TOEWS TACTICAL INCOME FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
July 31, 2021 | |||||||
Shares | Fair Value | ||||||
EXCHANGE-TRADED FUNDS — 33.6% | |||||||
FIXED INCOME - 33.6% | |||||||
1,399,000 | iShares iBoxx High Yield Corporate Bond ETF(b) | $ 122,888,160 | |||||
1,122,000 | SPDR Bloomberg Barclays High Yield Bond ETF(b) | 123,161,940 | |||||
246,050,100 | |||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $245,992,657) | 246,050,100 | ||||||
OPEN END FUNDS — 66.0% | |||||||
FIXED INCOME - 66.0% | |||||||
12,284,399 | American High-Income Trust, Class F-3 | 129,600,414 | |||||
11,523,688 | BlackRock High Yield Bond Portfolio, Institutional Class | 91,152,374 | |||||
3,170,739 | BNY Mellon High Yield Fund, Class I | 19,595,170 | |||||
5,315,594 | JPMorgan High Yield Fund, Class I | 38,856,992 | |||||
4,997,439 | Lord Abbett High Yield Fund, Class I | 38,030,514 | |||||
11,086,475 | PIMCO High Yield Fund, Institutional Class | 100,886,924 | |||||
2,032,775 | SEI Institutional Managed Trust - High Yield Bond | 14,351,394 | |||||
3,282,806 | TIAA-CREF Core Bond Fund | 35,749,755 | |||||
1,493,177 | TIAA-CREF High Yield Fund, Institutional Class | 14,379,297 | |||||
482,602,834 | |||||||
TOTAL OPEN END FUNDS (Cost $477,750,032) | 482,602,834 | ||||||
SHORT-TERM INVESTMENTS — 0.2% | |||||||
MONEY MARKET FUNDS - 0.2% | |||||||
1,895,446 | FIFTH THIRD BANK SAFE TRUST, 0.01% (Cost $1,895,446)(a) | 1,895,446 | |||||
COLLATERAL FOR SECURITIES LOANED – 34.1% | |||||||
249,239,985 | Fidelity Investments Money Market Government Portfolio – Institutional Class, 0.01% (Cost $249,239,985)(a)(c) | 249,239,985 | |||||
TOTAL INVESTMENTS – 133.9% (Cost $974,878,120) | $ 979,788,365 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (33.9)% | (248,303,576) | ||||||
NET ASSETS - 100.0% | $ 731,484,789 | ||||||
ETF | - Exchange-Traded Fund |
SPDR | - Standard & Poor's Depositary Receipt |
TOEWS TACTICAL INCOME FUND | |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |
July 31, 2021 | |
(a) (b) (c) | Rate disclosed is the seven day effective yield as of July 31, 2021. All or a portion of the security is on loan. Total loaned securities had a value of $244,283,936 at July 31, 2021. Security purchased with cash proceeds of securities lending collateral |
TOEWS HEDGED OCEANA FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
July 31, 2021 | |||||||
Shares | Fair Value | ||||||
EXCHANGE-TRADED FUNDS — 80.8% | |||||||
FIXED INCOME - 80.8% | |||||||
210,000 | iShares Core U.S. Aggregate Bond ETF | $ 24,456,600 | |||||
281,000 | Vanguard Total Bond Market ETF | 24,379,560 | |||||
48,836,160 | |||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $48,054,192) | 48,836,160 | ||||||
SHORT-TERM INVESTMENTS — 14.7% | |||||||
MONEY MARKET FUNDS - 14.7% | |||||||
8,858,269 | FIFTH THIRD BANK SAFE TRUST, 0.01% (Cost $8,858,269)(a) | 8,858,269 | |||||
Contracts(b) | |||||||
FUTURE OPTIONS PURCHASED - 0.3% | Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | ||
PUT OPTIONS PURCHASED - 0.3% | |||||||
