# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-23-001386
**Filing Date:** 2023-3
**Character Count:** 163508
**Document Hash:** fff9b1c600405299efe86307f7301b28
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001386.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001580642-23-001386

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Lights Fund Trust
- **CENTRAL INDEX KEY:** 0001314414
- **IRS NUMBER:** 043023766
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 23722276

**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           |

**united states<br> securities and exchange commission<br> washington, d.c. 20549<br>form n-csr<br>certified shareholder report of registered management<br> investment companies**

Investment Company Act file number <u>811-21720</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Northern Lights Fund Trust</u> 

(Exact name of registrant as specified in charter)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>225 Pictoria Drive, Suite 450, Cincinnati, OH 45246</u> 

(Address of principal executive offices) (Zip code)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>The Corporation Trust Company</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1209 Orange Street Wilmington, DE 19801</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-470-4300</u> 

Date of fiscal year end: <u>6/30</u> 

Date of reporting period: <u>12/31/22</u> 

**Item 1. Reports to Stockholders.** 

---

| |
|:---|
| ![(LANDENBURG LOGO)](lf001_v1.jpg) |
| **Ladenburg Income Fund** |
| **Ladenburg Income & Growth Fund** |
| **Ladenburg Growth & Income Fund** |
| **Ladenburg Growth Fund** |
| **Ladenburg Aggressive Growth Fund** |
| Semi-Annual Report |
| December 31, 2022 |
| 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*** |
| **PORTFOLIO REVIEW (Unaudited)** |
| **December 31, 2022** |

---

The Fund's performance figures\* for each of the periods ended December 31, 2022, as compared to its benchmark:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | Average Annual Return |
|  | Six Months | One Year | Annualized Five Years | Since Inception\*\* |
| Ladenburg Income Fund Class A | (0.43)% | (12.75)% | 0.33% | 1.48% |
| Ladenburg Income Fund Class A with load of 5.00% | (5.43)% | (17.08)% | (0.69)% | 0.77% |
| Ladenburg Income Fund Class C | (0.82)% | (13.44)% | (0.41)% | 0.79% |
| Ladenburg Income Fund Class I | (0.31)% | (12.62)% | 0.50% | 1.61% |
| S&P 500 Total Return Index \*\*\* | 2.31% | (18.11)% | 9.42% | 12.18% |
| Barclays US Gov't/Credit Bond Index \*\*\*\* | (6.66)% | (17.76)% | (0.78)% | 0.27% |

---

\* The performance data quoted here is historical and based on traded NAVs. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. Total returns would have been lower had the Advisor not waived its fees and reimbursed a portion of the Fund's expenses. The Fund's total gross annual operating expense before fee waivers, including underlying funds, are 1.87%, 2.62% and 1.62% for the Fund's Class A, Class C and Class I shares, respectively, per the Fund's October 28, 2022 prospectus. Shares of Class A are subject to a maximum sales charge imposed on purchases of 5.00%. Class A shares and Class C shares are subject to a 1.00% maximum deferred sales charge. The graph does not reflect the deduction of taxes that a shareholder would have to pay on Fund distributions or the redemption of Fund shares. For performance information current to the most recent month-end, please call 1-877-803-6583.

\*\* Fund commenced operations on August 24, 2015.

\*\*\* The S&P 500 Total Return Index is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark.

---

| | |
|:---|:---|
| \*\*\*\* | The Barclays US Gov't/Credit Bond Index is an unmanaged index which measures performance of U.S. dollar denominated U.S. Treasuries, government-related, and investment grade U.S. corporate securities that have a remaining maturity of greater than or equal to 1 year. In addition, the securities have $250 million or more of outstanding face value, and must be fixed rate and non-convertible. Investors cannot invest directly in an index or benchmark. |

---

---

| | |
|:---|:---|
| **Holdings by Industry as of December 31, 2022** | **% of Net Assets** |
| Exchange-Traded Funds - Fixed Income Funds | 68.6% |
| Exchange-Traded Funds - Equity Funds | 23.6% |
| Open End Fund - Alternative | 7.4% |
| Short-Term Investment | 0.4% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this report for a detailed listing of the Fund's holdings.

---

| |
|:---|
| ***Ladenburg Income & Growth Fund*** |
| **PORTFOLIO REVIEW (Unaudited)** |
| **December 31, 2022** |

---

The Fund's performance figures\* for each of the periods ended December 31, 2022, as compared to its benchmark:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | Average Annual Return |
|  | Six Months | One Year | Annualized Five Years | Since Inception\*\* |
| Ladenburg Income & Growth Fund Class A | 0.47% | (14.68)% | 1.70% | 2.89% |
| Ladenburg Income & Growth Fund Class A with load of 5.00% | (4.53)% | (18.93)% | 0.67% | 2.17% |
| Ladenburg Income & Growth Fund Class C | 0.11% | (15.57)% | 0.86% | 2.16% |
| Ladenburg Income & Growth Fund Class I | 0.51% | (14.52)% | 1.89% | 3.13% |
| S&P 500 Total Return Index \*\*\* | 2.31% | (18.11)% | 9.42% | 12.18% |
| Barclays US Gov't/Credit Bond Index \*\*\*\* | (6.66)% | (17.76)% | (0.78)% | 0.27% |

---

\* The performance data quoted here is historical and based on traded NAVs. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. Total returns would have been lower had the Advisor not waived its fees and reimbursed a portion of the Fund's expenses. The Fund's total gross annual operating expense before fee waivers, including underlying funds, are 1.28%, 2.02% and 1.03% for the Fund's Class A, Class C and Class I shares, respectively, per the Fund's October 28, 2022 prospectus. Shares of Class A are subject to a maximum sales charge imposed on purchases of 5.00%. Class A shares and Class C shares are subject to a 1.00% maximum deferred sales charge. The graph does not reflect the deduction of taxes that a shareholder would have to pay on Fund distributions or the redemption of Fund shares. For performance information current to the most recent month-end, please call 1-877-803-6583.

\*\* Fund commenced operations on August 24, 2015.

\*\*\* The S&P 500 Total Return Index is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark.

---

| | |
|:---|:---|
| \*\*\*\* | The Barclays US Gov't/Credit Bond Index is an unmanaged index which measures performance of U.S. dollar denominated U.S. Treasuries, government-related, and investment grade U.S. corporate securities that have a remaining maturity of greater than or equal to 1 year. In addition, the securities have $250 million or more of outstanding face value, and must be fixed rate and non-convertible. Investors cannot invest directly in an index or benchmark. |

---

---

| | |
|:---|:---|
| **Holdings by Industry as of December 31, 2022** | **% of Net Assets** |
| Exchange-Traded Funds - Fixed Income Funds | 48.1% |
| Exchange-Traded Funds - Equity Funds | 40.6% |
| Open End Fund - Alternative | 9.2% |
| Short-Term Investment | 1.9% |
| Other Assets in Excess of Liabilities | 0.2% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this report for a detailed listing of the Fund's holdings.

---

| |
|:---|
| ***Ladenburg Growth & Income Fund*** |
| **PORTFOLIO REVIEW (Unaudited)** |
| **December 31, 2022** |

---

The Fund's performance figures\* for each of the periods ended December 31, 2022, as compared to its benchmark:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | Average Annual Return |
|  | Six Months | One Year | Annualized Five Years | Since Inception\*\* |
| Ladenburg Growth & Income Fund Class A | 1.34% | (16.32)% | 2.93% | 4.41% |
| Ladenburg Growth & Income Fund Class A with load of 5.00% | (3.74)% | (20.52)% | 1.88% | 3.68% |
| Ladenburg Growth & Income Fund Class C | 0.86% | (17.03)% | 2.12% | 3.63% |
| Ladenburg Growth & Income Fund Class I | 1.44% | (16.12)% | 3.17% | 4.60% |
| S&P 500 Total Return Index \*\*\* | 2.31% | (18.11)% | 9.42% | 12.18% |
| Barclays US Gov't/Credit Bond Index \*\*\*\* | (6.66)% | (17.76)% | (0.78)% | 0.27% |

---

\* The performance data quoted here is historical and based on traded NAVs. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. Total returns would have been lower had the Advisor not waived its fees and reimbursed a portion of the Fund's expenses. The Fund's total gross annual operating expense before fee waivers, including underlying funds, are 1.14%, 1.89% and 0.89% for the Fund's Class A, Class C and Class I shares, respectively, per the Fund's October 28, 2022 prospectus. Shares of Class A are subject to a maximum sales charge imposed on purchases of 5.00%. Class A shares and Class C shares are subject to a 1.00% maximum deferred sales charge. The graph does not reflect the deduction of taxes that a shareholder would have to pay on Fund distributions or the redemption of Fund shares. For performance information current to the most recent month-end, please call 1-877-803-6583.

\*\* Fund commenced operations on August 24, 2015.

\*\*\* The S&P 500 Total Return Index is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark.

---

| | |
|:---|:---|
| \*\*\*\* | The Barclays US Gov't/Credit Bond Index is an unmanaged index which measures performance of U.S. dollar denominated U.S. Treasuries, government-related, and investment grade U.S. corporate securities that have a remaining maturity of greater than or equal to 1 year. In addition, the securities have $250 million or more of outstanding face value, and must be fixed rate and non convertible. Investors cannot invest directly in an index or benchmark. |

---

---

| | |
|:---|:---|
| **Holdings by Industry as of December 31, 2022** | **% of Net Assets** |
| Exchange-Traded Funds - Equity Funds | 58.2% |
| Exchange-Traded Funds - Fixed Income Funds | 30.0% |
| Open End Fund - Alternative | 10.2% |
| Short-Term Investment | 1.7% |
| Liabilities in Excess of Other Assets | (0.1)% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this report for a detailed listing of the Fund's holdings.

---

| |
|:---|
| ***Ladenburg Growth Fund*** |
| **PORTFOLIO REVIEW (Unaudited)** |
| **December 31, 2022** |

---

The Fund's performance figures\* for each of the periods ended December 31, 2022, as compared to its benchmark:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | Average Annual Return |
|  | Six Months | One Year | Annualized Five Years | Since Inception\*\* |
| Ladenburg Growth Fund Class A | 2.14% | (18.06)% | 4.05% | 5.62% |
| Ladenburg Growth Fund Class A with load of 5.00% | (2.97)% | (22.17)% | 2.99% | 4.88% |
| Ladenburg Growth Fund Class C | 1.72% | (18.63)% | 3.27% | 4.84% |
| Ladenburg Growth Fund Class I | 2.26% | (17.87)% | 4.27% | 5.79% |
| S&P 500 Total Return Index \*\*\* | 2.31% | (18.11)% | 9.42% | 12.18% |
| Barclays US Gov't/Credit Bond Index \*\*\*\* | (6.66)% | (17.76)% | (0.78)% | 0.27% |

---

\* The performance data quoted here is historical and based on traded NAVs. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. Total returns would have been lower had the Advisor not waived its fees and reimbursed a portion of the Fund's expenses. The Fund's total gross annual operating expense before fee waivers, including underlying funds, are 1.14%, 1.89% and 0.89% for the Fund's Class A, Class C and Class I shares, respectively, per the Fund's October 28, 2022 prospectus. Shares of Class A are subject to a maximum sales charge imposed on purchases of 5.00%. Class A shares and Class C shares are subject to a 1.00% maximum deferred sales charge. The graph does not reflect the deduction of taxes that a shareholder would have to pay on Fund distributions or the redemption of Fund shares. For performance information current to the most recent month-end, please call 1-877-803-6583.

