# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0000910472-26-004367
**Filing Date:** 2026-3
**Character Count:** 40901
**Document Hash:** 251e159a342dc66b6bce741569f9fad7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-004367.hdr.sgml**: 20260330

**ACCESSION NUMBER**: 0000910472-26-004367

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260330

**DATE AS OF CHANGE**: 20260327

**PERIOD START**: 20260430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 26808862

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Strategy Shares
- **DATE OF NAME CHANGE:** 20160223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Mutual Fund & Variable Insurance Trust
- **DATE OF NAME CHANGE:** 20160223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Northern Lights Fund Trust
- **DATE OF NAME CHANGE:** 20050121

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **PFG AMERICAN FUNDS® CONSERVATIVE INCOME STRATEGY FUND** | **PFG AMERICAN FUNDS® CONSERVATIVE INCOME STRATEGY FUND** | **PFG AMERICAN FUNDS® CONSERVATIVE INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.6%** |  |
|  | **EQUITY - 10.0%** |  |
| 397128 | American Mutual Fund, Class R-6 | &nbsp;&nbsp;&nbsp; $24137467 |
|  | **FIXED INCOME - 74.7%** |  |
| 1268232 | American Funds Multi-Sector Income Fund, Class R-6 | &nbsp;&nbsp;&nbsp; 12022837 |
| 2583690 | American Funds Strategic Bond Fund, Class R-6 | &nbsp;&nbsp;&nbsp; 24260853 |
| 4207237 | Bond Fund of America (The), Class R-6 | &nbsp;&nbsp;&nbsp; 48130793 |
| 4723757 | Intermediate Bond Fund of America, Class R-6 | &nbsp;&nbsp;&nbsp; 60133427 |
| 3770381 | Short Term Bond Fund of America, Class R-6 | &nbsp;&nbsp;&nbsp; 36308767 |
|  |  | &nbsp;&nbsp; 180856677 |
|  | **MIXED ALLOCATION - 14.9%** |  |
| 310458 | American Balanced Fund, Class R-6 | &nbsp;&nbsp;&nbsp; 11952633 |
| 889848 | Income Fund of America (The), Class R-6 | &nbsp;&nbsp;&nbsp; 24097093 |
|  |  | &nbsp;&nbsp; 36049726 |
|  | **TOTAL OPEN END FUNDS (Cost $238,625,337)** | &nbsp;&nbsp; 241043870 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 890495 | BlackRock Liquidity FedFund, Institutional Class, 3.57% (Cost $890,495)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 890495 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $239,515,832)** | &nbsp;&nbsp;&nbsp; $241934365 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%**<sup>(b)</sup> | &nbsp;&nbsp; 104049 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $242038414 |

---

---

| | |
|:---|:---|
| <sup>(a)</sup><br> <sup>(b)</sup> | Rate disclosed is the seven day effective yield as of January 31, 2026.<br> Amount represents less than 0.05%. |

---

---

| | | |
|:---|:---|:---|
| **PFG AMERICAN FUNDS® GROWTH STRATEGY FUND** | **PFG AMERICAN FUNDS® GROWTH STRATEGY FUND** | **PFG AMERICAN FUNDS® GROWTH STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.9%** |  |
|  | **EQUITY - 99.9%** |  |
| 3799412 | AMCAP Fund, Class R-6 | &nbsp;&nbsp;&nbsp; $180700020 |
| 1281367 | American Funds Fundamental Investors, Class R-6 | &nbsp;&nbsp;&nbsp; 122344927 |
| 3729871 | Growth Fund of America (The), Class R-6 | &nbsp;&nbsp;&nbsp; 302417970 |
| 1923340 | Investment Company of America (The), Class R-6 | &nbsp;&nbsp;&nbsp; 122516771 |
| 1592455 | New Economy Fund (The), Class R-6 | &nbsp;&nbsp;&nbsp; 121615820 |
| 2523349 | New Perspective Fund, Class R-6 | &nbsp;&nbsp;&nbsp; 182892318 |
| 2302241 | Smallcap World Fund, Inc., Class R-6 | &nbsp;&nbsp;&nbsp; 181923100 |
|  | **TOTAL OPEN END FUNDS (Cost $1,043,884,826)** | &nbsp;&nbsp; 1214410926 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 4956266 | BlackRock Liquidity FedFund, Institutional Class, 3.57% (Cost $4,956,266)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4956266 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $1,048,841,092)** | &nbsp;&nbsp;&nbsp; $1219367192 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (3653267) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $1215713925 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

