PFG AMERICAN FUNDS® CONSERVATIVE INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2024
 
Shares             Fair Value
    OPEN END FUNDS — 99.5%      
    EQUITY - 10.0%      
379,870   American Mutual Fund, Class R-6       $ 21,568,995
             
    FIXED INCOME - 74.5%      
1,135,637   American Funds Multi-Sector Income Fund, Class R-6         10,686,346
2,330,366   American Funds Strategic Bond Fund, Class R-6         21,509,275
3,747,239   Bond Fund of America (The), Class R-6         42,643,579
4,252,261   Intermediate Bond Fund of America, Class R-6         53,280,825
3,373,026   Short Term Bond Fund of America, Class R-6         32,111,208
             

160,231,233

    MIXED ALLOCATION - 15.0%      
306,673   American Balanced Fund, Class R-6         10,801,011
853,684   Income Fund of America (The), Class R-6         21,436,005
             

32,237,016

               
    TOTAL OPEN END FUNDS (Cost $220,241,534)    

  214,037,244

               
    SHORT-TERM INVESTMENT — 0.6%      
    MONEY MARKET FUND - 0.6%      
1,217,238   BlackRock Liquidity FedFund, Institutional Class, 5.21% (Cost $1,217,238)(a)         1,217,238
             
    TOTAL INVESTMENTS - 100.1% (Cost $221,458,772)     $ 215,254,482
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%    

(134,969)

    NET ASSETS - 100.0%        

$ 215,119,513

           

 

 

 

(a) Rate disclosed is the seven day effective yield as of July 31, 2024.

 

 

 

 
 

 

PFG AMERICAN FUNDS® GROWTH STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2024
 
Shares             Fair Value
    OPEN END FUNDS — 99.7%      
    EQUITY – 99.7%      
3,022,911   AMCAP Fund, Class R-6       $ 131,980,289
1,531,510   American Funds - Investment Company of America, Class R-6         89,332,976
1,079,421   American Funds Fundamental Investors, Class R-6         88,771,555
2,999,588   Growth Fund of America (The), Class R-6         221,699,549
1,413,358   New Economy Fund (The), Class R-6         89,211,188
2,113,032   New Perspective Fund, Class R-6         132,761,796
1,857,123   Smallcap World Fund, Inc., Class R-6         133,545,726
    TOTAL OPEN END FUNDS (Cost $818,094,212)        

887,303,079

               
    SHORT-TERM INVESTMENT — 0.5%      
    MONEY MARKET FUND - 0.5%      
4,380,795   BlackRock Liquidity FedFund, Institutional Class, 5.21% (Cost $4,380,795)(a)         4,380,795
             
    TOTAL INVESTMENTS - 100.2% (Cost $822,475,007)     $ 891,683,874
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%    

(2,064,384)

    NET ASSETS - 100.0%        

$ 889,619,490

           
 

 

 

 

 

 

 

(a) Rate disclosed is the seven day effective yield as of July 31, 2024.

 

 

 

 

 

 

 
 

PFG BNY MELLON DIVERSIFIER STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2024
 
Shares             Fair Value
    EXCHANGE-TRADED FUND — 2.0%      
    EQUITY - 2.0%      
47,183   iShares Global Infrastructure ETF (Cost $2,227,436)       $ 2,362,453
             
    OPEN END FUNDS — 97.5%      
    ALTERNATIVE - 22.9%      
1,689,606   BNY Mellon Global Real Return Fund, Class I         26,864,736
             
    EQUITY - 7.0%      
706,548   BNY Mellon Global Real Estate Securities Fund, Class I         5,829,025
45,983   BNY Mellon Natural Resources Fund, Class I         2,330,431
             

8,159,456

    FIXED INCOME - 67.6%      
8,504,969   BNY Mellon Core Plus Fund, Class I         79,096,207
             
    TOTAL OPEN END FUNDS (Cost $111,623,729)    

  114,120,399

               
    SHORT-TERM INVESTMENT — 0.4%      
    MONEY MARKET FUND - 0.4%      
448,395   BlackRock Liquidity FedFund, Institutional Class, 5.21% (Cost $448,395)(a)         448,395
             
    TOTAL INVESTMENTS - 99.9% (Cost $114,299,560)     $ 116,931,247
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%    

136,190

    NET ASSETS - 100.0%        

$ 117,067,437

           
               
 

 

 

 

ETF  - Exchange-Traded Fund
 

 

 

(a) Rate disclosed is the seven day effective yield as of July 31, 2024.