\*\* Fund commenced operations on August 24, 2015.

\*\*\* The S&P 500 Total Return Index is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark.

---

| | |
|:---|:---|
| \*\*\*\* | The Barclays US Gov't/Credit Bond Index is an unmanaged index which measures performance of U.S. dollar denominated U.S. Treasuries, government-related, and investment grade U.S. corporate securities that have a remaining maturity of greater than or equal to 1 year. In addition, the securities have $250 million or more of outstanding face value, and must be fixed rate and non-convertible. Investors cannot invest directly in an index or benchmark. |

---

---

| | |
|:---|:---|
| **Holdings by Industry as of December 31, 2022** | **% of Net Assets** |
| Exchange-Traded Funds - Equity Funds | 77.9% |
| Exchange-Traded Funds - Fixed Income Funds | 10.4% |
| Open End Fund - Alternative | 10.0% |
| Short-Term Investment | 1.8% |
| Liabilities in Excess of Other Assets | (0.1)% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this report for a detailed listing of the Fund's holdings.

---

| |
|:---|
| ***Ladenburg Aggressive Growth Fund*** |
| **PORTFOLIO REVIEW (Unaudited)** |
| **December 31, 2022** |

---

The Fund's performance figures\* for each of the periods ended December 31, 2022, as compared to its benchmark:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | Average Annual Return |
|  | Six Months | One Year | Annualized Five Years | Since Inception\*\* |
| Ladenburg Aggressive Growth Fund Class A | 2.51% | (19.09)% | 4.77% | 6.95% |
| Ladenburg Aggressive Growth Fund Class A with load of 5.00% | (2.62)% | (23.15)% | 3.70% | 6.21% |
| Ladenburg Aggressive Growth Fund Class C | 2.18% | (19.64)% | 4.00% | 6.02% |
| Ladenburg Aggressive Growth Fund Class I | 2.65% | (18.90)% | 4.97% | 6.92% |
| S&P 500 Total Return Index \*\*\* | 2.31% | (18.11)% | 9.42% | 12.18% |
| Barclays US Gov't/Credit Bond Index \*\*\*\* | (6.66)% | (17.76)% | (0.78)% | 0.27% |

---

\* The performance data quoted here is historical and based on traded NAVs. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. Total returns would have been lower had the Advisor not waived its fees and reimbursed a portion of the Fund's expenses. The Fund's total gross annual operating expense before fee waivers, including underlying funds, are 1.24%, 1.99% and 0.99% for the Fund's Class A, Class C and Class I shares, respectively, per the Fund's October 28, 2022 prospectus. Shares of Class A are subject to a maximum sales charge imposed on purchases of 5.00%. Class A shares and Class C shares are subject to a 1.00% maximum deferred sales charge. The graph does not reflect the deduction of taxes that a shareholder would have to pay on Fund distributions or the redemption of Fund shares. For performance information current to the most recent month-end, please call 1-877-803-6583.

\*\* Fund commenced operations on August 24, 2015.

\*\*\* The S&P 500 Total Return Index is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark.

---

| | |
|:---|:---|
| \*\*\*\* | The Barclays US Gov't/Credit Bond Index is an unmanaged index which measures performance of U.S. dollar denominated U.S. Treasuries, government-related, and investment grade U.S. corporate securities that have a remaining maturity of greater than or equal to 1 year. In addition, the securities have $250 million or more of outstanding face value, and must be fixed rate and non-convertible. Investors cannot invest directly in an index or benchmark. |

---

---

| | |
|:---|:---|
| **Holdings by Industry as of December 31, 2022** | **% of Net Assets** |
| Exchange-Traded Funds - Equity Funds | 84.0% |
| Open End Fund - Alternative | 7.9% |
| Short-Term Investment | 4.3% |
| Exchange-Traded Funds - Fixed Income Fund | 3.8% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this report for a detailed listing of the Fund's holdings.

---

| |
|:---|
| **LADENBURG INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 92.2%** |  |
|  | **EQUITY - 23.6%** |  |
| 11403 | Schwab U.S. Large-Cap Growth ETF | $633551 |
| 15455 | Schwab U.S. Large-Cap Value ETF | 1020338 |
| 5490 | Schwab US Small-Cap ETF | 222400 |
| 1243 | Vanguard Mid-Cap Growth ETF | 223442 |
| 3304 | Vanguard Mid-Cap Value ETF | 446833 |
|  |  | 2546564 |
|  | **FIXED INCOME - 68.6%** |  |
| 14809 | Invesco Variable Rate Preferred ETF | 331574 |
| 19884 | iShares Trust iShares 1-5 Year Investment Grade | 990621 |
| 21043 | SPDR Blackstone Senior Loan ETF | 860659 |
| 67803 | SPDR Doubleline Total Return Tactical ETF | 2714832 |
| 26596 | Vanguard Intermediate-Term Bond ETF | 1976615 |
| 7280 | Vanguard Short-Term Bond ETF | 548039 |
|  |  | 7422340 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $10,970,366)** | 9968904 |
|  | **OPEN END FUND — 7.4%** |  |
|  | **ALTERNATIVE - 7.4%** |  |
| 32322 | JPMorgan Hedged Equity Fund, Class I | 794140 |
|  | **TOTAL OPEN END FUND (Cost $744,566)** | 794140 |
|  | **SHORT-TERM INVESTMENT — 0.4%** |  |
|  | **MONEY MARKET FUND - 0.4%** |  |
| 41807 | First American Government Obligations Fund Class X, Class X, 4.08% (Cost $41,807)<sup>(a)</sup> | 41807 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $11,756,739)** | $10804851 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%** | (1458) |
|  | **NET ASSETS - 100.0%** | $10803393 |

---

ETF - Exchange-Traded Fund

SPDR - Standard & Poor's Depositary Receipt

(a) - Rate disclosed is the seven day effective yield as of December 31, 2022.

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

---

| |
|:---|
| **LADENBURG INCOME & GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 88.7%** |  |
|  | **EQUITY - 40.6%** |  |
| 118039 | Schwab U.S. Large-Cap Growth ETF | $6558247 |
| 129692 | Schwab U.S. Large-Cap Value ETF | 8562265 |
| 27550 | Schwab US Small-Cap ETF | 1116051 |
| 12406 | Vanguard Mid-Cap Growth ETF | 2230103 |
| 37387 | Vanguard Mid-Cap Value ETF | 5056218 |
|  |  | 23522884 |
|  | **FIXED INCOME - 48.1%** |  |
| 78805 | Invesco Variable Rate Preferred ETF | 1764444 |
| 35281 | iShares Trust iShares 1-5 Year Investment Grade | 1757699 |
| 112819 | SPDR Blackstone Senior Loan ETF | 4614297 |
| 246486 | SPDR Doubleline Total Return Tactical ETF | 9869300 |
| 85848 | Vanguard Intermediate-Term Bond ETF | 6380223 |
| 46691 | Vanguard Short-Term Bond ETF | 3514898 |
|  |  | 27900861 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $52,121,639)** | 51423745 |
|  | **OPEN END FUND — 9.2%** |  |
|  | **ALTERNATIVE - 9.2%** |  |
| 218122 | JPMorgan Hedged Equity Fund, Class I | 5359259 |
|  | **TOTAL OPEN END FUND (Cost $4,926,602)** | 5359259 |
|  | **SHORT-TERM INVESTMENT — 1.9%** |  |
|  | **MONEY MARKET FUND - 1.9%** |  |
| 1097015 | First American Government Obligations Fund Class X, Class X, 4.08% (Cost $1,097,015)<sup>(a)</sup> | 1097015 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $58,145,256)** | $57880019 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%** | 92509 |
|  | **NET ASSETS - 100.0%** | $57972528 |

---

ETF - Exchange-Traded Fund

SPDR - Standard & Poor's Depositary Receipt

(a) - Rate disclosed is the seven day effective yield as of December 31, 2022.

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

---

| |
|:---|
| **LADENBURG GROWTH & INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 88.2%** |  |
|  | **EQUITY - 58.2%** |  |
| 453631 | Schwab U.S. Large-Cap Growth ETF | $25203738 |
| 474478 | Schwab U.S. Large-Cap Value ETF | 31325038 |
| 141229 | Schwab US Small-Cap ETF | 5721187 |
| 39941 | Vanguard Mid-Cap Growth ETF | 7179794 |
| 119210 | Vanguard Mid-Cap Value ETF | 16121960 |
|  |  | 85551717 |
|  | **FIXED INCOME - 30.0%** |  |
| 199052 | Invesco Variable Rate Preferred ETF | 4456774 |
| 319776 | SPDR Blackstone Senior Loan ETF | 13078838 |
| 220432 | SPDR Doubleline Total Return Tactical ETF | 8826097 |
| 98712 | Vanguard Intermediate-Term Bond ETF | 7336276 |
| 137109 | Vanguard Short-Term Bond ETF | 10321567 |
|  |  | 44019552 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $121,562,800)** | 129571269 |
|  | **OPEN END FUND — 10.2%** |  |
|  | **ALTERNATIVE - 10.2%** |  |
| 609957 | JPMorgan Hedged Equity Fund, Class I | 14986647 |
|  | **TOTAL OPEN END FUND (Cost $14,178,129)** | 14986647 |
|  | **SHORT-TERM INVESTMENT — 1.7%** |  |
|  | **MONEY MARKET FUND - 1.7%** |  |
| 2462251 | First American Government Obligations Fund Class X, Class X, 4.08% (Cost $2,462,251)<sup>(a)</sup> | 2462251 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $138,203,180)** | $147020167 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (136255) |
|  | **NET ASSETS - 100.0%** | $146883912 |

---

ETF - Exchange-Traded Fund

SPDR - Standard & Poor's Depositary Receipt

(a) - Rate disclosed is the seven day effective yield as of December 31, 2022.

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

---

| |
|:---|
| **LADENBURG GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 88.3%** |  |
|  | **EQUITY - 77.9%** |  |
| 371557 | Schwab U.S. Large-Cap Growth ETF | $20643707 |
| 393212 | Schwab U.S. Large-Cap Value ETF | 25959857 |
| 157869 | Schwab US Small-Cap ETF | 6395273 |
| 47246 | Vanguard Mid-Cap Growth ETF | 8492941 |
| 91950 | Vanguard Mid-Cap Value ETF | 12435318 |
|  |  | 73927096 |
|  | **FIXED INCOME - 10.4%** |  |
| 152428 | SPDR Blackstone Senior Loan ETF | 6234305 |
| 48968 | Vanguard Short-Term Bond ETF | 3686311 |
|  |  | 9920616 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $74,952,542)** | 83847712 |
|  | **OPEN END FUND — 10.0%** |  |
|  | **ALTERNATIVE - 10.0%** |  |
| 387945 | JPMorgan Hedged Equity Fund, Class I | 9531803 |
|  | **TOTAL OPEN END FUND (Cost $9,124,232)** | 9531803 |
|  | **SHORT-TERM INVESTMENT — 1.8%** |  |
|  | **MONEY MARKET FUND - 1.8%** |  |
| 1746757 | First American Government Obligations Fund Class X, Class X, 4.08% (Cost $1,746,757)<sup>(a)</sup> | 1746757 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $85,823,531)** | $95126272 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (88173) |
|  | **NET ASSETS - 100.0%** | $95038099 |

---

ETF - Exchange-Traded Fund

SPDR - Standard & Poor's Depositary Receipt

(a) - Rate disclosed is the seven day effective yield as of December 31, 2022.