184 | S&P500 EMINI OPTN Sep21P ESU1P 3750 Index | EDF | 09/17/2021 | $ 3,750 | $ 34,500,000 | $ 115,920 | |
90 | S&P500 EMINI OPTN Sep21P ESU1P 3800 Index | EDF | 09/17/2021 | 3,800 | 17,100,000 | 65,250 | |
TOTAL FUTURE OPTIONS PURCHASED (Cost - $175,800) | 181,170 | ||||||
TOTAL INVESTMENTS - 95.8% (Cost $57,088,261) | $ 57,875,599 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 4.2% | 2,562,792 | ||||||
NET ASSETS - 100.0% | $ 60,438,391 | ||||||
OPEN FUTURES CONTRACTS | |||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(c) | Unrealized Depreciation | |||
514 | ICE US mini MSCI EAFE Index Futures | 09/17/2021 | $ 59,608,580 | $ (102,733) | |||
TOTAL FUTURES CONTRACTS | |||||||
ETF | - Exchange-Traded Fund |
EDF | - ED&F Man Capital Markets, Inc. |
| |
(a) | Rate disclosed is the seven day effective yield as of July 31, 2021. |
(b) | Each contract is equivalent to one futures contract. |
TOEWS HEDGED OCEANA FUND | |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |
July 31, 2021 | |
(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. FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
July 31, 2021 | |||||||
Shares | Fair Value | ||||||
EXCHANGE-TRADED FUNDS — 78.5% | |||||||
FIXED INCOME - 78.5% | |||||||
526,000 | iShares Core U.S. Aggregate Bond ETF | $ 61,257,960 | |||||
710,000 | Vanguard Total Bond Market ETF | 61,599,600 | |||||
122,857,560 | |||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $120,907,066) | 122,857,560 | ||||||
SHORT-TERM INVESTMENTS — 12.6% | |||||||
MONEY MARKET FUNDS - 12.6% | |||||||
19,706,700 | FIFTH THIRD BANK SAFE TRUST, 0.01% (Cost $19,706,700)(a) | 19,706,700 | |||||
Contracts(b) | |||||||
FUTURE OPTIONS PURCHASED - 0.2% | Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | ||
PUT OPTIONS PURCHASED - 0.2% | |||||||
705 | S&P500 EMINI OPTN Sep21P ESU1P 3620 Index | EDF | 09/17/2021 | $ 3,620 | $ 127,605,000 | $ 317,250 | |
TOTAL FUTURE OPTIONS PURCHASED (Cost - $458,250) | 317,250 | ||||||
TOTAL INVESTMENTS - 91.3% (Cost $141,072,016) | $ 142,881,510 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 8.7% | 13,583,677 | ||||||
NET ASSETS - 100.0% | $ 156,465,187 | ||||||
OPEN FUTURES CONTRACTS | |||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(c) | Unrealized Appreciation | |||
154 | CME E-Mini NASDAQ 100 Index Future | 09/17/2021 | $ 46,063,864 | $ 2,576,594 | |||
493 | CME E-Mini Standard & Poor's 500 Index Future | 09/17/2021 | 108,201,175 | 3,549,750 | |||
TOTAL FUTURES CONTRACTS | $ 6,126,344 | ||||||
ETF | - Exchange-Traded Fund |
EDF | - ED&F Man Capital Markets, Inc. |
TOEWS HEDGED U.S. FUND | |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |
July 31, 2021 | |
(a) | Rate disclosed is the seven day effective yield as of July 31, 2021. |
(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) | |||||||
July 31, 2021 | |||||||
Shares | Fair Value | ||||||
EXCHANGE-TRADED FUNDS — 78.6% | |||||||
FIXED INCOME - 78.6% | |||||||
328,000 | iShares Core U.S. Aggregate Bond ETF | $ 38,198,880 | |||||
439,000 | Vanguard Total Bond Market ETF | 38,087,640 | |||||
76,286,520 | |||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $75,065,398) | 76,286,520 | ||||||
Shares | Fair Value | ||||||
SHORT-TERM INVESTMENTS — 12.3% | |||||||
MONEY MARKET FUNDS - 12.3% | |||||||
11,919,735 | FIFTH THIRD BANK SAFE TRUST, 0.01% (Cost $11,919,735)(a) | 11,919,735 | |||||
Contracts(b) | |||||||
FUTURE OPTIONS PURCHASED - 0.2% | Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | ||
PUT OPTIONS PURCHASED - 0.2% | |||||||
861 | Emin Russ 2000 Op Sep21P RTYU1P 1710 Index | EDF | 09/17/2021 | $ 1,710 | $ 73,615,500 | $ 202,335 | |
TOTAL FUTURE OPTIONS PURCHASED (Cost - $272,454) | 202,335 | ||||||
TOTAL INVESTMENTS - 91.1% (Cost $87,257,587) | $ 88,408,590 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 8.9% | 8,634,255 | ||||||
NET ASSETS - 100.0% | $ 97,042,845 | ||||||
OPEN FUTURES CONTRACTS | |||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(c) | Unrealized Depreciation | |||
430 | CME E-mini Russell 2000 Index Futures | 09/17/2021 | $ 47,764,400 | $ (2,117,830) | |||
178 | CME E-Mini Standard & Poor's MidCap 400 Index | 09/17/2021 | 48,036,860 | (406,342) | |||
TOTAL FUTURES CONTRACTS | $ (2,524,172) | ||||||
ETF | - Exchange-Traded Fund |
EDF | - ED&F Man Capital Markets, Inc. |
TOEWS HEDGED U.S. OPPORTUNITY FUND | |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |
July 31, 2021 | |
(a) | Rate disclosed is the seven day effective yield as of July 31, 2021. |
(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) | |||||||
July 31, 2021 | |||||||
Shares | Fair Value | ||||||
EXCHANGE-TRADED FUNDS — 66.5% | |||||||
FIXED INCOME - 66.5% | |||||||
72,100 | iShares Core U.S. Aggregate Bond ETF | $ 8,396,766 | |||||
64,000 | iShares iBoxx High Yield Corporate Bond ETF(b) | 5,621,760 | |||||
130,300 | iShares TIPS Bond ETF | 17,014,574 | |||||
51,000 | SPDR Bloomberg Barclays High Yield Bond ETF(b) | 5,598,270 | |||||
96,900 | Vanguard Total Bond Market ETF | 8,407,044 | |||||
45,038,414 | |||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $44,248,810) | 45,038,414 | ||||||
Shares | Fair Value | ||||||
OPEN END FUNDS — 33.1% | |||||||
FIXED INCOME - 33.1% | |||||||
749,315 | American High-Income Trust, Class F-3 | 7,905,276 | |||||
1,280,411 | BlackRock High Yield Bond Portfolio, Institutional Class | 10,128,047 | |||||
344,828 | JPMorgan High Yield Fund, Class I | 2,520,690 | |||||
3 | PIMCO High Yield Fund, Institutional Class | 27 | |||||
88,126 | TIAA-CREF Core Bond Fund | 959,694 | |||||
98,753 | TIAA-CREF High Yield Fund, Institutional Class | 950,988 | |||||
22,464,722 | |||||||
TOTAL OPEN END FUNDS (Cost $22,200,059) | 22,464,722 | ||||||
Shares | Fair Value | ||||||
SHORT-TERM INVESTMENTS — 0.4% | |||||||
MONEY MARKET FUNDS - 0.4% | |||||||
304,573 | FIFTH THIRD BANK SAFE TRUST, 0.01% (Cost $304,573)(a) | 304,573 | |||||
COLLATERAL FOR SECURITIES LOANED – 16.2% | |||||||
10,993,000 | Fidelity Investments Money Market Government Portfolio – Institutional Class, 0.01% (Cost $10,993,000) (a) (c) | 10,993,000 | |||||
TOTAL INVESTMENTS – 116.2% (Cost $77,746,442) | $ 78,800,709 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (16.2)% | (10,992,318) | ||||||
NET ASSETS - 100.0% | $ 67,808,391 |
TOEWS UNCONSTRAINED INCOME FUND | |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |
July 31, 2021 | |
ETF | - Exchange-Traded Fund |
SPDR | - Standard & Poor's Depositary Receipt |
(a) | Rate disclosed is the seven day effective yield as of July 31, 2021. |
(b) (c) | All or a portion of the security is on loan. Total loaned securities had a value of $10,772,600 at July 31, 2021. Security purchased with cash proceeds of securities lending collateral |
TOEWS TACTICAL DEFENSIVE ALPHA FUND | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
July 31, 2021 | |||||||
Shares | Fair Value | ||||||
EXCHANGE-TRADED FUNDS — 79.1% | |||||||
FIXED INCOME - 79.1% | |||||||
473,600 | iShares Core U.S. Aggregate Bond ETF | $ 55,155,456 | |||||
636,600 | Vanguard Total Bond Market ETF | 55,231,416 | |||||
110,386,872 | |||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $109,066,624) | 110,386,872 | ||||||
Shares | Fair Value | ||||||
SHORT-TERM INVESTMENTS — 8.6% | |||||||
MONEY MARKET FUNDS - 8.6% | |||||||
11,941,224 | FIFTH THIRD BANK SAFE TRUST, 0.01% (Cost $11,941,224)(a) | 11,941,224 | |||||
Contracts(b) | |||||||
FUTURE OPTIONS PURCHASED - 0.2% | Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | ||
PUT OPTIONS PURCHASED - 0.2% | |||||||
623 | Emin Russ 2000 Op Sep21P RTYU1P 1710 Index | EDF | 09/17/2021 | $ 1,710 | $ 53,266,500 | $ 146,405 | |
127 | S&P500 EMINI OPTN Sep21P ESU1P 3620 Index | EDF | 09/17/2021 | 3,620 | 22,987,000 | 57,150 | |
125 | S&P500 EMINI OPTN Sep21P ESU1P 3750 Index | EDF | 09/17/2021 | 3,750 | 23,437,500 | 78,750 | |
65 | S&P500 EMINI OPTN Sep21P ESU1P 3800 Index | EDF | 09/17/2021 | 3,800 | 12,350,000 | 47,125 | |
TOTAL FUTURE OPTIONS PURCHASED (Cost - $401,629) | 329,430 | ||||||
TOTAL INVESTMENTS - 87.9% (Cost $121,409,477) | $ 122,657,526 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 12.1% | 16,819,182 | ||||||
NET ASSETS - 100.0% | $ 139,476,708 | ||||||
OPEN FUTURES CONTRACTS | |||||||
Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(c) | Unrealized Appreciation (Depreciation) | |||
28 | CME E-Mini NASDAQ 100 Index Future | 09/17/2021 | $ 8,375,248 | $ 470,187 | |||
313 | CME E-mini Russell 2000 Index Futures | 09/17/2021 | 34,768,040 | (1,501,740) | |||
88 | CME E-Mini Standard & Poor's 500 Index Future | 09/17/2021 | 19,313,800 | 635,713 | |||
129 | CME E-Mini Standard & Poor's MidCap 400 Index | 09/17/2021 | 34,813,230 | (260,774) | |||
360 | ICE US mini MSCI EAFE Index Futures | 09/17/2021 | 41,749,200 | (71,463) | |||
TOTAL FUTURES CONTRACTS | $ (728,077) | ||||||
| |||||||
TOEWS TACTICAL DEFENSIVE ALPHA FUND |
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
July 31, 2021 |
ETF | - Exchange-Traded Fund |
EDF | - ED&F Man Capital Markets, Inc. |
(a) | Rate disclosed is the seven day effective yield as of July 31, 2021. |
(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. |