# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0000910472-25-001393
**Filing Date:** 2025-9
**Character Count:** 40649
**Document Hash:** 7788e7e5ee4be517c6789cb58f9dd5a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-001393.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000910472-25-001393

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20260430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 251346656

**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

### PFG BNY Mellon® Diversifier Strategy Fund (Series ID: S000058594)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000192501 | PFG BNY Mellon® Diversifier Strategy Fund Class I | PFADX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **PFG AMERICAN FUNDS® CONSERVATIVE INCOME STRATEGY FUND** | **PFG AMERICAN FUNDS® CONSERVATIVE INCOME STRATEGY FUND** | **PFG AMERICAN FUNDS® CONSERVATIVE INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.5%** |  |
|  | **EQUITY - 9.9%** |  |
| 373736 | American Mutual Fund, Class R-6 | &nbsp;&nbsp;&nbsp; $22480243 |
|  | **FIXED INCOME - 74.7%** |  |
| 1202978 | American Funds Multi-Sector Income Fund, Class R-6 | &nbsp;&nbsp;&nbsp; 11344085 |
| 2440080 | American Funds Strategic Bond Fund, Class R-6 | &nbsp;&nbsp;&nbsp; 22570740 |
| 3999054 | Bond Fund of America (The), Class R-6 | &nbsp;&nbsp;&nbsp; 45109326 |
| 4476653 | Intermediate Bond Fund of America, Class R-6 | &nbsp;&nbsp;&nbsp; 56316294 |
| 3555840 | Short Term Bond Fund of America, Class R-6 | &nbsp;&nbsp;&nbsp; 34029390 |
|  |  | &nbsp;&nbsp; 169369835 |
|  | **MIXED ALLOCATION - 14.9%** |  |
| 306087 | American Balanced Fund, Class R-6 | &nbsp;&nbsp;&nbsp; 11340510 |
| 840910 | Income Fund of America (The), Class R-6 | &nbsp;&nbsp;&nbsp; 22342973 |
|  |  | &nbsp;&nbsp; 33683483 |
|  | **TOTAL OPEN END FUNDS (Cost $226,508,447)** | &nbsp;&nbsp; 225533561 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 856870 | BlackRock Liquidity FedFund, Institutional Class, 4.21% (Cost $856,870)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 856870 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $227,365,317)** | &nbsp;&nbsp;&nbsp; $226390431 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | &nbsp;&nbsp; 169222 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $226559653 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of July 31, 2025.

---

| | | |
|:---|:---|:---|
| **PFG AMERICAN FUNDS® GROWTH STRATEGY FUND** | **PFG AMERICAN FUNDS® GROWTH STRATEGY FUND** | **PFG AMERICAN FUNDS® GROWTH STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.9%** | |
|  | **EQUITY - 99.9%** | |
| 3427272 | AMCAP Fund, Class R-6 | &nbsp;&nbsp;&nbsp; $159505247 |
| 1669381 | American Funds - Investment Company of America (The), Class R-6 | &nbsp;&nbsp;&nbsp; 107207638 |
| 1204316 | American Funds Fundamental Investors, Class R-6 | &nbsp;&nbsp;&nbsp; 107726071 |
| 3173534 | Growth Fund of America (The), Class R-6 | &nbsp;&nbsp;&nbsp; 266798987 |
| 1552349 | New Economy Fund (The), Class R-6 | &nbsp;&nbsp;&nbsp; 107686460 |
| 2279291 | New Perspective Fund, Class R-6 | &nbsp;&nbsp;&nbsp; 160188537 |
| 2123848 | Smallcap World Fund, Inc., Class R-6 | &nbsp;&nbsp;&nbsp; 159628446 |
|  | **TOTAL OPEN END FUNDS (Cost $913,549,048)** | &nbsp;&nbsp; 1068741386 |
|  | **SHORT-TERM INVESTMENTS — 0.3%** |  |
|  | **MONEY MARKET FUNDS - 0.3%** |  |
| 3598887 | BlackRock Liquidity FedFund, Institutional Class, 4.21% (Cost $3,598,887)<sup>(a)</sup> | &nbsp;&nbsp; 3598887 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $917,147,950)** | &nbsp;&nbsp;&nbsp; $1072340273 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | &nbsp;&nbsp; (1846494) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $1070493779 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of July 31, 2025.

