# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-25-004163
**Filing Date:** 2025-7
**Character Count:** 356015
**Document Hash:** 7e525318f05165045f31eb7f9539e9c2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004163.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0001580642-25-004163

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 105

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250709

**DATE AS OF CHANGE**: 20250709

**EFFECTIVENESS DATE**: 20250709

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 251112814

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

united states

securities and exchange commission

washington, d.c. 20549

**form n-csr**

**certified shareholder report of registered management investment companies**

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

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

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

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

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

Date of fiscal year end: <u>4/30</u> <br>Date of reporting period: <u>4/30/25</u>

**Item 1. Reports to Stockholders.**

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

#### Class I (PFCOX)

#### Annual Shareholder Report - April 30, 2025
![Image](i3ac9cf9791cd618b9e40b830.jpg)

# Fund Overview
This annual shareholder report contains important information about PFG American Funds<sup>®</sup> Conservative Income Strategy Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $21 | 1.99% |

---

# How did the Fund perform during the reporting period?
The Fund provides investors with a broadly diversified strategic allocation that seeks current income and limited price volatility, including exposure to investment grade bonds and dividend-paying equities. The Fund returned 7.55% for the fiscal year ended April 30, 2025, underperforming its benchmark, the Morningstar Conservative Target Risk Index, which returned 9.10% over the same period. The Fund benefited from strong returns across both its short duration money market and fixed income allocations, with the money market segment—comprising 95% of the portfolio—returning 9.66%. Key contributors to performance included the American Funds Income Fund of America (+14.25%) and American Mutual Fund (+11.93%), which leveraged dividend-paying equity exposure to boost returns. Within fixed income, the American Funds Strategic Bond Fund (+9.91%) and Intermediate Bond Fund (+8.96%) contributed meaningfully amid a volatile but overall favorable rate environment. Active manager selection significantly added value, especially in short-term bond and balanced fund exposures. On a weighted basis, the American Funds Intermediate Bond Fund of America (+2.25%) and American Funds Bond Fund of America (+1.66%) were the largest contributors to performance. While overall market volatility remained muted, the Fund's conservative positioning and diversified approach were well-aligned with its income-oriented objective, leading to a solid year of performance.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i90d326397327f8c104fe1cb2.jpg)

---

| | | |
|:---|:---|:---|
| | **PFG American Funds Conservative Income Strategy Fund** | **Morningstar Conservative Target Risk Index** |
| **May-2020** | $10000 | $10000 |
| **Apr-2021** | $10589 | $11027 |
| **Apr-2022** | $10108 | $10215 |
| **Apr-2023** | $9964 | $10176 |
| **Apr-2024** | $9986 | $10356 |
| **Apr-2025** | $10740 | $11298 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **5 Years** |
| PFG American Funds Conservative Income Strategy Fund | 7.55% | 1.44% |
| Morningstar Conservative Target Risk Index | 9.10% | 2.47% |

---

The 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 individuals who invest in the Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $221373013 |
| Number of Portfolio Holdings | 10 |
| Advisory Fee (net of waivers) | $2596402 |
| Portfolio Turnover | 14% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib5b8c2e99f06c9fd68242806.jpg)

---

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

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i2fd97b84cd0251eacf42b1c2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.4% |
| Money Market Funds | 0.5% |
| Equity | 10.1% |
| Mixed Allocation | 15.1% |
| Fixed Income | 74.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Intermediate Bond Fund of America, Class R-6 | 24.8% |
| Bond Fund of America (The), Class R-6 | 19.9% |
| Short Term Bond Fund of America, Class R-6 | 15.0% |
| American Mutual Fund, Class R-6 | 10.1% |
| American Funds Strategic Bond Fund, Class R-6 | 10.0% |
| Income Fund of America (The), Class R-6 | 10.0% |
| American Balanced Fund, Class R-6 | 5.0% |
| American Funds Multi-Sector Income Fund, Class R-6 | 5.0% |
| BlackRock Liquidity FedFund, Institutional Class | 0.5% |
| Fidelity Treasury Money Market Fund | 0.0% |

---

# Material Fund Changes
Effective March 17, 2025, Greg Silberman now serves as a Portfolio Manager of the Fund.

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

![Image](i4c5dc3cee77a791a24e7ba75.jpg)

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

#### Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-PFCOX

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

#### Class I (PFGGX)

#### Annual Shareholder Report - April 30, 2025
![Image](i5216118e7fa1b07c8204c9f5.jpg)

# Fund Overview
This annual shareholder report contains important information about PFG American Funds<sup>®</sup> Growth Strategy Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $21 | 1.99% |

---

# How did the Fund perform during the reporting period?
The Fund seeks to deliver broad equity market exposure through a strategic allocation to actively managed underlying funds. For the fiscal year ended April 30, 2025, the Fund returned +8.38%, compared to Morningstar Aggressive Target Risk Index returned +11.61% for the same period. Among the leading contributors was the American Funds Growth Fund of America returning (+14.08%), American Funds Fundamental Investors Fund (+12.13%), American Funds New Perspective Fund (+12.24%), and American Funds AMCAP Fund (+9.50%), each benefiting from stock selection in growth-oriented sectors. The largest detractor was the American Funds SMALLCAP World Fund, which returned just +0.14%. On a weighted basis, the American Funds Growth Fund of America (+3.55%) and American Funds Fundamental Investors (+1.70%) were the largest contributors to performance. Overall, performance was driven primarily by strong active management selection, as demonstrated by a 5.74% active return over the benchmark.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i901f1fddde588e5f6f483a47.jpg)

---

| | | |
|:---|:---|:---|
| | **PFG American Funds Growth Strategy Fund** | **Morningstar Aggressive Target Risk Index** |
| **May-2020** | $10000 | $10000 |
| **Apr-2021** | $14589 | $14921 |
| **Apr-2022** | $12391 | $14083 |
| **Apr-2023** | $12328 | $14263 |
| **Apr-2024** | $14891 | $16295 |
| **Apr-2025** | $16138 | $18186 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **5 Years** |
| PFG American Funds Growth Strategy Fund | 8.38% | 10.05% |
| Morningstar Aggressive Target Risk Index | 11.61% | 12.71% |

---

The 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 individuals who invest in the Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $922594419 |
| Number of Portfolio Holdings | 9 |
| Advisory Fee (net of waivers) | $11050998 |
| Portfolio Turnover | 27% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](idd46939c9ac1eb5cb945dbc8.jpg)

---

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

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if0bba483946aa1e825ca1f8a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.4% |
| Money Market Funds | 0.4% |
| Equity | 100.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Growth Fund of America (The), Class R-6 | 24.9% |
| New Perspective Fund, Class R-6 | 15.1% |
| Smallcap World Fund, Inc., Class R-6 | 14.9% |
| AMCAP Fund, Class R-6 | 14.9% |
| New Economy Fund (The), Class R-6 | 10.1% |
| American Funds Fundamental Investors, Class R-6 | 10.0% |
| American Funds - Investment Company of America (The), Class R-6 | 10.0% |
| BlackRock Liquidity FedFund, Institutional Class | 0.4% |
| Fidelity Treasury Money Market Fund | 0.0% |

---

# Material Fund Changes
Effective March 17, 2025, Greg Silberman now serves as a Portfolio Manager of the Fund.

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

![Image](ib5620ba093652f7ce66a9ee3.jpg)

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

#### Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-PFGGX

#### PFG BNY Mellon Diversifier Strategy Fund

#### Class I (PFADX)

#### Annual Shareholder Report - April 30, 2025
![Image](iaf305a017471819052aea697.jpg)

# Fund Overview
This annual shareholder report contains important information about PFG BNY Mellon Diversifier Strategy Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $20 | 1.99% |

---

# How did the Fund perform during the reporting period?
The Fund seeks to provide diversification from traditional fixed income by allocating to a blend of alternative asset classes. For the fiscal year ended April 30, 2025, the Fund returned +4.67%, while the Bloomberg U.S. Aggregate Bond Index returned +8.02% for the same period. The BNY Mellon Core Plus Fund was the leading contributor, returning +8.13% and benefiting from a volatile but overall favorable interest rate environment. BNY Mellon Developed Markets Real Estate also added positively with a +14.39% return, supported by global real estate recovery. Conversely, the BNY Mellon Natural Resources Fund detracted significantly with a return of -18.78%, as commodity-related equities underperformed amid declining energy prices. On a weighted basis, the BNY Mellon Core Plus Fund (+5.39%) and BNY Mellon Developed Markets Real Estate Securities Fund (+0.60%) were the largest contributors to performance, while the BNY Mellon Natural Resources Fund (-0.30%) was the largest detractor. The Fund maintained its core exposure to high-quality fixed income, while its diversified allocations—particularly to infrastructure and real estate—helped offset volatility from weaker natural resource holdings. Overall, manager selection contributed positively to performance, reflecting the Fund's diversified and inflation-aware positioning across varying market conditions.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ifaad6b2156f7a728307355f3.jpg)

---

| | | |
|:---|:---|:---|
| | **PFG BNY Mellon Diversifier Strategy Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec-2017** | $10000 | $10000 |
| **Apr-2018** | $9720 | $9801 |
| **Apr-2019** | $9778 | $10320 |
| **Apr-2020** | $9915 | $11438 |
| **Apr-2021** | $11118 | $11408 |
| **Apr-2022** | $10714 | $10437 |
| **Apr-2023** | $10486 | $10392 |
| **Apr-2024** | $10493 | $10240 |
| **Apr-2025** | $10983 | $11061 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 11, 2017)** |
| PFG BNY Mellon Diversifier Strategy Fund | 4.67% | 2.07% | 1.28% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.38% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $108879528 |
| Number of Portfolio Holdings | 7 |
| Advisory Fee (net of waivers) | $1368659 |
| Portfolio Turnover | 38% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](icc2f3deb5ae03a31be19057c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 2.0% |
| Money Market Funds | 0.3% |
| Open End Funds | 97.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](idf30cfb910a3693da518f526.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.3% |
| Equity | 9.0% |
| Alternative | 25.1% |
| Fixed Income | 65.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| BNY Mellon Core Plus Fund, Class I | 65.7% |
| BNY Mellon Global Real Return Fund, Class I | 25.1% |
| BNY Mellon Global Real Estate Securities Fund, Class I | 5.0% |
| iShares Global Infrastructure ETF | 2.0% |
| BNY Mellon Natural Resources Fund, Class I | 2.0% |
| BlackRock Liquidity FedFund, Institutional Class | 0.3% |
| Fidelity Treasury Money Market Fund | 0.0% |

---

# Material Fund Changes
Effective March 17, 2025, Greg Silberman now serves as a Portfolio Manager of the Fund.

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

![Image](ic897afdf445399015112c096.jpg)

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

#### Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-PFADX

#### PFG BR Target Allocation Equity Strategy Fund

#### Class I (PFESX)

#### Annual Shareholder Report - April 30, 2025
![Image](ide1827c460fb0c072aa15110.jpg)

# Fund Overview
This annual shareholder report contains important information about PFG BR Target Allocation Equity Strategy Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $21 | 1.99% |

---

# How did the Fund perform during the reporting period?
The inception for this Fund was 5/1/2020. The Fund is tactically managed, providing investors with global equity exposure. The Fund returned +8.99% for the fiscal year ended April 30, 2025, underperforming the Morningstar Aggressive Target Risk Index, which returned +11.61%. The Fund saw strong contributions from U.S. and international equity exposures. Notably, iShares U.S. Equity Factor Rotation ETF (+15.30%) and iShares MSCI EAFE Value ETF (+19.32%) were key outperformers, while iShares Core S&P 500 ETF and iShares S&P 500 Growth ETF also contributed positively. However, positions such as iShares MSCI USA Momentum Factor ETF (-1.25%) and iShares S&P 100 ETF (-5.52%) detracted from overall results. On a weighted basis, the iShares Core S&P 500 ETF (+4.57%) and iShares S&P 500 Growth ETF (+1.70%) were the largest contributors to performance, while the iShares S&P 100 ETF (-0.19%) was the largest detractor. From an attribution standpoint, the Fund benefitted from manager selection, particularly in the U.S. equity sleeve, which helped offset underperformance from select factor-based and momentum strategies. The portfolio remained fully invested, with minimal allocation to cash equivalents, and active positioning emphasized diversified global equity exposure with tactical tilts toward quality, value, and factor rotation themes.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i16aac71f9bcf769c791f8825.jpg)

---

| | | |
|:---|:---|:---|
| | **PFG BR Target Allocation Equity Strategy Fund** | **Morningstar Aggressive Target Risk Index** |
| **May-2020** | $10000 | $10000 |
| **Apr-2021** | $14212 | $14921 |
| **Apr-2022** | $12892 | $14083 |
| **Apr-2023** | $12983 | $14263 |
| **Apr-2024** | $15141 | $16295 |
| **Apr-2025** | $16502 | $18186 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **5 Years** |
| PFG BR Target Allocation Equity Strategy Fund | 8.99% | 10.54% |
| Morningstar Aggressive Target Risk Index | 11.61% | 12.71% |

---

The 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 individuals who invest in the Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $311182878 |
| Number of Portfolio Holdings | 14 |
| Advisory Fee (net of waivers) | $3457118 |
| Portfolio Turnover | 42% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4a2c9d2959f97b218da53337.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.5% |
| Money Market Funds | 0.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ieb1df084b43ac8df8771687a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.3% |
| Money Market Funds | 0.5% |
| Equity | 99.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares Core S&P 500 ETF, USD Class | 25.7% |
| iShares MSCI USA Quality Factor ETF | 13.0% |
| iShares S&P 500 Growth ETF | 12.0% |
| iShares U.S. Equity Factor Rotation Active ETF | 10.0% |
| iShares S&P 500 Value ETF | 8.4% |
| iShares MSCI EAFE Value ETF | 7.0% |
| iShares MSCI EAFE Growth ETF | 4.5% |
| iShares U.S. Technology ETF | 4.1% |
| iShares MSCI Emerging Markets ex China ETF | 3.5% |
| iShares Core MSCI Emerging Markets ETF | 3.5% |

---

# Material Fund Changes
Effective March 17, 2025, Greg Silberman now serves as a Portfolio Manager of the Fund.

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

![Image](i74dbd1dea3b573901dab0fe2.jpg)

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

#### Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-PFESX

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

#### Class I (PFFBX)

#### Annual Shareholder Report - April 30, 2025
![Image](ic921ef953a2a93c7c795e76e.jpg)

# Fund Overview
This annual shareholder report contains important information about PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $20 | 1.99% |

---

# How did the Fund perform during the reporting period?
The inception for this Fund was 10/29/2021. The Fund returned +5.94% for the fiscal year ended April 30, 2025, underperforming the Bloomberg US Aggregate Bond Index, which returned +8.02% over the same period. The Fund benefited from strong security selection across core fixed income sectors and a modest allocation to taxable municipals and corporate credit. Fidelity Advisor Total Bond Z (+8.40%) and Fidelity Corporate Bond ETF (+8.24%) were key contributors, supported by favorable duration positioning and sector allocation. The iShares MBS ETF (+9.03%) and Invesco Taxable Municipal Bond ETF (+7.05%) also aided performance, though the latter trailed its benchmark modestly. On a weighted basis, the Fidelity Advisor Total Bond Fund Z (+2.96%) and Fidelity Corporate Bond ETF (+2.09%) were the largest contributors to performance. The Fund's underweight to Treasury and agency securities, combined with active exposure to higher-yielding segments, contributed to relative outperformance. The overall investment approach remained focused on generating income while maintaining broad diversification and interest rate risk aligned with the benchmark. As of April 30, 2025, fixed income holdings comprised the vast majority of the portfolio, consistent with the Fund's core plus mandate.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i776416dfee7e8f7111bf810f.jpg)

---

| | | |
|:---|:---|:---|
| | **PFG Fidelity Institutional AM Core Plus Bond Strategy Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Oct-2021** | $10000 | $10000 |
| **Apr-2022** | $9000 | $9053 |
| **Apr-2023** | $8799 | $9014 |
| **Apr-2024** | $8661 | $8882 |
| **Apr-2025** | $9175 | $9595 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (October 29, 2021)** |
| PFG Fidelity Institutional AM Core Plus Bond Strategy Fund | 5.94% | -2.43% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -1.18% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $66072759 |
| Number of Portfolio Holdings | 7 |
| Advisory Fee (net of waivers) | $714439 |
| Portfolio Turnover | 26% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie78ace28189855d14ed32c8d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 40.8% |
| Money Market Funds | 0.7% |
| Open End Funds | 58.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](id7224efad0c6bbf21f6fccd4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.3% |
| Money Market Funds | 0.7% |
| Fixed Income | 99.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Total Bond Fund, Class Z | 40.7% |
| Fidelity Corporate Bond ETF | 22.0% |
| Fidelity Advisor Strategic Income Fund, Class Z | 18.0% |
| iShares MBS ETF | 10.0% |
| Invesco Taxable Municipal Bond ETF | 8.9% |
| BlackRock Liquidity FedFund, Institutional Class | 0.5% |
| Fidelity Treasury Money Market Fund | 0.2% |

---

# Material Fund Changes
Effective March 17, 2025, Greg Silberman now serves as a Portfolio Manager of the Fund.

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

![Image](i2629d3e42367db80ee09e449.jpg)

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

#### Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-PFFBX

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

#### Class I (PFFFX)

#### Annual Shareholder Report - April 30, 2025
![Image](i0a8b911b99592ded8fe4aba9.jpg)

# Fund Overview
This annual shareholder report contains important information about PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $21 | 1.99% |

---

# How did the Fund perform during the reporting period?
The Fund provides investors with a passive, globally diversified, strategic equity allocation. The Fund returned +9.32% for the fiscal year ended April 30, 2025, compared to the Morningstar Aggressive Target Risk Index return of +11.61%. Fidelity 500 Index (+12.08%) performed in line with the S&P 500 and International developed and emerging markets, represented by the Fidelity Global ex U.S. Index (+12.67%), also performed well and contributed positively to overall results. Mid-cap and small-cap segments posted more modest gains, with the Fidelity Mid Cap Index Fund (+7.32%) and the Fidelity Small Cap Index Fund (+1.03%) underperforming relative to large-cap equities. On a weighted basis, the Fidelity 500 Index Fund (+7.05%) and Fidelity Global ex US Index (+3.94%) were the largest contributors to performance. Allocation decisions had minimal impact, while modest positive manager selection effects—particularly in international equities—supported returns. Overall, the Fund benefited from broad equity market strength despite some dispersion across regions and capitalizations.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2370fad8f259d6874a4e9216.jpg)

---

| | | |
|:---|:---|:---|
| | **PFG Fidelity Institutional AM Equity Index Strategy Fund** | **Morningstar Aggressive Target Risk Index** |
| **May-2020** | $10000 | $10000 |
| **Apr-2021** | $14472 | $14921 |
| **Apr-2022** | $13550 | $14083 |
| **Apr-2023** | $13650 | $14263 |
| **Apr-2024** | $15688 | $16295 |
| **Apr-2025** | $17149 | $18186 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **5 Years** |
| PFG Fidelity Institutional AM Equity Index Strategy Fund | 9.32% | 11.40% |
| Morningstar Aggressive Target Risk Index | 11.61% | 12.71% |

---

The 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 individuals who invest in the Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $397780602 |
| Number of Portfolio Holdings | 5 |
| Advisory Fee (net of waivers) | $4260101 |
| Portfolio Turnover | 21% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if37b37b9081c9e5f6dd1755a.jpg)

---

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

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i383ba5a617eee74d8b08a27b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Money Market Funds | 0.6% |
| Equity | 99.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity 500 Index Fund, Institutional Premium Class | 60.7% |
| Fidelity Global ex US Index Fund, Institutional Premium Class | 30.1% |
| Fidelity Small Cap Index Fund, Institutional Premium Class | 4.9% |
| Fidelity Mid Cap Index Fund, Institutional Premium Class | 4.0% |
| BlackRock Liquidity FedFund, Institutional Class | 0.6% |

---

# Material Fund Changes
Effective March 17, 2025, Greg Silberman now serves as a Portfolio Manager of the Fund.

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

![Image](if4ae4ed0444b04c7fa29ae92.jpg)

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

#### Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-PFFFX

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

#### Class I (PFFSX)

#### Annual Shareholder Report - April 30, 2025
![Image](ia56669495644728902290b50.jpg)

# Fund Overview
This annual shareholder report contains important information about PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $20 | 1.99% |

---

# How did the Fund perform during the reporting period?
The Fund provides investors with a tactically managed allocation that tilts exposure to sectors based on shifts in the business cycle. For the fiscal year ended April 30, 2025, the Fund returned +5.66%, underperforming the Morningstar Aggressive Target Risk Index, which returned 11.61% over the same period. Key contributors included the Fidelity MSCI Financials ETF (+21.87%) and the Fidelity Advisor Communication Services Fund (+16.14%), which benefited from solid market conditions in their respective sectors. On a weighted basis, the Fidelity MSCI Financials ETF (+2.64%) and Fidelity Advisor Technology Fund (+2.11%) were the largest contributors to performance, while the Fidelity MSCI Energy ETF (-0.32%) was the largest detractor. Tactical positioning that favored defensive allocations and maintained higher cash levels was a drag relative to the fully invested benchmark. While sector selection in Financials and Communication Services added value, detractions from Real Estate, Materials and Energy were headwinds.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7c484f1bf0b2e22d5171979b.jpg)

---

| | | |
|:---|:---|:---|
| | **PFG Fidelity Institutional AM Equity Sector Strategy Fund** | **Morningstar Aggressive Target Risk Index** |
| **May-2020** | $10000 | $10000 |
| **Apr-2021** | $13591 | $14921 |
| **Apr-2022** | $13942 | $14083 |
| **Apr-2023** | $14772 | $14263 |
| **Apr-2024** | $17043 | $16295 |
| **Apr-2025** | $18008 | $18186 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **5 Years** |
| PFG Fidelity Institutional AM Equity Sector Strategy Fund | 5.66% | 12.49% |
| Morningstar Aggressive Target Risk Index | 11.61% | 12.71% |

---

The 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 individuals who invest in the Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $415673332 |
| Number of Portfolio Holdings | 11 |
| Advisory Fee (net of waivers) | $5005716 |
| Portfolio Turnover | 114% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if756f0e24aea022c850e7ee7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 70.1% |
| Money Market Funds | 0.4% |
| Open End Funds | 29.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](iced57a6c0a4f122844134c89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.3% |
| Money Market Funds | 0.4% |
| Equity | 99.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Fidelity Advisor Technology Fund, Class Z | 22.8% |
| Fidelity MSCI Financials Index ETF | 22.4% |
| Fidelity MSCI Consumer Discretionary Index ETF | 19.0% |
| Fidelity MSCI Industrials Index ETF | 14.3% |
| Fidelity MSCI Real Estate Index ETF | 8.2% |
| Fidelity Advisor Communication Services Fund, Class Z | 6.7% |
| Fidelity MSCI Materials Index ETF | 3.0% |
| Fidelity MSCI Consumer Staples Index ETF | 2.4% |
| Fidelity MSCI Energy Index ETF | 1.0% |
| BlackRock Liquidity FedFund, Institutional Class | 0.4% |

---

# Material Fund Changes
Effective March 17, 2025, Greg Silberman now serves as a Portfolio Manager of the Fund.

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

![Image](i3576c5aab8aabf76357077ba.jpg)

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

#### Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-PFFSX

#### PFG Global Equity Index Strategy Fund

#### Class I (PFSGX)

#### Annual Shareholder Report - April 30, 2025
![Image](i5ca22a0c9d876de371b4c450.jpg)

# Fund Overview
This annual shareholder report contains important information about PFG Global Equity Index Strategy Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $21 | 1.99%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# How did the Fund perform during the reporting period?
The Fund seeks growth of capital with exposure to passively managed and low-cost ETFs to track a specific index consisting of either or both U.S. and foreign equity securities of any capitalization. The Fund returned +7.36% for the fiscal year ended April 30, 2025, underperforming its benchmark, the Morningstar Aggressive Target Risk Total Return Index, which gained 11.87%. U.S. equity exposure was the largest contributor to performance, with the Vanguard Total Stock Market ETF (+3.40%) and Vanguard Growth ETF (+2.00%) leading gains, although both modestly lagged their respective benchmarks. The Fund's allocation to international equities contributed positively overall, with strong results from the Vanguard Total International Stock ETF (+2.40%) and Vanguard FTSE Developed Markets ETF (+1.86%) more than offsetting modest underperformance in U.S. large-cap value and small-cap holdings. The Fund maintained a nearly full equity allocation, with minimal exposure to cash equivalents, which had a neutral impact. Relative underperformance was primarily driven by minor negative selection effects across U.S. equity subcomponents, despite generally favorable asset allocation decisions.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](iad37c9541d43bc746d4945ac.jpg)

