PFG ACTIVE CORE BOND STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Shares             Fair Value
    OPEN END FUNDS — 99.5%      
    FIXED INCOME - 99.5%      
708,224   PIMCO Emerging Markets Bond Fund, Institutional Class       $ 5,899,506
3,216,000   PIMCO Income Fund, Institutional Class         35,054,396
1,655,622   PIMCO Investment Grade Credit Bond Fund, Institutional Class         15,165,496
1,382,349   PIMCO Mortgage Opportunities and Bond Fund, Institutional Class         13,920,250
5,065,807   PIMCO Total Return Fund, Institutional Class         46,504,104
    TOTAL OPEN END FUNDS (Cost $127,262,109)        

116,543,752
               
               
    SHORT-TERM INVESTMENT — 0.4%      
    MONEY MARKET FUND - 0.4%      
509,941   BlackRock Liquidity FedFund, Institutional Class, 1.73% (Cost $509,941)(a)         509,941
             
 
    TOTAL INVESTMENTS - 99.9% (Cost $127,772,050)     $ 117,053,693
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%    

144,573
    NET ASSETS - 100.0%        

$ 117,198,266
           
               
 
                     

 

 (a) Rate disclosed is the seven day effective yield as of July 31, 2022.

 

 

 

 
 

 

 

 

PFG AMERICAN FUNDS® CONSERVATIVE INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Shares             Fair Value
    OPEN END FUNDS — 99.6%      
    EQUITY - 10.2%      
420,818   American Mutual Fund, Class R-6       $ 21,125,049
             
 
    FIXED INCOME - 74.3%      
3,362,123   American Funds - Bond Fund of America (The), Class R-6         40,816,171
1,067,236   American Funds Multi-Sector Income Fund, Class R-6         10,000,000
1,961,803   American Funds Strategic Bond Fund, Class R-6         20,677,408
3,899,896   American Intermediate Bond Fund of America, Class R-6         50,893,646
3,204,980   American Short Term Bond Fund of America, Class R-6         30,928,062
             

153,315,287

    MIXED ALLOCATION - 15.1%      
346,135   American Balanced Fund, Class R-6         10,339,044
876,238   Income Fund of America (The), Class R-6         20,889,513
             

31,228,557

               
    TOTAL OPEN END FUNDS (Cost $215,422,964)    

  205,668,893

               
    SHORT-TERM INVESTMENT — 0.4%      
    MONEY MARKET FUND - 0.4%      
863,846   BlackRock Liquidity FedFund, Institutional Class, 1.73% (Cost $863,846)(a)         863,846
             
 
    TOTAL INVESTMENTS - 100.0% (Cost $216,286,810)     $ 206,532,739
    LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%    

(78,209)

    NET ASSETS - 100.0%        

$ 206,454,530

           
               
 
                 

  

(a) Rate disclosed is the seven day effective yield as of July 31, 2022.

 

 

 

 
 

 

 

PFG AMERICAN FUNDS® GROWTH STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Shares             Fair Value
    OPEN END FUNDS — 99.9%      
    EQUITY - 99.9%      
3,339,708   AMCAP Fund, Class R-6       $ 111,345,850
2,447,945   American - The Growth Fund of America, Class R-6         139,997,994
1,181,357   American Funds - New Economy Fund (The), Class R-6         54,956,721
1,752,632   American Funds Fundamental Investors, Class R-6         110,731,304
1,065,125   American New Perspective Fund, Class R-6         55,876,440
1,362,657   Smallcap World Fund, Inc., Class R-6         83,462,755
    TOTAL OPEN END FUNDS (Cost $643,637,722)        

556,371,064

               
               
    SHORT-TERM INVESTMENT — 0.3%      
    MONEY MARKET FUND - 0.3%      
1,580,776   BlackRock Liquidity FedFund, Institutional Class, 1.73% (Cost $1,580,776)(a)         1,580,776
             
 
    TOTAL INVESTMENTS - 100.2% (Cost $645,218,498)     $ 557,951,840
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%    

(1,043,886)

    NET ASSETS - 100.0%        

$ 556,907,954

           
               
 
                 

 

(a) Rate disclosed is the seven day effective yield as of July 31, 2022.