---

| | | |
|:---|:---|:---|
| **PFG BNY MELLON DIVERSIFIER STRATEGY FUND** | **PFG BNY MELLON DIVERSIFIER STRATEGY FUND** | **PFG BNY MELLON DIVERSIFIER STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 5.0%** |  |
|  | **EQUITY - 5.0%** |  |
| 92471 | iShares Global Infrastructure ETF (Cost $5,030,489) | &nbsp;&nbsp;&nbsp; $5463187 |
|  | **OPEN END FUNDS — 94.5%** |  |
|  | **ALTERNATIVE - 22.0%** |  |
| 1491913 | BNY Mellon Global Real Return Fund, Class I | &nbsp;&nbsp;&nbsp; 24019793 |
|  | **EQUITY - 6.8%** |  |
| 630657 | BNY Mellon Global Real Estate Securities Fund, Class I | &nbsp;&nbsp;&nbsp; 5316441 |
| 48405 | BNY Mellon Natural Resources Fund, Class I | &nbsp;&nbsp;&nbsp; 2096426 |
|  |  | &nbsp;&nbsp; 7412867 |
|  | **FIXED INCOME - 65.7%** |  |
| 7808343 | BNY Mellon Core Plus Fund, Class I | &nbsp;&nbsp;&nbsp; 71680588 |
|  | **TOTAL OPEN END FUNDS (Cost $102,090,192)** | &nbsp;&nbsp; 103113248 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 499754 | BlackRock Liquidity FedFund, Institutional Class, 4.21% (Cost $499,754)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 499754 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $107,620,435)** | &nbsp;&nbsp;&nbsp; $109076189 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | &nbsp;&nbsp; 91296 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $109167485 |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of July 31, 2025.

---

| | | |
|:---|:---|:---|
| **PFG BR TARGET ALLOCATION EQUITY STRATEGY FUND** | **PFG BR TARGET ALLOCATION EQUITY STRATEGY FUND** | **PFG BR TARGET ALLOCATION EQUITY STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.7%** | |
|  | **EQUITY - 99.7%** | |
| 206873 | iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;&nbsp; $12480648 |
| 145116 | iShares Core S&P 500 ETF | &nbsp;&nbsp;&nbsp; 92134147 |
| 195178 | iShares Currency Hedged MSCI EAFE ETF | &nbsp;&nbsp;&nbsp; 7384560 |
| 148285 | iShares MSCI EAFE Growth ETF | &nbsp;&nbsp;&nbsp; 15937672 |
| 393891 | iShares MSCI EAFE Value ETF | &nbsp;&nbsp;&nbsp; 24945117 |
| 196284 | iShares MSCI Emerging Markets ex China ETF | &nbsp;&nbsp;&nbsp; 12330561 |
| 44968 | iShares MSCI USA Momentum Factor ETF | &nbsp;&nbsp;&nbsp; 10850329 |
| 251775 | iShares MSCI USA Quality Factor ETF | &nbsp;&nbsp;&nbsp; 46356813 |
| 34386 | iShares S&P 100 ETF | &nbsp;&nbsp;&nbsp; 10781730 |
| 379679 | iShares S&P 500 Growth ETF | &nbsp;&nbsp;&nbsp; 43245438 |
| 153820 | iShares S&P 500 Value ETF | &nbsp;&nbsp;&nbsp; 30299464 |
| 646221 | iShares U.S. Equity Factor Rotation Active ETF | &nbsp;&nbsp;&nbsp; 36181914 |
| 79676 | iShares U.S. Technology ETF | &nbsp;&nbsp;&nbsp; 14446056 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $301,344,415)** | &nbsp;&nbsp;&nbsp; 357374449 |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 1638732 | BlackRock Liquidity FedFund, Institutional Class, 4.21% (Cost $1,638,732)<sup>(a) | &nbsp;&nbsp;&nbsp; 1638732 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $302,983,147)** | &nbsp;&nbsp;&nbsp; $359013181 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | &nbsp;&nbsp; (585856) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $358427325 |

---

---

| | |
|:---|:---|
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| (a) | Rate disclosed is the seven day effective yield as of July 31, 2025. |

---

---

| | | |
|:---|:---|:---|
| **PFG FIDELITY INSTITUTIONAL AM® CORE PLUS BOND STRATEGY FUND** | **PFG FIDELITY INSTITUTIONAL AM® CORE PLUS BOND STRATEGY FUND** | **PFG FIDELITY INSTITUTIONAL AM® CORE PLUS BOND STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 41.9%** |  |
|  | **FIXED INCOME - 41.9%** |  |
| 323300 | Fidelity Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $15232279 |
| 176799 | Invesco Taxable Municipal Bond ETF | &nbsp;&nbsp;&nbsp; 4674566 |
| 85682 | iShares MBS ETF | &nbsp;&nbsp;&nbsp; 7974424 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $27,277,152)** | &nbsp;&nbsp; 27881269 |
|  | **OPEN END FUNDS — 57.6%** |  |
|  | **FIXED INCOME - 57.6%** |  |
| 949791 | Fidelity Advisor Strategic Income Fund, Class Z | &nbsp;&nbsp;&nbsp; 11312009 |
| 2842120 | Fidelity Total Bond Fund, Class Z | &nbsp;&nbsp;&nbsp; 27085401 |
|  | **TOTAL OPEN END FUNDS (Cost $37,457,697)** | &nbsp;&nbsp; 38397410 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 246691 | BlackRock Liquidity FedFund, Institutional Class, 4.21% (Cost $246,691)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 246691 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $64,981,540)** | &nbsp;&nbsp;&nbsp; $66525370 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | &nbsp;&nbsp; 74471 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $66599841 |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> Affiliated Company – PFG Fidelity Institutional AM® Core Plus Bond Strategy Fund holds in excess of 5% of outstanding voting securities of this security.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of July 31, 2025.

