# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-25-005934
**Filing Date:** 2025-9
**Character Count:** 247255
**Document Hash:** 87a3a3c0835c316661e6e03bcc689522
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005934.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001580642-25-005934

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 95

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 251299515

**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>6/30/25</u>

**Item 1. Reports to Stockholders.** 

(a)&nbsp;&nbsp;&nbsp;&nbsp; Tailored Shareholder Report

# Ladenburg Aggressive Growth Fund

# Class A (LAWAX)

#### Annual Shareholder Report - June 30, 2025
![Image](i09cd7af4517faad7e1681f0e.jpg)

## Fund Overview
This annual shareholder report contains important information about Ladenburg Aggressive Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.ladenburgfunds.com**. You can also request this information by contacting us at 1-877-803-6583.

## What were the Fund's costs for the last year?
(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 | $106 | 1.00% |

---

## How did the Fund perform during the reporting period?
The Fund maintained diversified exposure across equity style boxes with strategic overweight positions to Large-Cap stocks and alternatives. Occasional bouts of significant volatility, particularly in US equities, limited performance relative to highly concentrated domestic indices.

Although minor, small allocations to long-duration Treasurys hindered performance, as lower-quality and short-duration bonds outperformed, which somewhat limited overall Fund performance relative to all-equity portfolios. Exiting long-duration Treasurys in early 2025 supported Fund performance through the first half of this year.

The equity portion of the portfolio performed well through the end of 2024. Continued Large-Cap Growth dominance, augmented by solid small-cap performance, rallied strongly into the new year. Although by early 2025, a renewed focus on international equities, swirling questions around the federal debt and budget deficit, and concerns over impending tariffs and potentially resurgent inflation dragged on this domestically focused portfolio, with small caps inversely leading the way down. Several of those trends reversed in the second half of Q2, as tariff fears abated to some degree. After the trade policy-driven pull-back, Mega-Cap Tech resumed leadership while Large-Cap Value served as a consistently positive ballast for the Fund, driving total return recovery. However, larger allocations to small caps and a lack of international exposure have limited performance.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i3b9562a061c23c55690a8f63.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Ladenburg Aggressive Growth Fund** | **Ladenburg Aggressive Growth Fund - with load** | **S&P 500<sup>®</sup> Index** |
| **Aug-2015** | $10000 | $9497 | $10000 |
| **Jun-2016** | $10140 | $9630 | $11297 |
| **Jun-2017** | $11900 | $11301 | $13319 |
| **Jun-2018** | $13051 | $12395 | $15233 |
| **Jun-2019** | $13647 | $12960 | $16820 |
| **Jun-2020** | $14128 | $13417 | $18082 |
| **Jun-2021** | $19306 | $18335 | $25459 |
| **Jun-2022** | $15994 | $15189 | $22756 |
| **Jun-2023** | $18412 | $17485 | $27215 |
| **Jun-2024** | $21176 | $20110 | $33898 |
| **Jun-2025** | $23400 | $22222 | $39038 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 24, 2015)** |
| Ladenburg Aggressive Growth Fund |  |  |  |
| Without Load | 10.50% | 10.62% | 9.01% |
| With Load | 4.99% | 9.50% | 8.44% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.83% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $58116228 |
| Number of Portfolio Holdings | 10 |
| Advisory Fee (net of waivers) | $251853 |
| Portfolio Turnover | 45% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie1a3e375dbe9555eb5778b40.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 95.5% |
| Money Market Funds | 4.5% |

---

## What did the Fund invest in?

## Asset Weighting (% of total investments)
![Group By Sector Chart](i1e4f57a3b1c271592bff7061.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Fixed Income | 3.9% |
| Money Market Funds | 4.5% |
| Equity | 91.8% |

---

## 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 | 23.8% |
| WisdomTree U.S. Value Fund | 10.3% |
| iShares Russell Mid-Cap Growth ETF | 8.8% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 7.9% |
| Avantis U.S. Small Cap Value ETF | 7.4% |
| Invesco S&P SmallCap Momentum ETF | 6.8% |
| First American Government Obligations Fund, Class X | 4.5% |
| Vanguard Intermediate-Term Bond ETF | 2.0% |
| Invesco Total Return Bond ETF | 1.9% |

---

## Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](ib940a512aa7caf524f82e1d2.jpg)

# Ladenburg Aggressive Growth Fund - Class A (LAWAX)

#### Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-LAWAX

# Ladenburg Aggressive Growth Fund

# Class C (LAWCX)

#### Annual Shareholder Report - June 30, 2025
![Image](i79dcbc328ea8dce2f05ef01e.jpg)

## Fund Overview
This annual shareholder report contains important information about Ladenburg Aggressive Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.ladenburgfunds.com**. You can also request this information by contacting us at 1-877-803-6583.

## What were the Fund's costs for the last year?
(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 | $183 | 1.75% |

---

## How did the Fund perform during the reporting period?
The Fund maintained diversified exposure across equity style boxes with strategic overweight positions to Large-Cap stocks and alternatives. Occasional bouts of significant volatility, particularly in US equities, limited performance relative to highly concentrated domestic indices.

Although minor, small allocations to long-duration Treasurys hindered performance, as lower-quality and short-duration bonds outperformed, which somewhat limited overall Fund performance relative to all-equity portfolios. Exiting long-duration Treasurys in early 2025 supported Fund performance through the first half of this year.

The equity portion of the portfolio performed well through the end of 2024. Continued Large-Cap Growth dominance, augmented by solid small-cap performance, rallied strongly into the new year. Although by early 2025, a renewed focus on international equities, swirling questions around the federal debt and budget deficit, and concerns over impending tariffs and potentially resurgent inflation dragged on this domestically focused portfolio, with small caps inversely leading the way down. Several of those trends reversed in the second half of Q2, as tariff fears abated to some degree. After the trade policy-driven pull-back, Mega-Cap Tech resumed leadership while Large-Cap Value served as a consistently positive ballast for the Fund, driving total return recovery. However, larger allocations to small caps and a lack of international exposure have limited performance.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i7a69a02fa8406b5d13894347.jpg)

---

| | | |
|:---|:---|:---|
| | **Ladenburg Aggressive Growth Fund** | **S&P 500<sup>®</sup> Index** |
| **Aug-2015** | $10000 | $10000 |
| **Jun-2016** | $10080 | $11297 |
| **Jun-2017** | $11610 | $13319 |
| **Jun-2018** | $12643 | $15233 |
| **Jun-2019** | $13123 | $16820 |
| **Jun-2020** | $13483 | $18082 |
| **Jun-2021** | $18288 | $25459 |
| **Jun-2022** | $15039 | $22756 |
| **Jun-2023** | $17186 | $27215 |
| **Jun-2024** | $19617 | $33898 |
| **Jun-2025** | $21521 | $39038 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 24, 2015)** |
| Ladenburg Aggressive Growth Fund | 9.71% | 9.80% | 8.09% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.83% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $58116228 |
| Number of Portfolio Holdings | 10 |
| Advisory Fee (net of waivers) | $251853 |
| Portfolio Turnover | 45% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3f05ed2e99c859b048e64984.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 95.5% |
| Money Market Funds | 4.5% |

---

## What did the Fund invest in?

## Asset Weighting (% of total investments)
![Group By Sector Chart](i569baefd6dce434d70d8c82c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Fixed Income | 3.9% |
| Money Market Funds | 4.5% |
| Equity | 91.8% |

---

## 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 | 23.8% |
| WisdomTree U.S. Value Fund | 10.3% |
| iShares Russell Mid-Cap Growth ETF | 8.8% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 7.9% |
| Avantis U.S. Small Cap Value ETF | 7.4% |
| Invesco S&P SmallCap Momentum ETF | 6.8% |
| First American Government Obligations Fund, Class X | 4.5% |
| Vanguard Intermediate-Term Bond ETF | 2.0% |
| Invesco Total Return Bond ETF | 1.9% |

---

## Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](i7dabce1aa0e5cbbf8d08a7c0.jpg)

# Ladenburg Aggressive Growth Fund - Class C (LAWCX)

#### Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-LAWCX

# Ladenburg Aggressive Growth Fund

# Class I (LAGIX)

#### Annual Shareholder Report - June 30, 2025
![Image](i56c7c645364c7ae1693280e6.jpg)

## Fund Overview
This annual shareholder report contains important information about Ladenburg Aggressive Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.ladenburgfunds.com**. You can also request this information by contacting us at 1-877-803-6583.

## What were the Fund's costs for the last year?
(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 | $89 | 0.85% |

---

## How did the Fund perform during the reporting period?
The Fund maintained diversified exposure across equity style boxes with strategic overweight positions to Large-Cap stocks and alternatives. Occasional bouts of significant volatility, particularly in US equities, limited performance relative to highly concentrated domestic indices.

Although minor, small allocations to long-duration Treasurys hindered performance, as lower-quality and short-duration bonds outperformed, which somewhat limited overall Fund performance relative to all-equity portfolios. Exiting long-duration Treasurys in early 2025 supported Fund performance through the first half of this year.

The equity portion of the portfolio performed well through the end of 2024. Continued Large-Cap Growth dominance, augmented by solid small-cap performance, rallied strongly into the new year. Although by early 2025, a renewed focus on international equities, swirling questions around the federal debt and budget deficit, and concerns over impending tariffs and potentially resurgent inflation dragged on this domestically focused portfolio, with small caps inversely leading the way down. Several of those trends reversed in the second half of Q2, as tariff fears abated to some degree. After the trade policy-driven pull-back, Mega-Cap Tech resumed leadership while Large-Cap Value served as a consistently positive ballast for the Fund, driving total return recovery. However, larger allocations to small caps and a lack of international exposure have limited performance.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i647f2992b191dcf8284d908c.jpg)

---

| | | |
|:---|:---|:---|
| | **Ladenburg Aggressive Growth Fund** | **S&P 500<sup>®</sup> Index** |
| **Aug-2015** | $10000 | $10000 |
| **Jun-2016** | $10110 | $11297 |
| **Jun-2017** | $11730 | $13319 |
| **Jun-2018** | $12900 | $15233 |
| **Jun-2019** | $13528 | $16820 |
| **Jun-2020** | $14032 | $18082 |
| **Jun-2021** | $19195 | $25459 |
| **Jun-2022** | $15929 | $22756 |
| **Jun-2023** | $18365 | $27215 |
| **Jun-2024** | $21152 | $33898 |
| **Jun-2025** | $23410 | $39038 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 24, 2015)** |
| Ladenburg Aggressive Growth Fund | 10.67% | 10.78% | 9.02% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.83% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $58116228 |
| Number of Portfolio Holdings | 10 |
| Advisory Fee (net of waivers) | $251853 |
| Portfolio Turnover | 45% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i07874a308236ffa696d86368.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 95.5% |
| Money Market Funds | 4.5% |

---

## What did the Fund invest in?

## Asset Weighting (% of total investments)
![Group By Sector Chart](i2eb0eea2dc58353e994826c8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Fixed Income | 3.9% |
| Money Market Funds | 4.5% |
| Equity | 91.8% |

---

## 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 | 23.8% |
| WisdomTree U.S. Value Fund | 10.3% |
| iShares Russell Mid-Cap Growth ETF | 8.8% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 7.9% |
| Avantis U.S. Small Cap Value ETF | 7.4% |
| Invesco S&P SmallCap Momentum ETF | 6.8% |
| First American Government Obligations Fund, Class X | 4.5% |
| Vanguard Intermediate-Term Bond ETF | 2.0% |
| Invesco Total Return Bond ETF | 1.9% |

---

## Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](i141937ccf1c51aeb44e4ff4b.jpg)

# Ladenburg Aggressive Growth Fund - Class I (LAGIX)

#### Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-LAGIX

#### Ladenburg Growth & Income Fund

#### Class A (LOWAX)

#### Annual Shareholder Report - June 30, 2025
![Image](i8ebc814a57d5f2685e95a81f.jpg)

# Fund Overview
This annual shareholder report contains important information about Ladenburg Growth & Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.ladenburgfunds.com**. You can also request this information by contacting us at 1-877-803-6583.

# What were the Fund's costs for the last year?
(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 | $105 | 1.00% |

---

# How did the Fund perform during the reporting period?
The Fund maintained diversified exposure across equity style boxes and a strategic overweight position to alternatives, complemented by a distinct core+ allocation across high-quality fixed income securities, ultimately achieving its objective of providing a robust and diversified portfolio spanning the major asset classes. Despite occasional bouts of significant volatility, diversification across stocks, bonds, and alternatives continued to work in investors' favor, with broadly diversified portfolios charting a smoother ride than concentrated exposures.

