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, Ste 450, Cincinnati, Ohio 45246

(Address of principal executive offices) (Zip code)

Richard Malinowski

4221 North 203^rd Street, Suite 100, Elkhorn, NE 68022

(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:4/30/22

Item 1. Reports to Stockholders.

Dear Fellow Shareholders:

In sitting down to write this letter, I am struck by how far we have come over the past year, yet in certain ways it feels much the same. While Covid-19 still remains a part of our daily lives, we have come far in the sense that pandemic related restrictions are no longer widespread and there is a general sense of life returning to normal. At the same time, we are still dealing with supply chain issues and higher prices as a result of the pandemic and other consequential events.

Market performance over the past year ending April 30, 2022 was unremarkable, with most major indices posting solid returns as we closed the books on 2021. However, as we entered 2022, investors began reassessing the economic outlook with inflation remaining stubbornly high and the Federal Reserve aggressively raising rates. In addition, the Russian invasion of Ukraine meant more supply chain disruptions and higher energy prices, notably at the gas pump, which negatively impacts consumer spending.

The confluence of these factors resulted in the S&P falling 12.92% between January and April of 2022, the worst four-month start to a year since 1939. Bonds fared even worse as a result of sharply rising interest rates. In fact, the first quarter of 2022 was the worst quarter U.S. bonds have had in more than 40 years. Growth oriented stocks, due to their sensitivity to interest rates, were one of the worst performing areas of the market, with the NASDAQ posting a loss of 21.06% from January through April.

While negative returns are never welcome, they are a healthy part of investing. As we began 2022, the annualized three-year rolling rate of return on the S&P 500 was just over 26%. While that number is very impressive, it is simply not sustainable. To add perspective, the long-term average three-year rolling return of the S&P 500 is closer to 12%. It is an important reminder for shareholders to focus on their long-term investing goals and not be distracted by the inevitable market fluctuations that occur over the short term.

The PFG funds performed within our expectations over the one-year period ending April 30, 2022. Most were in-line with their benchmark prior to the market sell-off this year. PFG funds with a growth overweight underperformed from January to April, primarily due to interest rates rising sharply over a short-time period. Growth stocks tend to be more sensitive to interest rates because future cash flows are expected to be larger than present cash flows. As interest rates rise, those expected cash flows are discounted more, resulting in lower present valuations. Tactical strategies generally performed well as a result of moving to a more defensive position or by shifting allocations toward areas of the market that typically perform well late cycle. By offering distinct investing styles, we are able to provide our clients a full suite of model portfolios with different risk objectives and diversification across various PFG funds.

We remain optimistic for the outlook going forward. We believe higher interest rates have largely been priced in and, in a worst-case scenario, should we enter into a recession, we believe it will likely be shallow as consumer balance sheets are strong and corporate earnings remain robust.

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

Sincerely,

Jennifer Enstad, Chief Investment Officer
Pacific Financial Group, LLC
April 30, 2022

6524-NLD-06092022

Mutual Funds Involve Risk Including Possible Loss of Principal. Past performance is no guarantee of future results. Investment return and principal value will vary. Investors’ shares when redeemed may be worth more or less than the original cost. Returns do not reflect the deduction of taxes a shareholder would pay on distributions or redemption of Fund shares. Before investing you should carefully consider the investment objectives, risks, shares, and expenses of the Pacific Financial Group family of funds (referred to as PFG Strategies). This and other important information about the Funds/PFG Strategies are contained in the prospectus; to obtain a prospectus please call 1-888-451-TPFG. The prospectus should be read carefully before investing. The Pacific Financial Group family of funds (PFG Strategies) is distributed by Northern Lights Distributors, LLC member FINRA/SIPC.

The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS (agency and non-agency).

