# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-23-000113
**Filing Date:** 2023-1
**Character Count:** 263713
**Document Hash:** a08ade35b601efb41a248e910a2e8ff6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-000113.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001580642-23-000113

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 23517312

**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 R | PFADX           |

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

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

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

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

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

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

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

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

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

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

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

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

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

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000218709 | PFG BR Equity ESG Strategy Fund Class R 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 R 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 R Shares |  |

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

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000218712 | PFG Tactical Income Strategy Fund Class R Shares |  |

### PFG Fidelity Institutional AM(R) Bond ESG Strategy (Series ID: S000073752)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000230899 | PFG Fidelity Institutional AM(R) Bond ESG Strategy Class R Shares |  |

### PFG Invesco(R) Thematic ESG Strategy (Series ID: S000073753)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000230900 | PFG Invesco(R) Thematic ESG Strategy Class R Shares |  |

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

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

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

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

 <u>Northern Lights Fund Trust</u> 

(Exact name of registrant as specified in charter)

 <u>225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246</u> 

(Address of principal executive offices) (Zip code)

 <u>The Corporation Trust Company</u>

<u>1209 Orange Street, Wilmington, DE 19801</u>

(Name and address of agent for service)

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

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

Date of reporting period: <u>10/31/22</u> 

**Item 1. Reports to Stockholders.** 

(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

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

Dear Fellow Shareholders,

In reflecting over the last six months, it has been quite a journey for risk assets marked by elevated volatility in both directions. As such, the backdrop as of 10/31/22 remained challenging. The equity markets faced several headwinds over the last six months including a strong US Dollar, rising rates in hand with less accommodative central bank policy, elevated inflation, and a general slowing in earnings and macroeconomic data. In light of these headwinds, domestic indexes finished negative to flat during the six-month period ending 10/31/22. Over this time, the S&P 500 lost -5.5% while the Dow Jones Industrial Average gained 0.33%.

Fixed Income has traditionally acted as a buffer against equity volatility, but that asset class has been under pressure as well for several of the same headwinds cited for equities. For the six months ending 10/31/22, the Bloomberg US Aggregate Bond Index declined by -6.86%.

As of the end of the six-month period, several themes continued to play out in the equity markets. From a style standpoint, Value continued to lead Growth. Similarly, high dividend payers and defensive names were generally leading. From a sector view, Energy and defensive sectors (i.e., Healthcare, Consumer Staples, & Utilities) were generally leading their growth and momentum counterparts (such as Technology, Consumer Discretionary, & Communication Services).

Despite the challenging market, the PFG Funds largely performed in-line with their benchmark and objective during this time, though all of the benchmarks produced negative returns for the six-month period ending 10/31/22. Notable outliers in terms of outperformance of their benchmarks include the PFG Fidelity Institutional AM Equity Sector Strategy and the PFG Meeder Strategy. While there were no notable underperforming outliers as compared to their benchmarks over the six-month period, we continue to monitor the PFG American Funds Growth Strategy and the Invesco Thematic ESG Strategies, which have lagged their benchmarks over the trailing year ending 10/31/22.

While the investment backdrop has seen better days, there is reason for optimism. Recent Consumer Price Index (CPI) readings from September and October show that inflation may be peaking, which would be welcomed by the consumer and could signal that the Federal Reserve may slow the pace of interest rate hikes. In addition, valuation multiples have settled into ranges that are more in-line with historical averages. While the environment for fixed income remains challenging, yields have improved measurably across bond categories. Lastly, equities have responded favorably since early October, largely on optimism that inflation may be peaking.

While the case for optimism builds, we remain cautiously optimistic as we continue to monitor key market drivers including inflation, the Federal Reserve, earnings, technicals, and other factors.

Thank you for your continued trust and partnership in The Pacific Financial Group.

Sincerely,

Daniel Helmick, Portfolio Manager

The Pacific Financial Group, LLC

October 31, 2022

4254-NLD-12232022

***Mutual Funds Involve Risk Including Possible Loss of Principal. Past performance is no guarantee of future results. Investment return and principal value will vary. Investors' shares when redeemed may be worth more or less than the original cost. Returns do not reflect the deduction of taxes a shareholder would pay on distributions or redemption of Fund shares. Before investing you should carefully consider the investment objectives, risks, shares, and expenses of the Pacific Financial Group family of funds (referred to as PFG Strategies). This and other important information about the Funds/PFG Strategies are contained in the prospectus; to obtain a prospectus please call 1-888-451-TPFG. The prospectus should be read carefully before investing. The Pacific Financial Group family of funds (PFG Strategies) is distributed by Northern Lights Distributors, LLC member FINRA/SIPC.***

The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS (agency and non-agency).

The Morningstar Target Risk Index Family provides global market risk levels that are scaled to fit five equity market risk profiles: aggressive, moderately aggressive, moderate, moderately conservative, and conservative. The Morningstar Target Risk Index Family provides global market risk levels that are scaled to fit five equity market risk profiles: aggressive, moderately aggressive, moderate, moderately conservative, and conservative. The Morningstar Conservative Target Risk Total Return Index consists of 13% U.S. Equity Exposure, 9% Non-U.S. Equity Exposure, 58% U.S. Bond Exposure, 18% Non-U.S. Bond Exposure, and 2% Inflation Hedge. The Morningstar Moderate Conservative Target Risk Total Return Index consists of 26% U.S. Equity Exposure, 16% Non-U.S. Equity Exposure, 44% U.S. Bond Exposure, 13% Non-U.S. Bond Exposure, and 1% Inflation Hedge. The Morningstar Moderate Target Risk Total Return Index consists of 36% U.S. Equity Exposure, 26% Non-U.S. Equity Exposure, 29% U.S. Bond Exposure, 8% Non-U.S. Bond Exposure, and 1% Inflation Hedge. The Morningstar Moderate Aggressive Target Risk Total Return Index consists of 48% U.S. Equity Exposure, 34% Non-U.S. Equity Exposure, 14% U.S. Bond Exposure, and 4% Non-U.S. Bond Exposure. The Morningstar Aggressive Target Risk Total Return Index consists of 57% U.S. Equity Exposure, 39% Non-U.S. Equity Exposure, 3% U.S. Bond Exposure, and 1% Non-U.S. Bond Exposure.

The benchmark returns reflect the reinvestment of dividends and interest, but do not reflect the deduction of fees, expenses, transaction costs, nor taxes that actual shareholder accounts are subject to. The indexes are presented as broad-based measures of the equity and fixed income markets. Index returns have been taken from published sources. Investors cannot invest directly in an index. Investing in any security involves a risk of loss.

4254-NLD-12232022

**PFG Active Core Bond Strategy Fund<br> Portfolio Review (Unaudited)<br> October 31, 2022**

The PFG Active Core Bond Strategy provides investors with a globally diversified fixed income allocation. This PFG Strategy returned (7.52)% for the six-month period ending 10/31/2022, while the Bloomberg U.S. Aggregate Bond Index returned (6.86)% for the same period. The Strategy performed about in line with the benchmark over what has been a challenging period for fixed income investors as elevated inflation and less accommodative central bank policy have weighed on returns. During that period, the Strategy was positioned in high quality, resilient assets, and was neutral on duration. As such, Investment Grade Corporates as well as Agency and Non-Agency Mortgages were favored with a secondary emphasis on Municipal Bonds given their improving after-tax yields. To combat inflationary pressures, Commodities and Treasury Inflation Protected Securities (TIPS) have been favored in the Real Assets space. Equity exposure remained underweight in general with a defensive tilt. Over the trailing six months, the best performers on a relative basis included the PIMCO Mortgage Opportunities and Bond Fund and the PIMCO Income Fund with returns of (4.97)% and (4.17)%, respectively, while the PIMCO Investment Grade Credit Bond Fund, PIMCO Total Return Fund, and PIMCO Real Return Fund saw the largest declines with returns of (8.16)%, (16.96)%, and (8.19)%, respectively.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | Annualized | Annualized |
|  | | | Three | Performance |
| | <br>Six<br>Months | <br>One<br>Year | Year | Since Inception<sup>\*\*</sup> |
| **PFG Active Core Bond Strategy Fund** |  |  |  |  |
| Class R | (7.52)% | (15.84)% | (4.34)% | (1.98)% |
| Bloomberg U.S. Aggregate Bond Index\*\*\* | (6.86)% | (15.68)% | (3.77)% | (0.58)% |

---

\* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund's total annual operating expenses, including acquired fund fees and expenses, were 2.61% for Class R shares per the August 29, 2022 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

<sup>\*\*</sup> Commencement of trading was on December 14, 2017.

\*\*\* The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index which represents the U.S. investment-grade fixed-rate bond market (including government and corporate securities, mortgage pass-through securities, and asset-backed securities). Investors cannot invest directly in an index or benchmark.

---

| | |
|:---|:---|
| **Holdings by Asset Class** | **% of Net Assets** |
| Open End Funds - Fixed Income | 99.4% |
| Money Market Fund | 0.5% |
| Assets in Excess of Other Liabilities - Net | 0.1% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund's holdings as of October 31, 2022.

**PFG American Funds<sup>®</sup> Conservative Income Strategy Fund<br> Portfolio Review (Unaudited)<br> October 31, 2022**

The PFG American Funds® Conservative Income Strategy provides investors with a broadly diversified strategic allocation that seeks current income and limited price volatility, including exposure to high-quality bonds and dividend-paying equities. This PFG Strategy returned (5.81)% for the six-month period ending 10/31/2022, while the Morningstar Conservative Target Risk Index (Total Return) returned (7.46)% for the same period. Tilts to Value equities as well as short duration fixed income categories were positive contributors while Balanced, Core Bond, and Unconstrained Fixed Income were among the largest detractors. As such, the American Funds American Mutual Fund and American Funds Short-Term Bond Fund of America saw the largest gains on a relative basis, though their absolute returns were negative at (2.11)% and (1.73)%, respectively. The American Funds Bond Fund of America, American Funds Strategic Bond, and the American Funds Multi-Sector Income saw the largest declines over this period, with returns of (6.89)%, (8.93)%, and (6.73)%, respectively.

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

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Annualized |
| x | Six | One | Performance |
|  | Months | Year | Since Inception<sup>\*\*</sup> |
| **PFG American Funds® Conservative Income Strategy Fund** |  |  |  |
| Class R | (5.81)% | (11.12)% | (1.95)% |
| Morningstar Conservative Target Risk Index (Total Return)\*\*\* | (7.46)% | (15.85)% | (2.23)% |

---

\* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund's total annual operating expenses, including acquired fund fees and expenses, were 2.31% for Class R shares per the August 29, 2022 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

<sup>\*\*</sup> Commencement of trading was on May 2, 2020.

\*\*\* The Morningstar Conservative Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 20% global equity exposure and 80% global bond exposure. Investors cannot invest directly in an index.

The PFG American Funds<sup>®</sup> Conservative Income Strategy Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the PFG American Funds® Conservative Income Strategy Fund or any member of the public regarding the advisability of investing in equities and bonds generally or in the the PFG American Funds® Conservative Income Strategy Fund in particular or the ability of The Morningstar Conservative Target Risk Index (Total Return) to track general equities and bonds market performance.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR CONSERVATIVE TARGET RISK INDEX (TOTAL RETURN) OR ANY DATA INCLUDED THERIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THERIN.

---

| | |
|:---|:---|
| **Holdings by Asset Class** | **% of Net Assets** |
| Open End Funds - Fixed Income | 74.3% |
| Open End Funds - Mixed Allocation | 15.2% |
| Open End Funds - Equity | 10.2% |
| Money Market Fund | 0.4% |
| Liabilities in Excess of Other Assets - Net | (0.1)% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund's holdings as of October 31, 2022.

**PFG American Funds<sup>®</sup> Growth Strategy Fund<br> Portfolio Review (Unaudited)<br> October 31, 2022**

The PFG American Funds® Growth Strategy provides investors with a broadly diversified, strategic global equity allocation that is designed to take advantage of opportunities across various market segments with active stock picking taking place in the underlying fund holdings. This PFG Strategy returned (9.63)% for the six-month period ending 10/31/2022, while the Morningstar Aggressive Target Risk Index (Total Return) returned (8.96)% for the same period. An outsized growth tilt has generally detracted from performance over the trailing six months as an environment marked by elevated inflation, rising rates, and slowing growth prospects has repriced multiples to the downside. As such, value and more defensive-oriented equites generally led over their growth and momentum counterparts over this six-month time period. Weakness was broad across all sizes and geographic locations as growth in general has underperformed over the last year. As for attribution, the American Funds Fundamental Investors Fund posted the largest gain over this six-month period on a relative basis with a return of (5.96)%. The American Funds New Perspective saw the largest decline with a return of (11.20)%.

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

---

| | | | |
|:---|:---|:---|:---|
| | <br>Six<br>Months | <br>One<br>Year | Annualized<br>Performance<br>Since Inception<sup>\*\*</sup> |
| **PFG American Funds® Growth Strategy Fund** |  |  |  |
| Class R | (9.63)% | (29.39)% | 4.63% |
| Morningstar Aggressive Target Risk Index (Total Return)\*\*\* | (8.96)% | (18.50)% | 10.45% |

---

\* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund's total annual operating expenses, including acquired fund fees and expenses, were 2.43% for Class R shares per the August 29, 2022 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

<sup>\*\*</sup> Commencement of trading was on May 2, 2020.

\*\*\* The Morningstar Aggressive Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 95% global equity exposure and 5% global bond exposure. Investors cannot invest directly in an index.

The PFG American Funds® Growth Strategy Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the PFG American Funds® Growth Strategy Fund or any member of the public regarding the advisability of investing in equities and bonds generally or in the PFG American Funds® Growth Strategy Fund in particular or the ability of The Morningstar Aggressive Target Risk Index (Total Return) to track general equities and bonds market performance.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR AGGRESSIVE TARGET RISK INDEX (TOTAL RETURN) OR ANY DATA INCLUDED THERIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THERIN.

---

| | |
|:---|:---|
| **Holdings by Asset Class** | **% of Net Assets** |
| Open End Funds - Equity | 99.8% |
| Money Market Fund | 0.4% |
| Liabilities in Excess of Other Assets - Net | (0.2)% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund's holdings as of October 31, 2022.

**PFG BNY Mellon Diversifier Strategy Fund<br> Portfolio Review (Unaudited)<br> October 31, 2022**

The PFG BNY Mellon® Diversifier Strategy utilizes a blend of alternative asset classes alongside traditional fixed income in an effort to outperform bonds during periods of both rising and falling interest rates. This PFG Strategy returned (6.57)% for the six-month period ending 10/31/2022, while the Bloomberg U.S. Aggregate Bond Index returned (6.86)% for the same period. The Strategy strives to be a diversifier away from traditional asset classes like equity and fixed income. As such, the 10/31/22 positioning of the Strategy reflected underweights in Liquid Real Assets (9% allocation – 1% underweight) and fixed income (54% allocation – 6% underweight), with an overweight in Real Return (37% allocation – 7% overweight). The Strategy's Commodity/Natural Resource exposure was a key contributor as the BNY Natural Resources Fund rose by 5.53% over the trailing six months. The BNY Floating Rate Income Fund outperformed on a relative basis with a return of (2.55)%. The BNY Global Real Estate Securities Fund saw the largest decline given rising interest rates with a return of (21.08)%. The BNY Mellon Core Plus Bond is the largest weighting at around 50% and modestly lagged its benchmark with a return of (7.45)% as the general backdrop for fixed income remains challenging due to elevated inflation and less accommodative central bank policy.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | Annualized | Annualized |
|  | | | Three | Performance |
| | <br>Six<br>Months | <br>One<br>Year | Year | Since Inception<sup>\*\*</sup> |
| **PFG BNY Mellon Diversifier Strategy Fund** |  |  |  |  |
| Class R | (6.57)% | (11.85)% | (0.47)% | 0.02% |
| Bloomberg U.S. Aggregate Bond Index\*\*\* | (6.86)% | (15.68)% | (3.77)% | (0.58)% |

---

\* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund's total annual operating expenses, including acquired fund fees and expenses, were 2.79% for Class R shares per the August 29, 2022 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

<sup>\*\*</sup> Commencement of trading was on December 14, 2017.

\*\*\* The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index which represents the U.S. investment-grade fixed-rate bond market (including government and corporate securities, mortgage pass-through securities, and asset-backed securities). Investors cannot invest directly in an index.

---

| | |
|:---|:---|
| **Holdings by Asset Class** | **% of Net Assets** |
| Open End Funds - Fixed Income | 58.7% |
| Open End Funds - Alternative | 32.0% |
| Open End Funds - Equity | 9.0% |
| Money Market Fund | 0.3% |
| Liabilities in Excess of Other Assets - Net | (0.0)% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund's holdings as of October 31, 2022.

**PFG BR Equity ESG Strategy Fund<br> Portfolio Review (Unaudited)<br> October 31, 2022**

The PFG BR Equity ESG Strategy's tactical allocation provides investors with global exposure, emphasizing companies that exhibit positive environmental, social, and governance characteristics. This PFG Strategy returned (9.23)% for the six-month period ending 10/31/2022, while the Morningstar Aggressive Target Risk Index (Total Return) returned (8.96)% for the same period. To mitigate volatility, the strategy had reduced small cap exposure and was allocating more to large caps with a low-carbon focus. Though the Strategy remained underweight Emerging Market equities, the weighting to this category was increased. In general, ESG-focused equities tend to have more of a growth bias and as a result have generally lagged over the trailing six months as more value and defensive counterparts have outperformed on a relative basis. The iShares ESG Aware USA Small-Cap ETF performed best on a relative basis, though trailing six-month returns were negative on an absolute basis with a return of (2.17)%. International and Emerging Markets ESG-focused vehicles posted the largest declines over this time as the iShares ESG Aware MSCI EM ETF, iShares MSCI Advanced MSCI EAFE ETF, and the iShares ESG Aware MSCI EAFE ETF led declines with returns of (20.23)%, (13.06)%, and (12.33)%, respectively.

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

---

| | | | |
|:---|:---|:---|:---|
| | <br>Six<br>Months | <br>One<br>Year | Annualized<br>Performance<br>Since Inception<sup>\*\*</sup> |
| **PFG BR Equity ESG Strategy Fund** |  |  |  |
| Class R | (9.23)% | (22.83)% | 6.49% |
| Morningstar Aggressive Target Risk Index (Total Return)\*\*\* | (8.96)% | (18.50)% | 10.45% |

---

\* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund's total annual operating expenses, including acquired fund fees and expenses, were 2.22% for Class R shares per the August 29, 2022 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

<sup>\*\*</sup> Commencement of trading was on May 2, 2020.

\*\*\* The Morningstar Aggressive Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 95% global equity exposure and 5% global bond exposure. Investors cannot invest directly in an index.

The PFG BR Equity ESG Strategy Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the PFG BR Equity ESG Strategy Fund or any member of the public regarding the advisability of investing in equities and bonds generally or in the PFG BR Equity ESG Strategy Fund in particular or the ability of The Morningstar Aggressive Target Risk Index (Total Return) to track general equities and bonds market performance.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR AGGRESSIVE TARGET RISK INDEX (TOTAL RETURN) OR ANY DATA INCLUDED THERIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THERIN.

---

| | |
|:---|:---|
| **Holdings by Asset Class** | **% of Net Assets** |
| Exchange Traded Funds - Equity | 99.8% |
| Money Market Fund | 0.4% |
| Liabilities in Excess of Other Assets - Net | (0.2)% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund's holdings as of October 31, 2022.

