| PFG ACTIVE CORE BOND STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| July 31, 2021 |
| Shares | Fair Value | |||||||
| OPEN END FUNDS — 99.4% | ||||||||
| FIXED INCOME - 99.4% | ||||||||
| 715,075 | PIMCO Emerging Markets Bond Fund, Institutional Class | $ | 7,601,246 | |||||
| 3,793,701 | PIMCO Income Fund, Institutional Class | 45,865,843 | ||||||
| 702,610 | PIMCO International Bond Fund U.S. Dollar-Hedged, Institutional Class | 7,707,636 | ||||||
| 1,793,299 | PIMCO Investment Grade Credit Bond Fund, Institutional Class | 19,905,617 | ||||||
| 1,389,823 | PIMCO Mortgage Opportunities and Bond Fund, Institutional Class | 15,274,155 | ||||||
| 5,411,134 | PIMCO Total Return Fund, Institutional Class | 56,654,571 | ||||||
| 153,009,068 | ||||||||
| TOTAL OPEN END FUNDS (Cost $150,439,281) | 153,009,068 | |||||||
| SHORT-TERM INVESTMENTS — 0.9% | ||||||||
| MONEY MARKET FUNDS - 0.9% | ||||||||
| 1,364,591 | BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $1,364,591)(a) | 1,364,591 | ||||||
| TOTAL INVESTMENTS - 100.3% (Cost $151,803,872) | $ | 154,373,659 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)% | (494,934 | ) | ||||||
| NET ASSETS - 100.0% | $ | 153,878,725 | ||||||
| (a) | Rate disclosed is the seven day effective yield as of July 31, 2021. |
| PFG AMERICAN FUNDS ® CONSERVATIVE INCOME STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| July 31, 2021 |
| Shares | Fair Value | |||||||
| OPEN END FUNDS — 99.7% | ||||||||
| EQUITY - 10.0% | ||||||||
| 397,075 | American Mutual Fund, Class R-6 | $ | 20,191,248 | |||||
| FIXED INCOME - 69.7% | ||||||||
| 2,941,335 | American Funds - Bond Fund of America (The), Class R-6 | 40,060,981 | ||||||
| 1,746,300 | American Funds Strategic Bond Fund, Class R-6 | 20,152,298 | ||||||
| 2,884,448 | American Intermediate Bond Fund of America, Class R-6 | 40,064,983 | ||||||
| 4,020,708 | American Short Term Bond Fund of America, Class R-6 | 40,367,907 | ||||||
| 140,646,169 | ||||||||
| MIXED ALLOCATION - 20.0% | ||||||||
| 610,849 | American Balanced Fund, Class R-6 | 20,182,454 | ||||||
| 779,007 | The Income Fund of America, Class R-6 | 20,199,651 | ||||||
| 40,382,105 | ||||||||
| TOTAL OPEN END FUNDS (Cost $196,481,328) | 201,219,522 | |||||||
| SHORT-TERM INVESTMENTS — 1.3% | ||||||||
| MONEY MARKET FUNDS - 1.3% | ||||||||
| 2,546,911 | BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $2,546,911)(a) | 2,546,911 | ||||||
| TOTAL INVESTMENTS - 101.0% (Cost $199,028,239) | $ | 203,766,433 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (1.0)% | (1,996,863 | ) | ||||||
| NET ASSETS - 100.0% | $ | 201,769,570 | ||||||
| (a) | Rate disclosed is the seven day effective yield as of July 31, 2021. |
| PFG AMERICAN FUNDS GROWTH STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| July 31, 2021 |
| Shares | Fair Value | |||||||
| OPEN END FUNDS — 99.9% | ||||||||
| EQUITY - 99.9% | ||||||||
| 3,569,920 | AMCAP Fund, Class R-6 | $ | 157,968,952 | |||||
| 2,598,476 | American - The Growth Fund of America, Class R-6 | 197,198,362 | ||||||
| 1,223,203 | American Funds - New Economy Fund (The), Class R-6 | 79,410,313 | ||||||
| 2,054,798 | American Funds Fundamental Investors, Class R-6 | 158,774,214 | ||||||
| 1,166,335 | American New Perspective Fund, Class R-6 | 79,112,501 | ||||||