 

 

 

 

 

 
 

 

PFG BR TARGET ALLOCATION EQUITY STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2024
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 99.6%      
    EQUITY - 99.6%      
564,608   BlackRock U.S. Equity Factor Rotation ETF       $ 26,689,020
171,506   iShares Core MSCI Emerging Markets ETF         9,251,034
153,109   iShares Core S&P 500 ETF         84,718,272
151,300   iShares Currency Hedged MSCI EAFE ETF         5,315,169
246,981   iShares MSCI EAFE Growth ETF         25,527,956
171,317   iShares MSCI EAFE Value ETF         9,456,698
154,743   iShares MSCI Emerging Markets ex China ETF         9,318,624
171,420   iShares MSCI USA Quality Factor ETF         29,446,528
384,324   iShares S&P 500 Growth ETF         35,084,938
83,536   iShares S&P 500 Value ETF         15,930,315
59,491   iShares U.S. Infrastructure ETF         2,747,294
92,480   iShares U.S. Technology ETF         13,532,599
    TOTAL EXCHANGE-TRADED FUNDS (Cost $239,719,808)        

267,018,447

               
    SHORT-TERM INVESTMENT — 0.7%      
    MONEY MARKET FUND - 0.7%      
1,885,872   BlackRock Liquidity FedFund, Institutional Class, 5.21% (Cost $1,885,872)(a)         1,885,872
             
    TOTAL INVESTMENTS - 100.3% (Cost $241,605,680)     $ 268,904,319
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%    

(866,484)

    NET ASSETS - 100.0%        

$ 268,037,835

           
               
 

 

 

 

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

 

(a) Rate disclosed is the seven day effective yield as of July 31, 2024.

 

 

 
 

 

PFG FIDELITY INSTITUTIONAL AM® CORE PLUS BOND STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2024
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 48.2%      
    FIXED INCOME - 48.2%      
313,049   Fidelity Corporate Bond ETF(a)       $ 14,713,302
48,450   Fidelity Total Bond ETF         2,219,495
173,796   Invesco Taxable Municipal Bond         4,702,920
68,655   iShares MBS ETF         6,448,078
    TOTAL EXCHANGE-TRADED FUNDS (Cost $26,993,635)        

28,083,795

               
    OPEN END FUNDS — 51.3%      
    FIXED INCOME - 51.3%      
772,667   Fidelity Advisor Strategic Income Fund, Class Z         8,962,941
2,189,147   Fidelity Total Bond Fund, Class Z         20,950,133
    TOTAL OPEN END FUNDS (Cost $28,853,725)        

29,913,074

               
    SHORT-TERM INVESTMENT — 0.4%      
    MONEY MARKET FUND - 0.4%      
208,903   BlackRock Liquidity FedFund, Institutional Class, 5.21% (Cost $208,903)(b)         208,903
             
    TOTAL INVESTMENTS - 99.9% (Cost $56,056,263)     $ 58,205,772
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%    

86,678

    NET ASSETS - 100.0%        

$ 58,292,450

           
               
 

 

 

 

ETF  - Exchange-Traded Fund

 

(a) Affiliated Company – PFG Fidelity Institutional AM® Core Plus Bond Strategy Fund holds in excess of 5% of outstanding voting securities of this security.
(b) Rate disclosed is the seven day effective yield as of July 31, 2024.

