margins and took into account LTAM's representation that such profitability was reasonable in light of LTAM's long-standing record of meeting each Fund's investment objective and delivering value to shareholders. Following this review, the Trustees concluded that LTAM's advisory relationships with the Ladenburg Funds were not excessively profitable.

*<u>Conclusion</u>*. With the advice of counsel, the Trustees determined that renewal of the advisory agreement between NLFT and LTAM for the Funds was in the best interests of each Fund and its shareholders after requesting and receiving information from LTAM that they considered reasonably necessary to evaluate the advisory agreement.

\* Due to timing of the contract renewal schedule, these deliberations may or may not relate to the current performance results of each Fund.

**<u>PROXY VOTING POLICY</u>**

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 1-877-803-6583 or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**<u>PORTFOLIO HOLDINGS</u>**

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Form N-PORT is available on the SEC's website at <u>http://www.sec.gov</u>. The information on Form N-PORT is available without charge, upon request, by calling 1-877-803-6583.

---

| |
|:---|
| **INVESTMENT ADVISOR** |
| Ladenburg Thalmann Asset Management Inc. |
| 640 5<sup>th</sup> Avenue, 4<sup>th</sup> Floor |
| New York, NY 10019 |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 80 Arkay Drive, Suite 110 |
| Hauppauge, NY 11788 |
| Ladenburg-SA25 |

---

**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

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

Included under Item 7

**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)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 19. Exhibits.** 

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers. Exhibit 99.CODE

(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](ex99-cert.htm)

(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](ex99-906cert.htm)

**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.

Trust Name: <u>Northern Lights Fund Trust</u>

---

| | |
|:---|:---|
| By | /s/ Kevin E. Wolf |
| Kevin E. Wolf | Kevin E. Wolf |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 3/10/2026 | Date: 3/10/2026 |

---

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 | /s/ Kevin E. Wolf |
| Kevin E. Wolf | Kevin E. Wolf |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 3/10/2026 | Date: 3/10/2026 |

---

---

| | |
|:---|:---|
| By | /s/ Jim Colantino |
| Jim Colantino | Jim Colantino |
| Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Date: 3/10/2026 | Date: 3/10/2026 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Kevin E. Wolf, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Ladenburg Funds (a series of Northern Lights
 Fund Trust) ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/10/2026 | /s/ Kevin E. Wolf |
|  |  | Kevin E. Wolf |
|  |  | Principal Executive Officer/President |

---

**Certification** [Exhibit 99. CERT]

I, Jim Colantino, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Ladenburg Funds (a series of Northern Lights
 Fund Trust) ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/10/2026 | /s/ Jim Colantino |
|  |  | Jim Colantino |
|  |  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**CERTIFICATION** [Exhibit 99.906CERT]

Kevin E. Wolf, Principal Executive Officer/President, and Jim Colantino, Principal Financial Officer/Treasurer of Northern Lights Trust (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust |
| /s/ Kevin E. Wolf | /s/ Kevin E. Wolf | /s/ Jim Colantino | /s/ Jim Colantino |
| Kevin E. Wolf | Kevin E. Wolf | Jim Colantino | Jim Colantino |
| Date: | 3/10/26 | Date: | 3/10/26 |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.