# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001752724-23-067693
**Filing Date:** 2023-3
**Character Count:** 38501
**Document Hash:** 38912554ec02f4d305ca1ce6f5a6e4bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-067693.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001752724-23-067693

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**PERIOD START**: 20230430

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 23763826

**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 Active Core Bond Strategy Fund (Series ID: S000058596)

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **PFG ACTIVE CORE BOND STRATEGY FUND** | **PFG ACTIVE CORE BOND STRATEGY FUND** | **PFG ACTIVE CORE BOND STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.3%** |  |
|  | **FIXED INCOME - 99.3%** |  |
| 3232135 | PIMCO Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp; $34422238 |
| 1402048 | PIMCO Investment Grade Credit Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 12590388 |
| 1804925 | PIMCO Mortgage Opportunities and Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 17218980 |
| 556523 | PIMCO Real Return Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 5654278 |
| 5127351 | PIMCO Total Return Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 44761778 |
|  | **TOTAL OPEN END FUNDS (Cost $126,074,504)** | &nbsp;&nbsp; 114647662 |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 543593 | BlackRock Liquidity FedFund, Institutional Class, 4.06% (Cost $543,593)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 543593 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $126,618,097)** | &nbsp;&nbsp;&nbsp; $115191255 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%** | &nbsp;&nbsp; 187062 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $115378317 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of January 31, 2023.

---

| | | |
|:---|:---|:---|
| **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, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.7%** |  |
|  | **EQUITY - 10.0%** |  |
| 402185 | American Mutual Fund, Class R-6 | &nbsp;&nbsp;&nbsp; $19936321 |
|  | **FIXED INCOME - 74.7%** |  |
| 3362362 | American Funds - Bond Fund of America, Class R-6 | &nbsp;&nbsp;&nbsp; 39373260 |
| 1075395 | American Funds Multi-Sector Income Fund, Class R-6 | &nbsp;&nbsp;&nbsp; 9904386 |
| 2045169 | American Funds Strategic Bond Fund, Class R-6 | &nbsp;&nbsp;&nbsp; 19797240 |
| 3902224 | American Intermediate Bond Fund of America, Class R-6 | &nbsp;&nbsp;&nbsp; 49285090 |
| 3133749 | American Short Term Bond Fund of America, Class R-6 | &nbsp;&nbsp;&nbsp; 29770619 |
|  |  | &nbsp;&nbsp; 148130595 |
|  | **MIXED ALLOCATION - 15.0%** |  |
| 331793 | American Balanced Fund, Class R-6 | &nbsp;&nbsp;&nbsp; 9933888 |
| 851310 | The Income Fund of America, Class R-6 | &nbsp;&nbsp;&nbsp; 19886613 |
|  |  | &nbsp;&nbsp; 29820501 |
|  | **TOTAL OPEN END FUNDS (Cost $211,974,743)** | &nbsp;&nbsp; 197887417 |
|  | **SHORT-TERM INVESTMENTS — 0.3%** |  |
|  | **MONEY MARKET FUNDS - 0.3%** |  |
| 618891 | BlackRock Liquidity FedFund, Institutional Class, 4.06% (Cost $618,891)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 618891 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $212,593,634)** | &nbsp;&nbsp;&nbsp; $198506308 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%<sup>(b)</sup>** | &nbsp;&nbsp; (86243) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $198420065 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of January 31, 2023.

<sup>(b)</sup> 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, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.9%** |  |
|  | **EQUITY - 99.9%** |  |
| 3331443 | AMCAP Fund, Class R-6 | &nbsp;&nbsp;&nbsp; $111570039 |
| 2563661 | American - The Growth Fund of America, Class R-6 | &nbsp;&nbsp;&nbsp; 139411891 |
| 1188343 | American Funds - New Economy Fund, Class R-6 | &nbsp;&nbsp;&nbsp; 56161112 |
| 1746615 | American Funds Fundamental Investors, Class R-6 | &nbsp;&nbsp;&nbsp; 112167600 |
| 1091416 | American New Perspective Fund, Class R-6 | &nbsp;&nbsp;&nbsp; 55978714 |
| 1323356 | Smallcap World Fund, Inc., Class R-6 | &nbsp;&nbsp;&nbsp; 84615381 |
|  | **TOTAL OPEN END FUNDS (Cost $645,985,880)** | &nbsp;&nbsp; 559904737 |
|  | **SHORT-TERM INVESTMENTS — 0.3%** |  |
|  | **MONEY MARKET FUNDS - 0.3%** |  |
| 1640573 | BlackRock Liquidity FedFund, Institutional Class, 4.06% (Cost $1,640,573)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1640573 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $647,626,453)** | &nbsp;&nbsp;&nbsp; $561545310 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | &nbsp;&nbsp; (1148774) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $560396536 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of January 31, 2023.

