0001752724-21-211004.txt : 20210928 0001752724-21-211004.hdr.sgml : 20210928 20210928094617 ACCESSION NUMBER: 0001752724-21-211004 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210731 FILED AS OF DATE: 20210928 PERIOD START: 20220430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Northern Lights Fund Trust CENTRAL INDEX KEY: 0001314414 IRS NUMBER: 043023766 FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21720 FILM NUMBER: 211284217 BUSINESS ADDRESS: STREET 1: 225 PICTORIA DRIVE STREET 2: SUITE 450 CITY: CINCINNATI STATE: OH ZIP: 45246 BUSINESS PHONE: 631-470-2600 MAIL ADDRESS: STREET 1: 17605 WRIGHT STREET STREET 2: SUITE 200 CITY: OMAHA STATE: NE ZIP: 68130 FORMER COMPANY: FORMER CONFORMED NAME: Strategy Shares DATE OF NAME CHANGE: 20160223 FORMER COMPANY: FORMER CONFORMED NAME: Mutual Fund & Variable Insurance Trust DATE OF NAME CHANGE: 20160223 FORMER COMPANY: FORMER CONFORMED NAME: Northern Lights Fund Trust DATE OF NAME CHANGE: 20050121 0001314414 S000058602 PFG Balanced Strategy Fund C000192509 PFG Balanced Strategy Fund Class R PFDBX NPORT-P 1 primary_doc.xml NPORT-P false 0001314414 XXXXXXXX S000058602 C000192509 Northern Lights Fund Trust 811-21720 0001314414 549300BSYF57GRCG4861 225 PICTORIA DRIVE SUITE 450 CINCINNATI 45246 631-470-2600 PFG Balanced Strategy Fund S000058602 549300JJHUEZQKG7EK69 2022-04-30 2021-07-31 N 179616159.39 344847.86 179271311.53 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 N JP Morgan Trust I 549300DM5WZMCZZ70R78 JPM-HDG EQTY-I 46637K281 682418.17900000 NS USD 17940773.93000000 10.00761012840 Long EC RF US N 1 N N N Blackrock Liquidit 5493007YVNX55LTRQ706 BLKR-LIQ FED-INS 09248U700 469315.00000000 PA USD 469315.00000000 0.261790353400 Long STIV RF US N 1 N N N Profesionally Managed Portfolios N/A AKRE-FOCUS-INS 742935125 68483.86000000 NS USD 4523358.95000000 2.523191754104 Long EC RF US N 1 N N N Ishares Trust 5493000860OXIC4B5K91 ISHARES U.S. HOME CONSTRU 464288752 95651.00000000 NS USD 6844785.56000000 3.818115403732 Long EC RF US N 1 N N N Janus Investment Fund W6UYDZFUOFJ4HQQ32382 J/H-BALANCE-I 47103C704 315258.24300000 NS USD 14334792.31000000 7.996144049853 Long EC RF US N 1 N N N Ishares Trust 5493000860OXIC4B5K91 ISHARES S&P 500 GROWTH ET 464287309 142946.00000000 NS USD 10789564.08000000 6.018567046738 Long EC RF US N 1 N N N Ishares Trust 5493000860OXIC4B5K91 ISHARES CORE S&P SMALL-CA 464287804 99428.00000000 NS USD 10962931.28000000 6.115273652229 Long EC RF US N 1 N N N Blackrock Bal Cap 549300IQRQVPFY18OX84 BLKR-BAL CAP-I 09251C506 500395.42500000 NS USD 14416392.19000000 8.041661583754 Long EC RF US N 1 N N N Guggenheim Funds Trust 54930033G24U3UGWK691 GUGG-T/R BND-INS 40168W525 306028.42000000 NS USD 8981934.13000000 5.010246231448 Long EC RF US N 1 N N N Fidelity Puritan WDA1I420M36T9HTVU696 FID-BALANCED 316345206 511685.14700000 NS USD 16194834.90000000 9.033701355662 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORT S&P 500 VALUE 78464A508 247048.00000000 NS USD 9847333.28000000 5.492977764237 Long EC RF US N 1 N N N Ishares Trust 5493000860OXIC4B5K91 ISHARES MORNINGSTAR MID-C 464288208 158726.00000000 NS USD 10718449.33000000 5.978898262372 Long EC RF US N 1 N N N Rowe T Price Instl 5493006XJS7NAJMTOL28 T ROWE PR INST FLOAT RT-I 77958B402 896658.05100000 NS USD 8733449.42000000 4.871638047082 Long EC RF US N 1 N N N Goldman Sachs Etf Trust 549300VEZF7K2ES5WL82 GOLDMAN ACTIVEBETA US LC 381430503 103427.00000000 NS USD 9131569.83000000 5.093715080269 Long EC RF US N 1 N N N Select Sector Spdr 5493008JJKIPMEX3CO91 MATERIALS SELECT SECTOR S 81369Y100 80536.00000000 NS USD 6766634.72000000 3.774521791718 Long EC RF US N 1 N N N Vanguard Index Fds 549300G6KNDK44WUN559 VANGUARD S&P 500 ETF 922908363 24083.00000000 NS USD 9709061.45000000 5.415847838194 Long EC RF US N 1 N N N Fidelity Select Z57125JG1LHEQKDYS630 FID-SEL-LEISURE 316390707 228214.91200000 NS USD 4390854.91000000 2.449279180548 Long EC RF US N 1 N N N Advisors Ser Trust N/A SEMPR-MBS TO-INS 00770X758 1494196.16600000 NS USD 14374167.12000000 8.018107859714 Long EC RF US N 1 N N N 2021-08-27 Northern Lights Fund Trust James Colantino James Colantino Treasurer XXXX NPORT-EX 2 pfg_nport.htm PFG EX
PFG ACTIVE CORE BOND STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2021