**PFG Fidelity Institutional AM<sup>®</sup> Bond ESG Strategy Fund<br> Portfolio Review (Unaudited)<br> October 31, 2022**

The inception for this Strategy was 10/29/2021. The PFG Fidelity Institutional AM® Bond ESG Strategy provides investors with a strategic, broadly diversified fixed income allocation with a focus on securities that emphasize environmental, social, and governance factors. This PFG Strategy returned (7.33)% for the six-month period ending 10/31/2022, while the Bloomberg U.S. Aggregate Bond Index retuned (6.86)% over the same period. The Strategy experienced some underperformance in the first couple weeks after its launch due to the timing of fund flows. Since that time, the Strategy has performed in line with its benchmark. As for attribution, most of the underlying funds performed in line with the benchmark over the past six months. While at a much smaller weighting, the iShares Short Treasury Bond ETF outperformed, rising 42 bps over this six-month period given its lower duration and interest rate sensitivity.

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

---

| | | | |
|:---|:---|:---|:---|
| | Six<br>Months | One<br>Year | Performance<br>Since Inception<sup>\*\*</sup> |
| **PFG Fidelity Institutional AM® Bond ESG Strategy Fund** |  |  |  |
| Class R | (7.33)% | (16.60)% | (16.52)% |
| Bloomberg U.S. Aggregate Bond Index\*\*\* | (6.86)% | (15.68)% | (15.60)% |

---

\* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund's total annual operating expenses, including acquired fund fees and expenses, were 2.24% for Class R shares per the August 29, 2022 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

\*\* Commencement of trading was on October 29, 2021.

\*\*\* The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index which represents the U.S. investment-grade fixed-rate bond market (including government and corporate securities, mortgage pass-through securities, and asset-backed securities). Investors cannot invest directly in an index.

---

| | |
|:---|:---|
| **Holdings by Asset Class** | **% of Net Assets** |
| Open End Funds - Fixed Income | 81.2% |
| Exchange-Traded Funds - Fixed Income | 13.9% |
| Money Market Fund | 4.6% |
| Assets in Excess of Other Liabilities - Net | 0.3% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund's holdings as of October 31, 2022.

**PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund<br> Portfolio Review (Unaudited)<br> October 31, 2022**

The PFG Fidelity Institutional AM® Equity Index Strategy provides investors with a passive, globally diversified, strategic equity allocation. This PFG Strategy returned (8.42)% for the six-month period ending 10/31/2022, while the Morningstar Aggressive Target Risk Index (Total Return) returned (8.96)% for the same period. The Fidelity Small Cap Index Fund led returns followed by the Fidelity 500 Index and Fidelity Mid Cap Index Fund with returns of (0.13)%, (5.50)%, and (5.26)%, respectively. In comparison, a significant weighting (30%) to the Fidelity Global ex-US Index Fund was the largest detractor from performance as that fund declined (13.63)% over the six-month period.

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

---

| | | | |
|:---|:---|:---|:---|
| | <br>Six<br>Months | <br>One<br>Year | Annualized<br>Performance<br>Since Inception<sup>\*\*</sup> |
| **PFG Fidelity Institutional AM® Equity Index Strategy Fund** |  |  |  |
| Class R | (8.42)% | (19.39)% | 9.01% |
| Morningstar Aggressive Target Risk Index (Total Return)\*\*\* | (8.96)% | (18.50)% | 10.45% |

---

\* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund's total annual operating expenses, including acquired fund fees and expenses, were 2.08% for Class R shares per the August 29, 2022 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

<sup>\*\*</sup> Commencement of trading was on May 2, 2020.

\*\*\* The Morningstar Aggressive Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 95% global equity exposure and 5% global bond exposure. Investors cannot invest directly in an index.

The PFG Fidelity Institutional AM® Equity Index Strategy Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the PFG Fidelity Institutional AM® Equity Index Strategy Fund or any member of the public regarding the advisability of investing in equities and bonds generally or in the PFG Fidelity Institutional AM® Equity Index Strategy Fund in particular or the ability of The Morningstar Aggressive Target Risk Index (Total Return) to track general equities and bonds market performance.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR AGGRESSIVE TARGET RISK INDEX (TOTAL RETURN) OR ANY DATA INCLUDED THERIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THERIN.

---

| | |
|:---|:---|
| **Holdings by Asset Class** | **% of Net Assets** |
| Open End Funds - Equity | 99.6% |
| Money Market Fund | 0.6% |
| Liabilities in Excess of Other Assets - Net | (0.2)% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund's holdings as of October 31, 2022.

**PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund<br> Portfolio Review (Unaudited)<br> October 31, 2022**

The PFG Fidelity Institutional AM® Equity Sector Strategy provides investors with a tactically managed, diversified allocation that tilts exposure to sectors based on shifts in the business cycle. This PFG Strategy returned (0.81)% for the six-month period ending 10/31/2022, while the Morningstar Aggressive Target Risk Index (Total Return) returned (8.96)% for the same period. Stock selection in Healthcare, Energy, Utilities, and Communication Services added value over this period. Positioning as of the end of the six-month period reflected an overweight to inflation-sensitive sectors like Energy and Materials, along with defensive sectors like Utilities and Healthcare. The Strategy was underweight in Communication Services, Consumer Discretionary, and Financials. Over the last six months, exposure to defensives and commodities have been the top performers as the Fidelity MSCI Energy ETF, Fidelity Health Care Fund, and Fidelity Financial Services Fund led gains with returns of 22.38%, 4.68%, and 2.59%, respectively. Growth and cyclical sectors generally lagged as the Fidelity Advisor Technology Fund, Fidelity MSCI Materials ETF, the Fidelity MSCI Real Estate ETF saw the largest declines with returns of (13.37)%, (11.61)%, and (18.72)%, respectively.

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

---

| | | | |
|:---|:---|:---|:---|
| | <br>Six<br>Months | <br>One<br>Year | Annualized<br>Performance<br>Since Inception<sup>\*\*</sup> |
| **PFG Fidelity Institutional AM® Equity Sector Strategy Fund** |  |  |  |
| Class R | (0.81)% | (7.25)% | 13.84% |
| Morningstar Aggressive Target Risk Index (Total Return)\*\*\* | (8.96)% | (18.50)% | 10.45% |

---

\* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund's total annual operating expenses, including acquired fund fees and expenses, were 2.48% for Class R shares per the August 29, 2022 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

<sup>\*\*</sup> Commencement of trading was on May 2, 2020.

\*\*\* The Morningstar Aggressive Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 95% global equity exposure and 5% global bond exposure. Investors cannot invest directly in an index.

The PFG Fidelity Institutional AM® Equity Sector Strategy Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the PFG Fidelity Institutional AM® Equity Sector Strategy Fund or any member of the public regarding the advisability of investing in equities and bonds generally or in the PFG Fidelity Institutional AM® Equity Sector Strategy Fund in particular or the ability of The Morningstar Aggressive Target Risk Index (Total Return) to track general equities and bonds market performance.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR AGGRESSIVE TARGET RISK INDEX (TOTAL RETURN) OR ANY DATA INCLUDED THERIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THERIN.

---

| | |
|:---|:---|
| **Holdings by Asset Class** | **% of Net Assets** |
| Exchange Traded Funds - Equity | 53.3% |
| Open End Funds - Equity | 46.3% |
| Money Market Fund | 0.5% |
| Liabilities in Excess of Other Assets - Net | (0.1)% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund's holdings as of October 31, 2022.

**PFG Invesco<sup>®</sup> Thematic ESG Strategy Fund<br> Portfolio Review (Unaudited)<br> October 31, 2022**

The inception for this Strategy was 10/29/2021. The PFG Invesco® Thematic ESG Strategy provides investors with a tactically managed all-equity model that focuses on ESG investing by providing exposure to environmental themes aimed at addressing a more sustainable future. The PFG Strategy returned (6.57)% for the six-month period ending 10/31/2022, while the Morningstar Aggressive Target Risk Index (Total Return) returned (8.96)% for the same period. This is a concentrated Strategy and focuses on three specific environmental themes: clean technology, clean energy, and clean water. Due to its concentration, the Strategy is expected to have higher volatility relative to its benchmark. Over the last six months, the Invesco Solar ETF and Invesco Water Resources ETF led gains, with returns of 10.80% and 3.49%, respectively, while the Invesco Sustainable Future ETF and Invesco Global Clean Energy ETF posted the largest declines with returns of (12.44)% and (10.56)%, respectively.

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

---

| | | | |
|:---|:---|:---|:---|
| | Six<br>Months | One<br>Year | Performance<br>Since Inception<sup>\*\*</sup> |
| **PFG Invesco® Thematic ESG Strategy Fund** |  |  |  |
| Class R | (6.57)% | (28.78)% | (28.65)% |
| Morningstar Aggressive Target Risk Index (Total Return)\*\*\* | (8.96)% | (18.50)% | (18.41)% |

---

\* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund's total annual operating expenses, including acquired fund fees and expenses, were 2.69% for Class R shares per the August 29, 2022 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

<sup>\*\*</sup> Commencement of trading was on October 29, 2021.

\*\*\* The Morningstar Aggressive Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 95% global equity exposure and 5% global bond exposure. Investors cannot invest directly in an index.

The PFG Invesco<sup>®</sup> Thematic ESG Strategy Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the PFG Invesco® Thematic ESG Strategy Fund or any member of the public regarding the advisability of investing in equities and bonds generally or in the PFG Invesco® Thematic ESG Strategy Fund in particular or the ability of The Morningstar Aggressive Target Risk Index (Total Return) to track general equities and bonds market performance.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR AGGRESSIVE TARGET RISK INDEX (TOTAL RETURN) OR ANY DATA INCLUDED THERIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THERIN.

---

| | |
|:---|:---|
| **Holdings by Asset Class** | **% of Net Assets** |
| Exchange Traded Funds - Equity | 99.6% |
| Money Market Fund | 0.5% |
| Liabilities in Excess of Other Assets - Net | (0.1)% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund's holdings as of October 31, 2022.

**PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund<br> Portfolio Review (Unaudited)<br> October 31, 2022**

The inception for this Strategy was 10/29/2021. The PFG Janus Henderson® Balanced Strategy provides investors with a tactically managed model that proactively adjusts equity and fixed income exposure between 30% to 70% of the Strategy, depending on market conditions. This PFG Strategy returned (6.64)% for the six-month period ending 10/31/2022 while the Morningstar Moderate Target Risk Index (Total Return) returned (8.44)% over the same period. Overall positioning during this period can be summed up as 'modest risk off.' Notable tilts as of 10/31/22 included underweight equities and overweight high yield. The Janus Henderson Balanced Fund was the largest weighting by far at around 80% of the Strategy. Further, the Janus Henderson Balanced Fund outperformed its benchmark by +281 bps over the trailing six months. The Janus Henderson Short-Duration Income ETF was the best performer on an absolute and relative basis with a return of (0.03)%. Small and Mid-Cap names generally lagged as the Janus Henderson Small Cap Growth Alpha ETF and Janus Henderson Contrarian Fund led declines with returns of (6.88)% and (14.07)%, respectively.

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

---

| | | | |
|:---|:---|:---|:---|
| | Six<br>Months | One<br>Year | Performance<br>Since Inception<sup>\*\*</sup> |
| **PFG Janus Henderson® Balanced Strategy Fund** |  |  |  |
| Class R | (6.64)% | (18.19)% | (18.10)% |
| Morningstar Moderate Target Risk Index (Total Return)\*\*\* | (8.44)% | (17.50)% | (17.41)% |

---

\* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund's total annual operating expenses, including acquired fund fees and expenses, were 2.60% for Class R shares per the August 29, 2022 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

<sup>\*\*</sup> Commencement of trading was on October 29, 2021.

\*\*\* The Morningstar Moderate Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 60% global equity exposure and 40% global bond exposure. Investors cannot invest directly in an index.

The PFG Janus Henderson® Balanced Strategy Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the PFG Janus Henderson® Balanced Strategy Fund or any member of the public regarding the advisability of investing in equities and bonds generally or in the PFG Janus Henderson® Balanced Strategy Fund in particular or the ability of The Morningstar Moderate Target Risk Index (Total Return) to track general equities and bonds market performance.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR MODERATE TARGET RISK INDEX (TOTAL RETURN) OR ANY DATA INCLUDED THERIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THERIN.

---

| | |
|:---|:---|
| **Holdings by Asset Class** | **% of Net Assets** |
| Open End Funds - Mixed Allocation | 79.8% |
| Exchange Traded Funds - Equity | 6.5% |
| Open End Funds - Fixed Income | 5.7% |
| Open End Funds - Equity | 4.6% |
| Exchange Traded Funds - Fixed Income | 3.2% |
| Money Market Fund | 1.2% |
| Liabilities in Excess of Other Assets - Net | (1.0)% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund's holdings as of October 31, 2022.

**PFG JP Morgan Tactical<sup>®</sup> Aggressive Strategy Fund<br> Portfolio Review (Unaudited)<br> October 31, 2022**

The PFG JP Morgan® Tactical Aggressive Strategy provides a globally diversified allocation with the ability to dynamically adjust the equity and fixed income exposure based upon current market conditions. The PFG Strategy returned (9.32)% for the six-month period ending 10/31/2022, while the Morningstar Aggressive Target Risk Index (Total Return) returned (8.96)% for the same period. This Strategy has had a more defensive equity tilt towards the end of the six-month period, favoring defensives like Healthcare and Utilities. In addition, the Strategy had a higher than usual allocation to cash to mitigate volatility and provide optionality for adding new securities or increasing weightings to existing ones. The defensive tilt is reflected in performance as defensive and value positions were among the top performers. The JPMorgan Large Cap Value and JPMorgan Equity Premium Income ETF led gains despite having negative absolute returns over the last six months with returns of (1.18)% and (1.49)%, respectively. International/Emerging Markets exposure was generally a detractor as the JPMorgan Emerging Markets Equity Fund, JPMorgan Emerging Markets Research Enhanced Equity Fund, and the JPMorgan Diversified Return International Equity ETF led declines with returns of (17.12)%, (19.72)%, and (15.26)%, respectively.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | Annualized | Annualized |
|  | | | Three | Performance |
| | <br>Six<br>Months | <br>One<br>Year | Year | Since Inception<sup>\*\*</sup> |
| **PFG JP Morgan Tactical® Aggressive Strategy Fund** |  |  |  |  |
| Class R | (9.32)% | (18.49)% | 3.62% | 3.12% |
| Morningstar Aggressive Target Risk Index (Total Return)\*\*\* | (8.96)% | (18.50)% | 4.11% | 4.74% |

---

\* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund's total annual operating expenses, including acquired fund fees and expenses, were 2.40% for Class R shares per the August 29, 2022 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

<sup>\*\*</sup> Commencement of trading was on December 14, 2017.

\*\*\* The Morningstar Aggressive Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 95% global equity exposure and 5% global bond exposure. Investors cannot invest directly in an index.

The PFG JP Morgan Tactical<sup>®</sup> Aggressive Strategy Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the PFG JP Morgan Tactical® Aggressive Strategy Fund or any member of the public regarding the advisability of investing in equities and bonds generally or in the PFG JP Morgan Tactical® Aggressive Strategy Fund in particular or the ability of The Morningstar Aggressive Target Risk Index (Total Return) to track general equities and bonds market performance.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR AGGRESSIVE TARGET RISK INDEX (TOTAL RETURN) OR ANY DATA INCLUDED THERIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THERIN.

---

| | |
|:---|:---|
| **Holdings by Asset Class** | **% of Net Assets** |
| Open End Funds - Equity | 48.4% |
| Exchange Traded Funds - Equity | 46.6% |
| Open End Funds - Alternative | 4.7% |
| Money Market Fund | 0.5% |
| Liabilities in Excess of Other Assets - Net | (0.2)% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund's holdings as of October 31, 2022.

**PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund<br> Portfolio Review (Unaudited)<br> October 31, 2022**

The PFG JP Morgan® Tactical Moderate Strategy provides a globally diversified allocation with the ability to dynamically adjust the equity and fixed income exposure based upon market conditions. The PFG Strategy returned (8.08)% for the six-month period ending 10/31/2022, while the Morningstar Moderate Target Risk Index (Total Return) returned (8.44)% for the same period. This Strategy had a more defensive equity tilt over this timeframe, favoring defensives like Healthcare and Utilities. In addition, the Strategy had a higher than usual allocation to cash to mitigate volatility and provide optionality for adding new securities or increasing weightings to existing ones. In Q2, the Strategy was underweight equities on its 60/40 target by about 3 points or 57% equity exposure. By the end of the six-month period, the Strategy was about up to its equity target currently but was still maintaining a higher cash weighting. Value and Short Duration Income exposure were among the top performers as the JPMorgan Large Cap Value Fund, JPMorgan Ultra-Short Income ETF, and JPMorgan Equity Premium Income ETF led gains with returns of (1.18)%, 0.57%, and (1.49)%, respectively. International/Emerging Markets and Growth exposure was generally a detractor as the JPMorgan Emerging Markets Equity Fund, JPMorgan Emerging Markets Research Enhanced Equity Fund, and the JPMorgan Diversified Return International Equity ETF led declines with returns of (17.12)%, (19.72)%, and (15.26)%, respectively.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | Annualized | Annualized |
|  | | | Three | Performance |
| | <br>Six<br>Months | <br>One<br>Year | Year | Since Inception<sup>\*\*</sup> |
| **PFG JP Morgan® Tactical Moderate Strategy Fund** |  |  |  |  |
| Class R | (8.08)% | (17.09)% | 0.49% | 0.80% |
| Morningstar Moderately Aggressive Target Risk Index (Total Return)\*\*\* | (8.76)% | (18.20)% | 3.11% | 3.72% |
| Morningstar Moderate Target Risk Index (Total Return)\*\*\*\* | (8.44)% | (17.50)% | 1.70% | 2.95% |

---

\* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund's total annual operating expenses, including acquired fund fees and expenses, were 2.43% for Class R shares per the August 29, 2022 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

<sup>\*\*</sup> Commencement of operations and trading was March 15, 2018.

\*\*\* The Morningstar Moderately Aggressive Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 80% global equity exposure and 20% global bond exposure. Investors cannot invest directly in an index.

---

| | |
|:---|:---|
| \*\*\*\* | The Morningstar Moderate Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 60% global equity exposure and 40% global bond exposure. Investors cannot invest directly in an index. |

---

The PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the PFG JP Morgan® Tactical Moderate Strategy Fund or any member of the public regarding the advisability of investing in equities and bonds generally or in the PFG JP Morgan® Tactical Moderate Strategy Fund in particular or the ability of The Morningstar Moderately Aggressive Target Risk Index (Total Return) and Morningstar Moderate Target Risk Index (Total Return) to track general equities and bonds market performance.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR MODERATELY AGGRESSIVE TARGET RISK INDEX (TOTAL RETURN) AND MORNINGSTAR MODERATE TARGET RISK INDEX (TOTAL RETURN) OR ANY DATA INCLUDED THERIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THERIN.

---

| | |
|:---|:---|
| **Holdings by Asset Class** | **% of Net Assets** |
| Open End Funds - Fixed Income | 36.7% |
| Exchange Traded Funds - Equity | 29.6% |
| Open End Funds - Equity | 29.5% |
| Open End Funds - Alternative | 2.9% |
| Exchange Traded Funds - Fixed Income | 1.0% |
| Money Market Fund | 0.2% |
| Assets in Excess of Other Liabilities - Net | 0.1% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund's holdings as of October 31, 2022.

