N-CSRS 1 pfg_ncsrs.htm N-CSRS

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 811-21720

Northern Lights Fund Trust

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant's telephone number, including area code: 631-470-2619

Date of fiscal year end: 4/30

Date of reporting period: 10/31/23

Item 1. Reports to Stockholders.

(COVER PAGE)

(PACIFIC FINANCIAL LOGO)

11811 NE 1^st Street, Suite 201

Bellevue, WA 98005

800-735-7199 | Toll Free

866-583-8734 | Sales

425-451-7722 | Direct

425-451-7731 | Fax

Dear Fellow Shareholders:

Thankfully, we have turned the corner on a challenging year for markets as the fourth quarter of 2022 and the first quarter of 2023 recovered some of the adverse market performance that affected many investors. During the first few months of 2023, ending April 30, 2023, US large-cap growth equities had double-digit gains outperforming relative to US large-cap core and value, US mid-cap, and US small-cap equities. Similarly, Ex-US developed, as measured by the MSCI EAFE, also had double-digit gains.

In the past six months, from May 1 to October 31, 2023, markets performed weaker following a strong first quarter of 2023. Despite US interest rates being at their highest levels since 2001, large cap domestic equities – particularly growth style – maintained their strength during this period. Furthermore, since May 2023, recessionary risks dwindled as we approached October 2023, even though the yield curve had remained inverted since July 2022. Supporting this was positive GDP growth in the US for the first and second quarter of 2023.ⁱ

The three risks that were discussed in my shareholder letter in the last annual report endured, during the six-month period ending October 31, 2023 – geopolitical risk, inflation, and monetary policy. Albeit, two of the three risks, inflation, and monetary policy, have become more muted since April 2023. Inflation is on track to the Fed’s 2% target after its most recent economic projections released on September 20, 2023. The Fed expects inflation to fall into the 2% range by the end of 2024.ⁱⁱ Further, the November 2023 Fed meeting is a potential turning point for the current Fed hiking cycle, as the Fed is expected to keep rates at 5.25-5.50% with another meeting in December 2023. In the geopolitical realm, Russia-Ukraine continued, however, the war had minimal impact on the recovery of US equities in 2023. The Israel-Hamas war emerged as of October 7, 2023, but has not had any major economic or market impact in the US during the month of October.

As a result of these market influences still at play, for the six-month period ending October 31, 2023, major equity markets did not fare as well as the earlier part of the year. However, US large-cap growth, particularly the technology sector, continued to lead, contributing the most to US equity markets returns, followed by large-cap core during this period. In terms of fixed income, most major fixed income indices were negative for this period. Short-duration fixed income performed better than intermediate and longer-duration fixed income.

Given the generally broad negative market performance in equities and fixed income over this six-month period, PFG Strategies were not immune to this. In the equity Strategies, PFG Strategies outperformed their respective benchmarks,ⁱⁱⁱ except PFG MFS Growth Strategy Fund, which lagged its respective benchmark due to its more strategic and diversified exposure to ex-US equities and real assets. In the moderate risk target Strategies, PFG JP Morgan^® Tactical Moderate Strategy, PFG Janus Henderson^® Balanced Strategy, and PFG Meeder Tactical Strategy outperformed their respective benchmarks.^iv In the moderate conservative target risk category, PFG Tactical Income Strategy also outperformed its respective benchmark.^v However, performance in the fixed-income-focused Strategies generally lagged their respective benchmarks,^vi except for the PFG Active Core Bond Strategy. Overall, most of PFG’s equity Strategies were able to position and capture outperformance due to the tilts into US equities, particularly in US large-cap growth and the technology sector.

Looking at performance year-to-date, most major equity asset classes apart from US small cap, US mid-cap, and Emerging Markets, have had positive performance (period ending 10/31/2023). PFG Strategies with equities exposure have followed suit and are appropriately positioned to capture potential upside going into year-end. In contrast, most major fixed income sectors year-to-date (through October 2023) have performed negatively, aside from US Corporate High Yield, US Floating Rate, and cash. US large-cap growth equities measured by the NASDAQ 100 had recovered 2022 losses as of October 31,

(PACIFIC FINANCIAL LOGO)

11811 NE 1^st Street, Suite 201

Bellevue, WA 98005

800-735-7199 | Toll Free

866-583-8734 | Sales

425-451-7722 | Direct

425-451-7731 | Fax

2023; whereas S&P 500 equities had not. US large-cap value equities had also regained their losses from 2022. US Treasury Floating Rate and cash remained the leaders in fixed income, year-to-date through October 2023, similar to 2022.

We continue to remain optimistic about the resilience of the US economy, despite the apprehensions at the beginning of 2023. Working with many of the largest and most successful institutional asset managers as research providers, we continue to improve strategic asset allocations, capital market assumptions, and model positioning as we move past October 31, 2023. PFG remains committed to our shareholders and clients by diligently managing our Strategies in an ever-changing market environment to provide appropriate diversification and investments to mitigate idiosyncratic risks.

Thank you for your continued trust in the Pacific Financial Group.

Sincerely,

(SIGNATURE)

Judith Cheng, CFA, CAIA

Chief Investment Officer

Pacific Financial Group, LLC

October 31, 2023

Before investing you should carefully consider the investment objectives, risks, shares, and expenses of the Pacific Financial Group family of funds (referred to as PFG Strategies). This and other important information about the Funds/PFG Strategies are contained in the prospectus; to obtain a prospectus please call 1-888-451-TPFG. The prospectus should be read carefully before investing.

Mutual Funds Involve Risk Including Possible Loss of Principal. Past performance is no guarantee of future results. Investment return and principal value will vary. Investors’ shares when redeemed may be worth more or less than the original cost. Returns do not reflect the deduction of taxes a shareholder would pay on distributions or redemption of Fund shares.

The Pacific Financial Group family of funds (PFG Strategies) is distributed by Northern Lights Distributors, LLC member FINRA/SIPC.

ⁱ

Source: BEA, https://www.bea.gov/data/gdp/gross-domestic-product

ⁱⁱ

Source: US Fed, https://www.federalreserve.gov/monetarypolicy/files/fomcprojtabl20230920.pdf

ⁱⁱⁱ

Benchmark is determined as Morningstar Agg Target Risk TR USD for the following strategies: PFG Invesco^®Eq Fact Rotation Strategy, PFG Fidelity Institutional AM^® Equity Sector Strategy, PFG Fidelity Institutional AM^® Equity Index Strategy, PFG BR Target Allocation Equity Strategy, PFG American Funds^® Growth Strategy, PFG JP Morgan^®Tactical Aggressive Strategy, and PFG MFS^® Aggressive Growth Strategy.

^iv

Benchmark is determined as Morningstar Mod Target Risk TR USD for the following strategies: PFG JP Morgan^® Tactical Moderate Strategy, PFG Janus Henderson^® Balanced Strategy, and PFG Meeder Tactical Strategy.

Benchmark is determined as Morningstar Con Target Risk TR USD for PFG Tactical Income Strategy.

^vi

Benchmark is determined as Morningstar Mod Con Target Risk TR USD for PFG American Funds^®Conservative Income Strategy. Benchmark is determined as Bloomberg US Agg Bond TR USD for the following strategies: PFG Fidelity Institutional AM^® Core Plus Bond Strategy, PFG Active Core Bond Strategy, and PFG BNY Mellon^® Diversifier Strategy.

3635-NLD-12/28/2023

PFG Active Core Bond Strategy Fund
Portfolio Review (Unaudited)
October 31, 2023

The Fund’s performance figures* for the periods ended October 31, 2023 as compared to its benchmark:

			Annualized
	Six	One	Three	Five	Performance
	Months	Year	Year	Year	Since Inception^**
PFG Active Core Bond Strategy Fund
Class R	(4.27)%	1.00%	(5.09)%	(1.19)%	(1.48)%
Bloomberg U.S. Aggregate Bond Index***	(6.13)%	0.36%	(5.57)%	(0.06)%	(0.42)%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.59% for Class R shares per the July 21, 2023 prospectus. After fee waivers, the Fund’s total annual operating expenses are 2.53% for Class R shares. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

^**

Commencement of trading was on December 14, 2017.

***

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

Holdings by Asset Class	% of Net Assets
Open End Funds - Fixed Income		99.3	%
Money Market Fund		0.3	%
Other Assets in Excess of Liabilities - Net		0.4	%
		100.0	%

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2023.

PFG American Funds^® Conservative Income Strategy Fund
Portfolio Review (Unaudited)
October 31, 2023

The Fund’s performance figures* for the periods ended October 31, 2023 as compared to its benchmark:

			Annualized
	Six	One	Three	Performance
	Months	Year	Year	Since Inception^**
PFG American Funds^® Conservative Income Strategy Fund
Class R	(4.90)%	(0.47)%	(2.07)%	(1.53)%
Morningstar Conservative Target Risk Index (Total Return)***	(5.24)%	2.02%	(2.81)%	(1.03)%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.32% for Class R shares per the July 21, 2023 prospectus. After fee waivers, the Fund’s total annual operating expenses are 2.26% for Class R shares. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

^**

Commencement of trading was on May 2, 2020.

***

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

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

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

Holdings by Asset Class	% of Net Assets
Open End Funds - Fixed Income		74.6	%
Open End Funds - Mixed Allocation		15.1	%
Open End Funds - Equity		10.1	%
Money Market Fund		0.3	%
Liabilities in Excess of Other Assets - Net		(0.1	)%
		100.0	%

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2023.

PFG American Funds^® Growth Strategy Fund
Portfolio Review (Unaudited)
October 31, 2023

The Fund’s performance figures* for the periods ended October 31, 2023 as compared to its benchmark:

			Annualized
	Six	One	Three	Performance
	Months	Year	Year	Since Inception^**
PFG American Funds^® Growth Strategy Fund
Class R	(1.05)%	8.93%	2.10%	5.84%
Morningstar Aggressive Target Risk Index (Total Return)***	(3.60)%	7.23%	6.05%	9.52%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.43% for Class R shares per the July 21, 2023 prospectus. After fee waivers, the Fund’s total annual operating expenses are 2.37% for Class R shares. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

^**

Commencement of trading was on May 2, 2020.

***

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

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

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

Holdings by Asset Class	% of Net Assets
Open End Funds - Equity		99.7	%
Money Market Fund		0.3	%
Other Assets in Excess of Liabilities - Net		0.0	% ^(a)
		100.0	%

^(a)

Amount represents less than 0.05%

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2023.

PFG BNY Mellon Diversifier Strategy Fund
Portfolio Review (Unaudited)
October 31, 2023

The Fund’s performance figures* for the periods ended October 31, 2023 as compared to its benchmark:

			Annualized
	Six	One	Three	Five	Performance
	Months	Year	Year	Year	Since Inception^**
PFG BNY Mellon Diversifier Strategy Fund
Class R	(6.32)%	(1.86)%	(1.85)%	0.70%	(0.30)%
Bloomberg U.S. Aggregate Bond Index***	(6.13)%	0.36%	(5.57)%	(0.06)%	(0.42)%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.74% for Class R shares per the July 21, 2023 prospectus. After fee waivers, the Fund’s total annual operating expenses are 2.68% for Class R shares. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

^**

Commencement of trading was on December 14, 2017.

***

Holdings by Asset Class	% of Net Assets
Open End Funds - Fixed Income		67.6	%
Open End Funds - Alternative		27.0	%
Open End Funds - Equity		2.9	%
Exchange-Traded Fund - Equity		2.0	%
Money Market Fund		0.3	%
Other Assets in Excess of Liabilities - Net		0.2	%
		100.0	%

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2023.

PFG BR Target Allocation Equity Strategy Fund
Portfolio Review (Unaudited)
October 31, 2023

The Fund’s performance figures* for the periods ended October 31, 2023 as compared to its benchmark:

			Annualized
	Six	One	Three	Performance
	Months	Year	Year	Since Inception^**
PFG BR Target Allocation Equity Strategy Fund
Class R	(1.72)%	9.04%	4.51%	7.21%
Morningstar Aggressive Target Risk Index (Total Return)***	(3.60)%	7.23%	6.05%	9.52%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.22% for Class R shares per the July 21, 2023 prospectus. After fee waivers, the Fund’s total annual operating expenses are 2.16% for Class R shares. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

^**

Commencement of trading was on May 2, 2020.

***

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

Holdings by Asset Class	% of Net Assets
Exchange Traded Funds - Equity		99.6	%
Money Market Fund		0.4	%
Liabilities in Excess of Other Assets - Net		(0.0	)% ^(a)
		100.0	%

^(a)

Amount represents less than 0.05%

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2023.

PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund
Portfolio Review (Unaudited)
October 31, 2023

The Fund’s performance figures* for the periods ended October 31, 2023 as compared to its benchmark:

		Annualized	Annualized
	Six	One	Performance
	Months	Year	Since Inception^**
PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund
Class R	(6.49)%	(1.35)%	(9.27)%
Bloomberg U.S. Aggregate Bond Index***	(6.13)%	0.36%	(7.99)%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.24% for Class R shares per the July 21, 2023 prospectus. After fee waivers, the Fund’s total annual operating expenses are 2.18% for Class R shares. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

^**

Commencement of trading was on October 29, 2021.

***

Holdings by Asset Class	% of Net Assets
Exchange-Traded Funds - Fixed Income		54.5	%
Open End Funds - Fixed Income		44.9	%
Money Market Fund		0.6	%
Liabilities in Excess of Other Assets - Net		(0.0	)% ^(a)
		100.0	%

^(a)

Amount represents less than 0.05%

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2023.

PFG Fidelity Institutional AM^® Equity Index Strategy Fund
Portfolio Review (Unaudited)
October 31, 2023

The Fund’s performance figures* for the periods ended October 31, 2023 as compared to its benchmark:

			Annualized
	Six	One	Three	Performance
	Months	Year	Year	Since Inception^**
PFG Fidelity Institutional AM^® Equity Index Strategy Fund
Class R	(2.88)%	6.83%	5.53%	8.39%
Morningstar Aggressive Target Risk Index (Total Return)***	(3.60)%	7.23%	6.05%	9.52%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.08% for Class R shares per the July 21, 2023 prospectus. After fee waivers, the Fund’s total annual operating expenses are 2.02% for Class R shares. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

^**

Commencement of trading was on May 2, 2020.

***

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

Holdings by Asset Class	% of Net Assets
Open End Funds - Equity		99.5	%
Money Market Fund		0.5	%
Other Assets in Excess of Liabilities - Net		0.0	% ^(a)
		100.0	%

^(a)

Amount represents less than 0.05%

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2023.

PFG Fidelity Institutional AM^® Equity Sector Strategy Fund
Portfolio Review (Unaudited)
October 31, 2023

The Fund’s performance figures* for the periods ended October 31, 2023 as compared to its benchmark:

			Annualized
	Six	One	Three	Performance
	Months	Year	Year	Since Inception^**
PFG Fidelity Institutional AM^® Equity Sector Strategy Fund
Class R	(2.96)%	3.66%	10.90%	10.83%
Morningstar Aggressive Target Risk Index (Total Return)***	(3.60)%	7.23%	6.05%	9.52%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.36% for Class R shares per the July 21, 2023 prospectus. After fee waivers, the Fund’s total annual operating expenses are 2.30% for Class R shares. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

Commencement of trading was on May 2, 2020.

***

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

Holdings by Asset Class	% of Net Assets
Open End Funds - Equity		50.2	%
Exchange Traded Funds - Equity		49.4	%
Money Market Fund		0.6	%
Liabilities in Excess of Other Assets - Net		(0.2	)%
		100.0	%

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2023.

PFG Invesco^® Equity Factor Rotation Strategy Fund
Portfolio Review (Unaudited)
October 31, 2023

The Fund’s performance figures* for the periods ended October 31, 2023 as compared to its benchmark:

		Annualized	Annualized
	Six	One	Performance
	Months	Year	Since Inception^**
PFG Invesco^® Equity Factor Rotation Strategy Fund
Class R	(2.99)%	0.42%	(15.39)%
Morningstar Aggressive Target Risk Index (Total Return)***	(3.60)%	7.23%	(6.50)%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.69% for Class R shares per the July 21, 2023 prospectus. After fee waivers, the Fund’s total annual operating expenses are 2.63% for Class R shares. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

^**

Commencement of trading was on October 29, 2021.

***

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

Holdings by Asset Class	% of Net Assets
Exchange Traded Funds - Equity		99.4	%
Money Market Fund		0.3	%
Other Assets in Excess of Liabilities - Net		0.3	%
		100.0	%

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2023.

PFG Janus Henderson^® Balanced Strategy Fund
Portfolio Review (Unaudited)
October 31, 2023

The Fund’s performance figures* for the periods ended October 31, 2023 as compared to its benchmark:

		Annualized	Annualized
	Six	One	Performance
	Months	Year	Since Inception^**
PFG Janus Henderson^® Balanced Strategy Fund
Class R	(3.44)%	3.22%	(8.09)%
Morningstar Moderate Target Risk Index (Total Return)***	(4.59)%	4.74%	(7.02)%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.60% for Class R shares per the July 21, 2023 prospectus. After fee waivers, the Fund’s total annual operating expenses are 2.54% for Class R shares. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

^**

Commencement of trading was on October 29, 2021.

***

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

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

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

Holdings by Asset Class	% of Net Assets
Open End Funds - Mixed Allocation		79.9	%
Exchange Traded Funds - Fixed Income		11.1	%
Open End Funds - Equity		5.1	%
Open End Funds - Fixed Income		2.3	%
Exchange Traded Funds - Equity		1.4	%
Money Market Fund		0.3	%
Liabilities in Excess of Other Assets - Net		(0.1	)%
		100.0	%

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2023.

PFG JP Morgan Tactical^® Aggressive Strategy Fund
Portfolio Review (Unaudited)
October 31, 2023

The Fund’s performance figures* for the periods ended October 31, 2023 as compared to its benchmark:

			Annualized
	Six	One	Three	Five	Performance
	Months	Year	Year	Year	Since Inception^**
PFG JP Morgan Tactical^® Aggressive Strategy Fund
Class R	(2.52)%	7.81%	6.36%	5.36%	3.90%
Morningstar Aggressive Target Risk Index (Total Return)***	(3.60)%	7.23%	6.05%	6.47%	5.16%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.39% for Class R shares per the July 21, 2023 prospectus. After fee waivers, the Fund’s total annual operating expenses are 2.33% for Class R shares. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

^**

Commencement of trading was on December 14, 2017.

***

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

Holdings by Asset Class	% of Net Assets
Open End Funds - Equity		52.9	%
Exchange Traded Funds - Equity		43.3	%
Open End Funds - Alternative		3.5	%
Money Market Fund		0.2	%
Other Assets in Excess of Liabilities - Net		0.1	%
		100.0	%

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2023.

