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Form N-CSR Northern Lights Fund For: Apr 30

July 5, 2022 12:16 PM EDT

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united states
securities and exchange commission
washington, d.c. 20549

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-21720

 

Northern Lights Fund Trust

(Exact name of registrant as specified in charter)

 

225 Pictoria Drive, Ste 450, Cincinnati, Ohio 45246

(Address of principal executive offices) (Zip code)

 

Richard Malinowski

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

(Name and address of agent for service)

 

Registrant's telephone number, including area code: 631-470-2619

 

Date of fiscal year end: 4/30

 

Date of reporting period:4/30/22

 

Item 1. Reports to Stockholders.

 

(COVER PAGE)

 

 

(PACIFIC FINANCIAL LOGO)

11624 SE 5th Street, Suite 100
Bellevue, WA 98005
800.735.7199 | Toll Free
866.583.8734 | Sales
425.451.7722 | Direct
425.451.7731 | Fax
 



Dear Fellow Shareholders:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Sincerely,

(-s- Jennifer Enstad)

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

 

6524-NLD-06092022

 

(LOGO) 

1

 

(PACIFIC FINANCIAL LOGO)

11624 SE 5th Street, Suite 100
Bellevue, WA 98005
800.735.7199 | Toll Free
866.583.8734 | Sales
425.451.7722 | Direct
425.451.7731 | Fax
 



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

 

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

 

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

 

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

 

(LOGO) 

2

 

PFG Active Core Bond Strategy Fund
Portfolio Review (Unaudited)
April 30, 2022
 

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

 

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

 

    Annualized
  One Three Performance
  Year Year Since Inception**
PFG Active Core Bond Strategy Fund      
Class R (9.00)% (0.84)% (0.44)%
Bloomberg U.S. Aggregate Bond Index*** (8.51)% 0.38% 0.98%
       
*The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.61% for Class R shares per the August 28, 2021 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

 

**Commencement of trading was on December 14, 2017.

 

***The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index which represents the U.S. investment-grade fixed-rate bond market (including government and corporate securities, mortgage pass-through securities, and asset-backed securities). Investors cannot invest directly in an index or benchmark.

 

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

 

(LINE GRAPH)

 

Holdings by Asset Class  % of Net Assets 
Open End Funds - Fixed Income   99.3%
Money Market Fund   0.3%
Other Assets Less Liabilities - Net   0.4%
    100.0%
      

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

 

3

 

PFG American Funds® Conservative Income Strategy Fund
Portfolio Review (Unaudited)
April 30, 2022
 

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

 

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

 

    Annualized
  One Performance
  Year Since Inception**
PFG American Funds® Conservative Income Strategy Fund    
Class R (4.55)% 0.54%
Morningstar Conservative Target Risk Index (Total Return)*** (7.37)% 1.07%
     
*The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.32% for Class R shares per the August 28, 2021 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

 

**Commencement of trading was on May 2, 2020.

 

***The Morningstar Conservative Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 20% global equity exposure and 80% global bond exposure. Investors cannot invest directly in an index.

 

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

 

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

 

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

 

 

Holdings by Asset Class  % of Net Assets 
Open End Funds - Fixed Income   70.9%
Open End Funds - Mixed Allocation   18.9%
Open End Funds - Equity   9.9%
Money Market Fund   0.5%
Other Assets Less Liabilities - Net   (0.2)%
    100.0%
      

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

 

4

 

PFG American Funds® Growth Strategy Fund
Portfolio Review (Unaudited)
April 30, 2022
 

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

 

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

 

    Annualized
  One Performance
  Year Since Inception**
PFG American Funds® Growth Strategy Fund    
Class R (15.06)% 11.33%
Morningstar Aggressive Target Risk Index (Total Return)*** (5.62)% 18.70%
     
*The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.43% for Class R shares per the August 28, 2021 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

 

**Commencement of trading was on May 2, 2020.

 

***The Morningstar Aggressive Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 95% global equity exposure and 5% global bond exposure. Investors cannot invest directly in an index.

 

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

 

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

 

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

 

 

Holdings by Asset Class  % of Net Assets 
Open End Funds - Equity   99.7%
Money Market Fund   0.4%
Other Assets Less Liabilities - Net   (0.1)%
    100.0%
      

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

 

5

 

PFG BNY Mellon Diversifier Strategy Fund
Portfolio Review (Unaudited)
April 30, 2022
 

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

 

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

 

    Annualized
  One Three Performance
  Year Year Since Inception**
PFG BNY Mellon Diversifier Strategy Fund      
Class R (3.64)% 3.09% 1.59%
Bloomberg U.S. Aggregate Bond Index*** (8.51)% 0.38% 0.98%
       
*The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.71% for Class R shares per the August 28, 2021 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

 

**Commencement of trading was on December 14, 2017.

 

***The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index which represents the U.S. investment-grade fixed-rate bond market (including government and corporate securities, mortgage pass-through securities, and asset-backed securities). Investors cannot invest directly in an index.

 

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

 

(LINE GRAPH)

 

Holdings by Asset Class  % of Net Assets 
Open End Funds - Fixed Income   51.8%
Open End Funds - Alternative   38.3%
Open End Funds - Equity   9.8%
Money Market Fund   0.2%
Other Assets Less Liabilities - Net   (0.1)%
    100.0%
      

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

 

6

 

PFG BR Equity ESG Strategy Fund
Portfolio Review (Unaudited)
April 30, 2022
 

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

 

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

 

    Annualized
  One Performance
  Year Since Inception**
PFG BR Equity ESG Strategy Fund    
Class R (9.29)% 13.56%
Morningstar Aggressive Target Risk Index (Total Return)*** (5.62)% 18.70%
     
*The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.26% for Class R shares per the August 28, 2021 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

 

**Commencement of trading was on May 2, 2020.

 

***The Morningstar Aggressive Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 95% global equity exposure and 5% global bond exposure. Investors cannot invest directly in an index.

 

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

 

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

 

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

 

(LINE GRAPH)

 

Holdings by Asset Class  % of Net Assets 
Exchange Traded Funds - Equity   99.6%
Money Market Fund   0.4%
Other Assets Less Liabilities - Net   0.0%
    100.0%
      

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

 

7

 

PFG Fidelity Institutional AM® Bond ESG Strategy Fund
Portfolio Review (Unaudited)
April 30, 2022
 

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

 

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

 

  Performance
  Since Inception**
PFG Fidelity Institutional AM® Bond ESG Strategy Fund  
Class R (10.00)%
Bloomberg U.S. Aggregate Bond Index*** (9.47)%
   
*The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.24% for Class R shares per the October 6, 2021 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

 

**Commencement of trading was on October 29, 2021.

 

***The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index which represents the U.S. investment-grade fixed-rate bond market (including government and corporate securities, mortgage pass-through securities, and asset-backed securities). Investors cannot invest directly in an index.

 

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

 

 

Holdings by Asset Class  % of Net Assets 
Open End Funds - Fixed Income   81.7%
Exchange-Traded Funds - Fixed Income   18.0%
Money Market Fund   0.3%
Other Assets Less Liabilities - Net   0.0%
    100.0%
      

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

 

8

 

PFG Fidelity Institutional AM® Equity Index Strategy Fund
Portfolio Review (Unaudited)
April 30, 2022
 

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

 

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

 

    Annualized
  One Performance
  Year Since Inception**
PFG Fidelity Institutional AM® Equity Index Strategy Fund    
Class R (6.37)% 16.43%
Morningstar Aggressive Target Risk Index (Total Return)*** (5.62)% 18.70%
     
*The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.08% for Class R shares per the August 28, 2021 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

 

**Commencement of trading was on May 2, 2020.

 

***The Morningstar Aggressive Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 95% global equity exposure and 5% global bond exposure. Investors cannot invest directly in an index.

 

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

 

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

 

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

 

(LINE GRAPH)

 

Holdings by Asset Class  % of Net Assets 
Open End Funds - Equity   98.8%
Money Market Fund   0.4%
Other Assets Less Liabilities - Net   0.8%
    100.0%
      

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

 

9

 

PFG Fidelity Institutional AM® Equity Sector Strategy Fund
Portfolio Review (Unaudited)
April 30, 2022
 

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

 

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

 

    Annualized
  One Performance
  Year Since Inception**
PFG Fidelity Institutional AM® Equity Sector Strategy Fund    
Class R 2.58% 18.10%
Morningstar Aggressive Target Risk Index (Total Return)*** (5.62)% 18.70%
     
*The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.46% for Class R shares per the August 28, 2021 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

 

**Commencement of trading was on May 2, 2020.

 

***The Morningstar Aggressive Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 95% global equity exposure and 5% global bond exposure. Investors cannot invest directly in an index.