**PFG Meeder Tactical Strategy Fund<br> Portfolio Review (Unaudited)<br> October 31, 2022**

The PFG Meeder Tactical Strategy provides a highly tactical allocation by shifting equity and fixed income exposure during various market conditions. This PFG Strategy returned (4.50)% for the six-month period ending 10/31/2022, while the Morningstar Moderate Target Risk Index (Total Return) returned (8.44)% for the same period. During the third quarter, the Strategy had a 41% allocation to equity. The other 59% was positioned defensively, which was almost entirely held in cash. Further, the Strategy entered the year with a 33% cash position. Speaking to sectors, the Strategy has added value during the year through security selection mostly within industrials, financials, and energy. The Strategy remained cautious on and underweight Technology and Consumer Discretionary. Overall, the Strategy's longer-term model remains defensive, driven by elevated valuations on an inflation-adjusted basis as well as factoring in a rising interest rate environment. As for attribution, the Meeder Muirfield Fund and Meeder Spectrum Fund were relative outperformers with returns of (2.64)% and (3.05)%, respectively, while the Meeder Dynamic Allocation Fund and Performance Trust Strategic Bond Funds led declines with returns of (6.17)% and (7.23)%, respectively.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | Annualized | Annualized |
|  | | | Three | Performance |
| | <br>Six<br>Months | <br>One<br>Year | Year | Since Inception<sup>\*\*</sup> |
| **PFG Meeder Tactical Strategy Fund** |  |  |  |  |
| Class R | (4.50)% | (13.67)% | 0.68% | 0.64% |
| Morningstar Moderate Target Risk Index (Total Return)\*\*\* | (8.44)% | (17.50)% | 1.70% | 3.14% |

---

\* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund's total annual operating expenses, including acquired fund fees and expenses, were 3.03% for Class R shares per the August 29, 2022 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

<sup>\*\*</sup> Commencement of trading was on December 14, 2017.

\*\*\* The Morningstar Moderate Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 60% global equity exposure and 40% global bond exposure. Investors cannot invest directly in an index.

The PFG Meeder Tactical Strategy Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the PFG Meeder Tactical Strategy Fund or any member of the public regarding the advisability of investing in equities and bonds generally or in the PFG Meeder Tactical Strategy Fund in particular or the ability of The Morningstar Moderate Target Risk Index (Total Return) to track general equities and bonds market performance.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR MODERATE TARGET RISK INDEX (TOTAL RETURN) OR ANY DATA INCLUDED THERIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THERIN.

---

| | |
|:---|:---|
| **Holdings by Asset Class** | **% of Net Assets** |
| Open End Funds - Equity | 76.4% |
| Open End Funds - Mixed Allocation | 10.7% |
| Open End Funds - Alternative | 10.0% |
| Open End Funds - Fixed Income | 2.7% |
| Money Market Fund | 0.3% |
| Liabilities in Excess of Other Assets - Net | (0.1)% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund's holdings as of October 31, 2022.

**PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund<br> Portfolio Review (Unaudited)<br> October 31, 2022**

The PFG MFS Aggressive Growth Strategy provides a globally diversified equity allocation with a growth bias and holds diversifying allocations to real estate and commodities. The PFG Strategy returned (8.62)% for the six-month period ending 10/31/2022, while the Morningstar Aggressive Target Risk Index (Total Return) returned (8.96)% for the same period. Value-tilted securities outperformed on a relative basis as the MFS Value Fund, Vanguard Small-Cap Value ETF, and MFS Mid Cap Value Fund led gains with returns of (0.10)%, (1.60)%, and (2.81)%, respectively. Exposure to Real Estate and International Equity were among the largest detractors from performance as the MFS Global Real Estate Fund, Schwab International Small-Cap Equity ETF, and the SPDR Portfolio Emerging Markets led declines with returns of (21.25)%, (17.58)%, and (16.69)%, respectively.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | Annualized | Annualized |
|  | | | Three | Performance |
| | <br>Six<br>Months | <br>One<br>Year | Year | Since Inception<sup>\*\*</sup> |
| **PFG MFS® Aggressive Growth Strategy Fund** |  |  |  |  |
| Class R | (8.62)% | (19.70)% | 3.33% | 4.15% |
| Morningstar Aggressive Target Risk Index (Total Return)\*\*\* | (8.96)% | (18.50)% | 4.11% | 4.74% |

---

\* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund's total annual operating expenses, including acquired fund fees and expenses, were 2.63% for Class R shares per the August 29, 2022 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

<sup>\*\*</sup> Commencement of trading was on December 14, 2017.

\*\*\* The Morningstar Aggressive Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 95% global equity exposure and 5% global bond exposure. Investors cannot invest directly in an index.

The PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the PFG MFS® Aggressive Growth Strategy Fund or any member of the public regarding the advisability of investing in equities and bonds generally or in the PFG MFS® Aggressive Growth Strategy Fund in particular or the ability of The Morningstar Aggressive Target Risk Index (Total Return) to track general equities and bonds market performance.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR AGGRESSIVE TARGET RISK INDEX (TOTAL RETURN) OR ANY DATA INCLUDED THERIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THERIN.

---

| | |
|:---|:---|
| **Holdings by Asset Class** | **% of Net Assets** |
| Open End Funds - Equity | 85.2% |
| Exchange Traded Funds - Equity | 9.8% |
| Exchange Traded Funds - Commodity | 4.8% |
| Money Market Fund | 0.4% |
| Liabilities in Excess of Other Assets - Net | (0.2)% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund's holdings as of October 31, 2022.

**PFG Tactical Income Strategy Fund<br> Portfolio Review (Unaudited)<br> October 31, 2022**

The PFG Tactical Income Strategy seeks a high level of income with a focus on tactical high yield strategies, investment grade credit, and dividend paying equities. This PFG Strategy returned (6.31)% for the six-month period ending 10/31/2022, while the Morningstar Moderate Conservative Target Risk Index (Total Return) returned (7.58)% for the same period. The Janus Global Life Sciences Fund was the top performer over this period with a return of 4.81%. Tactical Income Exposure including the Counterpoint Tactical Income Fund and Counterpoint Tactical Municipal Fund, as well the Janus Henderson Short Duration Income ETF outperformed on a relative basis, with returns of (0.42)%, (0.19)%, and (0.03)%, respectively. Exposure to Growth, International, and Mid-Caps were among the biggest detractors. The Janus Henderson Global Technology and Innovation Fund, Janus Henderson Asia Equity Fund, and Janus Henderson Contrarian Fund led declines with returns of (14.56)%, (20.85)%, and (14.07)%, respectively.

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

---

| | | | |
|:---|:---|:---|:---|
| | <br>Six<br>Months | <br>One<br>Year | Annualized<br>Performance<br>Since Inception<sup>\*\*</sup> |
| **PFG Tactical Income Strategy Fund** |  |  |  |
| Class R | (6.31)% | (15.44)% | 0.24% |
| Morningstar Moderately Conservative Target Risk Index (Total Return)\*\*\* | (7.58)% | (16.37)% | 1.23% |

---

\* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund's total annual operating expenses, including acquired fund fees and expenses, were 2.86% for Class R shares per the August 29, 2022 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

<sup>\*\*</sup> Commencement of trading was on May 2, 2020.

\*\*\* The Morningstar Moderately Conservative Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 40% global equity exposure and 60% global bond exposure. Investors cannot invest directly in an index.

The PFG Tactical Income Strategy Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the PFG Tactical Income Strategy Fund or any member of the public regarding the advisability of investing in equities and bonds generally or in the PFG Tactical Income Strategy Fund in particular or the ability of The Morningstar Moderately Conservative Target Risk Index (Total Return) to track general equities and bonds market performance.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR MODERATELY CONSERVATIVE TARGET RISK INDEX (TOTAL RETURN) OR ANY DATA INCLUDED THERIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THERIN.

---

| | |
|:---|:---|
| **Holdings by Asset Class** | **% of Net Assets** |
| Open End Funds - Fixed Income | 56.2% |
| Open End Funds - Equity | 26.2% |
| Exchange Traded Funds - Equity | 6.6% |
| Exchange Traded Funds - Fixed Income | 6.0% |
| Open End Funds - Mixed Allocation | 4.6% |
| Money Market Fund | 0.5% |
| Liabilities in Excess of Other Assets - Net | (0.1)% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund's holdings as of October 31, 2022.

---

| |
|:---|
| **PFG ACTIVE CORE BOND STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.4%** |  |
|  | **FIXED INCOME - 99.4%** |  |
| 3147522 | PIMCO Income Fund, Institutional Class | $32230621 |
| 1417216 | PIMCO Investment Grade Credit Bond Fund, Institutional Class | 11805411 |
| 1687527 | PIMCO Mortgage Opportunities and Bond Fund, Institutional Class | 16065260 |
| 531651 | PIMCO Real Return Fund, Institutional Class | 5348405 |
| 5013706 | PIMCO Total Return Fund, Institutional Class | 41814310 |
|  | **TOTAL OPEN END FUNDS (Cost $122,775,911)** | 107264007 |
|  | **SHORT-TERM INVESTMENT — 0.5%** |  |
|  | **MONEY MARKET FUND - 0.5%** |  |
| 515986 | BlackRock Liquidity FedFund, Institutional Class, 2.87% (Cost $515,986)<sup>(a)</sup> | 515986 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $123,291,897)** | $107779993 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | 151020 |
|  | **NET ASSETS - 100.0%** | $107931013 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of October 31, 2022.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG AMERICAN FUNDS<sup>®</sup> CONSERVATIVE INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.7%** |  |
|  | **EQUITY - 10.2%** |  |
| 415849 | American Mutual Fund, Class R-6 | $20372427 |
|  | **FIXED INCOME - 74.3%** |  |
| 3586113 | American Funds - Bond Fund of America (The), Class R-6 | 39769996 |
| 1147475 | American Funds Multi-Sector Income Fund, Class R-6 | 10028928 |
| 2124943 | American Funds Strategic Bond Fund, Class R-6 | 20059458 |
| 4029019 | American Intermediate Bond Fund of America, Class R-6 | 49355484 |
| 3157035 | American Short Term Bond Fund of America, Class R-6 | 29676129 |
|  |  | 148889995 |
|  | **MIXED ALLOCATION - 15.2%** |  |
| 357879 | American Balanced Fund, Class R-6 | 10092188 |
| 893592 | The Income Fund of America, Class R-6 | 20347091 |
|  |  | 30439279 |
|  | **TOTAL OPEN END FUNDS (Cost $221,864,002)** | 199701701 |
|  | **SHORT-TERM INVESTMENT — 0.4%** |  |
|  | **MONEY MARKET FUND - 0.4%** |  |
| 854927 | BlackRock Liquidity FedFund, Institutional Class, 2.87% (Cost $854,927)<sup>(a)</sup> | 854927 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $222,718,929)** | $200556628 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (132033) |
|  | **NET ASSETS - 100.0%** | $200424595 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of October 31, 2022.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG AMERICAN FUNDS<sup>®</sup> GROWTH STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.8%** |  |
|  | **EQUITY - 99.8%** |  |
| 3365340 | AMCAP Fund, Class R-6 | $103046707 |
| 2432490 | American - The Growth Fund of America, Class R-6 | 128557098 |
| 1186139 | American Funds - New Economy Fund (The), Class R-6 | 51490296 |
| 1746405 | American Funds Fundamental Investors, Class R-6 | 104819238 |
| 1086193 | American New Perspective Fund, Class R-6 | 51757089 |
| 1371966 | Smallcap World Fund, Inc., Class R-6 | 78380416 |
|  | **TOTAL OPEN END FUNDS (Cost $644,752,066)** | 518050844 |
|  | **SHORT-TERM INVESTMENT — 0.4%** |  |
|  | **MONEY MARKET FUND - 0.4%** |  |
| 2076954 | BlackRock Liquidity FedFund, Institutional Class, 2.87% (Cost $2,076,954)<sup>(a)</sup> | 2076954 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $646,829,020)** | $520127798 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | (1035757) |
|  | **NET ASSETS - 100.0%** | $519092041 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of October 31, 2022.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG BNY MELLON DIVERSIFIER STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.7%** |  |
|  | **ALTERNATIVE - 32.0%** |  |
| 2849113 | BNY Mellon Global Real Return, Class I<sup>(a)</sup> | $44389179 |
|  | **EQUITY - 9.0%** |  |
| 564406 | BNY Mellon Global Real Estate Securities Fund, Class I<sup>(a)</sup> | 4210472 |
| 146002 | BNY Mellon Natural Resources Fund, Class I<sup>(a)</sup> | 8276826 |
|  |  | 12487298 |
|  | **FIXED INCOME - 58.7%** |  |
| 7886616 | BNY Mellon Core Plus Fund, Class I<sup>(b)</sup> | 69007890 |
| 1174934 | BNY Mellon Floating Rate Income Fund, Class I<sup>(a)</sup> | 12571796 |
|  |  | 81579686 |
|  | **TOTAL OPEN END FUNDS (Cost $156,100,821)** | 138456163 |
|  | **SHORT-TERM INVESTMENT — 0.3%** |  |
|  | **MONEY MARKET FUND - 0.3%** |  |
| 420822 | BlackRock Liquidity FedFund, Institutional Class, 2.87% (Cost $420,822)<sup>(c)</sup> | 420822 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $156,521,643)** | $138876985 |
|  | **OTHER LIABILITIES IN EXCESS OF ASSETS – (0.0)%**<sup>(d)</sup> | (14328) |
|  | **NET ASSETS - 100.0%** | $138862657 |

---

<sup>(a)</sup> Security is currently being valued according to the fair value procedures approved by the Board of Trustees.

<sup>(b)</sup> Affiliated Company – PFG BNY Mellon Diversifier Strategy Fund holds in excess of 5% of outstanding voting securities of this security.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of October 31, 2022.

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

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG BR EQUITY ESG STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.8%** |  |
|  | **EQUITY - 99.8%** |  |
| 687315 | Blackrock US Carbon Transition Readiness ETF | $29551109 |
| 398999 | iShares ESG Advanced MSCI EAFE ETF<sup>(a)</sup> | 19431251 |
| 1124368 | iShares ESG Advanced MSCI USA ETF<sup>(a)</sup> | 33697309 |
| 206501 | iShares ESG Aware MSCI USA ETF | 17707461 |
| 620865 | iShares ESG Aware MSCI USA Small-Cap ETF | 20935568 |
| 495021 | iShares, Inc. iShares ESG Aware MSCI EM ETF | 13509123 |
| 582117 | iShares Trust - iShares MSCI KLD 400 Social ETF | 41755252 |
| 279215 | iShares Trust iShares ESG Aware MSCI EAFE ETF | 16585371 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $229,587,101)** | 193172444 |
|  | **SHORT-TERM INVESTMENT — 0.4%** |  |
|  | **MONEY MARKET FUND - 0.4%** |  |
| 688733 | BlackRock Liquidity FedFund, Institutional Class, 2.87% (Cost $688,733)<sup>(b)</sup> | 688733 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $230,275,834)** | $193861177 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | (380175) |
|  | **NET ASSETS - 100.0%** | $193481002 |

---

EAFE - Europe, Australasia and Far East

ETF - Exchange-Traded Fund

MSCI - Morgan Stanley Capital International

<sup>(a)</sup> Affiliated Company – PFG BR Equity ESG 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, 2022.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG FIDELITY INSTITUTIONAL AM<sup>®</sup> BOND ESG STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 13.9%** |  |
|  | **FIXED INCOME - 13.9%** |  |
| 37627 | Fidelity Total Bond ETF | $1651825 |
| 2485 | iShares Short Treasury Bond ETF | 273276 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $2,087,150)** | 1925101 |
|  | **OPEN END FUNDS — 81.2%** |  |
|  | **FIXED INCOME - 81.2%** |  |
| 106691 | Calvert Bond Fund, Class I | 1473398 |
| 1099050 | Fidelity Sustainability Bond Index Fund, Institutional Class | 9781543 |
|  | **TOTAL OPEN END FUNDS (Cost $12,321,904)** | 11254941 |
|  | **SHORT-TERM INVESTMENT — 4.6%** |  |
|  | **MONEY MARKET FUND - 4.6%** |  |
| 646301 | BlackRock Liquidity FedFund, Institutional Class, 2.87% (Cost $646,301)<sup>(a)</sup> | 646301 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $15,055,355)** | $13826343 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%** | 38405 |
|  | **NET ASSETS - 100.0%** | $13864748 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of October 31, 2022.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG FIDELITY INSTITUTIONAL AM<sup>®</sup> EQUITY INDEX STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.6%** |  |
|  | **EQUITY - 99.6%** |  |
| 614420 | Fidelity 500 Index Fund, Institutional Premium Class | $82596427 |
| 3774222 | Fidelity Global ex US Index Fund, Institutional Premium Class | 43780974 |
| 336420 | Fidelity Mid Cap Index Fund, Institutional Premium Class | 8807476 |
| 449281 | Fidelity Small Cap Index Fund, Institutional Premium Class | 10310999 |
|  | **TOTAL OPEN END FUNDS (Cost $133,958,618)** | 145495876 |
|  | **SHORT-TERM INVESTMENT — 0.6%** |  |
|  | **MONEY MARKET FUND - 0.6%** |  |
| 877794 | BlackRock Liquidity FedFund, Institutional Class, 2.87% (Cost $877,794)<sup>(a)</sup> | 877794 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $134,836,412)** | $146373670 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | (243781) |
|  | **NET ASSETS - 100.0%** | $146129889 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of October 31, 2022.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG FIDELITY INSTITUTIONAL AM<sup>®</sup> EQUITY SECTOR STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 53.3%** |  |
|  | **EQUITY - 53.3%** |  |
| 246769 | Fidelity MSCI Consumer Staples Index ETF | $10840562 |
| 1177979 | Fidelity MSCI Energy Index ETF | 29072522 |
| 396418 | Fidelity MSCI Industrials Index ETF | 19535479 |
| 217596 | Fidelity MSCI Information Technology Index ETF | 21259129 |
| 626605 | Fidelity MSCI Materials Index ETF<sup>(a)</sup> | 26104365 |
| 142240 | Fidelity MSCI Real Estate Index ETF | 3520440 |
| 367193 | Fidelity MSCI Utilities Index ETF | 15899457 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $124,552,253)** | 126231954 |
|  | **OPEN END FUNDS — 46.3%** |  |
|  | **EQUITY - 46.3%** |  |
| 346479 | Fidelity Advisor Financial Services Fund, Class Z | 9614783 |
| 829684 | Fidelity Advisor Health Care Fund, Class Z | 52726392 |
| 635072 | Fidelity Advisor Technology Fund, Class Z | 47255684 |
|  | **TOTAL OPEN END FUNDS (Cost $115,942,145)** | 109596859 |
|  | **SHORT-TERM INVESTMENT — 0.5%** |  |
|  | **MONEY MARKET FUND - 0.5%** |  |
| 1133562 | BlackRock Liquidity FedFund, Institutional Class, 2.87% (Cost $1,133,562)<sup>(b)</sup> | 1133562 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $241,627,960)** | $236962375 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (305728) |
|  | **NET ASSETS - 100.0%** | $236656647 |

---

ETF - Exchange-Traded Fund

MSCI - Morgan Stanley Capital International

<sup>(a)</sup> Affiliated Company – PFG Fidelity Institutional AM® Equity Sector 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, 2022.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG INVESCO<sup>®</sup> THEMATIC ESG STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.6%** |  |
|  | **EQUITY - 99.6%** |  |
| 141949 | Invesco Global Clean Energy ETF | $2675739 |
| 383000 | Invesco Global Water ETF | 11811720 |
| 287044 | Invesco MSCI Sustainable Future ETF | 13680632 |
| 236998 | Invesco S&P Global Water Index ETF | 10802369 |
| 38862 | Invesco Solar ETF<sup>(a)</sup> | 2770083 |
| 199646 | Invesco Water Resources ETF | 10064155 |
| 59684 | Invesco WilderHill Clean Energy ETF | 2753223 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $71,695,442)** | 54557921 |
|  | **SHORT-TERM INVESTMENT — 0.5%** |  |
|  | **MONEY MARKET FUND - 0.5%** |  |
| 303293 | BlackRock Liquidity FedFund, Institutional Class, 2.87% (Cost $303,293)<sup>(b)</sup> | 303293 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $71,998,735)** | $54861214 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (71241) |
|  | **NET ASSETS - 100.0%** | $54789973 |