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

---

| |
|:---|
| **LADENBURG AGGRESSIVE GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 87.8%** |  |
|  | **EQUITY - 84.0%** |  |
| 164429 | Schwab U.S. Large-Cap Growth ETF | $9135675 |
| 170947 | Schwab U.S. Large-Cap Value ETF | 11285922 |
| 101545 | Schwab US Small-Cap ETF | 4113588 |
| 24805 | Vanguard Mid-Cap Growth ETF | 4458947 |
| 42464 | Vanguard Mid-Cap Value ETF | 5742831 |
|  |  | 34736963 |
|  | **FIXED INCOME - 3.8%** |  |
| 38577 | SPDR Blackstone Senior Loan ETF | 1577799 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $32,628,007)** | 36314762 |
|  | **OPEN END FUND — 7.9%** |  |
|  | **ALTERNATIVE - 7.9%** |  |
| 133804 | JPMorgan Hedged Equity Fund, Class I | 3287567 |
|  | **TOTAL OPEN END FUND (Cost $3,135,199)** | 3287567 |
|  | **SHORT-TERM INVESTMENT — 4.3%** |  |
|  | **MONEY MARKET FUND - 4.3%** |  |
| 1765920 | First American Government Obligations Fund Class X, Class X, 4.08% (Cost $1,765,920)<sup>(a)</sup> | 1765920 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $37,529,126)** | $41368249 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.0%** | 964 |
|  | **NET ASSETS - 100.0%** | $41369213 |

---

ETF - Exchange-Traded Fund

SPDR - Standard & Poor's Depositary Receipt

(a) - Rate disclosed is the seven day effective yield as of December 31, 2022.

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

---

| |
|:---|
| **Ladenburg Funds** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| **December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<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 | $11756739 | $58145256 | $138203180 | $85823531 | $37529126 |
| &nbsp;&nbsp;&nbsp;Investments in Securities at Value | $10804851 | $57880019 | $147020167 | $95126272 | $41368249 |
| &nbsp;&nbsp;&nbsp;Due from Advisor | 11355 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for Fund Shares Sold |  | 131347 | 9107 | 20447 | 13414 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 224 | 3088 | 7372 | 5404 | 4570 |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses and Other Assets | 9879 | 15998 | 24551 | 27999 | 23114 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 10826309 | 58030452 | 147061197 | 95180122 | 41409347 |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemptions Payable |  | 693 | 10045 | 49602 |  |
| &nbsp;&nbsp;&nbsp;Payable to Related Parties | 4743 | 8379 | 34523 | 8104 | 7055 |
| &nbsp;&nbsp;&nbsp;Accrued Advisory Fees |  | 24040 | 72317 | 40947 | 14754 |
| &nbsp;&nbsp;&nbsp;Accrued Distribution Fees | 3901 | 3387 | 13205 | 4632 | 4364 |
| &nbsp;&nbsp;&nbsp;Accrued Expenses and Other Liabilities | 14272 | 21425 | 47195 | 38738 | 13961 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 22916 | 57924 | 177285 | 142023 | 40134 |
| **Net Assets** | $10803393 | $57972528 | $146883912 | $95038099 | $41369213 |
| **Composition of Net Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At December 31, 2022, Net Assets consisted of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in-Capital | $11853443 | $58272726 | $138127892 | $85764481 | $37710806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated Earnings (Losses) | (1050050) | (300198) | 8756020 | 9273618 | 3658407 |
| **Net Assets** | $10803393 | $57972528 | $146883912 | $95038099 | $41369213 |
| **Class A Net Assets** | $422290 | $1131654 | $1173273 | $658292 | $258596 |
| **Share of Beneficial Interest Outstanding (Unlimited shares of no par value interest authorized)** | 43641 | 101854 | 95709 | 47494 | 17098 |
| **Net Asset Value (Net Assets/Shares Outstanding and Redemption Price Per Share)** | $9.68 | $11.11 | $12.26 | $13.86 | $15.12 |
| **Maximum Offering Price Per Share (Maximum Sales Charge 5.00%)(a)** | $10.19 | $11.69 | $12.91 | $14.59 | $15.92 |
| **Class C Net Assets** | $15340 | $88651 | $14736 | $43662 | $237135 |
| **Share of Beneficial Interest Outstanding (Unlimited shares of no par value interest authorized)** | 1605 | 8141 | 1238 | 3205 | 16325 |
| **Net Asset Value, Offering and Redemption Price Per Share (Net Assets/Shares Outstanding)** | $9.56 | 10.89 | $11.90 | $13.62 | $14.53 |
| **Class I Net Assets** | $10365763 | $56752223 | $145695903 | $94336145 | $40873482 |
| **Share of Beneficial Interest Outstanding (Unlimited shares of no par value interest authorized)** | 1076828 | 5088838 | 11837647 | 6837083 | 2751501 |
| **Net Asset Value, Offering and Redemption Price Per Share (Net Assets/Shares Outstanding)** | $9.63 | $11.15 | $12.31 | $13.80 | $14.85 |

---

(a) On
investments of $50,000 or more, the offering price is reduced.

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

---

| |
|:---|
| **Ladenburg Funds** |
| **STATEMENTS OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended December 31, 2022** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<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 | $202375 | $897722 | $1934139 | $1001944 | $383769 |
| &nbsp;&nbsp;&nbsp;Interest Income | 1488 | 15376 | 25177 | 15913 | 16364 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 203863 | 913098 | 1959316 | 1017857 | 400133 |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees | 28445 | 144453 | 374746 | 248018 | 104524 |
| &nbsp;&nbsp;&nbsp;Distribution Fees - Class A | 509 | 1396 | 1492 | 848 | 325 |
| &nbsp;&nbsp;&nbsp;Distribution Fees - Class C | 78 | 239 | 73 | 224 | 1103 |
| &nbsp;&nbsp;&nbsp;Registration & Filing Fees | 10914 | 14087 | 19156 | 18597 | 15013 |
| &nbsp;&nbsp;&nbsp;Administration Fees | 9555 | 23394 | 52197 | 36187 | 18339 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 7930 | 7930 | 7930 | 7930 | 7930 |
| &nbsp;&nbsp;&nbsp;Audit Fees | 7691 | 7681 | 7691 | 7691 | 7691 |
| &nbsp;&nbsp;&nbsp;Third Party Administrative Services Fees | 6310 | 27539 | 81382 | 53960 | 19739 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 3437 | 4240 | 7212 | 5433 | 3919 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 2911 | 4476 | 7760 | 5950 | 3894 |
| &nbsp;&nbsp;&nbsp;Custody Fees | 2521 | 2880 | 8171 | 5459 | 2521 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 1874 | 8022 | 21235 | 14050 | 5564 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 1378 | 1783 | 2733 | 2254 | 1504 |
| &nbsp;&nbsp;&nbsp;Printing Expense | 1017 | 3500 | 8102 | 5421 | 2851 |
| &nbsp;&nbsp;&nbsp;Miscellaneous Expenses | 1487 | 1855 | 2358 | 2022 | 1743 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 86057 | 253475 | 602238 | 414044 | 196660 |
| &nbsp;&nbsp;&nbsp;Less: Expenses Waived/Reimbursed by the Advisor | (37346) | (6804) | (308) | (296) | (17740) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 48711 | 246671 | 601930 | 413748 | 178920 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 155152 | 666427 | 1357386 | 604109 | 221213 |
| **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 9003 | 268 | 1294072 | 847929 |  |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | (209956) | (403362) | (440088) | 512363 | 730814 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss) on Investments** | (200953) | (403094) | 853984 | 1360292 | 730814 |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $(45801) | $263333 | $2211370 | $1964401 | $952027 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2022** |
|  | **(Unaudited)** |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $155152 | $172916 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 9003 | 96037 |
| &nbsp;&nbsp;&nbsp;Capital Gain Distributions from Other Investment Companies |  | 33876 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Depreciation on Investments | (209956) | (1855592) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting From Operations** | (45801) | (1552763) |
| **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (5416) | (21104) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (144) | (1818) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (152727) | (780529) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Distributions to Shareholders** | (158287) | (803451) |
| **Share Transactions of Beneficial Interest:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 226301 | 18322 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 4703 | 19243 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (120705) | (40099) |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 144 | 894 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed |  | (17157) |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 529919 | 2878447 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 129485 | 670422 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (1479966) | (4047155) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Share Transactions of Beneficial Interest** | (710119) | (517083) |
| **Total Decrease in Net Assets** | (914207) | (2873297) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 11717600 | 14590897 |
| &nbsp;&nbsp;&nbsp;End of Period | $10803393 | $11717600 |
| **Share Activity** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 22409 | 1559 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 483 | 1712 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (12105) | (3557) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | 10787 | (286) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 15 | 81 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed |  | (1619) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | 15 | (1538) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 54038 | 254708 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 13346 | 59927 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (151274) | (360804) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Shares of Beneficial Interest Outstanding | (83890) | (46169) |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2022** |
|  | **(Unaudited)** |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $666427 | $655474 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 268 | 518645 |
| &nbsp;&nbsp;&nbsp;Capital Gain Distributions from Other Investment Companies |  | 98714 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Depreciation on Investments | (403362) | (9210843) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | 263333 | (7938010) |
| **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (22140) | (18786) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (1307) | (220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1184408) | (1202211) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Distributions to Shareholders** | (1207855) | (1221217) |
| **Share Transactions of Beneficial Interest:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 45161 | 521885 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 21336 | 15635 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (5169) | (358431) |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 87500 |  |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 1307 | 220 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed |  | (18312) |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 6728031 | 11466531 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 1077516 | 1081509 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (4861709) | (11783876) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Share Transactions of Beneficial Interest** | 3093973 | 925161 |
| **Total Increase (Decrease) in Net Assets** | 2149451 | (8234066) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 55823077 | 64057143 |
| &nbsp;&nbsp;&nbsp;End of Period | $57972528 | $55823077 |
| **Share Activity** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 3912 | 42121 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1912 | 1210 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (449) | (29726) |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding | 5375 | 13605 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 8020 |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 120 | 17 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed |  | (1395) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | 8140 | (1378) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 586818 | 896776 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 96128 | 82882 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (426697) | (929075) |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding | 256249 | 50583 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2022** |
|  | **(Unaudited)** |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1357386 | $1412216 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 1294072 | 354681 |
| &nbsp;&nbsp;&nbsp;Capital Gain Distributions from Other Investment Companies |  | 177015 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Depreciation on Investments | (440088) | (26748066) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | 2211370 | (24804154) |
| **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (22130) | (55997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (246) | (1297) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (2881578) | (5634517) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Distributions to Shareholders** | (2903954) | (5691811) |
| **Share Transactions of Beneficial Interest:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 62413 | 78243 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 21139 | 53354 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (34917) | (753170) |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 1200 | 2400 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 245 | 1295 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed |  | (35403) |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 19212246 | 36160723 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 2490229 | 4871254 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (25354239) | (35829303) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Share Transactions of Beneficial Interest** | (3601684) | 4549393 |
| **Total Decrease in Net Assets** | (4294268) | (25946572) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 151178180 | 177124752 |
| &nbsp;&nbsp;&nbsp;End of Period | $146883912 | $151178180 |
| **Share Activity** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 4809 | 5381 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 1726 | 3591 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2797) | (56464) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | 3738 | (47492) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 98 | 170 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 21 | 89 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed |  | (2577) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | 119 | (2318) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1521425 | 2493611 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 202297 | 328490 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2003407) | (2531860) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | (279685) | 290241 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2022** |
|  | **(Unaudited)** |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $604109 | $611046 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 847929 | 613498 |
| &nbsp;&nbsp;&nbsp;Capital Gain Distributions from Other Investment Companies |  | 19031 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | 512363 | (19591589) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | 1964401 | (18348014) |
| **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (4849) | (14523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (132) | (1053) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (934342) | (2858589) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Distributions to Shareholders** | (939323) | (2874165) |
| **Share Transactions of Beneficial Interest:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 58508 | 186767 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 4802 | 14143 |
| &nbsp;&nbsp;&nbsp;Payments for Shares Redeemed | (53167) | (52084) |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued |  | 0 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 63 | 769 |
| &nbsp;&nbsp;&nbsp;Payments for Shares Redeemed | (140) | (62021) |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 8624842 | 28496614 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 858962 | 2630842 |
| &nbsp;&nbsp;&nbsp;Payments for Shares Redeemed | (13404734) | (23187918) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Share Transactions of Beneficial Interest** | (3910864) | 8027112 |
| **Total Decrease in Net Assets** | (2885786) | (13195067) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 97923885 | 111118952 |
| &nbsp;&nbsp;&nbsp;End of Period | $95038099 | $97923885 |
| **Share Activity** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 3977 | 12372 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 346 | 827 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (3786) | (3478) |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding | 537 | 9721 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 5 | 46 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (11) | (3726) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Shares of Beneficial Interest Outstanding | (6) | (3680) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 603176 | 1770117 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 62244 | 154392 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (962108) | (1459222) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | (296688) | 465287 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**June 30, 2022** |
|  | **(Unaudited)** |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $221213 | $179935 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments |  | (145800) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Investments | 730814 | (8186791) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting From Operations** | 952027 | (8152656) |
| **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated Earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (889) | (1347) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (2440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (235083) | (525784) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Distributions to Shareholders** | (235972) | (529571) |
| **Share Transactions of Beneficial Interest:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 31040 | 178393 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 870 | 1337 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (22201) | (26932) |
| &nbsp;&nbsp;&nbsp;**Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 80000 |  |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested |  | 2440 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed |  | (80000) |
| &nbsp;&nbsp;&nbsp;**Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Shares Issued | 4907808 | 13233613 |
| &nbsp;&nbsp;&nbsp;Distributions Reinvested | 215862 | 486317 |
| &nbsp;&nbsp;&nbsp;Payment for Shares Redeemed | (4099256) | (7988855) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Share Transactions of Beneficial Interest** | 1114123 | 5806313 |
| **Total Increase (Decrease) in Net Assets** | 1830178 | (2875914) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 39539035 | 42414949 |
| &nbsp;&nbsp;&nbsp;End of Period | $41369213 | $39539035 |
| **Share Activity** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 2011 | 10275 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 58 | 71 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (1454) | (1526) |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding | 615 | 8820 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 5057 |  |
| &nbsp;&nbsp;&nbsp;Shares Reinvested |  | 134 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed |  | (5662) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares of Beneficial Interest Outstanding | 5057 | (5528) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 320885 | 770529 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 14526 | 26259 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (271941) | (473810) |
| &nbsp;&nbsp;&nbsp;Net Increase in Shares of Beneficial Interest Outstanding | 63470 | 322978 |