 

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

 

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

 

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

 

 

Holdings by Asset Class  % of Net Assets 
Exchange Traded Funds - Equity   61.7%
Open End Funds - Equity   37.6%
Money Market Fund   0.4%
Other Assets Less Liabilities - Net   0.3%
    100.0%
      

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

 

10

 

PFG Invesco® Thematic ESG Strategy Fund
Portfolio Review (Unaudited)
April 30, 2022
 

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

 

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

 

  Performance
  Since Inception**
PFG Invesco® Thematic ESG Strategy Fund  
Class R (23.77)%
Morningstar Aggressive Target Risk Index (Total Return)*** (10.48)%
   
*The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.68% for Class R shares per the October 6, 2021 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

 

**Commencement of trading was on October 29, 2021.

 

***The Morningstar Aggressive Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 95% global equity exposure and 5% global bond exposure. Investors cannot invest directly in an index.

 

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

 

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

 

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

 

 

Holdings by Asset Class  % of Net Assets 
Exchange Traded Funds - Equity   99.8%
Money Market Fund   0.3%
Other Assets Less Liabilities - Net   (0.1)%
    100.0%
      

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

 

11

 

PFG Janus Henderson® Balanced Strategy Fund
Portfolio Review (Unaudited)
April 30, 2022
 

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

 

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

 

  Performance
  Since Inception**
PFG Janus Henderson® Balanced Strategy Fund  
Class R (12.37)%
Morningstar Moderate Target Risk Index (Total Return)*** (9.89)%
   
*The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.62% for Class R shares per the October 6, 2021 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

 

**Commencement of trading was on October 29, 2021.

 

***The Morningstar Moderate Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 60% global equity exposure and 40% global bond exposure. Investors cannot invest directly in an index.

 

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

 

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

 

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

 

(LINE GRAPH)

 

Holdings by Asset Class  % of Net Assets 
Open End Funds - Mixed Allocation   79.8%
Open End Funds - Fixed Income   7.8%
Exchange Traded Funds - Equity   5.8%
Open End Funds - Equity   4.9%
Exchange Traded Funds - Fixed Income   1.3%
Money Market Fund   0.3%
Other Assets Less Liabilities - Net   0.1%
    100.0%
      

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

 

12

 

PFG JP Morgan Tactical® Aggressive Strategy Fund
Portfolio Review (Unaudited)
April 30, 2022
 

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

 

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

 

    Annualized
  One Three Performance
  Year Year Since Inception**
PFG JP Morgan Tactical® Aggressive Strategy Fund      
Class R (6.17)% 7.52% 5.82%
Morningstar Aggressive Target Risk Index (Total Return)*** (5.62)% 8.54% 7.57%
       
*The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.48% for Class R shares per the August 28, 2021 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

 

**Commencement of trading was on December 14, 2017.

 

***The Morningstar Aggressive Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 95% global equity exposure and 5% global bond exposure. Investors cannot invest directly in an index.

 

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

 

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

 

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

 

(LINE GRAPH)

 

Holdings by Asset Class  % of Net Assets 
Open End Funds - Equity   60.7%
Exchange Traded Funds - Equity   33.3%
Open End Funds - Alternative   5.7%
Money Market Fund   0.4%
Other Assets Less Liabilities - Net   (0.1)%
    100.0%
      

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

 

13

 

PFG JP Morgan® Tactical Moderate Strategy Fund
Portfolio Review (Unaudited)
April 30, 2022
 

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

 

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

 

    Annualized
  One Three Performance
  Year Year Since Inception**
PFG JP Morgan® Tactical Moderate Strategy Fund      
Class R (7.49)% 4.25% 2.98%
Morningstar Moderately Aggressive Target Risk Index (Total Return)*** (6.14)% 7.53% 6.53%
Morningstar Moderate Target Risk Index (Total Return)**** (6.42)% 6.04% 5.55%
       
*The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.51% for Class R shares per the August 28, 2021 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

 

**Commencement of operations and trading was March 15, 2018.

 

***The Morningstar Moderately Aggressive Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 80% global equity exposure and 20% global bond exposure. Investors cannot invest directly in an index.

 

****The Morningstar Moderate Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 60% global equity exposure and 40% global bond exposure. Investors cannot invest directly in an index.

 

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

 

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

 

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

 

 

Holdings by Asset Class  % of Net Assets 
Open End Funds - Fixed Income   39.6%
Open End Funds - Equity   31.1%
Exchange Traded Funds - Equity   24.6%
Open End Funds - Alternative   4.0%
Money Market Fund   0.8%
Other Assets Less Liabilities - Net   (0.1)%
    100.0%
      

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

 

14

 

PFG Meeder Tactical Strategy Fund
Portfolio Review (Unaudited)
April 30, 2022
 

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

 

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

 

    Annualized
  One Three Performance
  Year Year Since Inception**
PFG Meeder Tactical Strategy Fund      
Class R (6.09)% 2.75% 1.78%
Morningstar Moderate Target Risk Index (Total Return)*** (6.42)% 6.04% 5.61%
       
*The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 3.06% for Class R shares per the August 28, 2021 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

 

**Commencement of trading was on December 14, 2017.

 

***The Morningstar Moderate Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 60% global equity exposure and 40% global bond exposure. Investors cannot invest directly in an index.

 

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

 

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

 

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

 

(LINE GRAPH)

 

Holdings by Asset Class  % of Net Assets 
Open End Funds - Equity   76.3%
Open End Funds - Mixed Allocation   10.9%
Open End Funds - Alternative   10.0%
Open End Funds - Fixed Income   2.8%
Money Market Fund   0.3%
Other Assets Less Liabilities - Net   (0.3)%
    100.0%
      

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

 

15

 

PFG MFS® Aggressive Growth Strategy Fund
Portfolio Review (Unaudited)
April 30, 2022
 

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

 

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

 

    Annualized
  One Three Performance
  Year Year Since Inception**
PFG MFS® Aggressive Growth Strategy Fund      
Class R (5.81)% 7.36% 6.81%
Morningstar Aggressive Target Risk Index (Total Return)*** (5.62)% 8.54% 7.57%
       
*The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.62% for Class R shares per the August 28, 2021 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

 

**Commencement of trading was on December 14, 2017.

 

***The Morningstar Aggressive Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 95% global equity exposure and 5% global bond exposure. Investors cannot invest directly in an index.

 

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

 

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

 

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

 

 

Holdings by Asset Class  % of Net Assets 
Open End Funds - Equity   84.4%
Exchange Traded Funds - Equity   9.6%
Exchange Traded Funds - Commodity   5.2%
Money Market Fund   0.3%
Other Assets Less Liabilities - Net   0.5%
    100.0%
      

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

 

16

 

PFG Tactical Income Strategy Fund
Portfolio Review (Unaudited)
April 30, 2022
 

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

 

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

 

    Annualized
Six One Performance
  Year Since Inception**
PFG Tactical Income Strategy Fund    
Class R (7.18)% 3.63%
Morningstar Moderately Conservative Target Risk Index (Total Return)*** (6.81)% 5.64%
     
*The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.68% for Class R shares per the August 28, 2021 prospectus. For performance information current to the most recent month-end, please call 1-888-451-TPFG.

 

**Commencement of trading was on May 2, 2020.

 

***The Morningstar Moderately Conservative Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective yardstick for performance comparison. The index invests in 40% global equity exposure and 60% global bond exposure. Investors cannot invest directly in an index.

 

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

 

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

 

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

 

(LINE GRAPH)

 

Holdings by Asset Class  % of Net Assets 
Open End Funds - Fixed Income   52.7%
Open End Funds - Equity   27.8%
Exchange Traded Funds - Equity   8.1%
Exchange Traded Funds - Fixed Income   6.5%
Open End Funds - Mixed Allocation   4.7%
Money Market Fund   0.0%
Other Assets Less Liabilities - Net   0.2%
    100.0%
      

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

 

17

 

PFG ACTIVE CORE BOND STRATEGY FUND
SCHEDULE OF INVESTMENTS
April 30, 2022

 

Shares      Fair Value 
     OPEN END FUNDS — 99.3%     
     FIXED INCOME - 99.3%     
 797,069   PIMCO Emerging Markets Bond Fund, Institutional Class  $6,974,351 
 857,614   PIMCO High Yield Fund, Institutional Class   6,989,558 
 3,841,391   PIMCO Income Fund, Institutional Class   42,178,468 
 1,519,942   PIMCO Investment Grade Credit Bond Fund, Institutional Class   14,059,461 
 1,376,201   PIMCO Mortgage Opportunities and Bond Fund, Institutional Class   14,119,824 
 6,105,327   PIMCO Total Return Fund, Institutional Class   56,046,907 
     TOTAL OPEN END FUNDS (Cost $152,715,681)   140,368,569 
           
     SHORT-TERM INVESTMENTS — 0.3%     
     MONEY MARKET FUNDS - 0.3%     
 383,765   BlackRock Liquidity FedFund, Institutional Class, 0.31% (Cost $383,765)(a)   383,765 
           
     TOTAL INVESTMENTS - 99.6% (Cost $153,099,446)  $140,752,334 
     OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%   506,565 
     NET ASSETS - 100.0%  $141,258,899 

 

(a)Rate disclosed is the seven day effective yield as of April 30, 2022.