While the majority of fixed income assets benefited from a declining Federal Fund Rate, which dropped a full percent from its peak between September and December of last year, lower-quality and short-duration bonds outperformed, which limited overall Fund performance on a relative basis. Exchanging long-duration Treasurys for larger residential mortgage-backed securities (RMBS) positions in early 2025 supported Fund performance through the first half of this year.

The equity portion of the portfolio performed well through the end of 2024. Continued Large-Cap Growth dominance, augmented by solid small-cap performance, rallied strongly into the new year. Although by early 2025, a renewed focus on international equities, swirling questions around the federal debt and budget deficit, and concerns over impending tariffs and potentially resurgent inflation dragged on this domestically focused portfolio, with small caps inversely leading the way down. Several of those trends reversed in the second half of Q2, as tariff fears abated to some degree. After the trade policy-driven pull-back, Mega-Cap Tech resumed leadership while Large-Cap Value served as a consistently positive ballast for the Fund, driving total return recovery.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i12f0e444de774c9d3054cdeb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Ladenburg Growth & Income Fund** | **Ladenburg Growth & Income Fund - with load** | **S&P 500<sup>®</sup> Index** |
| **Aug-2015** | $10000 | $9497 | $10000 |
| **Jun-2016** | $10050 | $9544 | $11297 |
| **Jun-2017** | $11129 | $10569 | $13319 |
| **Jun-2018** | $11841 | $11245 | $15233 |
| **Jun-2019** | $12405 | $11781 | $16820 |
| **Jun-2020** | $12730 | $12090 | $18082 |
| **Jun-2021** | $15757 | $14964 | $25459 |
| **Jun-2022** | $13558 | $12876 | $22756 |
| **Jun-2023** | $15034 | $14277 | $27215 |
| **Jun-2024** | $16735 | $15893 | $33898 |
| **Jun-2025** | $18266 | $17347 | $39038 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 24, 2015)** |
| Ladenburg Growth & Income Fund |  |  |  |
| Without Load | 9.15% | 7.49% | 6.31% |
| With Load | 3.68% | 6.39% | 5.75% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.83% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $169622834 |
| Number of Portfolio Holdings | 12 |
| Advisory Fee (net of waivers) | $837639 |
| Portfolio Turnover | 38% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4ab5c8906eee13f4abe764bd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.3% |
| Money Market Funds | 1.7% |

---

# What did the Fund invest in?

# Asset Weighting (% of total investments)
![Group By Sector Chart](i0bbcc02a06126146c009e7e5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 1.7% |
| Fixed Income | 29.9% |
| Equity | 68.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Schwab U.S. Large-Cap Value ETF | 21.1% |
| Schwab U.S. Large-Cap Growth ETF | 18.1% |
| PIMCO Active Bond ETF | 10.0% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 10.0% |
| Vanguard Intermediate-Term Bond ETF | 7.1% |
| Invesco Total Return Bond ETF | 6.9% |
| SPDR Doubleline Total Return Tactical ETF | 5.9% |
| Avantis U.S. Small Cap Value ETF | 5.6% |
| Invesco S&P SmallCap Momentum ETF | 4.9% |
| WisdomTree U.S. Value Fund | 4.8% |

---

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](ib9e6039f91fcc70b69230621.jpg)

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

#### Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-LOWAX

#### Ladenburg Growth & Income Fund

#### Class C (LOWCX)

#### Annual Shareholder Report - June 30, 2025
![Image](i7fbe2c9c1c2fffa888b9d2a3.jpg)

# Fund Overview
This annual shareholder report contains important information about Ladenburg Growth & Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.ladenburgfunds.com**. You can also request this information by contacting us at 1-877-803-6583.

# What were the Fund's costs for the last year?
(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 | $182 | 1.75% |

---

# How did the Fund perform during the reporting period?
The Fund maintained diversified exposure across equity style boxes and a strategic overweight position to alternatives, complemented by a distinct core+ allocation across high-quality fixed income securities, ultimately achieving its objective of providing a robust and diversified portfolio spanning the major asset classes. Despite occasional bouts of significant volatility, diversification across stocks, bonds, and alternatives continued to work in investors' favor, with broadly diversified portfolios charting a smoother ride than concentrated exposures.

While the majority of fixed income assets benefited from a declining Federal Fund Rate, which dropped a full percent from its peak between September and December of last year, lower-quality and short-duration bonds outperformed, which limited overall Fund performance on a relative basis. Exchanging long-duration Treasurys for larger residential mortgage-backed securities (RMBS) positions in early 2025 supported Fund performance through the first half of this year.

The equity portion of the portfolio performed well through the end of 2024. Continued Large-Cap Growth dominance, augmented by solid small-cap performance, rallied strongly into the new year. Although by early 2025, a renewed focus on international equities, swirling questions around the federal debt and budget deficit, and concerns over impending tariffs and potentially resurgent inflation dragged on this domestically focused portfolio, with small caps inversely leading the way down. Several of those trends reversed in the second half of Q2, as tariff fears abated to some degree. After the trade policy-driven pull-back, Mega-Cap Tech resumed leadership while Large-Cap Value served as a consistently positive ballast for the Fund, driving total return recovery.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i101c0367ec95ad6ab97e8bf9.jpg)

---

| | | |
|:---|:---|:---|
| | **Ladenburg Growth & Income Fund** | **S&P 500<sup>®</sup> Index** |
| **Aug-2015** | $10000 | $10000 |
| **Jun-2016** | $9990 | $11297 |
| **Jun-2017** | $10991 | $13319 |
| **Jun-2018** | $11603 | $15233 |
| **Jun-2019** | $12059 | $16820 |
| **Jun-2020** | $12289 | $18082 |
| **Jun-2021** | $15086 | $25459 |
| **Jun-2022** | $12884 | $22756 |
| **Jun-2023** | $14173 | $27215 |
| **Jun-2024** | $15660 | $33898 |
| **Jun-2025** | $16970 | $39038 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 24, 2015)** |
| Ladenburg Growth & Income Fund | 8.37% | 6.67% | 5.51% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.83% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $169622834 |
| Number of Portfolio Holdings | 12 |
| Advisory Fee (net of waivers) | $837639 |
| Portfolio Turnover | 38% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic4a3efc6de3eb83d21c9baf5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.3% |
| Money Market Funds | 1.7% |

---

# What did the Fund invest in?

# Asset Weighting (% of total investments)
![Group By Sector Chart](i48a24dce4f510004f94a32d4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 1.7% |
| Fixed Income | 29.9% |
| Equity | 68.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Schwab U.S. Large-Cap Value ETF | 21.1% |
| Schwab U.S. Large-Cap Growth ETF | 18.1% |
| PIMCO Active Bond ETF | 10.0% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 10.0% |
| Vanguard Intermediate-Term Bond ETF | 7.1% |
| Invesco Total Return Bond ETF | 6.9% |
| SPDR Doubleline Total Return Tactical ETF | 5.9% |
| Avantis U.S. Small Cap Value ETF | 5.6% |
| Invesco S&P SmallCap Momentum ETF | 4.9% |
| WisdomTree U.S. Value Fund | 4.8% |

---

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](i19135f2f537abd23dd12b50b.jpg)

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

#### Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-LOWCX

#### Ladenburg Growth & Income Fund

#### Class I (LOWIX)

#### Annual Shareholder Report - June 30, 2025
![Image](i8829bd20cb047ae671c7b241.jpg)

# Fund Overview
This annual shareholder report contains important information about Ladenburg Growth & Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.ladenburgfunds.com**. You can also request this information by contacting us at 1-877-803-6583.

# What were the Fund's costs for the last year?
(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 | $83 | 0.79% |

---

# How did the Fund perform during the reporting period?
The Fund maintained diversified exposure across equity style boxes and a strategic overweight position to alternatives, complemented by a distinct core+ allocation across high-quality fixed income securities, ultimately achieving its objective of providing a robust and diversified portfolio spanning the major asset classes. Despite occasional bouts of significant volatility, diversification across stocks, bonds, and alternatives continued to work in investors' favor, with broadly diversified portfolios charting a smoother ride than concentrated exposures.

While the majority of fixed income assets benefited from a declining Federal Fund Rate, which dropped a full percent from its peak between September and December of last year, lower-quality and short-duration bonds outperformed, which limited overall Fund performance on a relative basis. Exchanging long-duration Treasurys for larger residential mortgage-backed securities (RMBS) positions in early 2025 supported Fund performance through the first half of this year.

The equity portion of the portfolio performed well through the end of 2024. Continued Large-Cap Growth dominance, augmented by solid small-cap performance, rallied strongly into the new year. Although by early 2025, a renewed focus on international equities, swirling questions around the federal debt and budget deficit, and concerns over impending tariffs and potentially resurgent inflation dragged on this domestically focused portfolio, with small caps inversely leading the way down. Several of those trends reversed in the second half of Q2, as tariff fears abated to some degree. After the trade policy-driven pull-back, Mega-Cap Tech resumed leadership while Large-Cap Value served as a consistently positive ballast for the Fund, driving total return recovery.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i012caff36e92b930ec519346.jpg)

---

| | | |
|:---|:---|:---|
| | **Ladenburg Growth & Income Fund** | **S&P 500<sup>®</sup> Index** |
| **Aug-2015** | $10000 | $10000 |
| **Jun-2016** | $10050 | $11297 |
| **Jun-2017** | $11128 | $13319 |
| **Jun-2018** | $11865 | $15233 |
| **Jun-2019** | $12464 | $16820 |
| **Jun-2020** | $12823 | $18082 |
| **Jun-2021** | $15907 | $25459 |
| **Jun-2022** | $13721 | $22756 |
| **Jun-2023** | $15250 | $27215 |
| **Jun-2024** | $17017 | $33898 |
| **Jun-2025** | $18620 | $39038 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 24, 2015)** |
| Ladenburg Growth & Income Fund | 9.42% | 7.74% | 6.51% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.83% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $169622834 |
| Number of Portfolio Holdings | 12 |
| Advisory Fee (net of waivers) | $837639 |
| Portfolio Turnover | 38% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8ffa5a2039790bedd98621db.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.3% |
| Money Market Funds | 1.7% |

---

# What did the Fund invest in?

# Asset Weighting (% of total investments)
![Group By Sector Chart](ib5685bc705368c58c67819e8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 1.7% |
| Fixed Income | 29.9% |
| Equity | 68.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Schwab U.S. Large-Cap Value ETF | 21.1% |
| Schwab U.S. Large-Cap Growth ETF | 18.1% |
| PIMCO Active Bond ETF | 10.0% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 10.0% |
| Vanguard Intermediate-Term Bond ETF | 7.1% |
| Invesco Total Return Bond ETF | 6.9% |
| SPDR Doubleline Total Return Tactical ETF | 5.9% |
| Avantis U.S. Small Cap Value ETF | 5.6% |
| Invesco S&P SmallCap Momentum ETF | 4.9% |
| WisdomTree U.S. Value Fund | 4.8% |

---

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](ifae359a64691528e95a22962.jpg)

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

#### Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-LOWIX

#### Ladenburg Growth Fund

#### Class A (LGWAX)

#### Annual Shareholder Report - June 30, 2025
![Image](i96d0004a92b142d3f4228e7b.jpg)

# Fund Overview
This annual shareholder report contains important information about Ladenburg Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.ladenburgfunds.com**. You can also request this information by contacting us at 1-877-803-6583.

# What were the Fund's costs for the last year?
(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 | $106 | 1.00% |

---

# How did the Fund perform during the reporting period?
The Fund maintained diversified exposure across equity style boxes and a strategic overweight position to alternatives, complemented by a smaller core+ allocation across high-quality fixed income securities, ultimately achieving its objective of providing diversified, growth-oriented exposure. Despite occasional bouts of significant volatility, diversification across stocks, bonds, and alternatives continued to work in investors' favor, with broadly diversified portfolios charting a smoother ride than concentrated exposures.

While the majority of fixed income assets benefited from a declining Federal Fund Rate, which dropped a full percent from its peak between September and December of last year, lower-quality and short-duration bonds outperformed, which limited overall Fund performance on a relative basis. Exchanging long-duration Treasurys for larger residential mortgage-backed securities (RMBS) positions in early 2025 supported Fund performance through the first half of this year.

