PFG AMERICAN FUNDS® CONSERVATIVE INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Shares             Fair Value
    OPEN END FUNDS — 99.6%      
    EQUITY - 10.0%      
343,852   American Mutual Fund, Class R-6       $ 22,298,824
69,558   Capital World Growth and Income Fund, Class R-6         5,630,707
             

27,929,531

    FIXED INCOME - 74.6%      
689,640   American Funds Emerging Markets Bond Fund, Class R-6         5,565,395
1,512,643   American Funds Multi-Sector Income Fund, Class R-6         13,931,438
2,487,085   American Funds Strategic Bond Fund, Class R-6         22,259,408
4,987,264   Bond Fund of America (The), Class R-6         55,209,012
5,577,493   Intermediate Bond Fund of America, Class R-6         69,272,467
4,417,863   Short Term Bond Fund of America, Class R-6         41,837,163
             

208,074,883

    MIXED ALLOCATION - 15.0%      
345,525   American Balanced Fund, Class R-6         13,976,471
133,203   American Capital Income Builder, Class R-6         11,179,754
600,019   Income Fund of America (The), Class R-6         16,776,525
             

41,932,750

               
    TOTAL OPEN END FUNDS (Cost $280,309,988)    

  277,937,164

               
    SHORT-TERM INVESTMENTS — 0.1%      
    MONEY MARKET FUNDS - 0.1%      
386,044   BlackRock Liquidity FedFund, Institutional Class, 3.56%(a)         386,044
320   Fidelity Treasury Money Market Fund, 3.35%(a)         320
    TOTAL SHORT-TERM INVESTMENTS (Cost $386,364)  

386,364

               
    TOTAL INVESTMENTS - 99.7% (Cost $280,696,352)     $ 278,323,528
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%    

698,093

    NET ASSETS - 100.0%        

$ 279,021,621

           

 

 

 

 

 

   
(a) Rate disclosed is the seven day effective yield as of July 31, 2026.

 

 

 
 
PFG AMERICAN FUNDS® GROWTH STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Shares             Fair Value
    OPEN END FUNDS — 99.9%      
    EQUITY - 99.9%      
2,783,140   AMCAP Fund, Class R-6       $ 128,775,869
1,273,755   American Funds Fundamental Investors, Class R-6         130,165,032
3,181,998   Growth Fund of America (The), Class R-6         271,233,533
1,912,288   Investment Company of America (The), Class R-6         130,475,411
1,524,150   New Economy Fund (The), Class R-6         129,857,561
2,628,360   New Perspective Fund, Class R-6         195,260,874
494,499   New World Fund, Inc., Class R-6         52,555,322
2,286,976   Smallcap World Fund, Inc., Class R-6         192,929,307
947,693   Washington Mutual Investors Fund, Class R-6         64,471,529
    TOTAL OPEN END FUNDS (Cost $1,108,875,272)        

1,295,724,438

               
    SHORT-TERM INVESTMENTS — 0.2%      
    MONEY MARKET FUNDS - 0.2%      
3,147,484   BlackRock Liquidity FedFund, Institutional Class, 3.56%(a)         3,147,484
473   Fidelity Treasury Money Market Fund, 3.35%(a)         473
    TOTAL SHORT-TERM INVESTMENTS (Cost $3,147,957)  

3,147,957

               
    TOTAL INVESTMENTS - 100.1% (Cost $1,112,023,229)     $ 1,298,872,395
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%    

(1,535,171)

    NET ASSETS - 100.0%        

$ 1,297,337,224

           
               
 

 

 

 (a) Rate disclosed is the seven day effective yield as of July 31, 2026.

 

 

 
 
PFG BNY MELLON DIVERSIFIER STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 4.0%      
    EQUITY - 4.0%      
69,043   iShares Global Infrastructure ETF (Cost $3,983,365)       $ 4,612,763
             
 
    OPEN END FUNDS — 95.5%      
    ALTERNATIVE - 30.3%      
1,961,073   BNY Mellon Global Real Return Fund, Class I         34,789,429
             
 
    EQUITY - 7.0%      
355,699   BNY Mellon Global Real Estate Securities Fund, Class I         3,460,947
76,515   BNY Mellon Natural Resources Fund, Class I         4,576,360
             