 

 

 
 

 

PFG FIDELITY INSTITUTIONAL AM® EQUITY INDEX STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2024
 
Shares             Fair Value
    OPEN END FUNDS — 99.5%      
    EQUITY - 99.5%      
1,046,163   Fidelity 500 Index Fund, Institutional Premium Class       $ 200,748,207
6,535,926   Fidelity Global ex US Index Fund, Institutional Premium Class         99,738,227
400,155   Fidelity Mid Cap Index Fund, Institutional Premium Class         13,169,092
588,856   Fidelity Small Cap Index Fund, Institutional Premium Class         16,511,522
    TOTAL OPEN END FUNDS (Cost $272,892,893)        

330,167,048

               
    SHORT-TERM INVESTMENT — 0.8%      
    MONEY MARKET FUND - 0.8%      
2,518,966   BlackRock Liquidity FedFund, Institutional Class, 5.21% (Cost $2,518,966)(a)         2,518,966
             
    TOTAL INVESTMENTS - 100.3% (Cost $275,411,859)     $ 332,686,014
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%    

(990,876)

    NET ASSETS - 100.0%        

$ 331,695,138

           
               
 

 

 

 

(a) Rate disclosed is the seven day effective yield as of July 31, 2024.

 

 

 

 
 

 

PFG FIDELITY INSTITUTIONAL AM® EQUITY SECTOR STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2024
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 48.7%      
    EQUITY - 48.7%      
505,345   Fidelity MSCI Consumer Discretionary Index ETF       $ 42,191,254
1,628,604   Fidelity MSCI Energy Index ETF         41,822,551
703,701   Fidelity MSCI Financials Index ETF         43,636,499
1,407,964   Fidelity MSCI Materials Index ETF(a)         73,628,210
    TOTAL EXCHANGE-TRADED FUNDS (Cost $176,566,921)        

201,278,514

               
    OPEN END FUNDS — 50.7%      
    EQUITY - 50.7%      
599,030   Fidelity Advisor Communication Services Fund, Class Z         60,549,932
697,804   Fidelity Advisor Health Care Fund, Class Z(b)         49,704,595
758,124   Fidelity Advisor Technology Fund, Class Z         99,700,895
    TOTAL OPEN END FUNDS (Cost $185,138,743)        

209,955,422

               
    SHORT-TERM INVESTMENT — 0.5%      
    MONEY MARKET FUND - 0.5%      
2,134,674   BlackRock Liquidity FedFund, Institutional Class, 5.21% (Cost $2,134,674)(c)         2,134,674
             
    TOTAL INVESTMENTS - 99.9% (Cost $363,840,338)     $ 413,368,610
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%    

567,532

    NET ASSETS - 100.0%        

$ 413,936,142

           
               
 

 

 

 

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

 

(a) Affiliated Company – PFG Fidelity Institutional AM® Equity Sector Strategy Fund holds in excess of 5% of outstanding voting securities of this security.
(b) Non-income producing security.
(c) Rate disclosed is the seven day effective yield as of July 31, 2024.

 

 

 

 

 
 

 

PFG GLOBAL EQUITY INDEX STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2024

 

Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 99.7%      
    EQUITY - 99.7%      
135,880   Vanguard FTSE Developed Markets ETF       $ 6,917,651
59,497   Vanguard FTSE Emerging Markets ETF         2,635,122
19,487   Vanguard Growth ETF         7,157,575
7,348   Vanguard Small-Cap ETF         1,715,023
152,451   Vanguard Total International Stock ETF         9,433,668
52,673   Vanguard Total Stock Market ETF         14,357,080
32,437   Vanguard Value ETF         5,449,740
    TOTAL EXCHANGE-TRADED FUNDS (Cost $45,375,225)        

47,665,859

 

    SHORT-TERM INVESTMENT — 0.4%      
    MONEY MARKET FUND - 0.4%      
201,061   BlackRock Liquidity FedFund, Institutional Class, 5.21% (Cost $201,061)(a)         201,061
             
    TOTAL INVESTMENTS - 100.1% (Cost $45,576,286)     $ 47,866,920
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%    

(28,673)

    NET ASSETS - 100.0%        

$ 47,838,247

 

 

ETF  - Exchange-Traded Fund

 

(a) Rate disclosed is the seven day effective yield as of July 31, 2024.