The equity portion of the portfolio performed well through the end of 2024. Continued Large-Cap Growth dominance, augmented by solid small-cap performance, rallied strongly into the new year. Although by early 2025, a renewed focus on international equities, swirling questions around the federal debt and budget deficit, and concerns over impending tariffs and potentially resurgent inflation dragged on this domestically focused portfolio, with small caps inversely leading the way down. Several of those trends reversed in the second half of Q2, as tariff fears abated to some degree. After the trade policy-driven pull-back, Mega-Cap Tech resumed leadership while Large-Cap Value served as a consistently positive ballast for the Fund, driving total return recovery. However, larger allocations to small caps and a lack of international exposure have limited performance.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7c0ae8f4a4f44f908c8a46c3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Ladenburg Growth Fund** | **Ladenburg Growth Fund - with load** | **S&P 500<sup>®</sup> Index** |
| **Aug-2015** | $10000 | $9497 | $10000 |
| **Jun-2016** | $10000 | $9497 | $11297 |
| **Jun-2017** | $11341 | $10771 | $13319 |
| **Jun-2018** | $12282 | $11664 | $15233 |
| **Jun-2019** | $12861 | $12214 | $16820 |
| **Jun-2020** | $13206 | $12542 | $18082 |
| **Jun-2021** | $17393 | $16518 | $25459 |
| **Jun-2022** | $14637 | $13900 | $22756 |
| **Jun-2023** | $16698 | $15858 | $27215 |
| **Jun-2024** | $19078 | $18118 | $33898 |
| **Jun-2025** | $21115 | $20052 | $39038 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 24, 2015)** |
| Ladenburg Growth Fund |  |  |  |
| Without Load | 10.67% | 9.84% | 7.88% |
| With Load | 5.15% | 8.71% | 7.32% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.83% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $122698165 |
| Number of Portfolio Holdings | 11 |
| Advisory Fee (net of waivers) | $605879 |
| Portfolio Turnover | 46% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6fdb877012f860ffddbf3f5c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.3% |
| Money Market Funds | 1.7% |

---

# What did the Fund invest in?

# Asset Weighting (% of total investments)
![Group By Sector Chart](i59631d1f46fc3c2c5fb5b441.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.4% |
| Money Market Funds | 1.7% |
| Fixed Income | 12.6% |
| Equity | 86.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Schwab U.S. Large-Cap Value ETF | 26.3% |
| Schwab U.S. Large-Cap Growth ETF | 23.5% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 9.8% |
| WisdomTree U.S. Value Fund | 8.8% |
| Avantis U.S. Small Cap Value ETF | 6.7% |
| iShares Russell Mid-Cap Growth ETF | 6.1% |
| Invesco S&P SmallCap Momentum ETF | 4.9% |
| Invesco Total Return Bond ETF | 4.8% |
| PIMCO Active Bond ETF | 3.9% |
| Vanguard Intermediate-Term Bond ETF | 3.9% |

---

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](i7ea1b7529f4b122c707cdca0.jpg)

#### Ladenburg Growth Fund - Class A (LGWAX)

#### Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-LGWAX

#### Ladenburg Growth Fund

#### Class C (LGWCX)

#### Annual Shareholder Report - June 30, 2025
![Image](i0de4509f0e42549b5d898f19.jpg)

# Fund Overview
This annual shareholder report contains important information about Ladenburg Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.ladenburgfunds.com**. You can also request this information by contacting us at 1-877-803-6583.

# What were the Fund's costs for the last year?
(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 | $184 | 1.75% |

---

# How did the Fund perform during the reporting period?
The Fund maintained diversified exposure across equity style boxes and a strategic overweight position to alternatives, complemented by a smaller core+ allocation across high-quality fixed income securities, ultimately achieving its objective of providing diversified, growth-oriented exposure. Despite occasional bouts of significant volatility, diversification across stocks, bonds, and alternatives continued to work in investors' favor, with broadly diversified portfolios charting a smoother ride than concentrated exposures.

While the majority of fixed income assets benefited from a declining Federal Fund Rate, which dropped a full percent from its peak between September and December of last year, lower-quality and short-duration bonds outperformed, which limited overall Fund performance on a relative basis. Exchanging long-duration Treasurys for larger residential mortgage-backed securities (RMBS) positions in early 2025 supported Fund performance through the first half of this year.

The equity portion of the portfolio performed well through the end of 2024. Continued Large-Cap Growth dominance, augmented by solid small-cap performance, rallied strongly into the new year. Although by early 2025, a renewed focus on international equities, swirling questions around the federal debt and budget deficit, and concerns over impending tariffs and potentially resurgent inflation dragged on this domestically focused portfolio, with small caps inversely leading the way down. Several of those trends reversed in the second half of Q2, as tariff fears abated to some degree. After the trade policy-driven pull-back, Mega-Cap Tech resumed leadership while Large-Cap Value served as a consistently positive ballast for the Fund, driving total return recovery. However, larger allocations to small caps and a lack of international exposure have limited performance.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4b96986a6e655f4d80776b7d.jpg)

---

| | | |
|:---|:---|:---|
| | **Ladenburg Growth Fund** | **S&P 500<sup>®</sup> Index** |
| **Aug-2015** | $10000 | $10000 |
| **Jun-2016** | $9940 | $11297 |
| **Jun-2017** | $11190 | $13319 |
| **Jun-2018** | $12035 | $15233 |
| **Jun-2019** | $12506 | $16820 |
| **Jun-2020** | $12743 | $18082 |
| **Jun-2021** | $16655 | $25459 |
| **Jun-2022** | $13917 | $22756 |
| **Jun-2023** | $15757 | $27215 |
| **Jun-2024** | $17866 | $33898 |
| **Jun-2025** | $19628 | $39038 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 24, 2015)** |
| Ladenburg Growth Fund | 9.86% | 9.02% | 7.08% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.83% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $122698165 |
| Number of Portfolio Holdings | 11 |
| Advisory Fee (net of waivers) | $605879 |
| Portfolio Turnover | 46% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](icd7b5a5d51716cdd3d39118e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.3% |
| Money Market Funds | 1.7% |

---

# What did the Fund invest in?

# Asset Weighting (% of total investments)
![Group By Sector Chart](i0d698504ad91eb2353743dd0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.4% |
| Money Market Funds | 1.7% |
| Fixed Income | 12.6% |
| Equity | 86.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Schwab U.S. Large-Cap Value ETF | 26.3% |
| Schwab U.S. Large-Cap Growth ETF | 23.5% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 9.8% |
| WisdomTree U.S. Value Fund | 8.8% |
| Avantis U.S. Small Cap Value ETF | 6.7% |
| iShares Russell Mid-Cap Growth ETF | 6.1% |
| Invesco S&P SmallCap Momentum ETF | 4.9% |
| Invesco Total Return Bond ETF | 4.8% |
| PIMCO Active Bond ETF | 3.9% |
| Vanguard Intermediate-Term Bond ETF | 3.9% |

---

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](ic49cf5384d2924353bca9db6.jpg)

#### Ladenburg Growth Fund - Class C (LGWCX)

#### Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-LGWCX

#### Ladenburg Growth Fund

#### Class I (LGWIX)

#### Annual Shareholder Report - June 30, 2025
![Image](i1901eae027d58ac736ea69e2.jpg)

# Fund Overview
This annual shareholder report contains important information about Ladenburg Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.ladenburgfunds.com**. You can also request this information by contacting us at 1-877-803-6583.

# What were the Fund's costs for the last year?
(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 | $85 | 0.81% |

---

# How did the Fund perform during the reporting period?
The Fund maintained diversified exposure across equity style boxes and a strategic overweight position to alternatives, complemented by a smaller core+ allocation across high-quality fixed income securities, ultimately achieving its objective of providing diversified, growth-oriented exposure. Despite occasional bouts of significant volatility, diversification across stocks, bonds, and alternatives continued to work in investors' favor, with broadly diversified portfolios charting a smoother ride than concentrated exposures.

While the majority of fixed income assets benefited from a declining Federal Fund Rate, which dropped a full percent from its peak between September and December of last year, lower-quality and short-duration bonds outperformed, which limited overall Fund performance on a relative basis. Exchanging long-duration Treasurys for larger residential mortgage-backed securities (RMBS) positions in early 2025 supported Fund performance through the first half of this year.

The equity portion of the portfolio performed well through the end of 2024. Continued Large-Cap Growth dominance, augmented by solid small-cap performance, rallied strongly into the new year. Although by early 2025, a renewed focus on international equities, swirling questions around the federal debt and budget deficit, and concerns over impending tariffs and potentially resurgent inflation dragged on this domestically focused portfolio, with small caps inversely leading the way down. Several of those trends reversed in the second half of Q2, as tariff fears abated to some degree. After the trade policy-driven pull-back, Mega-Cap Tech resumed leadership while Large-Cap Value served as a consistently positive ballast for the Fund, driving total return recovery. However, larger allocations to small caps and a lack of international exposure have limited performance.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i43aa9443cc2a93853211c91a.jpg)

---

| | | |
|:---|:---|:---|
| | **Ladenburg Growth Fund** | **S&P 500<sup>®</sup> Index** |
| **Aug-2015** | $10000 | $10000 |
| **Jun-2016** | $10000 | $11297 |
| **Jun-2017** | $11328 | $13319 |
| **Jun-2018** | $12314 | $15233 |
| **Jun-2019** | $12928 | $16820 |
| **Jun-2020** | $13294 | $18082 |
| **Jun-2021** | $17532 | $25459 |
| **Jun-2022** | $14790 | $22756 |
| **Jun-2023** | $16900 | $27215 |
| **Jun-2024** | $19351 | $33898 |
| **Jun-2025** | $21455 | $39038 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 24, 2015)** |
| Ladenburg Growth Fund | 10.88% | 10.05% | 8.06% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.83% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $122698165 |
| Number of Portfolio Holdings | 11 |
| Advisory Fee (net of waivers) | $605879 |
| Portfolio Turnover | 46% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if0bede2f18b72cc51c580583.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.3% |
| Money Market Funds | 1.7% |

---

# What did the Fund invest in?

# Asset Weighting (% of total investments)
![Group By Sector Chart](i2fab366520172a23aa030276.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.4% |
| Money Market Funds | 1.7% |
| Fixed Income | 12.6% |
| Equity | 86.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Schwab U.S. Large-Cap Value ETF | 26.3% |
| Schwab U.S. Large-Cap Growth ETF | 23.5% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 9.8% |
| WisdomTree U.S. Value Fund | 8.8% |
| Avantis U.S. Small Cap Value ETF | 6.7% |
| iShares Russell Mid-Cap Growth ETF | 6.1% |
| Invesco S&P SmallCap Momentum ETF | 4.9% |
| Invesco Total Return Bond ETF | 4.8% |
| PIMCO Active Bond ETF | 3.9% |
| Vanguard Intermediate-Term Bond ETF | 3.9% |

---

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](ieff9f35988652c20a33a4813.jpg)

#### Ladenburg Growth Fund - Class I (LGWIX)

#### Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-LGWIX

#### Ladenburg Income & Growth Fund

#### Class A (LNOAX)

#### Annual Shareholder Report - June 30, 2025
![Image](i8a593b4372b5f2669d7b77cb.jpg)

# Fund Overview
This annual shareholder report contains important information about Ladenburg Income & Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.ladenburgfunds.com**. You can also request this information by contacting us at 1-877-803-6583.

# What were the Fund's costs for the last year?
(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 | $105 | 1.00% |

---

# How did the Fund perform during the reporting period?
The Fund maintained a strategic overweight position to high-quality fixed income securities, augmented by equity and alternative allocations, ultimately achieving its objective of providing a fairly conservative, diversified allocation across the major asset classes. Large-Cap Growth and Value stocks played a secondary role, but added substantially to the Fund's returns over the past twelve months.

While the majority of fixed income assets benefited from a declining Federal Fund Rate, which dropped a full percent from its peak between September and December of last year, lower-quality and short-duration bonds outperformed, which limited overall Fund performance on a relative basis. Exchanging long-duration Treasurys for larger residential mortgage-backed securities (RMBS) positions in early 2025 supported Fund performance through the first half of the year.

