TOEWS AGILITY SHARES DYNAMIC TACTICAL INCOME ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
January 31, 2024 | |||||||
Shares | Fair Value | ||||||
EXCHANGE-TRADED FUNDS — 97.0% | |||||||
FIXED INCOME - 97.0% | |||||||
132,800 | iShares Broad USD High Yield Corporate Bond ETF | $ 4,845,872 | |||||
51,600 | iShares iBoxx High Yield Corporate Bond ETF(a) | 3,997,968 | |||||
51,500 | SPDR Bloomberg High Yield Bond ETF | 4,885,805 | |||||
190,000 | SPDR Bloomberg Short Term High Yield Bond ETF | 4,791,800 | |||||
169,500 | VanEck Fallen Angel High Yield Bond ETF | 4,925,670 | |||||
135,700 | Xtrackers USD High Yield Corporate Bond ETF | 4,826,849 | |||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $27,011,477) | 28,273,964 | ||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | |||||
CORPORATE BONDS — 2.8% | |||||||
AEROSPACE & DEFENSE — 0.3% | |||||||
35,000 | Bombardier, Inc.(b) | 7.8750 | 04/15/27 | 35,075 | |||
50,000 | TransDigm, Inc.(b) | 6.2500 | 03/15/26 | 49,971 | |||
85,046 | |||||||
BIOTECH & PHARMA — 0.1% | |||||||
25,000 | Bausch Health Companies, Inc.(b) | 5.5000 | 11/01/25 | 22,861 | |||
CABLE & SATELLITE — 0.2% | |||||||
50,000 | DIRECTV Holdings, LLC / DIRECTV Financing, Inc.(b) | 5.8750 | 08/15/27 | 47,690 | |||
ELECTRIC UTILITIES — 0.1% | |||||||
25,000 | Vistra Operations Company, LLC(b) | 7.7500 | 10/15/31 | 25,989 | |||
HEALTH CARE FACILITIES & SERVICES — 0.1% | |||||||
50,000 | DaVita, Inc.(b) | 4.6250 | 06/01/30 | 44,281 | |||
INSURANCE — 0.1% | |||||||
20,000 | Genworth Holdings, Inc. | 6.5000 | 06/15/34 | 18,340 | |||
INTERNET MEDIA & SERVICES — 0.1% | |||||||
40,000 | Uber Technologies, Inc.(b) | 4.5000 | 08/15/29 | 37,937 | |||
TOEWS AGILITY SHARES DYNAMIC TACTICAL INCOME ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
January 31, 2024 | |||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | ||||
CORPORATE BONDS — 2.8% (Continued) | |||||||
LEISURE FACILITIES & SERVICES — 0.4% | |||||||
35,000 | Caesars Entertainment, Inc.(b) | 8.1250 | 07/01/27 | $ 35,906 | |||
35,000 | Carnival Holdings Bermuda Ltd.(b) | 10.3750 | 05/01/28 | 38,392 | |||
45,000 | KFC Holding Co/Pizza Hut Holdings, LLC/Taco Bell of America, LLC(b) | 4.7500 | 06/01/27 | 44,073 | |||
118,371 | |||||||
MACHINERY — 0.1% | |||||||
30,000 | Hillenbrand, Inc. | 3.7500 | 03/01/31 | 25,989 | |||
METALS & MINING — 0.1% | |||||||
40,000 | Novelis Corporation(b) | 4.7500 | 01/30/30 | 37,158 | |||
OIL & GAS PRODUCERS — 0.4% | |||||||
25,000 | Chesapeake Energy Corporation(b) | 6.7500 | 04/15/29 | 25,300 | |||
25,000 | CQP Holdco, L.P. / BIP-V Chinook Holdco, LLC(b) | 5.5000 | 06/15/31 | 23,346 | |||
25,000 | New Fortress Energy, Inc.(b) | 6.5000 | 09/30/26 | 24,230 | |||
35,000 | PBF Holding Company, LLC / PBF Finance Corporation | 6.0000 | 02/15/28 | 34,235 | |||
107,111 | |||||||
REAL ESTATE INVESTMENT TRUSTS — 0.1% | |||||||
30,000 | Uniti Group, L.P. / Uniti Group Finance, Inc. / CSL CSL Capital, LLC(b) | 10.5000 | 02/15/28 | 30,563 | |||
RETAIL - DISCRETIONARY — 0.1% | |||||||
25,000 | Staples, Inc.(b) | 7.5000 | 04/15/26 | 23,427 | |||
SOFTWARE — 0.1% | |||||||
30,000 | Cloud Software Group, Inc.(b) | 6.5000 | 03/31/29 | 28,022 | |||
SPECIALTY FINANCE — 0.2% | |||||||
30,000 | Ally Financial, Inc. | 5.7500 | 11/20/25 | 30,096 | |||
29,000 | Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer(b) | 3.8750 | 03/01/31 | 25,562 | |||