---

| | | |
|:---|:---|:---|
| **PFG BNY MELLON DIVERSIFIER STRATEGY FUND** | **PFG BNY MELLON DIVERSIFIER STRATEGY FUND** | **PFG BNY MELLON DIVERSIFIER STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 5.0%** |  |
|  | **EQUITY - 5.0%** |  |
| 87705 | iShares Global Infrastructure ETF (Cost $4,844,482) | &nbsp;&nbsp;&nbsp; $5649079 |
|  | **OPEN END FUNDS — 94.5%** |  |
|  | **ALTERNATIVE - 19.7%** |  |
| 1278541 | BNY Mellon Global Real Return Fund, Class I | &nbsp;&nbsp;&nbsp; 22195474 |
|  | **EQUITY - 9.9%** |  |
| 637821 | BNY Mellon Global Real Estate Securities Fund, Class I | &nbsp;&nbsp;&nbsp; 5619202 |
| 98695 | BNY Mellon Natural Resources Fund, Class I | &nbsp;&nbsp;&nbsp; 5480539 |
|  |  | &nbsp;&nbsp; 11099741 |
|  | **FIXED INCOME - 64.9%** |  |
| 7842946 | BNY Mellon Core Plus Fund, Class I | &nbsp;&nbsp;&nbsp; 72860968 |
|  | **TOTAL OPEN END FUNDS (Cost $102,196,544)** | &nbsp;&nbsp; 106156183 |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 503987 | BlackRock Liquidity FedFund, Institutional Class, 3.57% (Cost $503,987)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 503987 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $107,545,013)** | &nbsp;&nbsp;&nbsp; $112309249 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%**<sup>(b)</sup> | &nbsp;&nbsp; 25127 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $112334376 |

---

ETF - Exchange-Traded Fund

---

| | |
|:---|:---|
| <sup>(a)</sup><br> <sup>(b)</sup> | Rate disclosed is the seven day effective yield as of January 31, 2026.<br> Amount represents less than 0.05%. |

---

---

| | | |
|:---|:---|:---|
| **PFG BR TARGET ALLOCATION EQUITY STRATEGY FUND** | **PFG BR TARGET ALLOCATION EQUITY STRATEGY FUND** | **PFG BR TARGET ALLOCATION EQUITY STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.8%** |  |
|  | **EQUITY - 99.8%** |  |
| 206156 | iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;&nbsp; $14958679 |
| 159993 | iShares Core S&P 500 ETF | &nbsp;&nbsp;&nbsp; 111199936 |
| 202495 | iShares Currency Hedged MSCI EAFE ETF | &nbsp;&nbsp;&nbsp; 8668811 |
| 161549 | iShares MSCI EAFE Growth ETF | &nbsp;&nbsp;&nbsp; 19211407 |
| 402939 | iShares MSCI EAFE Value ETF | &nbsp;&nbsp;&nbsp; 30357424 |
| 187009 | iShares MSCI Emerging Markets ex China ETF | &nbsp;&nbsp;&nbsp; 14927058 |
| 50037 | iShares MSCI USA Momentum Factor ETF | &nbsp;&nbsp;&nbsp; 12803968 |
| 277670 | iShares MSCI USA Quality Factor ETF | &nbsp;&nbsp;&nbsp; 56205961 |
| 38036 | iShares S&P 100 ETF | &nbsp;&nbsp;&nbsp; 13067648 |
| 416558 | iShares S&P 500 Growth ETF | &nbsp;&nbsp;&nbsp; 51607371 |
| 171012 | iShares S&P 500 Value ETF | &nbsp;&nbsp;&nbsp; 37150647 |
| 706685 | iShares U.S. Equity Factor Rotation Active ETF | &nbsp;&nbsp;&nbsp; 43468194 |
| 86286 | iShares U.S. Technology ETF | &nbsp;&nbsp;&nbsp; 17116554 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $337,575,788)** | &nbsp;&nbsp; 430743658 |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 1923496 | BlackRock Liquidity FedFund, Institutional Class, 3.57% (Cost $1,923,496)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1923496 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $339,499,284)** | &nbsp;&nbsp;&nbsp; $432667154 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (1084424) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $431582730 |

