the
TOEWS TACTICAL INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
January 31, 2024 | |||||||
Shares | Fair Value | ||||||
EXCHANGE-TRADED FUNDS — 39.5% | |||||||
FIXED INCOME - 39.5% | |||||||
3,025,000 | iShares Broad USD High Yield Corporate Bond ETF | $ 110,382,250 | |||||
462,000 | iShares iBoxx High Yield Corporate Bond ETF(a) | 35,795,760 | |||||
589,000 | SPDR Bloomberg High Yield Bond ETF | 55,878,430 | |||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $193,745,821) |
202,056,440 | ||||||
OPEN END FUNDS — 40.3% | |||||||
FIXED INCOME - 40.3% | |||||||
17,693,951 | BlackRock High Yield Bond Portfolio, Institutional Class | 124,211,539 | |||||
2,043,597 | Fidelity High Income Fund, Class I | 15,613,079 | |||||
2,022,654 | JPMorgan High Yield Fund, Class I | 12,924,757 | |||||
2,551,020 | MFS High Income Fund, Class I | 7,780,612 | |||||
2,899,485 | PIMCO High Yield Fund, Institutional Class | 23,050,902 | |||||
1,401,869 | SEI Institutional Managed Trust - High Yield Bond Fund, Class F | 7,542,056 | |||||
1,994,681 | T Rowe Price Institutional High Yield Fund | 15,558,511 | |||||
TOTAL OPEN END FUNDS (Cost $200,000,000) |
206,681,456 | ||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | ||||
CORPORATE BONDS — 19.3% | |||||||
AEROSPACE & DEFENSE — 0.5% | |||||||
653,000 | Bombardier, Inc.(b) | 7.8750 | 04/15/27 | 654,399 | |||
800,000 | Rolls-Royce PLC(b) | 5.7500 | 10/15/27 | 803,033 | |||
1,000,000 | TransDigm, Inc.(b) | 6.2500 | 03/15/26 | 999,428 | |||
750,000 | TransDigm, Inc.(b) | 6.7500 | 08/15/28 | 762,851 | |||
3,219,711 | |||||||
ASSET MANAGEMENT — 0.0%(c) | |||||||
250,000 | Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation | 6.2500 | 05/15/26 | 239,878 | |||
AUTOMOTIVE — 0.8% | |||||||
1,000,000 | Ford Motor Credit Company, LLC | 3.3750 | 11/13/25 | 960,023 |
TOEWS TACTICAL INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
January 31, 2024 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
CORPORATE BONDS — 19.3% (Continued) | |||||||
AUTOMOTIVE — 0.8% (Continued) | |||||||
750,000 | Ford Motor Credit Company, LLC | 7.3500 | 11/04/27 | $ 790,683 | |||
1,500,000 | Mercedes-Benz Finance North America, LLC | 8.5000 | 01/18/31 | 1,862,590 | |||
400,000 | Tenneco, Inc.(b) | 8.0000 | 11/17/28 | 349,800 | |||
3,963,096 | |||||||
BANKING — 1.2% | |||||||
1,000,000 | Bank of America Corporation | 7.7500 | 05/14/38 | 1,230,193 | |||
1,000,000 | Barclays PLC(d) | H15T1Y + 3.500% | 7.4370 | 11/02/33 | 1,114,233 | ||
1,000,000 | Citigroup, Inc. | 8.1250 | 07/15/39 | 1,295,826 | |||
750,000 | HSBC Holdings PLC(d) | SOFRRATE + 4.250% | 8.1130 | 11/03/33 | 861,267 | ||
1,000,000 | Lloyds Banking Group PLC(d) | H15T1Y + 3.750% | 7.9530 | 11/15/33 | 1,132,223 | ||
5,633,742 | |||||||
BEVERAGES — 0.7% | |||||||
2,000,000 | Anheuser-Busch InBev Worldwide, Inc. | 8.2000 | 01/15/39 | 2,663,943 | |||
1,000,000 | PepsiCo, Inc. | 7.0000 | 03/01/29 | 1,119,348 | |||
3,783,291 | |||||||
BIOTECH & PHARMA — 0.5% | |||||||
500,000 | Bausch Health Companies, Inc.(b) | 5.5000 | 11/01/25 | 457,219 | |||