---

| | | |
|:---|:---|:---|
| <br> **PFG FIDELITY INSTITUTIONAL AM® EQUITY INDEX STRATEGY FUND** | <br> **PFG FIDELITY INSTITUTIONAL AM® EQUITY INDEX STRATEGY FUND** | <br> **PFG FIDELITY INSTITUTIONAL AM® EQUITY INDEX STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.7%** |  |
|  | **EQUITY - 99.7%** |  |
| 1302762 | Fidelity 500 Index Fund, Institutional Premium Class | &nbsp;&nbsp;&nbsp; $286985421 |
| 8217465 | Fidelity Global ex US Index Fund, Institutional Premium Class | &nbsp;&nbsp;&nbsp; 139203860 |
| 258299 | Fidelity Mid Cap Index Fund, Institutional Premium Class | &nbsp;&nbsp;&nbsp; 9288415 |
| 1001308 | Fidelity Small Cap Index Fund, Institutional Premium Class | &nbsp;&nbsp;&nbsp; 27716210 |
|  | **TOTAL OPEN END FUNDS (Cost $372,210,102)** | &nbsp;&nbsp; 463193906 |
|  | **SHORT-TERM INVESTMENTS — 0.6%** |  |
|  | **MONEY MARKET FUNDS - 0.6%** |  |
| 2932325 | BlackRock Liquidity FedFund, Institutional Class, 4.21% (Cost $2,932,325)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2932325 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $375,142,427)** | &nbsp;&nbsp;&nbsp; $466126231 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (1367424) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $464758807 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of July 31, 2025.

---

| | | |
|:---|:---|:---|
| **PFG FIDELITY INSTITUTIONAL AM® EQUITY SECTOR STRATEGY FUND** | **PFG FIDELITY INSTITUTIONAL AM® EQUITY SECTOR STRATEGY FUND** | **PFG FIDELITY INSTITUTIONAL AM® EQUITY SECTOR STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 62.6%** |  |
|  | **EQUITY - 62.6%** |  |
| 954285 | Fidelity MSCI Consumer Discretionary Index ETF | &nbsp;&nbsp;&nbsp; $91554102 |
| 225027 | Fidelity MSCI Consumer Staples Index ETF | &nbsp;&nbsp;&nbsp; 11350362 |
| 3006345 | Fidelity MSCI Energy Index ETF | &nbsp;&nbsp;&nbsp; 72422851 |
| 977178 | Fidelity MSCI Financials Index ETF | &nbsp;&nbsp;&nbsp; 72584782 |
| 696145 | Fidelity MSCI Industrials Index ETF | &nbsp;&nbsp;&nbsp; 55977019 |
| 225562 | Fidelity MSCI Real Estate Index ETF | &nbsp;&nbsp;&nbsp; 6103708 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $285,535,047)** | &nbsp;&nbsp; 309992824 |
|  | **OPEN END FUNDS — 37.2%** |  |
|  | **EQUITY - 37.2%** |  |
| 267490 | Fidelity Advisor Communication Services Fund, Class Z | &nbsp;&nbsp;&nbsp; 35709913 |
| 423162 | Fidelity Advisor Health Care Fund, Class Z | &nbsp;&nbsp;&nbsp; 25613998 |
| 802692 | Fidelity Advisor Technology Fund, Class Z | &nbsp;&nbsp;&nbsp; 122723618 |
|  | **TOTAL OPEN END FUNDS (Cost $159,650,704)** | &nbsp;&nbsp; 184047529 |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 2445815 | BlackRock Liquidity FedFund, Institutional Class, 4.21% (Cost $2,445,815)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2445815 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $447,631,566)** | &nbsp;&nbsp;&nbsp; $496486168 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (1524751) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $494961417 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| <br> (a) | Rate disclosed is the seven day effective yield as of July 31, 2025. |