---

ETF - Exchange-Traded Fund

MSCI - Morgan Stanley Capital International

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of October 31, 2022.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG JANUS HENDERSON<sup>®</sup> BALANCED STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 9.7%** |  |
|  | **EQUITY - 6.5%** |  |
| 122908 | Janus Henderson Small Cap Growth Alpha ETF<sup>(a)</sup> | $5833214 |
| 177556 | Janus Henderson Small/Mid Cap Growth Alpha ETF<sup>(a)</sup> | 9389161 |
|  |  | 15222375 |
|  | **FIXED INCOME - 3.2%** |  |
| 154354 | Janus Henderson Short Duration Income ETF | 7469190 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $25,786,441)** | 22691565 |
|  | **OPEN END FUNDS — 90.1%** |  |
|  | **EQUITY - 4.6%** |  |
| 482205 | Janus Henderson Contrarian Fund, Class N | 10753179 |
|  | **FIXED INCOME - 5.7%** |  |
| 1943666 | Janus Henderson High-Yield Fund, Class N | 13391860 |
|  | **MIXED ALLOCATION - 79.8%** |  |
| 4976805 | Janus Henderson Balanced Fund, Class N | 186281813 |
|  | **TOTAL OPEN END FUNDS (Cost $262,448,913)** | 210426852 |
|  | **SHORT-TERM INVESTMENT — 1.2%** |  |
|  | **MONEY MARKET FUND – 1.2%** |  |
| 2817208 | BlackRock Liquidity FedFund, Institutional Class, 2.87% (Cost $2,817,208)<sup>(b)</sup> | 2817208 |
|  | **TOTAL INVESTMENTS - 101.0% (Cost $291,052,562)** | $235935625 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.0)%** | (2397392) |
|  | **NET ASSETS - 100.0%** | $233538233 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Affiliated Company – PFG Janus Henderson<sup>®</sup> Balanced 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, 2022.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG JP MORGAN<sup>®</sup> TACTICAL AGGRESSIVE STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 46.6%** |  |
|  | **EQUITY - 46.6%** |  |
| 85397 | JPMorgan BetaBuilders International Equity ETF | $3821516 |
| 251543 | JPMorgan BetaBuilders US Equity ETF | 17462115 |
| 402077 | JPMorgan Diversified Return International Equity ETF | 17908510 |
| 181501 | JPMorgan Equity Premium Income ETF | 9904510 |
| 659847 | JPMorgan International Research Enhanced Equity ETF | 30537719 |
| 669654 | JPMorgan US Value Factor ETF<sup>(a)</sup> | 22018223 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $111,953,122)** | 101652593 |
|  | **OPEN END FUNDS — 53.1%** |  |
|  | **ALTERNATIVE - 4.7%** |  |
| 769860 | JPMorgan Emerging Market Research Enhanced Equity Fund, Class R6 | 10216046 |
|  | **EQUITY - 48.4%** |  |
| 482672 | JPMorgan Emerging Markets Equity Fund, Class R6 | 11917174 |
| 62509 | JPMorgan Equity Index Fund, Class R6 | 3634912 |
| 627803 | JPMorgan Growth Advantage Fund, Class R6 | 15921082 |
| 696317 | JPMorgan Large Cap Growth Fund, Class R6 | 34599999 |
| 1366259 | JPMorgan Large Cap Value Fund, Class R6 | 25494385 |
| 787545 | JPMorgan US Equity Fund, Class R6 | 14120677 |
|  |  | 105688229 |
|  | **TOTAL OPEN END FUNDS (Cost $128,127,102)** | 115904275 |
|  | **SHORT-TERM INVESTMENT — 0.5%** |  |
|  | **MONEY MARKET FUND - 0.5%** |  |
| 1078219 | BlackRock Liquidity FedFund, Institutional Class, 2.87% (Cost $1,078,219)<sup>(b)</sup> | 1078219 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $241,158,443)** | $218635087 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | (429319) |
|  | **NET ASSETS - 100.0%** | $218205768 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Affiliated Company – PFG JP Morgan<sup>®</sup> Tactical Aggressive 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, 2022.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG JP MORGAN<sup>®</sup> TACTICAL MODERATE STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 30.6%** |  |
|  | **EQUITY - 29.6%** |  |
| 72854 | JPMorgan BetaBuilders International Equity ETF | $3260216 |
| 155834 | JPMorgan BetaBuilders US Equity ETF | 10817996 |
| 182602 | JPMorgan Diversified Return International Equity ETF | 8133093 |
| 120668 | JPMorgan Equity Premium Income ETF | 6584853 |
| 223781 | JPMorgan International Research Enhanced Equity ETF | 10356585 |
| 246080 | JPMorgan US Value Factor ETF | 8091110 |
|  |  | 47243853 |
|  | **FIXED INCOME - 1.0%** |  |
| 31397 | JPMorgan Ultra-Short Income ETF | 1572676 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $50,213,755)** | 48816529 |
|  | **OPEN END FUNDS — 69.1%** |  |
|  | **ALTERNATIVE - 2.9%** |  |
| 347977 | JPMorgan Emerging Market Research Enhanced Equity, Class R6 | 4617658 |
|  | **EQUITY - 29.5%** |  |
| 176219 | JPMorgan Emerging Markets Equity Fund, Class R6 | 4350844 |
| 46743 | JPMorgan Equity Index Fund, Class R6 | 2718081 |
| 190994 | JPMorgan Growth Advantage Fund, Class R6 | 4843613 |
| 401286 | JPMorgan Large Cap Growth Fund, Class R6 | 19939899 |
| 728669 | JPMorgan Large Cap Value Fund, Class R6 | 13596961 |
| 91221 | JPMorgan US Equity Fund, Class R6 | 1635584 |
|  |  | 47084982 |
|  | **FIXED INCOME - 36.7%** |  |
| 3981121 | JPMorgan Core Bond Fund, Class R6 | 39373291 |
| 2089207 | JPMorgan Core Plus Bond Fund, Class R6 | 14582662 |
| 581573 | JPMorgan Income Fund, Class R6 | 4745636 |
|  |  | 58701589 |
|  | **TOTAL OPEN END FUNDS (Cost $121,711,528)** | 110404229 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG JP MORGAN<sup>®</sup> TACTICAL MODERATE STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 0.2%** |  |
|  | **MONEY MARKET FUND - 0.2%** |  |
| 281562 | BlackRock Liquidity FedFund, Institutional Class, 2.87% (Cost $281,562)<sup>(a)</sup> | $281562 |
|  | **TOTAL INVESTMENTS - 99.9% (Cost $172,206,845)** | $159502320 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%** | 98247 |
|  | **NET ASSETS - 100.0%** | $159600567 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of October 31, 2022.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG MEEDER TACTICAL STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.8%** |  |
|  | **ALTERNATIVE - 10.0%** |  |
| 877021 | Meeder Spectrum Fund, Institutional Class<sup>(a)</sup> | $10769820 |
|  | **EQUITY - 76.4%** |  |
| 1567676 | Meeder Dynamic Allocation Fund, Institutional Class<sup>(a)</sup> | 18075308 |
| 335321 | Meeder Moderate Allocation Fund, Institutional Class | 3715360 |
| 7128763 | Meeder Muirfield Fund, Institutional Class<sup>(a)</sup> | 60309335 |
|  |  | 82100003 |
|  | **FIXED INCOME - 2.7%** |  |
| 170451 | Meeder Total Return Bond Fund, Institutional Class | 1517012 |
| 72565 | Performance Trust Strategic Bond Fund, Class I | 1360601 |
|  |  | 2877613 |
|  | **MIXED ALLOCATION - 10.7%** |  |
| 720122 | Meeder Balanced Fund, Institutional Class | 8483039 |
| 142412 | Meeder Conservative Allocation Fund, Institutional Class | 3009158 |
|  |  | 11492197 |
|  | **TOTAL OPEN END FUNDS (Cost $122,686,249)** | 107239633 |
|  | **SHORT-TERM INVESTMENT — 0.3%** |  |
|  | **MONEY MARKET FUND - 0.3%** |  |
| 314563 | BlackRock Liquidity FedFund, Institutional Class, 2.87% (Cost $314,563)<sup>(b)</sup> | 314563 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $123,000,812)** | $107554196 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (132787) |
|  | **NET ASSETS - 100.0%** | $107421409 |

---

<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, 2022.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG MFS<sup>®</sup> AGGRESSIVE GROWTH STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 14.6%** |  |
|  | **COMMODITY - 4.8%** |  |
| 95173 | iShares GSCI Commodity Dynamic | $3597539 |
|  | **EQUITY - 9.8%** |  |
| 49715 | Schwab International Small-Cap Equity ETF | 1457147 |
| 69409 | SPDR Portfolio Emerging Markets ETF | 2100316 |
| 8563 | Vanguard Small-Cap Growth ETF | 1788468 |
| 11750 | Vanguard Small-Cap Value ETF | 1887168 |
|  |  | 7233099 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $11,514,313)** | 10830638 |
|  | **OPEN END FUNDS — 85.2%** |  |
|  | **EQUITY - 85.2%** |  |
| 245254 | MFS Global Real Estate Fund, Class R5 | 3872554 |
| 65515 | MFS Growth Fund, Class R6 | 8912069 |
| 141323 | MFS Institutional International Equity Fund, Class R6 | 3646139 |
| 108693 | MFS International Growth Fund, Class R5 | 3682530 |
| 340717 | MFS International Large Cap Value Fund, Class R6 | 3717228 |
| 49742 | MFS International New Discovery Fund, Class R6 | 1386297 |
| 317784 | MFS Mid Cap Growth Fund, Class R6 | 7531474 |
| 259562 | MFS Mid Cap Value Fund, Class R5 | 7542885 |
| 161824 | MFS Research Fund, Class R6 | 8078255 |
| 321185 | MFS Research International Fund, Class R6 | 5813440 |
| 183762 | MFS Value Fund, Class R6 | 8960254 |
|  | **TOTAL OPEN END FUNDS (Cost $66,841,754)** | 63143125 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG MFS <sup>®</sup> AGGRESSIVE GROWTH STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 0.4%** |  |
|  | **MONEY MARKET FUND - 0.4%** |  |
| 319745 | BlackRock Liquidity FedFund, Institutional Class, 2.87% (Cost $319,745)<sup>(a)</sup> | $319745 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $78,675,812)** | $74293508 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | (174585) |
|  | **NET ASSETS - 100.0%** | $74118923 |

