TOEWS AGILITY SHARES DYNAMIC TACTICAL INCOME ETF
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
           
    TOTAL INVESTMENTS – 0.0% (Cost $0)     $ -
    OTHER ASSETS IN EXCESS OF LIABILITIES- 100.0%    

88,083,664

    NET ASSETS - 100.0%        

$ 88,083,664

 
                 

 

 
 

 

TOEWS AGILITY SHARES MANAGED RISK ETF
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 86.5%      
    EQUITY - 86.5%      
362,540   iShares Core S&P 500 ETF       $ 272,021,012
    TOTAL EXCHANGE-TRADED FUNDS (Cost $224,188,517)      
               
Contracts(a)              
    FUTURE OPTIONS PURCHASED - 6.0% Counterparty Expiration Date Exercise Price Notional Value  
    PUT OPTIONS PURCHASED - 6.0%      
855   CME E-Mini Standard & Poor's 500 Index Futures EDF 12/17/2027 $ 7,350 $ 337,233,375 $ 18,713,813
    TOTAL FUTURE OPTIONS PURCHASED (Cost - $19,514,914)  
         
    TOTAL INVESTMENTS - 92.5% (Cost $243,703,431)     $ 290,734,825
    OTHER ASSETS IN EXCESS OF LIABILITIES- 7.5%    

23,441,882

    NET ASSETS - 100.0%        

$ 314,176,707

           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Long Futures Contracts   Counterparty Expiration Notional Amount(b) Value and Unrealized Appreciation
111   CME E-Mini Standard & Poor's 500 Index Future EDF 09/21/2026 $ 41,731,838 $ 72,134
    TOTAL FUTURES CONTRACTS  
         
           
 

 

 

 

 

CME  - Chicago Mercantile Exchange
ETF  - Exchange-Traded Fund
EDF  - ED&F Man Capital Markets, Inc.
 
(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.

 

 

 
 

 

TOEWS AGILITY SHARES HEDGED RISK ETF
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
               
Shares             Fair Value
    COMMON STOCKS — 40.3%      
    AEROSPACE & DEFENSE - 0.6%      
200   Boeing Company (The)(a)       $ 43,228
156   Honeywell Aerospace, Inc.(a)         32,251
126   Howmet Aerospace, Inc.         35,565
135   Lockheed Martin Corporation, Class B         78,670
             

189,714

    ASSET MANAGEMENT - 0.9%      
71   Blackrock, Inc.         77,418
1,094   Blackstone, Inc.         139,758
1,000   Charles Schwab Corporation (The)         105,240
             

322,416

    BANKING - 3.4%      
5,805   Bank of America Corporation         359,619
1,019   Citigroup, Inc.         134,967
1,799   JPMorgan Chase & Company         632,869
150   US Bancorp         9,452
150   Wells Fargo & Company         12,968
             

1,149,875

    BEVERAGES - 0.4%      
862   Coca-Cola Company (The)         75,503
424   PepsiCo, Inc.         59,173
             

134,676

    BIOTECH & PHARMA - 1.3%      
230   Amgen, Inc.         88,587
172   Bristol-Myers Squibb Company         11,233
104   Eli Lilly & Company         119,480
150   Gilead Sciences, Inc.         19,532
782   Merck & Company, Inc.         101,816
70   Regeneron Pharmaceuticals, Inc.         53,384
50   Vertex Pharmaceuticals, Inc.(a)         23,855
500   Viatris, Inc.         8,780
             

426,667

    CABLE & SATELLITE - 0.2%      
731   EchoStar Corporation, Class A(a)         61,470
             
 
 

 

TOEWS AGILITY SHARES HEDGED RISK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

      

 

Shares

         Fair Value
    COMMON STOCKS — 40.3% (Continued)      
    CHEMICALS - 0.1%      
100   Albemarle Corporation       $  11,764
814   Dow, Inc.         24,656
             

36,420

    E-COMMERCE DISCRETIONARY - 1.3%      
1,668   Amazon.com, Inc.(a)         452,995
             
    ELECTRIC UTILITIES - 0.5%      
815   American Electric Power Company, Inc.         104,198
19   Duke Energy Corporation         2,383
300   FirstEnergy Corporation         14,493
415   NextEra Energy, Inc.         36,072
             

157,146

    ELECTRICAL EQUIPMENT - 0.8%      
360   Eaton Corporation PLC         149,471
8   GE Vernova, Inc.         7,922
156   Honeywell International, Inc.         37,916
182   Keysight Technologies, Inc.(a)         58,073
50   Rockwell Automation, Inc.         24,004
             

277,386

    ENGINEERING & CONSTRUCTION - 0.4%      
50   Comfort Systems USA, Inc.         86,485
73   EMCOR Group, Inc.         58,212
             

144,697

    ENTERTAINMENT CONTENT - 0.0%(b)      
100   Walt Disney Company (The)         9,619
             
    FOOD - 0.6%      
3,559   Mondelez International, Inc., Class A         221,761
             
    GAS & WATER UTILITIES - 0.2%      
1,605   NiSource, Inc.         71,310
             
 
 

 

TOEWS AGILITY SHARES HEDGED RISK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

      

 

Shares

  

 

 

     Fair Value
    COMMON STOCKS — 40.3% (Continued)      
    HEALTH CARE FACILITIES & SERVICES - 0.7%      
598   UnitedHealth Group, Inc.        $ 247,811
             
    HOME CONSTRUCTION - 0.0%(b)      
31   DR Horton, Inc.         4,435
             
    HOUSEHOLD PRODUCTS - 0.1%      
249   Procter & Gamble Company (The)         35,978
             
    INSURANCE - 0.1%      
75   Berkshire Hathaway, Inc., Class B(a)         38,366
             
    INTERNET MEDIA & SERVICES - 2.5%      
920   Alphabet, Inc., Class A         327,639
376   Alphabet, Inc., Class C         134,100
379   Meta Platforms, Inc., Class A         210,993
2,453   Netflix, Inc.(a)         175,905
150   Uber Technologies, Inc.(a)         10,554
             

859,191

    LEISURE FACILITIES & SERVICES - 0.7%      
342   Marriott International Inc, Class A         127,508
225   McDonald's Corporation         60,894
203   Royal Caribbean Cruises Ltd.         64,615
             

253,017

    MACHINERY - 0.2%      
71   Caterpillar, Inc.         57,852
             
    MEDICAL EQUIPMENT & DEVICES - 0.0%(b)      
49   Medtronic PLC         4,184
31   Zimmer Biomet Holdings, Inc.         2,912
             

7,096

    METALS & MINING - 0.3%      
1,714   Freeport-McMoRan, Inc.         107,348
             
    OIL & GAS PRODUCERS - 2.1%      
115   APA Corporation         4,292
 
 

 

TOEWS AGILITY SHARES HEDGED RISK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

        
Shares           Fair Value
   

COMMON STOCKS — 40.3% (Continued)

OIL & GAS PRODUCERS - 2.1% (Continued)

        
429   Chevron Corporation        $ 84,440
1,465   ConocoPhillips         176,503
646   Devon Energy Corporation         29,154
350   EQT Corporation         18,652
128   ExxonMobil Holdings Corporation         19,896
700   Kinder Morgan, Inc.         22,526
675   Marathon Petroleum Corporation         213,617
2,132   Williams Companies, Inc. (The)         152,523
             

721,603

    RESIDENTIAL REIT - 0.1%      
252   Camden Property Trust         27,924
             
    RETAIL - CONSUMER STAPLES - 1.2%      
3,555   Walmart, Inc.         395,316
             
    RETAIL - DISCRETIONARY - 0.9%      
782   Home Depot, Inc. (The)         259,593
189   Lowe's Companies, Inc.         39,276
             

298,869

    SEMICONDUCTORS - 7.2%      
114   Advanced Micro Devices, Inc.(a)         54,281
253   Applied Materials, Inc.         128,441
4,198   Broadcom, Inc.         1,634,198
37   Intel Corporation(a)         3,337
91   Lam Research Corporation         26,665
11   Micron Technology, Inc.         9,053
2,391   NVIDIA Corporation         479,993
60   ON Semiconductor Corporation(a)         4,897
786   QUALCOMM, Inc.         116,021
             

2,456,886

    SOFTWARE - 3.7%      
24   Crowdstrike Holdings, Inc., Class A(a)         4,581
259   Gen Digital, Inc.         7,110
163   Intuit, Inc.         51,519
2,077   Microsoft Corporation         965,224
 
 

 

TOEWS AGILITY SHARES HEDGED RISK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

        
Shares           Fair Value
    COMMON STOCKS — 40.3% (Continued)        
    SOFTWARE - 3.7% (Continued)        
421   Oracle Corporation        $ 54,675
1,471   Palantir Technologies, Inc., Class A(a)         181,021
             

1,264,130

    SPECIALTY FINANCE - 0.1%      
203   Capital One Financial Corporation         42,429
             
    STEEL - 0.3%      
197   Nucor Corporation         50,686
188   Steel Dynamics, Inc.         47,237
             

97,923

    TECHNOLOGY HARDWARE - 6.5%      
3,973   Apple, Inc.         1,227,300
11   Ciena Corporation(a)         4,148
1,913   Cisco Systems, Inc.         221,889
577   Corning, Inc.         79,770
277   Dell Technologies, Inc., Class C         112,287
1,950   Hewlett Packard Enterprise Company         93,405
5   Sandisk Corporation(a)         6,074
306   Seagate Technology Holdings PLC         261,976
399   Western Digital Corporation         217,391
             

2,224,240

    TECHNOLOGY SERVICES - 0.2%      
219   Visa, Inc., Class A         80,182
             
    TELECOMMUNICATIONS - 0.1%      
750   AT&T, Inc.         17,438
             
    TOBACCO & CANNABIS - 2.3%      
5,776   Altria Group, Inc.         394,674
2,159   Philip Morris International, Inc.         411,981
             

806,655

    TRANSPORTATION & LOGISTICS - 0.3%      
750   Delta Air Lines, Inc.         65,580
132   Union Pacific Corporation         38,561
                                       104,141
             
 
 

 

TOEWS AGILITY SHARES HEDGED RISK ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

        
               
Shares             Fair Value
           
    TOTAL COMMON STOCKS (Cost $5,866,235)     $ 13,804,982
           
    EXCHANGE-TRADED FUNDS — 53.2%      
    EQUITY - 53.2%      
9,400   iShares Core S&P 500 ETF         7,053,008
6,355   iShares Morningstar Growth ETF         710,362
3,499   SPDR Portfolio S&P 500 Growth ETF         409,873
9,600   State Street Communication Services Select Sector SPDR ETF         1,039,104
8,700   State Street Consumer Discretionary Select Sector SPDR ETF         1,009,983
2,900   State Street Energy Select Sector SPDR ETF         172,695
21,600   State Street Financial Select Sector SPDR ETF         1,229,904
8,600   State Street Health Care Select Sector SPDR ETF         1,397,930
6,500   State Street Industrial Select Sector SPDR ETF         1,168,960
3,600   State Street Materials Select Sector SPDR ETF         181,548
9,400   State Street Real Estate Select Sector SPDR ETF         423,658
11,700   State Street Technology Select Sector SPDR ETF         2,051,595
6,500   State Street Utilities Select Sector SPDR ETF         288,275
5,121   Vanguard Morningstar Mega Cap Growth ETF         442,096
2,699   Vanguard Russell 1000 Growth ETF         329,035
511   Vanguard S&P 500 ETF         350,878
    TOTAL EXCHANGE-TRADED FUNDS (Cost $16,926,663)      

18,258,904

               
Contracts(c)              
    FUTURE OPTIONS PURCHASED - 5.3% Counterparty Expiration Date Exercise Price Notional Value  
    PUT OPTIONS PURCHASED - 5.3%      
86   CME E-mini Standard & Poor’s 500 Future EDF 09/17/2027 $ 7,450 $ 33,589,450 1,823,200
    TOTAL FUTURE OPTIONS PURCHASED (Cost - $1,945,900)  
           
    TOTAL INVESTMENTS - 98.8% (Cost $24,738,798)     $ 33,887,086
    OTHER ASSETS IN EXCESS OF LIABILITIES- 1.2%    

417,396

    NET ASSETS - 100.0%        

$ 34,304,482

 

CME - Chicago Mercantile Exchange

          

EDF - ED&F Man Capital Markets, Inc.

ETF - Exchange-Traded Fund

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SPDR - Standard & Poor's Depositary Receipt

(a) Non-income producing security.

(b) Percentage rounds to less than 0.1%.

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