 

 

 
 

 

PFG INVESCO® EQUITY FACTOR ROTATION STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2024
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 99.7%      
    EQUITY - 99.7%      
121,229   Invesco International Developed Dynamic Multifactor ETF       $ 3,076,792
255,451   Invesco Russell 1000 Dynamic Multifactor ETF         12,892,612
83,050   Invesco Russell 2000 Dynamic Multifactor ETF         3,258,051
59,782   Invesco S&P 500 Enhanced Value ETF         2,996,620
133,122   Invesco S&P 500 Low Volatility ETF         9,008,366
89,443   Invesco S&P 500 Momentum ETF         7,692,098
117,656   Invesco S&P 500 Quality ETF         7,600,578
253,706   Invesco S&P Emerging Markets Low Volatility ETF         6,210,292
216,872   Invesco S&P International Developed Low Volatility ETF         6,246,976
24,842   Invesco S&P MidCap 400 GARP ETF         3,035,444
    TOTAL EXCHANGE-TRADED FUNDS (Cost $57,645,528)        

62,017,829

               
    SHORT-TERM INVESTMENT — 0.5%      
    MONEY MARKET FUND - 0.5%      
316,663   BlackRock Liquidity FedFund, Institutional Class, 5.21% (Cost $316,663)(a)         316,663
             
    TOTAL INVESTMENTS - 100.2% (Cost $57,962,191)     $ 62,334,492
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%    

(111,206)

    NET ASSETS - 100.0%        

$ 62,223,286

           
               
 

 

 

 

ETF  - Exchange-Traded Fund

 

 

(a) Rate disclosed is the seven day effective yield as of July 31, 2024.

 

 
 

 

PFG JANUS HENDERSON® BALANCED STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2024
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 9.5%      
    EQUITY - 3.1%      
121,340   Janus Henderson Small/Mid Cap Growth Alpha ETF       $ 8,687,944
             
    FIXED INCOME - 6.4%      
374,528   Janus Henderson Short Duration Income ETF         18,280,711
             
    TOTAL EXCHANGE-TRADED FUNDS (Cost $25,434,451)    

  26,968,655

               
    OPEN END FUNDS — 90.2%      
    EQUITY - 9.6%      
938,604   Janus Henderson Contrarian Fund, Class N         27,388,464
             
    FIXED INCOME - 1.0%      
377,445   Janus Henderson High-Yield Fund, Class N         2,766,673
             
    MIXED ALLOCATION - 79.6%      
4,884,732   Janus Henderson Balanced Fund, Class N         226,846,967
             
    TOTAL OPEN END FUNDS (Cost $246,640,127)    

  257,002,104

               
    SHORT-TERM INVESTMENT — 0.5%      
    MONEY MARKET FUND - 0.5%      
1,318,190   BlackRock Liquidity FedFund, Institutional Class, 5.21% (Cost $1,318,190)(a)         1,318,190
             
    TOTAL INVESTMENTS - 100.2% (Cost $273,392,768)     $ 285,288,949
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%    

(462,090)

    NET ASSETS - 100.0%        

$ 284,826,859

           
 

 

 

 

 

ETF  - Exchange-Traded Fund

 

(a) Rate disclosed is the seven day effective yield as of July 31, 2024.

 

 
 

 

PFG JP MORGAN® TACTICAL AGGRESSIVE STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2024
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 38.6%      
    EQUITY - 38.6%      
129,477   JPMorgan BetaBuilders International Equity ETF       $ 7,857,959
340,105   JPMorgan BetaBuilders US Equity ETF         33,779,228
394,902   JPMorgan Diversified Return International Equity ETF(a)         22,759,979
528,184   JPMorgan International Research Enhanced Equity ETF         33,877,722
252,521   JPMorgan US Value Factor ETF         10,737,193
    TOTAL EXCHANGE-TRADED FUNDS (Cost $93,139,502)        

109,012,081

               
    OPEN END FUNDS — 61.1%      
    ALTERNATIVE - 4.5%      
750,989   JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6         12,586,569
             
    EQUITY - 56.6%      
451,773   JPMorgan Emerging Markets Equity Fund, Class R6         14,050,148
55,711   JPMorgan Equity Index Fund, Class R6         4,619,566
261,703   JPMorgan Growth Advantage Fund, Class R6         10,609,441
316,819   JPMorgan Large Cap Growth Fund, Class R6         24,185,977
1,416,512   JPMorgan Large Cap Value Fund, Class R6         29,576,767
3,068,313   JPMorgan US Equity Fund, Class R6         77,014,664
             

