Northern Lights Fund Trust N-CSRS Certified semi-annual shareholder report (management investment company)

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

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-21720

Northern Lights Fund Trust

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450, Cincinnati, OH 45246

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE  19801____________________

(Name and address of agent for service)

Registrant's telephone number, including area code: 631-470-2600

Date of fiscal year end: 12/31

Date of reporting period: 6/30/2021

Item 1. Reports to Stockholders.

(a)

Class A Shares (BHTAX)

Semi-Annual Report

June 30, 2021

1-877-760-0005

WWW.BH-ADV.COM

Distributed by Northern Lights Distributors, LLC

Member FINRA

Beech Hill Total Return Fund

PORTFOLIO REVIEW (Unaudited)

June 30, 2021

Average Annual Total Return through June 30, 2021*, as compared to its benchmark:

	Six Month	1 Year	5 Year	10 Year	Since Inception*** (Annualized)
Beech Hill Total Return Fund Class A	12.78%	35.70%	12.01%	7.73%	7.03%
Beech Hill Total Return Fund Class A with load	8.30%	30.25%	11.10%	7.29%	6.61%
S&P 500 Total Return Index **	15.25%	40.79%	17.65%	14.84%	14.53%

* The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gains and has been adjusted for the Class A maximum applicable sales charge of 4.00%. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance figures for periods greater than 1 year are annualized. The Fund’s advisor has contractually agreed to reduce its fees and to reimburse expenses at least until April 30, 2022. The Fund’s total annual operating expense, before fee waiver and/or reimbursements, including underlying fund fees is 2.73% for Class A shares per the most recent prospectus. The Fund’s total annual fund operating expenses after fee waiver and/or reimbursement excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), borrowing costs (such as interest and dividend expense on securities sold short), taxes, and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the adviser)) will not exceed 1.75% of average daily net assets attributable to Class A, per the most recent prospectus. Purchases of $1 million or more of Class A shares may be subject to a contingent deferred sales charge of up to 0.50% on shares redeemed within the first 18 months after purchase. Redemptions of Class A shares held less than 30 days are subject to a redemption fee of 1.00%. For performance information current to the most recent month-end, please call toll-free 1-877-760-0005.

** The S&P 500 Total Return Index is an unmanaged composite of 500 large capitalization companies. This index is widely used by professional investors as a performance benchmark for large-cap stocks. You cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

*** Inception date is January 24, 2011.

Holdings by Industry as of June 30 ,2021	% of Net Assets
Semiconductors		13.4	%
Internet Media & Services		12.1	%
Bio & Pharma		11.3	%
Technology Hardware		6.5	%
Electric Utilities		6.3	%
Software		5.5	%
E-Commerce Discretionary		5.2	%
Leisure Facilities & Services		4.2	%
Retail - Discretionary		3.9	%
Short Term Investment		6.2	%
Other Investments		25.5	%
Liabilities in Excess of Other Assets		(0.1	)%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for a detailed listing of the Fund’s holdings.

1

BEECH HILL TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS — 93.9%
		AEROSPACE & DEFENSE - 2.0%
	1,575	L3Harris Technologies, Inc.	$	340,436
		BEVERAGES - 1.9%
	6,000	Coca-Cola Company		324,660
		BIOTECHNOLOGY & PHARMACEUTICALS - 11.3%
	4,000	AbbVie, Inc.		450,560
	8,000	Bristol-Myers Squibb Company		534,560
	1,500	Johnson & Johnson		247,110
	5,000	Merck & Company, Inc.		388,850
	7,000	Pfizer, Inc.		274,120
				1,895,200
		DATA CENTER REIT - 2.2%
	2,500	Digital Realty Trust, Inc.		376,150
		E-COMMERCE DISCRETIONARY - 5.2%
	200	Amazon.com, Inc.(a)		688,032
	2,200	Chewy, Inc.(a)		175,362
				863,394
		ELECTRIC UTILITIES - 6.3%
	5,000	Dominion Energy, Inc.		367,850
	4,000	Duke Energy Corporation		394,880
	3,000	Entergy Corporation		299,100
				1,061,830
		HEALTH CARE FACILITIES & SERVICES - 1.1%
	425	Humana, Inc.		188,156
		HOUSEHOLD PRODUCTS - 1.6%
	2,000	Procter & Gamble Company		269,860
		INFRASTRUCTURE REIT - 2.5%
	1,500	American Tower Corporation		405,210

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

2

BEECH HILL TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS — 93.9% (Continued)
		INTERNET MEDIA & SERVICES - 12.1%
	1,230	Airbnb, Inc.(a)	$	188,362
	200	Alphabet, Inc.(a)		488,357
	1,860	Expedia Group, Inc. (a)		304,501
	1,250	Facebook, Inc.(a)		434,638
	495	Netflix, Inc.(a)		261,464
	7,000	Uber Technologies, Inc.(a)		350,840
				2,028,162
		LEISURE FACILITIES & SERVICES - 4.1%
	2,390	Darden Restaurants, Inc.		348,916
	1,500	McDonald’s Corporation		346,485
				695,401
		MEDICAL EQUIPMENT & DEVICES - 2.7%
	1,750	Exact Sciences Corporation(a)		217,543
	500	Illumina, Inc.(a)		236,605
				454,148
		RENEWABLE ENERGY - 1.2%
	2,300	First Solar, Inc.(a)		208,173
		RETAIL - DISCRETIONARY - 3.9%
	1,190	Home Depot, Inc.		379,479
	4,000	TJX Companies, Inc.		269,680
				649,159
		SEMICONDUCTORS - 13.4%
	3,750	Applied Materials, Inc.		533,999
	1,100	Broadcom, Inc.		524,524
	2,430	II-VI, Inc.(a)		176,394
	5,000	Intel Corporation		280,700
	3,425	QUALCOMM, Inc.		489,535
	1,925	Teradyne, Inc.		257,873
				2,263,025
		SOFTWARE - 5.5%
	1,350	Microsoft Corporation		365,715
	1,480	salesforce.com, Inc.(a)		361,520

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

3

BEECH HILL TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		COMMON STOCKS — 93.9% (Continued)
		SOFTWARE - 5.5% (Continued)
	1,190	VMware, Inc.(a)	$	190,364
				917,599
		TECHNOLOGY HARDWARE - 6.5%
	3,510	Apple, Inc.		480,730
	5,000	Cisco Systems, Inc.		265,000
	8,500	Corning, Inc.		347,650
				1,093,380
		TECHNOLOGY SERVICES - 3.8%
	1,550	PayPal Holdings, Inc.(a)		451,794
	800	Visa, Inc.		187,056
				638,850
		TELECOMMUNICATIONS - 2.7%
	8,000	AT&T, Inc.		230,240
	4,000	Verizon Communications, Inc.		224,120
				454,360
		TRANSPORTATION & LOGISTICS - 3.9%
	5,520	Delta Air Lines, Inc.(a)		238,795
	2,610	Southwest Airlines Company(a)		138,565
	1,325	United Parcel Service, Inc.		275,561
				652,921
		TOTAL COMMON STOCKS (Cost $10,776,050)		15,780,074
		SHORT-TERM INVESTMENTS — 6.2%
		MONEY MARKET FUNDS - 6.2%
	1,033,515	Dreyfus Treasury Securities Cash Management, Institutional Class, 0.01% (Cost $1,033,515)(b)		1,033,515
		TOTAL INVESTMENTS - 100.1% (Cost $11,809,565)	$	16,813,589
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%		(23,714	)
		NET ASSETS - 100.0%	$	16,789,875

(a) Non-income producing security.

(b) Rate disclosed is the seven day effective yield as of June 30, 2021.

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

4

Beech Hill Total Return Fund

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2021

ASSETS
Investment securities:
At cost	$	11,809,565
At value	$	16,813,589
Dividends and interest receivable		10,578
Prepaid expenses		1,265
TOTAL ASSETS		16,825,432
LIABILITIES
Distribution (12b-1) fees payable		6,914
Payable to Advisor		8,107
Payable to related parties		14,427
Accrued expenses		6,109
TOTAL LIABILITIES		35,557
NET ASSETS	$	16,789,875
Composition of Net Assets:
Paid in capital ($0 par value, unlimited shares authorized)	$	10,615,317
Accumulated Earnings		6,174,558
NET ASSETS	$	16,789,875
Net Asset Value Per Share:
Class A Shares:
Net Assets	$	16,789,875
Shares of beneficial interest outstanding		1,044,974
Net asset value (Net Assets ÷ Shares Outstanding) (a)(b)	$	16.07
Maximum offering price per share (net asset value plus maximum sales charge of 4.00%)	$	16.74

(a) For certain Class A purchases of $1 million or more, a 0.50% contingent deferred sales charge may apply to redemptions made within eighteen months of purchase.

(b) Redemptions made within 30 days of purchase may be assessed a redemption fee of 1.00%.

See accompanying notes to financial statements.

5

Beech Hill Total Return Fund

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended June 30, 2021

INVESTMENT INCOME
Dividends	$	150,517
Interest		18
TOTAL INVESTMENT INCOME		150,535
EXPENSES
Investment advisory fees		79,216
Distribution (12b-1) fees:
Class A		19,804
Administrative services fees		24,877
Transfer agent fees		16,290
Accounting services fees		12,759
Compliance officer fees		10,494
Legal fees		8,342
Audit fees		8,259
Trustees’ fees and expenses		8,145
Registration fees		6,335
Printing and postage expenses		4,786
Custodian fees		3,709
Third party administrative servicing fees		816
Insurance expense		181
Other expenses		1,466
TOTAL EXPENSES		205,479
Less: Fees waived by the Advisor		(66,778	)
NET EXPENSES		138,701
NET INVESTMENT INCOME		11,834
REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from:
Investment transactions		1,228,549
Net change in unrealized appreciation on:
Investment transactions		696,666
NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS		1,925,215
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,937,049

See accompanying notes to financial statements.

6

Beech Hill Total Return Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the			For the
	Six Months Ended			Year Ended
	June 30,			December 31,
	2021			2020
	(Unaudited)
FROM OPERATIONS
Net investment income	$	11,834		$	92,800
Net realized gain from investment transactions		1,228,549			270,434
Net change in unrealized appreciation on investments		696,666			1,361,229
Net increase in net assets resulting from operations		1,937,049			1,724,463
DISTRIBUTIONS TO SHAREHOLDERS
From distributable earnings
Class A		(13,075	)		(480,539	)
Total distributions to shareholders		(13,075	)		(480,539	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A ^		1,174,677			7,175,624
Net asset value of shares issued in reinvestment of distributions:
Class A		12,996			479,779
Payments for shares redeemed:
Class A		(1,595,890	)		(1,723,627	)
Class C ^		—			(6,156,125	)
Net decrease in net assets from shares of beneficial interest		(408,217	)		(224,349	)
TOTAL INCREASE IN NET ASSETS		1,515,757			1,019,575
NET ASSETS
Beginning of Period		15,274,118			14,254,543
End of Period	$	16,789,875		$	15,274,118

^ 494,734 Class C shares converted into 476,396 Class A shares, amounting to $6,136,125, during the year ended December 31, 2020

See accompanying notes to financial statements.

7

Beech Hill Total Return Fund

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	For the			For the
	Six Months Ended			Year Ended
	June 30,			December 31,
	2021			2020
	(Unaudited)
SHARE ACTIVITY
Class A:
Shares Sold ^		79,462			560,593
Shares Reinvested		843			35,471
Shares Redeemed		(106,360	)		(135,676	)
Net increase (decrease) in shares of beneficial interest outstanding		(26,055	)		460,388
Class C:
Shares Sold		—			—
Shares Reinvested		—			—
Shares Redeemed ^		—			(496,309	)
Net increase (decrease) in shares of beneficial interest outstanding		—			(496,309	)

^ 494,734 Class C shares converted into 476,396 Class A shares, amounting to $6,136,125, during the year ended December 31, 2020

See accompanying notes to financial statements.

8

Beech Hill Total Return Fund

FINANCIAL HIGHLIGHTS

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

	Class A
	Six Months
	Ended			Year			Year			Year			Year			Year
	June 30,			Ended			Ended			Ended			Ended			Ended
	2021			December 31,			December 31,			December 31,			December 31,			December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Net asset value, beginning of period	$	13.09		$	11.34		$	11.34		$	12.90		$	10.61		$	9.86
Activity from investment operations:
Net investment income (1)		0.01			0.12			0.12			0.11			0.10			0.10
Net realized and unrealized gain (loss) on investments		2.98			2.25			2.25			(1.44	)		2.25			0.74
Total from investment operations		2.99			2.37			2.37			(1.33	)		2.35			0.84
Less distributions from:
Net Investment Income		(0.01	)		(0.10	)		(0.10	)		(0.03	)		(0.06	)		(0.09	)
Net Realized Gain		—			(0.52	)		(0.52	)		(0.20	)		—			—
Total distributions		(0.01	)		(0.62	)		(0.62	)		(0.23	)		(0.06	)		(0.09	)
Paid-in-Capital From Redemption Fees		—			—			—			—			—	(4)		—	(4)
Net asset value, end of period	$	16.07		$	13.09		$	13.09		$	11.34		$	12.90		$	10.61
Total return (2)		12.78	% (6)		21.11	%		21.11	%		(10.38	)%		22.20	%		8.56	%
Net assets, at end of period (000s)	$	16,790		$	7,994		$	7,994		$	7,587		$	1,290		$	1,105
Ratio of gross expenses to average net assets (3)(5)		2.59	% (7)		2.68	%		2.68	%		2.65	%		2.75	%		2.56	%
Ratio of net expenses to average net assets (5)		1.75	% (7)		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%
Ratio of net investment income to average net assets (5)		0.15	% (7)		0.99	%		0.99	%		0.89	%		0.88	%		0.99	%
Portfolio Turnover Rate		16	% (6)		48	%		48	%		57	%		56	%		80	%

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

(2) Total returns shown exclude the effect of applicable sales charges and redemption fees.

(3) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Advisor.

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

(5) The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(6) Not annualized.

(7) Annualized for periods less than one full year.

See accompanying notes to financial statements.

9

Beech Hill Total Return Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2021

1. ORGANIZATION

The Beech Hill Total Return Fund (the “Fund”) is a diversified series of shares of beneficial interest of Northern Lights Fund Trust (the “Trust”), a statutory trust organized under the laws of the State of Delaware on January 19, 2005 and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund seeks total return from income and capital appreciation. The investment objective of the Fund is non-fundamental and may be changed without shareholder approval.

The Fund currently offers Class A shares. Class A shares are offered at net asset value plus a maximum sales charge of 4.00%. Load-waved purchases of Class A shares may be subject to a contingent deferred sales charge of up to 0.50% on shares redeemed within 18 months of purchase. Redemptions of Class A shares may be subject to a redemption fee of 1.00% if held less than 30 days.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the Investment Company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services Investment Companies” including FASB Accounting Standards Update 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 day of valuation. Options contracts listed on a securities exchange or board of trade (not including Index Options contracts) for which market quotations are readily available shall be valued at the last quoted sales price or, in the absence of a sale at the mean between the current bid and ask prices on the valuation date. Index Options listed on a securities exchange or board of trade for which market quotations are readily available shall be valued at the mean between the current bid and ask prices on the valuation date. The independent pricing service does not distinguish between smaller-sized bond positions known as “odd lots” and larger institutional-sized bond positions known as “round lots”. The Fund may fair value a particular bond if the advisor does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund’s holding. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

The Fund may hold securities, such as private investments, interests in commodity pools, other non-

10

Beech Hill Total Return Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

June 30, 2021

traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued using the “fair value” procedures approved by the Board. The Board has delegated execution of these procedures to a fair value committee composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) advisor. The committee may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board has also engaged a third party valuation firm to attend valuation meetings held by the Trust, review minutes of such meetings and report to the Board on a quarterly basis. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

Fair Valuation Process – As noted above, the fair value committee is composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) advisor. The applicable investments are valued collectively via inputs from each of these groups. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source), (ii) securities for which, in the judgment of the advisor, the prices or values available do not represent the fair value of the instrument. Factors which may cause the advisor 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; (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to the Fund’s calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued via inputs from the advisor based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the advisor is unable to obtain a current bid from such independent dealers or other independent parties, the fair value committee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

11

Beech Hill Total Return Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

June 30, 2021

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of June 30, 2021 for the Fund’s assets and liabilities measured at fair value:

Assets	Level 1		Level 2		Level 3		Total
Common Stock	$	15,780,074	$	—	$	—	$	15,780,074
Short-Term Investment		1,033,515		—		—		1,033,515
Total	$	16,813,589	$	—	$	—	$	16,813,589

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

Security Transactions and Related Income – Security transactions are accounted for on a trade date basis. 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.

Dividends and Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid at least quarterly. Distributable net realized capital gains, if any, are declared and

12

Beech Hill Total Return Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

June 30, 2021

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 (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Dividends and distributions to shareholders are recorded on the ex-dividend date.

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.

Foreign Currency Transactions – All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities and income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute all of its taxable income, if any, to shareholders. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended December 31, 2019 to December 31, 2020, or expected to be taken in the Fund’s December 31, 2021 year-end tax return. The Fund identifies its major tax jurisdictions as U.S. federal, Ohio, and foreign jurisdictions where the Fund may make significant investments. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Option Transactions – The Fund is subject to equity price risk in the normal course of pursuing its investment objective and may purchase or sell options to help hedge against risk. When the Fund writes put and call options, an amount equal to the premium received is included in the statement of assets and liability as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Fund has no control

13

Beech Hill Total Return Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

June 30, 2021

over whether the option will be exercised and, as a result, retain the market risk of an unfavorable change in the price of the security underlying the written option.

Put options are purchased to hedge against a decline in the value of securities held in the Fund’s portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Fund since these options are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

The amount of realized gains on derivative instruments during the period, as disclosed within the Statement of Operations, serve as indicators of the volume of derivative activity for the Fund. There were no derivatives held at June 30, 2021.

Indemnification – The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

3. INVESTMENT TRANSACTIONS

For the six months ended June 30, 2021, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and U.S. Government securities, amounted to $2,462,973 and $3,580,615 respectively.

4. INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

Beech Hill Advisors, Inc. serves as the Fund’s investment advisor (the “Advisor”). Pursuant to an investment advisory agreement with the Trust, on behalf of the Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a management fee, computed and accrued daily and paid monthly, at an annual rate of 1.00% of the Fund’s average daily net assets. For the six months ended June 30, 2021, the Advisor earned $79,216 in advisory fees.

Pursuant to a written contract (the “Waiver Agreement”), the Advisor has agreed, at least until April

14

Beech Hill Total Return Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

June 30, 2021

30, 2022, to waive a portion of its advisory fee and has agreed to reimburse the Fund for other expenses to the extent necessary so that the total expenses incurred by the Fund (excluding 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 (including, for example, option and swap fees and expenses) borrowing costs (such as interest and dividend expenses on securities sold short), taxes, or extraordinary expenses, such as litigation do not exceed 1.75% per annum of the Fund’s average daily net assets for Class A shares, respectively (the “expense limitation”).

If the Advisor waives any fee or reimburses any expense pursuant to the Waiver Agreement, and the Fund’s operating expenses are subsequently less than the expense limitation, the Advisor shall be entitled to reimbursement by the Fund for such waived fees or reimbursed expenses provided that such reimbursement does not cause the Fund’s expenses to exceed the expense limitation. If Fund Operating Expenses attributable to Class A shares subsequently exceed the expense limitation the reimbursements shall be suspended. As of June 30, 2021, fee waivers and expense reimbursements subject to total recapture by the Advisor was $127,818 by December 31, 2021, $126,310 by December 31, 2022 and $131,686 by December 31, 2023.

The Advisor may seek reimbursement only for total expenses waived or paid by it during the three fiscal years prior to such reimbursement; provided, however, that such expenses may only be reimbursed to the extent they were waived or paid after the date of the Waiver Agreement (or any similar agreement). The Board may terminate this expense reimbursement arrangement at any time.

For the six months ended June 30, 2021, the Advisor waived fees in the amount of $66,778 pursuant to the Waiver Agreement.

During the six months ended June 30, 2021, Beech Hill Securities, Inc., a registered broker/dealer and an affiliate of the Fund, executed trades on behalf of the Fund. Beech Hill Advisors, Inc. received $3,660 in brokerage commissions.

The Trust has adopted the Trust’s Master Distribution Plan and Agreement (the “Plans”) pursuant to Rule 12b-1 under the 1940 Act for each of the Fund’s Class A and Class C shares. The Plans provide that a monthly service and/or distribution fee is calculated by the Fund at an annual rate of 0.25% of the average daily net assets attributable to the Class A shares and 1.00% of the average daily net assets attributable to Class C shares and is paid to Northern Lights Distributors, LLC (the “Distributor” or “NLD”), to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Fund’s shareholder accounts, not otherwise required to be provided by the Advisor. The Plans are compensation plans, which means that compensation is provided regardless of 12b-1 expenses incurred. The Fund’s Class A shares incurred $19,804 of said 12b-1 fees, during the six months ended June 30, 2021.

The Distributor acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s

15

Beech Hill Total Return Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

June 30, 2021

Class A shares. For the six months ended June 30, 2021, the Distributor received $0 in underwriting commissions for sales of Class A shares, of which $0 was retained by the principal underwriter or other affiliated broker-dealers.

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

Gemini Fund Services, LLC (“GFS”)

GFS, an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to a separate servicing agreement with GFS, the Fund pays GFS customary fees for providing administration, fund accounting and transfer agency services to the Fund. Certain officers of the Trust are also officers of GFS and are not paid any fees directly by the Fund for serving in such capacities.

Northern Lights Compliance Services, LLC (“NLCS”)

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

Blu Giant, LLC (“Blu Giant”)

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

5. REDEMPTION FEES

The Fund may assess a short-term redemption fee of 1.00% of the total redemption amount if a shareholder sells their shares after holding them for less than 30 days. For the six months ended June 30, 2021, the Fund received $0 in redemption fees.

6. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The Statement of Assets and Liabilities represents cost of investment securities for financial reporting purposes. Aggregate cost for federal tax purposes is $11,802,650 for the Fund and differs from market value by net unrealized appreciation (depreciation) consisting of:

Gross unrealized appreciation:	$	5,040,111
Gross unrealized depreciation:		(29,172	)
Net unrealized appreciation:	$	5,010,939

16

Beech Hill Total Return Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

June 30, 2021

The tax character of Fund distributions paid for the years ended December 31, 2020 and December 31, 2019 was as follows:

	Fiscal Year Ended		Fiscal Year Ended
	December 31, 2020		December 31, 2019
Ordinary Income	$	103,359	$	75,147
Long-Term Capital Gain		377,180		559,977
	$	480,539	$	635,124

As of December 31, 2020, the components of accumulated earnings/(losses) on a tax basis were as follows:

Undistributed		Undistributed		Post October Loss			Capital Loss		Other		Unrealized		Total
Ordinary		Long-Term		and			Carry		Book/Tax		Appreciation/		Accumulated
Income		Gains		Late Year Loss			Forwards		Differences		(Depreciation)		Earnings/(Losses)
$	2,730	$	—	$	(67,293	)	$	—	$	—	$	4,315,147	$	4,250,584

The difference between book basis and tax basis undistributed net investment income, accumulated net realized (loss), and unrealized appreciation from investments is primarily attributable to the tax deferral of losses on wash sales and adjustments for C-Corporation return of capital distributions.

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 Fund incurred and elected to defer such capital losses of $67,293.

7. BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of June 30, 2021, Pershing LLC held 99.57% of the voting securities and may be deemed to control the Fund.

8. MARKET AND GEOPOLITICAL RISK

The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund. The current novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the

17

Beech Hill Total Return Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

June 30, 2021

imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.

Please refer to the Fund’s prospectus and statement of additional information for a full listing of risks associated with the Fund’s investment strategies.

9. SUBSEQUENT EVENTS

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

18

Beech Hill Total Return Fund

ADDITIONAL INFORMATION (Unaudited)

June 30, 2021

LIQUIDITY RISK MANAGEMENT PROGRAM

The Fund has adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage the Fund’s liquidity risk, taking into consideration, among other factors, the Fund’s investment strategies and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.

During the six months ended June 30, 2021, the Board and the Trust’s Liquidity Risk Management Program Committee (the “Committee”) reviewed the Fund’s investments and they determined that the Fund held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Board and Committee concluded that (i) the Fund’s liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Fund’s liquidity risk management program has been effectively implemented.

19

Beech Hill Total Return Fund

EXPENSE EXAMPLES (Unaudited)

June 30, 2021

As a shareholder of the Beech Hill Total Return Fund, you incur two types of costs: (1) transaction costs, including (a) redemption fees on redemptions made within 30 days of purchase and (b) sales charges (loads) on purchases of, or contingent deferred sales charges on certain redemptions of, Class A shares; (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Beech Hill Total Return Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2021 through June 30, 2021.

Actual Expenses

The “Actual” column in the table below provide 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.

Hypothetical Example for Comparison Purposes

The “Hypothetical” column in the table below provide information about hypothetical account values and hypothetical expenses based on the Beech Hill Total Return Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s 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 sales charges (loads), or redemption fees. 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
			Actual		(5% return before
					expenses)
		Beginning		Expenses		Expenses
	Annualized	Account	Ending	Paid	Ending	Paid
	Expense	Value	Account Value	During	Account Value	During
	Ratio	1/1/21	6/30/21	Period*	1/1/21	Period**
Beech Hill Total Return Fund Class A	1.75%	$1,000.00	$1,127.80	$9.26	$1,016.09	$8.77

* Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by the number of days in the period (181) divided by the number of days in the fiscal year (365).

** Annualized

20

PRIVACY NOTICE

Northern Lights Fund Trust

Rev. February 2014

FACTS WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?

Why? 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.

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

How? 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.

Reasons we can share your personal information:	Does Northern Lights Fund Trust share information?	Can you limit this sharing?
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.	YES	NO
For our marketing purposes - to offer our products and services to you.	NO	We don’t share
For joint marketing with other financial companies.	NO	We don’t share
For our affiliates’ everyday business purposes - information about your transactions and records.	NO	We don’t share
For our affiliates’ everyday business purposes - information about your credit worthiness.	NO	We don’t share
For nonaffiliates to market to you	NO	We don’t share

QUESTIONS?   Call 1-402-493-4603

21

PRIVACY NOTICE

Northern Lights Fund Trust

Page 2

What we do:
How does Northern Lights Fund Trust protect my personal information?	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. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does Northern Lights Fund Trust collect my personal information?	We collect your personal information, for example, when you ●     open an account or deposit money ●     direct us to buy securities or direct us to sell your securities ●     seek advice about your investments We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: ●     sharing for affiliates’ everyday business purposes – information about your creditworthiness. ●     affiliates from using your information to market to you. ●     sharing for nonaffiliates to market to you. State laws and individual companies may give you additional rights to limit sharing.

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

22

PROXY VOTING POLICY

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Fund use to determine how to vote proxies is available without charge, upon request, by calling 1-800-672-9152 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PORTFOLIO HOLDINGS

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC’s website at www.sec.gov.

INVESTMENT ADVISOR

Beech Hill Advisors, Inc

880 Third Ave., 16th Floor

New York, NY 10022

ADMINISTRATOR

Gemini Fund Services, LLC

4221 North 203rd Street, Suite 100

Elkhorn, NE 68022

BHTR- SAR21

(b) Not Applicable

Item 2. Code of Ethics.

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

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

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

Item 3. Audit Committee Financial Expert. Not applicable.

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

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

Item 6. 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 Management Investment Companies. 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 Management Investment Company and Affiliated Purchasers. 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.

(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.

SIGNATURES

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

(Registrant) Northern Lights Fund Trust

By (Signature and Title)

/s/ Kevin E. Wolf

Kevin E. Wolf, Principal Executive Officer/President

Date 9/1/2021

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

By (Signature and Title)

/s/ Kevin E. Wolf

Kevin E. Wolf, Principal Executive Officer/President

Date 9/1/2021

By (Signature and Title)

/s/ Jim Colantino

Jim Colantino, Principal Financial Officer/Treasurer

Date 9/1/2021