The equity portion of the portfolio performed well through the end of 2024, led by strong small-cap outperformance. Although by early 2025, a renewed focus on international equities, swirling questions around the federal debt and budget deficit, and concerns over impending tariffs and potentially resurgent inflation dragged on this domestically focused portfolio, with small caps inversely leading the way down. Several of those trends reversed in the second half of Q2, as tariff fears abated to some degree; the Fund was able to recover meaningful ground and is set up to succeed through the back half of the year.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i759889dec9952b6a4acfb8ee.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Ladenburg Income & Growth Fund** | **Ladenburg Income & Growth Fund - with load** | **S&P 500<sup>®</sup> Index** |
| **Aug-2015** | $10000 | $9497 | $10000 |
| **Jun-2016** | $10050 | $9544 | $11297 |
| **Jun-2017** | $10826 | $10281 | $13319 |
| **Jun-2018** | $11225 | $10660 | $15233 |
| **Jun-2019** | $11809 | $11215 | $16820 |
| **Jun-2020** | $12058 | $11451 | $18082 |
| **Jun-2021** | $14012 | $13307 | $25459 |
| **Jun-2022** | $12271 | $11653 | $22756 |
| **Jun-2023** | $13218 | $12552 | $27215 |
| **Jun-2024** | $14346 | $13624 | $33898 |
| **Jun-2025** | $15583 | $14799 | $39038 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 24, 2015)** |
| Ladenburg Income & Growth Fund |  |  |  |
| Without Load | 8.63% | 5.26% | 4.61% |
| With Load | 3.23% | 4.19% | 4.06% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.83% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $59937108 |
| Number of Portfolio Holdings | 12 |
| Advisory Fee (net of waivers) | $270873 |
| Portfolio Turnover | 33% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i78d46fa2bb40406f97e52195.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 97.3% |
| Money Market Funds | 2.7% |

---

# What did the Fund invest in?

# Asset Weighting (% of total investments)
![Group By Sector Chart](i937d0bb65daed094f04fbd77.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 2.7% |
| Equity | 48.0% |
| Fixed Income | 49.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Active Bond ETF | 17.6% |
| Schwab U.S. Large-Cap Value ETF | 14.9% |
| Schwab U.S. Large-Cap Growth ETF | 11.9% |
| Vanguard Intermediate-Term Bond ETF | 11.0% |
| Invesco Total Return Bond ETF | 10.8% |
| SPDR Doubleline Total Return Tactical ETF | 9.9% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 8.8% |
| WisdomTree U.S. Value Fund | 3.8% |
| Avantis U.S. Small Cap Value ETF | 3.7% |
| iShares Russell Mid-Cap Growth ETF | 2.9% |

---

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](i15234bd3f9f9523a7e53946d.jpg)

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

#### Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-LNOAX

#### Ladenburg Income & Growth Fund

#### Class C (LNOCX)

#### Annual Shareholder Report - June 30, 2025
![Image](i64bec217b6b84228e6fa787b.jpg)

# Fund Overview
This annual shareholder report contains important information about Ladenburg Income & Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.ladenburgfunds.com**. You can also request this information by contacting us at 1-877-803-6583.

# What were the Fund's costs for the last year?
(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 | $182 | 1.75% |

---

# How did the Fund perform during the reporting period?
The Fund maintained a strategic overweight position to high-quality fixed income securities, augmented by equity and alternative allocations, ultimately achieving its objective of providing a fairly conservative, diversified allocation across the major asset classes. Large-Cap Growth and Value stocks played a secondary role, but added substantially to the Fund's returns over the past twelve months.

While the majority of fixed income assets benefited from a declining Federal Fund Rate, which dropped a full percent from its peak between September and December of last year, lower-quality and short-duration bonds outperformed, which limited overall Fund performance on a relative basis. Exchanging long-duration Treasurys for larger residential mortgage-backed securities (RMBS) positions in early 2025 supported Fund performance through the first half of the year.

The equity portion of the portfolio performed well through the end of 2024, led by strong small-cap outperformance. Although by early 2025, a renewed focus on international equities, swirling questions around the federal debt and budget deficit, and concerns over impending tariffs and potentially resurgent inflation dragged on this domestically focused portfolio, with small caps inversely leading the way down. Several of those trends reversed in the second half of Q2, as tariff fears abated to some degree; the Fund was able to recover meaningful ground and is set up to succeed through the back half of the year.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic9311d716897e2ed742320b4.jpg)

---

| | | |
|:---|:---|:---|
| | **Ladenburg Income & Growth Fund** | **S&P 500<sup>®</sup> Index** |
| **Aug-2015** | $10000 | $10000 |
| **Jun-2016** | $10160 | $11297 |
| **Jun-2017** | $10756 | $13319 |
| **Jun-2018** | $11069 | $15233 |
| **Jun-2019** | $11545 | $16820 |
| **Jun-2020** | $11702 | $18082 |
| **Jun-2021** | $13503 | $25459 |
| **Jun-2022** | $11688 | $22756 |
| **Jun-2023** | $12496 | $27215 |
| **Jun-2024** | $13464 | $33898 |
| **Jun-2025** | $14502 | $39038 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 24, 2015)** |
| Ladenburg Income & Growth Fund | 7.71% | 4.38% | 3.84% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.83% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $59937108 |
| Number of Portfolio Holdings | 12 |
| Advisory Fee (net of waivers) | $270873 |
| Portfolio Turnover | 33% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if22f0c0dba9095380937879a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 97.3% |
| Money Market Funds | 2.7% |

---

# What did the Fund invest in?

# Asset Weighting (% of total investments)
![Group By Sector Chart](i3c513d0ab204aaa9a5422c2d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 2.7% |
| Equity | 48.0% |
| Fixed Income | 49.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Active Bond ETF | 17.6% |
| Schwab U.S. Large-Cap Value ETF | 14.9% |
| Schwab U.S. Large-Cap Growth ETF | 11.9% |
| Vanguard Intermediate-Term Bond ETF | 11.0% |
| Invesco Total Return Bond ETF | 10.8% |
| SPDR Doubleline Total Return Tactical ETF | 9.9% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 8.8% |
| WisdomTree U.S. Value Fund | 3.8% |
| Avantis U.S. Small Cap Value ETF | 3.7% |
| iShares Russell Mid-Cap Growth ETF | 2.9% |

---

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](i6684a60fc0d85d8ced0262f3.jpg)

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

#### Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-LNOCX

#### Ladenburg Income & Growth Fund

#### Class I (LNOIX)

#### Annual Shareholder Report - June 30, 2025
![Image](i4b199387a2ef16f9189eb893.jpg)

# Fund Overview
This annual shareholder report contains important information about Ladenburg Income & Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.ladenburgfunds.com**. You can also request this information by contacting us at 1-877-803-6583.

# What were the Fund's costs for the last year?
(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 | $89 | 0.85% |

---

# How did the Fund perform during the reporting period?
The Fund maintained a strategic overweight position to high-quality fixed income securities, augmented by equity and alternative allocations, ultimately achieving its objective of providing a fairly conservative, diversified allocation across the major asset classes. Large-Cap Growth and Value stocks played a secondary role, but added substantially to the Fund's returns over the past twelve months.

While the majority of fixed income assets benefited from a declining Federal Fund Rate, which dropped a full percent from its peak between September and December of last year, lower-quality and short-duration bonds outperformed, which limited overall Fund performance on a relative basis. Exchanging long-duration Treasurys for larger residential mortgage-backed securities (RMBS) positions in early 2025 supported Fund performance through the first half of the year.

The equity portion of the portfolio performed well through the end of 2024, led by strong small-cap outperformance. Although by early 2025, a renewed focus on international equities, swirling questions around the federal debt and budget deficit, and concerns over impending tariffs and potentially resurgent inflation dragged on this domestically focused portfolio, with small caps inversely leading the way down. Several of those trends reversed in the second half of Q2, as tariff fears abated to some degree; the Fund was able to recover meaningful ground and is set up to succeed through the back half of the year.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ieb82791d422873a3569387a2.jpg)

---

| | | |
|:---|:---|:---|
| | **Ladenburg Income & Growth Fund** | **S&P 500<sup>®</sup> Index** |
| **Aug-2015** | $10000 | $10000 |
| **Jun-2016** | $10120 | $11297 |
| **Jun-2017** | $10899 | $13319 |
| **Jun-2018** | $11332 | $15233 |
| **Jun-2019** | $11946 | $16820 |
| **Jun-2020** | $12219 | $18082 |
| **Jun-2021** | $14222 | $25459 |
| **Jun-2022** | $12478 | $22756 |
| **Jun-2023** | $13457 | $27215 |
| **Jun-2024** | $14628 | $33898 |
| **Jun-2025** | $15901 | $39038 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 24, 2015)** |
| Ladenburg Income & Growth Fund | 8.70% | 5.41% | 4.82% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.83% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $59937108 |
| Number of Portfolio Holdings | 12 |
| Advisory Fee (net of waivers) | $270873 |
| Portfolio Turnover | 33% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic901a489009fcd2c44bc6e32.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 97.3% |
| Money Market Funds | 2.7% |

---

# What did the Fund invest in?

# Asset Weighting (% of total investments)
![Group By Sector Chart](idafa4a85943bb2a67603ee75.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 2.7% |
| Equity | 48.0% |
| Fixed Income | 49.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Active Bond ETF | 17.6% |
| Schwab U.S. Large-Cap Value ETF | 14.9% |
| Schwab U.S. Large-Cap Growth ETF | 11.9% |
| Vanguard Intermediate-Term Bond ETF | 11.0% |
| Invesco Total Return Bond ETF | 10.8% |
| SPDR Doubleline Total Return Tactical ETF | 9.9% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 8.8% |
| WisdomTree U.S. Value Fund | 3.8% |
| Avantis U.S. Small Cap Value ETF | 3.7% |
| iShares Russell Mid-Cap Growth ETF | 2.9% |

---

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](i5e5d5f716efb6f10096545fd.jpg)

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

#### Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-LNOIX

#### Ladenburg Income Fund

#### Class A (LNCAX)

#### Annual Shareholder Report - June 30, 2025
![Image](i7b23f6b8161d5edabf47ed12.jpg)

# Fund Overview
This annual shareholder report contains important information about Ladenburg Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.ladenburgfunds.com**. You can also request this information by contacting us at 1-877-803-6583.

# What were the Fund's costs for the last year?
(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 | $105 | 1.00% |

---

# How did the Fund perform during the reporting period?
The Fund maintained its strategic focus on high-quality fixed income securities, complemented by alternatives and smaller equity allocations, ultimately achieving its objective of providing a conservative, diversified allocation across the major asset classes.

While the majority of fixed income assets benefited from a declining Federal Fund Rate, which dropped a full percent from its peak between September and December of last year, lower-quality and short-duration bonds outperformed, which limited overall Fund performance on a relative basis. Exchanging long-duration Treasurys for larger residential mortgage-backed securities (RMBS) positions in early 2025 supported Fund performance through the first half of the year.

The equity portion of the portfolio performed well through the end of 2024, led by strong small-cap outperformance. Although by early 2025, a renewed focus on international equities, swirling questions around the federal debt and budget deficit, and concerns over impending tariffs and potentially resurgent inflation dragged on this conservative, domestically focused portfolio. Several of those trends reversed in the second half of Q2, as tariff fears abated to some degree; the Fund was able to recover meaningful ground and is set up to succeed through the back half of the year.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](id817139c96d5d3ea69ab9e7a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Ladenburg Income Fund** | **Ladenburg Income Fund - with load** | **S&P 500<sup>®</sup> Index** |
| **Aug-2015** | $10000 | $9497 | $10000 |
| **Jun-2016** | $10190 | $9677 | $11297 |
| **Jun-2017** | $10648 | $10112 | $13319 |
| **Jun-2018** | $10803 | $10260 | $15233 |
| **Jun-2019** | $11377 | $10805 | $16820 |
| **Jun-2020** | $11683 | $11095 | $18082 |
| **Jun-2021** | $12645 | $12009 | $25459 |
| **Jun-2022** | $11188 | $10625 | $22756 |
| **Jun-2023** | $11687 | $11098 | $27215 |
| **Jun-2024** | $12308 | $11688 | $33898 |
| **Jun-2025** | $13422 | $12747 | $39038 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 24, 2015)** |
| Ladenburg Income Fund |  |  |  |
| Without Load | 9.05% | 2.82% | 3.03% |
| With Load | 3.56% | 1.76% | 2.49% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.83% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $10195840 |
| Number of Portfolio Holdings | 12 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 29% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8435e0954fe3222272cfd39a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.2% |
| Money Market Funds | 1.8% |

---

# What did the Fund invest in?

# Asset Weighting (% of total investments)
![Group By Sector Chart](i5441bfd533e86d4ac354c963.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 1.8% |
| Equity | 30.3% |
| Fixed Income | 67.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Active Bond ETF | 21.9% |
| Vanguard Intermediate-Term Bond ETF | 18.0% |
| SPDR Doubleline Total Return Tactical ETF | 14.9% |
| Invesco Total Return Bond ETF | 13.1% |
| Schwab U.S. Large-Cap Value ETF | 9.3% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 7.0% |
| Schwab U.S. Large-Cap Growth ETF | 6.2% |
| iShares Russell Mid-Cap Growth ETF | 2.0% |
| Invesco S&P SmallCap Momentum ETF | 2.0% |
| WisdomTree U.S. Value Fund | 1.9% |

---

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](ibd48865bde0c9f56c7f29161.jpg)

#### Ladenburg Income Fund - Class A (LNCAX)

#### Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-LNCAX

#### Ladenburg Income Fund

#### Class C (LNCCX)

#### Annual Shareholder Report - June 30, 2025
![Image](i60ec2750bec67438a1dbaa16.jpg)

# Fund Overview
This annual shareholder report contains important information about Ladenburg Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.ladenburgfunds.com**. You can also request this information by contacting us at 1-877-803-6583.