---

---

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

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

---

| | | |
|:---|:---|:---|
| **PFG FIDELITY INSTITUTIONAL AM® CORE PLUS BOND STRATEGY FUND** | **PFG FIDELITY INSTITUTIONAL AM® CORE PLUS BOND STRATEGY FUND** | **PFG FIDELITY INSTITUTIONAL AM® CORE PLUS BOND STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 39.9%** |  |
|  | **FIXED INCOME - 39.9%** |  |
| 308813 | Fidelity Corporate Bond ETF | &nbsp;&nbsp;&nbsp; $14773614 |
| 180688 | Invesco Taxable Municipal Bond ETF | &nbsp;&nbsp;&nbsp; 4894838 |
| 87533 | iShares MBS ETF | &nbsp;&nbsp;&nbsp; 8376033 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $26,984,586)** | &nbsp;&nbsp; 28044495 |
|  | **OPEN END FUNDS — 59.4%** |  |
|  | **FIXED INCOME - 59.4%** |  |
| 402951 | Fidelity Advisor Strategic Income Fund, Class Z | &nbsp;&nbsp;&nbsp; 4891822 |
| 1146312 | Fidelity Investment Grade Bond Fund, Class Z | &nbsp;&nbsp;&nbsp; 8379537 |
| 2954618 | Fidelity Total Bond Fund, Class Z | &nbsp;&nbsp;&nbsp; 28482515 |
|  | **TOTAL OPEN END FUNDS (Cost $40,813,948)** | &nbsp;&nbsp; 41753874 |
|  | **SHORT-TERM INVESTMENTS — 0.7%** |  |
|  | **MONEY MARKET FUNDS - 0.7%** |  |
| 468886 | BlackRock Liquidity FedFund, Institutional Class, 3.57% (Cost $468,886)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 468886 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $68,267,410)** | &nbsp;&nbsp;&nbsp; $70267245 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%**<sup>(b)</sup> | &nbsp;&nbsp; (4190) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $70263055 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

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

---

| | | |
|:---|:---|:---|
| **PFG FIDELITY INSTITUTIONAL AM® EQUITY INDEX STRATEGY FUND** | **PFG FIDELITY INSTITUTIONAL AM® EQUITY INDEX STRATEGY FUND** | **PFG FIDELITY INSTITUTIONAL AM® EQUITY INDEX STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.7%** |  |
|  | **EQUITY - 99.7%** |  |
| 1487684 | Fidelity 500 Index Fund, Institutional Premium Class | &nbsp;&nbsp;&nbsp; $358769770 |
| 8786584 | Fidelity Global ex US Index Fund, Institutional Premium Class | &nbsp;&nbsp;&nbsp; 173095714 |
| 304171 | Fidelity Mid Cap Index Fund, Institutional Premium Class | &nbsp;&nbsp;&nbsp; 11576764 |
| 1059345 | Fidelity Small Cap Index Fund, Institutional Premium Class | &nbsp;&nbsp;&nbsp; 34524067 |
|  | **TOTAL OPEN END FUNDS (Cost $438,306,910)** | &nbsp;&nbsp; 577966315 |
|  | **SHORT-TERM INVESTMENTS — 0.6%** |  |
|  | **MONEY MARKET FUNDS - 0.6%** |  |
| 3591794 | BlackRock Liquidity FedFund, Institutional Class, 3.57% (Cost $3,591,794)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3591794 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $441,898,704)** | &nbsp;&nbsp;&nbsp; $581558109 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (1643538) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $579914571 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

---

| | | |
|:---|:---|:---|
| **PFG FIDELITY INSTITUTIONAL AM® EQUITY SECTOR STRATEGY FUND** | **PFG FIDELITY INSTITUTIONAL AM® EQUITY SECTOR STRATEGY FUND** | **PFG FIDELITY INSTITUTIONAL AM® EQUITY SECTOR STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 52.5%** |  |
|  | **EQUITY - 52.5%** |  |
| 951477 | Fidelity MSCI Consumer Discretionary Index ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $98534958 |
| 643986 | Fidelity MSCI Consumer Staples Index ETF | &nbsp;&nbsp;&nbsp; 34041100 |
| 1033864 | Fidelity MSCI Energy Index ETF | &nbsp;&nbsp;&nbsp; 29237674 |
| 1554829 | Fidelity MSCI Financials Index ETF | &nbsp;&nbsp;&nbsp; 118509067 |
| 139595 | Fidelity MSCI Health Care Index ETF | &nbsp;&nbsp;&nbsp; 10348177 |
| 249534 | Fidelity MSCI Real Estate Index ETF | &nbsp;&nbsp;&nbsp; 6884643 |
| 96346 | Fidelity MSCI Utilities Index ETF | &nbsp;&nbsp;&nbsp; 5402120 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $277,353,408)** | &nbsp;&nbsp; 302957739 |
|  | **OPEN END FUNDS — 47.3%** |  |
|  | **EQUITY - 47.3%** |  |
| 739800 | Fidelity Advisor Communication Services Fund, Class Z | &nbsp;&nbsp;&nbsp; 108602594 |
| 181428 | Fidelity Advisor Semiconductors Fund, Class Z | &nbsp;&nbsp;&nbsp; 24808462 |
| 3322908 | Fidelity Advisor Technology Portfolio, Class Z | &nbsp;&nbsp;&nbsp; 140060553 |
|  | **TOTAL OPEN END FUNDS (Cost $253,802,864)** | &nbsp;&nbsp; 273471609 |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 2847673 | BlackRock Liquidity FedFund, Institutional Class, 3.57% (Cost $2,847,673)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2847673 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $534,003,945)** | &nbsp;&nbsp;&nbsp; $579277021 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (1885034) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $577391987 |