 

 

 
 

 

 

PFG BNY MELLON DIVERSIFIER STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Shares             Fair Value
    OPEN END FUNDS — 99.7%      
    ALTERNATIVE - 35.9%      
3,665,624   BNY Mellon Global Real Return Fund, Class I       $ 59,346,451
             
 
    EQUITY - 10.2%      
555,749   BNY Mellon Global Real Estate Securities Fund, Class I         5,001,737
225,076   BNY Mellon Natural Resources Fund, Class I         11,899,782
             

16,901,519
    FIXED INCOME - 53.6%      
7,703,087   BNY Mellon Core Plus Fund, Class I(a)         73,795,578
1,373,499   BNY Mellon Floating Rate Income Fund, Class I         14,874,994
             

88,670,572
               
    TOTAL OPEN END FUNDS (Cost $173,711,973)    

  164,918,542
               
    SHORT-TERM INVESTMENT — 0.0%(b)      
    MONEY MARKET FUND - 0.0% (b)      
25,353   BlackRock Liquidity FedFund, Institutional Class, 1.73% (Cost $25,353)(c)         25,353
             
 
    TOTAL INVESTMENTS - 99.7% (Cost $173,737,326)     $ 164,943,895
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%    

423,006
    NET ASSETS - 100.0%        

$ 165,366,901
           
               
 
                     

 

(a) Affiliated Company – PFG BNY Mellon Diversifier Strategy Fund holds in excess of 5% of outstanding voting securities of this security.
(b) Percentage rounds to less than 0.1%.
(c) Rate disclosed is the seven day effective yield as of July 31, 2022.

 

 

 

 
 

 

 

PFG BR EQUITY ESG STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 100.0%      
    EQUITY - 100.0%      
478,888   Blackrock US Carbon Transition Readiness ETF       $ 21,948,443
396,732   iShares ESG Advanced MSCI EAFE ETF(a)         21,875,802
1,151,057   iShares ESG Advanced MSCI USA ETF(a)         37,570,500
323,872   iShares ESG Aware MSCI USA ETF         29,763,837
734,821   iShares ESG Aware MSCI USA Small-Cap ETF         25,571,771
424,854   iShares Inc iShares ESG Aware MSCI EM ETF         13,595,328
591,534   iShares Trust - iShares MSCI KLD 400 Social ETF         46,216,552
281,783   iShares Trust iShares ESG Aware MSCI EAFE ETF         18,656,852
    TOTAL EXCHANGE-TRADED FUNDS (Cost $236,953,602)        

215,199,085

               
               
    SHORT-TERM INVESTMENT — 0.2%      
    MONEY MARKET FUND - 0.2%      
354,540   BlackRock Liquidity FedFund, Institutional Class, 1.73% (Cost $354,540)(b)         354,540
             
 
    TOTAL INVESTMENTS - 100.2% (Cost $237,308,142)     $ 215,553,625
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%    

(404,121)

    NET ASSETS - 100.0%        

$ 215,149,504

           
               
 
                   

  

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

(a) Affiliated Company – PFG BR Equity ESG Strategy Fund holds in excess of 5% of outstanding voting securities of this security.
(b) Rate disclosed is the seven day effective yield as of July 31, 2022.

 

 

 

 
 

 

 

PFG FIDELITY INSTITUTIONAL AM® BOND ESG STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 13.9%      
    FIXED INCOME - 13.9%      
19,535   Fidelity Total Bond ETF       $ 934,750
1,379   iShares Short Treasury Bond ETF         151,855
    TOTAL EXCHANGE-TRADED FUNDS (Cost $1,145,964)        

1,086,605

               
               
    OPEN END FUNDS — 81.1%      
    FIXED INCOME - 81.1%      
53,890   Calvert Bond Fund, Class I         811,040
565,463   Fidelity Sustainability Bond Index Fund, Institutional Class         5,507,611
    TOTAL OPEN END FUNDS (Cost $6,671,455)        

6,318,651

               
               
    SHORT-TERM INVESTMENT — 5.0%      
    MONEY MARKET FUND - 5.0%      
387,483   BlackRock Liquidity FedFund, Institutional Class, 1.73% (Cost $387,483)(a)         387,483
             
 
    TOTAL INVESTMENTS - 100.0% (Cost $8,204,902)     $ 7,792,739
    LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%(b)    

(768)

    NET ASSETS - 100.0%        

$ 7,791,971

           
               
 
                   

ETF  - Exchange-Traded Fund
   
 

(a)

(b)

Rate disclosed is the seven day effective yield as of July 31, 2022.