1,000,000 | Jazz Securities DAC(b) | 4.3750 | 01/15/29 | 927,676 | |||
500,000 | Merck & Company, Inc. | 6.5000 | 12/01/33 | 576,910 | |||
500,000 | Organon & Company / Organon Foreign Debt Co-Issuer(b) | 5.1250 | 04/30/31 | 428,172 | |||
2,389,977 | |||||||
CABLE & SATELLITE — 1.0% | |||||||
1,000,000 | CCO Holdings, LLC / CCO Holdings Capital Corporation(b) | 5.1250 | 05/01/27 | 964,712 | |||
1,250,000 | CCO Holdings, LLC / CCO Holdings Capital Corporation(b) | 4.7500 | 03/01/30 | 1,110,451 | |||
1,250,000 | DIRECTV Financing, LLC / DIRECTV Financing, Inc.(b) | 5.8750 | 08/15/27 | 1,192,251 | |||
900,000 | DISH Network Corporation(b) | 11.7500 | 11/15/27 | 938,225 | |||
1,000,000 | Sirius XM Radio, Inc.(b) | 4.0000 | 07/15/28 | 909,551 | |||
5,115,190 | |||||||
CHEMICALS — 0.2% | |||||||
550,000 | Tronox, Inc.(b) | 4.6250 | 03/15/29 | 486,080 | |||
600,000 | WR Grace Holdings, LLC(b) | 5.6250 | 08/15/29 | 529,526 | |||
1,015,606 | |||||||
TOEWS TACTICAL INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
January 31, 2024 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
CORPORATE BONDS — 19.3% (Continued) | |||||||
COMMERCIAL SUPPORT SERVICES — 0.2% | |||||||
800,000 | Allied Universal Holdco, LLC / Allied Universal Finance Corporation(b) | 6.6250 | 07/15/26 | $ 788,777 | |||
CONTAINERS & PACKAGING — 0.1% | |||||||
700,000 | Mauser Packaging Solutions Holding Company(b) | 7.8750 | 08/15/26 | 708,726 | |||
DIVERSIFIED INDUSTRIALS — 0.4% | |||||||
2,000,000 | General Electric Company | 6.7500 | 03/15/32 | 2,273,538 | |||
ELECTRIC UTILITIES — 0.9% | |||||||
1,000,000 | Appalachian Power Company | 7.0000 | 04/01/38 | 1,163,865 | |||
600,000 | Calpine Corporation(b) | 5.1250 | 03/15/28 | 576,361 | |||
1,000,000 | Dominion Energy, Inc. | 7.0000 | 06/15/38 | 1,126,875 | |||
700,000 | FirstEnergy Corporation | 4.1500 | 07/15/27 | 676,901 | |||
190,000 | PG&E Corporation | 5.0000 | 07/01/28 | 183,756 | |||
750,000 | Progress Energy, Inc. | 7.7500 | 03/01/31 | 861,829 | |||
4,589,587 | |||||||
ELECTRICAL EQUIPMENT — 0.2% | |||||||
1,000,000 | WESCO Distribution, Inc.(b) | 7.1250 | 06/15/25 | 1,006,622 | |||
ENGINEERING & CONSTRUCTION — 0.1% | |||||||
400,000 | Fluor Corporation | 4.2500 | 09/15/28 | 385,716 | |||
ENTERTAINMENT CONTENT — 0.0%(c) | |||||||
250,000 | Univision Communications, Inc.(b) | 7.3750 | 06/30/30 | 245,678 | |||
FOOD — 0.2% | |||||||
750,000 | Kraft Heinz Foods Company | 6.8750 | 01/26/39 | 871,121 | |||
GAS & WATER UTILITIES — 0.1% | |||||||
500,000 | Atmos Energy Corporation | 5.4500 | 10/15/32 | 523,964 | |||
HEALTH CARE FACILITIES & SERVICES — 0.5% | |||||||
198,000 | CHS/Community Health Systems, Inc.(b) | 8.0000 | 03/15/26 | 196,769 | |||
1,000,000 | DaVita, Inc.(b) | 4.6250 | 06/01/30 | 885,623 |
TOEWS TACTICAL INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
January 31, 2024 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
CORPORATE BONDS — 19.3% (Continued) | |||||||
HEALTH CARE FACILITIES & SERVICES — 0.5% (Continued) | |||||||
500,000 | ModivCare, Inc.(b) | 5.8750 | 11/15/25 | $ 496,963 | |||
1,000,000 | Tenet Healthcare Corporation | 6.1250 | 10/01/28 | 995,844 | |||