---

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

---

| | |
|:---|:---|
| <sup>(a)</sup><br> <sup>(b)</sup> | Affiliated Company – PFG Fidelity Institutional AM® Equity Sector Strategy Fund holds in excess of 5% of outstanding voting securities of this security.<br> Rate disclosed is the seven day effective yield as of January 31, 2026. |

---

---

| | | |
|:---|:---|:---|
| **PFG GLOBAL EQUITY INDEX STRATEGY FUND** | **PFG GLOBAL EQUITY INDEX STRATEGY FUND** | **PFG GLOBAL EQUITY INDEX STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.7%** |  |
|  | **EQUITY - 99.7%** |  |
| 147733 | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp; $9779925 |
| 69344 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 3915856 |
| 23757 | Vanguard Growth ETF | &nbsp;&nbsp;&nbsp; 11440183 |
| 9719 | Vanguard Small-Cap ETF | &nbsp;&nbsp;&nbsp; 2623061 |
| 169287 | Vanguard Total International Stock ETF | &nbsp;&nbsp;&nbsp; 13485402 |
| 60699 | Vanguard Total Stock Market ETF | &nbsp;&nbsp;&nbsp; 20672258 |
| 33220 | Vanguard Value ETF | &nbsp;&nbsp;&nbsp; 6635695 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $54,669,045)** | &nbsp;&nbsp; 68552380 |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 381729 | BlackRock Liquidity FedFund, Institutional Class, 3.57% (Cost $381,729)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 381729 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $55,050,774)** | &nbsp;&nbsp;&nbsp; $68934109 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | &nbsp;&nbsp; (169879) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $68764230 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

---

| | | |
|:---|:---|:---|
| **PFG INVESCO® EQUITY FACTOR ROTATION STRATEGY FUND** | **PFG INVESCO® EQUITY FACTOR ROTATION STRATEGY FUND** | **PFG INVESCO® EQUITY FACTOR ROTATION STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** | | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.7%** | |
|  | **EQUITY - 99.7%** | |
| 108812 | Invesco International Developed Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp; $3473279 |
| 219374 | Invesco Russell 1000 Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp; 13775590 |
| 75134 | Invesco Russell 2000 Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp; 3530547 |
| 54659 | Invesco S&P 500 Concentrated QVM ETF | &nbsp;&nbsp;&nbsp; 3209380 |
| 131678 | Invesco S&P 500 Low Volatility ETF | &nbsp;&nbsp;&nbsp; 9698085 |
| 67162 | Invesco S&P 500 Momentum ETF | &nbsp;&nbsp;&nbsp; 8050709 |
| 103052 | Invesco S&P 500 Quality ETF | &nbsp;&nbsp;&nbsp; 7975194 |
| 235208 | Invesco S&P Emerging Markets Low Volatility ETF | &nbsp;&nbsp;&nbsp; 6778695 |
| 193812 | Invesco S&P International Developed Low Volatility ETF | &nbsp;&nbsp;&nbsp; 6742719 |
| 25912 | Invesco S&P MidCap 400 GARP ETF | &nbsp;&nbsp;&nbsp; 3150381 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $54,073,070)** | &nbsp;&nbsp;&nbsp; 66384579 |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 309152 | BlackRock Liquidity FedFund, Institutional Class, 3.57% (Cost $309,152)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 309152 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $54,382,222)** | &nbsp;&nbsp;&nbsp; $66693731 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | &nbsp;&nbsp; (120241) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $66573490 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