---

| | | |
|:---|:---|:---|
| | **PFG Global Equity Index Strategy Fund** | **Morningstar Aggressive Target Risk Index** |
| **05/01/24** | $10000 | $10000 |
| **05/31/24** | $10240 | $10333 |
| **06/30/24** | $10370 | $10416 |
| **07/31/24** | $10570 | $10696 |
| **08/31/24** | $10790 | $10973 |
| **09/30/24** | $11020 | $11230 |
| **10/31/24** | $10770 | $10957 |
| **11/30/24** | $11170 | $11401 |
| **12/31/24** | $10816 | $10968 |
| **01/31/25** | $11139 | $11376 |
| **02/28/25** | $11079 | $11349 |
| **03/31/25** | $10675 | $11044 |
| **04/30/25** | $10736 | $11187 |

---

# **Average Annual Total Returns** 

---

| | |
|:---|:---|
| | **1 Year** |
| PFG Global Equity Index Strategy Fund | 7.36% |
| Morningstar Aggressive Target Risk Index | 11.87% |

---

The 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 individuals who invest in the Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $55808727 |
| Number of Portfolio Holdings | 8 |
| Advisory Fee (net of waivers) | $637804 |
| Portfolio Turnover | 29% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic8aa2ab6e15843c6ce577729.jpg)

---

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

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i1c24445cf5ceff76779bdc3a.jpg)

---

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

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Total Stock Market ETF | 30.1% |
| Vanguard Total International Stock ETF | 19.7% |
| Vanguard Growth ETF | 14.4% |
| Vanguard FTSE Developed Markets ETF | 14.0% |
| Vanguard Value ETF | 12.0% |
| Vanguard FTSE Emerging Markets ETF | 5.9% |
| Vanguard Small-Cap ETF | 3.6% |
| BlackRock Liquidity FedFund, Institutional Class | 0.3% |

---

# Material Fund Changes
Effective March 17, 2025, Greg Silberman now serves as a Portfolio Manager of the Fund.

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

![Image](ie296fa9ad0d5154c3178f713.jpg)

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

#### Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-PFSGX

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

#### Class I (PFIOX)

#### Annual Shareholder Report - April 30, 2025
![Image](ibe08e533b28c985a13a36a52.jpg)

# Fund Overview
This annual shareholder report contains important information about PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $21 | 1.99% |

---

# How did the Fund perform during the reporting period?
The inception for this Fund was 10/29/2021. For the fiscal year ended April 30, 2025, the Fund returned +7.22%, trailing the Morningstar<sup>®</sup> Aggressive Target Risk Index, which returned 11.61% over the same period. The Fund remained fully invested in equities and emphasized factor-based tilts aligned with U.S. business cycle positioning. On a weighted basis, the Invesco S&P 500 Low Volatility ETF (+2.17%) and Invesco S&P International Developed Low Volatility ETF (+2.02%) were the largest contributors to performance, while the Invesco S&P MidCap 400 GARP ETF (-0.54%) was the largest detractor. Additional relative weakness came from the Invesco Russell 1000 and Russell 2000 Dynamic Multifactor ETFs. Conversely, strong absolute returns were recorded in the Invesco S&P 500 Momentum ETF (+25.36%) and the Invesco S&P Low Volatility ETF (+16.41%), though they modestly lagged their respective benchmarks. The Fund's underperformance for the period was primarily attributable to security selection effects rather than allocation, as most positions delivered positive returns but lagged their benchmark counterparts.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3b2bb5fe6715d48c669d5446.jpg)

---

| | | |
|:---|:---|:---|
| | **PFG Invesco Equity Factor Rotation Strategy Fund** | **Morningstar Aggressive Target Risk Index** |
| **Oct-2021** | $10000 | $10000 |
| **Apr-2022** | $7623 | $8952 |
| **Apr-2023** | $7373 | $9066 |
| **Apr-2024** | $8635 | $10357 |
| **Apr-2025** | $9258 | $11559 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (October 29, 2021)** |
| PFG Invesco Equity Factor Rotation Strategy Fund | 7.22% | -2.18% |
| Morningstar Aggressive Target Risk Index | 11.61% | 4.23% |

---

The 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 individuals who invest in the Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $56100694 |
| Number of Portfolio Holdings | 11 |
| Advisory Fee (net of waivers) | $716286 |
| Portfolio Turnover | 57% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ica52e7f2951af370bb2b0178.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.5% |
| Money Market Funds | 0.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if9f0ae0b04184a1c0cfc2034.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.3% |
| Money Market Funds | 0.5% |
| Equity | 99.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Invesco Russell 1000 Dynamic Multifactor ETF | 21.0% |
| Invesco S&P 500 Low Volatility ETF | 14.5% |
| Invesco S&P 500 Momentum ETF | 12.7% |
| Invesco S&P 500 Quality ETF | 12.4% |
| Invesco S&P Emerging Markets Low Volatility ETF | 9.8% |
| Invesco S&P International Developed Low Volatility ETF | 9.8% |
| Invesco Russell 2000 Dynamic Multifactor ETF | 5.3% |
| Invesco International Developed Dynamic Multifactor ETF | 5.0% |
| Invesco S&P 500 Enhanced Value ETF | 4.7% |
| Invesco S&P MidCap 400 GARP ETF | 4.7% |

---

# Material Fund Changes
Effective March 17, 2025, Greg Silberman now serves as a Portfolio Manager of the Fund.

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

![Image](ie6acfa21860b1b752ad4afa8.jpg)

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

#### Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-PFIOX

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

#### Class I (PFJHX)

#### Annual Shareholder Report - April 30, 2025
![Image](i8994364b75a3acb0acb96a8f.jpg)

# Fund Overview
This annual shareholder report contains important information about PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $21 | 1.99% |

---

# How did the Fund perform during the reporting period?
The inception for this Fund was 10/29/2021. The Fund returned +7.47% for the one-year period ended April 30, 2025, underperforming the Morningstar Moderate Target Risk benchmark, which returned +10.47%. The Janus Henderson Balanced Fund, the core holding comprising nearly 80% of the Fund, delivered a strong return of +10.15% and was invested 60% in equities and 40% in fixed income. On a weighted basis, the Janus Henderson Balanced Fund (+8.07%) and Janus Henderson Contrarian Fund (+0.78%) were the largest contributors to performance, while the Janus Henderson Small Cap Growth Alpha ETF (-0.14%) was the largest detractor. In fixed income the Janus Henderson Mortgage-Backed Securities ETF (+2.68%) contributed minimally. The duration and credit structure of the bond holdings indicated a mix of intermediate-term investment-grade and high-yield exposure that proved beneficial in a declining rate environment.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1d12bf7e567d7225603b77f3.jpg)

---

| | | |
|:---|:---|:---|
| | **PFG Janus Henderson Balanced Strategy Fund** | **Morningstar Moderate Target Risk Index** |
| **Oct-2021** | $10000 | $10000 |
| **Apr-2022** | $8763 | $9011 |
| **Apr-2023** | $8745 | $9057 |
| **Apr-2024** | $9535 | $9804 |
| **Apr-2025** | $10247 | $10831 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (October 29, 2021)** |
| PFG Janus Henderson Balanced Strategy Fund | 7.47% | 0.70% |
| Morningstar Moderate Target Risk Index | 10.47% | 2.30% |

---

The 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 individuals who invest in the Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $268100731 |
| Number of Portfolio Holdings | 7 |
| Advisory Fee (net of waivers) | $3420138 |
| Portfolio Turnover | 29% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2305c79978f87e4bd0518657.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 10.4% |
| Money Market Funds | 0.4% |
| Open End Funds | 89.2% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i85c172db6bc8710997458737.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.3% |
| Money Market Funds | 0.4% |
| Fixed Income | 7.5% |
| Equity | 12.5% |
| Mixed Allocation | 79.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Janus Henderson Balanced Fund, Class N | 79.9% |
| Janus Henderson Contrarian Fund, Class N | 7.5% |
| Janus Henderson Mortgage-Backed Securities ETF | 7.4% |
| Janus Henderson Small/Mid Cap Growth Alpha ETF | 3.0% |
| Janus Henderson Research Fund, Class N | 2.0% |
| BlackRock Liquidity FedFund, Institutional Class | 0.4% |
| Fidelity Treasury Money Market Fund | 0.0% |

---

# Material Fund Changes
Effective March 17, 2025, Greg Silberman now serves as a Portfolio Manager of the Fund.

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

![Image](i8969f87eac22ca27d9492570.jpg)

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

#### Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-PFJHX

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

#### Class I (PFSEX)

#### Annual Shareholder Report - April 30, 2025
![Image](ie341bdd47fede730b73b1b5b.jpg)

# Fund Overview
This annual shareholder report contains important information about PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $21 | 1.99% |

---

# How did the Fund perform during the reporting period?
The Fund provides a tactically managed globally diversified equity allocation based upon market conditions across regions, market capitalization and equity style. The Fund returned +7.87% for the fiscal year ended April 30, 2025, underperforming the Morningstar Aggressive Target Risk Index, which returned +11.61%. The Fund's allocation to the JPMorgan Large Cap Growth Fund (+13.48%) and JPMorgan Diversified Return International Equity ETF (+14.30%) were among the top absolute performers, with strong stock selection in these positions contributing positively. On a weighted basis, the JPMorgan US Equity R6 (+2.43%) and JPMorgan International Research Enhanced Equity ETF (+1.62%) were the largest contributors to performance, while the JPMorgan BetaBuilders US Mid Cap Equity ETF (-0.10%) was the largest detractor. Overall, the Fund's underweight to outperforming U.S. large-cap growth and certain regional exposures modestly constrained relative performance. Portfolio positioning continues to reflect a tactically managed global equity approach, with dynamic allocation across regions, market caps, and styles based on market conditions.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](icd3dc109c21fb4f984b04418.jpg)

---

| | | |
|:---|:---|:---|
| | **PFG JP Morgan Tactical Aggressive Strategy Fund** | **Morningstar Aggressive Target Risk Index** |
| **Dec-2017** | $10000 | $10000 |
| **Apr-2018** | $9970 | $10133 |
| **Apr-2019** | $10309 | $10771 |
| **Apr-2020** | $9245 | $10000 |
| **Apr-2021** | $13656 | $14591 |
| **Apr-2022** | $12813 | $13772 |
| **Apr-2023** | $12849 | $13948 |
| **Apr-2024** | $14858 | $15934 |
| **Apr-2025** | $16027 | $17783 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 11, 2017)** |
| PFG JP Morgan Tactical Aggressive Strategy Fund | 7.87% | 11.63% | 6.60% |
| Morningstar Aggressive Target Risk Index | 11.61% | 12.20% | 8.11% |

---

The 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 individuals who invest in the Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $273482982 |
| Number of Portfolio Holdings | 12 |
| Advisory Fee (net of waivers) | $3414472 |
| Portfolio Turnover | 51% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i80a23c48a19bfd9c02a18b89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 49.1% |
| Money Market Funds | 0.4% |
| Open End Funds | 50.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ic0ea7f80b0053719bd878d99.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 0.4% |
| Alternative | 4.4% |
| Equity | 95.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| JPMorgan BetaBuilders US Equity ETF | 28.9% |
| JPMorgan US Equity Fund, Class R6 | 21.4% |
| JPMorgan Large Cap Value Fund, Class R6 | 10.5% |
| JPMorgan International Research Enhanced Equity ETF | 10.3% |
| JPMorgan Large Cap Growth Fund, Class R6 | 9.6% |
| JPMorgan BetaBuilders International Equity ETF | 8.0% |
| JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 | 4.4% |
| JPMorgan Emerging Markets Equity Fund, Class R6 | 3.0% |
| JPMorgan Diversified Return International Equity ETF | 2.0% |
| JPMorgan Equity Index Fund, Class R6 | 1.6% |

---

# Material Fund Changes
Effective March 17, 2025, Greg Silberman now serves as a Portfolio Manager of the Fund.

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

![Image](i41967fcb7e82755f8b37dc26.jpg)

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

#### Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-PFSEX

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

#### Class I (PFJDX)

#### Annual Shareholder Report - April 30, 2025
![Image](i6e7228b6a94069a2335bae9d.jpg)

# Fund Overview
This annual shareholder report contains important information about PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $21 | 1.99% |

---

# How did the Fund perform during the reporting period?
The Fund provides a globally diversified allocation with the ability to tactically adjust the equity and fixed income exposure based upon market conditions. For the fiscal year ended April 30, 2025, the Fund returned +7.81%, compared to the +10.47% return of the Morningstar Moderate Target Risk Index. On a weighted basis, the JPMorgan US Equity R6 (+1.39%) and JPMorgan BetaBuilders US Equity ETF (+1.29%) were the largest contributors to performance, while the JPMorgan BetaBuilders US Mid Cap Equity ETF (-0.10%) was the largest detractor. Within fixed income, positions in JPMorgan BetaBuilders High Yield and JPMorgan BetaBuilders US Aggregate Bond ETF detracted, while core bond and income strategies offered incremental value. Active positioning slightly favored equities, ending the period with a 2.5% overweight relative to a 60/40 neutral stance, which helped offset modest underperformance from certain international exposures. Overall, strategic tilts and fund selection provided strong relative results in a year of persistent inflation, modest growth, and diverging global central bank policies.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i79d4681de4b18888c5c0d704.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PFG JP Morgan Tactical Moderate Strategy Fund** | **Morningstar Moderate Target Risk Index** | **Morningstar Moderately Aggressive Target Risk Index** |
| **Mar-2018** | $10000 | $10000 | $10000 |
| **Apr-2018** | $9800 | $9857 | $9820 |
| **Apr-2019** | $9965 | $10480 | $10439 |
| **Apr-2020** | $9367 | $10449 | $10028 |
| **Apr-2021** | $12203 | $13354 | $13830 |
| **Apr-2022** | $11289 | $12497 | $12981 |
| **Apr-2023** | $11258 | $12561 | $13098 |
| **Apr-2024** | $12197 | $13596 | $14620 |
| **Apr-2025** | $13149 | $15020 | $16236 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (March 15, 2018)** |
| PFG JP Morgan Tactical Moderate Strategy Fund | 7.81% | 7.02% | 3.92% |
| Morningstar Moderate Target Risk Index | 10.47% | 7.53% | 5.87% |
| Morningstar Moderately Aggressive Target Risk Index | 11.05% | 10.12% | 7.04% |

---

The 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 individuals who invest in the Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $130227316 |
| Number of Portfolio Holdings | 17 |
| Advisory Fee (net of waivers) | $1703126 |
| Portfolio Turnover | 50% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if678ec984efb9f96146d5930.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 47.2% |
| Money Market Funds | 0.4% |
| Open End Funds | 52.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](id3ccd8e54c5eaa5cb429e06a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Money Market Funds | 0.4% |
| Alternative | 3.3% |
| Fixed Income | 37.7% |
| Equity | 58.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| JPMorgan BetaBuilders U.S. Aggregate Bond ETF | 16.2% |
| JPMorgan BetaBuilders US Equity ETF | 13.9% |
| JPMorgan US Equity Fund, Class R6 | 13.3% |
| JPMorgan Core Plus Bond Fund, Class R6 | 12.2% |
| JPMorgan Large Cap Value Fund, Class R6 | 8.0% |
| JPMorgan Large Cap Growth Fund, Class R6 | 7.7% |
| JPMorgan International Research Enhanced Equity ETF | 5.9% |
| JPMorgan Income Fund, Class R6 | 4.3% |
| iShares 10-20 Year Treasury Bond ETF | 4.1% |
| JPMorgan Diversified Return International Equity ETF | 3.7% |

---

# Material Fund Changes
Effective March 17, 2025, Greg Silberman now serves as a Portfolio Manager of the Fund.

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

![Image](i3df55e123999c860d89cd6f6.jpg)

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

#### Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-PFJDX

#### PFG Meeder Tactical Strategy Fund

#### Class I (PFTEX)

#### Annual Shareholder Report - April 30, 2025
![Image](ida21ba30e7ab76af46e2e868.jpg)

# Fund Overview
This annual shareholder report contains important information about PFG Meeder Tactical Strategy Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $20 | 1.99% |

---

# How did the Fund perform during the reporting period?
The Fund provides a tactical allocation of equity and fixed income exposures based on current market conditions. For the fiscal year ended April 30, 2025, the Fund returned +4.11%, underperforming its benchmark, the Morningstar Moderate Target Risk Index, which gained +10.47% over the same period. On a weighted basis, the Meeder Muirfield Institutional Fund (+3.05%) underperformed by -5.96%, detracting -3.34% from overall performance and represented the largest allocation (55.24%). On the fixed income side, Meeder Tactical Income and Performance Trust Total Return Bond added positive, though modest, impact. The Performance Trust Total Return Bond Fund returned 7.19%, slightly underperforming its Bloomberg US Aggregate Bond benchmark, yet its contribution was effectively neutral with -0.01% effect. Overall, equity manager selection was the dominant source of underperformance, while allocation effects and fixed income exposures played a smaller role.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i198741798197e7b71ab7f2f8.jpg)

---

| | | |
|:---|:---|:---|
| | **PFG Meeder Tactical Strategy Fund** | **Morningstar Moderate Target Risk Index** |
| **Dec-2017** | $10000 | $10000 |
| **Apr-2018** | $9843 | $10018 |
| **Apr-2019** | $9961 | $10651 |
| **Apr-2020** | $9273 | $10620 |
| **Apr-2021** | $11506 | $13572 |
| **Apr-2022** | $10805 | $12701 |
| **Apr-2023** | $10847 | $12766 |
| **Apr-2024** | $12229 | $13819 |
| **Apr-2025** | $12731 | $15266 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 11, 2017)** |
| PFG Meeder Tactical Strategy Fund | 4.11% | 6.54% | 3.32% |
| Morningstar Moderate Target Risk Index | 10.47% | 7.53% | 5.90% |

---

The 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 individuals who invest in the Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $114033430 |
| Number of Portfolio Holdings | 10 |
| Advisory Fee (net of waivers) | $1475992 |
| Portfolio Turnover | 12% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id110b7f06736e5d09ff8880c.jpg)

---

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

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i3a557e2a2d5bc991115a8392.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.2% |
| Money Market Funds | 0.5% |
| Fixed Income | 2.6% |
| Alternative | 10.0% |
| Mixed Allocation | 10.7% |
| Equity | 76.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Meeder Muirfield Fund, Institutional Class | 56.0% |
| Meeder Dynamic Allocation Fund, Institutional Class | 16.9% |
| Meeder Spectrum Fund, Institutional Class | 10.0% |
| Meeder Balanced Fund, Institutional Class | 7.9% |
| Meeder Moderate Allocation Fund, Institutional Class | 3.5% |
| Meeder Conservative Allocation Fund, Institutional Class | 2.8% |
| Meeder Tactical Income Fund, Institutional Class | 1.4% |
| Performance Trust Total Return Bond Fund, Institutional Class | 1.3% |
| BlackRock Liquidity FedFund, Institutional Class | 0.5% |
| Fidelity Treasury Money Market Fund | 0.0% |

---

# Material Fund Changes
Effective March 17, 2025, Greg Silberman now serves as a Portfolio Manager of the Fund.

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

![Image](i868054d0a398de6cc04414df.jpg)

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

#### Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-PFTEX

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

#### Class I (PFSMX)

#### Annual Shareholder Report - April 30, 2025
![Image](ibd6cfd2a78e69fbfdb71c749.jpg)

# Fund Overview
This annual shareholder report contains important information about PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $21 | 1.99% |

---

# How did the Fund perform during the reporting period?
The Fund provides a strategically managed, globally diversified equity allocation and holds diversifying allocations to real estate and commodities. For the 12-month period ended April 30, 2025, the Fund returned +6.09%, underperforming the Morningstar Aggressive Target Risk Index, which rose +11.61%. On a weighted basis, the MFS Growth Fund (+1.21%) and MFS Value Fund (+1.03%) were the largest contributors to performance, while the iShares GSCI Commodity Dynamic Roll Strategy ETF (-0.34%) was the largest detractor, reflecting broad weakness in the asset class over the period. While the diversified global approach provided resilience, tilts toward value-oriented strategies and commodity allocations weighed on overall results. The Fund continues to maintain broad exposure across equity styles, sectors, and geographies, with an emphasis on long-term capital appreciation through disciplined strategic allocation.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3c4a0d77c8a130bd3a1f317d.jpg)

---

| | | |
|:---|:---|:---|
| | **PFG MFS Aggressive Growth Strategy Fund** | **Morningstar Aggressive Target Risk Index** |
| **Dec-2017** | $10000 | $10000 |
| **Apr-2018** | $10050 | $10133 |
| **Apr-2019** | $10788 | $10771 |
| **Apr-2020** | $10022 | $10000 |
| **Apr-2021** | $14171 | $14591 |
| **Apr-2022** | $13348 | $13772 |
| **Apr-2023** | $13319 | $13948 |
| **Apr-2024** | $14883 | $15934 |
| **Apr-2025** | $15789 | $17783 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 11, 2017)** |
| PFG MFS Aggressive Growth Strategy Fund | 6.09% | 9.52% | 6.38% |
| Morningstar Aggressive Target Risk Index | 11.61% | 12.20% | 8.11% |

---

The 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 individuals who invest in the Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $89267543 |
| Number of Portfolio Holdings | 18 |
| Advisory Fee (net of waivers) | $1204323 |
| Portfolio Turnover | 24% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ice9cdb07fc6489ccb4f6659a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 14.3% |
| Money Market Funds | 0.2% |
| Open End Funds | 85.5% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia517b3472a3b51eaf8369562.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.2% |
| Commodity | 4.6% |
| Equity | 95.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| MFS Growth Fund, Class R6 | 12.2% |
| MFS Value Fund, Class R6 | 11.9% |
| MFS Research Fund, Class R6 | 11.3% |
| MFS Mid Cap Growth Fund, Class R6 | 10.1% |
| MFS Mid Cap Value Fund, Class R5 | 10.1% |
| MFS Research International Fund, Class R6 | 7.8% |
| MFS International Equity Fund, Class R6 | 5.1% |
| MFS International Growth Fund, Class R5 | 5.1% |
| MFS Global Real Estate Fund, Class R5 | 5.0% |
| MFS International Large Cap Value Fund, Class R6 | 5.0% |

---

# Material Fund Changes
Effective March 17, 2025, Greg Silberman now serves as a Portfolio Manager of the Fund.

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

![Image](i366b8ac9c2540aeea20dd496.jpg)

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

#### Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-PFSMX

#### PFG PIMCO Active Core Bond Strategy Fund

#### Class I (PFDOX)

#### Annual Shareholder Report - April 30, 2025
![Image](ic4076f39d8ee8121adfb5f41.jpg)

# Fund Overview
This annual shareholder report contains important information about PFG PIMCO Active Core Bond Strategy Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $20 | 1.99% |

---

# How did the Fund perform during the reporting period?
The Fund provides investors with a diversified fixed income allocation across domestic and foreign countries varying in maturity and credit quality. The Fund returned +6.74% for the fiscal year ended April 30, 2025, underperforming its benchmark, the Bloomberg US Aggregate Bond Index, which returned +7.68% over the same period. The Fund benefited from active duration and sector positioning in a year marked by moderating inflation, steady Fed policy, and resilient economic data. On a weighted basis, the PIMCO Total Return Fund (+3.58%) and PIMCO Income Fund (+2.55%) were the largest contributors to performance. Overall, the Fund's relative outperformance was driven by effective manager selection and allocation to funds with attractive risk-adjusted yields and diversified credit exposure.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8bff19b37f2522bd937f7201.jpg)