---

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

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended**<br>**December 31, 2022** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** | **Year Ended**<br>**June 30, 2020** | **Year Ended**<br>**June 30, 2019** | **Year Ended**<br>**June 30, 2018** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $9.85 | $11.78 | $10.99 | $10.90 | $10.53 | $10.59 |
| &nbsp;&nbsp;&nbsp;Gain (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.13 | 0.13 | 0.11 | 0.18 | 0.17 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (0.17) | (1.41) | 0.79 | 0.11 | 0.38 | (0.01) |
| &nbsp;&nbsp;&nbsp;Total from operations | (0.04) | (1.28) | 0.90 | 0.29 | 0.55 | 0.16 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.13) | (0.12) | (0.11) | (0.18) | (0.17) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains |  | (0.53) |  |  | (0.01) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of Capital |  |  |  | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.13) | (0.65) | (0.11) | (0.20) | (0.18) | (0.22) |
| **Net Asset Value, End of Period** | $9.68 | $9.85 | $11.78 | $10.99 | $10.90 | $10.53 |
| **Total Return (b)** | (0.43)% | (11.52)% | 8.24% | 2.68% | 5.31% | 1.46% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $422 | $324 | $390 | $491 | $845 | $1024 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 1.75 % (e) | 1.65% | 1.60% | 1.65% | 1.95% | 2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 1.00 % (e) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 2.53 % (e) | 1.13% | 0.97% | 1.68% | 1.66% | 1.63% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0.00 % (f) | 24.84% | 29.04% | 20.91% | 34.73% | 27.38% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **June 30, 2022** | **June 30, 2021** | **June 30, 2020** | **June 30, 2019** | **June 30, 2018** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $9.73 | $11.67 | $10.90 | $10.83 | $10.46 | $10.54 |
| &nbsp;&nbsp;&nbsp;Gain (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.09 | 0.04 | 0.02 | 0.10 | 0.11 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (0.17) | (1.39) | 0.79 | 0.11 | 0.35 | (0.02) |
| &nbsp;&nbsp;&nbsp;Total from operations | (0.08) | (1.35) | 0.81 | 0.21 | 0.46 | 0.08 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.06) | (0.04) | (0.13) | (0.08) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains |  | (0.53) |  |  | (0.01) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of Capital |  |  |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.09) | (0.59) | (0.04) | (0.14) | (0.09) | (0.16) |
| **Net Asset Value, End of Period** | $9.56 | $9.73 | $11.67 | $10.90 | $10.83 | $10.46 |
| **Total Return (b)** | (0.82)% | (12.19)% | 7.46% | 1.95% | 4.51% | 0.74% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $15 | $15 | $37 | $34 | $34 | $273 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 2.50 % (e) | 2.40% | 2.36% | 2.39% | 2.75% | 3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 1.75 % (e) | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 1.85 % (e) | 0.32% | 0.18% | 0.92% | 1.05% | 0.93% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0.00 % (f) | 24.84% | 29.04% | 20.91% | 34.73% | 27.38% |

---

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

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

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

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

(e) Annualized.

(f) Not
Annualized.

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

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**December 31, 2022** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** | **Year Ended**<br>**June 30, 2020** | **Year Ended**<br>**June 30, 2019** | **Year Ended**<br>**June 30, 2018** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $9.80 | $11.74 | $10.96 | $10.88 | $10.51 | $10.57 |
| &nbsp;&nbsp;&nbsp;Gain (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.14 | 0.14 | 0.13 | 0.20 | 0.19 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (0.17) | (1.41) | 0.79 | 0.11 | 0.38 | (0.02) |
| &nbsp;&nbsp;&nbsp;Total from operations | (0.03) | (1.27) | 0.92 | 0.31 | 0.57 | 0.18 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.14) | (0.14) | (0.20) | (0.19) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains |  | (0.53) |  |  | (0.01) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of Capital |  |  |  | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.14) | (0.67) | (0.14) | (0.23) | (0.20) | (0.24) |
| **Net Asset Value, End of Period** | $9.63 | $9.80 | $11.74 | $10.96 | $10.88 | $10.51 |
| **Total Return (b)** | (0.31)% | (11.46)% | 8.45% | 2.83% | 5.59% | 1.67% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $10366 | $11379 | $14164 | $14051 | $9643 | $6285 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 1.50 % (e) | 1.40% | 1.35% | 1.40% | 1.67% | 2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 0.85 % (e) | 0.85% | 0.85% | 0.83% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 2.74 % (e) | 1.29% | 1.10% | 1.83% | 1.85% | 1.91% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0.00 % (f) | 24.84% | 29.04% | 20.91% | 34.73% | 27.38% |

---

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

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

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

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

(e) Annualized.

(f) Not
Annualized.

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

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended**<br>**December 31, 2022** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** | **Year Ended**<br>**June 30, 2020** | **Year Ended**<br>**June 30, 2019** | **Year Ended**<br>**June 30, 2018** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $11.28 | $13.10 | $11.36 | $11.32 | $10.91 | $10.74 |
| &nbsp;&nbsp;&nbsp;Gain (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.12 | 0.11 | 0.10 | 0.16 | 0.16 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (0.07) | (1.70) | 1.74 | 0.08 | 0.40 | 0.24 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.05 | (1.59) | 1.84 | 0.24 | 0.56 | 0.40 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.11) | (0.10) | (0.18) | (0.15) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.10) | (0.12) |  |  |  | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of Capital |  |  |  | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.22) | (0.23) | (0.10) | (0.20) | (0.15) | (0.23) |
| **Net Asset Value, End of Period** | $11.11 | $11.28 | $13.10 | $11.36 | $11.32 | $10.91 |
| **Total Return (b)** | 0.47% | (12.42)% | 16.21% | 2.10% | 5.20% | 3.68% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $1132 | $1088 | $1086 | $1297 | $1546 | $1478 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 1.12 % (f) | 1.10% | 1.11% | 1.18% | 1.32% | 1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 1.00 % (f) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 2.16 % (f) | 0.89% | 0.78% | 1.41% | 1.44% | 1.50% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0.00 % (g) | 23.04% | 16.60% | 9.35% | 24.47% | 23.87% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **June 30, 2022** | **June 30, 2021** | **June 30, 2020** | **June 30, 2019** | **June 30, 2018** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $11.04 | $12.91 | $11.24 | $11.23 | $10.85 | $10.71 |
| &nbsp;&nbsp;&nbsp;Gain (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.11 | — (f) | — (f) | 0.07 | 0.04 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (0.10) | (1.71) | 1.73 | 0.08 | 0.42 | 0.22 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.01 | (1.71) | 1.73 | 0.15 | 0.46 | 0.32 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.06) | (0.04) | (0.06) | (0.13) | (0.08) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.10) | (0.12) |  |  |  | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of Capital |  |  |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.16) | (0.16) | (0.06) | (0.14) | (0.08) | (0.18) |
| **Net Asset Value, End of Period** | $10.89 | $11.04 | $12.91 | $11.24 | $11.23 | $10.85 |
| **Total Return (b)** | 0.11% | (13.44)% | 15.40% | 1.36% | 4.30% | 2.91% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $89 | $0 (e) | $18 | $15 | $15 | $61 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 1.86 % (f) | 1.84% | 1.87% | 1.93% | 2.07% | 2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 1.75 % (f) | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 2.06 % (f) | 0.01% | 0.02% | 0.67% | 0.41% | 0.87% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0.00 % (g) | 23.04% | 16.60% | 9.35% | 24.47% | 23.87% |

---

(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.