---

| | | |
|:---|:---|:---|
| **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, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.7%** |  |
|  | **ALTERNATIVE - 34.9%** |  |
| 3610635 | BNY Mellon Global Real Return, Class I | &nbsp;&nbsp;&nbsp; $53365180 |
|  | **EQUITY - 5.1%** |  |
| 139716 | BNY Mellon Natural Resources Fund, Class I | &nbsp;&nbsp;&nbsp; 7740283 |
|  | **FIXED INCOME - 59.7%** |  |
| 9767802 | BNY Mellon Core Plus Fund, Class I<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 91133597 |
|  | **TOTAL OPEN END FUNDS (Cost $164,590,148)** | &nbsp;&nbsp; 152239060 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 656913 | BlackRock Liquidity FedFund, Institutional Class, 4.06% (Cost $656,913)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 656913 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $165,247,061)** | &nbsp;&nbsp;&nbsp; $152895973 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | &nbsp;&nbsp; (117371) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $152778602 |

---

<sup>(a)</sup> Affiliated Company – PFG BNY Mellon Diversifier 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, 2023.

---

| | | |
|:---|:---|:---|
| **PFG BR EQUITY ESG STRATEGY FUND** | **PFG BR EQUITY ESG STRATEGY FUND** | **PFG BR EQUITY ESG STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.8%** |  |
|  | **EQUITY - 99.8%** |  |
| 414129 | Blackrock US Carbon Transition Readiness ETF | &nbsp;&nbsp;&nbsp; $18706207 |
| 207673 | iShares ESG Advanced MSCI EAFE ETF | &nbsp;&nbsp;&nbsp; 12331623 |
| 646430 | iShares ESG Advanced MSCI USA ETF | &nbsp;&nbsp;&nbsp; 21157654 |
| 146291 | iShares ESG Aware MSCI EAFE ETF | &nbsp;&nbsp;&nbsp; 10496379 |
| 256866 | iShares ESG Aware MSCI EM ETF | &nbsp;&nbsp;&nbsp; 8479147 |
| 124189 | iShares ESG Aware MSCI USA ETF | &nbsp;&nbsp;&nbsp; 11206815 |
| 363827 | iShares ESG Aware MSCI USA Small-Cap ETF | &nbsp;&nbsp;&nbsp; 13214197 |
| 341012 | iShares MSCI KLD 400 Social ETF | &nbsp;&nbsp;&nbsp; 26223822 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $127,251,826)** | &nbsp;&nbsp; 121815844 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $127,251,826)** | &nbsp;&nbsp;&nbsp; $121815844 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%** | &nbsp;&nbsp; 258229 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $122074073 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **PFG FIDELITY INSTITUTIONAL AM® BOND ESG STRATEGY FUND** | **PFG FIDELITY INSTITUTIONAL AM® BOND ESG STRATEGY FUND** | **PFG FIDELITY INSTITUTIONAL AM® BOND ESG STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 13.6%** |  |
|  | **FIXED INCOME - 13.6%** |  |
| 36741 | Fidelity Total Bond ETF | &nbsp;&nbsp;&nbsp; $1714703 |
| 2548 | iShares Short Treasury Bond ETF | &nbsp;&nbsp;&nbsp; 280993 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $1,990,903)** | &nbsp;&nbsp; 1995696 |
|  | **OPEN END FUNDS — 80.8%** |  |
|  | **FIXED INCOME - 80.8%** |  |
| 105408 | Calvert Bond Fund, Class I | &nbsp;&nbsp;&nbsp; 1542116 |
| 1103010 | Fidelity Sustainability Bond Index Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 10346232 |
|  | **TOTAL OPEN END FUNDS (Cost $11,792,843)** | &nbsp;&nbsp; 11888348 |
|  | **SHORT-TERM INVESTMENTS — 6.5%** |  |
|  | **MONEY MARKET FUNDS - 6.5%** |  |
| 952077 | BlackRock Liquidity FedFund, Institutional Class, 4.06% (Cost $952,077)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 952077 |
|  | **TOTAL INVESTMENTS - 100.9% (Cost $14,735,823)** | &nbsp;&nbsp;&nbsp; $14836121 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.9)%** | &nbsp;&nbsp; (132285) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $14703836 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of January 31, 2023.