160,056,563

               
    TOTAL OPEN END FUNDS (Cost $141,554,068)    

  172,643,132

               
    SHORT-TERM INVESTMENT — 0.7%      
    MONEY MARKET FUND - 0.7%      
1,914,332   BlackRock Liquidity FedFund, Institutional Class, 5.21% (Cost $1,914,332)(b)       $ 1,914,332
             
    TOTAL INVESTMENTS - 100.4% (Cost $236,607,902)     $ 283,569,545
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%    

(1,055,405)

    NET ASSETS - 100.0%        

$ 282,514,140

           
 

 

 

   
ETF  - Exchange-Traded Fund
 

 

(a) Affiliated Company – PFG JP Morgan® Tactical Aggressive Strategy Fund holds in excess of 5% of outstanding voting securities of this security.
(b) Rate disclosed is the seven day effective yield as of July 31, 2024.
 
 

 

PFG JP MORGAN® TACTICAL MODERATE STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2024
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 43.5%      
    EQUITY - 26.7%      
67,227   JPMorgan BetaBuilders International Equity ETF       $ 4,080,007
174,599   JPMorgan BetaBuilders US Equity ETF         17,341,173
127,603   JPMorgan Diversified Return International Equity ETF         7,354,335
25,703   JPMorgan Equity Premium Income ETF         1,477,408
136,749   JPMorgan International Research Enhanced Equity ETF         8,771,081
             

39,024,004

    FIXED INCOME - 16.8%      
69,112   iShares 10-20 Year Treasury Bond ETF         7,319,652
150,370   JPMorgan BetaBuilders U.S. Aggregate Bond ETF         6,965,138
218,716   JPMorgan BetaBuilders USD High Yield Corporate Bond ETF         10,163,732
             

24,448,522

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $57,335,968)    

  63,472,526

               
    OPEN END FUNDS — 55.8%      
    ALTERNATIVE - 3.7%      
322,295   JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6         5,401,660
             
    EQUITY - 34.4%      
124,688   JPMorgan Emerging Markets Equity Fund, Class R6         3,877,784
28,916   JPMorgan Equity Index Fund, Class R6         2,397,738
113,002   JPMorgan Large Cap Growth Fund, Class R6         8,626,577
588,695   JPMorgan Large Cap Value Fund, Class R6         12,291,949
915,729   JPMorgan US Equity Fund, Class R6         22,984,789
             

50,178,837

    FIXED INCOME - 17.7%      
2,148,447   JPMorgan Core Plus Bond Fund, Class R6         15,619,213
1,200,460   JPMorgan Income Fund, Class R6         10,167,898
             

25,787,111

               
    TOTAL OPEN END FUNDS (Cost $72,155,221)    

  81,367,608

               
 
 

 

PFG JP MORGAN® TACTICAL MODERATE STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
July 31, 2024
 
Shares             Fair Value
    SHORT-TERM INVESTMENT — 0.4%      
    MONEY MARKET FUND - 0.4%      
559,974   BlackRock Liquidity FedFund, Institutional Class, 5.21% (Cost $559,974)(a)       $ 559,974
             
    TOTAL INVESTMENTS - 99.7% (Cost $130,051,163)     $ 145,400,108
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%    

388,599

    NET ASSETS - 100.0%        

$ 145,788,707

           
               
 

 

 

ETF  - Exchange-Traded Fund

 

(a) Rate disclosed is the seven day effective yield as of July 31, 2024.

 

 
 

 

PFG MEEDER TACTICAL STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2024
 
Shares             Fair Value
    OPEN END FUNDS — 99.7%      
    ALTERNATIVE - 10.1%      
859,478   Meeder Spectrum Fund, Institutional Class(a)       $ 12,574,157
             
    EQUITY - 76.2%      
1,353,287   Meeder Dynamic Allocation Fund, Institutional Class(a)         20,921,823
338,117   Meeder Moderate Allocation Fund, Institutional Class         4,341,417
6,567,748   Meeder Muirfield Fund, Institutional Class(a)         69,749,488
             

95,012,728

    FIXED INCOME - 2.7%      
192,298   Meeder Tactical Income Fund, Institutional Class         1,792,215
81,001   Performance Trust Total Return Bond Fund, Institutional Class         1,607,067
             