 

Shares      Fair Value 
     OPEN END FUNDS — 99.4%     
     FIXED INCOME - 99.4%     
 715,075   PIMCO Emerging Markets Bond Fund, Institutional Class  $7,601,246 
 3,793,701   PIMCO Income Fund, Institutional Class   45,865,843 
 702,610   PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class   7,707,636 
 1,793,299   PIMCO Investment Grade Credit Bond Fund, Institutional Class   19,905,617 
 1,389,823   PIMCO Mortgage Opportunities and Bond Fund, Institutional Class   15,274,155 
 5,411,134   PIMCO Total Return Fund, Institutional Class   56,654,571 
         153,009,068 
           
     TOTAL OPEN END FUNDS (Cost $150,439,281)   153,009,068 
           
     SHORT-TERM INVESTMENTS — 0.9%     
     MONEY MARKET FUNDS - 0.9%     
 1,364,591   BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $1,364,591)(a)   1,364,591 
           
     TOTAL INVESTMENTS - 100.3% (Cost $151,803,872)  $154,373,659 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%   (494,934)
     NET ASSETS - 100.0%  $153,878,725 

 

(a)Rate disclosed is the seven day effective yield as of July 31, 2021.

 

 

PFG AMERICAN FUNDS ® CONSERVATIVE INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2021

 

Shares      Fair Value 
     OPEN END FUNDS — 99.7%     
     EQUITY - 10.0%     
 397,075   American Mutual Fund, Class R-6  $20,191,248 
           
     FIXED INCOME - 69.7%     
 2,941,335   American Funds - Bond Fund of America (The), Class R-6   40,060,981 
 1,746,300   American Funds Strategic Bond Fund, Class R-6   20,152,298 
 2,884,448   American Intermediate Bond Fund of America, Class R-6   40,064,983 
 4,020,708   American Short Term Bond Fund of America, Class R-6   40,367,907 
         140,646,169 
     MIXED ALLOCATION - 20.0%     
 610,849   American Balanced Fund, Class R-6   20,182,454 
 779,007   The Income Fund of America, Class R-6   20,199,651 
         40,382,105 
           
     TOTAL OPEN END FUNDS (Cost $196,481,328)   201,219,522 
           
     SHORT-TERM INVESTMENTS — 1.3%     
     MONEY MARKET FUNDS - 1.3%     
 2,546,911   BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $2,546,911)(a)   2,546,911 
           
     TOTAL INVESTMENTS - 101.0% (Cost $199,028,239)  $203,766,433 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (1.0)%   (1,996,863)
     NET ASSETS - 100.0%  $201,769,570 

 

(a)Rate disclosed is the seven day effective yield as of July 31, 2021.