---

| | | |
|:---|:---|:---|
| **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, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.5%** |  |
|  | **EQUITY - 99.5%** |  |
| 909200 | Fidelity 500 Index Fund, Institutional Premium Class | &nbsp;&nbsp;&nbsp; $128633645 |
| 4933880 | Fidelity Global ex US Index Fund, Institutional Premium Class | &nbsp;&nbsp;&nbsp; 67199440 |
| 488450 | Fidelity Mid Cap Index Fund, Institutional Premium Class | &nbsp;&nbsp;&nbsp; 13710785 |
| 669795 | Fidelity Small Cap Index Fund, Institutional Premium Class | &nbsp;&nbsp;&nbsp; 15961207 |
|  | **TOTAL OPEN END FUNDS (Cost $200,442,179)** | &nbsp;&nbsp; 225505077 |
|  | **SHORT-TERM INVESTMENTS — 1.0%** |  |
|  | **MONEY MARKET FUNDS - 1.0%** |  |
| 2185162 | BlackRock Liquidity FedFund, Institutional Class, 4.06% (Cost $2,185,162)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2185162 |
|  | **TOTAL INVESTMENTS - 100.5% (Cost $202,627,341)** | &nbsp;&nbsp;&nbsp; $227690239 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%** | &nbsp;&nbsp; (1100976) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $226589263 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of January 31, 2023.

---

| | | |
|:---|:---|:---|
| **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, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 53.2%** |  |
|  | **EQUITY - 53.2%** |  |
| 286704 | Fidelity MSCI Consumer Staples Index ETF | &nbsp;&nbsp;&nbsp; $12818536 |
| 1390407 | Fidelity MSCI Energy Index ETF | &nbsp;&nbsp;&nbsp; 34120588 |
| 428929 | Fidelity MSCI Industrials Index ETF | &nbsp;&nbsp;&nbsp; 22904809 |
| 242335 | Fidelity MSCI Information Technology Index ETF | &nbsp;&nbsp;&nbsp; 25125293 |
| 660273 | Fidelity MSCI Materials Index ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 31594063 |
| 156983 | Fidelity MSCI Real Estate Index ETF | &nbsp;&nbsp;&nbsp; 4301334 |
| 413092 | Fidelity MSCI Utilities Index ETF | &nbsp;&nbsp;&nbsp; 18527176 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $140,556,431)** | &nbsp;&nbsp; 149391799 |
|  | **OPEN END FUNDS - 46.5%** |  |
|  | **EQUITY - 46.5%** |  |
| 406983 | Fidelity Advisor Financial Services Fund, Class Z | &nbsp;&nbsp;&nbsp; 11448442 |
| 952319 | Fidelity Advisor Health Care Fund, Class Z<sup>(B)</sup> | &nbsp;&nbsp;&nbsp; 62795887 |
| 717695 | Fidelity Advisor Technology Fund, Class Z | &nbsp;&nbsp;&nbsp; 56331907 |
|  | **TOTAL OPEN END FUNDS (Cost $127,461,439)** | &nbsp;&nbsp; 130576236 |
|  | **SHORT-TERM INVESTMENTS — 1.0%** |  |
|  | **MONEY MARKET FUNDS - 1.0%** |  |
| 2674027 | BlackRock Liquidity FedFund, Institutional Class, 4.06% (Cost $2,674,027)<sup>(C)</sup> | &nbsp;&nbsp;&nbsp; 2674027 |
|  | **TOTAL INVESTMENTS - 100.7% (Cost $270,691,897)** | &nbsp;&nbsp;&nbsp; $282642062 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)%** | &nbsp;&nbsp; (1895246) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $280746816 |

---

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

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

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

<sup>(C)</sup> Rate disclosed is the seven day effective yield as of January 31, 2023.