---

---

| | | |
|:---|:---|:---|
| **PFG GLOBAL EQUITY INDEX STRATEGY FUND** | **PFG GLOBAL EQUITY INDEX STRATEGY FUND** | **PFG GLOBAL EQUITY INDEX STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.5%** |  |
|  | **EQUITY - 99.5%** |  |
| 152228 | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp; $8558258 |
| 71337 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 3552583 |
| 22425 | Vanguard Growth ETF | &nbsp;&nbsp;&nbsp; 10207412 |
| 9045 | Vanguard Small-Cap ETF | &nbsp;&nbsp;&nbsp; 2184820 |
| 173703 | Vanguard Total International Stock ETF | &nbsp;&nbsp;&nbsp; 11893444 |
| 59516 | Vanguard Total Stock Market ETF | &nbsp;&nbsp;&nbsp; 18502929 |
| 34237 | Vanguard Value ETF | &nbsp;&nbsp;&nbsp; 6061318 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $53,496,906)** | &nbsp;&nbsp; 60960764 |
|  | **SHORT-TERM INVESTMENTS — 0.6%** |  |
|  | **MONEY MARKET FUNDS - 0.6%** |  |
| 366745 | BlackRock Liquidity FedFund, Institutional Class, 4.21% (Cost $366,745)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 366745 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $53,863,651)** | &nbsp;&nbsp;&nbsp; $61327509 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | &nbsp;&nbsp; (83437) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $61244072 |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of July 31, 2025. <br>

---

| | | |
|:---|:---|:---|
| **PFG INVESCO® EQUITY FACTOR ROTATION STRATEGY FUND** | **PFG INVESCO® EQUITY FACTOR ROTATION STRATEGY FUND** | **PFG INVESCO® EQUITY FACTOR ROTATION STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.8%** |  |
|  | **EQUITY - 99.8%** |  |
| 112247 | Invesco International Developed Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp; $3029547 |
| 218716 | Invesco Russell 1000 Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp; 12731459 |
| 79340 | Invesco Russell 2000 Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp; 3210890 |
| 56739 | Invesco S&P 500 Enhanced Value ETF, USD Class | &nbsp;&nbsp;&nbsp; 2890812 |
| 123010 | Invesco S&P 500 Low Volatility ETF | &nbsp;&nbsp;&nbsp; 8918225 |
| 66189 | Invesco S&P 500 Momentum ETF | &nbsp;&nbsp;&nbsp; 7657405 |
| 102698 | Invesco S&P 500 Quality ETF | &nbsp;&nbsp;&nbsp; 7330583 |
| 237851 | Invesco S&P Emerging Markets Low Volatility ETF | &nbsp;&nbsp;&nbsp; 6116338 |
| 183417 | Invesco S&P International Developed Low Volatility ETF, USD Class | &nbsp;&nbsp;&nbsp; 5988180 |
| 26392 | Invesco S&P MidCap 400 GARP ETF | &nbsp;&nbsp;&nbsp; 3011216 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $52,983,316)** | &nbsp;&nbsp; 60884655 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 257669 | BlackRock Liquidity FedFund, Institutional Class, 4.21% (Cost $257,669)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 257669 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $53,240,985)** | &nbsp;&nbsp;&nbsp; $61142324 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | &nbsp;&nbsp; (143668) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $60998656 |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of July 31, 2025.

---

| | | |
|:---|:---|:---|
| **PFG JANUS HENDERSON® BALANCED STRATEGY FUND** | **PFG JANUS HENDERSON® BALANCED STRATEGY FUND** | **PFG JANUS HENDERSON® BALANCED STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 10.5%** |  |
|  | **EQUITY - 3.0%** |  |
| 109929 | Janus Henderson Small/Mid Cap Growth Alpha ETF | &nbsp;&nbsp;&nbsp; $8715138 |
|  | **FIXED INCOME - 7.5%** |  |
| 481425 | Janus Henderson Mortgage-Backed Securities ETF | &nbsp;&nbsp;&nbsp; 21510069 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $28,559,847)** | &nbsp;&nbsp; 30225207 |
|  | **OPEN END FUNDS — 89.3%** |  |
|  | **EQUITY - 9.5%** |  |
| 728644 | Janus Henderson Contrarian Fund, Class N | &nbsp;&nbsp;&nbsp; 21407549 |
| 60826 | Janus Henderson Research Fund, Class N | &nbsp;&nbsp;&nbsp; 5842940 |
|  |  | &nbsp;&nbsp; 27250489 |
|  | **MIXED ALLOCATION - 79.8%** |  |
| 4647305 | Janus Henderson Balanced Fund, Class N | &nbsp;&nbsp;&nbsp; 229855683 |
|  | **TOTAL OPEN END FUNDS (Cost $233,478,942)** | &nbsp;&nbsp; 257106172 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 1113605 | BlackRock Liquidity FedFund, Institutional Class, 4.21% (Cost $1,113,605)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1113605 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $263,152,394)** | &nbsp;&nbsp;&nbsp; $288444984 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | &nbsp;&nbsp; (467289) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $287977695 |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of July 31, 2025.