| 1,307,237 | Smallcap World Fund, Inc., Class R-6 | 119,402,986 | ||||||
| 791,867,328 | ||||||||
| TOTAL OPEN END FUNDS (Cost $644,059,377) | 791,867,328 | |||||||
| SHORT-TERM INVESTMENTS — 0.6% | ||||||||
| MONEY MARKET FUNDS - 0.6% | ||||||||
| 5,027,610 | BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $5,027,610)(a) | 5,027,610 | ||||||
| TOTAL INVESTMENTS - 100.5% (Cost $649,086,987) | $ | 796,894,938 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)% | (4,053,882 | ) | ||||||
| NET ASSETS - 100.0% | $ | 792,841,056 | ||||||
| (a) | Rate disclosed is the seven day effective yield as of July 31, 2021. |
| PFG BALANCED STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| July 31, 2021 |
| Shares | Fair Value | |||||||
| EXCHANGE-TRADED FUNDS — 41.7% | ||||||||
| EQUITY - 41.7% | ||||||||
| 103,427 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | $ | 9,131,570 | |||||
| 99,428 | iShares Core S&P Small-Cap ETF | 10,962,932 | ||||||
| 158,726 | iShares Morningstar Mid-Cap ETF | 10,718,449 | ||||||
| 142,946 | iShares S&P 500 Growth ETF | 10,789,564 | ||||||
| 95,651 | iShares U.S. Home Construction ETF | 6,844,786 | ||||||
| 80,536 | Materials Select Sector SPDR Fund | 6,766,635 | ||||||
| 247,048 | SPDR Portfolio S&P 500 Value ETF | 9,847,333 | ||||||
| 24,083 | Vanguard S&P 500 ETF | 9,709,061 | ||||||
| 74,770,330 | ||||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $61,760,005) | 74,770,330 | |||||||
| OPEN END FUNDS — 57.9% | ||||||||
| ALTERNATIVE - 10.0% | ||||||||
| 682,418 | JPMorgan Hedged Equity Fund, Class I | 17,940,774 | ||||||
| EQUITY - 5.0% | ||||||||
| 68,484 | Akre Focus Fund, Institutional Class | 4,523,359 | ||||||
| 228,215 | Fidelity Select Leisure Portfolio | 4,390,855 | ||||||
| 8,914,214 | ||||||||
| FIXED INCOME - 17.9% | ||||||||
| 306,028 | Guggenheim- Total Return Bond Fund, Institutional Class | 8,981,934 | ||||||
| 1,494,196 | Semper MBS Total Return Fund, Institutional Class | 14,374,168 | ||||||
| 896,658 | T Rowe Price Institutional Floating Rate Fund, Investor Class | 8,733,449 | ||||||
| 32,089,551 | ||||||||
| MIXED ALLOCATION - 25.0% | ||||||||
| 500,395 | BlackRock Balanced Capital Fund, Inc., Institutional Class | 14,416,392 | ||||||
| 511,685 | Fidelity Puritan Trust - Fidelity Balanced Fund | 16,194,834 | ||||||
| 315,258 | Janus Henderson Balanced Fund, Class I | 14,334,792 | ||||||
| 44,946,018 | ||||||||
| TOTAL OPEN END FUNDS (Cost $90,533,300) | 103,890,557 | |||||||
| PFG BALANCED STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2021 |
| Shares | Fair Value | |||||||
| SHORT-TERM INVESTMENTS — 0.3% | ||||||||
| MONEY MARKET FUNDS - 0.3% | ||||||||
| 469,315 | BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $469,315)(a) | $ | 469,315 | |||||
| TOTAL INVESTMENTS - 99.9% (Cost $152,762,620) | $ | 179,130,202 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1% | 141,110 | |||||||
| NET ASSETS - 100.0% | $ | 179,271,312 | ||||||
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor’s Depositary Receipt |
| (a) | Rate disclosed is the seven day effective yield as of July 31, 2021. |
| PFG BNY MELLON DIVERSIFIER STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| July 31, 2021 |
| Shares | Fair Value | |||||||
| OPEN END FUNDS — 99.5% | ||||||||
| ALTERNATIVE - 39.8% | ||||||||
| 3,802,204 | BNY Mellon Global Real Return, Class I | $ | 65,892,200 | |||||
| EQUITY - 11.9% | ||||||||
| 940,627 | BNY Mellon Global Real Estate Securities Fund, Class I | 9,961,244 | ||||||
| 261,033 | BNY Mellon Natural Resources Fund, Class I | 9,825,298 | ||||||
| 19,786,542 | ||||||||
| FIXED INCOME - 47.8% | ||||||||
| 5,822,194 | BNY Mellon Core Plus Fund, Class I | 64,393,468 | ||||||
| 1,294,048 | BNY Mellon Floating Rate Income Fund, Class I | 14,842,726 | ||||||
| 79,236,194 | ||||||||
| TOTAL OPEN END FUNDS (Cost $158,647,936) | 164,914,936 | |||||||
| SHORT-TERM INVESTMENTS — 0.7% | ||||||||
| MONEY MARKET FUNDS - 0.7% | ||||||||
| 1,104,169 | BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $1,104,169)(a) | 1,104,169 | ||||||
| TOTAL INVESTMENTS - 100.2% (Cost $159,752,105) | $ | 166,019,105 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)% | (388,237 | ) | ||||||
| NET ASSETS - 100.0% | $ | 165,630,868 | ||||||
| (a) | Rate disclosed is the seven day effective yield as of July 31, 2021. |
| PFG BR EQUITY ESG STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| July 31, 2021 |
| Shares | Fair Value | |||||||
| EXCHANGE-TRADED FUNDS — 99.6% | ||||||||
| EQUITY - 99.6% | ||||||||
| 206,213 | iShares ESG Advanced MSCI EAFE ETF(a) | $ | 14,138,974 | |||||
| 802,385 | iShares ESG Advanced MSCI USA ETF(a) | 29,792,555 | ||||||
| 350,700 | iShares ESG Aware MSCI USA ETF | 35,301,462 | ||||||
| 487,242 | iShares ESG Aware MSCI USA Small-Cap ETF | 19,285,038 | ||||||
| 179,784 | iShares Inc iShares ESG Aware MSCI EM ETF | 7,592,278 | ||||||
| 125,251 | iShares Trust - iShares MSCI KLD 400 Social ETF | 10,655,103 | ||||||
| 275,691 | iShares Trust iShares ESG Aware MSCI EAFE ETF | 21,933,976 | ||||||
| 138,699,386 | ||||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $119,544,460) | 138,699,386 | |||||||
| SHORT-TERM INVESTMENTS — 0.7% | ||||||||
| MONEY MARKET FUNDS - 0.7% | ||||||||
| 910,738 | BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $910,738)(b) | 910,738 | ||||||
| TOTAL INVESTMENTS - 100.3% (Cost $120,455,198) | $ | 139,610,124 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)% | (452,590 | ) | ||||||
| NET ASSETS - 100.0% | $ | 139,157,534 | ||||||
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| (a) | Affiliated Company — PFG BR Equity ESG Strategy Fund holds in excess of 5% of outstanding voting securities of this security. |
| (b) | Rate disclosed is the seven day effective yield as of July 31, 2021. |
| PFG EQUITY STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| July 31, 2021 |
| Shares | Fair Value | |||||||
| EXCHANGE-TRADED FUNDS — 70.3% | ||||||||
| EQUITY - 70.3% | ||||||||
| 184,840 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | $ | 16,319,524 | |||||
| 197,903 | iShares Core S&P Small-Cap ETF | 21,820,785 | ||||||
| 290,363 | iShares Morningstar Mid-Cap ETF | 19,607,633 | ||||||
| 165,321 | iShares S&P 500 Growth ETF | 12,478,429 | ||||||
| 134,515 | iShares U.S. Home Construction ETF | 9,625,893 | ||||||
| 114,374 | Materials Select Sector SPDR Fund | 9,609,703 | ||||||
| 594,750 | SPDR Portfolio S&P 500 Value ETF | 23,706,736 | ||||||
| 173,374 | Vanguard Russell 1000 Growth ETF | 12,500,265 | ||||||
| 34,722 | Vanguard S&P 500 ETF | 13,998,174 | ||||||
| 139,667,142 | ||||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $115,219,916) | 139,667,142 | |||||||
| OPEN END FUNDS — 29.4% | ||||||||
| ALTERNATIVE - 9.8% | ||||||||
| 741,891 | JPMorgan Hedged Equity Fund, Class I | 19,504,309 | ||||||
| EQUITY - 19.6% | ||||||||
| 191,781 | Akre Focus Fund, Institutional Class | 12,667,123 | ||||||
| 497,628 | Fidelity Select Leisure Portfolio | 9,574,366 | ||||||
| 257,298 | Jensen Quality Growth Fund, Class Y | 16,580,289 | ||||||
| 38,821,778 | ||||||||
| TOTAL OPEN END FUNDS (Cost $47,534,329) | 58,326,087 | |||||||
| SHORT-TERM INVESTMENTS — 0.5% | ||||||||
| MONEY MARKET FUNDS - 0.5% | ||||||||
| 1,015,622 | BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $1,015,622)(a) | 1,015,622 | ||||||
| TOTAL INVESTMENTS - 100.2% (Cost $163,769,867) | $ | 199,008,851 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)% | (392,697 | ) | ||||||
| NET ASSETS - 100.0% | $ | 198,616,154 | ||||||
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor’s Depositary Receipt |
| (a) | Rate disclosed is the seven day effective yield as of July 31, 2021. |
| PFG FIDELITY INSTITUTIONAL AM ® EQUITY INDEX STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| July 31, 2021 |
| Shares | Fair Value | |||||||
| OPEN END FUNDS — 99.7% | ||||||||
| EQUITY - 99.7% | ||||||||
| 564,231 | Fidelity 500 Index Fund, Institutional Premium Class | $ | 86,124,284 | |||||
| 2,642,684 | Fidelity Global ex US Index Fund, Institutional Premium Class | 41,384,430 | ||||||
| 274,615 | Fidelity Mid Cap Index Fund, Institutional Premium Class | 8,655,854 | ||||||
| 244,282 | Fidelity Small Cap Index Fund, Institutional Premium Class | 6,896,094 | ||||||
| 143,060,662 | ||||||||
| TOTAL OPEN END FUNDS (Cost $98,821,686) | 143,060,662 | |||||||
| SHORT-TERM INVESTMENTS — 0.6% | ||||||||
| MONEY MARKET FUNDS - 0.6% | ||||||||
| 923,636 | BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $923,636)(a) | 923,636 | ||||||
| TOTAL INVESTMENTS - 100.3% (Cost $99,745,322) | $ | 143,984,298 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)% | (459,715 | ) | ||||||
| NET ASSETS - 100.0% | $ | 143,524,583 | ||||||
| (a) | Rate disclosed is the seven day effective yield as of July 31, 2021. |
| PFG FIDELITY INSTITUTIONAL AM ® EQUITY SECTOR STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| July 31, 2021 |
| Shares | Fair Value | |||||||
| EXCHANGE-TRADED FUNDS — 28.1% | ||||||||
| EQUITY - 28.1% | ||||||||
| 387,231 | Fidelity MSCI Industrials Index ETF | $ | 21,131,196 | |||||
| 172,946 | Fidelity MSCI Materials Index ETF | 8,112,897 | ||||||
| 173,244 | Fidelity MSCI Real Estate Index ETF | 5,505,694 | ||||||
| 145,361 | Industrial Select Sector SPDR Fund | 15,024,513 | ||||||
| 49,774,300 | ||||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $41,349,126) | 49,774,300 | |||||||
| OPEN END FUNDS — 71.7% | ||||||||
| EQUITY - 71.7% | ||||||||
| 212,595 | Fidelity Advisor Consumer Discretionary Fund, Class Z | 10,650,987 | ||||||
| 422,299 | Fidelity Advisor Health Care Fund, Class Z | 32,327,019 | ||||||
| 370,694 | Fidelity Advisor Industrials Fund, Class Z | 18,019,418 | ||||||
| 124,792 | Fidelity Advisor Semiconductors Fund, Class I | 6,163,470 | ||||||
| 192,617 | Fidelity Advisor Technology Fund, Class Z | 21,729,120 | ||||||
| 1,977,580 | Fidelity Select Semiconductors Portfolio | 37,811,338 | ||||||
| 126,701,352 | ||||||||
| TOTAL OPEN END FUNDS (Cost $109,385,647) | 126,701,352 | |||||||
| SHORT-TERM INVESTMENTS — 0.6% | ||||||||
| MONEY MARKET FUNDS - 0.6% | ||||||||
| 1,002,351 | BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $1,002,351)(a) | 1,002,351 | ||||||
| TOTAL INVESTMENTS - 100.4% (Cost $151,737,124) | $ | 177,478,003 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)% | (691,677 | ) | ||||||
| NET ASSETS - 100.0% | $ | 176,786,326 | ||||||
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor’s Depositary Receipt |
| (a) | Rate disclosed is the seven day effective yield as of July 31, 2021. |
| PFG GLOBAL STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| July 31, 2021 |
| Shares | Fair Value | |||||||
| EXCHANGE-TRADED FUNDS — 80.1% | ||||||||
| EQUITY - 80.1% | ||||||||
| 15,888 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | $ | 1,402,752 | |||||
| 40,394 | Invesco International BuyBack Achievers ETF | 1,816,922 | ||||||
| 31,509 | iShares Core MSCI Emerging Markets ETF | 1,991,684 | ||||||
| 31,907 | iShares Core MSCI Europe ETF | 1,859,221 | ||||||
| 5,201 | iShares Core S&P 500 ETF | 2,290,519 | ||||||
| 12,752 | iShares Core S&P Small-Cap ETF | 1,406,036 | ||||||
| 20,641 | iShares Morningstar Mid-Cap ETF | 1,393,845 | ||||||
| 22,924 | iShares MSCI EAFE ETF | 1,822,229 | ||||||
| 17,266 | iShares S&P 500 Growth ETF | 1,303,238 | ||||||
| 12,273 | iShares U.S. Home Construction ETF | 878,256 | ||||||
| 9,602 | Materials Select Sector SPDR Fund | 806,760 | ||||||
| 37,305 | SPDR Portfolio S&P 500 Value ETF | 1,486,977 | ||||||
| 18,458,439 | ||||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $16,633,449) | 18,458,439 | |||||||
| OPEN END FUNDS — 19.2% | ||||||||
| EQUITY - 19.2% | ||||||||
| 20,467 | American New Perspective Fund, Class R-6 | 1,388,291 | ||||||
| 27,011 | Fidelity Select Leisure Portfolio | 519,691 | ||||||
| 34,792 | T Rowe Price Global Stock Fund, Class I | 2,522,759 | ||||||
| 4,430,741 | ||||||||
| TOTAL OPEN END FUNDS (Cost $3,371,819) | 4,430,741 | |||||||
| SHORT-TERM INVESTMENTS — 0.9% | ||||||||
| MONEY MARKET FUNDS - 0.9% | ||||||||
| 206,836 | BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $206,836)(a) | 206,836 | ||||||
| TOTAL INVESTMENTS - 100.2% (Cost $20,212,104) | $ | 23,096,016 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)% | (40,708 | ) | ||||||
| NET ASSETS - 100.0% | $ | 23,055,308 | ||||||
| EAFE | - Europe, Australasia and Far East |
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor’s Depositary Receipt |
| (a) | Rate disclosed is the seven day effective yield as of July 31, 2021. |
| PFG JP MORGAN ® TACTICAL AGGRESSIVE STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| July 31, 2021 |
| Shares | Fair Value | |||||||
| EXCHANGE-TRADED FUNDS — 34.5% | ||||||||
| EQUITY - 34.5% | ||||||||
| 212,743 | JPMorgan Diversified Return Emerging Markets Equity ETF(a) | $ | 12,315,160 | |||||
| 126,245 | JPMorgan Diversified Return International Equity ETF | 7,870,113 | ||||||
| 188,427 | JPMorgan Diversified Return US Equity ETF | 18,537,128 | ||||||
| 27,639 | JPMorgan Diversified Return US Mid Cap Equity ETF | 2,463,644 | ||||||
| 37,398 | JPMorgan Diversified Return US Small Cap Equity ETF | 1,627,561 | ||||||
| 117,138 | JPMorgan US Momentum Factor ETF | 5,220,841 | ||||||
| 229,720 | JPMorgan US Value Factor ETF | 8,382,483 | ||||||
| 56,416,930 | ||||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $46,237,889) | 56,416,930 | |||||||
| OPEN END FUNDS — 65.3% | ||||||||
| EQUITY - 65.3% | ||||||||
| 298,525 | JPMorgan Equity Index Fund, Class R6 | 19,968,337 | ||||||
| 333,331 | JPMorgan Europe Dynamic Fund, Class R6 | 10,656,583 | ||||||
| 284,271 | JPMorgan International Focus Fund, Class R6 | 7,951,065 | ||||||
| 837,509 | JPMorgan International Research Enhanced Equity, Class R6 | 17,570,942 | ||||||
| 240,455 | JPMorgan Large Cap Growth Fund, Class R6 | 16,884,725 | ||||||
| 1,212,981 | JPMorgan Large Cap Value Fund, Class R6 | 23,907,848 | ||||||
| 446,082 | JPMorgan Realty Income Fund, Class R6 | 7,431,722 | ||||||
| 31,133 | Undiscovered Managers Behavioral Value Fund, Class R6(b) | 2,504,339 | ||||||
| 106,875,561 | ||||||||
| TOTAL OPEN END FUNDS (Cost $87,512,653) | 106,875,561 | |||||||
| SHORT-TERM INVESTMENTS — 0.5% | ||||||||
| MONEY MARKET FUNDS - 0.5% | ||||||||
| 851,499 | BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $851,499)(c) | 851,499 | ||||||
| TOTAL INVESTMENTS - 100.3% (Cost $134,602,041) | $ | 164,143,990 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)% | (561,150 | ) | ||||||
| NET ASSETS - 100.0% | $ | 163,582,840 | ||||||
| ETF | - Exchange-Traded Fund |
| (a) | Affiliated Company — PFG JP Morgan ® Tactical Aggressive Strategy Fund holds in excess of 5% of outstanding voting securities of this security. |
| (b) | Non-income producing security. |
| (c) | Rate disclosed is the seven day effective yield as of July 31, 2021. |
| PFG JP MORGAN ® TACTICAL MODERATE STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| July 31, 2021 |
| Shares | Fair Value | |||||||
| EXCHANGE-TRADED FUNDS — 31.3% | ||||||||
| EQUITY - 31.3% | ||||||||
| 136,713 | JPMorgan Diversified Return Emerging Markets Equity ETF(a) | $ | 7,913,974 | |||||
| 181,817 | JPMorgan Diversified Return International Equity ETF | 11,334,472 | ||||||
| 119,177 | JPMorgan Diversified Return US Equity ETF | 11,724,430 | ||||||
| 38,847 | JPMorgan Diversified Return US Mid Cap Equity ETF | 3,462,686 | ||||||
| 40,036 | JPMorgan Diversified Return US Small Cap Equity ETF | 1,742,367 | ||||||
| 158,716 | JPMorgan US Momentum Factor ETF | 7,073,972 | ||||||
| 320,259 | JPMorgan US Value Factor ETF | 11,686,251 | ||||||
| 54,938,152 | ||||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $42,222,303) | 54,938,152 | |||||||
| OPEN END FUNDS — 64.2% | ||||||||
| ALTERNATIVE - 3.2% | ||||||||
| 214,625 | JPMorgan Hedged Equity Fund, Class R6 | 5,655,363 | ||||||
| EQUITY - 29.6% | ||||||||
| 157,777 | JPMorgan Equity Index Fund, Class R6 | 10,553,688 | ||||||
| 301,911 | JPMorgan Europe Dynamic Fund, Class R6 | 9,652,099 | ||||||
| 307,556 | JPMorgan International Focus Fund, Class R6 | 8,602,350 | ||||||
| 64,694 | JPMorgan Large Cap Growth Fund, Class R6 | 4,542,827 | ||||||
| 587,196 | JPMorgan Large Cap Value Fund, Class R6 | 11,573,624 | ||||||
| 291,851 | JPMorgan Realty Income Fund, Class R6 | 4,862,242 | ||||||
| 28,082 | Undiscovered Managers Behavioral Value Fund, Class R6 | 2,258,955 | ||||||
| 52,045,785 | ||||||||
| FIXED INCOME - 31.4% | ||||||||
| 2,399,483 | JPMorgan Core Bond Fund, Class R6 | 29,153,722 | ||||||
| 816,234 | JPMorgan Core Plus Bond Fund, Class R6 | 7,060,428 | ||||||
| 356,009 | JPMorgan High Yield Fund, Class R6 | 2,605,986 | ||||||
| 1,708,044 | JPMorgan Income Fund, Class R6 | 16,277,662 | ||||||
| 55,097,798 | ||||||||
| TOTAL OPEN END FUNDS (Cost $103,589,774) | 112,798,946 | |||||||
| PFG JP MORGAN ® TACTICAL MODERATE STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2021 |
| Shares | Fair Value | |||||||
| SHORT-TERM INVESTMENTS — 5.5% | ||||||||
| MONEY MARKET FUNDS - 5.5% | ||||||||
| 9,737,809 | BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $9,737,809)(b) | $ | 9,737,809 | |||||
| TOTAL INVESTMENTS - 101.0% (Cost $155,549,886) | $ | 177,474,907 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (1.0)% | (1,839,527 | ) | ||||||
| NET ASSETS - 100.0% | $ | 175,635,380 | ||||||
| ETF | - Exchange-Traded Fund |
| (a) | Affiliated Company — PFG JP Morgan ® Tactical Moderate Strategy Fund holds in excess of 5% of outstanding voting securities of this security. |
| (b) | Rate disclosed is the seven day effective yield as of July 31, 2021. |
| PFG MEEDER TACTICAL STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| July 31, 2021 |
| Shares | Fair Value | |||||||
| OPEN END FUNDS — 99.7% | ||||||||
| ALTERNATIVE - 10.1% | ||||||||
| 771,407 | Meeder Spectrum Fund, Institutional Class(a) | $ | 10,876,846 | |||||
| EQUITY - 27.9% | ||||||||
| 1,039,069 | Meeder Moderate Allocation Fund, Institutional Class(a) (b) | 13,809,222 | ||||||
| 1,718,922 | Meeder Muirfield Fund, Institutional Class | 16,381,325 | ||||||
| 30,190,547 | ||||||||
| MIXED ALLOCATION - 61.7% | ||||||||
| 3,794,077 | Meeder Balanced Fund, Institutional Class(a) (b) | 54,103,535 | ||||||
| 501,707 | Meeder Conservative Allocation Fund, Institutional Class(a) | 12,582,823 | ||||||
| 66,686,358 | ||||||||
| TOTAL OPEN END FUNDS (Cost $88,852,569) | 107,753,751 | |||||||
| SHORT-TERM INVESTMENTS — 0.5% | ||||||||
| MONEY MARKET FUNDS - 0.5% | ||||||||
| 517,937 | BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $517,937)(b) | 517,937 | ||||||
| TOTAL INVESTMENTS - 100.2% (Cost $89,370,506) | $ | 108,271,688 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)% | (201,092 | ) | ||||||
| NET ASSETS - 100.0% | $ | 108,070,596 | ||||||
| (a) | Affiliated Company — PFG Meeder Tactical Strategy Fund holds in excess of 5% of outstanding voting securities of this security. |
| (b) | Security is currently being valued according to the fair value procedures approved by the Board of Trustees. |
| (b) | Rate disclosed is the seven day effective yield as of July 31, 2021. |
| PFG MFS ® AGGRESSIVE GROWTH STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| July 31, 2021 |
| Shares | Fair Value | |||||||
| EXCHANGE-TRADED FUNDS — 15.0% | ||||||||
| COMMODITY - 5.0% | ||||||||
| 239,435 | iShares GSCI Commodity Dynamic | $ | 8,344,310 | |||||
| EQUITY - 10.0% | ||||||||
| 78,318 | Schwab International Small-Cap Equity ETF | 3,321,466 | ||||||
| 115,912 | SPDR Portfolio Emerging Markets ETF | 4,966,828 | ||||||
| 14,674 | Vanguard Small-Cap Growth ETF | 4,195,884 | ||||||
| 24,187 | Vanguard Small-Cap Value ETF | 4,131,140 | ||||||
| 16,615,318 | ||||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $19,338,787) | 24,959,628 | |||||||
| OPEN END FUNDS — 84.7% | ||||||||
| EQUITY - 84.7% | ||||||||
| 391,101 | MFS Global Real Estate Fund, Class I | 8,342,187 | ||||||
| 104,662 | MFS Growth Fund, Class R6 | 19,848,057 | ||||||
| 247,194 | MFS Institutional International Equity Fund, Class I | 8,313,137 | ||||||
| 180,599 | MFS International Growth Fund, Class R5 | 8,322,005 | ||||||
| 624,083 | MFS International Large Cap Value Fund, Class I | 8,294,061 | ||||||
| 81,668 | MFS International New Discovery Fund, Class R6 | 3,292,854 | ||||||
| 503,421 | MFS Mid Cap Growth Fund, Class R6 | 16,768,965 | ||||||
| 529,266 | MFS Mid Cap Value Fund, Class R5 | 16,645,424 | ||||||
| 304,192 | MFS Research Fund, Class R6 | 18,288,015 | ||||||
| 550,496 | MFS Research International Fund, Class R6 | 13,195,401 | ||||||
| 382,174 | MFS Value Fund, Class R6 | 19,980,037 | ||||||
| 141,290,143 | ||||||||
| TOTAL OPEN END FUNDS (Cost $107,473,070) | 141,290,143 | |||||||
| PFG MFS ® AGGRESSIVE GROWTH STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2021 |
| Shares | Fair Value | |||||||
| SHORT-TERM INVESTMENTS — 0.7% | ||||||||
| MONEY MARKET FUNDS - 0.7% | ||||||||
| 1,151,804 | BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $1,151,804)(a) | $ | 1,151,804 | |||||
| TOTAL INVESTMENTS - 100.4% (Cost $127,963,661) | $ | 167,401,575 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)% | (669,582 | ) | ||||||
| NET ASSETS - 100.0% | $ | 166,731,993 | ||||||
| ETF | - Exchange-Traded Fund |
| SPDR | - Standard & Poor’s Depositary Receipt |
| (a) | Rate disclosed is the seven day effective yield as of July 31, 2021. |
| PFG TACTICAL INCOME STRATEGY FUND |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| July 31, 2021 |
| Shares | Fair Value | |||||||
| EXCHANGE-TRADED FUNDS — 39.0% | ||||||||
| EQUITY - 39.0% | ||||||||
| 48,027 | Fidelity MSCI Information Technology Index ETF | $ | 5,847,287 | |||||
| 218,922 | iShares Core Dividend Growth ETF | 11,313,889 | ||||||
| 79,592 | Vanguard Dividend Appreciation ETF | 12,712,435 | ||||||
| 97,604 | Vanguard High Dividend Yield ETF | 10,282,581 | ||||||
| 76,646 | VictoryShares US Small Cap High Dividend Volatility Weighted ETF | 4,499,120 | ||||||
| 44,655,312 | ||||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $39,426,553) | 44,655,312 | |||||||
| OPEN END FUNDS — 60.4% | ||||||||
| FIXED INCOME - 50.4% | ||||||||
| 1,430,358 | Counterpoint Tactical Income Fund, Class I | 16,735,185 | ||||||
| 829,646 | PIMCO Mortgage Opportunities and Bond Fund, Institutional Class | 9,117,812 | ||||||
| 818,293 | Sierra Tactical Bond Fund, Institutional Class | 22,781,274 | ||||||
| 941,732 | T Rowe Price Institutional Floating Rate Fund, Investor Class | 9,172,472 | ||||||
| 57,806,743 | ||||||||
| MIXED ALLOCATION - 10.0% | ||||||||
| 385,409 | Vanguard Wellesley Income Fund, Investor Class | 11,485,182 | ||||||
| TOTAL OPEN END FUNDS (Cost $67,006,068) | 69,291,925 | |||||||
| SHORT-TERM INVESTMENTS — 0.6% | ||||||||
| MONEY MARKET FUNDS - 0.6% | ||||||||
| 664,467 | BlackRock Liquidity FedFund, Institutional Class, 0.03% (Cost $664,467)(a) | 664,467 | ||||||
| TOTAL INVESTMENTS - 100.0% (Cost $107,097,088) | $ | 114,611,704 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% | (37,656 | ) | ||||||
| NET ASSETS - 100.0% | $ | 114,574,048 | ||||||
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| (a) | Rate disclosed is the seven day effective yield as of July 31, 2021. |