---

ETF - Exchange-Traded Fund

SPDR - Standard & Poor's Depositary Receipt

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of October 31, 2022.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG TACTICAL INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 12.6%** |  |
|  | **EQUITY - 6.6%** |  |
| 52924 | Janus Henderson Small Cap Growth Alpha ETF | $2511773 |
| 81320 | Janus Henderson Small/Mid Cap Growth Alpha ETF | 4300202 |
|  |  | 6811975 |
|  | **FIXED INCOME - 6.0%** |  |
| 9531 | CP High Yield Trend ETF | 199320 |
| 57602 | Janus Henderson Mortgage-Backed Securities ETF | 2551193 |
| 72983 | Janus Henderson Short Duration Income ETF | 3531647 |
|  |  | 6282160 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $14,792,965)** | 13094135 |
|  | **OPEN END FUNDS — 87.0%** |  |
|  | **EQUITY - 26.2%** |  |
| 327458 | Janus Henderson Asia Equity Fund, Class N<sup>(a)</sup> | 2636039 |
| 185546 | Janus Henderson Contrarian Fund, Class N | 4137672 |
| 1774981 | Janus Henderson Global Equity Income Fund, Class N | 10064140 |
| 105765 | Janus Henderson Global Life Sciences Fund, Class N | 6774222 |
| 106262 | Janus Henderson Global Technology and Innovation Fund, Class N | 3603355 |
|  |  | 27215428 |
|  | **FIXED INCOME - 56.2%** |  |
| 1821123 | Counterpoint Tactical Income Fund, Class I | 19977720 |
| 126436 | Counterpoint Tactical Municipal Fund, Class I | 1327577 |
| 1245738 | Janus Henderson Developed World Bond Fund, Class R6 | 9990819 |
| 1084188 | Janus Henderson Flexible Bond Fund, Class N | 9876955 |
| 379559 | Janus Henderson High-Yield Fund, Class N | 2615162 |
| 44011 | Kensington Managed Income Fund, Institutional Class | 434389 |
| 346669 | Sierra Tactical Bond Fund, Institutional Class | 8964857 |
| 271336 | Toews Tactical Income Fund | 2748637 |
| 238123 | WSTCM Credit Select Risk-Managed Fund, Institutional Class | 2464578 |
|  |  | 58400694 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG TACTICAL INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 87.0% (Continued)** |  |
|  | **MIXED ALLOCATION - 4.6%** |  |
| 402148 | Janus Henderson Dividend & Income Builder Fund, Class R6 | $4821757 |
|  | **TOTAL OPEN END FUNDS (Cost $100,236,527)** | 90437879 |
|  | **SHORT-TERM INVESTMENT — 0.5%** |  |
|  | **MONEY MARKET FUND - 0.5%** |  |
| 554089 | BlackRock Liquidity FedFund, Institutional Class, 2.87% (Cost $554,089)<sup>(b)</sup> | 554089 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $115,583,581)** | $104086103 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (119808) |
|  | **NET ASSETS - 100.0%** | $103966295 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Affiliated Company – PFG Tactical Income 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, 2022.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Assets and Liabilities (Unaudited)** |
| **October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |<br>**PFG Active Core Bond**<br>**Strategy Fund** | **PFG American Funds<sup>®</sup>**<br>**Conservative Income**<br>**Strategy Fund** |<br>**PFG American Funds<sup>®</sup>**<br>**Growth Strategy Fund** |<br>**PFG BNY Mellon Diversifier**<br>**Strategy Fund** |
| Investments in unaffiliated securities, at cost | $123291897 | $222718929 | $646829020 | $75518364 |
| Investments in affiliated securities, at cost |  |  |  | 81003279 |
| Total Securities, at cost | $123291897 | $222718929 | $646829020 | $156521643 |
| Investments in unaffiliated securities, at fair value | $107779993 | $200556628 | $520127798 | $69869095 |
| Investments in affiliated securities, at fair value |  |  |  | 69007890 |
| Total Securities, at fair value | $107779993 | $200556628 | $520127798 | $138876985 |
| Receivable for securities sold |  |  |  | 7100000 |
| Receivable for Fund shares sold | 29040 | 43174 | 153519 | 47166 |
| Interest and dividends receivable | 384841 | 238920 | 4256 | 172929 |
| **Total Assets** | 108193874 | 200838722 | 520285573 | 146197080 |
| **Liabilities:** |  |  |  |  |
| Payable for Fund shares redeemed | 58199 | 23348 | 149815 | 62705 |
| Payable for securities purchased |  |  |  | 7000000 |
| Accrued 12b-1 fees | 22006 | 34431 | 110869 | 25611 |
| Accrued investment advisory fees | 115165 | 211137 | 535241 | 148503 |
| Payable to related parties | 67491 | 145211 | 397607 | 97604 |
| **Total Liabilities** | 262861 | 414127 | 1193532 | 7334423 |
| **Net Assets** | $107931013 | $200424595 | $519092041 | $138862657 |
| **Net Assets:** |  |  |  |  |
| Paid in capital | $130768038 | $220744753 | $557439119 | $154460611 |
| Accumulated deficit | (22837025) | (20320158) | (38347078) | (15597954) |
| **Net Assets** | $107931013 | $200424595 | $519092041 | $138862657 |
| **Class R Shares:** |  |  |  |  |
| Net assets | $107931013 | $200424595 | $519092041 | $138862657 |
| Total shares outstanding at end of year ($0 par value, unlimited shares authorized) | 13100705 | 21698216 | 49807944 | 14788287 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $8.24 | $9.24 | $10.42 | $9.39 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Assets and Liabilities (Unaudited)(Continued)** |
| **October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** |<br>**PFG BR Equity ESG**<br>**Strategy Fund** | **PFG Fidelity Institutional**<br>**AM<sup>®</sup> Bond ESG**<br>**Strategy Fund** | **PFG Fidelity Institutional**<br>**AM<sup>®</sup> Equity Index**<br>**Strategy Fund** | **PFG Fidelity Institutional**<br>**AM<sup>®</sup> Equity Sector**<br>**Strategy Fund** |
| Investments in unaffiliated securities, at cost | $161810048 | $15055355 | $134836412 | $213074721 |
| Investments in affiliated securities, at cost | 68465786 |  |  | 28553239 |
| Total Securities, at cost | $230275834 | $15055355 | $134836412 | $241627960 |
| Investments in unaffiliated securities, at fair value | $140732617 | $13826343 | $146373670 | $210858011 |
| Investments in affiliated securities, at fair value | 53128560 |  |  | 26104364 |
| Total Securities, at fair value | $193861177 | $13826343 | $146373670 | $236962375 |
| Receivable for securities sold |  |  | 539955 |  |
| Receivable for Fund shares sold | 37620 | 2013 | 140443 | 221508 |
| Interest and dividends receivable | 2317 | 29622 | 2156 | 2188 |
| Due from related party |  | 21937 |  |  |
| **Total Assets** | 193901114 | 13879915 | 147056224 | 237186071 |
| **Liabilities:** |  |  |  |  |
| Payable for Fund shares redeemed | 54901 | 12 | 57073 | 85089 |
| Payable for securities purchased |  |  | 600015 |  |
| Accrued 12b-1 Fees | 27477 | 1123 | 23923 | 34133 |
| Accrued investment advisory fees | 197617 | 14032 | 147972 | 238693 |
| Payable to related parties | 140117 |  | 97352 | 171509 |
| **Total Liabilities** | 420112 | 15167 | 926335 | 529424 |
| **Net Assets** | $193481002 | $13864748 | $146129889 | $236656647 |
| **Net Assets:** |  |  |  |  |
| Paid in capital | $228857350 | $15228153 | $127896104 | $223905014 |
| Accumulated earnings/(deficit) | (35376348) | (1363405) | 18233785 | 12751633 |
| **Net Assets** | $193481002 | $13864748 | $146129889 | $236656647 |
| **Class R Shares:** |  |  |  |  |
| Net assets | $193481002 | $13864748 | $146129889 | $236656647 |
| Total shares outstanding at end of year ($0 par value, unlimited shares authorized) | 18735225 | 1661517 | 12675367 | 19269796 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $10.33 | $8.34 | $11.53 | $12.28 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Assets and Liabilities (Unaudited)(Continued)** |
| **October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PFG Invesco<sup>®</sup> Thematic ESG**<br>**Strategy Fund** | **PFG Janus Henderson<sup>®</sup>**<br>**Balanced Strategy Fund** | **PFG JP Morgan<sup>®</sup> Tactical**<br>**Aggressive Strategy Fund** | **PFG JP Morgan<sup>®</sup> Tactical**<br>**Moderate Strategy Fund** |
| **Assets:** |  |  |  |  |
| Investments in unaffiliated securities, at cost | $71998735 | $272786750 | $218190291 | $172206845 |
| Investments in affiliated securities, at cost |  | 18265812 | 22968152 |  |
| Total Securities, at cost | $71998735 | $291052562 | $241158443 | $172206845 |
| Investments in unaffiliated securities, at fair value | $54861214 | $220713250 | $196616863 | $159502320 |
| Investments in affiliated securities, at fair value |  | 15222375 | 22018224 |  |
| Total Securities, at fair value | $54861214 | $235935625 | $218635087 | $159502320 |
| Cash |  |  |  | 144602 |
| Receivable for securities sold | 294394 | 139975 |  | 299975 |
| Receivable for Fund shares sold | 2268 | 82538 | 15248 | 68559 |
| Interest and dividends receivable | 830 | 61828 | 4681 | 22426 |
| **Total Assets** | 55158706 | 236219966 | 218655016 | 160037882 |
| **Liabilities:** |  |  |  |  |
| Payable for Fund shares redeemed | 16264 | 95854 | 27610 | 118958 |
| Payable for securities purchased | 279768 | 2133943 |  |  |
| Accrued 12b-1 Fees | 4444 | 19597 | 31659 | 28048 |
| Accrued investment advisory fees | 55543 | 244962 | 224415 | 168438 |
| Payable to related parties | 12714 | 187377 | 165564 | 121871 |
| **Total Liabilities** | 368733 | 2681733 | 449248 | 437315 |
| **Net Assets** | $54789973 | $233538233 | $218205768 | $159600567 |
| **Net Assets:** |  |  |  |  |
| Paid in capital | $75893586 | $293050487 | $245191178 | $176812669 |
| Accumulated deficit | (21103613) | (59512254) | (26985410) | (17212102) |
| **Net Assets** | $54789973 | $233538233 | $218205768 | $159600567 |
| **Class R Shares:** |  |  |  |  |
| Net assets | $54789973 | $233538233 | $218205768 | $159600567 |
| Total shares outstanding at end of year |  |  |  |  |
| ($0 par value, unlimited shares authorized) | 7703582 | 28644903 | 20396516 | 16506576 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $7.11 | $8.15 | $10.70 | $9.67 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Assets and Liabilities (Unaudited)(Continued)** |
| **October 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** | **PFG Meeder Tactical**<br>**Strategy Fund** | **PFG MFS<sup>®</sup> Aggressive**<br>**Growth Strategy Fund** | **PFG Tactical Income**<br>**Strategy Fund** |
| Investments in unaffiliated securities, at cost | $20278458 | $78675812 | $112207373 |
| Investments in affiliated securities, at cost | 102722354 |  | 3376208 |
| Total Securities, at cost | $123000812 | $78675812 | $115583581 |
| Investments in unaffiliated securities, at fair value | $18399733 | $74293508 | $101450064 |
| Investments in affiliated securities, at fair value | 89154463 |  | 2636039 |
| Total Securities, at fair value | $107554196 | $74293508 | $104086103 |
| Cash |  |  | 42977 |
| Receivable for Fund shares sold | 26510 | 8801 | 34110 |
| Receivable for securities sold | 70000 |  |  |
| Interest and dividends receivable | 3769 | 706 | 48281 |
| **Total Assets** | 107654475 | 74303015 | 104211471 |
| **Liabilities:** |  |  |  |
| Payable for Fund shares redeemed | 40493 | 68235 | 42659 |
| Accrued 12b-1 Fees | 17840 | 20027 | 18286 |
| Accrued investment advisory fees | 112418 | 76244 | 110258 |
| Payable to related parties | 62315 | 19586 | 73973 |
| **Total Liabilities** | 233066 | 184092 | 245176 |
| **Net Assets** | $107421409 | $74118923 | $103966295 |
| **Net Assets:** |  |  |  |
| Paid in capital | $107901274 | $66651581 | $123197106 |
| Accumulated earnings/(deficit) | (479865) | 7467342 | (19230811) |
| **Net Assets** | $107421409 | $74118923 | $103966295 |
| **Class R Shares:** |  |  |  |
| Net assets | $107421409 | $74118923 | $103966295 |
| Total shares outstanding at end of year ($0 par value, unlimited shares authorized) | 10775503 | 7857146 | 12070747 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $9.97 | $9.43 | $8.61 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Operations (Unaudited)** |
| **For the Six Months Ended October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**PFG Active Core Bond**<br>**Strategy Fund** | **PFG American Funds<sup>®</sup>**<br>**Conservative Income**<br>**Strategy Fund** |<br>**PFG American Funds<sup>®</sup> Growth**<br>**Strategy Fund** |<br>**PFG BNY Mellon Diversifier**<br>**Strategy Fund** |
| **Investment Income:** |  |  |  |  |
| Dividend income | $2435244 | $2654684 | $759117 | $362245 |
| Income from affiliates |  |  |  | 1046849 |
| Interest income | 6886 | 10018 | 21538 | 5058 |
| **Total Investment Income** | 2442130 | 2664702 | 780655 | 1414152 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 763313 | 1270953 | 3347854 | 978263 |
| Distribution fees (12b-1) - Class R Shares | 61066 | 101677 | 267831 | 78262 |
| Administrative service fees | 427950 | 712028 | 1875197 | 548027 |
| **Total Expenses** | 1252329 | 2084658 | 5490882 | 1604552 |
| **Net Investment Income/(Loss)** | 1189801 | 580044 | (4710227) | (190400) |
| **Net Realized and Unrealized Gain/(Loss) on Investments** |  |  |  |  |
| Net realized gain/(loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | (7592080) | (2075738) | 107963 | 1516589 |
| &nbsp;&nbsp;&nbsp;Affiliated investments (Note 5) |  |  |  | (1043943) |
| Distributions received from underlying investment companies |  | 154965 | 9003697 |  |
| Total realized gain/(loss) | (7592080) | (1920773) | 9111660 | 472646 |
| Net change in unrealized depreciation of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | (3164792) | (11001240) | (58772051) | (5514595) |
| &nbsp;&nbsp;&nbsp;Affiliated Investments (Note 5) |  |  |  | (4944394) |
| Total unrealized depreciation | (3164792) | (11001240) | (58772051) | (10458989) |
| **Net Realized and Unrealized Loss on Investments** | (10756872) | (12922013) | (49660391) | (9986343) |
| **Net Decrease in Net Assets Resulting from Operations** | $(9567071) | $(12341969) | $(54370618) | $(10176743) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Operations (Unaudited)(Continued)** |
| **For the Six Months Ended October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**PFG BR Equity ESG**<br>**Strategy Fund** | **PFG Fidelity Institutional**<br>**AM<sup>®</sup> Bond ESG**<br>**Strategy Fund** | **PFG Fidelity Institutional**<br>**AM<sup>®</sup> Equity Index**<br>**Strategy Fund** | **PFG Fidelity Institutional**<br>**AM<sup>®</sup> Equity Sector**<br>**Strategy Fund** |
| **Investment Income:** | | | | |
| Dividend income | $1324322 | $100590 | $700068 | $1285060 |
| Income from affiliates | 632001 |  |  | 235284 |
| Interest income | 7147 | 4956 | 9168 | 11517 |
| **Total Investment Income** | 1963470 | 105546 | 709236 | 1531861 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 1285833 | 55347 | 863658 | 1428860 |
| Distribution fees (12b-1) - Class R Shares | 102868 | 4428 | 69093 | 114310 |
| Administrative service fees | 720085 | 31143 | 483709 | 800384 |
| **Total Expenses** | 2108786 | 90918 | 1416460 | 2343554 |
| **Net Investment Income/(Loss)** | (145316) | 14628 | (707224) | (811693) |
| **Net Realized and Unrealized Gain/(Loss) on** |  |  |  |  |
| **Investments** |  |  |  |  |
| Net realized gain/(loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments | 3500982 | (136905) | 1591666 | (8560934) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments (Note 5) | (1903859) |  |  | 932699 |
| Distributions received from underlying investment companies |  |  | 38401 |  |
| Total realized gain/(loss) | 1597123 | (136905) | 1630067 | (7628235) |
| Net change in unrealized appreciation/(depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investments | (16757875) | (638312) | (12782502) | 11059627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investments (Note 5) | (4665874) |  |  | (4183010) |
| Total change in unrealized appreciation/(depreciation) of investments | (21423749) | (638312) | (12782502) | 6876617 |
| **Net Realized and Unrealized Loss on Investments** | (19826626) | (775217) | (11152435) | (751618) |
| **Net Decrease in Net Assets** |  |  |  |  |
| **Resulting from Operations** | $(19971942) | $(760589) | $(11859659) | $(1563311) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Operations (Unaudited)(Continued)** |
| **For the Six Months Ended October 31, 2022** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PFG Invesco<sup>®</sup> Thematic**<br>**ESG Strategy Fund** | **PFG Janus Henderson<sup>®</sup>**<br>**Balanced Strategy Fund** | **PFG JP Morgan<sup>®</sup> Tactical**<br>**Aggressive Strategy Fund** | **PFG JP Morgan<sup>®</sup> Tactical**<br>**Moderate Strategy Fund** |
| **Investment Income:** |  |  |  |  |
| Dividend income | $306187 | $1963162 | $1833261 | $2308321 |
| Income from affiliates |  | 22031 | 213650 |  |
| Interest income | 2225 | 8465 | 38742 | 35267 |
| **Total Investment Income** | 308412 | 1993658 | 2085653 | 2343588 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 361903 | 1620640 | 1473930 | 1121034 |
| Distribution fees (12b-1) - Class R Shares | 28953 | 129652 | 117916 | 89684 |
| Administrative service fees | 202665 | 908173 | 825715 | 628530 |
| **Total Expenses** | 593521 | 2658465 | 2417561 | 1839248 |
| **Net Investment Income/(Loss)** | (285109) | (664807) | (331908) | 504340 |
| **Net Realized and Unrealized Gain/(Loss) on Investments** |  |  |  |  |
| Net realized gain/(loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | (2422121) | (8361469) | (17581535) | (14429883) |
| &nbsp;&nbsp;&nbsp;Affiliated investments (Note 5) |  | (2316125) | 486448 |  |
| Distributions received from underlying investment companies |  |  | 634871 | 422412 |
| Total realized loss | (2422121) | (10677594) | (16460216) | (14007471) |
| Net change in unrealized appreciation/(depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investments | (1014534) | (8045862) | (4652568) | (1326673) |
| &nbsp;&nbsp;&nbsp;Affiliated Investments (Note 5) |  | 1648413 | (1321506) |  |
| Total change in unrealized depreciation of investments | (1014534) | (6397449) | (5974074) | (1326673) |
| **Net Realized and Unrealized Loss on Investments** | (3436655) | (17075043) | (22434290) | (15334144) |
| **Net Decrease in Net Assets Resulting from Operations** | $(3721764) | $(17739850) | $(22766198) | $(14829804) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Operations (Unaudited)(Continued)** |
| **For the Six Months Ended October 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PFG Meeder Tactical**<br>**Strategy Fund** | **PFG MFS<sup>®</sup> Aggressive**<br>**Growth Strategy Fund** | **PFG Tactical Income**<br>**Strategy Fund** |
| **Investment Income:** |  |  |  |
| Dividend income | $215421 | $158177 | $1411117 |
| Income from affiliates | 115801 |  | 14837 |
| Interest income | 3114 | 3263 | 5126 |
| **Total Investment Income** | 334336 | 161440 | 1431080 |
| **Expenses:** |  |  |  |
| Investment advisory fees | 708842 | 504508 | 728122 |
| Distribution fees (12b-1) - Class R Shares | 56708 | 40361 | 58263 |
| Administrative service fees | 397632 | 282894 | 408494 |
| **Total Expenses** | 1163182 | 827763 | 1194879 |
| **Net Investment Income/(Loss)** | (828846) | (666323) | 236201 |
| **Net Realized and Unrealized Gain/(Loss) on Investments** |  |  |  |
| Net realized gain(loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | 63 | 1924807 | (5865169) |
| &nbsp;&nbsp;&nbsp;Affiliated investments (Note 5) | (117445) |  | (2013756) |
| Total realized gain/(loss) | (117382) | 1924807 | (7878925) |
| Net change in unrealized appreciation/(depreciation) of: |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investments | (1110766) | (8679613) | (245931) |
| &nbsp;&nbsp;&nbsp;Affiliated Investments (Note 5) | (3237538) |  | 691932 |
| Total change in unrealized appreciation/(depreciation) of investments | (4348304) | (8679613) | 446001 |
| **Net Realized and Unrealized Loss on Investments** | (4465686) | (6754806) | (7432924) |
| **Net Decrease in Net Assets Resulting from Operations** | $(5294532) | $(7421129) | $(7196723) |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **PFG American Funds<sup>®</sup>** | **PFG American Funds<sup>®</sup>** |
|  | **PFG Active Core Bond Strategy Fund** | **PFG Active Core Bond Strategy Fund** | **Conservative Income Strategy Fund** | **Conservative Income Strategy Fund** |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 |
| **Increase/(Decrease) in Net Assets** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income/(loss) | $1189801 | $1034213 | $580044 | $(594188) |
| Distributions received from underlying investment companies |  | 65879 | 154965 | 2206065 |
| Net realized gain/(loss) on investments | (7592080) | 82479 | (2075738) | 1408460 |
| Net change in unrealized depreciation on investments | (3164792) | (14196905) | (11001240) | (13580345) |
| Net decrease in net assets resulting from operations | (9567071) | (13014334) | (12341969) | (10560008) |
| **From Distributions to Shareholders:** |  |  |  |  |
| Total Distributions Paid |  | (4424014) |  | (3324767) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold | 19890689 | 85014197 | 46981815 | 140763076 |
| Reinvestment of distributions |  | 4422777 |  | 3319778 |
| Cost of shares redeemed | (43651504) | (99893166) | (38740632) | (120615262) |
| Net increase/(decrease) in net assets from share transactions of beneficial interest | (23760815) | (10456192) | 8241183 | 23467592 |
| Total increase/(decrease) in net assets | (33327886) | (27894540) | (4100786) | 9582817 |
| **Net Assets:** |  |  |  |  |
| Beginning of year/period | 141258899 | 169153439 | 204525381 | 194942564 |
| End of year/period | $107931013 | $141258899 | $200424595 | $204525381 |
| **Share Activity:** |  |  |  |  |
| Shares Sold | 2304179 | 8684105 | 4893989 | 13482023 |
| Shares Reinvested |  | 451765 |  | 316773 |
| Shares Redeemed | (5057284) | (9941525) | (4041809) | (11657442) |
| Net increase/(decrease) in shares of beneficial interest outstanding | (2753105) | (805655) | 852180 | 2141354 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PFG American Funds<sup>®</sup> Growth Strategy Fund** | **PFG American Funds<sup>®</sup> Growth Strategy Fund** | **PFG BNY Mellon Diversifier Strategy Fund** | **PFG BNY Mellon Diversifier Strategy Fund** |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 |
| **Increase/(Decrease) in Net Assets** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income/(loss) | $(4710227) | $(11647585) | $(190400) | $1056595 |
| Distributions received from underlying investment companies | 9003697 | 51851670 |  | 714618 |
| Net realized gain on investments | 107963 | 83697626 | 472646 | 4124509 |
| Net change in unrealized depreciation on investments | (58772051) | (209652137) | (10458989) | (12238151) |
| Net decrease in net assets resulting from operations | (54370618) | (85750426) | (10176743) | (6342429) |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  | (32643916) |  | (5590981) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold | 83852300 | 275516450 | 20938647 | 87606209 |
| Reinvestment of distributions |  | 32638578 |  | 5589344 |
| Cost of shares redeemed | (72814511) | (397082839) | (33692624) | (44405355) |
| Net increase/(decrease) in net assets from share transactions of beneficial interest | 11037789 | (88927811) | (12753977) | 48790198 |
| Total increase/(decrease) in net assets | (43332829) | (207322153) | (22930720) | 36856788 |
| **Net Assets:** |  |  |  |  |
| Beginning of year/period | 562424870 | 769747023 | 161793377 | 124936589 |
| End of year/period | $519092041 | $562424870 | $138862657 | $161793377 |
| **Share Activity:** |  |  |  |  |
| Shares Sold | 7821627 | 19441753 | 2147749 | 8100906 |
| Shares Reinvested |  | 2233989 |  | 524329 |
| Shares Redeemed | (6787005) | (26920936) | (3451603) | (4117168) |
| Net increase/(decrease) in shares of beneficial interest outstanding | 1034622 | (5245194) | (1303854) | 4508067 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **PFG Fidelity Institutional AM<sup>®</sup> Bond ESG** | **PFG Fidelity Institutional AM<sup>®</sup> Bond ESG** |
|  | **PFG BR Equity ESG Strategy Fund** | **PFG BR Equity ESG Strategy Fund** | **Strategy Fund** | **Strategy Fund** |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Period\* Ended<br>April 30,<br>2022 |
| **Increase/(Decrease) in Net Assets** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income/(loss) | $(145316) | $(973896) | $14628 | $(6223) |
| Distributions received from underlying investment companies |  |  |  | 5106 |
| Net realized gain/(loss) on investments | 1597123 | 17948740 | (136905) | (12321) |
| Net change in unrealized depreciation on investments | (21423749) | (45948595) | (638312) | (590700) |
| Net decrease in net assets resulting from operations | (19971942) | (28973751) | (760589) | (604138) |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  | (22723983) |  |  |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold | 27492199 | 144652401 | 9574199 | 8321988 |
| Reinvestment of distributions |  | 22695460 |  |  |
| Cost of shares redeemed | (31271726) | (35342243) | (1825782) | (840930) |
| Net increase/(decrease) in net assets from share transactions of beneficial interest | (3779527) | 132005618 | 7748417 | 7481058 |
| Total increase/(decrease) in net assets | (23751469) | 80307884 | 6987828 | 6876920 |
| **Net Assets:** |  |  |  |  |
| Beginning of year/period | 217232471 | 136924587 | 6876920 |  |
| End of year/period | $193481002 | $217232471 | $13864748 | $6876920 |
| **Share Activity:** |  |  |  |  |
| Shares Sold | 2581613 | 10131921 | 1106585 | 851618 |
| Shares Reinvested |  | 1681146 |  |  |
| Shares Redeemed | (2930277) | (2607922) | (208915) | (87771) |
| Net increase/(decrease) in shares of beneficial interest outstanding | (348664) | 9205145 | 897670 | 763847 |

---

\* Commencement of operations and trading was October 29, 2021.

See accompanying notes to financial statements.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PFG Fidelity Institutional AM<sup>®</sup>** | **PFG Fidelity Institutional AM<sup>®</sup>** | **PFG Fidelity Institutional AM<sup>®</sup>** | **PFG Fidelity Institutional AM<sup>®</sup>** |
|  | **Equity Index Strategy Fund** | **Equity Index Strategy Fund** | **Equity Sector Strategy Fund** | **Equity Sector Strategy Fund** |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 |
| **Increase/(Decrease) in Net Assets** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment loss | $(707224) | $(508523) | $(811693) | $(493392) |
| Distributions received from underlying investment companies | 38401 | 314483 |  | 10077615 |
| Net realized gain/(loss) on investments | 1591666 | 9103921 | (7628235) | 19767374 |
| Net change in unrealized appreciation/(depreciation) on investments | (12782502) | (17131311) | 6876617 | (29510024) |
| Net decrease in net assets resulting from operations | (11859659) | (8221430) | (1563311) | (158427) |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  | (6813622) |  | (15102006) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold | 38835602 | 39818239 | 40147134 | 126557543 |
| Reinvestment of distributions |  | 6811916 |  | 15095085 |
| Cost of shares redeemed | (13665100) | (41439483) | (26322198) | (40649407) |
| Net increase in net assets from share transactions of beneficial interest | 25170502 | 5190672 | 13824936 | 101003221 |
| Total increase/(decrease) in net assets | 13310843 | (9844380) | 12261625 | 85742788 |
| **Net Assets:** |  |  |  |  |
| Beginning of year/period | 132819046 | 142663426 | 224395022 | 138652234 |
| End of year/period | $146129889 | $132819046 | $236656647 | $224395022 |
| **Share Activity:** |  |  |  |  |
| Shares Sold | 3291553 | 2826089 | 3320353 | 9307892 |
| Shares Reinvested |  | 468173 |  | 1082861 |
| Shares Redeemed | (1163099) | (2850234) | (2177715) | (3027478) |
| Net increase in shares of beneficial interest outstanding | 2128454 | 444028 | 1142638 | 7363275 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PFG Invesco<sup>®</sup> Thematic ESG Strategy Fund** | **PFG Invesco<sup>®</sup> Thematic ESG Strategy Fund** | **PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund** | **PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund** |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Period\* Ended<br>April 30,<br>2022 | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Period\* Ended<br>April 30,<br>2022 |
| **Increase/(Decrease) in Net Assets** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment loss | $(285109) | $(258497) | $(664807) | $(9910) |
| Distributions received from underlying investment companies |  |  |  | 8877561 |
| Net realized loss on investments | (2422121) | (885068) | (10677594) | (749567) |
| Net change in unrealized depreciation on investments | (1014534) | (16122987) | (6397449) | (48719488) |
| Net decrease in net assets resulting from operations | (3721764) | (17266552) | (17739850) | (40601404) |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  | (123094) |  | (1171000) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold | 4890583 | 81105473 | 25820861 | 345340712 |
| Reinvestment of distributions |  | 123078 |  | 1170251 |
| Cost of shares redeemed | (5630020) | (4587731) | (49439358) | (29841979) |
| Net increase/(decrease) in net assets from share transactions of beneficial interest | (739437) | 76640820 | (23618497) | 316668984 |
| Total increase/(decrease) in net assets | (4461201) | 59251174 | (41358347) | 274896580 |
| **Net Assets:** |  |  |  |  |
| Beginning of year/period | 59251174 |  | 274896580 |  |
| End of year/period | $54789973 | $59251174 | $233538233 | $274896580 |
| **Share Activity:** |  |  |  |  |
| Shares Sold | 669625 | 8306644 | 3067692 | 34494824 |
| Shares Reinvested |  | 12901 |  | 115981 |
| Shares Redeemed | (754969) | (530619) | (5902084) | (3131510) |
| Net increase/(decrease) in shares of beneficial interest outstanding | (85344) | 7788926 | (2834392) | 31479295 |

---

\* Commencement of operations and trading was October 29, 2021.