---

| | | |
|:---|:---|:---|
| **PFG JANUS HENDERSON® TACTICAL INCOME STRATEGY FUND** | **PFG JANUS HENDERSON® TACTICAL INCOME STRATEGY FUND** | **PFG JANUS HENDERSON® TACTICAL INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 20.3%** |  |
|  | **EQUITY – 2.3%** |  |
| 29225 | Janus Henderson Small/Mid Cap Growth Alpha ETF | &nbsp;&nbsp;&nbsp; $2316949 |
|  | **FIXED INCOME - 18.0%** |  |
| 418380 | Janus Henderson Mortgage-Backed Securities ETF | &nbsp;&nbsp;&nbsp; 18693219 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $20,645,236)** | &nbsp;&nbsp;&nbsp; 21010168 |
| 3555840 | **OPEN END FUNDS — 79.3%** |  |
|  | **EQUITY - 38.1%** |  |
| 123716 | Janus Henderson Contrarian Fund, Class N | &nbsp;&nbsp;&nbsp; 3634783 |
| 1015321 | Janus Henderson Global Equity Income Fund, Class N | &nbsp;&nbsp;&nbsp; 6975259 |
| 133866 | Janus Henderson Growth and Income Fund, Class N | &nbsp;&nbsp;&nbsp; 10278246 |
| 174401 | Janus Henderson Overseas Fund, Class N | &nbsp;&nbsp;&nbsp; 8967689 |
| 100555 | Janus Henderson Research Fund, Class N | &nbsp;&nbsp;&nbsp; 9659303 |
|  |  | &nbsp;&nbsp;&nbsp; 39515280 |
|  | **FIXED INCOME - 41.2%** |  |
| 269675 | Janus Henderson Developed World Bond Fund, Class R6 | &nbsp;&nbsp;&nbsp; 2095373 |
| 2933551 | Janus Henderson Flexible Bond Fund, Class N | &nbsp;&nbsp;&nbsp; 27164679 |
| 1822831 | Janus Henderson High-Yield Fund, Class N | &nbsp;&nbsp;&nbsp; 13507178 |
|  |  | &nbsp;&nbsp;&nbsp; 42767230 |
|  | **TOTAL OPEN END FUNDS (Cost $78,763,237)** | &nbsp;&nbsp; 82282510 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 444979 | BlackRock Liquidity FedFund, Institutional Class, 4.21% (Cost $444,979)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 444979 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $99,853,452)** | &nbsp;&nbsp;&nbsp; $103737657 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%**<sup>(b)</sup> | &nbsp;&nbsp; 36608 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $103774265 |

---

ETF - Exchange-Traded Fund <br><sup>(a)</sup> Rate disclosed is the seven day effective yield as of July 31, 2025.

<sup>(b)</sup> Amount represents less than 0.05%

---

| | | |
|:---|:---|:---|
| **PFG JP MORGAN® TACTICAL AGGRESSIVE STRATEGY FUND**<br> **SCHEDULE OF INVESTMENTS (Unaudited)** | **PFG JP MORGAN® TACTICAL AGGRESSIVE STRATEGY FUND**<br> **SCHEDULE OF INVESTMENTS (Unaudited)** | **PFG JP MORGAN® TACTICAL AGGRESSIVE STRATEGY FUND**<br> **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 49.4%** |  |
|  | **EQUITY - 49.4%** |  |
| 337011 | JPMorgan BetaBuilders International Equity ETF | &nbsp;&nbsp;&nbsp; $22276427 |
| 747276 | JPMorgan BetaBuilders US Equity ETF | &nbsp;&nbsp;&nbsp; 85600465 |
| 156518 | JPMorgan Diversified Return International Equity ETF | &nbsp;&nbsp;&nbsp; 9882547 |
| 511757 | JPMorgan International Research Enhanced Equity ETF | &nbsp;&nbsp;&nbsp; 35395673 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $136,272,858)** | &nbsp;&nbsp; 153155112 |
|  | **OPEN END FUNDS — 50.4%** |  |
|  | **ALTERNATIVE - 5.9%** |  |
| 969911 | JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 | &nbsp;&nbsp;&nbsp; 18350716 |
|  | **EQUITY - 44.5%** |  |
| 323298 | JPMorgan Emerging Markets Equity Fund, Class R6 | &nbsp;&nbsp;&nbsp; 11599942 |
| 361404 | JPMorgan Large Cap Growth Fund, Class R6 | &nbsp;&nbsp;&nbsp; 33108197 |
| 1430368 | JPMorgan Large Cap Value Fund, Class R6 | &nbsp;&nbsp;&nbsp; 29322548 |
| 2357945 | JPMorgan US Equity Fund, Class R6 | &nbsp;&nbsp;&nbsp; 63876737 |
|  |  | &nbsp;&nbsp; 137907424 |
|  | **TOTAL OPEN END FUNDS (Cost $129,834,249)** | &nbsp;&nbsp; 156258140 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 1173350 | BlackRock Liquidity FedFund, Institutional Class, 4.21% (Cost $1,173,350)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1173350 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $267,280,457)** | &nbsp;&nbsp;&nbsp; $310586602 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | &nbsp;&nbsp; (514755) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $310071847 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of July 31, 2025.