(f) Annualized.

(g) Not
Annualized.

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

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**December 31, 2022** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** | **Year Ended**<br>**June 30, 2020** | **Year Ended**<br>**June 30, 2019** | **Year Ended**<br>**June 30, 2018** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $11.33 | $13.16 | $11.42 | $11.38 | $10.97 | $10.79 |
| &nbsp;&nbsp;&nbsp;Gain (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.13 | 0.13 | 0.11 | 0.18 | 0.19 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | (0.07) | (1.71) | 1.75 | 0.08 | 0.39 | 0.23 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.06 | (1.58) | 1.86 | 0.26 | 0.58 | 0.43 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.13) | (0.12) | (0.19) | (0.17) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.10) | (0.12) |  |  |  | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of Capital |  |  |  | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.24) | (0.25) | (0.12) | (0.22) | (0.17) | (0.25) |
| **Net Asset Value, End of Period** | $11.15 | $11.33 | $13.16 | $11.42 | $11.38 | $10.97 |
| **Total Return (b)** | 0.51% | (12.26)% | 16.39% | 2.29% | 5.42% | 3.97 % (e) |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $56752 | $54735 | $62953 | $49062 | $33885 | $24229 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 0.87 % (f) | 0.84% | 0.87% | 0.93% | 1.07% | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 0.86 % (f) | 0.85% | 0.85% | 0.83% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 2.31 % (f) | 1.04% | 0.92% | 1.59% | 1.69% | 1.80% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0.00 % (g) | 23.04% | 16.60% | 9.35% | 24.47% | 23.87% |

---

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

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

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

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

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

(f) Annualized.

(g) Not
Annualized.

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

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended**<br>**December 31, 2022** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** | **Year Ended**<br>**June 30, 2020** | **Year Ended**<br>**June 30, 2019** | **Year Ended**<br>**June 30, 2018** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $12.33 | $14.75 | $12.00 | $11.85 | $11.51 | $11.06 |
| &nbsp;&nbsp;&nbsp;Gain (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.10 | 0.07 | 0.07 | 0.13 | 0.14 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.06 | (2.06) | 2.77 | 0.18 | 0.39 | 0.55 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.16 | (1.99) | 2.84 | 0.31 | 0.53 | 0.71 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.08) | (0.09) | (0.16) | (0.12) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.13) | (0.35) |  |  | (0.07) | (0.06) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.23) | (0.43) | (0.09) | (0.16) | (0.19) | (0.26) |
| **Net Asset Value, End of Period** | $12.26 | $12.33 | $14.75 | $12.00 | $11.85 | $11.51 |
| **Total Return (b)** | 1.34% | (13.95)% | 23.78% | 2.62% | 4.77% | 6.39% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $1173 | $1134 | $2057 | $2363 | $1751 | $1385 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 1.05 % (f) | 1.01% | 1.02% | 1.05% | 1.16% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 1.00 % (f) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 1.63 % (f) | 0.51% | 0.53% | 1.12% | 1.23% | 1.40% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 2.11 % (g) | 24.02% | 21.02% | 7.38% | 29.89% | 25.45% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **June 30, 2022** | **June 30, 2021** | **June 30, 2020** | **June 30, 2019** | **June 30, 2018** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $12.00 | $14.42 | $11.78 | $11.67 | $11.39 | $10.98 |
| &nbsp;&nbsp;&nbsp;Gain (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.06 | (0.05) | — (e) | 0.04 | 0.04 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.04 | (1.99) | 2.68 | 0.18 | 0.39 | 0.54 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.10 | (2.04) | 2.68 | 0.22 | 0.43 | 0.61 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.07) | (0.03) | (0.04) | (0.11) | (0.08) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.13) | (0.35) |  |  | (0.07) | (0.06) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.20) | (0.38) | (0.04) | (0.11) | (0.15) | (0.20) |
| **Net Asset Value, End of Period** | $11.90 | $12.00 | $14.42 | $11.78 | $11.67 | $11.39 |
| **Total Return (b)** | 0.86% | (14.59)% | 22.76% | 1.90% | 3.93% | 5.57% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $15 | $13 | $50 | $231 | $359 | $492 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 1.80 % (f) | 1.76% | 1.77% | 1.80% | 1.91% | 1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 1.75 % (f) | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets (c)(d) | 0.89 % (f) | (0.37)% | (0.03)% | 0.30% | 0.37% | 0.66% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 2.11 % (g) | 24.02% | 21.02% | 7.38% | 29.89% | 25.45% |

---

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

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

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

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

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

(f) Annualized.

(g) Not
Annualized.

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

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**December 31, 2022** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** | **Year Ended**<br>**June 30, 2020** | **Year Ended**<br>**June 30, 2019** | **Year Ended**<br>**June 30, 2018** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $12.38 | $14.80 | $12.03 | $11.87 | $11.53 | $11.04 |
| &nbsp;&nbsp;&nbsp;Gain (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.12 | 0.12 | 0.11 | 0.16 | 0.17 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.06 | (2.08) | 2.77 | 0.18 | 0.38 | 0.55 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.18 | (1.96) | 2.88 | 0.34 | 0.55 | 0.74 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.11) | (0.11) | (0.18) | (0.14) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.13) | (0.35) |  |  | (0.07) | (0.06) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.25) | (0.46) | (0.11) | (0.18) | (0.21) | (0.25) |
| **Net Asset Value, End of Period** | $12.31 | $12.38 | $14.80 | $12.03 | $11.87 | $11.53 |
| **Total Return (b)** | 1.44% | (13.74)% | 24.05% | 2.88% | 4.95% | 6.71 % (e) |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $145696 | $150031 | $175019 | $132873 | $112597 | $74300 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 0.80 % (f) | 0.76% | 0.77% | 0.81% | 0.91% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 0.80 % (f) | 0.76% | 0.77% | 0.79% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 1.81 % (f) | 0.80% | 0.78% | 1.32% | 1.47% | 1.68% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 2.11 % (g) | 24.02% | 21.02% | 7.38% | 29.89% | 25.45% |

---

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

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

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

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

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

(f) Not
Annualized.

(g) Annualized.

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

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended**<br>**December 31, 2022** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** | **Year Ended**<br>**June 30, 2020** | **Year Ended**<br>**June 30, 2019** | **Year Ended**<br>**June 30, 2018** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $13.67 | $16.60 | $12.64 | $12.48 | $12.05 | $11.29 |
| &nbsp;&nbsp;&nbsp;Gain (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.08 | 0.06 | 0.05 | 0.12 | 0.13 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.21 | (2.62) | 3.95 | 0.22 | 0.42 | 0.79 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.29 | (2.56) | 4.00 | 0.34 | 0.55 | 0.94 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.06) | (0.04) | (0.04) | (0.16) | (0.09) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.04) | (0.33) |  | (0.02) | (0.03) | (0.05) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.10) | (0.37) | (0.04) | (0.18) | (0.12) | (0.18) |
| **Net Asset Value, End of Period** | $13.86 | $13.67 | $16.60 | $12.64 | $12.48 | $12.05 |
| **Total Return (b)** | 2.14% | (15.85)% | 31.70% | 2.68% | 4.72% | 8.29% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $658 | $642 | $618 | $1113 | $737 | $576 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 1.08 % (e) | 1.04% | 1.06% | 1.13% | 1.25% | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 1.00 % (e) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 1.06 % (e) | 0.36% | 0.33% | 1.00% | 1.08% | 1.27% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0.00 % (f) | 23.34% | 17.29% | 5.09% | 27.81% | 16.46% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **June 30, 2022** | **June 30, 2021** | **June 30, 2020** | **June 30, 2019** | **June 30, 2018** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $13.43 | $16.39 | $12.54 | $12.33 | $11.90 | $11.19 |
| &nbsp;&nbsp;&nbsp;Gain (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.02 | (0.08) | (0.05) | 0.02 | 0.04 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.21 | (2.55) | 3.90 | 0.21 | 0.42 | 0.78 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.23 | (2.63) | 3.85 | 0.23 | 0.46 | 0.84 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  |  | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.04) | (0.33) |  | (0.02) | (0.03) | (0.05) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.04) | (0.33) |  | (0.02) | (0.03) | (0.13) |
| **Net Asset Value, End of Period** | $13.62 | $13.43 | $16.39 | $12.54 | $12.33 | $11.90 |
| **Total Return (b)** | 1.72% | (16.44)% | 30.70% | 1.90% | 3.91% | 7.55% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $44 | $43 | $113 | $93 | $192 | $184 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 1.83 % (e) | 1.79% | 1.81% | 1.88% | 2.00% | 2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 1.75 % (e) | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets (c)(d) | 0.31 % (e) | (0.47)% | (0.32)% | 0.20% | 0.30% | 0.47% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0.00 % (f) | 23.34% | 17.29% | 5.09% | 27.81% | 16.46% |

---

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

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

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

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

(e) Annualized.

(f) Not
Annualized.

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

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**December 31, 2022** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** | **Year Ended**<br>**June 30, 2020** | **Year Ended**<br>**June 30, 2019** | **Year Ended**<br>**June 30, 2018** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $13.63 | $16.55 | $12.62 | $12.48 | $12.05 | $11.26 |
| &nbsp;&nbsp;&nbsp;Gain (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.09 | 0.09 | 0.09 | 0.15 | 0.16 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.22 | (2.60) | 3.94 | 0.20 | 0.41 | 0.80 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.31 | (2.51) | 4.03 | 0.35 | 0.57 | 0.98 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.08) | (0.10) | (0.19) | (0.11) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.04) | (0.33) |  | (0.02) | (0.03) | (0.05) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.14) | (0.41) | (0.10) | (0.21) | (0.14) | (0.19) |
| **Net Asset Value, End of Period** | $13.80 | $13.63 | $16.55 | $12.62 | $12.48 | $12.05 |
| **Total Return (b)** | 2.26% | (15.64)% | 31.98 % (e) | 2.75 % (e) | 4.99% | 8.70% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $94336 | $97239 | $110388 | $76378 | $58568 | $34772 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 0.83 % (f) | 0.79% | 0.81% | 0.88% | 1.00% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 0.83 % (f) | 0.79% | 0.81% | 0.83% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 1.22 % (f) | 0.54% | 0.64% | 1.20% | 1.37% | 1.54% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0.00 % (g) | 23.34% | 17.29% | 5.09% | 27.81% | 16.46% |

---

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

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

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

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

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

(f) Annualized.

(g) Not
Annualized.