3,399,282

    MIXED ALLOCATION - 10.7%      
695,041   Meeder Balanced Fund, Institutional Class         9,841,781
147,889   Meeder Conservative Allocation Fund, Institutional Class         3,488,702
             

13,330,483

               
    TOTAL OPEN END FUNDS (Cost $113,312,455)    

  124,316,650

               
    SHORT-TERM INVESTMENT — 0.5%      
    MONEY MARKET FUND - 0.5%      
643,008   BlackRock Liquidity FedFund, Institutional Class, 5.21% (Cost $643,008)(b)         643,008
             
    TOTAL INVESTMENTS - 100.2% (Cost $113,955,463)     $ 124,959,658
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%    

(203,531)

    NET ASSETS - 100.0%        

$ 124,756,127

           
               
 

 

 

 

 

 

(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, 2024.

 

 

 

 
 

 

PFG MFS® AGGRESSIVE GROWTH STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2024
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 14.6%      
    COMMODITY - 4.8%      
195,934   iShares GSCI Commodity Dynamic Roll Strategy ETF       $ 5,213,804
             
    EQUITY - 9.8%      
59,112   Schwab International Small-Cap Equity ETF         2,193,055
80,450   SPDR Portfolio Emerging Markets ETF         3,067,558
9,963   Vanguard Small-Cap Growth ETF         2,604,428
13,916   Vanguard Small-Cap Value ETF         2,759,960
             

10,625,001

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $15,091,254)    

  15,838,805

               
    OPEN END FUNDS — 85.0%      
    EQUITY - 85.0%      
319,382   MFS Global Real Estate Fund, Class R6         5,483,795
61,184   MFS Growth Fund, Class R6         12,943,513
151,823   MFS International Equity Fund, Class R6         5,397,307
122,363   MFS International Growth Fund, Class R6         5,369,298
376,721   MFS International Large Cap Value Fund, Class R6         5,447,383
62,630   MFS International New Discovery Fund, Class R6         2,095,593
337,123   MFS Mid Cap Growth Fund, Class R6(a)         10,764,349
311,435   MFS Mid Cap Value Fund, Class R6         10,831,704
197,239   MFS Research Fund, Class R6         11,875,747
357,868   MFS Research International Fund, Class R6         8,535,141
247,054   MFS Value Fund, Class R6         12,967,865
    TOTAL OPEN END FUNDS (Cost $79,670,553)        

91,711,695

               
               
 
 

 

PFG MFS® AGGRESSIVE GROWTH STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
July 31, 2024
 
Shares             Fair Value
    SHORT-TERM INVESTMENT — 0.5%      
    MONEY MARKET FUND - 0.5%      
525,234   BlackRock Liquidity FedFund, Institutional Class, 5.21% (Cost $525,234)(b)       $ 525,234
             
    TOTAL INVESTMENTS - 100.1% (Cost $95,287,041)     $ 108,075,734
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%    

(137,445)

    NET ASSETS - 100.0%        

$ 107,938,289

           
               

 

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

 

(a) Non-income producing security.
(b) Rate disclosed is the seven day effective yield as of July 31, 2024.

 

 

 

 
 
 

 

PFG PIMCO ACTIVE CORE BOND STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2024
 
Shares             Fair Value
    OPEN END FUNDS — 99.2%      
    FIXED INCOME – 99.2%      
3,408,918   PIMCO Income Fund, Institutional Class       $ 36,373,152
1,217,571   PIMCO International Bond Fund U.S. Dollar‐Hedged, Institutional Class       12,066,125
741,278   PIMCO Investment Grade Credit Bond Fund, Institutional Class       6,693,736
2,141,084   PIMCO Mortgage Opportunities and Bond Fund, Institutional Class       20,147,598
663,383   PIMCO Real Return Fund, Institutional Class       6,713,438
6,062,565   PIMCO Total Return Fund, Institutional Class       52,623,062
    TOTAL OPEN END FUNDS (Cost $140,783,303)     134,617,111
             
             
    SHORT‐TERM INVESTMENT — 0.6%    
    MONEY MARKET FUND ‐ 0.6%    
             
798,872   BlackRock Liquidity FedFund, Institutional Class, 5.21% (Cost $798,872)(a)         798,872
         
         
    TOTAL INVESTMENTS – 99.8% (Cost $141,582,175)     $135,415,983   
    OTHER ASSETS IN EXCESS OF LIABILITIES ‐ 0.2%     267,376   
    NET ASSETS ‐ 100.0%     135,683,359   
               
               

 

(a)  Rate disclosed is the seven day effective yield as of July 31, 2024.

