N-CSR 1 toews_ncsr.htm N-CSR

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, OH 45246

(Address of principal executive offices) (Zip code)

 

The Corporation Trust Company

1209 Orange Street Wilmington, DE 19801

(Name and address of agent for service)

 

Registrant's telephone number, including area code: 631-490-4300

 

Date of fiscal year end: 4/30

 

Date of reporting period: 4/30/24

 

Item 1. Reports to Stockholders.

 

 

 

 

 

 

(TOEWS LOGO)

 

 

 

TOEWS TACTICAL INCOME FUND 

TOEWS HEDGED OCEANA FUND 

TOEWS HEDGED U.S. FUND 

TOEWS HEDGED U.S. OPPORTUNITY FUND 

TOEWS UNCONSTRAINED INCOME FUND 

TOEWS TACTICAL DEFENSIVE ALPHA FUND

 

 

 

 

 

 

 

 

 

 

Annual Report
April 30, 2024

 

 

 

 

 

Investor Information: 1-877-558-6397

 

This report and the financial statements contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or solicitation of an offer to buy shares of the Funds. Such offering is made only by prospectus, which includes details as to offering price and other material information.

 

Distributed by Northern Lights Distributors, LLC

Member FINRA

 

 

 

 

 

 

 

Dear Shareholders,

 

Investing in equities and bonds has the potential to generate above-inflation returns for investors. Yet despite the many reasons for investing in these markets, financial assets remain vulnerable to infrequent, severe losses during bear market cycles. As a consequence, risk abatement strategies are desirable for investors who have a limited ability to tolerate losses. The objectives of our strategies are to provide investors with access to financial markets while seeking to reduce the risk of significant loss.

 

Our Strategy and Fund Performance

 

Our investment strategies enter and exit markets based on asset class price movements. When our system indicates that prices are rising, asset classes remain fully invested, and we attempt to participate in the movement of the target asset class of each Fund (defined in Notes) . At every point during a rising market, our system maintains an exit point at some percentage below the market. As prices rise, the exit level “rolls up” at a rate that correlates roughly to the rate of the increase of the target asset price level.

 

Once our system exits a market for a certain asset class, the respective Fund remains out of that asset class as long as it is declining. Just as our hedging point slowly increases during rising markets, our point of re -entry adjusts lower as markets move lower. The greater the decline, the more likely it is that we will re-enter the market at a lower point than we exited. During severe declines, the re-entry point can be significantly lower than the exit price, creating a lower basis for gains.

 

To take positions in stocks, we frequently employ the use of equity index futures contracts. Futures contracts tend to track their respective market indices efficiently. Due to arbitrage and other factors, there is no material impact on a Fund’s performance, either positive or negative, from the use of futures contracts versus holding individual equities and/or ETFs. Additionally, some Funds may use options contracts to hedge against swift and deep drops in the equity markets. In rising markets, the options contracts are expected to lose some value and lower a Fund’s performance.

 

Each exit out of the market creates a possible market underperformance event. If the system becomes completely defensive and the market reverses over the short term, the market re-entry point can be higher than the exit level. This can happen several days or several weeks after a defensive posture is implemented. The greater the number of incidents of moving in/out of a market during a period of time, the more vulnerable the system is to under-performance. In other words, while our system attempts to reduce the risk of significant loss, there may be a cost to implementing this system that can be realized if the Funds underperform their respective benchmarks. Ideal investors for the Funds are those for whom risk management is paramount.

 

The underperformance of the Toews Hedged U.S. Fund (THLGX) and the Toews Hedged U.S. Opportunity Fund (THSMX) was primarily observed between 10/27/23 and 11/8/23. During this period, the Funds were in a defensive posture, resulting in underperformance relative to the benchmarks by 6.5% for THLGX and approximately 5% for THSMX. Regarding Toews Tactical Oceania Fund (THIDX), after mitigating some of the losses from 8/30/23 to 10/26/23, the index

 

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rallied by about 8.5% between 10/26/23 and 11/20/23 while we remained defensive until re-entering the markets.

 

The underperformance of the Toews Tactical Defensive Alpha Fund (TTDAX) is attributed to its overweight position in small and mid-cap stocks, whereas the index was underweight in these sectors for the fiscal year. Additionally, the Fund’s defensive positioning contributed to its performance lagging behind the benchmark.

 

The Toews Tactical Income Fund (THHYX)** and the Toews Unconstrained Income Fund (TUIFX) both outperformed their respective benchmarks for the year as their defensive and high yield bond allocations outperformed as aggregate bonds turned negative during the period.

 

One Year Performance as of 04-30-2024

 

Fund     Net
Assets
  Fund
Return*
  Benchmark
Return
  Benchmark
Toews Tactical Income Fund     $483,579,323   3.85%   -1.47%

8.89%
  Bloomberg U.S. Aggregate Bond Index
ICE BofA Merrill Lynch High Yield U.S. Corporates Cash Pay**
Toews Hedged Oceana Fund     $38,884,331   3.27%   9.28%   MSCI EAFE Net
Toews Hedged U.S. Fund     $72,550,377   11.93%   22.66%   S&P 500 (Total Return)
Toews Hedged U.S. Opportunity Fund     $57,522,678   10.90%   14.84%   Morningstar US Small Cap TR
Toews Unconstrained Income Fund     $41,796,344   2.32%   -1.47%   Bloomberg U.S. Aggregate Bond Index
Toews Tactical Defensive Alpha Fund     $63,189023   6.81%   18.39%
22.66%
  MSCI World Index S&P 500 (Total Return)**

 

*Past performance is not indicative of future results

 

**Effective September 2023, the benchmark for Toews Tactical Income Fund was changed from ICE BofA Merrill Lynch High Yield U.S. Corporate Cash Pay to Bloomberg U.S. Aggregate Bond Index; the benchmark for Toews Tactical Defense Alpha Fund was changed from S&P 500 to MSCI World Index.

 

Our policy is to distribute substantially all of the Funds’ net investment income at least annually except for Toews Tactical Income Fund and Toews Unconstrained Income Fund, which intend to make distributions monthly. The remaining Funds intend to distribute net capital gains annually, usually in December. The effect of such a policy has been to provide significant distributions of capital back to shareholders in December for those Funds that had net capital gains and more frequently than annually for net investment income in Toews Tactical Income Fund and Toews Unconstrained Income Fund. Since the distributions are reinvested in shares of the Funds unless a cash distribution is selected, the Funds have not seen significant change in Fund assets except briefly in December prior to reinvestment and for brief periods of time throughout the year for Toews Tactical Income Fund and Toews Unconstrained Income Fund.

 

Our Outlook

 

We believe that stocks and high yield bonds are overvalued from a historical perspective, and their valuations may be challenged over the coming months. The potential advantage of our methodology is its ability to attempt to avoid the bulk of market declines. When markets decline,

 

20240522-3596330

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depending on strategy, the Funds can exchange their market exposure for defensive assets like money market securities, bond funds, and/or low volatility stocks. If the objective of the Fund is achieved, it creates an opportunity to buy near market lows and participate in potential rebounds. As a result, it may be possible to produce positive returns even after the market lost money or moved sideways.

 

For investors who wish to participate in long term, above inflation growth investments, the path to navigate these markets is straightforward but requires constant vigilance: 1) stay committed to equity markets, an asset class that may help protect investors against inflation; and 2) hedge your equity portfolios against losses. Both are pillars on which the Toews system has been built.

 

As always, we feel strongly that adding risk management strategies to portfolios in this environment is prudent and desirable.

 

We thank you for the confidence you have placed in us.

 

Warmest Regards,

 

(-s-Phillip R. Toews)

 

Phillip R. Toews

Portfolio Manager

 

Prior performance is no guarantee of future results. There can be no assurance, and individuals should not assume, that future performance of any of the portfolios referenced will be comparable to past performance. There can be no assurance that Toews will achieve its performance objectives.

 

This letter may include forward-looking statements. All statements other than statements of historical fact are forward-looking statements (including words such as “believe,” “estimate,” “anticipate,” “may,” “will,” “should,” and “expect”). Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Various factors could cause actual results or performance to differ materially from those discussed in such forward-looking statements.

 

This letter is intended to provide general information only and should not be construed as an offer of specifically tailored individualized advice. Please contact your investment adviser, accountant, and/or attorney for advice appropriate to your specific situation.

 

Investors cannot invest directly in an index.

 

Definitions:

 

Options and futures contracts are types of derivatives. A derivative is a security with a price that is dependent upon or derived from one or more underlying assets.

 

Bloomberg Barclays U.S. Aggregate Bond Index is an index used to represent U.S. traded investment grade bonds.

 

20240522-3596330

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ICE BofA Merrill Lynch High Yield U.S. Corporates Cash Pay Index is a commonly used benchmark for U.S. issued high yield corporate bonds.

 

MSCI EAFE Index is a stock market index that is designed to measure the equity market performance of developed markets outside of the U.S. & Canada.

 

MSCI World NR USD index measures the performance of the large and mid-cap segments of world equity securities. It is free float-adjusted market-capitalization weighted.

 

Morningstar US Small Cap (Total Return) Index tracks the performance of U.S. small-cap stocks that fall between 90th and 97th percentile in market capitalization of the investable universe.

 

S&P 400 (Total Return) Index is a stock market index that serves as a barometer for the U.S. mid-cap equities sector.

 

S&P500 (Total Return) Index is an unmanaged composite of 500 large capitalization companies. This index is widely used by professional investors as a performance benchmark for large-cap stocks.

 

For additional information about Toews, including fees and services, send for our disclosure statement as set forth on Form ADV by contacting Toews at Toews Corporation, 1750 Zion Road, Suite 201, Northfield, NJ 08225-1844 or by visiting www.toewscorp.com.

 

6640711-093024 MK MF

 

20240522-3596330

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Toews Tactical Income Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2024

 

Comparison of Change in Value of $10,000 Investment

 

(LINE GRAPH)

 

Total Returns as of April 30, 2024(a)

 

      Annualized  
        Since
  1 Year 5 Year 10 Year Inception(b)
Toews Tactical Income Fund 3.85% 1.19% 2.32% 4.01%
Bloomberg U.S. Aggregate Bond Index (1.47)% (0.16)% 1.20% 1.92%
ICE BofA Merrill Lynch High Yield Cash Pay Index 8.89% 3.56% 4.19% 6.03%

 

(a)Total Returns are caculated using the traded net asset value (“NAV”) on April 30, 2024.

 

(b)Commencement of operations is June 4, 2010.

 

The Bloomberg 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.

 

The ICE BofA Merrill Lynch High Yield Cash Pay Index is an unmanaged index used as a general measure of market performance consisting of fixed-rate, coupon-bearing bonds with an outstanding par which is greater than or equal to $50 million, a maturity range greater than or equal to one year and must be less than BBB/Baa3 rated but not in default. Investors cannot invest directly in an index or benchmark.