# What were the Fund's costs for the last year?
(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 | $181 | 1.75% |

---

# How did the Fund perform during the reporting period?
The Fund maintained its strategic focus on high-quality fixed income securities, complemented by alternatives and smaller equity allocations, ultimately achieving its objective of providing a conservative, diversified allocation across the major asset classes.

While the majority of fixed income assets benefited from a declining Federal Fund Rate, which dropped a full percent from its peak between September and December of last year, lower-quality and short-duration bonds outperformed, which limited overall Fund performance on a relative basis. Exchanging long-duration Treasurys for larger residential mortgage-backed securities (RMBS) positions in early 2025 supported Fund performance through the first half of the year.

The equity portion of the portfolio performed well through the end of 2024, led by strong small-cap outperformance. Although by early 2025, a renewed focus on international equities, swirling questions around the federal debt and budget deficit, and concerns over impending tariffs and potentially resurgent inflation dragged on this conservative, domestically focused portfolio. Several of those trends reversed in the second half of Q2, as tariff fears abated to some degree; the Fund was able to recover meaningful ground and is set up to succeed through the back half of the year.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i397c779381bd7be3b224a0cb.jpg)

---

| | | |
|:---|:---|:---|
| | **Ladenburg Income Fund** | **S&P 500<sup>®</sup> Index** |
| **Aug-2015** | $10000 | $10000 |
| **Jun-2016** | $10180 | $11297 |
| **Jun-2017** | $10547 | $13319 |
| **Jun-2018** | $10626 | $15233 |
| **Jun-2019** | $11105 | $16820 |
| **Jun-2020** | $11322 | $18082 |
| **Jun-2021** | $12167 | $25459 |
| **Jun-2022** | $10684 | $22756 |
| **Jun-2023** | $11077 | $27215 |
| **Jun-2024** | $11578 | $33898 |
| **Jun-2025** | $12392 | $39038 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 24, 2015)** |
| Ladenburg Income Fund | 7.03% | 1.82% | 2.20% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.83% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $10195840 |
| Number of Portfolio Holdings | 12 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 29% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie213fb46a138ccc57a5a7c64.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.2% |
| Money Market Funds | 1.8% |

---

# What did the Fund invest in?

# Asset Weighting (% of total investments)
![Group By Sector Chart](i2acbc3546ff7e36eb4487721.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 1.8% |
| Equity | 30.3% |
| Fixed Income | 67.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Active Bond ETF | 21.9% |
| Vanguard Intermediate-Term Bond ETF | 18.0% |
| SPDR Doubleline Total Return Tactical ETF | 14.9% |
| Invesco Total Return Bond ETF | 13.1% |
| Schwab U.S. Large-Cap Value ETF | 9.3% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 7.0% |
| Schwab U.S. Large-Cap Growth ETF | 6.2% |
| iShares Russell Mid-Cap Growth ETF | 2.0% |
| Invesco S&P SmallCap Momentum ETF | 2.0% |
| WisdomTree U.S. Value Fund | 1.9% |

---

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](if12557e23632335b472b63e4.jpg)

#### Ladenburg Income Fund - Class C (LNCCX)

#### Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-LNCCX

#### Ladenburg Income Fund

#### Class I (LNCIX)

#### Annual Shareholder Report - June 30, 2025
![Image](ie9ae2080b3141c708ed85b49.jpg)

# Fund Overview
This annual shareholder report contains important information about Ladenburg Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **www.ladenburgfunds.com**. You can also request this information by contacting us at 1-877-803-6583.

# What were the Fund's costs for the last year?
(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 | $89 | 0.85% |

---

# How did the Fund perform during the reporting period?
The Fund maintained its strategic focus on high-quality fixed income securities, complemented by alternatives and smaller equity allocations, ultimately achieving its objective of providing a conservative, diversified allocation across the major asset classes.

While the majority of fixed income assets benefited from a declining Federal Fund Rate, which dropped a full percent from its peak between September and December of last year, lower-quality and short-duration bonds outperformed, which limited overall Fund performance on a relative basis. Exchanging long-duration Treasurys for larger residential mortgage-backed securities (RMBS) positions in early 2025 supported Fund performance through the first half of the year.

The equity portion of the portfolio performed well through the end of 2024, led by strong small-cap outperformance. Although by early 2025, a renewed focus on international equities, swirling questions around the federal debt and budget deficit, and concerns over impending tariffs and potentially resurgent inflation dragged on this conservative, domestically focused portfolio. Several of those trends reversed in the second half of Q2, as tariff fears abated to some degree; the Fund was able to recover meaningful ground and is set up to succeed through the back half of the year.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i306e493ebc848a8f33bb0dc4.jpg)

---

| | | |
|:---|:---|:---|
| | **Ladenburg Income Fund** | **S&P 500<sup>®</sup> Index** |
| **Aug-2015** | $10000 | $10000 |
| **Jun-2016** | $10170 | $11297 |
| **Jun-2017** | $10643 | $13319 |
| **Jun-2018** | $10821 | $15233 |
| **Jun-2019** | $11426 | $16820 |
| **Jun-2020** | $11749 | $18082 |
| **Jun-2021** | $12741 | $25459 |
| **Jun-2022** | $11281 | $22756 |
| **Jun-2023** | $11802 | $27215 |
| **Jun-2024** | $12453 | $33898 |
| **Jun-2025** | $13607 | $39038 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (August 24, 2015)** |
| Ladenburg Income Fund | 9.27% | 2.98% | 3.18% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.83% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $10195840 |
| Number of Portfolio Holdings | 12 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 29% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i99709c4aa1d569bc1b4633e6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.2% |
| Money Market Funds | 1.8% |

---

# What did the Fund invest in?

# Asset Weighting (% of total investments)
![Group By Sector Chart](iec529b1955774fd01233edef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 1.8% |
| Equity | 30.3% |
| Fixed Income | 67.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Active Bond ETF | 21.9% |
| Vanguard Intermediate-Term Bond ETF | 18.0% |
| SPDR Doubleline Total Return Tactical ETF | 14.9% |
| Invesco Total Return Bond ETF | 13.1% |
| Schwab U.S. Large-Cap Value ETF | 9.3% |
| JPMorgan Hedged Equity Laddered Overlay ETF | 7.0% |
| Schwab U.S. Large-Cap Growth ETF | 6.2% |
| iShares Russell Mid-Cap Growth ETF | 2.0% |
| Invesco S&P SmallCap Momentum ETF | 2.0% |
| WisdomTree U.S. Value Fund | 1.9% |

---

# Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](iac6ec6ed8d37bcb3dfc6801e.jpg)

#### Ladenburg Income Fund - Class I (LNCIX)

#### Annual Shareholder Report - June 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 063025-LNCIX

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

**Item 2. Code of Ethics.**

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) N/A

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See
 Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.** 

(a)(1) The Registrant's Board of Trustees has determined that Anthony J. Hertl, Mark H. Taylor and Mark Gersten are audit committee financial experts, as defined in Item 3 of Form N-CSR. Anthony J. Hertl, Mark H. Taylor and Mark Gersten are independent for purposes of this Item.<br>(a)(2) Not applicable.<br>(a)(3) Not applicable.<br>

**Item 4. Principal Accountant Fees and Services.**

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| | |
|:---|:---|
| 2025 | $70000 |
| 2024.0 | $70000 |

---

(b) Audit-Related
 Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that
 are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph
 (a) of this Item.

(c) Tax
 Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for
 tax compliance are as follows:

---

| | |
|:---|:---|
| 2025 | $15000 |
| 2024.0 | $15000 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

---

| | |
|:---|:---|
| (d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended June 30, 2025 and 2024 respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended June 30, 2025 and 2024 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

**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 7 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** |
| Annual Financial Statements and |
| Additional Information |
| June 30, 2025 |
| 1-877-803-6583 |

---

This report and the financial statements contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or solicitation of an offer to buy shares of the Ladenburg Funds. Such offering is made only by prospectus, which includes details as to offering price and other material information.

---

| |
|:---|
| ***Distributed by Ladenburg Thalmann & Co.*** |
| ***Member FINRA*** |

---

---

| |
|:---|
| **LADENBURG INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.2%** |  |
|  | **EQUITY - 30.2%** |  |
| 2094 | Avantis U.S. Small Cap Value ETF | $190763 |
| 2972 | Invesco S&P SmallCap Momentum ETF | 202155 |
| 1491 | iShares Russell Mid-Cap Growth ETF | 206772 |
| 11402 | JPMorgan Hedged Equity Laddered Overlay ETF | 713537 |
| 21634 | Schwab U.S. Large-Cap Growth ETF | 631929 |
| 34053 | Schwab U.S. Large-Cap Value ETF | 942248 |
| 2260 | WisdomTree U.S. Value Fund | 195264 |
|  |  | 3082668 |
|  | **FIXED INCOME - 68.0%** |  |
| 28559 | Invesco Total Return Bond ETF | 1339132 |
| 24255 | PIMCO Active Bond ETF | 2235825 |
| 37866 | SPDR Doubleline Total Return Tactical ETF | 1518805 |
| 23689 | Vanguard Intermediate-Term Bond ETF | 1832108 |
|  |  | 6925870 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost$9,827,93 3)** | 10008538 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 1.8%** |  |
|  | **MONEY MARKET FUNDS - 1.8%** |  |
| 187429 | First American Government Obligations Fund, Class X, 4.21% (Cost $187,429)<sup>(a)</sup> | 187429 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $10,015,362)** | $10195967 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%** | (127) |
|  | **NET ASSETS - 100.0%** | $10195840 |

---

---

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

---

(a) Rate disclosed is the seven day effective
 yield as of June 30, 2025.

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

---

| |
|:---|
| **LADENBURG INCOME & GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 97.3%** |  |
|  | **EQUITY - 48.1%** |  |
| 24234 | Avantis U.S. Small Cap Value ETF | $2207717 |
| 17427 | Invesco S&P SmallCap Momentum ETF | 1185385 |
| 12768 | iShares Russell Mid-Cap Growth ETF | 1770666 |
| 84696 | JPMorgan Hedged Equity Laddered Overlay ETF | 5300276 |
| 244610 | Schwab U.S. Large-Cap Growth ETF | 7145058 |
| 322577 | Schwab U.S. Large-Cap Value ETF | 8925706 |
| 26278 | WisdomTree U.S. Value Fund | 2270419 |
|  |  | 28805227 |
|  | **FIXED INCOME - 49.2%** |  |
| 138159 | Invesco Total Return Bond ETF | 6478276 |
| 114342 | PIMCO Active Bond ETF | 10540045 |
| 147225 | SPDR Doubleline Total Return Tactical ETF | 5905195 |
| 85586 | Vanguard Intermediate-Term Bond ETF | 6619221 |
|  |  | 29542737 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost$52,449,380)** | 58347964 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 2.7%** |  |
|  | **MONEY MARKET FUNDS - 2.7%** |  |
| 1612312 | First American Government Obligations Fund, Class X, 4.21% (Cost $1,612,312)<sup>(a)</sup> | 1612312 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $54,061,692)** | $59960276 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%** | (23168) |
|  | **NET ASSETS - 100.0%** | $59937108 |

---

---

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

---

(a) Rate disclosed is the seven day effective
 yield as of June 30, 2025.

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

---

| |
|:---|
| **LADENBURG GROWTH & INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.4%** |  |
|  | **EQUITY - 68.5%** |  |
| 104306 | Avantis U.S. Small Cap Value ETF | $9502277 |
| 123289 | Invesco S&P SmallCap Momentum ETF | 8386118 |
| 48639 | iShares Russell Mid-Cap Growth ETF | 6745257 |
| 271134 | JPMorgan Hedged Equity Laddered Overlay ETF | 16967566 |
| 1048280 | Schwab U.S. Large-Cap Growth ETF | 30620259 |
| 1293111 | Schwab U.S. Large-Cap Value ETF | 35780380 |
| 94096 | WisdomTree U.S. Value Fund | 8129894 |
|  |  | 116131751 |
|  | **FIXED INCOME - 29.9%** |  |
| 250202 | Invesco Total Return Bond ETF | 11731972 |
| 184222 | PIMCO Active Bond ETF | 16981583 |
| 251616 | SPDR DoublelineTotal Return Tactical ETF | 10092318 |
| 155102 | Vanguard Intermediate-Term Bond ETF | 11995590 |
|  |  | 50801463 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost$136,571,518)** | 166933214 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 1.7%** |  |
|  | **MONEY MARKET FUNDS - 1.7%** |  |
| 2906092 | First American Government Obligations Fund, Class X, 4.21% (Cost $2,906,092)<sup>(a)</sup> | 2906092 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $139,477,610)** | $169839306 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (216472) |
|  | **NET ASSETS - 100.0%** | $169622834 |

---

---

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

---

(a) Rate disclosed is the seven day effective
 yield as of June 30, 2025.