 

See accompanying notes to financial statements.

18

 

PFG AMERICAN FUNDS® CONSERVATIVE INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS
April 30, 2022

 

Shares      Fair Value 
     OPEN END FUNDS — 99.7%     
     EQUITY - 9.9%     
 400,427   American Mutual Fund, Class R-6  $20,245,568 
           
     FIXED INCOME - 70.9%     
 3,364,339   American Funds - Bond Fund of America, Class R-6   40,775,784 
 2,138,543   American Funds Strategic Bond Fund, Class R-6   22,476,087 
 3,147,057   American Intermediate Bond Fund of America, Class R-6   40,848,796 
 4,245,733   American Short Term Bond Fund of America, Class R-6   41,013,780 
         145,114,447 
     MIXED ALLOCATION - 18.9%     
 602,775   American Balanced Fund, Class R-6   18,245,987 
 830,676   The Income Fund of America, Class R-6   20,326,635 
         38,572,622 
           
     TOTAL OPEN END FUNDS (Cost $215,093,698)   203,932,637 
           
     SHORT-TERM INVESTMENTS — 0.5%     
     MONEY MARKET FUNDS - 0.5%     
 1,010,682   BlackRock Liquidity FedFund, Institutional Class, 0.31% (Cost $1,010,682)(a)   1,010,682 
           
     TOTAL INVESTMENTS - 100.2% (Cost $216,104,380)  $204,943,319 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%   (417,938)
     NET ASSETS - 100.0%  $204,525,381 

 

(a)Rate disclosed is the seven day effective yield as of April 30, 2022.

 

See accompanying notes to financial statements.

19

 

PFG AMERICAN FUNDS GROWTH STRATEGY FUND
SCHEDULE OF INVESTMENTS
April 30, 2022

 

Shares      Fair Value 
     OPEN END FUNDS — 99.7%     
     EQUITY - 99.7%     
 3,088,475   AMCAP Fund, Class R-6  $111,277,757 
 2,355,428   American - The Growth Fund of America, Class R-6   137,745,449 
 1,180,677   American Funds - New Economy Fund, Class R-6   55,822,425 
 1,734,961   American Funds Fundamental Investors, Class R-6   113,796,113 
 1,054,538   American New Perspective Fund, Class R-6   56,586,497 
 1,345,662   Smallcap World Fund, Inc., Class R-6   85,314,997 
     TOTAL OPEN END FUNDS (Cost $628,472,409)   560,543,238 
           
     SHORT-TERM INVESTMENTS — 0.4%     
     MONEY MARKET FUNDS - 0.4%     
 2,287,915   BlackRock Liquidity FedFund, Institutional Class, 0.31% (Cost $2,287,915)(a)   2,287,915 
           
     TOTAL INVESTMENTS - 100.1% (Cost $630,760,324)  $562,831,153 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%   (406,283)
     NET ASSETS - 100.0%  $562,424,870 
           
(a)Rate disclosed is the seven day effective yield as of April 30, 2022.

 

See accompanying notes to financial statements.

20

 

PFG BNY MELLON DIVERSIFIED STRATEGY FUND
SCHEDULE OF INVESTMENTS
April 30, 2022

 

Shares      Fair Value 
     OPEN END FUNDS — 99.9%     
     ALTERNATIVE - 38.3%     
 3,793,030   BNY Mellon Global Real Return, Class I  $62,016,047 
           
     EQUITY - 9.8%     
 665,601   BNY Mellon Global Real Estate Securities Fund, Class I   6,283,270 
 174,679   BNY Mellon Natural Resources Fund, Class I   9,472,840 
         15,756,110 
     FIXED INCOME - 51.8%     
 6,171,928   BNY Mellon Core Plus Fund, Class I   59,312,226 
 2,181,590   BNY Mellon Floating Rate Income Fund, Class I   24,521,071 
         83,833,297 
           
     TOTAL OPEN END FUNDS (Cost $168,791,123)   161,605,454 
           
     SHORT-TERM INVESTMENTS — 0.2%     
     MONEY MARKET FUNDS - 0.2%     
 357,506   BlackRock Liquidity FedFund, Institutional Class, 0.31% (Cost $357,506)(a)   357,506 
           
     TOTAL INVESTMENTS - 100.1% (Cost $169,148,629)  $161,962,960 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%   (169,583)
     NET ASSETS - 100.0%  $161,793,377 

 

(a)Rate disclosed is the seven day effective yield as of April 30, 2022.

 

See accompanying notes to financial statements.

21

 

PFG BR EQUITY ESG STRATEGY FUND
SCHEDULE OF INVESTMENTS
April 30, 2022

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 99.6%     
     EQUITY - 99.6%     
 391,771   iShares ESG Advanced MSCI EAFE ETF(a)  $22,048,871 
 1,419,471   iShares ESG Advanced MSCI USA ETF(a)   46,416,702 
 596,012   iShares ESG Aware MSCI USA ETF   54,839,063 
 788,601   iShares ESG Aware MSCI USA Small-Cap ETF   27,380,227 
 333,910   iShares, Inc. iShares ESG Aware MSCI EM ETF   11,463,130 
 474,646   iShares Trust - iShares MSCI KLD 400 Social ETF   37,316,669 
 243,281   iShares Trust iShares ESG Aware MSCI EAFE ETF   16,803,419 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $231,258,989)   216,268,081 
           
     SHORT-TERM INVESTMENTS — 0.4%     
     MONEY MARKET FUNDS - 0.4%     
 916,874   BlackRock Liquidity FedFund, Institutional Class, 0.31% (Cost $916,874)(b)   916,874 
           
     TOTAL INVESTMENTS - 100.0% (Cost $232,175,863)  $217,184,955 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.0%(c)   47,516 
     NET ASSETS - 100.0%  $217,232,471 

 

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 April 30, 2022.

 

(c)Percentage rounds to less than 0.1%.

 

See accompanying notes to financial statements.

22

 

PFG FIDELITY INSTITUTIONAL AM® BOND ESG STRATEGY FUND
SCHEDULE OF INVESTMENTS
April 30, 2022

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 18.0%     
     FIXED INCOME - 18.0%     
 17,267   Fidelity Total Bond ETF  $827,090 
 1,265   iShares Short Treasury Bond ETF   139,403 
 2,820   SPDR Bloomberg High Yield Bond ETF   275,260 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $1,337,187)   1,241,753 
           
     OPEN END FUNDS — 81.7%     
     FIXED INCOME - 81.7%     
 50,323   Calvert Bond Fund, Class I   759,874 
 503,903   Fidelity Sustainability Bond Index Fund, Institutional Class   4,857,625 
     TOTAL OPEN END FUNDS (Cost $6,112,765)   5,617,499 
           
     SHORT-TERM INVESTMENTS — 0.3%     
     MONEY MARKET FUNDS - 0.3%     
 17,889   BlackRock Liquidity FedFund, Institutional Class, 0.31% (Cost $17,889)(a)   17,889 
           
     TOTAL INVESTMENTS - 100.0% (Cost $7,467,841)  $6,877,141 
     LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%(b)   (221)
     NET ASSETS - 100.0%  $6,876,920 

 

ETF - Exchange-Traded Fund
   
SPDR - Standard & Poor’s Depositary Receipt
   
(a)Rate disclosed is the seven day effective yield as of April 30, 2022.

 

(b)Percentage rounds to less than 0.1%.

23

 

PFG FIDELITY INSTITUTIONAL AM® EQUITY INDEX STRATEGY FUND
SCHEDULE OF INVESTMENTS
April 30, 2022

 

Shares      Fair Value 
     OPEN END FUNDS — 98.8%     
     EQUITY - 98.8%     
 534,525   Fidelity 500 Index Fund, Institutional Premium Class  $76,720,389 
 2,986,438   Fidelity Global ex US Index Fund, Institutional Premium Class   40,137,730 
 281,211   Fidelity Mid Cap Index Fund, Institutional Premium Class   7,831,728 
 284,668   Fidelity Small Cap Index Fund, Institutional Premium Class   6,541,678 
     TOTAL OPEN END FUNDS (Cost $106,911,765)   131,231,525 
           
     SHORT-TERM INVESTMENTS — 0.4%     
     MONEY MARKET FUNDS - 0.4%     
 575,063   BlackRock Liquidity FedFund, Institutional Class, 0.31% (Cost $575,063)(a)   575,063 
           
     TOTAL INVESTMENTS - 99.2% (Cost $107,486,828)  $131,806,588 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.8%   1,012,458 
     NET ASSETS - 100.0%  $132,819,046 
           
(a)Rate disclosed is the seven day effective yield as of April 30, 2022.

 

See accompanying notes to financial statements.

24

 

PFG FIDELITY INSTITUTIONAL AM® EQUITY SECTOR STRATEGY FUND
SCHEDULE OF INVESTMENTS
April 30, 2022

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 61.7%     
     EQUITY - 61.7%     
 107,323   Fidelity MSCI Consumer Staples Index ETF  $5,011,984 
 1,101,129   Fidelity MSCI Energy Index ETF   22,639,212 
 704,205   Fidelity MSCI Industrials Index ETF   34,766,601 
 579,918   Fidelity MSCI Materials Index ETF   27,621,494 
 615,107   Fidelity MSCI Utilities Index ETF   28,184,203 
 56,156   iShares US Pharmaceuticals ETF   10,547,220 
 53,724   Vanguard Industrials ETF   9,624,655 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $135,910,512)   138,395,369 
           
     OPEN END FUNDS — 37.6%     
     EQUITY - 37.6%     
 643,730   Fidelity Advisor Health Care Fund, Class Z   39,080,846 
 158,767   Fidelity Advisor Technology Fund, Class Z   13,636,519 
 1,919,790   Fidelity Select Semiconductors Portfolio   31,734,136 
     TOTAL OPEN END FUNDS (Cost $98,478,560)   84,451,501 
           
     SHORT-TERM INVESTMENTS — 0.4%     
     MONEY MARKET FUNDS - 0.4%     
 854,030   BlackRock Liquidity FedFund, Institutional Class, 0.31% (Cost $854,030)(a)   854,030 
           
     TOTAL INVESTMENTS - 99.7% (Cost $235,243,102)  $223,700,900 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.3%   694,122 
     NET ASSETS - 100.0%  $224,395,022 

 

ETF - Exchange-Traded Fund

 

MSCI - Morgan Stanley Capital International

 

(a)Rate disclosed is the seven day effective yield as of April 30, 2022.

 

See accompanying notes to financial statements.

25

 

PFG INVESCO® THEMATIC ESG STRATEGY FUND
SCHEDULE OF INVESTMENTS
April 30, 2022

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 99.8%     
     EQUITY - 99.8%     
 138,053   Invesco Global Clean Energy ETF  $2,941,909 
 382,101   Invesco Global Water ETF   13,048,749 
 271,638   Invesco MSCI Sustainable Future ETF   14,850,450 
 243,648   Invesco S&P Global Water Index ETF   11,736,524 
 45,158   Invesco Solar ETF   2,900,498 
 223,408   Invesco Water Resources ETF   10,891,140 
 54,485   Invesco WilderHill Clean Energy ETF   2,776,011 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $75,268,268)   59,145,281 
           
     SHORT-TERM INVESTMENTS — 0.3%     
     MONEY MARKET FUNDS - 0.3%     
 199,883   BlackRock Liquidity FedFund, Institutional Class, 0.31% (Cost $199,883)(a)   199,883 
           
     TOTAL INVESTMENTS - 100.1% (Cost $75,468,151)  $59,345,164 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%   (93,990)
     NET ASSETS - 100.0%  $59,251,174 

 

ETF - Exchange-Traded Fund

 

MSCI - Morgan Stanley Capital International

 

(a)Rate disclosed is the seven day effective yield as of April 30, 2022.

 

See accompanying notes to financial statements.

26

 

PFG JANUS HENDERSON® BALANCED STRATEGY FUND
SCHEDULE OF INVESTMENTS
April 30, 2022

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 7.1%     
     EQUITY - 5.8%     
 156,759   Janus Henderson Small Cap Growth Alpha ETF(a)  $7,971,195 
 147,003   Janus Henderson Small/Mid Cap Growth Alpha ETF(a)   8,088,105 
         16,059,300 
     FIXED INCOME - 1.3%     
 72,217   Janus Henderson Short Duration Income ETF   3,528,523 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $24,358,506)   19,587,823 
           
     OPEN END FUNDS — 92.5%     
     EQUITY - 4.9%     
 524,731   Janus Henderson Contrarian Fund, Class N   13,616,764 
           
     FIXED INCOME - 7.8%     
 2,823,211   Janus Henderson High-Yield Fund, Class N   21,484,636 
           
     MIXED ALLOCATION - 79.8%     
 5,490,231   Janus Henderson Balanced Fund, Class N   219,334,718 
           
     TOTAL OPEN END FUNDS (Cost $298,384,923)   254,436,118 
           
     SHORT-TERM INVESTMENTS — 0.3%     
     MONEY MARKET FUNDS - 0.3%     
 712,878   BlackRock Liquidity FedFund, Institutional Class, 0.31% (Cost $712,878)(b)   712,878 
           
     TOTAL INVESTMENTS - 99.9% (Cost $323,456,307)  $274,736,819 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%   159,761 
     NET ASSETS - 100.0%  $274,896,580 

 

ETF - Exchange-Traded Fund

 

(a)Affiliated Company – PFG Janus Henderson® Balanced 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 April 30, 2022.

 

See accompanying notes to financial statements.

27

 

PFG JP MORGAN® TACTICAL AGGRESSIVE STRATEGY FUND
SCHEDULE OF INVESTMENTS
April 30, 2022

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 33.3%     
     EQUITY - 33.3%     
 311,660   JPMorgan Diversified Return Emerging Markets Equity ETF(a)  $16,517,076 
 344,102   JPMorgan Diversified Return International Equity ETF   18,402,575 
 205,692   JPMorgan Diversified Return US Equity ETF   20,398,476 
 371,506   JPMorgan US Momentum Factor ETF(a)   14,778,694 
 378,172   JPMorgan US Value Factor ETF   13,171,731 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $85,730,644)   83,268,552 
           
     OPEN END FUNDS — 66.4%     
     ALTERNATIVE - 5.7%     
 856,540   JPMorgan Emerging Market Research Enhanced Equity, Class R6   14,158,607 
           
     EQUITY - 60.7%     
 732,997   JPMorgan Equity Index Fund, Class R6   45,511,810 
 441,074   JPMorgan International Focus Fund, Class R6   10,100,601 
 1,390,443   JPMorgan International Research Enhanced Equity, Class R6   24,986,257 
 604,806   JPMorgan Large Cap Growth Fund, Class R6   31,407,551 
 1,493,471   JPMorgan Large Cap Value Fund, Class R6   28,450,618 
 466,361   JPMorgan Realty Income Fund, Class R6   7,517,741 
 45,120   Undiscovered Managers Behavioral Value Fund, Class R6   3,712,057 
         151,686,635 
           
     TOTAL OPEN END FUNDS (Cost $179,932,432)   165,845,242 
           
     SHORT-TERM INVESTMENTS — 0.4%     
     MONEY MARKET FUNDS - 0.4%     
 874,262   BlackRock Liquidity FedFund, Institutional Class, 0.31% (Cost $874,262)(b)   874,262 
           
     TOTAL INVESTMENTS - 100.1% (Cost $266,537,338)  $249,988,056 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%   (228,983)
     NET ASSETS - 100.0%  $249,759,073 

 

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 April 30, 2022.

 

See accompanying notes to financial statements.

28

 

PFG JP MORGAN® TACTICAL MODERATE STRATEGY FUND
SCHEDULE OF INVESTMENTS
April 30, 2022

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 24.6%     
     EQUITY - 24.6%     
 135,040   JPMorgan Diversified Return Emerging Markets Equity ETF  $7,156,728 
 269,449   JPMorgan Diversified Return International Equity ETF   14,410,133 
 39,252   JPMorgan Diversified Return US Equity ETF   3,892,621 
 300,943   JPMorgan US Momentum Factor ETF   11,971,663 
 273,841   JPMorgan US Value Factor ETF   9,537,882 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $46,218,744)   46,969,027 
           
     OPEN END FUNDS — 74.7%     
     ALTERNATIVE - 4.0%     
 462,416   JPMorgan Emerging Market Research Enhanced Equity, Class R6   7,643,732 
           
     EQUITY - 31.1%     
 457,396   JPMorgan Equity Index Fund, Class R6   28,399,694 
 249,305   JPMorgan International Focus Fund, Class R6   5,709,095 
 175,708   JPMorgan Large Cap Growth Fund, Class R6   9,124,522 
 448,967   JPMorgan Large Cap Value Fund, Class R6   8,552,830 
 288,194   JPMorgan Realty Income Fund, Class R6   4,645,694 
 34,549   Undiscovered Managers Behavioral Value Fund, Class R6   2,842,371 
         59,274,206 
     FIXED INCOME - 39.6%     
 4,416,978   JPMorgan Core Bond Fund, Class R6   47,526,682 
 2,387,626   JPMorgan Core Plus Bond Fund, Class R6   18,193,710 
 578,871   JPMorgan High Yield Fund, Class R6   3,855,282 
 659,910   JPMorgan Income Fund, Class R6   5,853,399 
         75,429,073 
           
     TOTAL OPEN END FUNDS (Cost $154,475,146)   142,347,011 

 

See accompanying notes to financial statements.

