# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-26-000177
**Filing Date:** 2026-1
**Character Count:** 254179
**Document Hash:** d04c7c2b363ef2eda28529d6a8bcad9a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000177.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001580642-26-000177

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260109

**EFFECTIVENESS DATE**: 20260109

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 26521647

**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           |

### PFG PIMCO Active Core Bond Strategy Fund (Series ID: S000058596)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000192503 | PFG PIMCO Active Core Bond Strategy Fund Class I | PFDOX           |

### PFG JPMorgan® Tactical Aggressive Strategy Fund (Series ID: S000058598)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000192505 | PFG JPMorgan® Tactical Aggressive Strategy Fund Class I | PFSEX           |

### PFG JPMorgan® Tactical Moderate Strategy Fund (Series ID: S000058599)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000192506 | PFG JPMorgan® Tactical Moderate Strategy Fund Class I | PFJDX           |

### PFG Meeder Tactical Strategy Fund (Series ID: S000058601)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000192508 | PFG Meeder Tactical Strategy Fund Class I | PFTEX           |

### PFG MFS® Aggressive Growth Strategy Fund (Series ID: S000058606)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000192513 | PFG MFS® Aggressive Growth Strategy Fund Class I | PFSMX           |

### PFG American Funds Conservative Income Strategy Fund (Series ID: S000068357)

| Class ID   | Class Name                                                          | Ticker Symbol   |
|:---|:---|:---|
| C000218707 | PFG American Funds Conservative Income Strategy Fund Class I Shares |  |

### PFG American Funds Growth Strategy Fund (Series ID: S000068358)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000218708 | PFG American Funds Growth Strategy Fund Class I Shares |  |

### PFG BR Target Allocation Equity Strategy Fund (Series ID: S000068359)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000218709 | PFG BR Target Allocation Equity Strategy Fund Class I Shares |  |

### PFG Fidelity Institutional AM® Equity Index Strategy Fund (Series ID: S000068360)

| Class ID   | Class Name                                                               | Ticker Symbol   |
|:---|:---|:---|
| C000218710 | PFG Fidelity Institutional AM® Equity Index Strategy Fund Class I Shares |  |

### PFG Fidelity Institutional AM® Equity Sector Strategy Fund (Series ID: S000068361)

| Class ID   | Class Name                                                                | Ticker Symbol   |
|:---|:---|:---|
| C000218711 | PFG Fidelity Institutional AM® Equity Sector Strategy Fund Class I Shares |  |

### PFG Janus Henderson® Tactical Income Strategy Fund (Series ID: S000068362)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000218712 | PFG Janus Henderson® Tactical Income Strategy Fund Class I Shares | PFTSX           |

### PFG Fidelity Institutional AM(R) Core Plus Bond Strategy Fund (Series ID: S000073752)

| Class ID   | Class Name                                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000230899 | PFG Fidelity Institutional AM(R) Core Plus Bond Strategy Fund Class I Shares |  |

### PFG Invesco(R) Equity Factor Rotation Strategy Fund (Series ID: S000073753)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000230900 | PFG Invesco(R) Equity Factor Rotation Strategy Fund Class I Shares |  |

### PFG Janus Henderson(R) Balanced Strategy (Series ID: S000073754)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000230901 | PFG Janus Henderson(R) Balanced Strategy Class I Shares |  |

### PFG Global Equity Index Strategy Fund (Series ID: S000084013)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000248139 | Class I      |  |

### PFG US Equity Index Strategy Fund (Series ID: S000084014)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000248140 | Class I      |  |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

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

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

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

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

Date of fiscal year end: <u>4/30</u>

Date of reporting period: <u>10/31/25</u>

**Item 1. Reports to Stockholders.**

(a) #### PFG American Funds<sup>®</sup> Conservative Income Strategy Fund

#### Class I (PFCOX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iabc5a0ed813728685da7083d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about PFG American Funds<sup>®</sup> Conservative Income Strategy Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $100 | 1.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $236793007 |
| Number of Portfolio Holdings | 9 |
| Advisory Fee | $1422040 |
| Portfolio Turnover | 5% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6365df4dc2980da3e7ced303.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.4% |
| Open End Funds | 99.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](id0dcee2624f29b5de4c55742.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Money Market Funds | 0.4% |
| Equity | 9.9% |
| Mixed Allocation | 14.9% |
| Fixed Income | 74.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Intermediate Bond Fund of America, Class R-6 | &nbsp;&nbsp;24.8% |
| &nbsp;&nbsp;Bond Fund of America (The), Class R-6 | &nbsp;&nbsp;19.7% |
| &nbsp;&nbsp;Short Term Bond Fund of America, Class R-6 | &nbsp;&nbsp;15.0% |
| &nbsp;&nbsp;American Funds Strategic Bond Fund, Class R-6 | &nbsp;&nbsp;10.0% |
| &nbsp;&nbsp;Income Fund of America (The), Class R-6 | &nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;American Mutual Fund, Class R-6 | &nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;American Balanced Fund, Class R-6 | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;American Funds Multi-Sector Income Fund, Class R-6 | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class | &nbsp;&nbsp;0.4% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](id3573137a3f5271769e780ca.jpg)

#### PFG American Funds<sup>®</sup> Conservative Income Strategy Fund - Class I (PFCOX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-PFCOX

#### PFG American Funds<sup>®</sup> Growth Strategy Fund

#### Class I (PFGGX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iabc5a0ed813728685da7083d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about PFG American Funds<sup>®</sup> Growth Strategy Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $109 | 1.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1189305611 |
| Number of Portfolio Holdings | 8 |
| Advisory Fee | $6663072 |
| Portfolio Turnover | 6% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6365df4dc2980da3e7ced303.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.4% |
| Open End Funds | 99.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i3a131c158a6207762c3921d6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.4% |
| Equity | 99.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Growth Fund of America (The), Class R-6 | &nbsp;&nbsp;24.9% |
| &nbsp;&nbsp;Smallcap World Fund, Inc., Class R-6 | &nbsp;&nbsp;15.0% |
| &nbsp;&nbsp;New Perspective Fund, Class R-6 | &nbsp;&nbsp;14.9% |
| &nbsp;&nbsp;AMCAP Fund, Class R-6 | &nbsp;&nbsp;14.8% |
| &nbsp;&nbsp;New Economy Fund (The), Class R-6 | &nbsp;&nbsp;10.0% |
| &nbsp;&nbsp;American Funds - Investment Company of America (The), Class R-6 | &nbsp;&nbsp;10.0% |
| &nbsp;&nbsp;American Funds Fundamental Investors, Class R-6 | &nbsp;&nbsp;10.0% |
| &nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class | &nbsp;&nbsp;0.4% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](id3573137a3f5271769e780ca.jpg)

#### PFG American Funds<sup>®</sup> Growth Strategy Fund - Class I (PFGGX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-PFGGX

#### PFG BNY Mellon Diversifier Strategy Fund

#### Class I (PFADX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iabc5a0ed813728685da7083d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about PFG BNY Mellon Diversifier Strategy Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $100 | 1.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $109990603 |
| Number of Portfolio Holdings | 6 |
| Advisory Fee | $679873 |
| Portfolio Turnover | 9% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iea5164d375426baf9f8b5083.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 4.9% |
| Money Market Funds | 0.6% |
| Open End Funds | 94.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i0dc243b9f28a823631ea4893.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.6% |
| Equity | 14.8% |
| Alternative | 20.1% |
| Fixed Income | 64.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;BNY Mellon Core Plus Fund, Class I | &nbsp;&nbsp;64.5% |
| &nbsp;&nbsp;BNY Mellon Global Real Return Fund, Class I | &nbsp;&nbsp;20.1% |
| &nbsp;&nbsp;BNY Mellon Natural Resources Fund, Class I | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;iShares Global Infrastructure ETF | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;BNY Mellon Global Real Estate Securities Fund, Class I | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class | &nbsp;&nbsp;0.6% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](id3573137a3f5271769e780ca.jpg)

#### PFG BNY Mellon Diversifier Strategy Fund - Class I (PFADX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-PFADX

#### PFG BR Target Allocation Equity Strategy Fund

#### Class I (PFESX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iabc5a0ed813728685da7083d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about PFG BR Target Allocation Equity Strategy Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $108 | 1.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $398091899 |
| Number of Portfolio Holdings | 14 |
| Advisory Fee | $2231622 |
| Portfolio Turnover | 4% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6510232a1c9332e4ee04142b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.6% |
| Money Market Funds | 0.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2e12b51ae9603a09d63cf569.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 0.4% |
| Equity | 99.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;iShares Core S&P 500 ETF | &nbsp;&nbsp;25.7% |
| &nbsp;&nbsp;iShares MSCI USA Quality Factor ETF | &nbsp;&nbsp;13.0% |
| &nbsp;&nbsp;iShares S&P 500 Growth ETF | &nbsp;&nbsp;12.0% |
| &nbsp;&nbsp;iShares U.S. Equity Factor Rotation Active ETF | &nbsp;&nbsp;10.0% |
| &nbsp;&nbsp;iShares S&P 500 Value ETF | &nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;iShares MSCI EAFE Value ETF | &nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;iShares MSCI EAFE Growth ETF | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;iShares U.S. Technology ETF | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;iShares MSCI Emerging Markets ex China ETF | &nbsp;&nbsp;3.5% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](id3573137a3f5271769e780ca.jpg)

#### PFG BR Target Allocation Equity Strategy Fund - Class I (PFESX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-PFESX

#### PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund

#### Class I (PFFBX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iabc5a0ed813728685da7083d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $100 | 1.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $69220906 |
| Number of Portfolio Holdings | 7 |
| Advisory Fee | $421833 |
| Portfolio Turnover | 19% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i73b2f6f7fdf02aba302bc7b2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 39.8% |
| Money Market Funds | 0.5% |
| Open End Funds | 59.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i571e1f55de4a95849634d001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.5% |
| Money Market Funds | 0.4% |
| Fixed Income | 99.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Fidelity Total Bond Fund, Class Z | &nbsp;&nbsp;40.5% |
| &nbsp;&nbsp;Fidelity Corporate Bond ETF | &nbsp;&nbsp;20.8% |
| &nbsp;&nbsp;iShares MBS ETF | &nbsp;&nbsp;12.0% |
| &nbsp;&nbsp;Fidelity Investment Grade Bond Fund, Class Z | &nbsp;&nbsp;11.9% |
| &nbsp;&nbsp;Fidelity Advisor Strategic Income Fund, Class Z | &nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;Invesco Taxable Municipal Bond ETF | &nbsp;&nbsp;6.9% |
| &nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class | &nbsp;&nbsp;0.4% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](id3573137a3f5271769e780ca.jpg)

#### PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund - Class I (PFFBX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-PFFBX

#### PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund

#### Class I (PFFFX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iabc5a0ed813728685da7083d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $108 | 1.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $525391151 |
| Number of Portfolio Holdings | 5 |
| Advisory Fee | $2915003 |
| Portfolio Turnover | 8% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie0ea5661b375abe272b47fbb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.6% |
| Open End Funds | 99.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](id8b588e323ed3fee03daa50d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 0.6% |
| Equity | 99.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Fidelity 500 Index Fund, Institutional Premium Class | &nbsp;&nbsp;61.5% |
| &nbsp;&nbsp;Fidelity Global ex US Index Fund, Institutional Premium Class | &nbsp;&nbsp;30.0% |
| &nbsp;&nbsp;Fidelity Small Cap Index Fund, Institutional Premium Class | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;Fidelity Mid Cap Index Fund, Institutional Premium Class | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class | &nbsp;&nbsp;0.6% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](id3573137a3f5271769e780ca.jpg)

#### PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund - Class I (PFFFX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-PFFFX

#### PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund

#### Class I (PFFSX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iabc5a0ed813728685da7083d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $109 | 1.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $542033808 |
| Number of Portfolio Holdings | 11 |
| Advisory Fee | $3054117 |
| Portfolio Turnover | 77% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i666a8a91d3c015055443ee90.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 51.9% |
| Money Market Funds | 0.4% |
| Open End Funds | 47.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i3a131c158a6207762c3921d6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.4% |
| Equity | 99.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Fidelity Advisor Technology Fund, Class Z | &nbsp;&nbsp;25.0% |
| &nbsp;&nbsp;Fidelity MSCI Financials Index ETF | &nbsp;&nbsp;20.2% |
| &nbsp;&nbsp;Fidelity Advisor Communication Services Fund, Class Z | &nbsp;&nbsp;18.4% |
| &nbsp;&nbsp;Fidelity MSCI Consumer Discretionary Index ETF | &nbsp;&nbsp;17.2% |
| &nbsp;&nbsp;Fidelity MSCI Consumer Staples Index ETF | &nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;Fidelity MSCI Energy Index ETF | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Fidelity Advisor Semiconductors Fund, Class Z | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Fidelity MSCI Health Care Index ETF | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Fidelity MSCI Real Estate Index ETF | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Fidelity MSCI Utilities Index ETF | &nbsp;&nbsp;0.9% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](id3573137a3f5271769e780ca.jpg)

#### PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund - Class I (PFFSX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-PFFSX

#### PFG Global Equity Index Strategy Fund

#### Class I (PFSGX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iabc5a0ed813728685da7083d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about PFG Global Equity Index Strategy Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $108 | 1.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $65790455 |
| Number of Portfolio Holdings | 8 |
| Advisory Fee | $381079 |
| Portfolio Turnover | 5% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9c9730fb128638273b086246.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.4% |
| Money Market Funds | 1.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i22d8c75febdb07c75ad9f084.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.0% |
| Money Market Funds | 1.6% |
| Equity | 99.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Vanguard Total Stock Market ETF | &nbsp;&nbsp;30.1% |
| &nbsp;&nbsp;Vanguard Total International Stock ETF | &nbsp;&nbsp;19.6% |
| &nbsp;&nbsp;Vanguard Growth ETF | &nbsp;&nbsp;16.9% |
| &nbsp;&nbsp;Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;13.8% |
| &nbsp;&nbsp;Vanguard Value ETF | &nbsp;&nbsp;9.5% |
| &nbsp;&nbsp;Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;Vanguard Small-Cap ETF | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class | &nbsp;&nbsp;1.6% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](id3573137a3f5271769e780ca.jpg)

#### PFG Global Equity Index Strategy Fund - Class I (PFSGX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-PFSGX

#### PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund

#### Class I (PFIOX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iabc5a0ed813728685da7083d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $103 | 1.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $63355588 |
| Number of Portfolio Holdings | 11 |
| Advisory Fee | $379206 |
| Portfolio Turnover | 5% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6510232a1c9332e4ee04142b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.6% |
| Money Market Funds | 0.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ie3f07a450cb85215ca65b278.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 0.3% |
| Equity | 99.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Invesco Russell 1000 Dynamic Multifactor ETF | &nbsp;&nbsp;20.8% |
| &nbsp;&nbsp;Invesco S&P 500 Low Volatility ETF | &nbsp;&nbsp;14.3% |
| &nbsp;&nbsp;Invesco S&P 500 Momentum ETF | &nbsp;&nbsp;12.4% |
| &nbsp;&nbsp;Invesco S&P 500 Quality ETF | &nbsp;&nbsp;12.2% |
| &nbsp;&nbsp;Invesco S&P Emerging Markets Low Volatility ETF | &nbsp;&nbsp;10.1% |
| &nbsp;&nbsp;Invesco S&P International Developed Low Volatility ETF, USD Class | &nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;Invesco Russell 2000 Dynamic Multifactor ETF | &nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;Invesco International Developed Dynamic Multifactor ETF | &nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;Invesco S&P MidCap 400 GARP ETF | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Invesco S&P 500 Enhanced Value ETF, USD Class | &nbsp;&nbsp;4.9% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](id3573137a3f5271769e780ca.jpg)

#### PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund - Class I (PFIOX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-PFIOX

#### PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund

#### Class I (PFJHX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iabc5a0ed813728685da7083d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $105 | 1.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $298406059 |
| Number of Portfolio Holdings | 6 |
| Advisory Fee | $1780478 |
| Portfolio Turnover | 4% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie2b266b088168cf74690ef43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 10.5% |
| Money Market Funds | 0.4% |
| Open End Funds | 89.1% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8ee78618f58dbd2a57256e7a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Money Market Funds | 0.4% |
| Fixed Income | 7.5% |
| Equity | 12.6% |
| Mixed Allocation | 79.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Janus Henderson Balanced Fund, Class N | &nbsp;&nbsp;79.7% |
| &nbsp;&nbsp;Janus Henderson Contrarian Fund, Class N | &nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;Janus Henderson Mortgage-Backed Securities ETF | &nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;Janus Henderson Small/Mid Cap Growth Alpha ETF | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Janus Henderson Research Fund, Class N | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class | &nbsp;&nbsp;0.4% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](id3573137a3f5271769e780ca.jpg)

#### PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund - Class I (PFJHX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-PFJHX

#### PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund

#### Class I (PFSEX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iabc5a0ed813728685da7083d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $108 | 1.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $333652667 |
| Number of Portfolio Holdings | 11 |
| Advisory Fee | $1927349 |
| Portfolio Turnover | 47% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i54658392149c316052e5860c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 58.5% |
| Money Market Funds | 0.3% |
| Open End Funds | 41.2% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ic238e66defeb898321222d55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 0.3% |
| Alternative | 4.0% |
| Equity | 95.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;JPMorgan BetaBuilders US Equity ETF | &nbsp;&nbsp;32.0% |
| &nbsp;&nbsp;JPMorgan International Research Enhanced Equity ETF | &nbsp;&nbsp;14.1% |
| &nbsp;&nbsp;JPMorgan US Equity Fund, Class R6 | &nbsp;&nbsp;13.6% |
| &nbsp;&nbsp;JPMorgan Large Cap Growth Fund, Class R6 | &nbsp;&nbsp;10.5% |
| &nbsp;&nbsp;JPMorgan Large Cap Value Fund, Class R6 | &nbsp;&nbsp;9.4% |
| &nbsp;&nbsp;JPMorgan Global Select Equity ETF, USD ACC | &nbsp;&nbsp;7.5% |
| &nbsp;&nbsp;JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;JPMorgan Emerging Markets Equity Fund, Class R6 | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;JPMorgan International Growth ETF | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;JPMorgan International Value ETF, USD Class | &nbsp;&nbsp;2.5% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](id3573137a3f5271769e780ca.jpg)

#### PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund - Class I (PFSEX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-PFSEX

#### PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund

#### Class I (PFJDX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iabc5a0ed813728685da7083d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $104 | 1.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $141390859 |
| Number of Portfolio Holdings | 17 |
| Advisory Fee | $851403 |
| Portfolio Turnover | 24% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4ba830cb418a8e1c2d3a67df.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 51.2% |
| Money Market Funds | 0.4% |
| Open End Funds | 48.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i555ffc7a08db22f073a109c7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | 0.0% |
| Money Market Funds | 0.4% |
| Alternative | 2.8% |
| Fixed Income | 35.9% |
| Equity | 60.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;JPMorgan BetaBuilders US Equity ETF | &nbsp;&nbsp;15.8% |
| &nbsp;&nbsp;JPMorgan BetaBuilders U.S. Aggregate Bond ETF | &nbsp;&nbsp;13.3% |
| &nbsp;&nbsp;JPMorgan Core Plus Bond Fund, Class R6 | &nbsp;&nbsp;12.2% |
| &nbsp;&nbsp;JPMorgan Large Cap Growth Fund, Class R6 | &nbsp;&nbsp;9.1% |
| &nbsp;&nbsp;JPMorgan US Equity Fund, Class R6 | &nbsp;&nbsp;8.8% |
| &nbsp;&nbsp;JPMorgan International Research Enhanced Equity ETF | &nbsp;&nbsp;7.6% |
| &nbsp;&nbsp;JPMorgan Large Cap Value Fund, Class R6 | &nbsp;&nbsp;7.4% |
| &nbsp;&nbsp;JPMorgan Global Select Equity ETF, USD ACC | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;JPMorgan Income Fund, Class R6 | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | &nbsp;&nbsp;3.0% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](id3573137a3f5271769e780ca.jpg)

#### PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund - Class I (PFJDX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-PFJDX

#### PFG Meeder Tactical Strategy Fund

#### Class I (PFTEX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iabc5a0ed813728685da7083d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about PFG Meeder Tactical Strategy Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $106 | 1.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $126427529 |
| Number of Portfolio Holdings | 9 |
| Advisory Fee | $755551 |
| Portfolio Turnover | 4% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id8eaa2d106bac2faac056b1d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.5% |
| Open End Funds | 99.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i9ae96711c4932421c3333f97.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | 0.0% |
| Money Market Funds | 0.5% |
| Fixed Income | 2.7% |
| Alternative | 10.0% |
| Mixed Allocation | 10.6% |
| Equity | 76.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Meeder Muirfield Fund, Institutional Class | &nbsp;&nbsp;55.9% |
| &nbsp;&nbsp;Meeder Dynamic Allocation Fund, Institutional Class | &nbsp;&nbsp;16.8% |
| &nbsp;&nbsp;Meeder Spectrum Fund, Institutional Class | &nbsp;&nbsp;10.0% |
| &nbsp;&nbsp;Meeder Balanced Fund, Institutional Class | &nbsp;&nbsp;7.8% |
| &nbsp;&nbsp;Meeder Moderate Allocation Fund, Institutional Class | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Meeder Conservative Allocation Fund, Institutional Class | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Meeder Tactical Income Fund, Institutional Class | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Performance Trust Total Return Bond Fund, Institutional Class | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class | &nbsp;&nbsp;0.5% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](id3573137a3f5271769e780ca.jpg)

#### PFG Meeder Tactical Strategy Fund - Class I (PFTEX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-PFTEX

#### PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund

#### Class I (PFSMX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iabc5a0ed813728685da7083d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $104 | 1.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $97799916 |
| Number of Portfolio Holdings | 17 |
| Advisory Fee | $590898 |
| Portfolio Turnover | 4% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib311a7152ba351dbc8b81845.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 14.7% |
| Money Market Funds | 0.4% |
| Open End Funds | 84.9% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i3a9ea7b819b2a16b5318f3e0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | 0.0% |
| Money Market Funds | 0.4% |
| Commodity | 4.9% |
| Equity | 94.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;MFS Value Fund, Class R6 | &nbsp;&nbsp;12.1% |
| &nbsp;&nbsp;MFS Growth Fund, Class R6 | &nbsp;&nbsp;11.9% |
| &nbsp;&nbsp;MFS Research Fund, Class R6 | &nbsp;&nbsp;11.1% |
| &nbsp;&nbsp;MFS Mid Cap Value Fund, Class R5 | &nbsp;&nbsp;10.1% |
| &nbsp;&nbsp;MFS Mid Cap Growth Fund, Class R6 | &nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;MFS Research International Fund, Class R6 | &nbsp;&nbsp;7.9% |
| &nbsp;&nbsp;MFS Global Real Estate Fund, Class R5 | &nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;MFS International Growth Fund, Class R5 | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;MFS International Large Cap Value Fund, Class R6 | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;MFS International Equity Fund, Class R6 | &nbsp;&nbsp;4.9% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](id3573137a3f5271769e780ca.jpg)

#### PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund - Class I (PFSMX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-PFSMX

#### PFG PIMCO Active Core Bond Strategy Fund

#### Class I (PFDOX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iabc5a0ed813728685da7083d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about PFG PIMCO Active Core Bond Strategy Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $100 | 1.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $157000920 |
| Number of Portfolio Holdings | 6 |
| Advisory Fee | $934677 |
| Portfolio Turnover | 10% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6365df4dc2980da3e7ced303.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.4% |
| Open End Funds | 99.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i309cdba1267b550e6af2a708.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.2% |
| Money Market Funds | 0.4% |
| Fixed Income | 99.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;PIMCO Total Return Fund, Institutional Class | &nbsp;&nbsp;39.7% |
| &nbsp;&nbsp;PIMCO Income Fund, Institutional Class | &nbsp;&nbsp;27.8% |
| &nbsp;&nbsp;PIMCO Mortgage Opportunities and Bond Fund, Institutional Class | &nbsp;&nbsp;13.9% |
| &nbsp;&nbsp;PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | &nbsp;&nbsp;12.0% |
| &nbsp;&nbsp;PIMCO Investment Grade Credit Bond Fund, Institutional Class | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class | &nbsp;&nbsp;0.4% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](id3573137a3f5271769e780ca.jpg)

#### PFG PIMCO Active Core Bond Strategy Fund - Class I (PFDOX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-PFDOX

#### PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund

#### Class I (PFTSX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iabc5a0ed813728685da7083d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $103 | 1.94%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $103656149 |
| Number of Portfolio Holdings | 11 |
| Advisory Fee | $643820 |
| Portfolio Turnover | 13% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iaf06a181e8c480fbbfc7cfae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 20.2% |
| Money Market Funds | 0.5% |
| Open End Funds | 79.3% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if1c0e25c5f120e5280f12d78.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Money Market Funds | 0.5% |
| Equity | 40.6% |
| Fixed Income | 59.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Janus Henderson Flexible Bond Fund, Class N | &nbsp;&nbsp;26.2% |
| &nbsp;&nbsp;Janus Henderson Mortgage-Backed Securities ETF | &nbsp;&nbsp;18.0% |
| &nbsp;&nbsp;Janus Henderson High-Yield Fund, Class N | &nbsp;&nbsp;12.9% |
| &nbsp;&nbsp;Janus Henderson Growth and Income Fund, Class N | &nbsp;&nbsp;10.0% |
| &nbsp;&nbsp;Janus Henderson Research Fund, Class N | &nbsp;&nbsp;9.5% |
| &nbsp;&nbsp;Janus Henderson Overseas Fund, Class N | &nbsp;&nbsp;8.7% |
| &nbsp;&nbsp;Janus Henderson Global Equity Income Fund, Class N | &nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;Janus Henderson Contrarian Fund, Class N | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Janus Henderson Small/Mid Cap Growth Alpha ETF | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Janus Henderson Developed World Bond Fund, Class R6 | &nbsp;&nbsp;2.0% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](id3573137a3f5271769e780ca.jpg)

#### PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund - Class I (PFTSX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-PFTSX

#### PFG US Equity Index Strategy Fund

#### Class I (PFSSX)

#### Semi-Annual Shareholder Report - October 31, 2025
![Image](iabc5a0ed813728685da7083d.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about PFG US Equity Index Strategy Fund for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $109 | 1.95%<sup>Footnote Reference\*</sup> |

---

---

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

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $143506342 |
| Number of Portfolio Holdings | 6 |
| Advisory Fee | $765217 |
| Portfolio Turnover | 4% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1272276c33856458fbea3326.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.7% |
| Money Market Funds | 0.3% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5fb32ac756cdb965c91509c7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | 0.0% |
| Money Market Funds | 0.3% |
| Equity | 99.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Vanguard S&P 500 ETF | &nbsp;&nbsp;44.8% |
| &nbsp;&nbsp;Vanguard Russell 1000 Growth ETF | &nbsp;&nbsp;25.2% |
| &nbsp;&nbsp;Vanguard Russell 1000 Value ETF | &nbsp;&nbsp;22.1% |
| &nbsp;&nbsp;Vanguard Extended Market ETF | &nbsp;&nbsp;6.2% |
| &nbsp;&nbsp;Vanguard Russell 2000 ETF | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class | &nbsp;&nbsp;0.3% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

![Image](id3573137a3f5271769e780ca.jpg)

#### PFG US Equity Index Strategy Fund - Class I (PFSSX)

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

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 103125-PFSSX

(b) Not applicable

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

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

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

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

**Item 6. Investments.** Schedule of investments in securities of unaffiliated issuers is included under Item 7.

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

(a) ![(COVER PAGE)](pf001_v1.jpg)

---

| |
|:---|
| **PFG AMERICAN FUNDS<sup>®</sup> CONSERVATIVE INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.2%** |  |
|  | **EQUITY - 9.9%** |  |
| 377753 | American Mutual Fund, Class R-6 | $23481152 |
|  | **FIXED INCOME - 74.4%** |  |
| 1241855 | American Funds Multi-Sector Income Fund, Class R-6 | 11797621 |
| 2509546 | American Funds Strategic Bond Fund, Class R-6 | 23589733 |
| 4072293 | Bond Fund of America (The), Class R-6 | 46749923 |
| 4604327 | Intermediate Bond Fund of America, Class R-6 | 58613088 |
| 3690290 | Short Term Bond Fund of America, Class R-6 | 35500594 |
|  |  | 176250959 |
|  | **MIXED ALLOCATION - 14.9%** |  |
| 302229 | American Balanced Fund, Class R-6 | 11877609 |
| 859157 | Income Fund of America (The), Class R-6 | 23489360 |
|  |  | 35366969 |
|  | **TOTAL OPEN END FUNDS (Cost $231,173,363)** | 235099080 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 829495 | BlackRock Liquidity FedFund, Institutional Class, 3.98% (Cost $829,495)<sup>(a)</sup> | 829495 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $232,002,858)** | $235928575 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%** | 864432 |
|  | **NET ASSETS - 100.0%** | $236793007 |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG AMERICAN FUNDS<sup>®</sup> GROWTH STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.6%** |  |
|  | **EQUITY - 99.6%** |  |
| 3560173 | AMCAP Fund, Class R-6 | $176406579 |
| 1743931 | American Funds - Investment Company of America (The), Class R-6 | 118622195 |
| 1235810 | American Funds Fundamental Investors, Class R-6 | 118440058 |
| 3277692 | Growth Fund of America (The), Class R-6 | 296106728 |
| 1494596 | New Economy Fund (The), Class R-6 | 118700829 |
| 2363854 | New Perspective Fund, Class R-6 | 177785456 |
| 2270138 | Smallcap World Fund, Inc., Class R-6 | 178659883 |
|  | **TOTAL OPEN END FUNDS (Cost $954,748,340)** | 1184721728 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 4594799 | BlackRock Liquidity FedFund, Institutional Class, 3.98% (Cost $4,594,799)<sup>(a)</sup> | 4594799 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $959,343,139)** | $1189316527 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0)%**<sup>(b)</sup> | (10916) |
|  | **NET ASSETS - 100.0%** | $1189305611 |

---

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG BNY MELLON DIVERSIFIER STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 4.9%** |  |
|  | **EQUITY - 4.9%** |  |
| 88720 | iShares Global Infrastructure ETF (Cost $4,870,857) | $5411920 |
|  | **OPEN END FUNDS — 94.5%** |  |
|  | **ALTERNATIVE - 20.1%** |  |
| 1303130 | BNY Mellon Global Real Return Fund, Class I | 22088054 |
|  | **EQUITY - 9.9%** |  |
| 619750 | BNY Mellon Global Real Estate Securities Fund, Class I | 5410420 |
| 119885 | BNY Mellon Natural Resources Fund, Class I | 5508728 |
|  |  | 10919148 |
|  | **FIXED INCOME - 64.5%** |  |
| 7580843 | BNY Mellon Core Plus Fund, Class I | 70956688 |
|  | **TOTAL OPEN END FUNDS (Cost $100,705,428)** | 103963890 |
|  | **SHORT-TERM INVESTMENTS — 0.6%** |  |
|  | **MONEY MARKET FUNDS - 0.6%** |  |
| 665327 | BlackRock Liquidity FedFund, Institutional Class, 3.98% (Cost $665,327)<sup>(a)</sup> | 665327 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $106,241,612)** | $110041137 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%**<sup>(b)</sup> | (50534) |
|  | **NET ASSETS - 100.0%** | $109990603 |

---

ETF - Exchange-Traded Fund <br>

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG BR TARGET ALLOCATION EQUITY STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.7%** |  |
|  | **EQUITY - 99.7%** |  |
| 203050 | iShares Core MSCI Emerging Markets ETF | $13862224 |
| 149431 | iShares Core S&P 500 ETF | 102394604 |
| 194031 | iShares Currency Hedged MSCI EAFE ETF | 7955271 |
| 154818 | iShares MSCI EAFE Growth ETF | 17906250 |
| 407635 | iShares MSCI EAFE Value ETF | 27898539 |
| 191704 | iShares MSCI Emerging Markets ex China ETF | 13850614 |
| 46083 | iShares MSCI USA Momentum Factor ETF | 11715220 |
| 263173 | iShares MSCI USA Quality Factor ETF | 51660860 |
| 34981 | iShares S&P 100 ETF | 12079639 |
| 383594 | iShares S&P 500 Growth ETF | 47868695 |
| 162699 | iShares S&P 500 Value ETF | 33969924 |
| 655593 | iShares U.S. Equity Factor Rotation Active ETF | 39899390 |
| 75943 | iShares U.S. Technology ETF | 15790069 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $312,403,471)** | 396851299 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 1692905 | BlackRock Liquidity FedFund, Institutional Class, 3.98% (Cost $1,692,905)<sup>(a)</sup> | 1692905 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $314,096,376)** | $398544204 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (452305) |
|  | **NET ASSETS - 100.0%** | $398091899 |

---

---

| | |
|:---|:---|
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG FIDELITY INSTITUTIONAL AM<sup>®</sup> CORE PLUS BOND STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 39.7%** |  |
|  | **FIXED INCOME - 39.7%** |  |
| 299432 | Fidelity Corporate Bond ETF<sup>(a)</sup> | $14366747 |
| 175216 | Invesco Taxable Municipal Bond ETF | 4802671 |
| 86797 | iShares MBS ETF | 8293453 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $26,276,487)** | 27462871 |
|  | **OPEN END FUNDS — 59.4%** |  |
|  | **FIXED INCOME - 59.4%** |  |
| 396457 | Fidelity Advisor Strategic Income Fund, Class Z | 4828852 |
| 1121155 | Fidelity Investment Grade Bond Fund, Class Z | 8240486 |
| 2888482 | Fidelity Total Bond Fund, Class Z | 28047157 |
|  | **TOTAL OPEN END FUNDS (Cost $39,884,983)** | 41116495 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 321618 | BlackRock Liquidity FedFund, Institutional Class, 3.98% (Cost $321,618)<sup>(b)</sup> | 321618 |
|  | **TOTAL INVESTMENTS - 99.5% (Cost $66,483,088)** | $68900984 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%** | 319922 |
|  | **NET ASSETS - 100.0%** | $69220906 |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> Affiliated Company – PFG Fidelity Institutional AM<sup>®</sup> 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 October 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG FIDELITY INSTITUTIONAL AM<sup>®</sup> EQUITY INDEX STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.5%** |  |
|  | **EQUITY - 99.5%** |  |
| 1358777 | Fidelity 500 Index Fund, Institutional Premium Class | $323008398 |
| 8457748 | Fidelity Global ex US Index Fund, Institutional Premium Class | 157567849 |
| 285654 | Fidelity Mid Cap Index Fund, Institutional Premium Class | 10534924 |
| 1015987 | Fidelity Small Cap Index Fund, Institutional Premium Class | 31637845 |
|  | **TOTAL OPEN END FUNDS (Cost $396,039,738)** | 522749016 |
|  | **SHORT-TERM INVESTMENTS — 0.6%** |  |
|  | **MONEY MARKET FUNDS - 0.6%** |  |
| 3076966 | BlackRock Liquidity FedFund, Institutional Class, 3.98% (Cost $3,076,966)<sup>(a)</sup> | 3076966 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $399,116,704)** | $525825982 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (434831) |
|  | **NET ASSETS - 100.0%** | $525391151 |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG FIDELITY INSTITUTIONAL AM<sup>®</sup> EQUITY SECTOR STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 51.9%** |  |
|  | **EQUITY - 51.9%** |  |
| 907559 | Fidelity MSCI Consumer Discretionary Index ETF | $93197234 |
| 635962 | Fidelity MSCI Consumer Staples Index ETF | 30901393 |
| 1096223 | Fidelity MSCI Energy Index ETF | 26824577 |
| 1475338 | Fidelity MSCI Financials Index ETF | 109440573 |
| 143826 | Fidelity MSCI Health Care Index ETF | 10014604 |
| 242200 | Fidelity MSCI Real Estate Index ETF | 6558776 |
| 80289 | Fidelity MSCI Utilities Index ETF | 4622238 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $264,790,550)** | 281559395 |
|  | **OPEN END FUNDS — 47.7%** |  |
|  | **EQUITY - 47.7%** |  |
| 684694 | Fidelity Advisor Communication Services Fund, Class Z | 99574978 |
| 173514 | Fidelity Advisor Semiconductors Fund, Class Z | 23096403 |
| 771615 | Fidelity Advisor Technology Fund, Class Z | 135765667 |
|  | **TOTAL OPEN END FUNDS (Cost $223,599,990)** | 258437048 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 2048085 | BlackRock Liquidity FedFund, Institutional Class, 3.98% (Cost $2,048,085)<sup>(a)</sup> | 2048085 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $490,438,625)** | $542044528 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0)%**<sup>(b)</sup> | (10720) |
|  | **NET ASSETS - 100.0%** | $542033808 |

---

ETF - Exchange-Traded Fund <br>MSCI - Morgan Stanley Capital International

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG GLOBAL EQUITY INDEX STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.4%** |  |
|  | **EQUITY - 99.4%** |  |
| 148560 | Vanguard FTSE Developed Markets ETF | $9059189 |
| 71783 | Vanguard FTSE Emerging Markets ETF | 3945912 |
| 22238 | Vanguard Growth ETF | 11093426 |
| 9407 | Vanguard Small-Cap ETF | 2398691 |
| 172617 | Vanguard Total International Stock ETF | 12882407 |
| 58977 | Vanguard Total Stock Market ETF | 19782065 |
| 33512 | Vanguard Value ETF | 6225189 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $53,297,684)** | 65386879 |
|  | **SHORT-TERM INVESTMENTS — 1.6%** |  |
|  | **MONEY MARKET FUNDS - 1.6%** |  |
| 1045420 | BlackRock Liquidity FedFund, Institutional Class, 3.98% (Cost $1,045,420)<sup>(a)</sup> | 1045420 |
|  | **TOTAL INVESTMENTS - 101.0% (Cost $54,343,104)** | $66432299 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.0)%** | (641844) |
|  | **NET ASSETS - 100.0%** | $65790455 |

---

ETF - Exchange-Traded Fund <br>

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

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG INVESCO<sup>®</sup> EQUITY FACTOR ROTATION STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.8%** |  |
|  | **EQUITY - 99.8%** |  |
| 112247 | Invesco International Developed Dynamic Multifactor ETF | $3224856 |
| 218920 | Invesco Russell 1000 Dynamic Multifactor ETF | 13168038 |
| 74590 | Invesco Russell 2000 Dynamic Multifactor ETF | 3251490 |
| 57301 | Invesco S&P 500 Enhanced Value ETF | 3124486 |
| 128484 | Invesco S&P 500 Low Volatility ETF | 9073540 |
| 64375 | Invesco S&P 500 Momentum ETF | 7834438 |
| 104511 | Invesco S&P 500 Quality ETF | 7740085 |
| 238937 | Invesco S&P Emerging Markets Low Volatility ETF | 6389175 |
| 189419 | Invesco S&P International Developed Low Volatility ETF | 6248024 |
| 26576 | Invesco S&P MidCap 400 GARP ETF | 3159599 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $53,585,199)** | 63213731 |
|  | **SHORT-TERM INVESTMENTS — 0.3%** |  |
|  | **MONEY MARKET FUNDS - 0.3%** |  |
| 230839 | BlackRock Liquidity FedFund, Institutional Class, 3.98% (Cost $230,839)<sup>(a)</sup> | 230839 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $53,816,038)** | $63444570 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (88982) |
|  | **NET ASSETS - 100.0%** | $63355588 |