8,037,307

    FIXED INCOME - 58.2%      
6,893,835   BNY Mellon Core Plus Fund, Class I         62,320,269
427,112   BNY Mellon Floating Rate Income Fund, Class I         4,582,916
             

66,903,185

               
    TOTAL OPEN END FUNDS (Cost $107,087,750)    

  109,729,921

               
    SHORT-TERM INVESTMENTS — 0.5%      
    MONEY MARKET FUNDS - 0.5%      
489,317   BlackRock Liquidity FedFund, Institutional Class, 3.56%(a)         489,317
132   Fidelity Treasury Money Market Fund, 3.35%(a)         132
    TOTAL SHORT-TERM INVESTMENTS (Cost $489,449)  

489,449

               
    TOTAL INVESTMENTS - 100.0% (Cost $111,560,564)     $ 114,832,133
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%(b)    

41,286

    NET ASSETS - 100.0%        

$ 114,873,419

           
           
 

 

 

 

ETF  - Exchange-Traded Fund
 

 

 

(a)

(b)

Rate disclosed is the seven day effective yield as of July 31, 2026.

Percentage rounds to less than 0.1%.

 

 

 
 
PFG BR TARGET ALLOCATION EQUITY STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 99.8%      
    EQUITY - 99.8%      
227,937   iShares Core MSCI Emerging Markets ETF       $ 17,690,191
173,329   iShares Core S&P 500 ETF         130,052,215
219,553   iShares Currency Hedged MSCI EAFE ETF         10,198,237
188,282   iShares MSCI EAFE Growth ETF         22,862,142
440,685   iShares MSCI EAFE Value ETF         35,642,603
191,750   iShares MSCI Emerging Markets ex China ETF         17,664,010
50,418   iShares MSCI USA Momentum Factor ETF         15,104,729
299,725   iShares MSCI USA Quality Factor ETF         65,735,687
41,015   iShares S&P 100 ETF         15,135,765
454,233   iShares S&P 500 Growth ETF         61,435,013
183,479   iShares S&P 500 Value ETF         42,513,919
750,930   iShares U.S. Equity Factor Rotation Active ETF         50,650,228
85,167   iShares U.S. Technology ETF         20,273,153
    TOTAL EXCHANGE-TRADED FUNDS (Cost $385,473,609)        

504,957,892

               
    SHORT-TERM INVESTMENTS — 0.5%      
    MONEY MARKET FUNDS - 0.5%      
2,293,105   BlackRock Liquidity FedFund, Institutional Class, 3.56% (Cost $2,293,105)(a)         2,293,105
             
 
    TOTAL INVESTMENTS - 100.3% (Cost $387,766,714)     $ 507,250,997
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%    

(1,357,629)

    NET ASSETS - 100.0%        

$ 505,893,368

           
 
                   

 

 

 

 

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, 2026.

 

 

 
 
PFG FIDELITY INSTITUTIONAL AM® CORE PLUS BOND STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 35.9%      
    FIXED INCOME - 35.9%      
256,925   Fidelity Corporate Bond ETF       $ 11,869,935
209,501   Invesco Taxable Municipal Bond ETF         5,505,686
82,776   iShares MBS ETF         7,691,546
    TOTAL EXCHANGE-TRADED FUNDS (Cost $25,227,627)        

25,067,167

               
    OPEN END FUNDS — 63.5%      
    FIXED INCOME - 63.5%      
1,575,119   Fidelity Investment Grade Bond Fund, Class Z         11,214,844
348,959   Fidelity New Markets Income Fund, Class Z         4,819,127
3,011,914   Fidelity Total Bond Fund, Class Z         28,281,869
    TOTAL OPEN END FUNDS (Cost $44,604,138)        

44,315,840

               
    SHORT-TERM INVESTMENTS — 0.7%      
    MONEY MARKET FUNDS - 0.7%      
371,077   BlackRock Liquidity FedFund, Institutional Class, 3.56%(a)         371,077
164,001   Fidelity Treasury Money Market Fund, 3.35%(a)         164,001
    TOTAL SHORT-TERM INVESTMENTS (Cost $535,078)  

535,078

               
    TOTAL INVESTMENTS - 100.1% (Cost $70,366,843)     $ 69,918,085
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%    

(96,594)

    NET ASSETS - 100.0%        

$ 69,821,491

           
 
                 

 

 

 

 

ETF  - Exchange-Traded Fund
 (a) Rate disclosed is the seven day effective yield as of July 31, 2026.