Percentage rounds to less than 0.1%.

 

 

 
 

 

 

PFG FIDELITY INSTITUTIONAL AM® EQUITY INDEX STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Shares             Fair Value
    OPEN END FUNDS — 99.7%      
    EQUITY - 99.7%      
558,264   Fidelity 500 Index Fund, Institutional Premium Class       $ 80,088,483
3,232,445   Fidelity Global ex US Index Fund, Institutional Premium Class         41,924,810
313,132   Fidelity Mid Cap Index Fund, Institutional Premium Class         8,564,171
427,726   Fidelity Small Cap Index Fund, Institutional Premium Class         9,983,131
    TOTAL OPEN END FUNDS (Cost $118,074,190)        

140,560,595

               
               
    SHORT-TERM INVESTMENT — 0.5%      
    MONEY MARKET FUND - 0.5%      
718,391   BlackRock Liquidity FedFund, Institutional Class, 1.73% (Cost $718,391)(a)         718,391
             
 
    TOTAL INVESTMENTS - 100.2% (Cost $118,792,581)     $ 141,278,986
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%    

(261,141)

    NET ASSETS - 100.0%        

$ 141,017,845

           
               
                 

(a) Rate disclosed is the seven day effective yield as of July 31, 2022.

 

 

 

 
 

 

 

PFG FIDELITY INSTITUTIONAL AM® EQUITY SECTOR STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 57.4%      
    EQUITY - 57.4%      
76,764   Fidelity MSCI Consumer Staples Index ETF       $ 3,436,724
1,317,564   Fidelity MSCI Energy Index ETF         28,288,099
811,983   Fidelity MSCI Industrials Index ETF(a)         40,623,509
120,672   Fidelity MSCI Information Technology Index ETF         13,207,550
450,058   Fidelity MSCI Materials Index ETF         19,762,047
249,331   Fidelity MSCI Real Estate Index ETF         7,365,238
460,169   Fidelity MSCI Utilities Index ETF         21,968,468
    TOTAL EXCHANGE-TRADED FUNDS (Cost $129,132,336)        

134,651,635

               
               
    OPEN END FUNDS — 42.4%      
    EQUITY - 42.4%      
131,185   Fidelity Advisor Financial Services Fund, Class Z         3,562,983
753,242   Fidelity Advisor Health Care Fund, Class Z         48,154,747
569,122   Fidelity Advisor Technology Fund, Class Z         47,931,488
    TOTAL OPEN END FUNDS (Cost $102,032,080)        

99,649,218

               
               
    SHORT-TERM INVESTMENT — 0.4%      
    MONEY MARKET FUND - 0.4%      
918,766   BlackRock Liquidity FedFund, Institutional Class, 1.73% (Cost $918,766)(b)         918,766
             
 
    TOTAL INVESTMENTS - 100.2% (Cost $232,083,182)     $ 235,219,619
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%    

(437,008)

    NET ASSETS - 100.0%        

$ 234,782,611

           
               
 
                   

 

ETF  - Exchange-Traded Fund
MSCI  - Morgan Stanley Capital International
 
(a) Affiliated Company – PFG Fidelity Institutional AM® Equity Sector Strategy Fund holds in excess of 5% of outstanding voting securities of this security.
(b) Rate disclosed is the seven day effective yield as of July 31, 2022.
 
 

  

 

PFG INVESCO® THEMATIC ESG STRATEGY FUND

SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 99.8%      
    EQUITY - 99.8%      
138,053   Invesco Global Clean Energy ETF       $ 3,154,511
389,995   Invesco Global Water ETF         13,372,928
262,429   Invesco MSCI Sustainable Future ETF         15,472,813
248,749   Invesco S&P Global Water Index ETF         12,176,264
39,293   Invesco Solar ETF(a)         3,362,302
216,527   Invesco Water Resources ETF         11,296,214
59,303   Invesco WilderHill Clean Energy ETF         3,316,817
    TOTAL EXCHANGE-TRADED FUNDS (Cost $73,928,243)        

62,151,849

               
               
    SHORT-TERM INVESTMENT — 0.4%      
    MONEY MARKET FUND - 0.4%      
272,565   BlackRock Liquidity FedFund, Institutional Class, 1.73% (Cost $272,565)(b)         272,565
             
 
    TOTAL INVESTMENTS - 100.2% (Cost $74,200,808)     $ 62,424,414
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%    

(112,091)

    NET ASSETS - 100.0%        

$ 62,312,323

           
               
                   

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

(a) Non-income producing security.
(b) Rate disclosed is the seven day effective yield as of July 31, 2022.