---

| | | |
|:---|:---|:---|
| **PFG JP MORGAN® TACTICAL MODERATE STRATEGY FUND** | **PFG JP MORGAN® TACTICAL MODERATE STRATEGY FUND** | **PFG JP MORGAN® TACTICAL MODERATE STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 46.0%** |  |
|  | **EQUITY - 25.8%** |  |
| 49804 | JPMorgan BetaBuilders International Equity ETF | &nbsp;&nbsp;&nbsp; $3292044 |
| 164446 | JPMorgan BetaBuilders US Equity ETF | &nbsp;&nbsp;&nbsp; 18837289 |
| 78948 | JPMorgan Diversified Return International Equity ETF | &nbsp;&nbsp;&nbsp; 4984777 |
| 116090 | JPMorgan International Research Enhanced Equity ETF | &nbsp;&nbsp;&nbsp; 8029365 |
|  |  | &nbsp;&nbsp; 35143475 |
|  | **FIXED INCOME - 20.2%** |  |
| 54405 | iShares 10-20 Year Treasury Bond ETF | &nbsp;&nbsp;&nbsp; 5467158 |
| 393408 | JPMorgan BetaBuilders U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp; 18057428 |
| 87413 | JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 4067327 |
|  |  | &nbsp;&nbsp; 27591913 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $57,035,812)** | &nbsp;&nbsp; 62735388 |
|  | **OPEN END FUNDS — 53.6%** |  |
|  | **ALTERNATIVE - 3.2%** |  |
| 231122 | JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 | &nbsp;&nbsp;&nbsp; 4372825 |
|  | **EQUITY - 33.6%** |  |
| 77312 | JPMorgan Emerging Markets Equity Fund, Class R6 | &nbsp;&nbsp;&nbsp; 2773950 |
| 23849 | JPMorgan Equity Index Fund, Class R6 | &nbsp;&nbsp;&nbsp; 2270903 |
| 135576 | JPMorgan Large Cap Growth Fund, Class R6 | &nbsp;&nbsp;&nbsp; 12420110 |
| 495981 | JPMorgan Large Cap Value Fund, Class R6 | &nbsp;&nbsp;&nbsp; 10167606 |
| 667776 | JPMorgan US Equity Fund, Class R6 | &nbsp;&nbsp;&nbsp; 18090043 |
|  |  | &nbsp;&nbsp; 45722612 |
|  | **FIXED INCOME - 16.8%** |  |
| 2328236 | JPMorgan Core Plus Bond Fund, Class R6 | &nbsp;&nbsp;&nbsp; 16763301 |
| 719352 | JPMorgan Income Fund, Class R6 | &nbsp;&nbsp;&nbsp; 6164843 |
|  |  | &nbsp;&nbsp; 22928144 |
|  | **TOTAL OPEN END FUNDS (Cost $64,430,641)** | &nbsp;&nbsp; 73023581 |

---

---

| | | |
|:---|:---|:---|
| **PFG JP MORGAN® TACTICAL MODERATE STRATEGY FUND** | **PFG JP MORGAN® TACTICAL MODERATE STRATEGY FUND** | **PFG JP MORGAN® TACTICAL MODERATE STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 674997 | BlackRock Liquidity FedFund, Institutional Class, 4.21% (Cost $674,997)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; <br> $674997 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $122,141,450)** | &nbsp;&nbsp;&nbsp; $136433966 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | &nbsp;&nbsp; (128326) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $136305640 |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of July 31, 2025.

---

| | | |
|:---|:---|:---|
| **PFG MEEDER TACTICAL STRATEGY FUND** | **PFG MEEDER TACTICAL STRATEGY FUND** | **PFG MEEDER TACTICAL STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.6%** |  |
|  | **ALTERNATIVE - 10.1%** |  |
| 836738 | Meeder Spectrum Fund, Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $12157809 |
|  | **EQUITY - 76.1%** |  |
| 1382289 | Meeder Dynamic Allocation Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 20195244 |
| 334391 | Meeder Moderate Allocation Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 4230049 |
| 6878203 | Meeder Muirfield Fund, Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 67337603 |
|  |  | &nbsp;&nbsp; 91762896 |
|  | **FIXED INCOME - 2.7%** |  |
| 183224 | Meeder Tactical Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 1735135 |
| 79390 | Performance Trust Total Return Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 1560021 |
|  |  | &nbsp;&nbsp; 3295156 |
|  | **MIXED ALLOCATION - 10.7%** |  |
| 723739 | Meeder Balanced Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 9538879 |
| 141135 | Meeder Conservative Allocation Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 3373124 |
|  |  | &nbsp;&nbsp; 12912003 |
|  | **TOTAL OPEN END FUNDS (Cost $116,395,614)** | &nbsp;&nbsp; 120127864 |
|  | **SHORT-TERM INVESTMENTS — 0.6%** |  |
|  | **MONEY MARKET FUNDS - 0.6%** |  |
| 672338 | BlackRock Liquidity FedFund, Institutional Class, 4.21% (Cost $672,338)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 672338 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $117,067,952)** | &nbsp;&nbsp;&nbsp; $120800202 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | &nbsp;&nbsp; (184571) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $120615631 |