---

| | | |
|:---|:---|:---|
| **PFG INVESCO® THEMATIC ESG STRATEGY FUND** | **PFG INVESCO® THEMATIC ESG STRATEGY FUND** | **PFG INVESCO® THEMATIC ESG STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.6%** |  |
|  | **EQUITY - 99.6%** |  |
| 81215 | Invesco Global Clean Energy ETF | &nbsp;&nbsp;&nbsp; $1694145 |
| 205340 | Invesco Global Water ETF | &nbsp;&nbsp;&nbsp; 7301890 |
| 158342 | Invesco MSCI Sustainable Future ETF | &nbsp;&nbsp;&nbsp; 8336706 |
| 132440 | Invesco S&P Global Water Index ETF | &nbsp;&nbsp;&nbsp; 6673652 |
| 20394 | Invesco Solar ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1647835 |
| 114042 | Invesco Water Resources ETF | &nbsp;&nbsp;&nbsp; 6200464 |
| 36202 | Invesco WilderHill Clean Energy ETF | &nbsp;&nbsp;&nbsp; 1667102 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $37,290,502)** | &nbsp;&nbsp; 33521794 |
|  | **SHORT-TERM INVESTMENTS — 0.2%** |  |
|  | **MONEY MARKET FUNDS - 0.2%** |  |
| 75503 | BlackRock Liquidity FedFund, Institutional Class, 4.06% (Cost $75,503)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 75503 |
|  | **TOTAL INVESTMENTS - 99.8% (Cost $37,366,005)** | &nbsp;&nbsp;&nbsp; $33597297 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%** | &nbsp;&nbsp; 61593 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $33658890 |

---

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

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of January 31, 2023.

---

| | | |
|:---|:---|:---|
| **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, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 10.7%** |  |
|  | **EQUITY - 5.5%** |  |
| 116493 | Janus Henderson Small Cap Growth Alpha ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $6045987 |
| 152210 | Janus Henderson Small/Mid Cap Growth Alpha ETF | &nbsp;&nbsp;&nbsp; 8799260 |
|  |  | &nbsp;&nbsp; 14845247 |
|  | **FIXED INCOME - 5.2%** |  |
| 290374 | Janus Henderson Short Duration Income ETF | &nbsp;&nbsp;&nbsp; 13878425 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $28,485,725)** | &nbsp;&nbsp; 28723672 |
|  | **OPEN END FUNDS — 89.1%** |  |
|  | **EQUITY - 5.2%** |  |
| 553623 | Janus Henderson Contrarian Fund, Class N | &nbsp;&nbsp;&nbsp; 13978979 |
|  | **FIXED INCOME - 4.2%** |  |
| 1567357 | Janus Henderson High-Yield Fund, Class N | &nbsp;&nbsp;&nbsp; 11237946 |
|  | **MIXED ALLOCATION - 79.7%** |  |
| 5452842 | Janus Henderson Balanced Fund, Class N | &nbsp;&nbsp;&nbsp; 214514792 |
|  | **TOTAL OPEN END FUNDS (Cost $276,146,113)** | &nbsp;&nbsp; 239731717 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 1091781 | BlackRock Liquidity FedFund, Institutional Class, 4.06% (Cost $1,091,781)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1091781 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $305,723,619)** | &nbsp;&nbsp;&nbsp; $269547170 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | &nbsp;&nbsp; (439789) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $269107381 |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> Affiliated Company – PFG Janus Henderson® 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 January 31, 2023.

---

| | | |
|:---|:---|:---|
| **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, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 41.1%** |  |
|  | **EQUITY - 41.1%** |  |
| 126353 | JPMorgan BetaBuilders International Equity ETF | &nbsp;&nbsp;&nbsp; $6840751 |
| 173176 | JPMorgan BetaBuilders US Equity ETF | &nbsp;&nbsp;&nbsp; 12633189 |
| 386014 | JPMorgan Diversified Return International Equity ETF | &nbsp;&nbsp;&nbsp; 20408560 |
| 90564 | JPMorgan Equity Premium Income ETF | &nbsp;&nbsp;&nbsp; 5023585 |
| 593957 | JPMorgan International Research Enhanced Equity | &nbsp;&nbsp;&nbsp; 32649817 |
| 715377 | JPMorgan US Value Factor ETF | &nbsp;&nbsp;&nbsp; 25381576 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $102,063,641)** | &nbsp;&nbsp; 102937478 |
|  | **OPEN END FUNDS — 54.8%** |  |
|  | **ALTERNATIVE - 6.1%** |  |
| 945784 | JPMorgan Emerging Market Research Enhanced Equity, Class R6 | &nbsp;&nbsp;&nbsp; 15208199 |
|  | **EQUITY - 48.7%** |  |
| 439175 | JPMorgan Emerging Markets Equity Fund, Class R6 | &nbsp;&nbsp;&nbsp; 13583697 |
| 65626 | JPMorgan Equity Index Fund, Class R6 | &nbsp;&nbsp;&nbsp; 4014987 |
| 696323 | JPMorgan Growth Advantage Fund, Class R6 | &nbsp;&nbsp;&nbsp; 18494330 |
| 814808 | JPMorgan Large Cap Growth Fund, Class R6 | &nbsp;&nbsp;&nbsp; 40601866 |
| 1514332 | JPMorgan Large Cap Value Fund, Class R6 | &nbsp;&nbsp;&nbsp; 28969164 |
| 901832 | JPMorgan US Equity Fund, Class R6 | &nbsp;&nbsp;&nbsp; 16458442 |
|  |  | &nbsp;&nbsp; 122122486 |
|  | **TOTAL OPEN END FUNDS (Cost $141,534,542)** | &nbsp;&nbsp; 137330685 |
|  | **SHORT-TERM INVESTMENTS — 0.3%** |  |
|  | **MONEY MARKET FUNDS - 0.3%** |  |
| 844840 | BlackRock Liquidity FedFund, Institutional Class, 4.06% (Cost $844,840)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 844840 |
|  | **TOTAL INVESTMENTS - 96.2% (Cost $244,443,023)** | &nbsp;&nbsp;&nbsp; $241113003 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 3.8%** | &nbsp;&nbsp; 9484140 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $250597143 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of January 31, 2023.

---

| | | |
|:---|:---|:---|
| **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, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 25.8%** |  |
|  | **EQUITY - 25.8%** |  |
| 93554 | JPMorgan BetaBuilders International Equity ETF | &nbsp;&nbsp;&nbsp; $5065014 |
| 111785 | JPMorgan BetaBuilders US Equity ETF | &nbsp;&nbsp;&nbsp; 8154716 |
| 159609 | JPMorgan Diversified Return International Equity ETF | &nbsp;&nbsp;&nbsp; 8438528 |
| 61542 | JPMorgan Equity Premium Income ETF | &nbsp;&nbsp;&nbsp; 3413735 |
| 185894 | JPMorgan International Research Enhanced Equity | &nbsp;&nbsp;&nbsp; 10218592 |
| 243572 | JPMorgan US Value Factor ETF | &nbsp;&nbsp;&nbsp; 8641935 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $40,777,086)** | &nbsp;&nbsp; 43932520 |
|  | **OPEN END FUNDS — 71.5%** |  |
|  | **ALTERNATIVE - 5.0%** |  |
| 522878 | JPMorgan Emerging Market Research Enhanced Equity, Class R6 | &nbsp;&nbsp;&nbsp; 8407874 |
|  | **EQUITY - 28.8%** |  |
| 149295 | JPMorgan Emerging Markets Equity Fund, Class R6 | &nbsp;&nbsp;&nbsp; 4617696 |
| 46573 | JPMorgan Equity Index Fund, Class R6 | &nbsp;&nbsp;&nbsp; 2849315 |
| 200312 | JPMorgan Growth Advantage Fund, Class R6 | &nbsp;&nbsp;&nbsp; 5320291 |
| 433366 | JPMorgan Large Cap Growth Fund, Class R6 | &nbsp;&nbsp;&nbsp; 21594629 |
| 766240 | JPMorgan Large Cap Value Fund, Class R6 | &nbsp;&nbsp;&nbsp; 14658174 |
|  |  | &nbsp;&nbsp; 49040105 |
|  | **FIXED INCOME - 37.7%** |  |
| 3693349 | JPMorgan Core Bond Fund, Class R6 | &nbsp;&nbsp;&nbsp; 38521625 |
| 2815503 | JPMorgan Core Plus Bond Fund, Class R6 | &nbsp;&nbsp;&nbsp; 20693946 |
| 593421 | JPMorgan Income Fund, Class R6 | &nbsp;&nbsp;&nbsp; 5008476 |
|  |  | &nbsp;&nbsp; 64224047 |
|  | **TOTAL OPEN END FUNDS (Cost $125,387,982)** | &nbsp;&nbsp; 121672026 |

---

---

| | | |
|:---|:---|:---|
| **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, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.3%** |  |
|  | **MONEY MARKET FUNDS - 0.3%** |  |
| 568960 | BlackRock Liquidity FedFund, Institutional Class, 4.06% (Cost $568,960)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $568960 |
|  | **TOTAL INVESTMENTS - 97.6% (Cost $166,734,028)** | &nbsp;&nbsp;&nbsp; $166173506 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 2.4%** | &nbsp;&nbsp; 4104839 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $170278345 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of January 31, 2023.

---

| | | |
|:---|:---|:---|
| **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, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.8%** |  |
|  | **ALTERNATIVE - 10.1%** |  |
| 896031 | Meeder Spectrum Fund, Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $11298949 |
|  | **EQUITY - 76.4%** |  |
| 1546271 | Meeder Dynamic Allocation Fund, Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 18833579 |
| 342029 | Meeder Moderate Allocation Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 3878611 |
| 7265872 | Meeder Muirfield Fund, Institutional Class<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 62849792 |
|  |  | &nbsp;&nbsp; 85561982 |
|  | **FIXED INCOME - 2.7%** |  |
| 173820 | Meeder Total Return Bond Fund | &nbsp;&nbsp;&nbsp; 1574812 |
| 74429 | Performance Trust Strategic Bond Fund | &nbsp;&nbsp;&nbsp; 1461043 |
|  |  | &nbsp;&nbsp; 3035855 |
|  | **MIXED ALLOCATION - 10.6%** |  |
| 740352 | Meeder Balanced Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 8862017 |
| 141464 | Meeder Conservative Allocation Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 3068349 |
|  |  | &nbsp;&nbsp; 11930366 |
|  | **TOTAL OPEN END FUNDS (Cost $124,154,255)** | &nbsp;&nbsp; 111827152 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 407227 | BlackRock Liquidity FedFund, Institutional Class, 4.06% (Cost $407,227)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 407227 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $124,561,482)** | &nbsp;&nbsp;&nbsp; $112234379 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | &nbsp;&nbsp; (187646) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $112046733 |

---

<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, 2023.