---

| | | |
|:---|:---|:---|
| **PFG JANUS HENDERSON® BALANCED STRATEGY FUND** | **PFG JANUS HENDERSON® BALANCED STRATEGY FUND** | **PFG JANUS HENDERSON® BALANCED STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 7.5%** |  |
|  | **FIXED INCOME - 7.5%** |  |
| 484319 | Janus Henderson Mortgage-Backed Securities ETF (Cost $21,575,934) | &nbsp;&nbsp;&nbsp; $22157594 |
|  | **OPEN END FUNDS — 92.3%** |  |
|  | **EQUITY - 12.4%** |  |
| 830000 | Janus Henderson Contrarian Fund, Class N | &nbsp;&nbsp;&nbsp; 21804111 |
| 167520 | Janus Henderson Research Fund, Class N | &nbsp;&nbsp;&nbsp; 14860707 |
|  |  | &nbsp;&nbsp; 36664818 |
|  | **MIXED ALLOCATION - 79.9%** |  |
| 4883206 | Janus Henderson Balanced Fund, Class N | &nbsp;&nbsp;&nbsp; 236981979 |
|  | **TOTAL OPEN END FUNDS (Cost $258,984,246)** | &nbsp;&nbsp; 273646797 |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 1392966 | BlackRock Liquidity FedFund, Institutional Class, 3.57% (Cost $1,392,966)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1392966 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $281,953,146)** | &nbsp;&nbsp;&nbsp; $297197357 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (731205) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $296466152 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

---

| | | |
|:---|:---|:---|
| **PFG JANUS HENDERSON® TACTICAL INCOME STRATEGY FUND** | **PFG JANUS HENDERSON® TACTICAL INCOME STRATEGY FUND** | **PFG JANUS HENDERSON® TACTICAL INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 17.9%** |  |
|  | **FIXED INCOME - 17.9%** |  |
| 411225 | Janus Henderson Mortgage-Backed Securities ETF (Cost $18,321,150) | &nbsp;&nbsp;&nbsp; $18813543 |
|  | **OPEN END FUNDS — 81.7%** |  |
|  | **EQUITY - 41.5%** |  |
| 137147 | Janus Henderson Contrarian Fund, Class N | &nbsp;&nbsp;&nbsp; 3602856 |
| 1200828 | Janus Henderson Global Equity Income Fund, Class N | &nbsp;&nbsp;&nbsp; 9402876 |
| 159675 | Janus Henderson Growth and Income, Class N | &nbsp;&nbsp;&nbsp; 11742533 |
| 154659 | Janus Henderson Overseas Fund, Class N | &nbsp;&nbsp;&nbsp; 9367674 |
| 107803 | Janus Henderson Research Fund, Class N | &nbsp;&nbsp;&nbsp; 9563199 |
|  |  | &nbsp;&nbsp; 43679138 |
|  | **FIXED INCOME - 40.2%** |  |
| 3049967 | Janus Henderson Flexible Bond Fund, Class N | &nbsp;&nbsp;&nbsp; 28669689 |
| 1811955 | Janus Henderson High-Yield Fund, Class N | &nbsp;&nbsp;&nbsp; 13625905 |
|  |  | &nbsp;&nbsp;&nbsp; 42295594 |
|  | **TOTAL OPEN END FUNDS (Cost $81,377,397)** | &nbsp;&nbsp; 85974732 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 472676 | BlackRock Liquidity FedFund, Institutional Class, 3.57% (Cost $472,676)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 472676 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $100,171,223)** | &nbsp;&nbsp;&nbsp; $105260951 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0)%<sup>(b)</sup>** | &nbsp;&nbsp; (28533) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $105232418 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

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

---

| | | |
|:---|:---|:---|
| **PFG JP MORGAN® TACTICAL AGGRESSIVE STRATEGY FUND** | **PFG JP MORGAN® TACTICAL AGGRESSIVE STRATEGY FUND** | **PFG JP MORGAN® TACTICAL AGGRESSIVE STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** | | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 58.1%** | |
|  | **EQUITY - 58.1%** | |
| 910320 | JPMorgan BetaBuilders US Equity ETF | &nbsp;&nbsp;&nbsp; $113617039 |
| 302203 | JPMorgan Global Select Equity ETF | &nbsp;&nbsp;&nbsp; 20915470 |
| 112594 | JPMorgan International Growth ETF | &nbsp;&nbsp;&nbsp; 8726035 |
| 631573 | JPMorgan International Research Enhanced Equity ETF | &nbsp;&nbsp;&nbsp; 49622690 |
| 105268 | JPMorgan International Value ETF | &nbsp;&nbsp;&nbsp; 9102524 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $176,738,505)** | &nbsp;&nbsp;&nbsp; 201983758 |
|  | **OPEN END FUNDS — 41.7%** |  |
|  | **ALTERNATIVE - 4.1%** |  |
| 622838 | JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 | &nbsp;&nbsp;&nbsp; 14206941 |
|  | **EQUITY - 37.6%** |  |
| 326081 | JPMorgan Emerging Markets Equity Fund, Class R6 | &nbsp;&nbsp;&nbsp; 15048659 |
| 425487 | JPMorgan Large Cap Growth Fund, Class R6 | &nbsp;&nbsp;&nbsp; 36336584 |
| 1474682 | JPMorgan Large Cap Value Fund, Class R6 | &nbsp;&nbsp;&nbsp; 32575723 |
| 1718296 | JPMorgan US Equity Fund, Class R6 | &nbsp;&nbsp;&nbsp; 46754821 |
| 1718296 | JPMorgan US Equity Fund, Class R6 | &nbsp;&nbsp;&nbsp; 130715787 |
|  | **TOTAL OPEN END FUNDS (Cost $126,505,565)** | 144922728 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 1408029 | BlackRock Liquidity FedFund, Institutional Class, 3.57% (Cost $1,408,029)<sup>(a) | &nbsp;&nbsp;&nbsp; 1408029 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $304,652,099)** | &nbsp;&nbsp;&nbsp; $348314515 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | (789392) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp;&nbsp; $347525123 |
| <sup>(a)</sup> | Rate disclosed is the seven day effective yield as of January 31, 2026. | Rate disclosed is the seven day effective yield as of January 31, 2026. |