The Morningstar Target Risk Index Family provides global market risk levels that are scaled to fit five equity market risk profiles: aggressive, moderately aggressive, moderate, moderately conservative, and conservative. The Morningstar Conservative Target Risk Total Return Index consists of 13% U.S. Equity Exposure, 9% Non-U.S. Equity Exposure, 58% U.S. Bond Exposure, 18% Non-U.S. Bond Exposure, and 2% Inflation Hedge. The Morningstar Moderate Conservative Target Risk Total Return Index consists of 26% U.S. Equity Exposure, 16% Non-U.S. Equity Exposure, 44% U.S. Bond Exposure, 13% Non-U.S. Bond Exposure, and 1% Inflation Hedge. The Morningstar Moderate Target Risk Total Return Index consists of 36% U.S. Equity Exposure, 26% Non-U.S. Equity Exposure, 29% U.S. Bond Exposure, 8% Non-U.S. Bond Exposure, and 1% Inflation Hedge. The Morningstar Moderate Aggressive Target Risk Total Return Index consists of 48% U.S. Equity Exposure, 34% Non-U.S. Equity Exposure, 14% U.S. Bond Exposure, and 4% Non-U.S. Bond Exposure. The Morningstar Aggressive Target Risk Total Return Index consists of 57% U.S. Equity Exposure, 39% Non-U.S. Equity Exposure, 3% U.S. Bond Exposure, and 1% Non-U.S. Bond Exposure.

The benchmark returns reflect the reinvestment of dividends and interest, but do not reflect the deduction of fees, expenses, transaction costs, nor taxes that actual shareholder accounts are subject to. The indexes are presented as broad-based measures of the equity and fixed income markets. Index returns have been taken from published sources. Investors cannot invest directly in an index. Investing in any security involves a risk of loss.

The PFG Active Core Bond Strategy provides investors with a globally diversified fixed income allocation. This PFG Strategy returned (9.00)% for the year ending 4/30/2022, while the Bloomberg U.S. Aggregate Bond Index returned (8.51)% for the same period. The past twelve-month period ending 4/30/2022 was exceptionally difficult for bond investors, with the 10-Year U.S. Treasury yield increasing to 2.93% from 1.61% over this time. To put this into perspective, the first quarter 2022 was the worst quarter for U.S. government bonds since at least 1973. This PFG Strategy is cautious on duration, focusing on a diversified mix of credit, with some exposure to high yield and emerging markets bonds. The top contributors to performance on a weighted basis were mortgage-related securities and a PIMCO Income holding. The largest detractor was the PIMCO Total Return Fund.

The Fund’s performance figures* for the periods ended April 30, 2022 as compared to its benchmark:

Comparison of the Change in Value of a $10,000 Investment

Please refer to the Portfolio of Investments in this annual report for more information regarding the Fund’s holdings as of April 30, 2022.

The PFG American Funds^® Conservative Income Strategy provides investors with a broadly diversified strategic allocation that seeks current income and limited price volatility, including exposure to high-quality bonds and dividend-paying equities. This PFG Strategy returned (4.55)% for the year ending 4/30/2022, while the Morningstar Conservative Target Risk Index (Total Return) returned (7.37)% for the same period. A tilt towards value stocks was a contributor on the equity side, as value stocks typically outperform growth stocks during periods of rising interest rates. Fixed income exposure is focused on capital preservation via a tilt towards Treasuries and short-duration bonds. High quality, short-duration fixed income instruments outperformed the broad fixed income market, as they tend to fall less when interest rates rise. The top contributors to performance on a weighted basis were the American Funds American Mutual Fund and the American Funds Income Fund of America. The largest detractors to performance on a weighted basis were American Funds Bond Fund of America and the American Funds Intermediate Bond Fund of America.

The Fund’s performance figures* for the periods ended April 30, 2022 as compared to its benchmark:

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

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

Comparison of the Change in Value of a $10,000 Investment

Please refer to the Portfolio of Investments in this annual report for more information regarding the Fund’s holdings as of April 30, 2022.

The PFG American Funds^® Growth Strategy provides investors with a broadly diversified, strategic global equity allocation that is designed to take advantage of opportunities across various market segments with active stock picking taking place in the underlying fund holdings. This PFG Strategy returned (15.06)% for the year ending 4/30/2022, while the Morningstar Aggressive Target Risk Index (Total Return) returned (5.62)% for the same period. A growth overweight in this Strategy was the primary driver of underperformance. The Strategy performed well and was in-line with its benchmark coming into 2022. However, the Federal Reserve began increasing interest rates at the beginning of 2022 as they announced their plans to combat inflation. Growth stocks tend to be more sensitive to interest rates because future cash flows are expected to be larger than present cash flows and, as interest rates rise, those expected cash flows are discounted more, resulting in lower present valuations. The top contributor to performance on a weighted basis was the American Funds Fundamental Investors Fund. The largest detractor was the American Funds Smallcap World Fund.