 

 
 

 

PFG TACTICAL INCOME STRATEGY FUND

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2024
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 13.5%      
    EQUITY - 2.1%      
30,251   Janus Henderson Small/Mid Cap Growth Alpha ETF       $ 2,165,972
             
    FIXED INCOME - 11.4%      
157,673   Janus Henderson Mortgage-Backed Securities ETF         7,204,079
91,837   Janus Henderson Short Duration Income ETF         4,482,564
             

11,686,643

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $13,701,173)    

  13,852,615

               
    OPEN END FUNDS — 86.0%      
    EQUITY - 27.4%      
372,901   Janus Henderson Contrarian Fund, Class N         10,881,250
1,473,112   Janus Henderson Global Equity Income Fund, Class N         9,295,335
45,308   Janus Henderson Global Life Sciences Fund, Class N         3,553,989
67,343   Janus Henderson Global Technology and Innovation Fund, Class N         4,372,609
             

28,103,183

    FIXED INCOME - 46.6%      
1,747,902   Counterpoint Tactical Income Fund, Class I         19,768,767
120,673   Counterpoint Tactical Municipal Fund, Class I         1,316,538
269,417   Janus Henderson Developed World Bond Fund, Class R6         2,082,597
962,811   Janus Henderson Flexible Bond Fund, Class N         9,040,791
139,746   Janus Henderson High-Yield Fund, Class N         1,024,335
43,410   Kensington Managed Income Fund, Institutional Class         426,285
335,632   Sierra Tactical Bond Fund, Institutional Class         8,843,914
274,397   Toews Tactical Income Fund         2,782,381
237,322   WSTCM Credit Select Risk-Managed Fund, Institutional Class         2,465,774
             

47,751,382

    MIXED ALLOCATION - 12.0%      
749,264   Janus Henderson Responsible International Dividend Fund, Class R6(a)         12,317,902
             
    TOTAL OPEN END FUNDS (Cost $82,166,393)    

88,172,467

               
               
 
 

 

PFG TACTICAL INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
July 31, 2024
 
Shares             Fair Value
    SHORT-TERM INVESTMENT — 0.4%      
    MONEY MARKET FUND - 0.4%      
411,229   BlackRock Liquidity FedFund, Institutional Class, 5.21% (Cost $411,229)(b)       $ 411,229
             
    TOTAL INVESTMENTS - 99.9% (Cost $96,278,795)     $ 102,436,311
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%    

112,595

    NET ASSETS - 100.0%        

$ 102,548,906

           
               
 

 

 

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, 2024.

 

 

 

 
 

 

PFG US EQUITY INDEX STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
July 31, 2024
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 99.7%      
    EQUITY - 99.7%      
22,014   Vanguard Extended Market ETF       $ 3,950,192
187,880   Vanguard Russell 1000 Growth ETF         17,318,779
148,308   Vanguard Russell 1000 Value ETF         11,926,929
11,803   Vanguard Russell 2000 ETF         1,068,762
54,910   Vanguard S&P 500 ETF         27,780,616
    TOTAL EXCHANGE-TRADED FUNDS (Cost $58,058,621)        

62,045,278

 

    SHORT-TERM INVESTMENT — 0.6%      
    MONEY MARKET FUND - 0.6%      
393,707   BlackRock Liquidity FedFund, Institutional Class, 5.21% (Cost $393,707)(a)         393,707
             
    TOTAL INVESTMENTS - 100.3% (Cost $58,452,328)     $ 62,438,985
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%    

(176,761)

    NET ASSETS - 100.0%        

$ 62,262,224

 

 

ETF  - Exchange-Traded Fund

 

 

(a) Rate disclosed is the seven day effective yield as of July 31, 2024.