 

 

 
 
PFG FIDELITY INSTITUTIONAL AM® EQUITY INDEX STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Shares             Fair Value
    OPEN END FUNDS — 99.6%      
    EQUITY - 99.6%      
1,699,552   Fidelity 500 Index Fund, Institutional Premium Class       $ 442,512,397
10,028,757   Fidelity Global ex US Index Fund, Institutional Premium Class         212,810,227
328,146   Fidelity Mid Cap Index Fund, Institutional Premium Class(a)         13,890,427
946,957   Fidelity Small Cap Index Fund, Institutional Premium Class         34,781,728
    TOTAL OPEN END FUNDS (Cost $530,541,073)        

703,994,779

               
    SHORT-TERM INVESTMENTS — 0.7%      
    MONEY MARKET FUNDS - 0.7%      
4,803,752   BlackRock Liquidity FedFund, Institutional Class, 3.56%(b)         4,803,752
115   Fidelity Treasury Money Market Fund, 3.35%(b)         115
    TOTAL SHORT-TERM INVESTMENTS (Cost $4,803,867)  

4,803,867

               
    TOTAL INVESTMENTS - 100.3% (Cost $535,344,940)     $ 708,798,646
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%    

(2,397,425)

    NET ASSETS - 100.0%        

$ 706,401,221

           
               

 

 

 (a) Non-income producing security.
(b) Rate disclosed is the seven day effective yield as of July 31, 2026.

 

 

 
 
PFG FIDELITY INSTITUTIONAL AM® EQUITY SECTOR STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 56.2%      
    EQUITY - 56.2%      
663,149   Fidelity MSCI Consumer Discretionary Index ETF       $ 67,322,886
2,889,442   Fidelity MSCI Energy Index ETF         95,496,058
538,951   Fidelity MSCI Financials Index ETF         43,687,368
762,940   Fidelity MSCI Health Care Index ETF         60,081,525
229,842   Fidelity MSCI Industrials Index ETF         21,885,555
224,574   Fidelity MSCI Materials Index ETF         12,796,227
905,610   Fidelity MSCI Utilities Index ETF         51,701,275
    TOTAL EXCHANGE-TRADED FUNDS (Cost $336,288,730)        

352,970,894

               
    OPEN END FUNDS — 43.6%      
    EQUITY - 43.6%      
649,186   Fidelity Advisor Communication Services Fund, Class Z         89,042,388
164,843   Fidelity Advisor Semiconductors Fund, Class Z         30,164,706
2,966,760   Fidelity Advisor Technology Fund, Class Z         155,042,881
    TOTAL OPEN END FUNDS (Cost $238,075,563)        

274,249,975
               
    SHORT-TERM INVESTMENTS — 0.6%      
    MONEY MARKET FUNDS - 0.6%      
3,455,626   BlackRock Liquidity FedFund, Institutional Class, 3.56%(a)         3,455,626
1,791   Fidelity Treasury Money Market Fund, 3.35%(a)         1,791
    TOTAL SHORT-TERM INVESTMENTS (Cost $3,457,417)  

3,457,417
               
    TOTAL INVESTMENTS - 100.4% (Cost $577,821,710)     $ 630,678,286
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%    

(2,288,577)
    NET ASSETS - 100.0%        

$ 628,389,709
           
           
 
                       

 

 

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

 

 

(a) Rate disclosed is the seven day effective yield as of July 31, 2026.

 

 

 
 
PFG GLOBAL EQUITY INDEX STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 99.8%      
    EQUITY - 99.8%      
238,122   Vanguard FTSE Developed Markets ETF       $ 16,816,176
109,992   Vanguard FTSE Emerging Markets ETF         6,462,030
219,013   Vanguard Morningstar Growth ETF         18,659,908
16,125   Vanguard Morningstar Small-Cap ETF         4,759,132
94,473   Vanguard Morningstar Total Stock Market ETF         34,785,903
52,121   Vanguard Morningstar Value ETF         11,464,014
271,099   Vanguard Total International Stock ETF         22,932,264
    TOTAL EXCHANGE-TRADED FUNDS (Cost $96,759,267)        

115,879,427

               
    SHORT-TERM INVESTMENTS — 0.4%      
    MONEY MARKET FUNDS - 0.4%      
           472,165   BlackRock Liquidity FedFund, Institutional Class, 3.56% (Cost $472,165)(a)    

472,165

         
    TOTAL INVESTMENTS - 100.2% (Cost $97,231,432)     $ 116,351,592
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%    

(189,541)

    NET ASSETS - 100.0%        

$ 116,162,051

           
 
                 

 

 

 

 

ETF  - Exchange-Traded Fund
 (a) Rate disclosed is the seven day effective yield as of July 31, 2026.