 

 

 

 
 

 

 

PFG JANUS HENDERSON® BALANCED STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 8.6%      
    EQUITY - 4.6%      
78,540   Janus Henderson Small Cap Growth Alpha ETF       $ 4,153,981
144,150   Janus Henderson Small/Mid Cap Growth Alpha ETF         8,246,144
             

12,400,125

    FIXED INCOME - 4.0%      
222,461   Janus Henderson Short Duration Income ETF         10,842,749
             
 
               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $25,581,689)    

  23,242,874

               
    OPEN END FUNDS — 91.2%      
    EQUITY - 3.7%      
403,707   Janus Henderson Contrarian Fund, Class N         9,931,191
             
 
    FIXED INCOME - 7.6%      
2,770,529   Janus Henderson High-Yield Fund, Class N         20,418,799
             
 
    MIXED ALLOCATION - 79.9%      
5,337,021   Janus Henderson Balanced Fund, Class N         214,654,969
             
 
               
    TOTAL OPEN END FUNDS (Cost $285,443,836)    

  245,004,959

               
    SHORT-TERM INVESTMENT — 0.1%      
    MONEY MARKET FUND - 0.1%      
218,272   BlackRock Liquidity FedFund, Institutional Class, 1.73% (Cost $218,272)(a)         218,272
             
 
    TOTAL INVESTMENTS - 99.9% (Cost $311,243,797)     $ 268,466,105
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%    

276,933

    NET ASSETS - 100.0%        

$ 268,743,038

           
                 

 

ETF  - Exchange-Traded Fund

 

(a) Rate disclosed is the seven day effective yield as of July 31, 2022.
   

 

 
 

 

 

PFG JP MORGAN® TACTICAL AGGRESSIVE STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 35.4%      
    EQUITY - 35.4%      
447,264   JPMorgan Diversified Return International Equity ETF       $ 22,689,703
108,941   JPMorgan Equity Premium Income ETF         6,256,482
670,598   JPMorgan International Research Enhanced Equity ETF         34,180,380
716,655   JPMorgan US Value Factor ETF         24,746,097
    TOTAL EXCHANGE-TRADED FUNDS (Cost $92,060,632)        

87,872,662
               
               
    OPEN END FUNDS — 61.5%      
    ALTERNATIVE - 5.4%      
856,565   JPMorgan Emerging Markets Research Enhanced Equity, Class R6         13,285,318
             
 
    EQUITY - 56.1%      
456,978   JPMorgan Emerging Markets Equity Fund, Class R6         13,247,786
613,243   JPMorgan Equity Index Fund, Class R6         38,063,969
657,400   JPMorgan Growth Advantage Fund, Class R6         18,380,908
775,973   JPMorgan Large Cap Growth Fund, Class R6         40,692,016
1,547,384   JPMorgan Large Cap Value Fund, Class R6         28,734,915
             

139,119,594
               
    TOTAL OPEN END FUNDS (Cost $162,485,864)    

  152,404,912
               
    SHORT-TERM INVESTMENT — 2.9%      
    MONEY MARKET FUND - 2.9%      
7,241,738   BlackRock Liquidity FedFund, Institutional Class, 1.73% (Cost $7,241,738)(a)         7,241,738
             
 
    TOTAL INVESTMENTS - 99.8% (Cost $261,788,234)     $ 247,519,312
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%    

438,876
    NET ASSETS - 100.0%        

$ 247,958,188
 
                       

ETF  - Exchange-Traded Fund
   
(a) Rate disclosed is the seven day effective yield as of July 31, 2022.
 