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

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months Ended**<br>**December 31, 2022** | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** | **Year Ended**<br>**June 30, 2020** | **Year Ended**<br>**June 30, 2019** | **Year Ended**<br>**June 30, 2018** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $14.80 | $18.03 | $13.38 | $13.30 | $12.84 | $11.90 |
| &nbsp;&nbsp;&nbsp;Gain (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.07 | 0.06 | 0.05 | 0.11 | 0.12 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.43 | (3.11) | 4.83 | 0.37 | 0.44 | 1.01 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.50 | (3.05) | 4.88 | 0.48 | 0.56 | 1.15 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.03) | (0.03) | (0.06) | (0.18) | (0.04) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.15) | (0.15) | (0.17) | (0.22) | (0.06) | (0.07) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.18) | (0.18) | (0.23) | (0.40) | (0.10) | (0.21) |
| **Net Asset Value, End of Period** | $15.12 | $14.80 | $18.03 | $13.38 | $13.30 | $12.84 |
| **Total Return (b)** | 2.51% | (17.16)% | 36.65% | 3.53% | 4.56% | 9.68% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $259 | $244 | $138 | $88 | $84 | $81 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 1.18 % (e) | 1.14% | 1.25% | 1.36% | 1.45% | 1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 1.00 % (e) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 0.93 % (e) | 0.37% | 0.33% | 0.87% | 0.93% | 1.12% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0.00 % (f) | 16.46% | 17.27% | 4.87% | 46.78% | 17.45% |
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **June 30, 2022** | **June 30, 2021** | **June 30, 2020** | **June 30, 2019** | **June 30, 2018** |
|  | **(Unaudited)** |  |  |  |  |  |
| **Net Asset Value, Beginning of Period** | $14.22 | $17.43 | $12.99 | $12.93 | $12.53 | $11.61 |
| &nbsp;&nbsp;&nbsp;Gain (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.02 | (0.10) | (0.06) | 0.01 | 0.02 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.44 | (2.96) | 4.67 | 0.36 | 0.44 | 0.99 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.46 | (3.06) | 4.61 | 0.37 | 0.46 | 1.03 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  |  | (0.09) |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.15) | (0.15) | (0.17) | (0.22) | (0.06) | (0.07) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.15) | (0.15) | (0.17) | (0.31) | (0.06) | (0.11) |
| **Net Asset Value, End of Period** | $14.53 | $14.22 | $17.43 | $12.99 | $12.93 | $12.53 |
| **Total Return (b)** | 2.18% | (17.76)% | 35.64% | 2.74% | 3.80% | 8.89% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $237 | $160 | $293 | $216 | $178 | $152 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 1.93 % (e) | 1.89% | 2.00% | 2.12% | 2.20% | 2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 1.75 % (e) | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets (c)(d) | 0.32 % (e) | (0.59)% | (0.41)% | 0.11% | 0.19% | 0.31% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0.00 % (f) | 16.46% | 17.27% | 4.87% | 46.78% | 17.45% |

---

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

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

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

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

(e) Annualized.

(f) Not
Annualized.

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

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**December 31, 2022<br>**  | **Year Ended**<br>**June 30, 2022** | **Year Ended**<br>**June 30, 2021** | **Year Ended**<br>**June 30, 2020** | **Year Ended**<br>**June 30, 2019** | **Year Ended**<br>**June 30, 2018** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $14.56 | $17.75 | $13.19 | $13.12 | $12.67 | $11.73 |
| &nbsp;&nbsp;&nbsp;Gain (Loss) From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (a) | 0.08 | 0.07 | 0.08 | 0.14 | 0.15 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) from securities (both realized and unrealized) | 0.43 | (3.04) | 4.74 | 0.36 | 0.43 | 1.00 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.51 | (2.97) | 4.82 | 0.50 | 0.58 | 1.17 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.07) | (0.07) | (0.09) | (0.21) | (0.07) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains | (0.15) | (0.15) | (0.17) | (0.22) | (0.06) | (0.07) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.22) | (0.22) | (0.26) | (0.43) | (0.13) | (0.23) |
| **Net Asset Value, End of Period** | $14.85 | $14.56 | $17.75 | $13.19 | $13.12 | $12.67 |
| **Total Return (b)** | 2.65% | (17.01)% | 36.79% | 3.73% | 4.86% | 9.98% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $40873 | $39135 | $41984 | $25976 | 21610 | 15889 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before reimbursement (c) | 0.93 % (e) | 0.89% | 1.00% | 1.11% | 1.20% | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of reimbursement (c) | 0.85 % (e) | 0.85% | 0.85% | 0.83% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets (c)(d) | 1.06 % (e) | 0.41% | 0.50% | 1.05% | 1.22% | 1.37% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0.00 % (f) | 16.46% | 17.27% | 4.87% | 46.78% | 17.45% |

---

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

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

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

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

(e) Annualized.

(f) Not
Annualized.

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

---

| |
|:---|
| **Ladenburg Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| **December 31, 2022** |

---

**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 a maximum sales charge of 5.00%. 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.

**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. 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

---

| |
|:---|
| **Ladenburg Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

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.

**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 Funds own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of 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.

---

| |
|:---|
| **Ladenburg Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of December 31, 2022 for the Funds' investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ladenburg Income Fund** | **Ladenburg Income Fund** | **Ladenburg Income Fund** | **Ladenburg Income Fund** | **Ladenburg Income Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $9968904 | $— | $— | $9968904 |
| Open End Fund | 794140 |  |  | 794140 |
| Short-Term Investment | 41807 |  |  | 41807 |
| Total | $10804851 | $— | $— | $10804851 |
| **Ladenburg Income & Growth Fund** | **Ladenburg Income & Growth Fund** | **Ladenburg Income & Growth Fund** | **Ladenburg Income & Growth Fund** | **Ladenburg Income & Growth Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $51423745 | $— | $— | $51423745 |
| Open End Fund | 5359259 |  |  | 5359259 |
| Short-Term Investment | 1097015 |  |  | 1097015 |
| Total | $57880019 | $— | $— | $57880019 |
| **Ladenburg Growth & Income Fund** | **Ladenburg Growth & Income Fund** | **Ladenburg Growth & Income Fund** | **Ladenburg Growth & Income Fund** | **Ladenburg Growth & Income Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $129571269 | $— | $— | $129571269 |
| Open End Fund | 14986647 |  |  | 14986647 |
| Short-Term Investment | 2462251 |  |  | 2462251 |
| Total | $147020167 | $— | $— | $147020167 |
| **Ladenburg Growth Fund** | **Ladenburg Growth Fund** | **Ladenburg Growth Fund** | **Ladenburg Growth Fund** | **Ladenburg Growth Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $83847712 | $— | $— | $83847712 |
| Open End Fund | 9531803 |  |  | 9531803 |
| Short-Term Investment | 1746757 |  |  | 1746757 |
| Total | $95126272 | $— | $— | $95126272 |
| **Ladenburg Aggressive Growth Fund** | **Ladenburg Aggressive Growth Fund** | **Ladenburg Aggressive Growth Fund** | **Ladenburg Aggressive Growth Fund** | **Ladenburg Aggressive Growth Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $36314762 | $— | $— | $36314762 |
| Open End Fund | 3287567 |  |  | 3287567 |
| Short-Term Investment | 1765920 |  |  | 1765920 |
| Total | $41368249 | $— | $— | $41368249 |

---

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

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

**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.

---

| |
|:---|
| **Ladenburg Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

**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 intend to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute all of their taxable income, if any, to shareholders. Accordingly, no provision for Federal income taxes is required in the financial statements. The Funds recognize the tax benefits of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended June 30, 2020 through June 30, 2022 or expected to be taken in the Funds' June 30, 2023 year end.

**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.

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

For the six months ended December 31, 2022, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments amounted to the following:

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
| Ladenburg Income Fund | $4997 | $585204 |
| Ladenburg Income & Growth Fund | 1665295 | 268 |
| Ladenburg Growth & Income Fund | 3098769 | 9412343 |
| Ladenburg Growth Fund | 60618 | 5039212 |
| Ladenburg Aggressive Growth Fund | 20485 |  |

---

---

| |
|:---|
| **Ladenburg Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

**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 six months ended December 31, 2022, the Advisory fees accrued for the Funds were as follows:

---

| | |
|:---|:---|
| Fund | Advisory Fees |
| Ladenburg Income Fund | $28445 |
| Ladenburg Income & Growth Fund | 144453 |
| Ladenburg Growth & Income Fund | 374746 |
| Ladenburg Growth Fund | 248018 |
| Ladenburg Aggressive Growth Fund | 104524 |

---

The Advisor has contractually agreed to waive management fees and/or to make payments to limit Fund expenses, at least until October 31, 2023, so that the total annual operating expenses (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments, borrowing costs (such as interest and dividend expense on securities sold short); taxes and extraordinary expenses, such as litigation expenses (other than the advisor) of each Fund does not exceed 1.00%, 1.75% and 0.85% of each Fund's average daily net assets attributable to each Fund's Class A, Class C and Class I shares, respectively.

During the six months ended December 31, 2022, the Advisor waived advisory fees and reimbursed expenses for the Funds as follows:

---

| | |
|:---|:---|
| **Fund** | Waived/Reimbursed |
| Ladenburg Income Fund | $37346 |
| Ladenburg Income & Growth Fund | 6804 |
| Ladenburg Growth & Income Fund | 308 |
| Ladenburg Growth Fund | 296 |
| Ladenburg Aggressive Growth Fund | 17740 |

---

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, 2022, the Advisor waived advisory fees and reimbursed expenses, subject to recapture through the following dates, for the Funds as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | June 30, 2023 | June 30, 2024 | June 30, 2025 | |
| **Fund** | Waived/Reimbursed | Waived/Reimbursed | Waived/Reimbursed | Total |
| Ladenburg Income Fund | $71489 | $76801 | $74976 | $223266 |
| Ladenburg Income & Growth Fund | 42325 | 14491 | 1115 | 57931 |
| Ladenburg Growth & Income Fund | 20324 | 425 | 158 | 20907 |
| Ladenburg Growth Fund | 35935 | 471 | 295 | 36701 |
| Ladenburg Aggressive Growth Fund | 67536 | 49950 | 18916 | 136402 |

---

---

| |
|:---|
| **Ladenburg Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

The Trust, with respect to the Funds, has adopted Master Distribution and Shareholder Servicing Plans pursuant to Rule 12b-1 under the 1940 Act (the "Plans") for each of Class A and Class C shares pursuant to which each Fund is authorized to pay the Ladenburg Thalmann and Co. (the "Distributor"), as compensation for the Distributor's account maintenance services under the Plans, a distribution and shareholder servicing fee at the rate of up to 0.25% for Class A shares and up to 1.00% for Class C shares of the Funds' average daily net assets attributable to the relevant class. There is no Plan for Class I shares. Such fees are to be paid by the Funds monthly, or at such other intervals as the Board shall determine. Such fees shall be based upon the Funds' average daily net assets during the preceding month, and shall be calculated and accrued daily. The Funds may pay fees to the Distributor at a lesser rate, as agreed upon by the Board and the Distributor. The Plans authorize payments to the Distributor as compensation for providing account maintenance services to Fund shareholders, including arranging for certain securities dealers or brokers, administrators and others ("Recipients") to provide these services and paying compensation for these services. The Funds will bear their own costs of distribution with respect to its shares. During the six months ended December 31, 2022, the Funds were charged pursuant to the Plan as follows:

---

| | | |
|:---|:---|:---|
| | **12b-1 Fees** | **12b-1 Fees** |
| <br>**Fund** | **Class A** | **Class C** |
| Ladenburg Income Fund | $509 | $78 |
| Ladenburg Income & Growth Fund | 1396 | 239 |
| Ladenburg Growth & Income Fund | 1492 | 73 |
| Ladenburg Growth Fund | 848 | 224 |
| Ladenburg Aggressive Growth Fund | 325 | 1103 |

---

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. For the six months ended December 31, 2022, the Distributor received $4,816, $3,231, $2,237, $1,984 and $519 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 $655, $339, $354, $311, and $76 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.