29

 

PFG JP MORGAN® TACTICAL MODERATE STRATEGY FUND
SCHEDULE OF INVESTMENTS (Continued)
April 30, 2022

 

Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 0.8%     
     MONEY MARKET FUNDS - 0.8%     
 1,437,980   BlackRock Liquidity FedFund, Institutional Class, 0.31%(a)  $1,437,980 
 172,820   Fidelity Treasury Money Market Fund, 0.39%(a)   172,820 
     TOTAL SHORT-TERM INVESTMENTS (Cost $1,610,800)   1,610,800 
           
     TOTAL INVESTMENTS - 100.1% (Cost $202,304,690)  $190,926,838 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%   (295,357)
     NET ASSETS - 100.0%  $190,631,481 

 

ETF - Exchange-Traded Fund

 

(a)Rate disclosed is the seven day effective yield as of April 30, 2022.

 

See accompanying notes to financial statements.

30

 

PFG MEEDER TACTICAL STRATEGY FUND
SCHEDULE OF INVESTMENTS
April 30, 2022

 

Shares      Fair Value 
     OPEN END FUNDS — 100.0%     
     ALTERNATIVE - 10.0%     
 940,676   Meeder Spectrum Fund, Institutional Class(a)  $11,946,581 
           
     EQUITY - 76.3%     
 1,599,110   Meeder Dynamic Allocation Fund, Institutional Class(a)   19,669,052 
 364,894   Meeder Moderate Allocation Fund, Institutional Class   4,291,149 
 7,677,645   Meeder Muirfield Fund, Institutional Class(a)   66,795,512 
         90,755,713 
     FIXED INCOME - 2.8%     
 195,847   Meeder Total Return Bond Fund   1,821,381 
 75,423   Performance Trust Strategic Bond Fund   1,555,980 
         3,377,361 
     MIXED ALLOCATION - 10.9%     
 767,590   Meeder Balanced Fund, Institutional Class   9,518,120 
 152,485   Meeder Conservative Allocation Fund, Institutional Class   3,420,243 
         12,938,363 
           
     TOTAL OPEN END FUNDS (Cost $130,116,330)   119,018,018 
           
     SHORT-TERM INVESTMENTS — 0.3%     
     MONEY MARKET FUNDS - 0.3%     
 365,542   BlackRock Liquidity FedFund, Institutional Class, 0.31% (Cost $365,542)(b)   365,542 
           
     TOTAL INVESTMENTS - 100.3% (Cost $130,481,872)  $119,383,560 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%   (374,664)
     NET ASSETS - 100.0%  $119,008,896 

 

(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 April 30, 2022.

 

See accompanying notes to financial statements.

31

 

PFG MFS® AGGRESSIVE GROWTH STRATEGY FUND
SCHEDULE OF INVESTMENTS
April 30, 2022

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 14.8%     
     COMMODITY - 5.2%     
 109,161   iShares GSCI Commodity Dynamic  $4,535,640 
           
     EQUITY - 9.6%     
 48,254   Schwab International Small-Cap Equity ETF   1,697,093 
 70,770   SPDR Portfolio Emerging Markets ETF   2,568,950 
 8,993   Vanguard Small-Cap Growth ETF   1,985,295 
 13,519   Vanguard Small-Cap Value ETF   2,227,796 
         8,479,134 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $11,955,117)   13,014,774 
           
     OPEN END FUNDS — 84.4%     
     EQUITY - 84.4%     
 226,929   MFS Global Real Estate Fund, Class R5   4,549,918 
 68,591   MFS Growth Fund, Class R6   10,369,653 
 150,716   MFS Institutional International Equity Fund, Class I   4,358,703 
 116,101   MFS International Growth Fund, Class R5   4,378,167 
 367,666   MFS International Large Cap Value Fund, Class R6   4,441,409 
 51,407   MFS International New Discovery Fund, Class R6   1,641,429 
 335,941   MFS Mid Cap Growth Fund, Class R6   8,539,629 
 298,277   MFS Mid Cap Value Fund, Class R5   8,918,469 
 182,768   MFS Research Fund, Class R6   9,481,987 
 339,068   MFS Research International Fund, Class R6   6,984,794 
 216,178   MFS Value Fund, Class R6   10,666,224 
     TOTAL OPEN END FUNDS (Cost $71,092,730)   74,330,382 

 

See accompanying notes to financial statements.

32

 

PFG MFS® AGGRESSIVE GROWTH STRATEGY FUND
SCHEDULE OF INVESTMENTS (Continued)
April 30, 2022

 

Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 0.3%     
     MONEY MARKET FUNDS - 0.3%     
 302,848   BlackRock Liquidity FedFund, Institutional Class, 0.31% (Cost $302,848)(a)  $302,848 
           
     TOTAL INVESTMENTS - 99.5% (Cost $83,350,695)  $87,648,004 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.5%   428,378 
     NET ASSETS - 100.0%  $88,076,382 

 

ETF - Exchange-Traded Fund

 

SPDR - Standard & Poor’s Depositary Receipt

 

(a)Rate disclosed is the seven day effective yield as of April 30, 2022.

 

See accompanying notes to financial statements.

33

 

PFG TACTICAL INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS
April 30, 2022

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 14.6%     
     EQUITY - 8.1%     
 96,890   Janus Henderson Small Cap Growth Alpha ETF  $4,926,857 
 85,319   Janus Henderson Small/Mid Cap Growth Alpha ETF   4,694,251 
         9,621,108 
     FIXED INCOME - 6.5%     
 10,987   CP High Yield Trend ETF   242,648 
 59,173   Janus Henderson Mortgage-Backed Securities ETF   2,858,056 
 92,745   Janus Henderson Short Duration Income ETF   4,531,521 
         7,632,225 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $19,967,481)   17,253,333 
           
     OPEN END FUNDS — 85.2%     
     EQUITY - 27.8%     
 652,661   Janus Henderson Asia Equity Fund, Class N(a)   6,637,564 
 221,477   Janus Henderson Contrarian Fund, Class N   5,747,315 
 1,721,692   Janus Henderson Global Equity Income Fund, Class N   11,328,732 
 100,961   Janus Henderson Global Life Sciences Fund, Class N   6,169,722 
 72,963   Janus Henderson Global Technology and Innovation, Class N   2,895,904 
         32,779,237 
     FIXED INCOME - 52.7%     
 1,729,081   Counterpoint Tactical Income Fund, Class I   19,296,541 
 145,456   Counterpoint Tactical Municipal Fund, Class I   1,531,655 
 1,029,789   Janus Henderson Developed World Bond Fund, Class R6   9,113,633 
 591,082   Janus Henderson Flexible Bond Fund, Class N   5,881,269 
 685,334   Janus Henderson High-Yield Fund, Class N   5,215,388 
 48,566   Kensington Managed Income Fund, Institutional Class   506,055 
 782,218   Sierra Tactical Bond Fund, Institutional Class   20,619,274 
         62,163,815 
     MIXED ALLOCATION - 4.7%     
 404,997   Janus Henderson Dividend & Income Builder Fund, Class R6   5,487,704 

 

See accompanying notes to financial statements.

34

 

PFG TACTICAL INCOME STRATEGY FUND
SCHEDULE OF INVESTMENTS (Continued)
April 30, 2022

 

Shares      Fair Value 
     OPEN END FUNDS — 85.2% (Continued)     
     MIXED ALLOCATION - 4.7% (Continued)     
           
     TOTAL OPEN END FUNDS (Cost $109,660,087)  $100,430,756 
           
     SHORT-TERM INVESTMENTS — 0.0%(b)     
     MONEY MARKET FUNDS - 0.0% (b)     
 18,694   BlackRock Liquidity FedFund, Institutional Class, 0.31%(c)   18,694 
 33,717   Fidelity Treasury Money Market Fund, 0.39%(c)   33,717 
     SHORT-TERM INVESTMENTS (Cost $52,411)   52,411 
           
     TOTAL INVESTMENTS - 99.8% (Cost $129,679,979)  $117,736,500 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%   191,175 
     NET ASSETS - 100.0%  $117,927,675 

 

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)Percentage rounds to less than 0.1%.

 

(c)Rate disclosed is the seven day effective yield as of April 30, 2022.

 

See accompanying notes to financial statements.

35

 

The Pacific Financial Funds
Statements of Assets and Liabilities
April 30, 2022

 

       PFG American Funds®         
   PFG Active Core Bond   Conservative Income   PFG American Funds®   PFG BNY Mellon Diversifier 
Assets:  Strategy Fund   Strategy Fund   Growth Strategy Fund   Strategy Fund 
Total Securities, at cost  $153,099,446   $216,104,380   $630,760,324   $169,148,629 
Total Securities, at fair value  $140,752,334   $204,943,319   $562,831,153   $161,962,960 
Receivable for Fund shares sold   576,087    793,879    1,186,857    125,456 
Interest and dividends receivable   432,395    223,802    480    132,469 
Total Assets   141,760,816    205,961,000    564,018,490    162,220,885 
Liabilities:                    
Payable for Fund shares redeemed   238,549    639,743    570,310    125,367 
Payable for securities purchased       435,050         
Accrued 12b-1 fees   11,924    16,751    49,661    13,635 
Accrued investment advisory fees   149,054    209,381    620,747    170,441 
Payable to related parties   102,390    134,694    352,902    118,065 
Total Liabilities   501,917    1,435,619    1,593,620    427,508 
Net Assets  $141,258,899   $204,525,381   $562,424,870   $161,793,377 
                     
Net Assets:                    
Paid in capital  $154,528,853   $212,503,570   $546,401,330   $167,214,588 
Accumulated earnings/(deficit)   (13,269,954)   (7,978,189)   16,023,540    (5,421,211)
Net Assets  $141,258,899   $204,525,381   $562,424,870   $161,793,377 
                     
Class R Shares:                    
Net assets  $141,258,899   $204,525,381   $562,424,870   $161,793,377 
Total shares outstanding at end of year ($0 par value, unlimited shares authorized)   15,853,810    20,846,036    48,773,322    16,092,141 
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)  $8.91   $9.81   $11.53   $10.05 

 

See accompanying notes to financial statements.