2,575,199 | |||||||
HOME & OFFICE PRODUCTS — 0.1% | |||||||
750,000 | Newell Brands, Inc. | 5.2000 | 04/01/26 | 731,923 | |||
INDUSTRIAL SUPPORT SERVICES — 0.3% | |||||||
650,000 | United Rentals North America, Inc. | 3.8750 | 11/15/27 | 619,974 | |||
750,000 | United Rentals North America, Inc. | 5.2500 | 01/15/30 | 737,661 | |||
1,357,635 | |||||||
INSTITUTIONAL FINANCIAL SERVICES — 0.9% | |||||||
150,000 | Coinbase Global, Inc.(b) | 3.3750 | 10/01/28 | 123,131 | |||
3,000,000 | Goldman Sachs Group, Inc. (The) | 6.7500 | 10/01/37 | 3,333,942 | |||
500,000 | Jefferies Financial Group, Inc. | 6.4500 | 06/08/27 | 519,736 | |||
750,000 | Morgan Stanley | 7.2500 | 04/01/32 | 873,955 | |||
4,850,764 | |||||||
INSURANCE — 0.7% | |||||||
300,000 | Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer(b) | 6.7500 | 10/15/27 | 295,108 | |||
550,000 | Genworth Holdings, Inc. | 6.5000 | 06/15/34 | 504,343 | |||
300,000 | Jones Deslauriers Insurance Management, Inc.(b) | 8.5000 | 03/15/30 | 311,483 | |||
1,700,000 | MetLife, Inc. | 10.7500 | 08/01/39 | 2,309,952 | |||
3,420,886 | |||||||
INTERNET MEDIA & SERVICES — 0.3% | |||||||
500,000 | Netflix, Inc. | 5.8750 | 11/15/28 | 527,482 | |||
1,000,000 | Uber Technologies, Inc.(b) | 4.5000 | 08/15/29 | 948,415 | |||
1,475,897 | |||||||
LEISURE FACILITIES & SERVICES — 1.8% | |||||||
500,000 | 1011778 BC ULC / New Red Finance, Inc.(b) | 3.8750 | 01/15/28 | 471,240 | |||
1,000,000 | Caesars Entertainment, Inc.(b) | 6.2500 | 07/01/25 | 1,005,491 | |||
1,000,000 | Caesars Entertainment, Inc.(b) | 8.1250 | 07/01/27 | 1,025,887 | |||
500,000 | Carnival Corporation(b) | 6.0000 | 05/01/29 | 484,811 | |||
1,000,000 | Carnival Holdings Bermuda Ltd.(b) | 10.3750 | 05/01/28 | 1,096,904 | |||
500,000 | Hilton Domestic Operating Company, Inc.(b) | 3.6250 | 02/15/32 | 429,946 | |||
800,000 | KFC Holding Co/Pizza Hut Holdings, LLC/Taco Bell of America, LLC(b) | 4.7500 | 06/01/27 | 783,540 |
TOEWS TACTICAL INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
January 31, 2024 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
CORPORATE BONDS — 19.3% (Continued) | |||||||
LEISURE FACILITIES & SERVICES — 1.8% (Continued) | |||||||
700,000 | Las Vegas Sands Corporation | 3.9000 | 08/08/29 | $ 646,111 | |||
1,200,000 | Live Nation Entertainment, Inc.(b) | 6.5000 | 05/15/27 | 1,213,330 | |||
300,000 | NCL Corporation Ltd.(b) | 5.8750 | 03/15/26 | 292,875 | |||
700,000 | Sands China Ltd. | 5.1250 | 08/08/25 | 693,247 | |||
850,000 | Wynn Macau Ltd.(b) | 5.6250 | 08/26/28 | 791,811 | |||
8,935,193 | |||||||
MACHINERY — 0.1% | |||||||
600,000 | Hillenbrand, Inc. | 3.7500 | 03/01/31 | 519,779 | |||
MEDICAL EQUIPMENT & DEVICES — 0.5% | |||||||
950,000 | Boston Scientific Corporation | 7.3750 | 01/15/40 | 1,134,837 | |||
750,000 | Koninklijke Philips N.V. | 6.8750 | 03/11/38 | 828,701 | |||
1,000,000 | Medline Borrower, L.P.(b) | 3.8750 | 04/01/29 | 905,034 | |||
2,868,572 | |||||||
METALS & MINING — 0.6% | |||||||
500,000 | FMG Resources August 2006 Pty Ltd.(b) | 4.3750 | 04/01/31 | 451,466 | |||