PFG JP Morgan^® Tactical Moderate Strategy Fund
Portfolio Review (Unaudited)
October 31, 2023

The Fund’s performance figures* for the periods ended October 31, 2023 as compared to its benchmark:

			Annualized
	Six	One	Three	Five	Performance
	Months	Year	Year	Year	Since Inception^**
PFG JP Morgan^® Tactical Moderate Strategy Fund
Class R	(4.56)%	3.54%	1.71%	2.58%	1.28%
Morningstar Moderately Aggressive Target Risk Index (Total Return)***	(4.01)%	6.16%	4.11%	5.64%	4.15%
Morningstar Moderate Target Risk Index (Total Return)****	(4.59)%	4.74%	1.77%	4.38%	3.27%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.37% for Class R shares per the July 21, 2023 prospectus. After fee waivers, the Fund’s total annual operating expenses are 2.31% for Class R shares. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

Commencement of operations and trading was March 15, 2018.

***

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

****

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

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

Holdings by Asset Class	% of Net Assets
Open End Funds - Equity		31.8	%
Exchange Traded Funds - Equity		25.9	%
Exchange Traded Funds - Fixed Income		20.6	%
Open End Funds - Fixed Income		18.2	%
Open End Funds - Alternative		3.2	%
Money Market Fund		0.2	%
Other Assets in Excess of Liabilities - Net		0.1	%
		100.0	%

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2023.

PFG Meeder Tactical Strategy Fund
Portfolio Review (Unaudited)
October 31, 2023

The Fund’s performance figures* for the periods ended October 31, 2023 as compared to its benchmark:

			Annualized
	Six	One	Three	Five	Performance
	Months	Year	Year	Year	Since Inception^**
PFG Meeder Tactical Strategy Fund
Class R	(2.71)%	2.27%	2.62%	1.76%	0.92%
Morningstar Moderate Target Risk Index (Total Return)***	(4.59)%	4.74%	1.77%	4.38%	3.41%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 3.03% for Class R shares per the July 21, 2023 prospectus. After fee waivers, the Fund’s total annual operating expenses are 2.97% for Class R shares. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

^**

Commencement of trading was on December 14, 2017.

***

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

Holdings by Asset Class	% of Net Assets
Open End Funds - Equity		76.4	%
Open End Funds - Mixed Allocation		10.7	%
Open End Funds - Alternative		10.1	%
Open End Funds - Fixed Income		2.7	%
Money Market Fund		0.3	%
Liabilities in Excess of Other Assets - Net		(0.2	)%
		100.0	%

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2023.

PFG MFS^® Aggressive Growth Strategy Fund
Portfolio Review (Unaudited)
October 31, 2023

The Fund’s performance figures* for the periods ended October 31, 2023 as compared to its benchmark:

			Annualized
	Six	One	Three	Five	Performance
	Months	Year	Year	Year	Since Inception^**
PFG MFS^® Aggressive Growth Strategy Fund
Class R	(4.10)%	4.72%	4.33%	5.51%	4.24%
Morningstar Aggressive Target Risk Index (Total Return)***	(3.60)%	7.23%	6.05%	6.47%	5.16%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.62% for Class R shares per the July 21, 2023 prospectus. After fee waivers, the Fund’s total annual operating expenses are 2.56% for Class R shares. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

^**

Commencement of trading was on December 14, 2017.

***

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

Holdings by Asset Class	% of Net Assets
Open End Funds - Equity		85.1	%
Exchange Traded Funds - Equity		9.8	%
Exchange Traded Funds - Commodity		4.7	%
Money Market Fund		0.4	%
Other Assets in Excess of Liabilities - Net		0.0	% ^(a)
		100.0	%

^(a)

Amount represents less than 0.05%

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2023.

PFG Tactical Income Strategy Fund
Portfolio Review (Unaudited)
October 31, 2023

The Fund’s performance figures* for the periods ended October 31, 2023 as compared to its benchmark:

			Annualized
	Six	One	Three	Performance
	Months	Year	Year	Since Inception^**
PFG Tactical Income Strategy Fund
Class R	(4.05)%	2.64%	0.15%	0.92%
Morningstar Moderately Conservative Target Risk Index (Total Return)***	(4.53)%	3.73%	(0.26)%	1.94%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 3.03% for Class R shares per the July 21, 2023 prospectus. After fee waivers, the Fund’s total annual operating expenses are 2.97% for Class R shares. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

Commencement of trading was on May 2, 2020.

***

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

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

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

Holdings by Asset Class	% of Net Assets
Open End Funds - Fixed Income		56.2	%
Open End Funds - Equity		28.5	%
Exchange Traded Funds - Fixed Income		5.7	%
Open End Funds - Mixed Allocation		9.2	%
Money Market Fund		0.3	%
Other Assets in Excess of Liabilities - Net		0.1	%
		100.0	%

Please refer to the Schedule of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2023.

PFG ACTIVE CORE BOND STRATEGY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

October 31, 2023

Shares			Fair Value
		OPEN END FUNDS — 99.3%
		FIXED INCOME - 99.3%
	3,054,143	PIMCO Income Fund, Institutional Class	$	30,571,974
	1,511,567	PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class		14,133,155
	1,000,655	PIMCO Investment Grade Credit Bond Fund, Institutional Class		8,225,384
	1,954,094	PIMCO Mortgage Opportunities and Bond Fund, Institutional Class		17,645,466
	5,881,456	PIMCO Total Return Fund, Institutional Class		46,992,833
		TOTAL OPEN END FUNDS (Cost $133,487,252)		117,568,812

		SHORT-TERM INVESTMENT — 0.3%
		MONEY MARKET FUND - 0.3%
	353,282	BlackRock Liquidity FedFund, Institutional Class, 5.24% (Cost $353,282)^(a)		353,282

		TOTAL INVESTMENTS - 99.6% (Cost $133,840,534)	$	117,922,094
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%		453,692
		NET ASSETS - 100.0%	$	118,375,786

^(a)

Rate disclosed is the seven day effective yield as of October 31, 2023.

See accompanying notes to financial statements.

PFG AMERICAN FUNDS^® CONSERVATIVE INCOME STRATEGY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

October 31, 2023

Shares			Fair Value
		OPEN END FUNDS — 99.8%
		EQUITY - 10.1%
	393,976	American Mutual Fund, Class R-6	$	18,548,408

		FIXED INCOME - 74.6%
	3,411,149	American Funds - Bond Fund of America (The), Class R-6		36,431,072
	1,065,768	American Funds Multi-Sector Income Fund, Class R-6		9,186,918
	2,098,209	American Funds Strategic Bond Fund, Class R-6		18,296,382
	3,794,832	American Intermediate Bond Fund of America, Class R-6		45,613,880
	2,942,920	American Short Term Bond Fund of America, Class R-6		27,545,728
				137,073,980
		MIXED ALLOCATION - 15.1%
	318,967	American Balanced Fund, Class R-6		9,281,928
	860,077	The Income Fund of America, Class R-6		18,483,060
				27,764,988

		TOTAL OPEN END FUNDS (Cost $206,436,755)		183,387,376

		SHORT-TERM INVESTMENT — 0.3%
		MONEY MARKET FUND - 0.3%
	527,410	BlackRock Liquidity FedFund, Institutional Class, 5.24% (Cost $527,410)^(a)		527,410

		TOTAL INVESTMENTS - 100.1% (Cost $206,964,165)	$	183,914,786
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%		(133,824	)
		NET ASSETS - 100.0%	$	183,780,962

^(a)

Rate disclosed is the seven day effective yield as of October 31, 2023.

See accompanying notes to financial statements.

PFG AMERICAN FUNDS^® GROWTH STRATEGY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

October 31, 2023

Shares			Fair Value
		OPEN END FUNDS — 99.7%
		EQUITY - 99.7%
	3,438,642	AMCAP Fund, Class R-6	$	117,395,248
	2,538,120	American - The Growth Fund of America, Class R-6		146,551,027
	1,201,626	American Funds - New Economy Fund (The), Class R-6		59,011,839
	1,830,340	American Funds Fundamental Investors, Class R-6		117,965,428
	1,143,566	American New Perspective Fund, Class R-6		58,744,984
	1,528,703	Smallcap World Fund, Inc., Class R-6		88,313,201
		TOTAL OPEN END FUNDS (Cost $670,652,880)		587,981,727

		SHORT-TERM INVESTMENT — 0.3%
		MONEY MARKET FUND - 0.3%
	1,532,929	BlackRock Liquidity FedFund, Institutional Class, 5.24% (Cost $1,532,929)^(a)		1,532,929

		TOTAL INVESTMENTS - 100.0% (Cost $672,185,809)	$	589,514,656
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%^(b)		154,630
		NET ASSETS - 100.0%	$	589,669,286

^(a)

Rate disclosed is the seven day effective yield as of October 31, 2023.

^(b)

Amount represents less than 0.05%

See accompanying notes to financial statements.

PFG BNY MELLON DIVERSIFIER STRATEGY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

October 31, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUND — 2.0%
		EQUITY - 2.0%
	61,769	iShares Global Infrastructure ETF (Cost $2,925,329)	$	2,602,328

		OPEN END FUNDS — 97.5%
		ALTERNATIVE - 27.0%
	2,535,602	BNY Mellon Global Real Return, Class I		35,092,732

		EQUITY - 2.9%
	74,613	BNY Mellon Natural Resources Fund, Class I		3,797,795

		FIXED INCOME - 67.6%
	10,270,061	BNY Mellon Core Plus Fund, Class I^(a)		88,014,427

		TOTAL OPEN END FUNDS (Cost $142,252,195)		126,904,954

		SHORT-TERM INVESTMENT — 0.3%
		MONEY MARKET FUND - 0.3%
	379,503	BlackRock Liquidity FedFund, Institutional Class, 5.24% (Cost $379,503)^(b)		379,503

		TOTAL INVESTMENTS - 99.8% (Cost $145,557,027)	$	129,886,785
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%		225,380
		NET ASSETS - 100.0%	$	130,112,165

ETF

- Exchange-Traded Fund

^(a)

Affiliated Company – PFG BNY Mellon Diversifier Strategy Fund holds in excess of 5% of outstanding voting securities of this security.

^(b)

Rate disclosed is the seven day effective yield as of October 31, 2023.

See accompanying notes to financial statements.

PFG BR TARGET ALLOCATION EQUITY STRATEGY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

October 31, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 99.6%
		EQUITY - 99.6%
	106,700	iShares Core MSCI Emerging Markets ETF	$	4,901,798
	139,046	iShares Core S&P 500 ETF, USD Class		58,390,977
	25,809	iShares Core S&P Mid-Cap ETF		6,090,924
	30,433	iShares Global Energy ETF		1,203,321
	80,234	iShares MSCI EAFE Growth ETF		6,743,668
	245,526	iShares MSCI EAFE Value ETF		11,596,193
	50,309	iShares MSCI Emerging Markets ex China ETF		2,425,397
	34,686	iShares MSCI USA Min Vol Factor ETF		2,488,720
	102,827	iShares MSCI USA Quality Factor ETF		13,351,058
	21,494	iShares S&P 100 ETF		4,245,495
	54,331	iShares S&P 500 Growth ETF		3,627,681
	52,743	iShares US Infrastructure ETF		1,852,334
	47,742	iShares US Technology ETF		4,951,800
		TOTAL EXCHANGE-TRADED FUNDS (Cost $128,908,244)		121,869,366

		SHORT-TERM INVESTMENT — 0.4%
		MONEY MARKET FUND - 0.4%
	450,754	BlackRock Liquidity FedFund, Institutional Class, 5.24% (Cost $450,754)^(a)		450,754

		TOTAL INVESTMENTS - 100.0% (Cost $129,358,998)	$	122,320,120
		LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%^(b)		(31,202	)
		NET ASSETS - 100.0%	$	122,288,918

EAFE

- Europe, Australasia and Far East

ETF

- Exchange-Traded Fund

MSCI

- Morgan Stanley Capital International

^(a)

Rate disclosed is the seven day effective yield as of October 31, 2023.

^(b)

Amount represents less than 0.05%

See accompanying notes to financial statements.

PFG FIDELITY INSTITUTIONAL AM^® CORE PLUS BOND STRATEGY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

October 31, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 54.5%
		FIXED INCOME - 54.5%
	247,760	Fidelity Corporate Bond ETF^(a)	$	10,586,785
	117,566	Fidelity Total Bond ETF		5,020,068
	29,365	iShares MBS ETF		2,543,596
	226,915	iShares US Treasury Bond ETF		4,930,863
		TOTAL EXCHANGE-TRADED FUNDS (Cost $24,033,141)		23,081,312

		OPEN END FUNDS — 44.9%
		FIXED INCOME - 44.9%
	516,921	Fidelity Advisor Strategic Income Fund, Class Z		5,505,204
	1,525,810	Fidelity Total Bond Fund, Class Z		13,533,935
		TOTAL OPEN END FUNDS (Cost $19,681,677)		19,039,139

		SHORT-TERM INVESTMENT — 0.6%
		MONEY MARKET FUND - 0.6%
	270,879	BlackRock Liquidity FedFund, Institutional Class, 5.24% (Cost $270,879)^(b)		270,879

		TOTAL INVESTMENTS - 100.0% (Cost $43,985,697)	$	42,391,330
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0)%^(c)		(20,977	)
		NET ASSETS - 100.0%	$	42,370,353

ETF

- Exchange-Traded Fund

^(a)

Affiliated Company – PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund holds in excess of 5% of outstanding voting securities of this security.

^(b)

Rate disclosed is the seven day effective yield as of October 31, 2023.

^(c)

Amount represents less than 0.05%

See accompanying notes to financial statements.

PFG FIDELITY INSTITUTIONAL AM^® EQUITY INDEX STRATEGY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

October 31, 2023

Shares			Fair Value
		OPEN END FUNDS — 99.5%
		EQUITY - 99.5%
	1,095,443	Fidelity 500 Index Fund, Institutional Premium Class	$	159,584,129
	6,479,636	Fidelity Global ex US Index Fund, Institutional Premium Class		82,550,566
	650,155	Fidelity Mid Cap Index Fund, Institutional Premium Class		16,578,964
	800,592	Fidelity Small Cap Index Fund, Institutional Premium Class		16,564,249
		TOTAL OPEN END FUNDS (Cost $265,434,191)		275,277,908

		SHORT-TERM INVESTMENT — 0.5%
		MONEY MARKET FUND - 0.5%
	1,486,980	BlackRock Liquidity FedFund, Institutional Class, 5.24% (Cost $1,486,980)^(a)		1,486,980

		TOTAL INVESTMENTS - 100.0% (Cost $266,921,171)	$	276,764,888
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%^(b)		51,844
		NET ASSETS - 100.0%	$	276,816,732

^(a)

Rate disclosed is the seven day effective yield as of October 31, 2023.

^(b)

Amount represents less than 0.05%

See accompanying notes to financial statements.

PFG FIDELITY INSTITUTIONAL AM^® EQUITY SECTOR STRATEGY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

October 31, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 49.4%
		EQUITY - 49.4%
	255,048	Fidelity MSCI Consumer Discretionary Index ETF	$	16,889,279
	481,105	Fidelity MSCI Consumer Staples Index ETF		20,137,756
	1,268,316	Fidelity MSCI Energy Index ETF		29,881,525
	524,913	Fidelity MSCI Financials Index ETF		23,731,317
	97,173	Fidelity MSCI Industrials Index ETF		5,067,572
	1,412,682	Fidelity MSCI Materials Index ETF^(a)		60,024,858
	305,722	Fidelity MSCI Real Estate Index ETF		6,704,483
		TOTAL EXCHANGE-TRADED FUNDS (Cost $167,309,273)		162,436,790

		OPEN END FUNDS — 50.2%
		EQUITY - 50.2%
	216,908	Fidelity Advisor Communication Services Fund, Class Z^(a)(b)		16,662,910
	1,197,747	Fidelity Advisor Health Care Fund, Class Z^(b)		70,259,867
	832,064	Fidelity Advisor Technology Fund, Class Z		78,280,543
		TOTAL OPEN END FUNDS (Cost $164,682,936)		165,203,320

		SHORT-TERM INVESTMENT — 0.6%
		MONEY MARKET FUND - 0.6%
	1,977,112	BlackRock Liquidity FedFund, Institutional Class, 5.24% (Cost $1,977,112)^(c)		1,977,112

		TOTAL INVESTMENTS - 100.2% (Cost $333,969,321)	$	329,617,222
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%		(705,566	)
		NET ASSETS - 100.0%	$	328,911,656

ETF

- Exchange-Traded Fund

MSCI

- Morgan Stanley Capital International

^(a)

Affiliated Company – PFG Fidelity Institutional AM^® Equity Sector Strategy Fund holds in excess of 5% of outstanding voting securities of this security.

^(b)

Non-income producing security.

^(c)

Rate disclosed is the seven day effective yield as of October 31, 2023.

See accompanying notes to financial statements.

PFG INVESCO^® EQUITY FACTOR ROTATION STRATEGY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

October 31, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 99.4%
		EQUITY - 99.4%
	330,029	Invesco International Developed Dynamic Multifactor ETF	$	7,356,346
	227,734	Invesco Russell 1000 Dynamic Multifactor ETF		9,988,413
	79,055	Invesco Russell 2000 Dynamic Multifactor ETF		2,548,733
	121,657	Invesco S&P 500 Enhanced Value ETF^(a)		4,723,929
	41,004	Invesco S&P 500 Low Volatility ETF		2,393,814
	169,255	Invesco S&P 500 Momentum ETF		9,501,976
	48,809	Invesco S&P 500 Quality ETF		2,375,534
	111,243	Invesco S&P Emerging Markets Low Volatility ETF		2,447,346
	95,295	Invesco S&P International Developed Low Volatility ETF		2,459,564
	57,048	Invesco S&P MidCap 400 GARP ETF		4,754,278
		TOTAL EXCHANGE-TRADED FUNDS (Cost $51,205,284)		48,549,933

		SHORT-TERM INVESTMENT — 0.3%
		MONEY MARKET FUND - 0.3%
	143,405	BlackRock Liquidity FedFund, Institutional Class, 5.24% (Cost $143,405)^(b)		143,405

		TOTAL INVESTMENTS - 99.7% (Cost $51,348,689)	$	48,693,338
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%		123,413
		NET ASSETS - 100.0%	$	48,816,751

ETF

- Exchange-Traded Fund

^(a)

Affiliated Company - PFG Invesco^® Equity Factor Rotation Strategy Fund holds in excess of 5% of outstanding voting securities of this security.

^(b)

Rate disclosed is the seven day effective yield as of October 31, 2023.

See accompanying notes to financial statements.