---

ETF - Exchange-Traded Fund <br>

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

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG JANUS HENDERSON<sup>®</sup> BALANCED STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 10.5%** |  |
|  | **EQUITY - 3.0%** |  |
| 105517 | Janus Henderson Small/Mid Cap Growth Alpha ETF | $8852876 |
|  | **FIXED INCOME - 7.5%** |  |
| 487596 | Janus Henderson Mortgage-Backed Securities ETF | 22370905 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $28,780,156)** | 31223781 |
|  | **OPEN END FUNDS — 89.3%** |  |
|  | **EQUITY - 9.6%** |  |
| 726752 | Janus Henderson Contrarian Fund, Class N | 22413023 |
| 59786 | Janus Henderson Research Fund, Class N | 6154394 |
|  |  | 28567417 |
|  | **MIXED ALLOCATION - 79.7%** |  |
| 4584693 | Janus Henderson Balanced Fund, Class N | 237762181 |
|  | **TOTAL OPEN END FUNDS (Cost $230,956,252)** | 266329598 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 1328558 | BlackRock Liquidity FedFund, Institutional Class, 3.98% (Cost $1,328,558)<sup>(a)</sup> | 1328558 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $261,064,966)** | $298881937 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | (475878) |
|  | **NET ASSETS - 100.0%** | $298406059 |

---

ETF - Exchange-Traded Fund <br>

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

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG JANUS HENDERSON<sup>®</sup> TACTICAL INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 20.2%** |  |
|  | **EQUITY - 2.2%** |  |
| 27600 | Janus Henderson Small/Mid Cap Growth Alpha ETF | $2315640 |
|  | **FIXED INCOME - 18.0%** |  |
| 406412 | Janus Henderson Mortgage-Backed Securities ETF | 18646183 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $20,038,633)** | 20961823 |
|  | **OPEN END FUNDS — 79.5%** |  |
|  | **EQUITY - 38.4%** |  |
| 117146 | Janus Henderson Contrarian Fund, Class N | 3612784 |
| 990212 | Janus Henderson Global Equity Income Fund, Class N | 6980997 |
| 127135 | Janus Henderson Growth and Income Fund, Class N | 10357722 |
| 161131 | Janus Henderson Overseas Fund, Class N | 8966917 |
| 95943 | Janus Henderson Research Fund, Class N | 9876354 |
|  |  | 39794774 |
|  | **FIXED INCOME - 41.1%** |  |
| 264553 | Janus Henderson Developed World Bond Fund, Class R6 | 2084678 |
| 2879358 | Janus Henderson Flexible Bond Fund, Class N | 27181144 |
| 1785146 | Janus Henderson High-Yield Fund, Class N | 13370742 |
|  |  | 42636564 |
|  | **TOTAL OPEN END FUNDS (Cost $75,993,359)** | 82431338 |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 506528 | BlackRock Liquidity FedFund, Institutional Class, 3.98% (Cost $506,528)<sup>(a)</sup> | 506528 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $96,538,520)** | $103899689 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | (243540) |
|  | **NET ASSETS - 100.0%** | $103656149 |

---

ETF - Exchange-Traded Fund

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

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG JP MORGAN<sup>®</sup> TACTICAL AGGRESSIVE STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 58.5%** |  |
|  | **EQUITY – 58.5%** |  |
| 863892 | JPMorgan BetaBuilders US Equity ETF | $106742496 |
| 364131 | JPMorgan Global Select Equity ETF | 24837375 |
| 108527 | JPMorgan International Growth ETF | 8309370 |
| 633071 | JPMorgan International Research Enhanced Equity ETF | 47043506 |
| 108428 | JPMorgan International Value ETF | 8289657 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $173,318,492)** | 195222404 |
|  | **OPEN END FUNDS — 41.3%** |  |
|  | **ALTERNATIVE - 4.0%** |  |
| 618422 | JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 | 13320821 |
|  | **EQUITY - 37.3%** |  |
| 301537 | JPMorgan Emerging Markets Equity Fund, Class R6 | 12664561 |
| 350441 | JPMorgan Large Cap Growth Fund, Class R6 | 35051074 |
| 1436909 | JPMorgan Large Cap Value Fund, Class R6 | 31396467 |
| 1574989 | JPMorgan US Equity Fund, Class R6 | 45186424 |
|  |  | 124298526 |
|  | **TOTAL OPEN END FUNDS (Cost $113,062,742)** | 137619347 |
|  | **SHORT-TERM INVESTMENTS — 0.3%** |  |
|  | **MONEY MARKET FUNDS - 0.3%** |  |
| 1166678 | BlackRock Liquidity FedFund, Institutional Class, 3.98% (Cost $1,166,678)<sup>(a)</sup> | 1166678 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $287,547,912)** | $334008429 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (355762) |
|  | **NET ASSETS - 100.0%** | $333652667 |

---

ETF - Exchange-Traded Fund

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

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG JP MORGAN<sup>®</sup> TACTICAL MODERATE STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 51.2%** |  |
|  | **EQUITY – 31.9%** |  |
| 180739 | JPMorgan BetaBuilders US Equity ETF | $22332111 |
| 92390 | JPMorgan Global Select Equity ETF | 6301922 |
| 37407 | JPMorgan International Growth ETF | 2864067 |
| 145330 | JPMorgan International Research Enhanced Equity ETF | 10799472 |
| 37059 | JPMorgan International Value ETF | 2833275 |
|  |  | 45130847 |
|  | **FIXED INCOME - 19.3%** |  |
| 40742 | iShares 10-20 Year Treasury Bond ETF | 4230242 |
| 401391 | JPMorgan BetaBuilders U.S. Aggregate Bond ETF | 18776590 |
| 90622 | JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 4236125 |
|  |  | 27242957 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $66,060,971)** | 72373804 |
|  | **OPEN END FUNDS — 48.4%** |  |
|  | **ALTERNATIVE - 2.8%** |  |
| 180503 | JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 | 3888027 |
|  | **EQUITY - 29.0%** |  |
| 68568 | JPMorgan Emerging Markets Equity Fund, Class R6 | 2879870 |
| 23004 | JPMorgan Equity Index Fund, Class R6 | 2363218 |
| 128706 | JPMorgan Large Cap Growth Fund, Class R6 | 12873172 |
| 479548 | JPMorgan Large Cap Value Fund, Class R6 | 10478117 |
| 431546 | JPMorgan US Equity Fund, Class R6 | 12381061 |
|  |  | 40975438 |
|  | **FIXED INCOME - 16.6%** |  |
| 2353366 | JPMorgan Core Plus Bond Fund, Class R6 | 17273705 |
| 728012 | JPMorgan Income Fund, Class R6 | 6260903 |
|  |  | 23534608 |
|  | **TOTAL OPEN END FUNDS (Cost $58,017,634)** | 68398073 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG JP MORGAN<sup>®</sup> TACTICAL MODERATE STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 583124 | BlackRock Liquidity FedFund, Institutional Class, 3.98% (Cost $583,124)<sup>(a)</sup> | $583124 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $124,661,729)** | $141355001 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0)%**<sup>(b)</sup> | 35858 |
|  | **NET ASSETS - 100.0%** | $141390859 |

---

ETF - Exchange-Traded Fund

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG MEEDER TACTICAL STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.5%** |  |
|  | **ALTERNATIVE - 10.0%** |  |
| 807460 | Meeder Spectrum Fund, Institutional Class<sup>(a)</sup> | $12693267 |
|  | **EQUITY - 76.2%** |  |
| 1354932 | Meeder Dynamic Allocation Fund, Institutional Class | 21231791 |
| 333535 | Meeder Moderate Allocation Fund, Institutional Class | 4422674 |
| 6703479 | Meeder Muirfield Fund, Institutional Class<sup>(a)</sup> | 70654666 |
|  |  | 96309131 |
|  | **FIXED INCOME - 2.7%** |  |
| 183224 | Meeder Tactical Income Fund, Institutional Class | 1769948 |
| 79390 | Performance Trust Total Return Bond Fund, Institutional Class | 1590983 |
|  |  | 3360931 |
|  | **MIXED ALLOCATION - 10.6%** |  |
| 709698 | Meeder Balanced Fund, Institutional Class | 9914476 |
| 142979 | Meeder Conservative Allocation Fund, Institutional Class | 3545887 |
|  |  | 13460363 |
|  | **TOTAL OPEN END FUNDS (Cost $113,853,759)** | 125823692 |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 670684 | BlackRock Liquidity FedFund, Institutional Class, 3.98% (Cost $670,684)<sup>(b)</sup> | 670684 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $114,524,443)** | $126494376 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0)%<sup>(c)</sup>** | (66487) |
|  | **NET ASSETS - 100.0%** | $126427529 |

---

<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 October 31, 2025.

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

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG MFS<sup>®</sup> AGGRESSIVE GROWTH STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 14.7%** |  |
|  | **COMMODITY - 4.9%** |  |
| 177006 | iShares GSCI Commodity Dynamic Roll Strategy ETF | $4771197 |
|  | **EQUITY - 9.8%** |  |
| 43092 | Schwab International Small-Cap Equity ETF | 1952929 |
| 60650 | SPDR Portfolio Emerging Markets ETF | 2885727 |
| 7722 | Vanguard Small-Cap Growth ETF | 2345326 |
| 11713 | Vanguard Small-Cap Value ETF | 2418852 |
|  |  | 9602834 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $12,142,037)** | 14374031 |
|  | **OPEN END FUNDS — 84.9%** |  |
|  | **EQUITY - 84.9%** |  |
| 303214 | MFS Global Real Estate Fund, Class R6 | 5024249 |
| 50303 | MFS Growth Fund, Class R6 | 11639622 |
| 119993 | MFS International Equity Fund, Class R6 | 4826126 |
| 98493 | MFS International Growth Fund, Class R6 | 4915810 |
| 283273 | MFS International Large Cap Value Fund, Class R6 | 4875135 |
| 51908 | MFS International New Discovery Fund, Class R6 | 1790825 |
| 287232 | MFS Mid Cap Growth Fund, Class R6 | 9679714 |
| 298929 | MFS Mid Cap Value Fund, Class R6 | 9840758 |
| 167515 | MFS Research Fund, Class R6 | 10903572 |
| 293110 | MFS Research International Fund, Class R6 | 7749818 |
| 227557 | MFS Value Fund, Class R6 | 11785198 |
|  | **TOTAL OPEN END FUNDS (Cost $72,127,754)** | 83030827 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG MFS<sup>®</sup> AGGRESSIVE GROWTH STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 441173 | BlackRock Liquidity FedFund, Institutional Class, 3.98% (Cost $441,173)<sup>(a)</sup> | $441173 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $84,710,964)** | $97846031 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0)%**<sup>(b)</sup> | (46115) |
|  | **NET ASSETS - 100.0%** | $97799916 |

---

ETF - Exchange-Traded Fund <br>SPDR - Standard & Poor's Depositary Receipt

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG PIMCO ACTIVE CORE BOND STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.4%** |  |
|  | **FIXED INCOME – 99.4%** |  |
| 3979589 | PIMCO Income Fund, Institutional Class | $43656092 |
| 1876821 | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 18786976 |
| 1011099 | PIMCO Investment Grade Credit Bond Fund, Institutional Class | 9342558 |
| 2319660 | PIMCO Mortgage Opportunities and Bond Fund, Institutional Class | 21828001 |
| 7031492 | PIMCO Total Return Fund, Institutional Class | 62369329 |
|  | **TOTAL OPEN END FUNDS (Cost $156,149,271)** | 155982956 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 704475 | BlackRock Liquidity FedFund, Institutional Class, 3.98% (Cost $704,475)<sup>(a)</sup> | 704475 |
|  | **TOTAL INVESTMENTS – 99.8% (Cost $156,853,746)** | $156687431 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%** | 313489 |
|  | **NET ASSETS - 100.0%** | $157000920 |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG US EQUITY INDEX STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.7%** |  |
|  | **EQUITY - 99.7%** |  |
| 41766 | Vanguard Extended Market ETF | $8843533 |
| 289529 | Vanguard Russell 1000 Growth ETF | 36165067 |
| 353082 | Vanguard Russell 1000 Value ETF | 31703233 |
| 19504 | Vanguard Russell 2000 ETF | 1941428 |
| 102629 | Vanguard S&P 500 ETF | 64352488 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $118,291,818)** | 143005749 |
|  | **SHORT-TERM INVESTMENTS — 0.3%** |  |
|  | **MONEY MARKET FUNDS - 0.3%** |  |
| 502222 | BlackRock Liquidity FedFund, Institutional Class, 3.98% (Cost $502,222)<sup>(a)</sup> | 502222 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $118,794,040)** | $143507971 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0)%**<sup>(b)</sup> | (1629) |
|  | **NET ASSETS - 100.0%** | $143506342 |