 

 

PFG AMERICAN FUNDS GROWTH STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2021

 

Shares      Fair Value 
     OPEN END FUNDS — 99.9%     
     EQUITY - 99.9%     
 3,569,920   AMCAP Fund, Class R-6  $157,968,952 
 2,598,476   American - The Growth Fund of America, Class R-6   197,198,362 
 1,223,203   American Funds - New Economy Fund (The), Class R-6   79,410,313 
 2,054,798   American Funds Fundamental Investors, Class R-6   158,774,214 
 1,166,335   American New Perspective Fund, Class R-6   79,112,501 
 1,307,237   Smallcap World Fund, Inc., Class R-6   119,402,986 
         791,867,328 
           
     TOTAL OPEN END FUNDS (Cost $644,059,377)   791,867,328 
           
     SHORT-TERM INVESTMENTS — 0.6%     
     MONEY MARKET FUNDS - 0.6%     
 5,027,610   BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $5,027,610)(a)   5,027,610 
           
     TOTAL INVESTMENTS - 100.5% (Cost $649,086,987)  $796,894,938 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%   (4,053,882)
     NET ASSETS - 100.0%  $792,841,056 

 

(a)Rate disclosed is the seven day effective yield as of July 31, 2021.

 

 

PFG BALANCED STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2021

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 41.7%     
     EQUITY - 41.7%     
 103,427   Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF  $9,131,570 
 99,428   iShares Core S&P Small-Cap ETF   10,962,932 
 158,726   iShares Morningstar Mid-Cap ETF   10,718,449 
 142,946   iShares S&P 500 Growth ETF   10,789,564 
 95,651   iShares U.S. Home Construction ETF   6,844,786 
 80,536   Materials Select Sector SPDR Fund   6,766,635 
 247,048   SPDR Portfolio S&P 500 Value ETF   9,847,333 
 24,083   Vanguard S&P 500 ETF   9,709,061 
         74,770,330 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $61,760,005)   74,770,330 
           
     OPEN END FUNDS — 57.9%     
     ALTERNATIVE - 10.0%     
 682,418   JPMorgan Hedged Equity Fund, Class I   17,940,774 
           
     EQUITY - 5.0%     
 68,484   Akre Focus Fund, Institutional Class   4,523,359 
 228,215   Fidelity Select Leisure Portfolio   4,390,855 
         8,914,214 
     FIXED INCOME - 17.9%     
 306,028   Guggenheim- Total Return Bond Fund, Institutional Class   8,981,934 
 1,494,196   Semper MBS Total Return Fund, Institutional Class   14,374,168 
 896,658   T Rowe Price Institutional Floating Rate Fund, Investor Class   8,733,449 
         32,089,551 
     MIXED ALLOCATION - 25.0%     
 500,395   BlackRock Balanced Capital Fund, Inc., Institutional Class   14,416,392 
 511,685   Fidelity Puritan Trust - Fidelity Balanced Fund   16,194,834 
 315,258   Janus Henderson Balanced Fund, Class I   14,334,792 
         44,946,018 
           
     TOTAL OPEN END FUNDS (Cost $90,533,300)   103,890,557 

 

 

PFG BALANCED STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2021

 

Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 0.3%     
     MONEY MARKET FUNDS - 0.3%     
 469,315   BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $469,315)(a)  $469,315 
           
     TOTAL INVESTMENTS - 99.9% (Cost $152,762,620)  $179,130,202 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%   141,110 
     NET ASSETS - 100.0%  $179,271,312 

 

ETF- Exchange-Traded Fund

 

SPDR- Standard & Poor’s Depositary Receipt

 

(a)Rate disclosed is the seven day effective yield as of July 31, 2021.