PFG JANUS HENDERSON^® BALANCED STRATEGY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

October 31, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 12.5%
		EQUITY - 1.4%
	66,499	Janus Henderson Small/Mid Cap Growth Alpha ETF	$	3,652,724

		FIXED INCOME - 11.1%
	580,049	Janus Henderson Short Duration Income ETF		27,848,152

		TOTAL EXCHANGE-TRADED FUNDS (Cost $31,521,830)		31,500,876

		OPEN END FUNDS — 87.3%
		EQUITY - 5.1%
	564,777	Janus Henderson Contrarian Fund, Class N		12,916,453

		FIXED INCOME - 2.3%
	843,688	Janus Henderson High-Yield Fund, Class N		5,661,145

		MIXED ALLOCATION - 79.9%
	5,252,033	Janus Henderson Balanced Fund, Class N		200,942,799

		TOTAL OPEN END FUNDS (Cost $258,495,832)		219,520,397

		SHORT-TERM INVESTMENT — 0.3%
		MONEY MARKET FUND - 0.3%
	881,559	BlackRock Liquidity FedFund, Institutional Class, 5.24% (Cost $881,559)^(a)		881,559

		TOTAL INVESTMENTS - 100.1% (Cost $290,899,221)	$	251,902,832
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%		(305,639	)
		NET ASSETS - 100.0%	$	251,597,193

ETF

- Exchange-Traded Fund

^(a)

Rate disclosed is the seven day effective yield as of October 31, 2023.

See accompanying notes to financial statements.

PFG JP MORGAN^® TACTICAL AGGRESSIVE STRATEGY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

October 31, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 43.3%
		EQUITY - 43.3%
	178,779	JPMorgan BetaBuilders International Equity ETF	$	9,049,793
	287,711	JPMorgan BetaBuilders U.S. Equity ETF		21,673,270
	71,369	JPMorgan BetaBuilders U.S. Small Cap Equity ETF		3,519,962
	466,443	JPMorgan Diversified Return International Equity ETF^(a)		22,935,002
	69,895	JPMorgan Equity Premium Income ETF		3,677,875
	487,808	JPMorgan International Research Enhanced Equity ETF		25,858,702
	523,408	JPMorgan U.S. Value Factor ETF		17,445,189
		TOTAL EXCHANGE-TRADED FUNDS (Cost $108,577,956)		104,159,793

		OPEN END FUNDS — 56.4%
		ALTERNATIVE - 3.5%
	584,559	JPMorgan Emerging Market Research Enhanced Equity, Class R6		8,423,498

		EQUITY - 52.9%
	572,909	JPMorgan Emerging Markets Equity Fund, Class R6		15,520,107
	63,042	JPMorgan Equity Index Fund, Class R6		3,969,120
	594,597	JPMorgan Growth Advantage Fund, Class R6		17,516,827
	420,164	JPMorgan Large Cap Growth Fund, Class R6		22,877,941
	1,320,375	JPMorgan Large Cap Value Fund, Class R6		22,670,843
	2,351,252	JPMorgan U.S. Equity Fund, Class R6		44,673,798
				127,228,636

		TOTAL OPEN END FUNDS (Cost $134,870,147)		135,652,134

See accompanying notes to financial statements.

PFG JP MORGAN^® TACTICAL AGGRESSIVE STRATEGY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2023

Shares			Fair Value
		SHORT-TERM INVESTMENT — 0.2%
		MONEY MARKET FUND - 0.2%
	371,513	BlackRock Liquidity FedFund, Institutional Class, 5.24% (Cost $371,513)^(b)	$	371,513

		TOTAL INVESTMENTS - 99.9% (Cost $243,819,616)	$	240,183,440
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%		193,393
		NET ASSETS - 100.0%	$	240,376,833

ETF

- Exchange-Traded Fund

^(a)

Affiliated Company – PFG JP Morgan^® Tactical Aggressive Strategy Fund holds in excess of 5% of outstanding voting securities of this security.

^(b)

Rate disclosed is the seven day effective yield as of October 31, 2023.

See accompanying notes to financial statements.

PFG JP MORGAN^® TACTICAL MODERATE STRATEGY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

October 31, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 46.5%
		EQUITY - 25.9%
	105,898	JPMorgan BetaBuilders International Equity ETF	$	5,360,557
	124,446	JPMorgan BetaBuilders U.S. Equity ETF		9,374,517
	27,191	JPMorgan BetaBuilders U.S. Small Cap Equity ETF		1,341,076
	175,651	JPMorgan Diversified Return International Equity ETF		8,636,760
	41,088	JPMorgan Equity Premium Income ETF		2,162,050
	108,297	JPMorgan International Research Enhanced Equity ETF		5,740,824
	129,387	JPMorgan U.S. Value Factor ETF		4,312,469
				36,928,253
		FIXED INCOME - 20.6%
	74,701	iShares 10-20 Year Treasury Bond ETF		7,035,340
	416,988	JPMorgan BetaBuilders US Agg ETF		18,097,279
	98,826	JPMorgan High Yield Research Enhanced ETF		4,272,248
				29,404,867

		TOTAL EXCHANGE-TRADED FUNDS (Cost $69,412,406)		66,333,120

		OPEN END FUNDS — 53.2%
		ALTERNATIVE - 3.2%
	322,335	JPMorgan Emerging Market Research Enhanced Equity Fund, Class R6		4,644,842

		EQUITY - 31.8%
	143,819	JPMorgan Emerging Markets Equity Fund, Class R6		3,896,062
	37,691	JPMorgan Equity Index Fund, Class R6		2,373,024
	146,876	JPMorgan Growth Advantage Fund, Class R6		4,326,965
	184,283	JPMorgan Large Cap Growth Fund, Class R6		10,034,222
	583,940	JPMorgan Large Cap Value Fund, Class R6		10,026,245
	775,045	JPMorgan US Equity Fund, Class R6		14,725,855
				45,382,373

See accompanying notes to financial statements.

PFG JP MORGAN^® TACTICAL MODERATE STRATEGY FUND

SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

October 31, 2023

Shares			Fair Value
		OPEN END FUNDS — 53.2% (Continued)
		FIXED INCOME - 18.2%
	2,256,840	JPMorgan Core Plus Bond Fund, Class R6	$	15,211,104
	1,347,906	JPMorgan Income Fund, Class R6		10,756,291
				25,967,395

		TOTAL OPEN END FUNDS (Cost $78,186,031)		75,994,610

		SHORT-TERM INVESTMENT — 0.2%
		MONEY MARKET FUND - 0.2%
	313,418	BlackRock Liquidity FedFund, Institutional Class, 5.24% (Cost $313,418)^(a)		313,418

		TOTAL INVESTMENTS - 99.9% (Cost $147,911,855)	$	142,641,148
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%		116,079
		NET ASSETS - 100.0%	$	142,757,227

ETF

- Exchange-Traded Fund

^(a)

Rate disclosed is the seven day effective yield as of October 31, 2023.

See accompanying notes to financial statements.

PFG MEEDER TACTICAL STRATEGY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

October 31, 2023

Shares			Fair Value
		OPEN END FUNDS — 99.9%
		ALTERNATIVE - 10.1%
	843,102	Meeder Spectrum Fund, Institutional Class^(a)	$	10,344,861

		EQUITY - 76.4%
	1,446,294	Meeder Dynamic Allocation Fund, Institutional Class^(a)		17,398,912
	330,191	Meeder Moderate Allocation Fund, Institutional Class		3,618,898
	6,836,791	Meeder Muirfield Fund, Institutional Class^(a)		57,770,883
				78,788,693
		FIXED INCOME - 2.7%
	167,779	Meeder Total Return Bond Fund, Institutional Class		1,481,484
	72,501	Performance Trust Strategic Bond Fund, Institutional Class		1,331,846
				2,813,330
		MIXED ALLOCATION - 10.7%
	697,968	Meeder Balanced Fund, Institutional Class		8,166,226
	137,707	Meeder Conservative Allocation Fund, Institutional Class		2,879,451
				11,045,677

		TOTAL OPEN END FUNDS (Cost $116,574,012)		102,992,561

		SHORT-TERM INVESTMENT — 0.3%
		MONEY MARKET FUND - 0.3%
	334,762	BlackRock Liquidity FedFund, Institutional Class, 5.24% (Cost $334,762)^(b)		334,762

		TOTAL INVESTMENTS - 100.2% (Cost $116,908,774)	$	103,327,323
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%		(175,367	)
		NET ASSETS - 100.0%	$	103,151,956

^(a)

Affiliated Company – PFG Meeder Tactical Strategy Fund holds in excess of 5% of outstanding voting securities of this security.

^(b)

Rate disclosed is the seven day effective yield as of October 31, 2023.

See accompanying notes to financial statements.

PFG MFS^® AGGRESSIVE GROWTH STRATEGY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

October 31, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 14.5%
		COMMODITY - 4.7%
	142,647	iShares GSCI Commodity Dynamic ETF	$	4,018,366

		EQUITY - 9.8%
	55,807	Schwab International Small-Cap Equity ETF		1,707,694
	75,949	SPDR Portfolio Emerging Markets ETF		2,466,064
	10,208	Vanguard Small-Cap Growth ETF		2,032,106
	13,827	Vanguard Small-Cap Value ETF		2,098,524
				8,304,388

		TOTAL EXCHANGE-TRADED FUNDS (Cost $13,735,493)		12,322,754

		OPEN END FUNDS — 85.1%
		EQUITY - 85.1%
	308,333	MFS Global Real Estate Fund, Class R6		4,353,657
	64,185	MFS Growth Fund, Class R6		10,247,820
	145,332	MFS Institutional International Equity Fund, Class R6		4,274,229
	116,257	MFS International Growth Fund, Class R5		4,250,356
	347,244	MFS International Large Cap Value Fund, Class R6		4,229,434
	54,915	MFS International New Discovery Fund, Class R6		1,583,188
	341,124	MFS Mid Cap Growth Fund, Class R6^(a)		8,521,268
	311,528	MFS Mid Cap Value Fund, Class R6		8,538,990
	187,673	MFS Research Fund, Class R6		9,378,036
	336,948	MFS Research International Fund, Class R6		6,701,887
	225,462	MFS Value Fund, Class R6		10,233,728
		TOTAL OPEN END FUNDS (Cost $74,892,391)		72,312,593

See accompanying notes to financial statements.

PFG MFS^® AGGRESSIVE GROWTH STRATEGY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2023

Shares			Fair Value
		SHORT-TERM INVESTMENT — 0.4%
		MONEY MARKET FUND - 0.4%
	356,141	BlackRock Liquidity FedFund, Institutional Class, 5.24% (Cost $356,141)^(b)	$	356,141

		TOTAL INVESTMENTS - 100.0% (Cost $88,984,025)	$	84,991,488
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%^(c)		2,701
		NET ASSETS - 100.0%	$	84,994,189

ETF

- Exchange-Traded Fund

SPDR

- Standard & Poor’s Depositary Receipt

^(a)

Non-income producing security.

^(b)

Rate disclosed is the seven day effective yield as of October 31, 2023.

^(c)

Amount represents less than 0.05%.

See accompanying notes to financial statements.

PFG TACTICAL INCOME STRATEGY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

October 31, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 5.7%
		FIXED INCOME - 5.7%
	131,009	Janus Henderson Mortgage-Backed Securities ETF (Cost $6,150,152)	$	5,532,510

		OPEN END FUNDS — 93.9%
		EQUITY - 28.5%
	260,723	Janus Henderson Asia Equity Fund, Class N^(a),(b)		2,377,795
	166,712	Janus Henderson Contrarian Fund, Class N		3,812,702
	1,030,751	Janus Henderson Global Equity Income Fund, Class N		5,792,819
	135,471	Janus Henderson Global Life Sciences Fund, Class N		8,458,801
	159,690	Janus Henderson Global Technology and Innovation Fund, Class N^(a)		7,103,022
				27,545,139
		FIXED INCOME - 56.2%
	1,730,577	Counterpoint Tactical Income Fund, Class I		18,863,292
	120,673	Counterpoint Tactical Municipal Fund, Class I		1,221,206
	1,309,412	Janus Henderson Developed World Bond Fund, Class R6		9,349,204
	1,164,897	Janus Henderson Flexible Bond Fund, Class N		10,134,604
	167,744	Janus Henderson High-Yield Fund, Class N		1,125,562
	43,410	Kensington Managed Income Fund, Institutional Class		413,696
	335,027	Sierra Tactical Bond Fund, Institutional Class		8,342,169
	271,154	Toews Tactical Income Fund		2,611,212
	231,558	WSTCM Credit Select Risk-Managed Fund, Institutional Class		2,324,838
				54,385,783
		MIXED ALLOCATION - 9.2%
	676,250	Janus Henderson Dividend & Income Builder Fund, Class R6^(b)		8,933,262

		TOTAL OPEN END FUNDS (Cost $95,065,519)		90,864,184

See accompanying notes to financial statements.

PFG TACTICAL INCOME STRATEGY FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2023

Shares			Fair Value
		SHORT-TERM INVESTMENT — 0.3%
		MONEY MARKET FUND - 0.3%
	254,199	BlackRock Liquidity FedFund, Institutional Class, 5.24% (Cost $254,199)^(c)	$	254,199

		TOTAL INVESTMENTS - 99.9% (Cost $101,469,870)	$	96,650,893
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%		144,906
		NET ASSETS - 100.0%	$	96,795,799

ETF

- Exchange-Traded Fund

^(a)

Non-income producing security.

^(b)

Affiliated Company – PFG Tactical Income Strategy Fund holds in excess of 5% of outstanding voting securities of this security.

^(c)

Rate disclosed is the seven day effective yield as of October 31, 2023.

See accompanying notes to financial statements.

THE PACIFIC FINANCIAL FUNDS

Statements of Assets and Liabilities (Unaudited)

October 31, 2023

				PFG American
				Funds^®						PFG BNY			PFG BR Target
	PFG Active			Conservative			PFG American			Mellon			Allocation
	Core Bond			Income Strategy			Funds^®Growth			Diversifier			Equity Strategy
	Strategy Fund			Fund			Strategy Fund			Strategy Fund			Fund
Assets
Investment securities, at cost	$	133,840,534		$	206,964,165		$	672,185,809		$	47,139,927		$	129,358,998
Affiliated investments, at cost		—			—			—			98,417,100			—
Investments, At cost		133,840,534			206,964,165			672,185,809			145,557,027			129,358,998
Investment securities, at value		117,922,094			183,914,786			589,514,656			41,872,358			122,320,120
Affiliated investments, at value		—			—			—			88,014,427			—
Investments, At value		117,922,094			183,914,786			589,514,656			129,886,785			122,320,120
Dividends and interest receivable		491,584			447,493			10,559			329,012			2,406
Receivable for fund shares sold		126,319			463,904			966,983			73,485			143,059
Receivable for investments sold		64,925			284,950			399,975			135,000			101,952
Total Assets		118,604,922			185,111,133			590,892,173			130,424,282			122,567,537
Liabilities
Accrued advisory fees		117,510			188,108			606,743			136,264			125,999
Payable to Administrator		54,166			120,684			448,061			68,627			35,578
Payable for fund shares redeemed		34,837			988,103			49,278			82,096			22,850
Distribution (12b-1) fees payable		22,623			33,276			118,805			25,130			22,208
Payable for investments purchased		—			—			—			—			71,984
Total Liabilities		229,136			1,330,171			1,222,887			312,117			278,619
Net Assets	$	118,375,786		$	183,780,962		$	589,669,286		$	130,112,165		$	122,288,918
Net Assets consist of:
Paid-in capital	$	143,704,895		$	210,299,257		$	678,243,488		$	155,738,826		$	145,951,398
Accumulated deficits		(25,329,109	)		(26,518,295	)		(88,574,202	)		(25,626,661	)		(23,662,480	)
Net Assets	$	118,375,786		$	183,780,962		$	589,669,286		$	130,112,165		$	122,288,918
Class R
Net Assets	$	118,375,786		$	183,780,962		$	589,669,286		$	130,112,165		$	122,288,918
Shares outstanding (unlimited number of shares authorized, no par value)		14,672,276			20,586,587			62,779,343			14,877,395			11,243,949
Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share	$	8.07		$	8.93		$	9.39		$	8.75		$	10.88

See accompanying notes to financial statements.

THE PACIFIC FINANCIAL FUNDS

Statements of Assets and Liabilities (Unaudited)

October 31, 2023

	PFG Fidelity			PFG Fidelity		PFG Fidelity
	Institutional			Institutional		Institutional			PFG Invesco^®			PFG Janus
	AM^®Core Plus			AM^®Equity		AM^®Equity			Equity Factor			Henderson^®
	Bond Strategy			Index Strategy		Sector Strategy			Rotation			Balanced
	Fund			Fund		Fund			Strategy Fund			Strategy Fund
Assets
Investment securities, at cost	$	32,955,461		$	266,921,171	$	253,443,950		$	46,408,424		$	290,899,221
Affiliated investments, at cost		11,030,236			—		80,525,371			4,940,265			—
Investments, At cost		43,985,697			266,921,171		333,969,321			51,348,689			290,899,221
Investment securities, at value		31,804,545			276,764,888		252,929,454			43,969,409			251,902,832
Affiliated investments, at value		10,586,785			—		76,687,768			4,723,929			—
Investments, At value		42,391,330			276,764,888		329,617,222			48,693,338			251,902,832
Dividends and interest receivable		125,165			8,760		8,602			6,402			35,260
Receivable for investments sold		69,970			—		460,244			75,054			—
Receivable for fund shares sold		43,139			649,763		729,821			64,539			192,342
Prepaid expenses and other assets		—			—		—			26,591			—
Total Assets		42,629,604			277,423,411		330,815,889			48,865,924			252,130,434
Liabilities
Payable for investments purchased		146,092			—		1,283,637			—			—
Payable for fund shares redeemed		58,455			70,623		54,224			5,663			86,669
Accrued advisory fees		37,736			287,148		338,445			40,151			261,442
Payable to Administrator		13,811			212,802		184,577			—			163,259
Distribution (12b-1) fees payable		3,157			36,106		43,350			3,359			21,871
Total Liabilities		259,251			606,679		1,904,233			49,173			533,241
Net Assets	$	42,370,353		$	276,816,732	$	328,911,656		$	48,816,751		$	251,597,193
Net Assets consist of:
Paid-in capital	$	44,884,005		$	258,219,947	$	334,843,106		$	68,166,174		$	311,057,735
Accumulated earnings (deficits)		(2,513,652	)		18,596,785		(5,931,450	)		(19,349,423	)		(59,460,542	)
Net Assets	$	42,370,353		$	276,816,732	$	328,911,656		$	48,816,751		$	251,597,193
Class R
Net Assets	$	42,370,353		$	276,816,732	$	328,911,656		$	48,816,751		$	251,597,193
Shares outstanding (unlimited number of shares authorized, no par value)		5,163,065			23,439,958		28,655,153			6,838,094			30,964,679
Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share	$	8.21		$	11.81	$	11.48		$	7.14		$	8.13

See accompanying notes to financial statements.

THE PACIFIC FINANCIAL FUNDS

Statements of Assets and Liabilities (Unaudited)

October 31, 2023

	PFG JP			PFG JP
	Morgan^®			Morgan^®						PFG MFS^®
	Tactical			Tactical			PFG Meeder			Aggressive			PFG Tactical
	Aggressive			Moderate			Tactical			Growth Strategy			Income Strategy
	Strategy Fund			Strategy Fund			Strategy Fund			Fund			Fund
Assets
Investment securities, at cost	$	218,718,521		$	147,911,855		$	19,816,812		$	88,984,025		$	89,836,495
Affiliated investments, at cost		25,101,095			—			97,091,962			—			11,633,375
Investments, At cost		243,819,616			147,911,855			116,908,774			88,984,025			101,469,870
Investment securities, at value		217,248,438			142,641,148			17,812,667			84,991,488			85,339,836
Affiliated investments, at value		22,935,002			—			85,514,656			—			11,311,057
Investments, At value		240,183,440			142,641,148			103,327,323			84,991,488			96,650,893
Cash		—			58,883			—			—			128,665
Receivable for investments sold		640,150			483,244			300,000			101,927			60,042
Receivable for fund shares sold		161,694			51,463			20,925			109,845			98,524
Dividends and interest receivable		4,694			44,140			8,153			1,890			70,188
Total Assets		240,989,978			143,278,878			103,656,401			85,205,150			97,008,312
Liabilities
Accrued advisory fees		249,487			147,362			108,987			87,156			101,110
Payable for fund shares redeemed		170,355			90,754			331,227			10,858			47,400
Payable to Administrator		158,726			88,332			46,267			21,635			46,079
Distribution (12b-1) fees payable		34,577			26,901			17,964			21,218			17,924
Payable for investments purchased		—			168,302			—			70,094			—
Total Liabilities		613,145			521,651			504,445			210,961			212,513
Net Assets	$	240,376,833		$	142,757,227		$	103,151,956		$	84,994,189		$	96,795,799
Net Assets consist of:
Paid-in capital	$	263,696,273		$	166,251,522		$	117,249,100		$	87,239,831		$	113,996,576
Accumulated deficits		(23,319,440	)		(23,494,295	)		(14,097,144	)		(2,245,642	)		(17,200,777	)
Net Assets	$	240,376,833		$	142,757,227		$	103,151,956		$	84,994,189		$	96,795,799
Class R
Net Assets	$	240,376,833		$	142,757,227		$	103,151,956		$	84,994,189		$	96,795,799
Shares outstanding (unlimited number of shares authorized, no par value)		22,159,188			15,497,544			11,976,717			10,394,503			11,046,272
Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share	$	10.85		$	9.21		$	8.61		$	8.18		$	8.76

See accompanying notes to financial statements.

THE PACIFIC FINANCIAL FUNDS

Statements of Operations (Unaudited)

For the Six Months Ended October 31, 2023

				PFG American
				Funds^®						PFG BNY			PFG BR Target
	PFG Active			Conservative			PFG American			Mellon			Allocation
	Core Bond			Income Strategy			Funds^®Growth			Diversifier			Equity Strategy
	Strategy Fund			Fund			Strategy Fund			Strategy Fund			Fund
Investment Income
Unaffiliated dividend income	$	2,871,231		$	3,518,497		$	1,501,289		$	—		$	1,175,111
Affiliated dividend income		—			—			—			1,898,120			—
Interest income		17,282			22,084			66,673			20,573			15,345
Total investment income		2,888,513			3,540,581			1,567,962			1,918,693			1,190,456

Expenses
Investment advisor fees		731,525			1,202,959			3,834,943			922,597			805,056
Distribution (12b-1) fees:
Class R		58,363			95,975			305,960			73,607			64,229
Administration fees		409,060			672,402			2,142,016			516,098			449,647
Total expenses		1,198,948			1,971,336			6,282,919			1,512,302			1,318,932
Less expenses waived by adviser		(33,815	)		(55,670	)		(177,488	)		(42,689	)		(37,268	)
Net operating expenses		1,165,133			1,915,666			6,105,431			1,469,613			1,281,664
Net Investment Income (Loss)		1,723,380			1,624,915			(4,537,469	)		449,080			(91,208	)

Net Realized and Change in Unrealized Gain (Loss) on Investments
Net Realized Gain (Loss):
Long term capital gain dividends from investment companies	$	—		$	—		$	1,166,067		$	—		$	—
Unaffiliated investments		(1,893,366	)		(1,749,454	)		672,900			(3,487,152	)		1,840,674
Affiliated investments		—			—			—			(3,315,452	)		—
		(1,893,366	)		(1,749,454	)		1,838,967			(6,802,604	)		1,840,674
Net Change in Unrealized:
Unaffiliated investments		(4,910,235	)		(9,432,270	)		(4,395,267	)		1,115,138			(3,949,426	)
Affiliated investments		—			—			—			(4,128,842	)		—
		(4,910,235	)		(9,432,270	)		(4,395,267	)		(3,013,704	)		(3,949,426	)

Net Realized and Change in Unrealized Loss on Investments		(6,803,601	)		(11,181,724	)		(2,556,300	)		(9,816,308	)		(2,108,752	)
Net Decrease in Net Assets Resulting From Operations	$	(5,080,221	)	$	(9,556,809	)	$	(7,093,769	)	$	(9,367,228	)	$	(2,199,960	)

See accompanying notes to financial statements.

THE PACIFIC FINANCIAL FUNDS

Statements of Operations (Unaudited)

For the Six Months Ended October 31, 2023

	PFG Fidelity			PFG Fidelity			PFG Fidelity
	Institutional			Institutional			Institutional			PFG Invesco^®			PFG Janus
	AM^®Core Plus			AM^®Equity			AM^®Equity			Equity Factor			Henderson^®
	Bond Strategy			Index Strategy			Sector Strategy			Rotation			Balanced
	Fund			Fund			Fund			Strategy Fund			Strategy Fund
Investment Income
Unaffiliated dividend income	$	424,725		$	1,369,168		$	1,290,348		$	286,043		$	3,153,322
Affiliated dividend income		111,918			—			561,024			27,289			—
Interest income		26,736			50,865			52,855			9,502			30,183
Total investment income		563,379			1,420,033			1,904,227			322,834			3,183,505

Expenses
Investment advisor fees		176,322			1,742,671			2,057,809			213,005			1,690,602
Distribution (12b-1) fees:
Class R		14,068			139,034			164,177			16,994			134,880
Administration fees		98,636			973,484			1,149,689			118,957			944,735
Total expenses		289,026			2,855,189			3,371,675			348,956			2,770,217
Less expenses waived by adviser		(8,167	)		(80,660	)		(95,244	)		(9,868	)		(78,248	)
Net operating expenses		280,859			2,774,529			3,276,431			339,088			2,691,969
Net Investment Income (Loss)		282,520			(1,354,496	)		(1,372,204	)		(16,254	)		491,536

Net Realized and Change in Unrealized Gain (Loss) on Investments
Net Realized Gain (Loss):
Unaffiliated investments		(502,177	)		6,389,267			7,212,234			(4,231,988	)		(3,129,187	)
Affiliated investments		(1,092	)		—			(479,731	)		53,966			—
		(503,269	)		6,389,267			6,732,503			(4,178,022	)		(3,129,187	)
Net Change in Unrealized:
Unaffiliated investments		(1,290,025	)		(14,211,723	)		(12,499,327	)		2,947,224			(6,659,701	)
Affiliated investments		(443,451	)		—			(4,041,654	)		(216,336	)		—
		(1,733,476	)		(14,211,723	)		(16,540,981	)		2,730,888			(6,659,701	)

Net Realized and Change in Unrealized Loss on Investments		(2,236,745	)		(7,822,456	)		(9,808,478	)		(1,447,134	)		(9,788,888	)
Net Decrease in Net Assets Resulting From Operations	$	(1,954,225	)	$	(9,176,952	)	$	(11,180,682	)	$	(1,463,388	)	$	(9,297,352	)

See accompanying notes to financial statements.

THE PACIFIC FINANCIAL FUNDS

Statements of Operations (Unaudited)

For the Six Months Ended October 31, 2023

	PFG JP			PFG JP
	Morgan^®			Morgan^®						PFG MFS^®
	Tactical			Tactical			PFG Meeder			Aggressive			PFG Tactical
	Aggressive			Moderate			Tactical			Growth Strategy			Income Strategy
	Strategy Fund			Strategy Fund			Strategy Fund			Fund			Fund
Investment Income
Unaffiliated dividend income	$	1,363,911		$	2,219,583		$	264,302		$	174,282		$	1,988,267
Affiliated dividend income		920,492			—			801,951			—			231,380
Interest income		36,342			21,590			13,390			12,265			17,505
Total investment income		2,320,745			2,241,173			1,079,643			186,547			2,237,152

Expenses
Investment advisor fees		1,615,965			993,414			718,498			553,378			704,167
Distribution (12b-1) fees:
Class R		128,925			79,257			57,323			44,150			56,180
Administration fees		902,978			555,382			401,890			309,417			393,917
Total expenses		2,647,868			1,628,053			1,177,711			906,945			1,154,264
Less expenses waived by adviser		(74,786	)		(45,972	)		(33,252	)		(25,610	)		(32,594	)
Net operating expenses		2,573,082			1,582,081			1,144,459			881,335			1,121,670
Net Investment Income (Loss)		(252,337	)		659,092			(64,816	)		(694,788	)		1,115,482

Net Realized and Change in Unrealized Gain (Loss) on Investments
Net Realized Gain (Loss):
Unaffiliated investments		1,062,235			361,778			(38,626	)		485,463			(2,034,780	)
Affiliated investments		(712,341	)		—			(1,025,379	)		—			(218,601	)
		349,894			361,778			(1,064,005	)		485,463			(2,253,381	)
Net Change in Unrealized:
Unaffiliated investments		(4,792,634	)		(7,774,896	)		(515,205	)		(3,423,449	)		(2,438,543	)
Affiliated investments		(1,479,894	)		—			(1,127,426	)		—			(721,613	)
		(6,272,528	)		(7,774,896	)		(1,642,631	)		(3,423,449	)		(3,160,156	)

Net Realized and Change in Unrealized Loss on Investments		(5,922,634	)		(7,413,118	)		(2,706,636	)		(2,937,986	)		(5,413,537	)
Net Decrease in Net Assets Resulting From Operations	$	(6,174,971	)	$	(6,754,026	)	$	(2,771,452	)	$	(3,632,774	)	$	(4,298,055	)

See accompanying notes to financial statements.

THE PACIFIC FINANCIAL FUNDS

Statements of Changes in Net Assets

							PFG American Funds^®
	PFG Active Core Bond Strategy						Conservative Income Strategy						PFG American Funds^® Growth
	Fund						Fund						Strategy Fund
	Six Months						Six Months						Six Months
	Ended						Ended						Ended
	October 31,			Year Ended			October 31,			Year Ended			October 31,			Year Ended
	2023			April 30, 2023			2023			April 30, 2023			2023			April 30, 2023
	(Unaudited)						(Unaudited)						(Unaudited)
Operations
Net investment income (loss)	$	1,723,380		$	4,192,113		$	1,624,915		$	2,354,479		$	(4,537,469	)	$	(6,932,960	)
Long-term capital gain dividends from investment companies		—			—			—			1,396,469			1,166,067			16,727,542
Net realized gain (loss) from investment transactions		(1,893,366	)		(9,106,157	)		(1,749,454	)		(4,449,479	)		672,900			(1,605,684	)
Net change in unrealized gain (loss) of investment transactions		(4,910,235	)		1,338,907			(9,432,270	)		(2,456,048	)		(4,395,267	)		(10,346,715	)
Net Decrease in Net Assets Resulting From Operations		(5,080,221	)		(3,575,137	)		(9,556,809	)		(3,154,579	)		(7,093,769	)		(2,157,817	)

Distributions to Shareholders
Distributions paid:
Class R		—			(3,403,797	)		—			(5,828,718	)		—			(90,892,908	)
Net Decrease in Net Assets from Distributions to Shareholders		—			(3,403,797	)		—			(5,828,718	)		—			(90,892,908	)

Shares of Beneficial Interest
Proceeds from shares sold:
Class R		23,963,685			38,035,561			26,497,522			68,730,074			79,364,049			138,876,514
Reinvestment of distributions:
Class R		—			3,400,169			—			5,820,013			—			90,799,528
Cost of shares redeemed:
Class R		(15,835,189	)		(60,388,184	)		(27,915,282	)		(75,336,640	)		(55,269,793	)		(126,381,388	)
Net Increase (Decrease) in Net Assets from Share Transactions of Beneficial Interest		8,128,496			(18,952,454	)		(1,417,760	)		(786,553	)		24,094,256			103,294,654

Net Increase (Decrease) in Net Assets		3,048,275			(25,931,388	)		(10,974,569	)		(9,769,850	)		17,000,487			10,243,929

Net Assets
Beginning of period		115,327,511			141,258,899			194,755,531			204,525,381			572,668,799			562,424,870
End of period	$	118,375,786		$	115,327,511		$	183,780,962		$	194,755,531		$	589,669,286		$	572,668,799

Share Transactions - Class R
Shares sold		2,896,166			4,467,398			2,880,135			7,224,739			8,029,993			13,532,426
Shares issued in reinvestment of distributions		—			413,143			—			633,298			—			10,436,727
Shares redeemed		(1,902,292	)		(7,055,949	)		(3,039,636	)		(7,957,985	)		(5,602,946	)		(12,390,179	)
Total Class R		993,874			(2,175,408	)		(159,501	)		(99,948	)		2,427,047			11,578,974

See accompanying notes to financial statements.

THE PACIFIC FINANCIAL FUNDS

Statements of Changes in Net Assets

	PFG BNY Mellon Diversifier						PFG BR Target Allocation						PFG Fidelity Institutional AM^®
	Strategy Fund						Equity Strategy Fund						Core Plus Bond Strategy Fund
	Six Months						Six Months						Six Months
	Ended						Ended						Ended
	October 31,			Year Ended			October 31,			Year Ended			October 31,			Year Ended
	2023			April 30, 2023			2023			April 30, 2023			2023			April 30, 2023
	(Unaudited)						(Unaudited)						(Unaudited)
Operations
Net investment income (loss)	$	449,080		$	4,279,169		$	(91,208	)	$	(481,550	)	$	282,520		$	92,257
Long-term capital gain dividends from investment companies		—			658,928			—			—			—			—
Net realized gain (loss) from investment transactions		(6,802,604	)		(3,122,041	)		1,840,674			(14,679,464	)		(503,269	)		(748,376	)
Net change in unrealized gain (loss) of investment transactions		(3,013,704	)		(5,470,869	)		(3,949,426	)		11,901,456			(1,733,476	)		729,809
Net increase (decrease) in Net Assets Resulting From Operations		(9,367,228	)		(3,654,813	)		(2,199,960	)		(3,259,558	)		(1,954,225	)		73,690

Distributions to Shareholders
Distributions paid:
Class R		—			(7,183,409	)		—			(3,884,118	)		—			(30,301	)
Net Decrease in Net Assets from Distributions to Shareholders		—			(7,183,409	)		—			(3,884,118	)		—			(30,301	)

Shares of Beneficial Interest
Proceeds from shares sold:
Class R		14,878,329			46,811,071			15,623,474			39,244,997			28,481,254			20,765,720
Reinvestment of distributions:
Class R		—			7,181,240			—			3,879,332			—			30,301
Cost of shares redeemed:
Class R		(28,442,089	)		(51,904,313	)		(12,937,453	)		(131,410,267	)		(4,917,348	)		(6,955,658	)
Net Increase (Decrease) in Net Assets from Share Transactions of Beneficial Interest		(13,563,760	)		2,087,998			2,686,021			(88,285,938	)		23,563,906			13,840,363

Net Increase (Decrease) in Net Assets		(22,930,988	)		(8,750,224	)		486,061			(95,429,614	)		21,609,681			13,883,752

Net Assets
Beginning of period		153,043,153			161,793,377			121,802,857			217,232,471			20,760,672			6,876,920
End of period	$	130,112,165		$	153,043,153		$	122,288,918		$	121,802,857		$	42,370,353		$	20,760,672

Share Transactions - Class R
Shares sold		1,630,908			4,903,904			1,371,435			3,674,971			3,377,123			2,399,501
Shares issued in reinvestment of distributions		—			782,270			—			376,634			—			3,532
Shares redeemed		(3,145,777	)		(5,386,051	)		(1,130,029	)		(12,132,951	)		(578,605	)		(802,333	)
Total Class R		(1,514,869	)		300,123			241,406			(8,081,346	)		2,798,518			1,600,700

See accompanying notes to financial statements.

THE PACIFIC FINANCIAL FUNDS

Statements of Changes in Net Assets

	PFG Fidelity Institutional AM^®						PFG Fidelity Institutional AM^®						PFG Invesco^® Equity Factor
	Equity Index Strategy Fund						Equity Sector Strategy Fund						Rotation Strategy Fund
	Six Months						Six Months						Six Months
	Ended						Ended						Ended
	October 31,			Year Ended			October 31,			Year Ended			October 31,			Year Ended
	2023			April 30, 2023			2023			April 30, 2023			2023			April 30, 2023
	(Unaudited)						(Unaudited)						(Unaudited)
Operations
Net investment income (loss)	$	(1,354,496	)	$	257,640		$	(1,372,204	)	$	(1,635,552	)	$	(16,254	)	$	(414,628	)
Long-term capital gain dividends from investment companies		—			38,401			—			2,014,017			—			—
Net realized gain (loss) from investment transactions		6,389,267			6,416,545			6,732,503			(7,886,873	)		(4,178,022	)		(11,452,474	)
Net change in unrealized gain (loss) of investment transactions		(14,211,723	)		(264,320	)		(16,540,981	)		23,731,084			2,730,888			10,736,748
Net increase (decrease) in Net Assets Resulting From Operations		(9,176,952	)		6,448,266			(11,180,682	)		16,222,676			(1,463,388	)		(1,130,354	)

Distributions to Shareholders
Distributions paid:
Class R		—			(8,767,973	)		—			(25,998,580	)		—			—
Net Decrease in Net Assets from Distributions to Shareholders		—			(8,767,973	)		—			(25,998,580	)		—			—

Shares of Beneficial Interest
Proceeds from shares sold:
Class R		73,947,204			140,501,202			69,817,139			110,543,234			21,768,704			7,165,649
Reinvestment of distributions:
Class R		—			8,766,280			—			25,988,247			—			—
Cost of shares redeemed:
Class R		(34,293,441	)		(33,426,900	)		(26,928,104	)		(53,947,296	)		(3,045,332	)		(33,729,702	)
Net Increase (Decrease) in Net Assets from Share Transactions of Beneficial Interest		39,653,763			115,840,582			42,889,035			82,584,185			18,723,372			(26,564,053	)

Net Increase (Decrease) in Net Assets		30,476,811			113,520,875			31,708,353			72,808,281			17,259,984			(27,694,407	)

Net Assets
Beginning of period		246,339,921			132,819,046			297,203,303			224,395,022			31,556,767			59,251,174
End of period	$	276,816,732		$	246,339,921		$	328,911,656		$	297,203,303		$	48,816,751		$	31,556,767

Share Transactions - Class R
Shares sold		5,950,835			11,774,294			5,757,676			9,168,443			2,952,466			974,411
Shares issued in reinvestment of distributions		—			771,680			—			2,341,284			—			—
Shares redeemed		(2,774,526	)		(2,829,238	)		(2,218,598	)		(4,520,810	)		(401,443	)		(4,476,266	)
Total Class R		3,176,309			9,716,736			3,539,078			6,988,917			2,551,023			(3,501,855	)

See accompanying notes to financial statements.

THE PACIFIC FINANCIAL FUNDS

Statements of Changes in Net Assets

	PFG Janus Henderson^®						PFG JP Morgan^® Tactical						PFG JP Morgan^® Tactical
	Balanced Strategy Fund						Aggressive Strategy Fund						Moderate Strategy Fund
	Six Months						Six Months						Six Months
	Ended						Ended						Ended
	October 31,			Year Ended			October 31,			Year Ended			October 31,			Year Ended
	2023			April 30, 2023			2023			April 30, 2023			2023			April 30, 2023
	(Unaudited)						(Unaudited)						(Unaudited)
Operations
Net investment income (loss)	$	491,536		$	177,949		$	(252,337	)	$	162,152		$	659,092		$	1,222,270
Long-term capital gain dividends from investment companies		—			1,714,455			—			3,404,002			—			1,549,989
Net realized gain (loss) from investment transactions		(3,129,187	)		(18,960,552	)		349,894			(21,933,170	)		361,778			(18,278,556	)
Net change in unrealized gain (loss) of investment transactions		(6,659,701	)		16,382,800			(6,272,528	)		19,185,634			(7,774,896	)		13,882,041
Net increase (decrease) in Net Assets Resulting From Operations		(9,297,352	)		(685,348	)		(6,174,971	)		818,618			(6,754,026	)		(1,624,256	)

Distributions to Shareholders
Distributions paid:
Class R		—			(8,642,424	)		—			(13,830,184	)		—			(12,733,715	)
Net Decrease in Net Assets from Distributions to Shareholders		—			(8,642,424	)		—			(13,830,184	)		—			(12,733,715	)

Shares of Beneficial Interest
Proceeds from shares sold:
Class R		23,516,126			73,483,929			23,685,762			55,749,428			9,921,300			34,012,356
Reinvestment of distributions:
Class R		—			8,636,995			—			13,820,807			—			12,728,121
Cost of shares redeemed:
Class R		(30,694,873	)		(79,616,440	)		(27,838,613	)		(55,613,087	)		(24,326,179	)		(59,097,855	)
Net Increase (Decrease) in Net Assets from Share Transactions of Beneficial Interest		(7,178,747	)		2,504,484			(4,152,851	)		13,957,148			(14,404,879	)		(12,357,378	)

Net Increase (Decrease) in Net Assets		(16,476,099	)		(6,823,288	)		(10,327,822	)		945,582			(21,158,905	)		(26,715,349	)

Net Assets
Beginning of period		268,073,292			274,896,580			250,704,655			249,759,073			163,916,132			190,631,481
End of period	$	251,597,193		$	268,073,292		$	240,376,833		$	250,704,655		$	142,757,227		$	163,916,132

Share Transactions - Class R
Shares sold		2,778,008			8,813,255			2,070,870			5,046,655			1,027,098			3,457,533
Shares issued in reinvestment of distributions		—			1,082,330			—			1,322,565			—			1,384,997
Shares redeemed		(3,641,993	)		(9,546,217	)		(2,438,034	)		(5,014,604	)		(2,521,884	)		(5,966,134	)
Total Class R		(863,985	)		349,368			(367,164	)		1,354,616			(1,494,786	)		(1,123,604	)

See accompanying notes to financial statements.

THE PACIFIC FINANCIAL FUNDS

Statements of Changes in Net Assets

	PFG Meeder Tactical Strategy						PFG MFS^® Aggressive Growth						PFG Tactical Income Strategy
	Fund						Strategy Fund						Fund
	Six Months						Six Months						Six Months
	Ended						Ended						Ended
	October 31,			Year Ended			October 31,			Year Ended			October 31,			Year Ended
	2023			April 30, 2023			2023			April 30, 2023			2023			April 30, 2023
	(Unaudited)						(Unaudited)						(Unaudited)
Operations
Net investment income (loss)	$	(64,816	)	$	(1,004,339	)	$	(694,788	)	$	160,493		$	1,115,482		$	1,953,692
Long-term capital gain dividends from investment companies		—			2,172,351			—			1,771,030			—			—
Net realized gain (loss) from investment transactions		(1,064,005	)		(59,613	)		485,463			2,353,098			(2,253,381	)		(12,195,516	)
Net change in unrealized gain (loss) of investment transactions		(1,642,631	)		(840,508	)		(3,423,449	)		(4,866,397	)		(3,160,156	)		10,284,658
Net increase (decrease) in Net Assets Resulting From Operations		(2,771,452	)		267,891			(3,632,774	)		(581,776	)		(4,298,055	)		42,834

Distributions to Shareholders
Distributions paid:
Class R		—			(16,967,616	)		—			(13,300,171	)		—			(911,468	)
Net Decrease in Net Assets from Distributions to Shareholders		—			(16,967,616	)		—			(13,300,171	)		—			(911,468	)

Shares of Beneficial Interest
Proceeds from shares sold:
Class R		8,738,676			24,273,028			12,317,142			17,251,820			13,165,045			42,814,467
Reinvestment of distributions:
Class R		—			16,961,420			—			13,288,012			—			911,156
Cost of shares redeemed:
Class R		(16,818,287	)		(29,540,600	)		(7,406,155	)		(21,018,291	)		(28,560,880	)		(44,294,975	)
Net Increase (Decrease) in Net Assets from Share Transactions of Beneficial Interest		(8,079,611	)		11,693,848			4,910,987			9,521,541			(15,395,835	)		(569,352	)

Net Increase (Decrease) in Net Assets		(10,851,063	)		(5,005,877	)		1,278,213			(4,360,406	)		(19,693,890	)		(1,437,986	)

Net Assets
Beginning of period		114,003,019			119,008,896			83,715,976			88,076,382			116,489,689			117,927,675
End of period	$	103,151,956		$	114,003,019		$	84,994,189		$	83,715,976		$	96,795,799		$	116,489,689

Share Transactions - Class R
Shares sold		969,347			2,527,662			1,431,415			1,875,974			1,447,009			4,789,316
Shares issued in reinvestment of distributions		—			1,983,792			—			1,636,455			—			104,132
Shares redeemed		(1,871,097	)		(3,034,188	)		(855,220	)		(2,231,992	)		(3,151,912	)		(4,976,138	)
Total Class R		(901,750	)		1,477,266			576,195			1,280,437			(1,704,903	)		(82,690	)

See accompanying notes to financial statements.

PFG Active Core Bond Strategy Fund – Class R

Financial Highlights

(For Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented)

	Six Months Ended			Year			Year			Year			Year			Year
	October 31,			Ended			Ended			Ended			Ended			Ended
	2023			April 30,			April 30,			April 30,			April 30,			April 30,
	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	8.43		$	8.91		$	10.15		$	9.98		$	9.95		$	9.77

Investment operations:
Net investment income ^(a)(b)		0.12			0.31			0.07			0.18			0.19			0.15
Net realized and unrealized gain (loss) on investments		(0.48	)		(0.53	)		(0.95	)		0.27			0.07			0.12
Total from investment operations		(0.36	)		(0.22	)		(0.88	)		0.45			0.26			0.27

Less distributions to shareholders from:
Net investment income		—			(0.26	)		(0.08	)		(0.19	)		(0.20	)		(0.09	)
Net realized gains		—			—			(0.28	)		(0.09	)		(0.03	)		—	^(c)
Return of capital		—			—			—			—			—	^(c)		—
Total distributions		—			(0.26	)		(0.36	)		(0.28	)		(0.23	)		(0.09	)

Net asset value, end of period	$	8.07		$	8.43		$	8.91		$	10.15		$	9.98		$	9.95

Total Return ^(d)		(4.27	)% ^(e)		(2.43	)%		(9.00	)%		4.43	%		2.59	%		2.78	%

Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	118,376		$	115,328		$	141,259		$	169,153		$	121,205		$	68,594
Ratio of expenses to:
average net assets, before reimbursement^(f)		2.05	% ^(g)		2.05	%		2.05	%		2.05	%		2.12	%		1.98	%
average net assets, net of reimbursement ^(f)		1.99	% ^(g)		2.03	%		2.05	%		2.05	%		2.12	%		1.98	%
Ratio of net investment income to average net assets ^(b)(f)		2.95	% ^(g)		3.58	%		0.71	%		1.78	%		1.92	%		1.50	%
Portfolio turnover rate		16	% ^(e)		31	%		53	%		64	%		89	%		38	%

^(a)

Per share amounts are calculated using the average shares method, which appropriately presents the per share data for the year.

^(b)

The recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

^(c)

Rounds to less than $0.005 per share.

^(d)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

^(e)

Not annualized.

^(f)

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

^(g)

Annualized.

See accompanying notes to financial statements.

PFG American Funds^® Conservative Income Strategy Fund – Class R

Financial Highlights

(For Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented)

	Six Months
	Ended			Year			Year			Year
	October 31,			Ended			Ended			Ended
	2023			April 30,			April 30,			April 30,
	(Unaudited)			2023			2022			2021^(a)
Net asset value, beginning of period	$	9.39		$	9.81		$	10.42		$	10.00

Investment operations:
Net investment income (loss) ^(b)(c)		0.08			0.11			(0.03	)		0.09
Net realized and unrealized gain (loss) on investments		(0.54	)		(0.25	)		(0.43	)		0.50
Total from investment operations		(0.46	)		(0.14	)		(0.46	)		0.59

Less distributions to shareholders from:
Net investment income		—			(0.06	)		—			(0.11	)
Net realized gains		—			(0.22	)		(0.15	)		(0.06	)
Total distributions		—			(0.28	)		(0.15	)		(0.17	)

Net asset value, end of period	$	8.93		$	9.39		$	9.81		$	10.42

Total Return ^(d)		(4.90	)% ^(e)		(1.42	)%		(4.55	)%		5.89	% ^(e)

Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	183,781		$	194,756		$	204,525		$	194,943
Ratio of expenses to:
average net assets, before reimbursement^(f)		2.05	% ^(g)		2.05	%		2.05	%		2.05	% ^(g)
average net assets, net of reimbursement ^(f)		1.99	% ^(g)		2.03	%		2.05	%		2.05	% ^(g)
Ratio of net investment income (loss) to average net assets ^(c)(f)		1.69	% ^(g)		1.18	%		(0.28	)%		0.86	% ^(g)
Portfolio turnover rate		8	% ^(e)		33	%		34	%		52	% ^(e)

^(a)

PFG American^® Funds Conservative Income Strategy Fund commenced operations and trading on May 2, 2020.

^(b)

Per share amounts are calculated using the average shares method, which appropriately presents the per share data for the year.

^(c)

The recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

^(d)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

^(e)

Not annualized.

^(f)

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

^(g)

Annualized.

See accompanying notes to financial statements.

PFG American Funds^® Growth Strategy Fund – Class R

Financial Highlights

(For Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented)

	Six Months Ended			Year			Year			Year
	October 31,			Ended			Ended			Ended
	2023			April 30,			April 30,			April 30,
	(Unaudited)			2023			2022			2021^(a)
Net asset value, beginning of period	$	9.49		$	11.53		$	14.25		$	10.00

Investment operations:
Net investment loss ^(b)(c)		(0.07	)		(0.13	)		(0.23	)		(0.16	)
Net realized and unrealized gain (loss) on investments^(d)		(0.03	)		(0.09	)		(1.76	)		4.72
Total from investment operations		(0.10	)		(0.22	)		(1.99	)		4.56

Less distributions to shareholders from:
Net realized gains		—			(1.82	)		(0.73	)		(0.31	)
Total distributions		—			(1.82	)		(0.73	)		(0.31	)

Net asset value, end of period	$	9.39		$	9.49		$	11.53		$	14.25

Total Return ^(e)		(1.05	)% ^(f)		(0.50	)%		(15.06	)%		45.89	% ^(f)

Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	589,669		$	572,669		$	562,425		$	769,747
Ratio of expenses to:
average net assets, before reimbursement^(g)		2.05	% ^(h)		2.05	%		2.05	%		2.05	% ^(h)
average net assets, net of reimbursement ^(g)		1.99	% ^(h)		2.03	%		2.05	%		2.05	% ^(h)
Ratio of net investment loss to average net assets ^(c)(g)		(1.49	)% ^(h)		(1.29	)%		(1.61	)%		(1.31	)% ^(h)
Portfolio turnover rate		4	% ^(f)		12	%		25	%		33	% ^(f)

^(a)

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

^(b)

Per share amounts are calculated using the average shares method, which appropriately presents the per share data for the year.

^(c)

The recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

^(d)

Net realized and unrealized gain/(loss) on investments per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains/(losses) in the statement of operations due to the share transactions for the period.

^(e)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

^(f)

Not annualized.

^(g)

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

^(h)

Annualized.

See accompanying notes to financial statements.

PFG BNY Mellon Diversifier Strategy Fund – Class R

Financial Highlights

(For Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented)

	Six Months
	Ended			Year			Year			Year			Year			Year
	October 31,			Ended			Ended			Ended			Ended			Ended
	2023			April 30,			April 30,			April 30,			April 30,			April 30,
	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.34		$	10.05		$	10.79		$	9.63		$	9.64		$	9.67

Investment operations:
Net investment income ^(a)(b)		0.03			0.27			0.07			0.01			0.07			0.14
Net realized and unrealized gain (loss) on investments		(0.62	)		(0.49	)		(0.44	)		1.16			0.07			(0.09	)
Total from investment operations		(0.59	)		(0.22	)		(0.37	)		1.17			0.14			0.05

Less distributions to shareholders from:
Net investment income		—			(0.34	)		—			(0.01	)		(0.13	)		(0.08	)
Net realized gains		—			(0.15	)		(0.37	)		—			—			—
Return of capital		—			—			—			—			(0.02	)		—
Total distributions		—			(0.49	)		(0.37	)		(0.01	)		(0.15	)		(0.08	)

Net asset value, end of period	$	8.75		$	9.34		$	10.05		$	10.79		$	9.63		$	9.64

Total Return ^(c)		(6.32	)% ^(d)		(2.13	)%		(3.64	)%		12.14	%		1.40	%		0.60	%

Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	130,112		$	153,043		$	161,793		$	124,937		$	70,829		$	61,653
Ratio of expenses to:
average net assets, before reimbursement^(e)		2.05	% ^(f)		2.05	%		2.05	%		2.05	%		2.19	%		2.09	%
average net assets, net of reimbursement ^(e)		1.99	% ^(f)		2.03	%		2.05	%		2.05	%		2.19	%		2.09	%
Ratio of net investment income to average net assets ^(b)(e)		0.61	% ^(f)		2.83	%		0.65	%		0.10	%		0.67	%		1.49	%
Portfolio turnover rate		18	% ^(d)		54	%		19	%		67	%		22	%		203	%

^(a)

Per share amounts are calculated using the average shares method, which appropriately presents the per share data for the year.

^(b)

The recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

^(c)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

^(d)

Not annualized.

^(e)

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

^(f)

Annualized.

See accompanying notes to financial statements.

PFG BR Target Allocation Equity Strategy Fund – Class R

Financial Highlights

(For Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented)

	Six Months Ended			Year			Year			Year
	October 31,			Ended			Ended			Ended
	2023			April 30,			April 30,			April 30,
	(Unaudited)			2023			2022			2021^(a)
Net asset value, beginning of period	$	11.07		$	11.38		$	13.86		$	10.00

Investment operations:
Net investment loss ^(b)(c)		(0.01	)		(0.03	)		(0.07	)		(0.08	)
Net realized and unrealized gain (loss) on investments^(d)		(0.18	)		0.08			(0.99	)		4.26
Total from investment operations		(0.19	)		0.05			(1.06	)		4.18

Less distributions to shareholders from:
Net investment income		—			—	^(e)		—			—
Net realized gains		—			(0.36	)		(1.42	)		(0.32	)
Total distributions		—			(0.36	)		(1.42	)		(0.32	)

Net asset value, end of period	$	10.88		$	11.07		$	11.38		$	13.86

Total Return ^(f)		(1.72	)% ^(g)		0.70	%		(9.29	)%		42.12	% ^(g)

Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	122,289		$	121,803		$	217,232		$	136,925
Ratio of expenses to:
average net assets, before reimbursement^(h)		2.05	% ⁽ⁱ⁾		2.05	%		2.05	%		2.05	% ⁽ⁱ⁾
average net assets, net of reimbursement ^(h)		1.99	% ⁽ⁱ⁾		2.04	%		2.05	%		2.05	% ⁽ⁱ⁾
Ratio of net investment loss to average net assets ^(c)(h)		(0.14	)% ⁽ⁱ⁾		(0.29	)%		(0.53	)%		(0.66	)% ⁽ⁱ⁾
Portfolio turnover rate		133	% ^(g)		43	%		48	%		52	% ^(g)

^(a)

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

^(b)

Per share amounts are calculated using the average shares method, which appropriately presents the per share data for the year.

^(c)

The recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

^(d)

^(e)

Rounds to less than $0.005 per share.

^(f)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

^(g)

Not annualized.

^(h)

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

⁽ⁱ⁾

Annualized.

See accompanying notes to financial statements.

PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund – Class R

Financial Highlights

(For Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented)

	Six Months			For the
	Ended			Year			Period
	October 31,			Ended			Ended
	2023			April 30,			April 30,
	(Unaudited)			2023			2022^(a)
Net asset value, beginning of period	$	8.78		$	9.00		$	10.00

Investment operations:
Net investment income (loss) ^(b)(c)		0.09			0.06			(0.01	)
Net realized and unrealized loss on investments		(0.66	)		(0.26	)		(0.99	)
Total from investment operations		(0.57	)		(0.20	)		(1.00	)

Less distributions to shareholders from:
Net investment income		—			(0.02	)		—
Net realized gains		—			—	^(d)		—
Total distributions		—			(0.02	)		—

Net asset value, end of period	$	8.21		$	8.78		$	9.00

Total Return ^(e)		(6.49	)% ^(f)		(2.24	)%		(10.00	)% ^(f)

Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	42,370		$	20,761		$	6,877
Ratio of expenses to:
average net assets, before reimbursement^(g)		2.05	% ^(h)		2.05	%		2.06	% ^(h)
average net assets, net of reimbursement ^(g)		1.99	% ^(h)		2.03	%		2.06	% ^(h)
Ratio of net investment income (loss) to average net assets ^(c)(g)		2.01	% ^(h)		0.75	%		(0.25	)% ^(h)
Portfolio turnover rate		81	% ^(f)		70	%		6	% ^(f)

^(a)

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

^(b)

Per share amounts are calculated using the average shares method, which appropriately presents the per share data for the year.

^(c)

The recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

^(d)

Rounds to less than $0.005 per share.

^(e)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

^(f)

Not annualized.

^(g)

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

^(h)

Annualized.

See accompanying notes to financial statements.

PFG Fidelity Institutional AM^® Equity Index Strategy Fund – Class R

Financial Highlights

(For Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented)

	Six Months
	Ended			Year			Year			Year
	October 31,			Ended			Ended			Ended
	2023			April 30,			April 30,			April 30,
	(Unaudited)			2023			2022			2021^(a)
Net asset value, beginning of period	$	12.16		$	12.59		$	14.12		$	10.00

Investment operations:
Net investment income (loss) ^(b)(c)		(0.06	)		0.02			(0.05	)		(0.05	)
Net realized and unrealized gain (loss) on investments^(d)		(0.29	)		0.04			(0.75	)		4.49
Total from investment operations		(0.35	)		0.06			(0.80	)		4.44

Less distributions to shareholders from:
Net investment income		—			(0.04	)		(0.02	)		(0.02	)
Net realized gains		—			(0.45	)		(0.71	)		(0.30	)
Total distributions		—			(0.49	)		(0.73	)		(0.32	)

Net asset value, end of period	$	11.81		$	12.16		$	12.59		$	14.12

Total Return ^(e)		(2.88	)% ^(f)		0.74	%		(6.37	)%		44.72	% ^(f)

Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	276,817		$	246,340		$	132,819		$	142,663
Ratio of expenses to:
average net assets, before reimbursement^(g)		2.05	% ^(h)		2.05	%		2.05	%		2.05	% ^(h)
average net assets, net of reimbursement ^(g)		1.99	% ^(h)		2.02	%		2.05	%		2.05	% ^(h)
Ratio of net investment income (loss) to average net assets ^(c)(g)		(0.97	)% ^(h)		0.15	%		(0.36	)%		(0.38	)% ^(h)
Portfolio turnover rate		11	% ^(f)		16	%		16	%		30	% ^(f)

^(a)

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

^(b)

Per share amounts are calculated using the average shares method, which appropriately presents the per share data for the year.

^(c)

The recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

^(d)

^(e)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

^(f)

Not annualized.

^(g)

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

^(h)

Annualized.

See accompanying notes to financial statements.

PFG Fidelity Institutional AM^® Equity Sector Strategy Fund – Class R

Financial Highlights

(For Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented)

	Six Months Ended			Year			Year			Year
	October 31,			Ended			Ended			Ended
	2023			April 30,			April 30,			April 30,
	(Unaudited)			2023			2022			2021^(a)
Net asset value, beginning of period	$	11.83		$	12.38		$	12.88		$	10.00

Investment operations:
Net investment loss ^(b)(c)		(0.05	)		(0.08	)		(0.03	)		(0.01	)
Net realized and unrealized gain (loss) on investments		(0.30	)		0.74			0.47			3.54
Total from investment operations		(0.35	)		0.66			0.44			3.53

Less distributions to shareholders from:
Net investment income		—			—			(0.02	)		(0.04	)
Net realized gains		—			(1.21	)		(0.92	)		(0.61	)
Total distributions		—			(1.21	)		(0.94	)		(0.65	)

Net asset value, end of period	$	11.48		$	11.83		$	12.38		$	12.88

Total Return ^(d)		(2.96	)% ^(e)		5.95	%		2.58	%		35.91	% ^(e)

Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	328,912		$	297,203		$	224,395		$	138,652
Ratio of expenses to:
average net assets, before reimbursement^(f)		2.05	% ^(g)		2.05	%		2.05	%		2.05	% ^(g)
average net assets, net of reimbursement ^(f)		1.99	% ^(g)		2.03	%		2.05	%		2.05	% ^(g)
Ratio of net investment loss to average net assets ^(c)(f)		(0.83	)% ^(g)		(0.65	)%		(0.25	)%		(0.08	)% ^(g)
Portfolio turnover rate		31	% ^(e)		106	%		70	%		189	% ^(e)

^(a)

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

^(b)

Per share amounts are calculated using the average shares method, which appropriately presents the per share data for the year.

^(c)

The recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

^(d)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

^(e)

Not annualized.

^(f)

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

^(g)

Annualized.

See accompanying notes to financial statements.

PFG Invesco^® Equity Factor Rotation Strategy Fund – Class R

Financial Highlights

(For Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented)

	Six Months			For the
	Ended			Year			Period
	October 31,			Ended			Ended
	2023			April 30,			April 30,
	(Unaudited)			2023			2022^(a)
Net asset value, beginning of period	$	7.36		$	7.61		$	10.00

Investment operations:
Net investment loss ^(b)(c)		—	^(d)		(0.07	)		(0.04	)
Net realized and unrealized loss on investments		(0.22	)		(0.18	)		(2.33	)
Total from investment operations		(0.22	)		(0.25	)		(2.37	)

Less distributions to shareholders from:
Net investment income		—			—			(0.02	)
Total distributions		—			—			(0.02	)

Net asset value, end of period	$	7.14		$	7.36		$	7.61

Total Return ^(e)		(2.99	)% ^(f)		(3.29	)%		(23.77	)% ^(f)

Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	48,817		$	31,557		$	59,251
Ratio of expenses to:
average net assets, before reimbursement^(g)		2.05	% ^(h)		2.05	%		2.05	% ^(h)
average net assets, net of reimbursement ^(g)		1.99	% ^(h)		2.04	%		2.05	% ^(h)
Ratio of net investment income (loss) to average net assets ^(c)(g)		(0.09	)% ^(h)		(0.90	)%		(0.82	)% ^(h)
Portfolio turnover rate		118	% ^(f)		22	%		7	% ^(f)

^(a)

PFG Invesco^® Equity Factor Rotation Strategy Fund commenced operations and trading on October 29, 2021.

^(b)

Per share amounts are calculated using the average shares method, which appropriately presents the per share data for the year.

^(c)

The recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

^(d)

Rounds to less than $0.005 per share.

^(e)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

^(f)

Not annualized.

^(g)

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

^(h)

Annualized.

See accompanying notes to financial statements.

PFG Janus Henderson^® Balanced Strategy Fund – Class R

Financial Highlights

(For Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented)

	Six Months			For the
	Ended			Year			Period
	October 31,			Ended			Ended
	2023			April 30,			April 30,
	(Unaudited)			2023			2022^(a)
Net asset value, beginning of period	$	8.42		$	8.73		$	10.00

Investment operations:
Net investment income ^(b)(c)		0.02			0.01			—	^(d)
Net realized and unrealized loss on investments		(0.31	)		(0.04	)		(1.23	)
Total from investment operations		(0.29	)		(0.03	)		(1.23	)

Less distributions to shareholders from:
Net investment income		—			—			(0.04	)
Net realized gains		—			(0.28	)		—
Total distributions		—			(0.28	)		(0.04	)

Net asset value, end of period	$	8.13		$	8.42		$	8.73

Total Return ^(e)		(3.44	)% ^(f)		(0.20	)%		(12.37	)% ^(f)

Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	251,597		$	268,073		$	274,897
Ratio of expenses to:
average net assets, before reimbursement^(g)		2.05	% ^(h)		2.05	%		2.05	% ^(h)
average net assets, net of reimbursement ^(g)		1.99	% ^(h)		2.03	%		2.05	% ^(h)
Ratio of net investment income (loss) to average net assets ^(c)(g)		0.36	% ^(h)		0.07	%		(0.01	)% ^(h)
Portfolio turnover rate		5	% ^(f)		37	%		4	% ^(f)

^(a)

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

^(b)

Per share amounts are calculated using the average shares method, which appropriately presents the per share data for the year.

^(c)

The recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

^(d)

Rounds to less than $0.005 per share.

^(e)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

^(f)

Not annualized.

^(g)

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

^(h)

Annualized.

See accompanying notes to financial statements.

PFG JP Morgan^® Tactical Aggressive Strategy Fund – Class R

Financial Highlights

(For Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented)

	Six Months
	Ended			Year			Year			Year			Year			Year
	October 31,			Ended			Ended			Ended			Ended			Ended
	2023			April 30,			April 30,			April 30,			April 30,			April 30,
	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	11.13		$	11.80		$	13.22		$	8.95		$	9.98		$	9.97

Investment operations:
Net investment income (loss) ^(a)(b)		(0.01	)		0.01			0.14			(0.04	)		0.01			(0.04	)
Net realized and unrealized gain (loss) on investments^(c)		(0.27	)		(0.02	)		(0.87	)		4.31			(1.04	)		0.34
Total from investment operations		(0.28	)		(0.01	)		(0.73	)		4.27			(1.03	)		0.30

Less distributions to shareholders from:
Net investment income		—			—			(0.16	)		—			—			—
Net realized gains		—			(0.66	)		(0.53	)		—			—			(0.25	)
Return of capital		—			—			—			—			—			(0.04	)
Total distributions		—			(0.66	)		(0.69	)		—			—			(0.29	)

Net asset value, end of period	$	10.85		$	11.13		$	11.80		$	13.22		$	8.95		$	9.98

Total Return ^(d)		(2.52	)% ^(e)		0.28	%		(6.17	)%		47.71	%		(10.32	)%		3.40	%

Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	240,377		$	250,705		$	249,759		$	137,843		$	71,413		$	89,498
Ratio of expenses to:
average net assets, before reimbursement^(f)		2.05	% ^(g)		2.05	%		2.05	%		2.05	%		2.14	%		2.03	%
average net assets, net of reimbursement ^(f)		1.99	% ^(g)		2.03	%		2.05	%		2.05	%		2.14	%		2.03	%
Ratio of net investment income (loss) to average net assets ^(b)(f)		(0.20	)% ^(g)		0.07	%		1.03	%		(0.39	)%		0.07	%		(0.40	)%
Portfolio turnover rate		28	% ^(e)		99	%		57	%		42	%		39	%		116	%

^(a)

Per share amounts are calculated using the average shares method, which appropriately presents the per share data for the year.

^(b)

The recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

^(c)

^(d)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

^(e)

Not annualized.

^(f)

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

^(g)

Annualized.

See accompanying notes to financial statements.

PFG JP Morgan^® Tactical Moderate Strategy Fund – Class R

Financial Highlights

(For Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented)

	Six Months
	Ended			Year			Year			Year			Year			Year
	October 31,			Ended			Ended			Ended			Ended			Ended
	2023			April 30,			April 30,			April 30,			April 30,			April 30,
	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.65		$	10.52		$	12.10		$	9.32		$	9.96		$	9.80

Investment operations:
Net investment income (loss) ^(a)(b)		0.04			0.07			0.09			0.02			0.06			(0.02	)
Net realized and unrealized gain (loss) on investments		(0.48	)		(0.14	)		(0.91	)		2.80			(0.65	)		0.18
Total from investment operations		(0.44	)		(0.07	)		(0.82	)		2.82			(0.59	)		0.16

Less distributions to shareholders from:
Net investment income		—			—			(0.10	)		(0.04	)		(0.05	)		—	^(c)
Net realized gains		—			(0.80	)		(0.66	)		—			—			—
Total distributions		—			(0.80	)		(0.76	)		(0.04	)		(0.05	)		—

Net asset value, end of period	$	9.21		$	9.65		$	10.52		$	12.10		$	9.32		$	9.96

Total Return ^(d)		(4.56	)% ^(e)		(0.27	)%		(7.49	)%		30.29	%		(6.00	)%		1.68	%

Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	142,757		$	163,916		$	190,631		$	168,096		$	138,740		$	148,742
Ratio of expenses to:
average net assets, before reimbursement^(f)		2.05	% ^(g)		2.05	%		2.05	%		2.05	%		2.09	%		2.06	%
average net assets, net of reimbursement ^(f)		1.99	% ^(g)		2.03	%		2.05	%		2.05	%		2.09	%		2.06	%
Ratio of net investment income (loss) to average net assets ^(b)(f)		0.83	% ^(g)		0.72	%		0.74	%		0.22	%		0.56	%		(0.16	)%
Portfolio turnover rate		43	% ^(e)		119	%		76	%		58	%		60	%		112	%

^(a)

Per share amounts are calculated using the average shares method, which appropriately presents the per share data for the year.

^(b)

The recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

^(c)

Rounds to less than $0.005 per share.

^(d)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

^(e)

Not annualized.

^(f)

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

^(g)

Annualized.

See accompanying notes to financial statements.

PFG Meeder Tactical Strategy Fund – Class R

Financial Highlights

(For Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented)

	Six Months
	Ended			Year			Year			Year			Year			Year
	October 31,			Ended			Ended			Ended			Ended			Ended
	2023			April 30,			April 30,			April 30,			April 30,			April 30,
	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	8.85		$	10.44		$	11.34		$	9.23		$	9.93		$	9.83

Investment operations:
Net investment income (loss) ^(a)(b)		(0.01	)		(0.09	)		0.06			(0.10	)		(0.11	)		(0.03	)
Net realized and unrealized gain (loss) on investments		(0.23	)		0.08			(0.73	)		2.32			(0.57	)		0.15
Total from investment operations		(0.24	)		(0.01	)		(0.67	)		2.22			(0.68	)		0.12

Less distributions to shareholders from:
Net investment income		—			—			—			—			—			(0.02	)
Net realized gains		—			(1.58	)		(0.23	)		(0.11	)		(0.02	)		—
Total distributions		—			(1.58	)		(0.23	)		(0.11	)		(0.02	)		(0.02	)

Net asset value, end of period	$	8.61		$	8.85		$	10.44		$	11.34		$	9.23		$	9.93

Total Return ^(c)		(2.71	)% ^(d)		0.39	%		(6.09	)%		24.09	%		(6.91	)%		1.20	%

Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	103,152		$	114,003		$	119,009		$	106,050		$	96,604		$	103,481
Ratio of expenses to:
average net assets, before reimbursement^(e)		2.05	% ^(f)		2.05	%		2.05	%		2.05	%		2.09	%		2.04	%
average net assets, net of reimbursement ^(e)		1.99	% ^(f)		2.03	%		2.05	%		2.05	%		2.09	%		2.04	%
Ratio of net investment income (loss) to average net assets ^(b)(e)		(0.11	)% ^(f)		(0.90	)%		0.53	%		(0.98	)%		(1.07	)%		(0.27	)%
Portfolio turnover rate		4	% ^(d)		11	%		67	%		19	%		18	%		23	%

^(a)

Per share amounts are calculated using the average shares method, which appropriately presents the per share data for the year.

^(b)

The recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

^(c)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

^(d)

Not annualized.

^(e)

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

^(f)

Annualized.

See accompanying notes to financial statements.

PFG MFS^® Aggressive Growth Strategy Fund – Class R

Financial Highlights

(For Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented)

	Six Months
	Ended
	October 31,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2023			April 30,			April 30,			April 30,			April 30,			April 30,
	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	8.53		$	10.32		$	13.23		$	9.64		$	10.52		$	9.97

Investment operations:
Net investment income (loss) ^(a)(b)		(0.07	)		0.02			(0.06	)		(0.14	)		(0.04	)		—	^(c)
Net realized and unrealized gain (loss) on investments		(0.28	)		(0.13	)		(0.39	)		4.10			(0.68	)		0.70
Total from investment operations		(0.35	)		(0.11	)		(0.45	)		3.96			(0.72	)		0.70

Less distributions to shareholders from:
Net realized gains		—			(1.68	)		(2.46	)		(0.37	)		(0.16	)		(0.15	)
Total distributions		—			(1.68	)		(2.46	)		(0.37	)		(0.16	)		(0.15	)

Net asset value, end of period	$	8.18		$	8.53		$	10.32		$	13.23		$	9.64		$	10.52

Total Return ^(d)		(4.10	)% ^(e)		(0.21	)%		(5.81	)%		41.39	%		(7.10	)%		7.34	%

Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	84,994		$	83,716		$	88,076		$	168,971		$	118,933		$	118,749
Ratio of expenses to:
average net assets, before reimbursement^(f)		2.05	% ^(g)		2.05	%		2.05	%		2.05	%		2.09	%		2.05	%
average net assets, net of reimbursement ^(f)		1.99	% ^(g)		2.03	%		2.05	%		2.05	%		2.09	%		2.05	%
Ratio of net investment income (loss) to average net assets ^(b)(f)		(1.57	)% ^(g)		0.20	%		(0.50	)%		(1.18	)%		(0.34	)%		0.00	%
Portfolio turnover rate		7	% ^(e)		18	%		30	%		39	%		7	%		26	%

^(a)

Per share amounts are calculated using the average shares method, which appropriately presents the per share data for the year.

^(b)

The recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

^(c)

Rounds to less than $0.005 per share.

^(d)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

^(e)

Not annualized.

^(f)

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

^(g)

Annualized.

See accompanying notes to financial statements.

PFG Tactical Income Strategy Fund – Class R

Financial Highlights

(For Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented)

	Six Months
	Ended			Year			Year			Year
	October 31,			Ended			Ended			Ended
	2023			April 30,			April 30,			April 30,
	(Unaudited)			2023			2022			2021^(a)
Net asset value, beginning of period	$	9.14		$	9.19		$	11.24		$	10.00

Investment operations:
Net investment income ^(b)(c)		0.09			0.15			0.07			0.17
Net realized and unrealized gain (loss) on investments		(0.47	)		(0.13	)		(0.75	)		1.39
Total from investment operations		(0.38	)		0.02			(0.68	)		1.56

Less distributions to shareholders from:
Net investment income		—			—	^(d)		(0.13	)		(0.14	)
Net realized gains		—			(0.07	)		(1.24	)		(0.18	)
Total distributions		—			(0.07	)		(1.37	)		(0.32	)

Net asset value, end of period	$	8.76		$	9.14		$	9.19		$	11.24

Total Return ^(e)		(4.16	)% ^(f)(g)		0.34	% ^(g)		(7.18	)%		15.69	% ^(f)

Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	96,796		$	116,490		$	117,928		$	116,538
Ratio of expenses to:
average net assets, before reimbursement^(h)		2.05	% ⁽ⁱ⁾		2.05	%		2.05	%		2.05	% ⁽ⁱ⁾
average net assets, net of reimbursement ^(h)		1.99	% ⁽ⁱ⁾		2.03	%		2.05	%		2.05	% ⁽ⁱ⁾
Ratio of net investment income to average net assets ^(c)(h)		1.98	% ⁽ⁱ⁾		1.72	%		0.66	%		1.59	% ⁽ⁱ⁾
Portfolio turnover rate		18	% ^(f)		73	%		104	%		70	% ^(f)

^(a)

PFG Tactical Income Strategy Fund commenced operations and Trading on May 2, 2020.

^(b)

Per share amounts are calculated using the average shares method, which appropriately presents the per share data for the year.

^(c)

The recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

^(d)

Rounds to less than $0.005 per share.

^(e)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

^(f)

Not annualized.

^(g)

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

^(h)

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

⁽ⁱ⁾

Annualized.

See accompanying notes to financial statements.

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)

October 31, 2023

ORGANIZATION

The Pacific Financial Family of Mutual Funds is comprised of fifteen different actively managed funds. Each Fund is a diversified series of shares of beneficial interest of Northern Lights Fund Trust (the “Trust”), a trust organized under the laws of the State of Delaware on January 19, 2005, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open -end management investment company. Each Fund currently offers Class R shares. The Funds 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, 2023, is as follows:

Fund	Primary Objective
PFG Active Core Bond Strategy Fund	Income
PFG American Funds^® Conservative Income Strategy Fund	Current Income
PFG American Funds^® 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^® Core Plus Bond Strategy Fund	Current income
PFG Fidelity Institutional AM^® Equity Index Strategy Fund	Total return
PFG Fidelity Institutional AM^® Equity Sector Strategy Fund	Growth of capital
PFG Invesco^® Equity Factor Rotation Strategy Fund	Aggressive growth
PFG Janus Henderson^® Balanced Strategy Fund	Capital appreciation with a secondary objective of income
PFG JP Morgan^® Tactical Aggressive Strategy Fund	Aggressive growth
PFG JP Morgan^® Tactical Moderate Strategy Fund	Capital appreciation with a secondary objective of income
PFG Meeder Tactical Strategy Fund	Capital appreciation
PFG MFS^® Aggressive Growth Strategy Fund	Aggressive growth
PFG Tactical Income Strategy Fund	Current income

SIGNIFICANT ACCOUNTING POLICIES

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

Securities Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the primary exchange on the day of valuation. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value.

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

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2023

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

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

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

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.

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 PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2023

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of October 31, 2023 for each Fund’s investments measured at fair value:

PFG Active Core Bond Strategy Fund
Assets *	Level 1		Level 2		Level 3		Total
Open End Funds	$	117,568,812	$	—	$	—	$	117,568,812
Short-Term Investment		353,282		—		—		353,282
Total	$	117,922,094	$	—	$	—	$	117,922,094

PFG American Funds^® Conservative Income Strategy Fund

Assets *	Level 1		Level 2		Level 3		Total
Open End Funds	$	183,387,376	$	—	$	—	$	183,387,376
Short-Term Investment		527,410		—		—		527,410
Total	$	183,914,786	$	—	$	—	$	183,914,786

PFG American Funds^® Growth Strategy Fund

Assets *	Level 1		Level 2		Level 3		Total
Open End Funds	$	587,981,727	$	—	$	—	$	587,981,727
Short-Term Investment		1,532,929		—		—		1,532,929
Total	$	589,514,656	$	—	$	—	$	589,514,656

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2023

PFG BNY Mellon Diversifier Strategy Fund

Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Fund	$	2,602,328	$	—	$	—	$	2,602,328
Open End Funds		126,904,954		—		—		126,904,954
Short-Term Investment		379,503		—		—		379,503
Total	$	129,886,785	$	—	$	—	$	129,886,785

PFG BR Target Allocation Equity Strategy Fund

Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	121,869,366	$	—	$	—	$	121,869,366
Short-Term Investment		450,754		—		—		450,754
Total	$	122,320,120	$	—	$	—	$	122,320,120

PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund

Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	23,081,312	$	—	$	—	$	23,081,312
Open End Funds		19,039,139		—		—		19,039,139
Short-Term Investment		270,879		—		—		270,879
Total	$	42,391,330	$	—	$	—	$	42,391,330

PFG Fidelity Institutional AM^® Equity Index Strategy Fund

Assets *	Level 1		Level 2		Level 3		Total
Open End Funds	$	275,277,908	$	—	$	—	$	275,277,908
Short-Term Investment		1,486,980		—		—		1,486,980
Total	$	276,764,888	$	—	$	—	$	276,764,888

PFG Fidelity Institutional AM^® Equity Sector Strategy Fund

Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	162,436,790	$	—	$	—	$	162,436,790
Open End Funds		165,203,320		—		—		165,203,320
Short-Term Investment		1,977,112		—		—		1,977,112
Total	$	329,617,222	$	—	$	—	$	329,617,222

PFG Invesco^® Equity Factor Rotation Strategy Fund

Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	48,549,933	$	—	$	—	$	48,549,933
Short-Term Investment		143,405		—		—		143,405
Total	$	48,693,338	$	—	$	—	$	48,693,338

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2023

PFG Janus Henderson^® Balanced Strategy Fund

Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	31,500,876	$	—	$	—	$	31,500,876
Open End Funds		219,520,397		—		—		219,520,397
Short-Term Investment		881,559		—		—		881,559
Total	$	251,902,832	$	—	$	—	$	251,902,832

PFG JP Morgan^® Tactical Aggressive Strategy Fund

Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	104,159,793	$	—	$	—	$	104,159,793
Open End Funds		135,652,134		—		—		135,652,134
Short-Term Investment		371,513		—		—		371,513
Total	$	240,183,440	$	—	$	—	$	240,183,440

PFG JP Morgan^® Tactical Moderate Strategy Fund

Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	66,333,120	$	—	$	—	$	66,333,120
Open End Funds		75,994,610		—		—		75,994,610
Short-Term Investments		313,418		—		—		313,418
Total	$	142,641,148	$	—	$	—	$	142,641,148

PFG Meeder Tactical Strategy Fund

Assets *	Level 1		Level 2		Level 3		Total
Open End Funds	$	102,992,561	$	—	$	—	$	102,992,561
Short-Term Investment		334,762		—		—		334,762
Total	$	103,327,323	$	—	$	—	$	103,327,323

PFG MFS^® Aggressive Growth Strategy Fund

Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Fund	$	12,322,754	$	—	$	—	$	12,322,754
Open End Funds		72,312,593		—		—		72,312,593
Short-Term Investment		356,141		—		—		356,141
Total	$	84,991,488	$	—	$	—	$	84,991,488

PFG Tactical Income Strategy Fund

Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Fund	$	5,532,510	$	—	$	—	$	5,532,510
Open End Funds		90,864,184		—		—		90,864,184
Short-Term Investments		254,199		—		—		254,199
Total	$	96,650,893	$	—	$	—	$	96,650,893

Refer to the Portfolios of Investments for industry classification.

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

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2023

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, 2020 through April 30, 2022, or expected to be taken in the Funds’ April 30, 2023 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, 2023, 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.

INVESTMENT TRANSACTIONS

For the six months ended October 31, 2023, cost of purchases and proceeds from sales of Fund securities, other than short-term investments, amounted to the following:

Fund	Purchases		Sales
PFG Active Core Bond Strategy Fund	$	28,596,320	$	18,513,206
PFG American Funds^® Conservative Income Strategy Fund		16,236,270		15,816,630
PFG American Funds^® Growth Strategy Fund		43,757,520		24,646,678
PFG BNY Mellon Diversifier Strategy Fund		26,066,082		39,375,701
PFG BR Target Allocation Equity Strategy Fund		169,997,118		167,794,658
PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund		47,097,630		23,401,566
PFG Fidelity Institutional AM^® Equity Index Strategy Fund		67,679,078		30,191,297
PFG Fidelity Institutional AM^® Equity Sector Strategy Fund		140,940,335		100,006,092
PFG Invesco^® Equity Factor Rotation Strategy Fund		59,508,140		41,005,544
PFG Janus Henderson^® Balanced Strategy Fund		13,770,872		20,732,456
PFG JP Morgan® Tactical Aggressive Strategy Fund		70,186,922		74,522,794
PFG JP Morgan^® Tactical Moderate Strategy Fund		66,790,995		80,454,613
PFG Meeder Tactical Strategy Fund		4,189,000		11,642,000
PFG MFS^® Aggressive Growth Strategy Fund		9,951,292		5,773,662
PFG Tactical Income Strategy Fund		19,703,632		33,873,689

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2023

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 up 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 over $3 billion.

For the six months ended October 31, 2023, pursuant to the investment advisory agreement, the Advisor earned the following advisory fees:

Fund
PFG Active Core Bond Strategy Fund	$	731,525
PFG American Funds^® Conservative Income Strategy Fund		1,202,959
PFG American Funds^® Growth Strategy Fund		3,834,943
PFG BNY Mellon Diversifier Strategy Fund		922,597
PFG BR Target Allocation Equity Strategy Fund		805,056
PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund		176,322
PFG Fidelity Institutional AM^® Equity Index Strategy Fund		1,742,671
PFG Fidelity Institutional AM^® Equity Sector Strategy Fund		2,057,809
PFG Invesco^® Equity Factor Rotation Strategy Fund		213,005
PFG Janus Henderson^® Balanced Strategy Fund		1,690,602
PFG JP Morgan^® Tactical Aggressive Strategy Fund		1,615,965
PFG JP Morgan^® Tactical Moderate Strategy Fund		993,414
PFG Meeder Tactical Strategy Fund		718,498
PFG MFS^® Aggressive Growth Strategy Fund		553,378
PFG Tactical Income Strategy Fund		704,167

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 of Trustees upon 60 days’ written notice to the Advisor.

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2023

For the six months ended October 31, 2023, the following funds waived fees pursuant to the expense limitation agreement:

Fund
PFG Active Core Bond Strategy Fund	$	33,815
PFG American Funds^® Conservative Income Strategy Fund		55,670
PFG American Funds^® Growth Strategy Fund		177,488
PFG BNY Mellon Diversifier Strategy Fund		42,689
PFG BR Target Allocation Equity Strategy Fund		37,268
PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund		8,167
PFG Fidelity Institutional AM^® Equity Index Strategy Fund		80,660
PFG Fidelity Institutional AM^® Equity Sector Strategy Fund		95,244
PFG Invesco^® Equity Factor Rotation Strategy Fund		9,868
PFG Janus Henderson^® Balanced Strategy Fund		78,248
PFG JP Morgan^® Tactical Aggressive Strategy Fund		74,786
PFG JP Morgan^® Tactical Moderate Strategy Fund		45,972
PFG Meeder Tactical Strategy Fund		33,252
PFG MFS^® Aggressive Growth Strategy Fund		25,610
PFG Tactical Income Strategy Fund		32,594

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

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

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

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”).

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2023

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

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

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

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

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

Each Fund is currently accruing 0.10% of its average daily net assets under the plan. For the six months ended October 31, 2023, pursuant to the Plan, the Funds accrued the following fees:

Fund	12b-1 Fee
PFG Active Core Bond Strategy Fund	$	58,363
PFG American Funds^® Conservative Income Strategy Fund		95,975
PFG American Funds^® Growth Strategy Fund		305,960
PFG BNY Mellon Diversifier Strategy Fund		73,607
PFG BR Target Allocation Equity Strategy Fund		64,229
PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund		14,068
PFG Fidelity Institutional AM^® Equity Index Strategy Fund		139,034
PFG Fidelity Institutional AM^® Equity Sector Strategy Fund		164,177
PFG Invesco^® Equity Factor Rotation Strategy Fund		16,994
PFG Janus Henderson^® Balanced Strategy Fund		134,880
PFG JP Morgan^® Tactical Aggressive Strategy Fund		128,925
PFG JP Morgan^® Tactical Moderate Strategy Fund		79,257
PFG Meeder Tactical Strategy Fund		57,323
PFG MFS^® Aggressive Growth Strategy Fund		44,150
PFG Tactical Income Strategy Fund		56,180

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2023

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.

During the year ended April 30, 2023, certain Funds received payments from TPFG for previously received soft dollar payments. These reimbursements were as follows:

Fund	Reimbursement
PFG BNY Mellon Diversifier Strategy Fund	$	3,128
PFG BR Target Allocation Equity Strategy Fund		11,971
PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund		45
PFG Fidelity Institutional AM^® Equity Sector Strategy Fund		17,774
PFG Invesco^® Equity Factor Rotation Strategy Fund		—
PFG Janus Henderson^® Balanced Strategy Fund		—
PFG JP Morgan^® Tactical Aggressive Strategy Fund		—
PFG JP Morgan^® Tactical Moderate Strategy Fund		—
PFG MFS^® Aggressive Growth Strategy Fund		—
PFG Tactical Income Strategy Fund		—

INVESTMENT IN AFFILIATED COMPANIES

An affiliated company is a company in which a Fund has ownership of at least 5% of the voting securities. Transactions during the six months ended October 31, 2023 with affiliated companies are as follows:

PFG BNY Mellon Diversifier Strategy Fund

											Change in
		Value-Beginning of									Unrealized			Value-End of
CUSIP	Description	Period		Purchases		Sales Proceeds		Net Realized Loss			Depreciation			Period		Income
05580W841	BNY Mellon Core Plus Fund, Class I	$	91,225,721	$	18,645,000	$	14,412,000	$	(3,315,452	)	$	(4,128,842	)	$	88,014,427	$	1,898,120

PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund

											Change in
		Value-Beginning of									Unrealized			Value-End of
CUSIP	Description	Period		Purchases		Sales Proceeds		Net Realized Gain			Depreciation			Period		Income
316188101	Fidelity Corporate Bond ETF	$	—	$	11,411,272	$	379,944	$	(1,092	)	$	(443,451	)	$	10,586,785	$	111,918

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2023

PFG Fidelity Institutional AM^® Equity Sector Strategy Fund

											Change in
		Value-Beginning of									Unrealized			Value-End of
CUSIP	Description	Period		Purchases		Sales Proceeds		Net Realized Loss			Appreciation			Period		Income
316391309	Fidelity Advisor Communication Services Fund, Class Z	$	—	$	17,955,060	$	474,970	$	(2,655	)	$	(814,525	)	$	16,662,910	$	—
316092881	Fidelity MSCI Materials Index ETF		54,658,458		15,732,205		6,661,600		(477,076	)		(3,227,129	)		60,024,858		561,024

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	$	—	$	7,735,206	$	2,848,907	$	53,966	$	(216,336	)	$	4,723,929	$	27,289

PFG JP Morgan^® Tactical Aggressive Strategy Fund

											Change in
		Value-Beginning of									Unrealized			Value-End of
CUSIP	Description	Period		Purchases		Sales Proceeds		Net Realized Loss			Appreciation			Period		Income
46641Q209	JPMorgan Diversified Return International Equity ETF	$	20,612,547	$	8,515,193	$	4,000,503	$	(712,341	)	$	(1,479,894	)	$	22,935,002	$	920,492

PFG Meeder Tactical Strategy Fund

											Change in
		Value-Beginning of						Net Realized			Unrealized			Value-End of
CUSIP	Description	Period		Purchases		Sales Proceeds		Gain/(Loss)			Depreciation			Period		Income
58510R762	Meeder Dynamic Allocation Fund, Institutional Class	$	19,098,530	$	609,000	$	1,805,000	$	(468,836	)	$	(34,782	)	$	17,398,912	$	120,970
58510R788	Meeder Muirfield Fund, Institutional Class		63,563,972		2,850,000		7,250,001		(630,814	)		(762,274	)		57,770,883		574,755
58510R655	Meeder Spectrum Fund, Institutional Class		11,335,960		85,000		820,000		74,271			(330,370	)		10,344,861		106,226

PFG Tactical Income Strategy Fund

											Change in
		Value-Beginning of									Unrealized			Value-End of
CUSIP	Description	Period		Purchases		Sales Proceeds		Net Realized Loss			Appreciation			Period		Income
47103Y649	Janus Henderson Asia Equity Fund, Class N	$	2,825,716	$	220,050	$	499,850	$	(106,981	)	$	(61,140	)	$	2,377,795	$	—
47103X823	Janus Henderson Dividend & Income Builder Fund, Class R6		8,932,055		2,183,125		1,409,825		(111,620	)		(660,473	)		8,933,262		231,380

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2023

AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

The identified cost of investments in securities owned by each Fund for federal income tax purposes and its respective gross unrealized appreciation and depreciation at October 31, 2023, were as follows:

								Net Unrealized
			Gross Unrealized		Gross Unrealized			Appreciation/
	Tax Cost		Appreciation		Depreciation			(Depreciation)
PFG Active Core Bond Strategy Fund	$	137,406,912	$	—	$	(19,484,818	)	$	(19,484,818	)
PFG American Funds^® Conservative Income Strategy Fund		211,875,765		—		(27,960,979	)		(27,960,979	)
PFG American Funds^® Growth Strategy Fund		674,811,117		—		(85,296,461	)		(85,296,461	)
PFG BNY Mellon Diversifier Strategy Fund		148,720,206		100,367		(18,933,788	)		(18,833,421	)
PFG BR Target Allocation Equity Strategy Fund		132,759,995		—		(10,439,875	)		(10,439,875	)
PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund		44,479,235		—		(2,087,905	)		(2,087,905	)
PFG Fidelity Institutional AM^® Equity Index Strategy Fund		266,921,209		13,655,244		(3,811,565	)		9,843,679
PFG Fidelity Institutional AM^® Equity Sector Strategy Fund		341,786,588		7,690,002		(19,859,368	)		(12,169,366	)
PFG Invesco^® Equity Factor Rotation Strategy Fund		55,265,965		—		(6,572,627	)		(6,572,627	)
PFG Janus Henderson^® Balanced Strategy Fund		297,288,448		9,022		(45,394,638	)		(45,385,616	)
PFG JP Morgan^® Tactical Aggressive Strategy Fund		247,388,527		4,578,986		(11,784,073	)		(7,205,087	)
PFG JP Morgan^® Tactical Moderate Strategy Fund		153,094,150		2,265,623		(12,718,625	)		(10,453,002	)
PFG Meeder Tactical Strategy Fund		118,329,660		62,168		(15,064,505	)		(15,002,337	)
PFG MFS^® Aggressive Growth Strategy Fund		89,283,314		777,770		(5,069,596	)		(4,291,826	)
PFG Tactical Income Strategy Fund		104,690,235		530,233		(8,569,575	)		(8,039,342	)

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2023

DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of distributions paid during the fiscal year ended April 30, 2023 and the fiscal year ended April 30, 2022 were as follows:

For fiscal year ended	Ordinary		Long-Term		Return of
4/30/2023	Income		Capital Gains		Capital		Total
PFG Active Core Bond Strategy Fund	$	3,403,797	$	—	$	—	$	3,403,797
PFG American Funds^® Conservative Income Strategy Fund		1,257,966		4,570,752		—		5,828,718
PFG American Funds^® Growth Strategy Fund		—		90,892,908		—		90,892,908
PFG BNY Mellon Diversifier Strategy Fund		6,136,575		1,046,834		—		7,183,409
PFG BR Target Allocation Equity Strategy Fund		—		3,884,118		—		3,884,118
PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund		25,196		5,105		—		30,301
PFG Fidelity Institutional AM^® Equity Index Strategy Fund		658,232		8,109,741		—		8,767,973
PFG Fidelity Institutional AM^® Equity Sector Strategy Fund		7,136,380		18,862,200		—		25,998,580
PFG Invesco^® Equity Factor Rotation Strategy Fund		—		—		—		—
PFG Janus Henderson^® Balanced Strategy Fund		—		8,642,424		—		8,642,424
PFG JP Morgan^® Tactical Aggressive Strategy Fund		—		13,830,184		—		13,830,184
PFG JP Morgan^® Tactical Moderate Strategy Fund		909		12,732,806		—		12,733,715
PFG Meeder Tactical Strategy Fund		—		16,967,616		—		16,967,616
PFG MFS^® Aggressive Growth Strategy Fund		—		13,300,171		—		13,300,171
PFG Tactical Income Strategy Fund		76,562		834,906		—		911,468

For fiscal year ended	Ordinary		Long-Term		Return of
4/30/2022	Income		Capital Gains		Capital		Total
PFG Active Core Bond Strategy Fund	$	2,389,559	$	2,034,455	$	—	$	4,424,014
PFG American Funds^® Conservative Income Strategy Fund		2,208,736		1,116,031		—		3,324,767
PFG American Funds^® Growth Strategy Fund		9,121,964		23,521,952		—		32,643,916
PFG BNY Mellon Diversifier Strategy Fund		1,002,777		4,588,204		—		5,590,981
PFG BR Target Allocation Equity Strategy Fund		9,763,622		12,960,361		—		22,723,983
PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund		—		—		—		—
PFG Fidelity Institutional AM^® Equity Index Strategy Fund		4,001,195		2,812,427		—		6,813,622
PFG Fidelity Institutional AM^® Equity Sector Strategy Fund		12,757,675		2,344,331		—		15,102,006
PFG Invesco^® Equity Factor Rotation Strategy Fund		123,094		—		—		123,094
PFG Janus Henderson^® Balanced Strategy Fund		1,124,954		46,046		—		1,171,000
PFG JP Morgan^® Tactical Aggressive Strategy Fund		3,496,799		10,638,274		—		14,135,073
PFG JP Morgan^® Tactical Moderate Strategy Fund		4,927,831		8,571,537		—		13,499,368
PFG Meeder Tactical Strategy Fund		—		2,652,537		—		2,652,537
PFG MFS^® Aggressive Growth Strategy Fund		—		15,781,776		—		15,781,776
PFG Tactical Income Strategy Fund		8,132,655		5,840,952		—		13,973,607

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2023

As of April 30, 2023, the components of accumulated earnings/(deficit) on a tax basis were as follows:

				Undistributed		Undistributed			Post October Loss
				Ordinary		Long-Term			and
				Income		Capital Gains			Late Year Loss
PFG Active Core Bond Strategy Fund				$	843,105	$	—		$	(740,592	)
PFG American Funds^® Conservative Income Strategy Fund					815,903		751,320			—
PFG American Funds^® Growth Strategy Fund					—		2,638,600			(3,217,839	)
PFG BNY Mellon Diversifier Strategy Fund					308,983		—			(748,699	)
PFG BR Target Allocation Equity Strategy Fund					—		—			(14,972,071	)
PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund					62,160		—			(234,046	)
PFG Fidelity Institutional AM^® Equity Index Strategy Fund					—		4,689,664			(971,329	)
PFG Fidelity Institutional AM^® Equity Sector Strategy Fund					—		1,802,977			(925,360	)
PFG Invesco^® Equity Factor Rotation Strategy Fund					—		—			(7,481,503	)
PFG Janus Henderson^® Balanced Strategy Fund					—		—			(2,636,610	)
PFG JP Morgan^® Tactical Aggressive Strategy Fund					—		—			(1,289,721	)
PFG JP Morgan^® Tactical Moderate Strategy Fund					778,880		—			(2,912,708	)
PFG Meeder Tactical Strategy Fund					—		2,478,987			(444,973	)
PFG MFS^® Aggressive Growth Strategy Fund					—		2,255,509			—
PFG Tactical Income Strategy Fund					1,584,280		—			(4,041,406	)

	Capital Loss			Other		Unrealized			Total
	Carry			Book/Tax		Appreciation/			Accumulated
	Forwards			Differences		(Depreciation)			Earnings/(Deficits)
PFG Active Core Bond Strategy Fund	$	(5,776,818	)	$	—	$	(14,574,583	)	$	(20,248,888	)
PFG American Funds^® Conservative Income Strategy Fund		—			—		(18,528,709	)		(16,961,486	)
PFG American Funds^® Growth Strategy Fund		—			—		(80,901,194	)		(81,480,433	)
PFG BNY Mellon Diversifier Strategy Fund		—			—		(15,819,717	)		(16,259,433	)
PFG BR Target Allocation Equity Strategy Fund		—			—		(6,490,449	)		(21,462,520	)
PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund		(33,112	)		—		(354,429	)		(559,427	)
PFG Fidelity Institutional AM^® Equity Index Strategy Fund		—			—		24,055,402			27,773,737
PFG Fidelity Institutional AM^® Equity Sector Strategy Fund		—			—		4,371,615			5,249,232
PFG Invesco^® Equity Factor Rotation Strategy Fund		(1,101,017	)		—		(9,303,515	)		(17,886,035	)
PFG Janus Henderson^® Balanced Strategy Fund		(8,800,665	)		—		(38,725,915	)		(50,163,190	)
PFG JP Morgan^® Tactical Aggressive Strategy Fund		(14,922,189	)		—		(932,559	)		(17,144,469	)
PFG JP Morgan^® Tactical Moderate Strategy Fund		(11,822,303	)		—		(2,784,138	)		(16,740,269	)
PFG Meeder Tactical Strategy Fund		—			—		(13,359,706	)		(11,325,692	)
PFG MFS^® Aggressive Growth Strategy Fund		—			—		(868,377	)		1,387,132
PFG Tactical Income Strategy Fund		(5,566,410	)		—		(4,879,186	)		(12,902,722	)

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

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2023

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
	Losses
PFG Active Core Bond Strategy Fund	$	—
PFG American Funds^® Conservative Income Strategy Fund		—
PFG American Funds^® Growth Strategy Fund		3,217,839
PFG BNY Mellon Diversifier Strategy Fund		—
PFG BR Target Allocation Equity Strategy Fund		457,528
PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund		—
PFG Fidelity Institutional AM^® Equity Index Strategy Fund		971,329
PFG Fidelity Institutional AM^® Equity Sector Strategy Fund		925,360
PFG Invesco^® Equity Factor Rotation Strategy Fund		162,254
PFG Janus Henderson^® Balanced Strategy Fund		—
PFG JP Morgan^® Tactical Aggressive Strategy Fund		1,051,126
PFG JP Morgan^® Tactical Moderate Strategy Fund		—
PFG Meeder Tactical Strategy Fund		444,973
PFG MFS^® Aggressive Growth Strategy Fund		—
PFG Tactical Income 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
	Losses
PFG Active Core Bond Strategy Fund	$	740,592
PFG American Funds^® Conservative Income Strategy Fund		—
PFG American Funds^® Growth Strategy Fund		—
PFG BNY Mellon Diversifier Strategy Fund		748,699
PFG BR Target Allocation Equity Strategy Fund		14,514,543
PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund		234,046
PFG Fidelity Institutional AM^® Equity Index Strategy Fund		—
PFG Fidelity Institutional AM^® Equity Sector Strategy Fund		—
PFG Invesco^® Equity Factor Rotation Strategy Fund		7,319,249
PFG Janus Henderson^® Balanced Strategy Fund		2,636,610
PFG JP Morgan^® Tactical Aggressive Strategy Fund		238,595
PFG JP Morgan^® Tactical Moderate Strategy Fund		2,912,708
PFG Meeder Tactical Strategy Fund		—
PFG MFS^® Aggressive Growth Strategy Fund		—
PFG Tactical Income Strategy Fund		4,041,406

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2023

At April 30, 2023, 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:

	Non-Expiring
	Short-Term		Long-Term		Total		CLCF Utilized
PFG Active Core Bond Strategy Fund	$	1,326,533	$	4,450,285	$	5,776,818	$	—
PFG American Funds^® Conservative Income Strategy Fund		—		—		—		—
PFG American Funds^® Growth Strategy Fund		—		—		—		—
PFG BNY Mellon Diversifier Strategy Fund		—		—		—		—
PFG BR Target Allocation Equity Strategy Fund		—		—		—		—
PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund		33,112		—		33,112		—
PFG Fidelity Institutional AM^® Equity Index Strategy Fund		—		—		—		—
PFG Fidelity Institutional AM^® Equity Sector Strategy Fund		—		—		—		—
PFG Invesco^® Equity Factor Rotation Strategy Fund		1,101,017		—		1,101,017		—
PFG Janus Henderson^® Balanced Strategy Fund		8,789,583		11,082		8,800,665		—
PFG JP Morgan^® Tactical Aggressive Strategy Fund		14,922,189		—		14,922,189		—
PFG JP Morgan^® Tactical Moderate Strategy Fund		11,822,303		—		11,822,303		—
PFG Meeder Tactical Strategy Fund		—		—		—		—
PFG MFS^® Aggressive Growth Strategy Fund		—		—		—		—
PFG Tactical Income Strategy Fund		4,912,637		653,773		5,566,410		—

During the fiscal year ended April 30, 2023, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the book/tax basis treatment of net operating losses, distributions in excess, and use of tax equalization credits, resulted in reclassifications for the Funds for the fiscal year ended April 30, 2023 as follows:

	Paid In			Accumulated
	Capital			Earnings (Losses)
PFG Active Core Bond Strategy Fund	$	—		$	—
PFG American Funds^® Conservative Income Strategy Fund		—			—
PFG American Funds^® Growth Strategy Fund		4,453,248			(4,453,248	)
PFG BNY Mellon Diversifier Strategy Fund		—			—
PFG BR Target Allocation Equity Strategy Fund		(1,085,562	)		1,085,562
PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund		—			—
PFG Fidelity Institutional AM^® Equity Index Strategy Fund		—			—
PFG Fidelity Institutional AM^® Equity Sector Strategy Fund		(710,192	)		710,192
PFG Invesco^® Equity Factor Rotation Strategy Fund		(626,168	)		626,168
PFG Janus Henderson^® Balanced Strategy Fund		(936,986	)		936,986
PFG JP Morgan^® Tactical Aggressive Strategy Fund		(86,309	)		86,309
PFG JP Morgan^® Tactical Moderate Strategy Fund		—			—
PFG Meeder Tactical Strategy Fund		(559,366	)		559,366
PFG MFS^® Aggressive Growth Strategy Fund		(380,608	)		380,608
PFG Tactical Income Strategy Fund		—			—

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2023

CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of October 31, 2023, beneficial ownership in excess of 25% for the Funds is as follows:

Portfolio	Beneficial Owner	% of Outstanding Shares
PFG Active Core Bond Strategy Fund	Charles Schwab	28%
	NFS	57%
PFG American Funds^® Conservative Income Strategy Fund	Charles Schwab	31%
	NFS	47%
PFG American Funds^® Growth Strategy Fund	Charles Schwab	28%
	NFS	52%
PFG BNY Mellon Diversifier Strategy Fund	Charles Schwab	31%
	NFS	46%
PFG BR Target Allocation Equity Strategy Fund	Charles Schwab	29%
	NFS	54%
PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund	NFS	48%
	Pershing	32%
PFG Fidelity Institutional AM^® Equity Index Strategy Fund	Charles Schwab	27%
	NFS	54%
PFG Fidelity Institutional AM^® Equity Sector Strategy Fund	Charles Schwab	29%
	NFS	52%
PFG Invesco^® Equity Factor Rotation Strategy Fund	Charles Schwab	34%
	NFS	53%
PFG Janus Henderson^® Balanced Strategy Fund	Charles Schwab	32%
	NFS	46%
PFG JP Morgan^® Tactical Aggressive Strategy Fund	Charles Schwab	26%
	NFS	54%
PFG JP Morgan^® Tactical Moderate Strategy Fund	Charles Schwab	27%
	NFS	43%
	Pershing	29%
PFG Meeder Tactical Strategy Fund	Charles Schwab	36%
	NFS	46%
PFG MFS^® Aggressive Growth Strategy Fund	Charles Schwab	35%
	NFS	50%
PFG Tactical Income Strategy Fund	Charles Schwab	31%
	NFS	39%
	Pershing	29%

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2023

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.

Fund	Investment	Percentage of Net Assets
PFG Active Core Bond Strategy Fund	PIMCO Income Fund, Institutional Class	25.8%
	PIMCO Total Return Fund, Institutional Class	39.7%
PFG BNY Mellon Diversifier Strategy Fund	BNY Mellon Core Plus Fund,Class I	67.6%
	BNY Mellon Global Real Return Fund,Class I	27.0%
PFG BR Target Allocation Equity Strategy Fund	iShares Core S&P 500 ETF	47.7%
PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund	Fidelity Total Bond Fund, Class Z	31.9%
PFG Fidelity Institutional AM^® Equity Index Strategy Fund	Fidelity 500 Index Fund, Institutional Premium Class	57.6%
	Fidelity Global ex US Index Fund, Institutional Premium Class	29.8%
PFG Janus Henderson^® Balanced Strategy Fund	Janus Henderson Balanced Fund,Class N	79.9%
PFG Meeder Tactical Strategy Fund	Meeder Muirfield Institutional Class Fund,	56.0%

10.

MARKET AND GEOPOLITICAL RISK

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

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2023

11.

RECENT REGULATORY UPDATES

On January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will not appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

12.

SUBSEQUENT EVENTS

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

THE PACIFIC FINANCIAL FUNDS

EXPENSE EXAMPLES

October 31, 2023 (Unaudited)

Example

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

Actual Expenses

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

Hypothetical Examples for Comparison Purposes

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

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

					Hypothetical
			Actual		(5% return before expenses)

	Fund’s Annualized	Beginning Account	Ending Account	Expenses Paid	Ending Account	Expenses Paid
	Expense Ratio	Value	Value	During Period	Value	During Period
PFG Active Core Bond Strategy Fund *	1.99%	$1,000.00	$957.30	$9.79	$1,015.13	$10.08
PFG American Funds^® Conservative Income Strategy Fund *	1.99%	$1,000.00	$951.00	$9.76	$1,015.13	$10.08
PFG American Funds^® Growth Strategy Fund *	1.99%	$1,000.00	$989.50	$9.95	$1,015.13	$10.08
PFG BNY Mellon Diversifier Strategy Fund *	1.99%	$1,000.00	$936.80	$9.69	$1,015.13	$10.08
PFG BR Target Allocation Equity Strategy Fund *	1.99%	$1,000.00	$982.80	$9.92	$1,015.13	$10.08
PFG Fidelity Institutional AM^® Core Plus Bond Strategy Fund *	1.99%	$1,000.00	$935.10	$9.68	$1,015.13	$10.08
PFG Fidelity Institutional AM^® Equity Index Strategy Fund *	1.99%	$1,000.00	$971.20	$9.86	$1,015.13	$10.08
PFG Fidelity Institutional AM^® Equity Sector Strategy Fund *	1.99%	$1,000.00	$970.40	$9.86	$1,015.13	$10.08
PFG Invesco^® Equity Factor Rotation Strategy Fund *	1.99%	$1,000.00	$970.10	$9.85	$1,015.13	$10.08
PFG Janus Henderson^® Balanced Strategy Fund *	1.99%	$1,000.00	$965.60	$9.83	$1,015.13	$10.08
PFG JP Morgan^® Tactical Aggressive Strategy Fund *	1.99%	$1,000.00	$974.80	$9.88	$1,015.13	$10.08
PFG JP Morgan^® Tactical Moderate Strategy Fund *	1.99%	$1,000.00	$954.40	$9.78	$1,015.13	$10.08
PFG Meeder Tactical Strategy Fund *	1.99%	$1,000.00	$972.90	$9.87	$1,015.13	$10.08
PFG MFS^® Aggressive Growth Strategy Fund *	1.99%	$1,000.00	$959.00	$9.80	$1,015.13	$10.08
PFG Tactical Income Strategy Fund *	1.99%	$1,000.00	$958.40	$9.80	$1,015.13	$10.08

Expenses Paid during the period are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the full six-month period).

THE PACIFIC FINANCIAL FUNDS

LIQUIDITY RISK MANAGEMENT PROGRAM

October 31, 2023 (Unaudited)

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

During the fiscal period ended October 31, 2023, the Trust’s Liquidity Risk Management Program Committee (the “Committee”) reviewed each Fund’s investments and determined that the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Committee concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented.

PRIVACY NOTICE

Rev. April 2021

FACTS

WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?

Why?

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

What?

The types of personal information we collect and share depends on the product or service that you have with us. This information can include:

Social Security number and wire transfer instructions

account transactions and transaction history

investment experience and purchase history

When you are no longer our customer, we continue to share your information as described in this notice.

How?

All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Northern Lights Fund Trust chooses to share; and whether you can limit this sharing.

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

QUESTIONS?

Call1-631-490-4300

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

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. Northern Lights Fund Trust does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. Northern Lights Fund Trust does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. Northern Lights Fund Trust doesn’t jointly market.

PROXY VOTING POLICY

Information regarding how a Fund voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that a Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-888-451-TPFG or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PORTFOLIO HOLDINGS

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

INVESTMENT ADVISOR

The Pacific Financial Group, LLC

11811 NE First Street, Suite 201

Bellevue, WA 98005

ADMINISTRATOR

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

Pacific Financial-SAR-23

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

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

Item 2. Code of Ethics. Not applicable.

Item 3. Audit Committee Financial Expert. Not applicable.

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

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

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

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

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

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

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

Item 11. Controls and Procedures.

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

(b) There were no significant changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)(1) Not applicable.

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

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

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

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) Northern Lights Fund Trust

By (Signature and Title)

/s/ Kevin Wolf

Kevin Wolf, President

Date 1/5/24

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 1/5/24

By (Signature and Title)

/s/ Jim Colantino

Jim Colantino, Treasurer

Date 1/5/24