See accompanying notes to financial statements.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund** | **PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund** | **PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund** | **PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund** |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 |
| **Increase/(Decrease) in Net Assets** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income/(loss) | $(331908) | $2199501 | $504340 | $1419051 |
| Distributions received from underlying investment companies | 634871 | 5741489 | 422412 | 1935577 |
| Net realized gain/(loss) on investments | (17095087) | 15024275 | (14429883) | 14200915 |
| Net change in unrealized depreciation on investments | (5974074) | (47280653) | (1326673) | (34830389) |
| Net decrease in net assets resulting from operations | (22766198) | (24315388) | (14829804) | (17274846) |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  | (14135073) |  | (13499368) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold | 26245721 | 183173026 | 21130117 | 140261262 |
| Reinvestment of distributions |  | 14128887 |  | 13494083 |
| Cost of shares redeemed | (35032828) | (46935556) | (37331227) | (100445645) |
| Net increase/(decrease) in net assets from share transactions of beneficial interest | (8787107) | 150366357 | (16201110) | 53309700 |
| Total increase/(decrease) in net assets | (31553305) | 111915896 | (31030914) | 22535486 |
| **Net Assets:** |  |  |  |  |
| Beginning of year/period | 249759073 | 137843177 | 190631481 | 168095995 |
| End of year/period | $218205768 | $249759073 | $159600567 | $190631481 |
| **Share Activity:** |  |  |  |  |
| Shares Sold | 2367017 | 13285477 | 2107430 | 11317882 |
| Shares Reinvested |  | 1055971 |  | 1141632 |
| Shares Redeemed | (3142237) | (3597356) | (3716788) | (8237780) |
| Net increase/(decrease) in shares of beneficial interest outstanding | (775220) | 10744092 | (1609358) | 4221734 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PFG Meeder Tactical Strategy Fund** | **PFG Meeder Tactical Strategy Fund** | **PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund** | **PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund** |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 |
| **Increase/(Decrease) in Net Assets** |  |  |  |  |
| **From Operations:** |  |  |  |  |
| Net investment income/(loss) | $(828846) | $631294 | $(666323) | $(646376) |
| Distributions received from underlying investment companies |  | 4642862 |  | 2003701 |
| Net realized gain/(loss) on investments | (117382) | 13156195 | 1924807 | 35596702 |
| Net change in unrealized depreciation on investments | (4348304) | (27391581) | (8679613) | (35871201) |
| Net increase/(decrease) in net assets resulting from operations | (5294532) | (8961230) | (7421129) | 1082826 |
| **From Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  | (2652537) |  | (15781776) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold | 11119548 | 73864402 | 8478306 | 48838826 |
| Reinvestment of distributions |  | 2651619 |  | 15777173 |
| Cost of shares redeemed | (17412503) | (51942971) | (15014636) | (130811297) |
| Net increase/(decrease) in net assets from share transactions of beneficial interest | (6292955) | 24573050 | (6536330) | (66195298) |
| Total increase/(decrease) in net assets | (11587487) | 12959283 | (13957459) | (80894248) |
| **Net Assets:** |  |  |  |  |
| Beginning of year/period | 119008896 | 106049613 | 88076382 | 168970630 |
| End of year/period | $107421409 | $119008896 | $74118923 | $88076382 |
| **Share Activity:** |  |  |  |  |
| Shares Sold | 1098009 | 6297225 | 869661 | 3800231 |
| Shares Reinvested |  | 227412 |  | 1333658 |
| Shares Redeemed | (1723707) | (4477418) | (1550386) | (9370069) |
| Net increase/(decrease) in shares of beneficial interest outstanding | (625698) | 2047219 | (680725) | (4236180) |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **PFG Tactical Income Strategy Fund** | **PFG Tactical Income Strategy Fund** |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 |
| **Increase/(Decrease) in Net Assets** |  |  |
| **From Operations:** |  |  |
| Net investment income | $236201 | $769885 |
| Distributions received from underlying investment companies |  | 1347316 |
| Net realized gain/(loss) on investments | (7878925) | 10510231 |
| Net change in unrealized appreciation/(depreciation) on investments | 446001 | (21516036) |
| Net decrease in net assets resulting from operations | (7196723) | (8888604) |
| **From Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  | (13973607) |
| **From Shares of Beneficial Interest:** |  |  |
| Proceeds from shares sold | 22043410 | 56228567 |
| Reinvestment of distributions |  | 13968243 |
| Cost of shares redeemed | (28808067) | (45945319) |
| Net increase/(decrease) in net assets from share transactions of beneficial interest | (6764657) | 24251491 |
| Total increase/(decrease) in net assets | (13961380) | 1389280 |
| **Net Assets:** |  |  |
| Beginning of year/period | 117927675 | 116538395 |
| End of year/period | $103966295 | $117927675 |
| **Share Activity:** |  |  |
| Shares Sold | 2483751 | 5252813 |
| Shares Reinvested |  | 1380261 |
| Shares Redeemed | (3246869) | (4165031) |
| Net increase/(decrease) in shares of beneficial interest outstanding | (763118) | 2468043 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG Active Core Bond Strategy Fund** |
| Selected data based on a share outstanding throughout the year/period indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class R Shares | Class R Shares | Class R Shares | Class R Shares | Class R Shares | Class R Shares |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 | Year Ended<br>April 30,<br>2021 | Year Ended<br>April 30,<br>2020 | Year Ended<br>April 30,<br>2019 | Period Ended<br>April 30,<br>2018\* |
| Net asset value, beginning of year/period | $8.91 | $10.15 | $9.98 | $9.95 | $9.77 | $10.00 |
| Income/(loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (12) | 0.09 | 0.07 | 0.18 | 0.19 | 0.15 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.76) | (0.95) | 0.27 | 0.07 | 0.12 | (0.23) |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (0.67) | (0.88) | 0.45 | 0.26 | 0.27 | (0.21) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.08) | (0.19) | (0.20) | (0.09) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.28) | (0.09) | (0.03) | (0.00) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.00 |  |  |
| Total distributions from net investment income, net realized gains and return of capital |  | (0.36) | (0.28) | (0.23 | (0.09 | (0.02) |
| Net asset value, end of year/period | $8.24 | $8.91 | $10.15 | $9.98 | $9.95 | $9.77 |
| Total return (3) | (7.52)% | (9.00)% | 4.43% | 2.59 | 2.78 | (2.12)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $107931 | $141259 | $169153 | $121205 | $68594 | $54225 |
| Ratio of expenses to average net assets (4) | 2.05% (5) | 2.05% | 2.05% | 2.12 | 1.98 | 2.67% (5) |
| Ratio of net investment income to average net assets (24) | 1.95% (5) | 0.71% | 1.78% | 1.92 | 1.50 | 0.41% (5) |
| Portfolio turnover rate | 17% (6) | 53% | 64% | 89 | 38 | 43% (6) |

---

\* PFG Active Core Bond Strategy Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017.

(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) Annualized.

(6) Not
annualized.

(7) Amount
represents less than $0.005.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG American Funds<sup>®</sup> Conservative Income Strategy Fund** |
| Selected data based on a share outstanding throughout the year/period indicated. |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Class R Shares | Class R Shares | Class R Shares |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 | Period Ended<br>April 30,<br>2021\* |
| Net asset value, beginning of year/period | $9.81 | $10.42 | $10.00 |
| Income/(loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)(12) | 0.03 | (0.03) | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.60) | (0.43) | 0.50 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (0.57) | (0.46) | 0.59 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.15) | (0.06) |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains |  | (0.15) | (0.17) |
| Net asset value, end of year/period | $9.24 | $9.81 | $10.42 |
| Total return (3) | (5.81)% | (4.55)% | 5.89% |
| Ratios and Supplemental Data: |  |  |  |
| Net assets, end of year/period (in 000's) | $200425 | $204525 | $194943 |
| Ratio of expenses to average net assets (4) | 2.05% (5) | 2.05% | 2.05% (5) |
| Ratio of net investment income/(loss) to average net assets (24) | 0.57% (5) | (0.28)% | 0.86% (5) |
| Portfolio turnover rate | 20% (6) | 34% | 52% (6) |

---

\* PFG American Funds<sup>®</sup> Conservative Income Strategy Fund commenced operations and trading on May 2, 2020.

(1) Net
investment income/(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 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) Annualized.

(6) Not
annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG American Funds<sup>®</sup> Growth Strategy Fund** |
| Selected data based on a share outstanding throughout the year/period indicated. |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Class R Shares | Class R Shares | Class R Shares |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 | Period Ended<br>April 30,<br>2021\* |
| Net asset value, beginning of year/period | $11.53 | $14.25 | $10.00 |
| Income/(loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (12) | (0.10) | (0.23) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.01) | (1.76) | 4.72 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (1.11) | (1.99) | 4.56 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.73) | (0.31) |
| Net asset value, end of year/period | $10.42 | $11.53 | $14.25 |
| Total return (3) | (9.63)% | (15.06)% | 45.89% |
| Ratios and Supplemental Data: |  |  |  |
| Net assets, end of year/period (in 000's) | $519092 | $562425 | $769747 |
| Ratio of expenses to average net assets (4) | 2.05% (5) | 2.05% | 2.05% (5) |
| Ratio of net investment loss to average net assets (24) | (1.76)% (5) | (1.61)% | (1.31)% (5) |
| Portfolio turnover rate | 6% (6) | 25% | 33% (6) |

---

\* PFG American Funds® Growth Strategy Fund commenced operations and trading on May 2, 2020.

(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) Annualized.

(6) Not
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 R Shares | Class R Shares | Class R Shares | Class R Shares | Class R Shares | Class R Shares |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 | Year Ended<br>April 30,<br>2021 | Year Ended<br>April 30,<br>2020 | Year Ended<br>April 30,<br>2019 | Period Ended<br>April 30,<br>2018\* |
| Net asset value, beginning of year/period | $10.05 | $10.79 | $9.63 | $9.64 | $9.67 | $10.00 |
| Income/(loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)(12) | (0.01) | 0.07 | 0.01 | 0.07 | 0.14 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.65) | (0.44) | 1.16 | 0.07 | (0.09) | (0.30) |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (0.66) | (0.37) | 1.17 | 0.14 | 0.05 | (0.28) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.01) | (0.13) | (0.08) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.37) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.02) |  |  |
| Total distributions from net investment income, net realized gains and return of capital |  | (0.37) | (0.01) | (0.15) | (0.08) | (0.05) |
| Net asset value, end of year/period | $9.39 | $10.05 | $10.79 | $9.63 | $9.64 | $9.67 |
| Total return (3) | (6.57)% | (3.64)% | 12.14% | 1.40% | 0.60% | (2.80)% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $138863 | $161793 | $124937 | $70829 | $61653 | $58744 |
| Ratio of expenses to average net assets (4) | 2.05% (5) | 2.05% | 2.05% | 2.19% | 2.09% | 2.44% (5) |
| Ratio of net investment income/(loss) to average net assets (24) | (0.24)% (5) | 0.65% | 0.10% | 0.67% | 1.49% | 0.50% (5) |
| Portfolio turnover rate | 21% (6) | 19% | 67% | 22% | 203% | 1% (6) |

---

\* PFG BNY Mellon Diversifier Strategy Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017.

(1) Net
investment income/(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 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) Annualized.

(6) Not
annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG BR Equity ESG Strategy Fund** |
| Selected data based on a share outstanding throughout the year/period indicated. |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Class R Shares | Class R Shares | Class R Shares |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 | Period Ended<br>April 30,<br>2021\* |
| Net asset value, beginning of year/period | $11.38 | $13.86 | $10.00 |
| Income/(Loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (12) | (0.01) | (0.07) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.04) | (0.99) | 4.26 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (1.05) | (1.06) | 4.18 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (1.42) | (0.32) |
| Net asset value, end of year/period | $10.33 | $11.38 | $13.86 |
| Total return (3) | (9.23)% | (9.29)% | 42.12% |
| Ratios and Supplemental Data: |  |  |  |
| Net assets, end of year/period (in 000's) | $193481 | $217232 | $136925 |
| Ratio of expenses to average net assets (4) | 2.05% (5) | 2.05% | 2.05% (5) |
| Ratio of net investment loss to average net assets (24) | (0.14)% (5) | (0.53)% | (0.66)% (5) |
| Portfolio turnover rate | 28% (6) | 48% | 52% (6) |
| Portfolio turnover rate | 28% (6) | 48% | 52% (6) |

---

\* PFG BR Equity ESG Strategy Fund commenced operations and trading on May 2, 2020.

(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) Annualized.

(6) Not
annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG Fidelity Institutional AM<sup>®</sup> Bond ESG Strategy Fund** |
| Selected data based on a share outstanding throughout each period indicated. |

---

---

| | | |
|:---|:---|:---|
|  | Class R Shares | Class R Shares |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Period Ended<br>April 30,<br>2022\* |
| Net asset value, beginning of period | $9.00 | $10.00 |
| Loss from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)(12) | 0.01 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (0.67) | (0.99) |
| &nbsp;&nbsp;&nbsp;Total loss from investment operations | (0.66) | (1.00) |
| Net asset value, end of period | $8.34 | $9.00 |
| Total return (3) | (7.33)% | (10.00)% |
| Ratios and Supplemental Data: |  |  |
| Net assets, end of period (in 000's) | $13865 | $6877 |
| Ratio of expenses to average net assets (45) | 2.05% | 2.06% |
| Ratio of net investment income/(loss) to average net assets (245) | 0.33% | (0.25)% |
| Portfolio turnover rate (6) | 13% | 6% |

---

\* PFG Fidelity Institutional AM® Bond ESG Strategy Fund commenced operations and trading on October 29, 2021.

(1) Net
investment income/(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 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) Annualized.

(6) Not
annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund** |
| Selected data based on a share outstanding throughout the year/period indicated. |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Class R Shares | Class R Shares | Class R Shares |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 | Period Ended<br>April 30,<br>2021\* |
| Net asset value, beginning of year/period | $12.59 | $14.12 | $10.00 |
| Income/(loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (12) | (0.06) | (0.05) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.00) | (0.75) | 4.49 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (1.06) | (0.80) | 4.44 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.02) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  | (0.71) | (0.30) |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income, net realized gains and return of capital |  | (0.73) | (0.32) |
| Net asset value, end of year/period | $11.53 | $12.59 | $14.12 |
| Total return (3) | (8.42)% | (6.37)% | 44.72% |
| Ratios and Supplemental Data: |  |  |  |
| Net assets, end of year/period (in 000's) | $146130 | $132819 | $142663 |
| Ratio of expenses to average net assets (4) | 2.05% (5) | 2.05% | 2.05% (5) |
| Ratio of net investment loss to average net assets (24) | (1.02)% (5) | (0.36)% | (0.38)% (5) |
| Portfolio turnover rate | 5% (6) | 16% | 30% (6) |

---

\* PFG Fidelity Institutional AM® Equity Index Strategy Fund commenced operations and trading on May 2, 2020.

(1) Net
investment income/(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 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) Annualized.

(6) Not
annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund** |
| Selected data based on a share outstanding throughout the year/period indicated. |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Class R Shares | Class R Shares | Class R Shares |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 | Period Ended<br>April 30,<br>2021\* |
| Net asset value, beginning of year/period | $12.38 | $12.88 | $10.00 |
| Income/(loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (12) | (0.04) | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.06) | 0.47 | 3.54 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (0.10) | 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 |  | (0.92) | (0.61) |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains |  | (0.94) | (0.65) |
| Net asset value, end of year/period | $12.28 | $12.38 | $12.88 |
| Total return (3) | (0.81)% | 2.58% | 35.91% |
| Ratios and Supplemental Data: |  |  |  |
| Net assets, end of year/period (in 000's) | $236657 | $224395 | $138652 |
| Ratio of expenses to average net assets (4) | 2.05% (5) | 2.05% | 2.05% (5) |
| Ratio of net investment loss to average net assets (24) | (0.71)% (5) | (0.25)% | (0.08)% (5) |
| Portfolio turnover rate | 55% (6) | 70% | 189% (6) |

---

\* PFG Fidelity Institutional AM® Equity Sector Strategy Fund commenced operations and trading on May 2, 2020.

(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) Annualized.

(6) Not
annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG Invesco<sup>®</sup> Thematic ESG Strategy Fund** |
| Selected data based on a share outstanding throughout each period indicated. |

---

---

| | | |
|:---|:---|:---|
|  | Class R Shares | Class R Shares |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Period Ended<br>April 30,<br>2022\* |
| Net asset value, beginning of period | $7.61 | $10.00 |
| Loss from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (12) | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (0.46) | (2.33) |
| &nbsp;&nbsp;&nbsp;Total loss from investment operations | (0.50) | (2.37) |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.02) |
| Net asset value, end of period | $7.11 | $7.61 |
| Total return (3) | (6.57)% | (23.77)% |
| Ratios and Supplemental Data: |  |  |
| Net assets, end of period (in 000's) | $54790 | $59251 |
| Ratio of expenses to average net assets (45) | 2.05% | 2.05% |
| Ratio of net investment loss to average net assets (245) | (0.98)% | (0.82)% |
| Portoflio turnover rate (6) | 10% | 7% |

---

\* PFG Invesco® Thematic ESG Strategy Fund commenced operations and trading on October 29, 2021.

(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) Annualized.

(6) Not
annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund** |
| Selected data based on a share outstanding throughout each period indicated. |

---

---

| | | |
|:---|:---|:---|
|  | Class R Shares | Class R Shares |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Period Ended<br>April 30,<br>2022\* |
| Net asset value, beginning of period | $8.73 | $10.00 |
| Loss from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (12) | (0.02) | (0.00) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (0.56) | (1.23 |
| &nbsp;&nbsp;&nbsp;Total loss from investment operations | (0.58) | (1.23 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss |  | (0.04 |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains |  | (0.04 |
| Net asset value, end of period | $8.15 | $8.73 |
| Total return (3) | (6.64)% | (12.37 |
| Ratios and Supplemental Data: |  |  |
| Net assets, end of period (in 000's) | $233538 | $274897 |
| Ratio of expenses to average net assets (45) | 2.05% (5) | 2.05 |
| Ratio of net investment loss to average net assets (245) | (0.51)% (5) | (0.01) |
| Portoflio turnover rate (6) | 11% (6) | 4 |

---

\* PFG Janus Henderson® Balanced Strategy Fund commenced operations and trading on October 29, 2021.

(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) Annualized.

(6) Not
annualized.