 

 

 
 

 

 

PFG JP MORGAN® TACTICAL MODERATE STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 18.8%      
    EQUITY - 18.8%      
188,907   JPMorgan Diversified Return International Equity ETF       $ 9,583,252
65,066   JPMorgan Equity Premium Income ETF         3,736,740
247,438   JPMorgan International Research Enhanced Equity ETF         12,611,915
283,353   JPMorgan US Value Factor ETF         9,784,179
    TOTAL EXCHANGE-TRADED FUNDS (Cost $34,750,187)    

35,716,086

               
    OPEN END FUNDS — 77.0%      
    ALTERNATIVE - 3.8%      
470,618   JPMorgan Emerging Markets Research Enhanced Equity, Class R6         7,299,278
             
 
    EQUITY - 35.8%      
177,824   JPMorgan Emerging Markets Equity Fund, Class R6         5,155,126
385,103   JPMorgan Equity Index Fund, Class R6         23,903,313
206,689   JPMorgan Growth Advantage Fund, Class R6         5,779,030
391,219   JPMorgan Large Cap Growth Fund, Class R6         20,515,528
679,964   JPMorgan Large Cap Value Fund, Class R6         12,626,939
             

67,979,936

    FIXED INCOME - 37.4%      
4,284,146   JPMorgan Core Bond Fund, Class R6         46,183,099
2,283,409   JPMorgan Core Plus Bond Fund, Class R6         17,399,574
862,750   JPMorgan Income Fund, Class R6         7,480,042
             

71,062,715

               
    TOTAL OPEN END FUNDS (Cost $154,290,273)    

  146,341,929

               
 
 

 

PFG JP MORGAN® TACTICAL MODERATE STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Shares             Fair Value
    SHORT-TERM INVESTMENT — 3.9%      
    MONEY MARKET FUND - 3.9%      
7,434,907   BlackRock Liquidity FedFund, Institutional Class, 1.73% (Cost $7,434,907)(a)       $ 7,434,907
             
 
    TOTAL INVESTMENTS - 99.7% (Cost $196,475,367)     $ 189,492,922
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%    

525,279

    NET ASSETS - 100.0%        

$ 190,018,201

           
               
                 

ETF  - Exchange-Traded Fund
   
 

(a) Rate disclosed is the seven day effective yield as of July 31, 2022.

 

 

 

 

 

 

 

 
 

 

 

PFG MEEDER TACTICAL STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Shares             Fair Value
    OPEN END FUNDS — 99.8%      
    ALTERNATIVE - 10.0%      
911,831   Meeder Spectrum Fund, Institutional Class(a)       $ 11,507,302
             
 
    EQUITY - 76.5%      
1,617,412   Meeder Dynamic Allocation Fund, Institutional Class(a)         19,651,552
347,238   Meeder Moderate Allocation Fund, Institutional Class         3,986,287
7,436,276   Meeder Muirfield Fund, Institutional Class(a)         64,323,789
             

87,961,628
    FIXED INCOME - 2.7%      
179,462   Meeder Total Return Bond Fund, Institutional Class         1,624,134
72,919   Performance Trust Strategic Bond Fund         1,486,098
             

3,110,232
    MIXED ALLOCATION - 10.6%      
742,346   Meeder Balanced Fund, Institutional Class         9,026,928
146,918   Meeder Conservative Allocation Fund, Institutional Class         3,202,807
             

12,229,735
               
    TOTAL OPEN END FUNDS (Cost $127,084,203)    

  114,808,897
               
    SHORT-TERM INVESTMENT — 0.1%      
    MONEY MARKET FUND - 0.1%      
64,508   BlackRock Liquidity FedFund, Institutional Class, 1.73% (Cost $64,508)(b)         64,508
             
 
    TOTAL INVESTMENTS - 99.9% (Cost $127,148,711)     $ 114,873,405
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%    

110,726
    NET ASSETS - 100.0%        

$ 114,984,131
           
               
                     

(a) Affiliated Company – PFG Meeder Tactical Strategy Fund holds in excess of 5% of outstanding voting securities of this security.
(b) Rate disclosed is the seven day effective yield as of July 31, 2022.

 

 

 
 

 

PFG MFS® AGGRESSIVE GROWTH STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 14.4%      
    COMMODITY - 4.6%      
95,206   iShares GSCI Commodity Dynamic ETF       $ 3,806,336
             
 
    EQUITY - 9.8%      
49,715   Schwab International Small-Cap Equity ETF         1,664,955
67,072   SPDR Portfolio Emerging Markets ETF         2,317,338
9,191   Vanguard Small-Cap Growth ETF         2,022,939
12,937   Vanguard Small-Cap Value ETF         2,128,654
             

8,133,886

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $11,524,840)    