 

 

PFG BNY MELLON DIVERSIFIER STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2021

 

Shares      Fair Value 
     OPEN END FUNDS — 99.5%     
     ALTERNATIVE - 39.8%     
 3,802,204   BNY Mellon Global Real Return, Class I  $65,892,200 
           
     EQUITY - 11.9%     
 940,627   BNY Mellon Global Real Estate Securities Fund, Class I   9,961,244 
 261,033   BNY Mellon Natural Resources Fund, Class I   9,825,298 
         19,786,542 
     FIXED INCOME - 47.8%     
 5,822,194   BNY Mellon Core Plus Fund, Class I   64,393,468 
 1,294,048   BNY Mellon Floating Rate Income Fund, Class I   14,842,726 
         79,236,194 
           
     TOTAL OPEN END FUNDS (Cost $158,647,936)   164,914,936 
           
     SHORT-TERM INVESTMENTS — 0.7%     
     MONEY MARKET FUNDS - 0.7%     
 1,104,169   BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $1,104,169)(a)   1,104,169 
           
     TOTAL INVESTMENTS - 100.2% (Cost $159,752,105)  $166,019,105 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%   (388,237)
     NET ASSETS - 100.0%  $165,630,868 

 

(a)Rate disclosed is the seven day effective yield as of July 31, 2021.

 

 

PFG BR EQUITY ESG STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2021

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 99.6%     
     EQUITY - 99.6%     
 206,213   iShares ESG Advanced MSCI EAFE ETF(a)  $14,138,974 
 802,385   iShares ESG Advanced MSCI USA ETF(a)   29,792,555 
 350,700   iShares ESG Aware MSCI USA ETF   35,301,462 
 487,242   iShares ESG Aware MSCI USA Small-Cap ETF   19,285,038 
 179,784   iShares Inc iShares ESG Aware MSCI EM ETF   7,592,278 
 125,251   iShares Trust - iShares MSCI KLD 400 Social ETF   10,655,103 
 275,691   iShares Trust iShares ESG Aware MSCI EAFE ETF   21,933,976 
         138,699,386 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $119,544,460)   138,699,386 
           
     SHORT-TERM INVESTMENTS — 0.7%     
     MONEY MARKET FUNDS - 0.7%     
 910,738   BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $910,738)(b)   910,738 
           
     TOTAL INVESTMENTS - 100.3% (Cost $120,455,198)  $139,610,124 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%   (452,590)
     NET ASSETS - 100.0%  $139,157,534 

 

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, 2021.

 

 

PFG EQUITY STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2021

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 70.3%     
     EQUITY - 70.3%     
 184,840   Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF  $16,319,524 
 197,903   iShares Core S&P Small-Cap ETF   21,820,785 
 290,363   iShares Morningstar Mid-Cap ETF   19,607,633 
 165,321   iShares S&P 500 Growth ETF   12,478,429 
 134,515   iShares U.S. Home Construction ETF   9,625,893 
 114,374   Materials Select Sector SPDR Fund   9,609,703 
 594,750   SPDR Portfolio S&P 500 Value ETF   23,706,736 
 173,374   Vanguard Russell 1000 Growth ETF   12,500,265 
 34,722   Vanguard S&P 500 ETF   13,998,174 
         139,667,142 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $115,219,916)   139,667,142 
           
     OPEN END FUNDS — 29.4%     
     ALTERNATIVE - 9.8%     
 741,891   JPMorgan Hedged Equity Fund, Class I   19,504,309 
           
     EQUITY - 19.6%     
 191,781   Akre Focus Fund, Institutional Class   12,667,123 
 497,628   Fidelity Select Leisure Portfolio   9,574,366 
 257,298   Jensen Quality Growth Fund, Class Y   16,580,289 
         38,821,778 
           
     TOTAL OPEN END FUNDS (Cost $47,534,329)   58,326,087 
           
     SHORT-TERM INVESTMENTS — 0.5%     
     MONEY MARKET FUNDS - 0.5%     
 1,015,622   BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $1,015,622)(a)   1,015,622 
           
     TOTAL INVESTMENTS - 100.2% (Cost $163,769,867)  $199,008,851 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%   (392,697)
     NET ASSETS - 100.0%  $198,616,154 

 

ETF- Exchange-Traded Fund

 

SPDR- Standard & Poor’s Depositary Receipt

 

(a)Rate disclosed is the seven day effective yield as of July 31, 2021.