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

*<u>Northern Lights Compliance Services, LLC ("NLCS")</u>*

NLCS, an affiliate of UFS, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Funds.

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

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

Additionally, the Distributor, an affiliate of the Advisor, executed portfolio trades on behalf of the Funds for which it received no trade commissions during the six months ended December 31, 2022.

---

| |
|:---|
| **Ladenburg Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

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

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a portfolio creates presumption of control of the portfolio under section 2(a)(9) of the 1940 Act. As of December 31, 2022, National Financial Services held 75.22%, 77.00%, 75.98%, 76.06% and 75.93% of the Ladenburg Income Fund, Ladenburg Income & Growth Fund, Ladenburg Growth & Income Fund, Ladenburg Growth Fund, and Ladenburg Aggressive Growth Fund, respectively, and may be deemed to control a Fund.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br>**Tax Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Ladenburg Income Fund | $11769584 | $283992 | $(1248725) | $(964733) |
| Ladenburg Income & Growth Fund | 58166104 | 3923403 | (4209488) | (286085) |
| Ladenburg Growth & Income Fund | 138232595 | 15063037 | (6275465) | 8787572 |
| Ladenburg Growth Fund | 85827239 | 10296906 | (997873) | 9299033 |
| Ladenburg Aggressive Growth Fund | 37537014 | 4020290 | (189055) | 3831235 |

---

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

The tax character of distributions paid for the years ended June 30, 2022 and June 30, 2021 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Year Ended June 30, 2022:** | **For the Year Ended June 30, 2022:** | **For the Year Ended June 30, 2022:** | **For the Year Ended June 30, 2022:** | **For the Year Ended June 30, 2022:** |
|  | **Ordinary** | **Long-Term** | **Return** | |
| **Portfolio** | **Income** | **Capital Gains** | **of Capital** | **Total** |
| Ladenburg Income Fund | $184515 | $618936 | $— | $803451 |
| Ladenburg Income & Growth Fund | 647134 | 574083 |  | 1221217 |
| Ladenburg Growth & Income Fund | 1384793 | 4307018 |  | 5691811 |
| Ladenburg Growth Fund | 569721 | 2304444 |  | 2874165 |
| Ladenburg Aggressive Growth Fund | 215297 | 314274 |  | 529571 |
| **For the Year Ended June 30, 2021:** | **For the Year Ended June 30, 2021:** | **For the Year Ended June 30, 2021:** | **For the Year Ended June 30, 2021:** | **For the Year Ended June 30, 2021:** |
|  | **Ordinary** | **Long-Term** | **Return** |  |
| **Portfolio** | **Income** | **Capital Gains** | **of Capital** | **Total** |
| Ladenburg Income Fund | $165380 | $19728 | $— | $185108 |
| Ladenburg Income & Growth Fund | 530072 | 47968 |  | 578040 |
| Ladenburg Growth & Income Fund | 1232481 | 84667 |  | 1317148 |
| Ladenburg Growth Fund | 615211 |  |  | 615211 |
| Ladenburg Aggressive Growth Fund | 185540 | 349810 |  | 535350 |

---

---

| |
|:---|
| **Ladenburg Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

As of June 30, 2022, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **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** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Ladenburg Income Fund | $— | $— | $(91185) | $— | $— | $(754777) | $(845962) |
| Ladenburg Income & Growth Fund | 8340 | 518707 |  |  |  | 117277 | 644324 |
| Ladenburg Growth & Income Fund | 27423 | 193521 |  |  |  | 9227660 | 9448604 |
| Ladenburg Growth Fund | 28047 |  | (566177) |  |  | 8786670 | 8248540 |
| Ladenburg Aggressive Growth Fund |  |  |  | (158069) |  | 3100421 | 2942352 |

---

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 of, as follows:

---

| | |
|:---|:---|
| <br>**Portfolio** | **Post October**<br>**Losses** |
| Ladenburg Income Fund | $91185 |
| Ladenburg Income & Growth Fund |  |
| Ladenburg Growth & Income Fund |  |
| Ladenburg Growth Fund | 566177 |
| Ladenburg Aggressive Growth Fund |  |

---

At June 30, 2022, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | | |
| <br>**Portfolio** | **Short-Term** | **Long-Term** |<br>**Total** |<br>**CLCF Utilized** |
| Ladenburg Income Fund | $— | $— | $— | $— |
| Ladenburg Income & Growth Fund |  |  |  |  |
| Ladenburg Growth & Income Fund |  |  |  |  |
| Ladenburg Growth Fund |  |  |  |  |
| Ladenburg Aggressive Growth Fund | 158069 |  | 158069 |  |

---

During the fiscal period ended June 30, 2022, 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, 2022, as follows:

---

| | | |
|:---|:---|:---|
| <br>**Portfolio** | **Paid**<br>**In**<br>**Capital** |<br>**Accumulated**<br>**Earnings (Losses)** |
| Ladenburg Income Fund | $1180 | $(1180) |
| Ladenburg Income & Growth Fund | 96956 | (96956) |
| Ladenburg Growth & Income Fund | 328516 | (328516) |
| Ladenburg Growth Fund | 123412 | (123412) |
| Ladenburg Aggressive Growth Fund | 26854 | (26854) |

---

---

| |
|:---|
| **Ladenburg Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** |
| **December 31, 2022** |

---

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

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

The performance of the Funds will be directly affected by the performance of the Securities. The financial statements of the Securities, including its portfolio of investments, can be found on the Securities and Exchange Commission's ("SEC") website, www.sec.gov, and should be read in conjunction with the Funds' financial statements. As of December 31, 2022, 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 27.3% and 27.3%, respectively. As of December 31, 2022, the percentage of the Ladenburg Income Fund's net assets invested in the SPDR Doubleline Total Return Tactical ETF was 25.1%.

**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.

---

| |
|:---|
| **Ladenburg Funds** |
| **DISCLOSURE OF FUND EXPENSES (Unaudited)** |
| **December 31, 2022** |

---

As a shareholder of the Funds you incur two types of costs: (1) transaction costs (such as front-end loads and redemption fees) and (2) ongoing costs, including advisory fees, distribution and/or service (12b-1 fees) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs.

This example is based on an investment of $1,000 invested for the period of time beginning July 1, 2022 and held through December 31, 2022.

**<u>Actual Expenses</u>**: The "Actual Expenses" column in the table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**<u>Hypothetical Examples for Comparison Purposes</u>**: The "Hypothetical" column in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as front -end sales charges (loads). Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Hypothetical | Hypothetical |
|  | | | Actual | Actual | (5% return before expenses) | (5% return before expenses) |
|  | Fund's | Beginning | Ending Account | Expenses Paid | Ending Account |  |
|  | Annualized | Account Value | Value | During | Value | Expenses Paid |
| Class A | Expense Ratio | 07/01/22 | 12/31/22 | Period\* | 12/31/22 | During Period\* |
| Ladenburg Income Fund | 1.00% | $1000.00 | $995.70 | $5.03 | $1020.16 | $5.09 |
| Ladenburg Income & Growth Fund | 1.00% | $1000.00 | $1004.70 | $5.05 | $1020.16 | $5.09 |
| Ladenburg Growth & Income Fund | 1.00% | $1000.00 | $1013.40 | $5.08 | $1020.16 | $5.09 |
| Ladenburg Growth Fund | 1.00% | $1000.00 | $1021.40 | $5.10 | $1020.16 | $5.09 |
| Ladenburg Aggressive Growth Fund | 1.00% | $1000.00 | $1025.10 | $5.10 | $1020.16 | $5.09 |
| Class C |  |  |  |  |  |  |
| Ladenburg Income Fund | 1.75% | $1000.00 | $991.80 | $8.79 | $1016.38 | $8.89 |
| Ladenburg Income & Growth Fund | 1.75% | $1000.00 | $1001.10 | $8.83 | $1016.38 | $8.89 |
| Ladenburg Growth & Income Fund | 1.75% | $1000.00 | $1008.60 | $8.86 | $1016.38 | $8.89 |
| Ladenburg Growth Fund | 1.75% | $1000.00 | $1017.20 | $8.90 | $1016.38 | $8.89 |
| Ladenburg Aggressive Growth Fund | 1.75% | $1000.00 | $1021.80 | $8.92 | $1016.38 | $8.89 |
| Class I |  |  |  |  |  |  |
| Ladenburg Income Fund | 0.85% | $1000.00 | $996.90 | $4.28 | $1020.92 | $4.33 |
| Ladenburg Income & Growth Fund | 0.83% | $1000.00 | $1005.10 | $4.35 | $1020.87 | $4.38 |
| Ladenburg Growth & Income Fund | 0.75% | $1000.00 | $1014.40 | $4.07 | $1021.16 | $4.08 |
| Ladenburg Growth Fund | 0.78% | $1000.00 | $1022.60 | $4.24 | $1021.01 | $4.24 |
| Ladenburg Aggressive Growth Fund | 0.85% | $1000.00 | $1026.50 | $4.34 | $1020.92 | $4.33 |

---

\* Expenses are equal to the average account value over the period, multiplied by the Funds' annualized expense ratio, multiplied by the number of days in the period ended December 31, 2022 (184) divided by the number of days in the fiscal year (365).

---

| |
|:---|
| **Ladenburg Funds** |
| **SUPPLEMENTAL INFORMATION (Unaudited)** |
| **December 31, 2022** |

---

**FOREIGN TAX CREDIT (UNAUDITED)**

The following Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal year ended June 30, 2022 and June 30, 2021, were as follows:

---

| | | |
|:---|:---|:---|
| **For Fiscal Year Ended**<br>**6/30/2022** |<br>**Foreign Taxes Paid** |<br>**Foreign Source Income** |
| Ladenburg Income Fund | $0.0003 | $0.0040 |
| Ladenburg Income & Growth Fund | 0.0003 | 0.0043 |
| Ladenburg Growth & Income Fund | 0.0004 | 0.0047 |
| Ladenburg Growth Fund | 0.0006 | 0.0079 |
| Ladenburg Aggressive Growth Fund | 0.0009 | 0.0105 |
| **For Fiscal Year Ended** |  |  |
| **6/30/2021** | **Foreign Taxes Paid** | **Foreign Source Income** |
| Ladenburg Income Fund | $— | $— |
| Ladenburg Income & Growth Fund | 0.0006 | 0.0046 |
| Ladenburg Growth & Income Fund | 0.0006 | 0.0049 |
| Ladenburg Growth Fund | 0.0010 | 0.0081 |
| Ladenburg Aggressive Growth Fund | 0.0016 | 0.0145 |

---

<u>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\*</u>

In connection with the regular meeting held on December 14-15, 2022 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. (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.