---

ETF - Exchange-Traded Fund <br>

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Assets and Liabilities (Unaudited)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets:** |<br>**PFG American Funds®**<br>**Conservative Income**<br>**Strategy Fund** |<br>**PFG American Funds®**<br>**Growth Strategy Fund** |<br>**PFG BNY Mellon**<br>**Diversifier Strategy**<br>**Fund** |<br>**PFG BR Target**<br>**Allocation Equity**<br>**Strategy Fund** | **PFG Fidelity**<br>**Institutional AM®**<br>**Core Plus Bond**<br>**Strategy Fund** |
| Investments in unaffiliated securities, at cost | $232002858 | $959343139 | $106241612 | $314096376 | $52875096 |
| Investments in affiliated securities, at cost |  |  |  |  | 13607992 |
| Total Securities, at cost | $232002858 | $959343139 | $106241612 | $314096376 | $66483088 |
| Investments in unaffiliated securities, at fair value | $235928575 | $1189316527 | $110041137 | $398544204 | $54534237 |
| Investments in affiliated securities, at fair value |  |  |  |  | 14366747 |
| Total Securities, at fair value | $235928575 | $1189316527 | $110041137 | $398544204 | $68900984 |
| Receivable for Fund shares sold | 806213 | 4045564 | 177776 | 642102 | 276702 |
| Interest and dividends receivable | 560001 | 15421 | 273290 | 5328 | 193965 |
| **Total Assets** | 237294789 | 1193377512 | 110492203 | 399191634 | 69371651 |
| **Liabilities:** |  |  |  |  |  |
| Payable for Fund shares redeemed | 75974 | 866237 | 175691 | 123943 | 46661 |
| Payable for securities purchased |  | 1000025 | 150000 | 289071 |  |
| Accrued investment advisory fees | 248128 | 1221600 | 115414 | 407905 | 72587 |
| Payable to administrator | 177680 | 984039 | 60495 | 278816 | 31497 |
| **Total Liabilities** | 501782 | 4071901 | 501600 | 1099735 | 150745 |
| **Net Assets** | $236793007 | $1189305611 | $109990603 | $398091899 | $69220906 |
| **Net Assets:** |  |  |  |  |  |
| Paid in capital | $237580438 | $898232265 | $120665515 | $305623688 | $65410605 |
| Accumulated earnings/(deficit) | (787431) | 291073346 | (10674912) | 92468211 | 3810301 |
| **Net Assets** | $236793007 | $1189305611 | $109990603 | $398091899 | $69220906 |
| **Class I Shares:** |  |  |  |  |  |
| Net assets | $236793007 | $1189305611 | $109990603 | $398091899 | $69220906 |
| Total shares outstanding at end of year ($0 par value, unlimited shares authorized) | 23441116 | 81575437 | 11106659 | 23235369 | 7525651 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $10.10 | $14.58 | $9.90 | $17.13 | $9.20 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Assets and Liabilities (Unaudited)(Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets:** | **PFG Fidelity**<br>**Institutional AM®**<br>**Equity Index Strategy**<br>**Fund** | **PFG Fidelity**<br>**Institutional AM®**<br>**Equity Sector Strategy**<br>**Fund** |<br>**PFG Global Equity**<br>**Index Strategy Fund** |<br>**PFG Invesco® Equity**<br>**Factor Rotation**<br>**Strategy Fund** |<br>**PFG Janus**<br>**Henderson® Balanced**<br>**Strategy Fund** |
| Total Securities, at cost | $399116704 | $490438625 | $54343104 | $53816038 | $261064966 |
| Total Securities, at fair value | $525825982 | $542044528 | $66432299 | $63444570 | $298881937 |
| Receivable for securities sold |  | 1599800 |  |  |  |
| Receivable for Fund shares sold | 1071280 | 1131343 | 97251 | 68071 | 440868 |
| Interest and dividends receivable | 9951 | 7723 | 1086 | 1352 | 3823 |
| **Total Assets** | 526907213 | 544783394 | 66530636 | 63513993 | 299326628 |
| **Liabilities:** |  |  |  |  |  |
| Payable for Fund shares redeemed | 124164 | 183616 | 44398 | 32610 | 140206 |
| Payable for securities purchased | 450015 | 1600015 | 618570 |  | 280025 |
| Accrued investment advisory fees | 539570 | 555759 | 67105 | 66299 | 308928 |
| Payable to administrator | 402313 | 410196 | 10108 | 59496 | 191410 |
| **Total Liabilities** | 1516062 | 2749586 | 740181 | 158405 | 920569 |
| **Net Assets** | $525391151 | $542033808 | $65790455 | $63355588 | $298406059 |
| **Net Assets:** |  |  |  |  |  |
| Paid in capital | $384515360 | $412511912 | $52372605 | $62044241 | $265314850 |
| Accumulated earnings | 140875791 | 129521896 | 13417850 | 1311347 | 33091209 |
| **Net Assets** | $525391151 | $542033808 | $65790455 | $63355588 | $298406059 |
| **Class I Shares:** |  |  |  |  |  |
| Net assets | $525391151 | $542033808 | $65790455 | $63355588 | $298406059 |
| Total shares outstanding at end of year ($0 par value, unlimited shares authorized) | 31977175 | 34179268 | 5147460 | 6197107 | 26258492 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $16.43 | $15.86 | $12.78 | $10.22 | $11.36 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Assets and Liabilities (Unaudited)(Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets:** | **PFG Janus**<br>**Henderson® Tactical**<br>**Income Strategy Fund** | **PFG JP Morgan®**<br>**Tactical Aggressive**<br>**Strategy Fund** | **PFG JP Morgan®**<br>**Tactical Moderate**<br>**Strategy Fund** |<br>**PFG Meeder Tactical**<br>**Strategy Fund** |<br>**PFG MFS® Aggressive**<br>**Growth Strategy Fund** |
| Investments in unaffiliated securities, at cost | $96538520 | $287547912 | $124661729 | $39883283 | $84710964 |
| Investments in affiliated securities, at cost |  |  |  | 74641160 |  |
| Total Securities, at cost | $96538520 | $287547912 | $124661729 | $114524443 | $84710964 |
| Investments in unaffiliated securities, at fair value | $103899689 | $334008429 | $141355001 | $43146443 | $97846031 |
| Investments in affiliated securities, at fair value |  |  |  | 83347933 |  |
| Total Securities, at fair value | $103899689 | $334008429 | $141355001 | $126494376 | $97846031 |
| Cash |  |  | 70478 | 6413 |  |
| Receivable for Fund shares sold | 123820 | 305405 | 202290 | 215274 | 138903 |
| Interest and dividends receivable | 182368 | 4388 | 31615 | 1851 | 1420 |
| **Total Assets** | 104205877 | 334318222 | 141659384 | 126717914 | 97986354 |
| **Liabilities:** |  |  |  |  |  |
| Payable for Fund shares redeemed | 207287 | 80020 | 25575 | 34187 | 39980 |
| Payable for securities purchased | 190025 |  |  | 75000 |  |
| Accrued investment advisory fees | 108392 | 345198 | 147130 | 130708 | 102008 |
| Payable to administrator | 44024 | 240337 | 95820 | 50490 | 44450 |
| **Total Liabilities** | 549728 | 665555 | 268525 | 290385 | 186438 |
| **Net Assets** | $103656149 | $333652667 | $141390859 | $126427529 | $97799916 |
| **Net Assets:** |  |  |  |  |  |
| Paid in capital | $99142447 | $240188042 | $120031558 | $107279046 | $78226126 |
| Accumulated earnings | 4513702 | 93464625 | 21359301 | 19148483 | 19573790 |
| **Net Assets** | $103656149 | $333652667 | $141390859 | $126427529 | $97799916 |
| **Class I Shares:** |  |  |  |  |  |
| Net assets | $103656149 | $333652667 | $141390859 | $126427529 | $97799916 |
| Total shares outstanding at end of year ($0 par value, unlimited shares authorized) | 9537999 | 20313593 | 11237147 | 10995846 | 9624428 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $10.87 | $16.43 | $12.58 | $11.50 | $10.16 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Assets and Liabilities (Unaudited)(Continued)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Assets:** | **PFG PIMCO Active Core**<br>**Bond Strategy Fund** | **PFG US Equity Index**<br>**Strategy Fund** |
| Total Securities, at cost | $156853746 | $118794040 |
| Total Securities, at fair value | $156687431 | $143507971 |
| Receivable for Fund shares sold | 125992 | 291934 |
| Interest and dividends receivable | 621019 | 2436 |
| **Total Assets** | 157434442 | 143802341 |
| **Liabilities:** |  |  |
| Payable for Fund shares redeemed | 85582 | 76051 |
| Payable for securities purchased | 85025 |  |
| Accrued investment advisory fees | 163222 | 145900 |
| Payable to administrator | 99693 | 74048 |
| **Total Liabilities** | 433522 | 295999 |
| **Net Assets** | $157000920 | $143506342 |
| **Net Assets:** |  |  |
| Paid in capital | $169349910 | $117949672 |
| Accumulated earnings/(deficit) | (12348990) | 25556670 |
| **Net Assets** | $157000920 | $143506342 |
| **Class I Shares:** |  |  |
| Net assets | $157000920 | $143506342 |
| Total shares outstanding at end of year ($0 par value, unlimited shares authorized) | 17677545 | 10942852 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $8.88 | $13.11 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Operations (Unaudited)** |
| **For the Six Months Ended October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>**PFG American**<br>**Funds® Conservative**<br>**Income Strategy Fund** |<br>**PFG American**<br>**Funds® Growth**<br>**Strategy Fund** |<br>**PFG BNY Mellon**<br>**Diversifier Strategy**<br>**Fund** |<br>**PFG BR Target**<br>**Allocation Equity**<br>**Strategy Fund** | **PFG Fidelity**<br>**Institutional AM®**<br>**Core Plus Bond**<br>**Strategy Fund** |
| **Investment Income:** |  |  |  |  |  |
| Dividend income | $4437532 | $1268664 | $1691910 | $2483213 | $1112758 |
| Income from affiliates |  |  |  |  | 332687 |
| Interest income | 20720 | 84765 | 9398 | 31970 | 6958 |
| **Total Investment Income** | 4458252 | 1353429 | 1701308 | 2515183 | 1452403 |
| **Expenses:** |  |  |  |  |  |
| Investment advisory fees | 1422040 | 6663072 | 679873 | 2231622 | 421833 |
| Administrative service fees | 805727 | 3775529 | 385205 | 1264511 | 239008 |
| **Total Expenses** | 2227767 | 10438601 | 1065078 | 3496133 | 660841 |
| **Net Investment Income/(Loss)** | 2230485 | (9085172) | 636230 | (980950) | 791562 |
| **Net Realized and Unrealized Gain/(Loss) on** |  |  |  |  |  |
| **Investments** |  |  |  |  |  |
| Net realized gain/(loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | (61742) | 6557168 | 1138776 | 3820456 | 589336 |
| &nbsp;&nbsp;&nbsp;Affiliated investments (Note 5) |  |  |  |  | 100758 |
| Distributions received from underlying investment companies | 61410 | 9306967 |  |  |  |
| Total realized gain/(loss) | (332) | 15864135 | 1138776 | 3820456 | 690094 |
| Net change in unrealized appreciation of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | 7285651 | 209449711 | 3819178 | 66273252 | 807594 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments (Note 5) |  |  |  |  | 308522 |
| Total change in unrealized appreciation of investments | 7285651 | 209449711 | 3819178 | 66273252 | 1116116 |
| **Net Realized and Unrealized Gain on Investments** | 7285319 | 225313846 | 4957954 | 70093708 | 1806210 |
| **Net Increase in Net Assets Resulting from Operations** | $9515804 | $216228674 | $5594184 | $69112758 | $2597772 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Operations (Unaudited)(Continued)** |
| **For the Six Months Ended October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PFG Fidelity**<br>**Institutional AM®**<br>**Equity Index Strategy**<br>**Fund** | **PFG Fidelity**<br>**Institutional AM®**<br>**Equity Sector**<br>**Strategy Fund** |<br>**PFG Global Equity**<br>**Index Strategy Fund\*** |<br>**PFG Invesco® Equity**<br>**Factor Rotation**<br>**Strategy Fund** |<br>**PFG Janus**<br>**Henderson® Balanced**<br>**Strategy Fund** |
| **Investment Income:** |  |  |  |  |  |
| Dividend income | $1797247 | $2683823 | $495924 | $609635 | $2688855 |
| Interest income | 57775 | 44926 | 5141 | 6576 | 22662 |
| **Total Investment Income** | 1855022 | 2728749 | 501065 | 616211 | 2711517 |
| **Expenses:** |  |  |  |  |  |
| Investment advisory fees | 2915003 | 3054117 | 381079 | 379206 | 1780478 |
| Administrative service fees | 1651764 | 1730571 | 215924 | 214861 | 1008823 |
| **Total Expenses** | 4566767 | 4784688 | 597003 | 594067 | 2789301 |
| **Net Investment Income/(Loss)** | (2711745) | (2055939) | (95938) | 22144 | (77784) |
| **Net Realized and Unrealized Gain on Investments** |  |  |  |  |  |
| Net realized gain from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | 11159461 | 47192226 | 714146 | 451311 | 1431579 |
| Net change in unrealized appreciation of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | 77186795 | 55522723 | 10456790 | 5538350 | 39513177 |
| **Net Realized and Unrealized Gain on Investments** | 88346256 | 102714949 | 11170936 | 5989661 | 40944756 |
| **Net Increase in Net Assets Resulting from Operations** | $85634511 | $100659010 | $11074998 | $6011805 | $40866972 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Operations (Unaudited)(Continued)** |
| **For the Six Months Ended October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PFG Janus**<br>**Henderson® Tactical**<br>**Income Strategy Fund** | **PFG JP Morgan®**<br>**Tactical Aggressive**<br>**Strategy Fund** | **PFG JP Morgan®**<br>**Tactical Moderate**<br>**Strategy Fund** |<br>**PFG Meeder Tactical**<br>**Strategy Fund** |<br>**PFG MFS® Aggressive**<br>**Growth Strategy Fund** |
| **Investment Income:** |  |  |  |  |  |
| Dividend income | $1974554 | $1516214 | $1654466 | $403259 | $172562 |
| Income from affiliates |  |  |  | 450776 |  |
| Interest income | 7599 | 29481 | 12022 | 10459 | 7790 |
| **Total Investment Income** | 1982153 | 1545695 | 1666488 | 864494 | 180352 |
| **Expenses:** |  |  |  |  |  |
| Investment advisory fees | 643820 | 1927349 | 851403 | 755551 | 590898 |
| Administrative service fees | 364778 | 1092081 | 482402 | 428094 | 334802 |
| **Total Expenses** | 1008598 | 3019430 | 1333805 | 1183645 | 925700 |
| **Net Investment Income/(Loss)** | 973555 | (1473735) | 332683 | (319151) | (745348) |
| **Net Realized and Unrealized Gain/(Loss) on Investments** |  |  |  |  |  |
| Net realized gain/(loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | 1200932 | 27535289 | 6878029 | (124841) | 1106437 |
| &nbsp;&nbsp;&nbsp;Affiliated investments (Note 5) | 36214 |  |  | 203103 |  |
| Distributions received from underlying investment companies |  |  |  |  | 215044 |
| Total realized gain | 1237146 | 27535289 | 6878029 | 78262 | 1321481 |
| Net change in unrealized appreciation of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investments | 7864424 | 30092284 | 10089301 | 5406182 | 10512537 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments (Note 5) | 76850 |  |  | 13723337 |  |
| Total change in unrealized appreciation of investments | 7941274 | 30092284 | 10089301 | 19129519 | 10512537 |
| **Net Realized and Unrealized Gain on Investments** | 9178420 | 57627573 | 16967330 | 19207781 | 11834018 |
| **Net Increase in Net Assets Resulting from Operations** | $10151975 | $56153838 | $17300013 | $18888630 | $11088670 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Operations (Unaudited)(Continued)** |
| **For the Six Months Ended October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **PFG PIMCO Active**<br>**Core Bond Strategy**<br>**Fund** |<br>**PFG US Equity Index**<br>**Strategy Fund\*** |
| **Investment Income:** |  |  |
| Dividend income | $3908310 | $724016 |
| Interest income | 15996 | 14438 |
| **Total Investment Income** | 3924306 | 738454 |
| **Expenses:** |  |  |
| Investment advisory fees | 934677 | 765217 |
| Administrative service fees | 529588 | 433625 |
| **Total Expenses** | 1464265 | 1198842 |
| **Net Investment Income/(Loss)** | 2460041 | (460388) |
| **Net Realized and Unrealized Gain/(Loss) on Investments** |  |  |
| Net realized gain/(loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | (1015905) | 947087 |
| Net change in unrealized appreciation of: |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investments | 4589550 | 23184804 |
| **Net Realized and Unrealized Gain on Investments** | 3573645 | 24131891 |
| **Net Increase in Net Assets Resulting from Operations** | $6033686 | $23671503 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Changes in Net Assets** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PFG American Funds®** | **PFG American Funds®** | | | | |
|  | **Conservative Income** | **Conservative Income** | **PFG American Funds®** | **PFG American Funds®** | **PFG BNY Mellon Diversifier** | **PFG BNY Mellon Diversifier** |
|  | **Strategy Fund** | **Strategy Fund** | **Growth Strategy Fund** | **Growth Strategy Fund** | **Strategy Fund** | **Strategy Fund** |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 |
| **Increase/(Decrease) in Net Assets From Operations:** |  |  |  |  |  |  |
| Net investment income/(loss) | $2230485 | $4183116 | $(9085172) | $(10382285) | $636230 | $3019111 |
| Net realized gain/(loss) on investments | (61742) | (1731597) | 6557168 | 22057647 | 1138776 | (484684) |
| Distributions received from underlying investment companies | 61410 | 1944903 | 9306967 | 58500902 |  | 98814 |
| Net change in unrealized appreciation/(depreciation) on investments | 7285651 | 11032841 | 209449711 | (4208273) | 3819178 | 2552746 |
| Net increase in net assets resulting from operations | 9515804 | 15429263 | 216228674 | 65967991 | 5594184 | 5185987 |
| **From Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | (4774048) |  | (44148684) |  | (3141390) |
| Total distributions to shareholders |  | (4774048) |  | (44148684) |  | (3141390) |
| **From Shares of Beneficial Interest:** |  |  |  |  |  |  |
| Proceeds from shares sold | 38357954 | 76795330 | 158952939 | 258282416 | 10900270 | 22370360 |
| Reinvestment of distributions |  | 4766689 |  | 44144985 |  | 3140860 |
| Cost of shares redeemed | (32453764) | (69326379) | (108470421) | (186319070) | (15383379) | (32972196) |
| Net increase/(decrease) in net assets from share transactions of beneficial interest | 5904190 | 12235640 | 50482518 | 116108331 | (4483109) | (7460976) |
| Total increase/(decrease) in net assets | 15419994 | 22890855 | 266711192 | 137927638 | 1111075 | (5416379) |
| **Net Assets:** |  |  |  |  |  |  |
| Beginning of year/period | 221373013 | 198482158 | 922594419 | 784666781 | 108879528 | 114295907 |
| End of year/period | $236793007 | $221373013 | $1189305611 | $922594419 | $109990603 | $108879528 |
| **Share Activity:** |  |  |  |  |  |  |
| Shares Sold | 3861285 | 7986877 | 11597554 | 20876162 | 1129759 | 2331770 |
| Shares Reinvested |  | 503878 |  | 3560079 |  | 336641 |
| Shares Redeemed | (3271187) | (7201753) | (8043608) | (15107569) | (1597056) | (3444679) |
| Net increase/(decrease) in shares of beneficial interest outstanding | 590098 | 1289002 | 3553946 | 9328672 | (467297) | (776268) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Changes in Net Assets (Continued)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PFG BR Target Allocation** | **PFG BR Target Allocation** | **PFG Fidelity Institutional AM®** | **PFG Fidelity Institutional AM®** | **PFG Fidelity Institutional AM®** | **PFG Fidelity Institutional AM®** |
|  | **Equity Strategy Fund** | **Equity Strategy Fund** | **Core Plus Bond Strategy Fund** | **Core Plus Bond Strategy Fund** | **Equity Index Strategy Fund** | **Equity Index Strategy Fund** |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 |
| **Increase/(Decrease) in Net Assets From Operations:** |  |  |  |  |  |  |
| Net investment income/(loss) | $(980950) | $(1444134) | $791562 | $1411341 | $(2711745) | $(569926) |
| Net realized gain on investments | 3820456 | 14264185 | 690094 | 643887 | 11159461 | 14366126 |
| Distributions received from underlying investment companies |  |  |  |  |  | 165842 |
| Net change in unrealized appreciation on investments | 66273252 | 7364293 | 1116116 | 1329617 | 77186795 | 12537523 |
| Net increase in net assets resulting from operations | 69112758 | 20184344 | 2597772 | 3384845 | 85634511 | 26499565 |
| **From Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  |  |  | (1222224) |  | (28478244) |
| Total distributions to shareholders |  |  |  | (1222224) |  | (28478244) |
| **From Shares of Beneficial Interest:** |  |  |  |  |  |  |
| Proceeds from shares sold | 47981669 | 119851378 | 10134513 | 33289528 | 79619479 | 150707646 |
| Reinvestment of distributions |  |  |  | 1221900 |  | 28476727 |
| Cost of shares redeemed | (30185406) | (54975630) | (9584138) | (23293296) | (37643441) | (158607190) |
| Net increase in net assets from share transactions of beneficial interest | 17796263 | 64875748 | 550375 | 11218132 | 41976038 | 20577183 |
| Total increase in net assets | 86909021 | 85060092 | 3148147 | 13380753 | 127610549 | 18598504 |
| **Net Assets:** |  |  |  |  |  |  |
| Beginning of year/period | 311182878 | 226122786 | 66072759 | 52692006 | 397780602 | 379182098 |
| End of year/period | $398091899 | $311182878 | $69220906 | $66072759 | $525391151 | $397780602 |
| **Share Activity:** |  |  |  |  |  |  |
| Shares Sold | 3022094 | 8531238 | 1128704 | 3758520 | 5229110 | 10488987 |
| Shares Reinvested |  |  |  | 140448 |  | 2050160 |
| Shares Redeemed | (1905416) | (3925849) | (1065904) | (2616515) | (2456450) | (11458400) |
| Net increase in shares of beneficial interest outstanding | 1116678 | 4605389 | 62800 | 1282453 | 2772660 | 1080747 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Changes in Net Assets (Continued)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PFG Fidelity Institutional AM®** | **PFG Fidelity Institutional AM®** | **PFG Global Equity Index Strategy** | **PFG Global Equity Index Strategy** | **PFG Invesco® Equity Factor** | **PFG Invesco® Equity Factor** |
|  | **Equity Sector Strategy Fund** | **Equity Sector Strategy Fund** | **Fund** | **Fund** | **Rotation Strategy Fund** | **Rotation Strategy Fund** |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Period\* Ended<br>April 30,<br>2025 | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2024 |
| **Increase/(Decrease) in Net Assets From Operations:** |  |  |  |  |  |  |
| Net investment income/(loss) | $(2055939) | $(3830582) | $(95938) | $75117 | $22144 | $16392 |
| Net realized gain on investments | 47192226 | 56609716 | 714146 | 1223797 | 451311 | 5985933 |
| Distributions received from underlying investment companies |  | 10028108 |  |  |  |  |
| Net change in unrealized appreciation/(depreciation) on investments | 55522723 | (41229986) | 10456790 | 1632405 | 5538350 | (1645942) |
| Net increase in net assets resulting from operations | 100659010 | 21577256 | 11074998 | 2931319 | 6011805 | 4356383 |
| **From Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | (38581791) |  | (588467) |  | (12657) |
| Total distributions to shareholders |  | (38581791) |  | (588467) |  | (12657) |
| **From Shares of Beneficial Interest:** |  |  |  |  |  |  |
| Proceeds from shares sold | 68824710 | 127962527 | 4933332 | 63412593 | 6615226 | 10546623 |
| Reinvestment of distributions |  | 38571583 |  | 588467 |  | 12657 |
| Cost of shares redeemed | (43123244) | (124539810) | (6026602) | (10535185) | (5372137) | (17993926) |
| Net increase/(decrease) in net assets from share transactions of beneficial interest | 25701466 | 41994300 | (1093270) | 53465875 | 1243089 | (7434646) |
| Total increase/(decrease) in net assets | 126360476 | 24989765 | 9981728 | 55808727 | 7254894 | (3090920) |
| **Net Assets:** |  |  |  |  |  |  |
| Beginning of year/period | 415673332 | 390683567 | 55808727 |  | 56100694 | 59191614 |
| End of year/period | $542033808 | $415673332 | $65790455 | $55808727 | $63355588 | $56100694 |
| **Share Activity:** |  |  |  |  |  |  |
| Shares Sold | 4689287 | 9127887 | 405789 | 6179185 | 662591 | 1168769 |
| Shares Reinvested |  | 2813391 |  | 54792 |  | 1394 |
| Shares Redeemed | (2931423) | (8833197) | (507104) | (985202) | (539228) | (1962430) |
| Net increase/(decrease) in shares of beneficial interest outstanding | 1757864 | 3108081 | (101315) | 5248775 | 123363 | (792267) |