 

 

PFG FIDELITY INSTITUTIONAL AM ® EQUITY INDEX STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2021

 

Shares      Fair Value 
     OPEN END FUNDS — 99.7%     
     EQUITY - 99.7%     
 564,231   Fidelity 500 Index Fund, Institutional Premium Class  $86,124,284 
 2,642,684   Fidelity Global ex US Index Fund, Institutional Premium Class   41,384,430 
 274,615   Fidelity Mid Cap Index Fund, Institutional Premium Class   8,655,854 
 244,282   Fidelity Small Cap Index Fund, Institutional Premium Class   6,896,094 
         143,060,662 
           
     TOTAL OPEN END FUNDS (Cost $98,821,686)   143,060,662 
           
     SHORT-TERM INVESTMENTS — 0.6%     
     MONEY MARKET FUNDS - 0.6%     
 923,636   BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $923,636)(a)   923,636 
           
     TOTAL INVESTMENTS - 100.3% (Cost $99,745,322)  $143,984,298 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%   (459,715)
     NET ASSETS - 100.0%  $143,524,583 

 

(a)Rate disclosed is the seven day effective yield as of July 31, 2021.

 

 

PFG FIDELITY INSTITUTIONAL AM ® EQUITY SECTOR STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2021

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 28.1%     
     EQUITY - 28.1%     
 387,231   Fidelity MSCI Industrials Index ETF  $21,131,196 
 172,946   Fidelity MSCI Materials Index ETF   8,112,897 
 173,244   Fidelity MSCI Real Estate Index ETF   5,505,694 
 145,361   Industrial Select Sector SPDR Fund   15,024,513 
         49,774,300 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $41,349,126)   49,774,300 
           
     OPEN END FUNDS — 71.7%     
     EQUITY - 71.7%     
 212,595   Fidelity Advisor Consumer Discretionary Fund, Class Z   10,650,987 
 422,299   Fidelity Advisor Health Care Fund, Class Z   32,327,019 
 370,694   Fidelity Advisor Industrials Fund, Class Z   18,019,418 
 124,792   Fidelity Advisor Semiconductors Fund, Class I   6,163,470 
 192,617   Fidelity Advisor Technology Fund, Class Z   21,729,120 
 1,977,580   Fidelity Select Semiconductors Portfolio   37,811,338 
         126,701,352 
           
     TOTAL OPEN END FUNDS (Cost $109,385,647)   126,701,352 
           
     SHORT-TERM INVESTMENTS — 0.6%     
     MONEY MARKET FUNDS - 0.6%     
 1,002,351   BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $1,002,351)(a)   1,002,351 
           
     TOTAL INVESTMENTS - 100.4% (Cost $151,737,124)  $177,478,003 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%   (691,677)
     NET ASSETS - 100.0%  $176,786,326 

 

ETF- Exchange-Traded Fund

 

MSCI- Morgan Stanley Capital International

 

SPDR- Standard & Poor’s Depositary Receipt

 

(a)Rate disclosed is the seven day effective yield as of July 31, 2021.