The Fund’s performance figures* for the periods ended April 30, 2022 as compared to its benchmark:

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

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

Comparison of the Change in Value of a $10,000 Investment

Please refer to the Portfolio of Investments in this annual report for more information regarding the Fund’s holdings as of April 30, 2022.

The PFG BNY Mellon Diversifier Strategy utilizes a blend of alternative asset classes alongside traditional fixed income in an effort to outperform bonds during periods of both rising and falling interest rates. This PFG Strategy returned (3.64)% for the year ending 4/30/2022, while the Bloomberg U.S. Aggregate Bond Index returned (8.51)% for the same period. An allocation to natural resources within this Strategy was the largest contributor to performance. Holdings in floating rate bonds were another large contributor, benefiting from rising rates relative to fixed income. All positions within the Strategy allocation outperformed the benchmark over the period measured.

The Fund’s performance figures* for the periods ended April 30, 2022 as compared to its benchmark:

Comparison of the Change in Value of a $10,000 Investment

Please refer to the Portfolio of Investments in this annual report for more information regarding the Fund’s holdings as of April 30, 2022.

The PFG BR Equity ESG Strategy’s tactical allocation provides investors with global exposure, emphasizing companies that exhibit positive environmental, social, and governance characteristics. This PFG Strategy returned (9.29)% for the year ending 4/30/2022, while the Morningstar Aggressive Target Risk Index (Total Return) returned (5.62)% for the same period. A growth overweight in this Strategy was the primary driver of underperformance. The Strategy performed well and was in-line with its benchmark coming into 2022. However, the Federal Reserve began increasing interest rates at the beginning of 2022 as they announced their plans to combat inflation. Growth stocks tend to be more sensitive to interest rates because future cash flows are expected to be larger than present cash flows and, as interest rates rise, those expected cash flows are discounted more, resulting in lower present valuations. The top contributors to performance on a weighted basis were the iShares ESG Aware MSCI USA ETF and the iShares MSCI KLD 400 Social ETF. The largest detractors were iShares ESG Aware MSCI EM ETF and the iShares ESG Advanced MSCI EAFE ETF.

The Fund’s performance figures* for the periods ended April 30, 2022 as compared to its benchmark:

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

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

Comparison of the Change in Value of a $10,000 Investment

Please refer to the Portfolio of Investments in this annual report for more information regarding the Fund’s holdings as of April 30, 2022.

The inception for this Strategy was 10/29/2021. The PFG Fidelity Institutional AM^® Bond ESG Strategy provides investors with a strategic, broadly diversified fixed income allocation with a focus on securities that emphasize environmental, social, and governance factors. This PFG Strategy returned (10.00)% since its inception through 4/30/2022, while the Bloomberg U.S. Aggregate Bond Index returned (9.47)% for the same time period. The Strategy experienced some underperformance in the first couple weeks after its launch due to the timing of fund flows. Since that time, the Strategy has performed in line with its benchmark. The top contributors to performance on a weighted basis were the Calvert Bond Fund and the Fidelity Sustainability Bond Fund. The largest detractor was the Fidelity Total Bond ETF.

The Fund’s performance figures* for the period ended April 30, 2022 as compared to its benchmark:

Comparison of the Change in Value of a $10,000 Investment

Please refer to the Portfolio of Investments in this annual report for more information regarding the Fund’s holdings as of April 30, 2022.

The PFG Fidelity Institutional AM^® Equity Index Strategy provides investors with a passive, globally diversified, strategic equity allocation. This PFG Strategy returned (6.37)% for the year ending 4/30/2022, while the Morningstar Aggressive Target Risk Index (Total Return) returned (5.62)% for the same period. The Strategy performed well and was in-line with its benchmark through the the middle of April 2022. The Strategy lagged its benchmark in the final two weeks of April due to small and midcap exposure. The top contributor to performance on a weighted basis was the Fidelity 500 Index Fund. The largest detractors were the Fidelity Global ex-U.S. Index Fund and the Fidelity Small Cap Index Fund.

The Fund’s performance figures* for the periods ended April 30, 2022 as compared to its benchmark:

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

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

Comparison of the Change in Value of a $10,000 Investment

Please refer to the Portfolio of Investments in this annual report for more information regarding the Fund’s holdings as of April 30, 2022.

The PFG Fidelity Institutional AM^® Equity Sector Strategy provides investors with a tactically managed, diversified allocation that tilts exposure to sectors based on shifts in the business cycle. This PFG Strategy returned 2.58% for the year ending 4/30/2022, while the Morningstar Aggressive Target Risk Index (Total Return) returned (5.62)% for the same period. The primary driver of outperformance was a defensive position taken at the beginning of 2022 as a result of economic data suggesting the economy was approaching a late-cycle phase. The Strategy was repositioned to be overweighted to areas of the market that typically perform well late cycle, such as energy, utilities, and materials, all of which outperformed the benchmark during the market sell-off that started at the beginning of 2022. The top contributors to performance on a weighted basis came from the Fidelity Select Semiconductors ETF and the Fidelity MSCI Energy ETFs. The largest detractor was the Fidelity Advisor Health Care Fund.

The Fund’s performance figures* for the periods ended April 30, 2022 as compared to its benchmark:

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

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

Comparison of the Change in Value of a $10,000 Investment

Please refer to the Portfolio of Investments in this annual report for more information regarding the Fund’s holdings as of April 30, 2022.

The inception for this Strategy was 10/29/2021. The PFG Invesco^® Thematic ESG Strategy provides investors with a tactically managed all-equity model that focuses on ESG investing by providing exposure to environmental themes aimed at addressing a more sustainable future. This PFG Strategy returned (23.77)% since its inception through 4/30/2022, while the Morningstar Aggressive Target Risk Index (Total Return) returned (10.48)% for the same period. This is a concentrated Strategy and focuses on three specific environmental themes: clean technology, clean energy, and clean water. Due to its concentration, the Strategy is expected to have higher volatility relative to its benchmark. The primary detractor to underperformance was a higher allocation to small cap growth stocks which underperformed the broader market over this time period. The top contributor to performance on a weighted basis was the Invesco S&P Global Water ETF. The largest detractors were the Invesco MSCI Sustainable Future ETF and the Invesco WilderHill Clean Energy ETF.

The Fund’s performance figures* for the period ended April 30, 2022 as compared to its benchmark:

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

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

Comparison of the Change in Value of a $10,000 Investment

Please refer to the Portfolio of Investments in this annual report for more information regarding the Fund’s holdings as of April 30, 2022.

The inception for this Strategy was 10/29/2021. The PFG Janus Henderson^® Balanced Strategy provides investors with a tactically managed model that proactively adjusts equity and fixed income exposure between 30% to 70% of the Strategy, depending on market conditions. This PFG Strategy returned (12.37)% since its inception through 4/30/2022, while the Morningstar Moderate Target Risk Index (Total Return) returned (9.89)% for the same period. The primary detractor to performance was an overweight to growth stocks which underperformed the broader market due to rising interest rates. Growth stocks tend to be more sensitive to interest rates because future cash flows are expected to be larger than present cash flows and, as interest rates rise, those expected cash flows are discounted more, resulting in lower present valuations. The top contributor to performance on a weighted basis was the Janus Henderson High Yield Fund. The largest detractor was the Janus Henderson Small Cap Growth Alpha ETF.

The Fund’s performance figures* for the period ended April 30, 2022 as compared to its benchmark:

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

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

Comparison of the Change in Value of a $10,000 Investment

Please refer to the Portfolio of Investments in this annual report for more information regarding the Fund’s holdings as of April 30, 2022.

The PFG JP Morgan^® Tactical Aggressive Strategy provides a globally diversified allocation with the ability to dynamically adjust the equity and fixed income exposure based upon current market conditions. The PFG Strategy returned (6.17)% for the year ending 4/30/2022, while the Morningstar Aggressive Target Risk Index (Total Return) returned (5.62)% for the same period. The Strategy performed well and was in-line with its benchmark through the end of February 2022. The Strategy fluctuated between underperforming and outperforming its benchmark throughout March and April, and ultimately ended with slight underperformance for the 12-month time period. The top contributors to performance on a weighted basis were the JPMorgan Diversified Return U.S. Equity ETF and the JPMorgan Large Cap Value Fund. The largest detractors were the JPMorgan Large Cap Growth Fund and the JPMorgan International Researched Enhanced Fund.