 

Past performance is not predictive of future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. The Fund’s adviser has waived fees and/or reimbursed expenses over the periods shown above. The Fund’s total returns would have been lower had the adviser not waived its fees and reimbursed a portion of the Fund’s expenses. The Fund’s total gross annual operating expenses, including underlying funds, are 1.40% of average net assets, per the Fund’s prospectus dated August 28, 2023. The graph does not reflect the deduction of taxes that a shareholder would have to pay on Fund distributions or the redemption of Fund shares. For performance information current to the most recent month-end, please call (877) 558-6397.

 

 

PORTFOLIO ANALYSIS (Unaudited)

April 30, 2024

   Percent of 
   Net Assets 
Exchange Traded Funds   32.7%
Corporate Bonds   20.3%
Other Assets In Excess of Liabilites *   47.0%
    100.0%

 

*Includes unrealized appreciation on open futures contracts.

 

Please refer to the Schedule of Investments in this annual report for a listing of the Fund’s holdings.

5

 

Toews Hedged Oceana Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2024

 

Comparison of Change in Value of $10,000 Investment

 

(LINE GRAPH)

 

Total Returns as of April 30, 2024(a)

 

    Annualized
        Since
  1 Year 5 Year 10 Year Inception(b)
Toews Hedged Oceana Fund 3.27% 1.90% 1.06% 0.36%
MSCI EAFE Index 9.28% 6.18% 4.38% 6.71%

 

(a)Total Returns are caculated using the traded net asset value (“NAV”) on April 30, 2024.

 

(b)Commencement of operations is June 4, 2010.

 

The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Investors cannot invest directly in an index or benchmark.

 

Past performance is not predictive of future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. The Fund’s adviser has waived fees and/or reimbursed expenses over the periods shown above. The Fund’s total returns would have been lower had the adviser not waived its fees and reimbursed a portion of the Fund’s expenses. The Fund’s total annual opertating expenses after fee waiver and/or reimbursement, including underyling funds, are 1.27% of average net assets per the Fund’s prospectus dated August 28, 2023. The Fund’s total gross annual operating expenses, including underlying funds, are 1.42% of average net assets, per the Fund’s prospectus dated August 28, 2023. The graph does not reflect the deduction of taxes that a shareholder would have to pay on Fund distributions or the redemption of Fund shares. For performance information current to the most recent month-end, please call (877) 558-6397.

 

 

PORTFOLIO ANALYSIS (Unaudited)

April 30, 2024

   Percent of 
   Net Assets 
Exchange Traded Funds   98.5%
Future Options Purchased   0.3%
Other Assets in Excess of Liabilities   1.2%
    100.0%

 

Please refer to the Schedule of Investments in this annual report for a listing of the Fund’s holdings.

6

 

Toews Hedged U.S. Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2024

 

Comparison of Change in Value of $10,000 Investment

 

(LINE GRAPH)

 

Total Returns as of April 30, 2024(a)

 

    Annualized
        Since
  1 Year 5 Year 10 Year Inception(b)
Toews Hedged U.S. Fund 11.93% 7.96% 5.54% 6.54%
S&P 500 Total Return Index 22.66% 13.19% 12.41% 14.01%

 

(a)Total Returns are caculated using the traded net asset value (“NAV”) on April 30, 2024.

 

(b)Commencement of operations is June 4, 2010.

 

The S&P 500 Total Return Index is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark.

 

Past performance is not predictive of future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. The Fund’s adviser has waived fees and/or reimbursed expenses over the periods shown above. The Fund’s total returns would have been lower had the adviser not waived its fees and reimbursed a portion of the Fund’s expenses. The Fund’s total annual opertating expenses after fee waiver and/or reimbursement, including underyling funds, are 1.25% of average net assets per the Fund’s prospectus dated August 28, 2023. The Fund’s total gross annual operating expenses, including underlying funds, are 1.33% of average net assets, per the Fund’s prospectus dated August 28, 2023. The graph does not reflect the deduction of taxes that a shareholder would have to pay on Fund distributions or the redemption of Fund shares. For performance information current to the most recent month-end, please call (877) 558-6397.

 

 

PORTFOLIO ANALYSIS (Unaudited)

April 30, 2024

   Percent of 
   Net Assets 
U.S. Government & Agencies   86.8%
Other Assets in Excess of Liabilities   13.2%
    100.0%

 

Please refer to the Schedule of Investments in this annual report for a listing of the Fund’s holdings.

7

 

Toews Hedged U.S. Opportunity Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2024

 

Comparison of Change in Value of $10,000 Investment

 

(LINE GRAPH)

 

Total Returns as of April 30, 2024(a)

 

    Annualized
        Since
  1 Year 5 Year 10 Year Inception(b)
Toews Hedged U.S. Opportunity Fund 10.90% 4.41% 1.54% 3.52%
Morningstar U.S. Small Cap Total Return Index 14.84% 6.70% 7.49% 10.50%

 

(a)Total Returns are caculated using the traded net asset value (“NAV”) on April 30, 2024.

 

(b)Commencement of operations is June 4, 2010.

 

The Morningstar U.S. Small Cap Total Return Index measures the performance of stocks issued by small-capitalization companies that are domiciled or principally traded in the United States. Investors cannot invest directly in an index or benchmark.

 

Past performance is not predictive of future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. The Fund’s adviser has waived fees and/or reimbursed expenses over the periods shown above. The Fund’s total returns would have been lower had the adviser not waived its fees and reimbursed a portion of the Fund’s expenses. The Fund’s total annual opertating expenses after fee waiver and/or reimbursement, including underyling funds, are 1.25% of average net assets per the Fund’s prospectus dated August 28, 2023. The Fund’s total gross annual operating expenses, including underlying funds, are 1.34% of average net assets, per the Fund’s prospectus dated August 28, 2023. The graph does not reflect the deduction of taxes that a shareholder would have to pay on Fund distributions or the redemption of Fund shares. For performance information current to the most recent month-end, please call (877) 558-6397.

 

The Toews Hedged U.S. Opportunity Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, “Morningstar Entities”). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the Toews Hedged U.S. Opportunity Fund or any member of the public regarding the advisability of investing in equities generally or in the Toews Hedged U.S. Opportunity Fund in particular or the ability of The MorningStar U.S. Small Cap Total Return Index to track general equity market performance.

 

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR U.S. SMALL CAP TOTAL RETURN INDEX OR ANY DATA INCLUDED THERIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THERIN.

 

 

PORTFOLIO ANALYSIS (Unaudited)

April 30, 2024

   Percent of 
   Net Assets 
U.S. Government & Agencies   86.9%
Other Assets in Excess of Liabilities   13.1%
    100.0%

 

Please refer to the Schedule of Investments in this annual report for a listing of the Fund’s holdings.

8

 

Toews Unconstrained Income Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2024

 

Comparison of Change in Value of $10,000 Investment

 

(LINE GRAPH)

 

Total Returns as of April 30, 2024(a)

 

    Annualized
        Since
  1 Year 5 Year 10 Year Inception(b)
Toews Unconstrained Income Fund 2.32% 0.74% 1.40% 1.69%
Bloomberg U.S. Aggregate Bond Index (1.47)% (0.16)% 1.20% 1.47%

 

(a)Total Returns are caculated using the traded net asset value (“NAV”) on April 30, 2024.

 

(b)Commencement of operations is August 28, 2013.

 

The Bloomberg 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.

 

Past performance is not predictive of future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. The Fund’s adviser has waived fees and/or reimbursed expenses over the periods shown above. The Fund’s total returns would have been lower had the adviser not waived its fees and reimbursed a portion of the Fund’s expenses. The Fund’s total annual opertating expenses after fee waiver and/or reimbursement, including underyling funds, are 1.36% of average net assets per the Fund’s prospectus dated August 28, 2023. The Fund’s total gross annual operating expenses, including underlying funds, are 1.49% of average net assets, per the Fund’s prospectus dated August 28, 2023. The graph does not reflect the deduction of taxes that a shareholder would have to pay on Fund distributions or the redemption of Fund shares. For performance information current to the most recent month-end, please call (877) 558-6397.

 

 

PORTFOLIO ANALYSIS (Unaudited)

April 30, 2024

   Percent of 
   Net Assets 
Exchange-Traded Funds   42.5%
U.S. Government & Agencies   20.3%
Other Assets in Excess of Liabilities   37.2%
    100.0%

 

Please refer to the Schedule of Investments in this annual report for a listing of the Fund’s holdings.

9

 

Toews Tactical Defensive Alpha Fund

PORTFOLIO REVIEW (Unaudited)

April 30, 2024

 

Comparison of Change in Value of $10,000 Investment

 

(LINE GRAPH)

 

Total Returns as of April 30, 2024(a)

 

    Annualized
      Since
  1 Year 5 Year Inception(b)
Toews Tactical Defensive Alpha Fund 6.81% 4.65% 6.88%
MSCI World Net Total Return USD Index 18.39% 10.46% 11.25%
S&P 500 Total Return Index 22.66% 13.19% 14.19%

 

(a)Total Returns are caculated using the traded net asset value (“NAV”) on April 30, 2024.

 

(b)Commencement of operations is January 7, 2016.

 

The MSCI World Net Total Return USD Index captures large and mic cap representation across 23 Developed Markets (DM) countries. With 1,157 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Investors cannot invest directly in an index or benchmark.

 

The S&P 500 Total Return Index is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark.

 

Past performance is not predictive of future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. The Fund’s adviser has waived fees and/or reimbursed expenses over the period shown above. The Fund’s total returns would have been lower had the adviser not waived its fees and reimbursed a portion of the Fund’s expenses. The Fund’s total annual opertating expenses after fee waiver and/or reimbursement, including underyling funds, are 1.27% of average net assets per the Fund’s prospectus dated August 28, 2023. The Fund’s total gross annual operating expenses, including underlying funds, are 1.30% of average net assets of average net assets, per the Fund’s prospectus dated August 28, 2023. The graph does not reflect the deduction of taxes that a shareholder would have to pay on Fund distributions or the redemption of Fund shares. For performance information current to the most recent month-end, please call (877) 558-6397.

 

 

PORTFOLIO ANALYSIS (Unaudited)

April 30, 2024

   Percent of 
   Net Assets 
Common Stocks   68.8%
Exchange-Traded Funds   30.1%
Future Options Purchased   0.1%
Other Assets in Excess of Liabilities   1.0%
    100.0%

 

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

10

 

TOEWS TACTICAL INCOME FUND
SCHEDULE OF INVESTMENTS
April 30, 2024

 

Shares               Fair Value 
     EXCHANGE-TRADED FUNDS — 32.7%       
     FIXED INCOME - 32.7%     
 1,800,000   iShares Broad USD High Yield Corporate Bond ETF    $64,692,000 
 450,000   iShares iBoxx High Yield Corporate Bond ETF     34,330,500 
 450,000   SPDR Bloomberg High Yield Bond ETF     42,043,500 
 750,000   SPDR Portfolio High Yield Bond ETF     17,287,500 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $159,241,950)     158,353,500 
                    
Principal         Coupon Rate        
Amount ($)      Spread  (%)  Maturity     
     CORPORATE BONDS — 20.3%              
     AEROSPACE & DEFENSE — 0.6%              
 539,000   Bombardier, Inc.(a)     7.8750  04/15/27   539,403 
 800,000   Rolls-Royce PLC(a)     5.7500  10/15/27   793,088 
 750,000   TransDigm, Inc.     5.5000  11/15/27   729,485 
 750,000   TransDigm, Inc.(a)     6.7500  08/15/28   756,659 
                  2,818,635 
     ASSET MANAGEMENT — 0.1%              
 355,000   Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation     6.2500  05/15/26   345,759 
                    
     AUTOMOTIVE — 0.8%              
 1,000,000   Ford Motor Credit Company, LLC     3.3750  11/13/25   960,259 
 750,000   Ford Motor Credit Company, LLC     7.3500  11/04/27   775,677 
 1,500,000   Mercedes-Benz Finance North America, LLC     8.5000  01/18/31   1,775,811 
 600,000   Tenneco, Inc.(a)     8.0000  11/17/28   561,241 
                  4,072,988 
     BANKING — 1.1%              
 1,000,000   Bank of America Corporation     7.7500  05/14/38   1,168,277 
 1,000,000   Barclays PLC(b)  H15T1Y + 3.500%  7.4370  11/02/33   1,082,398 
 1,000,000   Citigroup, Inc.     8.1250  07/15/39   1,222,382 
 750,000   HSBC Holdings PLC(b)  SOFRRATE + 4.250%  8.1130  11/03/33   836,271 
 1,000,000   Lloyds Banking Group PLC(b)  H15T1Y + 3.750%  7.9530  11/15/33   1,098,015 
                  5,407,343 

 

See accompanying notes to financial statements.

11

 

TOEWS TACTICAL INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
April 30, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 20.3% (Continued)              
     BEVERAGES — 0.7%              
 2,000,000   Anheuser-Busch InBev Worldwide, Inc.     8.2000  01/15/39  $2,492,552 
 1,000,000   PepsiCo, Inc.     7.0000  03/01/29   1,083,809 
                  3,576,361 
     BIOTECH & PHARMA — 0.5%              
 500,000   Bausch Health Companies, Inc.(a)     5.5000  11/01/25   466,368 
 1,000,000   Jazz Securities DAC(a)     4.3750  01/15/29   910,632 
 500,000   Merck & Company, Inc.     6.5000  12/01/33   546,869 
 650,000   Organon & Company / Organon Foreign Debt Co-Issuer(a)     5.1250  04/30/31   562,471 
                  2,486,340 
     CABLE & SATELLITE — 1.0%              
 1,000,000   CCO Holdings, LLC / CCO Holdings Capital Corporation(a)     5.1250  05/01/27   939,610 
 1,250,000   CCO Holdings, LLC / CCO Holdings Capital Corporation(a)     4.7500  03/01/30   1,041,558 
 1,250,000   Directv Financing, LLC / Directv Financing, Inc.(a)     5.8750  08/15/27   1,166,260 
 900,000   DISH Network Corporation(a)     11.7500  11/15/27   909,836 
 1,000,000   Sirius XM Radio, Inc.(a)     4.0000  07/15/28   893,810 
                  4,951,074 
     CHEMICALS — 0.3%              
 550,000   Tronox, Inc.(a)     4.6250  03/15/29   491,189 
 350,000   Windsor Holdings III, LLC(a)     8.5000  06/15/30   365,438 
 600,000   WR Grace Holdings, LLC(a)     5.6250  08/15/29   537,591 
                  1,394,218 
     COMMERCIAL SUPPORT SERVICES — 0.1%              
 329,000   Allied Universal Holdco, LLC / Allied Universal Finance Corporation(a)     6.6250  07/15/26   328,494 
                    
     CONSTRUCTION MATERIALS — 0.1%              
 600,000   Standard Industries, Inc.(a)     4.3750  07/15/30   532,020 
                    
     CONTAINERS & PACKAGING — 0.1%              
 700,000   Mauser Packaging Solutions Holding Company(a)     7.8750  08/15/26   704,733 
                    
     DIVERSIFIED INDUSTRIALS — 0.4%              
 2,000,000   General Electric Company     6.7500  03/15/32   2,160,706 

 

See accompanying notes to financial statements.

12

 

TOEWS TACTICAL INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
April 30, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 20.3% (Continued)              
     ELECTRIC UTILITIES — 1.1%              
 1,000,000   Appalachian Power Company      7.0000  04/01/38  $1,071,367 
 600,000   Calpine Corporation(a)     5.1250  03/15/28   569,644 
 1,000,000   Dominion Energy, Inc.     7.0000  06/15/38   1,061,526 
 700,000   FirstEnergy Corporation     4.1500  07/15/27   660,165 
 190,000   PG&E Corporation     5.0000  07/01/28   181,201 
 750,000   Progress Energy, Inc.     7.7500  03/01/31   835,463 
 400,000   Talen Energy Supply, LLC(a)     8.6250  06/01/30   423,461 
 400,000   Vistra Operations Company, LLC(a)     7.7500  10/15/31   410,486 
                  5,213,313 
     ELECTRICAL EQUIPMENT — 0.2%              
 1,000,000   WESCO Distribution, Inc.(a)     7.1250  06/15/25   1,001,630 
                    
     ENGINEERING & CONSTRUCTION — 0.1%              
 400,000   Fluor Corporation     4.2500  09/15/28   374,805 
                    
     ENTERTAINMENT CONTENT — 0.1%              
 750,000   Univision Communications, Inc.(a)     7.3750  06/30/30   719,201 
                    
     FOOD — 0.2%              
 750,000   Kraft Heinz Foods Company     6.8750  01/26/39   817,433 
                    
     GAS & WATER UTILITIES — 0.1%              
 500,000   Atmos Energy Corporation     5.4500  10/15/32   502,591 
                    
     HEALTH CARE FACILITIES & SERVICES — 0.5%              
 198,000   CHS/Community Health Systems, Inc.(a)     8.0000  03/15/26   197,297 
 1,000,000   DaVita, Inc.(a)     4.6250  06/01/30   877,874 
 500,000   ModivCare, Inc.(a)     5.8750  11/15/25   488,526 
 1,000,000   Tenet Healthcare Corporation     6.1250  10/01/28   989,726 
                  2,553,423 
     HOME & OFFICE PRODUCTS — 0.2%              
 750,000   Newell Brands, Inc.     5.2000  04/01/26   739,087 

 

See accompanying notes to financial statements.

13

 

TOEWS TACTICAL INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
April 30, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 20.3% (Continued)              
     INDUSTRIAL SUPPORT SERVICES — 0.3%              
 650,000   United Rentals North America, Inc.      3.8750  11/15/27  $607,248 
 750,000   United Rentals North America, Inc.     5.2500  01/15/30   719,637 
                  1,326,885 
     INSTITUTIONAL FINANCIAL SERVICES — 1.0%              
 150,000   Coinbase Global, Inc.(a)     3.3750  10/01/28   125,911 
 3,000,000   Goldman Sachs Group, Inc. (The)     6.7500  10/01/37   3,170,815 
 250,000   Jane Street Group / JSG Finance, Inc.(a)     4.5000  11/15/29   227,560 
 500,000   Jefferies Financial Group, Inc.     6.4500  06/08/27   509,356 
 750,000   Morgan Stanley     7.2500  04/01/32   837,152 
                  4,870,794 
     INSURANCE — 0.7%              
 300,000   Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer(a)     6.7500  10/15/27   294,587 
 550,000   Genworth Holdings, Inc.     6.5000  06/15/34   511,827 
 300,000   Jones Deslauriers Insurance Management, Inc.(a)     8.5000  03/15/30   308,726 
 1,700,000   MetLife, Inc.     10.7500  08/01/39   2,248,965 
                  3,364,105 
     INTERNET MEDIA & SERVICES — 0.3%              
 500,000   Netflix, Inc.     5.8750  11/15/28   510,298 
 1,000,000   Uber Technologies, Inc.(a)     4.5000  08/15/29   933,723 
                  1,444,021 
     LEISURE FACILITIES & SERVICES — 2.0%              
 500,000   1011778 BC ULC / New Red Finance, Inc.(a)     3.8750  01/15/28   461,995 
 1,000,000   Caesars Entertainment, Inc.(a)     6.2500  07/01/25   1,003,009 
 1,000,000   Caesars Entertainment, Inc.(a)     8.1250  07/01/27   1,014,008 
 500,000   Carnival Corporation(a)     6.0000  05/01/29   484,815 
 1,000,000   Carnival Holdings Bermuda Ltd.(a)     10.3750  05/01/28   1,084,898 
 900,000   Hilton Domestic Operating Company, Inc.(a)     3.6250  02/15/32   756,941 
 1,000,000   KFC Holding Co/Pizza Hut Holdings, LLC/Taco Bell of America, LLC(a)     4.7500  06/01/27   965,270 
 700,000   Las Vegas Sands Corporation     3.9000  08/08/29   625,446 
 1,200,000   Live Nation Entertainment, Inc.(a)     6.5000  05/15/27   1,202,836 
 600,000   Melco Resorts Finance Ltd.(a)     5.3750  12/04/29   535,237 
 300,000   NCL Corporation Ltd.(a)     5.8750  03/15/26   294,494 
 700,000   Sands China Ltd.     5.1250  08/08/25   692,623 

 

See accompanying notes to financial statements.

14

 

TOEWS TACTICAL INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
April 30, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 20.3% (Continued)              
     LEISURE FACILITIES & SERVICES — 2.0% (Continued)              
 850,000   Wynn Macau Ltd.(a)      5.6250  08/26/28  $784,588 
                  9,906,160 
     MACHINERY — 0.1%              
 600,000   Hillenbrand, Inc.     3.7500  03/01/31   514,262 
                    
     MEDICAL EQUIPMENT & DEVICES — 0.6%              
 950,000   Boston Scientific Corporation     7.3750  01/15/40   1,087,604 
 750,000   Koninklijke Philips N.V.     6.8750  03/11/38   797,152 
 1,000,000   Medline Borrower, L.P.(a)     3.8750  04/01/29   898,493 
                  2,783,249 
     METALS & MINING — 0.5%              
 500,000   FMG Resources August 2006 Pty Ltd.(a)     4.3750  04/01/31   440,731 
 750,000   Novelis Corporation(a)     4.7500  01/30/30   686,928 
 1,000,000   Vale Overseas Ltd.     8.2500  01/17/34   1,142,568 
                  2,270,227 
     OIL & GAS PRODUCERS — 1.8%              
 500,000   Apache Corporation     5.1000  09/01/40   416,513 
 400,000   Cheniere Energy, Inc.     4.6250  10/15/28   382,987 
 1,150,000   Chesapeake Energy Corporation(a)     6.7500  04/15/29   1,149,791 
 750,000   CQP Holdco, L.P. / BIP-V Chinook Holdco, LLC(a)     5.5000  06/15/31   689,867 
 500,000   New Fortress Energy, Inc.(a)     6.5000  09/30/26   479,182 
 750,000   Occidental Petroleum Corporation     6.1250  01/01/31   761,723 
 1,000,000   Occidental Petroleum Corporation     6.4500  09/15/36   1,032,943 
 650,000   PBF Holding Company, LLC / PBF Finance Corporation     6.0000  02/15/28   634,393 
 600,000   Southwestern Energy Company     4.7500  02/01/32   540,977 
 1,000,000   Tosco Corporation     8.1250  02/15/30   1,134,703 
 1,250,000   Venture Global LNG, Inc.(a)     8.3750  06/01/31   1,283,752 
                  8,506,831 
     OIL & GAS SERVICES & EQUIPMENT — 0.3%              
 900,000   Transocean, Inc.(a)     8.7500  02/15/30   939,416 
 500,000   Weatherford International Ltd.(a)     8.6250  04/30/30   520,265 
                  1,459,681 
     PUBLISHING & BROADCASTING — 0.1%              
 700,000   News Corporation(a)     3.8750  05/15/29   631,499 

 

See accompanying notes to financial statements.

15

 

TOEWS TACTICAL INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
April 30, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 20.3% (Continued)              
     REAL ESTATE INVESTMENT TRUSTS — 0.4%              
 500,000   Iron Mountain, Inc.(a)      5.2500  07/15/30  $464,607 
 400,000   MPT Operating Partnership, L.P. / MPT Finance Corporation     3.5000  03/15/31   268,722 
 750,000   Simon Property Group, L.P.     6.7500  02/01/40   802,640 
 500,000   Uniti Group, L.P. / Uniti Group Finance Inc / CSL CSL Capital, LLC(a)     10.5000  02/15/28   518,364 
                  2,054,333 
     RETAIL - DISCRETIONARY — 0.4%              
 400,000   Avis Budget Car Rental, LLC / Avis Budget Finance, Inc.(a)     5.3750  03/01/29   356,986 
 650,000   Macy’s Retail Holdings, LLC(a)     5.8750  03/15/30   619,671 
 300,000   NMG Holding Company, Inc. / Neiman Marcus Group, LLC(a)     7.1250  04/01/26   298,338 
 700,000   Staples, Inc.(a)     7.5000  04/15/26   681,404 
                  1,956,399 
     SOFTWARE — 0.6%              
 500,000   AthenaHealth Group, Inc.(a)     6.5000  02/15/30   450,614 
 650,000   Cloud Software Group, Inc.(a)     6.5000  03/31/29   616,517 
 3,000,000   Microsoft Corporation     2.9210  03/17/52   1,977,690 
                  3,044,821 
     SPECIALTY FINANCE — 0.7%              
 550,000   Ally Financial, Inc.     5.7500  11/20/25   545,526 
 362,687   Global Aircraft Leasing Company Ltd.(a)     6.5000  09/15/24   342,881 
 850,000   Nationstar Mortgage Holdings, Inc.(a)     5.5000  08/15/28   802,004 
 300,000   Navient Corporation     5.5000  03/15/29   269,043 
 600,000   Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer(a)     3.8750  03/01/31   511,277 
 800,000   Starwood Property Trust, Inc.(a)     4.3750  01/15/27   741,963 
                  3,212,694 
     STEEL — 0.1%              
 400,000   Cleveland-Cliffs, Inc.(a)     6.7500  04/15/30   393,085 
                    
     TECHNOLOGY HARDWARE — 0.5%              
 650,000   CommScope, Inc.(a)     6.0000  03/01/26   581,750 
 750,000   Dell International, LLC / EMC Corporation     8.1000  07/15/36   875,855 
 500,000   Seagate HDD Cayman     9.6250  12/01/32   560,999 
 500,000   Xerox Holdings Corporation(a)     5.5000  08/15/28   434,305 
                  2,452,909 

 

See accompanying notes to financial statements.

16

 

TOEWS TACTICAL INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
April 30, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 20.3% (Continued)              
     TECHNOLOGY SERVICES — 0.2%              
 500,000   Block, Inc.      3.5000  06/01/31  $422,745 
 500,000   Neptune Bidco US, Inc.(a)     9.2900  04/15/29   473,007 
                  895,752 
     TELECOMMUNICATIONS — 1.0%              
 2,000,000   Deutsche Telekom International Finance BV     9.2500  06/01/32   2,454,856 
 1,250,000   Intelsat Jackson Holdings S.A.(a)     6.5000  03/15/30   1,195,533 
 1,000,000   Sprint Capital Corporation     8.7500  03/15/32   1,181,694 
                  4,832,083 
     TRANSPORTATION & LOGISTICS — 0.4%              
 666,645   American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a)     5.5000  04/20/26   659,418 
 750,000   Canadian Pacific Railway Company     7.1250  10/15/31   825,583 
 400,000   Delta Air Lines, Inc.     3.7500  10/28/29   360,972 
                  1,845,973 
                    
     TOTAL CORPORATE BONDS (Cost $98,951,575)            98,465,917 
                    
                    
     TOTAL INVESTMENTS – 53.0% (Cost $258,193,525)           $256,819,417 
     OTHER ASSETS IN EXCESS OF LIABILITIES – 47.0%            226,759,906 
     NET ASSETS - 100.0%           $483,579,323 

 

OPEN FUTURES CONTRACTS 
                 Value and
Unrealized
 
Number of
Contracts
   Open Short Futures Contracts  Counterparty  Expiration  Notional Amount(c)   Appreciation
(Depreciation)
 
 200   Cboe iBoxx iShares $ High Yield Corporate Bond Index Future  EDF  06/03/2024  $30,693,000   $(126,964)
 280   Cboe iBoxx iShares $ Investment Grade Corporate Bond Index Future  EDF  06/04/2024   36,138,200    540,550 
     TOTAL FUTURES CONTRACTS             $413,586 

 

See accompanying notes to financial statements.

17

 

TOEWS TACTICAL INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
April 30, 2024

 

ETF  - Exchange-Traded Fund
   
LLC  - Limited Liability Company
   
L.P.  - Limited Partnership
   
Ltd.  - Limited Company
   
N.V.  - Naamloze Vennootschap
   
PLC  - Public Limited Company
   
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)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 April 30, 2024 the total market value of 144A securities is 45,528,769 or 9.4% of net assets.

 

(b)Variable rate security; the rate shown represents the rate on April 30, 2024.

 

(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.

 

See accompanying notes to financial statements.

18

 

TOEWS HEDGED OCEANA FUND
SCHEDULE OF INVESTMENTS
April 30, 2024

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 98.5%     
     EQUITY - 98.5%     
 789,500   Vanguard FTSE Developed Markets ETF  $38,259,170 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $36,145,488)     

 

Contracts(a)      Counterparty  Expiration Date  Exercise Price   Notional Value     
     FUTURE OPTIONS PURCHASED - 0.3%                     
     PUT OPTIONS PURCHASED - 0.3%                     
 160   CME E-Mini Standard & Poor’s 500 Index Future  EDF  06/21/2024  $4,600   $3,736,913    118,000 
     TOTAL FUTURE OPTIONS PURCHASED (Cost - $128,398)       
                           
     TOTAL INVESTMENTS – 98.8% (Cost $36,273,886)    $38,377,170 
     OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%     457,161 
     NET ASSETS - 100.0%    $38,834,331 

 

ETF   - Exchange-Traded Fund
   
EDF   - ED&F Man Capital Markets, Inc.

 

(a)Each contract is equivalent to one futures contract.

 

See accompanying notes to financial statements.

19

 

TOEWS HEDGED U.S. FUND
SCHEDULE OF INVESTMENTS
April 30, 2024

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 86.8%           
     U.S. TREASURY BILLS — 86.8%           
 63,000,000   United States Treasury Bill(a)  5.2800  05/02/24  $62,990,784 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $62,990,979)           
                 
     TOTAL INVESTMENTS – 86.8% (Cost $62,990,979)        $62,990,784 
     OTHER ASSETS IN EXCESS OF LIABILITIES – 13.2%         9,559,593 
     NET ASSETS - 100.0%        $72,550,377 
                 

 

(a)Zero coupon bond. Rate shown is discount rate at time of purchase.

 

See accompanying notes to financial statements.

20

 

TOEWS HEDGED U.S. OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS
April 30, 2024

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 86.9%           
     U.S. TREASURY BILLS — 86.9%           
 50,000,000   United States Treasury Bill(a)  5.2800  05/02/24  $49,992,685 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $49,992,840)           
                 
     TOTAL INVESTMENTS – 86.9% (Cost $49,992,840)        $49,992,685 
     OTHER ASSETS IN EXCESS OF LIABILITIES – 13.1%         7,529,993 
     NET ASSETS - 100.0%        $57,522,678 
                 
(a)Zero coupon bond. Rate shown is discount rate at time of purchase.

 

See accompanying notes to financial statements.

21

 

TOEWS UNCONSTRAINED INCOME FUND
SCHEDULE OF INVESTMENTS
April 30, 2024

 

Shares            Fair Value 
     EXCHANGE-TRADED FUNDS — 42.5%           
     FIXED INCOME - 42.5%           
 41,800   Blackrock AAA CLO ETF        $2,166,076 
 127,000   iShares Floating Rate Bond ETF         6,489,699 
 42,000   iShares iBoxx High Yield Corporate Bond ETF         3,204,180 
 42,700   Janus Henderson AAA CLO ETF         2,168,733 
 40,000   SPDR Bloomberg High Yield Bond ETF         3,737,200 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $17,782,936)         17,765,888 
                 
                 
Principal      Coupon Rate        
Amount ($)      (%)  Maturity     
     U.S. GOVERNMENT & AGENCIES — 20.3%           
     U.S. TREASURY BILLS — 20.3%           
 8,500,000   United States Treasury Bill(a)  5.2800  05/02/24   8,498,757 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $8,498,779)           
                 
     TOTAL INVESTMENTS – 62.8% (Cost $26,281,715)        $26,264,645 
     OTHER ASSETS IN EXCESS OF LIABILITIES – 37.2%         15,531,699 
     NET ASSETS - 100.0%        $41,796,344 

 

ETF - Exchange-Traded Fund

 

SPDR - Standard & Poor’s Depositary Receipt

 

(a)Zero coupon bond. Rate shown is discount rate at time of purchase.

 

See accompanying notes to financial statements.

22

 

TOEWS TACTICAL DEFENSIVE ALPHA FUND
SCHEDULE OF INVESTMENTS
April 30, 2024

 

Shares      Fair Value 
     COMMON STOCKS — 68.8%     
     AEROSPACE & DEFENSE - 1.3%     
 1,500   General Dynamics Corporation  $430,635 
 900   Lockheed Martin Corporation   418,437 
         849,072 
     BANKING - 0.7%     
 2,400   JPMorgan Chase & Company   460,176 
           
     BEVERAGES - 2.8%     
 7,500   Coca-Cola Company (The)   463,275 
 1,500   Constellation Brands, Inc., Class A   380,190 
 14,400   Keurig Dr Pepper, Inc.   485,280 
 2,400   PepsiCo, Inc.   422,184 
         1,750,929 
     BIOTECH & PHARMA - 2.1%     
 2,700   AbbVie, Inc.   439,128 
 3,000   Johnson & Johnson   433,770 
 3,500   Merck & Company, Inc.   452,270 
         1,325,168 
     CHEMICALS - 1.3%     
 2,000   Ecolab, Inc.   452,300 
 900   Linde PLC   396,864 
         849,164 
     COMMERCIAL SUPPORT SERVICES - 2.0%     
 600   Cintas Corporation   395,004 
 2,300   Republic Services, Inc.   440,910 
 2,100   Waste Management, Inc.   436,842 
         1,272,756 
     DIVERSIFIED INDUSTRIALS - 1.3%     
 2,100   Honeywell International, Inc.   404,733 
 1,700   Illinois Tool Works, Inc.   414,987 
         819,720 
     ELECTRIC UTILITIES - 9.4%     
 9,100   Alliant Energy Corporation   453,180 
 16,000   CenterPoint Energy, Inc.   466,240 
 7,500   CMS Energy Corporation   454,575 

 

See accompanying notes to financial statements.

23

 

TOEWS TACTICAL DEFENSIVE ALPHA FUND
SCHEDULE OF INVESTMENTS (Continued)
April 30, 2024

 

Shares      Fair Value 
     COMMON STOCKS — 68.8% (Continued)     
     ELECTRIC UTILITIES - 9.4% (Continued)     
 4,800   Consolidated Edison, Inc.  $453,120 
 4,100   DTE Energy Company   452,312 
 4,500   Duke Energy Corporation   442,170 
 4,200   Entergy Corporation   448,014 
 11,900   FirstEnergy Corporation   456,246 
 16,700   PPL Corporation   458,582 
 6,800   Public Service Enterprise Group, Inc.   469,744 
 6,300   SEMPRA   451,269 
 6,300   Southern Company (The)   463,050 
 5,400   WEC Energy Group, Inc.   446,256 
         5,914,758 
     ELECTRICAL EQUIPMENT - 2.1%     
 2,400   AMETEK, Inc.   419,184 
 3,900   Amphenol Corporation, Class A   471,003 
 4,700   Otis Worldwide Corporation   428,640 
         1,318,827 
     ENTERTAINMENT CONTENT - 0.7%     
 3,500   Electronic Arts, Inc.   443,870 
           
     FOOD - 4.4%     
 14,700   Conagra Brands, Inc.   452,466 
 6,300   General Mills, Inc.   443,898 
 2,400   Hershey Company (The)   465,408 
 7,800   Kellanova   451,308 
 12,000   Kraft Heinz Company (The)   463,320 
 6,600   Mondelez International, Inc., A   474,804 
         2,751,204 
     GAMING REIT - 0.7%     
 16,200   VICI Properties, Inc.   462,510 
           
     GAS & WATER UTILITIES - 0.7%     
 3,800   Atmos Energy Corporation   448,020 

 

See accompanying notes to financial statements.

24

 

TOEWS TACTICAL DEFENSIVE ALPHA FUND
SCHEDULE OF INVESTMENTS (Continued)
April 30, 2024

 

Shares      Fair Value 
     COMMON STOCKS — 68.8% (Continued)     
     HEALTH CARE FACILITIES & SERVICES - 2.1%     
 1,800   Cencora, Inc.  $430,290 
 2,100   Laboratory Corp of America Holdings   422,877 
 3,300   Quest Diagnostics, Inc.   455,994 
         1,309,161 
     HOUSEHOLD PRODUCTS - 2.9%     
 4,200   Church & Dwight Company, Inc.   453,138 
 5,100   Colgate-Palmolive Company   468,792 
 3,500   Kimberly-Clark Corporation   477,855 
 2,700   Procter & Gamble Company (The)   440,640 
         1,840,425 
     INDUSTRIAL SUPPORT SERVICES - 0.7%     
 6,600   Fastenal Company   448,404 
           
     INSTITUTIONAL FINANCIAL SERVICES - 2.1%     
 2,400   Cboe Global Markets, Inc.   434,760 
 2,100   CME Group, Inc.   440,244 
 3,300   Intercontinental Exchange, Inc.   424,908 
         1,299,912 
     INSURANCE – 6.0%     
 1,300   Aon PLC, Class A   366,613 
 1,800   Arthur J Gallagher & Company   422,442 
 900   Berkshire Hathaway, Inc., Class B(a)   357,057 
 5,400   Brown & Brown, Inc.   440,316 
 1,800   Chubb Ltd.   447,552 
 4,500   Hartford Financial Services Group, Inc. (The)   436,005 
 6,000   Loews Corporation   450,900 
 2,100   Marsh & McLennan Companies, Inc.   418,803 
 2,100   Travelers Companies, Inc. (The)   445,536 
         3,785,224 
     INTERNET MEDIA & SERVICES - 0.6%     
 2,400   VeriSign, Inc.(a)   406,752 
           
     LEISURE FACILITIES & SERVICES - 2.1%     
 2,900   Darden Restaurants, Inc.   444,889 

 

See accompanying notes to financial statements.

25

 

TOEWS TACTICAL DEFENSIVE ALPHA FUND
SCHEDULE OF INVESTMENTS (Continued)
April 30, 2024

 

Shares      Fair Value 
     COMMON STOCKS — 68.8% (Continued)     
     LEISURE FACILITIES & SERVICES - 2.1% (Continued)     
 1,500   McDonald’s Corporation  $409,560 
 3,200   Yum! Brands, Inc.   452,000 
         1,306,449 
     MACHINERY - 1.2%     
 1,800   IDEX Corporation   396,828 
 1,500   Nordson Corporation   387,285 
         784,113 
     MEDICAL EQUIPMENT & DEVICES - 1.4%     
 4,200   Abbott Laboratories   445,074 
 5,900   Hologic, Inc.(a)   447,043 
         892,117 
     OIL & GAS PRODUCERS - 1.4%     
 24,400   Kinder Morgan, Inc.   446,032 
 11,800   Williams Companies, Inc. (The)   452,648 
         898,680 
     RETAIL - CONSUMER STAPLES - 1.4%     
 600   Costco Wholesale Corporation   433,740 
 7,500   Walmart, Inc.   445,125 
         878,865 
     RETAIL - DISCRETIONARY - 2.5%     
 1,200   Home Depot, Inc. (The)   401,064 
 300   O’Reilly Automotive, Inc.(a)   303,978 
 3,300   Ross Stores, Inc.   427,515 
 4,800   TJX Companies, Inc. (The)   451,632 
         1,584,189 
     RETAIL REIT - 0.7%     
 8,500   Realty Income Corporation   455,090 
           
     SOFTWARE - 0.5%     
 600   Roper Technologies, Inc.   306,876 
           
     TECHNOLOGY HARDWARE - 2.7%     
 2,600   Apple, Inc.   442,858 
 9,300   Cisco Systems, Inc.   436,914 

 

See accompanying notes to financial statements.

26

 

TOEWS TACTICAL DEFENSIVE ALPHA FUND
SCHEDULE OF INVESTMENTS (Continued)
April 30, 2024

 

Shares      Fair Value 
     COMMON STOCKS — 68.8% (Continued)     
     TECHNOLOGY HARDWARE - 2.7% (Continued)     
 2,400   F5, Inc.(a)  $396,744 
 1,200   Motorola Solutions, Inc.   406,980 
         1,683,496 
     TECHNOLOGY SERVICES - 5.3%     
 1,800   Automatic Data Processing, Inc.   435,402 
 2,200   Broadridge Financial Solutions, Inc.   425,502 
 3,000   Fiserv, Inc.(a)   458,010 
 2,400   International Business Machines Corporation   398,880 
 900   Mastercard, Inc., Class A   406,080 
 3,600   Paychex, Inc.   427,716 
 1,800   Verisk Analytics, Inc.   392,328 
 1,500   Visa, Inc., Class A   402,915 
         3,346,833 
     TELECOMMUNICATIONS - 0.7%     
 2,700   T-Mobile US, Inc.   443,259 
           
     TOBACCO - 1.5%     
 10,700   Altria Group, Inc.   468,767 
 4,800   Philip Morris International, Inc.   455,712 
         924,479 
     TRANSPORTATION & LOGISTICS - 1.4%     
 13,100   CSX Corporation   435,182 
 1,800   Union Pacific Corporation   426,888 
         862,070 
     TRANSPORTATION EQUIPMENT - 0.8%     
 3,000   Westinghouse Air Brake Technologies Corporation   483,240 
           
     WHOLESALE - CONSUMER STAPLES - 0.7%     
 5,800   Sysco Corporation   431,056 

 

See accompanying notes to financial statements.

27

 

TOEWS TACTICAL DEFENSIVE ALPHA FUND
SCHEDULE OF INVESTMENTS (Continued)
April 30, 2024

 

Shares      Fair Value 
     COMMON STOCKS — 68.8% (Continued)     
     WHOLESALE - DISCRETIONARY - 0.6%     
 9,200   LKQ Corporation  $396,796 
           
     TOTAL COMMON STOCKS (Cost $43,584,384)   43,433,660 
           
     EXCHANGE-TRADED FUNDS — 30.1%     
     EQUITY - 30.1%     
 393,000   Vanguard FTSE Developed Markets ETF   19,044,780 
     TOTAL EXCHANGE-TRADED FUNDS (Cost $17,997,709)     
           

 

Contracts(b)      Counterparty  Expiration Date  Exercise Price   Notional Value     
     FUTURE OPTIONS PURCHASED - 0.1%                     
     PUT OPTIONS PURCHASED - 0.1%                     
 76   CME E-Mini Standard & Poor’s 500 Index Future  EDF  06/21/2024  $4,600   $3,736,913    56,050 
     TOTAL PUT OPTIONS PURCHASED (Cost - $60,989)       
                           
     TOTAL INVESTMENTS - 99.0% (Cost $61,643,082)      $62,534,490 
     OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0%       654,533 
     NET ASSETS - 100.0%    $63,189,023 

 

ETF - Exchange-Traded Fund

 

Ltd. - Limited Company

 

PLC - Public Limited Company

 

REIT - Real Estate Investment Trust

 

EDF - ED&F Man Capital Markets, Inc.

 

(a)Non-income producing security.

 

(b)Each contract is equivalent to one futures contract.

 

See accompanying notes to financial statements.

28

 

Toews Funds
Statements of Assets and Liabilities
April 30, 2024
 
   Toews Tactical   Toews Hedged   Toews Hedged 
   Income   Oceana   U.S. 
   Fund   Fund   Fund 
ASSETS:            
Investments, at cost  $258,193,525   $36,273,886   $62,990,979 
Investments, at fair value  $256,819,417   $38,377,170   $62,990,784 
Cash and cash equivalents   381,439,325    521,904    9,543,517 
Cash deposit with broker - futures margin balance   2,547,760    4,017    105,786 
Unrealized appreciation from futures contracts   413,586         
Dividends and interest receivable   2,328,323    1,118    45,867 
Receivable for Fund shares sold   134,090    1,207    39,607 
Prepaid expenses and other assets   27,352    31,929    20,218 
Total Assets   643,709,853    38,937,345    72,745,779 
                
LIABILITIES:               
Payable for securities purchased   159,241,950         
Accrued advisory fees   402,020    18,131    42,750 
Payable for Fund shares redeemed   357,005    56,532    123,140 
Payable to related parties   67,598    4,602    7,222 
Audit and tax fees   20,780    19,362    19,481 
Accrued expenses and other liabilities   41,177    4,387    2,809 
Total Liabilities   160,130,530    103,014    195,402 
                
Net Assets  $483,579,323   $38,834,331   $72,550,377 
                
NET ASSETS CONSIST OF:               
Paid in capital  $548,579,059   $43,366,281   $79,088,696 
Accumulated losses   (64,999,736)   (4,531,950)   (6,538,319)
Net Assets  $483,579,323   $38,834,331   $72,550,377 
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)   48,788,636    4,169,191    5,359,280 
Net Asset Value (Net Assets / Shares Outstanding), offering price and redemption price per share  $9.91   $9.31   $13.54 
                

See accompanying notes to financial statements.

29

 

Toews Funds
Statements of Assets and Liabilities (Continued)
April 30, 2024
 
   Toews Hedged   Toews   Toews Tactical 
   U.S. Opportunity   Unconstrained Income   Defensive Alpha 
   Fund   Fund   Fund 
ASSETS:               
Investments, at cost  $49,992,840   $26,281,715   $61,643,082 
Investments, at fair value  $49,992,685   $26,264,645   $62,534,490 
Cash and cash equivalents   7,502,896    22,538,939    751,340 
Cash deposit with broker - futures margin balance   96,011        93,375 
Receivable for Fund shares sold   27,129    50,336    1,325 
Dividends and interest receivable   35,104    33,380    60,318 
Prepaid expenses and other assets   18,340    10,895    16,672 
Total Assets   57,672,165    48,898,195    63,457,520 
                
LIABILITIES:               
Payable for Fund shares redeemed   86,796    54,674    193,776 
Payable for securities purchased       6,984,291     
Accrued advisory fees   35,600    33,837    47,504 
Audit and tax fees   19,523    20,781    19,007 
Payable to related parties   6,188    7,549    6,596 
Accrued expenses and other liabilities   1,380    719    1,614 
Total Liabilities   149,487    7,101,851    268,497 
                
Net Assets  $57,522,678   $41,796,344   $63,189,023 
                
NET ASSETS CONSIST OF:               
Paid in capital  $76,290,355   $49,976,899   $83,223,626 
Accumulated losses   (18,767,677)   (8,180,555)   (20,034,603)
Net Assets  $57,522,678   $41,796,344   $63,189,023 
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)   5,576,305    4,571,036    6,384,663 
Net Asset Value (Net Assets / Shares Outstanding), offering price and redemption price per share  $10.32   $9.14   $9.90 
                

See accompanying notes to financial statements.

30

 

Toews Funds
Statements of Operations
For the Year Ended April 30, 2024
 
   Toews Tactical   Toews Hedged   Toews Hedged 
   Income   Oceana   U.S. 
   Fund   Fund   Fund 
Investment Income:               
Interest income  $11,462,061   $589,699   $3,821,913 
Dividend income   21,032,257    1,210,636    172,214 
Securities lending income, net   346,353         
Total Investment Income   32,840,671    1,800,335    3,994,127 
                
Operating Expenses:               
Investment advisory fees   5,308,385    444,610    876,255 
Third party administrative servicing fees   513,838    48,361    95,926 
Administration fees   339,619    48,250    72,879 
Fund accounting fees   111,755    9,385    18,356 
Registration fees   42,919    32,473    32,118 
Transfer agent fees   46,841    7,316    7,731 
Printing expenses   35,103    9,242    27,797 
Legal fees   24,091    9,911    11,411 
Audit and tax fees   21,583    20,154    20,312 
Trustees’ fees   16,431    16,431    16,430 
Compliance officer fees   33,211    9,148    10,761 
Insurance expenses   3,664    3,395    3,360 
Interest expenses   76    88    3,005 
Miscellaneous expenses   3,018    2,506    2,506 
Total Operating Expenses   6,500,534    661,270    1,198,847 
                
Less: Expenses waived by Adviser       (105,734)   (100,892)
Net Operating Expenses   6,500,534    555,536    1,097,955 
                
Net Investment Income   26,340,137    1,244,799    2,896,172 
                
Realized and Unrealized Gain (Loss) on Investments, Options Purchased, and Futures Contracts               
Net realized gain (loss) on:               
Investments   (4,212,488)   3,053,973    (2,517,365)
Options Purchased       (963,918)   (1,221,550)
Futures contracts   (1,932,218)       13,805,873 
Net change in unrealized appreciation (depreciation) on:               
Investments   (1,708,586)   (2,175,106)   95,718 
Options Purchased       37,002    80,400 
Futures contracts   413,586        (4,764,368)
Net Realized and Unrealized Gain (Loss) on Investments Options Purchased, and Futures Contracts   (7,439,706)   (48,049)   5,478,708 
                
Net Increase in Net Assets Resulting From Operations  $18,900,431   $1,196,750   $8,374,880 
                

See accompanying notes to financial statements.

31

 

Toews Funds
Statements of Operations (Continued)
For the Year Ended April 30, 2024
 
   Toews Hedged   Toews   Toews Tactical 
   U.S. Opportunity   Unconstrained Income   Defensive Alpha 
   Fund   Fund   Fund 
Investment Income:               
Interest income  $2,689,418   $1,343,484   $1,792,061 
Dividend income (including foreign dividend tax withholding $0, $0, $206)   139,522    1,263,772    1,195,808 
Securities lending income, net       24,555     
Total Investment Income   2,828,940    2,631,811    2,987,869 
                
Operating Expenses:               
Investment advisory fees   628,178    482,511    819,511 
Third party administrative servicing fees   66,618    47,751    72,951 
Administration fees   59,003    39,317    69,481 
Registration fees   32,090    25,281    34,789 
Audit and tax fees   20,833    21,583    19,832 
Trustees’ fees   16,531    16,530    16,531 
Fund accounting fees   13,263    10,275    17,045 
Printing expenses   10,911    20,855    5,906 
Legal fees   10,511    9,011    11,111 
Compliance officer fees   9,979    9,393    11,272 
Transfer agent fees   8,714    7,485    9,908 
Insurance expenses   3,365    3,386    3,078 
Interest expenses   2,354        1,576 
Miscellaneous expenses   2,506    2,506    2,508 
Total Operating Expenses   884,856    695,884    1,095,499 
                
Less: Expenses waived by Adviser   (97,449)   (93,180)   (71,059)
Net Operating Expenses   787,407    602,704    1,024,440 
                
Net Investment Income   2,041,533    2,029,107    1,963,429 
                
Realized and Unrealized Gain (Loss) on Investments Options Purchased, and Futures Contracts:               
Net realized gain (loss) on:               
Investments   (1,980,733)   (856,912)   (658,351)
Options Purchased   (1,014,403)       (1,607,425)
Futures contracts   8,601,335        9,516,515 
Net change in unrealized appreciation (depreciation) on:               
Investments   74,186    (107,719)   (1,994,170)
Options Purchased   33,280        76,794 
Futures contracts   (1,451,804)       (2,510,408)
Net Realized and Unrealized Gain (Loss) on Investments Options Purchased, and Futures Contracts   4,261,861    (964,631)   2,822,955 
                
Net Increase in Net Assets Resulting From Operations  $6,303,394   $1,064,476   $4,786,384 
                

See accompanying notes to financial statements.

32

 

Toews Funds
Statements of Changes in Net Assets
 
   Toews Tactical Income   Toews Hedged Oceana 
   Fund   Fund 
                 
   Year Ended   Year Ended   Year Ended   Year Ended 
   April 30, 2024   April 30, 2023   April 30, 2024   April 30, 2023 
Operations:                    
Net investment income  $26,340,137   $18,844,120   $1,244,799   $521,598 
Net realized gain (loss) on investments, options purchased, options written and futures contracts   (6,144,706)   (36,105,630)   2,090,055    (3,278,117)
Distributions of capital gains from underlying investment companies       637,179         
Net change in unrealized appreciation (depreciation) on investments, options purchased and futures contracts   (1,295,000)   334,478    (2,138,104)   4,241,388 
Net increase (decrease) in net assets resulting from operations   18,900,431    (16,289,853)   1,196,750    1,484,869 
                     
Dividends and Distributions to Shareholders:                    
Distributions paid   (26,124,808)   (18,741,659)   (767,342)    
Total Dividends and Distributions to Shareholders   (26,124,808)   (18,741,659)   (767,342)    
                     
Share Transactions of Beneficial Interest:                    
Net proceeds from shares sold   86,955,059    183,007,549    8,909,978    12,957,678 
Reinvestment of dividends and distributions   25,017,685    18,101,461    757,268     
Cost of shares redeemed   (211,130,744)   (237,385,185)   (19,818,315)   (31,125,185)
Net decrease in net assets from share transactions of beneficial interest   (99,158,000)   (36,276,175)   (10,151,069)   (18,167,507)
                     
Total Decrease in Net Assets   (106,382,377)   (71,307,687)   (9,721,661)   (16,682,638)
                     
Net Assets:                    
Beginning of year   589,961,700    661,269,387    48,555,992    65,238,630 
End of year  $483,579,323   $589,961,700   $38,834,331   $48,555,992 
                     
Share Activity:                    
Shares Sold   8,774,775    17,768,390    975,910    1,486,110 
Shares Reinvested   2,526,889    1,776,858    83,954     
Shares Redeemed   (21,355,660)   (23,008,499)   (2,182,425)   (3,495,436)
Net decrease in shares of beneficial interest outstanding   (10,053,996)   (3,463,251)   (1,122,561)   (2,009,326)
                     

See accompanying notes to financial statements.

33

 

Toews Funds
Statements of Changes in Net Assets (Continued)
 
   Toews Hedged U.S.   Toews Hedged U.S. Opportunity 
   Fund   Fund 
                 
   Year Ended   Year Ended   Year Ended   Year Ended 
   April 30, 2024   April 30, 2023   April 30, 2024   April 30, 2023 
Operations:                    
Net investment income  $2,896,172   $1,045,908   $2,041,533   $839,340 
Net realized gain (loss) on investments, options purchased, options written and futures contracts   10,066,958    (7,131,352)   5,606,199    (10,097,395)
Net change in unrealized appreciation (depreciation) on investments, options purchased and futures contracts   (4,588,250)   4,588,055    (1,344,338)   1,344,183 
Net increase (decrease) in net assets resulting from operations   8,374,880    (1,497,389)   6,303,394    (7,913,872)
                     
Distributions to Shareholders:                    
Distributions paid   (2,671,368)       (443,921)   (14,200)
Total Dividends and Distributions to Shareholders   (2,671,368)       (443,921)   (14,200)
                     
Share Transactions of Beneficial Interest:                    
Net proceeds from shares sold   57,462,011    47,404,942    17,664,020    19,035,950 
Reinvestment of dividends and distributions   2,612,677        439,624    14,025 
Cost of shares redeemed   (76,589,033)   (87,333,956)   (28,931,220)   (46,486,587)
Net decrease in net assets from share transactions of beneficial interest   (16,514,345)   (39,929,014)   (10,827,576)   (27,436,612)
                     
Total Decrease in Net Assets   (10,810,833)   (41,426,403)   (4,968,103)   (35,364,684)
                     
Net Assets:                    
Beginning of year   83,361,210    124,787,613    62,490,781    97,855,465 
End of year  $72,550,377   $83,361,210   $57,522,678   $62,490,781 
                     
Share Activity:                    
Shares Sold   4,384,368    3,830,733    1,831,749    1,898,885 
Shares Reinvested   199,594        42,435    1,436 
Shares Redeemed   (5,870,608)   (7,118,545)   (2,966,080)   (4,654,146)
Net decrease in shares of beneficial interest outstanding   (1,286,646)   (3,287,812)   (1,091,896)   (2,753,825)
                     

See accompanying notes to financial statements.

34

 

Toews Funds
Statements of Changes in Net Assets (Continued)
 
   Toews Unconstrained   Toews Tactical Defensive 
   Income Fund   Alpha Fund 
                 
   Year Ended   Year Ended   Year Ended   Year Ended 
   April 30, 2024   April 30, 2023   April 30, 2024   April 30, 2023 
Operations:                    
Net investment income  $2,029,107   $1,333,789   $1,963,429   $1,485,764 
Net realized gain (loss) on investments, options purchased, options written and futures contracts   (856,912)   (1,953,302)   7,250,739    (22,585,287)
Distributions of capital gains from underlying investment companies       35,399         
Net change in unrealized appreciation (depreciation) on investments, options purchased and futures contracts   (107,719)   90,649    (4,427,784)   8,184,026 
Net increase (decrease) in net assets resulting from operations   1,064,476    (493,465)   4,786,384    (12,915,497)
                     
Dividends and Distributions to Shareholders:                    
From return of capital       (108,585)        
Distributions paid   (2,017,593)   (1,215,827)   (1,851,959)   (1,152,050)
Total Dividends and Distributions to Shareholders   (2,017,593)   (1,324,412)   (1,851,959)   (1,152,050)
                     
Share Transactions of Beneficial Interest:                    
Net proceeds from shares sold   8,926,663    12,895,269    6,304,738    27,155,445 
Reinvestment of dividends and distributions   1,990,105    1,300,365    1,820,703    1,136,372 
Cost of shares redeemed   (22,610,850)   (22,528,758)   (56,189,145)   (31,856,725)
Net decrease in net assets from share transactions of beneficial interest   (11,694,082)   (8,333,124)   (48,063,704)   (3,564,908)
                     
Total Decrease in Net Assets   (12,647,199)   (10,151,001)   (45,129,279)   (17,632,455)
                     
Net Assets:                    
Beginning of year   54,443,543    64,594,544    108,318,302    125,950,757 
End of year  $41,796,344   $54,443,543   $63,189,023   $108,318,302 
                     
Share Activity:                    
Shares Sold   971,416    1,365,856    648,816    2,755,136 
Shares Reinvested   217,038    138,526    186,166    118,619 
Shares Redeemed   (2,461,251)   (2,386,288)   (5,834,938)   (3,261,485)
Net decrease in shares of beneficial interest outstanding   (1,272,797)   (881,906)   (4,999,956)   (387,730)
                     

See accompanying notes to financial statements.

35

 

Toews Tactical Income Fund
Financial Highlights
 

Selected data based on a share outstanding throughout each year.

 

   For the Year   For the Year   For the Year   For the Year   For the Year 
   Ended   Ended   Ended   Ended   Ended 
   April 30, 2024   April 30, 2023   April 30, 2022   April 30, 2021   April, 30, 2020 
Net asset value, beginning of year  $10.03   $10.61   $11.10   $10.47   $10.96 
                          
ACTIVITY FROM INVESTMENT OPERATIONS:                         
Net investment income (a)   0.49    0.31    0.19    0.29    0.33 
Net realized and unrealized gain (loss) on investments   (0.11)   (0.58)   (0.45)   0.63    (0.48)
Total from investment operations   0.38    (0.27)   (0.26)   0.92    (0.15)
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.50)   (0.31)   (0.23)   (0.29)   (0.34)
Total distributions   (0.50)   (0.31)   (0.23)   (0.29)   (0.34)
                          
Net asset value, end of year  $9.91   $10.03   $10.61   $11.10   $10.47 
                          
Total return (b)   3.85%   (2.51)% (c)   (2.41)%   8.90%   (1.41)%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000’s)  $483,579   $589,962   $661,269   $686,463   $611,707 
Ratios to average net assets                         
Expenses, net of reimbursement (d)   1.23% (f)   1.21% (f)   1.21%   1.18%   1.19%
Expenses, before reimbursement (d)   1.23% (f)   1.21% (f)   1.21%   1.18%   1.19%
Net investment income, net of reimbursement (d,e)   4.96%   3.06%   1.74%   2.65%   3.03%
Portfolio turnover rate   465%   1026%   790%   797%   1323%
                          
(a)Per share amounts have been calculated using the average share method, which more appropriately presents the per share data for the period.

 

(b)Total returns are historical and assume changes in share price and reinvestment of dividends and capital gain distributions if any. Had the adviser not absorbed or recaptured a portion of the expenses, total returns would have been lower or higher, respectively.

 

(c)Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

 

(d)Does not include expenses of the investment companies in which the Fund invests.

 

(e)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.

 

(f)Includes interest expense. Excluding interest expense, the following ratios would have been:

 

Expenses, net of reimbursement (d)   1.23%   1.21%
Expenses, before reimbursement (d)   1.23%   1.21%
           

See accompanying notes to financial statements.

36

 

Toews Hedged Oceana Fund
Financial Highlights
 

Selected data based on a share outstanding throughout each year.

 

   For the Year   For the Year   For the Year   For the Year   For the Year 
   Ended   Ended   Ended   Ended   Ended 
   April 30, 2024   April 30, 2023   April 30, 2022   April 30, 2021   April, 30, 2020 
Net asset value, beginning of year  $9.18   $8.94   $10.26   $8.67   $9.00 
                          
ACTIVITY FROM INVESTMENT OPERATIONS:                         
Net investment income (loss) (a)   0.26    0.08    (0.04)   0.01    0.09 
Net realized and unrealized gain (loss) on investments   0.03(f)   0.16    (1.02)   1.61    (0.31)
Total from investment operations   0.29    0.24    (1.06)   1.62    (0.22)
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.16)           (0.03)   (0.11)
From net realized gains on investments           (0.26)        
Total distributions   (0.16)       (0.26)   (0.03)   (0.11)
                          
Net asset value, end of year  $9.31   $9.18   $8.94   $10.26   $8.67 
                          
Total return (b)   3.27%   2.68%   (10.43)%   18.66%   (2.51)%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000’s)  $38,834   $48,556   $65,239   $56,889   $28,688 
Ratios to average net assets                         
Expenses, net of reimbursement (c)   1.25% (e)   1.25% (e)   1.26% (e)   1.26% (e)   1.25%
Expenses, before reimbursement (c)   1.49% (e)   1.40% (e)   1.36% (e)   1.36% (e)   1.46%
Net investment Income (loss), net of reimbursement (c,d)   2.80%   0.88%   (0.40)%   0.06%   1.00%
Portfolio turnover rate   138%   259%   433%   421%   514%
                          
(a)Per share amounts have been calculated using the average share method, which more appropriately presents the per share data for the period.

 

(b)Total returns are historical and assume changes in share price and reinvestment of dividends and capital gain distributions if any. Had the adviser not absorbed a portion of the expenses, total returns would have been lower.

 

(c)Does not include expenses of the investment companies in which the Fund invests.

 

(d)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.

 

(e)Includes interest expense. Excluding interest expense, the following ratios would have been:

 

Expenses, net of reimbursement (c)   1.25%   1.25%   1.25%   1.25%
Expenses, before reimbursement (c)   1.49%   1.40%   1.35%   1.35%
                     
(f)Net realized and unrealized gain/(loss) on investments per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains/(losses) in the statement of operations due to the share transactions for the period.

 

See accompanying notes to financial statements.

37

 

Toews Hedged U.S. Fund
Financial Highlights
 

Selected data based on a share outstanding throughout each year.

 

   For the Year   For the Year   For the Year   For the Year   For the Year 
   Ended   Ended   Ended   Ended   Ended 
   April 30, 2024   April 30, 2023   April 30, 2022   April 30, 2021   April, 30, 2020 
Net asset value, beginning of year  $12.54   $12.56   $15.00   $12.87   $11.96 
                          
ACTIVITY FROM INVESTMENT OPERATIONS:                         
Net investment income (loss) (a)   0.44    0.12    (0.05)   0.02    0.07 
Net realized and unrealized gain (loss) on investments   1.04    (0.14)   (0.59)   3.41    0.99 
Total from investment operations   1.48    (0.02)   (0.64)   3.43    1.06 
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.48)           (0.13)   (0.15)
From net realized gains on investments           (1.75)   (1.17)    
From return of capital           (0.05)        
Total distributions   (0.48)       (1.80)   (1.30)   (0.15)
                          
Net asset value, end of year  $13.54   $12.54   $12.56   $15.00   $12.87 
                          
Total return (b)   11.93%   (0.16)%   (5.10)%   26.96%   8.90%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000’s)  $72,550   $83,361   $124,788   $149,040   $96,709 
Ratios to average net assets                         
Expenses, net of reimbursement (c)   1.25% (e)   1.25% (e)   1.25%   1.25%   1.25%
Expenses, before reimbursement (c)   1.37% (e)   1.33% (e)   1.26%   1.32%   1.42%
Net investment income (loss), net of reimbursement (c,d)   3.31%   1.02%   (0.35)%   0.12%   0.59%
Portfolio turnover rate   3133%   0%   443%   438%   446%
                          
(a)Per share amounts have been calculated using the average share method, which more appropriately presents the per share data for the period.

 

(b)Total returns are historical and assume changes in share price and reinvestment of dividends and capital gain distributions if any. Had the adviser not absorbed a portion of the expenses, total returns would have been lower.

 

(c)Does not include expenses of the investment companies in which the Fund invests.

 

(d)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.

 

(e)Includes interest expense. Excluding interest expense, the following ratios would have been:

 

Expenses, net of reimbursement (c)   1.25%   1.25%
Expenses, before reimbursement (c)   1.37%   1.33%
           

See accompanying notes to financial statements.

38

 

Toews Hedged U.S. Opportunity Fund
Financial Highlights
 

Selected data based on a share outstanding throughout each year.

 

   For the Year   For the Year   For the Year   For the Year   For the Year 
   Ended   Ended   Ended   Ended   Ended 
   April 30, 2024   April 30, 2023   April 30, 2022   April 30, 2021   April, 30, 2020 
Net asset value, beginning of year  $9.37   $10.39   $14.56   $10.18   $10.03 
                          
ACTIVITY FROM INVESTMENT OPERATIONS:                         
Net investment income (loss) (a)   0.32    0.10    (0.05)   0.01    0.10 
Net realized and unrealized gain (loss) on investments   0.70    (1.12)   (2.17)   4.44    0.18 
Total from investment operations   1.02    (1.02)   (2.22)   4.45    0.28 
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.07)   (0.00) (b)   (0.00) (b)   (0.07)   (0.13)
From net realized gains on investments           (1.95)        
Total distributions   (0.07)   (0.00)   (1.95)   (0.07)   (0.13)
                          
Net asset value, end of year  $10.32   $9.37   $10.39   $14.56   $10.18 
                          
Total return (c)   10.90%   (9.80)%   (16.08)%   43.82%   2.78%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000’s)  $57,523   $62,491   $97,855   $97,972   $41,095 
Ratios to average net assets                         
Expenses, net of reimbursement (d)   1.25% (f)   1.25% (f)   1.26% (f)   1.25%   1.25%
Expenses, before reimbursement (d)   1.41% (f)   1.34% (f)   1.31% (f)   1.28%   1.40%
Net investment income (loss), net of reimbursement (d,e)   3.25%   0.98%   (0.39)%   0.05%   1.00%
Portfolio turnover rate   3059%   0%   433%   429%   515%
                          
(a)Per share amounts have been calculated using the average share method, which more appropriately presents the per share data for the period.

 

(b)Represents less than $0.01 per share.

 

(c)Total returns are historical and assume changes in share price and reinvestment of dividends and capital gain distributions if any. Had the adviser not absorbed or recaptured a portion of the expenses, total returns would have been lower or higher, respectively.

 

(d)Does not include expenses of the investment companies in which the Fund invests.

 

(e)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.

 

(f)Includes interest expense. Excluding interest expense, the following ratios would have been:

 

Expenses, net of reimbursement (d)   1.25%   1.25%   1.25%
Expenses, before reimbursement (d)   1.41%   1.34%   1.30%
                

See accompanying notes to financial statements.

39

 

Toews Unconstrained Income Fund
Financial Highlights
 

Selected data based on a share outstanding throughout each year.

 

   For the Year   For the Year   For the Year   For the Year   For the Year 
   Ended   Ended   Ended   Ended   Ended 
   April 30, 2024   April 30, 2023   April 30, 2022   April 30, 2021   April, 30, 2020 
Net asset value, beginning of year  $9.32   $9.60   $10.04   $9.69   $9.93 
                          
ACTIVITY FROM INVESTMENT OPERATIONS:                         
Net investment income (a)   0.39    0.21    0.15    0.16    0.20 
Net realized and unrealized gain (loss) on investments   (0.18)   (0.28)   (0.42)   0.35    (0.23)
Total from investment operations   0.21    (0.07)   (0.27)   0.51    (0.03)
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.39)   (0.19)   (0.17)   (0.16)   (0.21)
From net realized gains on investments               (0.00) (e)    
From return of capital       (0.02)            
Total distributions   (0.39)   (0.21)   (0.17)   (0.16)   (0.21)
                          
Net asset value, end of year  $9.14   $9.32   $9.60   $10.04   $9.69 
                          
Total return (b)   2.32%   (0.68)%   (2.73)%   5.27%   0.30%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000’s)  $41,796   $54,444   $64,595   $65,700   $61,798 
Ratios to average net assets                         
Expenses, net of reimbursement (c)   1.25%   1.25%   1.25%   1.25%   1.25%
Expenses, before reimbursement (c)   1.44%   1.38%   1.33%   1.33%   1.33%
Net investment income, net of reimbursement (c,d)   4.21%   2.21%   1.51%   1.56%   2.00%
Portfolio turnover rate   722%   691%   651%   566%   920%
                          
(a)Per share amounts have been calculated using the average share method, which more appropriately presents the per share data for the period.

 

(b)Total returns are historical and assume changes in share price and reinvestment of dividends and capital gain distributions if any. Had the adviser not absorbed a portion of the expenses, total returns would have been lower.

 

(c)Does not include expenses of the investment companies in which the Fund invests.

 

(d)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.

 

(e)Per share amount represents less than $0.01 per share.

 

See accompanying notes to financial statements.

40

 

Toews Tactical Defensive Alpha Fund
Financial Highlights
 

Selected data based on a share outstanding throughout each year.

 

   For the Year   For the Year   For the Year   For the Year   For the Year 
   Ended   Ended   Ended   Ended   Ended 
   April 30, 2024   April 30, 2023   April 30, 2022   April 30, 2021   April, 30, 2020 
Net asset value, beginning of year  $9.51   $10.70   $14.39   $10.44   $11.63 
                          
ACTIVITY FROM INVESTMENT OPERATIONS:                         
Net investment income (a)   0.23    0.13    0.02    0.03    0.16 
Net realized and unrealized gain (loss) on investments   0.41    (1.22)   (0.65)   4.45    (0.48)
Total from investment operations   0.64    (1.09)   (0.63)   4.48    (0.32)
                          
LESS DISTRIBUTIONS:                         
From net investment income   (0.25)   (0.10)       (0.07)   (0.24)
From net realized gains on investments           (3.06)   (0.46)   (0.63)
Total distributions   (0.25)   (0.10)   (3.06)   (0.53)   (0.87)
                          
Net asset value, end of year  $9.90   $9.51   $10.70   $14.39   $10.44 
                          
Total return (b)   6.81%   (10.21)%   (5.46)%   43.48%   (3.51)%
                          
RATIOS/SUPPLEMENTAL DATA:                         
Net assets, end of year (in 000’s)  $63,189   $108,318   $125,951   $137,789   $109,761 
Ratios to average net assets                         
Expenses, net of reimbursement (c)   1.25% (e)   1.26% (e)   1.25%   1.25%   1.25%
Expenses, before reimbursement (c)   1.34% (e)   1.29% (e)   1.24%   1.23%   1.26%
Net investment Income, net of reimbursement (c,d)   2.40%   1.27%   0.16%   0.15%   1.42%
Portfolio turnover rate   669%   610%   1003%   943%   1080%
                          
(a)Per share amounts have been calculated using the average share method, which more appropriately presents the per share data for the period.

 

(b)Total returns are historical and assume changes in share price and reinvestment of dividends and capital gain distributions if any. Had the adviser not absorbed a portion of the expenses, total returns would have been lower.

 

(c)Does not include expenses of the investment companies in which the Fund invests.

 

(d)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.

 

(e)Includes interest expense. Excluding interest expense, the following ratios would have been:

 

Expenses, net of reimbursement (c)   1.25%   1.25%
Expenses, before reimbursement (c)   1.34%   1.28%
           

See accompanying notes to financial statements.

41

 

Toews Funds
Notes to Financial Statements
April 30, 2024

  

NOTE 1. ORGANIZATION

 

The Toews Tactical Income Fund (the “Tactical Income Fund”), Toews Hedged Oceana Fund (the “Oceana Fund”), Toews Hedged U.S. Fund (the “U.S. Fund”), Toews Hedged U.S. Opportunity Fund (the “Opportunity Fund”), Toews Unconstrained Income Fund (the “Unconstrained Income Fund”) and Toews Tactical Defensive Alpha Fund (the “Defensive Alpha Fund”) (each a “Fund,” collectively the “Funds”), are each a series of shares of beneficial interest of Northern Lights Fund Trust (the “Trust”), a statutory 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 Defensive Alpha Fund is a non -diversified fund. The Income Fund, Oceana Fund, U.S. Fund, Opportunity Fund and Unconstrained Income Fund are each a diversified fund.

 

The primary investment objective of each Fund is as follows:

 

Fund Primary Objective
Tactical Income Fund High Level of Current Income
Oceana Fund Long Term Growth of Capital
U.S. Fund Long Term Growth of Capital
Opportunity Fund Long Term Growth of Capital
Unconstrained Income Fund Income and Long-Term Growth of Capital
Defensive Alpha Fund Long Term Growth of Capital

  

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of 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 Standard Codification Topic 946 “Financial Services – Investment Companies” including FASB Accounting Standards Update (“ASU”) 2013-08.

 

Security 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. 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. Exchange traded options, futures and options on futures are valued at the final settle price or, in the absence of a sale price, at the mean between the current bid and ask prices on the day of valuation. Index options shall be valued at the mean between the current bid and ask prices on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust’s Board of Trustees (the “Board”) based on methods that include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. The independent pricing service does not distinguish between smaller-sized bond positions known as “odd lots” and larger institutional- sized bond positions known as “round lots”. The Funds may fair value a particular bond if the adviser does not believe that the round lot value provided by the independent pricing service reflects fair value of the Funds’ holding. Short-term debt obligations that mature in 60 days or less, at the time of purchase, may be valued at amortized cost.

 

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 are valued using the “fair value” procedures approved by the Board. The Board has designated the adviser as its valuation designee (the “Valuation Designee”) to execute these procedures. The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

42

 

Toews Funds
Notes to Financial Statements (Continued)
April 30, 2024

 

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 investment companies 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 to the methods established by the board of directors of the open-end investment companies.

 

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.

 

Fair Valuation Process – The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. 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 Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee 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; and (iv) securities with respect to which an event that affects 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