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, Suite 450, Cincinnati, Ohio 45246
(Address of principal executive offices) (Zip code)
Richard Malinowski, Gemini Fund Services, LLC
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: 10/31/20
Item 1. Reports to Stockholders.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.TPFG.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by following the instructions included with paper Fund documents that have been mailed to you.
 | 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:
First and foremost, I would like to acknowledge the extensive hardships that have impacted so many as a result of the COVID-19 pandemic. Many of us will look back on this past year as being the most difficult time of our lives. Even amongst the hardships, it is uplifting to see the efforts of the first responders, and of so many others, who made extraordinary sacrifices to help slow the spread of the virus.
Despite the upheaval in our everyday lives, we remained focused on our fiduciary obligation to manage the PFG mutual funds in the best interest of our shareholders. This has not been an easy task, given the volatility of the market in the early part of the year and the uncertainty of what was going to follow. As the world was coming to learn of COVID-19, we witnessed the quickest, and shortest, bear market in history. The S&P 500 fell more than 33% in just 22 trading days and bottomed only after the Federal Reserve announced they would provide sufficient funding to keep the lending markets from freezing up. Immediately after that announcement, the market rallied, and, despite some ongoing volatility, gained back all that was lost over the next 4 ½ months.
Looking back on this year, it is sometimes difficult to reconcile the strong market rebound with the high unemployment rates and hardships many businesses continue to confront. Equally difficult was trying to forecast the market’s direction as we were in the depths of the crisis earlier this year. Despite these difficulties, we are pleased to report that all of our strategies posted positive returns for the six months ended October 31, 2020.
Generally speaking, our strategies that are more strategic in nature, meaning, they remain invested regardless of market movements, outperformed our tactical strategies. In managing our tactical strategies, we elected to take a more defensive position due to the economic uncertainty caused by COVID-19. Further, we elected to maintain a defensive positioning, even as the market began producing positive returns. As a result, our tactical strategies lagged their benchmarks over the six-month reporting period ended October 31, 2020. However, given the unprecedented nature of the pandemic, we believed at the time that a defensive position was prudent. Since the end of this reporting period, all our strategies have been fully reinvested, and we continue to assess the market on a daily basis.
Finally, despite these unusual times, we proceeded with our business plan of launching six new strategies on May 2, 2020. I am extremely pleased to announce that five of those strategies are represented by some of the most prominent firms in the business: American Funds®, BlackRock®, and Fidelity®. We are confident that these new strategies, in conjunction with our existing ones, provide a well-rounded offering to investors within the retirement space.
We are always looking for ways to improve our investment process, and we look forward to the challenges and opportunities that we face in the months ahead. Thank you for your trust in the Pacific Financial Group.
Sincerely,
 | |
Jennifer Enstad, Chief Investment Officer | CID.TPFG.1402 |
Pacific Financial Group, LLC | 5000-NLD-1/4/2021 |
October 30, 2020 | |
| |
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PFG Active Core Bond Strategy Fund |
Portfolio Review (Unaudited) |
October 31, 2020 |
|
The PFG Active Core Bond Strategy provides investors with a globally diversified fixed income allocation. This strategy returned 3.81% from 5/1/2020 through 10/31/2020, while the Barclays US Aggregate Bond Index returned 1.27% for the same period. Exposure to credit markets within the fixed income space was the largest driver of returns in the strategy. While all positions were additive to performance, the top contributors on a weighted basis were the PIMCO Income and PIMCO Total Return holdings. International fixed income and real return holdings had the smallest contribution to performance.
The Fund’s performance figures* for the periods ended October 31, 2020 as compared to its benchmark:
| | | Annualized |
| Six | One | Performance |
| Months | Year | Since Inception** |
PFG Active Core Bond Strategy Fund | | | |
Class R | 3.81% | 3.38% | 2.42% |
Bloomberg Barclays U.S. Aggregate Bond Index*** | 1.27% | 6.19% | 5.22% |
| | | |
| * | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.57% for Class R shares per the August 28, 2020 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. |
Holdings by Asset Class | | % of Net Assets | |
Open End Funds - Fixed Income | | | 99.4 | % |
Money Market Fund | | | 0.9 | % |
Other Assets Less Liabilities - Net | | | (0.3 | )% |
| | | 100.0 | % |
| | | | |
Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2020.
PFG American Funds® Conservative Income Strategy Fund |
Portfolio Review (Unaudited) |
October 31, 2020 |
|
This strategy was launched 5/2/2020. The PFG American Funds® Conservative Income Strategy provides investors with a broadly diversified strategic allocation that seeks current income and preservation of capital through a diversified portfolio of high-quality bonds and dividend-paying equities. This strategy returned 0.90% from 5/2/2020 through 10/31/2020, while the Morningstar Conservative Target Risk Index returned 5.04% for the same period. While all positions were additive to performance, the top contributors on a weighted basis were the American Funds Balanced and American Funds Bond Fund of America holdings. American Funds American Mutual and American Funds Short Term Bond funds had the smallest contribution to performance. This strategy experienced the most lag relative to the benchmark during the first couple weeks of operation, which was a result of large fund flows during a period of significant market increases.
The Fund’s performance figures* for the period ended October 31, 2020 as compared to its benchmark:
| Performance |
| Since Inception** |
PFG American Funds® Conservative Income Strategy Fund | |
Class R | 0.90% |
Morningstar Conservative Target Risk Index (Total Return)*** | 5.04% |
| |
| * | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.34% for Class R shares per the August 28, 2020 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. |
Holdings by Asset Class | | % of Net Assets | |
Open End Funds - Fixed Income | | | 68.7 | % |
Open End Funds - Mixed Allocation | | | 19.2 | % |
Open End Funds - Equity | | | 9.5 | % |
Money Market Fund | | | 1.7 | % |
Other Assets Less Liabilities - Net | | | 0.9 | % |
| | | 100.0 | % |
| | | | |
Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2020.
PFG American Funds® Growth Strategy Fund |
Portfolio Review (Unaudited) |
October 31, 2020 |
|
This strategy was launched 5/2/2020. 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 holdings. This strategy returned 14.60% from 5/2/2020 through 10/31/2020, while the Morningstar Aggressive Target Risk Index returned 15.27% for the same period. While all positions were additive to performance, the top contributors on a weighted basis were the American Funds Growth Fund of America and American Funds AMCAP holdings. International stocks and American Funds Investment Company of America had the smallest contribution to performance. This strategy experienced the most lag relative to the benchmark during the first couple weeks of operation, which was a result of large fund flows during a period of significant market increases. Since that time, the strategy has performed in-line with the benchmark.
The Fund’s performance figures* for the period ended October 31, 2020 as compared to its benchmark:
| Performance |
| Since Inception** |
PFG American Funds® Growth Strategy Fund | |
Class R | 14.60% |
Morningstar Aggressive Target Risk Index (Total Return)*** | 15.27% |
| |
| * | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.43% for Class R shares per the August 28, 2020 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. |
Holdings by Asset Class | | % of Net Assets | |
Open End Funds - Equity | | | 100.0 | % |
Money Market Fund | | | 0.3 | % |
Other Assets Less Liabilities - Net | | | (0.3 | )% |
| | | 100.0 | % |
| | | | |
Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2020.
PFG Balanced Strategy Fund |
Portfolio Review (Unaudited) |
October 31, 2020 |
|
The PFG Balanced Strategy provides a domestically focused allocation split between equity and fixed income. In a normal environment, the strategy would be typically positioned with 70% allocated to multi-cap equities and 30% fixed income but can be dynamically managed. The strategy returned 6.77% from 5/1/2020 through 10/31/2020, while the Morningstar Moderate Target Risk Index returned 8.81% for the same period. The largest contributors to performance on a weighted basis were positions in large cap growth stocks, as well as a Fidelity Balanced holding. The largest detractor to performance was a defensive positioning due to market uncertainty stemming from COVID. The defensive positioning occurred during a time when the market was producing positive returns and has caused the strategy to lag the benchmark. Given the uncertainty during this time, and the given the tactical nature of the strategy, we believed a defensive position was warranted.
The Fund’s performance figures* for the periods ended October 31, 2020 as compared to its benchmark:
| | | Annualized |
| Six | One | Performance |
| Months | Year | Since Inception** |
PFG Balanced Strategy Fund | | | |
Class R | 6.77% | (4.62)% | 0.11% |
Morningstar Moderate Target Risk Index (Total Return)**** | 8.81% | 4.52% | 5.13% |
Morningstar Moderately Aggressive Target Risk Index (Total Return)*** | 11.12% | 3.15% | 4.77% |
| | | |
| * | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.39% for Class R shares per the August 28, 2020 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 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. |
Holdings by Asset Class | | % of Net Assets | |
Exchange Traded Funds - Equity | | | 31.5 | % |
Open End Funds - Mixed Allocation | | | 26.3 | % |
Open End Funds - Fixed Income | | | 18.4 | % |
Open End Funds - Equity | | | 13.3 | % |
Open End Funds - Alternative | | | 10.1 | % |
Money Market Fund | | | 0.4 | % |
Other Assets Less Liabilities - Net | | | 0.0 | % ^ |
| | | 100.0 | % |
| | | | |
| ^ | Amount represents less than 0.05%. |
Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2020.
PFG BNY Mellon Diversifier Strategy Fund |
Portfolio Review (Unaudited) |
October 31, 2020 |
|
The PFG BNY Mellon Diversifier Strategy provides investors with an allocation designed to help protect against rising interest rates. This strategy returned 4.78% from 5/1/2020 through 10/31/2020, while the Barclays 1-3 Month U.S. Treasury Bill Index returned 0.05% for the same period. Exposure to credit markets within the fixed income space was the largest driver of returns in the strategy. While all positions were additive to performance, the top contributors on a weighted basis were the BNY Mellon Core Plus and BNY Mellon Global Real Return holdings. Natural resources and floating rate bonds had the smallest contribution to performance.
The Fund’s performance figures* for the periods ended October 31, 2020 as compared to its benchmark:
| | | Annualized |
| Six | One | Performance |
| Months | Year | Since Inception** |
PFG BNY Mellon Diversifier Strategy Fund | | | |
Class R | 4.78% | 2.31% | 1.33% |
Bloomberg Barclays 1-3 Month T-Bill Index*** | 0.05% | 0.79% | 1.60% |
| | | |
| * | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.68% for Class R shares per the August 28, 2020 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 Capital 1-3 Month U.S. Treasury Bill Index includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. Investors cannot invest directly in an index. |
Holdings by Asset Class | | % of Net Assets | |
Open End Funds - Fixed Income | | | 58.5 | % |
Open End Funds - Alternative | | | 35.7 | % |
Money Market Fund | | | 8.0 | % |
Open End Funds - Equity | | | 4.9 | % |
Other Assets Less Liabilities - Net | | | (7.1 | )% |
| | | 100.0 | % |
| | | | |
Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2020.
PFG BR Equity ESG Strategy Fund |
Portfolio Review (Unaudited) |
October 31, 2020 |
|
This strategy was launched 5/2/2020. The PFG BR Equity ESG Strategy provides investors with a tactical allocation designed to provide global exposure with an extensive focus on companies that exhibit positive environmental, social, and governance characteristics. This strategy returned 11.80% from 5/2/2020 through 10/31/2020, while the Morningstar Aggressive Target Risk Index returned 15.27% for the same period. While all positions were additive to performance, the top contributors on a weighted basis were the iShares ESG Aware MSCI USA ETF and the iShares MSCI KLD 400 Social ETF. International and small cap holdings had the smallest contribution to performance. This strategy experienced the most lag relative to the benchmark during the first couple weeks of operation, which was a result of large fund flows during a period of significant market increases. Since that time, the strategy has performed in-line with the benchmark.
The Fund’s performance figures* for the period ended October 31, 2020 as compared to its benchmark:
| Performance |
| Since Inception** |
PFG BR Equity ESG Strategy Fund | |
Class R | 11.80% |
Morningstar Aggressive Target Risk Index (Total Return)*** | 15.27% |
| |
| * | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.26% for Class R shares per the August 28, 2020 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. |
Holdings by Asset Class | | % of Net Assets | |
Exchange Traded Funds - Equity | | | 99.1 | % |
Money Market Fund | | | 14.7 | % |
Other Assets Less Liabilities - Net | | | (13.8 | )% |
| | | 100.0 | % |
| | | | |
Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2020.
PFG Equity Strategy Fund |
Portfolio Review (Unaudited) |
October 31, 2020 |
|
The PFG Equity Strategy provides a domestically focused, multi-cap equity allocation that is dynamically managed to allocate exposure to advantaged areas of the market. The strategy returned 9.72% from 5/1/2020 through 10/31/2020, while the Morningstar Aggressive Target Risk Index returned 12.72% for the same period. The largest contributors to performance on a weighted basis were positions in large cap growth stocks, as well as a DoubleLine Shiller Enhanced CAPE holding. The largest detractor to performance was a defensive positioning due to market uncertainty stemming from COVID. The defensive positioning occurred during a time when the market was producing positive returns and has caused the strategy to lag the benchmark. Given the uncertainty of the economic recovery during this time, and the given the tactical nature of the strategy, we believed a defensive position was warranted.
The Fund’s performance figures* for the periods ended October 31, 2020 as compared to its benchmark:
| | | Annualized |
| Six | One | Performance |
| Months | Year | Since Inception** |
PFG Equity Strategy Fund | | | |
Class R | 9.72% | (5.18)% | 1.72% |
Morningstar Aggressive Target Risk Index (Total Return)*** | 12.72% | 1.45% | 4.23% |
| | | |
| * | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.34% for Class R shares per the August 28, 2020 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. |
Holdings by Asset Class | | % of Net Assets | |
Exchange Traded Funds - Equity | | | 61.9 | % |
Open End Funds - Equity | | | 27.6 | % |
Open End Funds - Alternative | | | 10.1 | % |
Money Market Fund | | | 0.2 | % |
Other Assets Less Liabilities - Net | | | 0.2 | % |
| | | 100.0 | % |
| | | | |
Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2020.
PFG Fidelity Institutional AM® Equity Index Strategy Fund |
Portfolio Review (Unaudited) |
October 31, 2020 |
|
This strategy was launched 5/2/2020. The PFG Fidelity Institutional AM® Equity Index Strategy provides investors with a passive, globally diversified, strategic equity allocation. This strategy returned 12.80% from 5/2/2020 through 10/31/2020, while the Morningstar Aggressive Target Risk Index returned 15.27% for the same period. While all positions were additive to performance, the top contributors on a weighted basis were the Fidelity 500 Index and Fidelity Global ex US holdings. Small and mid-cap holdings had the smallest contribution to performance. This strategy experienced the most lag relative to the benchmark during the first couple weeks of operation, which was a result of large fund flows during a period of significant market increases. Since that time, the strategy has performed in-line with the benchmark.
The Fund’s performance figures* for the period ended October 31, 2020 as compared to its benchmark:
| Performance |
| Since Inception** |
PFG Fidelity Institutional AM® Equity Index Strategy Fund | |
Class R | 12.80% |
Morningstar Aggressive Target Risk Index (Total Return)*** | 15.27% |
| |
| * | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.15% for Class R shares per the August 28, 2020 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. |
Holdings by Asset Class | | % of Net Assets | |
Open End Funds - Equity | | | 99.6 | % |
Money Market Fund | | | 8.0 | % |
Other Assets Less Liabilities - Net | | | (7.6 | )% |
| | | 100.0 | % |
| | | | |
Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2020.
PFG Fidelity Institutional AM® Equity Sector Strategy Fund |
Portfolio Review (Unaudited) |
October 31, 2020 |
|
This strategy was launched 5/2/2020. 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 strategy returned 5.10% from 5/2/2020 through 10/31/2020, while the Morningstar Aggressive Target Risk Index returned 15.27% for the same period. The top contributors to performance on a weighted basis came from Consumer Staples and HealthCare stocks. The largest detractor to performance was Consumer Discretionary and Real Estate positions. The largest detractor to performance was a defensive positioning due to market uncertainty stemming from COVID. The defensive positioning occurred during a time when the market was producing positive returns and has caused the strategy to lag the benchmark. The strategy was shifted during the second quarter to emphasize sectors that perform well during the early phases of economic recovery. Since that time the strategy has performed in-line with the benchmark.
The Fund’s performance figures* for the periods ended October 31, 2020 as compared to its benchmark:
| Performance |
| Since Inception** |
PFG Fidelity Institutional AM® Equity Sector Strategy Fund | |
Class R | 5.10% |
Morningstar Aggressive Target Risk Index (Total Return)*** | 15.27% |
| |
| * | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.44% for Class R shares per the August 28, 2020 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. |
Holdings by Asset Class | | % of Net Assets | |
Exchange Traded Funds - Equity | | | 50.4 | % |
Open End Funds - Equity | | | 49.1 | % |
Money Market Fund | | | 12.7 | % |
Other Assets Less Liabilities - Net | | | (12.2 | )% |
| | | 100.0 | % |
| | | | |
Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2020.
PFG Global Strategy Fund |
Portfolio Review (Unaudited) |
October 31, 2020 |
|
The PFG Global Strategy provides a globally diversified equity allocation with the ability to dynamically adjust the equity exposure between domestic and international markets. The strategy returned 11.11% from 5/1/2020 through 10/31/2020, while the Morningstar Aggressive Target Risk Index returned 12.72% for the same period. The largest contributors to performance on a weighted basis were positions in large cap growth stocks, as well as a T. Rowe Price Global Stock holding. The largest detractor to performance was a defensive positioning due to market uncertainty stemming from COVID. The defensive positioning occurred during a time when the market was producing positive returns and has caused the strategy to lag the benchmark. Given the uncertainty of the economic recovery during this time, and the given the tactical nature of the strategy, we believed a defensive position was warranted.
The Fund’s performance figures* for the periods ended October 31, 2020 as compared to its benchmark:
| | | Annualized |
| Six | One | Performance |
| Months | Year | Since Inception** |
PFG Global Strategy Fund | | | |
Class R | 11.11% | (3.39)% | (1.64)% |
Morningstar Aggressive Target Risk Index (Total Return)*** | 12.72% | 1.45% | 4.23% |
| | | |
| * | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.37% for Class R shares per the August 28, 2020 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. |
Holdings by Asset Class | | % of Net Assets | |
Exchange Traded Funds - Equity | | | 55.3 | % |
Open End Funds - Equity | | | 35.2 | % |
Open End Funds - Alternative | | | 9.1 | % |
Money Market Fund | | | 0.3 | % |
Other Assets Less Liabilities - Net | | | 0.1 | % |
| | | 100.0 | % |
| | | | |
Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2020.
PFG JP Morgan Tactical® Aggressive Strategy Fund |
Portfolio Review (Unaudited) |
October 31, 2020 |
|
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 strategy returned 12.63% from 5/1/2020 through 10/31/2020, while the Morningstar Aggressive Target Risk Index returned 12.72% for the same period. While all positions were additive to performance, the top contributors on a weighted basis were the JPMorgan Large Cap Growth and JPMorgan Equity Index holdings. The smallest contribution to performance came from international stocks and a hedged equity position.
The Fund’s performance figures* for the periods ended October 31, 2020 as compared to its benchmark:
| | | Annualized |
Six | Six | One | Performance |
| Months | Year | Since Inception** |
PFG JP Morgan Tactical® Aggressive Strategy Fund | | | |
Class R | 12.63% | (0.30)% | 1.41% |
Morningstar Aggressive Target Risk Index (Total Return)*** | 12.72% | 1.45% | 4.23% |
| | | |
| * | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.45% for Class R shares per the August 28, 2020 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. |
Holdings by Asset Class | | % of Net Assets | |
Open End Funds - Equity | | | 54.4 | % |
Exchange Traded Funds - Equity | | | 38.8 | % |
Money Market Fund | | | 8.2 | % |
Other Assets Less Liabilities - Net | | | (1.4 | )% |
| | | 100.0 | % |
| | | | |
Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2020.
PFG JP Morgan® Tactical Moderate Strategy Fund |
Portfolio Review (Unaudited) |
October 31, 2020 |
|
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 strategy returned 9.01% from 5/1/2020 through 10/31/2020, while the Morningstar Moderate Target Risk Index returned 8.81% for the same period. While all positions were additive to performance, the top contributors on a weighted basis were the JPMorgan Large Cap Growth and JPMorgan Diversified Return International Equities holdings. The smallest contribution to performance came from high yield bond holdings and a hedged equity position.
The Fund’s performance figures* for the periods ended October 31, 2020 as compared to its benchmark:
| | | Annualized |
| Six | One | Performance |
| Months | Year | Since Inception** |
PFG JP Morgan® Tactical Moderate Strategy Fund | | | |
Class R | 9.01% | (0.14)% | 0.80% |
Morningstar Moderate Target Risk Index (Total Return)**** | 8.81% | 4.52% | 5.00% |
Morningstar Moderately Aggressive Target Risk Index (Total Return)*** | 11.12% | 3.15% | 4.20% |
| | | |
| * | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.46% for Class R shares per the August 28, 2020 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. |
Holdings by Asset Class | | % of Net Assets | |
Exchange Traded Funds - Equity | | | 39.0 | % |
Open End Funds - Fixed Income | | | 31.6 | % |
Open End Funds - Equity | | | 18.5 | % |
Money Market Fund | | | 9.4 | % |
Open End Funds - Alternative | | | 3.0 | % |
Other Assets Less Liabilities - Net | | | (1.5 | )% |
| | | 100.0 | % |
| | | | |
Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2020.
PFG Meeder Tactical Strategy Fund |
Portfolio Review (Unaudited) |
October 31, 2020 |
|
The PFG Meeder Tactical Strategy provides a highly tactical allocation by shifting equity and fixed income exposure during various market conditions. This strategy returned 5.31% from 5/1/2020 through 10/31/2020, while the Morningstar Moderate Target Risk Index returned 8.81% for the same period. The largest contributor to performance on a weighted basis was the Meeder Balanced holding. The largest detractor to performance was a defensive position held during May due to market uncertainty stemming from COVID. The defensive positioning occurred during a time when the market was producing positive returns, causing the strategy to lag the benchmark. Given the uncertainty of the economic recovery during this time, and the given the tactical nature of the strategy, we believed a defensive position was warranted. The defensive position was removed in early June and since that time the strategy has performed in-line with the benchmark.
The Fund’s performance figures* for the periods ended October 31, 2020 as compared to its benchmark:
| | | Annualized |
| Six | One | Performance |
| Months | Year | Since Inception** |
PFG Meeder Tactical Strategy Fund | | | |
Class R | 5.31% | (3.43)% | (0.82)% |
Morningstar Moderate Target Risk Index (Total Return)*** | 8.81% | 4.52% | 5.13% |
| | | |
| * | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 3.07% for Class R shares per the August 28, 2020 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. |
Holdings by Asset Class | | % of Net Assets | |
Open End Funds - Mixed Allocation | | | 61.8 | % |
Open End Funds - Equity | | | 27.7 | % |
Money Market Fund | | | 10.6 | % |
Open End Funds - Alternative | | | 9.9 | % |
Other Assets Less Liabilities - Net | | | (10.0 | )% |
| | | 100.0 | % |
| | | | |
Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2020.
PFG MFS® Aggressive Growth Strategy Fund |
Portfolio Review (Unaudited) |
October 31, 2020 |
|
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 strategy returned 12.24% from 5/1/2020 through 10/31/2020, while the Morningstar Aggressive Target Risk Index returned 12.72% for the same period. While all positions were additive to performance, the top contributors on a weighted basis came from large and mid-cap growth stocks. The smallest contribution to performance came from international stock holdings.
The Fund’s performance figures* for the periods ended October 31, 2020 as compared to its benchmark:
| | | Annualized |
| Six | One | Performance |
| Months | Year | Since Inception** |
PFG MFS® Aggressive Growth Strategy Fund | | | |
Class R | 12.24% | 1.76% | 4.16% |
Morningstar Aggressive Target Risk Index (Total Return)*** | 12.72% | 1.45% | 4.23% |
| | | |
| * | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.63% for Class R shares per the August 28, 2020 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. |
Holdings by Asset Class | | % of Net Assets | |
Open End Funds - Equity | | | 80.9 | % |
Exchange Traded Funds - Equity | | | 12.9 | % |
Exchange Traded Funds - Commodity | | | 4.5 | % |
Money Market Fund | | | 2.1 | % |
Other Assets Less Liabilities - Net | | | (0.4 | )% |
| | | 100.0 | % |
| | | | |
Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2020.
PFG Tactical Income Strategy Fund |
Portfolio Review (Unaudited) |
October 31, 2020 |
|
This strategy was launched 5/2/2020. 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 strategy returned 2.80% from 5/2/2020 through 10/31/2020, while the Morningstar Moderate Conservative Target Risk Index returned 7.81% for the same period. The top contributors on a weighted basis were dividend paying equities. The largest detractor to performance was a defensive positioning due to market uncertainty stemming from COVID. The strategy held less equity than the benchmark during a time when equities were gaining substantially (the S&P 500 returned 16.55% during this time). Equity exposure was increased mid-October, however the increase in equities was a detractor as equities fell during the second half of October. Given the uncertainty of the economic recovery during this time, and the given the tactical nature of the strategy, we believed a defensive position was warranted.
The Fund’s performance figures* for the period ended October 31, 2020 as compared to its benchmark:
| Performance |
| Since Inception** |
PFG Tactical Income Strategy Fund | |
Class R | 2.80% |
Morningstar Moderately Conservative Target Risk Index (Total Return)*** | 7.81% |
| |
| * | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. The Fund’s total annual operating expenses, including acquired fund fees and expenses, were 2.55% for Class R shares per the August 28, 2020 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 95% global equity exposure and 5% global bond exposure. Investors cannot invest directly in an index. |
Holdings by Asset Class | | % of Net Assets | |
Open End Funds - Fixed Income | | | 50.4 | % |
Exchange Traded Funds - Equity | | | 31.4 | % |
Money Market Fund | | | 26.5 | % |
Open End Funds - Mixed Allocation | | | 9.8 | % |
Open End Funds - Equity | | | 6.8 | % |
Other Assets Less Liabilities - Net | | | (24.9 | )% |
| | | 100.0 | % |
| | | | |
Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Fund’s holdings as of October 31, 2020.
PFG ACTIVE CORE BOND STRATEGY FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
October 31, 2020 |
Shares | | | | | Value | |
| | | | OPEN END FUNDS – 99.4% | | | | |
| | | | FIXED INCOME - 99.4% | | | | |
| 5,108,775 | | | PIMCO Income Fund, Institutional Class | | $ | 59,772,668 | |
| 912,163 | | | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | | | 10,070,284 | |
| 2,707,881 | | | PIMCO Investment Grade Credit Bond Fund, Institutional Class | | | 29,732,539 | |
| 2,747,570 | | | PIMCO Mortgage Opportunities and Bond Fund, Institutional Class | | | 30,058,412 | |
| 6,425,985 | | | PIMCO Total Return Fund, Institutional Class | | | 69,786,197 | |
| | | | | | | 199,420,100 | |
| | | | | | | | |
| | | | TOTAL OPEN END FUNDS (Cost $193,720,835) | | | 199,420,100 | |
| | | | | | | | |
| | | | SHORT-TERM INVESTMENTS – 0.9% | | | | |
| | | | MONEY MARKET FUNDS - 0.9% | | | | |
| 1,766,775 | | | BlackRock Liquidity FedFund, Institutional Class, 0.04% (Cost $1,766,775)(a) | | | 1,766,775 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 100.3% (Cost $195,487,610) | | $ | 201,186,875 | |
| | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)% | | | (558,588 | ) |
| | | | NET ASSETS - 100.0% | | $ | 200,628,287 | |
| | | | | | | | |
| (a) | Rate disclosed is the seven day effective yield as of October 31, 2020. |
See accompanying notes to financial statements.
PFG AMERICAN FUNDS® CONSERVATIVE INCOME STRATEGY FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
October 31, 2020 |
Shares | | | | | Value | |
| | | | OPEN END FUNDS – 97.4% | | | | |
| | | | EQUITY - 9.5% | | | | |
| 360,277 | | | American Mutual Fund, Class R-6 | | $ | 14,475,934 | |
| | | | | | | | |
| | | | FIXED INCOME - 68.7% | | | | |
| 2,650,572 | | | American Funds - Bond Fund of America (The), Class R-6 | | | 37,108,006 | |
| 2,626,051 | | | American Intermediate Bond Fund of America, Class R-6 | | | 37,263,671 | |
| 2,956,855 | | | American Short Term Bond Fund of America, Class R-6 | | | 30,071,218 | |
| | | | | | | 104,442,895 | |
| | | | MIXED ALLOCATION - 19.2% | | | | |
| 515,896 | | | American Balanced Fund, Class R-6 | | | 14,630,806 | |
| 258,360 | | | American Capital Income Builder, Class R-6 | | | 14,599,909 | |
| | | | | | | 29,230,715 | |
| | | | | | | | |
| | | | TOTAL OPEN END FUNDS (Cost $148,600,712) | | | 148,149,544 | |
| | | | | | | | |
| | | | SHORT-TERM INVESTMENTS – 1.7% | | | | |
| | | | MONEY MARKET FUNDS - 1.7% | | | | |
| 2,527,989 | | | BlackRock Liquidity FedFund, Institutional Class, 0.04% (Cost $2,527,989)(a) | | | 2,527,989 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 99.1% (Cost $151,128,701) | | $ | 150,677,533 | |
| | | | OTHER ASSETS IN EXCESS OF LIABILITIES- 0.9% | | | 1,426,681 | |
| | | | NET ASSETS - 100.0% | | $ | 152,104,214 | |
| | | | | | | | |
| (a) | Rate disclosed is the seven day effective yield as of October 31, 2020. |
See accompanying notes to financial statements.
PFG AMERICAN FUNDS® GROWTH STRATEGY FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
October 31, 2020 |
Shares | | | | | Value | |
| | | | OPEN END FUNDS – 99.9% | | | | |
| | | | EQUITY – 99.9% | | | | |
| 3,366,681 | | | AMCAP Fund, Class R-6 | | $ | 119,214,161 | |
| 1,988,374 | | | American - The Growth Fund of America, Class R-6 | | | 118,049,790 | |
| 913,058 | | | American Funds - New Economy Fund (The), Class R-6 | | | 47,679,907 | |
| 1,605,039 | | | American Funds Fundamental Investors, Class R-6 | | | 95,724,524 | |
| 910,954 | | | American New Perspective Fund, Class R-6 | | | 47,724,888 | |
| 713,776 | | | American SMALLCAP World Fund, Inc., Class R-6 | | | 48,115,648 | |
| | | | | | | 476,508,918 | |
| | | | | | | | |
| | | | TOTAL OPEN END FUNDS (Cost $451,363,387) | | | 476,508,918 | |
| | | | | | | | |
| | | | SHORT-TERM INVESTMENTS – 0.4% | | | | |
| | | | MONEY MARKET FUNDS - 0.4% | | | | |
| 1,630,387 | | | BlackRock Liquidity FedFund, Institutional Class, 0.04% (Cost $1,630,387)(a) | | | 1,630,387 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 100.3% (Cost $452,993,774) | | $ | 478,139,305 | |
| | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)% | | | (1,210,937 | ) |
| | | | NET ASSETS - 100.0% | | $ | 476,928,368 | |
| | | | | | | | |
| (a) | Rate disclosed is the seven day effective yield as of October 31, 2020. |
See accompanying notes to financial statements.
PFG BALANCED STRATEGY FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
October 31, 2020 |
Shares | | | | | Value | |
| | | | EXCHANGE-TRADED FUNDS – 31.6% | | | | |
| | | | EQUITY - 31.6% | | | | |
| 57,270 | | | Health Care Select Sector SPDR Fund | | $ | 5,822,068 | |
| 455,169 | | | Invesco S&P 500 Quality ETF | | | 16,891,322 | |
| 50,035 | | | iShares Core S&P Mid-Cap ETF | | | 9,480,131 | |
| 51,911 | | | iShares Core S&P Small-Cap ETF | | | 3,738,630 | |
| 185,786 | | | iShares S&P 500 Growth ETF | | | 10,435,600 | |
| 104,437 | | | iShares U.S. Home Construction ETF | | | 5,432,813 | |
| 50,513 | | | Technology Select Sector SPDR Fund | | | 5,599,871 | |
| 9,581 | | | Vanguard S&P 500 ETF | | | 2,872,575 | |
| | | | | | | 60,273,010 | |
| | | | | | | | |
| | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $60,001,650) | | | 60,273,010 | |
| | | | | | | | |
| | | | OPEN END FUNDS – 68.0% | | | | |
| | | | ALTERNATIVE - 10.1% | | | | |
| 850,463 | | | JPMorgan Hedged Equity Fund, Class I | | | 19,245,988 | |
| | | | | | | | |
| | | | EQUITY - 13.3% | | | | |
| 173,476 | | | Akre Focus Fund, Institutional Class | | | 8,437,853 | |
| 701,019 | | | AQR Large Cap Defensive Style Fund, Class I | | | 17,013,735 | |
| | | | | | | 25,451,588 | |
| | | | FIXED INCOME - 18.4% | | | | |
| 440,228 | | | Guggenheim- Total Return Bond Fund, Institutional Class | | | 13,030,759 | |
| 1,052,912 | | | PIMCO Investment Grade Credit Bond Fund, Institutional Class | | | 11,560,976 | |
| 1,182,346 | | | Semper MBS Total Return Fund, Institutional Class | | | 10,534,707 | |
| | | | | | | 35,126,442 | |
| | | | MIXED ALLOCATION - 26.2% | | | | |
| 709,044 | | | BlackRock Balanced Capital Fund, Inc., Institutional Class | | | 17,272,319 | |
| 686,641 | | | Fidelity Puritan Trust - Fidelity Balanced Fund | | | 17,406,359 | |
| 404,200 | | | Janus Henderson Balanced Fund, Class I | | | 15,375,756 | |
| | | | | | | 50,054,434 | |
| | | | | | | | |
| | | | TOTAL OPEN END FUNDS (Cost $126,807,807) | | | 129,878,452 | |
| | | | | | | | |
See accompanying notes to financial statements.
PFG BALANCED STRATEGY FUND |
SCHEDULE OF INVESTMENTS (Unaudited)(Continued) |
October 31, 2020 |
Shares | | | | | Value | |
| | | | SHORT-TERM INVESTMENTS – 0.4% | | | | |
| | | | MONEY MARKET FUNDS - 0.4% | | | | |
| 825,717 | | | BlackRock Liquidity FedFund, Institutional Class, 0.04% (Cost $825,717)(a) | | $ | 825,717 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 100.0% (Cost $187,635,174) | | $ | 190,977,179 | |
| | | | OTHER ASSETS IN EXCESS OF LIABILITIES- 0.0% (b) | | | 79,111 | |
| | | | NET ASSETS - 100.0% | | $ | 191,056,290 | |
| | | | | | | | |
ETF - Exchange-Traded Fund
SPDR - Standard & Poor’s Depositary Receipt
| (a) | Rate disclosed is the seven day effective yield as of October 31, 2020. |
| (b) | Amount represents less than 0.05%. |
See accompanying notes to financial statements.
PFG BNY MELLON DIVERSIFIER STRATEGY FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
October 31, 2020 |
Shares | | | | | Value | |
| | | | OPEN END FUNDS – 99.1% | | | | |
| | | | ALTERNATIVE - 35.7% | | | | |
| 1,525,811 | | | BNY Mellon Global Real Return, Class I | | $ | 23,833,175 | |
| | | | | | | | |
| | | | EQUITY – 4.9% | | | | |
| 125,873 | | | BNY Mellon Natural Resources Fund, Class I(a) | | | 3,306,690 | |
| | | | | | | | |
| | | | FIXED INCOME - 58.5% | | | | |
| 3,453,841 | | | BNY Mellon Core Plus Fund(a) | | | 37,785,020 | |
| 111,407 | | | BNY Mellon Floating Rate Income Fund, Class I(a) | | | 1,236,615 | |
| | | | | | | 39,021,635 | |
| | | | | | | | |
| | | | TOTAL OPEN END FUNDS (Cost $62,643,299) | | | 66,161,500 | |
| | | | | | | | |
| | | | SHORT-TERM INVESTMENTS – 8.0% | | | | |
| | | | MONEY MARKET FUNDS - 8.0% | | | | |
| 5,337,729 | | | BlackRock Liquidity FedFund, Institutional Class, 0.04% (Cost $5,337,729)(b) | | | 5,337,729 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 107.1% (Cost $67,981,028) | | $ | 71,499,229 | |
| | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (7.1)% | | | (4,751,927 | ) |
| | | | NET ASSETS - 100.0% | | $ | 66,747,302 | |
| | | | | | | | |
| (a) | Security is currently being valued according to the fair value procedures approved by the Board of Trustees. |
| (b) | Rate disclosed is the seven day effective yield as of October 31, 2020. |
See accompanying notes to financial statements.
PFG BR EQUITY ESG STRATEGY FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
October 31, 2020 |
Shares | | | | | Value | |
| | | | EXCHANGE-TRADED FUNDS – 99.1% | | | | |
| | | | EQUITY - 99.1% | | | | |
| 105,121 | | | iShares ESG Aware MSCI USA Small-Cap ETF | | $ | 2,863,496 | |
| 333,005 | | | iShares Inc iShares ESG Aware MSCI EM ETF | | | 12,068,101 | |
| 159,372 | | | iShares MSCI USA ESG Select ETF | | | 23,035,629 | |
| 220,661 | | | iShares Trust - iShares MSCI KLD 400 Social ETF | | | 27,584,832 | |
| 270,515 | | | iShares Trust iShares ESG Aware MSCI EAFE ETF | | | 16,541,992 | |
| 369,242 | | | iShares Trust iShares ESG Aware MSCI USA ETF | | | 27,482,682 | |
| | | | | | | 109,576,732 | |
| | | | | | | | |
| | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $101,827,811) | | | 109,576,732 | |
| | | | | | | | |
| | | | SHORT-TERM INVESTMENTS – 14.7% | | | | |
| | | | MONEY MARKET FUNDS - 14.7% | | | | |
| 16,233,169 | | | BlackRock Liquidity FedFund, Institutional Class, 0.04% (Cost $16,233,169)(a) | | | 16,233,169 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 113.8% (Cost $118,060,980) | | $ | 125,809,901 | |
| | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (13.8)% | | | (15,285,337 | ) |
| | | | NET ASSETS - 100.0% | | $ | 110,524,564 | |
| | | | | | | | |
EAFE - Europe, Australasia and Far East
ETF - Exchange-Traded Fund
MSCI - Morgan Stanley Capital International
| (a) | Rate disclosed is the seven day effective yield as of October 31, 2020. |
See accompanying notes to financial statements.
PFG EQUITY STRATEGY FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
October 31, 2020 |
Shares | | | | | Value | |
| | | | EXCHANGE-TRADED FUNDS – 61.9% | | | | |
| | | | EQUITY - 61.9% | | | | |
| 230,831 | | | First Trust Capital Strength ETF | | $ | 14,066,841 | |
| 77,441 | | | Health Care Select Sector SPDR Fund | | | 7,872,652 | |
| 501,673 | | | Invesco S&P 500 Quality ETF | | | 18,617,085 | |
| 72,721 | | | iShares Core S&P Mid-Cap ETF | | | 13,778,448 | |
| 109,280 | | | iShares Core S&P Small-Cap ETF | | | 7,870,346 | |
| 289,984 | | | iShares MSCI USA Min Vol Factor ETF | | | 17,880,413 | |
| 347,262 | | | iShares S&P 500 Growth ETF | | | 19,505,707 | |
| 146,421 | | | iShares U.S. Home Construction ETF | | | 7,616,820 | |
| 88,060 | | | Technology Select Sector SPDR Fund | | | 9,762,332 | |
| 13,192 | | | Vanguard S&P 500 ETF | | | 3,955,225 | |
| | | | | | | 120,925,869 | |
| | | | | | | | |
| | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $118,974,308) | | | 120,925,869 | |
| | | | | | | | |
| | | | OPEN END FUNDS – 37.7% | | | | |
| | | | ALTERNATIVE - 10.1% | | | | |
| 872,501 | | | JPMorgan Hedged Equity Fund, Class I | | | 19,744,708 | |
| | | | | | | | |
| | | | EQUITY - 27.6% | | | | |
| 415,097 | | | Akre Focus Fund, Institutional Class | | | 20,190,323 | |
| 736,412 | | | AQR Large Cap Defensive Style Fund, Class I | | | 17,872,714 | |
| 297,157 | | | Jensen Quality Growth Fund, Class Y | | | 15,823,636 | |
| | | | | | | 53,886,673 | |
| | | | | | | | |
| | | | TOTAL OPEN END FUNDS (Cost $69,323,780) | | | 73,631,381 | |
| | | | | | | | |
| | | | SHORT-TERM INVESTMENTS – 0.2% | | | | |
| | | | MONEY MARKET FUNDS - 0.2% | | | | |
| 400,803 | | | BlackRock Liquidity FedFund, Institutional Class, 0.04% (Cost $400,803)(a) | | | 400,803 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 99.8% (Cost $188,698,891) | | $ | 194,958,053 | |
| | | | OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2% | | | 436,552 | |
| | | | NET ASSETS - 100.0% | | $ | 195,394,605 | |
| | | | | | | | |
ETF - Exchange-Traded Fund
MSCI - Morgan Stanley Capital International
SPDR - Standard & Poor’s Depositary Receipt
| (a) | Rate disclosed is the seven day effective yield as of October 31, 2020. |
See accompanying notes to financial statements.
PFG FIDELITY INSTITUTIONAL AM® EQUITY INDEX STRATEGY FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
October 31, 2020 |
Shares | | | | | Value | |
| | | | OPEN END FUNDS – 99.6% | | | | |
| | | | EQUITY - 99.6% | | | | |
| 636,408 | | | Fidelity 500 Index Fund, Institutional Premium Class | | $ | 72,238,701 | |
| 2,981,033 | | | Fidelity Global ex US Index Fund, Institutional Premium Class | | | 37,054,244 | |
| 321,180 | | | Fidelity Mid Cap Index Fund, Institutional Premium Class | | | 7,416,041 | |
| 314,109 | | | Fidelity Small Cap Index Fund, Institutional Premium Class | | | 6,150,258 | |
| | | | | | | 122,859,244 | |
| | | | | | | | |
| | | | TOTAL OPEN END FUNDS (Cost $109,774,977) | | | 122,859,244 | |
| | | | | | | | |
| | | | SHORT-TERM INVESTMENTS – 8.0% | | | | |
| | | | MONEY MARKET FUNDS - 8.0% | | | | |
| 9,849,933 | | | BlackRock Liquidity FedFund, Institutional Class, 0.04% (Cost $9,849,933)(a) | | | 9,849,933 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 107.6% (Cost $119,624,910) | | $ | 132,709,177 | |
| | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (7.6)% | | | (9,404,956 | ) |
| | | | NET ASSETS - 100.0% | | $ | 123,304,221 | |
| | | | | | | | |
| (a) | Rate disclosed is the seven day effective yield as of October 31, 2020. |
See accompanying notes to financial statements.
PFG FIDELITY INSTITUTIONAL AM® EQUITY SECTOR STRATEGY FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
October 31, 2020 |
Shares | | | | | Value | |
| | | | EXCHANGE-TRADED FUNDS – 50.4% | | | | |
| | | | EQUITY - 50.4% | | | | |
| 358,668 | | | Fidelity MSCI Consumer Discretionary Index ETF | | $ | 21,634,853 | |
| 250,064 | | | Fidelity MSCI Financials Index ETF | | | 8,537,185 | |
| 196,509 | | | Fidelity MSCI Industrials Index ETF | | | 7,775,861 | |
| 147,853 | | | Fidelity MSCI Materials Index ETF | | | 5,080,865 | |
| 542,388 | | | Fidelity MSCI Real Estate Index ETF | | | 12,377,294 | |
| | | | | | | 55,406,058 | |
| | | | | | | | |
| | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $56,845,585) | | | 55,406,058 | |
| | | | | | | | |
| | | | OPEN END FUNDS – 49.1% | | | | |
| | | | EQUITY - 49.1% | | | | |
| 109,820 | | | Fidelity Advisor Communication Services Fund, Class Z (a) | | | 7,864,205 | |
| 168,330 | | | Fidelity Advisor Consumer Discretionary Fund | | | 6,447,025 | |
| 143,732 | | | Fidelity Advisor Health Care Fund, Class Z | | | 9,563,912 | |
| 258,297 | | | Fidelity Advisor Industrials Fund, Class Z | | | 9,740,377 | |
| 237,582 | | | Fidelity Advisor Technology Fund, Class Z | | | 20,391,635 | |
| | | | | | | 54,007,154 | |
| | | | | | | | |
| | | | TOTAL OPEN END FUNDS (Cost $52,023,176) | | | 54,007,154 | |
| | | | | | | | |
| | | | SHORT-TERM INVESTMENTS – 12.7% | | | | |
| | | | MONEY MARKET FUNDS - 12.7% | | | | |
| 13,958,718 | | | BlackRock Liquidity FedFund, Institutional Class, 0.04% (Cost $13,958,718)(b) | | | 13,958,718 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 112.2% (Cost $122,827,479) | | $ | 123,371,930 | |
| | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (12.2)% | | | (13,423,405 | ) |
| | | | NET ASSETS - 100.0% | | $ | 109,948,525 | |
| | | | | | | | |
ETF - Exchange-Traded Fund
MSCI - Morgan Stanley Capital International
| (a) | Affiliated Company - holds in excess of 5% of outstanding voting securities of this Open End Fund. |
| (b) | Rate disclosed is the seven day effective yield as of October 31, 2020. |
See accompanying notes to financial statements.
PFG GLOBAL STRATEGY FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
October 31, 2020 |
Shares | | | | | Value | |
| | | | EXCHANGE-TRADED FUNDS – 55.3% | | | | |
| | | | EQUITY - 55.3% | | | | |
| 7,178 | | | Health Care Select Sector SPDR Fund | | $ | 729,715 | |
| 56,812 | | | Invesco S&P 500 Quality ETF | | | 2,108,294 | |
| 17,697 | | | iShares Core MSCI Emerging Markets ETF | | | 946,259 | |
| 6,018 | | | iShares Core S&P Mid-Cap ETF | | | 1,140,230 | |
| 6,418 | | | iShares Core S&P Small-Cap ETF | | | 462,224 | |
| 24,186 | | | iShares MSCI EAFE Growth ETF | | | 2,087,252 | |
| 23,684 | | | iShares MSCI Switzerland ETF | | | 922,018 | |
| 24,578 | | | iShares S&P 500 Growth ETF | | | 1,380,546 | |
| 13,044 | | | iShares U.S. Home Construction ETF | | | 678,549 | |
| 6,325 | | | Technology Select Sector SPDR Fund | | | 701,190 | |
| 1,107 | | | Vanguard S&P 500 ETF | | | 331,901 | |
| 36,937 | | | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | | | 1,272,110 | |
| | | | | | | 12,760,288 | |
| | | | | | | | |
| | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $12,397,955) | | | 12,760,288 | |
| | | | | | | | |
| | | | OPEN END FUNDS – 44.3% | | | | |
| | | | ALTERNATIVE - 9.1% | | | | |
| 92,893 | | | JPMorgan Hedged Equity Fund, Class I | | | 2,102,159 | |
| | | | | | | | |
| | | | EQUITY - 35.2% | | | | |
| 12,446 | | | Akre Focus Fund, Institutional Class | | | 605,378 | |
| 76,585 | | | AQR Large Cap Defensive Style Fund, Class I | | | 1,858,722 | |
| 228,071 | | | PIMCO StocksPLUS International Fund U.S. Dollar Hedged, Institutional Class | | | 1,578,249 | |
| 293,321 | | | PIMCO StocksPLUS International Fund Unhedged, Institutional Class | | | 1,589,801 | |
| 43,197 | | | T Rowe Price Global Stock Fund, Class I | | | 2,501,560 | |
| | | | | | | 8,133,710 | |
| | | | | | | | |
| | | | TOTAL OPEN END FUNDS (Cost $9,557,996) | | | 10,235,869 | |
| | | | | | | | |
See accompanying notes to financial statements.
PFG GLOBAL STRATEGY FUND |
SCHEDULE OF INVESTMENTS (Unaudited)(Continued) |
October 31, 2020 |
Shares | | | | | Value | |
| | | | SHORT-TERM INVESTMENTS – 0.3% | | | | |
| | | | MONEY MARKET FUNDS - 0.3% | | | | |
| 74,408 | | | BlackRock Liquidity FedFund, Institutional Class, 0.04% (Cost $74,408)(a) | | $ | 74,408 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 99.9% (Cost $22,030,359) | | $ | 23,070,565 | |
| | | | OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1% | | | 16,813 | |
| | | | NET ASSETS - 100.0% | | $ | 23,087,378 | |
| | | | | | | | |
EAFE - Europe, Australasia and Far East
ETF - Exchange-Traded Fund
MSCI - Morgan Stanley Capital International
SPDR - Standard & Poor’s Depositary Receipt
| (a) | Rate disclosed is the seven day effective yield as of October 31, 2020. |
See accompanying notes to financial statements.
PFG JP MORGAN® TACTICAL AGGRESSIVE STRATEGY FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
October 31, 2020 |
Shares | | | | | Value | |
| | | | EXCHANGE-TRADED FUNDS – 38.8% | | | | |
| | | | EQUITY - 38.8% | | | | |
| 200,969 | | | JPMorgan Diversified Return Emerging Markets Equity ETF | | $ | 9,286,777 | |
| 94,489 | | | JPMorgan Diversified Return International Equity ETF | | | 4,711,222 | |
| 145,861 | | | JPMorgan Diversified Return US Equity ETF | | | 10,720,783 | |
| 58,395 | | | JPMorgan Diversified Return US Mid Cap Equity ETF | | | 3,779,324 | |
| 195,457 | | | JPMorgan Diversified Return US Small Cap Equity ETF | | | 5,656,526 | |
| 84,083 | | | JPMorgan US Momentum Factor ETF | | | 2,836,960 | |
| 114,143 | | | JPMorgan US Value Factor ETF | | | 2,842,047 | |
| | | | | | | 39,833,639 | |
| | | | | | | | |
| | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $39,731,290) | | | 39,833,639 | |
| | | | | | | | |
| | | | OPEN END FUNDS – 54.4% | | | | |
| | | | EQUITY - 54.4% | | | | |
| 169,636 | | | JPMorgan Equity Index Fund, Class I | | | 8,432,618 | |
| 211,983 | | | JPMorgan International Focus Fund, Class I | | | 4,746,301 | |
| 944,407 | | | JPMorgan International Research Enhanced Equity Fund, Class I | | | 15,157,739 | |
| 225,383 | | | JPMorgan Large Cap Growth Fund, Class I | | | 12,350,975 | |
| 960,320 | | | JPMorgan Large Cap Value Fund, Class I | | | 12,522,568 | |
| 215,754 | | | JPMorgan Realty Income Fund | | | 2,606,306 | |
| | | | | | | 55,816,507 | |
| | | | | | | | |
| | | | TOTAL OPEN END FUNDS (Cost $52,043,017) | | | 55,816,507 | |
| | | | | | | | |
| | | | SHORT-TERM INVESTMENTS – 8.2% | | | | |
| | | | MONEY MARKET FUNDS - 8.2% | | | | |
| 8,420,160 | | | BlackRock Liquidity FedFund, Institutional Class, 0.04% (Cost $8,420,160)(a) | | | 8,420,160 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 101.4% (Cost $100,194,467) | | $ | 104,070,306 | |
| | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (1.4)% | | | (1,439,827 | ) |
| | | | NET ASSETS - 100.0% | | $ | 102,630,479 | |
| | | | | | | | |
ETF - Exchange-Traded Fund
| (a) | Rate disclosed is the seven day effective yield as of October 31, 2020. |
See accompanying notes to financial statements.
PFG JP MORGAN® TACTICAL MODERATE STRATEGY FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
October 31, 2020 |
Shares | | | | | Value | |
| | | | EXCHANGE-TRADED FUNDS – 39.0% | | | | |
| | | | EQUITY - 39.0% | | | | |
| 195,472 | | | JPMorgan Diversified Return Emerging Markets Equity ETF | | $ | 9,032,761 | |
| 331,151 | | | JPMorgan Diversified Return International Equity ETF | | | 16,511,188 | |
| 119,355 | | | JPMorgan Diversified Return US Equity ETF | | | 8,772,593 | |
| 59,983 | | | JPMorgan Diversified Return US Mid Cap Equity ETF | | | 3,882,100 | |
| 273,022 | | | JPMorgan Diversified Return US Small Cap Equity ETF(a) | | | 7,901,257 | |
| 161,289 | | | JPMorgan US Momentum Factor ETF | | | 5,441,891 | |
| 277,758 | | | JPMorgan US Value Factor ETF(a) | | | 6,915,896 | |
| | | | | | | 58,457,686 | |
| | | | | | | | |
| | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $58,412,766) | | | 58,457,686 | |
| | | | | | | | |
| | | | OPEN END FUNDS – 53.1% | | | | |
| | | | ALTERNATIVE - 3.0% | | | | |
| 199,941 | | | JPMorgan Hedged Equity Fund, Class I | | | 4,524,665 | |
| | | | | | | | |
| | | | EQUITY - 18.5% | | | | |
| 97,553 | | | JPMorgan Equity Index Fund, Class I | | | 4,849,384 | |
| 308,271 | | | JPMorgan International Focus Fund, Class I | | | 6,902,191 | |
| 136,046 | | | JPMorgan Large Cap Growth Fund, Class I | | | 7,455,347 | |
| 476,384 | | | JPMorgan Large Cap Value Fund, Class I | | | 6,212,041 | |
| 195,833 | | | JPMorgan Realty Income Fund | | | 2,365,657 | |
| | | | | | | 27,784,620 | |
| | | | FIXED INCOME - 31.6% | | | | |
| 1,952,478 | | | JPMorgan Core Bond Fund, Class I | | | 24,093,573 | |
| 463,529 | | | JPMorgan Core Plus Bond Fund, Class I | | | 4,051,247 | |
| 1,142,963 | | | JPMorgan High Yield Fund, Class I(b) | | | 7,772,150 | |
| 1,238,175 | | | JPMorgan Income Fund, Class I | | | 11,440,740 | |
| | | | | | | 47,357,710 | |
| | | | | | | | |
| | | | TOTAL OPEN END FUNDS (Cost $75,931,919) | | | 79,666,995 | |
| | | | | | | | |
See accompanying notes to financial statements.
PFG JP MORGAN® TACTICAL MODERATE STRATEGY FUND |
SCHEDULE OF INVESTMENTS (Unaudited)(Continued) |
October 31, 2020 |
Shares | | | | | Value | |
| | | | SHORT-TERM INVESTMENTS – 9.4% | | | | |
| | | | MONEY MARKET FUNDS - 9.4% | | | | |
| 14,163,456 | | | BlackRock Liquidity FedFund, Institutional Class, 0.04% (Cost $14,163,456)(c) | | $ | 14,163,456 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 101.5% (Cost $148,508,141) | | $ | 152,288,137 | |
| | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (1.5)% | | | (2,266,256 | ) |
| | | | NET ASSETS - 100.0% | | $ | 150,021,881 | |
| | | | | | | | |
ETF - Exchange-Traded Fund
| (a) | Affiliated Company - holds in excess of 5% of outstanding voting securities of this Open End Fund. |
| (b) | Security is currently being valued according to the fair value procedures approved by the Board of Trustees. |
| (c) | Rate disclosed is the seven day effective yield as of October 31, 2020. |
See accompanying notes to financial statements.
PFG MEEDER TACTICAL STRATEGY FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
October 31, 2020 |
Shares | | | | | Value | |
| | | | OPEN END FUNDS – 99.4% | | | | |
| | | | ALTERNATIVE - 9.9% | | | | |
| 940,039 | | | Meeder Spectrum Fund, Institutional Class(a) | | $ | 10,020,816 | |
| | | | | | | | |
| | | | EQUITY - 27.7% | | | | |
| 1,123,714 | | | Meeder Moderate Allocation Fund, Institutional Class(a) (b) | | | 12,911,468 | |
| 2,082,213 | | | Meeder Muirfield Fund, Institutional Class | | | 15,033,581 | |
| | | | | | | 27,945,049 | |
| | | | MIXED ALLOCATION - 61.8% | | | | |
| 4,322,734 | | | Meeder Balanced Fund, Institutional Class(a) (b) | | | 50,446,302 | |
| 514,745 | | | Meeder Conservative Allocation Fund, Institutional Class(a) (b) | | | 11,823,694 | |
| | | | | | | 62,269,996 | |
| | | | | | | | |
| | | | TOTAL OPEN END FUNDS (Cost $100,708,320) | | | 100,235,861 | |
| | | | | | | | |
| | | | SHORT-TERM INVESTMENTS – 10.6% | | | | |
| | | | MONEY MARKET FUNDS - 10.6% | | | | |
| 10,638,310 | | | BlackRock Liquidity FedFund, Institutional Class, 0.04% (Cost $10,638,310)(c) | | | 10,638,310 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 110.0% (Cost $111,346,630) | | $ | 110,874,171 | |
| | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (10.0)% | | | (10,061,585 | ) |
| | | | NET ASSETS - 100.0% | | $ | 100,812,586 | |
| | | | | | | | |
| (a) | Affiliated Company - holds in excess of 5% of outstanding voting securities of this Open End Fund. |
| (b) | Security is currently being valued according to the fair value procedures approved by the Board of Trustees. |
| (c) | Rate disclosed is the seven day effective yield as of October 31, 2020. |
See accompanying notes to financial statements.
PFG MFS® AGGRESSIVE GROWTH STRATEGY FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
October 31, 2020 |
Shares | | | | | Value | |
| | | | EXCHANGE-TRADED FUNDS – 17.4% | | | | |
| | | | COMMODITY - 4.5% | | | | |
| 289,555 | | | iShares Commodities Select Strategy ETF | | $ | 7,001,440 | |
| | | | | | | | |
| | | | EQUITY - 12.9% | | | | |
| 91,079 | | | Schwab International Small-Cap Equity ETF | | | 2,865,345 | |
| 83,705 | | | SPDR Portfolio Emerging Markets ETF | | | 3,097,922 | |
| 148,662 | | | Vanguard Global ex-U.S. Real Estate ETF | | | 6,984,141 | |
| 15,837 | | | Vanguard Small-Cap Growth ETF | | | 3,433,145 | |
| 30,204 | | | Vanguard Small-Cap Value ETF | | | 3,446,276 | |
| | | | | | | 19,826,829 | |
| | | | | | | | |
| | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $27,894,799) | | | 26,828,269 | |
| | | | | | | | |
| | | | OPEN END FUNDS – 80.9% | | | | |
| | | | EQUITY - 80.9% | | | | |
| 132,632 | | | MFS Growth Fund, Class R6 | | | 19,925,351 | |
| 467,753 | | | MFS Institutional International Equity Fund, Class I | | | 12,035,296 | |
| 325,674 | | | MFS International Growth Fund, Class R5 | | | 12,040,160 | |
| 94,346 | | | MFS International New Discovery Fund, Class R6 | | | 3,227,589 | |
| 597,065 | | | MFS Mid Cap Growth Fund, Class R6 | | | 15,643,115 | |
| 698,489 | | | MFS Mid Cap Value Fund, Class R5 | | | 15,688,074 | |
| 293,665 | | | MFS Research Fund, Class R6 | | | 13,866,858 | |
| 638,820 | | | MFS Research International Fund, Class R6 | | | 12,086,469 | |
| 511,745 | | | MFS Value Fund, Class R6 | | | 20,259,988 | |
| | | | | | | 124,772,900 | |
| | | | | | | | |
| | | | TOTAL OPEN END FUNDS (Cost $113,562,385) | | | 124,772,900 | |
| | | | | | | | |
See accompanying notes to financial statements.
PFG MFS® AGGRESSIVE GROWTH STRATEGY FUND |
SCHEDULE OF INVESTMENTS (Unaudited)(Continued) |
October 31, 2020 |
Shares | | | | | Value | |
| | | | SHORT-TERM INVESTMENTS – 2.1% | | | | |
| | | | MONEY MARKET FUNDS - 2.1% | | | | |
| 3,175,438 | | | BlackRock Liquidity FedFund, Institutional Class, 0.04% (Cost $3,175,438)(a) | | $ | 3,175,438 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 100.4% (Cost $144,632,622) | | $ | 154,776,607 | |
| | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)% | | | (551,607 | ) |
| | | | NET ASSETS - 100.0% | | $ | 154,225,000 | |
| | | | | | | | |
ETF - Exchange-Traded Fund
SPDR - Standard & Poor’s Depositary Receipt
| (a) | Rate disclosed is the seven day effective yield as of October 31, 2020. |
See accompanying notes to financial statements.
PFG TACTICAL INCOME STRATEGY FUND |
SCHEDULE OF INVESTMENTS (Unaudited) |
October 31, 2020 |
Shares | | | | | Value | |
| | | | EXCHANGE-TRADED FUNDS – 31.4% | | | | |
| | | | EQUITY - 31.4% | | | | |
| 125,234 | | | First Trust NASDAQ Technology Dividend Index Fund | | $ | 5,261,080 | |
| 77,330 | | | Vanguard Dividend Appreciation ETF | | | 9,723,474 | |
| 89,545 | | | Vanguard High Dividend Yield ETF | | | 7,122,409 | |
| 124,431 | | | WisdomTree U.S. Quality Dividend Growth Fund | | | 5,939,092 | |
| | | | | | | 28,046,055 | |
| | | | | | | | |
| | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $27,389,054) | | | 28,046,055 | |
| | | | | | | | |
| | | | OPEN END FUNDS – 67.0% | | | | |
| | | | EQUITY - 6.8% | | | | |
| 115,857 | | | T Rowe Price Dividend Growth Fund, Inc. | | | 6,087,133 | |
| | | | | | | | |
| | | | FIXED INCOME - 50.3% | | | | |
| 1,180,482 | | | Counterpoint Tactical Income Fund, Class I | | | 13,032,518 | |
| 804,925 | | | PIMCO Investment Grade Credit Bond Fund, Institutional Class | | | 8,838,081 | |
| 810,826 | | | PIMCO Mortgage Opportunities and Bond Fund, Institutional Class | | | 8,870,437 | |
| 516,782 | | | Sierra Tactical Bond Fund, Institutional Class | | | 14,175,336 | |
| | | | | | | 44,916,372 | |
| | | | MIXED ALLOCATION - 9.9% | | | | |
| 323,589 | | | Vanguard Wellesley Income Fund, Investor Class | | | 8,772,485 | |
| | | | | | | | |
| | | | | | | | |
| | | | TOTAL OPEN END FUNDS (Cost $59,232,131) | | | 59,775,990 | |
| | | | | | | | |
| | | | SHORT-TERM INVESTMENTS – 26.5% | | | | |
| | | | MONEY MARKET FUNDS - 26.5% | | | | |
| 23,645,675 | | | BlackRock Liquidity FedFund, Institutional Class, 0.04% (Cost $23,645,675)(a) | | | 23,645,675 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 124.9% (Cost $110,266,860) | | $ | 111,467,720 | |
| | | | LIABILITIES IN EXCESS OF OTHER ASSETS - (24.9)% | | | (22,198,927 | ) |
| | | | NET ASSETS - 100.0% | | $ | 89,268,793 | |
| | | | | | | | |
ETF - Exchange-Traded Fund
| (a) | Rate disclosed is the seven day effective yield as of October 31, 2020. |
See accompanying notes to financial statements.
The Pacific Financial Funds |
Statements of Assets and Liabilities (Unaudited) |
October 31, 2020 |
| | | | | PFG American Funds® | | | | | | | |
| | PFG Active Core Bond | | | Conservative Income | | | PFG American Funds® | | | PFG Balanced | |
| | Strategy Fund | | | Strategy Fund | | | Growth Strategy Fund | | | Strategy Fund | |
Assets: | | | | | | | | | | | | | | | | |
Total Securities, at cost | | $ | 195,487,610 | | | $ | 151,128,701 | | | $ | 452,993,774 | | | $ | 187,635,174 | |
Total Securities, at fair value | | $ | 201,186,875 | | | $ | 150,677,533 | | | $ | 478,139,305 | | | $ | 190,977,179 | |
Receivable for securities sold | | | — | | | | — | | | | 1,559,950 | | | | 804,975 | |
Receivable for Fund shares sold | | | 239,114 | | | | 2,209,473 | | | | 1,052,814 | | | | 247,928 | |
Interest and dividends receivable | | | 547,342 | | | | 119,423 | | | | 147 | | | | 112,999 | |
Total Assets | | | 201,973,331 | | | | 153,006,429 | | | | 480,752,216 | | | | 192,143,081 | |
| | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Payable for Fund shares redeemed | | | 992,352 | | | | 627,512 | | | | 2,777,533 | | | | 675,507 | |
Accrued 12b-1 fees | | | 17,354 | | | | 12,867 | | | | 45,129 | | | | 18,905 | |
Accrued investment advisory fees | | | 216,930 | | | | 160,843 | | | | 564,109 | | | | 236,315 | |
Payable to related parties | | | 118,408 | | | | 100,993 | | | | 437,077 | | | | 156,064 | |
Total Liabilities | | | 1,345,044 | | | | 902,215 | | | | 3,823,848 | | | | 1,086,791 | |
Net Assets | | $ | 200,628,287 | | | $ | 152,104,214 | | | $ | 476,928,368 | | | $ | 191,056,290 | |
| | | | | | | | | | | | | | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Paid in capital | | $ | 192,264,381 | | | $ | 151,812,059 | | | $ | 438,733,232 | | | $ | 201,407,101 | |
Accumulated earnings/(deficit) | | | 8,363,906 | | | | 292,155 | | | | 38,195,136 | | | | (10,350,811 | ) |
Net Assets | | $ | 200,628,287 | | | $ | 152,104,214 | | | $ | 476,928,368 | | | $ | 191,056,290 | |
| | | | | | | | | | | | | | | | |
Class R Shares: | | | | | | | | | | | | | | | | |
Net assets | | $ | 200,628,287 | | | $ | 152,104,214 | | | $ | 476,928,368 | | | $ | 191,056,290 | |
Total shares outstanding at end of year ($0 par value, unlimited shares authorized) | | | 19,364,606 | | | | 15,068,858 | | | | 41,633,591 | | | | 19,530,702 | |
| | | | | | | | | | | | | | | | |
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | | $ | 10.36 | | | $ | 10.09 | | | $ | 11.46 | | | $ | 9.78 | |
| | | | | | | | | | | | | | | | |
See accompanying notes to financial statements.
The Pacific Financial Funds |
Statements of Assets and Liabilities (Unaudited)(Continued) |
October 31, 2020 |
| | | | | | | | | | | PFG Fidelity Institutional | |
| | PFG BNY Mellon Diversifier | | | PFG BR Equity ESG | | | PFG Equity | | | AM® Equity Index | |
| | Strategy Fund | | | Strategy Fund | | | Strategy Fund | | | Strategy Fund | |
Assets: | | | | | | | | | | | | |
Total Securities, at cost | | $ | 67,981,028 | | | $ | 118,060,980 | | | $ | 188,698,891 | | | $ | 119,624,910 | |
Total Securities, at fair value | | $ | 71,499,229 | | | $ | 125,809,901 | | | $ | 194,958,053 | | | $ | 132,709,177 | |
Cash | | | — | | | | — | | | | 4 | | | | — | |
Receivable for securities sold | | | — | | | | — | | | | 1,499,340 | | | | — | |
Receivable for Fund shares sold | | | 328,655 | | | | 524,447 | | | | 114,404 | | | | 240,039 | |
Interest and dividends receivable | | | 73,313 | | | | 42 | | | | 6 | | | | 28 | |
Total Assets | | | 71,901,197 | | | | 126,334,390 | | | | 196,571,807 | | | | 132,949,244 | |
| | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Payable for Fund shares redeemed | | | 210,843 | | | | 460,875 | | | | 771,464 | | | | 216,576 | |
Payable for securities purchased | | | 4,850,000 | | | | 15,170,349 | | | | — | | | | 9,190,060 | |
Accrued 12b-1 Fees | | | 5,720 | | | | 8,504 | | | | 18,666 | | | | 10,435 | |
Accrued investment advisory fees | | | 71,496 | | | | 106,304 | | | | 233,325 | | | | 130,441 | |
Payable to related parties | | | 15,836 | | | | 63,794 | | | | 153,747 | | | | 97,511 | |
Total Liabilities | | | 5,153,895 | | | | 15,809,826 | | | | 1,177,202 | | | | 9,645,023 | |
Net Assets | | $ | 66,747,302 | | | $ | 110,524,564 | | | $ | 195,394,605 | | | $ | 123,304,221 | |
| | | | | | | | | | | | | | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Paid in capital | | $ | 64,674,014 | | | $ | 99,767,901 | | | $ | 209,047,041 | | | $ | 107,657,803 | |
Accumulated earnings/(deficit) | | | 2,073,288 | | | | 10,756,663 | | | | (13,652,436 | ) | | | 15,646,418 | |
Net Assets | | $ | 66,747,302 | | | $ | 110,524,564 | | | $ | 195,394,605 | | | $ | 123,304,221 | |
| | | | | | | | | | | | | | | | |
Class R Shares: | | | | | | | | | | | | | | | | |
Net assets | | $ | 66,747,302 | | | $ | 110,524,564 | | | $ | 195,394,605 | | | $ | 123,304,221 | |
Total shares outstanding at end of year ($0 par value, unlimited shares authorized) | | | 6,611,886 | | | | 9,877,397 | | | | 19,240,113 | | | | 10,927,256 | |
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | | $ | 10.10 | | | $ | 11.19 | | | $ | 10.16 | | | $ | 11.28 | |
| | | | | | | | | | | | | | | | |
See accompanying notes to financial statements.
The Pacific Financial Funds |
Statements of Assets and Liabilities (Unaudited)(Continued) |
October 31, 2020 |
| | PFG Fidelity Institutional | | | | | | | | | | |
| | AM® Equity Sector | | | PFG Global | | | PFG JP Morgan® Tactical | | | PFG JP Morgan® Tactical | |
| | Strategy Fund | | | Strategy Fund | | | Aggressive Strategy Fund | | | Moderate Strategy Fund | |
Assets: | | | | | | | | | | | | | | | | |
Investments in unaffiliated securities, at cost | | $ | 115,289,583 | | | $ | 22,030,359 | | | $ | 100,194,467 | | | $ | 133,650,854 | |
Investments in affiliated securities, at cost | | | 7,537,896 | | | | — | | | | — | | | | 14,857,287 | |
Total Securities, at cost | | $ | 122,827,479 | | | $ | 22,030,359 | | | $ | 100,194,467 | | | $ | 148,508,141 | |
Investments in unaffiliated securities, at fair value | | $ | 115,507,725 | | | $ | 23,070,565 | | | $ | 104,070,306 | | | $ | 137,470,984 | |
Investments in affiliated securities, at fair value | | | 7,864,205 | | | | — | | | | — | | | | 14,817,153 | |
Total Securities, at fair value | | $ | 123,371,930 | | | $ | 23,070,565 | | | $ | 104,070,306 | | | $ | 152,288,137 | |
Receivable for securities sold | | | — | | | | 126,736 | | | | 215,542 | | | | 1,360,775 | |
Receivable for Fund shares sold | | | 538,966 | | | | 18,633 | | | | 324,900 | | | | 422,656 | |
Interest and dividends receivable | | | 36 | | | | 1 | | | | 27 | | | | 42,615 | |
Prepaid expenses and other assets | | | — | | | | 14,762 | | | | — | | | | — | |
Total Assets | | | 123,910,932 | | | | 23,230,697 | | | | 104,610,775 | | | | 154,114,183 | |
| | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Payable for Fund shares redeemed | | | 362,578 | | | | 112,720 | | | | 43,232 | | | | 476,268 | |
Payable for securities purchased | | | 13,413,150 | | | | — | | | | 1,788,278 | | | | 3,366,881 | |
Accrued 12b-1 Fees | | | 8,743 | | | | 2,267 | | | | 8,393 | | | | 12,046 | |
Accrued investment advisory fees | | | 109,289 | | | | 28,332 | | | | 104,917 | | | | 150,581 | |
Payable to related parties | | | 68,647 | | | | — | | | | 35,476 | | | | 86,526 | |
Total Liabilities | | | 13,962,407 | | | | 143,319 | | | | 1,980,296 | | | | 4,092,302 | |
Net Assets | | $ | 109,948,525 | | | $ | 23,087,378 | | | $ | 102,630,479 | | | $ | 150,021,881 | |
| | | | | | | | | | | | | | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Paid in capital | | $ | 103,164,734 | | | $ | 37,010,791 | | | $ | 101,290,268 | | | $ | 148,943,491 | |
Accumulated earnings/(deficit) | | | 6,783,791 | | | | (13,923,413 | ) | | | 1,340,211 | | | | 1,078,390 | |
Net Assets | | $ | 109,948,525 | | | $ | 23,087,378 | | | $ | 102,630,479 | | | $ | 150,021,881 | |
| | | | | | | | | | | | | | | | |
Class R Shares: | | | | | | | | | | | | | | | | |
Net assets | | $ | 109,948,525 | | | $ | 23,087,378 | | | $ | 102,630,479 | | | $ | 150,021,881 | |
Total shares outstanding at end of year ($0 par value, unlimited shares authorized) | | | 10,454,679 | | | | 2,457,347 | | | | 10,185,421 | | | | 14,760,322 | |
| | | | | | | | | | | | | | | | |
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | | $ | 10.52 | | | $ | 9.40 | | | $ | 10.08 | | | $ | 10.16 | |
| | | | | | | | | | | | | | | | |
See accompanying notes to financial statements.
The Pacific Financial Funds |
Statements of Assets and Liabilities (Unaudited)(Continued) |
October 31, 2020 |
| | PFG Meeder Tactical | | | PFG MFS® Aggressive | | | PFG Tactical Income | |
| | Strategy Fund | | | Growth Strategy Fund | | | Strategy Fund | |
Assets: | | | | | | | | | | | | |
Investments in unaffiliated securities, at cost | | $ | 26,154,596 | | | $ | 144,632,622 | | | $ | 110,266,860 | |
Investments in affiliated securities, at cost | | | 85,192,034 | | | | — | | | | — | |
Total Securities, at cost | | $ | 111,346,630 | | | $ | 144,632,622 | | | $ | 110,266,860 | |
Investments in unaffiliated securities, at fair value | | $ | 25,671,890 | | | $ | 154,776,607 | | | $ | 111,467,720 | |
Investments in affiliated securities, at fair value | | | 85,202,281 | | | | — | | | | — | |
Total Securities, at fair value | | $ | 110,874,171 | | | $ | 154,776,607 | | | $ | 111,467,720 | |
Receivable for Fund shares sold | | | 391,992 | | | | 61,875 | | | | 866,701 | |
Interest and dividends receivable | | | 30 | | | | 26 | | | | 85,107 | |
Total Assets | | | 111,266,193 | | | | 154,838,508 | | | | 112,419,528 | |
| | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | |
Payable for Fund shares redeemed | | | 232,339 | | | | 341,410 | | | | 90,456 | |
Payable for securities purchased | | | 10,075,000 | | | | — | | | | 22,939,148 | |
Accrued 12b-1 Fees | | | 8,200 | | | | 14,076 | | | | 5,913 | |
Accrued investment advisory fees | | | 102,504 | | | | 175,952 | | | | 73,914 | |
Payable to related parties | | | 35,564 | | | | 82,070 | | | | 41,304 | |
Total Liabilities | | | 10,453,607 | | | | 613,508 | | | | 23,150,735 | |
Net Assets | | $ | 100,812,586 | | | $ | 154,225,000 | | | $ | 89,268,793 | |
| | | | | | | | | | | | |
Net Assets: | | | | | | | | | | | | |
Paid in capital | | $ | 102,002,605 | | | $ | 142,056,859 | | | $ | 86,274,283 | |
Accumulated earnings/(deficit) | | | (1,190,019 | ) | | | 12,168,141 | | | | 2,994,510 | |
Net Assets | | $ | 100,812,586 | | | $ | 154,225,000 | | | $ | 89,268,793 | |
| | | | | | | | | | | | |
Class R Shares: | | | | | | | | | | | | |
Net assets | | $ | 100,812,586 | | | $ | 154,225,000 | | | $ | 89,268,793 | |
Total shares outstanding at end of year ($0 par value, unlimited shares authorized) | | | 10,367,868 | | | | 14,250,215 | | | | 8,676,100 | |
| | | | | | | | | | | | |
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | | $ | 9.72 | | | $ | 10.82 | | | $ | 10.29 | |
| | | | | | | | | | | | |
See accompanying notes to financial statements.
The Pacific Financial Funds |
Statements of Operations (Unaudited) |
For the Six Months Ended October 31, 2020 |
| | | | | PFG American Funds® | | | | | | | |
| | PFG Active Core Bond | | | Conservative Income | | | PFG American Funds® Growth | | | PFG Balanced | |
| | Strategy Fund | | | Strategy Fund* | | | Strategy Fund* | | | Strategy Fund | |
Investment Income: | | | | | | | | | | | | | | | | |
Dividend income | | $ | 3,253,329 | | | $ | 933,952 | | | $ | 2,600,772 | | | $ | 2,842,645 | |
Interest income | | | 1,181 | | | | 1,649 | | | | 6,054 | | | | 11,042 | |
Total Investment Income | | | 3,254,510 | | | | 935,601 | | | | 2,606,826 | | | | 2,853,687 | |
| | | | | | | | | | | | | | | | |
Expenses: | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 1,238,378 | | | | 625,958 | | | | 2,368,614 | | | | 1,731,963 | |
Distribution fees (12b-1) - Class R Shares | | | 99,070 | | | | 50,077 | | | | 189,489 | | | | 138,557 | |
Administrative service fees | | | 693,746 | | | | 350,551 | | | | 1,326,469 | | | | 970,649 | |
Total Expenses | | | 2,031,194 | | | | 1,026,586 | | | | 3,884,572 | | | | 2,841,169 | |
Net Investment Income/(Loss) | | | 1,223,316 | | | | (90,985 | ) | | | (1,277,746 | ) | | | 12,518 | |
| | | | | | | | | | | | | | | | |
Net Realized and Unrealized Gain/(Loss) on Investments | | | | | | | | | | | | | | | | |
Net realized gain from: | | | | | | | | | | | | | | | | |
Unaffiliated investments | | | 2,396,268 | | | | 834,308 | | | | 14,327,351 | | | | 10,719,790 | |
Net change in unrealized appreciation/(depreciation) of: | | | | | | | | | | | | | | | | |
Unaffiliated investments | | | 4,067,499 | | | | (451,168 | ) | | | 25,145,531 | | | | 11,311,397 | |
| | | | | | | | | | | | | | | | |
Net Realized and Unrealized Gain on Investments | | | 6,463,767 | | | | 383,140 | | | | 39,472,882 | | | | 22,031,187 | |
Net Increase in Net Assets Resulting from Operations | | $ | 7,687,083 | | | $ | 292,155 | | | $ | 38,195,136 | | | $ | 22,043,705 | |
| | | | | | | | | | | | | | | | |
* Commencement of operations and trading was May 2, 2020.
See accompanying notes to financial statements.
The Pacific Financial Funds |
Statements of Operations (Unaudited)(Continued) |
For the Six Months Ended October 31, 2020 |
| | | | | | | | | | | PFG Fidelity Institutional | |
| | PFG BNY Mellon | | | PFG BR Equity ESG | | | PFG Equity | | | AM® Equity Index | |
| | Diversifier Strategy Fund | | | Strategy Fund* | | | Strategy Fund | | | Strategy Fund* | |
Investment Income: | | | | | | | | | | | | | | | | |
Dividend income | | $ | 576,672 | | | $ | 644,055 | | | $ | 1,256,828 | | | $ | 672,378 | |
Interest income | | | 188 | | | | 1,666 | | | | 9,340 | | | | 725 | |
Total Investment Income | | | 576,860 | | | | 645,721 | | | | 1,266,168 | | | | 673,103 | |
| | | | | | | | | | | | | | | | |
Expenses: | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 455,375 | | | | 546,543 | | | | 1,665,472 | | | | 743,821 | |
Distribution fees (12b-1) - Class R Shares | | | 36,430 | | | | 43,723 | | | | 133,238 | | | | 59,506 | |
Administrative service fees | | | 255,581 | | | | 306,065 | | | | 933,234 | | | | 417,094 | |
Total Expenses | | | 747,386 | | | | 896,331 | | | | 2,731,944 | | | | 1,220,421 | |
Net Investment Loss | | | (170,526 | ) | | | (250,610 | ) | | | (1,465,776 | ) | | | (547,318 | ) |
| | | | | | | | | | | | | | | | |
Net Realized and Unrealized Gain on Investments | | | | | | | | | | | | | | | | |
Net realized gain from: | | | | | | | | | | | | | | | | |
Unaffiliated investments | | | 2,316,787 | | | | 3,258,352 | | | | 19,833,829 | | | | 3,109,469 | |
Net change in unrealized appreciation of: | | | | | | | | | | | | | | | | |
Unaffiliated investments | | | 1,539,871 | | | | 7,748,921 | | | | 9,037,924 | | | | 13,084,267 | |
| | | | | | | | | | | | | | | | |
Net Realized and Unrealized Gain on Investments | | | 3,856,658 | | | | 11,007,273 | | | | 28,871,753 | | | | 16,193,736 | |
Net Increase in Net Assets Resulting from Operations | | $ | 3,686,132 | | | $ | 10,756,663 | | | $ | 27,405,977 | | | $ | 15,646,418 | |
| | | | | | | | | | | | | | | | |
* Commencement of operations and trading was May 2, 2020.
See accompanying notes to financial statements.
The Pacific Financial Funds |
Statements of Operations (Unaudited)(Continued) |
For the Six Months Ended October 31, 2020 |
| | PFG Fidelity Institutional | | | | | | | | | | |
| | AM® Equity Sector | | | PFG Global | | | PFG JP Morgan® Tactical | | | PFG JP Morgan® Tactical | |
| | Strategy Fund* | | | Strategy Fund | | | Aggressive Strategy Fund | | | Moderate Strategy Fund | |
Investment Income: | | | | | | | | | | | | | | | | |
Dividend income | | $ | 739,193 | | | $ | 213,401 | | | $ | 726,352 | | | $ | 1,589,931 | |
Income from affiliates | | | — | | | | — | | | | — | | | | 117,288 | |
Interest income | | | 1,718 | | | | 1,639 | | | | 375 | | | | 355 | |
Total Investment Income | | | 740,911 | | | | 215,040 | | | | 726,727 | | | | 1,707,574 | |
| | | | | | | | | | | | | | | | |
Expenses: | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 576,272 | | | | 279,908 | | | | 576,867 | | | | 874,949 | |
Distribution fees (12b-1) - Class R Shares | | | 46,102 | | | | 22,393 | | | | 46,149 | | | | 69,996 | |
Administrative service fees | | | 323,013 | | | | 157,153 | | | | 323,301 | | | | 490,346 | |
Total Expenses | | | 945,387 | | | | 459,454 | | | | 946,317 | | | | 1,435,291 | |
Net Investment Income/(Loss) | | | (204,476 | ) | | | (244,414 | ) | | | (219,590 | ) | | | 272,283 | |
| | | | | | | | | | | | | | | | |
Net Realized and Unrealized Gain/(Loss) on Investments | | | | | | | | | | | | | | | | |
Net realized gain/(loss) from: | | | | | | | | | | | | | | | | |
Unaffiliated investments | | | 6,381,982 | | | | 777,978 | | | | 1,181,944 | | | | 2,163,281 | |
Affiliated investments (Note 5) | | | 61,834 | | | | — | | | | — | | | | (93,725 | ) |
Total realized gain | | | 6,443,816 | | | | 777,978 | | | | 1,181,944 | | | | 2,069,556 | |
Net change in unrealized appreciation/(depreciation) of: | | | | | | | | | | | | | | | | |
Unaffiliated Investments | | | 218,142 | | | | 4,175,125 | | | | 8,913,182 | | | | 8,804,862 | |
Affiliated Investments (Note 5) | | | 326,309 | | | | — | | | | — | | | | 339,876 | |
Total unrealized appreciation | | | 544,451 | | | | 4,175,125 | | | | 8,913,182 | | | | 9,144,738 | |
| | | | | | | | | | | | | | | | |
Net Realized and Unrealized Gain on Investments | | | 6,988,267 | | | | 4,953,103 | | | | 10,095,126 | | | | 11,214,294 | |
Net Increase in Net Assets Resulting from Operations | | $ | 6,783,791 | | | $ | 4,708,689 | | | $ | 9,875,536 | | | $ | 11,486,577 | |
| | | | | | | | | | | | | | | | |
* Commencement of operations and trading was May 2, 2020.
See accompanying notes to financial statements.
The Pacific Financial Funds |
Statements of Operations (Unaudited)(Continued) |
For the Six Months Ended October 31, 2020 |
| | PFG Meeder Tactical | | | PFG MFS® Aggressive | | | PFG Tactical Income | |
| | Strategy Fund | | | Growth Strategy Fund | | | Strategy Fund* | |
Investment Income: | | | | | | | | | | | | |
Dividend income | | $ | 142,880 | | | $ | 323,601 | | | $ | 924,256 | |
Income from affiliates | | | 742,804 | | | | — | | | | — | |
Interest income | | | 270 | | | | 793 | | | | 918 | |
Total Investment Income | | | 885,954 | | | | 324,394 | | | | 925,174 | |
| | | | | | | | | | | | |
Expenses: | | | | | | | | | | | | |
Investment advisory fees | | | 623,301 | | | | 992,747 | | | | 412,085 | |
Distribution fees (12b-1) - Class R Shares | | | 49,864 | | | | 79,420 | | | | 32,967 | |
Administrative service fees | | | 349,529 | | | | 556,268 | | | | 231,007 | |
Total Expenses | | | 1,022,694 | | | | 1,628,435 | | | | 676,059 | |
Net Investment Income/(Loss) | | | (136,740 | ) | | | (1,304,041 | ) | | | 249,115 | |
| | | | | | | | | | | | |
Investments | | | | | | | | | | | | |
Net realized gain/(loss) from: | | | | | | | | | | | | |
Unaffiliated investments | | | (120,527 | ) | | | 2,695,758 | | | | 1,544,535 | |
Affiliated investments (Note 5) | | | (158,813 | ) | | | — | | | | — | |
Total realized gain/(loss) | | | (279,340 | ) | | | 2,695,758 | | | | 1,544,535 | |
Net change in unrealized appreciation of: | | | | | | | | | | | | |
Unaffiliated Investments | | | 1,022,714 | | | | 16,523,048 | | | | 1,200,860 | |
Affiliated Investments (Note 5) | | | 4,823,129 | | | | — | | | | — | |
Total unrealized appreciation | | | 5,845,843 | | | | 16,523,048 | | | | 1,200,860 | |
| | | | | | | | | | | | |
Net Realized and Unrealized Gain on Investments | | | 5,566,503 | | | | 19,218,806 | | | | 2,745,395 | |
Net Increase in Net Assets Resulting from Operations | | $ | 5,429,763 | | | $ | 17,914,765 | | | $ | 2,994,510 | |
| | | | | | | | | | | | |
| * | Commencement of operations and trading was May 2, 2020. |
See accompanying notes to financial statements.
The Pacific Financial Funds |
|
Statements of Changes in Net Assets |
| | | | | | | | PFG American Funds® | |
| | PFG Active Core Bond Strategy Fund | | | Conservative Income Strategy Fund | |
| | Six Months Ended | | | Year Ended | | | | | | Period* Ended | |
| | October 31, 2020 | | | April 30, | | | | | | October 31, 2020 | |
| | (Unaudited) | | | 2020 | | | | | | (Unaudited) | |
| | | | | | | | | | | | | | | | |
Increase/(Decrease) in Net Assets | | | | | | | | | | | | | | | | |
From Operations: | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | $ | 1,223,316 | | | $ | 1,664,776 | | | | | | | $ | (90,985 | ) |
Net realized gain/(loss) on investments | | | 2,396,268 | | | | (488,175 | ) | | | | | | | 834,308 | |
Net change in unrealized appreciation/(depreciation) on investments | | | 4,067,499 | | | | 1,090,058 | | | | | | | | (451,168 | ) |
Net increase in net assets resulting from operations | | | 7,687,083 | | | | 2,266,659 | | | | | | | | 292,155 | |
| | | | | | | | | | | | | | | | |
From Distributions to Shareholders: | | | | | | | | | | | | | | | | |
Return of capital | | | — | | | | (4,591 | ) | | | | | | | — | |
Total Distributions Paid | | | — | | | | (1,938,590 | ) | | | | | | | — | |
Total distributions to shareholders | | | — | | | | (1,943,181 | ) | | | | | | | — | |
| | | | | | | | | | | | | | | | |
From Shares of Beneficial Interest: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 166,622,745 | | | | 106,845,780 | | | | | | | | 190,721,157 | |
Reinvestment of distributions | | | — | | | | 1,940,551 | | | | | | | | — | |
Cost of shares redeemed | | | (94,886,464 | ) | | | (56,498,803 | ) | | | | | | | (38,909,098 | ) |
Net increase in net assets from share transactions of beneficial interest | | | 71,736,281 | | | | 52,287,528 | | | | | | | | 151,812,059 | |
Total increase in net assets | | | 79,423,364 | | | | 52,611,006 | | | | | | | | 152,104,214 | |
| | | | | | | | | | | | | | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 121,204,923 | | | | 68,593,917 | | | | | | | | — | |
End of period | | $ | 200,628,287 | | | $ | 121,204,923 | | | | | | | $ | 152,104,214 | |
| | | | | | | | | | | | | | | | |
Share Activity: | | | | | | | | | | | | | | | | |
Shares Sold | | | 16,539,901 | | | | 10,743,385 | | | | | | | | 18,907,158 | |
Shares Reinvested | | | — | | | | 193,668 | | | | | | | | — | |
Shares Redeemed | | | (9,323,729 | ) | | | (5,682,991 | ) | | | | | | | (3,838,300 | ) |
Net increase in shares of beneficial interest outstanding | | | 7,216,172 | | | | 5,254,062 | | | | | | | | 15,068,858 | |
| * | Commencement of operations and trading was May 2, 2020. |
See accompanying notes to financial statements.
The Pacific Financial Funds |
|
Statements of Changes in Net Assets (Continued) |
| | PFG American Funds® Growth Strategy Fund | | | PFG Balanced Strategy Fund | |
| | | | | Period* Ended | | | Six Months Ended | | | Year Ended | |
| | | | | October 31, 2020 | | | October 31, 2020 | | | April 30, | |
| | | | | (Unaudited) | | | (Unaudited) | | | 2020 | |
| | | | | | | | | | | | | | | | |
Increase/(Decrease) in Net Assets | | | | | | | | | | | | | | | | |
From Operations: | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | | $ | (1,277,746 | ) | | $ | 12,518 | | | $ | 643,119 | |
Distributions received from underlying investment companies | | | | | | | — | | | | — | | | | 2,721,863 | |
Net realized gain/(loss) on investments | | | | | | | 14,327,351 | | | | 10,719,790 | | | | (25,273,869 | ) |
Net change in unrealized appreciation/(depreciation) on investments | | | | | | | 25,145,531 | | | | 11,311,397 | | | | (17,212,138 | ) |
Net increase/(decrease) in net assets resulting from operations | | | | | | | 38,195,136 | | | | 22,043,705 | | | | (39,121,025 | ) |
| | | | | | | | | | | | | | | | |
From Distributions to Shareholders: | | | | | | | | | | | | | | | | |
Return of capital | | | | | | | — | | | | — | | | | (1,138,606 | ) |
Total Distributions Paid | | | | | | | — | | | | — | | | | (2,447,582 | ) |
Total distributions to shareholders | | | | | | | — | | | | — | | | | (3,586,188 | ) |
| | | | | | | | | | | | | | | | |
From Shares of Beneficial Interest: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | | | | | 557,245,511 | | | | 46,855,428 | | | | 181,882,291 | |
Reinvestment of distributions | | | | | | | — | | | | — | | | | 3,585,678 | |
Cost of shares redeemed | | | | | | | (118,512,279 | ) | | | (251,393,042 | ) | | | (130,344,723 | ) |
Net increase/(decrease) in net assets from share transactions of beneficial interest | | | | | | | 438,733,232 | | | | (204,537,614 | ) | | | 55,123,246 | |
Total increase/(decrease) in net assets | | | | | | | 476,928,368 | | | | (182,493,909 | ) | | | 12,416,033 | |
| | | | | | | | | | | | | | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | — | | | | 373,550,199 | | | | 361,134,166 | |
End of period | | | | | | $ | 476,928,368 | | | $ | 191,056,290 | | | $ | 373,550,199 | |
| | | | | | | | | | | | | | | | |
Share Activity: | | | | | | | | | | | | | | | | |
Shares Sold | | | | | | | 51,899,532 | | | | 4,901,871 | | | | 18,496,614 | |
Shares Reinvested | | | | | | | — | | | | — | | | | 336,683 | |
Shares Redeemed | | | | | | | (10,265,941 | ) | | | (26,170,003 | ) | | | (13,510,033 | ) |
Net increase/(decrease) in shares of beneficial interest outstanding | | | | | | | 41,633,591 | | | | (21,268,132 | ) | | | 5,323,264 | |
| * | Commencement of operations and trading was May 2, 2020. |
See accompanying notes to financial statements.
The Pacific Financial Funds |
|
Statements of Changes in Net Assets (Continued) |
| | PFG BNY Mellon Diversifier Strategy Fund | | | PFG BR Equity ESG Strategy Fund | |
| | Six Months Ended | | | Year Ended | | | | | | Period* Ended | |
| | October 31, 2020 | | | April 30, | | | | | | October 31, 2020 | |
| | (Unaudited) | | | 2020 | | | | | | (Unaudited) | |
| | | | | | | | | | | | | | | | |
Increase/(Decrease) in Net Assets | | | | | | | | | | | | | | | | |
From Operations: | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | $ | (170,526 | ) | | $ | 435,146 | | | | | | | $ | (250,610 | ) |
Distributions received from underlying investment companies | | | — | | | | 98,411 | | | | | | | | — | |
Net realized gain/(loss) on investments | | | 2,316,787 | | | | (293,989 | ) | | | | | | | 3,258,352 | |
Net change in unrealized appreciation on investments | | | 1,539,871 | | | | 734,820 | | | | | | | | 7,748,921 | |
Net increase in net assets resulting from operations | | | 3,686,132 | | | | 974,388 | | | | | | | | 10,756,663 | |
| | | | | | | | | | | | | | | | |
From Distributions to Shareholders: | | | | | | | | | | | | | | | | |
Return of Capital | | | — | | | | (135,731 | ) | | | | | | | — | |
Total Distributions Paid | | | — | | | | (824,213 | ) | | | | | | | — | |
Total distributions to shareholders | | | — | | | | (959,944 | ) | | | | | | | — | |
| | | | | | | | | | | | | | | | |
From Shares of Beneficial Interest: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 34,014,778 | | | | 33,434,223 | | | | | | | | 120,961,765 | |
Reinvestment of distributions | | | — | | | | 959,705 | | | | | | | | — | |
Cost of shares redeemed | | | (41,782,144 | ) | | | (25,232,884 | ) | | | | | | | (21,193,864 | ) |
Net increase/(decrease) in net assets from share transactions of beneficial interest | | | (7,767,366 | ) | | | 9,161,044 | | | | | | | | 99,767,901 | |
Total increase/(decrease) in net assets | | | (4,081,234 | ) | | | 9,175,488 | | | | | | | | 110,524,564 | |
| | | | | | | | | | | | | | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 70,828,536 | | | | 61,653,048 | | | | | | | | — | |
End of period | | $ | 66,747,302 | | | $ | 70,828,536 | | | | | | | $ | 110,524,564 | |
| | | | | | | | | | | | | | | | |
Share Activity: | | | | | | | | | | | | | | | | |
Shares Sold | | | 3,451,683 | | | | 3,462,460 | | | | | | | | 11,767,120 | |
Shares Reinvested | | | — | | | | 96,647 | | | | | | | | — | |
Shares Redeemed | | | (4,192,570 | ) | | | (2,604,354 | ) | | | | | | | (1,889,723 | ) |
Net increase/(decrease) in shares of beneficial interest outstanding | | | (740,887 | ) | | | 954,753 | | | | | | | | 9,877,397 | |
| | | | | | | | | | | | | | | | |
| * | Commencement of operations and trading was May 2, 2020. |
See accompanying notes to financial statements.
The Pacific Financial Funds |
|
Statements of Changes in Net Assets (Continued) |
| | | | | | | | PFG Fidelity Institutional AM® | |
| | PFG Equity Strategy Fund | | | Equity Index Strategy Fund | |
| | Six Months Ended | | | Year Ended | | | | | | Period* Ended | |
| | October 31, 2020 | | | April 30, | | | | | | October 31, 2020 | |
| | (Unaudited) | | | 2020 | | | | | | (Unaudited) | |
| | | | | | | | | | | | | | | | |
Increase/(Decrease) in Net Assets | | | | | | | | | | | | | | | | |
From Operations: | | | | | | | | | | | | | | | | |
Net investment loss | | $ | (1,465,776 | ) | | $ | (1,527,796 | ) | | | | | | $ | (547,318 | ) |
Distributions received from underlying investment companies | | | — | | | | 2,466,601 | | | | | | | | — | |
Net realized gain/(loss) on investments | | | 19,833,829 | | | | (25,492,376 | ) | | | | | | | 3,109,469 | |
Net change in unrealized appreciation/(depreciation) on investments | | | 9,037,924 | | | | (31,929,539 | ) | | | | | | | 13,084,267 | |
Net increase/(decrease) in net assets resulting from operations | | | 27,405,977 | | | | (56,483,110 | ) | | | | | | | 15,646,418 | |
| | | | | | | | | | | | | | | | |
From Distributions to Shareholders: | | | | | | | | | | | | | | | | |
Return of Capital | | | — | | | | (973,803 | ) | | | | | | | — | |
Total Distributions Paid | | | — | | | | (13,230,499 | ) | | | | | | | — | |
Total distributions to shareholders | | | — | | | | (14,204,302 | ) | | | | | | | — | |
| | | | | | | | | | | | | | | | |
From Shares of Beneficial Interest: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 40,804,817 | | | | 165,899,391 | | | | | | | | 138,511,218 | |
Reinvestment of distributions | | | — | | | | 14,195,799 | | | | | | | | — | |
Cost of shares redeemed | | | (262,951,302 | ) | | | (115,741,305 | ) | | | | | | | (30,853,415 | ) |
Net increase/(decrease) in net assets from share transactions of beneficial interest | | | (222,146,485 | ) | | | 64,353,885 | | | | | | | | 107,657,803 | |
Total increase/(decrease) in net assets | | | (194,740,508 | ) | | | (6,333,527 | ) | | | | | | | 123,304,221 | |
| | | | | | | | | | | | | | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 390,135,113 | | | | 396,468,640 | | | | | | | | — | |
End of period | | $ | 195,394,605 | | | $ | 390,135,113 | | | | | | | $ | 123,304,221 | |
| | | | | | | | | | | | | | | | |
Share Activity: | | | | | | | | | | | | | | | | |
Shares Sold | | | 4,164,744 | | | | 15,786,745 | | | | | | | | 13,641,523 | |
Shares Reinvested | | | — | | | | 1,258,493 | | | | | | | | — | |
Shares Redeemed | | | (27,035,859 | ) | | | (11,488,056 | ) | | | | | | | (2,714,267 | ) |
Net increase/(decrease) in shares of beneficial interest outstanding | | | (22,871,115 | ) | | | 5,557,182 | | | | | | | | 10,927,256 | |
| | | | | | | | | | | | | | | | |
| * | Commencement of operations and trading was May 2, 2020. |
See accompanying notes to financial statements.
The Pacific Financial Funds |
|
Statements of Changes in Net Assets (Continued) |
| | PFG Fidelity Institutional AM® | | | | |
| | Equity Sector Strategy Fund | | | PFG Global Strategy Fund | |
| | | | | Period* Ended | | | Six Months Ended | | | Year Ended | |
| | | | | October 31, 2020 | | | October 31, 2020 | | | April 30, | |
| | | | | (Unaudited) | | | (Unaudited) | | | 2020 | |
| | | | | | | | | | | | | | | | |
Increase/(Decrease) in Net Assets | | | | | | | | | | | | | | | | |
From Operations: | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | | | | | $ | (204,476 | ) | | $ | (244,414 | ) | | $ | 45,956 | |
Distributions received from underlying investment companies | | | | | | | — | | | | — | | | | 224,388 | |
Net realized gain/(loss) on investments | | | | | | | 6,443,816 | | | | 777,978 | | | | (8,805,959 | ) |
Net change in unrealized appreciation/(depreciation) on investments | | | | | | | 544,451 | | | | 4,175,125 | | | | (7,126,344 | ) |
Net increase/(decrease) in net assets resulting from operations | | | | | | | 6,783,791 | | | | 4,708,689 | | | | (15,661,959 | ) |
| | | | | | | | | | | | | | | | |
From Shares of Beneficial Interest: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | | | | | 126,114,323 | | | | 11,024,768 | | | | 49,464,942 | |
Cost of shares redeemed | | | | | | | (22,949,589 | ) | | | (124,283,929 | ) | | | (31,678,312 | ) |
Net increase/(decrease) in net assets from share transactions of beneficial interest | | | | | | | 103,164,734 | | | | (113,259,161 | ) | | | 17,786,630 | |
Total increase/(decrease) in net assets | | | | | | | 109,948,525 | | | | (108,550,472 | ) | | | 2,124,671 | |
| | | | | | | | | | | | | | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | | | | | — | | | | 131,637,850 | | | | 129,513,179 | |
End of period | | | | | | $ | 109,948,525 | | | $ | 23,087,378 | | | $ | 131,637,850 | |
| | | | | | | | | | | | | | | | |
Share Activity: | | | | | | | | | | | | | | | | |
Shares Sold | | | | | | | 12,612,943 | | | | 1,233,627 | | | | 5,545,247 | |
Shares Reinvested | | | | | | | — | | | | — | | | | — | |
Shares Redeemed | | | | | | | (2,158,264 | ) | | | (14,337,479 | ) | | | (3,398,268 | ) |
Net increase/(decrease) in shares of beneficial interest outstanding | | | | | | | 10,454,679 | | | | (13,103,852 | ) | | | 2,146,979 | |
| | | | | | | | | | | | | | | | |
| * | Commencement of operations and trading was May 2, 2020. |
See accompanying notes to financial statements.
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 | |
| | Six Months Ended | | | Year Ended | | | Six Months Ended | | | Year Ended | |
| | October 31, 2020 | | | April 30, | | | October 31, 2020 | | | April 30, | |
| | (Unaudited) | | | 2020 | | | (Unaudited) | | | 2020 | |
| | | | | | | | | | | | | | | | |
Increase/(Decrease) in Net Assets | | | | | | | | | | | | | | | | |
From Operations: | | | | | | | | | | | | | | | | |
Net investment income/(loss) | | $ | (219,590 | ) | | $ | 62,774 | | | $ | 272,283 | | | $ | 842,272 | |
Distributions received from underlying investment companies | | | — | | | | 1,360,354 | | | | — | | | | 1,125,864 | |
Net realized gain on investments | | | 1,181,944 | | | | 1,050,786 | | | | 2,069,556 | | | | 415,119 | |
Net change in unrealized appreciation/(depreciation) on investments | | | 8,913,182 | | | | (11,002,239 | ) | | | 9,144,738 | | | | (12,053,261 | ) |
Net increase/(decrease) in net assets resulting from operations | | | 9,875,536 | | | | (8,528,325 | ) | | | 11,486,577 | | | | (9,670,006 | ) |
| | | | | | | | | | | | | | | | |
From Distributions to Shareholders: | | | | | | | | | | | | | | | | |
Total Distributions Paid | | | — | | | | — | | | | — | | | | (723,568 | ) |
| | | | | | | | | | | | | | | | |
From Shares of Beneficial Interest: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 87,359,712 | | | | 16,204,058 | | | | 63,725,045 | | | | 44,645,103 | |
Reinvestment of distributions | | | — | | | | — | | | | — | | | | 722,876 | |
Cost of shares redeemed | | | (66,017,967 | ) | | | (25,760,407 | ) | | | (63,929,975 | ) | | | (44,975,933 | ) |
Net increase/(decrease) in net assets from share transactions of beneficial interest | | | 21,341,745 | | | | (9,556,349 | ) | | | (204,930 | ) | | | 392,046 | |
Total increase/(decrease) in net assets | | | 31,217,281 | | | | (18,084,674 | ) | | | 11,281,647 | | | | (10,001,528 | ) |
| | | | | | | | | | | | | | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 71,413,198 | | | | 89,497,872 | | | | 138,740,234 | | | | 148,741,762 | |
End of period | | $ | 102,630,479 | | | $ | 71,413,198 | | | $ | 150,021,881 | | | $ | 138,740,234 | |
| | | | | | | | | | | | | | | | |
Share Activity: | | | | | | | | | | | | | | | | |
Shares Sold | | | 9,339,366 | | | | 1,673,629 | | | | 6,445,554 | | | | 4,488,660 | |
Shares Reinvested | | | — | | | | — | | | | — | | | | 68,845 | |
Shares Redeemed | | | (7,129,224 | ) | | | (2,664,992 | ) | | | (6,579,356 | ) | | | (4,590,623 | ) |
Net increase/(decrease) in shares of beneficial interest outstanding | | | 2,210,142 | | | | (991,363 | ) | | | (133,802 | ) | | | (33,118 | ) |
| | | | | | | | | | | | | | | | |
See accompanying notes to financial statements.
The Pacific Financial Funds |
|
Statements of Changes in Net Assets (Continued) |
| | PFG Meeder Tactical Strategy Fund | | | PFG MFS® Aggressive Growth Strategy Fund | |
| | Six Months Ended | | | Year Ended | | | Six Months Ended | | | Year Ended | |
| | October 31, 2020 | | | April 30, | | | October 31, 2020 | | | April 30, | |
| | (Unaudited) | | | 2020 | | | (Unaudited) | | | 2020 | |
| | | | | | | | | | | | |
Increase/(Decrease) in Net Assets | | | | | | | | | | | | | | | | |
From Operations: | | | | | | | | | | | | | | | | |
Net investment loss | | $ | (136,740 | ) | | $ | (1,133,959 | ) | | $ | (1,304,041 | ) | | $ | (423,747 | ) |
Distributions received from underlying investment companies | | | — | | | | 865,364 | | | | — | | | | 1,244,759 | |
Net realized gain/(loss) on investments | | | (279,340 | ) | | | (301,628 | ) | | | 2,695,758 | | | | 680,494 | |
Net change in unrealized appreciation/(depreciation) on investments | | | 5,845,843 | | | | (6,237,125 | ) | | | 16,523,048 | | | | (11,260,524 | ) |
Net increase/(decrease) in net assets resulting from operations | | | 5,429,763 | | | | (6,807,348 | ) | | | 17,914,765 | | | | (9,759,018 | ) |
| | | | | | | | | | | | | | | | |
From Distributions to Shareholders: | | | | | | | | | | | | | | | | |
Total Distributions Paid | | | — | | | | (169,044 | ) | | | — | | | | (1,881,827 | ) |
Total distributions to shareholders | | | — | | | | (169,044 | ) | | | — | | | | (1,881,827 | ) |
| | | | | | | | | | | | | | | | |
From Shares of Beneficial Interest: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 57,402,176 | | | | 42,084,919 | | | | 86,047,431 | | | | 45,607,829 | |
Reinvestment of distributions | | | — | | | | 168,998 | | | | — | | | | 1,879,228 | |
Cost of shares redeemed | | | (58,622,987 | ) | | | (42,154,806 | ) | | | (68,670,487 | ) | | | (35,661,788 | ) |
Net increase/(decrease) in net assets from share transactions of beneficial interest | | | (1,220,811 | ) | | | 99,111 | | | | 17,376,944 | | | | 11,825,269 | |
Total increase/(decrease) in net assets | | | 4,208,952 | | | | (6,877,281 | ) | | | 35,291,709 | | | | 184,424 | |
| | | | | | | | | | | | | | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Beginning of period | | | 96,603,634 | | | | 103,480,915 | | | | 118,933,291 | | | | 118,748,867 | |
End of period | | $ | 100,812,586 | | | $ | 96,603,634 | | | $ | 154,225,000 | | | $ | 118,933,291 | |
| | | | | | | | | | | | | | | | |
Share Activity: | | | | | | | | | | | | | | | | |
Shares Sold | | | 6,098,294 | | | | 4,321,885 | | | | 8,548,239 | | | | 4,388,032 | |
Shares Reinvested | | | — | | | | 16,156 | | | | — | | | | 166,894 | |
Shares Redeemed | | | (6,192,667 | ) | | | (4,300,223 | ) | | | (6,635,600 | ) | | | (3,506,256 | ) |
Net increase/(decrease) in shares of beneficial interest outstanding | | | (94,373 | ) | | | 37,818 | | | | 1,912,639 | | | | 1,048,670 | |
| | | | | | | | | | | | | | | | |
See accompanying notes to financial statements.
The Pacific Financial Funds |
|
Statements of Changes in Net Assets (Continued) |
| | PFG Tactical Income Strategy Fund | |
| | | | | Period* Ended | |
| | | | | October 31, 2020 | |
| | | | | (Unaudited) | |
| | | | | | | | |
Increase in Net Assets | | | | | | | | |
From Operations: | | | | | | | | |
Net investment income | | | | | | $ | 249,115 | |
Net realized gain on investments | | | | | | | 1,544,535 | |
Net change in unrealized appreciation on investments | | | | | | | 1,200,860 | |
Net increase in net assets resulting from operations | | | | | | | 2,994,510 | |
| | | | | | | | |
From Shares of Beneficial Interest: | | | | | | | | |
Proceeds from shares sold | | | | | | | 118,212,512 | |
Cost of shares redeemed | | | | | | | (31,938,229 | ) |
Net increase in net assets from share transactions of beneficial interest | | | | | | | 86,274,283 | |
Total increase in net assets | | | | | | | 89,268,793 | |
| | | | | | | | |
Net Assets: | | | | | | | | |
Beginning of period | | | | | | | — | |
End of period | | | | | | $ | 89,268,793 | |
| | | | | | | | |
Share Activity: | | | | | | | | |
Shares Sold | | | | | | | 11,760,658 | |
Shares Redeemed | | | | | | | (3,084,558 | ) |
Net increase in shares of beneficial interest outstanding | | | | | | | 8,676,100 | |
| * | Commencement of operations and trading was May 2, 2020. |
See accompanying notes to financial statements.
The Pacific Financial Funds |
Financial Highlights |
PFG Active Core Bond Strategy Fund |
|
Selected data based on a share outstanding throughout the period indicated. |
| | Class R Shares | |
| | Six Months Ended | | | Year Ended | | | Year Ended | | | Period Ended | |
| | October 31, 2020 | | | April 30, | | | April 30, | | | April 30, | |
| | (Unaudited) | | | 2020 | | | 2019 | | | 2018 * | |
| | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 9.98 | | | $ | 9.95 | | | $ | 9.77 | | | $ | 10.00 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | |
Net investment income(1,2) | | | 0.06 | | | | 0.19 | | | | 0.15 | | | | 0.02 | |
Net realized and unrealized gain/(loss) on investments | | | 0.32 | | | | 0.07 | | | | 0.12 | | | | (0.23 | ) |
Total income/(loss) from investment operations | | | 0.38 | | | | 0.26 | | | | 0.27 | | | | (0.21 | ) |
Less distributions from: | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (0.20 | ) | | | (0.09 | ) | | | (0.02 | ) |
Net realized gain | | | — | | | | (0.03 | ) | | | (0.00 | ) (7) | | | — | |
Return of capital | | | — | | | | (0.00 | ) (7) | | | — | | | | — | |
Total distributions from net investment income, net realized gains and return of capital | | | — | | | | (0.23 | ) | | | (0.09 | ) | | | (0.02 | ) |
Net asset value, end of period | | $ | 10.36 | | | $ | 9.98 | | | $ | 9.95 | | | $ | 9.77 | |
Total return (3) | | | 3.81 | % | | | 2.59 | % | | | 2.78 | % | | | (2.12 | )% |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | $ | 200,628 | | | $ | 121,205 | | | $ | 68,594 | | | $ | 54,225 | |
Ratio of expenses to average net assets (4) | | | 2.05 | % (5) | | | 2.12 | % | | | 1.98 | % | | | 2.67 | % (5) |
Ratio of net investment income to average net assets (2,4) | | | 1.23 | % (5) | | | 1.92 | % | | | 1.50 | % | | | 0.41 | % (5) |
Portfolio turnover rate | | | 30 | % (6) | | | 89 | % | | | 38 | % | | | 43 | % (6) |
| | | | | | | | | | | | | | | | |
| * | PFG Active Core Bond Strategy Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017. |
| (1) | Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
| (3) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year are not annualized. |
| (4) | Does not include the expenses of the investment companies in which the Fund invests. |
| (7) | Amount represents less than $0.005. |
See accompanying notes to financial statements.
The Pacific Financial Funds |
Financial Highlights |
PFG American Funds® Conservative Income Strategy Fund |
|
Selected data based on a share outstanding throughout the period indicated. |
| | Class R Shares | |
| | Six Months Ended | |
| | October 31, 2020 * | |
| | (Unaudited) | |
| | | |
Net asset value, beginning of period | | $ | 10.00 | |
Income/(loss) from investment operations: | | | | |
Net investment loss (1,2) | | | (0.01 | ) |
Net realized and unrealized gain on investments | | | 0.10 | |
Total income from investment operations | | | 0.09 | |
Net asset value, end of period | | $ | 10.09 | |
Total return (3) | | | 0.90 | % |
Ratios and Supplemental Data: | | | | |
Net assets, end of period (in 000’s) | | $ | 152,104 | |
Ratio of expenses to average net assets (4,5) | | | 2.05 | % |
Ratio of net investment loss to average net assets (2,4,5) | | | (0.18 | )% |
Portfolio turnover rate (6) | | | 26 | % |
| | | | |
| * | PFG American Funds® Conservative Income Strategy Fund commenced operations and trading on May 2, 2020. |
| (1) | Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
| (3) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year are not annualized. |
| (4) | Does not include the expenses of the investment companies in which the Fund invests. |
See accompanying notes to financial statements.
The Pacific Financial Funds |
Financial Highlights |
PFG American Funds® Growth Strategy Fund |
|
Selected data based on a share outstanding throughout the period indicated. |
| | Class R Shares | |
| | Six Months Ended | |
| | October 31, 2020 * | |
| | (Unaudited) | |
| | | |
Net asset value, beginning of period | | $ | 10.00 | |
Income/(loss) from investment operations: | | | | |
Net investment loss (1,2) | | | (0.04 | ) |
Net realized and unrealized gain on investments | | | 1.50 | |
Total income from investment operations | | | 1.46 | |
Net asset value, end of period | | $ | 11.46 | |
Total return (3) | | | 14.60 | % |
Ratios and Supplemental Data: | | | | |
Net assets, end of period (in 000’s) | | $ | 476,928 | |
Ratio of expenses to average net assets (4,5) | | | 2.05 | % |
Ratio of net investment loss to average net assets (2,4,5) | | | (0.67 | )% |
Portfolio turnover rate (6) | | | 30 | % |
| | | | |
| * | PFG American Funds® Growth Strategy Fund commenced operations and trading on May 2, 2020. |
| (1) | Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
| (3) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year are not annualized. |
| (4) | Does not include the expenses of the investment companies in which the Fund invests. |
See accompanying notes to financial statements.
The Pacific Financial Funds |
Financial Highlights |
PFG Balanced Strategy Fund |
|
Selected data based on a share outstanding throughout the period indicated. |
| | Class R Shares | |
| | Six Months Ended | | | Year Ended | | | Year Ended | | | Period Ended | |
| | October 31, 2020 | | | April 30, | | | April 30, | | | April 30, | |
| | (Unaudited) | | | 2020 | | | 2019 | | | 2018 * | |
| | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 9.16 | | | $ | 10.18 | | | $ | 9.77 | | | $ | 10.00 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | |
Net investment income (1,2) | | | 0.00 | (7) | | | 0.02 | | | | 0.03 | | | | 0.00 | (7) |
Net realized and unrealized gain/(loss) on investments | | | 0.62 | | | | (0.95 | ) | | | 0.49 | | | | (0.18 | ) |
Total income/(loss) from investment operations | | | 0.62 | | | | (0.93 | ) | | | 0.52 | | | | (0.18 | ) |
Less distributions from: | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (0.04 | ) | | | (0.05 | ) | | | (0.05 | ) |
Net realized gain | | | — | | | | (0.02 | ) | | | (0.06 | ) | | | — | |
Return of capital | | | — | | | | (0.03 | ) | | | — | | | | — | |
Total distributions from net investment income, net realized gains and return of capital | | | — | | | | (0.09 | ) | | | (0.11 | ) | | | (0.05 | ) |
Net asset value, end of period | | $ | 9.78 | | | $ | 9.16 | | | $ | 10.18 | | | $ | 9.77 | |
Total return (3) | | | 6.77 | % | | | (9.26 | )% | | | 5.48 | % | | | (1.84 | )% |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | $ | 191,056 | | | $ | 373,550 | | | $ | 361,134 | | | $ | 224,029 | |
Ratio of expenses to average net assets (4) | | | 2.05 | % (5) | | | 2.03 | % | | | 2.01 | % | | | 2.00 | % (5) |
Ratio of net investment income to average net assets (2,4) | | | 0.01 | % (5) | | | 0.17 | % | | | 0.32 | % | | | 0.10 | % (5) |
Portfolio turnover rate | | | 76 | % (6) | | | 57 | % | | | 69 | % | | | 63 | % (6) |
| | | | | | | | | | | | | | | | |
| * | PFG Balanced Strategy Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017. |
| (1) | Net investment income/(loss) has been calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Recognition of net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
| (3) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year are not annualized. |
| (4) | Does not include the expenses of the investment companies in which the Fund invests. |
| (7) | Amount represents less than $0.005. |
See accompanying notes to financial statements.
The Pacific Financial Funds |
Financial Highlights |
PFG BNY Mellon Diversifier Strategy Fund |
|
Selected data based on a share outstanding throughout the period indicated. |
| | Class R Shares | |
| | Six Months Ended | | | Year Ended | | | Year Ended | | | Period Ended | |
| | October 31, 2020 | | | April 30, | | | April 30, | | | April 30, | |
| | (Unaudited) | | | 2020 | | | 2019 | | | 2018 * | |
| | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 9.63 | | | $ | 9.64 | | | $ | 9.67 | | | $ | 10.00 | |
Loss from investment operations: | | | | | | | | | | | | | | | | |
Net investment income/(loss) (1,2) | | | (0.02 | ) | | | 0.07 | | | | 0.14 | | | | 0.02 | |
Net realized and unrealized gain/(loss) on investments | | | 0.49 | | | | 0.07 | | | | (0.09 | ) | | | (0.30 | ) |
Total loss from investment operations | | | 0.47 | | | | 0.14 | | | | 0.05 | | | | (0.28 | ) |
Less distributions from: | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (0.13 | ) | | | (0.08 | ) | | | (0.05 | ) |
Return of capital | | | — | | | | (0.02 | ) | | | — | | | | — | |
Total distributions from net investment income and net realized gains | | | — | | | | (0.15 | ) | | | (0.08 | ) | | | (0.05 | ) |
Net asset value, end of period | | $ | 10.10 | | | $ | 9.63 | | | $ | 9.64 | | | $ | 9.67 | |
Total return (3) | | | 4.78 | % | | | 1.40 | % | | | 0.60 | % | | | (2.80 | )% |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | $ | 66,747 | | | $ | 70,829 | | | $ | 61,653 | | | $ | 58,744 | |
Ratio of expenses to average net assets (4) | | | 2.05 | % (5) | | | 2.19 | % | | | 2.09 | % | | | 2.44 | % (5) |
Ratio of net investment income/(loss) to average net assets (2,4) | | | (0.47 | )% (5) | | | 0.67 | % | | | 1.49 | % | | | 0.50 | % (5) |
Portfolio turnover rate | | | 27 | % (6) | | | 22 | % | | | 203 | % | | | 1 | % (6) |
| | | | | | | | | | | | | | | | |
| * | PFG BNY Mellon Diversifier Strategy Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017. |
| (1) | Net investment income/(loss) has been calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Recognition of net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
| (3) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year are not annualized. |
| (4) | Does not include the expenses of the investment companies in which the Fund invests. |
See accompanying notes to financial statements.
The Pacific Financial Funds |
Financial Highlights |
PFG BR Equity ESG Strategy Fund |
|
Selected data based on a share outstanding throughout the period indicated. |
| | Class R Shares | |
| | Six Months Ended | |
| | October 31, 2020 * | |
| | (Unaudited) | |
| | | |
Net asset value, beginning of period | | $ | 10.00 | |
Income/(loss) from investment operations: | | | | |
Net investment loss (1,2) | | | (0.03 | ) |
Net realized and unrealized gain on investments | | | 1.22 | |
Total income from investment operations | | | 1.19 | |
Net asset value, end of period | | $ | 11.19 | |
Total return (3) | | | 11.80 | % |
Ratios and Supplemental Data: | | | | |
Net assets, end of period (in 000’s) | | $ | 110,525 | |
Ratio of expenses to average net assets (4,5) | | | 2.05 | % |
Ratio of net investment loss to average net assets (2,4,5) | | | (0.57 | )% |
Portfolio turnover rate (6) | | | 34 | % |
| | | | |
| * | PFG BR Equity ESG Strategy Fund commenced operations and trading on May 2, 2020. |
| (1) | Net investment income/(loss) has been calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Recognition of net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
| (3) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year are not annualized. |
| (4) | Does not include the expenses of the investment companies in which the Fund invests. |
See accompanying notes to financial statements.
The Pacific Financial Funds |
Financial Highlights |
PFG Equity Strategy Fund |
|
Selected data based on a share outstanding throughout the period indicated. |
| | Class R Shares | |
| | Six Months Ended | | | Year Ended | | | Year Ended | | | Period Ended | |
| | October 31, 2020 | | | April 30, | | | April 30, | | | April 30, | |
| | (Unaudited) | | | 2020 | | | 2019 | | | 2018 * | |
| | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 9.26 | | | $ | 10.85 | | | $ | 9.79 | | | $ | 10.00 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | |
Net investment loss (1,2) | | | (0.06 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.02 | ) |
Net realized and unrealized gain/(loss) on investments | | | 0.96 | | | | (1.20 | ) | | | 1.10 | | | | (0.16 | ) |
Total income/(loss) from investment operations | | | 0.90 | | | | (1.24 | ) | | | 1.06 | | | | (0.18 | ) |
Less distributions from: | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | (0.03 | ) |
Net realized gain | | | — | | | | (0.33 | ) | | | — | | | | — | |
Return of capital | | | — | | | | (0.02 | ) | | | — | | | | — | |
Total distributions from net investment income and net realized gains | | | — | | | | (0.35 | ) | | | — | | | | (0.03 | ) |
Net asset value, end of period | | $ | 10.16 | | | $ | 9.26 | | | $ | 10.85 | | | $ | 9.79 | |
Total return (3) | | | 9.72 | % | | | (11.98 | )% | | | 10.83 | % | | | (1.85 | )% |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | $ | 195,395 | | | $ | 390,135 | | | $ | 396,469 | | | $ | 300,808 | |
Ratio of expenses to average net assets (4) | | | 2.05 | % (5) | | | 2.04 | % | | | 2.06 | % | | | 1.96 | % (5) |
Ratio of net investment income/(loss) to average net assets (2,4) | | | (1.10 | )% (5) | | | (0.36 | )% | | | (0.43 | )% | | | (0.41 | )% (5) |
Portfolio turnover rate | | | 79 | % (6) | | | 96 | % | | | 29 | % | | | 63 | % (6) |
| | | | | | | | | | | | | | | | |
| * | PFG Equity Strategy Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017. |
| (1) | Net investment income/(loss) has been calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
| (3) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year are not annualized. |
| (4) | Does not include the expenses of the investment companies in which the Fund invests. |
See accompanying notes to financial statements.
The Pacific Financial Funds |
Financial Highlights |
PFG Fidelity Institutional AM® Equity Index Strategy Fund |
|
Selected data based on a share outstanding throughout the period indicated. |
| | Class R Shares | |
| | Six Months Ended | |
| | October 31, 2020 * | |
| | (Unaudited) | |
| | | |
Net asset value, beginning of period | | $ | 10.00 | |
Income/(loss) from investment operations: | | | | |
Net investment loss (1,2) | | | (0.05 | ) |
Net realized and unrealized gain on investments | | | 1.33 | |
Total income/(loss) from investment operations | | | 1.28 | |
Net asset value, end of period | | $ | 11.28 | |
Total return (3) | | | 12.80 | % |
Ratios and Supplemental Data: | | | | |
Net assets, end of period (in 000’s) | | $ | 123,304 | |
Ratio of expenses to average net assets (4,5) | | | 2.05 | % |
Ratio of net investment loss to average net assets (2,4,5) | | | (0.92 | )% |
Portfolio turnover rate (6) | | | 17 | % |
| | | | |
| * | PFG Fidelity Institutional AM® Equity Index Strategy Fund commenced operations and trading on May 2, 2020. |
| (1) | Net investment loss has been calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Recognition of net investment loss by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
| (3) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year are not annualized. |
| (4) | Does not include the expenses of the investment companies in which the Fund invests. |
See accompanying notes to financial statements.
The Pacific Financial Funds |
Financial Highlights |
PFG Fidelity Institutional AM® Equity Sector Strategy Fund |
|
Selected data based on a share outstanding throughout the period indicated. |
| | Class R Shares | |
| | Six Months Ended | |
| | October 31, 2020 * | |
| | (Unaudited) | |
| | | |
Net asset value, beginning of period | | $ | 10.00 | |
Income/(loss) from investment operations: | | | | |
Net investment loss (1,2) | | | (0.02 | ) |
Net realized and unrealized gain on investments | | | 0.54 | |
Total income/(loss) from investment operations | | | 0.52 | |
Net asset value, end of period | | $ | 10.52 | |
Total return (3) | | | 5.10 | % |
Ratios and Supplemental Data: | | | | |
Net assets, end of period (in 000’s) | | $ | 109,949 | |
Ratio of expenses to average net assets (4,5) | | | 2.05 | % |
Ratio of net investment loss to average net assets (2,4,5) | | | (0.44 | )% |
Portfolio turnover rate (6) | | | 132 | % |
| | | | |
| * | PFG Fidelity Institutional AM® Equity Sector Strategy Fund commenced operations and trading on May 2, 2020. |
| (1) | Net investment income/(loss) has been calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Recognition of net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
| (3) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year are not annualized. |
| (4) | Does not include the expenses of the investment companies in which the Fund invests. |
See accompanying notes to financial statements.
The Pacific Financial Funds |
Financial Highlights |
PFG Global Strategy Fund |
|
Selected data based on a share outstanding throughout the period indicated. |
| | Class R Shares | |
| | Six Months Ended | | | Year Ended | | | Year Ended | | | Period Ended | |
| | October 31, 2020 | | | April 30, | | | April 30, | | | April 30, | |
| | (Unaudited) | | | 2020 | | | 2019 | | | 2018 * | |
| | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 8.46 | | | $ | 9.65 | | | $ | 9.86 | | | $ | 10.00 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | |
Net investment income/(loss) (1,2) | | | (0.05 | ) | | | 0.00 | (8) | | | (0.04 | ) | | | (0.05 | ) |
Net realized and unrealized gain/(loss) on investments | | | 0.99 | | | | (1.19 | ) | | | (0.08 | ) | | | (0.06 | ) (3) |
Total gain/(loss) from investment operations | | | 0.94 | | | | (1.19 | ) | | | (0.12 | ) | | | (0.11 | ) |
Less distributions from: | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | (0.03 | ) |
Net realized gain | | | — | | | | — | | | | (0.09 | ) | | | — | |
Total distributions from net investment income and net realized gains | | | — | | | | — | | | | (0.09 | ) | | | (0.03 | ) |
Net asset value, end of period | | $ | 9.40 | | | $ | 8.46 | | | $ | 9.65 | | | $ | 9.86 | |
Total return (4) | | | 11.11 | % | | | (12.33 | )% | | | (1.02 | )% | | | (1.12 | )% |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | $ | 23,087 | | | $ | 131,638 | | | $ | 129,513 | | | $ | 134,265 | |
Ratio of expenses to average net assets (5) | | | 2.05 | % (6) | | | 2.09 | % | | | 2.08 | % | | | 2.06 | % (6) |
Ratio of net investment income/(loss) to average net assets (2,5) | | | (1.09 | )% (6) | | | 0.04 | % | | | (0.47 | )% | | | (1.22 | )% (6) |
Portfolio turnover rate | | | 65 | % (7) | | | 61 | % | | | 180 | % | | | 57 | % (7) |
| | | | | | | | | | | | | | | | |
| * | PFG Global Strategy Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017. |
| (1) | Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
| (3) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
| (4) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year are not annualized. |
| (5) | Does not include the expenses of the investment companies in which the Fund invests. |
| (8) | Amount represents less than $0.005. |
See accompanying notes to financial statements.
The Pacific Financial Funds |
Financial Highlights |
PFG JP Morgan® Tactical Aggressive Strategy Fund |
|
Selected data based on a share outstanding throughout the period indicated. |
| | Class R Shares | |
| | Six Months Ended | | | Year Ended | | | Year Ended | | | Period Ended | |
| | October 31, 2020 | | | April 30, | | | April 30, | | | April 30, | |
| | (Unaudited) | | | 2020 | | | 2019 | | | 2018 * | |
| | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 8.95 | | | $ | 9.98 | | | $ | 9.97 | | | $ | 10.00 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | |
Net investment income/(loss) (1,2) | | | (0.02 | ) | | | 0.01 | | | | (0.04 | ) | | | (0.09 | ) |
Net realized and unrealized gain/(loss) on investments | | | 1.15 | | | | (1.04 | ) | | | 0.34 | | | | 0.06 | (3) |
Total income/(loss) from investment operations | | | 1.13 | | | | (1.03 | ) | | | 0.30 | | | | (0.03 | ) |
Less distributions from: | | | | | | | | | | | | | | | | |
Net realized gain | | | — | | | | — | | | | (0.25 | ) | | | — | |
Return of capital | | | — | | | | — | | | | (0.04 | ) | | | — | |
Total distributions from net realized gains and return of capital | | | — | | | | — | | | | (0.29 | ) | | | — | |
Net asset value, end of period | | $ | 10.08 | | | $ | 8.95 | | | $ | 9.98 | | | $ | 9.97 | |
Total return (4) | | | 12.63 | % | | | (10.32 | )% | | | 3.40 | % (8) | | | (0.30 | )% |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | $ | 102,630 | | | $ | 71,413 | | | $ | 89,498 | | | $ | 86,033 | |
Ratio of expenses to average net assets (5) | | | 2.05 | % (6) | | | 2.14 | % | | | 2.03 | % | | | 2.34 | % (6) |
Ratio of net investment income/(loss) to average net assets (2,5) | | | (0.48 | )% (6) | | | 0.07 | % | | | (0.40 | )% | | | (2.22 | )% (6) |
Portfolio turnover rate | | | 24 | % (7) | | | 39 | % | | | 116 | % | | | 38 | % (7) |
| | | | | | | | | | | | | | | | |
| * | PFG JP Morgan® Tactical Aggressive Strategy Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017. |
| (1) | Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Recognition of net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
| (3) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
| (4) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year are not annualized. |
| (5) | Does not include the expenses of the investment companies in which the Fund invests. |
| (8) | For the year ended April 30, 2019, the Fund received a reimbursement from affiliates. This reimbursement had no impact on the Fund’s total return. |
See accompanying notes to financial statements.
The Pacific Financial Funds |
Financial Highlights |
PFG JP Morgan® Tactical Moderate Strategy Fund |
|
Selected data based on a share outstanding throughout the period indicated. |
| | Class R Shares | |
| | Six Months Ended | | | Year Ended | | | Year Ended | | | Period Ended | |
| | October 31, 2020 | | | April 30, | | | April 30, | | | April 30, | |
| | (Unaudited) | | | 2020 | | | 2019 | | | 2018 * | |
| | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 9.32 | | | $ | 9.96 | | | $ | 9.80 | | | $ | 10.00 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | |
Net investment income/(loss) (1,2) | | | 0.02 | | | | 0.06 | | | | (0.02 | ) | | | (0.01 | ) |
Net realized and unrealized gain/(loss) on investments | | | 0.82 | | | | (0.65 | ) | | | 0.18 | | | | (0.19 | ) |
Total income/(loss) from investment operations | | | 0.84 | | | | (0.59 | ) | | | 0.16 | | | | (0.20 | ) |
Less distributions from: | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (0.05 | ) | | | (0.00 | ) (7) | | | — | |
Net asset value, end of period | | $ | 10.16 | | | $ | 9.32 | | | $ | 9.96 | | | $ | 9.80 | |
Total return (3) | | | 9.01 | % | | | (6.00 | )% | | | 1.68 | % | | | (2.00 | )% |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | $ | 150,022 | | | $ | 138,740 | | | $ | 148,742 | | | $ | 153,858 | |
Ratio of expenses to average net assets (4) | | | 2.05 | % (5) | | | 2.09 | % | | | 2.06 | % | | | 2.26 | % (5) |
Ratio of net investment income/(loss) to average net assets (2,4) | | | 0.39 | % (5) | | | 0.56 | % | | | (0.16 | )% | | | 0.80 | % (5) |
Portfolio turnover rate | | | 35 | % (6) | | | 60 | % | | | 112 | % | | | 0 | % (6) |
| | | | | | | | | | | | | | | | |
| * | PFG JP Morgan® Tactical Moderate Strategy Fund commenced operations and trading on March 15, 2018. |
| (1) | Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Recognition of net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
| (3) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year are not annualized. |
| (4) | Does not include the expenses of the investment companies in which the Fund invests. |
| (7) | Amount represents less than $0.005. |
See accompanying notes to financial statements.
The Pacific Financial Funds |
Financial Highlights |
PFG Meeder Tactical Strategy Fund |
|
Selected data based on a share outstanding throughout the period indicated. |
| | Class R Shares | |
| | Six Months Ended | | | Year Ended | | | Year Ended | | | Period Ended | |
| | October 31, 2020 | | | April 30, | | | April 30, | | | April 30, | |
| | (Unaudited) | | | 2020 | | | 2019 | | | 2018 * | |
| | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 9.23 | | | $ | 9.93 | | | $ | 9.83 | | | $ | 10.00 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | |
Net investment loss (1,2) | | | (0.01 | ) | | | (0.11 | ) | | | (0.03 | ) | | | (0.05 | ) |
Net realized and unrealized gain/(loss) on investments | | | 0.50 | | | | (0.57 | ) | | | 0.15 | | | | (0.11 | ) |
Total income/(loss) from investment operations | | | 0.49 | | | | (0.68 | ) | | | 0.12 | | | | (0.16 | ) |
Less distributions from: | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | (0.02 | ) | | | (0.01 | ) |
Net realized gain | | | — | | | | (0.02 | ) | | | — | | | | — | |
Total distributions from net investment income and net realized gains | | | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.01 | ) |
Net asset value, end of period | | $ | 9.72 | | | $ | 9.23 | | | $ | 9.93 | | | $ | 9.83 | |
Total return (3) | | | 5.31 | % | | | (6.91 | )% | | | 1.20 | % | | | (1.57 | )% |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | $ | 100,813 | | | $ | 96,604 | | | $ | 103,481 | | | $ | 100,881 | |
Ratio of expenses to average net assets (4) | | | 2.05 | % (5) | | | 2.09 | % | | | 2.04 | % | | | 2.28 | % (5) |
Ratio of net investment loss to average net assets (2,4) | | | (0.27 | )% (5) | | | (1.07 | )% | | | (0.27 | )% | | | (1.25 | )% (5) |
Portfolio turnover rate | | | 15 | % (6) | | | 18 | % | | | 23 | % | | | 8 | % (6) |
| | | | | | | | | | | | | | | | |
| * | PFG Meeder Tactical Strategy Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017. |
| (1) | Net investment income/(loss) has been calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Recognition of net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
| (3) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year are not annualized. |
| (4) | Does not include the expenses of the investment companies in which the Fund invests. |
See accompanying notes to financial statements.
The Pacific Financial Funds |
Financial Highlights |
PFG MFS® Aggressive Growth Strategy Fund |
|
Selected data based on a share outstanding throughout the period indicated. |
| | Class R Shares | |
| | Six Months Ended | | | Year Ended | | | Year Ended | | | Period Ended | |
| | October 31, 2020 | | | April 30, | | | April 30, | | | April 30, | |
| | (Unaudited) | | | 2020 | | | 2019 | | | 2018 * | |
| | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 9.64 | | | $ | 10.52 | | | $ | 9.97 | | | $ | 10.00 | |
Income/(loss) from investment operations: | | | | | | | | | | | | | | | | |
Net investment loss (1,2) | | | (0.09 | ) | | | (0.04 | ) | | | — | | | | (0.01 | ) |
Net realized and unrealized gain/(loss) on investments | | | 1.27 | | | | (0.68 | ) | | | 0.70 | | | | 0.06 | |
Total income/(loss) from investment operations | | | 1.18 | | | | (0.72 | ) | | | 0.70 | | | | 0.05 | |
Less distributions from: | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | — | | | | — | | | | (0.08 | ) |
Net realized gain | | | — | | | | (0.16 | ) | | | (0.15 | ) | | | — | |
Total distributions from net investment income and net realized gain | | | — | | | | (0.16 | ) | | | (0.15 | ) | | | (0.08 | ) |
Net asset value, end of period | | $ | 10.82 | | | $ | 9.64 | | | $ | 10.52 | | | $ | 9.97 | |
Total return (3) | | | 12.24 | % | | | (7.10 | )% | | | 7.34 | % | | | 0.50 | % |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | |
Net assets, end of period (in 000’s) | | $ | 154,225 | | | $ | 118,933 | | | $ | 118,749 | | | $ | 113,953 | |
Ratio of expenses to average net assets (4) | | | 2.05 | % (5) | | | 2.09 | % | | | 2.05 | % | | | 2.23 | % (5) |
Ratio of net investment loss to average net assets (2,4) | | | (1.64 | )% (5) | | | (0.34 | )% | | | 0.00 | % | | | (0.37 | )% (5) |
Portfolio turnover rate | | | 17 | % (6) | | | 7 | % | | | 26 | % | | | 0 | % (6) |
| | | | | | | | | | | | | | | | |
| * | PFG MFS® Aggressive Growth Strategy Fund commenced operations on December 11, 2017 and commenced trading on December 14, 2017. |
| (1) | Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Recognition of net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
| (3) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year are not annualized. |
| (4) | Does not include the expenses of the investment companies in which the Fund invests. |
See accompanying notes to financial statements.
The Pacific Financial Funds |
Financial Highlights |
PFG Tactical Income Strategy Fund |
|
Selected data based on a share outstanding throughout the period indicated. |
| | Class R Shares | |
| | Six Months Ended | |
| | October 31, 2020 * | |
| | (Unaudited) | |
| | | |
Net asset value, beginning of period | | $ | 10.00 | |
Income from investment operations: | | | | |
Net investment income (1,2) | | | 0.04 | |
Net realized and unrealized gain on investments | | | 0.25 | |
Total income/(loss) from investment operations | | | 0.29 | |
Net asset value, end of period | | $ | 10.29 | |
Total return (3) | | | 2.80 | % |
Ratios and Supplemental Data: | | | | |
Net assets, end of period (in 000’s) | | $ | 89,269 | |
Ratio of expenses to average net assets (4,5) | | | 2.05 | % |
Ratio of net investment income to average net assets (2,4,5) | | | 0.76 | % |
Portfolio turnover rate (6) | | | 45 | % |
| | | | |
| * | PFG Tactical Income Strategy Fund commenced operations and trading on May 1, 2020. |
| (1) | Net investment income/(loss) has been calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Recognition of net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
| (3) | Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year are not annualized. |
| (4) | Does not include the expenses of the investment companies in which the Fund invests. |
See accompanying notes to financial statements.
THE PACIFIC FINANCIAL FUNDS |
NOTES TO FINANCIAL STATEMENTS (Unaudited) |
October 31, 2020 |
The Pacific Financial Family of Mutual Funds is comprised of fifteen different actively managed funds. Each fund is a diversified series of shares of beneficial interest of Northern Lights Fund Trust (the “Trust”), a trust organized under the laws of the State of Delaware on January 19, 2005, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The funds and their primary investment objectives are listed below. Each Fund currently offers Class R shares. The investment objective of each Fund, as of October 31, 2020 is as follows:
Fund | | Primary Objective |
PFG Active Core Bond Strategy Fund | | Income |
PFG American Funds® Conservative Income Strategy Fund | | Income |
PFG American Funds® Growth Strategy Fund | | Growth of capital |
PFG Balanced Strategy Fund | | Capital Appreciation with a secondary objective of income |
PFG BNY Mellon Diversifier Strategy Fund | | Income with a secondary objective of capital appreciation |
PFG BR Equity ESG Strategy Fund | | Growth of capital |
PFG Equity Strategy Fund | | Aggressive Growth |
PFG Fidelity Institutional AM® Equity Index Strategy Fund | | Total Return |
PFG Fidelity Institutional AM® Equity Sector Strategy Fund | | Growth of capital |
PFG Global Strategy Fund | | Aggressive Growth |
PFG JP Morgan® Tactical Aggressive Strategy Fund | | Aggressive Growth |
PFG JP Morgan® Tactical Moderate Strategy Fund | | Capital Appreciation with a secondary objective of income |
PFG Meeder Tactical Strategy Fund | | Capital Appreciation |
PFG MFS® Aggressive Growth Strategy Fund | | Aggressive Growth |
PFG Tactical Income Strategy Fund | | Current income |
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services Investment Companies” including FASB Accounting Standards Update (“ASU”) 2013-08.
Securities Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the primary exchange on the day of valuation. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value.
Valuation of Fund of Funds – The Funds may invest in portfolios of open-end or closed-end investment companies. Open-end investment companies are valued at their respective net asset values as reported by such investment companies. Open-end funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon methods established by the board of directors of the open-end funds.
THE PACIFIC FINANCIAL FUNDS |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
October 31, 2020 |
The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change.
Exchange Traded Funds – The Funds may invest in exchange traded funds (“ETFs”). ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities. The Funds may purchase an ETF to gain exposure to a portion of the U.S. or a foreign market. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.
The Funds may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued using the “fair value” procedures approved by the Trust’s Board of Trustees (the “Board”). The Board has delegated execution of these procedures to a fair value committee composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) advisor. The committee may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board has also engaged a third party valuation firm to attend valuation meetings held by the Trust, review minutes of such meetings and report to the Board on a quarterly basis. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.
Fair Valuation Process – As noted above, the fair value committee is composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) advisor. The applicable investments are valued collectively via inputs from each of these groups. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the advisor, the prices or values available do not represent the fair value of the instrument. Factors which may cause the advisor to make such a judgment include, but are not limited to, the following: only a bid price or an ask price is available; the spread between bid and ask prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund’s calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued via inputs from the advisor based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who take into consideration all relevant factors as may be appropriate under the circumstances). If the advisor is unable to obtain a current bid from such independent dealers or other independent parties, the fair value committee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.
Funds utilize various methods to measure the fair value of all of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:
Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that a Fund has the ability to access.
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
THE PACIFIC FINANCIAL FUNDS |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
October 31, 2020 |
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing a Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of October 31, 2020 for each Fund’s investments measured at fair value:
PFG Active Core Bond Strategy Fund | |
| |
Assets * | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Open End Funds | | $ | 199,420,100 | | | $ | — | | | $ | — | | | $ | 199,420,100 | |
Short-Term Investment | | | 1,766,775 | | | | — | | | | — | | | | 1,766,775 | |
Total | | $ | 201,186,875 | | | $ | — | | | $ | — | | | $ | 201,186,875 | |
| | | | | | | | | | | | | | | | |
PFG American Funds® Conservative Income Strategy Fund | |
| |
Assets * | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Open End Funds | | $ | 148,149,544 | | | $ | — | | | $ | — | | | $ | 148,149,544 | |
Short-Term Investment | | | 2,527,989 | | | | — | | | | — | | | | 2,527,989 | |
Total | | $ | 150,677,533 | | | $ | — | | | $ | — | | | $ | 150,677,533 | |
| | | | | | | | | | | | | | | | |
PFG American Funds® Growth Strategy Fund | |
| |
Assets * | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Open End Funds | | $ | 476,508,918 | | | $ | — | | | $ | — | | | $ | 476,508,918 | |
Short-Term Investment | | | 1,630,387 | | | | — | | | | — | | | | 1,630,387 | |
Total | | $ | 478,139,305 | | | $ | — | | | $ | — | | | $ | 478,139,305 | |
THE PACIFIC FINANCIAL FUNDS |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
October 31, 2020 |
PFG Balanced Strategy Fund | |
| | | | | | | | | | | | |
Assets * | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Exchange Traded Funds | | $ | 60,273,010 | | | $ | — | | | $ | — | | | $ | 60,273,010 | |
Open End Funds | | | 129,878,452 | | | | — | | | | — | | | | 129,878,452 | |
Short-Term Investment | | | 825,717 | | | | — | | | | — | | | | 825,717 | |
Total | | $ | 190,977,179 | | | $ | — | | | $ | — | | | $ | 190,977,179 | |
| | | | | | | | | | | | | | | | |
PFG BNY Mellon Diversifier Strategy Fund | |
| | | | | | | | | | | | |
Assets * | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Open End Funds | | $ | 23,833,175 | | | $ | 42,328,325 | | | $ | — | | | $ | 66,161,500 | |
Short-Term Investment | | | 5,337,729 | | | | — | | | | — | | | | 5,337,729 | |
Total | | $ | 29,170,904 | | | $ | 42,328,325 | | | $ | — | | | $ | 71,499,229 | |
| | | | | | | | | | | | | | | | |
PFG BR Equity ESG Strategy Fund | |
| | | | | | | | | | | | |
Assets * | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Exchange Traded Funds | | $ | 109,576,732 | | | $ | — | | | $ | — | | | $ | 109,576,732 | |
Short-Term Investment | | | 16,233,169 | | | | — | | | | — | | | | 16,233,169 | |
Total | | $ | 125,809,901 | | | $ | — | | | $ | — | | | $ | 125,809,901 | |
| | | | | | | | | | | | |
PFG Equity Strategy Fund | |
| | | | | | | | | | | | |
Assets * | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Exchange Traded Funds | | $ | 120,925,869 | | | $ | — | | | $ | — | | | $ | 120,925,869 | |
Open End Funds | | | 73,631,381 | | | | — | | | | — | | | | 73,631,381 | |
Short-Term Investment | | | 400,803 | | | | — | | | | — | | | | 400,803 | |
Total | | $ | 194,958,053 | | | $ | — | | | $ | — | | | $ | 194,958,053 | |
| | | | | | | | | | | | | | | | |
PFG Fidelity Institutional AM® Equity Index Strategy Fund | |
| | | | | | | | | | | | |
Assets * | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Open End Funds | | $ | 122,859,244 | | | $ | — | | | $ | — | | | $ | 122,859,244 | |
Short-Term Investment | | | 9,849,933 | | | | — | | | | — | | | | 9,849,933 | |
Total | | $ | 132,709,177 | | | $ | — | | | $ | — | | | $ | 132,709,177 | |
| | | | | | | | | | | | | | | | |
PFG Fidelity Institutional AM® Equity Sector Strategy Fund | |
| | | | | | | | | | | | |
Assets * | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Exchange Traded Funds | | $ | 55,406,058 | | | $ | — | | | $ | — | | | $ | 55,406,058 | |
Open End Funds | | | 54,007,154 | | | | — | | | | — | | | | 54,007,154 | |
Short-Term Investment | | | 13,958,718 | | | | — | | | | — | | | | 13,958,718 | |
Total | | $ | 123,371,930 | | | $ | — | | | $ | — | | | $ | 123,371,930 | |
THE PACIFIC FINANCIAL FUNDS |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
October 31, 2020 |
PFG Global Strategy Fund | |
| | | | | | | | | | | | |
Assets * | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Exchange Traded Funds | | $ | 12,760,288 | | | $ | — | | | $ | — | | | $ | 12,760,288 | |
Open End Funds | | | 10,235,869 | | | | — | | | | — | | | | 10,235,869 | |
Short-Term Investment | | | 74,408 | | | | — | | | | — | | | | 74,408 | |
Total | | $ | 23,070,565 | | | $ | — | | | $ | — | | | $ | 23,070,565 | |
| | | | | | | | | | | | | | | | |
PFG JP Morgan® Tactical Aggressive Strategy Fund | |
| | | | | | | | | | | | |
Assets * | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Exchange Traded Funds | | $ | 39,833,639 | | | $ | — | | | $ | — | | | $ | 39,833,639 | |
Mutual Funds | | | 55,816,507 | | | | — | | | | — | | | | 55,816,507 | |
Short-Term Investment | | | 8,420,160 | | | | — | | | | — | | | | 8,420,160 | |
Total | | $ | 104,070,306 | | | $ | — | | | $ | — | | | $ | 104,070,306 | |
| | | | | | | | | | | | | | | | |
PFG JP Morgan® Tactical Moderate Strategy Fund | |
| | | | | | | | | | | | |
Assets * | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Exchange Traded Funds | | $ | 58,457,686 | | | $ | — | | | $ | — | | | $ | 58,457,686 | |
Open End Funds | | | 71,894,845 | | | | 7,772,150 | | | | — | | | | 79,666,995 | |
Short-Term Investment | | | 14,163,456 | | | | — | | | | — | | | | 14,163,456 | |
Total | | $ | 144,515,987 | | | $ | 7,772,150 | | | $ | — | | | $ | 152,288,137 | |
| | | | | | | | | | | | | | | | |
PFG Meeder Tactical Strategy Fund | |
| | | | | | | | | | | | |
Assets * | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Open End Funds | | $ | 25,054,397 | | | $ | 75,181,464 | | | $ | — | | | $ | 100,235,861 | |
Short-Term Investment | | | 10,638,310 | | | | — | | | | — | | | | 10,638,310 | |
Total | | $ | 35,692,707 | | | $ | 75,181,464 | | | $ | — | | | $ | 110,874,171 | |
| | | | | | | | | | | | | | | | |
PFG MFS® Aggressive Growth Strategy Fund | |
| | | | | | | | | | | | |
Assets * | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Exchange Traded Fund | | $ | 26,828,269 | | | $ | — | | | $ | — | | | $ | 26,828,269 | |
Open End Funds | | | 124,772,900 | | | | — | | | | — | | | | 124,772,900 | |
Short-Term Investment | | | 3,175,438 | | | | — | | | | — | | | | 3,175,438 | |
Total | | $ | 154,776,607 | | | $ | — | | | $ | — | | | $ | 154,776,607 | |
| | | | | | | | | | | | | | | | |
PFG Tactical Income Strategy Fund | |
| | | | | | | | | | | | |
Assets * | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Exchange Traded Funds | �� | $ | 28,046,055 | | | $ | — | | | $ | — | | | $ | 28,046,055 | |
Open End Funds | | | 59,775,990 | | | | — | | | | — | | | | 59,775,990 | |
Short-Term Investment | | | 23,645,675 | | | | — | | | | — | | | | 23,645,675 | |
Total | | $ | 111,467,720 | | | $ | — | | | $ | — | | | $ | 111,467,720 | |
| * | Refer to the Portfolios of Investments for industry classification. |
The Funds did not hold any Level 3 securities during the period.
THE PACIFIC FINANCIAL FUNDS |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
October 31, 2020 |
Security Transactions and Related Income – Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities under the effective interest method. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.
Dividends and Distributions to Shareholders – Dividends from net investment income and distributable net realized capital gains, if any, are declared and distributed annually by the Funds. Dividends from net investment income and distributions from net realized gains are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (e.g., deferred losses, capital loss carryforwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; and temporary differences do not require reclassification. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of each Fund.
Federal Income Tax – It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions of Subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision is required. Each Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended April 30, 2018 through April 30, 2020, or expected to be taken in the Funds’ April 30, 2021 year-end tax returns. Each Fund identifies its major tax jurisdictions as U.S. federal, Ohio, and foreign jurisdictions where a Fund makes significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognized interest and penalties related to unrecognized tax benefits in interest and other expenses, respectively. For the six months ended October 31, 2020, the Funds did not have any interest or penalties.
Allocation of Expenses – Expenses incurred by the Trust that do not relate to a specific fund of the Trust are allocated to the individual funds based on each fund’s relative net assets or another appropriate basis. Expenses specifically attributable to a particular fund in the Pacific Financial Family of Mutual Funds are borne by that fund. Other expenses are allocated to each Fund based on its net assets in relation to the total net assets of all the applicable funds in the Pacific Financial Family of Mutual Funds or another reasonable basis.
Indemnification – The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.
THE PACIFIC FINANCIAL FUNDS |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
October 31, 2020 |
| 3. | INVESTMENT TRANSACTIONS |
For the six months ended October 31, 2020, cost of purchases and proceeds from sales of Fund securities, other than short-term investments, amounted to the following:
Fund | | Purchases | | | Sales | |
PFG Active Core Bond Strategy Fund | | $ | 129,297,940 | | | $ | 55,347,744 | |
PFG American Funds® Conservative Income Strategy Fund | | | 175,266,091 | | | | 27,499,687 | |
PFG American Funds® Growth Strategy Fund | | | 557,280,723 | | | | 120,244,687 | |
PFG Balanced Strategy Fund | | | 177,736,168 | | | | 268,937,782 | |
PFG BNY Mellon Diversifier Strategy Fund | | | 19,432,096 | | | | 27,802,277 | |
PFG BR Equity ESG Strategy Fund | | | 130,591,439 | | | | 32,021,980 | |
PFG Equity Strategy Fund | | | 185,432,309 | | | | 297,421,440 | |
PFG Fidelity Institutional AM® Equity Index Strategy Fund | | | 127,727,821 | | | | 21,062,313 | |
PFG Fidelity Institutional AM® Equity Sector Strategy Fund | | | 229,546,577 | | | | 127,121,632 | |
PFG Global Strategy Fund | | | 27,262,901 | | | | 100,002,929 | |
PFG JP Morgan® Tactical Aggressive Strategy Fund | | | 38,472,241 | | | | 21,200,979 | |
PFG JP Morgan® Tactical Moderate Strategy Fund | | | 47,783,210 | | | | 53,191,967 | |
PFG Meeder Tactical Strategy Fund | | | 15,103,151 | | | | 16,547,834 | |
PFG MFS® Aggressive Growth Strategy Fund | | | 40,186,130 | | | | 25,158,172 | |
PFG Tactical Income Strategy Fund | | | 117,899,815 | | | | 32,823,166 | |
| | | | | | | | |
| 4. | INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES |
The Pacific Financial Group, LLC serves as the Funds’ investment advisor (the “Advisor”). Pursuant to an investment advisory agreement with the Trust, on behalf of the Funds, the Advisor, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, each Fund pays the Advisor an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 1.25% of each Fund’s average daily net assets.
For the six months ended October 31, 2020, pursuant to the investment advisory agreement, the Advisor earned the following advisory fees:
Fund | | | |
PFG Active Core Bond Strategy Fund | | $ | 1,238,378 | |
PFG American Funds® Conservative Income Strategy Fund | | | 625,958 | |
PFG American Funds® Growth Strategy Fund | | | 2,368,614 | |
PFG Balanced Strategy Fund | | | 1,731,963 | |
PFG BNY Mellon Diversifier Strategy Fund | | | 455,375 | |
PFG BR Equity ESG Strategy Fund | | | 546,543 | |
PFG Equity Strategy Fund | | | 1,665,472 | |
PFG Fidelity Institutional AM® Equity Index Strategy Fund | | | 743,821 | |
PFG Fidelity Institutional AM® Equity Sector Strategy Fund | | | 576,272 | |
PFG Global Strategy Fund | | | 279,908 | |
PFG JP Morgan® Tactical Aggressive Strategy Fund | | | 576,867 | |
PFG JP Morgan® Tactical Moderate Strategy Fund | | | 874,949 | |
PFG Meeder Tactical Strategy Fund | | | 623,301 | |
PFG MFS® Aggressive Growth Strategy Fund | | | 992,747 | |
PFG Tactical Income Strategy Fund | | | 412,085 | |
THE PACIFIC FINANCIAL FUNDS |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
October 31, 2020 |
Effective May 1, 2020, The Pacific Financial Group, Inc. (“TPFG), an affiliate of the Adviser, entered into an Administrative Services Agreement with the Trust (the “Administrative Services Agreement”). Under the terms of the Administrative Services Agreement, TPFG receives a fee from each Fund in an amount equal to 0.70% of the Fund’s average daily net assets. In exchange, TPFG is responsible to provide the following services and to pay for the following Fund expenses.
The Funds are used to construct Model Portfolios, consisting solely of the Funds, which are purchased by the Funds’ shareholders. The shareholders are investment management clients of TPFG and are typically introduced to TPFG by a Financial Intermediary. In most, but not all, instances, the shareholders are participants in a retirement plan, regulated by ERISA or by IRS Code, and the shareholders invest in the Model Portfolios through a self-directed brokerage account (“SDBA”) or a similar type of account made available by the retirement plan.
Among the services provided to shareholders, by TPFG, under the Administrative Services Agreement, are: (i) assistance in opening an account in which the shareholder will invest in a Model Portfolio; (ii) providing resources that enable the Financial Intermediary to assist the shareholder, in identifying the shareholder’s investment objective and risk profile; (iii) educating, and responding to questions from, shareholders, or from Financial Intermediaries acting on behalf of a shareholder, about the Funds and the Model Portfolios; (iv) trading Model Portfolios on behalf of shareholders, and reconciling those trades, typically with the custodian of a retirement plan; (v) maintaining records of investments in Model Portfolios, the performance of Model Portfolios, and contributions to, and withdrawals from, Model Portfolios, for shareholders and for their Financial Intermediaries; and (vi) assisting in account maintenance, account closings, and account transfers, for shareholders. All of these services are in addition to the services provided by other Fund Service Providers.
In addition to providing services, TPFG is responsible to make the following payments, on behalf of the Funds: (a) the fees and certain expenses incurred in connection with the provision of Fund Administration, Fund Accounting and Fund Transfer Agent Services; (b) the fees and certain expenses of the Funds’ Custodian; (c) the fees charged by retirement plan or other custodians that maintain SDBAs or other brokerage accounts for Fund shareholders; (d) the charges and expenses of legal counsel and independent accountants for the Funds; (e) the fees and expenses of Trustees who are not affiliated persons of the Adviser or Distributor; (f) the fees of the Funds’ participation in any trade association of which the Trust may be a member; (g) the cost of fidelity and liability insurance; (h) the fees and expenses involved in maintaining registration of the Fund and of the Funds’ shares with the SEC, maintaining qualification of the Funds’ shares under state securities laws, and the preparation and printing of the Fund’s registration statements and prospectuses for such purposes; (i) expenses of shareholders and Trustees’ meetings; and (j) expenses of preparing, printing and mailing reports, proxy statements and prospectuses to shareholders in the amount necessary for distribution to shareholders (collectively, “Fund Operating Expenses”).
Under the Administrative Services Agreement, Fund Operating Expenses do not include (i) advertising, promotion and other expenses incurred in connection with the sale or distribution of the Funds’ shares (including expenses that the Funds are authorized to pay pursuant to Rule 12b-1); (ii) brokerage fees and commissions; (iii) taxes; (iv) borrowing costs; (iv) fees and expenses of investment companies acquired by a Fund; (v) advisory fees payable to the Funds’ Adviser; and (vi) extraordinary or non-recurring expenses, such as litigation and indemnification expenses. TPFG’s role with respect to paying Fund Operating Expenses shall be as the paying agent, without responsibility (under the Administrative Services Agreement) for the manner of performance by the Funds’ service providers.
The Administrative Services Agreement will continue in effect for one (1) year and thereafter shall continue from year to year provided such continuance is approved at least annually by a vote of the majority of the Trustees. The Servicing Administration Agreement may be terminated without penalty on 60 days’ written notice by a vote of a majority of the Trustees or by the TPFG, or by holders of a majority of that Trust’s outstanding shares.
THE PACIFIC FINANCIAL FUNDS |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
October 31, 2020 |
The Trust, with respect to the Funds, has adopted the Trust’s Master Distribution and Shareholder Servicing Plan pursuant to Rule 12b-1 under the 1940 Act (the “Plan”). The Plan provides that a monthly service and/or distribution fee is calculated by each Fund at an annual rate up to 0.25% of its average daily net assets and is paid to Northern Lights Distributors, LLC (the “Distributor”) to provide compensation for ongoing shareholder servicing and distribution-related activities or services and/or maintenance of each Fund’s shareholder accounts, not otherwise required to be provided by the Advisor. Each fund is currently accruing 0.10% of its average daily net assets under the plan. For the six months ended October 31, 2020, pursuant to the Plan, the Funds accrued the following fees:
Fund | | 12b-1 Fee | |
PFG Active Core Bond Strategy Fund | | $ | 99,070 | |
PFG American Funds® Conservative Income Strategy Fund | | | 50,077 | |
PFG American Funds® Growth Strategy Fund | | | 189,489 | |
PFG Balanced Strategy Fund | | | 138,557 | |
PFG BNY Mellon Diversifier Strategy Fund | | | 36,430 | |
PFG BR Equity ESG Strategy Fund | | | 43,723 | |
PFG Equity Strategy Fund | | | 133,238 | |
PFG Fidelity Institutional AM® Equity Index Strategy Fund | | | 59,506 | |
PFG Fidelity Institutional AM® Equity Sector Strategy Fund | | | 46,102 | |
PFG Global Strategy Fund | | | 22,393 | |
PFG JP Morgan® Tactical Aggressive Strategy Fund | | | 46,149 | |
PFG JP Morgan® Tactical Moderate Strategy Fund | | | 69,996 | |
PFG Meeder Tactical Strategy Fund | | | 49,864 | |
PFG MFS® Aggressive Growth Strategy Fund | | | 79,420 | |
PFG Tactical Income Strategy Fund | | | 32,967 | |
The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. The Distributor did not receive any commissions from the sale of the Funds’ shares.
In addition, certain affiliates of the Distributor provide services to the Funds as follows:
Gemini Fund Services, LLC (“GFS”), an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Funds. Pursuant to separate servicing agreements with GFS, the Funds pay GFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Certain officers of the Trust are also officers of GFS and are not paid any fees directly by the Funds for serving in such capacities.
Northern Lights Compliance Services, LLC (“NLCS”), an affiliate of GFS and the Distributor, provides a chief compliance officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Funds.
BluGiant, LLC (“BluGiant”), an affiliate of GFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, BluGiant receives customary fees from the Funds.
THE PACIFIC FINANCIAL FUNDS |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
October 31, 2020 |
| 5. | INVESTMENT IN AFFILIATED COMPANIES |
An affiliated company is a company in which a Fund has ownership of at least 5% of the voting securities. Transactions during the six months ended October 31, 2020 with affiliated companies are as follows:
PFG Fidelity Institutional AM® Equity Index Strategy Fund | |
| |
| | | | | | | | | | | | | | | | Change in | | | | |
| | | | Value-Beginning of | | | | | | | | | | | | Unrealized | | | Value-End of | |
CUSIP | | Description | | Period | | | Purchases | | | Sales Proceeds | | | Net Realized Gain | | | Appreciation | | | Period | |
316391309 | | Fidelity Advisor Communications Services Fund | | $ | — | | | $ | 8,176,385 | | | $ | 700,323 | | | $ | 61,834 | | | $ | 326,309 | | | $ | 7,864,205 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
PFG JP Morgan® Tactical Moderate Strategy Fund | |
| |
| | | | | | | | | | | | | | | | Change in | | | | |
| | | | Value-Beginning of | | | | | | | | | | | | Unrealized | | | Value-End of | |
CUSIP | | Description | | Period | | | Purchases | | | Sales Proceeds | | | Net Realized Gain | | | Appreciation | | | Period | |
46641Q845 | | JPMorgan Diversified Return US Small Cap Equity ETF | | $ | 1,028,694 | | | $ | 6,830,879 | | | $ | 372,544 | | | $ | (37,826 | ) | | $ | 452,054 | | | $ | 7,901,257 | |
46641Q753 | | JPMorgan US Value Factor ETF | | | 6,745,394 | | | | 136,651 | | | | 448,174 | | | | (55,899 | ) | | | 537,924 | | | | 6,915,896 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
PFG Meeder Tactical Strategy Fund | |
| |
| | | | | | | | | | | | | | | | Change in | | | | |
| | | | Value-Beginning of | | | | | | | | | Net Realized | | | Unrealized | | | Value-End of | |
CUSIP | | Description | | Period | | | Purchases | | | Sales Proceeds | | | Gain/(Loss) | | | Appreciation | | | Period | |
58510R655 | | Meeder Spectrum Fund | | $ | 9,412,965 | | | $ | 1,814,327 | | | $ | 1,800,905 | | | $ | (131,147 | ) | | $ | 725,576 | | | $ | 10,020,816 | |
58510R721 | | Meeder Balanced Fund | | | 48,636,067 | | | | 7,282,336 | | | | 8,311,708 | | | | 22,253 | | | | 2,817,355 | | | | 50,446,303 | |
58510R846 | | Meeder Conservative Allocation Fund | | | 11,262,603 | | | | 1,541,017 | | | | 1,516,807 | | | | (1,353 | ) | | | 538,234 | | | | 11,823,694 | |
58510R630 | | Meeder Moderate Allocation Fund | | | 12,315,058 | | | | 1,773,078 | | | | 1,870,067 | | | | (48,566 | ) | | | 741,965 | | | | 12,911,468 | |
| 6. | AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS |
The identified cost of investments in securities owned by each Fund for federal income tax purposes and its respective gross unrealized appreciation and depreciation at October 31, 2020, were as follows:
| | | | | | | | | | | Net | |
| | | | | Gross | | | Gross | | | Unrealized | |
| | Tax | | | Unrealized | | | Unrealized | | | Appreciation/ | |
| | Cost | | | Appreciation | | | Depreciation | | | (Depreciation) | |
PFG Active Core Bond Strategy Fund | | $ | 195,957,226 | | | $ | 5,229,649 | | | $ | — | | | $ | 5,229,649 | |
PFG American Funds® Conservative Income Strategy Fund | | | 151,128,701 | | | | 146,223 | | | | (597,391 | ) | | | (451,168 | ) |
PFG American Funds® Growth Strategy Fund | | | 452,993,774 | | | | 25,145,531 | | | | — | | | | 25,145,531 | |
PFG Balanced Strategy Fund | | | 190,573,099 | | | | 2,171,708 | | | | (1,767,628 | ) | | | 404,080 | |
PFG BNY Mellon Diversifier Strategy Fund | | | 68,010,726 | | | | 3,508,285 | | | | (19,782 | ) | | | 3,488,503 | |
PFG BR Equity ESG Strategy Fund | | | 118,060,980 | | | | 7,748,921 | | | | — | | | | 7,748,921 | |
PFG Equity Strategy Fund | | | 197,732,491 | | | | 8,977,108 | | | | (11,751,546 | ) | | | (2,774,438 | ) |
PFG Fidelity Institutional AM® Equity Index Strategy Fund | | | 119,624,910 | | | | 13,084,267 | | | | — | | | | 13,084,267 | |
PFG Fidelity Institutional AM® Equity Sector Strategy Fund | | | 122,827,479 | | | | 2,828,012 | | | | (2,283,561 | ) | | | 544,451 | |
PFG Global Strategy Fund | | | 23,602,022 | | | | 1,219,645 | | | | (1,751,102 | ) | | | (531,457 | ) |
PFG JP Morgan® Tactical Aggressive Strategy Fund | | | 100,357,570 | | | | 5,206,203 | | | | (1,493,467 | ) | | | 3,712,736 | |
PFG JP Morgan® Tactical Moderate Strategy Fund | | | 148,944,967 | | | | 5,720,577 | | | | (2,377,407 | ) | | | 3,343,170 | |
THE PACIFIC FINANCIAL FUNDS |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
October 31, 2020 |
| | | | | | | | | | | Net | |
| | | | | Gross | | | Gross | | | Unrealized | |
| | Tax | | | Unrealized | | | Unrealized | | | Appreciation/ | |
| | Cost | | | Appreciation | | | Depreciation | | | (Depreciation) | |
PFG Meeder Tactical Strategy Fund | | | 112,028,805 | | | | 629,298 | | | | (1,783,932 | ) | | | (1,154,634 | ) |
PFG MFS® Aggressive Growth Strategy Fund | | | 145,166,008 | | | | 12,495,895 | | | | (2,885,296 | ) | | | 9,610,599 | |
PFG Tactical Income Strategy Fund | | | 110,266,860 | | | | 1,767,680 | | | | (566,820 | ) | | | 1,200,860 | |
| 7. | DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL |
The tax character of distributions paid during the fiscal year ended April 30, 2020 and the fiscal year ended April 30, 2019 was as follows:
For fiscal year ended | | Ordinary | | | Long-Term | | | Return of | | | | |
4/30/2020 | | Income | | | Capital Gains | | | Capital | | | Total | |
PFG Active Core Bond Strategy Fund | | $ | 1,938,590 | | | $ | — | | | $ | 4,591 | | | $ | 1,943,181 | |
PFG Balanced Strategy Fund | | | 1,718,966 | | | | 728,616 | | | | 1,138,606 | | | | 3,586,188 | |
PFG BNY Mellon Diversifier Strategy Fund | | | 824,213 | | | | — | | | | 135,731 | | | | 959,944 | |
PFG Equity Strategy Fund | | | 880,479 | | | | 12,350,020 | | | | 973,803 | | | | 14,204,302 | |
PFG Global Strategy Fund | | | — | | | | — | | | | — | | | | — | |
PFG JP Morgan® Tactical Aggressive Strategy Fund | | | — | | | | — | | | | — | | | | — | |
PFG JP Morgan® Tactical Moderate Strategy Fund | | | 723,568 | | | | — | | | | — | | | | 723,568 | |
PFG Meeder Tactical Strategy Fund | | | — | | | | 169,044 | | | | — | | | | 169,044 | |
PFG MFS® Aggressive Growth Strategy Fund | | | — | | | | 1,881,827 | | | | — | | | | 1,881,827 | |
| | | | | | | | | | | | | | | | |
For fiscal year ended | | Ordinary | | | Long-Term | | | Return of | | | | |
4/30/2019 | | Income | | | Capital Gains | | | Capital | | | Total | |
PFG Active Core Bond Strategy Fund | | $ | 639,886 | | | $ | — | | | | — | | | $ | 639,886 | |
PFG Balanced Strategy Fund | | | 1,636,785 | | | | 2,052,398 | | | | — | | | | 3,689,183 | |
PFG BNY Mellon Diversifier Strategy Fund | | | 506,378 | | | | 24,527 | | | | — | | | | 530,905 | |
PFG Equity Strategy Fund | | | — | | | | — | | | | — | | | | — | |
PFG Global Strategy Fund | | | 1,083,576 | | | | 148,490 | | | | — | | | | 1,232,066 | |
PFG JP Morgan® Tactical Aggressive Strategy Fund | | | 67,985 | | | | 2,111,324 | | | | 341,331 | | | | 2,520,640 | |
PFG JP Morgan® Tactical Moderate Strategy Fund | | | — | | | | — | | | | 64,832 | | | | 64,832 | |
PFG Meeder Tactical Strategy Fund | | | 160,610 | | | | 1,354 | | | | — | | | | 161,964 | |
PFG MFS® Aggressive Growth Strategy Fund | | | 116,020 | | | | 1,579,792 | | | | — | | | | 1,695,812 | |
As of April 30, 2020, the components of accumulated earnings/(deficit) on a tax basis were as follows:
| | Undistributed | | | Undistributed | | | Post October Loss | | | Capital Loss | | | Other | | | Unrealized | | | Total | |
| | Ordinary | | | Long-Term | | | and | | | Carry | | | Book/Tax | | | Appreciation/ | | | Accumulated | |
| | Income | | | Capital Gains | | | Late Year Loss | | | Forwards | | | Differences | | | (Depreciation) | | | Earnings/(Deficits) | |
PFG Active Core Bond Strategy Fund | | | — | | | | — | | | | — | | | | (485,327 | ) | | | — | | | | 1,162,150 | | | | 676,823 | |
PFG Balanced Strategy Fund | | | 62,291 | | | | — | | | | (21,549,489 | ) | | | — | | | | — | | | | (10,907,318 | ) | | | (32,394,516 | ) |
PFG BNY Mellon Diversifier Strategy Fund | | | — | | | | — | | | | (232,531 | ) | | | (3,328,945 | ) | | | — | | | | 1,948,632 | | | | (1,612,844 | ) |
PFG Equity Strategy Fund | | | — | | | | — | | | | (29,246,051 | ) | | | — | | | | — | | | | (11,812,362 | ) | | | (41,058,413 | ) |
PFG Global Strategy Fund | | | — | | | | — | | | | (6,674,988 | ) | | | (7,250,532 | ) | | | — | | | | (4,706,582 | ) | | | (18,632,102 | ) |
PFG JP Morgan® Tactical Aggressive Strategy Fund | | | — | | | | — | | | | — | | | | (3,334,880 | ) | | | — | | | | (5,200,445 | ) | | | (8,535,325 | ) |
PFG JP Morgan® Tactical Moderate Strategy Fund | | | 49,379 | | | | — | | | | (392,098 | ) | | | (4,263,900 | ) | | | — | | | | (5,801,568 | ) | | | (10,408,187 | ) |
PFG Meeder Tactical Strategy Fund | | | — | | | | 1,032,536 | | | | (651,841 | ) | | | — | | | | — | | | | (7,000,477 | ) | | | (6,619,782 | ) |
PFG MFS® Aggressive Growth Strategy Fund | | | — | | | | 1,941,606 | | | | (775,781 | ) | | | — | | | | — | | | | (6,912,449 | ) | | | (5,746,624 | ) |
The difference between book basis and tax basis unrealized appreciation (depreciation) and accumulated net realized gain/(loss) from investments is primarily attributable to the tax deferral of losses on wash sales.
THE PACIFIC FINANCIAL FUNDS |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
October 31, 2020 |
Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such late year losses as follows:
| | Late Year | |
| | Losses | |
PFG Active Core Bond Strategy Fund | | $ | — | |
PFG Balanced Strategy Fund | | | — | |
PFG BNY Mellon Diversifier Strategy Fund | | | 106,840 | |
PFG Equity Strategy Fund | | | 1,585,564 | |
PFG Global Strategy Fund | | | — | |
PFG JP Morgan® Tactical Aggressive Strategy Fund | | | — | |
PFG JP Morgan® Tactical Moderate Strategy Fund | | | — | |
PFG Meeder Tactical Strategy Fund | | | 651,841 | |
PFG MFS® Aggressive Growth Strategy Fund | | | 775,781 | |
Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such capital losses as follows:
| | Post October | |
| | Losses | |
PFG Active Core Bond Strategy Fund | | $ | — | |
PFG Balanced Strategy Fund | | | 21,549,489 | |
PFG BNY Mellon Diversifier Strategy Fund | | | 125,691 | |
PFG Equity Strategy Fund | | | 27,660,487 | |
PFG Global Strategy Fund | | | 6,674,988 | |
PFG JP Morgan® Tactical Aggressive Strategy Fund | | | — | |
PFG JP Morgan® Tactical Moderate Strategy Fund | | | 392,098 | |
PFG Meeder Tactical Strategy Fund | | | — | |
PFG MFS® Aggressive Growth Strategy Fund | | | — | |
At April 30, 2020, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:
| | Short-Term | | | Long-Term | | | Total | |
PFG Active Core Bond Strategy Fund | | | 441,549 | | | | 43,778 | | | | 485,327 | |
PFG Balanced Strategy Fund | | | — | | | | — | | | | — | |
PFG BNY Mellon Diversifier Strategy Fund | | | 3,328,945 | | | | — | | | | 3,328,945 | |
PFG Equity Strategy Fund | | | — | | | | — | | | | — | |
PFG Global Strategy Fund | | | 7,250,532 | | | | — | | | | 7,250,532 | |
PFG JP Morgan® Tactical Aggressive Strategy Fund | | | 3,334,880 | | | | — | | | | 3,334,880 | |
PFG JP Morgan® Tactical Moderate Strategy Fund | | | 4,263,900 | | | | — | | | | 4,263,900 | |
PFG Meeder Tactical Strategy Fund | | | — | | | | — | | | | — | |
PFG MFS® Aggressive Growth Strategy Fund | | | — | | | | — | | | | — | |
THE PACIFIC FINANCIAL FUNDS |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
October 31, 2020 |
Permanent book and tax differences, primarily attributable to the book/tax basis treatment of non-deductible expenses and net operating losses resulted in reclassifications for the Funds for the fiscal year ended April 30, 2020 as follows:
| | Paid | | | | |
| | In | | | Accumulated | |
| | Capital | | | Earnings (Losses) | |
PFG Active Core Bond Strategy Fund | | $ | — | | | $ | — | |
PFG Balanced Strategy Fund | | | — | | | | — | |
PFG BNY Mellon Diversifier Strategy Fund | | | (15,085 | ) | | | 15,085 | |
PFG Equity Strategy Fund | | | — | | | | — | |
PFG Global Strategy Fund | | | (496,576 | ) | | | 496,576 | |
PFG JP Morgan® Tactical Aggressive Strategy Fund | | | (297,098 | ) | | | 297,098 | |
PFG JP Morgan® Tactical Moderate Strategy Fund | | | — | | | | — | |
PFG Meeder Tactical Strategy Fund | | | (892,999 | ) | | | 892,999 | |
PFG MFS® Aggressive Growth Strategy Fund | | | (290,407 | ) | | | 290,407 | |
| | | | | | | | |
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of October 31, 2020, beneficial ownership in excess of 25% for the Funds is as follows:
| Portfolio | | | Beneficial Owner | | | % of Outstanding Shares | |
| PFG Active Core Bond Strategy Fund | | | NFS | | | 42% | |
| PFG American Funds® Conservative Income Strategy Fund | | | NFS | | | 37% | |
| | | | Pershing | | | 37% | |
| PFG American Funds® Growth Strategy Fund | | | NFS | | | 40% | |
| | | | Pershing | | | 29% | |
| PFG Balanced Strategy Fund | | | NFS | | | 44% | |
| PFG BNY Mellon Diversifier Strategy Fund | | | NFS | | | 44% | |
| PFG BR Equity ESG Strategy Fund | | | NFS | | | 52% | |
| PFG Equity Strategy Fund | | | NFS | | | 57% | |
| PFG Fidelity Institutional AM® Equity Index Strategy Fund | | | NFS | | | 49% | |
| PFG Fidelity Institutional AM® Equity Sector Strategy Fund | | | NFS | | | 51% | |
| PFG Global Strategy Fund | | | NFS | | | 51% | |
| PFG JP Morgan® Tactical Aggressive Strategy Fund | | | NFS | | | 43% | |
| PFG JP Morgan® Tactical Moderate Strategy Fund | | | NFS | | | 43% | |
| PFG Meeder Tactical Strategy Fund | | | NFS | | | 41% | |
| PFG MFS® Aggressive Growth Strategy Fund | | | NFS | | | 44% | |
| PFG Tactical Income Strategy Fund | | | NFS | | | 42% | |
| 9. | UNDERLYING INVESTMENTS IN OTHER INVESTMENT COMPANIES |
As of October 31, 2020, PFG Active Core Bond Strategy Fund invested a portion of its assets in PIMCO Total Return Fund – Institutional Class (the “PIMCO Total Return Fund”) and PIMCO Income Fund – Institutional Class (the “PIMCO Income Fund”). The PIMCO Total Return Fund and the PIMCO Income Fund are registered under the 1940 Act as open-end management investment companies. The Fund may redeem its investment from the PIMCO Total Return Fund or the PIMCO Income Fund at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.
THE PACIFIC FINANCIAL FUNDS |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
October 31, 2020 |
The performance of PFG Active Core Bond Strategy Fund will be directly affected by the performances of the PIMCO Total Return Fund and the PIMCO Income Fund. The financial statements of the PIMCO Total Return Fund and the PIMCO Income Fund, including the portfolios of investments, can be found at the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with the Fund’s financial statements. As of October 31, 2020, the percentage of PFG Active Core Bond Strategy Fund’s net assets invested in the PIMCO Total Return Fund and the PIMCO Income Fund were 34.8% and 29.8%, respectively.
As of October 31, 2020, PFG BNY Mellon Diversifier Strategy Fund invested a portion of its assets in BNY Mellon Global Real Return Fund – Institutional Class (the “BNY Mellon Global Fund”) and BNY Mellon Core Plus Fund (the “BNY Mellon Core Fund”). The BNY Mellon Global Fund and the BNY Mellon Core Fund are registered under the 1940 Act as open-end management investment companies. The Fund may redeem its investment from the BNY Mellon Global Fund and the BNY Mellon Core Fund at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.
The performance of PFG BNY Mellon Diversifier Strategy Fund will be directly affected by the performance of the BNY Mellon Global Fund and the BNY Mellon Core Fund. The financial statements of the BNY Mellon Global Fund and the BNY Mellon Core Fund, including the portfolios of investments, can be found at the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with the Fund’s financial statements. As of October 31, 2020, the percentages of PFG BNY Mellon Diversifier Strategy Fund’s net assets invested in the BNY Mellon Global Fund and the BNY Mellon Core Fund were 35.7% and 56.6%, respectively.
As of October 31, 2020, PFG Fidelity Institutional AM® Equity Index Strategy Fund invested a portion of its assets in Fidelity 500 Index Fund – Institutional Premium Class (the “Fidelity 500 Fund”) and Fidelity Global ex US Index Fund – Institutional Premium Class (the “Fidelity Global Fund”). The Fidelity 500 Fund and Fidelity Global Fund are registered under the 1940 Act as open-end management investment companies. The Fund may redeem its investment from the Fidelity 500 Fund or Fidelity Global Fund at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.
The performance of PFG Fidelity Institutional AM® Equity Index Strategy Fund will be directly affected by the performance of the Fidelity 500 Fund and Fidelity Global Fund. The financial statements of the Fidelity 500 Fund and Fidelity Global Fund, including the portfolios of investments, can be found at the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with the Fund’s financial statements. As of October 31, 2020, the percentages of PFG Fidelity Institutional AM® Equity Index Strategy Fund’s net assets invested in the Fidelity 500 Fund and Fidelity Global Fund was 58.6% and 30.1%, respectively.
As of October 31, 2020, PFG Meeder Tactical Strategy Fund invested a portion of its assets in Meeder Balanced Fund – Institutional Class (the “Meeder Balanced Fund”). The Meeder Balanced Fund is registered under the 1940 Act as an open-end management investment company. The Fund may redeem its investment from the Meeder Balanced Fund at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.
The performance of PFG Meeder Tactical Strategy Fund will be directly affected by the performance of the Meeder Balanced Fund. The financial statements of the Meeder Balanced Fund, including the portfolio of investments, can be found at the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with the Fund’s financial statements. As of October 31, 2020, the percentage of PFG Meeder Tactical Strategy Fund’s net assets invested in the Meeder Balanced Fund was 50.1%.
As of October 31, 2020, PFG Tactical Income Strategy Fund invested a portion of its assets in BlackRock Liquidity FedFund – Institutional Class (the “BlackRock Fund”). The BlackRock Fund is registered under the 1940 Act as open-end management investment company. The Fund may redeem its investment from the BlackRock Fund at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.
The performance of PFG Tactical Income Strategy Fund will be directly affected by the performance of the BlackRock Fund. The financial statements of the BlackRock Fund, including the portfolio of investments, can be found at the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with the Fund’s financial statements. As of October 31, 2020, the percentages of PFG Tactical Income Strategy Fund’s net assets invested in the BlackRock Fund was 26.5%.
THE PACIFIC FINANCIAL FUNDS |
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
October 31, 2020 |
Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.
| 11. | MARKET AND GEOPOLITICAL RISK |
The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of a Fund. The current novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, a Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.
THE PACIFIC FINANCIAL FUNDS |
EXPENSE EXAMPLES |
October 31, 2020 (Unaudited) |
Example
As a shareholder of a Fund you will pay ongoing expenses, such as advisory fees, distribution and service fees (12b-1), and other fund expenses. The following examples are intended to help you understand the ongoing cost (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions which may be assessed by mutual funds. This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.
Actual Expenses
The columns under the heading entitled “Actual” help you estimate the actual expenses you paid over the period. The “Actual Ending Account Value” shown is derived from each Fund’s actual return, and the “Actual Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. To estimate the expenses you paid on your account during this period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Actual Expenses Paid During Period”.
Hypothetical Examples for Comparison Purposes
The columns under the heading entitled “Hypothetical” provide information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs which may be applicable to your account. Therefore, the last column of the table (Hypothetical Expenses Paid During Period) is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | | | | | | | Hypothetical |
| | | | | | Actual | | (5% return before expenses) |
| | Fund’s Annualized | | Beginning Account | | Ending Account | | Expenses Paid | | Ending Account | | Expenses Paid |
| | Expense Ratio | | Value | | Value | | During Period | | Value | | During Period |
PFG Active Core Bond Strategy Fund * | | 2.05% | | $1,000.00 | | $1,038.10 | | $10.53 | | $1,014.87 | | $10.41 |
PFG American Funds® Conservative Income Strategy Fund ** | | 2.05% | | $1,000.00 | | $1,009.00 | | $10.32 | | $1,014.87 | | $10.41 |
PFG American Funds® Growth Strategy Fund ** | | 2.05% | | $1,000.00 | | $1,146.00 | | $11.03 | | $1,014.87 | | $10.41 |
PFG Balanced Strategy Fund * | | 2.05% | | $1,000.00 | | $1,067.70 | | $10.68 | | $1,014.87 | | $10.41 |
PFG BNY Mellon Diversifier Strategy Fund * | | 2.05% | | $1,000.00 | | $1,047.80 | | $10.58 | | $1,014.87 | | $10.41 |
PFG BR Equity ESG Strategy Fund ** | | 2.05% | | $1,000.00 | | $1,118.00 | | $10.88 | | $1,014.87 | | $10.41 |
PFG Equity Strategy Fund * | | 2.05% | | $1,000.00 | | $1,097.20 | | $10.84 | | $1,014.87 | | $10.41 |
PFG Fidelity Institutional AM® Equity Index Strategy Fund ** | | 2.05% | | $1,000.00 | | $1,128.00 | | $10.94 | | $1,014.87 | | $10.41 |
PFG Fidelity Institutional AM® Equity Sector Strategy Fund ** | | 2.05% | | $1,000.00 | | $1,051.00 | | $10.54 | | $1,014.87 | | $10.41 |
PFG Global Strategy Fund * | | 2.05% | | $1,000.00 | | $1,111.10 | | $10.91 | | $1,014.87 | | $10.41 |
PFG JP Morgan® Tactical Aggressive Strategy Fund * | | 2.05% | | $1,000.00 | | $1,126.30 | | $10.99 | | $1,014.87 | | $10.41 |
PFG JP Morgan® Tactical Moderate Strategy Fund * | | 2.05% | | $1,000.00 | | $1,090.10 | | $10.80 | | $1,014.87 | | $10.41 |
PFG Meeder Tactical Strategy Fund * | | 2.05% | | $1,000.00 | | $1,053.10 | | $10.61 | | $1,014.87 | | $10.41 |
PFG MFS® Aggressive Growth Strategy Fund * | | 2.05% | | $1,000.00 | | $1,122.40 | | $10.97 | | $1,014.87 | | $10.41 |
PFG Tactical Income Strategy Fund ** | | 2.05% | | $1,000.00 | | $1,028.00 | | $10.42 | | $1,014.87 | | $10.41 |
| | | | | | | | | | | | |
| * | Expenses Paid during the period are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the full six-month period). |
| ** | “Actual” expense information is for the period from 5/2/2020 (date of initial investment) to 10/31/2020. Actual expenses are equal to the Fund’s annualized net expense ratio multiplied by 183/365 (to reflect the period from initial investment to October 31, 2020). “Hypothetical” expense information for the Fund is presented on the basis of the full one-half year period to enable comparison to other funds. It is based on assuming the same net expense ratio and average account value over the period, but it is multiplied by 184/365 (to reflect the full half-year period). |
THE PACIFIC FINANCIAL FUNDS |
Supplemental Information (Unaudited) |
October 31, 2020 |
Pacific Financial Group, LLC Adviser to PFG American Funds Growth Strategy Fund, PFG American Funds Conservative Income Strategy Fund, PFG BR Equity ESG Strategy Fund (f/k/a PFG BR Equity ETF Strategy Fund), PFG Sector Equity Business Cycle Strategy Fund, PFG Equity Index Focused Strategy Fund, and PFG Tactical Income Strategy Fund (“the New PFG Funds”)*
In connection with the regular meeting held on March 18-19, 2020 of the Board of Trustees (the “Trustees” or the “Board”) of the Northern Lights Fund Trust (the “Trust”), including a majority of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended, discussed the approval of an investment advisory agreement (the “Advisory Agreement”) between The Pacific Financial Group, LLC (“PFG” or “Adviser”) and the Trust, with respect to the New Funds. In considering the approval of the Advisory Agreement, the Board received materials specifically relating to the Advisory Agreement.
The Trustees were assisted by independent legal counsel throughout the Advisory Agreement review process. The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreement.
Nature, Extent and Quality of Services. The Trustees noted that PFG was founded in 1984 and managed approximately $2.3 billion in assets, and provided asset management services through a suite of investment strategies that were used as the basis to create customized model portfolios that could be offered by financial intermediaries to retirement plan participants. They reviewed the background information of the key investment personnel that would be responsible for servicing the New PFG Funds, taking into consideration the team’s diverse financial industry experience. The Trustees considered that the Adviser would utilize research provided by independent asset managers that would propose investment allocations to proprietary and non-proprietary funds. They further considered that the Adviser would utilize a proprietary investment process referred to as “Rational Analysis,” which combined financial research, technical analysis, and quantitative analysis. They noted that the Adviser would implement proprietary software called RiskPro to estimate the forward-looking annual range of returns of each New PFG Fund’s portfolio taking into account the portfolio’s volatility vs. the volatility of the S&P 500 Index over a 12-month period. The Trustees noted that the Adviser would monitor compliance with each New PFG Fund’s investment restrictions by reviewing each Fund’s day-to-day activities and reviewing trades and holdings to confirm all were acceptable and within investment guidelines. They considered that the Adviser selected broker-dealers based on a quarterly review and evaluation based on qualitative, operational and service factors. The Trustees appreciated the Adviser’s focus on risk management, compliance, and willingness to invest in resources the investment team could use to support the investment process. The Trustees concluded that the Adviser was well positioned to provide quality service to the New PFG Funds and their future shareholders.
Performance. The Trustees reviewed the investment objective of each New PFG Fund and its anticipated Morningstar category. They reviewed performance of separately managed accounts and other open-end funds managed by the portfolio management team at PFG and agreed that performance of these accounts and funds compared reasonably to benchmark indices in each instance. The Trustees noted that the separately managed accounts and mutual funds for which performance information had been provided might not be directly comparable because they were not managed in an identical fashion to the New PFG Funds. The Trustees discussed PFG’s use of allocation models produced by research providers. After discussion, the Trustees concluded that the Adviser had the potential to provide satisfactory performance for each New PFG Fund.
Fees and Expenses. The Trustees reviewed the proposed advisory fee of each of the New PFG Funds as compared to its custom Morningstar category and peer group. The Trustees noted that the advisory fee for each New PFG Fund was 1.25%, which decreased to 1.20% when the total assets of all Funds in the Trust managed by PFG exceed $3 billion in the aggregate. They further noted that each New PFG Fund’s advisory fee exceeded its respective peer group median and averages. The Trustees reviewed each Fund’s net expense ratio, acknowledging that the net expense ratio for the Funds ranged between 2.40% and 3.15%. They acknowledged that each New PFG Fund’s net expense ratio exceeded its respective peer group median and average. The Trustees discussed that the peer groups and custom Morningstar categories provided by Broadridge were informative but did not appear to be wholly reflective of each Fund’s respective strategy or use within asset allocation models. The Trustees further
THE PACIFIC FINANCIAL FUNDS |
Supplemental Information (Unaudited)(Continued) |
October 31, 2020 |
noted that the median expense ratios of the peer groups provided did not reflect the total expenses of those funds, as acquired fund fees and expenses of those funds had been excluded from the report. The Trustees considered that the risk-based strategies provide shareholders the opportunity to determine their investment plan based on an individual risk profile. After considering the nature of each New PFG Fund’s strategy, the Trustees concluded that the advisory fee for each Fund was not unreasonable.
Economies of Scale. The Trustees reviewed the Adviser’s asset projections, and noted the Adviser’s assertion that the asset levels at which economies of scale would be achieved were unlikely to be realized in the near term, and that the Adviser expected to utilize capital from growth to implement a variety of enhancements that could indirectly benefit shareholders. They considered, however, the Adviser’s willingness to discuss the matter of economies as each New PFG Fund’s size materially increased. The Trustees concluded that economies were unlikely to be reached during the initial term of the agreement. The Trustees acknowledged that the Adviser had agreed to implement a breakpoint at which each New PFG Fund’s advisory fee would be reduced by 5 basis points when the aggregate of all Funds it advised in the Trust exceed $3 billion in total assets. They considered the Adviser’s use of the New PFG Funds in asset allocation models as an important consideration in applying breakpoints at the fund family level, rather than at the fund level, enabling the Adviser to allocate investor assets without concern over any differences in expense. The Trustees agreed that the proposed breakpoint adequately addressed the issue of economies of scale and was an appropriate level at which to share economies with shareholders.
Profitability. The Trustees reviewed the profit analysis provided by PFG. They noted that because each New PFG Fund had not yet commenced operations, the profitability analysis provided was an estimate based on projected asset growth over the first 24 months of operations. They noted that PFG projected making a solid profit in terms of actual dollars and percentage of revenue in connection with its relationship to each Fund if estimated asset levels were achieved. They reasoned that based on the information provided by the Adviser, the estimated profitability was not excessive.
Conclusion. Having requested and received such information from the Adviser as the Trustees believed to be reasonably necessary to evaluate the terms of the advisory agreement, and as assisted by the advice of counsel, the Trustees concluded that each New PFG Fund’s advisory fee was not unreasonable and that approval of the advisory agreement was in the best interests of future shareholders of each New PFG Fund.
| * | Due to the timing of the contract renewal schedule, these deliberations may or may not relate to the current performance results of the Funds. |
PRIVACY NOTICE
Northern Lights Fund Trust
Rev. February 2014
FACTS | WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depends on the product or service that you have with us. This information can include: ● Social Security number and wire transfer instructions ● account transactions and transaction history ● investment experience and purchase history When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Northern Lights Fund Trust chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information: | Does Northern Lights Fund Trust share information? | Can you limit this sharing? |
For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | YES | NO |
For our marketing purposes - to offer our products and services to you. | NO | We don’t share |
For joint marketing with other financial companies. | NO | We don’t share |
For our affiliates’ everyday business purposes - information about your transactions and records. | NO | We don’t share |
For our affiliates’ everyday business purposes - information about your credit worthiness. | NO | We don’t share |
For nonaffiliates to market to you | NO | We don’t share |
QUESTIONS? | Call 1-402-493-4603 |
PRIVACY NOTICE
Northern Lights Fund Trust
What we do: |
How does Northern Lights Fund Trust protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
How does Northern Lights Fund Trust collect my personal information? | We collect your personal information, for example, when you ● open an account or deposit money ● direct us to buy securities or direct us to sell your securities ● seek advice about your investments We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only: ● sharing for affiliates’ everyday business purposes – information about your creditworthiness. ● affiliates from using your information to market to you. ● sharing for nonaffiliates to market to you. State laws and individual companies may give you additional rights to limit sharing. |
Definitions |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. ● Northern Lights Fund Trust does not share with our affiliates. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. ● Northern Lights Fund Trust does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ● Northern Lights Fund Trust doesn’t jointly market. |
PROXY VOTING POLICY
Information regarding how a Fund voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that a Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-888-451-TPFG or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
PORTFOLIO HOLDINGS
Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Form N-PORT is available on the SEC’s website at http://www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-888-451-TPFG.
INVESTMENT ADVISOR |
The Pacific Financial Group, LLC |
2077 West Coast Highway |
Newport Beach, CA 92663 |
|
ADMINISTRATOR |
Gemini Fund Services, LLC |
4221 North 203rd Street, Suite 100 |
Elkhorn, NE 68022 |
Item 2. Code of Ethics. Not applicable.
Item 3. Audit Committee Financial Expert. Not applicable.
Item 4. Principal Accountant Fees and Services. Not applicable.
Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.
Item 6. Schedule of Investments. Schedule of investments in securities of unaffiliated issuers is included under Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed-End Funds. Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders. None
Item 11. Controls and Procedures.
(a) Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no significant changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Not applicable.
(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.
(a)(3) Not applicable for open-end investment companies.
(b) Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Northern Lights Fund Trust
By (Signature and Title)
/s/ Kevin Wolf
Kevin Wolf, President
Date 1/7/21
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)
/s/ Kevin Wolf
Kevin Wolf, President
Date 1/7/21
By (Signature and Title)
/s/ Jim Colantino
Jim Colantino, Treasurer
Date 1/7/21