750,000 | Novelis Corporation(b) | 4.7500 | 01/30/30 | 696,707 | |||
1,000,000 | Vale Overseas Ltd. | 8.2500 | 01/17/34 | 1,189,326 | |||
2,337,499 | |||||||
OIL & GAS PRODUCERS — 1.9% | |||||||
500,000 | Apache Corporation | 5.1000 | 09/01/40 | 429,283 | |||
400,000 | Cheniere Energy, Inc. | 4.6250 | 10/15/28 | 387,470 | |||
1,150,000 | Chesapeake Energy Corporation(b) | 6.7500 | 04/15/29 | 1,163,817 | |||
500,000 | CQP Holdco, L.P. / BIP-V Chinook Holdco, LLC(b) | 5.5000 | 06/15/31 | 466,924 | |||
500,000 | New Fortress Energy, Inc.(b) | 6.5000 | 09/30/26 | 484,603 | |||
1,250,000 | NGL Energy Operating, LLC / NGL Energy Finance Corporation(b) | 7.5000 | 02/01/26 | 1,274,528 | |||
750,000 | Occidental Petroleum Corporation | 6.1250 | 01/01/31 | 779,220 | |||
1,000,000 | Occidental Petroleum Corporation | 6.4500 | 09/15/36 | 1,067,485 | |||
650,000 | PBF Holding Company, LLC / PBF Finance Corporation | 6.0000 | 02/15/28 | 635,778 | |||
600,000 | Southwestern Energy Company | 4.7500 | 02/01/32 | 555,566 | |||
1,000,000 | Tosco Corporation | 8.1250 | 02/15/30 | 1,176,210 | |||
1,250,000 | Venture Global LNG, Inc.(b) | 8.3750 | 06/01/31 | 1,269,563 | |||
9,690,447 |
TOEWS TACTICAL INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
January 31, 2024 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
CORPORATE BONDS — 19.3% (Continued) | |||||||
OIL & GAS SERVICES & EQUIPMENT — 0.3% | |||||||
950,000 | Transocean, Inc.(b) | 8.7500 | 02/15/30 | $ 994,046 | |||
500,000 | Weatherford International Ltd.(b) | 8.6250 | 04/30/30 | 514,522 | |||
1,508,568 | |||||||
PUBLISHING & BROADCASTING — 0.1% | |||||||
700,000 | News Corporation(b) | 3.8750 | 05/15/29 | 644,067 | |||
REAL ESTATE INVESTMENT TRUSTS — 0.4% | |||||||
500,000 | Iron Mountain, Inc.(b) | 5.2500 | 07/15/30 | 471,992 | |||
400,000 | MPT Operating Partnership, L.P. / MPT Finance Corporation | 3.5000 | 03/15/31 | 245,375 | |||
750,000 | Simon Property Group, L.P. | 6.7500 | 02/01/40 | 853,973 | |||
500,000 | Uniti Group, L.P. / Uniti Group Finance, Inc. / CSL CSL Capital, LLC(b) | 10.5000 | 02/15/28 | 509,380 | |||
2,080,720 | |||||||
RETAIL - DISCRETIONARY — 0.3% | |||||||
650,000 | Macy's Retail Holdings, LLC(b) | 5.8750 | 03/15/30 | 616,931 | |||
300,000 | NMG Holding Company, Inc. / Neiman Marcus Group, LLC(b) | 7.1250 | 04/01/26 | 292,867 | |||
700,000 | Staples, Inc.(b) | 7.5000 | 04/15/26 | 655,951 | |||
1,565,749 | |||||||
SOFTWARE — 0.6% | |||||||
500,000 | AthenaHealth Group, Inc.(b) | 6.5000 | 02/15/30 | 450,163 | |||
650,000 | Cloud Software Group, Inc.(b) | 6.5000 | 03/31/30 | 607,138 | |||
3,000,000 | Microsoft Corporation | 2.9210 | 03/17/52 | 2,153,633 | |||
3,210,934 | |||||||
SPECIALTY FINANCE — 0.6% | |||||||
550,000 | Ally Financial, Inc. | 5.7500 | 11/20/25 | 551,768 | |||
350,000 | Global Aircraft Leasing Company Ltd.(b) | 6.5000 | 09/15/24 | 337,663 | |||
500,000 | Nationstar Mortgage Holdings, Inc.(b) | 5.5000 | 08/15/28 | 475,013 | |||
300,000 | Navient Corporation | 5.5000 | 03/15/29 | 271,321 | |||
600,000 | Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.(b) | 3.8750 | 03/01/31 | 528,864 | |||