---

| | | |
|:---|:---|:---|
| **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, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 14.7%** |  |
|  | **COMMODITY - 4.8%** |  |
| 139884 | iShares GSCI Commodity Dynamic Roll Strategy ETF | &nbsp;&nbsp;&nbsp; $3947526 |
|  | **EQUITY - 9.9%** |  |
| 48750 | Schwab International Small-Cap Equity ETF | &nbsp;&nbsp;&nbsp; 1675538 |
| 66133 | SPDR Portfolio Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 2351689 |
| 9104 | Vanguard Small-Cap Growth ETF | &nbsp;&nbsp;&nbsp; 2038841 |
| 12082 | Vanguard Small-Cap Value ETF | &nbsp;&nbsp;&nbsp; 2092723 |
|  |  | &nbsp;&nbsp; 8158791 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $12,828,483)** | &nbsp;&nbsp; 12106317 |
|  | **OPEN END FUNDS — 84.9%** |  |
|  | **EQUITY - 84.9%** |  |
| 246014 | MFS Global Real Estate Fund, Class R5 | &nbsp;&nbsp;&nbsp; 4184704 |
| 68703 | MFS Growth Fund, Class R6 | &nbsp;&nbsp;&nbsp; 9887718 |
| 133429 | MFS Institutional International Equity Fund, Class R6 | &nbsp;&nbsp;&nbsp; 4081579 |
| 104216 | MFS International Growth Fund, Class R5 | &nbsp;&nbsp;&nbsp; 4057136 |
| 322241 | MFS International Large Cap Value Fund, Class R6 | &nbsp;&nbsp;&nbsp; 4134356 |
| 51432 | MFS International New Discovery Fund, Class R6 | &nbsp;&nbsp;&nbsp; 1607761 |
| 319109 | MFS Mid Cap Growth Fund, Class R6<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8226618 |
| 274073 | MFS Mid Cap Value Fund, Class R5 | &nbsp;&nbsp;&nbsp; 8279738 |
| 183877 | MFS Research Fund, Class R6 | &nbsp;&nbsp;&nbsp; 9019185 |
| 301880 | MFS Research International Fund, Class R6 | &nbsp;&nbsp;&nbsp; 6427016 |
| 201096 | MFS Value Fund, Class R6 | &nbsp;&nbsp;&nbsp; 9823548 |
|  |  | &nbsp;&nbsp; 69729359 |
|  | **TOTAL OPEN END FUNDS (Cost $68,949,105)** | &nbsp;&nbsp; 69729359 |

---

---

| | | |
|:---|:---|:---|
| **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, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 377707 | BlackRock Liquidity FedFund, Institutional Class, 4.06% (Cost $377,707)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $377707 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $82,155,295)** | &nbsp;&nbsp;&nbsp; $82213383 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | &nbsp;&nbsp; (121579) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $82091804 |

---

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

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of January 31, 2023.

---

| | | |
|:---|:---|:---|
| **PFG TACTICAL INCOME STRATEGY FUND** | **PFG TACTICAL INCOME STRATEGY FUND** | **PFG TACTICAL INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 9.1%** |  |
|  | **EQUITY - 4.1%** |  |
| 35617 | Janus Henderson Small Cap Growth Alpha ETF | &nbsp;&nbsp;&nbsp; $1848522 |
| 51019 | Janus Henderson Small/Mid Cap Growth Alpha ETF | &nbsp;&nbsp;&nbsp; 2949409 |
|  |  | &nbsp;&nbsp; 4797931 |
|  | **FIXED INCOME - 5.0%** |  |
| 9531 | CP High Yield Trend ETF | &nbsp;&nbsp;&nbsp; 204217 |
| 62255 | Janus Henderson Mortgage-Backed Securities ETF | &nbsp;&nbsp;&nbsp; 2929719 |
| 58895 | Janus Henderson Short Duration Income ETF | &nbsp;&nbsp;&nbsp; 2814887 |
|  |  | &nbsp;&nbsp; 5948823 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $11,018,483)** | &nbsp;&nbsp; 10746754 |
|  | **OPEN END FUNDS — 90.5%** |  |
|  | **EQUITY - 26.8%** |  |
| 275103 | Janus Henderson Asia Equity Fund, Class N<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2858317 |
| 193522 | Janus Henderson Contrarian Fund, Class N | &nbsp;&nbsp;&nbsp; 4886424 |
| 2067302 | Janus Henderson Global Equity Income Fund, Class N | &nbsp;&nbsp;&nbsp; 13065351 |
| 82630 | Janus Henderson Global Life Sciences Fund, Class N | &nbsp;&nbsp;&nbsp; 5566797 |
| 138560 | Janus Henderson Global Technology and Innovation Fund, Class N<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5291607 |
|  |  | &nbsp;&nbsp; 31668496 |
|  | **FIXED INCOME - 56.1%** |  |
| 2029939 | Counterpoint Tactical Income Fund, Class I | &nbsp;&nbsp;&nbsp; 22593227 |
| 137835 | Counterpoint Tactical Municipal Fund, Class I | &nbsp;&nbsp;&nbsp; 1476216 |
| 1438082 | Janus Henderson Developed World Bond Fund, Class R6 | &nbsp;&nbsp;&nbsp; 11274562 |
| 1168029 | Janus Henderson Flexible Bond Fund, Class N | &nbsp;&nbsp;&nbsp; 11224762 |
| 436962 | Janus Henderson High-Yield Fund, Class N | &nbsp;&nbsp;&nbsp; 3133015 |
| 44011 | Kensington Managed Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 434830 |
| 387863 | Sierra Tactical Bond Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 10204670 |
| 306869 | Toews Tactical Income Fund | &nbsp;&nbsp;&nbsp; 3157685 |
| 270992 | WSTCM Credit Select Risk-Managed Fund, Institutional Class | &nbsp;&nbsp;&nbsp; 2842704 |
|  |  | &nbsp;&nbsp; 66341671 |

---

---

| | | |
|:---|:---|:---|
| **PFG TACTICAL INCOME STRATEGY FUND** | **PFG TACTICAL INCOME STRATEGY FUND** | **PFG TACTICAL INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2023** | **January 31, 2023** | **January 31, 2023** |
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 90.5% (Continued)** |  |
|  | **MIXED ALLOCATION - 7.6%** |  |
| 649545 | Janus Henderson Dividend & Income Builder Fund, Class R6 | &nbsp;&nbsp;&nbsp; $9054660 |
|  | **TOTAL OPEN END FUNDS (Cost $109,177,751)** | &nbsp;&nbsp; 107064827 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 454280 | BlackRock Liquidity FedFund, Institutional Class, 4.06% (Cost $454,280)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 454280 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $120,650,514)** | &nbsp;&nbsp;&nbsp; $118265861 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%** <sup>(d)</sup> | &nbsp;&nbsp; (8478) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $118257383 |

---

ETF - Exchange-Traded Fund <br>

<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> Non-income producing security.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of January 31, 2023.

<sup>(d)</sup> Less than 0.05%

## 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 Active Core Bond Strategy Fund

- **b. EDGAR series identifier (if any):** S000058596

- **c. LEI of Series:** 549300XPVSRCHMJTXN14

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

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**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:** $115594472.20

**Total Liabilities:** $216154.95

**Net Assets:** $115378317.25

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000192503 | 3.16%                | -0.39%               | 3.05%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-193505.30              | $3380196.89                                |
| Month 2  | $-63447.40               | $-2005734.90                               |
| Month 3  | $-232950.12              | $3419574.05                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Pimco Fds                       | PIMCO-INCOME-INS | CUSIP: 72201F490<br>LEI: XSQUIHC65X62JACTUZ45 | Long             | EC               | RF                | US        |   3232135 | NS      | $34422237.79  | 29.83%            |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds                       | PIMCO-MRT OP-INS | CUSIP: 72201U638<br>LEI: 549300PFV1F66T7RF111 | Long             | EC               | RF                | US        |   1804925 | NS      | $17218980.45  | 14.92%            |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity Funds       | BLKR-LIQ FED-INS | CUSIP: 09248U700<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |    543593 | PA      | $543592.82    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds Pacific Invt Mgmt Ser | PIMCO-I/G CR-INS | CUSIP: 722005816<br>LEI: N/A                  | Long             | EC               | RF                | US        |   1402048 | NS      | $12590388.44  | 10.91%            |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds Pacific Invt Mgmt Ser | PIMCO-T/R-INS    | CUSIP: 693390700<br>LEI: GCOBPT5OHTVIN37L8N43 | Long             | EC               | RF                | US        |   5127351 | NS      | $44761777.63  | 38.80%            |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Fds Pacific Invt Mgmt Ser | PIMCO-RL RTN-INS | CUSIP: 693391104<br>LEI: UBV6ASKZ6D22Z3BEZJ52 | Long             | EC               | RF                | US        |    556523 | NS      | $5654277.94   | 4.90%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer