(COVER)

 

 

Al Frank Fund
PORTFOLIO REVIEW (Unaudited)
June 30, 2018

 

The Fund’s performance figures* for the periods ended June 30, 2018, compared to its benchmark:

 

      Annualized
          Annualized Ten Since Inception Since Inception
  Six Months One Year Three Year Five Year Year (1/2/98) (4/30/06)
Al Frank Fund - Investor Class** (0.16)% 10.81% 8.19% 9.80% 7.87% 10.18% N/A
Al Frank Fund - Advisor Class*** 0.00% 11.13% 8.47% 10.09% 8.15% N/A 5.88%
Russell 3000® Index**** 3.22% 14.78% 11.58% 13.29% 10.23% 7.37% 8.48%
S&P 500® Total Return Index***** 2.65% 14.37% 11.93% 13.42% 10.17% 7.13% 8.45%

 

Returns reflect the reinvestment of dividends and capital gains. Fee waivers are in effect. In the absence of fee waivers, returns would have been reduced. The performance data and graphs above do not reflect the deduction of taxes that a shareholder may pay on dividends, capital gain distributions, or redemption of Fund shares. Performance data shown does not reflect the 2.00% redemption fee imposed on shares held 60 days or less. If it did, returns would have been reduced.

 

*Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that the investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data for the most recent month-end is available at www.alfrankfunds.com. The Fund’s total annual operating expenses are 1.61% for the Investor Class and 1.36% for the Advisor Class, respectively, per the May 1, 2018 prospectus. After fee waivers, the Fund’s total annual operating expenses are 1.49% for the Investor Class and 1.24% for the Advisor Class, respectively.

 

**Commencement of operations on January 2, 1998.

 

***Commencement of operations on April 30, 2006.

 

****The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies determined by total market capitalization.

 

*****The S&P 500® Index is a broad based unmanaged capitalization-weighted index of 500 stocks designed to represent the broad domestic market.

 

Holdings By Asset Class as of June 30, 2018  % of Net Assets 
Information Technology   22.39%
Financials   16.27%
Consumer Discretionary   14.98%
Industrials   12.31%
Health Care   11.93%
Energy   6.34%
Consumer Staples   5.34%
Materials   3.87%
Real Estate   2.95%
Telecommunication Services   0.65%
Other, Cash & Cash Equivalents   2.97%
    100.00%

 

Please refer to the Schedule of Investments in this semi-annual report for a detailed analysis of the Fund’s holdings.

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Al Frank Fund

SCHEDULE OF INVESTMENTS at June 30, 2018 (Unaudited)

 

Shares      Value 
     COMMON STOCKS - 97.03%     
     CONSUMER DISCRETIONARY - 14.98%     
     Auto Manufacturers - 1.05%     
 22,500   General Motors Co.  $886,500 
           
     Auto Parts & Equipment - 0.96%     
 35,000   Goodyear Tire & Rubber Co.   815,150 
           
     Hotels, Restaurants & Leisure - 1.46%     
 12,000   Royal Caribbean Cruises Ltd.   1,243,200 
           
     Household Durables - 2.68%     
 43,200   M.D.C. Holdings, Inc.   1,329,264 
 6,500   Whirlpool Corp.   950,495 
         2,279,759 
     Media - 2.98%     
 32,500   Comcast Corp. - Class A   1,066,325 
 14,000   Walt Disney Co.   1,467,340 
         2,533,665 
     Multiline Retail - 1.03%     
 12,000   Kohl’s Corp.   874,800 
           
     Specialty Retail - 4.82%     
 31,000   DSW, Inc. - Class A   800,420 
 14,000   Foot Locker, Inc.   737,100 
 25,000   Tapestry, Inc.   1,167,750 
 9,000   Target Corp.   685,080 
 11,500   Williams-Sonoma, Inc.   705,870 
         4,096,220 
     Total Consumer Discretionary (Cost $7,380,387)   12,729,294 
           
     CONSUMER STAPLES - 5.34%     
     Consumer Products - 0.62%     
 5,000   Kimberly-Clark Corp.