 

 

 
 
PFG INVESCO® EQUITY FACTOR ROTATION STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 99.8%      
    EQUITY - 99.8%      
188,512   Invesco International Developed Dynamic Multifactor ETF       $ 6,448,996
238,846   Invesco Russell 1000 Dynamic Multifactor ETF         16,525,755
78,251   Invesco Russell 2000 Dynamic Multifactor ETF         4,089,296
176,850   Invesco S&P 500 Low Volatility ETF         13,481,275
27,119   Invesco S&P 500 Momentum ETF         3,900,526
159,795   Invesco S&P 500 Quality ETF         13,529,842
29,957   Invesco S&P 500 Revenue ETF         3,945,636
238,245   Invesco S&P Emerging Markets Low Volatility ETF         6,859,074
188,115   Invesco S&P International Developed Low Volatility ETF         6,797,084
28,769   Invesco S&P MidCap 400 GARP ETF         3,893,884
    TOTAL EXCHANGE-TRADED FUNDS (Cost $69,441,829)        

79,471,368

               
    SHORT-TERM INVESTMENTS — 0.6%      
    MONEY MARKET FUNDS - 0.6%      
447,056   BlackRock Liquidity FedFund, Institutional Class, 3.56% (Cost $447,056)(a)         447,056
             
 
    TOTAL INVESTMENTS - 100.4% (Cost $69,888,885)     $ 79,918,424
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%    

(289,247)

    NET ASSETS - 100.0%        

$ 79,629,177

           
 

 

 

 

 

ETF  - Exchange-Traded Fund
 (a) Rate disclosed is the seven day effective yield as of July 31, 2026.

 

 

 
 
PFG JANUS HENDERSON® BALANCED STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 7.9%      
    FIXED INCOME - 7.9%      
198,798   Janus Henderson Mortgage-Backed Securities ETF       $ 8,770,968
296,935   Janus Henderson Short Duration Income ETF         14,496,366
    TOTAL EXCHANGE-TRADED FUNDS (Cost $23,535,508)        

23,267,334

               
    OPEN END FUNDS — 91.8%      
    EQUITY - 12.1%      
488,615   Janus Henderson Contrarian Fund, Class N         15,054,217
129,535   Janus Henderson Growth and Income Fund, Class N         10,331,746
112,045   Janus Henderson Research Fund, Class N         10,326,028
             

35,711,991

    MIXED ALLOCATION - 79.7%      
4,729,806   Janus Henderson Balanced Fund, Class N         234,882,170
             
 
    TOTAL OPEN END FUNDS (Cost $248,100,525)    

  270,594,161

               
    SHORT-TERM INVESTMENTS — 0.4%      
    MONEY MARKET FUNDS - 0.4%      
1,176,479   BlackRock Liquidity FedFund, Institutional Class, 3.56%(a)         1,176,479
540   Fidelity Treasury Money Market Fund, 3.35%(a)         540
    TOTAL SHORT-TERM INVESTMENTS (Cost $1,177,019)  

1,177,019

               
    TOTAL INVESTMENTS - 100.1% (Cost $272,813,052)     $ 295,038,514
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%    

(413,552)

    NET ASSETS - 100.0%        

$ 294,624,962

           
 

 

 

 

 

ETF  - Exchange-Traded Fund
(a) Rate disclosed is the seven day effective yield as of July 31, 2026.