---

<sup>(a)</sup> Affiliated Company – PFG Meeder Tactical Strategy Fund holds in excess of 5% of outstanding voting securities of this security.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of July 31, 2025.

---

| | | |
|:---|:---|:---|
| **PFG MFS® AGGRESSIVE GROWTH STRATEGY FUND** | **PFG MFS® AGGRESSIVE GROWTH STRATEGY FUND** | **PFG MFS® AGGRESSIVE GROWTH STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 14.7%** |  |
|  | **COMMODITY - 5.0%** |  |
| 175365 | iShares GSCI Commodity Dynamic Roll Strategy ETF | &nbsp;&nbsp;&nbsp; $4682246 |
|  | **EQUITY - 9.7%** |  |
| 44797 | Schwab International Small-Cap Equity ETF | &nbsp;&nbsp;&nbsp; 1900737 |
| 62771 | SPDR Portfolio Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 2699780 |
| 7981 | Vanguard Small-Cap Growth ETF | &nbsp;&nbsp;&nbsp; 2253755 |
| 11713 | Vanguard Small-Cap Value ETF | &nbsp;&nbsp;&nbsp; 2322336 |
|  |  | &nbsp;&nbsp; 9176608 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $12,302,156)** | &nbsp;&nbsp; 13858854 |
|  | **OPEN END FUNDS — 84.8%** |  |
|  | **EQUITY - 84.8%** |  |
| 284887 | MFS Global Real Estate Fund, Class R5 | &nbsp;&nbsp;&nbsp; 4609464 |
| 52074 | MFS Growth Fund, Class R6 | &nbsp;&nbsp;&nbsp; 11569705 |
| 118745 | MFS International Equity Fund, Class R6 | &nbsp;&nbsp;&nbsp; 4595413 |
| 98493 | MFS International Growth Fund, Class R5 | &nbsp;&nbsp;&nbsp; 4650863 |
| 295389 | MFS International Large Cap Value Fund, Class R6 | &nbsp;&nbsp;&nbsp; 4732138 |
| 54064 | MFS International New Discovery Fund, Class R6 | &nbsp;&nbsp;&nbsp; 1827355 |
| 283084 | MFS Mid Cap Growth Fund, Class R6 | &nbsp;&nbsp;&nbsp; 9636164 |
| 292560 | MFS Mid Cap Value Fund, Class R5 | &nbsp;&nbsp;&nbsp; 9499433 |
| 169906 | MFS Research Fund, Class R6 | &nbsp;&nbsp;&nbsp; 10529083 |
| 290789 | MFS Research International Fund, Class R6 | &nbsp;&nbsp;&nbsp; 7307528 |
| 220428 | MFS Value Fund, Class R6 | &nbsp;&nbsp;&nbsp; 11208755 |
|  | **TOTAL OPEN END FUNDS (Cost $71,383,327)** | &nbsp;&nbsp; 80165901 |

---

---

| | | |
|:---|:---|:---|
| **PFG MFS® AGGRESSIVE GROWTH STRATEGY FUND** | **PFG MFS® AGGRESSIVE GROWTH STRATEGY FUND** | **PFG MFS® AGGRESSIVE GROWTH STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 379914 | BlackRock Liquidity FedFund, Institutional Class, 4.21% (Cost $379,914)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $379914 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $84,065,397)** | &nbsp;&nbsp;&nbsp; $94404669 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | &nbsp;&nbsp; 72302 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $94476971 |

---

---

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

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of July 31, 2025.

---

| | | |
|:---|:---|:---|
| **PFG PIMCO ACTIVE CORE BOND STRATEGY FUND** | **PFG PIMCO ACTIVE CORE BOND STRATEGY FUND** | **PFG PIMCO ACTIVE CORE BOND STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.3%** | |
|  | **FIXED INCOME – 99.3%** | |
| 849851 | PIMCO Emerging Markets Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; $7402205 |
| 3874453 | PIMCO Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 41572881 |
| 1205502 | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | &nbsp;&nbsp;&nbsp; 11934698 |
| 820838 | PIMCO Investment Grade Credit Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 7420373 |
| 2232570 | PIMCO Mortgage Opportunities and Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 20762898 |
| 6900332 | PIMCO Total Return Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 59551440 |
|  | **TOTAL OPEN END FUNDS (Cost $153,155,424)** | &nbsp;&nbsp;&nbsp; 148644495 |
|  | **SHORT-TERM INVESTMENTS — 0.6%** |  |
|  | **MONEY MARKET FUNDS - 0.6%** |  |
| 831740 | BlackRock Liquidity FedFund, Institutional Class, 4.21% (Cost $831,740)<sup>(a) | &nbsp;&nbsp;&nbsp; 831740 |
|  | **TOTAL INVESTMENTS – 99.9% (Cost $153,987,164)** | &nbsp;&nbsp;&nbsp; $149476235 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | &nbsp;&nbsp; 150025 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $149626260 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of July 31, 2025.

---

| | | |
|:---|:---|:---|
| **PFG US EQUITY INDEX STRATEGY FUND<br> SCHEDULE OF INVESTMENTS (Unaudited)** | **PFG US EQUITY INDEX STRATEGY FUND<br> SCHEDULE OF INVESTMENTS (Unaudited)** | **PFG US EQUITY INDEX STRATEGY FUND<br> SCHEDULE OF INVESTMENTS (Unaudited)** |
| **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.7%** |  |
|  | **EQUITY - 99.7%** |  |
| 38957 | Vanguard Extended Market ETF | &nbsp;&nbsp;&nbsp; $7703747 |
| 272088 | Vanguard Russell 1000 Growth ETF | &nbsp;&nbsp;&nbsp; 30857500 |
| 329681 | Vanguard Russell 1000 Value ETF | &nbsp;&nbsp;&nbsp; 28286630 |
| 17463 | Vanguard Russell 2000 ETF | &nbsp;&nbsp;&nbsp; 1549492 |
| 96285 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 55943511 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $108,912,647)** | &nbsp;&nbsp; 124340880 |
|  | **SHORT-TERM INVESTMENTS — 0.8%** |  |
|  | **MONEY MARKET FUNDS - 0.8%** |  |
| 977287 | BlackRock Liquidity FedFund, Institutional Class, 4.21% (Cost $977,287)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 977287 |
|  | **TOTAL INVESTMENTS - 100.5% (Cost $109,889,934)** | &nbsp;&nbsp;&nbsp; $125318167 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%** | &nbsp;&nbsp; (612051) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $124706116 |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of July 31, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Northern Lights Fund Trust

- **b. Investment Company Act file number:** 811-21720

- **c. CIK number of Registrant:** 0001314414

- **d. LEI of Registrant:** 549300BSYF57GRCG4861

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 PICTORIA DRIVE

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 631-470-2600

**Item A.2. Information about the Series.**

- **a. Name of Series:** PFG BNY Mellon Diversifier Strategy Fund

- **b. EDGAR series identifier (if any):** S000058594

- **c. LEI of Series:** 549300IFNXK5Q72S7L42

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $109496764.29

**Total Liabilities:** $329279.01

**Net Assets:** $109167485.28

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000192501 | 0.43%                | 1.80%                | -0.10%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $53232.63                | $283923.70                                 |
| Month 2  | $72504.11                | $1828069.57                                |
| Month 3  | $322862.63               | $-636586.04                                |

### Schedule of Portfolio Investments

| Name                                | Title            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bny Mellon Advantage Funds Inc      | BNYM-GL R/R-I    | CUSIP: 05587N828<br>LEI: 549300SWCD16M4CV8Q16 | Long             | EC               | RF                | US        |   1491913 | NS      | $24019792.81  | 22.00%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                       | ISHARES GLOBAL I | CUSIP: 464288372<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     92471 | NS      | $5463186.68   | 5.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bny Mellon Absolute Insight Fds Inc | BNYM-INS C+-I    | CUSIP: 05580W841<br>LEI: 549300FDPJFMG9QZEW26 | Long             | EC               | RF                | US        |   7808343 | NS      | $71680588.48  | 65.66%            |  |  |  | No            |                  1 | On Loan: No      |
| BNY Mellon Investment Funds V Inc   | BNYM-D/M RE-I    | CUSIP: 05588F832<br>LEI: 549300E6YYE1FQWV1O19 | Long             | EC               | RF                | US        |    630657 | NS      | $5316441.20   | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Bny Mellon Opportunity Fds          | BNYM-NAT RES-I   | CUSIP: 05587A859<br>LEI: 549300YBI6B5NEUMTY90 | Long             | EC               | RF                | US        |     48405 | NS      | $2096426.01   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity Funds           | BLKR-LIQ FED-INS | CUSIP: 09248U700<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |    499754 | PA      | $499754.16    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

**Name of Applicant:** Northern Lights Fund Trust

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer