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.
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,
Jennifer
Enstad, Chief Investment Officer
Pacific Financial Group, LLC
April 30, 2022
6524-NLD-06092022
1
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.
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 Funds 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 Funds 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
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 Funds 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 Funds 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 Funds 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 Funds 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 Funds 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 Funds 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 Funds 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 Funds 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 Funds 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
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 Funds holdings as of April 30, 2022.
6
PFG BR Equity ESG Strategy Fund |
Portfolio Review (Unaudited) |
April 30, 2022 |
The PFG BR Equity ESG Strategys 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 Funds 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 Funds 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
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 Funds 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 Funds 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 Funds 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 Funds 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 Funds 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 Funds 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
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 Funds 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 Funds 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 Funds 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 Funds 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 Funds 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 Funds 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 Funds 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 Funds 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 Funds 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
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 Funds 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 Funds 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 Funds 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
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 Funds 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 Funds 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 Funds 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 Funds 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 Funds 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 Funds 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
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 Funds 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 Funds 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 Funds 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 Funds 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 Funds 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 Funds 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
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 Funds 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 & Poors 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 & Poors 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 | ||||||||||||
Net realized gain on investments | 15,024,275 | 6,230,438 | 14,200,915 | 10,199,815 | ||||||||||||
Net change in unrealized appreciation/(depreciation) on investments | (47,280,653 | ) | 35,768,714 | (34,830,389 | ) | 28,817,279 | ||||||||||
Net increase/(decrease) in net assets resulting from operations | (24,315,388 | ) | 42,345,118 | (17,274,846 | ) | 40,246,812 | ||||||||||
From Distributions to Shareholders: | ||||||||||||||||
Total Distributions Paid | (14,135,073 | ) | — | (13,499,368 | ) | (582,817 | ) | |||||||||
From Shares of Beneficial Interest: | ||||||||||||||||
Proceeds from shares sold | 183,173,026 | 113,143,425 | 140,261,262 | 88,991,087 | ||||||||||||
Reinvestment of distributions | 14,128,887 | — | 13,494,083 | 582,176 | ||||||||||||
Cost of shares redeemed | (46,935,556 | ) | (89,058,564 | ) | (100,445,645 | ) | (99,881,497 | ) | ||||||||
Net increase/(decrease) in net assets from share transactions of beneficial interest | 150,366,357 | 24,084,861 | 53,309,700 | (10,308,234 | ) | |||||||||||
Total increase in net assets | 111,915,896 | 66,429,979 | 22,535,486 | 29,355,761 | ||||||||||||
Net Assets: |