The Fund’s performance figures* for the periods ended April 30, 2022 as compared to its benchmark:

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

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

Comparison of the Change in Value of a $10,000 Investment

Please refer to the Portfolio of Investments in this annual report for more information regarding the Fund’s holdings as of April 30, 2022.

The PFG JP Morgan^® Tactical Moderate Strategy provides a globally diversified allocation with the ability to dynamically adjust the equity and fixed income exposure based upon market conditions. The PFG Strategy returned (7.49)% for the year ending 4/30/2022, while the Morningstar Moderate Target Risk Index (Total Return) returned (6.42)% for the same period. The Strategy performed well and was in-line with its benchmark through the end of February 2022. The Strategy lagged the benchmark in March and April with the primary driver of underperformance being exposure to international and emerging markets. The top contributors to performance on a weighted basis were the JPMorgan Diversified Return U.S. Equity ETF and the JPMorgan Large Cap Value Fund. The largest detractors were the JPMorgan International Focus Fund and the JPMorgan Europe Dynamic Fund.

The Fund’s performance figures* for the periods ended April 30, 2022 as compared to its benchmark:

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

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

Comparison of the Change in Value of a $10,000 Investment

Please refer to the Portfolio of Investments in this annual report for more information regarding the Fund’s holdings as of April 30, 2022.

The PFG Meeder Tactical Strategy provides a highly tactical allocation by shifting equity and fixed income exposure during various market conditions. This PFG Strategy returned (6.09)% for the year ending 4/30/2022, while the Morningstar Moderate Target Risk Index (Total Return) returned (6.42)% for the same period. The primary driver of outperformance was a defensive position taken at the beginning of 2022 due to above-average valuations, rising interest rates, and weak market breadth. The top contributors to performance on a weighted basis were the Meeder Balanced and Muirfield funds. The largest detractor was the Meeder Dynamic Allocation Fund.

The Fund’s performance figures* for the periods ended April 30, 2022 as compared to its benchmark:

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

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

Comparison of the Change in Value of a $10,000 Investment

Please refer to the Portfolio of Investments in this annual report for more information regarding the Fund’s holdings as of April 30, 2022.

The PFG MFS Aggressive Growth Strategy provides a globally diversified equity allocation with a growth bias and holds diversifying allocations to real estate and commodities. The PFG Strategy returned (5.81)% for the year ending 4/30/2022, while the Morningstar Aggressive Target Risk Index (Total Return) returned (5.62)% for the same period. The Strategy performed well and was ahead of its benchmark coming into 2022. The Strategy experienced some underperformance in January due to an overweight to growth stocks. Thereafter, it performed in-line with its benchmark despite having a growth overweight, largely due to holdings in commodities which performed exceptionally well during the first four months of 2022. The top contributors to performance on a weighted basis came from the iShares GSCI Commodity ETF and the MFS Value Fund. The largest detractors were MFS Mid Cap Growth Fund and the MFS Growth Fund.

The Fund’s performance figures* for the periods ended April 30, 2022 as compared to its benchmark:

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

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

Comparison of the Change in Value of a $10,000 Investment

Please refer to the Portfolio of Investments in this annual report for more information regarding the Fund’s holdings as of April 30, 2022.

The PFG Tactical Income Strategy seeks a high level of income with a focus on tactical high yield strategies, investment grade credit, and dividend paying equities. This PFG Strategy returned (7.18)% for the year ending 4/30/2022, while the Morningstar Moderate Conservative Target Risk Index (Total Return) returned (6.81)% for the same period. The primary driver of underperformance came from holdings in small cap and technology stocks. The underperformance was partially offset by positions in high yield bond timing strategies, which became defensive at the beginning of 2022 and experienced less drawdown than the broad market. The top contributors to performance on a weighted basis came from Counterpoint Tactical Income Fund and Sierra Tactical Bond Fund. The largest detractors were Janus Henderson Global Technology and Innovation Fund and the Janus Henderson Small Cap Growth Alpha ETF.

The Fund’s performance figures* for the periods ended April 30, 2022 as compared to its benchmark:

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

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

Comparison of the Change in Value of a $10,000 Investment

Please refer to the Portfolio of Investments in this annual report for more information regarding the Fund’s holdings as of April 30, 2022.

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