---

---

| | | |
|:---|:---|:---|
| **PFG JP MORGAN® TACTICAL MODERATE STRATEGY FUND** | **PFG JP MORGAN® TACTICAL MODERATE STRATEGY FUND** | **PFG JP MORGAN® TACTICAL MODERATE STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 52.0%** |  |
|  | **EQUITY - 32.9%** |  |
| 184587 | JPMorgan BetaBuilders US Equity ETF | &nbsp;&nbsp;&nbsp; $23038303 |
| 92390 | JPMorgan Global Select Equity ETF | &nbsp;&nbsp;&nbsp; 6394312 |
| 37407 | JPMorgan International Growth ETF | &nbsp;&nbsp;&nbsp; 2899043 |
| 143419 | JPMorgan International Research Enhanced Equity ETF | &nbsp;&nbsp;&nbsp; 11268431 |
| 35173 | JPMorgan International Value ETF | &nbsp;&nbsp;&nbsp; 3041409 |
|  |  | &nbsp;&nbsp; 46641498 |
|  | **FIXED INCOME - 19.1%** |  |
| 258892 | JPMorgan Active Bond ETF | &nbsp;&nbsp;&nbsp; 14011236 |
| 190024 | JPMorgan BetaBuilders U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp; 8839916 |
| 90622 | JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 4243828 |
|  |  | &nbsp;&nbsp; 27094980 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $66,729,373)** | &nbsp;&nbsp; 73736478 |
|  | **OPEN END FUNDS — 47.6%** |  |
|  | **ALTERNATIVE - 2.8%** |  |
| 172538 | JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 | &nbsp;&nbsp;&nbsp; 3935599 |
|  | **EQUITY - 29.3%** |  |
| 80890 | JPMorgan Emerging Markets Equity Fund, Class R6 | &nbsp;&nbsp;&nbsp; 3733076 |
| 23004 | JPMorgan Equity Index Fund, Class R6 | &nbsp;&nbsp;&nbsp; 2393584 |
| 147191 | JPMorgan Large Cap Growth Fund, Class R6 | &nbsp;&nbsp;&nbsp; 12570111 |
| 483054 | JPMorgan Large Cap Value Fund, Class R6 | &nbsp;&nbsp;&nbsp; 10670662 |
| 448541 | JPMorgan US Equity Fund, Class R6 | &nbsp;&nbsp;&nbsp; 12204802 |
|  |  | &nbsp;&nbsp; 41572235 |
|  | **FIXED INCOME - 15.5%** |  |
| 2339668 | JPMorgan Core Plus Bond Fund, Class R6 | &nbsp;&nbsp;&nbsp; 17126369 |
| 571217 | JPMorgan Income Fund, Class R6 | &nbsp;&nbsp;&nbsp; 4912470 |
|  |  | &nbsp;&nbsp; 22038839 |
|  | **TOTAL OPEN END FUNDS (Cost $59,382,744)** | &nbsp;&nbsp; 67546673 |

---

---

| | | |
|:---|:---|:---|
| **PFG JP MORGAN® TACTICAL MODERATE STRATEGY FUND** | **PFG JP MORGAN® TACTICAL MODERATE STRATEGY FUND** | **PFG JP MORGAN® TACTICAL MODERATE STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 629908 | BlackRock Liquidity FedFund, Institutional Class, 3.57% (Cost $629,908)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $629908 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $126,742,025)** | &nbsp;&nbsp;&nbsp; $141913059 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | &nbsp;&nbsp; (134587) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $141778472 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