36

 

The Pacific Financial Funds
Statements of Assets and Liabilities (Continued)
April 30, 2022

 

       PFG Fidelity Institutional   PFG Fidelity Institutional   PFG Fidelity Institutional 
   PFG BR Equity ESG   AM® Bond ESG   AM® Equity Index   AM® Equity Sector 
Assets:  Strategy Fund   Strategy Fund   Strategy Fund   Strategy Fund 
Investments in unaffiliated securities, at cost  $153,038,937   $7,467,841   $107,486,828   $235,243,102 
Investments in affiliated securities, at cost   79,136,926             
Total Securities, at cost  $232,175,863   $7,467,841   $107,486,828   $235,243,102 
Investments in unaffiliated securities, at fair value  $148,719,382   $6,877,141   $131,806,588   $223,700,900 
Investments in affiliated securities, at fair value   68,465,573             
Total Securities, at fair value  $217,184,955   $6,877,141   $131,806,588   $223,700,900 
Receivable for Fund shares sold   847,532    29,021    1,347,269    1,294,166 
Interest and dividends receivable   227    9,885    190    222 
Total Assets   218,032,714    6,916,047    133,154,047    224,995,288 
Liabilities:                    
Payable for Fund shares redeemed   197,301    4,387    82,180    176,693 
Payable for securities purchased   190,551             
Accrued 12b-1 Fees   18,792    563    11,329    19,319 
Accrued investment advisory fees   234,900    7,035    141,605    241,489 
Payable to related parties   158,699    27,142    99,887    162,765 
Total Liabilities   800,243    39,127    335,001    600,266 
Net Assets  $217,232,471   $6,876,920   $132,819,046   $224,395,022 
                     
Net Assets:                    
Paid in capital  $232,636,877   $7,479,736   $102,725,602   $210,080,078 
Accumulated earnings/(deficit)   (15,404,406)   (602,816)   30,093,444    14,314,944 
Net Assets  $217,232,471   $6,876,920   $132,819,046   $224,395,022 
                     
Class R Shares:                    
Net assets  $217,232,471   $6,876,920   $132,819,046   $224,395,022 
Total shares outstanding at end of year ($0 par value, unlimited shares authorized)   19,083,889    763,847    10,546,913    18,127,158 
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)  $11.38   $9.00   $12.59   $12.38 

 

See accompanying notes to financial statements.

37

 


The Pacific Financial Funds
Statements of Assets and Liabilities (Continued)
April 30, 2022

 

   PFG Invesco® Thematic ESG   PFG Janus Henderson®   PFG JP Morgan® Tactical   PFG JP Morgan® Tactical 
Assets:  Strategy Fund   Balanced Strategy Fund   Aggressive Strategy Fund   Moderate Strategy Fund 
Investments in unaffiliated securities, at cost  $75,468,151   $302,705,157   $233,372,926   $202,304,690 
Investments in affiliated securities, at cost       20,751,150    33,164,412     
Total Securities, at cost  $75,468,151   $323,456,307   $266,537,338   $202,304,690 
Investments in unaffiliated securities, at fair value  $59,345,164   $258,677,519   $218,692,286   $190,926,838 
Investments in affiliated securities, at fair value       16,059,300    31,295,770     
Total Securities, at fair value  $59,345,164   $274,736,819   $249,988,056   $190,926,838 
Receivable for Fund shares sold   39,649    732,111    244,597    169,448 
Interest and dividends receivable   66    93,533    213    20,445 
Prepaid expenses and other assets                
Total Assets   59,384,879    275,562,463    250,232,866    191,116,731 
Liabilities:                    
Payable for Fund shares redeemed   2,882    151,857    3,488    129,292 
Accrued 12b-1 Fees   5,183    23,606    21,594    16,320 
Accrued investment advisory fees   64,784    295,070    269,918    203,998 
Payable to related parties   60,856    195,350    178,793    135,640 
Total Liabilities   133,705    665,883    473,793    485,250 
Net Assets  $59,251,174   $274,896,580   $249,759,073   $190,631,481 
                     
Net Assets:                    
Paid in capital  $76,633,023   $316,668,984   $253,978,285   $193,013,779 
Accumulated deficit   (17,381,849)   (41,772,404)   (4,219,212)   (2,382,298)
Net Assets  $59,251,174   $274,896,580   $249,759,073   $190,631,481 
                     
Class R Shares:                    
Net assets  $59,251,174   $274,896,580   $249,759,073   $190,631,481 
Total shares outstanding at end of year ($0 par value, unlimited shares authorized)   7,788,926    31,479,295    21,171,736    18,115,934 
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)  $7.61   $8.73   $11.80   $10.52 

 

See accompanying notes to financial statements.

38

 

The Pacific Financial Funds
Statements of Assets and Liabilities (Continued)
April 30, 2022

 

   PFG Meeder Tactical   PFG MFS® Aggressive   PFG Tactical Income 
Assets:  Strategy Fund   Growth Strategy Fund   Strategy Fund 
Investments in unaffiliated securities, at cost  $21,740,374   $83,350,695   $121,610,314 
Investments in affiliated securities, at cost   108,741,498        8,069,665 
Total Securities, at cost  $130,481,872   $83,350,695   $129,679,979 
Investments in unaffiliated securities, at fair value  $20,972,415   $87,648,004   $111,098,936 
Investments in affiliated securities, at fair value   98,411,145        6,637,564 
Total Securities, at fair value  $119,383,560   $87,648,004   $117,736,500 
Receivable for Fund shares sold   42,007    604,751    198,524 
Receivable for securities sold           249,975 
Interest and dividends receivable   1,045    78    49,658 
Prepaid expenses and other assets            
Total Assets   119,426,612    88,252,833    118,234,657 
Liabilities:               
Payable for Fund shares redeemed   189,914    2,585    78,378 
Accrued 12b-1 Fees   10,188    7,524    10,032 
Accrued investment advisory fees   127,346    94,045    125,401 
Payable to related parties   90,268    72,297    93,171 
Total Liabilities   417,716    176,451    306,982 
Net Assets  $119,008,896   $88,076,382   $117,927,675 
                
Net Assets:               
Paid in capital  $114,194,229   $73,187,911   $129,961,763 
Accumulated earnings/(deficit)   4,814,667    14,888,471    (12,034,088)
Net Assets  $119,008,896   $88,076,382   $117,927,675 
                
Class R Shares:               
Net assets  $119,008,896   $88,076,382   $117,927,675 
Total shares outstanding at end of year ($0 par value, unlimited shares authorized)   11,401,201    8,537,871    12,833,865 
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)  $10.44   $10.32   $9.19 

 

See accompanying notes to financial statements.

39

 

The Pacific Financial Funds
Statements of Operations
For the Year Ended April 30, 2022

 

       PFG American Funds®         
   PFG Active Core Bond   Conservative Income   PFG American Funds® Growth   PFG BNY Mellon Diversifier 
   Strategy Fund   Strategy Fund   Strategy Fund   Strategy Fund 
Investment Income:                    
Dividend income  $4,013,230   $3,767,339   $3,176,041   $4,388,531 
Interest income   456    659    1,920    387 
Total Investment Income   4,013,686    3,767,998    3,177,961    4,388,918 
Expenses:                    
Investment advisory fees   1,816,315    2,659,362    9,039,149    2,031,431 
Distribution fees (12b-1) - Class R Shares   145,326    212,783    723,247    162,541 
Administrative service fees   1,017,832    1,490,041    5,063,150    1,138,351 
Total Expenses   2,979,473    4,362,186    14,825,546    3,332,323 
Net Investment Income/(Loss)   1,034,213    (594,188)   (11,647,585)   1,056,595 
                     
Net Realized and Unrealized Gain/(Loss) on Investments                    
Net realized gain from:                    
Unaffiliated investments   82,479    1,408,460    83,697,626    4,124,509 
Distributions received from underlying investment companies   65,879    2,206,065    51,851,670    714,618 
Total realized gain   148,358    3,614,525    135,549,296    4,839,127 
Net change in unrealized depreciation of:                    
Unaffiliated investments   (14,196,905)   (13,580,345)   (209,652,137)   (12,238,151)
Total unrealized depreciation   (14,196,905)   (13,580,345)   (209,652,137)   (12,238,151)
                     
Net Realized and Unrealized Loss on Investments   (14,048,547)   (9,965,820)   (74,102,841)   (7,399,024)
Net Decrease in Net Assets Resulting from Operations  $(13,014,334)  $(10,560,008)  $(85,750,426)  $(6,342,429)

 

See accompanying notes to financial statements.