---

| | | |
|:---|:---|:---|
| | **PFG PIMCO Active Core Bond Strategy Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec-2017** | $10000 | $10000 |
| **Apr-2018** | $9788 | $9801 |
| **Apr-2019** | $10060 | $10320 |
| **Apr-2020** | $10321 | $11438 |
| **Apr-2021** | $10778 | $11408 |
| **Apr-2022** | $9808 | $10437 |
| **Apr-2023** | $9570 | $10392 |
| **Apr-2024** | $9650 | $10240 |
| **Apr-2025** | $10300 | $11061 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (December 11, 2017)** |
| PFG PIMCO Active Core Bond Strategy Fund | 6.74% | -0.04% | 0.40% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.38% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $147962027 |
| Number of Portfolio Holdings | 8 |
| Advisory Fee (net of waivers) | $1645733 |
| Portfolio Turnover | 23% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i0473f76e6da1095462d6b48a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.3% |
| Open End Funds | 99.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i75731edd17067b5e137b8125.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Money Market Funds | 0.3% |
| Fixed Income | 99.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| PIMCO Total Return Fund, Institutional Class | 39.9% |
| PIMCO Income Fund, Institutional Class | 26.8% |
| PIMCO Mortgage Opportunities and Bond Fund, Institutional Class | 14.9% |
| PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 7.9% |
| PIMCO Emerging Markets Bond Fund, Institutional Class | 5.0% |
| PIMCO Investment Grade Credit Bond Fund Institutional Class | 4.9% |
| BlackRock Liquidity FedFund, Institutional Class | 0.3% |
| Fidelity Treasury Money Market Fund | 0.0% |

---

# Material Fund Changes
Effective March 17, 2025, Greg Silberman now serves as a Portfolio Manager of the Fund.

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

![Image](i2659ff22964fb6892272df03.jpg)

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

#### Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-PFDOX

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

#### Class I (PFTSX)

#### Annual Shareholder Report - April 30, 2025
![Image](i29b2bcbd8e6c3c2581ca89a6.jpg)

# Fund Overview
This annual shareholder report contains important information about PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $21 | 1.99% |

---

# How did the Fund perform during the reporting period?
The Fund seeks income with a focus on tactical high yield strategies, investment grade credit, and dividend paying equities. For the fiscal year ended April 30, 2025, the Fund returned +6.99%, underperforming its benchmark, the Morningstar Moderate Conservative Target Risk Total Return Index, which returned +9.82. Strategy performance was led by stable gains in the money market and fixed income allocations, particularly from the Janus Henderson Flexible Bond Fund and Janus Henderson Mortgage-Backed Securities ETF. On a weighted basis, the Janus Henderson Responsible International Dividend Fund (+1.63%) and Janus Henderson Contrarian Fund (+1.45%) were the largest contributors to performance, while the Janus Henderson Growth and Income Fund (-1.04%) and Janus Henderson Research Fund (-0.88%) were the largest detractors with overall equity exposure detracting from relative performance. The Fund maintained a conservative positioning throughout the period with a high allocation to money markets, which helped preserve capital but lagged during the equity market's broader strength. Tactical allocation decisions and manager selection within fixed income added positively, while equity selection was a headwind. Overall, the Fund achieved solid absolute results while emphasizing capital preservation in a volatile market environment.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0c56dcdade141be54588d832.jpg)

---

| | | |
|:---|:---|:---|
| | **PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund** | **Morningstar Moderately Conservative Target Risk Index** |
| **May-2020** | $10000 | $10000 |
| **Apr-2021** | $11569 | $11972 |
| **Apr-2022** | $10739 | $11157 |
| **Apr-2023** | $10763 | $11203 |
| **Apr-2024** | $11365 | $11812 |
| **Apr-2025** | $12159 | $12972 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **5 Years** |
| PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund | 6.99% | 3.99% |
| Morningstar Moderately Conservative Target Risk Index | 9.82% | 5.34% |

---

The 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 individuals who invest in the Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $101230725 |
| Number of Portfolio Holdings | 13 |
| Advisory Fee (net of waivers) | $1233813 |
| Portfolio Turnover | 101% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id59212116a6387ac9b74bd48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 20.2% |
| Money Market Funds | 0.2% |
| Open End Funds | 79.6% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i58e387dd90301fc02b437448.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.3% |
| Money Market Funds | 0.2% |
| Mixed Allocation | 7.1% |
| Equity | 33.8% |
| Fixed Income | 59.2% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Janus Henderson Flexible Bond Fund, Class N | 26.2% |
| Janus Henderson Mortgage-Backed Securities ETF | 18.1% |
| Janus Henderson High-Yield Fund, Class N | 12.8% |
| Janus Henderson Growth and Income Fund, Class N | 10.2% |
| Janus Henderson Research Fund, Class N | 9.5% |
| Janus Henderson Responsible International Dividend Fund, Class N | 7.1% |
| Janus Henderson Global Equity Income Fund, Class N | 6.8% |
| Janus Henderson Contrarian Fund, Class N | 3.5% |
| Janus Henderson Small/Mid Cap Growth Alpha ETF | 2.1% |
| Janus Henderson Developed World Bond Fund, Class R6 | 2.1% |

---

# Material Fund Changes
Effective March 17, 2025, Greg Silberman now serves as a Portfolio Manager of the Fund.

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

![Image](i9ba6f2c23f6ace912d7bbf08.jpg)

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

#### Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-PFTSX

#### PFG US Equity Index Strategy Fund

#### Class I (PFSSX)

#### Annual Shareholder Report - April 30, 2025
![Image](ifb2a0b47812ebf7fdeb40d5f.jpg)

# Fund Overview
This annual shareholder report contains important information about PFG US Equity Index Strategy Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://www.tpfg.com/funds-reports**. You can also request this information by contacting us at 888-451-TPFG. **This report describes changes to the Fund that occurred during the reporting period.** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $21 | 1.99%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# How did the Fund perform during the reporting period?
The Fund seeks growth of capital with exposure to passively managed and low-cost ETFs to track a specific index consisting of U.S. equity securities of any capitalization. For the fiscal year ended April 30, 2025, the Fund returned +8.10%, underperforming its benchmark, the Morningstar Aggressive Target Risk Total Return Index, which returned 11.87% for the same period. The Fund maintained full allocation to U.S. equities through low-cost index ETFs, which aligned with its objective of capital growth through passive exposure. The largest weighted holdings—Vanguard S&P 500 ETF, Vanguard Russell 1000 Growth ETF, and Vanguard Russell 1000 Value ETF—delivered strong absolute returns of 11.95%, 14.16%, and 8.30%, respectively. However, slight underperformance relative to their respective benchmarks, coupled with a minor drag from the Vanguard Russell 2000 ETF (+0.83%), contributed to the shortfall versus the benchmark. On a weighted basis, the Vanguard S&P 500 ETF (+5.27%) and Vanguard Russell 1000 Growth ETF (+3.59%) were the largest contributors to performance. Despite the solid equity market gains, active return impact was neutral, as performance broadly tracked the underlying indices. The Fund's disciplined, fully invested approach in diversified U.S. equity exposures remained a key driver of long-term return potential, consistent with its strategic mandate.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4caf7f7acb53549de84d82b2.jpg)

---

| | | |
|:---|:---|:---|
| | **PFG US Equity Index Strategy Fund** | **Morningstar Aggressive Target Risk Index** |
| **05/01/24** | $10000 | $10000 |
| **05/31/24** | $10380 | $10333 |
| **06/30/24** | $10670 | $10416 |
| **07/31/24** | $10820 | $10696 |
| **08/31/24** | $11040 | $10973 |
| **09/30/24** | $11260 | $11230 |
| **10/31/24** | $11150 | $10957 |
| **11/30/24** | $11870 | $11401 |
| **12/31/24** | $11506 | $10968 |
| **01/31/25** | $11829 | $11376 |
| **02/28/25** | $11587 | $11349 |
| **03/31/25** | $10891 | $11044 |
| **04/30/25** | $10810 | $11187 |

---

# **Average Annual Total Returns** 

---

| | |
|:---|:---|
| | **1 Year** |
| PFG US Equity Index Strategy Fund | 8.10% |
| Morningstar Aggressive Target Risk Index | 11.87% |

---

The 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 individuals who invest in the Fund or any member of the public regarding the advisability of investing in equity securities generally or in the Fund in particular or the ability of the Fund to track the Morningstar Indices or general equity market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $96402360 |
| Number of Portfolio Holdings | 6 |
| Advisory Fee (net of waivers) | $854082 |
| Portfolio Turnover | 22% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5ab43d580e3bbc026a67e25b.jpg)

---

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

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia6058bf2b5734ae3293ef588.jpg)

---

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

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 44.8% |
| Vanguard Russell 1000 Growth ETF | 24.7% |
| Vanguard Russell 1000 Value ETF | 22.5% |
| Vanguard Extended Market ETF | 6.1% |
| Vanguard Russell 2000 ETF | 1.5% |
| BlackRock Liquidity FedFund, Institutional Class | 0.4% |

---

# Material Fund Changes
Effective March 17, 2025, Greg Silberman now serves as a Portfolio Manager of the Fund.

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

![Image](ia5aba0131e006719a7b179f8.jpg)

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

#### Annual Shareholder Report - April 30, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-PFSSX

(b) Not applicable

**Item 2. Code of Ethics.** 

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) Not
 Applicable

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See
 Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.** 

(a)(1) The Registrant's board of trustees has determined that Mark Gersten, Anthony J. Hertl and Mark H. Taylor are audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Gersten, Mr. Hertl and Mr. Taylor are independent for purposes of this Item 3.

(a)(2) Not applicable.

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

---

| | |
|:---|:---|
| (a) | Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows: |
|  | 2025 - $214200<br> 2024 - $180000 |
| (b) | Audit-Related Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this item. |
| (c) | Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows: |
|  | 2025 - $51000<br> 2024 - $45000 |
|  | Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns. |
| (d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended April 30, 2024 and 2025, respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%). |

---

(g) All
 non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended
 April 30, 2024 and 2025, respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's
 principal accountant for the registrant's adviser.

(h) Not
 applicable.

(i) Not
 applicable.

(j) Not
 applicable.

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

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

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

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

---

| |
|:---|
| **PFG AMERICAN FUNDS<sup>®</sup> CONSERVATIVE INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.9%** |  |
|  | **EQUITY - 10.1%** |  |
| 404972 | American Mutual Fund, Class R-6 | $22317989 |
|  | **FIXED INCOME - 74.7%** |  |
| 1182543 | American Funds Multi-Sector Income Fund, Class R-6 | 10962174 |
| 2375228 | American Funds Strategic Bond Fund, Class R-6 | 22232137 |
| 3876230 | Bond Fund of America (The), Class R-6 | 43956452 |
| 4331084 | Intermediate Bond Fund of America, Class R-6 | 54961453 |
| 3455665 | Short Term Bond Fund of America, Class R-6 | 33278050 |
|  |  | 165390266 |
|  | **MIXED ALLOCATION - 15.1%** |  |
| 327374 | American Balanced Fund, Class R-6 | 11153632 |
| 876166 | Income Fund of America (The), Class R-6 | 22184532 |
|  |  | 33338164 |
|  | **TOTAL OPEN END FUNDS (Cost $224,406,353)** | 221046419 |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 1160905 | BlackRock Liquidity FedFund, Institutional Class, 4.22%<sup>(a)</sup> | 1160905 |
| 689 | Fidelity Treasury Money Market Fund, 3.96%<sup>(a)</sup> | 689 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $1,161,594)** | 1161594 |
|  | **TOTAL INVESTMENTS - 100.4% (Cost $225,567,947)** | $222208013 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%** | (835000) |
|  | **NET ASSETS - 100.0%** | $221373013 |

---

(a) Rate disclosed is the seven day effective
 yield as of April 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG AMERICAN FUNDS<sup>®</sup> GROWTH STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 100.0%** |  |
|  | **EQUITY - 100.0%** |  |
| 3308914 | AMCAP Fund, Class R-6 | $137485373 |
| 1656546 | American Funds - Investment Company of America (The), Class R-6 | 92385597 |
| 1177960 | American Funds Fundamental Investors, Class R-6 | 92516983 |
| 3236460 | Growth Fund of America (The), Class R-6 | 230177056 |
| 1584224 | New Economy Fund (The), Class R-6 | 93073164 |
| 2237686 | New Perspective Fund, Class R-6 | 139586854 |
| 2060007 | Smallcap World Fund, Inc., Class R-6 | 137567287 |
|  | **TOTAL OPEN END FUNDS (Cost $902,268,637)** | 922792314 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 3455273 | BlackRock Liquidity FedFund, Institutional Class, 4.22%<sup>(a)</sup> | 3455273 |
| 2121 | Fidelity Treasury Money Market Fund, 3.96%<sup>(a)</sup> | 2121 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $3,457,394)** | 3457394 |
|  | **TOTAL INVESTMENTS - 100.4% (Cost $905,726,031)** | $926249708 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%** | (3655289) |
|  | **NET ASSETS - 100.0%** | $922594419 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG BNY MELLON DIVERSIFIER STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 2.0%** |  |
|  | **EQUITY - 2.0%** |  |
| 38521 | iShares Global Infrastructure ETF (Cost $1,819,085) | $2172199 |
|  | **OPEN END FUNDS — 97.7%** |  |
|  | **ALTERNATIVE - 25.1%** |  |
| 1805310 | BNY Mellon Global Real Return Fund, Class I | 27314334 |
|  | **EQUITY - 7.0%** |  |
| 661950 | BNY Mellon Global Real Estate Securities Fund, Class I | 5467704 |
| 55622 | BNY Mellon Natural Resources Fund, Class I | 2129212 |
|  |  | 7596916 |
|  | **FIXED INCOME - 65.6%** |  |
| 7763696 | BNY Mellon Core Plus Fund, Class I | 71503641 |
|  | **TOTAL OPEN END FUNDS (Cost $106,787,658)** | 106414891 |
|  | **SHORT-TERM INVESTMENTS — 0.3%** |  |
|  | **MONEY MARKET FUNDS - 0.3%** |  |
| 284866 | BlackRock Liquidity FedFund, Institutional Class, 4.22%<sup>(a)</sup> | 284866 |
| 204 | Fidelity Treasury Money Market Fund, 3.96%<sup>(a)</sup> | 204 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $285,070)** | 285070 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $108,891,813)** | $108872160 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%<sup>(b)</sup>** | 7368 |
|  | **NET ASSETS - 100.0%** | $108879528 |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

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

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG BR TARGET ALLOCATION EQUITY STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.8%** |  |
|  | **EQUITY - 99.8%** |  |
| 199514 | iShares Core MSCI Emerging Markets ETF | $10807673 |
| 143339 | iShares Core S&P 500 ETF | 79977427 |
| 170575 | iShares Currency Hedged MSCI EAFE ETF | 6157758 |
| 133219 | iShares MSCI EAFE Growth ETF | 13902735 |
| 355158 | iShares MSCI EAFE Value ETF | 21650432 |
| 190550 | iShares MSCI Emerging Markets ex China ETF | 10811807 |
| 46373 | iShares MSCI USA Momentum Factor ETF | 9721172 |
| 239264 | iShares MSCI USA Quality Factor ETF | 40524143 |
| 33687 | iShares S&P 100 ETF | 9054729 |
| 396123 | iShares S&P 500 Growth ETF | 37493042 |
| 142946 | iShares S&P 500 Value ETF | 26220585 |
| 641394 | iShares U.S. Equity Factor Rotation Active ETF | 31158921 |
| 89885 | iShares U.S. Technology ETF | 12838275 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $292,144,123)** | 310318699 |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 1589756 | BlackRock Liquidity FedFund, Institutional Class, 4.22% (Cost $1,589,756)<sup>(a)</sup> | 1589756 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $293,733,879)** | $311908455 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | (725577) |
|  | **NET ASSETS - 100.0%** | $311182878 |

---

---

| | |
|:---|:---|
| 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 April 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG FIDELITY INSTITUTIONAL AM<sup>®</sup> CORE PLUS BOND STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 40.9%** |  |
|  | **FIXED INCOME - 40.9%** |  |
| 311022 | Fidelity Corporate Bond ETF<sup>(a)</sup> | $14527838 |
| 222053 | Invesco Taxable Municipal Bond ETF | 5888846 |
| 70695 | iShares MBS ETF | 6630484 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $26,467,356)** | 27047168 |
|  | **OPEN END FUNDS — 58.7%** |  |
|  | **FIXED INCOME - 58.7%** |  |
| 1026402 | Fidelity Advisor Strategic Income Fund, Class Z | 11895998 |
| 2819531 | Fidelity Total Bond Fund, Class Z | 26870134 |
|  | **TOTAL OPEN END FUNDS (Cost $38,044,164)** | 38766132 |
|  | **SHORT-TERM INVESTMENTS — 0.7%** |  |
|  | **MONEY MARKET FUNDS - 0.7%** |  |
| 312834 | BlackRock Liquidity FedFund, Institutional Class, 4.22%<sup>(b)</sup> | 312834 |
| 134648 | Fidelity Treasury Money Market Fund, 3.96%<sup>(b)</sup> | 134648 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $447,482)** | 447482 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $64,959,002)** | $66260782 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | (188023) |
|  | **NET ASSETS - 100.0%** | $66072759 |

---

ETF - Exchange-Traded Fund <br>

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

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG FIDELITY INSTITUTIONAL AM<sup>®</sup> EQUITY INDEX STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.6%** |  |
|  | **EQUITY - 99.6%** |  |
| 1247276 | Fidelity 500 Index Fund, Institutional Premium Class | $241322893 |
| 7578331 | Fidelity Global ex US Index Fund, Institutional Premium Class | 119661842 |
| 491612 | Fidelity Mid Cap Index Fund, Institutional Premium Class | 15869238 |
| 795877 | Fidelity Small Cap Index Fund, Institutional Premium Class | 19491036 |
|  | **TOTAL OPEN END FUNDS (Cost $346,822,526)** | 396345009 |
|  | **SHORT-TERM INVESTMENTS — 0.6%** |  |
|  | **MONEY MARKET FUNDS - 0.6%** |  |
| 2207897 | BlackRock Liquidity FedFund, Institutional Class, 4.22% (Cost $2,207,897)<sup>(a)</sup> | 2207897 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $349,030,423)** | $398552906 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | (772304) |
|  | **NET ASSETS - 100.0%** | $397780602 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG FIDELITY INSTITUTIONAL AM<sup>®</sup> EQUITY SECTOR STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 70.4%** |  |
|  | **EQUITY - 70.4%** |  |
| 932856 | Fidelity MSCI Consumer Discretionary Index ETF | $78844989 |
| 197367 | Fidelity MSCI Consumer Staples Index ETF | 10178216 |
| 186797 | Fidelity MSCI Energy Index ETF | 4122610 |
| 1369787 | Fidelity MSCI Financials Index ETF | 93090725 |
| 864020 | Fidelity MSCI Industrials Index ETF | 59384095 |
| 266055 | Fidelity MSCI Materials Index ETF | 12645594 |
| 1272267 | Fidelity MSCI Real Estate Index ETF | 34071310 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $289,212,629)** | 292337539 |
|  | **OPEN END FUNDS — 29.5%** |  |
|  | **EQUITY - 29.5%** |  |
| 266853 | Fidelity Advisor Communication Services Fund, Class Z | 27883514 |
| 805787 | Fidelity Advisor Technology Fund, Class Z | 94849240 |
|  | **TOTAL OPEN END FUNDS (Cost $129,774,484)** | 122732754 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 1706554 | BlackRock Liquidity FedFund, Institutional Class, 4.22%<sup>(b)</sup> | 1706554 |
| 8435 | Fidelity Treasury Money Market Fund, 3.96%<sup>(b)</sup> | 8435 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $1,714,989)** | 1714989 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $420,702,102)** | $416785282 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | (1111950) |
|  | **NET ASSETS - 100.0%** | $415673332 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG GLOBAL EQUITY INDEX STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.8%** |  |
|  | **EQUITY - 99.8%** |  |
| 147866 | Vanguard FTSE Developed Markets ETF | $7817675 |
| 72839 | Vanguard FTSE Emerging Markets ETF | 3295965 |
| 21272 | Vanguard Growth ETF | 8046985 |
| 9415 | Vanguard Small-Cap ETF | 2035052 |
| 171970 | Vanguard Total International Stock ETF | 10982004 |
| 61601 | Vanguard Total Stock Market ETF | 16805985 |
| 40361 | Vanguard Value ETF | 6719299 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $54,070,560)** | 55702965 |
|  | **SHORT-TERM INVESTMENTS — 0.3%** |  |
|  | **MONEY MARKET FUNDS - 0.3%** |  |
| 188213 | BlackRock Liquidity FedFund, Institutional Class, 4.22% (Cost $188,213)<sup>(a)</sup> | 188213 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $54,258,773)** | $55891178 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (82451) |
|  | **NET ASSETS - 100.0%** | $55808727 |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG INVESCO<sup>®</sup> EQUITY FACTOR ROTATION STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.8%** |  |
|  | **EQUITY - 99.8%** |  |
| 108950 | Invesco International Developed Dynamic Multifactor ETF | $2818537 |
| 219600 | Invesco Russell 1000 Dynamic Multifactor ETF | 11763972 |
| 79317 | Invesco Russell 2000 Dynamic Multifactor ETF | 2968835 |
| 53621 | Invesco S&P 500 Enhanced Value ETF | 2651735 |
| 111437 | Invesco S&P 500 Low Volatility ETF | 8115957 |
| 75368 | Invesco S&P 500 Momentum ETF | 7127552 |
| 104976 | Invesco S&P 500 Quality ETF | 6944162 |
| 220496 | Invesco S&P Emerging Markets Low Volatility ETF | 5510195 |
| 170984 | Invesco S&P International Developed Low Volatility ETF | 5481747 |
| 26272 | Invesco S&P MidCap 400 GARP ETF | 2633524 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $51,926,034)** | 56016216 |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 258018 | BlackRock Liquidity FedFund, Institutional Class, 4.22% (Cost $258,018)<sup>(a)</sup> | 258018 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $52,184,052)** | $56274234 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | (173540) |
|  | **NET ASSETS - 100.0%** | $56100694 |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG JANUS HENDERSON<sup>®</sup> BALANCED STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 10.5%** |  |
|  | **EQUITY - 3.0%** |  |
| 117510 | Janus Henderson Small/Mid Cap Growth Alpha ETF | $8121116 |
|  | **FIXED INCOME - 7.5%** |  |
| 442582 | Janus Henderson Mortgage-Backed Securities ETF | 19960448 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $27,256,537)** | 28081564 |
|  | **OPEN END FUNDS — 89.4%** |  |
|  | **EQUITY - 9.5%** |  |
| 791742 | Janus Henderson Contrarian Fund, Class N | 20023157 |
| 69369 | Janus Henderson Research Fund, Class N | 5445445 |
|  |  | 25468602 |
|  | **MIXED ALLOCATION - 79.9%** |  |
| 4786462 | Janus Henderson Balanced Fund, Class N | 214289902 |
|  | **TOTAL OPEN END FUNDS (Cost $242,279,737)** | 239758504 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 942956 | BlackRock Liquidity FedFund, Institutional Class, 4.22%<sup>(a)</sup> | 942956 |
| 820 | Fidelity Treasury Money Market Fund, 3.96%<sup>(a)</sup> | 820 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $943,776)** | 943776 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $270,480,050)** | $268783844 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | (683113) |
|  | **NET ASSETS - 100.0%** | $268100731 |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG JANUS HENDERSON<sup>®</sup> TACTICAL INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 20.2%** |  |
|  | **EQUITY - 2.1%** |  |
| 31323 | Janus Henderson Small/Mid Cap Growth Alpha ETF | $2164733 |
|  | **FIXED INCOME - 18.1%** |  |
| 405519 | Janus Henderson Mortgage-Backed Securities ETF | 18288906 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $20,214,954)** | 20453639 |
|  | **OPEN END FUNDS — 79.9%** |  |
|  | **EQUITY - 31.7%** |  |
| 139137 | Janus Henderson Contrarian Fund, Class N | 3518773 |
| 187310 | Janus Henderson Emerging Markets Fund, Class N6<sup>(a)</sup> | 1723250 |
| 1043813 | Janus Henderson Global Equity Income Fund, Class N | 6847416 |
| 156135 | Janus Henderson Growth and Income Fund, Class N | 10320514 |
| 122396 | Janus Henderson Research Fund, Class N | 9608118 |
|  |  | 32018071 |
|  | **FIXED INCOME - 41.1%** |  |
| 269675 | Janus Henderson Developed World Bond Fund, Class R6 | 2084585 |
| 2853721 | Janus Henderson Flexible Bond Fund, Class N | 26568144 |
| 1812038 | Janus Henderson High-Yield Fund, Class N | 12956071 |
|  |  | 41608800 |
|  | **MIXED ALLOCATION - 7.1%** |  |
| 428298 | Janus Henderson Responsible International Dividend Fund, Class N | 7186846 |
|  | **TOTAL OPEN END FUNDS (Cost $81,632,507)** | 80813717 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG JANUS HENDERSON<sup>®</sup> TACTICAL INCOME STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.2%** |  |
|  | **MONEY MARKET FUNDS - 0.2%** |  |
| 226957 | BlackRock Liquidity FedFund, Institutional Class, 4.22%<sup>(b)</sup> | $226957 |
| 334 | Fidelity Treasury Money Market Fund, 3.96%<sup>(b)</sup> | 334 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $227,291)** | 227291 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $102,074,752)** | $101494647 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | (263922) |
|  | **NET ASSETS - 100.0%** | $101230725 |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> Affiliated Company – PFG Janus Henderson<sup>®</sup> 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 April 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG JP MORGAN<sup>®</sup> TACTICAL AGGRESSIVE STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 49.1%** |  |
|  | **EQUITY - 49.1%** |  |
| 340751 | JPMorgan BetaBuilders International Equity ETF | $21746729 |
| 787862 | JPMorgan BetaBuilders US Equity ETF | 78975286 |
| 89207 | JPMorgan Diversified Return International Equity ETF | 5356952 |
| 434338 | JPMorgan International Research Enhanced Equity ETF | 28231970 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $129,009,304)** | 134310937 |
|  | **OPEN END FUNDS — 50.6%** |  |
|  | **ALTERNATIVE - 4.4%** |  |
| 719126 | JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 | 12160427 |
|  | **EQUITY - 46.2%** |  |
| 261498 | JPMorgan Emerging Markets Equity Fund, Class R6 | 8271194 |
| 53832 | JPMorgan Equity Index Fund, Class R6 | 4501948 |
| 335218 | JPMorgan Large Cap Growth Fund, Class R6 | 26250893 |
| 1506918 | JPMorgan Large Cap Value Fund, Class R6 | 28706794 |
| 2514848 | JPMorgan US Equity Fund, Class R6 | 58520513 |
|  |  | 126251342 |
|  | **TOTAL OPEN END FUNDS (Cost $127,345,169)** | 138411769 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 1122469 | BlackRock Liquidity FedFund, Institutional Class, 4.22%<sup>(a)</sup> | 1122469 |
| 86 | Fidelity Treasury Money Market Fund, 3.96%<sup>(a)</sup> | 86 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $1,122,555)** | 1122555 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $257,477,028)** | $273845261 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (362279) |
|  | **NET ASSETS - 100.0%** | $273482982 |