---

| | | |
|:---|:---|:---|
| **PFG MEEDER TACTICAL STRATEGY FUND** | **PFG MEEDER TACTICAL STRATEGY FUND** | **PFG MEEDER TACTICAL STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.6%** |  |
|  | **ALTERNATIVE - 10.0%** |  |
| 814233 | Meeder Spectrum Fund, Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $12905588 |
|  | **EQUITY - 76.2%** |  |
| 1410924 | Meeder Dynamic Allocation Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 21615360 |
| 335842 | Meeder Moderate Allocation Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 4453265 |
| 6818692 | Meeder Muirfield Fund, Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 71800831 |
|  |  | &nbsp;&nbsp; 97869456 |
|  | **FIXED INCOME - 2.7%** |  |
| 188390 | Meeder Tactical Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 1817961 |
| 81898 | Performance Trust Total Return Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 1633044 |
|  |  | &nbsp;&nbsp; 3451005 |
|  | **MIXED ALLOCATION - 10.7%** |  |
| 725824 | Meeder Balanced Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 10212343 |
| 144196 | Meeder Conservative Allocation Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 3561650 |
|  |  | &nbsp;&nbsp; 13773993 |
|  | **TOTAL OPEN END FUNDS (Cost $116,633,038)** | &nbsp;&nbsp; 128000042 |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 620652 | BlackRock Liquidity FedFund, Institutional Class, 3.57% (Cost $620,652)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 620652 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $117,253,690)** | &nbsp;&nbsp;&nbsp; $128620694 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | &nbsp;&nbsp; (179065) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $128441629 |

---

<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 January 31, 2026.

---

| | | |
|:---|:---|:---|
| **PFG MFS® AGGRESSIVE GROWTH STRATEGY FUND** | **PFG MFS® AGGRESSIVE GROWTH STRATEGY FUND** | **PFG MFS® AGGRESSIVE GROWTH STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 15.0%** |  |
|  | **COMMODITY - 5.1%** |  |
| 185848 | iShares GSCI Commodity Dynamic Roll Strategy ETF | &nbsp;&nbsp;&nbsp; $5096714 |
|  | **EQUITY - 9.9%** |  |
| 43092 | Schwab International Small-Cap Equity ETF | &nbsp;&nbsp;&nbsp; 2103321 |
| 60650 | SPDR Portfolio Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 2983980 |
| 7722 | Vanguard Small-Cap Growth ETF | &nbsp;&nbsp;&nbsp; 2415750 |
| 11269 | Vanguard Small-Cap Value ETF | &nbsp;&nbsp;&nbsp; 2514001 |
|  |  | &nbsp;&nbsp; 10017052 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $12,297,259)** | &nbsp;&nbsp; 15113766 |
|  | **OPEN END FUNDS — 84.7%** |  |
|  | **EQUITY - 84.7%** |  |
| 312513 | MFS Global Real Estate Fund, Class R6 | &nbsp;&nbsp;&nbsp; 5153339 |
| 60279 | MFS Growth Fund, Class R6 | &nbsp;&nbsp;&nbsp; 11868942 |
| 121703 | MFS International Equity Fund, Class R6 | &nbsp;&nbsp;&nbsp; 5010495 |
| 102789 | MFS International Growth Fund, Class R6 | &nbsp;&nbsp;&nbsp; 5042818 |
| 289833 | MFS International Large Cap Value Fund, Class R6 | &nbsp;&nbsp;&nbsp; 5188013 |
| 54798 | MFS International New Discovery Fund, Class R6 | &nbsp;&nbsp;&nbsp; 1911359 |
| 344164 | MFS Mid Cap Growth Fund, Class R6 | &nbsp;&nbsp;&nbsp; 9726071 |
| 311911 | MFS Mid Cap Value Fund, Class R5 | &nbsp;&nbsp;&nbsp; 10121503 |
| 197185 | MFS Research Fund, Class R6 | &nbsp;&nbsp;&nbsp; 11180384 |
| 297442 | MFS Research International Fund, Class R6 | &nbsp;&nbsp;&nbsp; 8114208 |
| 237667 | MFS Value Fund, Class R6 | &nbsp;&nbsp;&nbsp; 12254103 |
|  | **TOTAL OPEN END FUNDS (Cost $79,251,704)** | &nbsp;&nbsp; 85571235 |