40

 

The Pacific Financial Funds
Statements of Operations (Continued)
For the Year/Period Ended April 30, 2022

 

       PFG Fidelity Institutional   PFG Fidelity Institutional   PFG Fidelity Institutional 
   PFG BR Equity ESG   AM® Bond ESG   AM® Equity Index   AM® Equity Sector 
   Strategy Fund   Strategy Fund*   Strategy Fund   Strategy Fund 
Investment Income:                    
Dividend income  $2,015,285   $45,668   $2,378,851   $3,605,039 
Income from affiliates   748,311             
Interest income   802        466    742 
Total Investment Income   2,764,398    45,668    2,379,317    3,605,781 
Expenses:                    
Investment advisory fees   2,279,283    31,528    1,760,543    2,499,108 
Distribution fees (12b-1) - Class R Shares   182,377    2,703    140,479    199,965 
Administrative service fees   1,276,634    17,660    986,818    1,400,100 
Total Expenses   3,738,294    51,891    2,887,840    4,099,173 
Net Investment Loss   (973,896)   (6,223)   (508,523)   (493,392)
                     
Net Realized and Unrealized Gain/(Loss) on Investments                    
Net realized gain/(loss) from:                    
Unaffiliated investments   17,985,625    (12,321)   9,103,921    19,767,374 
Affiliated investments (Note 5)   (36,885)            
Distributions received from underlying investment companies       5,106    314,483    10,077,615 
Total realized gain/(loss)   17,948,740    (7,215)   9,418,404    29,844,989 
Net change in unrealized depreciation of:                    
Unaffiliated investments   (35,277,242)   (590,700)   (17,131,311)   (29,510,024)
Affiliated Investments (Note 5)   (10,671,353)            
Total change in unrealized depreciation of investments   (45,948,595)   (590,700)   (17,131,311)   (29,510,024)
                     
Net Realized and Unrealized Gain/(Loss) on Investments   (27,999,855)   (597,915)   (7,712,907)   334,965 
Net Decrease in Net Assets Resulting from Operations  $(28,973,751)  $(604,138)  $(8,221,430)  $(158,427)

 

*Commencement of operations and trading was October 29, 2021.

 

See accompanying notes to financial statements.

41

 

The Pacific Financial Funds
Statements of Operations (Continued)
For the Year/Period Ended April 30, 2022

 

   PFG Invesco® Thematic   PFG Janus Henderson®   PFG JP Morgan® Tactical   PFG JP Morgan® Tactical 
   ESG Strategy Fund*   Balanced Strategy Fund*   Aggressive Strategy Fund   Moderate Strategy Fund 
Investment Income:                    
Dividend income  $391,276   $2,872,676   $5,797,157   $5,356,723 
Income from affiliates       27,809    797,677     
Interest income   320    644    1,264    1,329 
Total Investment Income   391,596    2,901,129    6,596,098    5,358,052 
Expenses:                    
Investment advisory fees   396,353    1,774,734    2,680,450    2,401,289 
Distribution fees (12b-1) - Class R Shares   31,718    142,019    214,477    192,136 
Administrative service fees   222,022    994,286    1,501,670    1,345,576 
Total Expenses   650,093    2,911,039    4,396,597    3,939,001 
Net Investment Income/(Loss)   (258,497)   (9,910)   2,199,501    1,419,051 
                     
Net Realized and Unrealized Gain/(Loss) on Investments                    
Net realized gain/(loss) from:                    
Unaffiliated investments   (885,068)   (577,047)   13,668,099    14,200,915 
Affiliated investments (Note 5)       (172,520)   1,356,176     
Distributions received from underlying investment companies       8,877,561    5,741,489    1,935,577 
Total realized gain/(loss)   (885,068)   8,127,994    20,765,764    16,136,492 
Net change in unrealized depreciation of:                    
Unaffiliated Investments   (16,122,987)   (44,027,638)   (42,603,314)   (34,830,389)
Affiliated Investments (Note 5)       (4,691,850)   (4,677,339)    
Total change in unrealized depreciation of investments   (16,122,987)   (48,719,488)   (47,280,653)   (34,830,389)
                     
Net Realized and Unrealized Loss on Investments   (17,008,055)   (40,591,494)   (26,514,889)   (18,693,897)
Net Decrease in Net Assets Resulting from Operations  $(17,266,552)  $(40,601,404)  $(24,315,388)  $(17,274,846)

 

*Commencement of operations and trading was October 29, 2021.

 

See accompanying notes to financial statements.

42

 

The Pacific Financial Funds
Statements of Operations (Continued)
For the Year Ended April 30, 2022

 

   PFG Meeder Tactical   PFG MFS® Aggressive   PFG Tactical Income 
   Strategy Fund   Growth Strategy Fund   Strategy Fund 
Investment Income:               
Dividend income  $849,121   $2,015,908   $3,044,284 
Income from affiliates   2,207,754        114,756 
Interest income   257    435    328 
Total Investment Income   3,057,132    2,016,343    3,159,368 
Expenses:               
Investment advisory fees   1,478,706    1,623,166    1,456,539 
Distribution fees (12b-1) - Class R Shares   118,317    129,870    116,542 
Administrative service fees   828,815    909,683    816,402 
Total Expenses   2,425,838    2,662,719    2,389,483 
Net Investment Income/(Loss)   631,294    (646,376)   769,885 
                
Net Realized and Unrealized Gain/(Loss) on Investments               
                
Net realized gain(loss) from:               
Unaffiliated investments   12,287,477    35,596,702    10,808,201 
Affiliated investments (Note 5)   868,718        (297,970)
Distributions received from underlying investment companies   4,642,862    2,003,701    1,347,316 
Total realized gain   17,799,057    37,600,403    11,857,547 
Net change in unrealized depreciation of:               
Unaffiliated Investments   (12,169,062)   (35,871,201)   (20,083,935)
Affiliated Investments (Note 5)   (15,222,519)       (1,432,101)
Total change in unrealized depreciation of investments   (27,391,581)   (35,871,201)   (21,516,036)
                
Net Realized and Unrealized Gain/(Loss) on Investments   (9,592,524)   1,729,202    (9,658,489)
Net Increase/(Decrease) in Net Assets Resulting from Operations  $(8,961,230)  $1,082,826   $(8,888,604)

 

See accompanying notes to financial statements.

43

 

The Pacific Financial Funds
 
Statements of Changes in Net Assets

 

           PFG American Funds® 
   PFG Active Core Bond Strategy Fund   Conservative Income Strategy Fund 
   Year Ended   Year Ended   Year Ended   Period* Ended 
   April 30,   April 30,   April 30,   April 30, 
   2022   2021   2022   2021 
                     
Increase/(Decrease) in Net Assets From Operations:                    
Net investment income/(loss)  $1,034,213   $3,563,800   $(594,188)  $1,171,562 
Distributions received from underlying investment companies   65,879    755,877    2,206,065    1,102,761 
Net realized gain on investments   82,479    4,388,613    1,408,460    3,515,396 
Net change in unrealized appreciation/(depreciation) on investments   (14,196,905)   218,027    (13,580,345)   2,419,284 
Net increase/(decrease) in net assets resulting from operations   (13,014,334)   8,926,317    (10,560,008)   8,209,003 
                     
From Distributions to Shareholders:                    
Total Distributions Paid   (4,424,014)   (5,442,469)   (3,324,767)   (2,621,779)
                     
From Shares of Beneficial Interest:                    
Proceeds from shares sold   85,014,197    219,554,854    140,763,076    261,318,426 
Reinvestment of distributions   4,422,777    5,437,546    3,319,778    2,620,788 
Cost of shares redeemed   (99,893,166)   (180,527,732)   (120,615,262)   (74,583,874)
Net increase/(decrease) in net assets from share transactions of beneficial interest   (10,456,192)   44,464,668    23,467,592    189,355,340 
Total increase/(decrease) in net assets   (27,894,540)   47,948,516    9,582,817    194,942,564 
                     
Net Assets:                    
Beginning of year   169,153,439    121,204,923    194,942,564     
End of year  $141,258,899   $169,153,439   $204,525,381   $194,942,564 
                     
Share Activity:                    
Shares Sold   8,684,105    21,673,885    13,482,023    25,741,331 
Shares Reinvested   451,765    527,405    316,773    254,941 
Shares Redeemed   (9,941,525)   (17,690,259)   (11,657,442)   (7,291,590)
Net increase/(decrease) in shares of beneficial interest outstanding   (805,655)   4,511,031    2,141,354    18,704,682 

 

*Commencement of operations and trading was May 2, 2020.