---

ETF - Exchange-Traded Fund

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG JP MORGAN<sup>®</sup> TACTICAL MODERATE STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 47.3%** |  |
|  | **EQUITY - 26.1%** |  |
| 51912 | JPMorgan BetaBuilders International Equity ETF | $3313024 |
| 180008 | JPMorgan BetaBuilders US Equity ETF | 18044002 |
| 80597 | JPMorgan Diversified Return International Equity ETF | 4839914 |
| 118965 | JPMorgan International Research Enhanced Equity ETF | 7732725 |
|  |  | 33929665 |
|  | **FIXED INCOME - 21.2%** |  |
| 51720 | iShares 10-20 Year Treasury Bond ETF | 5308541 |
| 458503 | JPMorgan BetaBuilders U.S. Aggregate Bond ETF | 21136988 |
| 26583 | JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 1215085 |
|  |  | 27660614 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $58,479,438)** | 61590279 |
|  | **OPEN END FUNDS — 52.4%** |  |
|  | **ALTERNATIVE - 3.3%** |  |
| 251317 | JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 | 4249768 |
|  | **EQUITY - 32.6%** |  |
| 81696 | JPMorgan Emerging Markets Equity Fund, Class R6 | 2584056 |
| 26046 | JPMorgan Equity Index Fund, Class R6 | 2178215 |
| 127404 | JPMorgan Large Cap Growth Fund, Class R6 | 9977013 |
| 549360 | JPMorgan Large Cap Value Fund, Class R6 | 10465315 |
| 744146 | JPMorgan US Equity Fund, Class R6 | 17316274 |
|  |  | 42520873 |
|  | **FIXED INCOME - 16.5%** |  |
| 2196254 | JPMorgan Core Plus Bond Fund, Class R6 | 15878919 |
| 657791 | JPMorgan Income Fund, Class R6 | 5617539 |
|  |  | 21496458 |
|  | **TOTAL OPEN END FUNDS (Cost $64,773,969)** | 68267099 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG JP MORGAN<sup>®</sup> TACTICAL MODERATE STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 486191 | BlackRock Liquidity FedFund, Institutional Class, 4.22%<sup>(a)</sup> | $486191 |
| 76315 | Fidelity Treasury Money Market Fund, 3.96%<sup>(a)</sup> | 76315 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $562,506)** | 562506 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $123,815,913)** | $130419884 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (192568) |
|  | **NET ASSETS - 100.0%** | $130227316 |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG MEEDER TACTICAL STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.7%** |  |
|  | **ALTERNATIVE - 10.0%** |  |
| 871472 | Meeder Spectrum Fund, Institutional Class<sup>(a)</sup> | $11398852 |
|  | **EQUITY - 76.4%** |  |
| 1454321 | Meeder Dynamic Allocation Fund, Institutional Class | 19313383 |
| 329071 | Meeder Moderate Allocation Fund, Institutional Class | 3962012 |
| 7204023 | Meeder Muirfield Fund, Institutional Class<sup>(a)</sup> | 63827641 |
|  |  | 87103036 |
|  | **FIXED INCOME - 2.6%** |  |
| 166195 | Meeder Tactical Income Fund, Institutional Class | 1563894 |
| 73735 | Performance Trust Total Return Bond Fund, Institutional Class | 1452577 |
|  |  | 3016471 |
|  | **MIXED ALLOCATION - 10.7%** |  |
| 731451 | Meeder Balanced Fund, Institutional Class | 8982222 |
| 136868 | Meeder Conservative Allocation Fund, Institutional Class | 3175330 |
|  |  | 12157552 |
|  | **TOTAL OPEN END FUNDS (Cost $120,835,497)** | 113675911 |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
|  | **MONEY MARKET FUNDS - 0.5%** |  |
| 528039 | BlackRock Liquidity FedFund, Institutional Class, 4.22%<sup>(b)</sup> | 528039 |
| 6178 | Fidelity Treasury Money Market Fund, 3.96%<sup>(b)</sup> | 6178 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $534,217)** | 534217 |
|  | **TOTAL INVESTMENTS - 100.2% (Cost $121,369,714)** | $114210128 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%** | (176698) |
|  | **NET ASSETS - 100.0%** | $114033430 |

---

<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 April 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG MFS<sup>®</sup> AGGRESSIVE GROWTH STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 14.3%** |  |
|  | **COMMODITY - 4.6%** |  |
| 168650 | iShares GSCI Commodity Dynamic Roll Strategy ETF | $4084703 |
|  | **EQUITY - 9.7%** |  |
| 46500 | Schwab International Small-Cap Equity ETF | 1759095 |
| 66892 | SPDR Portfolio Emerging Markets ETF | 2634875 |
| 8486 | Vanguard Small-Cap Growth ETF | 2104189 |
| 12063 | Vanguard Small-Cap Value ETF | 2171099 |
|  |  | 8669258 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $12,544,221)** | 12753961 |
|  | **OPEN END FUNDS — 85.5%** |  |
|  | **EQUITY - 85.5%** |  |
| 278935 | MFS Global Real Estate Fund, Class R5 | 4465743 |
| 58084 | MFS Growth Fund, Class R6 | 10918654 |
| 121975 | MFS International Equity Fund, Class R6 | 4539922 |
| 100898 | MFS International Growth Fund, Class R6 | 4521255 |
| 300528 | MFS International Large Cap Value Fund, Class R6 | 4447807 |
| 54064 | MFS International New Discovery Fund, Class R6 | 1723553 |
| 298887 | MFS Mid Cap Growth Fund, Class R6 | 9044331 |
| 301577 | MFS Mid Cap Value Fund, Class R5 | 8971926 |
| 185523 | MFS Research Fund, Class R6 | 10046067 |
| 290789 | MFS Research International Fund, Class R6 | 6999291 |
| 218725 | MFS Value Fund, Class R6 | 10649702 |
|  | **TOTAL OPEN END FUNDS (Cost $73,915,461)** | 76328251 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG MFS<sup>®</sup> AGGRESSIVE GROWTH STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.2%** |  |
|  | **MONEY MARKET FUNDS - 0.2%** |  |
| 191881 | BlackRock Liquidity FedFund, Institutional Class, 4.22%<sup>(a)</sup> | $191881 |
| 240 | Fidelity Treasury Money Market Fund, 3.96%<sup>(a)</sup> | 240 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $192,121)** | 192121 |
|  | **TOTAL INVESTMENTS - 100.0% (Cost $86,651,803)** | $89274333 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%<sup>(b)</sup>** | (6790) |
|  | **NET ASSETS - 100.0%** | $89267543 |

---

---

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

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

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

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG PIMCO ACTIVE CORE BOND STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **OPEN END FUNDS — 99.4%** |  |
|  | **FIXED INCOME – 99.4%** |  |
| 868190 | PIMCO Emerging Markets Bond Fund, Institutional Class | $7327527 |
| 3720664 | PIMCO Income Fund, Institutional Class | 39699488 |
| 1182430 | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 11717885 |
| 805380 | PIMCO Investment Grade Credit Bond Fund, Institutional Class | 7264529 |
| 2359304 | PIMCO Mortgage Opportunities and Bond Fund, Institutional Class | 22012308 |
| 6819128 | PIMCO Total Return Fund, Institutional Class | 59053645 |
|  | **TOTAL OPEN END FUNDS (Cost $151,831,247)** | 147075382 |
|  | **SHORT-TERM INVESTMENTS — 0.3%** |  |
|  | **MONEY MARKET FUNDS - 0.3%** |  |
| 458615 | BlackRock Liquidity FedFund, Institutional Class, 4.22%<sup>(a)</sup> | 458615 |
| 106 | Fidelity Treasury Money Market Fund, 3.96%<sup>(a)</sup> | 106 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $458,721)** | 458721 |
|  | **TOTAL INVESTMENTS - 99.7% (Cost $152,289,968)** | $147534103 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%** | 427924 |
|  | **NET ASSETS - 100.0%** | $147962027 |

---

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **PFG US EQUITY INDEX STRATEGY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.7%** |  |
|  | **EQUITY - 99.7%** |  |
| 34500 | Vanguard Extended Market ETF | $5894325 |
| 252487 | Vanguard Russell 1000 Growth ETF | 23801949 |
| 272037 | Vanguard Russell 1000 Value ETF | 21735756 |
| 17778 | Vanguard Russell 2000 ETF | 1400018 |
| 84808 | Vanguard S&P 500 ETF | 43230030 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $94,532,951)** | 96062078 |
|  | **SHORT-TERM INVESTMENTS — 0.4%** |  |
|  | **MONEY MARKET FUNDS - 0.4%** |  |
| 413259 | BlackRock Liquidity FedFund, Institutional Class, 4.22% (Cost $413,259)<sup>(a)</sup> | 413259 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $94,946,210)** | $96475337 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (72977) |
|  | **NET ASSETS - 100.0%** | $96402360 |

---

ETF - Exchange-Traded Fund <br>

<sup>(a)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Assets and Liabilities** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets:** |<br>**PFG American Funds®**<br>**Conservative Income**<br>**Strategy Fund** |<br>**PFG American Funds®**<br>**Growth Strategy Fund** |<br>**PFG BNY Mellon**<br>**Diversifier Strategy**<br>**Fund** |<br>**PFG BR Target**<br>**Allocation Equity**<br>**Strategy Fund** | **PFG Fidelity**<br>**Institutional AM®**<br>**Core Plus Bond**<br>**Strategy Fund** |
| Investments in unaffiliated securities, at cost | $225567947 | $905726031 | $108891813 | $293733879 | $50881397 |
| Investments in affiliated securities, at cost |  |  |  |  | 14077605 |
| Total Securities, at cost | $225567947 | $905726031 | $108891813 | $293733879 | $64959002 |
| Investments in unaffiliated securities, at fair value | $222208013 | $926249708 | $108872160 | $311908455 | $51732944 |
| Investments in affiliated securities, at fair value |  |  |  |  | 14527838 |
| Total Securities, at fair value | $222208013 | $926249708 | $108872160 | $311908455 | $66260782 |
| Receivable for securities sold |  |  | 5500000 |  |  |
| Receivable for Fund shares sold | 126011 | 589235 | 108603 | 276552 | 41993 |
| Interest and dividends receivable | 524261 | 7894 | 232391 | 5301 | 57101 |
| **Total Assets** | 222858285 | 926846837 | 114713154 | 312190308 | 66359876 |
| **Liabilities:** |  |  |  |  |  |
| Payable for Fund shares redeemed | 795242 | 2150211 | 239247 | 117592 | 143647 |
| Payable for securities purchased | 320025 | 680025 | 5400000 | 401497 |  |
| Accrued investment advisory fees | 224149 | 900743 | 109814 | 301776 | 65793 |
| Payable to administrator | 145856 | 521439 | 84565 | 186565 | 77677 |
| **Total Liabilities** | 1485272 | 4252418 | 5833626 | 1007430 | 287117 |
| **Net Assets** | $221373013 | $922594419 | $108879528 | $311182878 | $66072759 |
| **Net Assets:** |  |  |  |  |  |
| Paid in capital | $231676248 | $847749747 | $125148624 | $287827425 | $64860230 |
| Accumulated earnings/(deficit) | (10303235) | 74844672 | (16269096) | 23355453 | 1212529 |
| **Net Assets** | $221373013 | $922594419 | $108879528 | $311182878 | $66072759 |
| **Class I Shares^:** |  |  |  |  |  |
| Net assets | $221373013 | $922594419 | $108879528 | $311182878 | $66072759 |
| Total shares outstanding at end of year ($0 par value, unlimited shares authorized) | 22851018 | 78021491 | 11573956 | 22118691 | 7462851 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $9.69 | $11.82 | $9.41 | $14.07 | $8.85 |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Assets and Liabilities (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets:** | **PFG Fidelity**<br>**Institutional AM®**<br>**Equity Index Strategy**<br>**Fund** | **PFG Fidelity**<br>**Institutional AM®**<br>**Equity Sector Strategy**<br>**Fund** |<br>**PFG Global Equity**<br>**Index Strategy Fund** |<br>**PFG Invesco® Equity**<br>**Factor Rotation**<br>**Strategy Fund** |<br>**PFG Janus**<br>**Henderson® Balanced**<br>**Strategy Fund** |
| Total Securities, at cost | $349030423 | $420702102 | $54258773 | $52184052 | $270480050 |
| Total Securities, at fair value | $398552906 | $416785282 | $55891178 | $56274234 | $268783844 |
| Receivable for securities sold |  |  | 512022 |  |  |
| Receivable for Fund shares sold | 552327 | 356283 | 2000 | 2354 | 107002 |
| Interest and dividends receivable | 9043 | 6529 | 729 | 701 | 3953 |
| **Total Assets** | 399114276 | 417148094 | 56405929 | 56277289 | 268894799 |
| **Liabilities:** |  |  |  |  |  |
| Payable for Fund shares redeemed | 726931 | 830490 | 33371 | 13241 | 379898 |
| Payable for securities purchased |  |  | 450724 |  |  |
| Accrued investment advisory fees | 384567 | 404428 | 55024 | 55497 | 266694 |
| Payable to administrator | 222176 | 239844 | 58083 | 107857 | 147476 |
| **Total Liabilities** | 1333674 | 1474762 | 597202 | 176595 | 794068 |
| **Net Assets** | $397780602 | $415673332 | $55808727 | $56100694 | $268100731 |
| **Net Assets:** |  |  |  |  |  |
| Paid in capital | $342539322 | $386810446 | $53465875 | $60801152 | $275876494 |
| Accumulated earnings/(deficit) | 55241280 | 28862886 | 2342852 | (4700458) | (7775763) |
| **Net Assets** | $397780602 | $415673332 | $55808727 | $56100694 | $268100731 |
| **Class I Shares^:** |  |  |  |  |  |
| Net assets | $397780602 | $415673332 | $55808727 | $56100694 | $268100731 |
| Total shares outstanding at end of year ($0 par value, unlimited shares authorized) | 29204515 | 32421404 | 5248775 | 6073744 | 27264960 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $13.62 | $12.82 | $10.63 | $9.24 | $9.83 |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Assets and Liabilities (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets:** | **PFG Janus**<br>**Henderson® Tactical**<br>**Income Strategy Fund** | **PFG JP Morgan®**<br>**Tactical Aggressive**<br>**Strategy Fund** | **PFG JP Morgan®**<br>**Tactical Moderate**<br>**Strategy Fund** |<br>**PFG Meeder Tactical**<br>**Strategy Fund** |<br>**PFG MFS® Aggressive**<br>**Growth Strategy Fund** |
| Investments in unaffiliated securities, at cost | $100274652 | $257477028 | $123815913 | $41126657 | $86651803 |
| Investments in affiliated securities, at cost | 1800100 |  |  | 80243057 |  |
| Total Securities, at cost | $102074752 | $257477028 | $123815913 | $121369714 | $86651803 |
| Investments in unaffiliated securities, at fair value | $99771397 | $273845261 | $130419884 | $38983635 | $89274333 |
| Investments in affiliated securities, at fair value | 1723250 |  |  | 75226493 |  |
| Total Securities, at fair value | $101494647 | $273845261 | $130419884 | $114210128 | $89274333 |
| Receivable for securities sold |  |  |  |  | 129975 |
| Receivable for Fund shares sold | 37818 | 128033 | 3537 | 33146 | 57683 |
| Interest and dividends receivable | 184023 | 3813 | 31823 | 1575 | 847 |
| **Total Assets** | 101716488 | 273977107 | 130455244 | 114244849 | 89462838 |
| **Liabilities:** |  |  |  |  |  |
| Payable for Fund shares redeemed | 317095 | 56762 | 23 | 11434 | 31421 |
| Accrued investment advisory fees | 100932 | 269279 | 129909 | 115393 | 88164 |
| Payable to administrator | 67736 | 168084 | 97996 | 84592 | 75710 |
| **Total Liabilities** | 485763 | 494125 | 227928 | 211419 | 195295 |
| **Net Assets** | $101230725 | $273482982 | $130227316 | $114033430 | $89267543 |
| **Net Assets:** |  |  |  |  |  |
| Paid in capital | $106868998 | $236172195 | $126168028 | $113773577 | $80782423 |
| Accumulated earnings/(deficit) | (5638273) | 37310787 | 4059288 | 259853 | 8485120 |
| **Net Assets** | $101230725 | $273482982 | $130227316 | $114033430 | $89267543 |
| **Class I Shares^:** |  |  |  |  |  |
| Net assets | $101230725 | $273482982 | $130227316 | $114033430 | $89267543 |
| Total shares outstanding at end of year ($0 par value, unlimited shares authorized) | 10279098 | 20042160 | 11757322 | 11606347 | 9896171 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $9.85 | $13.65 | $11.08 | $9.83 | $9.02 |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Assets and Liabilities (Continued)** |
| **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Assets:** | **PFG PIMCO Active Core**<br>**Bond Strategy Fund** | **PFG US Equity Index**<br>**Strategy Fund** |
| Total Securities, at cost | $152289968 | $94946210 |
| Total Securities, at fair value | $147534103 | $96475337 |
| Receivable for Fund shares sold | 304393 | 147381 |
| Interest and dividends receivable | 634793 | 2678 |
| **Total Assets** | 148473289 | 96625396 |
| **Liabilities:** |  |  |
| Payable for Fund shares redeemed | 256750 | 51753 |
| Accrued investment advisory fees | 148748 | 91487 |
| Payable to administrator | 105764 | 79796 |
| **Total Liabilities** | 511262 | 223036 |
| **Net Assets** | $147962027 | $96402360 |
| **Net Assets:** |  |  |
| Paid in capital | $166344703 | $94517193 |
| Accumulated earnings/(deficit) | (18382676) | 1885167 |
| **Net Assets** | $147962027 | $96402360 |
| **Class I Shares^:** |  |  |
| Net assets | $147962027 | $96402360 |
| Total shares outstanding at end of year ($0 par value, unlimited shares authorized) | 17340079 | 8991899 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $8.53 | $10.72 |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Operations** |
| **For the Year Ended April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>**PFG American**<br>**Funds® Conservative**<br>**Income Strategy Fund** |<br>**PFG American**<br>**Funds® Growth**<br>**Strategy Fund** |<br>**PFG BNY Mellon**<br>**Diversifier Strategy**<br>**Fund** |<br>**PFG BR Target**<br>**Allocation Equity**<br>**Strategy Fund** | **PFG Fidelity**<br>**Institutional AM®**<br>**Core Plus Bond**<br>**Strategy Fund** |
| **Investment Income:** |  |  |  |  |  |
| Dividend income | $8450790 | $7765695 | $5269949 | $4220712 | $1942687 |
| Income from affiliates |  |  |  |  | 637529 |
| Interest income | 49161 | 231534 | 25657 | 82649 | 18511 |
| **Total Investment Income** | 8499951 | 7997229 | 5295606 | 4303361 | 2598727 |
| **Expenses:** |  |  |  |  |  |
| Investment advisory fees | 2690844 | 11454749 | 1418802 | 3582571 | 740259 |
| Distribution fees (12b-1) - Class I Shares^ | 198720 | 850360 | 105476 | 264294 | 54327 |
| Administrative service fees | 1521713 | 6478156 | 802360 | 2026083 | 418620 |
| **Total Expenses** | 4411277 | 18783265 | 2326638 | 5872948 | 1213206 |
| Expenses waived | (94442) | (403751) | (50143) | (125453) | (25820) |
| **Net Expenses** | 4316835 | 18379514 | 2276495 | 5747495 | 1187386 |
| **Net Investment Income/(Loss)** | 4183116 | (10382285) | 3019111 | (1444134) | 1411341 |
| **Net Realized and Unrealized Gain/(Loss) on** |  |  |  |  |  |
| **Investments** |  |  |  |  |  |
| Net realized gain/(loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | (1731597) | 22057647 | (484684) | 14264185 | 437107 |
| &nbsp;&nbsp;&nbsp;Affiliated investments (Note 5) |  |  |  |  | 206780 |
| Distributions received from underlying investment companies | 1944903 | 58500902 | 98814 |  |  |
| Total realized gain/(loss) | 213306 | 80558549 | (385870) | 14264185 | 643887 |
| Net change in unrealized appreciation/(depreciation) of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | 11032841 | (4208273) | 2552746 | 7364293 | 993326 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments (Note 5) |  |  |  |  | 336291 |
| Total change in unrealized appreciation/(depreciation) of investments | 11032841 | (4208273) | 2552746 | 7364293 | 1329617 |
| **Net Realized and Unrealized Gain on Investments** | 11246147 | 76350276 | 2166876 | 21628478 | 1973504 |
| **Net Increase in Net Assets Resulting from Operations** | $15429263 | $65967991 | $5185987 | $20184344 | $3384845 |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Operations (Continued)** |
| **For the Year Ended or Period April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PFG Fidelity**<br>**Institutional AM®**<br>**Equity Index Strategy**<br>**Fund** | **PFG Fidelity**<br>**Institutional AM®**<br>**Equity Sector Strategy**<br>**Fund** |<br>**PFG Global Equity**<br>**Index Strategy Fund\*** |<br>**PFG Invesco® Equity**<br>**Factor Rotation**<br>**Strategy Fund** |<br>**PFG Janus**<br>**Henderson® Balanced**<br>**Strategy Fund** |
| **Investment Income:** |  |  |  |  |  |
| Dividend income | $6366295 | $3092788 | $1123844 | $1064397 | $6337149 |
| Income from affiliates |  | 1218487 |  | 129735 |  |
| Interest income | 144824 | 183824 | 11699 | 13880 | 67796 |
| **Total Investment Income** | 6511119 | 4495099 | 1135543 | 1208012 | 6404945 |
| **Expenses:** |  |  |  |  |  |
| Investment advisory fees | 4414242 | 5188839 | 660944 | 742618 | 3545693 |
| Distribution fees (12b-1) - Class I Shares^ | 324580 | 385496 | 48814 | 55370 | 264231 |
| Administrative service fees | 2496364 | 2934469 | 373808 | 419964 | 2005207 |
| **Total Expenses** | 7235186 | 8508804 | 1083566 | 1217952 | 5815131 |
| Expenses waived | (154141) | (183123) | (23140) | (26332) | (125555) |
| **Net Expenses** | 7081045 | 8325681 | 1060426 | 1191620 | 5689576 |
| **Net Investment Income/(Loss)** | (569926) | (3830582) | 75117 | 16392 | 715369 |
| **Net Realized and Unrealized Gain/(Loss) on** |  |  |  |  |  |
| **Investments** |  |  |  |  |  |
| Net realized gain from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | 14366126 | 52880862 | 1223797 | 4879181 | 2659026 |
| &nbsp;&nbsp;&nbsp;Affiliated investments (Note 5) |  | 3728854 |  | 1106752 |  |
| Distributions received from underlying investment companies | 165842 | 10028108 |  |  | 12559094 |
| Total realized gain | 14531968 | 66637824 | 1223797 | 5985933 | 15218120 |
| Net change in unrealized appreciation/(depreciation) of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | 12537523 | (34838414) | 1632405 | (615860) | 4468757 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments (Note 5) |  | (6391572) |  | (1030082) |  |
| Total change in unrealized appreciation/(depreciation) of investments | 12537523 | (41229986) | 1632405 | (1645942) | 4468757 |
| **Net Realized and Unrealized Gain on Investments** | 27069491 | 25407838 | 2856202 | 4339991 | 19686877 |
| **Net Increase in Net Assets Resulting from Operations** | $26499565 | $21577256 | $2931319 | $4356383 | $20402246 |

---

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Operations (Continued)** |
| **For the Year Ended or Period April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PFG Janus**<br>**Henderson® Tactical**<br>**Income Strategy Fund** | **PFG JP Morgan®**<br>**Tactical Aggressive**<br>**Strategy Fund** | **PFG JP Morgan®**<br>**Tactical Moderate**<br>**Strategy Fund** |<br>**PFG Meeder Tactical**<br>**Strategy Fund** |<br>**PFG MFS® Aggressive**<br>**Growth Strategy Fund** |
| **Investment Income:** |  |  |  |  |  |
| Dividend income | $4074240 | $7041660 | $5285549 | $878441 | $1616047 |
| Income from affiliates | 247789 | 673248 |  | 5163180 |  |
| Interest income | 26478 | 81932 | 36762 | 32294 | 27270 |
| **Total Investment Income** | 4348507 | 7796840 | 5322311 | 6073915 | 1643317 |
| **Expenses:** |  |  |  |  |  |
| Investment advisory fees | 1278935 | 3539673 | 1765786 | 1530161 | 1248807 |
| Distribution fees (12b-1) - Class I Shares^ | 94916 | 263527 | 131832 | 114004 | 93538 |
| Administrative service fees | 723261 | 2001809 | 998605 | 865357 | 706232 |
| **Total Expenses** | 2097112 | 5805009 | 2896223 | 2509522 | 2048577 |
| Expenses waived | (45122) | (125201) | (62660) | (54169) | (44484) |
| **Net Expenses** | 2051990 | 5679808 | 2833563 | 2455353 | 2004093 |
| **Net Investment Income/(Loss)** | 2296517 | 2117032 | 2488748 | 3618562 | (360776) |
| **Net Realized and Unrealized Gain/(Loss) on** |  |  |  |  |  |
| **Investments** |  |  |  |  |  |
| Net realized gain/(loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | 3651770 | 25887662 | 9157110 | 77637 | 5994290 |
| &nbsp;&nbsp;&nbsp;Affiliated investments (Note 5) | 1863248 | 1891713 |  | (257583) |  |
| Distributions received from underlying investment companies | 1867221 | 4563255 | 1154069 | 9749238 | 4836345 |
| Total realized gain | 7382239 | 32342630 | 10311179 | 9569292 | 10830635 |
| Net change in unrealized depreciation of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investments | (2032754) | (13239387) | (1701861) | (640206) | (3749353) |
| &nbsp;&nbsp;&nbsp;Affiliated Investments (Note 5) | (925593) | (233474) |  | (7962436) |  |
| Total change in unrealized depreciation of investments | (2958347) | (13472861) | (1701861) | (8602642) | (3749353) |
| **Net Realized and Unrealized Gain on Investment** | 4423892 | 18869769 | 8609318 | 966650 | 7081282 |
| **Net Increase in Net Assets Resulting from Operations** | $6720409 | $20986801 | $11098066 | $4585212 | $6720506 |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Statements of Operations (Continued)** |
| **For the Year or Period Ended April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **PFG PIMCO Active**<br>**Core Bond Strategy**<br>**Fund** |<br>**PFG US Equity Index**<br>**Strategy Fund\*** |
| **Investment Income:** |  |  |
| Dividend income | $6900749 | $932379 |
| Interest income | 38061 | 21469 |
| **Total Investment Income** | 6938810 | 953848 |
| **Expenses:** |  |  |
| Investment advisory fees | 1705310 | 884362 |
| Distribution fees (12b-1) - Class I Shares^ | 125388 | 63831 |
| Administrative service fees | 964373 | 500123 |
| **Total Expenses** | 2795071 | 1448316 |
| Expenses waived | (59577) | (30280) |
| **Net Expenses** | 2735494 | 1418036 |
| **Net Investment Income/(Loss)** | 4203316 | (464188) |
| **Net Realized and Unrealized Gain/(Loss) on** |  |  |
| **Investments** |  |  |
| Net realized gain(loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | (1036740) | 1496458 |
| Net change in unrealized appreciation of: |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investments | 5526233 | 1529127 |
| **Net Realized and Unrealized Gain on Investments** | 4489493 | 3025585 |
| **Net Increase in Net Assets Resulting from Operations** | $8692809 | $2561397 |

---

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

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

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PFG American Funds®** | **PFG American Funds®** | | | | |
|  | **Conservative Income** | **Conservative Income** | **PFG American Funds®** | **PFG American Funds®** | **PFG BNY Mellon Diversifier** | **PFG BNY Mellon Diversifier** |
|  | **Strategy Fund** | **Strategy Fund** | **Growth Strategy Fund** | **Growth Strategy Fund** | **Strategy Fund** | **Strategy Fund** |
|  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 |
| **Increase/(Decrease) in Net Assets** |  |  |  |  |  |  |
| **From Operations:** |  |  |  |  |  |  |
| Net investment income/(loss) | $4183116 | $3582528 | $(10382285) | $(6020432) | $3019111 | $1255079 |
| Net realized gain/(loss) on investments | (1731597) | (2863754) | 22057647 | 1365392 | (484684) | (12461648) |
| Distributions received from underlying investment companies | 1944903 | 319585 | 58500902 | 26310529 | 98814 | 308801 |
| Net change in unrealized appreciation/(depreciation) on investments | 11032841 | (775666) | (4208273) | 103007836 | 2552746 | 10084139 |
| Net increase/(decrease) in net assets resulting from operations | 15429263 | 262693 | 65967991 | 124663325 | 5185987 | (813629) |
| **From Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (4774048) | (4259657) | (44148684) | (2643452) | (3141390) | (1242452) |
| Total distributions to shareholders | (4774048) | (4259657) | (44148684) | (2643452) | (3141390) | (1242452) |
| **From Shares of Beneficial Interest:** |  |  |  |  |  |  |
| Proceeds from shares sold | 76795330 | 61152946 | 258282416 | 197246951 | 22370360 | 24287966 |
| Reinvestment of distributions | 4766689 | 4242000 | 44144985 | 2641183 | 3140860 | 1242043 |
| Cost of shares redeemed | (69326379) | (57671355) | (186319070) | (109910025) | (32972196) | (62221174) |
| Net increase/(decrease) in net assets from share transactions of beneficial interest | 12235640 | 7723591 | 116108331 | 89978109 | (7460976) | (36691165) |
| Total increase/(decrease) in net assets | 22890855 | 3726627 | 137927638 | 211997982 | (5416379) | (38747246) |
| **Net Assets:** |  |  |  |  |  |  |
| Beginning of year | 198482158 | 194755531 | 784666781 | 572668799 | 114295907 | 153043153 |
| End of year | $221373013 | $198482158 | $922594419 | $784666781 | $108879528 | $114295907 |
| **Share Activity:** |  |  |  |  |  |  |
| Shares Sold | 7986877 | 6604102 | 20876162 | 18583799 | 2331770 | 2643571 |
| Shares Reinvested | 503878 | 454176 | 3560079 | 240326 | 336641 | 131992 |
| Shares Redeemed | (7201753) | (6242350) | (15107569) | (10483601) | (3444679) | (6817603) |
| Net increase/(decrease) in shares of beneficial interest outstanding | 1289002 | 815928 | 9328672 | 8340524 | (776268) | (4042040) |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PFG BR Target Allocation** | **PFG BR Target Allocation** | **PFG Fidelity Institutional AM®** | **PFG Fidelity Institutional AM®** | **PFG Fidelity Institutional AM®** | **PFG Fidelity Institutional AM®** |
|  | **Equity Strategy Fund** | **Equity Strategy Fund** | **Core Plus Bond Strategy Fund** | **Core Plus Bond Strategy Fund** | **Equity Index Strategy Fund** | **Equity Index Strategy Fund** |
|  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 |
| **Increase/(Decrease) in Net Assets** |  |  |  |  |  |  |
| **From Operations:** |  |  |  |  |  |  |
| Net investment income/(loss) | $(1444134) | $(339738) | $1411341 | $884265 | $(569926) | $124576 |
| Net realized gain/(loss) on investments | 14264185 | 10276366 | 643887 | (433424) | 14366126 | 30656731 |
| Distributions received from underlying investment companies |  |  |  |  | 165842 |  |
| Net change in unrealized appreciation/(depreciation) on investments | 7364293 | 13899735 | 1329617 | (166946) | 12537523 | 12929520 |
| Net increase in net assets resulting from operations | 20184344 | 23836363 | 3384845 | 283895 | 26499565 | 43710827 |
| **From Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  |  | (1222224) | (674560) | (28478244) | (12067401) |
| Total distributions to shareholders |  |  | (1222224) | (674560) | (28478244) | (12067401) |
| **From Shares of Beneficial Interest:** |  |  |  |  |  |  |
| Proceeds from shares sold | 119851378 | 109093591 | 33289528 | 44460910 | 150707646 | 152965226 |
| Reinvestment of distributions |  |  | 1221900 | 674173 | 28476727 | 12065690 |
| Cost of shares redeemed | (54975630) | (28610025) | (23293296) | (12813084) | (158607190) | (63832165) |
| Net increase in net assets from share transactions of beneficial interest | 64875748 | 80483566 | 11218132 | 32321999 | 20577183 | 101198751 |
| Total increase in net assets | 85060092 | 104319929 | 13380753 | 31931334 | 18598504 | 132842177 |
| **Net Assets:** |  |  |  |  |  |  |
| Beginning of year | 226122786 | 121802857 | 52692006 | 20760672 | 379182098 | 246339921 |
| End of year | $311182878 | $226122786 | $66072759 | $52692006 | $397780602 | $379182098 |
| **Share Activity:** |  |  |  |  |  |  |
| Shares Sold | 8531238 | 8887060 | 3758520 | 5231674 | 10488987 | 11928087 |
| Shares Reinvested |  |  | 140448 | 76523 | 2050160 | 923866 |
| Shares Redeemed | (3925849) | (2376301) | (2616515) | (1492346) | (11458400) | (4991834) |
| Net increase in shares of beneficial interest outstanding | 4605389 | 6510759 | 1282453 | 3815851 | 1080747 | 7860119 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PFG Fidelity Institutional AM®** | **PFG Fidelity Institutional AM®** | | **PFG Invesco® Equity Factor** | **PFG Invesco® Equity Factor** |
|  | **Equity Sector Strategy Fund** | **Equity Sector Strategy Fund** | **PFG Global Equity Index**<br>**Strategy Fund** | **Rotation Strategy Fund** | **Rotation Strategy Fund** |
|  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Period\* Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 |
| **Increase/(Decrease) in Net Assets** |  |  |  |  |  |
| **From Operations:** |  |  |  |  |  |
| Net investment income/(loss) | $(3830582) | $(2731424) | $75117 | $16392 | $54681 |
| Net realized gain/(loss) on investments | 56609716 | 25624047 | 1223797 | 5985933 | (2439031) |
| Distributions received from underlying investment companies | 10028108 | 3484765 |  |  |  |
| Net change in unrealized appreciation/(depreciation) on investments | (41229986) | 25124284 | 1632405 | (1645942) | 11122363 |
| Net increase in net assets resulting from operations | 21577256 | 51501672 | 2931319 | 4356383 | 8738013 |
| **From Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (38581791) | (8810409) | (588467) | (12657) |  |
| Total distributions to shareholders | (38581791) | (8810409) | (588467) | (12657) |  |
| **From Shares of Beneficial Interest:** |  |  |  |  |  |
| Proceeds from shares sold | 127962527 | 151277278 | 63412593 | 10546623 | 26858110 |
| Reinvestment of distributions | 38571583 | 8807702 | 588467 | 12657 |  |
| Cost of shares redeemed | (124539810) | (109295979) | (10535185) | (17993926) | (7961276) |
| Net increase/(decrease) in net assets from share transactions of beneficial interest | 41994300 | 50789001 | 53465875 | (7434646) | 18896834 |
| Total increase/(decrease) in net assets | 24989765 | 93480264 | 55808727 | (3090920) | 27634847 |
| **Net Assets:** |  |  |  |  |  |
| Beginning of year | 390683567 | 297203303 |  | 59191614 | 31556767 |
| End of year | $415673332 | $390683567 | $55808727 | $56100694 | $59191614 |
| **Share Activity:** |  |  |  |  |  |
| Shares Sold | 9127887 | 12072596 | 6179185 | 1168769 | 3579329 |
| Shares Reinvested | 2813391 | 686493 | 54792 | 1394 |  |
| Shares Redeemed | (8833197) | (8561841) | (985202) | (1962430) | (1000389) |
| Net increase/(decrease) in shares of beneficial interest outstanding | 3108081 | 4197248 | 5248775 | (792267) | 2578940 |

---

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

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PFG Janus Henderson®** | **PFG Janus Henderson®** | **PFG Janus Henderson® Tactical** | **PFG Janus Henderson® Tactical** | **PFG JP Morgan® Tactical** | **PFG JP Morgan® Tactical** |
|  | **Balanced Strategy Fund** | **Balanced Strategy Fund** | **Income Strategy Fund** | **Income Strategy Fund** | **Aggressive Strategy Fund** | **Aggressive Strategy Fund** |
|  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 |
| **Increase/(Decrease) in Net Assets** |  |  |  |  |  |  |
| **From Operations:** |  |  |  |  |  |  |
| Net investment income | $715369 | $1073901 | $2296517 | $2065790 | $2117032 | $316487 |
| Net realized gain/(loss) on investments | 2659026 | (5096234) | 5515018 | (1458596) | 27779375 | 8561975 |
| Distributions received from underlying investment companies | 12559094 | 910896 | 1867221 | 677410 | 4563255 | 1508934 |
| Net change in unrealized appreciation/(depreciation) on investments | 4468757 | 26171725 | (2958347) | 4037063 | (13472861) | 27204742 |
| Net increase in net assets resulting from operations | 20402246 | 23060288 | 6720409 | 5321667 | 20986801 | 37592138 |
| **From Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (1075107) |  | (2518418) | (2264301) | (4858299) |  |
| Total distributions to shareholders | (1075107) |  | (2518418) | (2264301) | (4858299) |  |
| **From Shares of Beneficial Interest:** |  |  |  |  |  |  |
| Proceeds from shares sold | 47095395 | 47764604 | 27263527 | 23690991 | 51021150 | 47128674 |
| Reinvestment of distributions | 1074873 |  | 2518033 | 2263457 | 4857607 |  |
| Cost of shares redeemed | (70916958) | (67377902) | (32600814) | (45653515) | (63570837) | (70378907) |
| Net decrease in net assets from share transactions of beneficial interest | (22746690) | (19613298) | (2819254) | (19699067) | (7692080) | (23250233) |
| Total increase/(decrease) in net assets | (3419551) | 3446990 | 1382737 | (16641701) | 8436422 | 14341905 |
| **Net Assets:** |  |  |  |  |  |  |
| Beginning of year | 271520282 | 268073292 | 99847988 | 116489689 | 265046560 | 250704655 |
| End of year | $268100731 | $271520282 | $101230725 | $99847988 | $273482982 | $265046560 |
| **Share Activity:** |  |  |  |  |  |  |
| Shares Sold | 4719093 | 5443821 | 2731274 | 2566214 | 3633321 | 3950833 |
| Shares Reinvested | 106108 |  | 258525 | 240793 | 345737 |  |
| Shares Redeemed | (7137591) | (7695134) | (3293571) | (4975312) | (4528118) | (5885965) |
| Net decrease in shares of beneficial interest outstanding | (2312390) | (2251313) | (303772) | (2168305) | (549060) | (1935132) |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PFG JP Morgan® Tactical** | **PFG JP Morgan® Tactical** | **PFG Meeder Tactical** | **PFG Meeder Tactical** | **PFG MFS® Aggressive** | **PFG MFS® Aggressive** |
|  | **Moderate Strategy Fund** | **Moderate Strategy Fund** | **Strategy Fund** | **Strategy Fund** | **Growth Strategy Fund** | **Growth Strategy Fund** |
|  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 |
| **Increase/(Decrease) in Net Assets** |  |  |  |  |  |  |
| **From Operations:** |  |  |  |  |  |  |
| Net investment income/(loss) | $2488748 | $1663372 | $3618562 | $(42035) | $(360776) | $(320223) |
| Net realized gain/(loss) on investments | 9157110 | 4100199 | (179946) | (1403590) | 5994290 | 1592790 |
| Distributions received from underlying investment companies | 1154069 | 579260 | 9749238 | 1550489 | 4836345 | 2136932 |
| Net change in unrealized appreciation/(depreciation) on investments | (1701861) | 5801643 | (8602642) | 13381876 | (3749353) | 6940972 |
| Net increase in net assets resulting from operations | 11098066 | 12144474 | 4585212 | 13486740 | 6720506 | 10350471 |
| **From Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (1663228) | (779755) | (4122419) | (2479786) | (7668822) | (2983194) |
| Total distributions to shareholders | (1663228) | (779755) | (4122419) | (2479786) | (7668822) | (2983194) |
| **From Shares of Beneficial Interest:** |  |  |  |  |  |  |
| Proceeds from shares sold | 17983537 | 18966253 | 22417332 | 17261796 | 18160349 | 26691459 |
| Reinvestment of distributions | 1662530 | 779382 | 4121912 | 2478927 | 7656884 | 2978931 |
| Cost of shares redeemed | (40347900) | (53532175) | (27311743) | (30407560) | (36512840) | (19842177) |
| Net increase/(decrease) in net assets from share transactions of beneficial interest | (20701833) | (33786540) | (772499) | (10666837) | (10695607) | 9828213 |
| Total increase/(decrease) in net assets | (11266995) | (22421821) | (309706) | 340117 | (11643923) | 17195490 |
| **Net Assets:** |  |  |  |  |  |  |
| Beginning of year | 141494311 | 163916132 | 114343136 | 114003019 | 100911466 | 83715976 |
| End of year | $130227316 | $141494311 | $114033430 | $114343136 | $89267543 | $100911466 |
| **Share Activity:** |  |  |  |  |  |  |
| Shares Sold | 1614389 | 1910749 | 2148134 | 1862901 | 1872400 | 3007492 |
| Shares Reinvested | 148839 | 75963 | 399798 | 263996 | 837733 | 331729 |
| Shares Redeemed | (3608490) | (5376458) | (2661211) | (3285738) | (3734436) | (2237055) |
| Net increase/(decrease) in shares of beneficial interest outstanding | (1845262) | (3389746) | (113279) | (1158841) | (1024303) | 1102166 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PFG PIMCO Active Core** | **PFG PIMCO Active Core** | |
|  | **Bond Strategy Fund** | **Bond Strategy Fund** | **PFG US Equity Index**<br>**Strategy Fund** |
|  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Period\* Ended<br>April 30,<br>2025 |
| **Increase/(Decrease) in Net Assets** |  |  |  |
| **From Operations:** |  |  |  |
| Net investment income/(loss) | $4203316 | $3680527 | $(464188) |
| Net realized gain/(loss) on investments | (1036740) | (3201976) | 1496458 |
| Net change in unrealized appreciation on investments | 5526233 | 726107 | 1529127 |
| Net increase in net assets resulting from operations | 8692809 | 1204658 | 2561397 |
| **From Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (4506821) | (3524434) | (676230) |
| Total distributions to shareholders | (4506821) | (3524434) | (676230) |
| **From Shares of Beneficial Interest:** |  |  |  |
| Proceeds from shares sold | 53666595 | 45606049 | 107650036 |
| Reinvestment of distributions | 4506821 | 3523589 | 676230 |
| Cost of shares redeemed | (38094937) | (38439813) | (13809073) |
| Net increase in net assets from share transactions of beneficial interest | 20078479 | 10689825 | 94517193 |
| Total increase in net assets | 24264467 | 8370049 | 96402360 |
| **Net Assets:** |  |  |  |
| Beginning of year | 123697560 | 115327511 |  |
| End of year | $147962027 | $123697560 | $96402360 |
| **Share Activity:** |  |  |  |
| Shares Sold | 6287338 | 5481538 | 10173259 |
| Shares Reinvested | 542337 | 418478 | 59059 |
| Shares Redeemed | (4463178) | (4604836) | (1240419) |
| Net increase in shares of beneficial interest outstanding | 2366497 | 1295180 | 8991899 |

---

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

See accompanying notes to financial statements.

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Period\* Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year/period | $9.21 | $9.39 | $9.81 | $10.42 | $10.00 |
| Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (12) | 0.19 | 0.17 | 0.11 | (0.03) | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.50 | (0.14) | (0.25) | (0.43) | 0.50 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 0.69 | 0.03 | (0.14) | (0.46) | 0.59 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.17) | (0.06) |  | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (0.02) | (0.04) | (0.22) | (0.15) | (0.06) |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains | (0.21) | (0.21) | (0.28) | (0.15) | (0.17) |
| Net asset value, end of year/period | $9.69 | $9.21 | $9.39 | $9.81 | $10.42 |
| Total return (3) | 7.55% | 0.23% | (1.42)% | (4.55)% | 5.89% |
| Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $221373 | $198482 | $194756 | $204525 | $194943 |
| Ratio of net expenses to average net assets (4) | 1.99% | 1.99% | 2.03% | 2.05% | 2.05% (7) |
| Ratio of gross expenses to average net assets (45) | 2.03% | 2.05% | 2.05% | 2.05% | 2.05% (7) |
| Ratio of net investment income/(loss) to average net assets (24) | 1.92% | 1.84% | 1.18% | (0.28)% | 0.86% (7) |
| Portfolio turnover rate | 14% | 13% | 33% | 34% | 52% (6) |

---

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

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

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

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

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

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

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

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Period\* Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year/period | $11.42 | $9.49 | $11.53 | $14.25 | $10.00 |
| Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (12) | (0.14) | (0.09) | (0.13) | (0.23) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.12 | 2.06 | (0.09) | (1.76) | 4.72 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 0.98 | 1.97 | (0.22) | (1.99) | 4.56 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (0.58) | (0.04) | (1.82) | (0.73) | (0.31) |
| Net asset value, end of year/period | $11.82 | $11.42 | $9.49 | $11.53 | $14.25 |
| Total return (3) | 8.38% | 20.79% | (0.50)% | (15.06)% | 45.89% |
| Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $922594 | $784667 | $572669 | $562425 | $769747 |
| Ratio of net expenses to average net assets (4) | 1.99% | 1.99% | 2.03% | 2.05% | 2.05% (7) |
| Ratio of gross expenses to average net assets (45) | 2.03% | 2.05% | 2.05% | 2.05% | 2.05% (7) |
| Ratio of net investment loss to average net assets (24) | (1.12)% | (0.90)% | (1.29)% | (1.61)% | (1.31)% (7) |
| Portfolio turnover rate | 27% | 6% | 12% | 25% | 33% (6) |

---

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

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

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

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

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

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

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

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **The Pacific Financial Funds** |
| **Financial Highlights** |
| **PFG BNY Mellon Diversifier Strategy Fund** |
| Selected data based on a share outstanding throughout the year indicated. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Year Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year | $9.25 | $9.34 | $10.05 | $10.79 | $9.63 |
| Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (12) | 0.25 | 0.09 | 0.27 | 0.07 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.18 | (0.08) | (0.49) | (0.44) | 1.16 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 0.43 | 0.01 | (0.22) | (0.37) | 1.17 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.27) | (0.10) | (0.34) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  |  | (0.15) | (0.37) |  |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains | (0.27) | (0.10) | (0.49) | (0.37) | (0.01) |
| Net asset value, end of year | $9.41 | $9.25 | $9.34 | $10.05 | $10.79 |
| Total return (3) | 4.67% | 0.06% | (2.13)% | (3.64)% | 12.14% |
| Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | $108880 | $114296 | $153043 | $161793 | $124937 |
| Ratio of net expenses to average net assets (4) | 1.99% | 1.99% | 2.03% | 2.05% | 2.05% |
| Ratio of gross expenses to average net assets (45) | 2.03% | 2.05% | 2.05% | 2.05% | 2.05% |
| Ratio of net investment income to average net assets (24) | 2.63% | 0.94% | 2.83% | 0.65% | 0.10% |
| Portfolio turnover rate | 38% | 26% | 54% | 19% | 67% |

---

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

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

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

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

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

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

See accompanying notes to financial statements.

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Period\* Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year/period | $12.91 | $11.07 | $11.38 | $13.86 | $10.00 |
| Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss (12) | (0.07) | (0.03) | (0.03) | (0.07) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.23 | 1.87 | 0.08 | (0.99) | 4.26 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 1.16 | 1.84 | 0.05 | (1.06) | 4.18 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  |  | (0.36) | (1.42) | (0.32) |
| Net asset value, end of year/period | $14.07 | $12.91 | $11.07 | $11.38 | $13.86 |
| Total return (3) | 8.99% | 16.62% | 0.70% | (9.29)% | 42.12% |
| Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $311183 | $226123 | $121803 | $217232 | $136925 |
| Ratio of net expenses to average net assets (4) | 1.99% | 1.99% | 2.04% | 2.05% | 2.05% (7) |
| Ratio of gross expenses to average net assets (45) | 2.03% | 2.05% | 2.05% | 2.05% | 2.05% (7) |
| Ratio of net investment loss to average net assets (24) | (0.50)% | (0.22)% | (0.29)% | (0.53)% | (0.66)% (7) |
| Portfolio turnover rate | 42% | 161% | 43% | 48% | 52% (6) |

---

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

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

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

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

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

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

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

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Period\* Ended<br>April 30,<br>2022 |
| Net asset value, beginning of year/period | $8.53 | $8.78 | $9.00 | $10.00 |
| Income/(Loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (12) | 0.21 | 0.19 | 0.06 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.29 | (0.32) | (0.26 | (0.99) |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 0.50 | (0.13) | (0.20 | (1.00) |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.12) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains | (0.18) | (0.12) | (0.02 |  |
| Net asset value, end of year/period | $8.85 | $8.53 | $8.78 | $9.00 |
| Total return (3) | 5.94% | (1.57)% | (2.24 | (10.00)% |
| Ratios and Supplemental Data: |  |  |  |  |
| Net assets, end of year/period (in 000's) | $66073 | $52692 | $20761 | $6877 |
| Ratio of net expenses to average net assets (4) | 1.99% | 1.99% | 2.03 | 2.06% (8) |
| Ratio of gross expenses to average net assets (45) | 2.03% | 2.05% | 2.05 | 2.06% (8) |
| Ratio of net investment income/(loss) to average net assets (24) | 2.36% | 2.24% | 0.75 | (0.25)% (8) |
| Portfolio turnover rate | 26% | 94% | 70 | 6% (7) |

---

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

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

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

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

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

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

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

(6) Amount represents less than $0.005.

(7) Not annualized.

(8) Annualized.

See accompanying notes to financial statements.

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Period\* Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year/period | $13.48 | $12.16 | $12.59 | $14.12 | $10.00 |
| Income/(Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (12) | (0.02) | 0.01 | 0.02 | (0.05) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.30 | 1.79 | 0.04 | (0.75) | 4.49 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 1.28 | 1.80 | 0.06 | (0.80) | 4.44 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.04) | (0.04) | (0.02) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (1.14) | (0.44) | (0.45) | (0.71) | (0.30) |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains | (1.14) | (0.48) | (0.49) | (0.73) | (0.32) |
| Net asset value, end of year/period | $13.62 | $13.48 | $12.16 | $12.59 | $14.12 |
| Total return (3) | 9.32% | 14.93% | 0.74% | (6.37)% | 44.72% |
| Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $397781 | $379182 | $246340 | $132819 | $142663 |
| Ratio of net expenses to average net assets (4) | 1.99% | 1.99% | 2.02% | 2.05% | 2.05% (7) |
| Ratio of gross expenses to average net assets (45) | 2.03% | 2.05% | 2.05% | 2.05% | 2.05% (7) |
| Ratio of net investment income/(loss) to average net assets (24) | (0.16)% | 0.04% | 0.15% | (0.36)% | (0.38)% (7) |
| Portfolio turnover rate | 21% | 40% | 16% | 16% | 30% (6) |

---

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

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

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

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

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

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

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

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Period\* Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year/period | $13.33 | $11.83 | $12.38 | $12.88 | $10.00 |
| Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (12) | (0.13) | (0.10) | (0.08) | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.97 | 1.91 | 0.74 | 0.47 | 3.54 |
| &nbsp;&nbsp;&nbsp;Total income from investment operations | 0.84 | 1.81 | 0.66 | 0.44 | 3.53 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  |  | (0.02) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (1.35) | (0.31) | (1.21) | (0.92) | (0.61) |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains | (1.35) | (0.31) | (1.21) | (0.94) | (0.65) |
| Net asset value, end of year/period | $12.82 | $13.33 | $11.83 | $12.38 | $12.88 |
| Total return (3) | 5.66% | 15.38% | 5.95% | 2.58% | 35.91% |
| Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $415673 | $390684 | $297203 | $224395 | $138652 |
| Ratio of net expenses to average net assets (4) | 1.99% | 1.99% | 2.03% | 2.05% | 2.05% (7) |
| Ratio of gross expenses to average net assets (45) | 2.03% | 2.05% | 2.05% | 2.05% | 2.05% (7) |
| Ratio of net investment loss to average net assets (24) | (0.91)% | (0.77)% | (0.65)% | (0.25)% | (0.08)% (7) |
| Portfolio turnover rate | 114% | 57% | 106% | 70% | 189% (6) |

---

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

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

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

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

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

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

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

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

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

---

---

| | |
|:---|:---|
|  | Class I Shares^ |
|  | Period\* Ended<br>April 30,<br>2025 |
| Net asset value, beginning of period | $10.00 |
| Income/(loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (12) | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.72 |
| &nbsp;&nbsp;&nbsp;Total income from investment operations | 0.74 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (0.06) |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains | (0.11) |
| Net asset value, end of period | $10.63 |
| Total return (3) | 7.36% |
| Ratios and Supplemental Data: |  |
| Net assets, end of period (in 000's) | $55809 |
| Ratio of net expenses to average net assets (47) | 1.99% |
| Ratio of gross expenses to average net assets (457) | 2.03% |
| Ratio of net investment income to average net assets (247) | 0.14% |
| Portfolio turnover rate (6) | 29% |

---

\* PFG Global Equity Index Strategy Fund commenced operations and trading on May 1, 2024.

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

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

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

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

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

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

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Year Ended<br>April 30,<br>2025 |  | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Period\* Ended<br>April 30,<br>2022 |
| Net asset value, beginning of year/period | $8.62 |  | $7.36 | $7.61 | $10.00 |
| Income/(Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (12) |  | (8) | 0.01 | (0.07) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.62 |  | 1.25 | (0.18) | (2.33) |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 0.62 |  | 1.26 | (0.25) | (2.37) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (8) |  |  | (0.02) |
| Net asset value, end of year/period | $9.24 |  | $8.62 | $7.36 | $7.61 |
| Total return (3) | 7.22 | % | 17.12% | (3.29)% | (23.77)% |
| Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $56101 |  | $59192 | $31557 | $59251 |
| Ratio of net expenses to average net assets (4) | 1.99 | % | 1.99% | 2.04% | 2.05% (7) |
| Ratio of gross expenses to average net assets (45) | 2.03 | % | 2.05% | 2.05% | 2.05% (7) |
| Ratio of net investment income/(loss) to average net assets (24) | 0.03 | % | 0.12% | (0.90)% | (0.82)% (7) |
| Portfolio turnover rate | 57 | % | 121% | 22% | 7% (6) |

---

\* PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund commenced operations and trading on October 29, 2021.

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

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

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

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

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

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

(6) Not annualized.

(7) Annualized.

(8) Amount represents less than $0.005.

See accompanying notes to financial statements.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Period\* Ended<br>April 30,<br>2022 |
| Net asset value, beginning of year/period | $9.18 | $8.42 | $8.73 | $10.00 |
| Income/(Loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (12) | 0.02 | 0.03 | 0.01 |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.67 | 0.73 | (0.04) | (1.23 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 0.69 | 0.76 | (0.03) | (1.23 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.04) |  |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  |  | (0.28) |  |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains | (0.04) |  | (0.28) | (0.04 |
| Net asset value, end of year/period | $9.83 | $9.18 | $8.42 | $8.73 |
| Total return (3) | 7.47% | 9.03% | (0.20)% | (12.37 |
| Ratios and Supplemental Data: |  |  |  |  |
| Net assets, end of year/period (in 000's) | $268101 | $271520 | $268073 | $274897 |
| Ratio of net expenses to average net assets (4) | 1.99% | 1.99% | 2.03% | 2.05 |
| Ratio of gross expenses to average net assets (45) | 2.03% | 2.05% | 2.05% | 2.05 |
| Ratio of net investment income/(loss) to average net assets (24) | 0.25% | 0.40% | 0.07% | (0.01) |
| Portfolio turnover rate | 29% | 21% | 37% | 4 |

---

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

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

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

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

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

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

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

(6) Amount represents less than $0.005.

(7) Not annualized.

(8) Annualized.

See accompanying notes to financial statements.

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Period\* Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year/period | $9.43 | $9.14 | $9.19 | $11.24 | $10.00 |
| Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (12) | 0.22 | 0.18 | 0.15 | 0.07 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.44 | 0.32 | (0.13) | (0.75) | 1.39 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 0.66 | 0.50 | 0.02 | (0.68) | 1.56 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.24) | (0.21) |  | (0.13) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  |  | (0.07) | (1.24) | (0.18) |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains | (0.24) | (0.21) | (0.07) | (1.37) | (0.32) |
| Net asset value, end of year/period | $9.85 | $9.43 | $9.14 | $9.19 | $11.24 |
| Total return (3) | 6.99% | 5.47% (6) | 0.34% | (7.18)% | 15.69% |
| Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $101231 | $99848 | $116490 | $117928 | $116538 |
| Ratio of net expenses to average net assets (4) | 1.99% | 1.99% | 2.03% | 2.05% | 2.05% (8) |
| Ratio of gross expenses to average net assets (45) | 2.03% | 2.05% | 2.05% | 2.05% | 2.05% (8) |
| Ratio of net investment income to average net assets (24) | 2.22% | 1.93% | 1.72% | 0.66% | 1.59% (8) |
| Portfolio turnover rate | 101% | 41% | 73% | 104% | 70% (7) |

---

\* PFG Tactical Income Strategy Fund commenced operations and trading on May 2, 2020.

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

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

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

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

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

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

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

(7) Not annualized.

(8) Annualized.

See accompanying notes to financial statements.

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Year Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year | $12.87 | $11.13 | $11.80 | $13.22 | $8.95 |
| Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (12) | 0.10 | 0.01 | 0.01 | 0.14 | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.92 | 1.73 | (0.02) | (0.87) | 4.31 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 1.02 | 1.74 | (0.01) | (0.73) | 4.27 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.12) |  |  | (0.16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (0.12) |  | (0.66) | (0.53) |  |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains | (0.24) |  | (0.66) | (0.69) |  |
| Net asset value, end of year | $13.65 | $12.87 | $11.13 | $11.80 | $13.22 |
| Total return (3) | 7.87% | 15.63% | 0.28% | (6.17)% | 47.71% |
| Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | $273483 | $265047 | $250705 | $249759 | $137843 |
| Ratio of net expenses to average net assets (4) | 1.99% | 1.99% | 2.03% | 2.05% | 2.05% |
| Ratio of gross expenses to average net assets (45) | 2.03% | 2.05% | 2.05% | 2.05% | 2.05% |
| Ratio of net investment income/(loss) to average net assets (24) | 0.74% | 0.12% | 0.07% | 1.03% | (0.39)% |
| Portfolio turnover rate | 51% | 48% | 99% | 57% | 42% |

---

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

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

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

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

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

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

See accompanying notes to financial statements.

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Year Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year | $10.40 | $9.65 | $10.52 | $12.10 | $9.32 |
| Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (12) | 0.20 | 0.11 | 0.07 | 0.09 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.61 | 0.69 | (0.14) | (0.91) | 2.80 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 0.81 | 0.80 | (0.07) | (0.82) | 2.82 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.13) | (0.05) |  | (0.10) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  |  | (0.80) | (0.66) |  |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains | (0.13) | (0.05) | (0.80) | (0.76) | (0.04) |
| Net asset value, end of year | $11.08 | $10.40 | $9.65 | $10.52 | $12.10 |
| Total return (3) | 7.81% | 8.33% | (0.27)% | (7.49)% | 30.29% |
| Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | $130227 | $141494 | $163916 | $190631 | $168096 |
| Ratio of net expenses to average net assets (4) | 1.99% | 1.99% | 2.03% | 2.05% | 2.05% |
| Ratio of gross expenses to average net assets (45) | 2.03% | 2.05% | 2.05% | 2.05% | 2.05% |
| Ratio of net investment income to average net assets (24) | 1.74% | 1.09% | 0.72% | 0.74% | 0.22% |
| Portfolio turnover rate | 50% | 62% | 119% | 76% | 58% |

---

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

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

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

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

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

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

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 indicated. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Year Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year | $9.76 | $8.85 | $10.44 | $11.34 | $9.23 |
| Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (12) | 0.31 |  | (0.09) | 0.06 | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.10 | 1.12 | 0.08 | (0.73) | 2.32 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 0.41 | 1.12 | (0.01) | (0.67) | 2.22 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.26) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (0.08) | (0.21 | (1.58) | (0.23) | (0.11) |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains | (0.34) | (0.21 | (1.58) | (0.23) | (0.11) |
| Net asset value, end of year | $9.83 | $9.76 | $8.85 | $10.44 | $11.34 |
| Total return (3) | 4.11% | 12.74 | 0.39% | (6.09)% | 24.09% |
| Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | $114033 | $114343 | $114003 | $119009 | $106050 |
| Ratio of net expenses to average net assets (4) | 1.99% | 1.99 | 2.03% | 2.05% | 2.05% |
| Ratio of gross expenses to average net assets (45) | 2.03% | 2.05 | 2.05% | 2.05% | 2.05% |
| Ratio of net investment income/(loss) to average net assets (24) | 2.93% | (0.04) | (0.90)% | 0.53% | (0.98)% |
| Portfolio turnover rate | 12% | 7 | 11% | 67% | 19% |

---

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

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

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

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

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

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

(6) Amount represents less than $0.005.

See accompanying notes to financial statements.

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Year Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year | $9.24 | $8.53 | $10.32 | $13.23 | $9.64 |
| Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) (12) | (0.03) | (0.03) | 0.02 | (0.06) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.60 | 1.02 | (0.13) | (0.39) | 4.10 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 0.57 | 0.99 | (0.11) | (0.45) | 3.96 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | (0.79) | (0.28) | (1.68) | (2.46) | (0.37) |
| Net asset value, end of year | $9.02 | $9.24 | $8.53 | $10.32 | $13.23 |
| Total return (3) | 6.09% | 11.74% | (0.21)% | (5.81)% | 41.39% |
| Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | $89268 | $100911 | $83716 | $88076 | $168971 |
| Ratio of net expenses to average net assets (4) | 1.99% | 1.99% | 2.03% | 2.05% | 2.05% |
| Ratio of gross expenses to average net assets (45) | 2.03% | 2.05% | 2.05% | 2.05% | 2.05% |
| Ratio of net investment income/(loss) to average net assets (24) | (0.36)% | (0.35)% | 0.20% | (0.50)% | (1.18)% |
| Portfolio turnover rate | 24% | 18% | 18% | 30% | 39% |

---

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

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

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

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

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

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

See accompanying notes to financial statements.

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ | Class I Shares^ |
|  | Year Ended<br>April 30,<br>2025 | Year Ended<br>April 30,<br>2024 | Year Ended<br>April 30,<br>2023 | Year Ended<br>April 30,<br>2022 | Year Ended<br>April 30,<br>2021 |
| Net asset value, beginning of year | $8.26 | $8.43 | $8.91 | $10.15 | $9.98 |
| Income/(loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (12) | 0.26 | 0.26 | 0.31 | 0.07 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.29 | (0.18) | (0.53) | (0.95) | 0.27 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 0.55 | 0.08 | (0.22) | (0.88) | 0.45 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.25) | (0.26) | (0.08) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain |  |  |  | (0.28) | (0.09) |
| &nbsp;&nbsp;&nbsp;Total distributions from net investment income and net realized gains | (0.28) | (0.25) | (0.26) | (0.36) | (0.28) |
| Net asset value, end of year | $8.53 | $8.26 | $8.43 | $8.91 | $10.15 |
| Total return (3) | 6.74% | 0.84% | (2.43)% | (9.00)% | 4.43% |
| Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in 000's) | $147962 | $123698 | $115328 | $141259 | $169153 |
| Ratio of net expenses to average net assets (4) | 1.99% | 1.99% | 2.03% | 2.05% | 2.05% |
| Ratio of gross expenses to average net assets (45) | 2.03% | 2.05% | 2.05% | 2.05% | 2.05% |
| Ratio of net investment income to average net assets (24) | 3.05% | 3.07% | 3.58% | 0.71% | 1.78% |
| Portfolio turnover rate | 23% | 25% | 31% | 53% | 64% |

---

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

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

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

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

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

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

See accompanying notes to financial statements.

---

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

---

---

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

---

\* PFG US Equity Index Strategy Fund commenced operations and trading on May 1, 2024.

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

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

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

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

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

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

(6) Not annualized.

(7) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS** |
| April 30, 2025 |

---

**1.** **ORGANIZATION** 

The Pacific Financial Family of Mutual Funds is comprised of seventeen different actively managed funds. Each Fund is a diversified series of shares of beneficial interest of Northern Lights Fund Trust (the "Trust"), a trust organized under the laws of the State of Delaware on January 19, 2005, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Each Fund currently offers Class I shares. Effective March 31, 2025, the fund converted its Class R shares to Class I shares. The Funds are "fund of funds", in that each Fund will generally invest in other investment companies. The Funds and their primary investment objective, as of April 30, 2025, are as follows:

---

| | |
|:---|:---|
| **Fund** | **Primary Objective** |
| 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 Target Allocation Equity Strategy Fund | Growth of capital |
| PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond 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 Global Equity Index Strategy Fund | Growth of capital |
| PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund | Aggressive growth |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | Capital appreciation with a secondary objective of income |
| PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund | Current 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 PIMCO Active Core Bond Strategy Fund | Income |
| PFG US Equity Index Strategy Fund | Growth of capital |

---

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

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

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

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

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| April 30, 2025 |

---

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

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

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

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

The Fund may hold 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 advisor as its valuation designee (the "Valuation Designee") to execute these procedures. The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee.

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

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| April 30, 2025 |

---

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

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

**Level 2 –** Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3 –** Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing a Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of April 30, 2025 for each Fund's investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PFG American Funds® Conservative Income Strategy Fund** | **PFG American Funds® Conservative Income Strategy Fund** | **PFG American Funds® Conservative Income Strategy Fund** | **PFG American Funds® Conservative Income Strategy Fund** | **PFG American Funds® Conservative Income Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Open End Funds | $221046419 | $— | $— | $221046419 |
| Short-Term Investment | 1161594 |  |  | 1161594 |
| Total | $222208013 | $— | $— | $222208013 |
| **PFG American Funds® Growth Strategy Fund** | **PFG American Funds® Growth Strategy Fund** | **PFG American Funds® Growth Strategy Fund** | **PFG American Funds® Growth Strategy Fund** | **PFG American Funds® Growth Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Open End Funds | $922792314 | $— | $— | $922792314 |
| Short-Term Investment | 3457394 |  |  | 3457394 |
| Total | $926249708 | $— | $— | $926249708 |
| **PFG BNY Mellon Diversifier Strategy Fund** | **PFG BNY Mellon Diversifier Strategy Fund** | **PFG BNY Mellon Diversifier Strategy Fund** | **PFG BNY Mellon Diversifier Strategy Fund** | **PFG BNY Mellon Diversifier Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Fund | $2172199 | $— | $— | $2172199 |
| Open End Funds | 106414891 |  |  | 106414891 |
| Short-Term Investment | 285070 |  |  | 285070 |
| Total | $108872160 | $— | $— | $108872160 |

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| April 30, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PFG BR Target Allocation Equity Strategy Fund** | **PFG BR Target Allocation Equity Strategy Fund** | **PFG BR Target Allocation Equity Strategy Fund** | **PFG BR Target Allocation Equity Strategy Fund** | **PFG BR Target Allocation Equity Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $310318699 | $— | $— | $310318699 |
| Short-Term Investment | 1589756 |  |  | 1589756 |
| Total | $311908455 | $— | $— | $311908455 |
| **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** | **PFG Fidelity Institutional AM® Core Plus Bond Strategy Fund** | **PFG Fidelity Institutional AM® Core Plus Bond Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $27047168 | $— | $— | $27047168 |
| Open End Funds | 38766132 |  |  | 38766132 |
| Short-Term Investment | 447482 |  |  | 447482 |
| Total | $66260782 | $— | $— | $66260782 |
| **PFG Fidelity Institutional AM® Equity Index Strategy Fund** | **PFG Fidelity Institutional AM® Equity Index Strategy Fund** | **PFG Fidelity Institutional AM® Equity Index Strategy Fund** | **PFG Fidelity Institutional AM® Equity Index Strategy Fund** | **PFG Fidelity Institutional AM® Equity Index Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Open End Funds | $396345009 | $— | $— | $396345009 |
| Short-Term Investment | 2207897 |  |  | 2207897 |
| Total | $398552906 | $— | $— | $398552906 |
| **PFG Fidelity Institutional AM® Equity Sector Strategy Fund** | **PFG Fidelity Institutional AM® Equity Sector Strategy Fund** | **PFG Fidelity Institutional AM® Equity Sector Strategy Fund** | **PFG Fidelity Institutional AM® Equity Sector Strategy Fund** | **PFG Fidelity Institutional AM® Equity Sector Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $292337539 | $— | $— | $292337539 |
| Open End Funds | 122732754 |  |  | 122732754 |
| Short-Term Investment | 1714989 |  |  | 1714989 |
| Total | $416785282 | $— | $— | $416785282 |
| **PFG Global Equity Index Strategy Fund** | **PFG Global Equity Index Strategy Fund** | **PFG Global Equity Index Strategy Fund** | **PFG Global Equity Index Strategy Fund** | **PFG Global Equity Index Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $55702965 | $— | $— | $55702965 |
| Short-Term Investment | 188213 |  |  | 188213 |
| Total | $55891178 | $— | $— | $55891178 |
| **PFG Invesco® Equity Factor Rotation Strategy Fund** | **PFG Invesco® Equity Factor Rotation Strategy Fund** | **PFG Invesco® Equity Factor Rotation Strategy Fund** | **PFG Invesco® Equity Factor Rotation Strategy Fund** | **PFG Invesco® Equity Factor Rotation Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $56016216 | $— | $— | $56016216 |
| Short-Term Investment | 258018 |  |  | 258018 |
| Total | $56274234 | $— | $— | $56274234 |

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| April 30, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PFG Janus Henderson® Balanced Strategy Fund** | **PFG Janus Henderson® Balanced Strategy Fund** | **PFG Janus Henderson® Balanced Strategy Fund** | **PFG Janus Henderson® Balanced Strategy Fund** | **PFG Janus Henderson® Balanced Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $28081564 | $— | $— | $28081564 |
| Open End Funds | 239758504 |  |  | 239758504 |
| Short-Term Investment | 943776 |  |  | 943776 |
| Total | $268783844 | $— | $— | $268783844 |
| **PFG Janus Henderson® Tactical Income Strategy Fund** | **PFG Janus Henderson® Tactical Income Strategy Fund** | **PFG Janus Henderson® Tactical Income Strategy Fund** | **PFG Janus Henderson® Tactical Income Strategy Fund** | **PFG Janus Henderson® Tactical Income Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $20453639 | $— | $— | $20453639 |
| Open End Funds | 80813717 |  |  | 80813717 |
| Short-Term Investment | 227291 |  |  | 227291 |
| Total | $101494647 | $— | $— | $101494647 |
| **PFG JP Morgan® Tactical Aggressive Strategy Fund** | **PFG JP Morgan® Tactical Aggressive Strategy Fund** | **PFG JP Morgan® Tactical Aggressive Strategy Fund** | **PFG JP Morgan® Tactical Aggressive Strategy Fund** | **PFG JP Morgan® Tactical Aggressive Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $134310937 | $— | $— | $134310937 |
| Open End Funds | 138411769 |  |  | $138411769 |
| Short-Term Investment | 1122555 |  |  | 1122555 |
| Total | $273845261 | $— | $— | $273845261 |
| **PFG JP Morgan® Tactical Moderate Strategy Fund** | **PFG JP Morgan® Tactical Moderate Strategy Fund** | **PFG JP Morgan® Tactical Moderate Strategy Fund** | **PFG JP Morgan® Tactical Moderate Strategy Fund** | **PFG JP Morgan® Tactical Moderate Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Funds | $61590279 | $— | $— | $61590279 |
| Open End Funds | 68267099 |  |  | 68267099 |
| Short-Term Investment | 562506 |  |  | 562506 |
| Total | $130419884 | $— | $— | $130419884 |
| **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 | $113675911 | $— | $— | $113675911 |
| Short-Term Investment | 534217 |  |  | 534217 |
| Total | $114210128 | $— | $— | $114210128 |
| **PFG MFS® Aggressive Growth Strategy Fund** | **PFG MFS® Aggressive Growth Strategy Fund** | **PFG MFS® Aggressive Growth Strategy Fund** | **PFG MFS® Aggressive Growth Strategy Fund** | **PFG MFS® Aggressive Growth Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Fund | $12753961 | $— | $— | $12753961 |
| Open End Funds | 76328251 |  |  | 76328251 |
| Short-Term Investment | 192121 |  |  | 192121 |
| Total | $89274333 | $— | $— | $89274333 |

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| April 30, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PFG PIMCO Active Core Bond Strategy Fund** | **PFG PIMCO Active Core Bond Strategy Fund** | **PFG PIMCO Active Core Bond Strategy Fund** | **PFG PIMCO Active Core Bond Strategy Fund** | **PFG PIMCO Active Core Bond Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Open End Funds | $147075382 | $— | $— | $147075382 |
| Short-Term Investment | 458721 |  |  | 458721 |
| Total | $147534103 | $— | $— | $147534103 |
| **PFG US Equity Index Strategy Fund** | **PFG US Equity Index Strategy Fund** | **PFG US Equity Index Strategy Fund** | **PFG US Equity Index Strategy Fund** | **PFG US Equity Index Strategy Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Exchange Traded Fund | $96062078 | $— | $— | $96062078 |
| Short-Term Investment | 413259 |  |  | 413259 |
| Total | $96475337 | $— | $— | $96475337 |

---

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

The Funds did not hold any Level 2 or Level 3 securities during the year.

**Security Transactions and Related Income –** Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities under the effective interest method. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

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

**Federal Income Tax –** It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions of Subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision is required. Each Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed each Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions, taken on returns filed for open tax years ended April 30, 2022 through April 30, 2024, or expected to be taken in the Funds' April 30, 2025 year-end tax returns. Each Fund identifies its major tax jurisdictions as U.S. federal, Ohio, and foreign jurisdictions where a Fund makes significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognized interest and penalties related to unrecognized tax benefits in interest and other expenses, respectively. For the year ended April 30, 2025, the Funds did not have any interest or penalties.

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

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| April 30, 2025 |

---

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

For the year ended April 30, 2025, cost of purchases and proceeds from sales of Fund securities, other than short-term investments, amounted to the following:

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | $45129111 | $30704636 |
| PFG American Funds<sup>®</sup> Growth Strategy Fund | 368951736 | 246955833 |
| PFG BNY Mellon Diversifier Strategy Fund | 43061264 | 50428940 |
| PFG BR Target Allocation Equity Strategy Fund | 184740308 | 120903022 |
| PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund | 27140983 | 15657392 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund | 145669216 | 73279131 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund | 504656097 | 476164120 |
| PFG Global Equity Index Strategy Fund | 68792580 | 15945817 |
| PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund | 34096261 | 41389246 |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | 81418440 | 91433596 |
| PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund | 104086168 | 104890224 |
| PFG JP Morgan® Tactical Aggressive Strategy Fund | 143941399 | 149774826 |
| PFG JP Morgan® Tactical Moderate Strategy Fund | 70756273 | 89544482 |
| PFG Meeder Tactical Strategy Fund | 23360000 | 14929985 |
| PFG MFS® Aggressive Growth Strategy Fund | 24446184 | 38173097 |
| PFG PIMCO Active Core Bond Strategy Fund | 52419232 | 32064303 |
| PFG US Equity Index Strategy Fund | 109608204 | 16571710 |

---

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

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

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| April 30, 2025 |

---

For the year ended April 30, 2025, pursuant to the investment advisory agreement, the Advisor earned the following advisory fees:

---

| | |
|:---|:---|
| Fund |  |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | $2690844 |
| PFG American Funds<sup>®</sup> Growth Strategy Fund | 11454749 |
| PFG BNY Mellon Diversifier Strategy Fund | 1418802 |
| PFG BR Target Allocation Equity Strategy Fund | 3582571 |
| PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund | 740259 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund | 4414242 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund | 5188839 |
| PFG Global Equity Index Strategy Fund | 660944 |
| PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund | 742618 |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | 3545693 |
| PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund | 1278935 |
| PFG JP Morgan® Tactical Aggressive Strategy Fund | 3539673 |
| PFG JP Morgan® Tactical Moderate Strategy Fund | 1765786 |
| PFG Meeder Tactical Strategy Fund | 1530161 |
| PFG MFS® Aggressive Growth Strategy Fund | 1248807 |
| PFG PIMCO Active Core Bond Strategy Fund | 1705310 |
| PFG US Equity Index Strategy Fund | 884362 |

---

Effective January 1, 2023, pursuant to an expense limitation agreement between the Advisor and the Trust, on behalf of the Funds, (the "Expense Limitation Agreement"), the Advisor has contractually agreed to waive a portion of its advisory fee to the extent necessary so that the total expenses incurred by each Fund (exclusive of any brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes, and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Advisor))) will not exceed 1.99% per annum of each Fund's average daily net assets. The Expense Limitation Agreement may be terminated by the Board upon 60 days' written notice to the Advisor.

For the year ended April 30, 2025, the following Funds waived fees pursuant to the Expense Limitation Agreement:

---

| | |
|:---|:---|
| Fund |  |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | $94442 |
| PFG American Funds<sup>®</sup> Growth Strategy Fund | 403751 |
| PFG BNY Mellon Diversifier Strategy Fund | 50143 |
| PFG BR Target Allocation Equity Strategy Fund | 125453 |
| PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund | 25820 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund | 154141 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund | 183123 |
| PFG Global Equity Index Strategy Fund | 23140 |
| PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund | 26332 |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | 125555 |
| PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund | 45122 |
| PFG JP Morgan® Tactical Aggressive Strategy Fund | 125201 |
| PFG JP Morgan® Tactical Moderate Strategy Fund | 62660 |
| PFG Meeder Tactical Strategy Fund | 54169 |
| PFG MFS® Aggressive Growth Strategy Fund | 44484 |
| PFG PIMCO Active Core Bond Strategy Fund | 59577 |
| PFG US Equity Index Strategy Fund | 30280 |

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| April 30, 2025 |

---

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

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

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

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 Administrative Services Agreement may be terminated without penalty on 60 days' written notice by a vote of a majority of the Trustees or by the TPFG, or by holders of a majority of that Trust's outstanding shares.

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

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

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| April 30, 2025 |

---

Platforms, the Plan permits the payment of fees charged by Platforms for distribution services provided in connection with Fund shares and custodial, recordkeeping and other services provided to Fund shareholders.

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

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

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| | |
|:---|:---|
| Fund | 12b-1 Fee |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | $198720 |
| PFG American Funds<sup>®</sup> Growth Strategy Fund | 850360 |
| PFG BNY Mellon Diversifier Strategy Fund | 105476 |
| PFG BR Target Allocation Equity Strategy Fund | 264294 |
| PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund | 54327 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund | 324580 |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund | 385496 |
| PFG Global Equity Index Strategy Fund | 48814 |
| PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund | 55370 |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | 264231 |
| PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund | 94916 |
| PFG JP Morgan® Tactical Aggressive Strategy Fund | 263527 |
| PFG JP Morgan® Tactical Moderate Strategy Fund | 131832 |
| PFG Meeder Tactical Strategy Fund | 114004 |
| PFG MFS® Aggressive Growth Strategy Fund | 93538 |
| PFG PIMCO Active Core Bond Strategy Fund | 125388 |
| PFG US Equity Index Strategy Fund | 63831 |

---

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

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| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| April 30, 2025 |

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**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 year ended April 30, 2025 with affiliated companies are as follows:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | | | | | Change in | | |
| |  | Value-Beginning of | | | | Unrealized | Value-End of | |
| CUSIP | Description | Period | Purchases | Sales Proceeds | Net Realized Gain | Appreciation | Period | Income |
| 316188101 | Fidelity Corporate Bond ETF | $13316562 | $4465522 | $3797317 | $206780 | $336291 | $14527838 | $637529 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | | | | | Change in | | |
| |  | Value-Beginning of | | | | Unrealized | Value-End of | |
| CUSIP | Description | Period | Purchases | Sales Proceeds | Net Realized Gain | Appreciation | Period | Income |
| 316092881 | Fidelity MSCI Materials Index ETF | $67899149 | $37100429 | $89691266 | $3728854 | $(6391572) | $12645594 | $1218487 |

---

As of April 30, 2025, the PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund did not hold any affiliated investments.

**PFG Invesco Equity Factor Rotation Strategy Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | | | | | Change in | | |
| |  | Value-Beginning of | | | | Unrealized | Value-End of | |
| CUSIP | Description | Period | Purchases | Sales Proceeds | Net Realized Gain | Appreciation | Period | Income |
| 46138E396 | Invesco S&P 500 Enhanced Value ETF | $10018652 | $1095851 | $8539438 | $1106752 | $(1030082) | $2651735 | $129735 |

---

As of April 30, 2025, the PFG Invesco Equity Factor Rotation Strategy Fund did not hold any affiliated investments.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | | | | | Change in | | |
| |  | Value-Beginning of | | | | Unrealized | Value-End of | |
| CUSIP | Description | Period | Purchases | Sales Proceeds | Net Realized Gain | Appreciation | Period | Income |
| 47103Y649 | Janus Henderson Asia Equity Fund, Class N\* | $2261093 | $— | $2296168 | $208712 | $(173637) | $— | $— |
| 47103X823 | Janus Henderson Responsible International Dividend Fund, Class N^ | 12104794 | 2881574 | 8778952 | 1654536 | (675106) | 7186846 | 247789 |
| 47103 | Janus Henderson Emerging Markets Fund |  | 1800100 |  |  | (76850) | 1723250 |  |
|  |  | $14365887 | $4681674 | $11075120 | $1863248 | $(925593) | $8910096 | $247789 |

---

\* As of April 30, 2025, this holding was no longer held by the PFG Tactical Income Strategy Fund.

^ As of April 30, 2025, this holding was no longer an affiliated investment of the PFG Tactical Income Strategy Fund.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | | | | | Change in | | |
| |  | Value-Beginning of | | | | Unrealized | Value-End of | |
| CUSIP | Description | Period | Purchases | Sales Proceeds | Net Realized Gain | Appreciation | Period | Income |
| 46641Q209 | JPMorgan Diversified Return International Equity ETF | $22470875 | $3127258 | $21899420 | $1891713 | $(233474) | $5356952 | $673248 |

---

As of April 30, 2025, the PFG JP Morgan Tactical Aggressive Strategy Fund did not hold any affiliated investments.

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| April 30, 2025 |

---

**PFG Meeder Tactical Strategy Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | | | | | Change in | | |
| |  | | | | | Unrealized | | |
| |  | Value-Beginning of | | | Net Realized | Appreciation/ | Value-End of | |
| CUSIP | Description | Period | Purchases | Sales Proceeds | Gain/(Loss) | (Depreciation) | Period | Income |
| 58510R762 | Meeder Dynamic Allocation Fund, Institutional Class^ | $19253603 | $3875000 | $2305000 | $(369371) | $(1140849) | $19313383 | $1261035 |
| 58510R788 | Meeder Muirfield Fund, Institutional Class | 63960597 | 14572000 | 8259985 | (99640) | (6345331) | 63827641 | 3753063 |
| 58510R655 | Meeder Spectrum Fund, Institutional Class | 11496680 | 1312000 | 1145000 | 211428 | (476256) | 11398852 | 149082 |
|  |  | $94710880 | $19759000 | $11709985 | $(257583) | $(7962436) | $94539876 | $5163180 |

---

^ As of April 30, 2025, this holding was no longer an affiliated investment of the PFG Meeder Tactical Strategy Fund.

**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 April 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Tax**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**Depreciation** | **Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| PFG American Funds® Conservative Income Strategy Fund | $235955141 | $4325002 | $(18072130) | $(13747128) |
| PFG American Funds® Growth Strategy Fund | 918646173 | 31080952 | (23477417) | 7603535 |
| PFG BNY Mellon Diversifier Strategy Fund | 115655439 | 1091632 | (7874911) | (6783279) |
| PFG BR Target Allocation Equity Strategy Fund | 293828242 | 19614913 | (1534700) | 18080213 |
| PFG Fidelity Institutional AM® Core Plus Bond Strategy Fund | 64977867 | 1301780 | (18865) | 1282915 |
| PFG Fidelity Institutional AM® Equity IndexStrategy Fund | 349223197 | 49813083 | (483374) | 49329709 |
| PFG Fidelity Institutional AM® Equity SectorStrategy Fund | 421833043 | 5612889 | (10660650) | (5047761) |
| PFG Global Equity Index Strategy Fund | 54278286 | 1733879 | (120987) | 1612892 |
| PFG Invesco® Equity Factor Rotation Strategy Fund | 52195656 | 4263261 | (184683) | 4078578 |
| PFG Janus Henderson® Balanced Strategy Fund | 276980139 | 903188 | (9099483) | (8196295) |
| PFG Janus Henderson® Tactical Income Strategy Fund | 103887702 | 1771210 | (4164265) | (2393055) |
| PFG JP Morgan® Tactical Aggressive Strategy Fund | 260689043 | 16916084 | (3759866) | 13156218 |
| PFG JP Morgan® Tactical Moderate Strategy Fund | 126572548 | 7207705 | (3360369) | 3847336 |
| PFG Meeder Tactical Strategy Fund | 123602544 | 447377 | (9839793) | (9392416) |
| PFG MFS® Aggressive Growth Strategy Fund | 87980510 | 3771512 | (2477689) | 1293823 |
| PFG PIMCO Active Core Bond Strategy Fund | 160194906 | 1318249 | (13979052) | (12660803) |
| PFG US Equity Index Strategy Fund | 94973735 | 1808278 | (306676) | 1501602 |

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| April 30, 2025 |

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

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

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

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| April 30, 2025 |

---

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

---

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

---

---

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

---

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

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| April 30, 2025 |

---

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

---

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

---

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

---

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

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| April 30, 2025 |

---

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

---

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

---

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

---

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

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| April 30, 2025 |

---

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

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of April 30, 2025, beneficial ownership in excess of 25% for the Funds is as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Beneficial Owner** | **% of Outstanding Shares** |
| PFG American Funds<sup>®</sup> Conservative Income Strategy Fund | Charles Schwab | 28% |
|  | NFS | 49% |
| PFG American Funds<sup>®</sup> Growth Strategy Fund | Charles Schwab | 28% |
|  | NFS | 53% |
| PFG BNY Mellon Diversifier Strategy Fund | Charles Schwab | 30% |
|  | NFS | 48% |
| PFG BR Target Allocation Equity Strategy Fund | Charles Schwab | 25% |
|  | NFS | 58% |
| PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund | NFS | 38% |
|  | Pershing | 36% |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund | NFS | 55% |
| PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund | Charles Schwab | 28% |
|  | NFS | 48% |
| PFG Global Equity Index Strategy Fund | Charles Schwab | 32% |
|  | NFS | 53% |
| PFG Invesco<sup>®</sup> Equity Factor Rotation Strategy Fund | Charles Schwab | 29% |
|  | NFS | 51% |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | Charles Schwab | 30% |
|  | NFS | 45% |
| PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund | Charles Schwab | 28% |
|  | NFS | 46% |
|  | Pershing | 26% |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund | Charles Schwab | 26% |
|  | NFS | 53% |
| PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund | Charles Schwab | 28% |
|  | NFS | 43% |
|  | Pershing | 29% |
| PFG Meeder Tactical Strategy Fund | Charles Schwab | 33% |
|  | NFS | 47% |
| PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund | Charles Schwab | 33% |
|  | NFS | 49% |
| PFG PIMCO Active Core Bond Strategy Fund | NFS | 64% |
| PFG US Equity Index Strategy Fund | Charles Schwab | 34% |
|  | NFS | 43% |

---

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**NOTES TO FINANCIAL STATEMENTS (Continued)** |
| April 30, 2025 |

---

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

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

---

| | | |
|:---|:---|:---|
| <br>**Fund** | <br>**Investment** | **Percentage**<br>**of Net Assets** |
| PFG BNY Mellon Diversifier | BNY Mellon Core Plus Fund, Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.7% |
| Strategy Fund | BNY Mellon Global Real Return Fund, Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1% |
| PFG BR Target Allocation Equity Strategy Fund | iShares Core S&P 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.7% |
| PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund | Fidelity Total Bond Fund, Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.7% |
| PFG Fidelity Institutional AM<sup>®</sup> | Fidelity 500 Index Fund, Institutional Premium Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.7% |
| Equity Index Strategy Fund | Fidelity Global ex US Index Fund, Institutional Premium Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.1% |
| PFG Global Equity Index Strategy Fund | Vanguard Total Stock Market ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.1% |
| PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund | Janus Henderson Balanced Fund, Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.9% |
| PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund | Janus Henderson Flexible Bond Fund, Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2% |
| PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund | JPMorgan BetaBuilders US Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.9% |
| PFG Meeder Tactical Strategy Fund | Meeder Muirfield Fund, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.0% |
| PFG PIMCO Active Core | PIMCO Income Fund, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.8% |
| Bond Strategy Fund | PIMCO Total Return Fund, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.9% |
| PFG US Equity Index Strategy Fund | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.8% |

---

**10.** **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.

![(LOGO)](pf002_v1.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of the Pacific Financial Group of Mutual Funds and

Board of Trustees of Northern Lights Fund Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Pacific Financial Group of Mutual Funds, comprising the funds listed below (the "Funds"), each a series of Northern Lights Fund Trust, as of April 30, 2025, the related statements of operations, the statements of changes in net assets, the financial highlights, and the related notes for each of the periods indicated below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, and the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Statements of <br> Operation | Statements of Changes <br> in Net Assets | Financial Highlights |
| PFG BNY Mellon Diversifier Strategy Fund, PFG JP Morgan® Tactical Aggressive Strategy Fund, PFG JP Morgan® Tactical Moderate Strategy Fund, PFG Meeder Tactical Strategy Fund, PFG MFS® Aggressive Growth Strategy Fund and PFG PIMCO Active Core Bond Strategy Fund (formerly PFG Active Core Bond Strategy Fund) | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022 and 2021 |
| PFG American Funds® Conservative Income Strategy Fund, PFG American Funds® Growth Strategy Fund, PFG BR Target Allocation Equity Strategy Fund (formerly PFG BR Equity ESG Strategy Fund), PFG Fidelity Institutional AM® Equity Index Strategy Fund, PFG Fidelity Institutional AM® Equity Sector Strategy Fund and PFG Janus Henderson® Tactical Income Strategy Fund (formerly PFG Tactical Income Strategy Fund) | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022, and for the period from May 2, 2020 (commencement of operations) through April 30, 2021 |
| PFG Fidelity Institutional AM® Core Plus Bond Strategy Fund (formerly PFG Fidelity Institutional AM® Bond ESG Strategy Fund), PFG Invesco® Equity Factor Rotation Strategy Fund (formerly Invesco® Thematic ESG Strategy Fund) and PFG Janus Henderson® Balanced Strategy Fund | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023 and for the period from October 29, 2021 (commencement of operations) through April 30, 2022 |
| PFG Global Equity Index Strategy Fund and PFG US Equity Index Strategy Fund | For the period from May 1, 2024 (commencement of operations) through April 30, 2025 | For the period from May 1, 2024 (commencement of operations) through April 30, 2025 | For the period from May 1, 2024 (commencement of operations) through April 30, 2025 |

---

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| |
|:---|
| **COHEN & COMPANY, LTD.** |
| **Registered with the Public Company Accounting Oversight Board** |
| **800.229.1099** **I 866.818.4538 fax I cohenco.com** |

---

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with the custodians and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of certain previously related investment companies within the Fund family since 2008.

![(SIGNATURE)](pf003_v1.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

June 25, 2025

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| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**ADDITIONAL INFORMATION (Unaudited)** |
| April 30, 2025 |

---

**FOREIGN TAX CREDIT**

The following Funds intend 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, 2025, and April 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| **For fiscal year ended**<br>**4/30/2025** |<br>**Foreign Taxes Paid** |<br>**Foreign Source Income** |
| PFG BR Target Allocation Equity Strategy Fund | $0.0053 | $0.0697 |
| PFG JP Morgan® Tactical Moderate Strategy Fund | $0.0054 | $0.0535 |
| PFG Janus Henderson Tactical Income Strategy Fund | $0.0059 | $0.0582 |
| PFG Global Equity Index Strategy Fund | $0.0106 | $0.0987 |
| **For fiscal year ended** |  |  |
| **4/30/2024** | **Foreign Taxes Paid** | **Foreign Source Income** |
| PFG JP Morgan® Tactical Moderate Strategy Fund | $0.0062 | $0.0759 |
| PFG Tactical Income Strategy Fund | $0.0336 | $0.0894 |

---

**Changes in and Disagreements with Accountants**

Not applicable

**Proxy Disclosures**

Not applicable

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

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement (Unaudited)**

---

| |
|:---|
| The Pacific Financial Group, LLC – Adviser to the following funds \*: |
| &nbsp;&nbsp;&nbsp;&nbsp;PFG JP Morgan Tactical Moderate Strategy Fund ("JP Morgan Moderate"), |
| &nbsp;&nbsp;&nbsp;&nbsp;PFG JP Morgan Tactical Aggressive Strategy Fund ("JP Morgan Aggressive"), |
| &nbsp;&nbsp;&nbsp;&nbsp;PFG Meeder Tactical Strategy Fund ("PFG Meeder"), |
| &nbsp;&nbsp;&nbsp;&nbsp;PFG BNY Mellon Diversifier Strategy Fund ("PFG BNY Mellon") |
| &nbsp;&nbsp;&nbsp;&nbsp;PFG PIMCO Active Core Bond Strategy Fund ("PFG PIMCO"), |
| &nbsp;&nbsp;&nbsp;&nbsp;PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund ("PFG MFS"), |
| &nbsp;&nbsp;&nbsp;&nbsp;PFG American Funds<sup>®</sup> Growth Strategy Fund ("PFG American Growth"), |
| &nbsp;&nbsp;&nbsp;&nbsp;PFG American Funds<sup>®</sup> Conservative Income Strategy Fund ("PFG American Conservative"), |
| &nbsp;&nbsp;&nbsp;&nbsp;PFG BR Target Allocation Equity Strategy Fund ("PFG BR Target"), |
| &nbsp;&nbsp;&nbsp;&nbsp;PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund ("PFG Fidelity Sector"), |
| &nbsp;&nbsp;&nbsp;&nbsp;PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund ("PFG Fidelity Index"), |
| &nbsp;&nbsp;&nbsp;&nbsp;PFG Tactical Income Strategy Fund ("PFG Tactical") |
| &nbsp;&nbsp;&nbsp;&nbsp;PFG Fidelity Institutional AM<sup>®</sup> Core Plus Bond Strategy Fund ("PFG Fidelity Core") |
| &nbsp;&nbsp;&nbsp;&nbsp;PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund ("PFG Janus Balanced") |
| &nbsp;&nbsp;&nbsp;&nbsp;PFG Invesco® Equity Factor Rotation Strategy Fund ("PFG Invesco") |
| &nbsp;&nbsp;&nbsp;&nbsp;(each the "Fund" and collectively the "PFG Funds") \* |

---

In connection with the regular meeting held on November 12-13, 2024 of the Board of Trustees (the "Trustees" or the "Board") of the Northern Lights Fund Trust (the "Trust"), including a majority of the Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of an investment advisory agreement (the "Advisory Agreement") between The Pacific Financial Group, LLC ("PFG" or the "Adviser") and the Trust, with

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| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| April 30, 2025 |

---

respect to the PFG Funds. In considering the renewal of the Advisory Agreement, the Board received materials specifically relating to the Advisory Agreement.

The Trustees were assisted by independent legal counsel throughout the Advisory Agreement review process. The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreement.

*Nature, Extent and Quality of Service.* The Board noted that the Adviser was established in 1984 and provided investment solutions and money management services for retirement plan participants which were customized to their individual financial goals and risk profiles through model portfolios. The Board acknowledged that the Adviser created and administered a unique program that enabled retirement plan participants to access the combined experience and skills of the Adviser's investment team, in addition to well-known strategists to construct customized model portfolios. The Board established that the Adviser managed approximately $3.6 billion in assets and when combined with its affiliates managed over $4.4 billion. The Board evaluated the background information of key investment personnel responsible for servicing the PFG Funds taking into consideration the team's financial industry experience and educational background. The Board observed that the Adviser executed ongoing due diligence on each PFG Fund's models and strategy. The Board contemplated the Adviser's investment process and recognized that the Adviser used third-party research tools to evaluate investment performance relative to relevant peer groups and benchmarks. The Board further observed that the third-party research tools allowed investors to build bespoke portfolios that incorporated each investor's risk tolerances and investment goals. The Board appraised the Adviser's broker-dealer criteria selection and noted that the Adviser selected and evaluated broker-dealers based on a variety of abilities including execution quality, commission rates, trade reporting analysis, and research provided. The Board recognized that the Adviser engaged a third-party to assist with its cybersecurity program and reported no data security incidents over the past year. The Adviser conveyed no material compliance or litigation issues since the previous advisory contract renewal. The Board concluded that the Adviser provided quality service to the PFG Funds and their respective shareholders.

*Performance.*

<u>JP Morgan Moderate</u>. The Board considered the Fund's objective and strategy, observing that its primary objective was to provide capital appreciation with a secondary objective of income by investing 80% of the Fund's assets in funds advised by J.P. Morgan. The Board remarked that the Fund underperformed the category median and Morningstar category median across all time periods. The Board considered the Fund's standard deviation, observing that it ranked in the fourth quartile among the peer group and Morningstar category for the one-year period. The Board noted that the Adviser attributed underperformance to its diversification in international and emerging markets and small capitalization securities, in addition to a more conservative stance since the Covid-19 epidemic. The Board recognized that while the Fund may underperform at times because of the tactically defensive strategy it could also provide shareholders lower volatility.

<u>JP Morgan Aggressive</u>. The Board evaluated the Fund's performance, noting that the Fund's returns underperformed the peer group median returns for the one and three year period, however, it outperformed the category median and its Morningstar benchmark. The Board stated that the Fund underperformed the Morningstar category peer group median and category median for the for the five year and since inception periods. The Board noted that the Fund's diversified nature detracted from performance when international markets lagged and underperformed because of defensive positions taken during the Covid-19 pandemic. The Board considered Fund's consistent performance compared to its category median, peer median and benchmark, and noted that the Fund had reasonable performance since inception. The Board agreed that performance was satisfactory.

<u>PFG Meeder</u>. The Board reviewed the Fund's objective and strategy, noting that its objective was to provide capital appreciation by investing 80% of the Fund's assets in funds managed by Meeder Investment Management, Inc. The Board observed that the Fund had outperformed the Morningstar category median, peer group median, and benchmark index over the one-year period. The Board recognized that the Fund outperformed its peer group median over the 5 year and since inception time periods, while underperforming the category median and Morningstar benchmark. The Board remarked that the Fund's strong

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| April 30, 2025 |

---

performance over the 1 year period was driven by its weighting in the Meeder Muirfield fund and other more aggressively allocated funds. The Board further noted that the Fund's longer term performance lag was due to risk off trades in 2018, 2022, and 2023. The Board concluded that the Adviser was executing the strategy as designed.

<u>PFG BNY Mellon</u>. The Board considered the Fund's objective and strategy, noting that it was designed to invest more than 80% of the Fund's assets in funds advised by BNY Mellon Investor Solutions, LLC. The Board reviewed the Fund's performance, acknowledging that it underperformed the peer group median and Morningstar category median for the one, three, five year and since inception periods while it outperformed the benchmark for the same periods. The Board stated that the Fund is very conservative, which was reflected in the low standard deviation, which it ranked in the top peer group and category quartile for all time periods. The Board concluded that the Adviser was managing the strategy as designed.

<u>PFG PIMCO</u>. The Board discussed the Fund's strategy and recent performance, noting that the Adviser invested 80% of the Fund's assets in funds, primarily those managed by Pacific Investment Management Company LLC. The Board observed that the Fund outperformed its benchmark index while it underperformed its Morningstar category and peer group median for the one-year period and outperformed its peer group median while underperforming its Morningstar benchmark and category median for the three-year period. They further remarked that the Fund underperformed its peer group, benchmark index, and Morningstar category for the five-year and since inception time periods. The Board acknowledged the Adviser's assertion that the underperformance was due to allocations to emerging market bonds, low duration bonds, and diversified income funds. The Board concluded that the Adviser had managed the Fund consistent with its investment objective.

<u>PFG MFS</u>. The Board evaluated the Fund's investment objective and strategy, noting that the Adviser sought to achieve the Fund's objective by investing at least 80% of the Fund's assets in funds managed by MFS Investment Management. They observed that the Fund underperformed the Fund's Morningstar category median and benchmark index, while outperforming it peer group median over the one- and three-year periods. The Board further remarked that the Fund had underperformed its peer group median, category median and Morningstar category over the five-year and since inception periods. The Board noted that the Fund's standard deviation was in the top quartile relative to its peer group for all time periods and that periods of underperformance were attributed to exposure to commodities, in addition to the Fund's growth bias when value securities performed well. The Board concluded that the Fund was managed as designed and was meeting its objective.

<u>PFG American Growth</u>. The Board examined the Fund's investment objective and strategy, noting that the Adviser sought to achieve the Fund's objective by investing at least 80% of the Fund's assets in mutual funds managed by Capital Research and Management. They reviewed the Fund's performance and recognized that it outperformed the Morningstar category for the one-year period while it underperformed its peer group median and category median over the same time. They remarked that the Fund underperformed the peer group median, Morningstar Category, and benchmark index over the three-year and since inception periods. The Board acknowledged the Adviser's stated underperformance explanation to the Fund's diversified approach, which used international and small capitalization funds, which were underweight the technology sector. The Board recognized that the Fund's standard deviation was in the top quartile for all time periods relative to its category and that the Fund was managed as designed.

<u>PFG American Conservative</u>. The Board considered the Fund's investment strategy and objective and noted that the Fund underperformed the category median, peer group median and benchmark index for the one-year and since inception periods. The Board stated that the Fund outperformed the benchmark index and underperformed the category median and peer group median over the three-year timeframe. They noted the conservative nature of the Fund, which was evident with the standard deviation in the top quartile for its peer group and category for all periods since inception, but it was noted that the conservative positioning led to low Sharpe and Sortino Ratios. They also acknowledged the Adviser's intermediate fixed income positions detracted from performance and that the Adviser expected better performance in a rate easing cycle. The Board concluded that the Adviser should continue managing the Fund.

<u>PFG BR Target</u>. The Board discussed the Fund's objective and strategy and noted that the Adviser invested 80% of the Fund's assets in ETFs that were managed by BlackRock Fund Advisors, LLC that primarily invested in either or both U.S. and foreign equity securities of any capitalization. They recognized that the Fund underperformed its peer group and category medians over the one-year period but it outperformed its Morningstar category over the same time. The Board also observed that the Fund

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| April 30, 2025 |

---

underperformed its category median, peer median group and Morningstar category for each of the three-year and since inception periods. The Board noted that the Adviser changed the Fund's strategy from ESG to non-ESG focused over the prior year, which appeared to have benefited its performance. The Board concluded that the Adviser should be retained so that the Fund's non-ESG strategy performance can be evaluated over a longer time period and that performance was acceptable.

<u>PFG Fidelity Sector</u>. The Board evaluated the Fund's investment objective and strategy, noting that the Adviser sought to achieve the Fund's investment objective by investing at least 80% of the Fund's assets in Fidelity mutual funds and Fidelity ETFs. They stated that the Fund outperformed its peer group median and category median over the one-year and since inception periods but outperformed its Morningstar Category over the same time. The Board noted that the Fund outperformed the peer group median, category median and Morningstar category over the three-year period. The Board recognized the Fund's technology exposure as a positive contributing factor to its performance. The Board concluded that the Adviser had managed the Fund in a manner consistent with its investment objective.

<u>PFG Fidelity Index</u>. The Board considered the Fund's investment objective and strategy, noting that the Adviser invested more than 80% of the Fund's assets in mutual funds and ETFs managed by Fidelity. They assessed the performance of the Fund, noting that it underperformed its peer group median over the one-year period, but outperformed the category peer group and the Morningstar Category over the same period. The Board further observed that the Fund outperformed its category median, Morningstar Category and peer group median over the three-year period and since inception it underperformed all three. The Board acknowledged the Adviser's assertion that performance was hampered since inception because it was not fully invested until October 2020 because of Covid-19 concerns, however, it has performed well once it was fully invested. The Board concluded that the Adviser implemented the Fund's strategy as designed and the Adviser should be afforded additional time to achieve the Fund's potential.

<u>PFG Tactica</u>l. The Board considered the Fund's investment objective and strategy and noted that the Adviser utilized research services provided by Counterpoint Mutual Funds, LLC and Janus Capital Management, LLC. The Board observed that the Fund outperformed its peer group median over the one-year period, underperformed the category median and performed in line with the Morningstar benchmark over the same time. They noted that the Fund underperformed its peer median group, category median and Morningstar category over the three-year and since inception timeframes. The Board acknowledged the Adviser's explanation that the Fund was conservatively positioned the Fund's portfolio since inception, which detracted from performance. The Board noted that the Fund was performing in a manner consistent with its investment objective.

<u>PFG Fidelity Core</u>. The Board reviewed the Fund's strategy and recent performance, noting that the Adviser invested 80% of the Fund's assets in Fidelity mutual funds and Fidelity ETFs. They further noted that the Fund underperformed its peer group, Morningstar benchmark, and category median group over the one-year and since inception periods but recognized the Fund's short operating history. The Board also noted that the Adviser recently altered the strategy of the Fund from ESG to non-ESG focused. The Board established that the Adviser should be provided additional time to further review performance and that the Fund was being managed as designed.

<u>PFG Janus Balanced</u>. The Board considered the Fund's investment objective and strategy, noting that the Adviser invested more than 80% of the Fund's assets in mutual funds and ETFs managed by Janus Capital Management, LLC. The Board observed that during the relatively short history of the Fund, it underperformed the category median for the one-year period and outperformed its peer group and Morningstar benchmark over the same timeframe. The Board noted that since inception the Fund underperformed the category and peer group medians and its Morningstar benchmark. The Board recognized the Fund's underperformance since inception was attributable to small capitalization fund holdings and higher quality bonds rather than high yield bonds. The Board recognized that the Adviser had managed the Fund as designed and should be afforded additional time to manage the Fund in accordance with its objective.

<u>PFG Invesco</u>. The Board examined the Fund's investment objective and strategy, noting that the Adviser invested more than 80% of the Fund's assets in mutual funds and ETFs managed by Investor Advisers, Inc. The Board observed that during the short history of the Fund, the Fund underperformed its Morningstar benchmark over the one-year and since inception periods and outperformed its peer group and category medians over the same time. The Board concluded that the Adviser had managed the Fund as designed and should be retained over a longer period for further evaluation.

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| April 30, 2025 |

---

*Fees and Expenses.* The Board observed that each Fund's advisory fee was higher than its respective Morningstar category and peer group median and average.

<u>JP Morgan Moderate</u>. The Board considered that the fee was above the category average of 0.35%, and equal to the category high.

<u>JP Morgan Aggressive</u>. The Board considered that the fee was above the category average of 0.70%, and equal to the category high.

<u>PFG Meeder.</u> The Board considered that the fee was above the category average of 0.91%, and equal to the category high.

<u>PFG BNY Mellon</u>. The Board considered that the fee was above the category average of 0.55%, and below the category high of 1.50%.

<u>PFG PIMCO:</u> The Board considered that the fee was above the category average of 0.38%, and equal to the category high.

<u>PFG MFS.</u> The Board considered that the fee was above the category average of 0.70%, and equal to the category high.

<u>PFG American Growth:</u> The Board considered that the fee was above the category average of 0.63%, and equal to the category high.

<u>PFG American Conservative:</u> The Board considered that the fee was above the category average of 0.38%, and equal to the category high.

<u>PFG BR Target</u>: The Board considered that the fee was above the category average of 0.62%, and below the category high of 1.62%.

<u>PFG Fidelity Sector</u>. The Board considered that the fee was above the category average of 0.62%, and below the category high of 1.62%.

<u>PFG Fidelity Index.</u> The Board considered that the fee was above the category average of 0.70%, and equal to the category high.

<u>PFG Tactica</u>l. The Board considered that the fee was above the category average of 0.30%, and equal to the category high.

<u>PFG Fidelity Core.</u> The Board considered that the fee was above the category average of 0.38%, and equal to the category high.

<u>PFG Janus Balanced</u>. The Board considered that the fee was above the category average of 0.35%, and equal to the category high.

<u>PFG Invesco</u>. The Board considered that the fee was above the category average of 0.83%, and equal to the category high.

The Board noted that a portion of the Adviser's reasonable profits derived from its total compensation paid by the PFG Funds was paid to third-party investment advisers that delivered ongoing shareholder services and investment advice to the shareholders. The Board acknowledged that the risk-based strategies afforded shareholders the option to establish an investment plan based on an individual risk profile. The Board evaluated each Fund's net expense ratio of 1.99%, observing that the net expense ratio was higher than the peer group and Morningstar category median and average. The Board deliberated the reasonableness of the fees, contemplated the ancillary benefits of the administrative services fee, and determined that each Fund's advisory fee was not unreasonable given the package of distinctive services provided to each of the PFG Funds and its respective shareholders.

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| April 30, 2025 |

---

*Profitability.* The Board examined the profitability analysis furnished by the Adviser, which examined income and expenses related solely to each Fund's Advisory Agreement, profits from supplementary services provided to each of the PFG Funds under the administrative services agreement, and on an aggregate basis. The Board observed that with respect to each Fund, the Adviser's profitability was reasonable in terms of both percentage of revenue and actual dollars paid given the level of services provided to the PFG Funds. The Board concluded that the Adviser's profits on an aggregate and on a fund by fund basis were not excessive.

*Economies of Scale.* The Board contemplated whether the Adviser had achieved economies of scale with respect to the management of the PFG Funds. They acknowledged that the Adviser does not anticipate any obstacles to growth, from an investment management, compliance, or operational perspective given the investments made by the Adviser to enhance the infrastructure of the Adviser's business. They observed that each of the advisory fees provided breakpoints at a certain aggregate asset level, and that the Adviser and the Board would continue to monitor the growth in assets of the PFG Funds and whether the PFG Funds, on an aggregate basis, reached a level where additional concessions should be considered. The Board acknowledged that PFG had agreed to further evaluate potential fee reductions. After further dialogue, the Board concluded that the current breakpoints were reasonable.

---

| |
|:---|
| **THE PACIFIC FINANCIAL FUNDS**<br>**ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| April 30, 2025 |

---

*Conclusion.* The Board requested and received such information from the Adviser as deemed to be reasonably necessary to assess the terms of the Advisory Agreement, and as aided by the advice of independent counsel, the Board concluded that renewal of the Advisory Agreement was in the best interests of the shareholders of each of the PFG Funds.

**\*** Due to the timing of the contract renewal schedule, these deliberations may or may not relate to the current performance results of the PFG Funds.

---

| |
|:---|
| **INVESTMENT ADVISOR** |
| The Pacific Financial Group, LLC |
| 1920 Adelicia Street, Suite 500 |
| Nashville, TN 37212 |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |

---

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

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

Included under Item 7

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

None

**Item 16. Controls and Procedures.**

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

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

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

Not applicable

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

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers.](coe.htm)

(a)(2) Not applicable

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

(a)(4) Not applicable

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

**SIGNATURES**

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

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

---

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

---

Date <u>7/7/25</u>

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

---

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

---

Date <u>7/7/25</u>

---

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

---

Date <u>7/7/25</u>

## Ex-99.Cert

CERTIFICATIONS

I, Kevin Wolf, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 7/7/25 | /s/ Kevin Wolf |
|  |  | Kevin Wolf |
|  |  | President |

---

I, Jim Colantino, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 7/7/25 | /s/ Jim Colantino |
|  |  | Jim Colantino |
|  |  | Treasurer |

---

## Exhibit 99.906

**certification**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended April 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

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

---

| | | | |
|:---|:---|:---|:---|
| President | President | Treasurer | Treasurer |
| Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust |
| /s/ Kevin Wolf | /s/ Kevin Wolf | /s/ Jim Colantino | /s/ Jim Colantino |
| Kevin Wolf | Kevin Wolf | Jim Colantino | Jim Colantino |
| Date: | 7/7/25 | Date: | 7/7/25 |

---

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.

## Ex-99.Code

**<u>Northern Lights Fund Trust and the Northern Lights Variable Trust</u>**

 **CODE OF ETHICS**

February 19, 2007

Northern Lights Fund Trust and the Northern Lights Variable Trust (the "Trusts") and each of its series (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**THE INTERESTS OF THE FUNDS MUST ALWAYS BE PARAMOUNT**

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trusts.

**Access Persons may not take advantage of their relationship with the Funds**

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest**

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**Access Persons must comply with all applicable laws**

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

***DEFINITIONS***

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Advisers with respect to its corresponding series of the Trusts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trusts or the Advisers (or of any company controlling or controlled by or under common control with the Trusts or the Advisers) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control with the Trusts or the Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities by the Funds.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trusts with respect to Trustees and officers of the Trusts, or the CCO of the Advisers with respect to Advisers personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Advisers personnel.

**"Funds"** means series of the Trusts.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trusts that would not be deemed an "interested person" of the Trusts, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trusts; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trusts when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trusts certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-Trusts certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly know as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Advisers"** means the Advisers to the Trusts.

**"Trusts"** mean Northern Lights Fund Trust and the Northern Lights Variable Trust.

***PROHIBITED ACTIONS AND ACTIVITIES***

&nbsp;&nbsp;&nbsp;&nbsp;A. No Access Person shall purchase or sell directly or indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp; B.

Decision-Making Access Persons may not participate in any initial public offering of Covered Securities in any account over which they exercise Beneficial Ownership. All other Access Persons must obtain prior written authorization from the Chief Compliance Officer or his designee prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp; C.

No Access Person may purchase a Covered Security in which by reason of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization of the acquisition by the Chief Compliance Officer or his designee;

&nbsp;&nbsp;&nbsp;&nbsp; D.

Access Persons may not accept any fee, commission, gift, or services, other than de minimus gifts, from any single person or entity that does business with or on behalf of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp; E.

Decision-Making Access Persons may not serve on the board of directors of a publicly traded company without prior authorization from the Chief Compliance Officer or his designee based upon a determination that such service would be consistent with the interests of the Trusts. If such service is authorized, procedures will then be put in place to isolate such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions on behalf of the Trusts.

Advanced notice should be given so that the Trusts or Advisers may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp; F.

Decision-Making Access Person may not execute a Personal Securities Transaction involving a Covered Security without authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance Officer from time to time.

&nbsp;&nbsp;&nbsp;&nbsp; G.

It shall be a violation of this Code for any Access Person, in connection with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trusts any untrue statement of a material fact or to omit to state to the Trusts a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Trusts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trusts.

EXEMPTED TRANSACTIONS

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

· Purchases or Sales of Securities effected in any account in which an Access Person has no Beneficial Ownership;

· Purchases or Sales of Securities which are non-volitional on the part the Access Person (for example, the receipt of stock dividends);

· Purchase of Securities made as part of automatic dividend reinvestment plans;

· Purchases of Securities made as part of an employee benefit plan involving the periodic purchase or company stock or mutual Funds; and

· Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer shall require prior authorization from the President or Chief Executive Officer of the Trusts (unless such person is also the Chief Compliance Officer), who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trusts shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trusts order.

If a person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, such person shall cancel the trade.

***REPORTING AND MONITORING***

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code.

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Trusts, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trusts may be sent to the Advisers.

INITIAL HOLDINGS REPORT

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

ANNUAL HOLDINGS REPORTS

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

· The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

· The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

· The price of the Covered Security at which the transaction was effected; and

· The name of the broker, dealer, or bank with or through whom the transaction was effected.

· The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

***ENFORCEMENTS AND PENALTIES***

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trusts Board of Trustees.

Upon being informed of a violation of this Code, the Trusts Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trusts shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

Annually, the Chief Compliance Officer at each regular meeting of the Board shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

· Summarize existing procedures concerning Personal Securities investing and any changes in the procedures made during the prior year;

· Identify any violations of this Code and any significant remedial action taken during the prior year; and;

· Identify any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

***ACKNOWLEDGMENT***

The Trusts must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.

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