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

---

| |
|:---|
| **LADENBURG GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.7%** |  |
|  | **EQUITY - 86.1%** |  |
| 89770 | Avantis U.S. Small Cap Value ETF | $8178047 |
| 89365 | Invesco S&P SmallCap Momentum ETF | 6078607 |
| 53821 | iShares Russell Mid-Cap Growth ETF | 7463896 |
| 191674 | JPMorgan Hedged Equity Laddered Overlay ETF | 11994959 |
| 988117 | Schwab U.S. Large-Cap Growth ETF | 28862898 |
| 1166522 | Schwab U.S. Large-Cap Value ETF | 32277664 |
| 124975 | WisdomTree U.S. Value Fund | 10797840 |
|  |  | 105653911 |
|  | **FIXED INCOME - 12.6%** |  |
| 126767 | Invesco Total Return Bond ETF | 5944104 |
| 51792 | PIMCO Active Bond ETF | 4774187 |
| 61047 | Vanguard Intermediate-Term Bond ETF | 4721375 |
|  |  | 15439666 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost$93,377,86 1)** | 121093577 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 1.7%** |  |
|  | **MONEY MARKET FUNDS - 1.7%** |  |
| 2073737 | First American Government Obligations Fund, Class X, 4.21% (Cost $2,073,737)<sup>(a)</sup> | 2073737 |
|  | **TOTAL INVESTMENTS - 100.4% (Cost $95,451,598)** | $123167314 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%** | (469149) |
|  | **NET ASSETS - 100.0%** | $122698165 |

---

ETF - Exchange-Traded Fund <br>

(a) Rate disclosed is the seven day effective
 yield as of June 30, 2025.

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

---

| |
|:---|
| **LADENBURG AGGRESSIVE GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 95.7%** |  |
|  | **EQUITY - 91.8%** |  |
| 47164 | Avantis U.S. Small Cap Value ETF | $4296640 |
| 58236 | Invesco S&P SmallCap Momentum ETF | 3961213 |
| 37021 | iShares Russell Mid-Cap Growth ETF | 5134072 |
| 73200 | JPMorgan Hedged Equity Laddered Overlay ETF | 4580856 |
| 472821 | Schwab U.S. Large-Cap Growth ETF | 13811101 |
| 562419 | Schwab U.S. Large-Cap Value ETF | 15562134 |
| 69592 | WisdomTree U.S. Value Fund | 6012749 |
|  |  | 53358765 |
|  | **FIXED INCOME - 3.9%** |  |
| 23726 | Invesco Total Return Bond ETF | 1112512 |
| 14756 | Vanguard Intermediate-Term Bond ETF | 1141229 |
|  |  | 2253741 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost$42,835,082)** | 55612506 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 4.5%** |  |
|  | **MONEY MARKET FUNDS - 4.5%** |  |
| 2606780 | First American Government Obligations Fund, Class X, 4.21% (Cost $2,606,780)<sup>(a)</sup> | 2606780 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $45,441,862)** | $58219286 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | (103058) |
|  | **NET ASSETS - 100.0%** | $58116228 |

---

ETF - Exchange-Traded Fund <br>

(a) Rate disclosed is the seven day effective
 yield as of June 30, 2025.

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

---

| |
|:---|
| **Ladenburg Funds** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **June 30, 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 | $10015362 | $54061692 | $139477610 | $95451598 | $45441862 |
| &nbsp;&nbsp;&nbsp;Investments in Securities at Value | $10195967 | $59960276 | $169839306 | $123167314 | $58219286 |
| &nbsp;&nbsp;&nbsp;Due from Advisor | 3563 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for Fund Shares Sold | 13057 | 51469 | 258188 | 57503 | 12996 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 433 | 4704 | 5744 | 4128 | 8156 |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses and Other Assets | 17604 | 10867 | 11984 | 6071 | 17788 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 10230624 | 60027316 | 170115222 | 123235016 | 58258226 |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemptions Payable | 743 | 11921 | 353769 | 422668 | 78426 |
| &nbsp;&nbsp;&nbsp;Payable to Related Parties | 7195 | 19168 | 35520 | 26334 | 15863 |
| &nbsp;&nbsp;&nbsp;Accrued Advisory Fees |  | 28002 | 67798 | 49118 | 23087 |
| &nbsp;&nbsp;&nbsp;Accrued Distribution Fees | 50 | 143 | 323 | 140 | 138 |
| &nbsp;&nbsp;&nbsp;Accrued Expenses and Other Liabilities | 26796 | 30974 | 34978 | 38591 | 24484 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 34784 | 90208 | 492388 | 536851 | 141998 |
| **Net Assets** | $10195840 | $59937108 | $169622834 | $122698165 | $58116228 |
| **Composition of Net Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At June 30, 2025, Net Assets consisted of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in-Capital | $10049784 | $53245649 | $136156788 | $91076669 | $42368743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated Earnings (Losses) | 146056 | 6691459 | 33466046 | 31621496 | 15747485 |
| **Net Assets** | $10195840 | $59937108 | $169622834 | $122698165 | $58116228 |
| **Class A Net Assets** | $256871 | $308723 | $1767187 | $540784 | $684671 |
| **Share of Beneficial Interest Outstanding (Unlimited shares of no par value interest authorized)** | 23809 | 24660 | 122777 | 31427 | 35097 |
| **Net Asset Value and Redemption Price Per Share (Net Assets/Shares Outstanding)** | $10.79 | $12.52 | $14.39 | $17.21 | $19.51 |
| **Maximum Offering Price Per Share (Maximum Sales Charge 5.00%)(a)** | $11.36 | $13.18 | $15.15 | $18.12 | $20.54 |
| **Class C Net Assets** | 12 | $109919 | $4467 | $47583 | $8763 |
| **Share of Beneficial Interest Outstanding (Unlimited shares of no par value interest authorized)** | 1 | 9028 | 322 | 2836 | 474 |
| **Net Asset Value, Offering and Redemption Price Per Share (Net Assets/Shares Outstanding)** | $10.64 (b) | 12.17 (b) | $13.85 (b) | $16.78 | $18.50 (b) |
| **Class I Net Assets** | $9938957 | $59518466 | $167851180 | $122109798 | $57422794 |
| **Share of Beneficial Interest Outstanding (Unlimited shares of no par value interest authorized)** | 928246 | 4748418 | 11602385 | 7138277 | 3005411 |
| **Net Asset Value, Offering and Redemption Price Per Share (Net Assets/Shares Outstanding)** | $10.71 | $12.53 | $14.47 | $17.11 | $19.11 |

---

(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** |
| **For the Year Ended June 30, 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 | $384603 | $1810860 | $3984986 | $2055566 | $804277 |
| &nbsp;&nbsp;&nbsp;Interest Income | 8069 | 23963 | 59194 | 38257 | 53666 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 392672 | 1834823 | 4044180 | 2093823 | 857943 |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees | 54245 | 302744 | 838001 | 606194 | 282000 |
| &nbsp;&nbsp;&nbsp;Distribution Fees - Class A | 706 | 1247 | 3132 | 1263 | 1338 |
| &nbsp;&nbsp;&nbsp;Distribution Fees - Class C | 5 | 1068 | 57 | 576 | 68 |
| &nbsp;&nbsp;&nbsp;Administration Fees | 25307 | 67687 | 141782 | 96044 | 58839 |
| &nbsp;&nbsp;&nbsp;Registration & Filing Fees | 22063 | 27999 | 37105 | 51810 | 36067 |
| &nbsp;&nbsp;&nbsp;Audit Fees | 18602 | 17863 | 18142 | 18142 | 17934 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 15321 | 17442 | 17178 | 16760 | 17173 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 12207 | 16930 | 27183 | 17891 | 9756 |
| &nbsp;&nbsp;&nbsp;Third Party Administrative Services Fees | 8331 | 44362 | 141999 | 98378 | 43280 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 7925 | 18883 | 41795 | 28714 | 16410 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 5971 | 8986 | 16087 | 13177 | 8983 |
| &nbsp;&nbsp;&nbsp;Miscellaneous Expenses | 4041 | 4760 | 2625 | 4902 | 2758 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 3459 | 6992 | 14070 | 9271 | 7273 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 3356 | 3961 | 3031 | 2586 | 4052 |
| &nbsp;&nbsp;&nbsp;Printing Expense | 1462 | 7562 | 27737 | 14665 | 4926 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 183001 | 548486 | 1329924 | 980373 | 510857 |
| &nbsp;&nbsp;&nbsp;Less: Expenses Waived/Reimbursed by the Advisor | (91618) | (31871) | (362) | (315) | (30147) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 91383 | 516615 | 1329562 | 980058 | 480710 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 301289 | 1318208 | 2714618 | 1113765 | 377233 |
| **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 553383 | 4744763 | 12972315 | 13813649 | 6912668 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | 122668 | (802743) | (438255) | (2259211) | (1215387) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments** | 676051 | 3942020 | 12534060 | 11554438 | 5697281 |
| **Net Increase in Net Assets Resulting From Operations** | $977340 | $5260228 | $15248678 | $12668203 | $6074514 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $301289 | $284527 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 553383 | 95783 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Investments | 122668 | 214002 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 977340 | 594312 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (12798) | (7942) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (249) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (521110) | (266282) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Distributions to Shareholders** | (533908) | (274473) |
| **Share Transactions of Beneficial Interest:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 43 | 97477 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 12421 | 7018 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (72637) | (193200) |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested |  | 249 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (16952) |  |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 2030105 | 2182962 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 474520 | 235950 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (3926974) | (2466151) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Share Transactions of Beneficial Interest** | (1499474) | (135695) |
| **Total Increase (Decrease) in Net Assets** | (1056042) | 184144 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 11251882 | 11067738 |
| &nbsp;&nbsp;&nbsp;End of Year | $10195840 | $11251882 |
| **Share Activity** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold |  | 9397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 1168 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (6686) | (18967) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Shares of Beneficial Interest Outstanding | (5518) | (8871) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (1638) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | (1638) | 25 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 189236 | 218614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 44957 | 23604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (366975) | (246580) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Shares of Beneficial Interest Outstanding | (132782) | (4362) |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1318208 | $1230726 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 4744763 | 1724503 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | (802743) | 1939983 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 5260228 | 4895212 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (29544) | (13325) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (9033) | (1148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (5470630) | (1124229) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Distributions to Shareholders** | (5509207) | (1138702) |
| **Share Transactions of Beneficial Interest:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 9 | 1652 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 29544 | 13092 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (478554) | (450055) |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 3 |  |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 9033 | 1148 |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 10132579 | 9144334 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 4994693 | 1018185 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (15930899) | (14244634) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Share Transactions of Beneficial Interest** | (1243592) | (4516278) |
| **Total Decrease in Net Assets** | (1492571) | (759768) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 61429679 | 62189447 |
| &nbsp;&nbsp;&nbsp;End of Year | $59937108 | $61429679 |
| **Share Activity** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold |  | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 2382 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (35548) | (37524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Shares of Beneficial Interest Outstanding | (33166) | (36296) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 755 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding | 755 | 97 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 802821 | 755007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 404192 | 84510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (1245899) | (1187746) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Shares of Beneficial Interest Outstanding | (38886) | (348229) |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $2714618 | $2592557 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 12972315 | 6092941 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | (438255) | 8837563 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 15248678 | 17523061 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (106802) | (37807) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (355) | (561) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (14583070) | (5206435) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Distributions to Shareholders** | (14690227) | (5244803) |
| **Share Transactions of Beneficial Interest:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 528991 | 60049 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 100355 | 35880 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (59211) | (213286) |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 200 | 2400 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 350 | 560 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (20123) | (130) |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 33713565 | 28935352 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 13274567 | 4677189 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (44032163) | (36791923) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Share Transactions of Beneficial Interest** | 3506531 | (3293909) |
| **Total Increase in Net Assets** | 4064982 | 8984349 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 165557852 | 156573503 |
| &nbsp;&nbsp;&nbsp;End of Year | $169622834 | $165557852 |
| **Share Activity** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 37763 | 4514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 7117 | 2642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (4147) | (15421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | 40733 | (8265) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 14 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 26 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (1431) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | (1391) | 216 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 2325498 | 2124066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 935920 | 342918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (3017314) | (2699231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | 244104 | (232247) |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1113765 | $1106618 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 13813649 | 3851025 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | (2259211) | 10212704 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 12668203 | 15170347 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (47185) | (24345) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (5311) | (1398) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (11658079) | (3639856) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Distributions to Shareholders** | (11710575) | (3665599) |
| **Share Transactions of Beneficial Interest:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 39091 | 111162 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 47185 | 24254 |
| &nbsp;&nbsp;&nbsp;Payments for Shares Redeemed | (50352) | (428929) |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 1 | 12000 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 3708 | 611 |
| &nbsp;&nbsp;&nbsp;Payments for Shares Redeemed | (14536) | (13459) |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 31045312 | 24162424 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 10446990 | 3366029 |
| &nbsp;&nbsp;&nbsp;Payments for Shares Redeemed | (43395402) | (20019827) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Share Transactions of Beneficial Interest** | (1878003) | 7214265 |
| **Total Increase in Net Assets** | (920375) | 18719013 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 123618540 | 104899527 |
| &nbsp;&nbsp;&nbsp;End of Year | $122698165 | $123618540 |
| **Share Activity** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 2323 | 7051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 2812 | 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (2868) | (25833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | 2267 | (17251) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold |  | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 225 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (871) | (813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase Decrease in Shares of Beneficial Interest Outstanding | (646) | (29) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 1806585 | 1511675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 627070 | 213581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (2506593) | (1265360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | (72938) | 459896 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**June 30, 2025** | **For the**<br>**Year Ended**<br>**June 30, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $377233 | $429817 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 6912668 | 1187630 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | (1215387) | 5519773 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 6074514 | 7137220 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (37131) | (8033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (496) | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (4259611) | (1355156) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Distributions to Shareholders** | (4297238) | (1363256) |
| **Share Transactions of Beneficial Interest:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 247153 | 134114 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 37131 | 8033 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (28684) | (67782) |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 3228 | 1345 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 496 | 67 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed |  | (271473) |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 12962841 | 11066042 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 3806412 | 1263232 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (16754901) | (7709146) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Share Transactions of Beneficial Interest** | 273676 | 4424432 |
| **Total Increase in Net Assets** | 2050952 | 10198396 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 56065276 | 45866880 |
| &nbsp;&nbsp;&nbsp;End of Year | $58116228 | $56065276 |
| **Share Activity** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 13146 | 7674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 1942 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (1572) | (3949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding | 13516 | 4183 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 177 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 27 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed |  | (16324) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | 204 | (16245) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 686868 | 630083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 203443 | 73401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (862925) | (439553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding | 27386 | 263931 |

---

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 years presented.

---

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

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 years presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **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** |
| **Net Asset Value, Beginning of Year** | $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) | 0.30 | 0.26 | 0.23 | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.64 | 0.28 | 0.21 | (1.41) | 0.79 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.94 | 0.54 | 0.44 | (1.27) | 0.92 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.25) | (0.23) | (0.14) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.23) |  |  | (0.53) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.53) | (0.25) | (0.23) | (0.67) | (0.14) |
| **Net Asset Value, End of Year** | $10.71 | $10.30 | $10.01 | $9.80 | $11.74 |
| **Total Return (b)** | 9.27% | 5.51% | 4.62% | (11.46)% | 8.45% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $9939 | $10931 | $10667 | $11379 | $14164 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 1.68% | 1.69% | 1.53% | 1.40% | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 2.78% | 2.59% | 2.37% | 1.29% | 1.10% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 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.

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 years presented.

---

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

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 years presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **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 Year** | $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) | 0.28 | 0.25 | 0.23 | 0.13 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.78 | 0.77 | 0.64 | (1.71) | 1.75 |
| &nbsp;&nbsp;&nbsp;Total from operations | 1.06 | 1.02 | 0.87 | (1.58) | 1.86 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.23) | (0.23) | (0.13) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.91) |  | (0.10) | (0.12) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.19) | (0.23) | (0.33) | (0.25) | (0.12) |
| **Net Asset Value, End of Year** | $12.53 | $12.66 | $11.87 | $11.33 | $13.16 |
| **Total Return (b)** | 8.70% | 8.70% | 7.84% | (12.26)% | 16.39% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $59518 | $60598 | $60981 | $54735 | $62953 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 0.90% | 0.89% | 0.86% | 0.84% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 2.18% | 2.04% | 1.98% | 1.04% | 0.92% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 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.

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 years presented.

---

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

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 years presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **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** |
| **Net Asset Value, Beginning of Year** | $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) | 0.24 | 0.22 | 0.21 | 0.12 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 1.08 | 1.30 | 1.14 | (2.08) | 2.77 |
| &nbsp;&nbsp;&nbsp;Total from operations | 1.32 | 1.52 | 1.35 | (1.96) | 2.88 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.19) | (0.20) | (0.11) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (1.09) | (0.26) | (0.13) | (0.35) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.32) | (0.45) | (0.33) | (0.46) | (0.11) |
| **Net Asset Value, End of Year** | $14.47 | $14.47 | $13.40 | $12.38 | $14.80 |
| **Total Return (b)** | 9.42% | 11.59% | 11.14% | (13.74)% | 24.05% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $167851 | $164352 | $155349 | $150031 | $175019 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 0.79% | 0.75% | 0.78% | 0.76% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 0.79% | 0.75% | 0.78% | 0.76% | 0.77% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 1.62% | 1.63% | 1.61% | 0.80% | 0.78% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 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.

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 years presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **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** |
| **Net Asset Value, Beginning of Year** | $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) | 0.13 | 0.13 | 0.13 | 0.06 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 1.66 | 2.04 | 1.78 | (2.62) | 3.95 |
| &nbsp;&nbsp;&nbsp;Total from operations | 1.79 | 2.17 | 1.91 | (2.56) | 4.00 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.12) | (0.06) | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (1.60) | (0.39) | (0.04) | (0.33) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.72) | (0.51) | (0.10) | (0.37) | (0.04) |
| **Net Asset Value, End of Year** | $17.21 | $17.14 | $15.48 | $13.67 | $16.60 |
| **Total Return (b)** | 10.67% | 14.25% | 14.08% | (15.85)% | 31.70% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $541 | $500 | $718 | $642 | $618 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 1.06% | 1.06% | 1.08% | 1.04% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 0.75% | 0.82% | 0.91% | 0.36% | 0.33% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 45.78% | 16.74% | 12.50% | 23.34% | 17.29% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
| **Net Asset Value, Beginning of Year** | $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) | 0.02 | 0.02 | (0.08) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 1.63 | 1.98 | 1.75 | (2.55) | 3.90 |
| &nbsp;&nbsp;&nbsp;Total from operations | 1.62 | 2.00 | 1.77 | (2.63) | 3.85 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (1.60) | (0.39) | (0.04) | (0.33) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.60) | (0.40) | (0.04) | (0.33) |  |
| **Net Asset Value, End of Year** | $16.78 | $16.76 | $15.16 | $13.43 | $16.39 |
| **Total Return (b)** | 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 | $58 | $53 | $43 | $113 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 1.81% | 1.82% | 1.83% | 1.79% | 1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 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)% | 0.11% | 0.16% | (0.47)% | (0.32)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 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.

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 years presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **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** |
| **Net Asset Value, Beginning of Year** | $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) | 0.16 | 0.16 | 0.16 | 0.09 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 1.65 | 2.03 | 1.77 | (2.60) | 3.94 |
| &nbsp;&nbsp;&nbsp;Total from operations | 1.81 | 2.19 | 1.93 | (2.51) | 4.03 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.15) | (0.10) | (0.08) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (1.60) | (0.39) | (0.04) | (0.33) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.77) | (0.54) | (0.14) | (0.41) | (0.10) |
| **Net Asset Value, End of Year** | $17.11 | $17.07 | $15.42 | $13.63 | $16.55 |
| **Total Return (b)** | 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) | $122110 | $123060 | $104128 | $97239 | $110388 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 0.81% | 0.82% | 0.83% | 0.79% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 0.81% | 0.82% | 0.83% | 0.79% | 0.81% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 0.92% | 1.01% | 1.08% | 0.54% | 0.64% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 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.

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 years presented.

---

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

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 years presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **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** |
| **Net Asset Value, Beginning of Year** | $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) | 0.13 | 0.15 | 0.15 | 0.07 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 1.83 | 2.34 | 2.20 | (3.04) | 4.74 |
| &nbsp;&nbsp;&nbsp;Total from operations | 1.96 | 2.49 | 2.35 | (2.97) | 4.82 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.14) | (0.07) | (0.07) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (1.39) | (0.35) | (0.15) | (0.15) | (0.17) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.54) | (0.49) | (0.22) | (0.22) | (0.26) |
| **Net Asset Value, End of Year** | $19.11 | $18.69 | $16.69 | $14.56 | $17.75 |
| **Total Return (b)** | 10.67% | 15.18% | 15.29% | (17.01)% | 36.79% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (in 000's) | $57423 | $55650 | $45303 | $39135 | $41984 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 0.90% | 0.94% | 0.95% | 0.89% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 0.67% | 0.87% | 0.94% | 0.41% | 0.50% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 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.

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

---

| |
|:---|
| **Ladenburg Funds** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **June 30, 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 accounting principles generally accepted 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 Financial Accounting Standards Board ("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 in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the 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)** |
| **June 30, 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 Fund 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 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 net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid 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 the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

**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 net asset values 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 net asset value 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)** |
| **June 30, 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 the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of June 30, 2025 for the Funds' investments measured at fair value:

**Ladenburg Income Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $10008538 | $— | $— | $10008538 |
| Short-Term Investment | 187429 |  |  | 187429 |
| Total | $10195967 | $— | $— | $10195967 |

---

**Ladenburg Income & Growth Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $58347964 | $— | $— | $58347964 |
| Short-Term Investment | 1612312 |  |  | 1612312 |
| Total | $59960276 | $— | $— | $59960276 |

---

**Ladenburg Growth & Income Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $166933214 | $— | $— | $166933214 |
| Short-Term Investment | 2906092 |  |  | 2906092 |
| Total | $169839306 | $— | $— | $169839306 |

---

**Ladenburg Growth Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $121093577 | $— | $— | $121093577 |
| Short-Term Investment | 2073737 |  |  | 2073737 |
| Total | $123167314 | $— | $— | $123167314 |

---

**Ladenburg Aggressive Growth Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $55612506 | $— | $— | $55612506 |
| Short-Term Investment | 2606780 |  |  | 2606780 |
| Total | $58219286 | $— | $— | $58219286 |

---

The Funds did not hold any Level 3 securities during the year.

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

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| |
|:---|
| **Ladenburg Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **June 30, 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 net asset value 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, 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.

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| |
|:---|
| **Ladenburg Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **June 30, 2025** |

---

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

For the year ended June 30, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments amounted to the following:

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| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
| Ladenburg Income Fund | $3115369 | $4785034 |
| Ladenburg Income & Growth Fund | 19943328 | 26576686 |
| Ladenburg Growth & Income Fund | 63179709 | 73639554 |
| Ladenburg Growth Fund | 55281796 | 65581382 |
| Ladenburg Aggressive Growth Fund | 24738679 | 29746650 |

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**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 LTAM, 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 year ended June 30, 2025, the Advisory fees accrued for the Funds were as follows:

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| | |
|:---|:---|
| Fund | Advisory Fees |
| Ladenburg Income Fund | $54245 |
| Ladenburg Income & Growth Fund | 302744 |
| Ladenburg Growth & Income Fund | 838001 |
| Ladenburg Growth Fund | 606194 |
| Ladenburg Aggressive Growth Fund | 282000 |

---

The Advisor has contractually agreed to waive management fees and/or to make payments to limit Fund expenses, at least until October 31, 2025, 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 year ended June 30, 2025, the Advisor waived advisory fees and reimbursed expenses for the Funds as follows:

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| | |
|:---|:---|
| **Fund** | Waived/Reimbursed |
| Ladenburg Income Fund | $91618 |
| Ladenburg Income & Growth Fund | 31871 |
| Ladenburg Growth & Income Fund | 362 |
| Ladenburg Growth Fund | 315 |
| Ladenburg Aggressive Growth Fund | 30147 |

---

---

| |
|:---|
| **Ladenburg Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **June 30, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 |

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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 year ended June 30, 2025, the Funds were charged pursuant to the Plan as follows:

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| | | |
|:---|:---|:---|
| | **12b-1 Fees** | **12b-1 Fees** |
| <br>**Fund** | **Class A** | **Class C** |
| Ladenburg Income Fund | $706 | $5 |
| Ladenburg Income & Growth Fund | 1247 | 1068 |
| Ladenburg Growth & Income Fund | 3132 | 57 |
| Ladenburg Growth Fund | 1263 | 576 |
| Ladenburg Aggressive Growth Fund | 1338 | 68 |

---

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. For the year ended June 30, 2025, the Distributor received $0, $0, $290, $1,694 and $12,998 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, $0, $63, $254, and $1,950 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)** |
| **June 30, 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 year ended June 30, 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 June 30, 2025, National Financial Services held 59.08%, 61.80%, 62.27%, 55.54% and 61.86% 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** 

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Tax Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation /**<br>**(Depreciation)** |
| Ladenburg Income Fund | 10021815 | 713381 | (539229) | $174152 |
| Ladenburg Income & Growth Fund | 54111443 | 7618372 | (1769539) | 5848833 |
| Ladenburg Growth & Income Fund | 139516316 | 32941997 | (2619007) | 30322990 |
| Ladenburg Growth Fund | 95451598 | 27888779 | (173063) | 27715716 |
| Ladenburg Aggressive Growth Fund | 45441862 | 12867492 | (90068) | 12777424 |

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**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:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **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)** |
| **June 30, 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:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>&nbsp;&nbsp;&nbsp;**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 |

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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:

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| | |
|:---|:---|
| <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)** |
| **June 30, 2025** |

---

During the fiscal period 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:

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| | | |
|:---|:---|:---|
| <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) |

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**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 June 30, 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 26.3% and 26.8%, respectively.

**9.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

![(LOGO)](la002_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of Ladenburg Funds

and Board of Trustees of Northern Lights Fund Trust

In planning and performing our audit of the financial statements of Ladenburg Income Fund, Ladenburg Income & Growth Fund, Ladenburg Growth & Income Fund, Ladenburg Growth Fund, and Ladenburg Aggressive Growth Fund (the "Funds"), each a series of Northern Lights Fund Trust, as of and for the year ended June 30, 2025, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund's internal control over financial reporting is a process designed 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 (GAAP). A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds' annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds' internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of June 30, 2025.

This report is intended solely for the information and use of management and the Board of Trustees of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

![(SIGNATURE)](la003_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

August 28, 2025

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| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

---

**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 18-19, 2024 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" or the "Adviser") 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 ("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 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>.

*Ladenburg Aggressive*. The Trustees observed that the Fund's returns were below the category and peer group median over the prior one-year, five-year, and since-inception periods but well with the category range for each of such periods. The Trustees further observed that the Fund's returns were below the category median but above the peer group median for the prior three-year period. The Trustees agreed that the Fund's performance had been generally competitive with the performance of its competitors over an extended timeframe and concluded that the Fund's performance was satisfactory.

*Ladenburg Growth*. The Trustees noted that over the prior one-year period, the Fund's returns were slightly below the category median and above the peer group median. The Trustees further noted that for the prior three-year period, the Fund's returns were slightly below the peer group median and equal to the category median, and that the Fund's returns were above the peer group and category median for the prior five-year period. The Trustees agreed that the Fund's performance was reasonable.

*Ladenburg Growth & Income* . The Trustees noted that the Fund's returns were above the category and peer group median over the prior one-year period. The Trustees further noted that the Fund's returns were slightly below the category and peer group median over the prior three-year, five-year, and since inception periods. The Trustees agreed that the Fund's returns were generally comparable to the Fund's peer group and category and concluded that such returns were satisfactory.

*Ladenburg Income*. The Trustees observed that, over the prior one-year and three-year periods, the Fund's returns were above the peer group and category median. The Trustees also observed that the Fund's returns were below the peer group and category median over the prior five-year period, but well within the peer group and category range. The Trustees noted that on a since-inception basis, the Fund's returns were below the category median and equal to the peer group median. The Trustees agreed that the Fund's performance was generally reasonable historically, and stronger over more recent time periods.

*Ladenburg Income & Growth*. The Trustees observed that over each of the prior one-year and three-year periods, the Funds returns were above the category and peer group median. The Trustees also observed that the Fund's returns were below the category and peer group median, but well within the peer group range, over the prior five-year and since inception periods. The Trustees agreed that the Fund had delivered reasonable returns over the life of the Fund, and that the Fund's performance in more recent time periods was strong.

<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 category average and equal to the peer group average. The Trustees further noted that the Fund's net expense ratio of 0.85% was above the category average and marginally higher than the peer group average. The Trustees acknowledged that there was an expense limitation agreement in place with respect to the Fund. The Trustees further acknowledged the Adviser's representation that the average AUM of the Fund's category was significantly higher than the Fund's AUM, and that accordingly the category's average expenses reflected greater economies of scale than those achieved by the Fund. The Trustees agreed that the Fund's fees and expenses were not unreasonable.

*Ladenburg Growth* . The Trustees noted that the Adviser charged the Fund an annual advisory fee of 0.50%, which was above the category average and slightly above the peer group average. The Trustees further noted that the Fund's net expense ratio of 0.82% was above the category and peer group average, but within the range for each of the peer group and the category. The Trustees noted that there was an expense limitation in place with respect to the Fund. The Trustees acknowledged that the average net assets of both the peer group and category were significantly higher than the Fund's net assets and the Adviser's representation that the expenses of the peer group and category reflected substantial economies of scale. The Trustees concluded that the Fund's advisory fee was not unreasonable.

*Ladenburg Growth & Income*. The Trustees observed that LTAM charged the Fund an annual advisory fee of 0.50%, which was above the category median and equal to the peer group median. The Trustees further observed that the Fund had a net expense ratio of 0.75%, which was above the category median and equal to the peer group median. The Trustees noted that the category's average net assets were

significantly higher than the Fund's net assets and acknowledged that LTAM's representation that the category's average expenses reflected significant economies of scale. The Trustees concluded that the Fund's advisory fee was not unreasonable.

*Ladenburg Income*. The Trustees observed that LTAM charged the Fund an annual advisory fee of 0.50%, which was above the category median and equal to the peer group median. The Trustees also observed that the Fund's net expense ratio of 0.85% was above the category median and below the peer group median. The Trustees noted that the average net assets of the peer group and the category were significantly higher than the Fund's net assets and the Adviser's representation that the average expenses of the category and peer group reflected substantial economies of scale. The Trustees also acknowledged the expense limitation agreement in place with respect to the Fund. The Trustees agreed that the Fund's advisory fee was not unreasonable.

*Ladenburg Income & Growth*. The Trustees noted that the Fund was charged an annual advisory fee of 0.50%, which was above the category median and equal to the peer group median. The Trustees also noted that the Fund's net expense ratio was above the category median and equal to the peer group median. The Trustees noted that the expense limitation agreement in place with regards to the Fund. The Trustees considered that the average net assets of both the category and peer group were substantially higher than the Fund's net assets and the LTAM's representation that the category and peer group averages reflected significant economies of scale. The Trustees agreed that the Fund's advisory fee was not unreasonable.

<u>Economies of Scale</u>. The Trustees considered whether LTAM had realized economies of scale in its advisement of the Funds. The Trustees acknowledged LTAM's representation that it had not yet achieved economies of scale with respect to the Ladenburg Funds, observing that there was an expense limitation agreement in place for each of the Ladenburg Funds, and that while LTAM had recouped some advisory fees waived for Ladenburg Growth, LTAM was currently waiving advisory fees for each of the other Ladenburg Funds. The Trustees noted that LTAM considered fixed expenses for the Ladenburg Funds as a conglomerate and had indicated its willingness to consider break points once all the Ladenburg Funds were operating below their respective expense limitations. The Trustees agreed that the absence of breakpoints was acceptable at this time.

<u>Profitability</u>. The Trustees considered whether the advisory relationships between LTAM and each of the Ladenburg Funds was excessively profitable. Upon review of the applicable profitability analyses regarding each advisory relationship, the Trustees observed that LTAM incurred a loss with respect to Ladenburg Income and concluded that excessive profitability for LTAM with respect to Ladenburg Income was not a current concern. The Trustees further observed that LTAM realized a profit from the respective advisory relationship with each other Ladenburg Fund. The Trustees considered such profits with respect to each such Fund in terms of absolute dollars and as a percentage of revenue, acknowledging LTAM's representation that such profits were reasonable in light of LTAM's extended record of achieving the respective investment objective of each of the Funds and delivering value to such Fund's shareholders. The Trustees agreed that the respective advisory relationship between LTAM and each of the Ladenburg Funds was not excessively profitable.

<u>Conclusion</u>. Having requested and received such information from LTAM as the Trustees believed to be reasonably necessary to evaluate the terms of the advisory agreement, and as assisted by the advice of counsel, the Trustees concluded that the approval of the advisory agreement between NLFT and LTAM on behalf of the Ladenburg Funds was in the best interests of each of the Funds and their respective shareholders.

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

**<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-A25 |

---

**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](coe.htm)

(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: 9/5/2025 | Date: 9/5/2025 |

---

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: 9/5/2025 | Date: 9/5/2025 |

---

---

| | |
|:---|:---|
| By | /s/ Jim Colantino |
| Jim Colantino | Jim Colantino |
| Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Date: 9/5/2025 | Date: 9/5/2025 |

---

## Ex-99.Code

**<u>Northern Lights Fund Trust and the Northern Lights Variable Trust</u>**

 **CODE OF ETHICS**

February 19, 2007

Northern Lights Fund Trust and the Northern Lights Variable Trust (the "Trusts") and each of its series (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**THE INTERESTS OF THE FUNDS MUST ALWAYS BE PARAMOUNT**

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trusts.

**Access Persons may not take advantage of their relationship with the Funds**

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest**

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**Access Persons must comply with all applicable laws**

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

***DEFINITIONS***

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Advisers with respect to its corresponding series of the Trusts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trusts or the Advisers (or of any company controlling or controlled by or under common control with the Trusts or the Advisers) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control with the Trusts or the Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities by the Funds.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trusts with respect to Trustees and officers of the Trusts, or the CCO of the Advisers with respect to Advisers personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Advisers personnel.

**"Funds"** means series of the Trusts.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trusts that would not be deemed an "interested person" of the Trusts, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trusts; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trusts when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trusts certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-Trusts certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly know as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Advisers"** means the Advisers to the Trusts.

**"Trusts"** mean Northern Lights Fund Trust and the Northern Lights Variable Trust.

***PROHIBITED ACTIONS AND ACTIVITIES***

&nbsp;&nbsp;&nbsp;&nbsp;A. No Access Person shall purchase or sell directly or indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp; B.

Decision-Making Access Persons may not participate in any initial public offering of Covered Securities in any account over which they exercise Beneficial Ownership. All other Access Persons must obtain prior written authorization from the Chief Compliance Officer or his designee prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp; C.

No Access Person may purchase a Covered Security in which by reason of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization of the acquisition by the Chief Compliance Officer or his designee;

&nbsp;&nbsp;&nbsp;&nbsp; D.

Access Persons may not accept any fee, commission, gift, or services, other than de minimus gifts, from any single person or entity that does business with or on behalf of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp; E.

Decision-Making Access Persons may not serve on the board of directors of a publicly traded company without prior authorization from the Chief Compliance Officer or his designee based upon a determination that such service would be consistent with the interests of the Trusts. If such service is authorized, procedures will then be put in place to isolate such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions on behalf of the Trusts.

Advanced notice should be given so that the Trusts or Advisers may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp; F.

Decision-Making Access Person may not execute a Personal Securities Transaction involving a Covered Security without authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance Officer from time to time.

&nbsp;&nbsp;&nbsp;&nbsp; G.

It shall be a violation of this Code for any Access Person, in connection with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trusts any untrue statement of a material fact or to omit to state to the Trusts a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Trusts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trusts.

EXEMPTED TRANSACTIONS

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

· Purchases or Sales of Securities effected in any account in which an Access Person has no Beneficial Ownership;

· Purchases or Sales of Securities which are non-volitional on the part the Access Person (for example, the receipt of stock dividends);

· Purchase of Securities made as part of automatic dividend reinvestment plans;

· Purchases of Securities made as part of an employee benefit plan involving the periodic purchase or company stock or mutual Funds; and

· Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer shall require prior authorization from the President or Chief Executive Officer of the Trusts (unless such person is also the Chief Compliance Officer), who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trusts shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trusts order.

If a person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, such person shall cancel the trade.

***REPORTING AND MONITORING***

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code.

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Trusts, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trusts may be sent to the Advisers.

INITIAL HOLDINGS REPORT

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

ANNUAL HOLDINGS REPORTS

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

· The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

· The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

· The price of the Covered Security at which the transaction was effected; and

· The name of the broker, dealer, or bank with or through whom the transaction was effected.

· The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

***ENFORCEMENTS AND PENALTIES***

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trusts Board of Trustees.

Upon being informed of a violation of this Code, the Trusts Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trusts shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

Annually, the Chief Compliance Officer at each regular meeting of the Board shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

· Summarize existing procedures concerning Personal Securities investing and any changes in the procedures made during the prior year;

· Identify any violations of this Code and any significant remedial action taken during the prior year; and;

· Identify any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

***ACKNOWLEDGMENT***

The Trusts must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.

## 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: | 9/5/2025 | /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: | 9/5/2025 | /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 June 30, 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: | 9/5/2025 | Date: | 9/5/2025 |

---

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.