800,000 | Starwood Property Trust, Inc.(b) | 4.3750 | 01/15/27 | 740,691 | |||
2,905,320 | |||||||
STEEL — 0.1% | |||||||
500,000 | Cleveland-Cliffs, Inc.(b) | 6.7500 | 03/15/26 | 505,737 | |||
400,000 | Cleveland-Cliffs, Inc.(b) | 6.7500 | 04/15/30 | 403,102 | |||
908,839 |
TOEWS TACTICAL INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
January 31, 2024 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
CORPORATE BONDS — 19.3% (Continued) | |||||||
TECHNOLOGY HARDWARE — 0.5% | |||||||
650,000 | CommScope, Inc.(b) | 6.0000 | 03/01/26 | $ 563,852 | |||
750,000 | Dell International, LLC / EMC Corporation | 8.1000 | 07/15/36 | 924,774 | |||
500,000 | Seagate HDD Cayman | 9.6250 | 12/01/32 | 574,165 | |||
500,000 | Xerox Holdings Corporation(b) | 5.5000 | 08/15/28 | 456,096 | |||
2,518,887 | |||||||
TECHNOLOGY SERVICES — 0.2% | |||||||
500,000 | Block, Inc. | 3.5000 | 06/01/31 | 433,200 | |||
500,000 | Neptune Bidco US, Inc.(b) | 9.2900 | 04/15/29 | 478,000 | |||
911,200 | |||||||
TELECOMMUNICATIONS — 1.0% | |||||||
2,000,000 | Deutsche Telekom International Finance BV | 9.2500 | 06/01/32 | 2,582,122 | |||
1,250,000 | Intelsat Jackson Holdings S.A.(b) | 6.5000 | 03/15/30 | 1,184,059 | |||
1,000,000 | Sprint Capital Corporation | 8.7500 | 03/15/32 | 1,228,268 | |||
4,994,449 | |||||||
TRANSPORTATION & LOGISTICS — 0.4% | |||||||
750,000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.(b) | 5.5000 | 04/20/26 | 743,134 | |||
750,000 | Canadian Pacific Railway Company | 7.1250 | 10/15/31 | 851,901 | |||
400,000 | Delta Air Lines, Inc. | 3.7500 | 10/28/29 | 367,908 | |||
1,962,943 | |||||||
| |||||||
TOTAL CORPORATE BONDS (Cost $96,680,122) |
98,729,690 | ||||||
Shares | |||||||
SHORT-TERM INVESTMENTS — 5.4% | |||||||
COLLATERAL FOR SECURITIES LOANED - 5.4% | |||||||
27,741,000 | State Street Institutional US Government Money Money Market Fund, 5.23% (Cost $27,741,000)(e),(f) | 27,741,000 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $27,741,000) |
|
TOEWS TACTICAL INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
January 31, 2024 | |||||||
Shares | Fair Value | ||||||
TOTAL INVESTMENTS - 104.5% (Cost $518,166,943) | $ 535,208,586 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (4.5)% |
(23,160,310) | ||||||
NET ASSETS - 100.0% |
$ 512,048,276 | ||||||
ETF | - Exchange-Traded Fund |
LLC | - Limited Liability Company |
L.P. | - Limited Partnership |
Ltd. | - Limited Company |
N.V. | - Naamioze Vennootschap |
PLC | - Public Limited Company |
REIT | - Real Estate Investment Trust |
S.A. | - Société Anonyme |
SPDR | - Standard & Poor's Depositary Receipt |
H15T1Y | -US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
SOFRRATE | -United States SOFR Secured Overnight Financing Rate |
(a) (b) |
All or a portion of the security is on loan. The total fair value of the securities on loan as of January 31, 2024 was $27,118,000. Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2024 the total market value of 144A securities is 44,578,775 or 8.7% of net assets. |
(c) | Percentage rounds to less than 0.1%. |
(d) | Variable rate security; the rate shown represents the rate on January 31, 2024. |
(e) (f) |
Security was purchased with cash received as collateral for securities on loan at January 31, 2024. Total collateral had a value of $27,741,000 at January 31, 2024. Rate disclosed is the seven day effective yield as of January 31, 2024. |
TOEWS HEDGED OCEANA FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
January 31, 2024 | |||||||
Shares | Fair Value | ||||||
EXCHANGE-TRADED FUNDS — 98.6% | |||||||
EQUITY - 98.6% | |||||||
873,000 | Vanguard FTSE Developed Markets ETF | $ 41,362,740 | |||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $39,952,645) |
| ||||||
Contracts(a) | |||||||
FUTURE OPTIONS PURCHASED - 0.1% | Counterparty | Expiration Date | Exercise Price | Notional Value | |||
PUT OPTIONS PURCHASED - 0.1% | |||||||
175 | CME E-Mini Standard & Poor's 500 Index Future | EDF | 03/15/2024 | $ 4,260 | $ 42,616,875 | $ 57,750 | |
TOTAL FUTURE OPTIONS PURCHASED (Cost - $124,688) |
| ||||||
TOTAL INVESTMENTS – 98.7% (Cost $40,077,333) | $ 41,420,490 | ||||||
ASSETS IN EXCESS OF OTHER LIABILITIES - 1.3% |
526,227 | ||||||
NET ASSETS - 100.0% |
$ 41,946,717 | ||||||
EDF | - ED&F Man Capital Markets, Inc. |
ETF | - Exchange-Traded Fund |
FTSE | - Financial Times Stock Exchange |
(a) | Each contract is equivalent to one futures contract. |
TOEWS HEDGED U.S. FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
January 31, 2024 | |||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | ||||
U.S. GOVERNMENT & AGENCIES — 170.0% | |||||||
U.S. TREASURY BILLS — 170.0% | |||||||
65,000,000 | United States Treasury Bill(a) | 5.27 | 02/01/24 | $ 65,000,000 | |||
65,000,000 | United States Treasury Bill(a) | 5.28 | 03/05/24 | 64,687,889 | |||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $129,693,085) | 129,687,889 | ||||||
| |||||||
Contracts(b) | |||||||
FUTURE OPTIONS PURCHASED - 0.1% | Counterparty | Expiration Date | Exercise Price | Notional Value | |||
PUT OPTIONS PURCHASED - 0.1% | |||||||
317 | CME E-Mini Standard & Poor's 500 Index Future | EDF | 03/15/2024 | $ 4,260 | $ 77,187,425 | $ 104,610 | |
TOTAL FUTURE OPTIONS PURCHASED (Cost - $225,863) |
| ||||||
TOTAL INVESTMENTS - 170.1% (Cost $129,918,948) | $ 129,792,499 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (70.1)% |
(53,489,528) | ||||||
NET ASSETS - 100.0% |
$ 76,302,971 | ||||||
OPEN FUTURES CONTRACTS | |||||||
Number of Contracts | Open Long Futures Contracts | Counterparty | Expiration | Notional Amount(c) | Value and Unrealized Appreciation | ||
66 | CME E-Mini NASDAQ 100 Index Future | EDF | 03/15/2024 | $ 22,759,770 | $ 1,038,330 | ||
219 | CME E-Mini Standard & Poor's 500 Index Future | EDF | 03/15/2024 | 53,331,975 | 2,086,319 | ||
TOTAL FUTURES CONTRACTS |
$ 3,124,649 |
CME | - Chicago Mercantile Exchange |
EDF | - ED&F Man Capital Markets, Inc. |
(a) | Zero coupon bond. Rate shown is discount rate at time of purchase. |
(B) | Each contract is equivalent to one futures contract. |
(C) | The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund. |
TOEWS HEDGED U.S. OPPORTUNITY FUND | ||||||||||||||
SCHEDULE OF INVESTMENTS (Unaudited) | ||||||||||||||
January 31, 2024 | ||||||||||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||||
U.S. GOVERNMENT & AGENCIES — 178.6% | ||||||||||||||
U.S. TREASURY BILLS — 178.6% | ||||||||||||||
56,000,000 | United States Treasury Bill(a) | 5.27 | 02/01/24 | $ 56,000,000 | ||||||||||
55,000,000 | United States Treasury Bill(a) | 5.28 | 03/05/24 | 54,735,906 | ||||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $110,740,303) | 110,735,906 | |||||||||||||
Contracts(b) | ||||||||||||||
FUTURE OPTIONS PURCHASED - 0.2% | Counterparty | Expiration Date | Exercise Price | Notional Value | ||||||||||
PUT OPTIONS PURCHASED - 0.2% | ||||||||||||||
642 | CME E-mini Russell 2000 Index Future | EDF | 03/15/2024 | $ 1,600 | $ 62,784,390 | $ 97,905 | ||||||||
TOTAL FUTURE OPTIONS PURCHASED (Cost - $159,942) |
| |||||||||||||
TOTAL INVESTMENTS – 178.8% (Cost $110,900,245) | $ 110,833,811 | |||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (78.8)% |
(48,855,131) | |||||||||||||
NET ASSETS - 100.0% |
$ 61,978,680 | |||||||||||||
OPEN FUTURES CONTRACTS | ||||||||||||||
Number of Contracts | Open Long Futures Contracts | Counterparty | Expiration | Notional Amount(c) | Value and Unrealized Appreciation | |||||||||
316 | CME E-mini Russell 2000 Index Future | EDF | 03/15/2024 | $ 30,903,220 | $ 778,784 | |||||||||
113 | CME E-Mini Standard & Poor's MidCap 400 Index Future | EDF | 03/15/2024 | 30,999,290 | 787,495 | |||||||||
TOTAL FUTURES CONTRACTS |
$ 1,566,279 | |||||||||||||
|
||||||||||||||
CME | - Chicago Mercantile Exchange |
EDF | - ED&F Man Capital Markets, Inc. |
(a) | Zero coupon bond. Rate shown is discount rate at time of purchase. |
(b) | Each contract is equivalent to one futures contract. |
(c) | The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund. |
TOEWS UNCONSTRAINED INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
January 31, 2024 | |||||||
Shares | Fair Value | ||||||
EXCHANGE-TRADED FUNDS — 32.9% | |||||||
FIXED INCOME - 32.9% | |||||||
92,500 | iShares iBoxx High Yield Corporate Bond ETF(a) | $ 7,166,900 | |||||
81,000 | SPDR Bloomberg High Yield Bond ETF | 7,684,470 | |||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $14,238,465) |
14,851,370 | ||||||
OPEN END FUNDS — 17.1% | |||||||
FIXED INCOME - 17.1% | |||||||
736,435 | BlackRock High Yield Bond Portfolio, Institutional Class | 5,169,771 | |||||
322,165 | PIMCO High Yield Fund, Institutional Class | 2,561,211 | |||||
TOTAL OPEN END FUNDS (Cost $7,500,000) |
7,730,982 | ||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | |||||
U.S. GOVERNMENT & AGENCIES — 98.3% | |||||||
U.S. TREASURY BILLS — 98.3% | |||||||
22,250,000 | United States Treasury Bill(b) | 5.27 | 02/01/24 | 22,250,000 | |||
22,250,000 | United States Treasury Bill(b) | 5.28 | 03/05/24 | 22,143,162 | |||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $44,394,941) | 44,393,162 | ||||||
Shares | |||||||
SHORT-TERM INVESTMENTS — 14.2% | |||||||
COLLATERAL FOR SECURITIES LOANED - 14.2% | |||||||
6,405,440 | State Street Institutional US Government Money, 5.23% (Cost $6,405,440)(c),(d) | 6,405,440 | |||||
| |||||||
TOTAL INVESTMENTS – 162.5% (Cost $72,538,846) | $ 73,380,954 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (62.5)% |
(28,232,894) | ||||||
NET ASSETS - 100.0% |
$ 45,148,060 | ||||||
ETF | - Exchange-Traded Fund |
SPDR | - Standard & Poor's Depositary Receipt |
(a) (b) (c) |
All or a portion of the security is on loan. The total fair value of the securities on loan as of January 31, 2024 was $6,260,384. Zero coupon bond. Rate shown is discount rate at time of purchase. Security was purchased with cash received as collateral for securities on loan at January 31, 2024. Total collateral had a value of $6,405,440 at January 31, 2024. |
(d) | Rate disclosed is the seven day effective yield as of January 31, 2024. |
TOEWS TACTICAL DEFENSIVE ALPHA FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
January 31, 2024 | |||||||
Shares | Fair Value | ||||||
EXCHANGE-TRADED FUNDS — 30.3% | |||||||
EQUITY - 30.3% | |||||||
440,000 | Vanguard FTSE Developed Markets ETF | $ 20,847,200 | |||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $20,140,660) |
| ||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | |||||
U.S. GOVERNMENT & AGENCIES — 116.1% | |||||||
U.S. TREASURY BILLS — 116.1% | |||||||
40,000,000 | United States Treasury Bill(a) | 5.27 | 02/01/24 | 40,000,000 | |||
40,000,000 | United States Treasury Bill(a) | 5.28 | 03/05/24 | 39,807,932 | |||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $79,811,130) | 79,807,932 | ||||||
Contracts(b) | |||||||
FUTURE OPTIONS PURCHASED - 0.2% | Counterparty | Expiration Date | Exercise Price | Notional Value | |||
PUT OPTIONS PURCHASED - 0.2% | |||||||
362 | CME E-Mini Russell 2000 Index Future | EDF | 03/15/2024 | $ 1,600 | $ 35,401,790 | 55,205 | |
146 | CME E-Mini Standard & Poor's 500 Index Future | EDF | 03/15/2024 | 4,260 | 35,554,650 | 48,180 | |
TOTAL FUTURE OPTIONS PURCHASED (Cost - $194,210) |
103,385 | ||||||
TOTAL INVESTMENTS – 146.6% (Cost $100,146,000) | $ 100,758,517 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (46.6)% |
(32,014,955) | ||||||
NET ASSETS - 100.0% |
$ 68,743,562 | ||||||
OPEN FUTURES CONTRACTS | |||||||
Number of Contracts | Open Long Futures Contracts | Counterparty | Expiration | Notional Amount(c) | Value and Unrealized Appreciation | ||
12 | CME E-Mini NASDAQ 100 Index Future | EDF | 03/15/2024 | $ 4,138,140 | $ 190,549 | ||
174 | CME E-mini Russell 2000 Index Future | EDF | 03/15/2024 | 17,016,330 | 422,052 | ||
39 | CME E-Mini Standard & Poor's 500 Index Future | EDF | 03/15/2024 | 9,497,475 | 376,180 | ||
62 | CME E-Mini Standard & Poor's MidCap 400 Index | EDF | 03/15/2024 | 17,008,460 | 432,077 | ||
TOTAL FUTURES CONTRACTS |
$ 1,420,858 | ||||||
CME | - Chicago Mercantile Exchange |
EDF | - ED&F Man Capital Markets, Inc. |
ETF | - Exchange-Traded Fund |
(a) | Zero coupon bond. Rate shown is discount rate a time of purchase. |
(b) | Each contract is equivalent to one futures contract. |
(c) | The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund. |