(7) Amount
represents less than $0.005.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund** |
| Selected data based on a share outstanding throughout the year/period indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class R Shares | Class R Shares | Class R Shares | Class R Shares | Class R Shares | Class R Shares |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 | Year Ended<br>April 30,<br>2021 | Year Ended<br>April 30,<br>2020 | Year Ended<br>April 30,<br>2019 | Period Ended<br>April 30,<br>2018\* |
| Net asset value, beginning of year/period | $11.80 | $13.22 | $8.95 | $9.98 | $9.97 | $10.00 |
| Income/(loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)(12) | (0.02) | 0.14 | (0.04) | 0.01 | (0.04) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.08) | (0.87) | 4.31 | (1.04) | 0.34 | 0.06 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (1.10) | (0.73) | 4.27 | (1.03) | 0.30 | (0.03 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.16) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  | (0.53) |  |  | (0.25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.04) |  |
| &nbsp;&nbsp;&nbsp;Total distributions from net realized gains and return of capital |  | (0.69) |  |  | (0.29) |  |
| Net asset value, end of year/period | $10.70 | $11.80 | $13.22 | $8.95 | $9.98 | $9.97 |
| Total return (4) | (9.32)% | (6.17)% | 47.71% | (10.32)% | 3.40% (8) | (0.30 |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $218206 | $249759 | $137843 | $71413 | $89498 | $86033 |
| Ratio of expenses to average net assets (5) | 2.05% (6) | 2.05% | 2.05% | 2.14% | 2.03% | 2.34 |
| Ratio of net investment income/(loss) to average net assets (25) | (0.28)% (6) | 1.03% | (0.39)% | 0.07% | (0.40)% | (2.22) |
| Portfolio turnover rate | 68% (7) | 57% | 42% | 39% | 116% | 38 |

---

\* PFG JP Morgan® Tactical Aggressive Strategy Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017.

(1) Net
investment income/(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 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) Realized
and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value
per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions
for the period.

(4) 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.

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

(6) Annualized.

(7) Not
annualized.

(8) For
the year ended April 30, 2019, the Fund received a reimbursement from affiliates. This reimbursement had no impact on the Fund's total
return.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund** |
| Selected data based on a share outstanding throughout the year/period indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class R Shares | Class R Shares | Class R Shares | Class R Shares | Class R Shares | Class R Shares |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 | Year Ended<br>April 30,<br>2021 | Year Ended<br>April 30,<br>2020 | Year Ended<br>April 30,<br>2019 | Period Ended<br>April 30,<br>2018\* |
| Net asset value, beginning of year/period | $10.52 | $12.10 | $9.32 | $9.96 | $9.80 | $10.00 |
| Income/(loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)(12) | 0.03 | 0.09 | 0.02 | 0.06 | (0.02) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.88) | (0.91) | 2.80 | (0.65) | 0.18 | (0.19) |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (0.85) | (0.82) | 2.82 | (0.59) | 0.16 | (0.20) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.10) | (0.04) | (0.05) | (0.00) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  | (0.66) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and return of capital |  | (0.76) | (0.04) | (0.05) |  |  |
| Net asset value, end of year/period | $9.67 | $10.52 | $12.10 | $9.32 | $9.96 | $9.80 |
| Total return (3) | (8.08)% | (7.49)% | 30.29% | (6.00)% | 1.68 | 2.00% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $159601 | $190631 | $168096 | $138740 | $148742 | $153858 |
| Ratio of expenses to average net assets (4) | 2.05% (5) | 2.05% | 2.05% | 2.09% | 2.06 | 2.26% (5) |
| Ratio of net investment income/(loss) to average net assets (24) | 0.56% (5) | 0.74% | 0.22% | 0.56% | (0.16) | 0.80% (5) |
| Portfolio turnover rate | 66% (6) | 76% | 58% | 60% | 112 | 0% (6) |

---

\* PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund commenced operations and trading on March 15, 2018.

(1) Net
investment income/(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 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) Annualized.

(6) Not
annualized.

(7) Amount
represents less than $0.005.

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 R Shares | Class R Shares | Class R Shares | Class R Shares | Class R Shares | Class R Shares |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 | Year Ended<br>April 30,<br>2021 | Year Ended<br>April 30,<br>2020 | Year Ended<br>April 30,<br>2019 | Period Ended<br>April 30,<br>2018\* |
| Net asset value, beginning of year/period | $10.44 | $11.34 | $9.23 | $9.93 | $9.83 | $10.00 |
| Income/(loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)(12) | (0.07) | 0.06 | (0.10) | (0.11) | (0.03) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.40) | (0.73) | 2.32 | (0.57) | 0.15 | (0.11) |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (0.47) | (0.67) | 2.22 | (0.68) | 0.12 | (0.16) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  | (0.02) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  | (0.23) | (0.11) | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains |  | (0.23) | (0.11) | (0.02) | (0.02) | (0.01) |
| Net asset value, end of year/period | $9.97 | $10.44 | $11.34 | $9.23 | $9.93 | $9.83 |
| Total return (3) | (4.50)% | (6.09)% | 24.09% | (6.91)% | 1.20% | 1.57% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $107421 | $119009 | $106050 | $96604 | $103481 | $100881 |
| Ratio of expenses to average net assets (4) | 2.05% (5) | 2.05% | 2.05% | 2.09% | 2.04% | 2.28% (5) |
| Ratio of net investment income/(loss) to average net assets (24) | (1.46)% (5) | 0.53% | (0.98)% | (1.07)% | (0.27)% | (1.25)% (5) |
| Portfolio turnover rate | 5% (6) | 67% | 19% | 18% | 23% | 8% (6) |

---

\* PFG Meeder Tactical Strategy Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017.

(1) Net
investment income/(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 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) Annualized.

(6) Not
annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund** |
| Selected data based on a share outstanding throughout the year/period indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class R Shares | Class R Shares | Class R Shares | Class R Shares | Class R Shares | Class R Shares |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 | Year Ended<br>April 30,<br>2021 | Year Ended<br>April 30,<br>2020 | Year Ended<br>April 30,<br>2019 | Period Ended<br>April 30,<br>2018\* |
| Net asset value, beginning of year/period | $10.32 | $13.23 | $9.64 | $10.52 | $9.97 | $10.00 |
| Income/(loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (12) | (0.08) | (0.06) | (0.14) | (0.04) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.81) | (0.39 | 4.10 | (0.68) | 0.70 | 0.06 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (0.89) | (0.45 | 3.96 | (0.72) | 0.70 | 0.05 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  |  | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  | (2.46 | (0.37) | (0.16) | (0.15) |  |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains |  | (2.46 | (0.37) | (0.16) | (0.15) | (0.08) |
| Net asset value, end of year/period | $9.43 | $10.32 | $13.23 | $9.64 | $10.52 | $9.97 |
| Total return (3) | (8.62)% | (5.81 | 41.39% | (7.10)% | 7.34% | 0.50% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $74119 | $88076 | $168971 | $118933 | $118749 | $113953 |
| Ratio of expenses to average net assets (4) | 2.05% (5) | 2.05 | 2.05% | 2.09% | 2.05% | 2.23% (5) |
| Ratio of net investment loss to average net assets (24) | (1.65)% (5) | (0.50) | (1.18)% | (0.34)% | 0.00% (8) | (0.37)% (5) |
| Portfolio turnover rate | 5% (6) | 30 | 39% | 7% | 26% | 0% (6) |

---

\* PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017.

(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) Annualized.

(6) Not
annualized.

(7) Realized
and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value
per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions
for the period.

(8) Amount
represents less than 0.0050%

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG Tactical Income Strategy Fund** |
| Selected data based on a share outstanding throughout the year/period indicated. |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Class R Shares | Class R Shares | Class R Shares |
|  | Six Months Ended<br>October 31, 2022<br>(Unaudited) | Year Ended<br>April 30,<br>2022 | Period Ended<br>April 30,<br>2021\* |
| Net asset value, beginning of year/period | $9.19 | $11.24 | $10.00 |
| Income/(loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (12) | 0.02 | 0.07 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.60) | (0.75) | 1.39 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (0.58) | (0.68) | 1.56 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.13) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  | (1.24) | (0.18) |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains |  | (1.37) | (0.32) |
| Net asset value, end of year/period | $8.61 | $9.19 | $11.24 |
| Total return (3) | (6.31)% | (7.18)% | 15.69% |
| Ratios and Supplemental Data: |  |  |  |
| Net assets, end of year/period (in 000's) | $103966 | $117928 | $116538 |
| Ratio of expenses to average net assets (4) | 2.05% (5) | 2.05% | 2.05% (5) |
| Ratio of net investment income to average net assets (24) | 0.41% (5) | 0.66% | 1.59% (5) |
| Portfolio turnover rate | 37% (6) | 104% | 70% (6) |

---

\* PFG Tactical Income Strategy Fund commenced operations and trading on May 1, 2020.

(1) Net
investment income/(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 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) Annualized.

(6) Not
annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| October 31, 2022 |

---

**1.** **ORGANIZATION** 

The Pacific Financial Family of Mutual Funds is comprised of fifteen 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 R shares. The Funds and their primary investment objective, as of April 30, 2022, is as follows:

---

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

---

**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 accounting principles generally accepted 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 FASB Accounting Standards Update ("ASU") 2013-08.

**Securities Valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the primary exchange on the day of valuation. 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 PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2022 |

---

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

**Fair Valuation Process –**The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that 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 the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

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.

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2022 |

---

**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, 2022 for each Fund's investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PFG Active Core Bond Strategy Fund** | **PFG Active Core Bond Strategy Fund** | **PFG Active Core Bond Strategy Fund** | **PFG Active Core Bond Strategy Fund** | **PFG Active Core Bond Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Open End Funds | $107264007 | $— | $— | $107264007 |
| Short-Term Investment | 515986 |  |  | 515986 |
| Total | $107779993 | $— | $— | $107779993 |
| **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 | $199701701 | $— | $— | $199701701 |
| Short-Term Investment | 854927 |  |  | 854927 |
| Total | $200556628 | $— | $— | $200556628 |
| **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 | $518050844 | $— | $— | $518050844 |
| Short-Term Investment | 2076954 |  |  | 2076954 |
| Total | $520127798 | $— | $— | $520127798 |

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2022 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 |
| Open End Funds | $69007890 | $69448273 | $— | $138456163 |
| Short-Term Investment | 420822 |  |  | 420822 |
| Total | $69428712 | $69448273 | $— | $138876985 |
| **PFG BR Equity ESG Strategy Fund** | **PFG BR Equity ESG Strategy Fund** | **PFG BR Equity ESG Strategy Fund** | **PFG BR Equity ESG Strategy Fund** | **PFG BR Equity ESG Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $193172444 | $— | $— | $193172444 |
| Short-Term Investment | 688733 |  |  | 688733 |
| Total | $193861177 | $— | $— | $193861177 |
| **PFG Fidelity Institutional AM<sup>®</sup> Bond ESG Strategy Fund** | **PFG Fidelity Institutional AM<sup>®</sup> Bond ESG Strategy Fund** | **PFG Fidelity Institutional AM<sup>®</sup> Bond ESG Strategy Fund** | **PFG Fidelity Institutional AM<sup>®</sup> Bond ESG Strategy Fund** | **PFG Fidelity Institutional AM<sup>®</sup> Bond ESG Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $1925101 | $— | $— | $1925101 |
| Open End Funds | 11254941 |  |  | 11254941 |
| Short-Term Investment | 646301 |  |  | 646301 |
| Total | $13826343 | $— | $— | $13826343 |
| **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 | $145495876 | $— | $— | $145495876 |
| Short-Term Investment | 877794 |  |  | 877794 |
| Total | $146373670 | $— | $— | $146373670 |
| **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 | $126231954 | $— | $— | $126231954 |
| Open End Funds | 109596859 |  |  | 109596859 |
| Short-Term Investment | 1133562 |  |  | 1133562 |
| Total | $236962375 | $— | $— | $236962375 |
| **PFG Invesco<sup>®</sup> Thematic ESG Strategy Fund** | **PFG Invesco<sup>®</sup> Thematic ESG Strategy Fund** | **PFG Invesco<sup>®</sup> Thematic ESG Strategy Fund** | **PFG Invesco<sup>®</sup> Thematic ESG Strategy Fund** | **PFG Invesco<sup>®</sup> Thematic ESG Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $54557921 | $— | $— | $54557921 |
| Short-Term Investment | 303293 |  |  | 303293 |
| Total | $54861214 | $— | $— | $54861214 |

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2022 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $22691565 | $— | $— | $22691565 |
| Open End Funds | 210426852 |  |  | 210426852 |
| Short-Term Investment | 2817208 |  |  | 2817208 |
| Total | $235935625 | $— | $— | $235935625 |
| **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 | $101652593 | $— | $— | $101652593 |
| Open End Funds | 115904275 |  |  | 115904275 |
| Short-Term Investment | 1078219 |  |  | 1078219 |
| Total | $218635087 | $— | $— | $218635087 |
| **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 | $48816529 | $— | $— | $48816529 |
| Open End Funds | 110404229 |  |  | 110404229 |
| Short-Term Investment | 281562 |  |  | 281562 |
| Total | $159502320 | $— | $— | $159502320 |
| **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 | $107239633 | $— | $— | $107239633 |
| Short-Term Investment | 314563 |  |  | 314563 |
| Total | $107554196 | $— | $— | $107554196 |
| **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 | $10830638 | $— | $— | $10830638 |
| Open End Funds | 63143125 |  |  | 63143125 |
| Short-Term Investment | 319745 |  |  | 319745 |
| Total | $74293508 | $— | $— | $74293508 |
| **PFG Tactical Income Strategy Fund** | **PFG Tactical Income Strategy Fund** | **PFG Tactical Income Strategy Fund** | **PFG Tactical Income Strategy Fund** | **PFG Tactical Income Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $13094135 | $— | $— | $13094135 |
| Open End Funds | 90437879 |  |  | 90437879 |
| Short-Term Investment | 554089 |  |  | 554089 |
| Total | $104086103 | $— | $— | $104086103 |

---

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

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

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2022 |

---

**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 distributable 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, 2019 through April 30, 2021, or expected to be taken in the Funds' April 30, 2022 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, 2022, 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.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
| PFG Active Core Bond Strategy Fund | $20501473 | $42849162 |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | 49860819 | 41014777 |
| PFG American Funds<sup>®</sup> Growth Strategy Fund | 45915497 | 29743804 |
| PFG BNY Mellon Diversifier Strategy Fund | 32855075 | 46014895 |
| PFG BR Equity ESG Strategy Fund | 56890491 | 60147531 |
| PFG Fidelity Institutional AM<sup>®</sup> Bond ESG Strategy Fund | 8235949 | 1139897 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund | 32651096 | 7195909 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund | 138695264 | 124943930 |
| PFG Invesco<sup>®</sup> Thematic ESG Strategy Fund | 5781290 | 6928162 |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | 27150847 | 50979832 |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund | 158034132 | 166503346 |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | 115939465 | 130238900 |
| PFG Meeder Tactical Strategy Fund | 5115000 | 12427700 |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund | 4314470 | 10924365 |
| PFG Tactical Income Strategy Fund | 42770992 | 49484695 |

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2022 |

---

**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 six months ended October 31, 2022, pursuant to the investment advisory agreement, the Advisor earned the following advisory fees:

---

| | |
|:---|:---|
| Fund |  |
| PFG Active Core Bond Strategy Fund | $763313 |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | 1270953 |
| PFG American Funds<sup>®</sup> Growth Strategy Fund | 3347854 |
| PFG BNY Mellon Diversifier Strategy Fund | 978263 |
| PFG BR Equity ESG Strategy Fund | 1285833 |
| PFG Fidelity Institutional AM<sup>®</sup> Bond ESG Strategy Fund | 55347 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund | 863658 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund | 1428860 |
| PFG Invesco<sup>®</sup> Thematic ESG Strategy Fund | 361903 |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | 1620640 |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund | 1473930 |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | 1121034 |
| PFG Meeder Tactical Strategy Fund | 708842 |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund | 504508 |
| PFG Tactical Income Strategy Fund | 728122 |

---

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 to provide 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.

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2022 |

---

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 Funds' 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 Servicing Administration 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 ("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 advisers, 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.

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2022 |

---

Each Fund is currently accruing 0.10% of its average daily net assets under the plan. For the six months ended October 31, 2022, pursuant to the Plan, the Funds accrued the following fees:

---

| | |
|:---|:---|
| Fund | 12b-1 Fee |
| PFG Active Core Bond Strategy Fund | $61066 |
| PFG American Funds<sup><sup>®</sup></sup> Conservative Income Strategy Fund | 101677 |
| PFG American Funds<sup><sup>®</sup></sup> Growth Strategy Fund | 267831 |
| PFG BNY Mellon Diversifier Strategy Fund | 78262 |
| PFG BR Equity ESG Strategy Fund | 102868 |
| PFG Fidelity Institutional AM<sup><sup>®</sup></sup> Bond ESG Strategy Fund | 4428 |
| PFG Fidelity Institutional AM<sup><sup>®</sup></sup> Equity Index Strategy Fund | 69093 |
| PFG Fidelity Institutional AM<sup><sup>®</sup></sup> Equity Sector Strategy Fund | 114310 |
| PFG Invesco<sup><sup>®</sup></sup> Thematic ESG Strategy Fund | 28953 |
| PFG Janus Henderson<sup><sup>®</sup></sup> Balanced Strategy Fund | 129652 |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund | 117916 |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | 89684 |
| PFG Meeder Tactical Strategy Fund | 56708 |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund | 40361 |
| PFG Tactical Income Strategy Fund | 58263 |

---

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.

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 management services for the Funds on an ad-hoc basis. TPFG.

Distributor, provides EDGAR conversion and filing services as well as print For the provision of these services, BluGiant receives customary fees from

During the year ended April 30, 2022, certain Funds received payments from the Advisor for previously received soft dollar payments.