---

---

| | | |
|:---|:---|:---|
| **PFG MFS® AGGRESSIVE GROWTH STRATEGY FUND** | **PFG MFS® AGGRESSIVE GROWTH STRATEGY FUND** | **PFG MFS® AGGRESSIVE GROWTH STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 427013 | BlackRock Liquidity FedFund, Institutional Class, 3.57% (Cost $427,013)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $427013 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $91,975,976)** | &nbsp;&nbsp;&nbsp; $101112014 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | &nbsp;&nbsp; (145433) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $100966581 |

---

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

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

---

| | | |
|:---|:---|:---|
| **PFG PIMCO ACTIVE CORE BOND STRATEGY FUND** | **PFG PIMCO ACTIVE CORE BOND STRATEGY FUND** | **PFG PIMCO ACTIVE CORE BOND STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** | | **Fair Value** |
|  | **OPEN END FUNDS— 99.3%** | |
|  | **FIXED INCOME - 99.3%** | |
| 4208254 | PIMCO Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp; $46290790 |
| 2335815 | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | &nbsp;&nbsp;&nbsp; 23241360 |
| 891309 | PIMCO Investment Grade Credit Bond Fund, Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8200047 |
| 2452143 | PIMCO Mortgage Opportunities and Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 23123707 |
| 7280326 | PIMCO Total Return Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 64503693 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $166,094,080)** | &nbsp;&nbsp;&nbsp; 165359597 |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 859971 | BlackRock Liquidity FedFund, Institutional Class, 3.57% (Cost $859,971)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 859971 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $166,954,041)** | &nbsp;&nbsp;&nbsp; $166219568 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - 0.2%** | &nbsp;&nbsp; 277605 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $166497173 |

---

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

---

| | | |
|:---|:---|:---|
| **PFG US EQUITY INDEX STRATEGY FUND** | **PFG US EQUITY INDEX STRATEGY FUND** | **PFG US EQUITY INDEX STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** | **January 31, 2026** | **January 31, 2026** |
| **Shares** | | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.8%** | |
|  | **EQUITY - 99.8%** | |
| 48156 | Vanguard Extended Market ETF | &nbsp;&nbsp;&nbsp; $10308273 |
| 374310 | Vanguard Russell 1000 Growth ETF | &nbsp;&nbsp;&nbsp; 44928429 |
| 418050 | Vanguard Russell 1000 Value ETF | &nbsp;&nbsp;&nbsp; 40333464 |
| 25601 | Vanguard Russell 2000 ETF | &nbsp;&nbsp;&nbsp; 2686057 |
| 128247 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 81593307 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $153,713,619)** | &nbsp;&nbsp;&nbsp; 179849530 |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 838340 | BlackRock Liquidity FedFund, Institutional Class, 3.57% (Cost $838,340)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 838340 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $154,551,959)** | &nbsp;&nbsp;&nbsp; $180687870 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (477898) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $180209972 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $112663568.94

**Total Liabilities:** $329178.27

**Net Assets:** $112334390.67

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000192501 | 0.91%                | -0.01%               | 2.05%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $98177.16                | $746518.51                                 |
| Month 2  | $119982.98               | $-1680241.65                               |
| Month 3  | $201076.32               | $1968581.50                                |

### Schedule of Portfolio Investments

| Name                                | Title            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bny Mellon Absolute Insight Fds Inc | BNYM-INS C+-I    | CUSIP: 05580W841<br>LEI: 549300FDPJFMG9QZEW26 | Long             | EC               | RF                | US        |   7789125 | NS      | $72360968.01  | 64.42%            |  |  |  | No            |                  1 | On Loan: No      |
| Bny Mellon Opportunity Fds          | BNYM-NAT RES-I   | CUSIP: 05587A859<br>LEI: 549300YBI6B5NEUMTY90 | Long             | EC               | RF                | US        |    102297 | NS      | $5680539.25   | 5.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Bny Mellon Advantage Funds Inc      | BNYM-GL R/R-I    | CUSIP: 05587N828<br>LEI: 549300SWCD16M4CV8Q16 | Long             | EC               | RF                | US        |   1287182 | NS      | $22345473.34  | 19.89%            |  |  |  | No            |                  1 | On Loan: No      |
| BNY Mellon Investment Funds V Inc   | BNYM-D/M RE-I    | CUSIP: 05588F832<br>LEI: 549300E6YYE1FQWV1O19 | Long             | EC               | RF                | US        |    649172 | NS      | $5719201.67   | 5.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity Funds           | BLKR-LIQ FED-INS | CUSIP: 09248U700<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |    504002 | PA      | $504002.39    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                       | ISHARES GLOBAL I | CUSIP: 464288372<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     87705 | NS      | $5649079.05   | 5.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-27

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer