Northern Lights Fund Trust N-CSRS Certified semi-annual shareholder report (management investment company)

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)

Richard Malinowski, Gemini Fund Services, LLC.

80 Arkay Drive, Suite 110 Hauppauge, NY 11788

(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:10/31/19

Item 1. Reports to Stockholders.

Semi-Annual Report

October 31, 2019

1-888-451-TPFG

www.TPFG.com

Distributed by Northern Lights Distributors, LLC

FINRA Member

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.TPFG.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by following the instructions included with paper Fund documents that have been mailed to you.

RiskPro^®30+ Fund

Portfolio Review (Unaudited)

October 31, 2019

The Fund’s performance figures^* for the periods ended October 31, 2019 as compared to its benchmark:

			Annualized
	Six	One	Performance
	Months	Year	Since Inception**
RiskPro® 30+ Fund
Class R	1.30%	8.22%	2.32%
Morningstar Aggressive Target Risk Index (Total Return)***	3.15%	13.06%	5.74%

* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.80% for Class R shares, per the August 28, 2019 prospectus. 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 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.

Holdings by Asset Class	% of Net Assets
Exchange Traded Funds - Equity Funds		50.13	%
Mutual Funds - Equity Funds		44.07	%
Money Market Fund		6.29	%
Other Assets Less Liabilities - Net		(0.49	)%
��		100.00	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2019.

1

RiskPro^®Aggressive 30+ Fund

Portfolio Review (Unaudited)

October 31, 2019

The Fund’s performance figures* for the periods ended October 31, 2019 as compared to its benchmark:

			Annualized
	Six	One	Performance
	Months	Year	Since Inception**
RiskPro® Aggressive 30+ Fund
Class R	0.11%	5.40%	(0.57)%
Morningstar Aggressive Target Risk Index (Total Return)***	3.15%	13.06%	5.74%

* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.87% for Class R shares, per the August 28, 2019 prospectus. 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 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.

Holdings by Asset Class	% of Net Assets
Mutual Funds - Equity Funds		66.70	%
Exchanged Traded Funds - Equity Funds		33.10	%
Money Market Fund		0.28	%
Other Assets Less Liabilities - Net		(0.08	)%
		100.00	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2019.

2

RiskPro^®Alternative 0-15 Fund

Portfolio Review (Unaudited)

October 31, 2019

The Fund’s performance figures* for the periods ended October 31, 2019 as compared to its benchmark:

			Annualized
	Six	One	Performance
	Months	Year	Since Inception**
RiskPro® Alternative 0-15 Fund
Class R	0.31%	1.47%	(0.01)%
Bloomberg Barclays 1-3 Month T-Bill Index***	1.14%	2.32%	2.03%

* 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 3.13% for Class R shares, per the August 28, 2019 prospectus. 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 Capital 1-3 Month U.S. Treasury Bill Index includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. Investors cannot invest directly in an index.

Holdings by Asset Class	% of Net Assets
Mutual Funds - Alternative Funds		58.87	%
Mutual Funds - Debt Funds		39.72	%
Money Market Fund		1.81	%
Other Assets Less Liabilities - Net		(0.40	)%
		100.00	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2019.

3

RiskPro^®Dynamic 0-10 Fund

Portfolio Review (Unaudited)

October 31, 2019

The Fund’s performance figures* for the periods ended October 31, 2019 as compared to its benchmark:

			Annualized
	Six	One	Performance
	Months	Year	Since Inception**
RiskPro® Dynamic 0-10 Fund
Class R	3.02%	6.53%	1.91%
Bloomberg Barclays U.S. Aggregate Bond Index***	5.71%	11.51%	4.72%

* 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 2.44% for Class R shares, per the August 28, 2019 prospectus. 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
Mutual Funds - Debt Funds		98.65	%
Money Market Fund		2.64	%
Other Assets Less Liabilities - Net		(1.29	)%
		100.00	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2019.

4

RiskPro^®Dynamic 15-25 Fund

Portfolio Review (Unaudited)

October 31, 2019

The Fund’s performance figures* for the periods ended October 31, 2019 as compared to its benchmark:

			Annualized
	Six	One	Performance
	Months	Year	Since Inception**
RiskPro® Dynamic 15-25 Fund
Class R	2.34%	7.62%	1.24%
Morningstar Moderate Target Risk Index (Total Return)***	3.80%	12.45%	5.46%

* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.61% for Class R shares, per the August 28, 2019 prospectus. 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 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.

Holdings by Asset Class	% of Net Assets
Mutual Funds - Debt Funds		39.80	%
Mutual Funds - Equity Funds		35.47	%
Exchange Traded Funds - Equity Funds		24.58	%
Money Market Fund		0.51	%
Other Assets Less Liabilities - Net		(0.36	)%
		100.00	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2019.

5

RiskPro^®Dynamic 20-30 Fund

Portfolio Review (Unaudited)

October 31, 2019

The Fund’s performance figures* for the periods ended October 31, 2019 as compared to its benchmark:

			Annualized
	Six	One	Performance
	Months	Year	Since Inception**
RiskPro® Dynamic 20-30 Fund
Class R	2.51%	7.98%	1.31%
Morningstar Moderate Aggressive Target Risk Index (Total Return)***	3.48%	13.03%	4.85%

* 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 2.76% for Class R shares, per the August 28, 2019 prospectus. 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 Moderate 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.

Holdings by Asset Class	% of Net Assets
Exchange Traded Fund - Equity Funds		38.39	%
Mutual Funds - Debt Funds		35.47	%
Mutual Funds - Equity Funds		16.78	%
Exchange Traded Fund - Debt Funds		4.16	%
Money Market Funds		5.72	%
Other Assets Less Liabilities - Net		(0.52	)%
		100.00	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2019.

6

RiskPro^®PFG 0-15 Fund

Portfolio Review (Unaudited)

October 31, 2019

The Fund’s performance figures* for the periods ended October 31, 2019 as compared to its benchmark:

			Annualized
	Six	One	Performance
	Months	Year	Since Inception**
RiskPro® PFG 0-15 Fund
Class R	3.84%	7.01%	0.81%
Bloomberg Barclays 1-3 Month T-Bill Index***	1.14%	2.32%	2.03%

* 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 2.90% for Class R shares, per the August 28, 2019 prospectus. 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 Capital 1-3 Month U.S. Treasury Bill Index includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. Investors cannot invest directly in an index.

Holdings by Asset Class	% of Net Assets
Mutual Funds - Debt Funds		59.81	%
Mutual Funds - Alternative Fund		35.24	%
Mutual Funds - Equity Funds		4.84	%
Money Market Fund		1.00	%
Other Assets Less Liabilities - Net		(0.89	)%
		100.00	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2019.

7

RiskPro^®PFG 30+ Fund

Portfolio Review (Unaudited)

October 31, 2019

The Fund’s performance figures* for the periods ended October 31, 2019 as compared to its benchmark:

			Annualized
	Six	One	Performance
	Months	Year	Since Inception**
RiskPro® PFG 30+ Fund
Class R	2.47%	13.17%	5.45%
Morningstar Aggressive Target Risk Index (Total Return)***	3.15%	13.06%	5.74%

* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.74% for Class R shares, per the August 28, 2019 prospectus. 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 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.

Holdings by Asset Class	% of Net Assets
Mutual Funds - Equity Funds		82.98	%
Exchange Traded Funds - Equity Funds		12.47	%
Exchange Traded Funds - Commodity Fund		4.34	%
Money Market Fund		0.92	%
Other Assets Less Liabilities - Net		(0.71	)%
		100.00	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2019.

8

RiskPro^®PFG Aggressive 30+ Fund

Portfolio Review (Unaudited)

October 31, 2019

The Fund’s performance figures* for the periods ended October 31, 2019 as compared to its benchmark:

			Annualized
	Six	One	Performance
	Months	Year	Since Inception**
RiskPro® PFG Aggressive 30+ Fund
Class R	0.50%	8.46%	1.25%
Morningstar Aggressive Target Risk Index (Total Return)***	3.15%	13.06%	5.74%

* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.85% for Class R shares, per the August 28, 2019 prospectus. 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 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.

Holdings by Asset Class	% of Net Assets
Mutual Funds - Equity Funds		100.11	%
Money Market Fund		0.19	%
Other Assets Less Liabilities - Net		(0.30	)%
		100.00	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2019.

9

RiskPro^®PFG Balanced 20-30 Fund

Portfolio Review (Unaudited)

October 31, 2019

The Fund’s performance figures* for the periods ended October 31, 2019 as compared to its benchmark:

			Annualized
	Six	One	Performance
	Months	Year	Since Inception**
RiskPro® PFG Balanced 20-30 Fund
Class R	1.57%	7.80%	2.70%
Morningstar Moderate Aggressive Target Risk Index (Total Return)***	3.48%	13.03%	5.64%

* 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 August 28, 2019 prospectus. 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 Morningstar Moderate 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.

Holdings by Asset Class	% of Net Assets
Exchange Traded Funds - Equity Funds		41.02	%
Mutual Funds - Asset Allocation Funds		25.04	%
Mutual Funds - Debt Funds		13.20	%
Mutual Funds - Equity Funds		11.99	%
Exchange Traded Funds - Debt Funds		8.39	%
Money Market Fund		0.96	%
Other Assets Less Liabilities - Net		(0.60	)%
		100.00	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2019.

10

RiskPro^®PFG Equity 30+ Fund

Portfolio Review (Unaudited)

October 31, 2019

The Fund’s performance figures* for the periods ended October 31, 2019 as compared to its benchmark:

			Annualized
	Six	One	Performance
	Months	Year	Since Inception**
RiskPro® PFG Equity 30+ Fund
Class R	1.84%	10.94%	5.58%
Morningstar Aggressive Target Risk Index (Total Return)***	3.15%	13.06%	5.74%

* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.38% for Class R shares, per the August 28, 2019 prospectus. 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 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.

Holdings by Asset Class	% of Net Assets
Exchange Traded Funds - Equity Funds		65.56	%
Mutual Funds - Equity Funds		30.51	%
Exchange Traded Funds - Debt Fund		3.46	%
Money Market Fund		0.63	%
Other Assets Less Liabilities - Net		(0.16	)%
		100.00	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2019.

11

RiskPro^®PFG Global 30+ Fund

Portfolio Review (Unaudited)

October 31, 2019

The Fund’s performance figures* for the periods ended October 31, 2019 as compared to its benchmark:

			Annualized
	Six	One	Performance
	Months	Year	Since Inception**
RiskPro® PFG Global 30+ Fund
Class R	0.83%	10.44%	(0.70)%
Morningstar Aggressive Target Risk Index (Total Return)***	3.15%	13.06%	5.74%

* The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.61% for Class R shares, per the August 28, 2019 prospectus. 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 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.

Holdings by Asset Class	% of Net Assets
Exchange Traded Funds - Equity Funds		63.23	%
Mutual Funds - Equity Funds		32.50	%
Exchange Traded Funds - Debt Fund		3.83	%
Money Market Fund		0.45	%
Other Assets Less Liabilities - Net		(0.01	)%
		100.00	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2019.

12

RiskPro^®Tactical 0-30 Fund

Portfolio Review (Unaudited)

October 31, 2019

The Fund’s performance figures* for the periods ended October 31, 2019 as compared to its benchmark:

			Annualized
	Six	One	Performance
	Months	Year	Since Inception**
RiskPro® Tactical 0-30 Fund
Class R	1.41%	4.43%	0.54%
Morningstar Moderate Target Risk Index (Total Return)***	3.80%	12.45%	5.46%

* 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 2.97% for Class R shares, per the August 28, 2019 prospectus. 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 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.

Holdings by Asset Class	% of Net Assets
Mutual Funds - Asset Allocation Funds		61.97	%
Mutual Funds - Equity Funds		28.14	%
Mutual Funds - Alternative Fund		10.03	%
Money Market Fund		0.40	%
Other Assets Less Liabilities - Net		(0.54	)%
		100.00	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2019.

13

RISKPRO®30+ FUND
PORTFOLIO OF INVESTMENTS (Unaudited)	October 31, 2019

Shares		Description	Value
		EXCHANGE TRADED FUNDS - 50.13%
		EQUITY FUNDS - 50.13%
	141,891	JPMorgan Diversified Return Emerging Markets ETF	$	7,723,127
	257,095	JPMorgan Diversified Return International Equity ETF		14,137,654
	138,615	JPMorgan Diversified Return U.S. Equity ETF		10,599,889
	52,759	JPMorgan Diversified Return U.S. Mid Cap Equity ETF		3,540,994
	86,640	JPMorgan Diversified Return U.S. Small Cap Equity ETF		2,671,978
	91,135	JPMorgan U.S. Momentum Factor ETF		2,644,774
	97,652	JPMorgan U.S. Value Factor ETF		2,663,576
		TOTAL EXCHANGE TRADED FUNDS (Cost - $41,095,181)		43,981,992
		MUTUAL FUNDS - 44.07%
		EQUITY FUNDS - 44.07%
	147,631	JPMorgan Equity Index Fund - Institutional Class		6,857,459
	340,253	JPMorgan International Research Enhanced Equity Fund - Institutional Class		6,182,390
	271,318	JPMorgan Large Cap Growth Fund - Institutional Class		11,452,351
	823,978	JPMorgan Large Cap Value Fund - Institutional Class		11,774,647
	151,195	JPMorgan Realty Income Fund - Institutional Class		2,393,421
		TOTAL MUTUAL FUNDS (Cost - $36,236,456)		38,660,268
		SHORT-TERM INVESTMENT - 6.29%
		MONEY MARKET FUND - 6.29%
	5,514,378	Milestone Treasury Obligations Portfolio - Institutional Class, 1.65%*		5,514,378
		TOTAL SHORT-TERM INVESTMENT (Cost - $5,514,378)
		TOTAL INVESTMENTS - 100.49% (Cost - $82,846,015)	$	88,156,638
		OTHER ASSETS AND LIABILITIES - NET - (0.49)%		(430,515	)
		TOTAL NET ASSETS - 100.00%	$	87,726,123

ETF - Exchange Traded Fund

* Money market fund; interest rate reflects seven day effective yield on October 31, 2019.

See accompanying notes to financial statements.

14

RISKPRO®AGGRESSIVE 30+ FUND
PORTFOLIO OF INVESTMENTS (Unaudited)	October 31, 2019

Shares		Description	Value
		EXCHANGE TRADED FUNDS - 33.10%
		EQUITY FUNDS - 33.10%
	257,340	iShares Core S&P Total US Stock Market ETF	$	17,638,084
	152,700	iShares Core US REIT ETF		8,604,645
	142,625	Vanguard FTSE All World ex-US Small-Cap ETF		15,074,036
		TOTAL EXCHANGE TRADED FUNDS (Cost - $39,215,523)		41,316,765
		MUTUAL FUNDS - 66.70%
		EQUITY FUNDS - 66.70%
	1,106,673	SA Emerging Markets Value Fund - Select Class		10,480,189
	2,263,914	SA International Value Fund - Select Class		24,948,336
	788,161	SA US Small Company Fund - Select Class		20,074,463
	1,581,162	SA US Value Fund - Select Class		27,749,401
		TOTAL MUTUAL FUNDS (Cost - $90,299,578)		83,252,389
		SHORT-TERM INVESTMENT - 0.28%
		MONEY MARKET FUND - 0.28%
	350,807	Milestone Treasury Obligations Portfolio - Institutional Class, 1.65%*		350,807
		TOTAL SHORT-TERM INVESTMENT (Cost - $350,807)
		TOTAL INVESTMENTS - 100.08% (Cost - $129,865,908)	$	124,919,961
		OTHER ASSETS AND LIABILITIES - NET - (0.08)%		(104,562	)
		TOTAL NET ASSETS - 100.00%	$	124,815,399

ETF - Exchange Traded Fund

* Money market fund; interest rate reflects seven day effective yield on October 31, 2019.

See accompanying notes to financial statements.

15

RISKPRO®ALTERNATIVE 0-15 FUND
PORTFOLIO OF INVESTMENTS (Unaudited)	October 31, 2019

Shares		Description	Value
		MUTUAL FUNDS - 98.59%
		ALTERNATIVE FUNDS - 58.87%
	1,392,270	PIMCO Dynamic Bond Fund - Institutional Class	$	14,897,288
	1,358,891	PIMCO EqS Long/Short Fund - Institutional Class		15,002,158
	1,477,191	PIMCO RAE Worldwide Long/Short PLUS Fund - Institutional Class		14,993,484
				44,892,930
		DEBT FUNDS - 39.72%
	1,500,705	PIMCO Credit Opportunities Bond Fund - Institutional Class		15,067,077
	1,384,544	PIMCO Mortgage Opportunities and Bond Fund - Institutional Class		15,216,142
				30,283,219
		TOTAL MUTUAL FUNDS (Cost - $76,295,523)		75,176,149
		SHORT-TERM INVESTMENT - 1.81%
		MONEY MARKET FUND - 1.81%
	1,384,883	Milestone Treasury Obligations Portfolio - Institutional Class, 1.65%*		1,384,883
		TOTAL SHORT-TERM INVESTMENT (Cost - $1,384,883)
		TOTAL INVESTMENTS - 100.40% (Cost - $77,680,406)	$	76,561,032
		OTHER ASSETS AND LIABILITIES - NET - (0.40)%		(308,287	)
		TOTAL NET ASSETS - 100.00%	$	76,252,745

* Money market fund; interest rate reflects seven day effective yield on October 31, 2019.

See accompanying notes to financial statements.

16

RISKPRO®DYNAMIC 0-10 FUND
PORTFOLIO OF INVESTMENTS (Unaudited)	October 31, 2019

Shares		Description	Value
		MUTUAL FUNDS - 98.65%
		DEBT FUNDS - 98.65%
	729,634	PIMCO Diversified Income Fund - Institutional Class	$	8,150,008
	457,441	PIMCO Dynamic Bond Fund - Institutional Class		4,894,621
	360,045	PIMCO International Bond Fund U.S. Dollar-Hedged - Institutional Class		4,046,907
	1,902,797	PIMCO Low Duration Income Fund - Institutional Class		16,306,966
	668,595	PIMCO Mortgage Opportunities and Bond Fund - Institutional Class		7,347,864
	727,553	PIMCO Real Return Fund - Institutional Class		8,134,046
	3,096,266	PIMCO Total Return Fund - Institutional Class		32,572,719
		TOTAL MUTUAL FUNDS (Cost - $79,657,305)		81,453,131
		SHORT-TERM INVESTMENT - 2.64%
		MONEY MARKET FUND - 2.64%
	2,176,218	Milestone Treasury Obligations Portfolio - Institutional Class, 1.65%*		2,176,218
		TOTAL SHORT-TERM INVESTMENT (Cost - $2,176,218)
		TOTAL INVESTMENTS - 101.29% (Cost - $81,833,523)	$	83,629,349
		OTHER ASSETS AND LIABILITIES - NET - (1.29)%		(1,061,259	)
		TOTAL NET ASSETS - 100.00%	$	82,568,090

* Money market fund; interest rate reflects seven day effective yield on October 31, 2019.

See accompanying notes to financial statements.

17

RISKPRO®DYNAMIC 15-25 FUND
PORTFOLIO OF INVESTMENTS (Unaudited)	October 31, 2019

Shares		Description	Value
		EXCHANGE TRADED FUNDS - 24.58%
		EQUITY FUNDS - 24.58%
	778,241	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	18,340,105
	310,950	PIMCO RAFI Dynamic Multi-Factor International Equity ETF +		7,864,081
	706,693	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF +		21,251,531
		TOTAL EXCHANGE TRADED FUNDS (Cost - $46,011,318)		47,455,717
		MUTUAL FUNDS - 75.27%
		DEBT FUNDS - 39.80%
	696,440	PIMCO Diversified Income Fund - Institutional Class		7,779,235
	356,882	PIMCO Dynamic Bond Fund - Institutional Class		3,818,643
	348,537	PIMCO International Bond Fund U.S. Dollar-Hedged - Institutional Class		3,917,551
	1,790,601	PIMCO Low Duration Income Fund - Institutional Class		15,345,452
	710,492	PIMCO Mortgage Opportunities and Bond Fund - Institutional Class		7,808,312
	696,431	PIMCO Real Return Fund - Institutional Class		7,786,101
	2,887,239	PIMCO Total Return Fund - Institutional Class		30,373,751
				76,829,045
		EQUITY FUNDS - 35.47%
	1,761,470	PIMCO RAE International Fund - Institutional Class		17,614,699
	2,891,590	PIMCO RAE U.S. Fund - Institutional Class		33,050,869
	432,448	PIMCO RealEstateRealReturn Strategy Fund - Institutional Class		4,112,580
	1,721,037	PIMCO StocksPLUS International Fund U.S. Dollar - Hedged - Institutional Class		13,682,242
				68,460,390
		TOTAL MUTUAL FUNDS (Cost - $144,104,391)		145,289,435
		SHORT-TERM INVESTMENT - 0.51%
		MONEY MARKET FUND - 0.51%
	975,815	Milestone Treasury Obligations Portfolio - Institutional Class, 1.65%*		975,815
		TOTAL SHORT-TERM INVESTMENT (Cost - $975,815)
		TOTAL INVESTMENTS - 100.36% (Cost - $191,091,524)	$	193,720,967
		OTHER ASSETS AND LIABILITIES - NET - (0.36)%		(686,380	)
		TOTAL NET ASSETS - 100.00%	$	193,034,587

ETF - Exchange Traded Fund

+ Affiliated Company - RiskPro® Dynamic 15-25 Fund holds in excess of 5% of outstanding voting securities of this Mutual Fund

* Money market fund; interest rate reflects seven day effective yield on October 31, 2019.

See accompanying notes to financial statements.

18

RISKPRO®DYNAMIC 20-30 FUND
PORTFOLIO OF INVESTMENTS (Unaudited)	October 31, 2019

Shares		Description	Value
		EXCHANGE TRADED FUNDS - 42.55%
		DEBT FUNDS - 4.16%
	73,567	JPMorgan High Yield Research Enhanced ETF	$	3,761,849
	51,817	JPMorgan USD Emerging Markets Sovereign Bond ETF		2,635,951
				6,397,800
		EQUITY FUNDS - 38.39%
	129,949	JPMorgan Diversified Return Emerging Markets ETF		7,073,124
	379,220	JPMorgan Diversified Return International Equity ETF		20,853,308
	133,011	JPMorgan Diversified Return U.S. Equity ETF		10,171,351
	63,696	JPMorgan Diversified Return U.S. Mid Cap Equity ETF		4,275,046
	89,091	JPMorgan Diversified Return U.S. Small Cap Equity ETF		2,747,566
	207,456	JPMorgan U.S. Momentum Factor ETF +		6,020,456
	291,074	JPMorgan U.S. Value Factor ETF +		7,939,393
				59,080,244
		TOTAL EXCHANGE TRADED FUNDS (Cost - $61,866,971)		65,478,044
		MUTUAL FUNDS - 52.25%
		DEBT FUNDS - 35.47%
	2,753,499	JPMorgan Core Bond Fund - Institutional Class		32,986,921
	2,537,380	JPMorgan Core Plus Bond Fund - Institutional Class		21,593,104
				54,580,025
		EQUITY FUNDS - 16.78%
	166,028	JPMorgan Equity Index Fund - Institutional Class		7,712,020
	192,314	JPMorgan Large Cap Growth Fund - Institutional Class		8,117,574
	502,310	JPMorgan Large Cap Value Fund - Institutional Class		7,178,009
	177,546	JPMorgan Realty Income Fund - Institutional Class		2,810,561
				25,818,164
		TOTAL MUTUAL FUNDS (Cost - $76,493,181)		80,398,189
		SHORT-TERM INVESTMENTS - 5.72%
		MONEY MARKET FUNDS - 5.72%
	8,674,937	Milestone Treasury Obligations Portfolio - Institutional Class, 1.65%*		8,674,937
	134,259	Rydex U.S. Government Money Market Fund - Retail Class, 0.87%*		134,259
		TOTAL SHORT-TERM INVESTMENTS (Cost - $8,809,196)		8,809,196
		TOTAL INVESTMENTS - 100.52% (Cost - $147,169,348)	$	154,685,429
		OTHER ASSETS AND LIABILITIES - NET - (0.52)%		(806,498	)
		TOTAL NET ASSETS - 100.00%	$	153,878,931

ETF - Exchange Traded Fund

+ Affiliated Company - RiskPro® Dynamic 20-30 Fund holds in excess of 5% of outstanding voting securities of this Mutual Fund.

* Money market fund; interest rate reflects seven day effective yield on October 31, 2019.

See accompanying notes to financial statements.

19

RISKPRO®PFG 0-15 FUND
PORTFOLIO OF INVESTMENTS (Unaudited)	October 31, 2019

Shares		Description	Value
		MUTUAL FUNDS - 99.89%
		ALTERNATIVE FUND - 35.24%
	1,467,465	BNY Mellon Global Real Return Fund - Institutional Class	$	22,628,309
		DEBT FUNDS - 59.81%
	3,537,974	BNY MellonCore Plus Fund - Class Y ^		37,184,103
	106,390	BNY Mellon Floating Rate Income Fund - Institutional Class		1,222,418
				38,406,521
		EQUITY FUNDS - 4.84%
	185,706	BNY Mellon Global Real Estate Securities Fund - Institutional Class		1,884,917
	42,558	BNY Mellon Natural Resources Fund - Institutional Class ^		1,224,829
				3,109,746
		TOTAL MUTUAL FUNDS (Cost - $60,369,148)		64,144,576
		SHORT-TERM INVESTMENT - 1.00%
		MONEY MARKET FUND - 1.00%
	644,280	Milestone Treasury Obligations Portfolio - Institutional Class, 1.65%*		644,280
		TOTAL SHORT-TERM INVESTMENT (Cost - $644,280)
		TOTAL INVESTMENTS - 100.89% (Cost - $61,013,428)	$	64,788,856
		OTHER ASSETS AND LIABILITIES - NET - (0.89)%		(575,822	)
		TOTAL NET ASSETS - 100.00%	$	64,213,034

* Money market fund; interest rate reflects seven day effective yield on October 31, 2019.

^ The value of this security has been determined in good faith under policies of the Board of Trustees.

See accompanying notes to financial statements.

20

RISKPRO®PFG 30+ FUND
PORTFOLIO OF INVESTMENTS (Unaudited)	October 31, 2019

Shares		Description	Value
		EXCHANGE TRADED FUNDS - 16.81%
		COMMODITY FUND - 4.34%
	172,512	iShares Commodities Select Strategy ETF	$	5,482,431
		EQUITY FUNDS - 12.47%
	71,949	Schwab International Small-Cap Equity ETF		2,378,634
	65,337	SPDR Portfolio Emerging Markets ETF		2,331,878
	91,709	Vanguard Global ex-U.S. Real Estate ETF		5,585,078
	14,979	Vanguard Small-Cap Growth ETF		2,768,269
	20,493	Vanguard Small-Cap Value ETF		2,686,632
				15,750,491
		TOTAL EXCHANGE TRADED FUNDS (Cost - $20,252,564)		21,232,922
		MUTUAL FUNDS - 82.98%
		EQUITY FUNDS - 82.98%
	140,006	MFS Growth Fund - Retail Class		16,970,084
	351,488	MFS Institutional International Equity Fund - Institutional Class		9,592,105
	288,869	MFS International Growth Fund - Retail Class		10,301,062
	71,449	MFS International New Discovery Fund - Retail Class		2,501,435
	603,947	MFS Mid Cap Growth Fund - Institutional Class		12,978,830
	538,382	MFS Mid Cap Value Fund - Institutional Class		13,211,904
	267,225	MFS Research Fund - Retail Class		11,982,381
	547,061	MFS Research International Fund - Retail Class		10,350,389
	397,835	MFS Value Fund - Retail Class		16,911,975
		TOTAL MUTUAL FUNDS (Cost - $97,266,638)		104,800,165
		SHORT-TERM INVESTMENT - 0.92%
		MONEY MARKET FUND - 0.92%
	1,161,075	Milestone Treasury Obligations Portfolio - Institutional Class, 1.65%*		1,161,075
		TOTAL SHORT-TERM INVESTMENT (Cost - $1,161,075)
		TOTAL INVESTMENTS - 100.71% (Cost - $118,680,277)	$	127,194,162
		OTHER ASSETS AND LIABILITIES - NET - (0.71)%		(890,320	)
		TOTAL NET ASSETS - 100.00%	$	126,303,842

ETF - Exchange Traded Fund

* Money market fund; interest rate reflects seven day effective yield on October 31, 2019.

See accompanying notes to financial statements.

21

RISKPRO®PFG AGGRESSIVE 30+ FUND
PORTFOLIO OF INVESTMENTS (Unaudited)	October 31, 2019

Shares		Description	Value
		MUTUAL FUNDS - 100.11%
		EQUITY FUNDS - 100.11%
	254,795	Fidelity 500 Index Fund - Retail Class	$	26,921,660
	2,416,490	Fidelity Emerging Markets Index Fund - Institutional Class		25,324,814
	852,911	Fidelity International Index Fund - Institutional Class		36,154,877
	873,935	Fidelity Mid Cap Index Fund - Institutional Class		19,986,891
	3,801,152	Wilshire International Equity Fund - Institutional Class +		40,520,276
	335,431	Wilshire Large Company Growth - Institutional Class +		14,658,357
	1,339,230	Wilshire Large Company Value - Institutional Class +		26,556,927
	369,789	Wilshire Small Company Growth - Institutional Class +		10,575,965
	491,420	Wilshire Small Company Value - Institutional Class +		10,585,196
		TOTAL MUTUAL FUNDS (Cost - $209,701,389)		211,284,963
		SHORT-TERM INVESTMENT - 0.19%
		MONEY MARKET FUND - 0.19%
	396,870	Milestone Treasury Obligations Portfolio - Institutional Class, 1.65%*		396,870
		TOTAL SHORT-TERM INVESTMENT (Cost - $396,870)
		TOTAL INVESTMENTS - 100.30% (Cost - $210,098,259)	$	211,681,833
		OTHER ASSETS AND LIABILITIES - NET - (0.30)%		(628,373	)
		TOTAL NET ASSETS - 100.00%	$	211,053,460

+ Affiliated Company - RiskPro® PFG Aggressive 30+ Fund holds in excess of 5% of outstanding voting securities of this Mutual Fund.

* Money market fund; interest rate reflects seven day effective yield on October 31, 2019.

See accompanying notes to financial statements.

22

RISKPRO®PFG BALANCED 20-30 FUND
PORTFOLIO OF INVESTMENTS (Unaudited)	October 31, 2019

Shares		Description	Value
		EXCHANGE TRADED FUNDS - 49.41%
		DEBT FUNDS - 8.39%
	165,804	iShares 1-3 Year Treasury Bond ETF	$	14,085,050
	180,134	iShares Short Treasury Bond ETF		19,944,436
				34,029,486
		EQUITY FUNDS - 41.02%
	132,927	Health Care Select Sector SPDR Fund		12,594,833
	189,609	Invesco QQQ Trust Series 1		37,368,142
	384,291	Invesco S&P MidCap Low Volatility ETF		20,501,925
	165,662	Invesco S&P SmallCap Low Volatility ETF		8,316,232
	146,948	iShares Core S&P Mid-Cap ETF		28,700,414
	209,335	iShares Core S&P Small-Cap ETF		16,625,386
	311,994	iShares Edge MSCI Min Vol USA ETF		19,952,016
	80,501	Vanguard S&P 500 ETF		22,423,554
				166,482,502
		TOTAL EXCHANGE TRADED FUNDS (Cost - $192,161,202)		200,511,988
		MUTUAL FUNDS - 50.23%
		ASSET ALLOCATION FUNDS - 25.04%
	1,445,550	American Balanced Fund - Retail Class		40,576,575
	862,009	BlackRock Balanced Capital Fund, Inc. - Institutional Class		20,377,884
	1,695,283	Fidelity Balanced Fund - Institutional Class		40,652,892
				101,607,351
		DEBT FUNDS - 13.20%
	976,394	Guggenheim Total Return Bond Fund - Institutional Class		26,753,187
	2,562,605	Semper MBS Total Return Fund - Institutional Class		26,804,852
				53,558,039
		EQUITY FUNDS - 11.99%
	1,413,136	AQR Large Cap Defensive Style Fund - Institutional Class		32,403,207
	1,212,300	GuideStone Defensive Market Strategies Fund - Investor Class ^		16,244,823
				48,648,030
		TOTAL MUTUAL FUNDS (Cost - $196,846,765)		203,813,420
		SHORT-TERM INVESTMENT - 0.96%
		MONEY MARKET FUND - 0.96%
	3,913,877	Milestone Treasury Obligations Portfolio - Institutional Class, 1.65%*		3,913,877
		TOTAL SHORT-TERM INVESTMENT (Cost - $3,913,877)
		TOTAL INVESTMENTS - 100.60% (Cost - $392,921,844)	$	408,239,285
		OTHER ASSETS AND LIABILITIES - NET - (0.60)%		(2,425,225	)
		TOTAL NET ASSETS - 100.00%	$	405,814,060

ETF - Exchange Traded Fund

* Money market fund; interest rate reflects seven day effective yield on October 31, 2019.

^ The value of this security has been determined in good faith under policies of the Board of Trustees.

See accompanying notes to financial statements.

23

RISKPRO®PFG EQUITY 30+ FUND
PORTFOLIO OF INVESTMENTS (Unaudited)	October 31, 2019

Shares		Description	Value
		EXCHANGE TRADED FUNDS - 69.02%
		DEBT FUND - 3.46%
	135,267	iShares Short Treasury Bond ETF	$	14,976,762
		EQUITY FUNDS - 65.56%
	187,902	Health Care Select Sector SPDR Fund		17,803,713
	178,109	Invesco QQQ Trust Series 1		35,101,722
	893,240	Invesco S&P 500 Quality ETF		30,691,726
	367,090	Invesco S&P MidCap Low Volatility ETF		19,584,252
	57,227	iShares Core S&P 500 ETF		17,452,518
	239,401	iShares Core S&P Mid-Cap ETF		46,757,409
	540,399	iShares Core S&P Small-Cap ETF		42,918,489
	398,703	iShares Edge MSCI Min Vol USA ETF		25,497,057
	392,010	iShares Russell Top 200 Value ETF		21,858,478
	314,062	Technology Select Sector SPDR Fund		26,277,568
				283,942,932
		TOTAL EXCHANGE TRADED FUNDS (Cost - $284,538,365)		298,919,694
		MUTUAL FUNDS - 30.51%
		EQUITY FUNDS - 30.51%
	922,820	Akre Focus Fund - Institutional Class		42,403,569
	1,846,852	AQR Large Cap Defensive Style Fund - Institutional Class		42,348,313
	2,985,049	DoubleLine Shiller Enhanced CAPE/USA - Class I		47,402,585
		TOTAL MUTUAL FUNDS (Cost - $121,216,424)		132,154,467
		SHORT-TERM INVESTMENT - 0.63%
		MONEY MARKET FUND - 0.63%
	2,715,631	Milestone Treasury Obligations Portfolio - Institutional Class, 1.65%*		2,715,631
		TOTAL SHORT-TERM INVESTMENT (Cost - $2,715,631)
		TOTAL INVESTMENTS - 100.16% (Cost - $408,470,420)	$	433,789,792
		OTHER ASSETS AND LIABILITIES - NET - (0.16)%		(708,127	)
		TOTAL NET ASSETS - 100.00%	$	433,081,665

ETF - Exchange Traded Fund

* Money market fund; interest rate reflects seven day effective yield on October 31, 2019

See accompanying notes to financial statements.

24

RISKPRO®PFG GLOBAL 30+ FUND
PORTFOLIO OF INVESTMENTS (Unaudited)	October 31, 2019

Shares		Description	Value
		EXCHANGE TRADED FUNDS - 67.06%
		DEBT FUND - 3.83%
	44,033	iShares Short Treasury Bond ETF	$	4,875,334
		EQUITY FUNDS - 63.23%
	68,300	Health Care Select Sector SPDR Fund		6,471,425
	76,698	Invesco QQQ Trust Series 1		15,115,642
	94,512	Invesco S&P MidCap Low Volatility ETF		5,042,215
	224,154	iShares Core MSCI Emerging Markets ETF		11,469,960
	52,258	iShares Core S&P Mid-Cap ETF		10,206,510
	96,686	iShares Core S&P Small-Cap ETF		7,678,802
	58,824	iShares Edge MSCI Min Vol USA ETF		3,761,795
	111,963	iShares MSCI EAFE Growth ETF		9,308,604
	111,326	iShares MSCI Pacific ex Japan ETF		5,108,750
	165,207	iShares MSCI Switzerland ETF		6,373,686
				80,537,389
		TOTAL EXCHANGE TRADED FUNDS (Cost - $82,509,046)		85,412,723
		MUTUAL FUNDS - 32.50%
		EQUITY FUNDS - 32.50%
	643,524	AQR Large Cap Defensive Style Fund - Institutional Class		14,756,008
	1,144,415	PIMCO StocksPLUS International Fund Unhedged - Institutional Class		6,729,161
	845,254	PIMCO StocksPLUS International Fund U.S. Dollar - Institutional Class		6,719,772
	308,318	T Rowe Price Global Stock Fund - Class I		13,192,939
		TOTAL MUTUAL FUNDS (Cost - $38,560,194)		41,397,880
		SHORT-TERM INVESTMENT - 0.45%
		MONEY MARKET FUND - 0.45%
	577,304	Milestone Treasury Obligations Portfolio - Institutional Class, 1.65%*		577,304
		TOTAL SHORT-TERM INVESTMENT (Cost - $577,304)
		TOTAL INVESTMENTS - 100.01% (Cost - $121,646,544)	$	127,387,907
		OTHER ASSETS AND LIABILITIES - NET - (0.01)%		(10,410	)
		TOTAL NET ASSETS - 100.00%	$	127,377,497

* Money market fund; interest rate reflects seven day effective yield on October 31, 2019.

ETF - Exchange Traded Fund

See accompanying notes to financial statements.

25

RISKPRO®TACTICAL 0-30 FUND
PORTFOLIO OF INVESTMENTS (Unaudited)	October 31, 2019

Shares			Description	Value
			MUTUAL FUNDS - 100.14%
			ALTERNATIVE FUND - 10.03%
	929,943		Meeder Spectrum Fund - Institutional Class +	$	10,926,826
		��
			ASSET ALLOCATION FUNDS - 61.97%
	4,575,816		Meeder Balanced Fund - Institutional Class +^		54,726,755
	556,256		Meeder Conservative Allocation - Institutional Class +^		12,766,071
					67,492,826
			EQUITY FUNDS - 28.14%
	1,221,667		Meeder Moderate Allocation Fund - Institutional Class +^		14,195,766
	2,127,450		Meeder Muirfield Fund - Institutional Class		16,445,189
					30,640,955
			TOTAL MUTUAL FUNDS (Cost - $107,115,613)		109,060,607
			SHORT-TERM INVESTMENT - 0.40%
			MONEY MARKET FUND - 0.40%
	436,250		Milestone Treasury Obligations Portfolio - Institutional Class, 1.65%*		436,250
			TOTAL SHORT-TERM INVESTMENT (Cost - $436,250)
			TOTAL INVESTMENTS - 100.54% (Cost - $107,551,863)	$	109,496,857
			OTHER ASSETS AND LIABILITIES - NET - (0.54)%		(587,056	)
			TOTAL NET ASSETS - 100.00%	$	108,909,801

+ Affiliated Company - RiskPro® Tactical 0-30 Fund holds in excess of 5% of outstanding voting securities of this mutual fund.

* Money market fund; interest rate reflects seven day effective yield on October 31, 2019.

^ The value of this security has been determined in good faith under policies of the Board of Trustees.

See accompanying notes to financial statements.

26

The Pacific Financial Funds

Statements of Assets and Liabilities (Unaudited)

October 31, 2019

	RiskPro® 30+		RiskPro® Aggressive			RiskPro® Alternative			RiskPro® Dynamic
	Fund		30+ Fund			0-15 Fund			0-10 Fund
Assets:
Total Securities, at cost	$	82,846,015	$	129,865,908		$	77,680,406		$	81,833,523
Total Securities, at fair value	$	88,156,638	$	124,919,961		$	76,561,032		$	83,629,349
Receivable for Fund shares sold		5,234		271,761			158,483			63,602
Interest and dividends receivable		8,951		660			79,482			193,535
Prepaid expenses and other assets		19,423		15,990			32,781			19,335
Total Assets		88,190,246		125,208,372			76,831,778			83,905,821
Liabilities:
Payable for Fund shares redeemed		300,161		169,884			427,850			677,682
Payable for securities purchased		—		—			—			507,953
Accrued 12b-1 fees		18,532		26,230			15,957			17,192
Accrued investment advisory fees		92,659		131,148			79,785			85,961
Payable to related parties		8,350		10,746			9,006			8,033
Accrued expenses and other liabilities		44,421		54,965			46,435			40,910
Total Liabilities		464,123		392,973			579,033			1,337,731
Net Assets	$	87,726,123	$	124,815,399		$	76,252,745		$	82,568,090
Net Assets:
Paid in capital	$	86,942,372	$	131,309,642		$	76,889,545		$	80,085,489
Accumulated earnings/(deficit)		783,751		(6,494,243	)		(636,800	)		2,482,601
Net Assets	$	87,726,123	$	124,815,399		$	76,252,745		$	82,568,090
Class R Shares:
Net assets	$	87,726,123	$	124,815,399		$	76,252,745		$	82,568,090
Total shares outstanding at end of year ($0 par value, unlimited shares authorized)		8,676,778		13,147,096			7,839,519			8,058,173
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	10.11	$	9.49		$	9.73		$	10.25

See accompanying notes to financial statements.

27

The Pacific Financial Funds

Statements of Assets and Liabilities (Unaudited)(Continued)

October 31, 2019

	RiskPro® Dynamic		RiskPro® Dynamic		RiskPro® PFG		RiskPro® PFG
	15-25 Fund		20-30 Fund		0-15 Fund		30+ Fund
Assets:
Investments in unaffiliated securities, at cost	$	163,628,601	$	134,236,475	$	61,013,428	$	118,680,277
Investments in affiliated securities, at cost		27,462,923		12,932,873		—		—
Total Securities, at cost	$	191,091,524	$	147,169,348	$	61,013,428	$	118,680,277
Investments in unaffiliated securities, at fair value, net	$	164,605,355	$	140,725,580	$	64,788,856	$	127,194,162
Investments in affiliated securities, at fair value, net		29,115,612		13,959,849		—		—
Total Securities, at fair value	$	193,720,967	$	154,685,429	$	64,788,856	$	127,194,162
Receivable for Fund shares sold		158,757		124,215		82,169		128,918
Interest and dividends receivable		186,006		39,828		87,490		1,874
Prepaid expenses and other assets		29,163		20,309		17,762		23,270
Total Assets		194,094,893		154,869,781		64,976,277		127,348,224
Liabilities:
Payable for Fund shares redeemed		720,380		704,494		313,239		293,813
Payable for securities purchased		—		—		321,303		523,672
Accrued 12b-1 Fees		40,692		32,103		13,566		25,874
Accrued investment advisory fees		203,461		160,514		67,830		129,369
Payable to related parties		16,756		20,657		9,627		14,623
Accrued expenses and other liabilities		79,017		73,082		37,678		57,031
Total Liabilities		1,060,306		990,850		763,243		1,044,382
Net Assets	$	193,034,587	$	153,878,931	$	64,213,034	$	126,303,842
Net Assets:
Paid in capital	$	190,861,758	$	150,191,115	$	63,585,446	$	117,727,237
Accumulated earnings		2,172,829		3,687,816		627,588		8,576,605
Net Assets	$	193,034,587	$	153,878,931	$	64,213,034	$	126,303,842
Class R Shares:
Net assets	$	193,034,587	$	153,878,931	$	64,213,034	$	126,303,842
Total shares outstanding at end of year ($0 par value, unlimited shares authorized)		19,212,552		15,064,670		6,414,643		11,718,652
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	10.05	$	10.21	$	10.01	$	10.78

See accompanying notes to financial statements.

28

The Pacific Financial Funds

Statements of Assets and Liabilities (Unaudited)(Continued)

October 31, 2019

	RiskPro® PFG Aggressive			RiskPro® PFG Balanced		RiskPro® PFG Equity		RiskPro® PFG Global
	30+ Fund			20-30 Fund		30+ Fund		30+ Fund
Assets:
Investments in unaffiliated securities, at cost	$	103,952,333		$	392,921,844	$	408,470,420	$	121,646,544
Investments in affiliated securities, at cost		106,145,926			—		—		—
Total Securities, at cost	$	210,098,259		$	392,921,844	$	408,470,420	$	121,646,544
Investments in unaffiliated securities, at fair value, net	$	108,785,112		$	408,239,285	$	433,789,792	$	127,387,907
Investments in affiliated securities, at fair value, net		102,896,721			—		—		—
Total Securities, at fair value	$	211,681,833		$	408,239,285	$	433,789,792	$	127,387,907
Receivable for Fund shares sold		222,244			872,639		499,250		313,007
Interest and dividends receivable		982			165,441		6,699		827
Prepaid expenses and other assets		15,710			41,900		42,333		25,274
Total Assets		211,920,769			409,319,265		434,338,074		127,727,015
Liabilities:
Payable for Fund shares redeemed		501,155			936,593		520,869		113,705
Payable for securities purchased		—			1,869,658		—		—
Accrued 12b-1 Fees		44,191			83,371		88,843		26,455
Accrued investment advisory fees		220,955			416,854		444,211		132,275
Payable to related parties		16,971			33,976		38,889		14,789
Accrued expenses and other liabilities		84,037			164,753		163,597		62,294
Total Liabilities		867,309			3,505,205		1,256,409		349,518
Net Assets	$	211,053,460		$	405,814,060	$	433,081,665	$	127,377,497
Net Assets:
Paid in capital	$	213,311,584		$	390,109,171	$	396,080,401	$	130,027,263
Accumulated earnings/(deficit)		(2,258,124	)		15,704,889		37,001,264		(2,649,766	)
Net Assets	$	211,053,460		$	405,814,060	$	433,081,665	$	127,377,497
Class R Shares:
Net assets	$	211,053,460		$	405,814,060	$	433,081,665	$	127,377,497
Total shares outstanding at end of year ($0 par value, unlimited shares authorized)		21,168,110			39,249,309		39,191,242		13,095,081
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	9.97		$	10.34	$	11.05	$	9.73

See accompanying notes to financial statements.

29

The Pacific Financial Funds

Statements of Assets and Liabilities (Unaudited)(Continued)

October 31, 2019

	RiskPro® Tactical
	0-30 Fund
Assets:
Investments in unaffiliated securities, at cost	$	16,631,704
Investments in affiliated securities, at cost		90,920,159
Total Securities, at cost	$	107,551,863
Investments in unaffiliated securities, at fair value, net	$	16,881,439
Investments in affiliated securities, at fair value, net		92,615,418
Total Securities, at fair value	$	109,496,857
Receivable for Fund shares sold		179,693
Interest and dividends receivable		668
Prepaid expenses and other assets		17,875
Total Assets		109,695,093
Liabilities:
Payable for Fund shares redeemed		589,789
Accrued 12b-1 Fees		22,989
Accrued investment advisory fees		114,946
Payable to related parties		10,786
Accrued expenses and other liabilities		46,782
Total Liabilities		785,292
Net Assets	$	108,909,801
Net Assets:
Paid in capital	$	107,749,640
Accumulated earnings		1,160,161
Net Assets	$	108,909,801
Class R Shares:
Net assets	$	108,909,801
Total shares outstanding at end of year ($0 par value, unlimited shares authorized)		10,811,418
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	10.07

See accompanying notes to financial statements.

30

The Pacific Financial Funds

Statements of Operations (Unaudited)

For the Six Months Ended October 31, 2019

	RiskPro® 30+			RiskPro® Aggressive			RiskPro® Alternative			RiskPro® Dynamic
	Fund			30+ Fund			0-15 Fund			0-10 Fund
Investment Income:
Dividend income	$	903,945		$	564,973		$	1,224,893		$	1,267,031
Interest income		47,409			12,096			12,887			18,232
Total Investment Income		951,354			577,069			1,237,780			1,285,263
Expenses:
Investment advisory fees		555,447			785,440			455,327			472,974
Distribution fees (12b-1) - Class R Shares		111,089			157,088			91,065			94,595
Administrative service fees		38,003			50,318			35,087			32,345
Shareholder services fee		189,426			255,340			151,519			160,019
Registration fees		8,713			20,133			10,455			10,928
Audit fees		9,591			9,546			8,699			9,573
Custodian fees		5,305			3,386			1,157			1,958
Compliance officer fees		2,692			2,219			3,965			3,104
Printing and postage expense		1,718			8,041			2,521			456
Legal fees		3,424			9,379			7,049			4,476
Trustees’ fees and expenses		9,741			3,026			7,365			4,974
Insurance expense		—			108			—			—
Miscellaneous Expense		93			590			690			379
Total Expenses		935,242			1,304,614			774,899			795,781
Net Investment Income/(Loss)		16,112			(727,545	)		462,881			489,482
Net Realized and Unrealized Gain/(Loss) on Investments
Net realized gain/(loss) from:
Unaffiliated investments		1,726,010			(2,791,354	)		(17,635	)		390,247
Total realized gain/(loss)		1,726,010			(2,791,354	)		(17,635	)		390,247
Net change in unrealized appreciation/(depreciation) of:
Unaffiliated investments		(404,795	)		3,504,308			(199,856	)		1,254,118
Affiliated Investments (Note 5)		(249,478	)		—			—			—
Total unrealized appreciation/(depreciation)		(654,273	)		3,504,308			(199,856	)		1,254,118
Net Realized and Unrealized Gain/(Loss) on Investments		1,071,737			712,954			(217,491	)		1,644,365
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	1,087,849		$	(14,591	)	$	245,390		$	2,133,847

See accompanying notes to financial statements.

31

The Pacific Financial Funds

Statements of Operations (Unaudited)(Continued)

For the Six Months Ended October 31, 2019

	RiskPro® Dynamic		RiskPro® Dynamic		RiskPro® PFG			RiskPro® PFG
	15-25 Fund		20-30 Fund		0-15 Fund			30+ Fund
Investment Income:
Dividend income	$	2,372,324	$	1,916,038	$	630,719		$	416,602
Income from affiliates		296,529		118,473		—			—
Interest income		9,776		28,547		3,804			7,830
Total Investment Income		2,678,629		2,063,058		634,523			424,432
Expenses:
Investment advisory fees		1,214,826		934,912		399,413			748,142
Distribution fees (12b-1) - Class R Shares		242,965		186,983		79,882			149,628
Administrative service fees		74,474		58,647		29,878			47,138
Shareholder services fee		388,737		315,191		135,018			245,254
Registration fees		20,629		12,205		10,098			11,801
Audit fees		9,491		8,874		9,587			9,524
Custodian fees		2,598		8,468		1,899			5,329
Compliance officer fees		3,548		6,112		2,705			3,057
Printing and postage expense		10,247		5,715		2,220			6,936
Legal fees		4,090		6,874		6,399			4,523
Trustees’ fees and expenses		6,725		6,882		5,836			5,886
Insurance expense		320		—		—			50
Miscellaneous Expense		429		1,374		14,723			—
Total Expenses		1,979,079		1,552,237		697,658			1,237,268
Net Investment Income/(Loss)		699,550		510,821		(63,135	)		(812,836	)
Net Realized and Unrealized Gain/(Loss) on Investments
Net realized gain/(loss) from:
Unaffiliated investments		484,633		2,342,189		(63,091	)		153,203
Affiliated investments (Note 5)		43,011		21,857		—			—
Total realized gain/(loss)		527,644		2,364,046		(63,091	)		153,203
Net change in unrealized appreciation/(depreciation) of:
Unaffiliated investments		2,208,184		643,829		3,181,849			3,632,424
Affiliated Investments (Note 5)		860,599		183,733		(649,931	)		—
Total unrealized appreciation		3,068,783		827,562		2,531,918			3,632,424
Net Realized and Unrealized Gain on Investments		3,596,427		3,191,608		2,468,827			3,785,627
Net Increase in Net Assets Resulting from Operations	$	4,295,977	$	3,702,429	$	2,405,692		$	2,972,791

See accompanying notes to financial statements.

32

The Pacific Financial Funds

Statements of Operations (Unaudited)(Continued)

For the Six Months Ended October 31, 2019

	RiskPro® PFG Aggressive			RiskPro® PFG Balanced		RiskPro® PFG Equity			RiskPro® PFG Global
	30+ Fund			20-30 Fund		30+ Fund			30+ Fund
Investment Income:
Dividend income	$	330,700		$	3,833,899	$	3,159,387		$	1,243,070
Interest income		6,168			32,429		33,468			6,910
Total Investment Income		336,868			3,866,328		3,192,855			1,249,980
Expenses:
Investment advisory fees		1,327,345			2,356,716		2,538,043			789,141
Distribution fees (12b-1) - Class R Shares		265,469			471,343		507,609			157,828
Administrative service fees		79,608			134,451		148,873			48,044
Shareholder services fee		434,863			764,543		829,287			258,083
Registration fees		12,212			23,853		23,590			9,494
Audit fees		5,943			8,639		5,943			8,943
Custodian fees		1,174			17,334		22,030			9,675
Compliance officer fees		3,897			8,093		8,038			4,752
Printing and postage expense		5,170			10,451		12,080			3,974
Legal fees		7,789			7,526		8,949			5,141
Trustees’ fees and expenses		3,320			9,195		5,589			10,049
Insurance expense		295			829		2,266			244
Miscellaneous Expense		474			4,109		1,567			836
Total Expenses		2,147,559			3,817,082		4,113,864			1,306,204
Net Investment Income/(Loss)		(1,810,691	)		49,246		(921,009	)		(56,224	)
Net Realized and Unrealized Gain/(Loss) on Investments
Net realized gain/(loss) from:
Unaffiliated investments		199,074			406,857		13,098,482			(876,761	)
Affiliated investments (Note 5)		(397,195	)		—		—			—
Total realized gain/(loss)		(198,121	)		406,857		13,098,482			(876,761	)
Net change in unrealized appreciation/(depreciation) of:
Unaffiliated Investments		1,436,212			6,074,695		(2,768,881	)		1,749,938
Affiliated Investments (Note 5)		1,418,166			—		(1,062,524	)		—
Total unrealized appreciation/(depreciation)		2,854,378			6,074,695		(3,831,405	)		1,749,938
Net Realized and Unrealized Gain on Investments		2,656,257			6,481,552		9,267,077			873,177
Net Increase in Net Assets Resulting from Operations	$	845,566		$	6,530,798	$	8,346,068		$	816,953

See accompanying notes to financial statements.

33

The Pacific Financial Funds

Statements of Operations (Unaudited)(Continued)

For the Six Months Ended October 31, 2019

	RiskPro® Tactical
	0-30 Fund
Investment Income:
Dividend income	$	85,983
Income from affiliates		691,793
Interest income		5,205
Total Investment Income		782,981
Expenses:
Investment advisory fees		677,099
Distribution fees (12b-1) - Class R Shares		135,420
Administrative service fees		45,044
Shareholder services fee		216,804
Registration fees		10,473
Audit fees		5,574
Custodian fees		1,490
Compliance officer fees		2,967
Printing and postage expense		2,727
Legal fees		4,261
Trustees’ fees and expenses		7,859
Insurance expense		2
Miscellaneous Expense		726
Total Expenses		1,110,446
Net Investment Loss		(327,465	)
Net Realized and Unrealized Gain/(Loss) on Investments
Net realized gain/(loss) from:
Unaffiliated investments		545
Affiliated investments (Note 5)		(2,701	)
Total realized loss		(2,156	)
Net change in unrealized appreciation of:
Unaffiliated Investments		477,982
Affiliated Investments (Note 5)		1,548,189
Total unrealized appreciation		2,026,171
Net Realized and Unrealized Gain on Investments		2,024,015
Net Increase in Net Assets Resulting from Operations	$	1,696,550

See accompanying notes to financial statements.

34

The Pacific Financial Funds

Statements of Changes in Net Assets

	RiskPro® 30+ Fund						RiskPro® Aggressive 30+ Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	October 31, 2019			April 30,			October 31, 2019			April 30,
	(Unaudited)			2019			(Unaudited)			2019
Increase/(Decrease) in Net Assets From Operations:
Net investment income/(loss)	$	16,112		$	(351,799	)	$	(727,545	)	$	(494,070	)
Distributions received from underlying investment companies		—			2,980,387			—			3,942,719
Net realized gain/(loss) on investments and trade error		1,726,010			(6,856,887	)		(2,791,354	)		(1,131,010	)
Net change in unrealized appreciation/(depreciation) on investments		(654,273	)		6,849,779			3,504,308			(3,063,147	)
Net increase/(decrease) in net assets resulting from operations		1,087,849			2,621,480			(14,591	)		(745,508	)
From Distributions to Shareholders:
Return of capital		—			(341,331	)		—			—
Total Distributions Paid		—			(2,179,309	)		—			(2,978,465	)
Total distributions to shareholders		—			(2,520,640	)		—			(2,978,465	)
From Shares of Beneficial Interest:
Proceeds from shares sold		8,603,132			26,193,949			13,736,719			42,244,958
Reinvestment of distributions		—			2,520,640			—			2,978,465
Cost of shares redeemed		(11,462,730	)		(25,350,707	)		(17,846,676	)		(42,681,617	)
Net increase/(decrease) in net assets from share transactions of beneficial interest		(2,859,598	)		3,363,882			(4,109,957	)		2,541,806
Total increase/(decrease) in net assets		(1,771,749	)		3,464,722			(4,124,548	)		(1,182,167	)
Net Assets:
Beginning of period		89,497,872			86,033,150			128,939,947			130,122,114
End of period	$	87,726,123		$	89,497,872		$	124,815,399		$	128,939,947
Share Activity:
Shares Sold		870,581			2,597,775			1,494,261			4,414,915
Shares Reinvested		—			291,403			—			361,026
Shares Redeemed		(1,160,445	)		(2,547,641	)		(1,944,060	)		(4,480,047	)
Net increase/(decrease) in shares of beneficial interest outstanding		(289,864	)		341,537			(449,799	)		295,894

See accompanying notes to financial statements.

35

The Pacific Financial Funds

Statements of Changes in Net Assets (Continued)

	RiskPro® Alternative 0-15 Fund						RiskPro® Dynamic 0-10 Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	October 31, 2019			April 30,			October 31, 2019			April 30,
	(Unaudited)			2019			(Unaudited)			2019
Increase in Net Assets From Operations:
Net investment income	$	462,881		$	720,470		$	489,482		$	933,715
Distributions received from underlying investment companies		—			357,887			—			37,135
Net realized gain/(loss) on investments and trade error		(17,635	)		(334,177	)		390,247			(361,587	)
Net change in unrealized appreciation/(depreciation) on investments		(199,856	)		212,257			1,254,118			1,276,071
Net increase in net assets resulting from operations		245,390			956,437			2,133,847			1,885,334
From Distributions to Shareholders:
Total Distributions Paid		—			(520,907	)		—			(639,886	)
From Shares of Beneficial Interest:
Proceeds from shares sold		15,125,125			43,449,847			23,536,858			52,863,727
Reinvestment of distributions		—			520,412			—			638,178
Cost of shares redeemed		(9,007,747	)		(24,694,883	)		(11,696,532	)		(40,378,162	)
Net increase in net assets from share transactions of beneficial interest		6,117,378			19,275,376			11,840,326			13,123,743
Total increase in net assets		6,362,768			19,710,906			13,974,173			14,369,191
Net Assets:
Beginning of period		69,889,977			50,179,071			68,593,917			54,224,726
End of period	$	76,252,745		$	69,889,977		$	82,568,090		$	68,593,917
Share Activity:
Shares Sold		1,561,309			4,502,187			2,315,929			5,416,962
Shares Reinvested		—			54,607			—			66,270
Shares Redeemed		(929,377	)		(2,562,235	)		(1,152,128	)		(4,137,062	)
Net increase in shares of beneficial interest outstanding		631,932			1,994,559			1,163,801			1,346,170

See accompanying notes to financial statements.

36

The Pacific Financial Funds

Statements of Changes in Net Assets (Continued)

	RiskPro® Dynamic 15-25 Fund						RiskPro® Dynamic 20-30 Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	October 31, 2019			April 30,			October 31, 2019			April 30,
	(Unaudited)			2019			(Unaudited)			2019
Increase in Net Assets From Operations:
Net investment income/(loss)	$	699,550		$	2,212,695		$	510,821		$	(233,445	)
Distributions received from underlying investment companies		—			5,555,095			—			980,655
Net realized gain/(loss) on investments and trade error		527,644			(7,090,180	)		2,364,046			(7,552,951	)
Net change in unrealized appreciation on investments		3,068,783			2,001,670			827,562			9,130,907
Net increase in net assets resulting from operations		4,295,977			2,679,280			3,702,429			2,325,166
From Distributions to Shareholders:
Return of Capital		—			—			—			(64,832	)
Total Distributions Paid		—			(1,197,400	)		—			—
Total distributions to shareholders		—			(1,197,400	)		—			(64,832	)
From Shares of Beneficial Interest:
Proceeds from shares sold		16,405,922			61,639,600			20,128,376			47,600,011
Reinvestment of distributions		—			1,195,363		��	—			64,741
Cost of shares redeemed		(24,842,019	)		(78,729,229	)		(18,693,636	)		(55,041,629	)
Net increase/(decrease) in net assets from share transactions of beneficial interest		(8,436,097	)		(15,894,266	)		1,434,740			(7,376,877	)
Total increase/(decrease) in net assets		(4,140,120	)		(14,412,386	)		5,137,169			(5,116,543	)
Net Assets:
Beginning of period		197,174,707			211,587,093			148,741,762			153,858,305
End of period	$	193,034,587		$	197,174,707		$	153,878,931		$	148,741,762
Share Activity:
Shares Sold		1,669,215			6,404,068			2,006,385			4,861,994
Shares Reinvested		—			133,560			—			7,209
Shares Redeemed		(2,529,098	)		(8,225,619	)		(1,868,957	)		(5,649,420	)
Net increase/(decrease) in shares of beneficial interest outstanding		(859,883	)		(1,687,991	)		137,428			(780,217	)

See accompanying notes to financial statements.

37

The Pacific Financial Funds

Statements of Changes in Net Assets (Continued)

	RiskPro® PFG 0-15 Fund						RiskPro® PFG 30+ Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	October 31, 2019			April 30,			October 31, 2019			April 30,
	(Unaudited)			2019			(Unaudited)			2019
Increase in Net Assets From Operations:
Net investment income/(loss)	$	(63,135	)	$	897,025		$	(812,836	)	$	5,269
Distributions received from underlying investment companies		—			328,025			—			3,316,771
Net realized gain/(loss) on investments		(63,091	)		(3,608,464	)		153,203			(1,261,024	)
Net change in unrealized appreciation on investments		2,531,918			2,746,871			3,632,424			5,953,080
Net increase in net assets resulting from operations		2,405,692			363,457			2,972,791			8,014,096
From Distributions to Shareholders:		��
Total Distributions Paid		—			(530,905	)		—			(1,695,812	)
From Shares of Beneficial Interest:
Proceeds from shares sold		9,055,050			27,078,030			18,754,630			37,639,834
Reinvestment of distributions		—			530,077			—			1,693,768
Cost of shares redeemed		(8,900,756	)		(24,531,756	)		(14,172,446	)		(40,855,569	)
Net increase/(decrease) in net assets from share transactions of beneficial interest		154,294			3,076,351			4,582,184			(1,521,967	)
Total increase in net assets		2,559,986			2,908,903			7,554,975			4,796,317
Net Assets:
Beginning of period		61,653,048			58,744,145			118,748,867			113,952,550
End of period	$	64,213,034		$	61,653,048		$	126,303,842		$	118,748,867
Share Activity:
Shares Sold		917,993			2,837,070			1,782,808			3,742,927
Shares Reinvested		—			57,244			—			190,525
Shares Redeemed		(901,370	)		(2,572,176	)		(1,353,062	)		(4,072,096	)
Net increase/(decrease) in shares of beneficial interest outstanding		16,623			322,138			429,746			(138,644	)

See accompanying notes to financial statements.

38

The Pacific Financial Funds

Statements of Changes in Net Assets (Continued)

	RiskPro® PFG Aggressive 30+ Fund						RiskPro® PFG Balanced 20-30 Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	October 31, 2019			April 30,			October 31, 2019			April 30,
	(Unaudited)			2019			(Unaudited)			2019
Increase in Net Assets From Operations:
Net investment income/(loss)	$	(1,810,691	)	$	(1,567,799	)	$	49,246		$	930,416
Distributions received from underlying investment companies		—			9,739,521			—			5,675,773
Net realized gain/(loss) on investments		(198,121	)		(10,211,585	)		406,857			(4,112,042	)
Net change in unrealized appreciation on investments		2,854,378			4,633,846			6,074,695			14,020,013
Net increase in net assets resulting from operations		845,566			2,593,983			6,530,798			16,514,160
From Distributions to Shareholders:
Return of Capital		—			(261,228	)		—			—
Total Distributions Paid		—			(3,210,842	)		—			(3,689,183	)
Total distributions to shareholders		—			(3,472,070	)		—			(3,689,183	)
From Shares of Beneficial Interest:
Proceeds from shares sold		17,564,294			59,579,909			71,867,722			202,766,424
Reinvestment of distributions		—			3,469,887			—			3,643,815
Cost of shares redeemed		(26,418,332	)		(73,031,053	)		(33,718,626	)		(82,129,696	)
Net increase/(decrease) in net assets from share transactions of beneficial interest		(8,854,038	)		(9,981,257	)		38,149,096			124,280,543
Total increase/(decrease) in net assets		(8,008,472	)		(10,859,344	)		44,679,894			137,105,520
Net Assets:
Beginning of period		219,061,932			229,921,276			361,134,166			224,028,646
End of period	$	211,053,460		$	219,061,932		$	405,814,060		$	361,134,166
Share Activity:
Shares Sold		1,814,518			6,090,091			7,100,688			20,484,458
Shares Reinvested		—			405,361			—			404,869
Shares Redeemed		(2,730,286	)		(7,538,817	)		(3,326,949	)		(8,351,134	)
Net increase/(decrease) in shares of beneficial interest outstanding		(915,768	)		(1,043,365	)		3,773,739			12,538,193

See accompanying notes to financial statements.

39

The Pacific Financial Funds

Statements of Changes in Net Assets (Continued)

	RiskPro® PFG Equity 30+ Fund						RiskPro® PFG Global 30+ Fund
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	October 31, 2019			April 30,			October 31, 2019			April 30,
	(Unaudited)			2019			(Unaudited)			2019
Increase/(Decrease) in Net Assets From Operations:
Net investment loss	$	(921,009	)	$	(1,489,682	)	$	(56,224	)	$	(614,651	)
Distributions received from underlying investment companies		—			4,254,363			—			1,848,665
Net realized gain/(loss) on investments		13,098,482			(1,037,790	)		(876,761	)		(8,312,688	)
Net change in unrealized appreciation/(depreciation) on investments		(3,831,405	)		31,262,688			1,749,938			5,108,231
Net increase/(decrease) in net assets resulting from operations		8,346,068			32,989,579			816,953			(1,970,443	)
From Distributions to Shareholders:
Total Distributions Paid		—			—			—			(1,232,066	)
From Shares of Beneficial Interest:
Proceeds from shares sold		65,933,302			154,103,693			13,078,446			48,984,916
Reinvestment of distributions		—			—			—			1,232,016
Cost of shares redeemed		(37,666,345	)		(91,432,782	)		(16,031,081	)		(51,766,344	)
Net increase/(decrease) in net assets from share transactions of beneficial interest		28,266,957			62,670,911			(2,952,635	)		(1,549,412	)
Total increase/(decrease) in net assets		36,613,025			95,660,490			(2,135,682	)		(4,751,921	)
Net Assets:
Beginning of period		396,468,640			300,808,150			129,513,179			134,265,100
End of period	$	433,081,665		$	396,468,640		$	127,377,497		$	129,513,179
Share Activity:
Shares Sold		6,141,344			14,871,892			1,381,670			5,120,152
Shares Reinvested		—			—			—			151,353
Shares Redeemed		(3,504,148	)		(9,032,214	)		(1,700,809	)		(5,476,440	)
Net increase/(decrease) in shares of beneficial interest outstanding		2,637,196			5,839,678			(319,139	)		(204,935	)

See accompanying notes to financial statements.

40

The Pacific Financial Funds

Statements of Changes in Net Assets (Continued)

	RiskPro® Tactical 0-30 Fund
	Six Months Ended			Year Ended
	October 31, 2019			April 30,
	(Unaudited)			2019
Increase in Net Assets From Operations:
Net investment loss	$	(327,465	)	$	(268,495	)
Distributions received from underlying investment companies		—			421,423
Net realized loss on investments		(2,156	)		(448,885	)
Net change in unrealized appreciation on investments		2,026,171			1,679,692
Net increase in net assets resulting from operations		1,696,550			1,383,735
From Distributions to Shareholders:
Total Distributions Paid		—			(161,964	)
From Shares of Beneficial Interest:
Proceeds from shares sold		20,112,332			47,804,029
Reinvestment of distributions		—			161,690
Cost of shares redeemed		(16,379,996	)		(46,587,150	)
Net increase in net assets from share transactions of beneficial interest		3,732,336			1,378,569
Total increase in net assets		5,428,886			2,600,340
Net Assets:
Beginning of period		103,480,915			100,880,575
End of period	$	108,909,801		$	103,480,915
Share Activity:
Shares Sold		2,041,089			4,866,607
Shares Reinvested		—			17,092
Shares Redeemed		(1,654,094	)		(4,726,715	)
Net increase in shares of beneficial interest outstanding		386,995			156,984

See accompanying notes to financial statements.

41

The Pacific Financial Funds

Financial Highlights

RiskPro^®30+ Fund

Selected data based on a share outstanding throughout the period indicated.

	Class R Shares
	Six Months Ended			Year Ended			Period Ended
	October 31, 2019			April 30,			April 30,
	(Unaudited)			2019			2018*
Net asset value, beginning of period	$	9.98		$	9.97		$	10.00
Income/(loss) from investment operations:
Net investment income/(loss) (1,2)		0.00	(9)		(0.04	)		(0.09	)
Net realized and unrealized gain on investments		0.13			0.34			0.06	(3)
Total income/(loss) from investment operations		0.13			0.30			(0.03	)
Less distributions from:
Net realized gain		—			(0.25	)		—
Return of capital		—			(0.04	)		—
Total distributions from net investment income and net realized gains		—			(0.29	)		—
Net asset value, end of period	$	10.11		$	9.98		$	9.97
Total return (4)		1.30	%		(3.40	)% (8)		(0.30	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	87,726		$	89,498		$	86,033
Ratio of expenses to average net assets (5)		2.10	% (6)		2.03	%		2.34	% (6)
Ratio of net investment income/(loss) to average net assets (2,5)		0.04	% (6)		(0.40	)%		(2.22	)% (6)
Portfolio turnover rate		18	% (7)		116	%		38	% (7)

* RiskPro^®30+ Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017.

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

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

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

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

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

(6) Annualized.

(7) Not annualized.

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

(9) Amount represents less than $0.005.

See accompanying notes to financial statements.

42

The Pacific Financial Funds

Financial Highlights

RiskPro^®Aggressive 30+ Fund

Selected data based on a share outstanding throughout the period indicated.

	Class R Shares
	Six Months Ended			Year Ended			Period Ended
	October 31, 2019			April 30,			April 30,
	(Unaudited)			2019			2018*
Net asset value, beginning of period	$	9.48		$	9.78		$	10.00
Income/(loss) from investment operations:
Net investment income/(loss) (1,2)		(0.05	)		(0.04	)		0.04
Net realized and unrealized gain/(loss) on investments		0.06			(0.03	)		(0.11	)
Total income/(loss) from investment operations		0.01			(0.07	)		(0.07	)
Less distributions from:
Net investment income		—			—			(0.15	)
Net realized gain		—			(0.23	)		—
Total distributions from net investment income and net realized gains		—			(0.23	)		(0.15	)
Net asset value, end of period	$	9.49		$	9.48		$	9.78
Total return (3)		0.11	%		(0.42	)%		(0.77	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	124,815		$	128,940		$	130,122
Ratio of expenses to average net assets (4)		2.08	% (5)		2.08	%		2.19	% (5)
Ratio of net investment income/(loss) to average net assets (2,4)		(1.16	)% (5)		(0.38	)%		1.17	% (5)
Portfolio turnover rate		52	% (6)		42	%		9	% (6)

* RiskPro^®Aggressive 30+ Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017.

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

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

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

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

(5) Annualized.

(6) Not annualized.

See accompanying notes to financial statements.

43

The Pacific Financial Funds

Financial Highlights

RiskPro^®Alternative 0-15 Fund

Selected data based on a share outstanding throughout the period indicated.

	Class R Shares
	Six Months Ended			Year Ended			Period Ended
	October 31, 2019			April 30,			April 30,
	(Unaudited)			2019			2018*
Net asset value, beginning of period	$	9.70		$	9.63		$	10.00
Income/(loss) from investment operations:
Net investment income (1,2)		0.06			0.11			0.11
Net realized and unrealized gain/(loss) on investments		(0.03	)		0.03			(0.28	)
Total income/(loss) from investment operations		0.03			0.14			(0.17	)
Less distributions from:
Net investment income		—			(0.07	)		(0.20	)
Net realized gain		—			(0.00	) (7)		—
Total distributions from net investment income and net realized gains		—			(0.07	)		(0.20	)
Net asset value, end of period	$	9.73		$	9.70		$	9.63
Total return (3)		0.31	%		1.48	%		(1.77	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	76,253		$	69,890		$	50,179
Ratio of expenses to average net assets (4)		2.13	% (5)		2.08	%		2.47	% (5)
Ratio of net investment income to average net assets (2,4)		1.27	% (5)		1.19	%		3.06	% (5)
Portfolio turnover rate		1	% (6)		28	%		2	% (6)

* RiskPro^®Alternative 0-15 Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017.

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

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

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

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

(5) Annualized.

(6) Not annualized.

(7) Amount represents less than $0.005.

See accompanying notes to financial statements.

44

The Pacific Financial Funds

Financial Highlights

RiskPro^®Dynamic 0-10 Fund

Selected data based on a share outstanding throughout the period indicated.

	Class R Shares
	Six Months Ended			Year Ended			Period Ended
	October 31, 2019			April 30,			April 30,
	(Unaudited)			2019			2018*
Net asset value, beginning of period	$	9.95		$	9.77		$	10.00
Income/(loss) from investment operations:
Net investment income (1,2)		0.07			0.15			0.02
Net realized and unrealized gain/(loss) on investments		0.23			0.12			(0.23	)
Total income/(loss) from investment operations		0.30			0.27			(0.21	)
Less distributions from:
Net investment income		—			(0.09	)		(0.02	)
Net realized gain		—			(0.00	) (7)		—
Total distributions from net investment income and net realized gains		—			(0.09	)		(0.02	)
Net asset value, end of period	$	10.25		$	9.95		$	9.77
Total return (3)		3.02	%		2.78	%		(2.12	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	82,568		$	68,594		$	54,225
Ratio of expenses to average net assets (4)		2.10	% (5)		1.98	%		2.67	% (5)
Ratio of net investment income to average net assets (2,4)		1.29	% (5)		1.50	%		0.41	% (5)
Portfolio turnover rate		14	% (6)		38	%		43	% (6)

* RiskPro^®Dynamic 0-10 Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017.

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

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

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

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

(5) Annualized.

(6) Not annualized.

(7) Amount represents less than $0.005.

See accompanying notes to financial statements.

45

The Pacific Financial Funds

Financial Highlights

RiskPro^®Dynamic 15-25 Fund

Selected data based on a share outstanding throughout the period indicated.

	Class R Shares
	Six Months Ended			Year Ended			Period Ended
	October 31, 2019			April 30,			April 30,
	(Unaudited)			2019			2018*
Net asset value, beginning of period	$	9.82		$	9.72		$	10.00
Income/(loss) from investment operations:
Net investment income (1,2)		0.04			0.10			0.05
Net realized and unrealized gain/(loss) on investments		0.19			0.06			(0.22	)
Total income/(loss) from investment operations		0.23			0.16			(0.17	)
Less distributions from:
Net investment income		—			(0.06	)		(0.11	)
Net asset value, end of period	$	10.05		$	9.82		$	9.72
Total return (3)		2.34	%		1.70	%		(1.67	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	193,035		$	197,175		$	211,587
Ratio of expenses to average net assets (4)		2.04	% (5)		2.03	%		2.12	% (5)
Ratio of net investment income to average net assets (2,4)		0.72	% (5)		1.09	%		1.41	% (5)
Portfolio turnover rate		4	% (6)		60	%		13	% (6)

* RiskPro^®Dynamic 15-25 Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017.

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

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

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

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

(5) Annualized.

(6) Not annualized.

See accompanying notes to financial statements.

46

The Pacific Financial Funds

Financial Highlights

RiskPro^®Dynamic 20-30 Fund

Selected data based on a share outstanding throughout the period indicated.

	Class R Shares
	Six Months Ended			Year Ended			Period Ended
	October 31, 2019			April 30,			April 30,
	(Unaudited)			2019			2018*
Net asset value, beginning of period	$	9.96		$	9.80		$	10.00
Income/(loss) from investment operations:
Net investment income/(loss) (1,2)		0.03			(0.02	)		(0.01	)
Net realized and unrealized gain/(loss) on investments		0.22			0.18			(0.19	)
Total income/(loss) from investment operations		0.25			0.16			(0.20	)
Less distributions from:
Return of capital		—			(0.00	) (7)		—
Net asset value, end of period	$	10.21		$	9.96		$	9.80
Total return (3)		2.51	%		1.68	%		(2.00	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	153,879		$	148,742		$	153,858
Ratio of expenses to average net assets (4)		2.08	% (5)		2.06	%		2.26	% (5)
Ratio of net investment income/(loss) to average net assets (2,4)		0.68	% (5)		(0.16	)%		(0.80	)% (5)
Portfolio turnover rate		22	% (6)		112	%		0	% (6)

* RiskPro^®Dynamic 20-30 Fund commenced operations and trading on March 15, 2018.

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

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

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

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

(5) Annualized.

(6) Not annualized.

(7) Amount represents less than $0.005.

See accompanying notes to financial statements.

47

The Pacific Financial Funds

Financial Highlights

RiskPro^®PFG 0-15 Fund

Selected data based on a share outstanding throughout the period indicated.

	Class R Shares
	Six Months Ended			Year Ended			Period Ended
	October 31, 2019			April 30,			April 30,
	(Unaudited)			2019			2018*
Net asset value, beginning of period	$	9.64		$	9.67		$	10.00
Income/(loss) from investment operations:
Net investment income/(loss) (1,2)		(0.01	)		0.14			0.02
Net realized and unrealized gain/(loss) on investments		0.38			(0.09	)		(0.30	)
Total income/(loss) from investment operations		0.37			0.05			(0.28	)
Less distributions from:
Net investment income		—			(0.08	)		(0.05	)
Net asset value, end of period	$	10.01		$	9.64		$	9.67
Total return (3)		3.84	%		0.60	%		(2.80	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	64,213		$	61,653		$	58,744
Ratio of expenses to average net assets (4)		2.18	% (5)		2.09	%		2.44	% (5)
Ratio of net investment income/(loss) to average net assets (2,4)		(0.20	)% (5)		1.49	%		0.50	% (5)
Portfolio turnover rate		9	% (6)		203	%		1	% (6)

* RiskPro^®PFG 0-15 Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017.

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

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

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

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

(5) Annualized.

(6) Not annualized.

See accompanying notes to financial statements.

48

The Pacific Financial Funds

Financial Highlights

RiskPro^®PFG 30+ Fund

Selected data based on a share outstanding throughout the period indicated.

	Class R Shares
	Six Months Ended			Year Ended			Period Ended
	October 31, 2019			April 30,			April 30,
	(Unaudited)			2019			2018*
Net asset value, beginning of period	$	10.52		$	9.97		$	10.00
Income from investment operations:
Net investment income/(loss) (1,2)		(0.07	)		—			(0.01	)
Net realized and unrealized gain on investments		0.33			0.70			0.06
Total income from investment operations		0.26			0.70			0.05
Less distributions from:
Net investment income		—			—			(0.08	)
Net realized gain		—			(0.15	)		—
Total distributions from net investment income and net realized gains		—			(0.15	)		(0.08	)
Net asset value, end of period	$	10.78		$	10.52		$	9.97
Total return (3)		2.47	%		7.34	%		0.50	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	126,304		$	118,749		$	113,953
Ratio of expenses to average net assets (4)		2.07	% (5)		2.05	%		2.23	% (5)
Ratio of net investment income/(loss) to average net assets (2,4)		(1.36	)% (5)		0.00	%		(0.37	)% (5)
Portfolio turnover rate		2	% (6)		26	%		0	% (6)

* RiskPro^®PFG 30+ Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017.

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

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

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

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

(5) Annualized.

(6) Not annualized.

See accompanying notes to financial statements.

49

The Pacific Financial Funds

Financial Highlights

RiskPro^®PFG Aggressive 30+ Fund

Selected data based on a share outstanding throughout the period indicated.

	Class R Shares
	Six Months Ended			Year Ended			Period Ended
	October 31, 2019			April 30,			April 30,
	(Unaudited)			2019			2018*
Net asset value, beginning of period	$	9.92		$	9.94		$	10.00
Income/(loss) from investment operations:
Net investment loss (1,2)		(0.08	)		(0.07	)		(0.01	)
Net realized and unrealized gain on investments		0.13			0.20			0.03	(3)
Total income from investment operations		0.05			0.13			0.02
Less distributions from:
Net investment income		—			—			(0.08	)
Net realized gain		—			(0.14	)		—
Return of capital		—			(0.01	)		—
Total distributions from net investment income and net realized gains		—			(0.15	)		(0.08	)
Net asset value, end of period	$	9.97		$	9.92		$	9.94
Total return (4)		0.50	%		1.62	%		0.23	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	211,053		$	219,062		$	229,921
Ratio of expenses to average net assets (5)		2.02	% (6)		2.00	%		2.17	% (6)
Ratio of net investment loss to average net assets (2,5)		(1.71	)% (6)		(0.70	)%		(0.17	)% (6)
Portfolio turnover rate		0	% (7)		40	%		106	% (7)

* RiskPro^®PFG Aggressive 30+ Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017.

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

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

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

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

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

(6) Annualized.

(7) Not annualized.

See accompanying notes to financial statements.

50

The Pacific Financial Funds

Financial Highlights

RiskPro^®PFG Balanced 20-30 Fund

Selected data based on a share outstanding throughout the period indicated.

	Class R Shares
	Six Months Ended			Year Ended			Period Ended
	October 31, 2019			April 30,			April 30,
	(Unaudited)			2019			2018*
Net asset value, beginning of period	$	10.18		$	9.77		$	10.00
Income/(loss) from investment operations:
Net investment income (1,2)		0.00	(7)		0.03			0.00	(7)
Net realized and unrealized gain/(loss) on investments		0.16			0.49			(0.18	)
Total income/(loss) from investment operations		0.16			0.52			(0.18	)
Less distributions from:
Net investment income		—			(0.05	)		(0.05	)
Net realized gain		—			(0.06	)		—
Total distributions from net investment income and net realized gains		—			(0.11	)		(0.05	)
Net asset value, end of period	$	10.34		$	10.18		$	9.77
Total return (3)		1.57	%		5.48	%		(1.84	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	405,814		$	361,134		$	224,029
Ratio of expenses to average net assets (4)		2.02	% (5)		2.01	%		2.00	% (5)
Ratio of net investment income to average net assets (2,4)		0.03	% (5)		0.32	%		0.10	% (5)
Portfolio turnover rate		27	% (6)		69	%		63	% (6)

* RiskPro^®PFG Balanced 20-30 Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017.

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

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

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

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

(5) Annualized.

(6) Not annualized.

(7) Amount represents less than $0.005.

See accompanying notes to financial statements.

51

The Pacific Financial Funds

Financial Highlights

RiskPro^®PFG Equity 30+ Fund

Selected data based on a share outstanding throughout the period indicated.

	Class R Shares
	Six Months Ended			Year Ended			Period Ended
	October 31, 2019			April 30,			April 30,
	(Unaudited)			2019			2018*
Net asset value, beginning of period	$	10.85		$	9.79		$	10.00
Income/(loss) from investment operations:
Net investment loss (1)(2)		(0.02	)		(0.04	)		(0.02	)
Net realized and unrealized gain/(loss) on investments		0.22			1.10			(0.16	)
Total income/(loss) from investment operations		0.20			1.06			(0.18	)
Less distributions from:
Net investment income		—			—			(0.03	)
Net asset value, end of period	$	11.05		$	10.85		$	9.79
Total return (3)		1.84	%		10.83	%		(1.85	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	433,082		$	396,469		$	300,808
Ratio of expenses to average net assets (4)		2.03	% (5)		2.06	%		1.96	% (5)
Ratio of net investment loss to average net assets (2,4)		(0.45	)% (5)		(0.43	)%		(0.41	)% (5)
Portfolio turnover rate		60	% (6)		29	%		63	% (6)

* RiskPro^®PFG Equity 30+ Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017.

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

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

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

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

(5) Annualized.

(6) Not annualized.

See accompanying notes to financial statements.

52

The Pacific Financial Funds

Financial Highlights

RiskPro^®PFG Global 30+ Fund

Selected data based on a share outstanding throughout the period indicated.

	Class R Shares
	Six Months Ended			Year Ended			Period Ended
	October 31, 2019			April 30,			April 30,
	(Unaudited)			2019			2018*
Net asset value, beginning of period	$	9.65		$	9.86		$	10.00
Income/(loss) from investment operations:
Net investment loss (1,2)		(0.00	) (8)		(0.04	)		(0.05	)
Net realized and unrealized gain/(loss) on investments		0.08			(0.08	)		(0.06	) (3)
Total gain/(loss) from investment operations		0.08			(0.12	)		(0.11	)
Less distributions from:
Net investment income		—			—			(0.03	)
Net realized gain		—			(0.09	)		—
Total distributions from net investment income and net realized gains		—			(0.09	)		(0.03	)
Net asset value, end of period	$	9.73		$	9.65		$	9.86
Total return (4)		0.83	%		(1.02	)%		(1.12	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	127,377		$	129,513		$	134,265
Ratio of expenses to average net assets (5)		2.07	% (6)		2.08	%		2.06	% (6)
Ratio of net investment loss to average net assets (2,5)		(0.09	)% (6)		(0.47	)%		(1.22	)% (6)
Portfolio turnover rate		37	% (7)		180	%		57	% (7)

* RiskPro^®PFG Global 30+ Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017.

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

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

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

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

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

(6) Annualized.

(7) Not annualized.

(8) Amount represents less than $0.005.

See accompanying notes to financial statements.

53

The Pacific Financial Funds

Financial Highlights

RiskPro^®Tactical 0-30 Fund

Selected data based on a share outstanding throughout the period indicated.

	Class R Shares
	Six Months Ended			Year Ended			Period Ended
	October 31, 2019			April 30,			April 30,
	(Unaudited)			2019			2018*
Net asset value, beginning of period	$	9.93		$	9.83		$	10.00
Income/(loss) from investment operations:
Net investment loss (1,2)		(0.03	)		(0.03	)		(0.05	)
Net realized and unrealized gain/(loss) on investments		0.17			0.15			(0.11	)
Total income/(loss) from investment operations		0.14			0.12			(0.16	)
Less distributions from:
Net investment income		—			(0.02	)		(0.01	)
Net asset value, end of period	$	10.07		$	9.93		$	9.83
Total return (3)		1.41	%		1.20	%		(1.57	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	108,910		$	103,481		$	100,881
Ratio of expenses to average net assets (4)		2.05	% (5)		2.04	%		2.28	% (5)
Ratio of net investment loss to average net assets (2,4)		(0.60	)% (5)		(0.27	)%		(1.25	)% (5)
Portfolio turnover rate		4	% (6)		23	%		8	% (6)

* RiskPro^®Tactical 0-30 Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017.

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

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

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

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

(5) Annualized.

(6) Not annualized.

See accompanying notes to financial statements.

54

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)

October 31, 2019

1. ORGANIZATION

The Pacific Financial Family of Mutual Funds is comprised of thirteen 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. The funds are the RiskPro^® 30+ Fund (“30+ Fund”), the RiskPro^® Aggressive 30+ Fund (“Aggressive 30+ Fund”), the RiskPro^® Alternative 0-15 Fund (“Alternative 0-15 Fund”), the RiskPro^® Dynamic 0-10 Fund (“Dynamic 0-10 Fund”), the RiskPro^®Dynamic 15-25 Fund (“Dynamic 15-25 Fund”), the RiskPro^® Dynamic 20-30 Fund (“Dynamic 20-30 Fund”), the RiskPro^® PFG 0-15 Fund (“PFG 0-15 Fund”), the RiskPro^® PFG 30+ Fund (“PFG 30+ Fund”), the RiskPro^® PFG Aggressive 30+ Fund (“PFG Aggressive 30+ Fund”), the RiskPro^®PFG Balanced 20-30 Fund (“PFG Balanced 20-30 Fund”), the RiskPro^® PFG Equity 30+ Fund (“PFG Equity 30+ Fund”), the RiskPro^® PFG Global 30+ Fund (“PFG Global 30+ Fund”), and the RiskPro^®Tactical 0-30 Fund (“Tactical 0-30 Fund”) (each a “Fund” and collectively the “Funds”). Each Fund currently offers Class R shares. The investment objective of each Fund is as follows:

Fund	Primary Objective
30+ Fund	Aggressive Growth
Aggressive 30+ Fund	Aggressive Growth
Alternative 0-15 Fund	Limit the maximum range of total returns to a gain or loss of less than 15% over a forward-looking rolling 12 month period
Dynamic 0-10 Fund	Limit the maximum range of total returns to a gain or loss of less than 10% over a forward-looking rolling 12 month period
Dynamic 15-25 Fund	Limit the maximum range of total returns to a gain or loss of less than 25% over a forward-looking rolling 12 month period
Dynamic 20-30 Fund	Limit the maximum range of total returns to a gain or loss of less than 30% over a forward-looking rolling 12 month period
PFG 0-15 Fund	Limit the maximum range of total returns to a gain or loss of less than 15% over a forward-looking rolling 12 month period
PFG 30+ Fund	Aggressive Growth
PFG Aggressive 30+ Fund	Aggressive Growth
PFG Balanced 20-30 Fund	Limit the maximum range of total returns to a gain or loss of less than 30% over a forward-looking rolling 12 month period
PFG Equity 30+ Fund	Aggressive Growth
PFG Global 30+Fund	Aggressive Growth
Tactical 0-30 Fund	Limit the maximum range of total returns to a gain or loss of less than 30% over a forward-looking rolling 12 month period

2. SIGNIFICANT ACCOUNTING POLICIES

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

55

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2019

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 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 Funds 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 will be valued using the “fair value” procedures approved by the Trust’s Board of Trustees (the “Board”). The Board has delegated execution of these procedures to a fair value committee composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) advisor. The committee may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board has also engaged a third party valuation firm to attend valuation meetings held by the Trust, review minutes of such meetings and report to the Board on a quarterly basis. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

Fair Valuation Process – As noted above, the fair value committee is composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) advisor. The applicable investments are valued collectively via inputs from each of these groups. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source), (ii) securities for which, in the judgment of the advisor, the prices or values available do not represent the fair value of the instrument. Factors which may cause the advisor to make such a judgment include, but are not limited to, the following: only a bid price or an ask price is available; the spread between bid and ask 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; (iv) securities with respect to which an event that will affect 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 via inputs from the advisor 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 take into consideration all relevant factors as may be appropriate under the circumstances). If the advisor is unable to obtain a current bid from such independent dealers or other independent parties, the fair value committee 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

56

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2019

rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of October 31, 2019 for the Funds’ investments measured at fair value:

30+ Fund

Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	43,981,992	$	—	$	—	$	43,981,992
Mutual Funds		38,660,268		—		—		38,660,268
Short-Term Investment		5,514,378		—		—		5,514,378
Total	$	88,156,638	$	—	$	—	$	88,156,638

Aggressive 30+ Fund

Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	41,316,765	$	—	$	—	$	41,316,765
Mutual Funds		83,252,389		—		—		83,252,389
Short-Term Investment		350,807		—		—		350,807
Total	$	124,919,961	$	—	$	—	$	124,919,961

57

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2019

Alternative 0-15 Fund

Assets *	Level 1		Level 2		Level 3		Total
Mutual Funds	$	75,176,149	$	—	$	—	$	75,176,149
Short-Term Investment		1,384,883		—		—		1,384,883
Total	$	76,561,032	$	—	$	—	$	76,561,032

Dynamic 0-10 Fund

Assets *	Level 1		Level 2		Level 3		Total
Mutual Funds	$	81,453,131	$	—	$	—	$	81,453,131
Short-Term Investment		2,176,218		—		—		2,176,218
Total	$	83,629,349	$	—	$	—	$	83,629,349

Dynamic 15-25 Fund

Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	47,455,717	$	—	$	—	$	47,455,717
Mutual Funds		145,289,435		—		—		145,289,435
Short-Term Investment		975,815		—		—		975,815
Total	$	193,720,967	$	—	$	—	$	193,720,967

Dynamic 20-30 Fund

Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	65,478,044	$	—	$	—	$	65,478,044
Mutual Funds		80,398,189		—		—		80,398,189
Short-Term Investments		8,809,196		—		—		8,809,196
Total	$	154,685,429	$	—	$	—	$	154,685,429

PFG 0-15 Fund

Assets *	Level 1		Level 2		Level 3		Total
Mutual Funds	$	25,735,644	$	38,408,932	$	—	$	64,144,576
Short-Term Investment		644,280		—		—		644,280
Total	$	26,379,924	$	38,408,932	$	—	$	64,788,856

PFG 30+ Fund

Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	21,232,922	$	—	$	—	$	21,232,922
Mutual Funds		104,800,165		—		—		104,800,165
Short-Term Investment		1,161,075		—		—		1,161,075
Total	$	127,194,162	$	—	$	—	$	127,194,162

58

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2019

PFG Aggressive 30+ Fund

Assets *	Level 1		Level 2		Level 3		Total
Mutual Funds	$	211,284,963	$	—	$	—	$	211,284,963
Short-Term Investment		396,870		—		—		396,870
Total	$	211,681,833	$	—	$	—	$	211,681,833

PFG Balanced 20-30 Fund

Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	200,511,988	$	—	$	—	$	200,511,988
Mutual Funds		187,568,597		16,244,823		—		203,813,420
Short-Term Investment		3,913,877		—		—		3,913,877
Total	$	391,994,462	$	16,244,823	$	—	$	408,239,285

PFG Equity 30+ Fund

Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	289,919,694	$	—	$	—	$	289,919,694
Mutual Funds		132,154,467		—		—		132,154,467
Short-Term Investment		2,715,631		—		—		2,715,631
Total	$	424,789,792	$	—	$	—	$	424,789,792

PFG Global 30+ Fund

Assets *	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	85,412,723	$	—	$	—	$	85,412,723
Mutual Funds		41,397,880		—		—		41,397,880
Short-Term Investment		577,304		—		—		577,304
Total	$	127,387,907	$	—	$	—	$	127,387,907

Tactical 0-30 Fund

Assets *	Level 1		Level 2		Level 3		Total
Mutual Funds	$	27,372,015	$	81,688,592	$	—	$	109,060,607
Short-Term Investment		436,250		—		—		436,250
Total	$	27,808,265	$	81,688,592	$	—	$	109,496,857

* Refer to the Portfolios of Investments for industry classification.

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

59

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2019

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

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

Federal Income Tax – It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions of Subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision is required. Each Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ 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 year April 30, 2018, or is expected to be taken in the Funds’ April 30, 2019 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 period ended April 30, 2019, the Funds did not have any interest or penalties.

Allocation of Expenses – Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each fund’s relative net assets or another appropriate basis. Expenses specifically attributable to a particular fund in the Pacific Financial Family of Mutual Funds are borne by that Fund. Other expenses are allocated to each Fund based on its net assets in relation to the total net assets of all the applicable Funds in the Pacific Financial Family of Mutual Funds or another reasonable basis.

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.

60

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2019

3. INVESTMENT TRANSACTIONS

For the six months ended October 31, 2019, cost of purchases and proceeds from sales of Fund securities, other than short-term investments, amounted to the following:

Fund	Purchases		Sales
30+ Fund	$	15,044,353	$	18,739,750
Aggressive 30+ Fund		65,223,908		69,848,132
Alternative 0-15 Fund		6,864,706		359,811
Dynamic 0-10 Fund		22,674,037		10,591,910
Dynamic 15-25 Fund		8,560,206		15,427,554
Dynamic 20-30 Fund		32,904,319		38,004,044
PFG 0-15 Fund		5,905,071		5,723,619
PFG 30+ Fund		5,949,642		1,899,795
PFG Aggressive 30+ Fund		—		10,153,570
PFG Balanced 20-30 Fund		140,467,418		101,118,175
PFG Equity 30+ Fund		269,299,890		241,715,679
PFG Global 30+ Fund		46,948,719		49,963,121
Tactical 0-30 Fund		8,726,296		4,724,745

4. INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

The Pacific Financial Group, LLC serves as the Funds’ investment advisor (the “Advisor”). Pursuant to an investment advisory agreement with the Trust, on behalf of the Funds, the Advisor, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, each Fund pays the Advisor an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 1.25% of each Fund’s average daily net assets.

For the six months ended October 31, 2019, pursuant to the investment advisory agreement, the Advisor earned the following advisory fees:

Fund
30+ Fund	$	555,447
Aggressive 30+ Fund		785,440
Alternative 0-15 Fund		455,327
Dynamic 0-10 Fund		472,974
Dynamic 15-25 Fund		1,214,826
Dynamic 20-30 Fund		934,912
PFG 0-15 Fund		399,413
PFG 30+ Fund		748,142
PFG Aggressive 30+ Fund		1,327,345
PFG Balanced 20-30 Fund		2,356,716
PFG Equity 30+ Fund		2,538,043
PFG Global 30+ Fund		789,141
Tactical 0-30 Fund		677,099

61

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2019

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 of 0.25% of its average daily net assets and is paid to Northern Lights Distributors, LLC (“NLD” or the “Distributor”) to provide compensation for ongoing shareholder servicing and distribution-related activities or services and/or maintenance of each Fund’s shareholder accounts, not otherwise required to be provided by the Advisor. For the six months ended October 31, 2019, pursuant to the Plan, the Funds accrued the following fees:

Fund	12b-1 fee
30+ Fund	$	111,089
Aggressive 30+ Fund		157,088
Alternative 0-15 Fund		91,065
Dynamic 0-10 Fund		94,595
Dynamic 15-25 Fund		242,965
Dynamic 20-30 Fund		186,983
PFG 0-15 Fund		79,882
PFG 30+ Fund		149,628
PFG Aggressive 30+ Fund		265,469
PFG Balanced 20-30 Fund		471,343
PFG Equity 30+ Fund		507,609
PFG Global 30+ Fund		157,828
Tactical 0-30 Fund		135,420

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:

Gemini Fund Services, LLC (“GFS”), an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Funds. Pursuant to separate servicing agreements with GFS, the Funds pay GFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Certain officers of the Trust are also officers of GFS, and are not paid any fees directly by the Funds for serving in such capacities.

Northern Lights Compliance Services, LLC (“NLCS”), an affiliate of GFS 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 the Funds.

BluGiant, LLC (“BluGiant”), an affiliate of GFS 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 the Funds.

On February 1, 2019, NorthStar Financial Services Group, LLC, the parent company of GFS and its affiliated companies including NLD, NLCS and BluGiant (collectively, the “Gemini Companies”), sold its interest in the Gemini Companies to a third party private equity firm that contemporaneously acquired Ultimus Fund Solutions, LLC (an independent mutual fund administration firm) and its affiliates (collectively, the “Ultimus Companies”). As a result of these separate transactions, the Gemini Companies and the Ultimus Companies are now indirectly owned through a common parent entity, The Ultimus Group, LLC.

62

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2019

During the year ended April 30, 2019, certain Funds received payments from the Advisor for previously received soft dollar payments. These reimbursements were as follows:

Fund	Reimbursement
30+ Fund	$	41,650
Aggressive 30+ Fund		40,456
Alternative 0-15 Fund		5,174
Dynamic 0-10 Fund		2,789
Dynamic 15-25 Fund		34,813
Dynamic 20-30 Fund		—
PFG 0-15 Fund		6,734
PFG 30+ Fund		22,253
PFG Aggressive 30+ Fund		63,717
PFG Balanced 20-30 Fund		35,851
PFG Equity 30+ Fund		76,793
PFG Global 30+ Fund		32,966
Tactical 0-30 Fund		11,802

5. INVESTMENT IN AFFILIATED COMPANIES

An affiliated company is a company in which a Fund has ownership of at least 5% of the voting securities. Transactions during the six months ended October 31, 2019 with affiliated companies are as follows:

Dynamic 15-25 Fund

										Change in
		Value-Beginning of								Unrealized		Value-End of
CUSIP	Description	Period		Purchases		Sales Proceeds		Net Realized Gain		Appreciation		Period
72202L371	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	$	7,874,742	$	32,416	$	167,219	$	3,507	$	120,635	$	7,864,081
72202L363	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		21,810,755		123,190		1,461,882		39,504		739,964		21,251,531

Dynamic 20-30 Fund

										Change in
		Value-Beginning of								Unrealized		Value-End of
CUSIP	Description	Period		Purchases		Sales Proceeds		Net Realized Gain		Appreciation		Period
46641Q779	JPMorgan U.S. Momentum Factor ETF	$	4,544,481	$	1,496,533	$	101,010	$	10,119	$	70,333	$	6,020,456
46641Q753	JPMorgan U.S. Value Factor ETF		6,102,154		1,912,400		200,298		11,738		113,399		7,939,393

PFG Aggressive 30+ Fund

											Change in
											Unrealized
		Value-Beginning of									Appreciation/
CUSIP	Description	Period		Purchases		Sales Proceeds		Net Realized Loss			(Depreciation)			Value-End of Period
971897814	Wilshire International Equity Fund	$	41,869,010	$	—	$	2,111,985	$	(205,517	)	$	968,768		$	40,520,276
971897509	Wilshire Large Company Growth		15,450,546		—		592,940		(37,513	)		(161,736	)		14,658,357
971897608	Wilshire Large Company Value		27,570,819		—		1,409,048		(125,267	)		520,423			26,556,927
971897707	Wilshire Small Company Growth		10,831,862		—		355,970		(13,457	)		113,530			10,575,965
971897806	Wilshire Small Company Value		10,723,440		—		99,985		(15,441	)		(22,818	)		10,585,196

63

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2019

Tactical 0-30 Fund

											Change in
		Value-Beginning of									Unrealized		Value-End of
CUSIP	Description	Period		Purchases		Sales Proceeds		Net Realized Gain/(Loss)			Appreciation		Period
58510R655	Meeder Spectrum Fund	$	10,408,112	$	939,849	$	563,975	$	2,028		$	140,812	$	10,926,826
58510R721	Meeder Balanced Fund		51,689,918		4,324,245		2,390,448		10,762			1,092,278		54,726,755
58510R846	Meeder Conservative Allocation Fund		11,991,145		890,625		383,326		(3,620	)		271,247		12,766,071
58510R846	Meeder Moderate Allocation Fund		13,348,138		1,111,804		528,322		(11,871	)		276,017		14,195,766

6. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at October 31, 2019, were as follows:

	Tax		Unrealized		Unrealized			Appreciation/
	Cost		Appreciation		Depreciation			(Depreciation)
30+ Fund	$	82,869,905	$	5,286,733	$	—		$	5,286,733
Aggressive 30+ Fund		130,078,929		2,101,242		(7,260,210	)		(5,158,968	)
Alternative 0-15 Fund		77,844,395		—		(1,283,363	)		(1,283,363	)
Dynamic 0-10 Fund		82,261,605		1,856,805		(489,061	)		1,367,744
Dynamic 15-25 Fund		191,939,445		5,102,173		(3,320,651	)		1,781,522
Dynamic 20-30 Fund		147,175,010		7,510,419		—			7,510,419
PFG 0-15 Fund		61,035,105		3,826,126		(72,375	)		3,753,751
PFG 30+ Fund		118,946,157		9,117,208		(869,203	)		8,248,005
PFG Aggressive 30+ Fund		210,720,777		7,093,915		(6,132,859	)		961,056
PFG Balanced 20-30 Fund		393,310,307		15,654,851		(725,873	)		14,928,978
PFG Equity 30+ Fund		433,833,476		24,956,316		—			24,956,316
PFG Glabal 30+ Fund		121,649,149		5,879,053		(140,295	)		5,738,758
Tactical 0-30 Fund		107,738,937		1,757,920		—			1,757,920

64

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2019

7. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of distributions paid during the fiscal year ended April 30, 2019 and the fiscal year ended April 30, 2018 were as follows:

For fiscal year ended	Ordinary		Long-Term		Return of
4/30/2019	Income		Capital Gains		Capital		Total
30+ Fund	$	67,985	$	2,111,324	$	341,331	$	2,520,640
Aggressive 30+ Fund		137,498		2,840,967		—		2,978,465
Alternative 0-15 Fund		520,907		—		—		520,907
Dynamic 0-10 Fund		639,886		—		—		639,886
Dynamic 15-25 Fund		1,197,400		—		—		1,197,400
Dynamic 20-30 Fund		—		—		64,832		64,832
PFG 0-15 Fund		506,378		24,527		—		530,905
PFG 30+ Fund		116,020		1,579,792		—		1,695,812
PFG Aggressive 30+ Fund		2,392,412		818,430		261,228		3,472,070
PFG Balanced 20-30 Fund		1,636,785		2,052,398		—		3,689,183
PFG Equity 30+ Fund		—		—		—		—
PFG Glabal 30+ Fund		1,083,576		148,490		—		1,232,066
Tactical 0-30 Fund		160,610		1,354		—		161,964
For fiscal year ended	Ordinary		Long-Term		Return of
4/30/2018	Income		Capital Gains		Capital		Total
30+ Fund	$	—	$	—	$	—	$	—
Aggressive 30+ Fund		1,392,985		—		—		1,392,985
Alternative 0-15 Fund		683,152		—		32,282		715,434
Dynamic 0-10 Fund		99,371		—		21,888		121,259
Dynamic 15-25 Fund		1,578,898		—		181,818		1,760,716
Dynamic 20-30 Fund		—		—		—		—
PFG 0-15 Fund		225,012		—		—		225,012
PFG 30+ Fund		628,324		35,559		—		663,883
PFG Aggressive 30+ Fund		1,428,683		—		—		1,428,683
PFG Balanced 20-30 Fund		1,273,343		—		—		1,273,343
PFG Equity 30+ Fund		555,997		—		36,155		592,152
PFG Glabal 30+ Fund		499,378		—		—		499,378
Tactical 0-30 Fund		98,727		—		—		98,727

65

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2019

As of April 30, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

	Undistributed		Undistributed		Post October Loss			Capital Loss			Other		Unrealized			Total
	Ordinary		Long-Term		and			Carry			Book/Tax		Appreciation/			Accumulated
	Income		Capital Gains		Late Year Loss			Forwards			Differences		(Depreciation)			Earnings/(Deficits)
30+ Fund		—		—		(6,245,104	)		—			—		5,941,006			(304,098	)
Aggressive 30+ Fund		—		3,023,348		(839,724	)		—			—		(8,663,276	)		(6,479,652	)
Alternative 0-15 Fund		104,022		97,295		—			—			—		(1,083,507	)		(882,190	)
Dynamic 0-10 Fund		273,814		—		—			(38,686	)		—		113,626			348,754
Dynamic 15-25 Fund		443,844		—		(898,951	)		(380,780	)		—		(1,287,261	)		(2,123,148	)
Dynamic 20-30 Fund		—		—		(6,697,470	)		—			—		6,682,857			(14,613	)
PFG 0-15 Fund		267,142		—		(1,725,849	)		(1,541,230	)		—		1,221,833			(1,778,104	)
PFG 30+ Fund		—		1,656,159		(667,926	)		—			—		4,615,581			5,603,814
PFG Aggressive 30+ Fund		—		—		(1,210,368	)		—			—		(1,893,322	)		(3,103,690	)
PFG Balanced 20-30 Fund		—		319,807		—			—			—		8,854,284			9,174,091
PFG Equity 30+ Fund		—		896,625		(1,029,150	)		—			—		28,787,721			28,655,196
PFG Glabal 30+ Fund		—		—		(3,371,878	)		(4,083,661	)		—		3,988,820			(3,466,719	)
Tactical 0-30 Fund		—		142,743		(410,881	)		—			—		(268,251	)		(536,389	)

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

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

	Late Year
	Losses
30+ Fund	$	359,872
Aggressive 30+ Fund		839,724
Alternative 0-15 Fund		—
Dynamic 0-10 Fund		—
Dynamic 15-25 Fund		—
Dynamic 20-30 Fund		69,325
PFG 0-15 Fund		—
PFG 30+ Fund		667,926
PFG Aggressive 30+ Fund		1,153,778
PFG Balanced 20-30 Fund		—
PFG Equity 30+ Fund		1,029,150
PFG Glabal 30+ Fund		542,532
Tactical 0-30 Fund		410,881

66

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2019

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
30+ Fund	$	5,885,232
Aggressive 30+ Fund		—
Alternative 0-15 Fund		—
Dynamic 0-10 Fund		—
Dynamic 15-25 Fund		898,951
Dynamic 20-30 Fund		6,628,145
PFG 0-15 Fund		1,725,849
PFG 30+ Fund		—
PFG Aggressive 30+ Fund		56,590
PFG Balanced 20-30 Fund		—
PFG Equity 30+ Fund		—
PFG Global 30+ Fund		2,829,346
Tactical 0-30 Fund		—

At April 30, 2019, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

	Non-Expiring		Non-Expiring
	Short-Term		Long-Term		Total
30+ Fund	$	—	$	—	$	—
Aggressive 30+ Fund		—		—		—
Alternative 0-15 Fund		—		—		—
Dynamic 0-10 Fund		—		38,686		38,686
Dynamic 15-25 Fund		380,780		—		380,780
Dynamic 20-30 Fund		—		—		—
PFG 0-15 Fund		1,541,230		—		1,541,230
PFG 30+ Fund		—		—		—
PFG Aggressive 30+ Fund		—		—		—
PFG Balanced 20-30 Fund		—		—		—
PFG Equity 30+ Fund		—		—		—
PFG Glabal 30+ Fund		4,083,661		—		4,083,661
Tactical 0-30 Fund		—		—		—

67

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2019

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of non-deductible expenses and net operating losses, and the reclassification of Fund distributions resulted in reclassifications for the Funds for the fiscal year ended April 30, 2019 as follows:

	Paid
	In			Accumulated
	Capital			Earnings (Losses)
30+ Fund	$	(338,250	)	$	338,250
Aggressive 30+ Fund		(482,761	)		482,761
Alternative 0-15 Fund		—			—
Dynamic 0-10 Fund		13,654			(13,654	)
Dynamic 15-25 Fund		—			—
Dynamic 20-30 Fund		(234,615	)		234,615
PFG 0-15 Fund		(1,512	)		1,512
PFG 30+ Fund		—			—
PFG Aggressive 30+ Fund		(232,648	)		232,648
PFG Balanced 20-30 Fund		—			—
PFG Equity 30+ Fund		(1,503,762	)		1,503,762
PFG Glabal 30+ Fund		(72,617	)		72,617
Tactical 0-30 Fund		(544,779	)		544,779

8. CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of October 31, 2019, beneficial ownership in excess of 25% for the Funds is as follows:

		%of Outstanding
Portfolio	Beneficial Owner	Shares
30+ Fund	NFS	47%
Aggressive 30+ Fund	NFS	49%
Alternative 0-15 Fund	NFS	38%
	Pershing	26%
Dynamic 0-10 Fund	NFS	42%
Dynamic 15-25 Fund	NFS	44%
Dynamic 20-30 Fund	NFS	45%
PFG 0-15 Fund	NFS	40%
PFG 30+ Fund	NFS	45%
PFG Aggressive 30+ Fund	NFS	46%
PFG Balanced 20-30 Fund	NFS	36%
	Pershing	35%
PFG Equity 30+ Fund	NFS	48%
PFG Global 30+ Fund	NFS	53%
Tactical 0-30 Fund	NFS	40%

68

THE PACIFIC FINANCIAL FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

October 31, 2019

9. UNDERLYING INVESTMENTS IN OTHER INVESTMENT COMPANIES

As of October 31, 2019, Dynamic 0-10 Fund invested a portion of its assets in PIMCO Total Return Fund – Institutional Class (the “PIMCO Fund”). The PIMCO Fund is registered under the 1940 Act as an open-end management investment company. The Fund may redeem its investment from the PIMCO Fund at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.

The performance of Dynamic 0-10 Fund will be directly affected by the performance of the PIMCO Fund. The financial statements of the PIMCO Fund, including the portfolio of investments, can be found at the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with the Fund’s financial statements. As of October 31, 2019, the percentage of Dynamic 0-10 Fund’s net assets invested in the PIMCO Fund was 39.45%.

As of October 31, 2019, PFG 0-15 Fund invested a portion of its assets in BNY Mellon Global Real Return Fund – Institutional Class (the “BNY Mellon Global Fun”), and BNY Mellon Insight Core Plus Fund (the “BNY Mellon Insight Fund”). The BNY Mellon Global Fund and the BNY Mellon Insight Fund are registered under the 1940 Act as open-end management investment companies. The Fund may redeem its investment from the BNY Mellon Global Fund and the BNY Mellon Insight Fund at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.

The performance of PFG 0-15 Fund will be directly affected by the performance of the BNY Mellon Global Fund and the BNY Mellon Insight Fund. The financial statements of the BNY Mellon Global Fund and the BNY Mellon Insight Fund, including the portfolio of investments, can be found at the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with the Fund’s financial statements. As of October 31, 2019, the percentages of PFG 0-15 Fund’s net assets invested in the BNY Mellon Global Fund and the BNY Mellon Insight Fund were 35.24% and 57.91%, respectively.

As of October 31, 2019, Tactical 0-30 Fund invested a portion of its assets in Meeder Balanced Fund – Institutional Class (the “Meeder Fund”). The Meeder Fund is registered under the 1940 Act as an open-end management investment company. The Fund may redeem its investment from the Meeder Fund at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.

The performance of Tactical 0-30 Fund will be directly affected by the performance of the Meeder Fund. The financial statements of the Meeder Fund, including the portfolio of investments, can be found at the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with the Fund’s financial statements. As of October 31, 2019, the percentage of Tactical 0-30 Fund’s net assets invested in the Meeder Fund was 50.25%.

10. SUBSEQUENT EVENTS

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

69

THE PACIFIC FINANCIAL FUNDS

EXPENSE EXAMPLES

October 31, 2019 (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 the 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)
		Beginning Account
	Fund’s Annualized	Value	Ending Account	Expenses Paid	Ending Account	Expenses Paid
	Expense Ratio	5/1/2019	Value 10/31/2019	During Period	Value 10/31/2019	During Period
RiskPro® 30+ Fund*	2.10%	$1,000.00	$1,013.00	$10.63	$1,014.58	$10.63
RiskPro® Aggressive 30+ Fund*	2.08%	$1,000.00	$1,001.10	$10.46	$1,014.68	$10.53
RiskPro® Alternative 0-15 Fund*	2.13%	$1,000.00	$1,003.10	$10.72	$1,014.43	$10.79
RiskPro® Dynamic 0-10 Fund*	2.10%	$1,000.00	$1,030.20	$10.72	$1,014.58	$10.63
RiskPro® Dynamic 15-25 Fund*	2.04%	$1,000.00	$1,023.40	$10.38	$1,014.88	$10.33
RiskPro® Dynamic 20-30 Fund*	2.08%	$1,000.00	$1,025.10	$10.59	$1,014.68	$10.48
RiskPro® PFG 0-15 Fund*	2.18%	$1,000.00	$1,038.40	$11.17	$1,014.18	$11.04
RiskPro® PFG 30+ Fund*	2.07%	$1,000.00	$1,024.70	$10.54	$1,014.73	$10.48
RiskPro® PFG Aggressive 30+ Fund*	2.02%	$1,000.00	$1,005.00	$10.18	$1,014.98	$10.23
RiskPro® PFG Balanced 20-30 Fund*	2.03%	$1,000.00	$1,015.70	$10.29	$1,014.93	$10.28
RiskPro® PFG Equity 30+ Fund*	2.03%	$1,000.00	$1,018.40	$10.30	$1,014.93	$10.28
RiskPro® PFG Global 30+ Fund*	2.07%	$1,000.00	$1,008.30	$10.45	$1,014.73	$10.48
RiskPro® Tactical 0-30 Fund*	2.05%	$1,000.00	$1,014.10	$10.38	$1,014.83	$10.38

* 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 half-year period).

70

PRIVACY NOTICE

Northern Lights Fund Trust

Rev. February 2014

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 areno longerour 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 personalinformation:	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?   Call 1-402-493-4603

71

PRIVACY NOTICE

Northern Lights Fund Trust

Page 2

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.

72

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-Q. Form N-Q is available on the SEC’s website at http://www.sec.gov. The information on Form N-Q is available without charge, upon request, by calling 1-888-451-TPFG.

INVESTMENT ADVISOR

The Pacific Financial Group, LLC

2077 West Coast Highway

Newport Beach, CA 92663

ADMINISTRATOR

Gemini Fund Services, LLC

80 Arkay Drive

Hauppauge, NY 11788

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 Registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. 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 1/7/20

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 1/7/20

By (Signature and Title)

/s/ Jim Colantino

Jim Colantino, Treasurer

Date 1/7/20