30,000 | Starwood Property Trust, Inc.(b) | 4.3750 | 01/15/27 | 27,776 | |||
83,434 | |||||||
TECHNOLOGY SERVICES — 0.1% | |||||||
25,000 | Block, Inc. | 3.5000 | 06/01/31 | 21,660 | |||
TOEWS AGILITY SHARES DYNAMIC TACTICAL INCOME ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
January 31, 2024 | |||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | ||||
CORPORATE BONDS — 2.8% (Continued) | |||||||
TELECOMMUNICATIONS — 0.1% | |||||||
40,000 | Intelsat Jackson Holdings S.A.(b) | 6.5000 | 03/15/30 | $ 37,890 | |||
TRANSPORTATION & LOGISTICS — 0.1% | |||||||
25,000 | Delta Air Lines, Inc. | 3.7500 | 10/28/29 | 22,994 | |||
TOTAL CORPORATE BONDS (Cost $822,405) | 818,763 | ||||||
Shares | |||||||
SHORT-TERM INVESTMENTS — 8.1% | |||||||
COLLATERAL FOR SECURITIES LOANED - 8.1% | |||||||
2,379,000 | State Street Institutional US Government Money Market Fund, Institutional Class, 5.23% (Cost $2,379,000)(c),(d) | 2,379,000 | |||||
TOTAL INVESTMENTS – 107.9% (Cost $30,212,882) | $ 31,471,727 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (7.9)% | (2,315,295) | ||||||
NET ASSETS - 100.0% | $ 29,156,432 | ||||||
ETF | - Exchange-Traded Fund |
LLC | - Limited Liability Company |
Ltd. | - Limited Company |
L.P. | - Limited Partnership |
REIT | - Real Estate Investment Trust |
S.A. | - Société Anonyme |
SPDR | - Standard & Poor's Depositary Receipt |
(a) (b) | All or a portion of the security is on loan. The total fair value of the securities on loan as of January 31, 2024 was $2,324,400. Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2024 the total market value of 144A securities is 665,449 or 2.3% of net assets. |
(c) (d) | Security was purchased with cash received as collateral for securities on loan at January 31, 2024. Total collateral had a value of $2,379,000 at January 31, 2024. Rate disclosed is the seven day effective yield as of January 31, 2024.
|
TOEWS AGILITY SHARES MANAGED RISK ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
January 31, 2024 | |||||||
Shares | Fair Value | ||||||
EXCHANGE-TRADED FUNDS — 86.4% | |||||||
EQUITY - 86.4% | |||||||
4,000 | iShares Core S&P 500 ETF | $ 1,940,800 | |||||
239,340 | Vanguard S&P 500 ETF | 106,223,879 | |||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $98,271,895) | 108,164,679 | ||||||
Contracts(a) | |||||||
FUTURE OPTIONS PURCHASED - 6.2% | Counterparty | Expiration Date | Exercise Price | Notional Value | |||
PUT OPTIONS PURCHASED - 6.2% | |||||||
518 | CME E-Mini Standard & Poor's 500 Index Future | EDF | 12/19/2025 | $ 4,800 | $ 133,397,950 | 7,815,325 | |
TOTAL FUTURE OPTIONS PURCHASED (Cost - $8,751,925) | |||||||
TOTAL INVESTMENTS - 92.6% (Cost $107,023,820) | $ 115,980,004 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 7.4% | 9,233,832 | ||||||
NET ASSETS - 100.0% | $ 125,213,836 | ||||||
OPEN FUTURES CONTRACTS | |||||||
Number of Contracts | Open Long Futures Contracts | Counterparty | Expiration | Notional Amount(b) | Value and Unrealized Appreciation | ||
70 | CME E-Mini Standard & Poor's 500 Index Future | EDF | 03/15/2024 | $ 17,046,750 | $ 675,205 | ||
TOTAL FUTURES CONTRACTS | |||||||
CME | - Chicago Mercantile Exchange |
EDF | - ED&F Man Capital Markets, Inc. |
ETF | - Exchange-Traded Fund |
(a) | Each contract is equivalent to one futures contract. |
(b) | 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. |