  11,940,222

               
    OPEN END FUNDS — 85.2%      
    EQUITY - 85.2%      
226,324   MFS Global Real Estate Fund, Class R5         4,279,783
65,884   MFS Growth Fund, Class R6         10,090,790
146,534   MFS Institutional International Equity Fund, Class I         4,146,914
111,632   MFS International Growth Fund, Class R5         4,140,448
347,371   MFS International Large Cap Value Fund, Class R6         4,088,562
49,742   MFS International New Discovery Fund, Class R6         1,559,896
327,043   MFS Mid Cap Growth Fund, Class R6         8,493,307
279,416   MFS Mid Cap Value Fund, Class R5         8,368,499
173,629   MFS Research Fund, Class R6         9,160,645
318,500   MFS Research International Fund, Class R6         6,471,912
199,364   MFS Value Fund, Class R6         9,914,376
    TOTAL OPEN END FUNDS (Cost $68,474,774)    

70,715,132

               
               
 
 

 

PFG MFS® AGGRESSIVE GROWTH STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Shares             Fair Value
    SHORT-TERM INVESTMENT — 0.6%      
    MONEY MARKET FUND - 0.6%      
454,965   BlackRock Liquidity FedFund, Institutional Class, 1.73% (Cost $454,965)(a)       $ 454,965
             
 
    TOTAL INVESTMENTS - 100.2% (Cost $80,454,579)     $ 83,110,319
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%    

(151,157)
    NET ASSETS - 100.0%        

$ 82,959,162
           
               
                   

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

(a) Rate disclosed is the seven day effective yield as of July 31, 2022.

 

 
 

 

PFG TACTICAL INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 13.3%      
    EQUITY - 6.9%      
62,796   Janus Henderson Small Cap Growth Alpha ETF       $ 3,321,280
93,987   Janus Henderson Small/Mid Cap Growth Alpha ETF         5,376,555
             

8,697,835

    FIXED INCOME - 6.4%      
10,987   CP High Yield Trend ETF         245,986
62,913   Janus Henderson Mortgage-Backed Securities ETF         3,096,578
99,262   Janus Henderson Short Duration Income ETF         4,838,029
             

8,180,593

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $18,167,343)    

  16,878,428

               
    OPEN END FUNDS — 86.4%      
    EQUITY - 26.2%      
676,772   Janus Henderson Asia Equity Fund, Class N(a)         6,713,581
159,761   Janus Henderson Contrarian Fund, Class N         3,930,131
2,019,135   Janus Henderson Global Equity Income Fund, Class N         12,437,871
110,287   Janus Henderson Global Life Sciences Fund, Class N         6,872,001
83,374   Janus Henderson Global Technology and Innovation Fund, Class N         3,252,410
             

33,205,994

    FIXED INCOME - 55.6%      
1,977,916   Counterpoint Tactical Income Fund, Class I         21,915,314
145,456   Counterpoint Tactical Municipal Fund, Class I         1,531,655
1,361,502   Janus Henderson Developed World Bond Fund, Class R6         12,199,059
881,953   Janus Henderson Flexible Bond Fund, Class N         8,819,533
779,357   Janus Henderson High-Yield Fund, Class N         5,743,862
48,566   Kensington Managed Income Fund, Institutional Class         499,256
630,268   Sierra Tactical Bond Fund, Institutional Class         16,550,848
287,081   WSTCM Credit Select Risk-Managed Fund, Institutional Class         3,043,062
             

70,302,589

 
 

 

PFG TACTICAL INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Shares             Fair Value
    OPEN END FUNDS — 86.4% (Continued)      
    MIXED ALLOCATION - 4.6%      
446,808   Janus Henderson Dividend & Income Builder Fund, Class R6       $  5,866,591
             
 
               
    TOTAL OPEN END FUNDS (Cost $118,148,392)     109,375,174
               
    SHORT-TERM INVESTMENT — 0.1%      
    MONEY MARKET FUND - 0.1%      
91,293   BlackRock Liquidity FedFund, Institutional Class, 1.73% (Cost $91,293)(b)         91,293
             
 
    TOTAL INVESTMENTS - 99.8% (Cost $136,407,028)     $ 126,344,895
    OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%    

220,976

    NET ASSETS - 100.0%        

$ 126,565,871

           
               
                 

 

ETF  - Exchange-Traded Fund
   
 

 

(a) Affiliated Company – PFG Tactical Income Strategy Fund holds in excess of 5% of outstanding voting securities of this security.
(b) Rate disclosed is the seven day effective yield as of July 31, 2022.