 

See accompanying notes to financial statements.

44

 

The Pacific Financial Funds
 
Statements of Changes in Net Assets (Continued)

 

   PFG American Funds® Growth Strategy Fund   PFG BNY Mellon Diversifier Strategy Fund 
   Year Ended   Period* Ended   Year Ended   Year Ended 
   April 30,   April 30,   April 30,   April 30, 
   2022   2021   2022   2021 
                 
Increase/(Decrease) in Net Assets From Operations:                    
Net investment income/(loss)  $(11,647,585)  $(6,646,155)  $1,056,595   $73,410 
Distributions received from underlying investment companies   51,851,670    15,376,114    714,618     
Net realized gain on investments   83,697,626    27,630,286    4,124,509    4,999,583 
Net change in unrealized appreciation/(depreciation) on investments   (209,652,137)   141,722,966    (12,238,151)   3,074,152 
Net increase/(decrease) in net assets resulting from operations   (85,750,426)   178,083,211    (6,342,429)   8,147,145 
                     
From Distributions to Shareholders:                    
Total Distributions Paid   (32,643,916)   (13,974,091)   (5,590,981)   (55,532)
                     
From Shares of Beneficial Interest:                    
Proceeds from shares sold   275,516,450    787,835,192    87,606,209    106,036,067 
Reinvestment of distributions   32,638,578    13,967,077    5,589,344    55,491 
Cost of shares redeemed   (397,082,839)   (196,164,366)   (44,405,355)   (60,075,118)
Net increase/(decrease) in net assets from share                    
transactions of beneficial interest   (88,927,811)   605,637,903    48,790,198    46,016,440 
Total increase/(decrease) in net assets   (207,322,153)   769,747,023    36,856,788    54,108,053 
                     
Net Assets:                    
Beginning of year   769,747,023        124,936,589    70,828,536 
End of year  $562,424,870   $769,747,023   $161,793,377   $124,936,589 
                     
Share Activity:                    
Shares Sold   19,441,753    69,100,388    8,100,906    10,144,444 
Shares Reinvested   2,233,989    1,064,564    524,329    5,225 
Shares Redeemed   (26,920,936)   (16,146,436)   (4,117,168)   (5,918,368)
Net increase/(decrease) in shares of beneficial interest outstanding   (5,245,194)   54,018,516    4,508,067    4,231,301 

 

 

*Commencement of operations and trading was May 2, 2020.

 

See accompanying notes to financial statements.

45

 

The Pacific Financial Funds
 
Statements of Changes in Net Assets (Continued)

 

           PFG Fidelity Institutional 
           AM® Bond ESG 
   PFG BR Equity ESG Strategy Fund   Strategy Fund 
   Year Ended   Period* Ended   Period** Ended 
   April 30,   April 30,   April 30, 
   2022   2021   2022 
             
Increase/(Decrease) in Net Assets From Operations:               
Net investment loss  $(973,896)  $(717,658)  $(6,223)
Distributions received from underlying investment companies           5,106 
Net realized gain/(loss) on investments   17,948,740    10,429,545    (12,321)
Net change in unrealized appreciation/(depreciation) on investments   (45,948,595)   30,957,687    (590,700)
Net increase/(decrease) in net assets resulting from operations   (28,973,751)   40,669,574    (604,138)
                
From Distributions to Shareholders:               
Total Distributions Paid   (22,723,983)   (3,193,939)    
                
From Shares of Beneficial Interest:               
Proceeds from shares sold   144,652,401    140,363,521    8,321,988 
Reinvestment of distributions   22,695,460    3,189,959     
Cost of shares redeemed   (35,342,243)   (44,104,528)   (840,930)
Net increase in net assets from share transactions of beneficial interest   132,005,618    99,448,952    7,481,058 
Total increase in net assets   80,307,884    136,924,587    6,876,920 
                
Net Assets:               
Beginning of year   136,924,587         
End of year  $217,232,471   $136,924,587   $6,876,920 
                
Share Activity:               
Shares Sold   10,131,921    13,279,320    851,618 
Shares Reinvested   1,681,146    252,971     
Shares Redeemed   (2,607,922)   (3,653,547)   (87,771)
Net increase in shares of beneficial interest outstanding   9,205,145    9,878,744    763,847 

 

 

*Commencement of operations and trading was May 2, 2020.

 

**Commencement of operations and trading was October 29, 2021.

 

See accompanying notes to financial statements.

46

 

The Pacific Financial Funds
 
Statements of Changes in Net Assets (Continued)

 

   PFG Fidelity Institutional AM®   PFG Fidelity Institutional AM® 
   Equity Index Strategy Fund   Equity Sector Strategy Fund 
   Year Ended   Period* Ended   Year Ended   Period* Ended 
   April 30,   April 30,   April 30,   April 30, 
   2022   2021   2022   2021 
                     
Increase/(Decrease) in Net Assets From Operations:                    
Net investment loss  $(508,523)  $(491,969)  $(493,392)  $(86,065)
Distributions received from underlying investment companies   314,483    76,087    10,077,615    2,903,151 
Net realized gain on investments   9,103,921    8,514,695    19,767,374    18,412,750 
Net change in unrealized appreciation/(depreciation) on investments   (17,131,311)   41,451,071    (29,510,024)   17,967,822 
Net increase/(decrease) in net assets resulting from operations   (8,221,430)   49,549,884    (158,427)   39,197,658 
                     
From Distributions to Shareholders:                    
Total Distributions Paid   (6,813,622)   (3,374,218)   (15,102,006)   (6,835,862)
                     
From Shares of Beneficial Interest:                    
Proceeds from shares sold   39,818,239    154,169,293    126,557,543    147,614,532 
Reinvestment of distributions   6,811,916    3,372,896    15,095,085    6,833,997 
Cost of shares redeemed   (41,439,483)   (61,054,429)   (40,649,407)   (48,158,091)
Net increase in net assets from share transactions of beneficial interest   5,190,672    96,487,760    101,003,221    106,290,438 
Total increase/(decrease) in net assets   (9,844,380)   142,663,426    85,742,788    138,652,234 
                     
Net Assets:                    
Beginning of year   142,663,426        138,652,234     
End of year  $132,819,046   $142,663,426   $224,395,022   $138,652,234 
                     
Share Activity:                    
Shares Sold   2,826,089    14,834,908    9,307,892    14,398,077 
Shares Reinvested   468,173    262,891    1,082,861    582,112 
Shares Redeemed   (2,850,234)   (4,994,914)   (3,027,478)   (4,216,306)
Net increase in shares of beneficial interest outstanding   444,028    10,102,885    7,363,275    10,763,883 

 

 

*Commencement of operations and trading was May 2, 2020.

 

See accompanying notes to financial statements.

47

 

The Pacific Financial Funds
 
Statements of Changes in Net Assets (Continued)

 

   PFG Invesco® Thematic ESG Strategy   PFG Janus Henderson® Balanced 
   Fund   Strategy Fund 
   Period* Ended   Period* Ended 
   April 30,   April 30, 
   2022   2022 
           
Decrease in Net Assets From Operations:          
Net investment loss  $(258,497)  $(9,910)
Distributions received from underlying investment companies       8,877,561 
Net realized loss on investments   (885,068)   (749,567)
Net change in unrealized depreciation on investments   (16,122,987)   (48,719,488)
Net decrease in net assets resulting from operations   (17,266,552)   (40,601,404)
           
From Distributions to Shareholders:          
Total Distributions Paid   (123,094)   (1,171,000)
           
From Shares of Beneficial Interest:          
Proceeds from shares sold   81,105,473    345,340,712 
Reinvestment of distributions   123,078    1,170,251 
Cost of shares redeemed   (4,587,731)   (29,841,979)
Net increase in net assets from share transactions of beneficial interest   76,640,820    316,668,984 
Total increase in net assets   59,251,174    274,896,580 
           
Net Assets:          
Beginning of period        
End of period  $59,251,174   $274,896,580 
           
Share Activity:          
Shares Sold   8,306,644    34,494,824 
Shares Reinvested   12,901    115,981 
Shares Redeemed   (530,619)   (3,131,510)
Net increase in shares of beneficial interest outstanding   7,788,926    31,479,295 

 

*Commencement of operations and trading was October 29, 2021.

 

See accompanying notes to financial statements.

48

 

The Pacific Financial Funds
 
Statements of Changes in Net Assets (Continued)

 

   PFG JP Morgan® Tactical Aggressive Strategy Fund   PFG JP Morgan® Tactical Moderate Strategy Fund 
   Year Ended   Year Ended   Year Ended   Year Ended 
   April 30,   April 30,   April 30,   April 30, 
   2022   2021   2022   2021 
                 
Increase/(Decrease) in Net Assets From Operations:                    
Net investment income/(loss)  $2,199,501   $(421,456)  $1,419,051   $330,461 
Distributions received from underlying                    
investment companies   5,741,489    767,422    1,935,577    899,257