 

 

PFG GLOBAL STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2021

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 80.1%     
     EQUITY - 80.1%     
 15,888   Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF  $1,402,752 
 40,394   Invesco International BuyBack Achievers ETF   1,816,922 
 31,509   iShares Core MSCI Emerging Markets ETF   1,991,684 
 31,907   iShares Core MSCI Europe ETF   1,859,221 
 5,201   iShares Core S&P 500 ETF   2,290,519 
 12,752   iShares Core S&P Small-Cap ETF   1,406,036 
 20,641   iShares Morningstar Mid-Cap ETF   1,393,845 
 22,924   iShares MSCI EAFE ETF   1,822,229 
 17,266   iShares S&P 500 Growth ETF   1,303,238 
 12,273   iShares U.S. Home Construction ETF   878,256 
 9,602   Materials Select Sector SPDR Fund   806,760 
 37,305   SPDR Portfolio S&P 500 Value ETF   1,486,977 
         18,458,439 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $16,633,449)   18,458,439 
           
     OPEN END FUNDS — 19.2%     
     EQUITY - 19.2%     
 20,467   American New Perspective Fund, Class R-6   1,388,291 
 27,011   Fidelity Select Leisure Portfolio   519,691 
 34,792   T Rowe Price Global Stock Fund, Class I   2,522,759 
         4,430,741 
           
     TOTAL OPEN END FUNDS (Cost $3,371,819)   4,430,741 
           
     SHORT-TERM INVESTMENTS — 0.9%     
     MONEY MARKET FUNDS - 0.9%     
 206,836   BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $206,836)(a)   206,836 
           
     TOTAL INVESTMENTS - 100.2% (Cost $20,212,104)  $23,096,016 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%   (40,708)
     NET ASSETS - 100.0%  $23,055,308 

 

EAFE- Europe, Australasia and Far East

 

ETF- Exchange-Traded Fund

 

MSCI- Morgan Stanley Capital International

 

SPDR- Standard & Poor’s Depositary Receipt

 

(a)Rate disclosed is the seven day effective yield as of July 31, 2021.

 

 

PFG JP MORGAN ® TACTICAL AGGRESSIVE STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2021

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 34.5%     
     EQUITY - 34.5%     
 212,743   JPMorgan Diversified Return Emerging Markets Equity ETF(a)  $12,315,160 
 126,245   JPMorgan Diversified Return International Equity ETF   7,870,113 
 188,427   JPMorgan Diversified Return US Equity ETF   18,537,128 
 27,639   JPMorgan Diversified Return US Mid Cap Equity ETF   2,463,644 
 37,398   JPMorgan Diversified Return US Small Cap Equity ETF   1,627,561 
 117,138   JPMorgan US Momentum Factor ETF   5,220,841 
 229,720   JPMorgan US Value Factor ETF   8,382,483 
         56,416,930 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $46,237,889)   56,416,930 
           
     OPEN END FUNDS — 65.3%     
     EQUITY - 65.3%     
 298,525   JPMorgan Equity Index Fund, Class R6   19,968,337 
 333,331   JPMorgan Europe Dynamic Fund, Class R6   10,656,583 
 284,271   JPMorgan International Focus Fund, Class R6   7,951,065 
 837,509   JPMorgan International Research Enhanced Equity, Class R6   17,570,942 
 240,455   JPMorgan Large Cap Growth Fund, Class R6   16,884,725 
 1,212,981   JPMorgan Large Cap Value Fund, Class R6   23,907,848 
 446,082   JPMorgan Realty Income Fund, Class R6   7,431,722 
 31,133   Undiscovered Managers Behavioral Value Fund, Class R6(b)   2,504,339 
         106,875,561 
           
     TOTAL OPEN END FUNDS (Cost $87,512,653)   106,875,561 
           
     SHORT-TERM INVESTMENTS — 0.5%     
     MONEY MARKET FUNDS - 0.5%     
 851,499   BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $851,499)(c)   851,499 
           
     TOTAL INVESTMENTS - 100.3% (Cost $134,602,041)  $164,143,990 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%   (561,150)
     NET ASSETS - 100.0%  $163,582,840 

 

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)Non-income producing security.

 

(c)Rate disclosed is the seven day effective yield as of July 31, 2021.

 

 

PFG JP MORGAN ® TACTICAL MODERATE STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2021

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 31.3%     
     EQUITY - 31.3%     
 136,713   JPMorgan Diversified Return Emerging Markets Equity ETF(a)  $7,913,974 
 181,817   JPMorgan Diversified Return International Equity ETF   11,334,472 
 119,177   JPMorgan Diversified Return US Equity ETF   11,724,430 
 38,847   JPMorgan Diversified Return US Mid Cap Equity ETF   3,462,686 
 40,036   JPMorgan Diversified Return US Small Cap Equity ETF   1,742,367 
 158,716   JPMorgan US Momentum Factor ETF   7,073,972 
 320,259   JPMorgan US Value Factor ETF   11,686,251 
         54,938,152 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $42,222,303)   54,938,152 
           
     OPEN END FUNDS — 64.2%     
     ALTERNATIVE - 3.2%     
 214,625   JPMorgan Hedged Equity Fund, Class R6   5,655,363 
           
     EQUITY - 29.6%     
 157,777   JPMorgan Equity Index Fund, Class R6   10,553,688 
 301,911   JPMorgan Europe Dynamic Fund, Class R6   9,652,099 
 307,556   JPMorgan International Focus Fund, Class R6   8,602,350 
 64,694   JPMorgan Large Cap Growth Fund, Class R6   4,542,827 
 587,196   JPMorgan Large Cap Value Fund, Class R6   11,573,624 
 291,851   JPMorgan Realty Income Fund, Class R6   4,862,242 
 28,082   Undiscovered Managers Behavioral Value Fund, Class R6   2,258,955 
         52,045,785 
     FIXED INCOME - 31.4%     
 2,399,483   JPMorgan Core Bond Fund, Class R6   29,153,722 
 816,234   JPMorgan Core Plus Bond Fund, Class R6   7,060,428 
 356,009   JPMorgan High Yield Fund, Class R6   2,605,986 
 1,708,044   JPMorgan Income Fund, Class R6   16,277,662 
         55,097,798 
           
     TOTAL OPEN END FUNDS (Cost $103,589,774)   112,798,946 

 

 

PFG JP MORGAN ® TACTICAL MODERATE STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2021

 

Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 5.5%     
     MONEY MARKET FUNDS - 5.5%     
 9,737,809   BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $9,737,809)(b)  $9,737,809 
           
     TOTAL INVESTMENTS - 101.0% (Cost $155,549,886)  $177,474,907 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (1.0)%   (1,839,527)
     NET ASSETS - 100.0%  $175,635,380 

 

ETF- Exchange-Traded Fund

 

(a)Affiliated Company — PFG JP Morgan ® Tactical Moderate 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, 2021.

 

 

PFG MEEDER TACTICAL STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2021

 

Shares      Fair Value 
     OPEN END FUNDS — 99.7%     
     ALTERNATIVE - 10.1%     
 771,407   Meeder Spectrum Fund, Institutional Class(a)  $10,876,846 
           
     EQUITY - 27.9%     
 1,039,069   Meeder Moderate Allocation Fund, Institutional Class(a) (b)   13,809,222 
 1,718,922   Meeder Muirfield Fund, Institutional Class   16,381,325 
         30,190,547 
     MIXED ALLOCATION - 61.7%     
 3,794,077   Meeder Balanced Fund, Institutional Class(a) (b)   54,103,535 
 501,707   Meeder Conservative Allocation Fund, Institutional Class(a)   12,582,823 
         66,686,358 
           
     TOTAL OPEN END FUNDS (Cost $88,852,569)   107,753,751 
           
     SHORT-TERM INVESTMENTS — 0.5%     
     MONEY MARKET FUNDS - 0.5%     
 517,937   BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $517,937)(b)   517,937 
           
     TOTAL INVESTMENTS - 100.2% (Cost $89,370,506)  $108,271,688 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%   (201,092)
     NET ASSETS - 100.0%  $108,070,596 

 

(a)Affiliated Company — PFG Meeder Tactical Strategy Fund holds in excess of 5% of outstanding voting securities of this security.

 

(b)Security is currently being valued according to the fair value procedures approved by the Board of Trustees.

 

(b)Rate disclosed is the seven day effective yield as of July 31, 2021.

 

 

PFG MFS ® AGGRESSIVE GROWTH STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2021

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 15.0%     
     COMMODITY - 5.0%     
 239,435   iShares GSCI Commodity Dynamic  $8,344,310 
           
     EQUITY - 10.0%     
 78,318   Schwab International Small-Cap Equity ETF   3,321,466 
 115,912   SPDR Portfolio Emerging Markets ETF   4,966,828 
 14,674   Vanguard Small-Cap Growth ETF   4,195,884 
 24,187   Vanguard Small-Cap Value ETF   4,131,140 
         16,615,318 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $19,338,787)   24,959,628 
           
     OPEN END FUNDS — 84.7%     
     EQUITY - 84.7%     
 391,101   MFS Global Real Estate Fund, Class I   8,342,187 
 104,662   MFS Growth Fund, Class R6   19,848,057 
 247,194   MFS Institutional International Equity Fund, Class I   8,313,137 
 180,599   MFS International Growth Fund, Class R5   8,322,005 
 624,083   MFS International Large Cap Value Fund, Class I   8,294,061 
 81,668   MFS International New Discovery Fund, Class R6   3,292,854 
 503,421   MFS Mid Cap Growth Fund, Class R6   16,768,965 
 529,266   MFS Mid Cap Value Fund, Class R5   16,645,424 
 304,192   MFS Research Fund, Class R6   18,288,015 
 550,496   MFS Research International Fund, Class R6   13,195,401 
 382,174   MFS Value Fund, Class R6   19,980,037 
         141,290,143 
           
     TOTAL OPEN END FUNDS (Cost $107,473,070)   141,290,143 

 

 

PFG MFS ® AGGRESSIVE GROWTH STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2021

 

Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 0.7%     
     MONEY MARKET FUNDS - 0.7%     
 1,151,804   BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $1,151,804)(a)  $1,151,804 
           
     TOTAL INVESTMENTS - 100.4% (Cost $127,963,661)  $167,401,575 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%   (669,582)
     NET ASSETS - 100.0%  $166,731,993 

 

ETF- Exchange-Traded Fund

 

SPDR- Standard & Poor’s Depositary Receipt

 

(a)Rate disclosed is the seven day effective yield as of July 31, 2021.

 

 

PFG TACTICAL INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2021

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 39.0%     
     EQUITY - 39.0%     
 48,027   Fidelity MSCI Information Technology Index ETF  $5,847,287 
 218,922   iShares Core Dividend Growth ETF   11,313,889 
 79,592   Vanguard Dividend Appreciation ETF   12,712,435 
 97,604   Vanguard High Dividend Yield ETF   10,282,581 
 76,646   VictoryShares US Small Cap High Dividend Volatility Weighted ETF   4,499,120 
         44,655,312 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $39,426,553)   44,655,312 
           
     OPEN END FUNDS — 60.4%     
     FIXED INCOME - 50.4%     
 1,430,358   Counterpoint Tactical Income Fund, Class I   16,735,185 
 829,646   PIMCO Mortgage Opportunities and Bond Fund, Institutional Class   9,117,812 
 818,293   Sierra Tactical Bond Fund, Institutional Class   22,781,274 
 941,732   T Rowe Price Institutional Floating Rate Fund, Investor Class   9,172,472 
         57,806,743 
     MIXED ALLOCATION - 10.0%     
 385,409   Vanguard Wellesley Income Fund, Investor Class   11,485,182 
           
     TOTAL OPEN END FUNDS (Cost $67,006,068)   69,291,925 
           
     SHORT-TERM INVESTMENTS — 0.6%     
     MONEY MARKET FUNDS - 0.6%     
 664,467   BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $664,467)(a)   664,467 
           
     TOTAL INVESTMENTS - 100.0% (Cost $107,097,088)  $114,611,704 
     LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)%   (37,656)
     NET ASSETS - 100.0%  $114,574,048 

 

ETF- Exchange-Traded Fund

 

MSCI- Morgan Stanley Capital International

 

(a)Rate disclosed is the seven day effective yield as of July 31, 2021.