---

\* Commencement of operations and trading was May 1, 2024.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Changes in Net Assets (Continued)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PFG Janus Henderson®** | **PFG Janus Henderson®** | **PFG Janus Henderson® Tactical** | **PFG Janus Henderson® Tactical** | **PFG JP Morgan® Tactical** | **PFG JP Morgan® Tactical** |
|  | **Balanced Strategy Fund** | **Balanced Strategy Fund** | **Income Strategy Fund** | **Income Strategy Fund** | **Aggressive Strategy Fund** | **Aggressive Strategy Fund** |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 |
| **Increase/(Decrease) in Net Assets From Operations:** |  |  |  |  |  |  |
| Net investment income/(loss) | $(77784) | $715369 | $973555 | $2296517 | $(1473735) | $2117032 |
| Net realized gain on investments | 1431579 | 2659026 | 1237146 | 5515018 | 27535289 | 27779375 |
| Distributions received from underlying investment companies |  | 12559094 |  | 1867221 |  | 4563255 |
| Net change in unrealized appreciation/(depreciation) on investments | 39513177 | 4468757 | 7941274 | (2958347) | 30092284 | (13472861) |
| Net increase in net assets resulting from operations | 40866972 | 20402246 | 10151975 | 6720409 | 56153838 | 20986801 |
| **From Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | (1075107) |  | (2518418) |  | (4858299) |
| Total distributions to shareholders |  | (1075107) |  | (2518418) |  | (4858299) |
| **From Shares of Beneficial Interest:** |  |  |  |  |  |  |
| Proceeds from shares sold | 25225420 | 47095395 | 9599423 | 27263527 | 32760348 | 51021150 |
| Reinvestment of distributions |  | 1074873 |  | 2518033 |  | 4857607 |
| Cost of shares redeemed | (35787064) | (70916958) | (17325974) | (32600814) | (28744501) | (63570837) |
| Net increase/(decrease) in net assets from share transactions of beneficial interest | (10561644) | (22746690) | (7726551) | (2819254) | 4015847 | (7692080) |
| Total increase/(decrease) in net assets | 30305328 | (3419551) | 2425424 | 1382737 | 60169685 | 8436422 |
| **Net Assets:** |  |  |  |  |  |  |
| Beginning of year/period | 268100731 | 271520282 | 101230725 | 99847988 | 273482982 | 265046560 |
| End of year/period | $298406059 | $268100731 | $103656149 | $101230725 | $333652667 | $273482982 |
| **Share Activity:** |  |  |  |  |  |  |
| Shares Sold | 2338103 | 4719093 | 918245 | 2731274 | 2140699 | 3633321 |
| Shares Reinvested |  | 106108 |  | 258525 |  | 345737 |
| Shares Redeemed | (3344571) | (7137591) | (1659344) | (3293571) | (1869266) | (4528118) |
| Net increase/(decrease) in shares of beneficial interest outstanding | (1006468) | (2312390) | (741099) | (303772) | 271433 | (549060) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Changes in Net Assets (Continued)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PFG JP Morgan® Tactical** | **PFG JP Morgan® Tactical** | **PFG Meeder Tactical** | **PFG Meeder Tactical** | **PFG MFS® Aggressive** | **PFG MFS® Aggressive** |
|  | **Moderate Strategy Fund** | **Moderate Strategy Fund** | **Strategy Fund** | **Strategy Fund** | **Growth Strategy Fund** | **Growth Strategy Fund** |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 |
| **Increase/(Decrease) in Net Assets From Operations:** |  |  |  |  |  |  |
| Net investment income/(loss) | $332683 | $2488748 | $(319151) | $3618562 | $(745348) | $(360776) |
| Net realized gain/(loss) on investments | 6878029 | 9157110 | 78262 | (179946) | 1106437 | 5994290 |
| Distributions received from underlying investment companies |  | 1154069 |  | 9749238 | 215044 | 4836345 |
| Net change in unrealized appreciation/(depreciation) on investments | 10089301 | (1701861) | 19129519 | (8602642) | 10512537 | (3749353) |
| Net increase in net assets resulting from operations | 17300013 | 11098066 | 18888630 | 4585212 | 11088670 | 6720506 |
| **From Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | (1663228) |  | (4122419) |  | (7668822) |
| Total distributions to shareholders |  | (1663228) |  | (4122419) |  | (7668822) |
| **From Shares of Beneficial Interest:** |  |  |  |  |  |  |
| Proceeds from shares sold | 10813363 | 17983537 | 13501968 | 22417332 | 9351977 | 18160349 |
| Reinvestment of distributions |  | 1662530 |  | 4121912 |  | 7656884 |
| Cost of shares redeemed | (16949833) | (40347900) | (19996499) | (27311743) | (11908274) | (36512840) |
| Net decrease in net assets from share transactions of beneficial interest | (6136470) | (20701833) | (6494531) | (772499) | (2556297) | (10695607) |
| Total increase/(decrease) in net assets | 11163543 | (11266995) | 12394099 | (309706) | 8532373 | (11643923) |
| **Net Assets:** |  |  |  |  |  |  |
| Beginning of year/period | 130227316 | 141494311 | 114033430 | 114343136 | 89267543 | 100911466 |
| End of year/period | $141390859 | $130227316 | $126427529 | $114033430 | $97799916 | $89267543 |
| **Share Activity:** |  |  |  |  |  |  |
| Shares Sold | 909425 | 1614389 | 1246851 | 2148134 | 943351 | 1872400 |
| Shares Reinvested |  | 148839 |  | 399798 |  | 837733 |
| Shares Redeemed | (1429600) | (3608490) | (1857352) | (2661211) | (1215094) | (3734436) |
| Net decrease in shares of beneficial interest outstanding | (520175) | (1845262) | (610501) | (113279) | (271743) | (1024303) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Changes in Net Assets (Continued)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PFG PIMCO Active Core** | **PFG PIMCO Active Core** | **PFG US Equity Index** | **PFG US Equity Index** |
|  | **Bond Strategy Fund** | **Bond Strategy Fund** | **Strategy Fund** | **Strategy Fund** |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Period\* Ended<br>April 30,<br>2025 |
| **Increase/(Decrease) in Net Assets From Operations:** |  |  |  |  |
| Net investment income/(loss) | $2460041 | $4203316 | $(460388) | $(464188) |
| Net realized gain/(loss) on investments | (1015905) | (1036740) | 947087 | 1496458 |
| Net change in unrealized appreciation on investments | 4589550 | 5526233 | 23184804 | 1529127 |
| Net increase in net assets resulting from operations | 6033686 | 8692809 | 23671503 | 2561397 |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | (4506821) |  | (676230) |
| Total distributions to shareholders |  | (4506821) |  | (676230) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold | 25345577 | 53666595 | 33440926 | 107650036 |
| Reinvestment of distributions |  | 4506821 |  | 676230 |
| Cost of shares redeemed | (22340370) | (38094937) | (10008447) | (13809073) |
| Net increase in net assets from share transactions of beneficial interest | 3005207 | 20078479 | 23432479 | 94517193 |
| Total increase in net assets | 9038893 | 24264467 | 47103982 | 96402360 |
| **Net Assets:** |  |  |  |  |
| Beginning of year/period | 147962027 | 123697560 | 96402360 |  |
| End of year/period | $157000920 | $147962027 | $143506342 | $96402360 |
| **Share Activity:** |  |  |  |  |
| Shares Sold | 2924910 | 6287338 | 2766722 | 10173259 |
| Shares Reinvested |  | 542337 |  | 59059 |
| Shares Redeemed | (2587444) | (4463178) | (815769) | (1240419) |
| Net increase in shares of beneficial interest outstanding | 337466 | 2366497 | 1950953 | 8991899 |

---

\* Commencement of operations and trading was May 1, 2024.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG American Funds® Conservative Income Strategy Fund** |

---

Selected data based on a share outstanding throughout the year/period indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Period\* Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year/period | $9.69 | $9.21 | $9.39 | $9.81 | $10.42 | $10.00 |
| Income/(loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (12) | 0.10 | 0.19 | 0.17 | 0.11 | (0.03) | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.31 | 0.50 | (0.14) | (0.25) | (0.43) | 0.50 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 0.41 | 0.69 | 0.03 | (0.14) | (0.46) | 0.59 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.19) | (0.17) | (0.06) |  | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  | (0.02) | (0.04) | (0.22) | (0.15) | (0.06) |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains |  | (0.21) | (0.21) | (0.28) | (0.15) | (0.17) |
| Net asset value, end of year/period | $10.10 | $9.69 | $9.21 | $9.39 | $9.81 | $10.42 |
| Total return (3) | 4.23% | 7.55% | 0.23% | (1.42)% | (4.55)% | 5.89% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $236793 | $221373 | $198482 | $194756 | $204525 | $194943 |
| Ratio of net expenses to average net assets (4) | 1.94% (7) | 1.99% | 1.99% | 2.03% | 2.05% | 2.05% (7) |
| Ratio of gross expenses to average net assets (4) | 1.94% (7) | 2.03% (5) | 2.05% (5) | 2.05% (5) | 2.05% | 2.05% (7) |
| Ratio of net investment income/(loss) to average net assets (24) | 1.94% (7) | 1.92% | 1.84% | 1.18% | (0.28)% | 0.86% (7) |
| Portfolio turnover rate | 5% (6) | 14% | 13% | 33% | 34% | 52% (6) |

---

\* The Fund commenced operations and trading on May 2, 2020.

^ Class R shares were re-designated as Class I shares effective March 31, 2025.

(1) Net investment income/(loss) has been
 calculated using the average shares method, which more appropriately presents the per share data for the year/period.

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

(3) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes
 that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year
 are not annualized.

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

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

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG American Funds® Growth Strategy Fund** |

---

Selected data based on a share outstanding throughout the year/period indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Period\* Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year/period | $11.82 | $11.42 | $9.49 | $11.53 | $14.25 | $10.00 |
| Income/(loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (12) | (0.12) | (0.14) | (0.09) | (0.13) | (0.23) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 2.88 | 1.12 | 2.06 | (0.09) | (1.76) | 4.72 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 2.76 | 0.98 | 1.97 | (0.22) | (1.99) | 4.56 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  | (0.58) | (0.04) | (1.82) | (0.73) | (0.31) |
| Net asset value, end of year/period | $14.58 | $11.82 | $11.42 | $9.49 | $11.53 | $14.25 |
| Total return (3) | 23.35% | 8.38% | 20.79% | (0.50)% | (15.06)% | 45.89% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $1189306 | $922594 | $784667 | $572669 | $562425 | $769747 |
| Ratio of net expenses to average net assets (4) | 1.94% (7) | 1.99% | 1.99% | 2.03% | 2.05% | 2.05% (7) |
| Ratio of gross expenses to average net assets (4) | 1.94% (7) | 2.03% (5) | 2.05% (5) | 2.05% (5) | 2.05% | 2.05% (7) |
| Ratio of net investment loss to average net assets (24) | (1.68)% (7) | (1.12)% | (0.90)% | (1.29)% | (1.61)% | (1.31)% (7) |
| Portfolio turnover rate | 6% (6) | 27% | 6% | 12% | 25% | 33% (6) |

---

\* The Fund commenced operations and trading on May 2, 2020.

^ Class R shares were re-designated as Class I shares effective March 31, 2025.

(1) Net investment loss has been calculated
 using the average shares method, which more appropriately presents the per share data for the year/period.

(2) Recognition of net investment loss
 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(3) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes
 that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year
 are not annualized.

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

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

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG BNY Mellon Diversifier Strategy Fund** |

---

Selected data based on a share outstanding throughout the year/period indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Year Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year/period | $9.41 | $9.25 | $9.34 | $10.05 | $10.79 | $9.63 |
| Income/(loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (12) | 0.06 | 0.25 | 0.09 | 0.27 | 0.07 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.43 | 0.18 | (0.08) | (0.49) | (0.44) | 1.16 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 0.49 | 0.43 | 0.01 | (0.22) | (0.37) | 1.17 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.27) | (0.10) | (0.34) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  |  |  | (0.15) | (0.37) |  |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains |  | (0.27) | (0.10) | (0.49) | (0.37) | (0.01) |
| Net asset value, end of year/period | $9.90 | $9.41 | $9.25 | $9.34 | $10.05 | $10.79 |
| Total return (3) | 5.21% | 4.67% | 0.06% | (2.13)% | (3.64)% | 12.14% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $109991 | $108880 | $114296 | $153043 | $161793 | $124937 |
| Ratio of net expenses to average net assets (4) | 1.94% (7) | 1.99% | 1.99% | 2.03% | 2.05% | 2.05% |
| Ratio of gross expenses to average net assets (4) | 1.94% (7) | 2.03% (5) | 2.05% (5) | 2.05% (5) | 2.05% | 2.05% |
| Ratio of net investment income to average net assets (24) | 1.16% (7) | 2.63% | 0.94% | 2.83% | 0.65% | 0.10% |
| Portfolio turnover rate | 9% (6) | 38% | 26% | 54% | 19% | 67% |

---

^ Class R shares were re-designated as Class I shares effective March 31, 2025.

(1) Net investment loss has been calculated
 using the average shares method, which more appropriately presents the per share data for the year/period.

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

(3) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes
 that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

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

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

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG BR Target Allocation Equity Strategy Fund** |

---

Selected data based on a share outstanding throughout the year/period indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Period\* Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year/period | $14.07 | $12.91 | $11.07 | $11.38 | $13.86 | $10.00 |
| Income/(loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (12) | (0.04) | (0.07) | (0.03) | (0.03) | (0.07) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 3.10 | 1.23 | 1.87 | 0.08 | (0.99) | 4.26 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 3.06 | 1.16 | 1.84 | 0.05 | (1.06) | 4.18 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  |  |  | (0.36) | (1.42) | (0.32) |
| Net asset value, end of year/period | $17.13 | $14.07 | $12.91 | $11.07 | $11.38 | $13.86 |
| Total return (3) | 21.75% | 8.99% | 16.62% | 0.70% | (9.29)% | 42.12% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $398092 | $311183 | $226123 | $121803 | $217232 | $136925 |
| Ratio of net expenses to average net assets (4) | 1.94% (7) | 1.99% | 1.99% | 2.04% | 2.05% | 2.05% (7) |
| Ratio of gross expenses to average net assets (4) | 1.94% (7) | 2.03% (5) | 2.05% (5) | 2.05% (5) | 2.05% | 2.05% (7) |
| Ratio of net investment loss to average net assets (24) | (0.54)% (7) | (0.50)% | (0.22)% | (0.29)% | (0.53)% | (0.66)% (7) |
| Portfolio turnover rate | 4% (6) | 42% | 161% | 43% | 48% | 52% (6) |

---

\* The Fund commenced operations and trading on May 2, 2020.

^ Class R shares were re-designated as Class I shares effective March 31, 2025.

(1) Net investment loss has been calculated
 using the average shares method, which more appropriately presents the per share data for the year/period.

(2) Recognition of net investment loss
 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(3) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes
 that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year
 are not annualized.

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

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

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG Fidelity Institutional AM® Core Plus Bond Strategy Fund** |

---

Selected data based on a share outstanding throughout the year/period indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Period\* Ended<br>April 30,<br>2022 |
| Net asset value, beginning of year/period | $8.85 | $8.53 | $8.78 | $9.00 | $10.00 |
| Income/(Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (12) | 0.11 | 0.21 | 0.19 | 0.06 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.24 | 0.29 | (0.32) | (0.26 | (0.99) |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 0.35 | 0.50 | (0.13) | (0.20 | (1.00) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.18) | (0.12) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains |  | (0.18) | (0.12) | (0.02 |  |
| Net asset value, end of year/period | $9.20 | $8.85 | $8.53 | $8.78 | $9.00 |
| Total return (3) | 3.95% | 5.94% | (1.57)% | (2.24 | (10.00)% |
| Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $69221 | $66073 | $52692 | $20761 | $6877 |
| Ratio of net expenses to average net assets (4) | 1.94% (8) | 1.99% | 1.99% | 2.03 | 2.06% (8) |
| Ratio of gross expenses to average net assets (4) | 1.94% (8) | 2.03% (5) | 2.05% (5) | 2.05 | 2.06% (8) |
| Ratio of net investment income/(loss) to average net assets (24) | 2.32% (8) | 2.36% | 2.24% | 0.75 | (0.25)% (8) |
| Portfolio turnover rate | 19% (7) | 26% | 94% | 70 | 6% (7) |

---

\* The Fund commenced operations and trading on October 29, 2021.

^ Class R shares were re-designated as Class I shares effective March 31, 2025.

(1) Net investment income/(loss) has been
 calculated using the average shares method, which more appropriately presents the per share data for the year/period.

(2) Recognition of net investment income/(loss)
 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(3) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes
 that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year
 are not annualized.

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

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

(6) Amount represents less than $0.005.

(7) Not annualized.

(8) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG Fidelity Institutional AM® Equity Index Strategy Fund** |

---

Selected data based on a share outstanding throughout the year/period indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Period\* Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year/period | $13.62 | $13.48 | $12.16 | $12.59 | $14.12 | $10.00 |
| Income/(Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (12) | (0.09) | (0.02) | 0.01 | 0.02 | (0.05) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 2.90 | 1.30 | 1.79 | 0.04 | (0.75) | 4.49 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 2.81 | 1.28 | 1.80 | 0.06 | (0.80) | 4.44 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.04) | (0.04) | (0.02) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  | (1.14) | (0.44) | (0.45) | (0.71) | (0.30) |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains |  | (1.14) | (0.48) | (0.49) | (0.73) | (0.32) |
| Net asset value, end of year/period | $16.43 | $13.62 | $13.48 | $12.16 | $12.59 | $14.12 |
| Total return (3) | 20.63% | 9.32% | 14.93% | 0.74% | (6.37)% | 44.72% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $525391 | $397781 | $379182 | $246340 | $132819 | $142663 |
| Ratio of net expenses to average net assets (4) | 1.94% (7) | 1.99% | 1.99% | 2.02% | 2.05% | 2.05% (7) |
| Ratio of gross expenses to average net assets (4) | 1.94% (7) | 2.03% (5) | 2.05% (5) | 2.05% (5) | 2.05% | 2.05% (7) |
| Ratio of net investment income/(loss) to average net assets (24) | (1.15)% (7) | (0.16)% | 0.04% | 0.15% | (0.36)% | (0.38)% (7) |
| Portfolio turnover rate | 8% (6) | 21% | 40% | 16% | 16% | 30% (6) |

---

\* The Fund commenced operations and trading on May 2, 2020.

^ Class R shares were re-designated as Class I shares effective March 31, 2025.

(1) Net investment income/(loss) has been
 calculated using the average shares method, which more appropriately presents the per share data for the year/period.

(2) Recognition of net investment income/(loss)
 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(3) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes
 that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year
 are not annualized.

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

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

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG Fidelity Institutional AM® Equity Sector Strategy Fund** |

---

Selected data based on a share outstanding throughout the year/period indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Period\* Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year/period | $12.82 | $13.33 | $11.83 | $12.38 | $12.88 | $10.00 |
| Income/(loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (12) | (0.06) | (0.13) | (0.10) | (0.08) | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 3.10 | 0.97 | 1.91 | 0.74 | 0.47 | 3.54 |
| &nbsp;&nbsp;&nbsp;Total income from investment operations | 3.04 | 0.84 | 1.81 | 0.66 | 0.44 | 3.53 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  | (0.02) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  | (1.35) | (0.31) | (1.21) | (0.92) | (0.61) |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains |  | (1.35) | (0.31) | (1.21) | (0.94) | (0.65) |
| Net asset value, end of year/period | $15.86 | $12.82 | $13.33 | $11.83 | $12.38 | $12.88 |
| Total return (3) | 23.71% | 5.66% | 15.38% | 5.95% | 2.58% | 35.91% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $542034 | $415673 | $390684 | $297203 | $224395 | $138652 |
| Ratio of net expenses to average net assets (4) | 1.94% (7) | 1.99% | 1.99% | 2.03% | 2.05% | 2.05% (7) |
| Ratio of gross expenses to average net assets (4) | 1.94% (7) | 2.03% (5) | 2.05% (5) | 2.05% (5) | 2.05% | 2.05% (7) |
| Ratio of net investment loss to average net assets (24) | (0.83)% (7) | (0.91)% | (0.77)% | (0.65)% | (0.25)% | (0.08)% (7) |
| Portfolio turnover rate | 77% (6) | 114% | 57% | 106% | 70% | 189% (6) |

---

\* The Fund commenced operations and trading on May 2, 2020.

^ Class R shares were re-designated as Class I shares effective March 31, 2025.

(1) Net investment loss has been calculated
 using the average shares method, which more appropriately presents the per share data for the year/period.

(2) Recognition of net investment loss
 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(3) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes
 that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year
 are not annualized.

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

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

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG Global Equity Index Strategy Fund** |

---

Selected data based on a share outstanding throughout each period indicated.

---

| | | |
|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Period\* Ended<br>April 30,<br>2025 |
| Net asset value, beginning of period | $10.63 | $10.00 |
| Income/(loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (12) | (0.02) | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 2.17 | 0.72 |
| &nbsp;&nbsp;&nbsp;Total income from investment operations | 2.15 | 0.74 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  | (0.06) |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains |  | (0.11) |
| Net asset value, end of period | $12.78 | $10.63 |
| Total return (3) | 20.23% | 7.36% |
| Ratios and Supplemental Data: |  |  |
| Net assets, end of period (in 000's) | $65790 | $55809 |
| Ratio of net expenses to average net assets (47) | 1.94% | 1.99% |
| Ratio of gross expenses to average net assets (47) | 1.94% | 2.03% (5) |
| Ratio of net investment income/(loss) to average net assets (247) | (0.31)% | 0.14% |
| Portfolio turnover rate (6) | 5% | 29% |

---

\* The Fund commenced operations and trading on May 1, 2024.

^ Class R shares were re-designated as Class I shares effective March 31, 2025.

(1) Net investment income has been calculated
 using the average shares method, which more appropriately presents the per share data for the period.

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

(3) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes
 that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year
 are not annualized.

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

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

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG Invesco® Equity Factor Rotation Strategy Fund** |

---

Selected data based on a share outstanding throughout the year/period indicated.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) |  | Year Ended<br>April 30,<br>2025 |  | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Period\* Ended<br>April 30,<br>2022 |
| Net asset value, beginning of year/period | $9.24 |  | $8.62 |  | $7.36 | $7.61 | $10.00 |
| Income/(Loss) from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (12) |  | (8) |  | (8) | 0.01 | (0.07) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.98 |  | 0.62 |  | 1.25 | (0.18) | (2.33) |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 0.98 |  | 0.62 |  | 1.26 | (0.25) | (2.37) |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  |  | (8) |  |  | (0.02) |
| Net asset value, end of year/period | $10.22 |  | $9.24 |  | $8.62 | $7.36 | $7.61 |
| Total return (3) | 10.61 | % | 7.22 | % | 17.12% | (3.29)% | (23.77)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $63356 |  | $56101 |  | $59192 | $31557 | $59251 |
| Ratio of net expenses to average net assets (4) | 1.94 | % (7) | 1.99 | % | 1.99% | 2.04% | 2.05% (7) |
| Ratio of gross expenses to average net assets (4) | 1.94 | % (7) | 2.03 | % (5) | 2.05% (5) | 2.05% (5) | 2.05% (7) |
| Ratio of net investment income/(loss) to average net assets (24) | 0.07 | % (7) | 0.03 | % | 0.12% | (0.90)% | (0.82)% (7) |
| Portfolio turnover rate | 5 | % (6) | 57 | % | 121% | 22% | 7% (6) |

---

\* The Fund commenced operations and trading on October 29, 2021.

^ Class R shares were re-designated as Class I shares effective March 31, 2025.

(1) Net investment income/(loss) has been
 calculated using the average shares method, which more appropriately presents the per share data for the year/period.

(2) Recognition of net investment income/(loss)
 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(3) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes
 that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year
 are not annualized.

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

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

(6) Not annualized.

(7) Annualized.

(8) Amount represents less than $0.005.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG Janus Henderson® Balanced Strategy Fund** |

---

Selected data based on a share outstanding throughout the year/period indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) |  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Period\* Ended<br>April 30,<br>2022 |
| Net asset value, beginning of year/period | $9.83 |  | $9.18 | $8.42 | $8.73 | $10.00 |
| Income/(Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (12) |  | (6) | 0.02 | 0.03 | 0.01 |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.53 |  | 0.67 | 0.73 | (0.04) | (1.23 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 1.53 |  | 0.69 | 0.76 | (0.03) | (1.23 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.04) |  |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  |  |  |  | (0.28) |  |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains |  |  | (0.04) |  | (0.28) | (0.04 |
| Net asset value, end of year/period | $11.36 |  | $9.83 | $9.18 | $8.42 | $8.73 |
| Total return (3) | 15.56 | % | 7.47% | 9.03% | (0.20)% | (12.37 |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $298406 |  | $268101 | $271520 | $268073 | $274897 |
| Ratio of net expenses to average net assets (4) | 1.94 | % (8) | 1.99% | 1.99% | 2.03% | 2.05 |
| Ratio of gross expenses to average net assets (4) | 1.94 | % (8) | 2.03% (5) | 2.05% (5) | 2.05% (5) | 2.05 |
| Ratio of net investment income/(loss) to average net assets (24) | (0.05) |)% (8) | 0.25% | 0.40% | 0.07% | (0.01) |
| Portfolio turnover rate | 4 | % (7) | 29% | 21% | 37% | 4 |

---

\* The Fund commenced operations and trading on October 29, 2021.

^ Class R shares were re-designated as Class I shares effective March 31, 2025.

(1) Net investment income/(loss) has been
 calculated using the average shares method, which more appropriately presents the per share data for the year/period.

(2) Recognition of net investment income/(loss)
 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(3) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes
 that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year
 are not annualized.

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

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

(6) Amount represents less than $0.005.

(7) Not annualized.

(8) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG Janus Henderson® Tactical Income Strategy Fund** |

---

Selected data based on a share outstanding throughout the year/period indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Period\* Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year/period | $9.85 | $9.43 | $9.14 | $9.19 | $11.24 | $10.00 |
| Income/(loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (12) | 0.10 | 0.22 | 0.18 | 0.15 | 0.07 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.92 | 0.44 | 0.32 | (0.13) | (0.75) | 1.39 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 1.02 | 0.66 | 0.50 | 0.02 | (0.68) | 1.56 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.24) | (0.21) |  | (0.13) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  |  |  | (0.07) | (1.24) | (0.18) |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains |  | (0.24) | (0.21) | (0.07) | (1.37) | (0.32) |
| Net asset value, end of year/period | $10.87 | $9.85 | $9.43 | $9.14 | $9.19 | $11.24 |
| Total return (3) | 10.36% | 6.99% | 5.47% (6) | 0.34% | (7.18)% | 15.69% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $103656 | $101231 | $99848 | $116490 | $117928 | $116538 |
| Ratio of net expenses to average net assets (4) | 1.94% (8) | 1.99% | 1.99% | 2.03% | 2.05% | 2.05% (8) |
| Ratio of gross expenses to average net assets (4) | 1.94% (8) | 2.03% (5) | 2.05% (5) | 2.05% (5) | 2.05% | 2.05% (8) |
| Ratio of net investment income to average net assets (24) | 1.87% (8) | 2.22% | 1.93% | 1.72% | 0.66% | 1.59% (8) |
| Portfolio turnover rate | 13% (7) | 101% | 41% | 73% | 104% | 70% (7) |

---

\* The Fund commenced operations and trading on May 2, 2020.

^ Class R shares were re-designated as Class I shares effective March 31, 2025.

(1) Net investment income has been calculated
 using the average shares method, which more appropriately presents the per share data for the year/period.

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

(3) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes
 that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year
 are not annualized.

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

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

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

(7) Not annualized.

(8) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG JP Morgan® Tactical Aggressive Strategy Fund** |

---

Selected data based on a share outstanding throughout the year/period indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Year Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year/period | $13.65 | $12.87 | $11.13 | $11.80 | $13.22 | $8.95 |
| Income/(loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (12) | (0.07) | 0.10 | 0.01 | 0.01 | 0.14 | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 2.85 | 0.92 | 1.73 | (0.02) | (0.87) | 4.31 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 2.78 | 1.02 | 1.74 | (0.01) | (0.73) | 4.27 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.12) |  |  | (0.16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  | (0.12) |  | (0.66) | (0.53) |  |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains |  | (0.24) |  | (0.66) | (0.69) |  |
| Net asset value, end of year/period | $16.43 | $13.65 | $12.87 | $11.13 | $11.80 | $13.22 |
| Total return (3) | 20.37% | 7.87% | 15.63% | 0.28% | (6.17)% | 47.71% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $333653 | $273483 | $265047 | $250705 | $249759 | $137843 |
| Ratio of net expenses to average net assets (4) | 1.94% (7) | 1.99% | 1.99% | 2.03% | 2.05% | 2.05% |
| Ratio of gross expenses to average net assets (4) | 1.94% (7) | 2.03% (5) | 2.05% (5) | 2.05% (5) | 2.05% | 2.05% |
| Ratio of net investment income/(loss) to average net assets (24) | (0.94)% (7) | 0.74% | 0.12% | 0.07% | 1.03% | (0.39)% |
| Portfolio turnover rate | 47% (6) | 51% | 48% | 99% | 57% | 42% |

---

^ Class R shares were re-designated as Class I shares effective March 31, 2025.

(1) Net investment income/(loss) has been
 calculated using the average shares method, which more appropriately presents the per share data for the year.

(2) Recognition of net investment income/(loss)
 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(3) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes
 that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

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

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

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG JP Morgan® Tactical Moderate Strategy Fund** |

---

Selected data based on a share outstanding throughout the year/period indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Year Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year/period | $11.08 | $10.40 | $9.65 | $10.52 | $12.10 | $9.32 |
| Income/(loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (12) | 0.03 | 0.20 | 0.11 | 0.07 | 0.09 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.47 | 0.61 | 0.69 | (0.14) | (0.91) | 2.80 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 1.50 | 0.81 | 0.80 | (0.07) | (0.82) | 2.82 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.13) | (0.05) |  | (0.10) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  |  |  | (0.80) | (0.66) |  |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains |  | (0.13) | (0.05) | (0.80) | (0.76) | (0.04) |
| Net asset value, end of year/period | $12.58 | $11.08 | $10.40 | $9.65 | $10.52 | $12.10 |
| Total return (3) | 13.54% | 7.81% | 8.33% | (0.27)% | (7.49)% | 30.29% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $141391 | $130227 | $141494 | $163916 | $190631 | $168096 |
| Ratio of net expenses to average net assets (4) | 1.94% (7) | 1.99% | 1.99% | 2.03% | 2.05% | 2.05% |
| Ratio of gross expenses to average net assets (4) | 1.94% (7) | 2.03% (5) | 2.05% (5) | 2.05% (5) | 2.05% | 2.05% |
| Ratio of net investment income to average net assets (24) | 0.48% (7) | 1.74% | 1.09% | 0.72% | 0.74% | 0.22% |
| Portfolio turnover rate | 24% (6) | 50% | 62% | 119% | 76% | 58% |

---

^ Class R shares were re-designated as Class I shares effective March 31, 2025.

(1) Net investment income has been calculated
 using the average shares method, which more appropriately presents the per share data for the year.

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

(3) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes
 that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

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

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

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG Meeder Tactical Strategy Fund** |

---

Selected data based on a share outstanding throughout the year/period indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Year Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year/period | $9.83 | $9.76 | $8.85 | $10.44 | $11.34 | $9.23 |
| Income/(loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (12) | (0.03) | 0.31 |  | (0.09) | 0.06 | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.70 | 0.10 | 1.12 | 0.08 | (0.73) | 2.32 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 1.67 | 0.41 | 1.12 | (0.01) | (0.67) | 2.22 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.26) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  | (0.08) | (0.21 | (1.58) | (0.23) | (0.11) |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains |  | (0.34) | (0.21 | (1.58) | (0.23) | (0.11) |
| Net asset value, end of year/period | $11.50 | $9.83 | $9.76 | $8.85 | $10.44 | $11.34 |
| Total return (3) | 16.99% | 4.11% | 12.74 | 0.39% | (6.09)% | 24.09% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $126428 | $114033 | $114343 | $114003 | $119009 | $106050 |
| Ratio of net expenses to average net assets (4) | 1.94% (8) | 1.99% | 1.99 | 2.03% | 2.05% | 2.05% |
| Ratio of gross expenses to average net assets (4) | 1.94% (8) | 2.03% (5) | 2.05 | 2.05% (5) | 2.05% | 2.05% |
| Ratio of net investment income/(loss) to average net assets (24) | (0.52)% (8) | 2.93% | (0.04) | (0.90)% | 0.53% | (0.98)% |
| Portfolio turnover rate | 4% (7) | 12% | 7 | 11% | 67% | 19% |

---

^ Class R shares were re-designated as Class I shares effective March 31, 2025.

(1) Net investment income/(loss) has been
 calculated using the average shares method, which more appropriately presents the per share data for the year.

(2) Recognition of net investment income/(loss)
 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(3) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes
 that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

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

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

(6) Amount represents less than $0.005.

(7) Not annualized.

(8) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG MFS® Aggressive Growth Strategy Fund** |

---

Selected data based on a share outstanding throughout the year/period indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Year Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year/period | $9.02 | $9.24 | $8.53 | $10.32 | $13.23 | $9.64 |
| Income/(loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (12) | (0.08) | (0.03) | (0.03) | 0.02 | (0.06) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.22 | 0.60 | 1.02 | (0.13) | (0.39) | 4.10 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 1.14 | 0.57 | 0.99 | (0.11) | (0.45) | 3.96 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  | (0.79) | (0.28) | (1.68) | (2.46) | (0.37) |
| Net asset value, end of year/period | $10.16 | $9.02 | $9.24 | $8.53 | $10.32 | $13.23 |
| Total return (3) | 12.64% | 6.09% | 11.74% | (0.21)% | (5.81)% | 41.39% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $97800 | $89268 | $100911 | $83716 | $88076 | $168971 |
| Ratio of net expenses to average net assets (4) | 1.94% (7) | 1.99% | 1.99% | 2.03% | 2.05% | 2.05% |
| Ratio of gross expenses to average net assets (4) | 1.94% (7) | 2.03% (5) | 2.05% (5) | 2.05% (5) | 2.05% | 2.05% |
| Ratio of net investment income/(loss) to average net assets (24) | (1.56)% (7) | (0.36)% | (0.35)% | 0.20% | (0.50)% | (1.18)% |
| Portfolio turnover rate | 4% (6) | 24% | 18% | 18% | 30% | 39% |

---

^ Class R shares were re-designated as Class I shares effective March 31, 2025.

(1) Net investment income/(loss) has been
 calculated using the average shares method, which more appropriately presents the per share data for the year.

(2) Recognition of net investment income/(loss)
 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(3) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes
 that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

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

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

(6) Annualized.

(7) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG PIMCO Active Core Bond Strategy Fund** |

---

Selected data based on a share outstanding throughout the year/period indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Year Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year/period | $8.53 | $8.26 | $8.43 | $8.91 | $10.15 | $9.98 |
| Income/(loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (12) | 0.14 | 0.26 | 0.26 | 0.31 | 0.07 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.21 | 0.29 | (0.18) | (0.53) | (0.95) | 0.27 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 0.35 | 0.55 | 0.08 | (0.22) | (0.88) | 0.45 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.28) | (0.25) | (0.26) | (0.08) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  |  |  |  | (0.28) | (0.09) |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains |  | (0.28) | (0.25) | (0.26) | (0.36) | (0.28) |
| Net asset value, end of year/period | $8.88 | $8.53 | $8.26 | $8.43 | $8.91 | $10.15 |
| Total return (3) | 4.10% | 6.74% | 0.84% | (2.43)% | (9.00)% | 4.43% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $157001 | $147962 | $123698 | $115328 | $141259 | $169153 |
| Ratio of net expenses to average net assets (4) | 1.94% (7) | 1.99% | 1.99% | 2.03% | 2.05% | 2.05% |
| Ratio of gross expenses to average net assets (4) | 1.94% (7) | 2.03% (5) | 2.05% (5) | 2.05% (5) | 2.05% | 2.05% |
| Ratio of net investment income to average net assets (24) | 3.25% (7) | 3.05% | 3.07% | 3.58% | 0.71% | 1.78% |
| Portfolio turnover rate | 10% (6) | 23% | 25% | 31% | 53% | 64% |

---

^ Class R shares were re-designated as Class I shares effective March 31, 2025.

(1) Net investment income has been calculated
 using the average shares method, which more appropriately presents the per share data for the year.

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

(3) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes
 that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

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

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

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG US Equity Index Strategy Fund** |

---

Selected data based on a share outstanding throughout each period indicated.

---

| | | |
|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ |
|  | Six Months Ended<br>October 31, 2025<br>(Unaudited) | Period\* Ended<br>April 30,<br>2025 |
| Net asset value, beginning of period | $10.72 | $10.00 |
| Income/(loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (12) | (0.05) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 2.44 | 0.89 |
| &nbsp;&nbsp;&nbsp;Total income from investment operations | 2.39 | 0.82 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  | (0.10) |
| Net asset value, end of period | $13.11 | $10.72 |
| Total return (3) | 22.29% | 8.10% |
| Ratios and Supplemental Data: |  |  |
| Net assets, end of period (in 000's) | $143506 | $96402 |
| Ratio of net expenses to average net assets (47) | 1.95% | 1.99% |
| Ratio of gross expenses to average net assets (457) | 1.94% | 2.03% (5) |
| Ratio of net investment loss to average net assets (247) | (0.74)% | (0.65)% |
| Portfolio turnover rate (6) | 4% | 22% |

---

\* The Fund commenced operations and trading on May 1, 2024.

^ Class R shares were re-designated as Class I shares effective March 31, 2025.

(1) Net investment loss has been calculated
 using the average shares method, which more appropriately presents the per share data for the period.

(2) Recognition of net investment loss
 by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(3) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes
 that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year
 are not annualized.

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

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

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| October 31, 2025 |

---

**1.** **ORGANIZATION** 

The Pacific Financial Family of Mutual Funds is comprised of seventeen different actively managed funds. Each Fund is a diversified series of shares of beneficial interest of Northern Lights Fund Trust (the "Trust"), a 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. Each Fund currently offers Class I shares. Effective March 31, 2025, the fund converted its Class R shares to Class I shares. The Funds are "fund of funds", in that each Fund will generally invest in other investment companies. The Funds and their primary investment objective, as of October 31, 2025, are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | **Primary Objective** |
| &nbsp;&nbsp;PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | Current Income |
| &nbsp;&nbsp;PFG American Funds<sup>®</sup> Growth Strategy Fund | Growth of capital |
| &nbsp;&nbsp;PFG BNY Mellon Diversifier Strategy Fund | Income with a secondary objective of capital appreciation |
| &nbsp;&nbsp;PFG BR Target Allocation Equity Strategy Fund | Growth of capital |
| &nbsp;&nbsp;PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund | Current income |
| &nbsp;&nbsp;PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund | Total return |
| &nbsp;&nbsp;PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund | Growth of capital |
| &nbsp;&nbsp;PFG Global Equity Index Strategy Fund | Growth of capital |
| &nbsp;&nbsp;PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund | Aggressive growth |
| &nbsp;&nbsp;PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | Capital appreciation with a secondary objective of income |
| &nbsp;&nbsp;PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund | Current income |
| &nbsp;&nbsp;PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund | Aggressive growth |
| &nbsp;&nbsp;PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | Capital appreciation with a secondary objective of income |
| &nbsp;&nbsp;PFG Meeder Tactical Strategy Fund | Capital appreciation |
| &nbsp;&nbsp;PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund | Aggressive growth |
| &nbsp;&nbsp;PFG PIMCO Active Core Bond Strategy Fund | Income |
| &nbsp;&nbsp;PFG US Equity Index Strategy Fund | Growth of capital |

---

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

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. The policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies", including Accounting Standard Update 2013-08.

**Operating Segments –** The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio managers and Chief Financial Officer of the Trust. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**Securities Valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2025 |

---

NASDAQ Official Closing Price ("NOCP"). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the primary exchange on the day of valuation. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value.

**Valuation of Fund of Funds** - The Funds may invest in portfolios of open-end or closed-end investment companies. Open-end investment companies are valued at their respective net asset values as reported by such investment companies. Open-end funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon methods established by the board of directors of the open-end funds.

The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change.

**Exchange Traded Funds –** The Funds may invest in exchange traded funds ("ETFs"). ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities. The Funds may purchase an ETF to gain exposure to a portion of the U.S. or a foreign market. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

The Fund may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These investments are valued using the "fair value" procedures approved by the Board. The Board has designated the advisor as its valuation designee (the "Valuation Designee") to execute these procedures. The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee.

**Fair Valuation Process –** Fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affects the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of a Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

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| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2025 |

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

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

**Level 2 –** Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument 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 a Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of October 31, 2025 for each Fund's investments measured at fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| **PFG American Funds<sup>®</sup> Conservative Income Strategy Fund** | **PFG American Funds<sup>®</sup> Conservative Income Strategy Fund** | **PFG American Funds<sup>®</sup> Conservative Income Strategy Fund** | **PFG American Funds<sup>®</sup> Conservative Income Strategy Fund** | **PFG American Funds<sup>®</sup> Conservative Income Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Open End Funds | $235099080 | $— | $— | $235099080 |
| Short-Term Investment | 829495 |  |  | 829495 |
| Total | $235928575 | $— | $— | $235928575 |
| **PFG American Funds<sup>®</sup> Growth Strategy Fund** | **PFG American Funds<sup>®</sup> Growth Strategy Fund** | **PFG American Funds<sup>®</sup> Growth Strategy Fund** | **PFG American Funds<sup>®</sup> Growth Strategy Fund** | **PFG American Funds<sup>®</sup> Growth Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Open End Funds | $1184721728 | $— | $— | $1184721728 |
| Short-Term Investment | 4594799 |  |  | 4594799 |
| Total | $1189316527 | $— | $— | $1189316527 |
| **PFG BNY Mellon Diversifier Strategy Fund** | **PFG BNY Mellon Diversifier Strategy Fund** | **PFG BNY Mellon Diversifier Strategy Fund** | **PFG BNY Mellon Diversifier Strategy Fund** | **PFG BNY Mellon Diversifier Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Fund | $5411920 | $— | $— | $5411920 |
| Open End Funds | 103963890 |  |  | 103963890 |
| Short-Term Investment | 665327 |  |  | 665327 |
| Total | $110041137 | $— | $— | $110041137 |

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---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2025 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **PFG BR Target Allocation Equity Strategy Fund** | **PFG BR Target Allocation Equity Strategy Fund** | **PFG BR Target Allocation Equity Strategy Fund** | **PFG BR Target Allocation Equity Strategy Fund** | **PFG BR Target Allocation Equity Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $396851299 | $— | $— | $396851299 |
| Short-Term Investment | 1692905 |  |  | 1692905 |
| Total | $398544204 | $— | $— | $398544204 |
| **PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund** | **PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund** | **PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund** | **PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund** | **PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $27462871 | $— | $— | $27462871 |
| Open End Funds | 41116495 |  |  | 41116495 |
| Short-Term Investment | 321618 |  |  | 321618 |
| Total | $68900984 | $— | $— | $68900984 |
| **PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund** | **PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund** | **PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund** | **PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund** | **PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Open End Funds | $522749016 | $— | $— | $522749016 |
| Short-Term Investment | 3076966 |  |  | 3076966 |
| Total | $525825982 | $— | $— | $525825982 |
| **PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund** | **PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund** | **PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund** | **PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund** | **PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $281559395 | $— | $— | $281559395 |
| Open End Funds | 258437048 |  |  | 258437048 |
| Short-Term Investment | 2048085 |  |  | 2048085 |
| Total | $542044528 | $— | $— | $542044528 |
| **PFG Global Equity Index Strategy Fund** | **PFG Global Equity Index Strategy Fund** | **PFG Global Equity Index Strategy Fund** | **PFG Global Equity Index Strategy Fund** | **PFG Global Equity Index Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $65386879 | $— | $— | $65386879 |
| Short-Term Investment | 1045420 |  |  | 1045420 |
| Total | $66432299 | $— | $— | $66432299 |
| **PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund** | **PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund** | **PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund** | **PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund** | **PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $63213731 | $— | $— | $63213731 |
| Short-Term Investment | 230839 |  |  | 230839 |
| Total | $63444570 | $— | $— | $63444570 |

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---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2025 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund** | **PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund** | **PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund** | **PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund** | **PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $31223781 | $— | $— | $31223781 |
| Open End Funds | 266329598 |  |  | 266329598 |
| Short-Term Investment | 1328558 |  |  | 1328558 |
| Total | $298881937 | $— | $— | $298881937 |
| **PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund** | **PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund** | **PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund** | **PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund** | **PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $20961823 | $— | $— | $20961823 |
| Open End Funds | 82431338 |  |  | 82431338 |
| Short-Term Investment | 506528 |  |  | 506528 |
| Total | $103899689 | $— | $— | $103899689 |
| **PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund** | **PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund** | **PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund** | **PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund** | **PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $195222404 | $— | $— | $195222404 |
| Open End Funds | 137619347 |  |  | $137619347 |
| Short-Term Investment | 1166678 |  |  | 1166678 |
| Total | $334008429 | $— | $— | $334008429 |
| **PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund** | **PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund** | **PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund** | **PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund** | **PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $72373804 | $— | $— | $72373804 |
| Open End Funds | 68398073 |  |  | 68398073 |
| Short-Term Investment | 583124 |  |  | 583124 |
| Total | $141355001 | $— | $— | $141355001 |
| **PFG Meeder Tactical Strategy Fund** | **PFG Meeder Tactical Strategy Fund** | **PFG Meeder Tactical Strategy Fund** | **PFG Meeder Tactical Strategy Fund** | **PFG Meeder Tactical Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Open End Funds | $125823692 | $— | $— | $125823692 |
| Short-Term Investment | 670684 |  |  | 670684 |
| Total | $126494376 | $— | $— | $126494376 |
| **PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund** | **PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund** | **PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund** | **PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund** | **PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Fund | $14374031 | $— | $— | $14374031 |
| Open End Funds | 83030827 |  |  | 83030827 |
| Short-Term Investment | 441173 |  |  | 441173 |
| Total | $97846031 | $— | $— | $97846031 |

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---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2025 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **PFG PIMCO Active Core Bond Strategy Fund** | **PFG PIMCO Active Core Bond Strategy Fund** | **PFG PIMCO Active Core Bond Strategy Fund** | **PFG PIMCO Active Core Bond Strategy Fund** | **PFG PIMCO Active Core Bond Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Open End Funds | $155982956 | $— | $— | $155982956 |
| Short-Term Investment | 704475 |  |  | 704475 |
| Total | $156687431 | $— | $— | $156687431 |
| **PFG US Equity Index Strategy Fund** | **PFG US Equity Index Strategy Fund** | **PFG US Equity Index Strategy Fund** | **PFG US Equity Index Strategy Fund** | **PFG US Equity Index Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Fund | $143005749 | $— | $— | $143005749 |
| Short-Term Investment | 502222 |  |  | 502222 |
| Total | $143507971 | $— | $— | $143507971 |

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\* Refer to the Schedules of Investments for industry classification.

The Funds did not hold any Level 2 or Level 3 securities during the six months ended October 31, 2025.

**Security Transactions and Related Income –** Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities under the effective interest method. 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. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

**Dividends and Distributions to Shareholders –** Dividends from net investment income and distributions from net realized capital gains, if any, are declared and distributed annually by the Funds. Dividends from net investment income and distributions from net realized gains are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses, capital loss carryforwards) 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; and temporary differences do not require reclassification. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of each Fund.

**Federal Income Tax –** It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions of Subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision is required. Each 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 each 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 April 30, 2022 through April 30, 2024, or expected to be taken in the Funds' April 30, 2025 year-end tax returns. Each Fund identifies its major tax jurisdictions as U.S. federal, Ohio, and foreign jurisdictions where a Fund makes significant investments; however, the Funds are 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. The Funds recognized interest and penalties related to unrecognized tax benefits in interest and other expenses, respectively. For the six months ended October 31, 2025, the Funds did not have any interest or penalties.

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

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| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2025 |

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

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

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| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | $19097071 | $12268303 |
| PFG American Funds<sup>®</sup> Growth Strategy Fund | 108374716 | 62452181 |
| PFG BNY Mellon Diversifier Strategy Fund | 9675245 | 13844478 |
| PFG BR Target Allocation Equity Strategy Fund | 31470070 | 15031178 |
| PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund | 13694215 | 12734359 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund | 76116869 | 38059118 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund | 397296002 | 375084816 |
| PFG Global Equity Index Strategy Fund | 3093006 | 4580028 |
| PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund | 3965899 | 2758044 |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | 10459958 | 21691403 |
| PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund | 13025872 | 20078486 |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund | 146860383 | 144368912 |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | 32932562 | 38985393 |
| PFG Meeder Tactical Strategy Fund | 4915000 | 11975000 |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund | 3805427 | 7101754 |
| PFG PIMCO Active Core Bond Strategy Fund | 20236697 | 14902768 |
| PFG US Equity Index Strategy Fund | 27742099 | 4930320 |

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

The Pacific Financial Group, LLC serves as the Funds' investment advisor (the "Advisor"). Pursuant to an investment advisory agreement with the Trust, on behalf of the Funds, the Advisor, under the oversight of the Board, directs the daily operations of the Funds 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, each Fund pays the Advisor an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 1.25% of each Fund's average daily net assets for the total assets under management of all Funds managed by the Advisor less than or equal to $3 billion, and 1.20% of each Fund's average daily net assets for the total assets under management of all Funds managed by the Advisor greater than $3 billion.

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| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2025 |

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For the six months ended October 31, 2025, pursuant to the investment advisory agreement, the Advisor earned the following advisory fees:

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| | |
|:---|:---|
| Fund |  |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | $1422040 |
| PFG American Funds<sup>®</sup> Growth Strategy Fund | 6663072 |
| PFG BNY Mellon Diversifier Strategy Fund | 679873 |
| PFG BR Target Allocation Equity Strategy Fund | 2231622 |
| PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund | 421833 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund | 2915003 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund | 3054117 |
| PFG Global Equity Index Strategy Fund | 381079 |
| PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund | 379206 |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | 1780478 |
| PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund | 643820 |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund | 1927349 |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | 851403 |
| PFG Meeder Tactical Strategy Fund | 755551 |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund | 590898 |
| PFG PIMCO Active Core Bond Strategy Fund | 934677 |
| PFG US Equity Index Strategy Fund | 765217 |

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Pursuant to an expense limitation agreement between the Advisor and the Trust, on behalf of the Funds, (the "Expense Limitation Agreement"), the Advisor has contractually agreed to waive a portion of its advisory fee to the extent necessary so that the total expenses incurred by each Fund (exclusive of any brokerage fees and commissions, acquired fund 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, contractual indemnification of Fund service providers (other than the Advisor))) will not exceed 1.99% per annum of each Fund's average daily net assets. The Expense Limitation Agreement may be terminated by the Board upon 60 days' written notice to the Advisor.

For the six months ended October 31, 2025, the Funds did not waive any fees pursuant to the Expense Limitation Agreement.

Effective May 1, 2020, The Pacific Financial Group, Inc. ("TPFG), an affiliate of the Advisor, entered into an Administrative Services Agreement with the Trust (the "Administrative Services Agreement"). Under the terms of the Administrative Services Agreement, TPFG receives a fee from each Fund in an amount equal to 0.70% of the Fund's average daily net assets. In exchange, TPFG is responsible for providing the following services and to pay for the following Fund expenses.

The Funds are used to construct Model Portfolios, consisting solely of the Funds, which are purchased by the Funds' shareholders. The shareholders are investment management clients of TPFG and are typically introduced to TPFG by a Financial Intermediary. In most, but not all, instances, the shareholders are participants in a retirement plan, regulated by ERISA or by Internal Revenue Code, and the shareholders invest in the Model Portfolios through a self-directed brokerage account ("SDBA") or a similar type of account made available by the retirement plan.

Among the services provided to shareholders, by TPFG, under the Administrative Services Agreement, are: (i) assistance in opening an account in which the shareholder will invest in a Model Portfolio; (ii) providing resources that enable the Financial Intermediary to assist the shareholder, in identifying the shareholder's investment objective and risk profile; (iii) educating, and responding to questions from, shareholders, or from Financial Intermediaries acting on behalf of a shareholder, about the Funds and the Model Portfolios; (iv) trading Model Portfolios on behalf of shareholders, and reconciling those trades, typically with the custodian of a retirement plan; (v) maintaining records of investments in Model Portfolios, the performance of Model Portfolios, and contributions to, and withdrawals from, Model Portfolios, for shareholders and for their Financial Intermediaries; and (vi) assisting in account maintenance, account closings, and account transfers, for shareholders. All of these services are in addition to the services provided by other Fund service providers.

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| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2025 |

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In addition to providing services, TPFG is responsible to make the following payments, on behalf of the Funds: (a) the fees and certain expenses incurred in connection with the provision of Fund Administration, Fund Accounting and Fund Transfer Agent Services; (b) the fees and certain expenses of the Funds' Custodian; (c) the fees charged by retirement plan or other custodians that maintain SDBAs or other brokerage accounts for Fund shareholders; (d) the charges and expenses of legal counsel and independent accountants for the Funds; (e) the fees and expenses of Trustees who are not affiliated persons of the Advisor or Distributor; (f) the fees of the Funds' participation in any trade association of which the Trust may be a member; (g) the cost of fidelity and liability insurance; (h) the fees and expenses involved in maintaining registration of the Fund and of the Funds' shares with the SEC, maintaining qualification of the Funds' shares under state securities laws, and the preparation and printing of the Fund's registration statements and prospectuses for such purposes; (i) expenses of shareholders and Trustees' meetings; and (j) expenses of preparing, printing and mailing reports, proxy statements and prospectuses to shareholders in the amount necessary for distribution to shareholders (collectively, "Fund Operating Expenses").

Under the Administrative Services Agreement, Fund Operating Expenses do not include (i) advertising, promotion and other expenses incurred in connection with the sale or distribution of the Funds' shares (including expenses that the Funds are authorized to pay pursuant to Rule 12b -1); (ii) brokerage fees and commissions; (iii) taxes; (iv) borrowing costs; (iv) fees and expenses of investment companies acquired by a Fund; (v) advisory fees payable to the Advisor; and (vi) extraordinary or non-recurring expenses, such as litigation and indemnification expenses. TPFG's role with respect to paying Fund Operating Expenses shall be as the paying agent, without responsibility (under the Administrative Services Agreement) for the manner of performance by the Funds' service providers.

The Administrative Services Agreement will continue in effect for one (1) year and thereafter shall continue from year to year provided such continuance is approved at least annually by a vote of the majority of the Trustees. The Administrative Services Agreement may be terminated without penalty on 60 days' written notice by a vote of a majority of the Trustees or by the TPFG, or by holders of a majority of that Trust's outstanding shares.

The Trust, with respect to the Funds, has adopted the Trust's Master Distribution and Shareholder Servicing Plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan"). The Plan provides that a monthly service and/or distribution fee is calculated by each Fund at an annual rate up to 0.25% of its average daily net assets.

Northern Lights Fund Distributors, LLC, the Fund's distributor (the "Distributor"), and other entities are paid under the Plan for services provided and the expenses borne by the Distributor and others, such as custodial platform providers and retirement plan administrators ("Platforms"), in the distribution of Fund shares and in the servicing of Fund shareholders. For the Distributor, such services and expenses include overhead and telephone expenses; printing and distribution of prospectuses and reports used in connection with the offering of the Funds' shares to other than current shareholders; and preparation, printing and distribution of sales literature and advertising materials. For Platforms, the Plan permits the payment of fees charged by Platforms for distribution services provided in connection with Fund shares and custodial, recordkeeping and other services provided to Fund shareholders.

For financial intermediaries, such as brokers, investment advisors, financial planners, banks, insurance companies and others, including their respective representatives (collectively, "Financial Intermediaries"), Plan fees may be used for payment of shareholder services, such as shareholder account administrative services, and marketing support, which may include access to, or financial support for, sales meetings; access to sales representatives and Financial Intermediary management representatives; inclusion of the Funds on a sales list, including a preferred or select sales list; printing and distribution of sales literature and advertising materials; or participation in other sales programs. If you work with a Financial Intermediary in investing in the Funds, the Financial Intermediary may receive 12b-1 fees from the Distributor, for the marketing support and shareholder services provided by the Financial Intermediary.

Prior to March 31, 2025, each Fund accrued 0.10% of its average daily net assets under the plan. Effective March 31, 2025, the Funds no longer accrued 12b-1 fees under the Plan.

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. The Distributor did not receive any commissions from the sale of the Funds' shares.

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2025 |

---

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

Ultimus Fund Services, LLC ("UFS"), an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Funds. Pursuant to separate servicing agreements with UFS, TPFG pay UFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Funds for serving in such capacities.

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of UFS 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 TPFG.

BluGiant, LLC ("BluGiant"), an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, BluGiant receives customary fees from TPFG.

**5.** **INVESTMENT IN AFFILIATED COMPANIES** 

An affiliated company is a company in which a Fund has ownership of at least 5% of the voting securities. Transactions during the six months ended October 31, 2025 with affiliated companies are as follows:

**PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | | Change in | | |
|  |  | Value-Beginning of | | | | Unrealized | Value-End of | |
| CUSIP | Description | Period | Purchases | Sales Proceeds | Net Realized Gain | Appreciation | Period | Income |
| 316188101 | Fidelity Corporate Bond ETF | $14527838 | $1249259 | $1819630 | $100758 | $308522 | $14366747 | $332687 |

---

**PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | | Change in | | |
|  |  | Value-Beginning of | | | | Unrealized | Value-End of | |
| CUSIP | Description | Period | Purchases | Sales Proceeds | Net Realized Gain | Appreciation | Period | Income |
| 47103X716 | Janus Henderson Emerging Markets Fund\* | $1723250 | $— | $1836314 | $36214 | $76850 | $— | $— |

---

\* As of October 31, 2025, this holding was no longer held by the PFG Janus Henderson Tactical Income Strategy Fund.

**PFG Meeder Tactical Strategy Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | | Change in | | |
|  |  | | | | | Unrealized | | |
|  |  | Value-Beginning of | | | Net Realized | Appreciation/ | Value-End of | |
| CUSIP | Description | Period | Purchases | Sales Proceeds | Gain/(Loss) | (Depreciation) | Period | Income |
| 58510R788 | Meeder Muirfield Fund, Institutional Class | $63827641 | $2300000 | $7180000 | $(22140) | $11729165 | $70654666 | $409630 |
| 58510R655 | Meeder Spectrum Fund, Institutional Class | 11398852 | 100000 | 1025000 | 225243 | 1994172 | 12693267 | 41146 |
|  |  | $75226493 | $2400000 | $8205000 | $203103 | $13723337 | $83347933 | $450776 |

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2025 |

---

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

The identified cost of investments in securities owned by each Fund for federal income tax purposes and its respective gross unrealized appreciation and depreciation at October 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost** | **Gross Unrealized<br> Appreciation** | **Gross Unrealized<br> Depreciation** | **Net Unrealized <br> Appreciation/<br> (Depreciation)** |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | $242390 052 | $9364293 | $(15825770) | $(6461477) |
| PFG American Funds<sup>®</sup> Growth Strategy Fund | 972263281 | 217053246 |  | 217053246 |
| PFG BNY Mellon Diversifier Strategy Fund | 113005238 | 3809954 | (6774055) | (2964101) |
| PFG BR Target Allocation Equity Strategy Fund | 314190739 | 84353465 |  | 84353465 |
| PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund | 66501953 | 2399046 | (15) | 2399031 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund | 399309478 | 126516504 |  | 126516504 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund | 491569566 | 51440948 | (965986) | 50474962 |
| PFG Global Equity Index Strategy Fund | 54362617 | 12069682 |  | 12069682 |
| PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund | 53827642 | 9616928 |  | 9616928 |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | 267565055 | 31316882 |  | 31316882 |
| PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund | 98351470 | 5548219 |  | 5548219 |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund | 290759927 | 43248502 |  | 43248502 |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | 127418364 | 13945038 | (8401) | 13936637 |
| PFG Meeder Tactical Strategy Fund | 116757273 | 9840691 | (103588) | 9737103 |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund | 86039671 | 11806360 |  | 11806360 |
| PFG PIMCO Active Core Bond Strategy Fund | 164758684 | 1225651 | (9296904) | (8071253) |
| PFG US Equity Index Strategy Fund | 118821565 | 24686406 |  | 24686406 |

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2025 |

---

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

The tax character of distributions paid during the fiscal year ended April 30, 2025 and the fiscal year ended April 30, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended**<br>**4/30/2025** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | $4325770 | $448278 | $— | $4774048 |
| PFG American Funds<sup>®</sup> Growth Strategy Fund |  | 44148684 |  | 44148684 |
| PFG BNY Mellon Diversifier Strategy Fund | 3141390 |  |  | 3141390 |
| PFG BR Target Allocation Equity Strategy Fund |  |  |  |  |
| PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund | 1222224 |  |  | 1222224 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity IndexStrategy Fund |  | 28478244 |  | 28478244 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity SectorStrategy Fund | 219734 | 38362057 |  | 38581791 |
| PFG Global Equity Index Strategy Fund | 588467 |  |  | 588467 |
| PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund | 12657 |  |  | 12657 |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | 1075107 |  |  | 1075107 |
| PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund | 2518418 |  |  | 2518418 |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund | 2118847 | 2739452 |  | 4858299 |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | 1663228 |  |  | 1663228 |
| PFG Meeder Tactical Strategy Fund | 3116777 | 1005642 |  | 4122419 |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund |  | 7668822 |  | 7668822 |
| PFG PIMCO Active Core Bond Strategy Fund | 4506821 |  |  | 4506821 |
| PFG US Equity Index Strategy Fund | 676230 |  |  | 676230 |
| **For fiscal year ended** | **Ordinary** | **Long-Term** | **Return of** |  |
| **4/30/2024** | **Income** | **Capital Gains** | **Capital** | **Total** |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | $3506604 | $753053 |  | $4259657 |
| PFG American Funds<sup>®</sup> Growth Strategy Fund |  | 2643452 |  | 2643452 |
| PFG BNY Mellon Diversifier Strategy Fund | 1242452 |  |  | 1242452 |
| PFG BR Target Allocation Equity Strategy Fund |  |  |  |  |
| PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund | 674560 |  |  | 674560 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity IndexStrategy Fund | 841816 | 11225585 |  | 12067401 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity SectorStrategy Fund | 2564801 | 6245608 |  | 8810409 |
| PFG Global Equity Index Strategy Fund |  |  |  |  |
| PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund |  |  |  |  |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund |  |  |  |  |
| PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund | 2264301 |  |  | 2264301 |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund |  |  |  |  |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | 779755 |  |  | 779755 |
| PFG Meeder Tactical Strategy Fund |  | 2479786 |  | 2479786 |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund |  | 2983194 |  | 2983194 |
| PFG PIMCO Active Core Bond Strategy Fund | 3524434 |  |  | 3524434 |
| PFG US Equity Index Strategy Fund |  |  |  |  |

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2025 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | $749173 | $2694720 | $— |
| PFG American Funds<sup>®</sup> Growth Strategy Fund |  | 72795846 | (5554709) |
| PFG BNY Mellon Diversifier Strategy Fund | 201468 |  | (276769) |
| PFG BR Target Allocation Equity Strategy Fund | 4174630 | 1100610 |  |
| PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund | 460982 |  |  |
| PFG Fidelity Institutional AM<sup>®</sup> Equity IndexStrategy Fund |  | 7678068 | (1766497) |
| PFG Fidelity Institutional AM<sup>®</sup> Equity SectorStrategy Fund | 1821481 | 32089166 |  |
| PFG Global Equity Index Strategy Fund | 858458 |  | (128498) |
| PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund |  |  |  |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | 714163 |  |  |
| PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund | 1168960 |  |  |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund |  | 24154569 |  |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | 2488464 |  |  |
| PFG Meeder Tactical Strategy Fund | 130575 | 9521694 |  |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund |  | 7191297 |  |
| PFG PIMCO Active Core Bond Strategy Fund | 695693 |  |  |
| PFG US Equity Index Strategy Fund | 383565 |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | $— | $— | $(13747128) | $(10303235) |
| PFG American Funds<sup>®</sup> Growth Strategy Fund |  |  | 7603535 | 74844672 |
| PFG BNY Mellon Diversifier Strategy Fund | (9410516) |  | (6783279) | (16269096) |
| PFG BR Target Allocation Equity Strategy Fund |  |  | 18080213 | 23355453 |
| PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund | (531368) |  | 1282915 | 1212529 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity IndexStrategy Fund |  |  | 49329709 | 55241280 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity SectorStrategy Fund |  |  | (5047761) | 28862886 |
| PFG Global Equity Index Strategy Fund |  |  | 1612892 | 2342852 |
| PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund | (8779036) |  | 4078578 | (4700458) |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | (293631) |  | (8196295) | (7775763) |
| PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund | (4414178) |  | (2393055) | (5638273) |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund |  |  | 13156218 | 37310787 |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | (2276512) |  | 3847336 | 4059288 |
| PFG Meeder Tactical Strategy Fund |  |  | (9392416) | 259853 |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund |  |  | 1293823 | 8485120 |
| PFG PIMCO Active Core Bond Strategy Fund | (6417566) |  | (12660803) | (18382676) |
| PFG US Equity Index Strategy Fund |  |  | 1501602 | 1885167 |

---

The difference between book basis and tax basis undistributed net investment income/(loss), accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales and foreign tax passthrough basis adjustments.

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2025 |

---

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such late year losses as follows:

---

| | |
|:---|:---|
|  | **Late Year**<br>**Losses** |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | $— |
| PFG American Funds<sup>®</sup> Growth Strategy Fund | 5554709 |
| PFG BNY Mellon Diversifier Strategy Fund |  |
| PFG BR Target Allocation Equity Strategy Fund |  |
| PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund |  |
| PFG Fidelity Institutional AM<sup>®</sup> Equity IndexStrategy Fund | 1766497 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity SectorStrategy Fund |  |
| PFG Global Equity Index Strategy Fund | 128498 |
| PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund |  |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund |  |
| PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund |  |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund |  |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund |  |
| PFG Meeder Tactical Strategy Fund |  |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund |  |
| PFG PIMCO Active Core Bond Strategy Fund |  |
| PFG US Equity Index Strategy Fund |  |

---

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 following Funds incurred and elected to defer such capital losses as follows:

---

| | |
|:---|:---|
|  | **Post October**<br>**Losses** |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | $— |
| PFG American Funds<sup>®</sup> Growth Strategy Fund |  |
| PFG BNY Mellon Diversifier Strategy Fund | 276769 |
| PFG BR Target Allocation Equity Strategy Fund |  |
| PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund |  |
| PFG Fidelity Institutional AM<sup>®</sup> Equity IndexStrategy Fund |  |
| PFG Fidelity Institutional AM<sup>®</sup> Equity SectorStrategy Fund |  |
| PFG Global Equity Index Strategy Fund |  |
| PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund |  |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund |  |
| PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund |  |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund |  |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund |  |
| PFG Meeder Tactical Strategy Fund |  |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund |  |
| PFG PIMCO Active Core Bond Strategy Fund |  |
| PFG US Equity Index Strategy Fund |  |

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2025 |

---

At April 30, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, and utilized capital loss carryforwards as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Total** | **CLCF Utilized** |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | $— | $— | $— | $— |
| PFG American Funds<sup>®</sup> Growth Strategy Fund |  |  |  |  |
| PFG BNY Mellon Diversifier Strategy Fund |  | 9410516 | 9410516 |  |
| PFG BR Target Allocation Equity Strategy Fund |  |  |  | 7424108 |
| PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund | 175293 | 356075 | 531368 | 603088 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity IndexStrategy Fund |  |  |  |  |
| PFG Fidelity Institutional AM<sup>®</sup> Equity SectorStrategy Fund |  |  |  |  |
| PFG Global Equity Index Strategy Fund |  |  |  |  |
| PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund |  | 8779036 | 8779036 | 5962500 |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | 293631 |  | 293631 | 12530120 |
| PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund | 2721048 | 1693130 | 4414178 | 6054539 |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund |  |  |  | 3816181 |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | 2276512 |  | 2276512 | 9258014 |
| PFG Meeder Tactical Strategy Fund |  |  |  |  |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund |  |  |  |  |
| PFG PIMCO Active Core Bond Strategy Fund | 1356818 | 5060748 | 6417566 | 524996 |
| PFG US Equity Index Strategy Fund |  |  |  |  |

---

Permanent book and tax differences, primarily attributable to net operating losses and distributions in excess, resulted in reclassifications for the Funds for the fiscal year ended April 30, 2025 as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid**<br>**In**<br>**Capital** |<br>**Accumulated**<br>**Earnings (Losses)** |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | $— | $— |
| PFG American Funds<sup>®</sup> Growth Strategy Fund | (9024991) | 9024991 |
| PFG BNY Mellon Diversifier Strategy Fund |  |  |
| PFG BR Target Allocation Equity Strategy Fund |  |  |
| PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund |  |  |
| PFG Fidelity Institutional AM<sup>®</sup> Equity IndexStrategy Fund | (486733) | 486733 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity SectorStrategy Fund |  |  |
| PFG Global Equity Index Strategy Fund |  |  |
| PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund | (62747) | 62747 |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund |  |  |
| PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund |  |  |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund |  |  |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund |  |  |
| PFG Meeder Tactical Strategy Fund |  |  |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund | (359344) | 359344 |
| PFG PIMCO Active Core Bond Strategy Fund |  |  |
| PFG US Equity Index Strategy Fund |  |  |

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2025 |

---

**8.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of October 31, 2025, beneficial ownership in excess of 25% for the Funds is as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio** | &nbsp;&nbsp;**Beneficial Owner** | &nbsp;&nbsp;**% of Outstanding Shares** |
| &nbsp;&nbsp;PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | &nbsp;&nbsp;Charles Schwab | &nbsp;&nbsp;28% |
| &nbsp;&nbsp;PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | &nbsp;&nbsp;NFS | &nbsp;&nbsp;49% |
| &nbsp;&nbsp;PFG American Funds<sup>®</sup> Growth Strategy Fund | &nbsp;&nbsp;Charles Schwab | &nbsp;&nbsp;28% |
| &nbsp;&nbsp;PFG American Funds<sup>®</sup> Growth Strategy Fund | &nbsp;&nbsp;NFS | &nbsp;&nbsp;53% |
| &nbsp;&nbsp;PFG BNY Mellon Diversifier Strategy Fund | &nbsp;&nbsp;Charles Schwab | &nbsp;&nbsp;29% |
| &nbsp;&nbsp;PFG BNY Mellon Diversifier Strategy Fund | &nbsp;&nbsp;NFS | &nbsp;&nbsp;49% |
| &nbsp;&nbsp;PFG BR Target Allocation Equity Strategy Fund | &nbsp;&nbsp;NFS | &nbsp;&nbsp;58% |
| &nbsp;&nbsp;PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund | &nbsp;&nbsp;NFS | &nbsp;&nbsp;36% |
| &nbsp;&nbsp;PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund | &nbsp;&nbsp;Pershing | &nbsp;&nbsp;38% |
| &nbsp;&nbsp;PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund | &nbsp;&nbsp;NFS | &nbsp;&nbsp;55% |
| &nbsp;&nbsp;PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund | &nbsp;&nbsp;Charles Schwab | &nbsp;&nbsp;34% |
| &nbsp;&nbsp;PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund | &nbsp;&nbsp;NFS | &nbsp;&nbsp;49% |
| &nbsp;&nbsp;PFG Global Equity Index Strategy Fund | &nbsp;&nbsp;Charles Schwab | &nbsp;&nbsp;32% |
| &nbsp;&nbsp;PFG Global Equity Index Strategy Fund | &nbsp;&nbsp;NFS | &nbsp;&nbsp;53% |
| &nbsp;&nbsp;PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund | &nbsp;&nbsp;Charles Schwab | &nbsp;&nbsp;28% |
| &nbsp;&nbsp;PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund | &nbsp;&nbsp;NFS | &nbsp;&nbsp;51% |
| &nbsp;&nbsp;PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | &nbsp;&nbsp;Charles Schwab | &nbsp;&nbsp;29% |
| &nbsp;&nbsp;PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | &nbsp;&nbsp;NFS | &nbsp;&nbsp;47% |
| &nbsp;&nbsp;PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund | &nbsp;&nbsp;Charles Schwab | &nbsp;&nbsp;27% |
| &nbsp;&nbsp;PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund | &nbsp;&nbsp;NFS | &nbsp;&nbsp;45% |
| &nbsp;&nbsp;PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund | &nbsp;&nbsp;Pershing | &nbsp;&nbsp;27% |
| &nbsp;&nbsp;PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund | &nbsp;&nbsp;NFS | &nbsp;&nbsp;53% |
| &nbsp;&nbsp;PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | &nbsp;&nbsp;Charles Schwab | &nbsp;&nbsp;26% |
| &nbsp;&nbsp;PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | &nbsp;&nbsp;NFS | &nbsp;&nbsp;44% |
| &nbsp;&nbsp;PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | &nbsp;&nbsp;Pershing | &nbsp;&nbsp;29% |
| &nbsp;&nbsp;PFG Meeder Tactical Strategy Fund | &nbsp;&nbsp;Charles Schwab | &nbsp;&nbsp;33% |
| &nbsp;&nbsp;PFG Meeder Tactical Strategy Fund | &nbsp;&nbsp;NFS | &nbsp;&nbsp;48% |
| &nbsp;&nbsp;PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund | &nbsp;&nbsp;Charles Schwab | &nbsp;&nbsp;30% |
| &nbsp;&nbsp;PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund | &nbsp;&nbsp;NFS | &nbsp;&nbsp;52% |
| &nbsp;&nbsp;PFG PIMCO Active Core Bond Strategy Fund | &nbsp;&nbsp;NFS | &nbsp;&nbsp;65% |
| &nbsp;&nbsp;PFG US Equity Index Strategy Fund | &nbsp;&nbsp;Charles Schwab | &nbsp;&nbsp;35% |
| &nbsp;&nbsp;PFG US Equity Index Strategy Fund | &nbsp;&nbsp;NFS | &nbsp;&nbsp;41% |

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2025 |

---

**9.** **UNDERLYING INVESTMENTS IN OTHER INVESTMENT COMPANIES** 

The following Funds currently invest a portion of their assets in the corresponding investment companies. The Funds may redeem their investment from these investment companies at any time if the Advisor determines that it is in the best interest of the Funds and their shareholders to do so. The performance of the Funds will be directly affected by the performance of these investment companies. The financial statements of these investment companies, including their portfolios of investments, can be found at the Securities and Exchange Commission's website www.sec.gov and should be read in conjunction with the Funds' financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Investment** | &nbsp;&nbsp;**Percentage of <br> Net Assets** |
| &nbsp;&nbsp;PFG BNY Mellon Diversifier Strategy Fund | &nbsp;&nbsp;BNY Mellon Core Plus Fund, Class I | &nbsp;&nbsp;64.5% |
| &nbsp;&nbsp;PFG BR Target Allocation Equity Strategy Fund | &nbsp;&nbsp;iShares Core S&P 500 ETF | &nbsp;&nbsp;25.7% |
| &nbsp;&nbsp;PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund | &nbsp;&nbsp;Fidelity Total Bond Fund, Class Z | &nbsp;&nbsp;40.5% |
| &nbsp;&nbsp;PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund | &nbsp;&nbsp;Fidelity 500 Index Fund, Institutional Premium Class | &nbsp;&nbsp;61.5% |
| &nbsp;&nbsp;PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund | &nbsp;&nbsp;Fidelity Global ex US Index Fund, Institutional Premium Class | &nbsp;&nbsp;30.0% |
| &nbsp;&nbsp;PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund | &nbsp;&nbsp;Fidelity Advisor Technology Fund, Class Z | &nbsp;&nbsp;25.0% |
| &nbsp;&nbsp;PFG Global Equity Index Strategy Fund | &nbsp;&nbsp;Vanguard Total Stock Market ETF | &nbsp;&nbsp;30.1% |
| &nbsp;&nbsp;PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | &nbsp;&nbsp;Janus Henderson Balanced Fund, Class N | &nbsp;&nbsp;79.7% |
| &nbsp;&nbsp;PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund | &nbsp;&nbsp;Janus Henderson Flexible Bond Fund, Class N | &nbsp;&nbsp;26.2% |
| &nbsp;&nbsp;PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund | &nbsp;&nbsp;JPMorgan BetaBuilders US Equity ETF | &nbsp;&nbsp;32.0% |
| &nbsp;&nbsp;PFG Meeder Tactical Strategy Fund | &nbsp;&nbsp;Meeder Muirfield Fund, Institutional Class | &nbsp;&nbsp;55.9% |
| &nbsp;&nbsp;PFG PIMCO Active Core Bond Strategy Fund | &nbsp;&nbsp;PIMCO Income Fund, Institutional Class | &nbsp;&nbsp;27.8% |
| &nbsp;&nbsp;PFG PIMCO Active Core Bond Strategy Fund | &nbsp;&nbsp;PIMCO Total Return Fund, Institutional Class | &nbsp;&nbsp;39.7% |
| &nbsp;&nbsp;PFG US Equity Index Strategy Fund | &nbsp;&nbsp;Vanguard Russell 1000 Growth ETF | &nbsp;&nbsp;25.2% |
| &nbsp;&nbsp;PFG US Equity Index Strategy Fund | &nbsp;&nbsp;Vanguard S&P 500 ETF | &nbsp;&nbsp;44.8% |

---

**10.** **NEW ACCOUNTING PRONOUNCEMENTS** 

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2025 |

---

**11.** **SUBSEQUENT EVENTS** 

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

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**ADDITIONAL INFORMATION (Unaudited)** |
| October 31, 2025 |

---

**Changes in and Disagreements with Accountants**

Not applicable

**Proxy Disclosures**

Not applicable

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable

Information regarding how a 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 a Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-888-451-TPFG, by visiting https://www.tpfg.com/funds-reports, or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**INVESTMENT ADVISOR** 

The Pacific Financial Group, LLC

1920 Adelicia Street, Suite 500

Nashville, TN 37212

**ADMINISTRATOR**

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

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

Not applicable

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.**

None

**Item 16. Controls and Procedures.**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

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

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto.](ex99-cert.htm)

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](ex99-906cert.htm)

**SIGNATURES**

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

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

---

| |
|:---|
| By (Signature and Title) |
| /s/ Kevin Wolf |
| Kevin Wolf, President |

---

Date <u>1/6/26</u>

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

---

| |
|:---|
| By (Signature and Title) |
| /s/ Kevin Wolf |
| Kevin Wolf, President |

---

Date <u>1/6/26</u>

---

| |
|:---|
| By (Signature and Title) |
| /s/ Jim Colantino |
| Jim Colantino, Treasurer |

---

Date <u>1/6/26</u>

## Ex-99.Cert

CERTIFICATIONS

I, Kevin Wolf, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 1/6/26 | /s/ Kevin Wolf |
|  |  | Kevin Wolf |
|  |  | President |

---

I, Jim Colantino, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 1/6/26 | /s/ Jim Colantino |
|  |  | Jim Colantino |
|  |  | Treasurer |

---

## Exhibit 99.906

**CERTIFICATION**

Kevin Wolf, President, and Jim Colantino, Treasurer of Northern Lights Fund Trust (the "Registrant"), each certify to the best of his knowledge that:

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

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

---

| | | | |
|:---|:---|:---|:---|
| President | President | Treasurer | Treasurer |
| Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust |
| /s/ Kevin Wolf | /s/ Kevin Wolf | /s/ Jim Colantino | /s/ Jim Colantino |
| Kevin Wolf | Kevin Wolf | Jim Colantino | Jim Colantino |
| Date: | 1/6/26 | Date: | 1/6/26 |

---

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

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