 

 

 
 
PFG JANUS HENDERSON® TACTICAL INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 19.8%      
    FIXED INCOME - 19.8%      
271,689   Janus Henderson Mortgage-Backed Securities ETF       $ 11,986,919
163,255   Janus Henderson Short Duration Income ETF         7,970,109
    TOTAL EXCHANGE-TRADED FUNDS (Cost $20,115,667)        

19,957,028

               
    OPEN END FUNDS — 79.8%      
    EQUITY - 44.0%      
112,483   Janus Henderson Contrarian Fund, Class N         3,465,616
1,344,817   Janus Henderson Global Equity Income Fund, Class N         11,161,977
203,067   Janus Henderson Growth and Income Fund, Class N         16,196,618
137,457   Janus Henderson Overseas Fund, Class N         8,925,058
49,296   Janus Henderson Research Fund, Class N         4,543,075
             

44,292,344

    FIXED INCOME - 35.8%      
2,527,051   Janus Henderson Flexible Bond Fund, Class N         23,021,438
1,754,182   Janus Henderson High-Yield Fund, Class N         12,945,863
             

35,967,301

               
    TOTAL OPEN END FUNDS (Cost $74,702,840)    

  80,259,645

               
    SHORT-TERM INVESTMENTS — 0.3%      
    MONEY MARKET FUNDS - 0.3%      
337,963   BlackRock Liquidity FedFund, Institutional Class, 3.56%(a)         337,963
141   Fidelity Treasury Money Market Fund, 3.35%(a)         141
    TOTAL SHORT-TERM INVESTMENTS (Cost $338,104)  

338,104

               
    TOTAL INVESTMENTS - 99.9% (Cost $95,156,611)     $ 100,554,777
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%    

57,339

    NET ASSETS - 100.0%        

$ 100,612,116

 

 

              
ETF  - Exchange-Traded Fund  
(a) Rate disclosed is the seven day effective yield as of July 31, 2026.  
               
                   

 

 
 
PFG JP MORGAN® TACTICAL AGGRESSIVE STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 67.8%      
    EQUITY - 67.8%      
101,410   JPMorgan BetaBuilders Japan ETF       $  7,563,158
939,038   JPMorgan BetaBuilders US Equity ETF       126,394,515
110,532   JPMorgan International Growth ETF       8,982,935
566,604   JPMorgan International Research Enhanced Equity ETF       47,288,770
133,770   JPMorgan International Value ETF       12,809,815
615,340   JPMorgan US Research Enhanced Large Cap ETF (a)       41,596,984
33,208   State Street Communication Services Select Sector SPDR ETF       3,594,434
20,159   State Street Technology Select Sector SPDR ETF       3,534,881
    TOTAL EXCHANGE-TRADED FUNDS (Cost $220,340,175)      

251,765,492

 
    OPEN END FUNDS — 31.8%      
    ALTERNATIVE — 4.2%      
617,349   JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6      

15,452,252

 
    EQUITY — 27.6%      
317,776   JPMorgan Emerging Markets Equity Fund, Class R6       16,479,872
345,218   JPMorgan Large Cap Growth Fund, Class R6       29,516,127
1,212,381   JPMorgan Large Cap Value Fund, Class R6       28,600,069
1,000,796   JPMorgan US Equity Fund, Class R6      

28,052,313

           

102,648,381

 
    TOTAL OPEN END FUNDS (Cost $106,904,885)    

118,100,633

 
    SHORT-TERM INVESTMENTS — 0.6%      
    MONEY MARKET FUNDS — 0.6%      
2,171,240   BlackRock Liquidity FedFund, Institutional Class, 3.56%(b)       2,171,240
363   Fidelity Treasury Money Market Fund, 3.35%(b)       363
    TOTAL SHORT-TERM INVESTMENTS (Cost $2,171,603)  

2,171,603

               
    TOTAL INVESTMENTS — 100.2% (Cost $329,416,663)   372,037,728
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%  

(631,531)

    NET ASSETS — 100.0%        

$ 371,406,197

 

 

 

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

 

 

(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, 2026.
 
