TOEWS TACTICAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 39.9%      
    FIXED INCOME - 39.9%      
20,000   Franklin Liberty High Yield Corporate ETF       $ 463,000
25,000   Goldman Sachs Access High Yield Corporate Bond ETF         1,110,250
25,000   Invesco Fundamental High Yield Corporate Bond ETF         444,750
575,000   iShares 0-5 Year High Yield Corporate Bond ETF         24,305,250
85,000   iShares Broad USD High Yield Corporate Bond ETF         3,122,050
25,000   iShares Fallen Angels USD Bond ETF         643,000
1,245,000   iShares iBoxx $ High Yield Corporate Bond ETF(a)         97,346,550
25,000   iShares US & International High Yield Corp Bond ETF         1,077,750
25,000   PIMCO 0-5 Year High Yield Corporate Bond Index ETF         2,310,750
575,000   SPDR Bloomberg Barclays Short Term High Yield Bond(a)         14,478,500
1,030,000   SPDR Bloomberg High Yield Bond ETF(a)         99,271,400
85,000   VanEck Fallen Angel High Yield Bond ETF         2,409,750
85,000   Xtrackers USD High Yield Corporate Bond ETF(a)         3,041,300
             

250,024,300

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $245,532,792)    

  250,024,300

               
    OPEN END FUNDS — 58.8%      
    FIXED INCOME - 58.8%      
14,076,321   BlackRock High Yield Bond Portfolio, Institutional Class         98,252,721
5,462,683   JPMorgan High Yield Fund, Class I         35,398,183
5,252,101   PGIM High Yield Fund         25,367,647
5,949,367   PIMCO High Yield Fund, Institutional Class         47,832,911
5,437,224   Principal Funds Inc - High Income Fund, Institutional Class         35,505,071
5,254,897   TIAA-CREF Core Bond Fund         50,236,816
2,620,545   TIAA-CREF Core Plus Bond Fund, Institutional Class         25,052,411
5,899,756   TIAA-CREF High Yield Fund, Institutional Class         50,619,910
             

368,265,670

               
    TOTAL OPEN END FUNDS (Cost $364,000,000)    

  368,265,670

               
 
 

 

TOEWS TACTICAL INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 0.7% (Continued)      
    AEROSPACE & DEFENSE — 0.2%      
1,000,000   TransDigm, Inc.(b)   6.2500 03/15/26 $ 1,009,205
             
    AUTOMOTIVE — 0.2%      
1,000,000   Ford Motor Credit Company, LLC   4.1250 08/17/27   942,800
             
    HEALTH CARE FACILITIES & SERVICES — 0.2%      
1,000,000   Tenet Healthcare Corporation(b)   5.1250 11/01/27   987,445
             
    LEISURE FACILITIES & SERVICES — 0.1%      
1,000,000   Carnival Corporation(b)   10.5000 02/01/26   1,051,380
500,000   Yum! Brands, Inc.(b)   4.7500 01/15/30   487,325
              1,538,705
  TOTAL CORPORATE BONDS (Cost $4,431,505)    

4,478,155

             
Shares              
    SHORT-TERM INVESTMENTS — 23.2%      
    COLLATERAL FOR SECURITIES LOANED - 23.2%      
145,566,760   Fidelity Investments Money Market Funds Government Portfolio, Institutional Class, 1.53% (Cost $145,566,760)(c),(d)         145,566,760
             
 
    TOTAL INVESTMENTS - 122.6% (Cost $759,531,057)     $ 768,334,885
    LIABILITIES IN EXCESS OF OTHER ASSETS - (22.6)%    

(141,457,641)

    NET ASSETS - 100.0%        

$ 626,877,244

           
               
 

 

 

 

ETF  - Exchange-Traded Fund
LLC  - Limited Liability Company
SPDR  - Standard & Poor's Depositary Receipt
   
 

 

 

(a) All or a portion of the security is on loan.  The total fair value of the securities on loan as of July 31, 2022 was $143,044,456.
(b) 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 July 31, 2022 the total market value of 144A securities is 3,535,355 or 0.6% of net assets.
(c) Security was purchased with cash received as collateral for securities on loan at July 31, 2022. Total collateral had a value of $145,566,760 at July 31, 2022.
(d) Rate disclosed is the seven day effective yield as of July 31, 2022.

 

 
 

 

 

TOEWS HEDGED OCEANA FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 80.1%      
    FIXED INCOME - 80.1%      
248,000   iShares Core U.S. Aggregate Bond ETF       $ 25,809,360
334,000   Vanguard Total Bond Market ETF         25,684,600
             

51,493,960

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $51,397,549)    

  51,493,960

               
    TOTAL INVESTMENTS - 80.1% (Cost $51,397,549)     $ 51,493,960
    OTHER ASSETS IN EXCESS OF LIABILITIES- 19.9%    

12,763,772

    NET ASSETS - 100.0%        

$ 64,257,732

           
               
 

 

 

 

 

ETF  - Exchange-Traded Fund
   
 

 


 

TOEWS HEDGED U.S. FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    U.S. GOVERNMENT & AGENCIES — 73.3%      
    U.S. TREASURY BILLS — 73.3%      
41,000,000   United States Treasury Bill   2.39(a) 12/22/22 $ 40,566,179
41,000,000   United States Treasury Bill   3.02(a) 06/15/23   39,984,575
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $80,694,476)    

80,550,754

               
Contracts(b)              
    FUTURE OPTIONS PURCHASED - 0.2% Counterparty Expiration Date Exercise Price Notional Value  
    PUT OPTIONS PURCHASED - 0.2%      
180   CME E-Mini Standard & Poor's 500 Index Future EDF 09/16/2022 $ 3,310 $ 37,201,500 $ 51,750
175   CME E-Mini Standard & Poor's 500 Index Future EDF 09/16/2022   3,450   36,168,125   78,750
160   CME E-Mini Standard & Poor's 500 Index Future EDF 09/16/2022   3,530   33,068,000   98,000
    TOTAL FUTURE OPTIONS PURCHASED (Cost - $311,000)  

228,500

         
    TOTAL INVESTMENTS - 73.5% (Cost $81,005,476)     $ 80,779,254
    OTHER ASSETS IN EXCESS OF LIABILITIES- 26.5%    

29,089,953

    NET ASSETS - 100.0%        

$ 109,869,207

           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Long Futures Contracts     Expiration Notional Amount(c) Value and Unrealized Appreciation
128   CME E-Mini NASDAQ 100 Index Future   09/16/2022 $ 33,207,040 $ 722,496
374   CME E-Mini Standard & Poor's 500 Index Future   09/16/2022   77,296,450   1,388,808
    TOTAL FUTURES CONTRACTS  

$ 2,111,304

         
           
               
 

 

 

 

 

   
EDF - ED&F Man Capital Markets, Inc.
 

 

 

(a) Discount rate at time of purchase.
(b) Each contract is equivalent to one futures contract.
(c) The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based.  Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts.  Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments.  The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

 

 
 

 

 

TOEWS HEDGED U.S. OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    U.S. GOVERNMENT & AGENCIES — 72.8%      
    U.S. TREASURY BILLS — 72.8%      
35,500,000   United States Treasury Bill   2.39(a) 12/22/22 $ 35,124,373
35,500,000   United States Treasury Bill   3.02(a) 06/15/23   34,620,791
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $69,869,608)    

69,745,164

               
Contracts(b)              
    FUTURE OPTIONS PURCHASED - 0.2% Counterparty Expiration Date Exercise Price Notional Value  
    PUT OPTIONS PURCHASED - 0.2%      
345   CME E-mini Russell 2000 Index Future EDF 09/16/2022 $ 1,430 $ 32,521,425 $ 48,300
325   CME E-mini Russell 2000 Index Future EDF 09/16/2022   1,510   30,636,125   77,188
310   CME E-mini Russell 2000 Index Future EDF 09/16/2022   1,530   29,222,150   83,700
    TOTAL FUTURE OPTIONS PURCHASED (Cost - $259,586)  

209,188

         
    TOTAL INVESTMENTS - 73.0% (Cost $70,129,194)     $ 69,954,352
    OTHER ASSETS IN EXCESS OF LIABILITIES- 27.0%    

25,817,866

    NET ASSETS - 100.0%        

$ 95,772,218

           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Long Futures Contracts     Expiration Notional Amount(c) Value and Unrealized Appreciation
508   CME E-mini Russell 2000 Index Future   09/16/2022 $ 47,886,620 $ 676,726
192   CME E-Mini Standard & Poor's MidCap 400 Index   09/16/2022   48,276,480   870,792
    TOTAL FUTURES CONTRACTS  

$ 1,547,518

         
           
               
 

 

 

 

 

   
EDF - ED&F Man Capital Markets, Inc.
 

 

 

(a) Discount rate at time of purchase.
(b) Each contract is equivalent to one futures contract.
(c) The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based.  Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts.  Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments.  The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

 

 
 

 

 

TOEWS UNCONSTRAINED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 21.0%      
    FIXED INCOME - 21.0%      
85,000   iShares iBoxx $ High Yield Corporate Bond ETF(a)       $ 6,646,150
68,000   SPDR Bloomberg High Yield Bond ETF(a)         6,553,840
             

13,199,990

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $12,922,203)    

  13,199,990

               
    OPEN END FUNDS — 30.5%      
    FIXED INCOME - 30.5%      
437,956   BlackRock High Yield Bond Portfolio, Institutional Class         3,056,934
600,009   JPMorgan High Yield Fund, Class I         3,888,056
420,168   PGIM High Yield Fund, Class R6         2,029,412
379,747   PIMCO High Yield Fund, Institutional Class         3,053,165
465,841   Principal Funds Inc - High Income Fund, Institutional Class         3,041,940
210,748   TIAA-CREF Core Bond Fund, Institutional Class         2,014,752
236,686   TIAA-CREF High Yield Fund, Institutional Class         2,030,769
             

19,115,028

               
    TOTAL OPEN END FUNDS (Cost $18,850,000)    

  19,115,028

               
Principal Amount ($)         Coupon Rate (%) Maturity  
    U.S. GOVERNMENT & AGENCIES — 47.5%      
    U.S. TREASURY BILLS — 47.5%      
10,000,000   United States Treasury Bill   2.12(b) 08/23/22   9,991,365
10,000,000   United States Treasury Bill   1.67(b) 09/22/22   9,970,028
10,000,000   United States Treasury Bill   2.39(b) 12/22/22   9,894,190
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $29,875,452)           29,855,583
             
 
 

 

TOEWS UNCONSTRAINED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 18.5%      
    COLLATERAL FOR SECURITIES LOANED - 18.5%      
11,587,200   Fidelity Investments Money Market Funds Government Portfolio, Institutional Class, 1.53% (Cost $11,587,200)(c),(d)       $ 11,587,200
             
 
    TOTAL INVESTMENTS - 117.5% (Cost $73,234,855)     $ 73,757,801
    LIABILITIES IN EXCESS OF OTHER ASSETS - (17.5)%    

(11,009,408)

    NET ASSETS - 100.0%        

$ 62,748,393

           
               
 

 

 

 

ETF  - Exchange-Traded Fund
SPDR  - Standard & Poor's Depositary Receipt
 

 

 

(a) All or a portion of the security is on loan.  The total fair value of the securities on loan as of July 31, 2022 was $11,386,960.
(b) Discount rate at time of purchase.
(c) Security was purchased with cash received as collateral for securities on loan at July 31, 2022. Total collateral had a value of $11,587,200 at July 31, 2022.
(d) Rate disclosed is the seven day effective yield as of July 31, 2022.

 

 
 

 

 

TOEWS TACTICAL DEFENSIVE ALPHA FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2022
 
Shares             Fair Value
    COMMON STOCKS — 28.9%      
    AEROSPACE & DEFENSE - 0.6%      
1,600   General Dynamics Corporation       $ 362,672
3,900   Raytheon Technologies Corporation         363,519
             

726,191

    BEVERAGES - 1.5%      
4,900   Brown-Forman Corporation, Class B         363,678
5,700   Coca-Cola Company (The)         365,769
1,500   Constellation Brands, Inc., Class A         369,465
9,400   Keurig Dr Pepper, Inc.         364,156
2,100   PepsiCo, Inc.         367,416
             

1,830,484

    BIOTECH & PHARMA - 1.4%      
2,400   AbbVie, Inc.         344,424
1,500   Amgen, Inc.         371,205
4,900   Bristol-Myers Squibb Company         361,522
6,000   Gilead Sciences, Inc.         358,500
2,100   Johnson & Johnson         366,492
             

1,802,143

    CHEMICALS - 0.3%      
1,500   Air Products and Chemicals, Inc.         372,345
             
 
    COMMERCIAL SUPPORT SERVICES - 0.6%      
2,700   Republic Services, Inc.         374,382
2,200   Waste Management, Inc.         362,032
             

736,414

    CONTAINERS & PACKAGING - 0.6%      
27,900   Amcor PLC         361,305
8,500   International Paper Company         363,545
             

724,850

    DIVERSIFIED INDUSTRIALS - 0.8%      
2,600   3M Company         372,424
1,900   Honeywell International, Inc.         365,674
1,800   Illinois Tool Works, Inc.         373,968
             

1,112,066

 
 

 

TOEWS TACTICAL DEFENSIVE ALPHA FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Shares             Fair Value
    COMMON STOCKS — 28.9% (Continued)      
    ELECTRIC UTILITIES - 5.1%      
6,100   Alliant Energy Corporation       $ 371,673
4,000   Ameren Corporation         372,480
3,700   American Electric Power Company, Inc.         364,672
11,500   CenterPoint Energy, Inc.         364,435
5,300   CMS Energy Corporation         364,269
3,700   Consolidated Edison, Inc.         367,299
4,500   Dominion Energy, Inc.         368,910
2,800   DTE Energy Company         364,840
3,300   Duke Energy Corporation         362,769
5,400   Evergy, Inc.         368,604
4,100   Eversource Energy         361,702
7,900   Exelon Corporation         367,271
9,100   FirstEnergy Corporation         374,010
12,600   PPL Corporation         366,408
5,600   Public Service Enterprise Group, Inc.         367,752
4,800   Southern Company (The)         369,072
3,500   WEC Energy Group, Inc.         363,335
5,000   Xcel Energy, Inc.         365,900
             

6,605,401

    ELECTRICAL EQUIPMENT - 0.6%      
3,000   AMETEK, Inc.         370,500
800   Roper Technologies, Inc.         349,336
             

719,836

    FOOD - 2.3%      
7,400   Campbell Soup Company         365,190
10,700   Conagra Brands, Inc.         366,047
4,900   General Mills, Inc.         366,471
1,600   Hershey Company (The)         364,736
7,400   Hormel Foods Corporation         365,116
5,000   Kellogg Company         369,600
4,200   McCormick & Company, Inc.         366,870
5,700   Mondelez International, Inc., Class A         365,028
             

2,929,058

 
 

 

TOEWS TACTICAL DEFENSIVE ALPHA FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Shares             Fair Value
    COMMON STOCKS — 28.9% (Continued)      
    GAS & WATER UTILITIES - 0.6%      
3,000   Atmos Energy Corporation       $ 364,170
12,200   NiSource, Inc.         370,880
             

735,050

    HEALTH CARE FACILITIES & SERVICES - 1.5%      
2,500   AmerisourceBergen Corporation         364,825
3,800   CVS Health Corporation         363,584
1,100   McKesson Corporation         375,738
2,700   Quest Diagnostics, Inc.         368,739
700   UnitedHealth Group, Inc.         379,638
             

1,852,524

    HEALTH CARE REIT - 0.3%      
13,200   Healthpeak Properties, Inc.         364,716
             
 
    HOUSEHOLD PRODUCTS - 1.1%      
3,800   Church & Dwight Company, Inc.         334,286
4,600   Colgate-Palmolive Company         362,204
2,700   Kimberly-Clark Corporation         355,833
2,500   Procter & Gamble Company (The)         347,275
             

1,399,598

    INDUSTRIAL SUPPORT SERVICES - 0.3%      
7,300   Fastenal Company         374,928
             
 
    INSTITUTIONAL FINANCIAL SERVICES - 1.1%      
2,900   Cboe Global Markets, Inc.         357,802
1,800   CME Group, Inc.         359,064
3,500   Intercontinental Exchange, Inc.         356,965
2,000   Nasdaq, Inc.         361,800
             

1,435,631

    INSURANCE - 3.2%      
6,400   Aflac, Inc.         366,720
3,100   Allstate Corporation (The)         362,607
2,100   Arthur J Gallagher & Company         375,879
2,100   Assurant, Inc.         369,138
1,200   Berkshire Hathaway, Inc., Class B(a)         360,720
 
 

 

TOEWS TACTICAL DEFENSIVE ALPHA FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Shares             Fair Value
    COMMON STOCKS — 28.9% (Continued)      
    INSURANCE - 3.2% (Continued)      
2,000   Chubb Ltd.       $ 377,280
6,300   Loews Corporation         366,975
2,200   Marsh & McLennan Companies, Inc.         360,712
3,200   Progressive Corporation (The)         368,192
2,300   Travelers Companies, Inc. (The)         365,010
5,900   W R Berkley Corporation         368,927
             

4,042,160

    LEISURE FACILITIES & SERVICES - 0.6%      
1,400   McDonald's Corporation         368,718
3,000   Yum! Brands, Inc.         367,620
             

736,338

    MACHINERY - 0.3%      
1,800   IDEX Corporation         375,750
             
 
    MEDICAL EQUIPMENT & DEVICES - 1.4%      
3,300   Abbott Laboratories         359,172
6,100   Baxter International, Inc.         357,826
1,500   Becton Dickinson and Company         366,465
5,100   Hologic, Inc.(a)         364,038
3,900   Medtronic PLC         360,828
             

1,808,329

    RESIDENTIAL REIT - 1.7%      
1,700   AvalonBay Communities, Inc.         363,698
2,600   Camden Property Trust         366,860
4,700   Equity Residential         368,433
1,300   Essex Property Trust, Inc.         372,489
2,000   Mid-America Apartment Communities, Inc.         371,460
7,500   UDR, Inc.         363,000
             

2,205,940

    RETAIL - CONSUMER STAPLES - 0.3%      
2,800   Walmart, Inc.         369,740
             
 
 
 

 

TOEWS TACTICAL DEFENSIVE ALPHA FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Shares             Fair Value
    COMMON STOCKS — 28.9% (Continued)      
    RETAIL - DISCRETIONARY - 0.3%      
2,400   Genuine Parts Company       $ 366,888
             
 
    RETAIL REIT - 0.3%      
4,900   Realty Income Corporation         362,551
             
 
    SELF-STORAGE REIT - 0.3%      
1,100   Public Storage         359,051
             
 
    TECHNOLOGY SERVICES - 0.9%      
2,800   International Business Machines Corporation         366,212
1,800   Jack Henry & Associates, Inc.         373,986
1,900   Verisk Analytics, Inc.         361,475
             

1,101,673

    TELECOMMUNICATIONS - 0.3%      
8,000   Verizon Communications, Inc.         369,520
             
 
    TOBACCO & CANNABIS - 0.3%      
3,700   Philip Morris International, Inc.         359,455
             
 
    TRANSPORTATION & LOGISTICS - 0.3%      
1,600   Union Pacific Corporation         363,680
             
 
               
    TOTAL COMMON STOCKS (Cost $37,676,876)    

  36,542,310

               
    EXCHANGE-TRADED FUNDS — 0.8%      
    EQUITY - 0.8%      
15,000   Invesco S&P 500 Low Volatility ETF         967,650
             
 
    TOTAL EXCHANGE-TRADED FUNDS (Cost $959,325)    

  967,650

               
               
               
           
 
 

 

TOEWS TACTICAL DEFENSIVE ALPHA FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2022
 
Contracts(b)              
    FUTURE OPTIONS PURCHASED - 0.2% Counterparty Expiration Date Exercise Price Notional Value Fair Value
    PUT OPTIONS PURCHASED - 0.2%      
225   CME E-mini Russell 2000 Index Future EDF 09/16/2022 $ 1,430 $ 21,209,625 $ 31,500
211   CME E-mini Russell 2000 Index Future EDF 09/16/2022   1,510   19,889,915   50,113
225   CME E-mini Russell 2000 Index Future EDF 09/16/2022   1,530   21,209,625   60,749
41   CME E-Mini Standard & Poor's 500 Index Future EDF 09/16/2022   3,310   8,473,675   11,788
40   CME E-Mini Standard & Poor's 500 Index Future EDF 09/16/2022   3,450   8,267,000   18,000
40   CME E-Mini Standard & Poor's 500 Index Future EDF 09/16/2022   3,530   8,267,000   24,500
    TOTAL PUT OPTIONS PURCHASED (Cost - $248,229)  

196,650

         
    TOTAL FUTURE OPTIONS PURCHASED (Cost - $248,229)     196,650
           
    TOTAL INVESTMENTS - 29.9% (Cost $38,884,430)     $ 37,706,610
    OTHER ASSETS IN EXCESS OF LIABILITIES- 70.1%    

88,434,196

    NET ASSETS - 100.0%        

$ 126,140,806

           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Long Futures Contracts     Expiration Notional Amount(c) Value and Unrealized Appreciation
30   CME E-Mini NASDAQ 100 Index Future   09/16/2022 $ 7,782,900 $ 165,504
334   CME E-mini Russell 2000 Index Futures   09/16/2022   31,484,510   439,574
87   CME E-Mini Standard & Poor's 500 Index Future   09/16/2022   17,980,725   315,942
127   CME E-Mini Standard & Poor's MidCap 400 Index   09/16/2022   31,932,880   557,958
    TOTAL FUTURES CONTRACTS  

$ 1,478,978

         
           
               
 

 

 

 

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.
(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.