These reimbursements were as follows:

---

| | |
|:---|:---|
| **Fund** | **Reimbursement** |
| PFG BNY Mellon Diversifier Strategy Fund | $3128 |
| PFG BR Equity ESG Strategy Fund | 11971 |
| PFG Fidelity Institutional AM<sup>®</sup> Bond ESG Strategy Fund | 45 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund | 17774 |
| PFG Invesco<sup>®</sup> Thematic ESG Strategy Fund | 3833 |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | 1494 |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund | 18551 |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | 39289 |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund | 6692 |
| PFG Tactical Income Strategy Fund | 5449 |

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2022 |

---

**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, 2022 with affiliated companies are as follows:

**PFG BNY Mellon Diversifier Strategy Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | | | | | Change in | |
| |  | Value-Beginning of | | | | Unrealized | Value-End of |
| CUSIP | &nbsp;&nbsp;&nbsp;&nbsp;Description | Period | Purchases | Sales Proceeds | Net Realized Loss | Depreciation | Period |
| 05580W841 | BNY Mellon Core Plus Fund | $59312227 | $24035000 | $8351000 | $(1043943) | $(4944394) | $69007890 |

---

**PFG BR Equity ESG Strategy Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | | | | | Change in | |
| |  | Value-Beginning of | | | | Unrealized | Value-End of |
| CUSIP | &nbsp;&nbsp;&nbsp;Description | Period | Purchases | Sales Proceeds | Net Realized Loss | Depreciation | Period |
| 46436E759 | iShares ESG Advanced MSCI EAFE ETF | $22048872 | $876993 | $506374 | $(204357) | $(2783883) | $19431251 |
| 46436E767 | iShares ESG Advanced MSCI USA ETF | 46416702 | 2283867 | 11421768 | (1699502) | (1881990) | 33697309 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | | | | | Change in | |
| |  | Value-Beginning of | | | | Unrealized | Value-End of |
| CUSIP | Description | Period | Purchases | Sales Proceeds | Net Realized Gain | Depreciation | Period |
| 316092881 | Fidelity MSCI Materials Index ETF | $27621494 | $10636575 | $8903394 | $932699 | $(4183010) | $26104364 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | | Change in | |
|  |  | Value-Beginning of | | | | Unrealized | Value-End of |
| CUSIP | Description | Period | Purchases | Sales Proceeds | Net Realized Loss | Appreciation | Period |
| 47103U100 | Janus Henderson Small Cap Growth Alpha ETF | $7971195 | $2814729 | $4559440 | $(1958656) | $1565386 | $5833214 |
| 47103U209 | Janus Henderson Small/Mid Cap Growth Alpha ETF | 8088105 | 2738867 | 1163369 | (357469) | 83027 | 9389161 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | | | | | Change in | |
| |  | Value-Beginning of | | | | Unrealized | Value-End of |
| CUSIP | Description | Period | Purchases | Sales Proceeds | Net Realized Gain | Depreciation | Period |
| 46641Q753 | JPMorgan US Value Factor ETF | $13171731 | $11721480 | $2039929 | $486448 | $(1321506) | $22018224 |

---

**PFG Meeder Tactical Strategy Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | | Change in | |
|  |  | Value-Beginning of | | | Net Realized | Unrealized | Value-End of |
| CUSIP | Description | Period | Purchases | Sales Proceeds | Gain/(Loss) | Depreciation | Period |
| 58510R762 | Meeder Dynamic Allocation Fund | $19669052 | $2585000 | $3060000 | $(1060354) | $(58390) | $18075308 |
| 58510R788 | Meeder Muirfield Fund | 66795513 | 1825000 | 6466700 | 915230 | (2759708) | 60309335 |
| 58510R655 | Meeder Spectrum Fund | 11946581 | 120000 | 905000 | 27679 | (419440) | 10769820 |

---

**PFG Tactical Income Strategy Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | | Change in | |
|  |  | Value-Beginning of | | | | Unrealized | Value-End of |
| CUSIP | Description | Period | Purchases | Sales Proceeds | Net Realized Loss | Appreciation | Period |
| 47103Y649 | Janus Henderson Asia Equity Fund | $6637564 | $1470174 | $4149875 | $(2013756) | $691932 | $2636039 |

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2022 |

---

**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, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Tax**<br>**Cost** |<br>**Gross**<br>**Unrealized**<br>**Appreciation** |<br>**Gross**<br>**Unrealized**<br>**Depreciation** | **Net**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| PFG Active Core Bond Strategy Fund | $124093880 | $75582 | $(16389469) | $(16313887) |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | 223813659 | 517563 | (23774594) | (23257031) |
| PFG American Funds<sup>®</sup> Growth Strategy Fund | 646829020 |  | (126701222) | (126701222) |
| PFG BNY Mellon Diversifier Strategy Fund | 156654186 | 983133 | (18760334) | (17777201) |
| PFG BR Equity ESG Strategy Fund | 230580299 | 83523 | (36802645) | (36719122) |
| PFG Fidelity Institutional AM<sup>®</sup> Bond ESG Strategy Fund | 15067675 |  | (1241332) | (1241332) |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund | 134836412 | 13691407 | (2154149) | 11537258 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund | 241766707 | 6579271 | (11383603) | (4804332) |
| PFG Invesco<sup>®</sup> Thematic ESG Strategy Fund | 72705235 |  | (17844021) | (17844021) |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | 291632967 |  | (55697342) | (55697342) |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund | 241358960 | 2070852 | (24794725) | (22723873) |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | 173225336 | 1372049 | (15095065) | (13723016) |
| PFG Meeder Tactical Strategy Fund | 123600923 | 122173 | (16168900) | (16046727) |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund | 79885741 | 2587544 | (7179777) | (4592233) |
| PFG Tactical Income Strategy Fund | 116216246 |  | (12130143) | (12130143) |

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2022 |

---

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

The tax character of distributions paid during the fiscal year ended April 30, 2022 and the fiscal year ended April 30, 2021 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended**<br>**4/30/2022** | **Ordinary**<br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of**<br>**Capital** |<br>**Total** |
| PFG Active Core Bond Strategy Fund | $2389559 | $2034455 | $— | $4424014 |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | 2208736 | 1116031 |  | 3324767 |
| PFG American Funds<sup>®</sup> Growth Strategy Fund | 9121964 | 23521952 |  | 32643916 |
| PFG BNY Mellon Diversifier Strategy Fund | 1002777 | 4588204 |  | 5590981 |
| PFG BR Equity ESG Strategy Fund | 9763622 | 12960361 |  | 22723983 |
| PFG Fidelity Institutional AM<sup>®</sup> Bond ESGStrategy Fund |  |  |  |  |
| PFG Fidelity Institutional AM<sup>®</sup> Equity IndexStrategy Fund | 4001195 | 2812427 |  | 6813622 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity SectorStrategy Fund | 12757675 | 2344331 |  | 15102006 |
| PFG Invesco<sup>®</sup> Thematic ESG Strategy Fund | 123094 |  |  | 123094 |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | 1124954 | 46046 |  | 1171000 |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund | 3496799 | 10638274 |  | 14135073 |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | 4927831 | 8571537 |  | 13499368 |
| PFG Meeder Tactical Strategy Fund |  | 2652537 |  | 2652537 |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund |  | 15781776 |  | 15781776 |
| PFG Tactical Income Strategy Fund | 8132655 | 5840952 |  | 13973607 |
| **For fiscal year ended** | **Ordinary** | **Long-Term** | **Return of** |  |
| **4/30/2021** | **Income** | **Capital Gains** | **Capital** | **Total** |
| PFG Active Core Bond Strategy Fund | $4072997 | $1369472 |  | $5442469 |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | 2585671 | 36108 |  | 2621779 |
| PFG American Funds<sup>®</sup> Growth Strategy Fund | 11930414 | 2043677 |  | 13974091 |
| PFG BNY Mellon Diversifier Strategy Fund |  | 55532 |  | 55532 |
| PFG BR Equity ESG Strategy Fund | 3193939 |  |  | 3193939 |
| PFG Fidelity Institutional AM<sup>®</sup> Bond ESGStrategy Fund |  |  |  |  |
| PFG Fidelity Institutional AM<sup>®</sup> Equity IndexStrategy Fund | 3367881 | 6337 |  | 3374218 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity SectorStrategy Fund | 6835862 |  |  | 6835862 |
| PFG Invesco<sup>®</sup> Thematic ESG Strategy Fund |  |  |  |  |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund |  |  |  |  |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund |  |  |  |  |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | 379840 | 202977 |  | 582817 |
| PFG Meeder Tactical Strategy Fund |  | 1089533 |  | 1089533 |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund |  | 5246887 |  | 5246887 |
| PFG Tactical Income Strategy Fund | 2739989 |  |  | 2739989 |

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2022 |

---

As of April 30, 2022, 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** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits** |
| PFG Active Core Bond Strategy Fund | $54789 | $— | $(175648) | $— | $— | $(13149095) | $(13269954) |
| PFG American Funds<sup>®</sup> Conservative Income Strategy |  | 4558212 | (280610) |  |  | (12255791) | (7978189) |
| PFG American Funds<sup>®</sup> Growth Strategy Fund |  | 87714334 | (3761623) |  |  | (67929171) | 16023540 |
| PFG BNY Mellon Diversifier Strategy Fund | 1897001 |  |  |  |  | (7318212) | (5421211) |
| PFG BR Equity ESG Strategy Fund | 35875 | 1382574 | (1527482) |  |  | (15295373) | (15404406) |
| PFG Fidelity Institutional AM<sup>®</sup> Bond ESGStrategy Fund |  | 5105 | (4901) |  |  | (603020) | (602816) |
| PFG Fidelity Institutional AM<sup>®</sup> Equity IndexStrategy Fun |  | 6446805 | (673121) |  |  | 24319760 | 30093444 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity SectorStrategy Fu | 7136380 | 18859513 |  |  |  | (11680949) | 14314944 |
| PFG Invesco<sup>®</sup> Thematic ESG Strategy Fund | **—** | **—** | (552362) |  |  | (16829487) | (17381849) |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund |  | 8641045 | (1113556) |  |  | (49299893) | (41772404) |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund |  | 13827885 | (1297298) |  |  | (16749799) | (4219212) |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund |  | 12732806 | (2718761) |  |  | (12396343) | (2382298) |
| PFG Meeder Tactical Strategy Fund |  | 16513090 |  |  |  | (11698423) | 4814667 |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund |  | 11342192 | (541101) |  |  | 4087380 | 14888471 |
| PFG Tactical Income Strategy Fund |  | 871398 | (329342) |  |  | (12576144) | (12034088) |

---

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

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 Active Core Bond Strategy Fund | $— |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | 280610 |
| PFG American Funds<sup>®</sup> Growth Strategy Fund | 3761623 |
| PFG BNY Mellon Diversifier Strategy Fund |  |
| PFG BR Equity ESG Strategy Fund | 1055460 |
| PFG Fidelity Institutional AM<sup>®</sup> Bond ESG Strategy Fund | 4901 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund | 673121 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund |  |
| PFG Invesco<sup>®</sup> Thematic ESG Strategy Fund | 373794 |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | 1113556 |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund | 1297298 |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | 442488 |
| PFG Meeder Tactical Strategy Fund |  |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund | 541101 |
| PFG Tactical Income Strategy Fund | 329342 |

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2022 |

---

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 Active Core Bond Strategy Fund | $175648 |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund |  |
| PFG American Funds<sup>®</sup> Growth Strategy Fund |  |
| PFG BNY Mellon Diversifier Strategy Fund |  |
| PFG BR Equity ESG Strategy Fund | 472022 |
| PFG Fidelity Institutional AM<sup>®</sup> Bond ESGStrategy Fund |  |
| PFG Fidelity Institutional AM<sup>®</sup> Equity IndexStrategy Fund |  |
| PFG Fidelity Institutional AM<sup>®</sup> Equity SectorStrategy Fund |  |
| PFG Invesco<sup>®</sup> Thematic ESG Strategy Fund | 178568 |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund |  |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund |  |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | 2276273 |
| PFG Meeder Tactical Strategy Fund |  |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund |  |
| PFG Tactical Income Strategy Fund |  |

---

During the fiscal year ended April 30, 2022, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the book/tax basis treatment of net operating losses, distributions in excess, and use of tax equalization credits, resulted in reclassifications for the Funds for the fiscal year ended April 30, 2022 as follows:

---

| | | |
|:---|:---|:---|
|  | Paid In<br>Capital | Accumulated<br>Earnings (Losses) |
| PFG Active Core Bond Strategy Fund | $— | $— |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | (302804) | 302804 |
| PFG American Funds<sup>®</sup> Growth Strategy Fund | 25019413 | (25019413) |
| PFG BNY Mellon Diversifier Strategy Fund |  |  |
| PFG BR Equity ESG Strategy Fund |  |  |
| PFG Fidelity Institutional AM<sup>®</sup> Bond ESG Strategy Fund | (1322) | 1322 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund |  |  |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund |  |  |
| PFG Invesco<sup>®</sup> Thematic ESG Strategy Fund | (7797) | 7797 |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund |  |  |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund |  |  |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | 27 | (27) |
| PFG Meeder Tactical Strategy Fund | (57767) | 57767 |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund | 15812798 | (15812798) |
| PFG Tactical Income Strategy Fund |  |  |

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2022 |

---

**8.** **Foreign Tax Credit (Unaudited)** 

The PFG BNY Mellon Diversifier Strategy Fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal year ended April 30, 2022, were as follows:

---

| | | |
|:---|:---|:---|
| **For fiscal year ended**<br>**4/30/2022** |<br>**Foreign Taxes Paid** |<br>**Foreign Source Income** |
| PFG BNY Mellon Diversifier Strategy Fund | $0.0019 | $0.0474 |

---

**9.** **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, 2022, beneficial ownership in excess of 25% for the Funds is as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Beneficial Owner** | **% of Outstanding Shares** |
| PFG Active Core Bond Strategy Fund | NFS | 51% |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | Charles Schwab & Co. | 26% |
|  | NFS | 42% |
| PFG American Funds<sup>®</sup> Growth Strategy Fund | NFS | 50% |
| PFG BNY Mellon Diversifier Strategy Fund | NFS | 44% |
| PFG BR Equity ESG Strategy Fund | NFS | 51% |
| PFG Fidelity Institutional AM<sup>®</sup> Bond ESG Strategy Fund | NFS | 49% |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund | NFS | 50% |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund | NFS | 49% |
| PFG Invesco<sup>®</sup> Thematic ESG Strategy Fund | NFS | 51% |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | NFS | 44% |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund | NFS | 54% |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | NFS | 42% |
|  | Pershing | 28% |
| PFG Meeder Tactical Strategy Fund | NFS | 44% |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund | NFS | 50% |
| PFG Tactical Income Strategy Fund | NFS | 39% |
|  | Pershing | 30% |

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| October 31, 2022 |

---

**10.** **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 Adviser 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<br> of Net Assets** |
| &nbsp;&nbsp;PFG Active Core Bond Strategy Fund | &nbsp;&nbsp;PIMCO Income Fund | &nbsp;&nbsp;29.9% |
|  | &nbsp;&nbsp;PIMCO Total Return Fund | &nbsp;&nbsp;38.7% |
| &nbsp;&nbsp;PFG BNY Mellon Diversifier Strategy Fund | &nbsp;&nbsp;BNY Mellon Global Real Return Fund | &nbsp;&nbsp;32.0% |
|  | &nbsp;&nbsp;BNY Mellon Core Plus Fund | &nbsp;&nbsp;49.7% |
| &nbsp;&nbsp;PFG Fidelity Institutional AM<sup>®</sup> Bond ESG Strategy Fund | &nbsp;&nbsp;Fidelity Sustainability Bond Index Fund | &nbsp;&nbsp;70.5% |
| &nbsp;&nbsp;PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund | &nbsp;&nbsp;Fidelity 500 Index Fund | &nbsp;&nbsp;56.5% |
|  | &nbsp;&nbsp;Fidelity Global ex US Index Fund | &nbsp;&nbsp;30.0% |
| &nbsp;&nbsp;PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | &nbsp;&nbsp;Janus Henderson Balanced Fund | &nbsp;&nbsp;79.8% |
| &nbsp;&nbsp;PFG Meeder Tactical Strategy Fund | &nbsp;&nbsp;Meeder Muirfield Fund | &nbsp;&nbsp;56.1% |

---

**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.

**12.** **MARKET AND GEOPOLITICAL RISK** 

The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of a Fund. The current novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, a Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**EXPENSE EXAMPLES** |
| October 31, 2022 (Unaudited) |

---

**Example**

As a shareholder of a Fund you will pay ongoing expenses, such as advisory fees, distribution and service fees (12b-1), and other fund expenses. The following examples are intended to help you understand the ongoing cost (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions which may be assessed by mutual funds. This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

**Actual Expenses**

The columns under the heading entitled "Actual" help you estimate the actual expenses you paid over the period. The "Actual Ending Account Value" shown is derived from each Fund's actual return, and the "Actual Expenses Paid During Period" shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. To estimate the expenses you paid on your account during this period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled "Actual Expenses Paid During Period".

**Hypothetical Examples for Comparison Purposes**

The columns under the heading entitled "Hypothetical" provide information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs which may be applicable to your account. Therefore, the last column of the table (Hypothetical Expenses Paid During Period) is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | ***Hypothetical*** | ***Hypothetical*** |
|  |  |  | ***Actual*** | ***Actual*** | ***(5% return before expenses)*** | ***(5% return before expenses)*** |
|  | *Fund's Annualized* | *Beginning Account* | *Ending Account* | *Expenses Paid* | *Ending Account* | *Expenses Paid* |
|  | *Expense Ratio* | *Value* | *Value* | *During Period* | *Value* | *During Period* |
| PFG Active Core Bond Strategy Fund \* | 2.05% | $1000.00 | $924.80 | $9.95 | $1014.87 | $10.41 |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund \* | 2.05% | $1000.00 | $941.90 | $10.03 | $1014.87 | $10.41 |
| PFG American Funds<sup>®</sup> Growth Strategy Fund \* | 2.05% | $1000.00 | $903.70 | $9.84 | $1014.87 | $10.41 |
| PFG BNY Mellon Diversifier Strategy Fund \* | 2.05% | $1000.00 | $934.30 | $9.99 | $1014.87 | $10.41 |
| PFG BR Equity ESG Strategy Fund \* | 2.05% | $1000.00 | $907.70 | $9.86 | $1014.87 | $10.41 |
| PFG Fidelity Institutional AM<sup>®</sup> Bond ESG Strategy Fund \* | 2.05% | $1000.00 | $926.70 | $9.96 | $1014.87 | $10.41 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund \* | 2.05% | $1000.00 | $915.80 | $9.90 | $1014.87 | $10.41 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund \* | 2.05% | $1000.00 | $991.90 | $10.29 | $1014.87 | $10.41 |
| PFG Invesco Thematic<sup>®</sup> ESG Strategy Fund \* | 2.05% | $1000.00 | $934.30 | $9.99 | $1014.87 | $10.41 |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund \* | 2.05% | $1000.00 | $933.60 | $9.99 | $1014.87 | $10.41 |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund \* | 2.05% | $1000.00 | $906.80 | $9.85 | $1014.87 | $10.41 |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund \* | 2.05% | $1000.00 | $919.20 | $9.92 | $1014.87 | $10.41 |
| PFG Meeder Tactical Strategy Fund \* | 2.05% | $1000.00 | $955.00 | $10.10 | $1014.87 | $10.41 |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund \* | 2.05% | $1000.00 | $913.80 | $9.89 | $1014.87 | $10.41 |
| PFG Tactical Income Strategy Fund \* | 2.05% | $1000.00 | $936.90 | $10.01 | $1014.87 | $10.41 |

---

\* Expenses Paid during the period are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the full six-month period).

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS** |
| **LIQUIDITY RISK MANAGEMENT PROGRAM** |
| **October 31, 2022 (Unaudited)** |

---

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the "Liquidity Rule") under the 1940 Act. The program is reasonably designed to assess and manage each Fund's liquidity risk, taking into consideration, among other factors, the respective Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.

During the fiscal period ended October 31, 2022, the Trust's Liquidity Risk Management Program Committee (the "Committee") reviewed each Fund's investments and determined that the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Committee concluded that (i) the Funds' liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds' liquidity risk management program has been effectively implemented.

***PRIVACY NOTICE***

 ****

**Northern Lights Fund Trust**

**Rev. February 2014**

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

***PRIVACY NOTICE***

 ****

**Northern Lights Fund Trust**

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

---

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

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---

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

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**<u>PROXY VOTING POLICY</u>**

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 or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**<u>PORTFOLIO HOLDINGS</u>**

Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Form N-PORT is available on the SEC's website at http://www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-888-451-TPFG.

---

| |
|:---|
| **INVESTMENT ADVISOR** |
| The Pacific Financial Group, LLC |
| 11811 NE First Street, Suite 201 |
| Bellevue, WA 98005 |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |
| Pacific Financial-SAR-22 |

---

(b) Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

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

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

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

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

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

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

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

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

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

**Item 11. Controls and Procedures.** 

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

(b) There were no significant changes in the Registrant's internal control over financial reporting that occurred during the 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable to open-end investment companies.

**Item 13. Exhibits.** 

(a)(1) Not applicable.

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

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

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

**SIGNATURES**

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

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

By (Signature and Title)

 <u>/s/ Kevin Wolf</u> 

Kevin Wolf, President

Date <u>1/6/23</u> 

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

By (Signature and Title)

 <u>/s/ Kevin Wolf</u> 

Kevin Wolf, President

Date <u>1/6/23</u> 

By (Signature and Title)

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

Jim Colantino, Treasurer

Date <u>1/6/23</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:

(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;

(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;

(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

(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):

(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

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

Date: <u>1/6/23</u> <u>/s/ Kevin Wolf</u>

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:

(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;

(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;

(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

(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):

(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

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

Date: <u>1/6/23</u> <u>/s/ Jim Colantino</u> 

Jim Colantino

## Exhibit 99.906

Treasurer

**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, 2022 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

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

President Treasurer

Northern Lights Fund Trust Northern Lights Fund Trust

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

Kevin Wolf Jim Colantino

Date: <u>1/6/23</u> Date: <u>1/6/23</u> 

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.