 
PFG JP MORGAN® TACTICAL MODERATE STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 61.9%      
    EQUITY - 42.9%      
28,779   JPMorgan BetaBuilders Japan ETF       $ 2,146,338
202,324   JPMorgan BetaBuilders US Equity ETF         27,232,810
33,783   JPMorgan International Growth ETF         2,745,544
109,984   JPMorgan International Research Enhanced Equity ETF         9,179,265
44,044   JPMorgan International Value ETF         4,217,653
183,370   JPMorgan US Research Enhanced Large Cap ETF         12,395,812
12,123   State Street Communication Services Select Sector SPDR ETF         1,312,194
7,762   State Street Technology Select Sector SPDR ETF         1,361,067
             

60,590,683

    FIXED INCOME - 19.0%      
456,619   JPMorgan Active Bond ETF         24,054,689
61,571   JPMorgan BetaBuilders USD High Yield Corporate Bond ETF         2,815,334
             

26,870,023

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $80,022,188)    

  87,460,706

               
    OPEN END FUNDS — 37.7%      
    ALTERNATIVE - 2.9%      
162,832   JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6         4,075,690
             
 
    EQUITY - 19.3%      
71,714   JPMorgan Emerging Markets Equity Fund, Class R6         3,719,102
21,223   JPMorgan Equity Index Fund, Class R6         2,383,583
85,330   JPMorgan Large Cap Growth Fund, Class R6         7,295,755
300,555   JPMorgan Large Cap Value Fund, Class R6         7,090,103
242,806   JPMorgan US Equity Fund, Class R6         6,805,864
             

27,294,407

    FIXED INCOME - 15.5%      
2,602,579   JPMorgan Core Plus Bond Fund, Class R6         18,504,336
408,374   JPMorgan Income Fund, Class R6         3,450,761
             

21,955,097

             
    TOTAL OPEN END FUNDS (Cost $48,085,695)    

53,325,194

             
 
 

 

PFG JP MORGAN® TACTICAL MODERATE STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
July 31, 2026
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 0.6%      
    MONEY MARKET FUNDS - 0.6%      
699,413   BlackRock Liquidity FedFund, Institutional Class, 3.56%(a)       $ 699,413
79,567   Fidelity Treasury Money Market Fund, 3.35%(a)         79,567
    TOTAL SHORT-TERM INVESTMENTS (Cost $778,980)  

778,980

               
         
    TOTAL INVESTMENTS - 100.2% (Cost $128,886,863)     $ 141,564,880
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%    

(220,572)

    NET ASSETS - 100.0%        

$ 141,344,308

           
 

 

 

 

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

 

 

(a) Rate disclosed is the seven day effective yield as of July 31, 2026.

 

 

 
 
PFG MEEDER TACTICAL STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Shares             Fair Value
    OPEN END FUNDS — 99.8%      
    ALTERNATIVE - 10.0%      
792,768   Meeder Spectrum Fund, Institutional Class       $ 13,469,136
             
 
    EQUITY - 76.4%      
1,365,821   Meeder Dynamic Allocation Fund, Institutional Class         22,617,992
343,739   Meeder Moderate Allocation Fund, Institutional Class         4,692,043
6,667,394   Meeder Muirfield Fund, Institutional Class(a)         75,141,532
             

102,451,567

    FIXED INCOME - 2.7%      
198,688   Meeder Tactical Income Fund, Institutional Class         1,895,482
92,077   Performance Trust Total Return Bond Fund, Institutional Class         1,778,928
             

3,674,410

    MIXED ALLOCATION - 10.7%      
720,424   Meeder Balanced Fund, Institutional Class         10,633,457
150,284   Meeder Conservative Allocation Fund, Institutional Class         3,740,579
             

14,374,036

               
    TOTAL OPEN END FUNDS (Cost $115,284,378)    

  133,969,149

               
    SHORT-TERM INVESTMENTS — 0.0%(b)      
    MONEY MARKET FUNDS - 0.0%(b)      
172   Fidelity Treasury Money Market Fund, 3.35% (Cost $172)(c)         172
             
 
    TOTAL INVESTMENTS - 99.8% (Cost $115,284,550)     $ 133,969,321
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%    

218,095

    NET ASSETS - 100.0%        

$ 134,187,416

           
               
 

 

 

(a) Affiliated Company – PFG Meeder Tactical 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, 2026.

 

 

 
 
PFG MFS® AGGRESSIVE GROWTH STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 14.5%      
    COMMODITY - 4.9%      
162,070   iShares GSCI Commodity Dynamic Roll Strategy ETF       $ 5,289,965
             
 
    EQUITY - 9.6%      
44,145   Schwab International Small-Cap Equity ETF         2,133,969
58,671   SPDR Portfolio Emerging Markets ETF         2,988,114
7,407   Vanguard Small-Cap Growth ETF         2,521,787
11,043   Vanguard Small-Cap Value ETF         2,701,449
             

10,345,319

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $11,786,672)    

  15,635,284

               
    OPEN END FUNDS — 85.2%      
    EQUITY - 85.2%      
309,917   MFS Global Real Estate Fund, Class R6         5,649,796
63,284   MFS Growth Fund, Class R6         12,772,510
127,808   MFS International Equity Fund, Class R6         5,624,839
110,037   MFS International Growth Fund, Class R6         5,403,926
284,318   MFS International Large Cap Value Fund, Class R6         5,569,798
54,798   MFS International New Discovery Fund, Class R6         1,989,720
358,750   MFS Mid Cap Growth Fund, Class R6         10,436,049
305,183   MFS Mid Cap Value Fund, Class R6         10,965,212
197,188   MFS Research Fund, Class R6         11,779,998
294,528   MFS Research International Fund, Class R6         8,570,777
239,871   MFS Value Fund, Class R6         13,166,547
    TOTAL OPEN END FUNDS (Cost $80,978,487)        

91,929,172

               
               
               
               
               
               
               
               
               
 
 

 

PFG MFS® AGGRESSIVE GROWTH STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
July 31, 2026
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 0.4%      
    MONEY MARKET FUNDS - 0.4%      
403,501   BlackRock Liquidity FedFund, Institutional Class, 3.56% (Cost $403,501)(a)       $ 403,501
             
 
    TOTAL INVESTMENTS - 100.1% (Cost $93,168,660)     $ 107,967,957
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%    

(104,862)

    NET ASSETS - 100.0%        

$ 107,863,095

           
 

 

 

 

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

 

 (a) Rate disclosed is the seven day effective yield as of July 31, 2026.

 

 

 
 
PFG PIMCO ACTIVE CORE BOND STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Shares             Fair Value
    OPEN END FUNDS — 99.3%      
    FIXED INCOME - 99.3%      
4,553,158   PIMCO Income Fund, Institutional Class       $ 48,673,256
2,702,930   PIMCO International Bond Fund, Institutional Class         26,137,336
1,371,257   PIMCO Investment Grade Credit Bond Fund, Institutional Class         12,176,762
1,894,776   PIMCO Mortgage Opportunities and Bond Fund, Institutional Class         17,375,099
8,096,223   PIMCO Total Return Fund, Institutional Class         69,546,559
    TOTAL OPEN END FUNDS (Cost $178,628,353)        

173,909,012

               
    SHORT-TERM INVESTMENTS — 0.5%      
    MONEY MARKET FUNDS - 0.5%      
781,217   BlackRock Liquidity FedFund, Institutional Class, 3.56%(a)         781,217
83   Fidelity Treasury Money Market Fund, 3.35%(a)         83
    TOTAL SHORT-TERM INVESTMENTS (Cost $781,300)  

781,300

               
    TOTAL INVESTMENTS - 99.8% (Cost $179,409,653)     $ 174,690,312
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%    

365,311

    NET ASSETS - 100.0%        

$ 175,055,623

           

 

   
(a) Rate disclosed is the seven day effective yield as of July 31, 2026.

 

 

 
 
PFG US EQUITY INDEX STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 99.8%      
    EQUITY - 99.8%      
54,736   Vanguard Extended Market ETF       $ 12,926,454
415,894   Vanguard Russell 1000 Growth ETF         50,701,638
486,351   Vanguard Russell 1000 Value ETF         53,702,877
26,254   Vanguard Russell 2000 ETF         3,090,883
145,377   Vanguard S&P 500 ETF         99,823,117
    TOTAL EXCHANGE-TRADED FUNDS (Cost $186,072,329)        

220,244,969

               
               
    SHORT-TERM INVESTMENTS — 0.5%      
    MONEY MARKET FUNDS - 0.5%      
1,215,594   BlackRock Liquidity FedFund, Institutional Class, 3.56% (Cost $1,215,594)(a)         1,215,594
             
 
    TOTAL INVESTMENTS - 100.3% (Cost $187,287,923)     $ 221,460,563
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%    

(696,559)

    NET ASSETS - 100.0%        

$ 220,764,004

           
 

 

 

 

 

ETF  - Exchange-Traded Fund
 

 

 (a) Rate disclosed is the seven day effective yield as of July 31, 2026.