*Nature, Extent and Quality of Services.* The Board noted that the Adviser was established in 1982 and was part of the Advisor Group, a network of independent wealth management firms. They noted that the Adviser managed approximately $3.7 billion in assets for individuals, families, foundations, endowments, retirement plans, and profit-sharing plans providing financial services and wealth management advice. The Board discussed the background of the key personnel servicing the Funds, taking into consideration their education and financial industry experience. They noted that the Adviser's investment committee and research teams supported the portfolio manager with research and due diligence on the macro-economy and ETFs used in the Funds. They commented on the Adviser's methods for monitoring each Fund's compliance with its investment limitations. The Board discussed the Adviser's use of its affiliated broker-dealer to execute trades. They noted that the Adviser used an independent third-party provider to provide best execution analysis and such service provider produced detailed reports verifying whether trades were executed within reasonable boundaries of best bids and offers. The Board confirmed that there were no material compliance or litigation issues that had not been reported by the Adviser. Based on the Adviser's breadth of research and technology resources and experience, the Board determined that the Adviser would continue to provide high quality services to the Funds.

*Performance*.

<u>Ladenburg Aggressive.</u> The Board noted the Fund's objective of maximizing long-term growth of capital and noted that the Fund received a five-star Morningstar rating. They reported that the Fund

had outperformed the peer group median over the one-year, , five-year and since inception periods. The Board further noted that the Fund outperformed the category median over the one-year, three-year and five-year periods. The Fund performed in line with the peer group median in three-year and category median since inception. The Board noted that the Fund's Sharpe and Sortino ratio ranked in the first quartile over the one-year, three-year and five-year periods. The Board concluded that the Adviser was managing the Fund according to its stated objective and strategy as disclosed in the prospectus.

<u>Ladenburg Growth.</u> The Board noted the Fund's objective of seeking long-term growth of capital. The Board noted that the Fund returned +6.47% since inception, underperforming the benchmark index and category median. They observed that the Fund slightly outperformed the category median over the one-year, three-year and five- year periods. The Board reviewed the Fund's risk metrics, noting that the Fund's standard deviation ranked in the top two quartiles over the five-year and since inception periods. They acknowledged that the Adviser operated the Fund consistent with its prospectus and had delivered acceptable returns based on the strategy.

<u>Ladenburg Growth & Income.</u> The Board noted the Fund's objective of seeking long-term growth of capital with a secondary objective of producing current income and that the Fund received a two-star Morningstar rating. They observed that the Fund underperformed the category and peer group median over all time periods, except the one-year period where it outperformed the category median. The Board reviewed the Fund's risk metrics, noting that the Fund's standard deviation ranked in the top two quartiles over all periods presented, except the one-year period. They concluded that returns were acceptable based on the strategy.

<u>Ladenburg Income & Growth.</u> The Board considered the Fund's investment objective, noting that the Fund sought to provide income and capital preservation with a secondary objective of capital growth. They noted that the Fund received a three-star Morningstar rating. The Board discussed the Fund's performance, noting that the Fund underperformed the peer group and category medians over the periods presented. They noted that despite the Fund's underperformance it had presented positive returns of 3.62% over the since inception period. They also considered the Adviser's assertion that the Fund's allocation of investments to an alternative funds detracted from performance. The Board agreed that Fund operated consistent with its stated investment objective and performance was acceptable.

<u>Ladenburg Income.</u> The Board noted the Fund's objective and its two-star Morningstar rating. They noted that capital preservation was an important aspect of the Fund's investment objective. The Board reviewed the Fund's performance, acknowledging that the Fund underperformed its peer group median and category median over all time periods presented. They discussed the Adviser's assertion that underperformance was due to the Fund's defensive positions taken in response to market volatility. The Board agreed that given the nature of the Fund's investment objective and the Adviser's adherence to the Fund's strategy, the Fund's performance was not unreasonable.

*Fees and Expenses.* The Board reviewed the advisory fee paid by each Fund, noting that the Adviser charged 0.50% for advisory services to each Fund. They compared each Fund's net expense ratio and advisory fee to each Fund's Morningstar category and peer group, noting that

each Fund's advisory fee and expense ratio were in the range of each Fund's category and peer group. The Board considered each advisory fee in light of the services provided by the Adviser and the fees charged to similar accounts and concluded that the advisory fee charged to each Fund was not unreasonable. They discussed the expense limitation agreements in place and the Adviser's intent to renew each agreement.

*Profitability.* The Board discussed the profitability analysis provided by the Adviser in connection with the investment advisory services provided to each Fund. They observed that the Adviser earned a profit in connection with each Fund, with exception of Ladenburg Income. They considered the brokerage fees earned by the Adviser's affiliate. The Board agreed that the profits realized from each Fund (where applicable) were not excessive in terms of actual dollars paid and the percentage. The Trusteed concluded that Adviser was not realizing excessive profits in relation to each of the Funds.

<u>Economies of Scale.</u> The Board considered the size of each Fund and noted each Fund's fees. They commented on and agreed with the Adviser's assertion that breakpoints were not necessary at this time. They noted, however, the Adviser's willingness to discuss economies as the size of the Funds increase. The Board reached a consensus that material economies of scale had not yet been reached by the Adviser.

<u>Conclusion.</u> Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of counsel, the Board concluded that renewal of the Advisory Agreement 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.

***PRIVACY NOTICE***

 ****

**Northern Lights Fund Trust**

**Rev. February 2014**

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|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?** |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depends on the product or service that you have with us. This information can include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Social Security number and wire transfer instructions<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● account transactions and transaction history<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● investment experience and purchase history<br>When you are *no longer* our customer, we continue to share your information as described in this notice. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Northern Lights Fund Trust chooses to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| **Reasons we can share your<br> personal information:** | &nbsp;&nbsp;**Does Northern Lights Fund Trust<br> share information?** | &nbsp;&nbsp;**Can you limit this sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes -** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | &nbsp;&nbsp;**YES** | &nbsp;&nbsp;**NO** |
| &nbsp;&nbsp;**For our marketing purposes -** to offer our products and services to you. | **NO** | **We don't share** |
| &nbsp;&nbsp;**For joint marketing with other financial companies.** | **NO** | **We don't share** |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes -** information about your transactions and records. | **NO** | **We don't share** |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes -** information about your credit worthiness. | **NO** | **We don't share** |
| &nbsp;&nbsp;**For nonaffiliates to market to you** | **NO** | **We don't share** |

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| | |
|:---|:---|
| &nbsp;&nbsp;**QUESTIONS?** | &nbsp;&nbsp;**Call 1-402-493-4603** |

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***PRIVACY NOTICE***

 ****

**Northern Lights Fund Trust**

&nbsp;&nbsp;**Page 2**

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| | |
|:---|:---|
| &nbsp;&nbsp;**What we do:** | &nbsp;&nbsp;**What we do:** |
| &nbsp;&nbsp;<br> **How does Northern Lights Fund Trust protect my personal information?** | &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| &nbsp;&nbsp;<br> **How does Northern Lights Fund Trust collect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;We collect your personal information, for example, when you<br> ● open an account or deposit money<br>● direct us to buy securities or direct us to sell your securities<br>● seek advice about your investments<br>We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| &nbsp;&nbsp;<br> **Why can't I limit all sharing?** | &nbsp;&nbsp;&nbsp;&nbsp;Federal law gives you the right to limit only:<br> ● sharing for affiliates' everyday business purposes – information about your creditworthiness.<br>● affiliates from using your information to market to you.<br>● sharing for nonaffiliates to market to you. <br>State laws and individual companies may give you additional rights to limit sharing. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>● *Northern Lights Fund Trust does not share with our affiliates.* |
| &nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>● *Northern Lights Fund Trust does not share with nonaffiliates so they can market to you.* |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>● *Northern Lights Fund Trust doesn't jointly market*. |

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**<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 1-888-928-9774 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 1-888-928-9774.

---

| |
|:---|
| **INVESTMENT ADVISOR** |
| Ladenburg Thalmann Asset Management Inc. |
| 277 Park Avenue, 26<sup>th</sup> Floor |
| New York, NY 10172 |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 80 Arkay Drive, Suite 110 |
| Hauppauge, NY 11788 |

---

Ladenburg-SA22

**Item 2. Code of Ethics.** Not applicable.

**Item 3. Audit Committee Financial Expert.** Not applicable.

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

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

**Item 6. Schedule of Investments.** Schedule of investments in securities of unaffiliated issuers is included under Item 1.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.** Not applicable to open-end investment companies.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** Not applicable to open-end investment companies.

**Item 9. Purchases of Equity Securities by Closed-End Funds.** Not applicable to open-end investment companies.

**Item 10. Submission of Matters to a Vote of Security Holders.** None

**Item 11. Controls and Procedures.** 

(a) Based on an evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant's management, including the Registrant's principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no significant changes in the Registrant's internal control over financial reporting that occurred during the Registrant's last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 12**. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not applicable to open-end investment companies.

**Item 13. Exhibits.** 

(a)(1) Not applicable.

(a)(2) [Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.](cert1.htm)

(a)(3) Not applicable for open-end investment companies.

(b) [Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.](cert2.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.

(Registrant) <u>Northern Lights Fund Trust</u>

By (Signature and Title)

<u>/s/ Kevin E. Wolf</u> 

Kevin E. Wolf, Principal Executive Officer/President

Date <u>3/10/23</u> 

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

By (Signature and Title)

<u>/s/Kevin E. Wolf</u> 

Kevin E. Wolf, Principal Executive Officer/President

Date <u>3/10/23</u> 

By (Signature and Title)

<u>/s/Jim Colantino</u> 

Jim Colantino, Principal Financial Officer/Treasurer

Date <u>3/10/23</u>

## Ex-99.Cert

CERTIFICATIONS

I, Kevin E. Wolf, certify that:

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

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;

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;

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

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: <u>3/10/23</u> <u>/s/Kevin E. Wolf</u> 

Kevin E. Wolf

Principal Executive Officer/President

I, Jim Colantino, certify that:

1. I, Jim Colantino, have reviewed this report on Form N-CSR of the Ladenburg Funds (a series of Northern Lights Fund Trust);

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;

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;

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

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:<u> </u><u>3/10/23</u> <u>/s/Jim Colantino</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jim Colantino

Principal Financial Officer/Treasurer

## Exhibit 99.906

**certification**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2022 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; 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 Financial Officer/Treasurer

Northern Lights Fund Trust Northern Lights Fund Trust

<u>/</u><u>s/Kevin E. Wolf</u> <u>/s/Jim Colantino</u> 

Kevin E. Wolf Jim Colantino

Date: <u>3/10/23</u> Date: <u>3/10/23</u> 

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Northern Lights Fund Trust and will be retained by the Northern Lights Fund Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

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.