# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-25-004127
**Filing Date:** 2025-7
**Character Count:** 193276
**Document Hash:** 7f64bd8b22e27c34aef8c0c368929e6f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004127.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001580642-25-004127

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250708

**DATE AS OF CHANGE**: 20250708

**EFFECTIVENESS DATE**: 20250708

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Lights Fund Trust
- **CENTRAL INDEX KEY:** 0001314414

**ORGANIZATION NAME:**
- **EIN:** 043023766
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 251110767

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Strategy Shares
- **DATE OF NAME CHANGE:** 20160223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Mutual Fund & Variable Insurance Trust
- **DATE OF NAME CHANGE:** 20160223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Northern Lights Fund Trust
- **DATE OF NAME CHANGE:** 20050121

## Series and Classes Contracts Data

### Toews Hedged Oceana Fund (Series ID: S000027929)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000084893 | Toews Hedged Oceana Fund | THIDX           |

### Toews Tactical Income Fund (Series ID: S000027930)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000084894 | Toews Tactical Income Fund | THHYX           |

### Toews Hedged U.S. Fund (Series ID: S000027931)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000084895 | Toews Hedged U.S. Fund | THLGX           |

### Toews Hedged U.S. Opportunity Fund (Series ID: S000027932)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000084896 | Toews Hedged U.S. Opportunity Fund | THSMX           |

### Toews Tactical Defensive Alpha Fund (Series ID: S000033706)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000103841 | Toews Tactical Defensive Alpha Fund | TTDAX           |

### Toews Unconstrained Income Fund (Series ID: S000041209)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000127804 | Toews Unconstrained Income Fund | TUIFX           |

?xml version='1.0' encoding='ASCII'?

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 <u>811-21720</u>

<u>Northern Lights Fund Trust</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450 Cincinnati, OH</u> <u>45246</u> <br> (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: <u>631-470-2600</u>

Date of fiscal year end: <u>4/30</u> <br>Date of reporting period: <u>4/30/25</u>

**Item 1. Reports to Stockholders.** 

(a) #### Toews Hedged Oceana Fund
(THIDX)

#### Annual Shareholder Report - April 30, 2025

# Fund Overview
This annual shareholder report contains important information about Toews Hedged Oceana Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://toewscorp.com/equity-funds/**. You can also request this information by contacting us at 1-877-558-6397.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Toews Hedged Oceana Fund | $132 | 1.26% |

---

# How did the Fund perform during the reporting period?
Performance Overview:

The Fund returned 9.18%, underperforming the MSCI EAFE Net Index, which rose 12.57% over the same period.

Key Performance Drivers:

The Fund was positioned defensively during a key period of international equity recovery. From November 1, 2024, to January 10, 2025, the fund helped mitigate losses as markets declined. However, between January 13 and January 31, 2025, the MSCI EAFE Index rebounded sharply by 6.86%, while the Fund remained out of the market due to its risk-managed strategy. This delayed re-entry was a key detractor to relative performance.

Strategic Techniques:

The Fund follows a rules-based system that responds to price trends by exiting declining markets and re-entering after a recovery threshold is met. When indicators show a market downturn, the fund reallocates to defensive positions, including cash or short-term instruments. This strategy helps limit drawdowns but may result in underperformance during abrupt market recoveries, as re-entry points are deliberately conservative to manage risk.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i5f269ad435bf5d1609a35948.jpg)

---

| | | |
|:---|:---|:---|
| | **Toews Hedged Oceana Fund** | **MSCI EAFE Index** |
| **Apr-2015** | $10000 | $10000 |
| **Apr-2016** | $9630 | $9068 |
| **Apr-2017** | $9686 | $10092 |
| **Apr-2018** | $10370 | $11557 |
| **Apr-2019** | $10196 | $11185 |
| **Apr-2020** | $9940 | $9917 |
| **Apr-2021** | $11795 | $13871 |
| **Apr-2022** | $10565 | $12741 |
| **Apr-2023** | $10848 | $13814 |
| **Apr-2024** | $11203 | $15096 |
| **Apr-2025** | $12231 | $16993 |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Toews Hedged Oceana Fund | 9.18% | 4.24% | 2.03% |
| MSCI EAFE Index | 12.57% | 11.37% | 5.45% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $25061273 |
| Number of Portfolio Holdings | 2 |
| Advisory Fee (net of waivers) | $194166 |
| Portfolio Turnover | 150% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i86c562b4bd90a8a61a6fbcfd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.9% |
| Purchased Options | 0.1% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](ic1a742bcef798089b0704283.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.8% |
| Future Option | 0.1% |
| Equity | 98.1% |

---

# Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard FTSE Developed Markets ETF | 98.1% |
| CME E-Mini Standard & Poor's 500 Index Future, 06/20/25 3750.0 Put | 0.1% |

---

# Material Fund Changes
No material changes occurred during the year ended April 30, 2025.

#### Toews Hedged Oceana Fund - Fund (THIDX)

#### Annual Shareholder Report - April 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://toewscorp.com/equity-funds/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-THIDX

#### Toews Hedged U.S. Fund
(THLGX)

#### Annual Shareholder Report - April 30, 2025

# Fund Overview
This annual shareholder report contains important information about Toews Hedged U.S. Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://toewscorp.com/equity-funds/**. You can also request this information by contacting us at 1-877-558-6397.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Toews Hedged U.S. Fund | $124 | 1.25% |

---

# How did the Fund perform during the reporting period?
Performance Overview:

The Fund returned –2.94%, underperforming the S&P 500 Total Return Index, which gained 12.10%.

Key Performance Drivers:

Multiple tactical shifts and the cost of put options were the primary contributors to underperformance. The Fund exited the equity market at various points due to elevated volatility and macro uncertainty, including around the February 2025 peak, which was followed by a sharp drawdown through early April. While this helped limit drawdowns in April, re-entries occurred at higher levels, missing parts of the recovery.

Strategic Techniques:

The Fund used equity index futures and options to tactically adjust exposure. The aggregate bond allocation used when not in cash or T-bills contributed marginally to downside protection but detracted during equity rallies.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ifbb31ec9fd09d62bf5171a39.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Toews Hedged U.S. Fund** | **Nasdaq-100<sup>®</sup> Total Return Index** | **S&P 500<sup>®</sup> Index** |
| **Apr-2015** | $10000 | $10000 | $10000 |
| **Apr-2016** | $8516 | $9959 | $10121 |
| **Apr-2017** | $9091 | $12969 | $11934 |
| **Apr-2018** | $9475 | $15510 | $13517 |
| **Apr-2019** | $10946 | $18473 | $15341 |
| **Apr-2020** | $11920 | $21595 | $15474 |
| **Apr-2021** | $15134 | $33521 | $22589 |
| **Apr-2022** | $14362 | $31304 | $22637 |
| **Apr-2023** | $14340 | $32552 | $23240 |
| **Apr-2024** | $16051 | $43221 | $28507 |
| **Apr-2025** | $15580 | $48884 | $31955 |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Toews Hedged U.S. Fund | -2.94% | 5.50% | 4.53% |
| Nasdaq-100<sup>®</sup> Total Return Index | 13.10% | 17.75% | 17.20% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $56425423 |
| Number of Portfolio Holdings | 1 |
| Advisory Fee (net of waivers) | $547403 |
| Portfolio Turnover | 427% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i432334d8b1feb94d990da7dc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government & Agencies | 100.0% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](iee8c431d52155027d014f52d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 8.0% |
| U.S. Treasury Obligations | 92.0% |

---

# Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 4.245%, 05/15/25 | 92.0% |

---

# Material Fund Changes
No material changes occurred during the year ended April 30, 2025.

#### Toews Hedged U.S. Fund - Fund (THLGX)

#### Annual Shareholder Report - April 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://toewscorp.com/equity-funds/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-THLGX

#### Toews Hedged U.S. Opportunity Fund
(THSMX)

#### Annual Shareholder Report - April 30, 2025

# Fund Overview
This annual shareholder report contains important information about Toews Hedged U.S. Opportunity Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://toewscorp.com/equity-funds/**. You can also request this information by contacting us at 1-877-558-6397.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Toews Hedged U.S. Opportunity Fund | $120 | 1.26% |

---

# How did the Fund perform during the reporting period?
Performance Overview:

This Fund returned –8.84%, compared to the S&P 500 Index return of 12.10% and the Morningstar U.S. Small Cap Total Return Index return of 2.94%.

Key Performance Drivers:

A structural underweight to large-cap equities and an overweight to small- and mid-cap names, both of which underperformed, impacted overall performance. The Morningstar U.S. Small Cap Index underperformed the S&P 500 by 9.16 percentage points, contributing to relative weakness. Additionally, frequent entry and exit actions in a volatile environment added drag.

Strategic Techniques:

The Fund follows a rules-based tactical allocation framework designed to manage risk and reduce exposure during declining markets. It utilizes equity index futures and options to dynamically adjust equity exposure, reallocating to defensive assets such as cash or short-term instruments when indicators signal increased market volatility or downside risk. Re-entry is triggered when price trends stabilize and confirm recovery. A defining feature of the Fund is its strategic focus on small- and mid-cap equities, which can offer enhanced growth potential but also tend to be more sensitive to macroeconomic stress. This structural tilt can increase the impact of market timing, amplifying both the benefits of successful downside avoidance and the costs of delayed re-entry during recovery phases.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](iac9470aa5d9d65074270b635.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Toews Hedged U.S. Opportunity Fund** | **Morningstar US Small Cap TR USD** | **S&P 500<sup>®</sup> Index** |
| **Apr-2015** | $10000 | $10000 | $10000 |
| **Apr-2016** | $8647 | $9632 | $10121 |
| **Apr-2017** | $8675 | $11670 | $11934 |
| **Apr-2018** | $8750 | $12776 | $13517 |
| **Apr-2019** | $9388 | $13588 | $15341 |
| **Apr-2020** | $9649 | $11209 | $15474 |
| **Apr-2021** | $13877 | $19342 | $22589 |
| **Apr-2022** | $11646 | $16592 | $22637 |
| **Apr-2023** | $10504 | $16364 | $23240 |
| **Apr-2024** | $11649 | $18792 | $28507 |
| **Apr-2025** | $10620 | $19346 | $31955 |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

The 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 Fund or any member of the public regarding the advisability of investing in equities generally or in the 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.

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Toews Hedged U.S. Opportunity Fund | -8.84% | 1.94% | 0.60% |
| Morningstar US Small Cap TR USD | 2.94% | 11.53% | 6.82% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $29360406 |
| Number of Portfolio Holdings | 1 |
| Advisory Fee (net of waivers) | $353099 |
| Portfolio Turnover | 422% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia23570afe76cce970a9d9fae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government & Agencies | 100.0% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](iff164e3658aea9fbf34e7e84.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 11.6% |
| U.S. Treasury Obligations | 88.4% |

---

# Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 4.245%, 05/15/25 | 88.4% |

---

# Material Fund Changes
No material changes occurred during the year ended April 30, 2025.

#### Toews Hedged U.S. Opportunity Fund - Fund (THSMX)

#### Annual Shareholder Report - April 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://toewscorp.com/equity-funds/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-THSMX

#### Toews Tactical Defensive Alpha Fund
(TTDAX)

#### Annual Shareholder Report - April 30, 2025

# Fund Overview
This annual shareholder report contains important information about Toews Tactical Defensive Alpha Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://toewscorp.com/equity-funds/**. You can also request this information by contacting us at 1-877-558-6397.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Toews Tactical Defensive Alpha Fund | $125 | 1.25% |

---

# How did the Fund perform during the reporting period?
Performance Overview:

The Fund returned 0.13%, trailing the S&P 500 Total Return Index, which gained 12.10%.

Key Performance Drivers:

Between the February 19, 2025 peak and the April 8 trough, the S&P 500 declined by –18.75%, while the Fund limited losses to –10.47%, underscoring the effectiveness of its long put option hedges and income generation from written spreads. While these protections temporarily dampened performance during brief market rebounds and periods of sideways trading, they played a central role in reducing downside volatility. The tradeoff was short-term underperformance during transitional phases, but the strategy remains positioned to benefit from more sustained recoveries while maintaining a disciplined risk-managed approach.

Strategic Techniques:

Following the November 1, 2024 strategy realignment, the Fund focused on large-cap U.S. equities with downside protection from puts and offsetting option premium income via put spread sales. This more rules-based framework was designed to reduce prior years' tracking error.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i69a47d080c7e391d3e0c4ca8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Toews Tactical Defensive Alpha Fund** | **MSCI World Index** | **S&P 500<sup>®</sup> Index** |
| **Jan-2016** | $10000 | $10000 | $10000 |
| **Apr-2016** | $11000 | $10675 | $10695 |
| **Apr-2017** | $12044 | $12239 | $12612 |
| **Apr-2018** | $12907 | $13857 | $14285 |
| **Apr-2019** | $13852 | $14755 | $16213 |
| **Apr-2020** | $13366 | $14164 | $16353 |
| **Apr-2021** | $19177 | $20584 | $23872 |
| **Apr-2022** | $18130 | $19860 | $23923 |
| **Apr-2023** | $16279 | $20491 | $24560 |
| **Apr-2024** | $17388 | $24258 | $30126 |
| **Apr-2025** | $17411 | $27207 | $33770 |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (January 7, 2016) |
| Toews Tactical Defensive Alpha Fund | 0.13% | 5.43% | 6.14% |
| MSCI World Index | 12.16% | 13.95% | 11.35% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 13.96% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $52278495 |
| Number of Portfolio Holdings | 3 |
| Advisory Fee (net of waivers) | $473922 |
| Portfolio Turnover | 764% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i70359b5b9c02b429f95a6a7d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Purchased Options | 12.4% |
| U.S. Government & Agencies | 88.4% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i68976e2ef775b492d46c8eb9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 21.1% |
| Future Option | 9.2% |
| U.S. Treasury Obligations | 69.7% |

---

# Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 4.245%, 05/15/25 | 69.7% |
| CME E-Mini Standard & Poor's 500 Index Future, 12/18/26 5850.0 Put | 9.8% |
| CME E-Mini Standard & Poor's 500 Index Future, 06/20/25 5775.0 Call | -0.6% |

---

# Material Fund Changes
No material changes occurred during the year ended April 30, 2025.

#### Toews Tactical Defensive Alpha Fund - Fund (TTDAX)

#### Annual Shareholder Report - April 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://toewscorp.com/equity-funds/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-TTDAX

#### Toews Tactical Income Fund
(THHYX)

#### Annual Shareholder Report - April 30, 2025

# Fund Overview
This annual shareholder report contains important information about Toews Tactical Income Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://toewscorp.com/fixed-income-funds/**. You can also request this information by contacting us at 1-877-558-6397.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Toews Tactical Income Fund | $128 | 1.25% |

---

# How did the Fund perform during the reporting period?
Performance Overview:

The Fund returned 4.29%, lagging both the Bloomberg U.S. Aggregate Bond Index 8.02% and ICE BofA High Yield Cash Pay Index 8.69%.

Key Performance Drivers:

The Fund executed five complete tactical rotations out of high-yield assets into cash throughout the year. These decisions were driven by Treasury market volatility, particularly in October 2024 and again in March–April 2025, when yields rose sharply. While this helped avoid losses during the sharp bond market selloff in April 2025, whipsawing eroded returns by causing re-entries at higher levels.

Strategic Techniques:

The Fund uses an algorithmic trading model to tactically allocate among high-yield, investment-grade corporate, and government bonds. It does not track a specific index but instead seeks to maximize yield while minimizing drawdowns. Throughout the year, the Fund rotated between risk-on and defensive positions in response to credit market volatility, with multiple tactical exits during periods of stress and full exposure during more stable conditions. This disciplined, rules-based approach aims to manage downside risk while capturing opportunities in fixed income markets.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i5765e65694a5e474e8b02c8b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Toews Tactical Income Fund** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA High Yield U.S. Corporates Cash Pay Index** |
| **Apr-2015** | $10000 | $10000 | $10000 |
| **Apr-2016** | $10323 | $10272 | $9873 |
| **Apr-2017** | $11074 | $10357 | $11212 |
| **Apr-2018** | $11116 | $10324 | $11569 |
| **Apr-2019** | $11732 | $10870 | $12348 |
| **Apr-2020** | $11566 | $12049 | $11705 |
| **Apr-2021** | $12596 | $12017 | $14040 |
| **Apr-2022** | $12292 | $10994 | $13344 |
| **Apr-2023** | $11983 | $10947 | $13505 |
| **Apr-2024** | $12445 | $10786 | $14707 |
| **Apr-2025** | $12979 | $11651 | $15984 |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Toews Tactical Income Fund | 4.29% | 2.33% | 2.64% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| ICE BofA High Yield U.S. Corporates Cash Pay Index | 8.69% | 6.43% | 4.80% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $439122871 |
| Number of Portfolio Holdings | 176 |
| Advisory Fee | $4705885 |
| Portfolio Turnover | 380% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i1e40ecfc8b49439910c0d03e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 26.6% |
| Exchange-Traded Funds | 68.5% |
| Money Market Funds | 4.9% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i3eacca3fc12666d23a6dbb0b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -3.6% |
| Real Estate | 0.6% |
| Consumer Staples | 1.2% |
| Utilities | 1.5% |
| Technology | 1.8% |
| Materials | 1.9% |
| Health Care | 2.1% |
| Industrials | 2.6% |
| Energy | 3.0% |
| Communications | 3.8% |
| Financials | 4.3% |
| Consumer Discretionary | 4.7% |
| Collateral for Securities Loaned | 5.1% |
| Fixed Income | 71.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares Broad USD High Yield Corporate Bond ETF | 49.2% |
| SPDR Bloomberg High Yield Bond ETF | 9.7% |
| iShares iBoxx High Yield Corporate Bond ETF | 8.1% |
| Xtrackers USD High Yield Corporate Bond ETF | 2.5% |
| SPDR Portfolio High Yield Bond ETF | 1.6% |
| Goldman Sachs Group, Inc. (The), 6.750%, 10/01/37 | 0.7% |
| Anheuser-Busch InBev Worldwide, Inc., 8.200%, 01/15/39 | 0.6% |
| Deutsche Telekom International Finance BV, 9.250%, 06/01/32 | 0.6% |
| General Electric Company, 6.750%, 03/15/32 | 0.5% |
| MetLife, Inc., 10.750%, 08/01/39 | 0.5% |

---

# Material Fund Changes
No material changes occurred during the year ended April 30, 2025.

#### Toews Tactical Income Fund - Fund (THHYX)

#### Annual Shareholder Report - April 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://toewscorp.com/fixed-income-funds/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-THHYX

#### Toews Unconstrained Income Fund
(TUIFX)

#### Annual Shareholder Report - April 30, 2025

# Fund Overview
This annual shareholder report contains important information about Toews Unconstrained Income Fund for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://toewscorp.com/fixed-income-funds/**. You can also request this information by contacting us at 1-877-558-6397.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Toews Unconstrained Income Fund | $128 | 1.25% |

---

# How did the Fund perform during the reporting period?
Performance Overview:

The Fund returned 4.16%, underperforming the Bloomberg U.S. Aggregate Bond Index, which returned 8.02%.

Key Performance Drivers:

The Fund's diversified exposure to high-yield bonds, TIPS, CLOs, floating rate bonds, and aggregate bond ETFs was dynamically adjusted throughout the year based on market signals. Volatility in the high-yield bond market, particularly in January and March 2025, led to tactical entries and exits that resulted in a whipsaw effect, impacting performance. In contrast, stable allocations in CLOs and floating rate instruments provided consistent income but occasionally lagged in more rate-sensitive environments. The Fund's quarterly results varied, with outperformance during some periods and underperformance during others, reflecting the market-driven nature of its tactical model.

Strategic Techniques:

The Fund utilizes an algorithmic, rules-based model to manage allocations across multiple fixed-income sectors. When fully invested, the Fund targets a 50% allocation to high-yield bonds, 25% to the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index, and 25% to the Bloomberg U.S. Aggregate Bond Index. The model may hedge or reallocate these exposures in response to market volatility, macroeconomic trends, and rate expectations. The Fund's consistent incorporation of CLOs and floating rate bonds reflects its focus on income stability and capital preservation, while its dynamic reallocation strategy aims to mitigate drawdowns and capture fixed income opportunities as they arise.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8d9c2701eae5e8b5cf421b85.jpg)

---

| | | |
|:---|:---|:---|
| | **Toews Unconstrained Income Fund** | **Bloomberg U.S. Aggregate Bond Index** |
| **Apr-2015** | $10000 | $10000 |
| **Apr-2016** | $10172 | $10272 |
| **Apr-2017** | $10773 | $10357 |
| **Apr-2018** | $10447 | $10324 |
| **Apr-2019** | $10915 | $10870 |
| **Apr-2020** | $10882 | $12049 |
| **Apr-2021** | $11456 | $12017 |
| **Apr-2022** | $11144 | $10994 |
| **Apr-2023** | $11068 | $10947 |
| **Apr-2024** | $11325 | $10786 |
| **Apr-2025** | $11795 | $11651 |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Toews Unconstrained Income Fund | 4.16% | 1.63% | 1.66% |
| Bloomberg U.S. Aggregate Bond Index | 8.02% | -0.67% | 1.54% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $52017955 |
| Number of Portfolio Holdings | 6 |
| Advisory Fee (net of waivers) | $303027 |
| Portfolio Turnover | 380% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7ea929f4876dc2cf21ccb1e0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 60.2% |
| Money Market Funds | 18.2% |
| U.S. Government & Agencies | 21.6% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](iccb2288d75f4c4df3a6d4bb1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -10.7% |
| Collateral for Securities Loaned | 20.2% |
| U.S. Treasury Obligations | 23.9% |
| Fixed Income | 66.6% |

---

# Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares iBoxx High Yield Corporate Bond ETF | 25.1% |
| SPDR Bloomberg High Yield Bond ETF | 24.9% |
| United States Treasury Bill, 4.220%, 06/17/25 | 23.9% |
| iShares Core U.S. Aggregate Bond ETF | 8.3% |
| Vanguard Total Bond Market ETF | 8.3% |

---

# Material Fund Changes
No material changes occurred during the year ended April 30, 2025.

#### Toews Unconstrained Income Fund - Fund (TUIFX)

#### Annual Shareholder Report - April 30, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://toewscorp.com/fixed-income-funds/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-TUIFX

(b) Not applicable

**Item 2. Code of Ethics.** 

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) N/A

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See
 Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.** 

(a)(1) The Registrant's Board of Trustees has determined that Mr. Mark Gersten, Mr. Anthony Hertl and Mr. Mark H. Taylor are audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Mark Gersten, Mr. Anthony Hertl and Mr. Mark H. Taylor ARE independent for purposes of this Item.<br>(a)(2) Not applicable.<br>(a)(3) Not applicable.<br>

**Item 4. Principal Accountant Fees and Services.** 

---

| | |
|:---|:---|
| (a) | Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows: |
|  | 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $95500 <br> 2024 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $95500 |

---

---

| | |
|:---|:---|
| (b) | Audit-Related Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. |
| (c) | Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows: |
|  | 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23400<br> 2024 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23400 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

---

| | |
|:---|:---|
| (d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended April 30, 2025 and 2024 respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended April 30, 2025 and 2024 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable.  |

---

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ---

| |
|:---|
| ![(TOEWS LOGO)](to001_v1.jpg) |
| **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 Financial Statements and Additional Information** |
| April 30, 2025 |
| *Investor Information: 1-877-558-6397* |

---

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 71.0%** |  |  |  |  |
|  | **FIXED INCOME – 71.0%** |  |  |  |  |
| 5900000 | iShares Broad USD High Yield Corporate Bond ETF<sup>(a)</sup> |  |  |  | $215940000 |
| 450000 | iShares iBoxx High Yield Corporate Bond ETF<sup>(a)</sup> |  |  |  | 35370000 |
| 450000 | SPDR Bloomberg High Yield Bond ETF |  |  |  | 42619500 |
| 300000 | SPDR Portfolio High Yield Bond ETF |  |  |  | 6975000 |
| 300000 | Xtrackers USD High Yield Corporate Bond ETF |  |  |  | 10809000 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $312,353,465)** |  |  |  | 311713500 |
| **Principal** |  |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **Spread** | **(%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 27.5%** |  |  |  |  |
|  | **AEROSPACE & DEFENSE — 0.8%** |  |  |  |  |
| 255000 | Bombardier, Inc.<sup>(b)</sup> |  | 7.8750 | 04/15/27 | 255798 |
| 800000 | Rolls-Royce PLC<sup>(b)</sup> |  | 5.7500 | 10/15/27 | 821272 |
| 500000 | Spirit AeroSystems, Inc.<sup>(b)</sup> |  | 9.7500 | 11/15/30 | 552452 |
| 750000 | TransDigm, Inc. |  | 5.5000 | 11/15/27 | 747148 |
| 750000 | TransDigm, Inc.<sup>(b)</sup> |  | 6.7500 | 08/15/28 | 766080 |
|  |  |  |  |  | 3142750 |
|  | **ASSET MANAGEMENT — 0.1%** |  |  |  |  |
| 400000 | Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation |  | 9.0000 | 06/15/30 | 378338 |
|  | **AUTOMOTIVE — 1.0%** |  |  |  |  |
| 500000 | Aston Martin Capital Holdings Ltd.<sup>(b)</sup> |  | 10.0000 | 03/31/29 | 430090 |
| 1000000 | Ford Motor Credit Company, LLC |  | 3.3750 | 11/13/25 | 988437 |
| 750000 | Ford Motor Credit Company, LLC |  | 7.3500 | 11/04/27 | 772218 |
| 1500000 | Mercedes-Benz Finance North America, LLC |  | 8.5000 | 01/18/31 | 1770651 |
| 600000 | Tenneco, Inc.<sup>(b)</sup> |  | 8.0000 | 11/17/28 | 573782 |
|  |  |  |  |  | 4535178 |
|  | **BANKING — 1.3%** |  |  |  |  |
| 1000000 | Bank of America Corporation |  | 7.7500 | 05/14/38 | 1170874 |
| 1000000 | Barclays PLC<sup>(c)</sup> | H15T1Y + 3.500% | 7.4370 | 11/02/33 | 1115162 |
| 1000000 | Citigroup, Inc. |  | 8.1250 | 07/15/39 | 1236596 |
| 750000 | HSBC Holdings PLC<sup>(c)</sup> | SOFRRATE + 4.250% | 8.1130 | 11/03/33 | 853544 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 27.5% (Continued)** |  |  |  |  |
|  | **BANKING — 1.3% (Continued)** |  |  |  |  |
| 1000000 | Lloyds Banking Group PLC<sup>(c)</sup> | H15T1Y + 3.750% | 7.9530 | 11/15/33 | $1136854 |
|  |  |  |  |  | 5513030 |
|  | **BEVERAGES — 0.8%** |  |  |  |  |
| 2000000 | Anheuser-Busch InBev Worldwide, Inc. |  | 8.2000 | 01/15/39 | 2540120 |
| 1000000 | PepsiCo, Inc. |  | 7.0000 | 03/01/29 | 1104045 |
|  |  |  |  |  | 3644165 |
|  | **BIOTECH & PHARMA — 0.6%** |  |  |  |  |
| 500000 | Bausch Health Companies, Inc.<sup>(b)</sup> |  | 11.0000 | 09/30/28 | 471275 |
| 1000000 | Jazz Securities DAC<sup>(b)</sup> |  | 4.3750 | 01/15/29 | 949754 |
| 500000 | Merck & Company, Inc. |  | 6.5000 | 12/01/33 | 561156 |
| 650000 | Organon & Company / Organon Foreign Debt Co-Issuer<sup>(b)</sup> |  | 5.1250 | 04/30/31 | 546016 |
|  |  |  |  |  | 2528201 |
|  | **CABLE & SATELLITE — 1.4%** |  |  |  |  |
| 350000 | Altice Financing S.A.<sup>(b)</sup> |  | 5.7500 | 08/15/29 | 258590 |
| 1000000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(b)</sup> |  | 5.1250 | 05/01/27 | 987031 |
| 1250000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(b)</sup> |  | 4.7500 | 03/01/30 | 1179898 |
| 750000 | CSC Holdings, LLC<sup>(b)</sup> |  | 11.7500 | 01/31/29 | 710151 |
| 1250000 | Directv Financing, LLC / Directv Financing, Inc.<sup>(b)</sup> |  | 5.8750 | 08/15/27 | 1209558 |
| 900000 | DISH Network Corporation<sup>(b)</sup> |  | 11.7500 | 11/15/27 | 947228 |
| 1000000 | Sirius XM Radio, Inc.<sup>(b)</sup> |  | 4.0000 | 07/15/28 | 938363 |
|  |  |  |  |  | 6230819 |
|  | **CHEMICALS — 0.4%** |  |  |  |  |
| 400000 | Olympus Water US Holding Corporation<sup>(b)</sup> |  | 9.7500 | 11/15/28 | 417214 |
| 550000 | Tronox, Inc.<sup>(b)</sup> |  | 4.6250 | 03/15/29 | 443394 |
| 350000 | Windsor Holdings III, LLC<sup>(b)</sup> |  | 8.5000 | 06/15/30 | 368771 |
| 600000 | WR Grace Holdings, LLC<sup>(b)</sup> |  | 5.6250 | 08/15/29 | 530207 |
|  |  |  |  |  | 1759586 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.1%** |  |  |  |  |
| 400000 | Allied Universal Holdco, LLC<sup>(b)</sup> |  | 7.8750 | 02/15/31 | 409008 |
|  | **CONSTRUCTION MATERIALS — 0.3%** |  |  |  |  |
| 500000 | Quikrete Holdings, Inc.<sup>(b)</sup> |  | 6.3750 | 03/01/32 | 503709 |
| 850000 | Standard Industries, Inc.<sup>(b)</sup> |  | 4.3750 | 07/15/30 | 793614 |
|  |  |  |  |  | 1297323 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 27.5% (Continued)** |  |  |  |  |
|  | **CONTAINERS & PACKAGING — 0.4%** |  |  |  |  |
| 400000 | Ardagh Metal Packaging Finance USA, LLC / Ardagh Metal Packaging Finance PLC<sup>(b)</sup> |  | 4.0000 | 09/01/29 | $350376 |
| 700000 | Mauser Packaging Solutions Holding Company<sup>(b)</sup> |  | 7.8750 | 08/15/26 | 690373 |
| 500000 | Mauser Packaging Solutions Holding Company<sup>(b)</sup> |  | 7.8750 | 04/15/27 | 502242 |
|  |  |  |  |  | 1542991 |
|  | **DIVERSIFIED INDUSTRIALS — 0.5%** |  |  |  |  |
| 2000000 | General Electric Company |  | 6.7500 | 03/15/32 | 2238146 |
|  | **E-COMMERCE DISCRETIONARY — 0.2%** |  |  |  |  |
| 800000 | Rakuten Group, Inc.<sup>(b)</sup> |  | 9.7500 | 04/15/29 | 846279 |
|  | **ELECTRIC UTILITIES — 1.4%** |  |  |  |  |
| 1000000 | Appalachian Power Company |  | 7.0000 | 04/01/38 | 1113553 |
| 600000 | Calpine Corporation<sup>(b)</sup> |  | 5.1250 | 03/15/28 | 594806 |
| 1000000 | Dominion Energy, Inc. |  | 7.0000 | 06/15/38 | 1112811 |
| 700000 | FirstEnergy Corporation |  | 4.1500 | 07/15/27 | 691740 |
| 400000 | Lightning Power, LLC<sup>(b)</sup> |  | 7.2500 | 08/15/32 | 415216 |
| 190000 | PG&E Corporation |  | 5.0000 | 07/01/28 | 185454 |
| 750000 | Progress Energy, Inc. |  | 7.7500 | 03/01/31 | 858175 |
| 600000 | Talen Energy Supply, LLC<sup>(b)</sup> |  | 8.6250 | 06/01/30 | 640994 |
| 400000 | Vistra Operations Company, LLC<sup>(b)</sup> |  | 7.7500 | 10/15/31 | 423228 |
|  |  |  |  |  | 6035977 |
|  | **ELECTRICAL EQUIPMENT — 0.2%** |  |  |  |  |
| 500000 | Emerald Debt Merger Sub, LLC<sup>(b)</sup> |  | 6.6250 | 12/15/30 | 507658 |
| 500000 | Vertical US Newco, Inc.<sup>(b)</sup> |  | 5.2500 | 07/15/27 | 493003 |
|  |  |  |  |  | 1000661 |
|  | **ENGINEERING & CONSTRUCTION — 0.1%** |  |  |  |  |
| 400000 | Fluor Corporation |  | 4.2500 | 09/15/28 | 386551 |
|  | **ENTERTAINMENT CONTENT — 0.2%** |  |  |  |  |
| 750000 | Univision Communications, Inc.<sup>(b)</sup> |  | 7.3750 | 06/30/30 | 685391 |
|  | **FOOD — 0.3%** |  |  |  |  |
| 750000 | Kraft Heinz Foods Company |  | 6.8750 | 01/26/39 | 830815 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 27.5% (Continued)** |  |  |  |  |
|  | **FOOD — 0.3% (Continued)** |  |  |  |  |
| 350000 | Viking Baked Goods Acquisition Corporation<sup>(b)</sup> |  | 8.6250 | 11/01/31 | $332705 |
|  |  |  |  |  | 1163520 |
|  | **GAS & WATER UTILITIES — 0.1%** |  |  |  |  |
| 500000 | Atmos Energy Corporation |  | 5.4500 | 10/15/32 | 517883 |
|  | **HEALTH CARE FACILITIES & SERVICES — 0.9%** |  |  |  |  |
| 650000 | CHS/Community Health Systems, Inc.<sup>(b)</sup> |  | 10.8750 | 01/15/32 | 671506 |
| 1000000 | DaVita, Inc.<sup>(b)</sup> |  | 4.6250 | 06/01/30 | 928997 |
| 500000 | Encompass Health Corporation |  | 4.7500 | 02/01/30 | 486280 |
| 1000000 | Tenet Healthcare Corporation |  | 6.1250 | 10/01/28 | 999503 |
| 900000 | Tenet Healthcare Corporation |  | 6.1250 | 06/15/30 | 904093 |
|  |  |  |  |  | 3990379 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.3%** |  |  |  |  |
| 650000 | United Rentals North America, Inc. |  | 3.8750 | 11/15/27 | 628552 |
| 750000 | United Rentals North America, Inc. |  | 5.2500 | 01/15/30 | 742035 |
|  |  |  |  |  | 1370587 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.1%** |  |  |  |  |
| 150000 | Coinbase Global, Inc.<sup>(b)</sup> |  | 3.3750 | 10/01/28 | 138184 |
| 3000000 | Goldman Sachs Group, Inc. (The) |  | 6.7500 | 10/01/37 | 3218943 |
| 250000 | Jane Street Group / JSG Finance, Inc.<sup>(b)</sup> |  | 4.5000 | 11/15/29 | 237922 |
| 500000 | Jefferies Financial Group, Inc. |  | 6.4500 | 06/08/27 | 516903 |
| 750000 | Morgan Stanley |  | 7.2500 | 04/01/32 | 855386 |
|  |  |  |  |  | 4967338 |
|  | **INSURANCE — 1.0%** |  |  |  |  |
| 300000 | Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer<sup>(b)</sup> |  | 6.7500 | 10/15/27 | 298157 |
| 550000 | Genworth Holdings, Inc. |  | 6.5000 | 06/15/34 | 513116 |
| 300000 | HUB International Ltd.<sup>(b)</sup> |  | 7.2500 | 06/15/30 | 311339 |
| 350000 | HUB International Ltd.<sup>(b)</sup> |  | 7.3750 | 01/31/32 | 360976 |
| 300000 | Jones Deslauriers Insurance Management, Inc.<sup>(b)</sup> |  | 8.5000 | 03/15/30 | 316573 |
| 1700000 | MetLife, Inc. |  | 10.7500 | 08/01/39 | 2217996 |
| 400000 | Panther Escrow Issuer, LLC<sup>(b)</sup> |  | 7.1250 | 06/01/31 | 410174 |
|  |  |  |  |  | 4428331 |
|  | **INTERNET MEDIA & SERVICES — 0.3%** |  |  |  |  |
| 500000 | Netflix, Inc. |  | 5.8750 | 11/15/28 | 527382 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 27.5% (Continued)** |  |  |  |  |
|  | **INTERNET MEDIA & SERVICES — 0.3% (Continued)** |  |  |  |  |
| 1000000 | Uber Technologies, Inc.<sup>(b)</sup> |  | 4.5000 | 08/15/29 | $986367 |
|  |  |  |  |  | 1513749 |
|  | **LEISURE FACILITIES & SERVICES — 2.4%** |  |  |  |  |
| 500000 | 1011778 BC ULC / New Red Finance, Inc.<sup>(b)</sup> |  | 3.8750 | 01/15/28 | 480565 |
| 750000 | 1011778 BC ULC / New Red Finance, Inc.<sup>(b)</sup> |  | 4.0000 | 10/15/30 | 683503 |
| 340000 | Caesars Entertainment, Inc.<sup>(b)</sup> |  | 8.1250 | 07/01/27 | 341290 |
| 500000 | Caesars Entertainment, Inc.<sup>(b)</sup> |  | 7.0000 | 02/15/30 | 511679 |
| 500000 | Carnival Corporation<sup>(b)</sup> |  | 6.0000 | 05/01/29 | 497660 |
| 900000 | Hilton Domestic Operating Company, Inc.<sup>(b)</sup> |  | 3.6250 | 02/15/32 | 796974 |
| 1000000 | KFC Holding Co/Pizza Hut Holdings, LLC/Taco Bell of America, LLC<sup>(b)</sup> |  | 4.7500 | 06/01/27 | 998410 |
| 700000 | Las Vegas Sands Corporation |  | 3.9000 | 08/08/29 | 650269 |
| 1200000 | Live Nation Entertainment, Inc.<sup>(b)</sup> |  | 6.5000 | 05/15/27 | 1213756 |
| 850000 | Melco Resorts Finance Ltd.<sup>(b)</sup> |  | 5.3750 | 12/04/29 | 770932 |
| 750000 | Midwest Gaming Borrower, LLC<sup>(b)</sup> |  | 4.8750 | 05/01/29 | 708471 |
| 750000 | Royal Caribbean Cruises Ltd.<sup>(b)</sup> |  | 6.2500 | 03/15/32 | 761453 |
| 500000 | Royal Caribbean Cruises Ltd.<sup>(b)</sup> |  | 6.0000 | 02/01/33 | 501744 |
| 700000 | Sands China Ltd. |  | 5.1250 | 08/08/25 | 699356 |
| 850000 | Wynn Macau Ltd.<sup>(b)</sup> |  | 5.6250 | 08/26/28 | 811912 |
|  |  |  |  |  | 10427974 |
|  | **MACHINERY — 0.1%** |  |  |  |  |
| 600000 | Hillenbrand, Inc. |  | 3.7500 | 03/01/31 | 521484 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.7%** |  |  |  |  |
| 950000 | Boston Scientific Corporation |  | 7.3750 | 01/15/40 | 1121618 |
| 750000 | Koninklijke Philips N.V. |  | 6.8750 | 03/11/38 | 812125 |
| 1000000 | Medline Borrower, L.P.<sup>(b)</sup> |  | 3.8750 | 04/01/29 | 934954 |
|  |  |  |  |  | 2868697 |
|  | **METALS & MINING — 0.5%** |  |  |  |  |
| 500000 | FMG Resources August 2006 Pty Ltd.<sup>(b)</sup> |  | 4.3750 | 04/01/31 | 452943 |
| 750000 | Novelis Corporation<sup>(b)</sup> |  | 4.7500 | 01/30/30 | 698064 |
| 1000000 | Vale Overseas Ltd. |  | 8.2500 | 01/17/34 | 1177169 |
|  |  |  |  |  | 2328176 |
|  | **OIL & GAS PRODUCERS — 2.2%** |  |  |  |  |
| 500000 | Apache Corporation |  | 5.1000 | 09/01/40 | 405655 |
| 400000 | Cheniere Energy, Inc. |  | 4.6250 | 10/15/28 | 395891 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 27.5% (Continued)** |  |  |  |  |
|  | **OIL & GAS PRODUCERS — 2.2% (Continued)** |  |  |  |  |
| 1150000 | Chesapeake Energy Corporation<sup>(b)</sup> |  | 6.7500 | 04/15/29 | $1159207 |
| 750000 | CQP Holdco, L.P. / BIP-V Chinook Holdco, LLC<sup>(b)</sup> |  | 5.5000 | 06/15/31 | 721153 |
| 500000 | New Fortress Energy, Inc.<sup>(b)</sup> |  | 6.5000 | 09/30/26 | 410051 |
| 500000 | NFE Financing, LLC<sup>(b)</sup> |  | 12.0000 | 11/15/29 | 350425 |
| 750000 | Occidental Petroleum Corporation |  | 6.1250 | 01/01/31 | 757872 |
| 1000000 | Occidental Petroleum Corporation |  | 6.4500 | 09/15/36 | 975266 |
| 650000 | PBF Holding Company, LLC / PBF Finance Corporation |  | 6.0000 | 02/15/28 | 574331 |
| 500000 | Rockcliff Energy II, LLC<sup>(b)</sup> |  | 5.5000 | 10/15/29 | 463168 |
| 600000 | Southwestern Energy Company |  | 4.7500 | 02/01/32 | 563531 |
| 1000000 | Tosco Corporation |  | 8.1250 | 02/15/30 | 1145121 |
| 1250000 | Venture Global LNG, Inc.<sup>(b)</sup> |  | 8.3750 | 06/01/31 | 1209707 |
| 500000 | Venture Global LNG, Inc.<sup>(b)</sup> |  | 9.8750 | 02/01/32 | 508495 |
|  |  |  |  |  | 9639873 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.8%** |  |  |  |  |
| 1000000 | Nabors Industries, Inc.<sup>(b)</sup> |  | 9.1250 | 01/31/30 | 906134 |
| 800000 | Transocean, Inc.<sup>(b)</sup> |  | 8.7500 | 02/15/30 | 782740 |
| 500000 | Transocean, Inc. |  | 7.5000 | 04/15/31 | 356290 |
| 750000 | USA Compression Partners LP / USA Compression Finance Corporation<sup>(b)</sup> |  | 7.1250 | 03/15/29 | 759050 |
| 400000 | Valaris Ltd.<sup>(b)</sup> |  | 8.3750 | 04/30/30 | 375066 |
| 500000 | Weatherford International Ltd.<sup>(b)</sup> |  | 8.6250 | 04/30/30 | 495695 |
|  |  |  |  |  | 3674975 |
|  | **PUBLISHING & BROADCASTING — 0.3%** |  |  |  |  |
| 500000 | Gray Media, Inc.<sup>(b)</sup> |  | 10.5000 | 07/15/29 | 513312 |
| 700000 | News Corporation<sup>(b)</sup> |  | 3.8750 | 05/15/29 | 658961 |
|  |  |  |  |  | 1172273 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.5%** |  |  |  |  |
| 500000 | Iron Mountain, Inc.<sup>(b)</sup> |  | 5.2500 | 07/15/30 | 484854 |
| 400000 | MPT Operating Partnership, L.P. / MPT Finance Corporation |  | 3.5000 | 03/15/31 | 265493 |
| 300000 | Service Properties Trust<sup>(b)</sup> |  | 8.6250 | 11/15/31 | 318768 |
| 750000 | Simon Property Group, L.P. |  | 6.7500 | 02/01/40 | 835108 |
| 478000 | Uniti Group, L.P. / Uniti Group Finance Inc / CSL CSL Capital, LLC<sup>(b)</sup> |  | 10.5000 | 02/15/28 | 507923 |
|  |  |  |  |  | 2412146 |
|  | **RETAIL - DISCRETIONARY — 1.1%** |  |  |  |  |
| 400000 | Avis Budget Car Rental, LLC / Avis Budget Finance, Inc.<sup>(b)</sup> |  | 5.3750 | 03/01/29 | 368843 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 27.5% (Continued)** |  |  |  |  |
|  | **RETAIL - DISCRETIONARY — 1.1% (Continued)** |  |  |  |  |
| 650000 | Builders FirstSource, Inc.<sup>(b)</sup> |  | 4.2500 | 02/01/32 | $586922 |
| 321000 | Carvana Company<sup>(b)</sup> |  | 14.0000 | 06/01/31 | 360586 |
| 800000 | Hertz Corporation (The)<sup>(b)</sup> |  | 12.6250 | 07/15/29 | 779152 |
| 800000 | Kohl's Corporation |  | 4.6250 | 05/01/31 | 503554 |
| 650000 | Macy's Retail Holdings, LLC<sup>(b)</sup> |  | 5.8750 | 03/15/30 | 605953 |
| 800000 | PetSmart, Inc. / PetSmart Finance Corporation<sup>(b)</sup> |  | 7.7500 | 02/15/29 | 746118 |
| 500000 | Saks Global Enterprises, LLC<sup>(b)</sup> |  | 11.0000 | 12/15/29 | 302242 |
| 800000 | Staples, Inc.<sup>(b)</sup> |  | 10.7500 | 09/01/29 | 699750 |
|  |  |  |  |  | 4953120 |
|  | **SOFTWARE — 1.0%** |  |  |  |  |
| 500000 | AthenaHealth Group, Inc.<sup>(b)</sup> |  | 6.5000 | 02/15/30 | 478335 |
| 650000 | Cloud Software Group, Inc.<sup>(b)</sup> |  | 6.5000 | 03/31/29 | 650646 |
| 400000 | McAfee Corporation<sup>(b)</sup> |  | 7.3750 | 02/15/30 | 346150 |
| 3000000 | Microsoft Corporation |  | 2.9210 | 03/17/52 | 1996987 |
| 1000000 | UKG, Inc.<sup>(b)</sup> |  | 6.8750 | 02/01/31 | 1029459 |
|  |  |  |  |  | 4501577 |
|  | **SPECIALTY FINANCE — 0.8%** |  |  |  |  |
| 400000 | Ally Financial, Inc. |  | 6.7000 | 02/14/33 | 397501 |
| 350000 | Freedom Mortgage Holdings, LLC<sup>(b)</sup> |  | 9.2500 | 02/01/29 | 355569 |
| 850000 | Nationstar Mortgage Holdings, Inc.<sup>(b)</sup> |  | 5.5000 | 08/15/28 | 845609 |
| 300000 | Nationstar Mortgage Holdings, Inc.<sup>(b)</sup> |  | 7.1250 | 02/01/32 | 311531 |
| 300000 | Navient Corporation |  | 5.5000 | 03/15/29 | 284396 |
| 600000 | Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer<sup>(b)</sup> |  | 3.8750 | 03/01/31 | 542392 |
| 800000 | Starwood Property Trust, Inc.<sup>(b)</sup> |  | 4.3750 | 01/15/27 | 784741 |
|  |  |  |  |  | 3521739 |
|  | **STEEL — 0.3%** |  |  |  |  |
| 700000 | Cleveland-Cliffs, Inc<sup>(b)</sup> |  | 6.7500 | 04/15/30 | 674759 |
| 750000 | Cleveland-Cliffs, Inc.<sup>(b)</sup> |  | 7.0000 | 03/15/32 | 703830 |
|  |  |  |  |  | 1378589 |
|  | **TECHNOLOGY HARDWARE — 0.4%** |  |  |  |  |
| 750000 | Dell International, LLC / EMC Corporation |  | 8.1000 | 07/15/36 | 882589 |
| 500000 | Seagate HDD Cayman |  | 9.6250 | 12/01/32 | 565075 |
| 500000 | Xerox Holdings Corporation<sup>(b)</sup> |  | 5.5000 | 08/15/28 | 321317 |
|  |  |  |  |  | 1768981 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 27.5% (Continued)** |  |  |  |  |
|  | **TECHNOLOGY SERVICES — 0.4%** |  |  |  |  |
| 500000 | Block, Inc. |  | 3.5000 | 06/01/31 | $446198 |
| 400000 | GTCR W-2 Merger Sub, LLC<sup>(b)</sup> |  | 7.5000 | 01/15/31 | 422425 |
| 500000 | Neptune Bidco US, Inc.<sup>(b)</sup> |  | 9.2900 | 04/15/29 | 445613 |
| 500000 | Shift4 Payments, LLC / Shift4 Payments Finance Sub, Inc.<sup>(b)</sup> |  | 6.7500 | 08/15/32 | 507395 |
|  |  |  |  |  | 1821631 |
|  | **TELECOMMUNICATIONS — 1.6%** |  |  |  |  |
| 250000 | CenturyLink, Inc.<sup>(b)</sup> |  | 4.5000 | 01/15/29 | 199903 |
| 2000000 | Deutsche Telekom International Finance BV |  | 9.2500 | 06/01/32 | 2474635 |
| 1100000 | EchoStar Corporation |  | 10.7500 | 11/30/29 | 1164288 |
| 1250000 | Intelsat Jackson Holdings S.A.<sup>(b)</sup> |  | 6.5000 | 03/15/30 | 1232741 |
| 300000 | Level 3 Financing, Inc.<sup>(b)</sup> |  | 11.0000 | 11/15/29 | 335625 |
| 1000000 | Sprint Capital Corporation |  | 8.7500 | 03/15/32 | 1199349 |
| 400000 | Windstream Escrow, LLC / Windstream Escrow Finance Corporation<sup>(b)</sup> |  | 8.2500 | 10/01/31 | 409852 |
|  |  |  |  |  | 7016393 |
|  | **TRANSPORTATION & LOGISTICS — 0.5%** |  |  |  |  |
| 333333 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup> |  | 5.5000 | 04/20/26 | 331599 |
| 750000 | Canadian Pacific Railway Company |  | 7.1250 | 10/15/31 | 839871 |
| 400000 | Delta Air Lines, Inc. |  | 3.7500 | 10/28/29 | 371379 |
| 400000 | JetBlue Airways Corp / JetBlue Loyalty, L.P.<sup>(b)</sup> |  | 9.8750 | 09/20/31 | 368781 |
| 400000 | United Airlines, Inc.<sup>(b)</sup> |  | 4.6250 | 04/15/29 | 376682 |
|  |  |  |  |  | 2288312 |
|  | **WHOLESALE - CONSUMER STAPLES — 0.1%** |  |  |  |  |
| 400000 | US Foods Inc<sup>(b)</sup> |  | 4.7500 | 02/15/29 | 388236 |
|  | **TOTAL CORPORATE BONDS (Cost $121,454,883)** |  |  |  | 120810357 |
|  | **SHORT-TERM INVESTMENTS — 5.1%** |  |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 5.1%** |  |  |  |  |
| 22296400 | State Street Institutional US Government Money, Premier Class, 4.33% (Cost $22,296,400)<sup>(d),(e)</sup> |  |  |  | 22296400 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **April 30, 2025** |

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| **TOTAL INVESTMENTS – 103.6% (Cost $456,104,748)** | $454820257 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (3.6)%** | (15697386) |
| **NET ASSETS - 100.0%** | $439122871 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| LLC | - Limited Liability Company |
| L.P. | - Limited Partnership |
| Ltd. | - Limited Company |
| N.V. | - Naamioze Vennootschap |
| PLC | - Public Limited Company |
| S.A. | - Societe 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 |

---

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of April 30, 2025 was $21,722,400.

<sup>(b)</sup> 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, 2025 the total market value of 144A securities is $64,507,502 or 14.7% of net assets.

<sup>(c)</sup> Variable rate security; the rate shown represents the rate on April 30, 2025.

<sup>(d)</sup> Security was purchased with cash received as collateral for securities on loan at April 30, 2025. Total collateral had a value of $22,296,400 at April 30, 2025.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS HEDGED OCEANA FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | | | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.1%** | **EXCHANGE-TRADED FUNDS — 98.1%** | **EXCHANGE-TRADED FUNDS — 98.1%** |  |  |  |
|  | **EQUITY – 98.1%** | **EQUITY – 98.1%** | **EQUITY – 98.1%** |  |  |  |
| 464800 | Vanguard FTSE Developed Markets ETF | Vanguard FTSE Developed Markets ETF | Vanguard FTSE Developed Markets ETF | Vanguard FTSE Developed Markets ETF |  | $24573976 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $23,148,260)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $23,148,260)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $23,148,260)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $23,148,260)** |  |  |
| **Contracts<sup>(a)</sup>** |  | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **FUTURE OPTIONS PURCHASED - 0.1%** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 0.1%** |  |  |  |  |  |
| 92 | CME E-Mini Standard & Poor's 500 Index Future | EDF | 06/20/2025 | $3750 | $25700200 | $20930 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $78,200) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $78,200) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $78,200) |  |  |  |
|  | **TOTAL INVESTMENTS - 98.2% (Cost $23,226,460)** | **TOTAL INVESTMENTS - 98.2% (Cost $23,226,460)** | **TOTAL INVESTMENTS - 98.2% (Cost $23,226,460)** |  |  | $24594906 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.8%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.8%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.8%** |  |  | 466367 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  | $25061273 |

---

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

<sup>(a)</sup> Each contract is equivalent to one futures contract.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS HEDGED U.S. FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 92.0%** |  |  |  |
|  | **U.S. TREASURY BILLS — 92.0%** |  |  |  |
| 52000000 | United States Treasury Bill<sup>(a)</sup> | 4.2450 | 05/15/25 | $51914865 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $51,916,533)** |  |  |  |
|  | **TOTAL INVESTMENTS – 92.0% (Cost $51,916,533)** |  |  | $51914865 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES – 8.0%** |  |  | 4510558 |
|  | **NET ASSETS - 100.0%** |  |  | $56425423 |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS HEDGED U.S. OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 88.4%** |  |  |  |
|  | **U.S. TREASURY BILLS — 88.4%** |  |  |  |
| 26000000 | United States Treasury Bill<sup>(a)</sup> | 4.2450 | 05/15/25 | $25957432 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $25,958,266)** |  |  |  |
|  | **TOTAL INVESTMENTS – 88.4% (Cost $25,958,266)** |  |  | $25957432 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES – 11.6%** |  |  | 3402974 |
|  | **NET ASSETS - 100.0%** |  |  | $29360406 |

---

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

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS UNCONSTRAINED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 66.6%** |  |  |  |
|  | **FIXED INCOME - 66.6%** |  |  |  |
| 43800 | iShares Core U.S. Aggregate Bond ETF |  |  | $4337076 |
| 166000 | iShares iBoxx High Yield Corporate Bond ETF<sup>(a)</sup> |  |  | 13047600 |
| 137000 | SPDR Bloomberg High Yield Bond ETF |  |  | 12975270 |
| 58700 | Vanguard Total Bond Market ETF |  |  | 4314450 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $34,678,271)** |  |  | 34674396 |
| **Principal** |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **(%)** | **Maturity** |  |
|  | **U.S. GOVERNMENT & AGENCIES — 23.9%** |  |  |  |
|  | **U.S. TREASURY BILLS — 23.9%** |  |  |  |
| 12500000 | United States Treasury Bill<sup>(b)</sup> | 4.2200 | 06/17/25 | 12431050 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $12,432,682)** |  |  |  |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 20.2%** |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 20.2%** |  |  |  |
| 10484500 | State Street Institutional US Government Money, Premier Class, 4.33% (Cost $10,484,500)<sup>(c),(d)</sup> | State Street Institutional US Government Money, Premier Class, 4.33% (Cost $10,484,500)<sup>(c),(d)</sup> | State Street Institutional US Government Money, Premier Class, 4.33% (Cost $10,484,500)<sup>(c),(d)</sup> | 10484500 |
|  | **TOTAL INVESTMENTS – 110.7% (Cost $57,595,453)** |  |  | $57589946 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (10.7)%** |  |  | (5571991) |
|  | **NET ASSETS - 100.0%** |  |  | $52017955 |

---

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

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of April 30, 2025 was $10,218,000.

<sup>(b)</sup> Zero coupon bond. Rate shown is discount rate at time of purchase.

<sup>(c)</sup> Security was purchased with cash received as collateral for securities on loan at April 30, 2025. Total collateral had a value of $10,484,500 at April 30, 2025.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of April 30, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS TACTICAL DEFENSIVE ALPHA FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 69.7%** |  |  |  |
|  | **U.S. TREASURY BILLS — 69.7%** |  |  |  |
| 36500000 | United States Treasury Bill<sup>(a)</sup> | 4.2450 | 05/15/25 | $36440241 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $36,441,412)** |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(b)</sup>** |  | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | |
|  | **FUTURE OPTIONS PURCHASED - 9.8%** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 9.8%** |  |  |  |  |  |
| 182 | CME E-Mini Standard & Poor's 500 Index Future | EDF | 12/18/2026 | $5850 | $52875550 | $5107375 |
|  | **TOTAL PUT OPTIONS PURCHASED** (Cost - $3,341,609) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $3,341,609) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $3,341,609) | **TOTAL PUT OPTIONS PURCHASED** (Cost - $3,341,609) |  |  |
|  | **TOTAL INVESTMENTS – 79.5% (Cost $39,783,021)** | **TOTAL INVESTMENTS – 79.5% (Cost $39,783,021)** | **TOTAL INVESTMENTS – 79.5% (Cost $39,783,021)** | **TOTAL INVESTMENTS – 79.5% (Cost $39,783,021)** |  | $41547616 |
|  | **CALL OPTIONS WRITTEN - (0.6)% (Premiums received - $375,639)** | **CALL OPTIONS WRITTEN - (0.6)% (Premiums received - $375,639)** | **CALL OPTIONS WRITTEN - (0.6)% (Premiums received - $375,639)** | **CALL OPTIONS WRITTEN - (0.6)% (Premiums received - $375,639)** |  | (337125) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES – 21.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 21.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 21.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 21.1%** |  | 11068004 |
|  | **NET ASSETS - 100.0%** |  |  |  |  | $52278495 |
| **Contracts<sup>(b)</sup>** |  | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | **Fair Value** |
|  | **FUTURE OPTIONS WRITTEN - (0.6)%** |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN - (0.6)%** |  |  |  |  |  |
| 87 | CME E-Mini Standard & Poor's 500 Index Future | EDF | 06/20/2025 | $5775 | $24303450 | $337125 |
|  | **TOTAL CALL OPTIONS WRITTEN** (Premiums received - $375,639) | **TOTAL CALL OPTIONS WRITTEN** (Premiums received - $375,639) | **TOTAL CALL OPTIONS WRITTEN** (Premiums received - $375,639) | **TOTAL CALL OPTIONS WRITTEN** (Premiums received - $375,639) | **TOTAL CALL OPTIONS WRITTEN** (Premiums received - $375,639) |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of**<br>**Contracts** | <br>**Open Long Futures Contracts** | <br>**Expiration** |<br>**Notional Amount<sup>(c)</sup>** | **Fair Value and Unrealized**<br>**Depreciation** |
| 190 | CME E-Mini Standard & Poor's 500 Index Future EDF | 06/23/2025 | $53076500 | $(941972) |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  |

---

EDF - ED&F Man Capital Markets, Inc.

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

<sup>(b)</sup> Each contract is equivalent to one futures contract.

<sup>(c)</sup> 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.

---

| |
|:---|
| **Toews Funds** |
| Statements of Assets and Liabilities |
| April 30, 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Toews Tactical**<br>**Income**<br>**Fund** | **Toews Hedged**<br>**Oceana**<br>**Fund** | **Toews Hedged**<br>**U.S.**<br>**Fund** |
| **ASSETS:** |  |  |  |
| Investments, at cost | $456104748 | $23226460 | $51916533 |
| Investments, at fair value | $454820257 \* | $24594906 | $51914865 |
| Cash and cash equivalents | 5294857 | 155231 | 4918261 |
| Cash deposit with broker - futures margin balance | 2979 | 370204 | 11700 |
| Dividends and interest receivable | 2212656 | 720 | 14638 |
| Receivable for Fund shares sold | 119643 | 1430 | 30284 |
| Prepaid expenses and other assets | 18169 | 6511 | 8608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | **462468561** | **25129002** | **56898356** |
| **LIABILITIES:** |  |  |  |
| Collateral for securities loaned | 22296400 |  |  |
| Payable for Fund shares redeemed | 513494 | 32063 | 413422 |
| Accrued advisory fees | 364220 | 8616 | 31647 |
| Payable to related parties | 94860 | 2753 | 5545 |
| Audit and tax fees | 20778 | 19360 | 19478 |
| Accrued expenses and other liabilities | 55938 | 4937 | 2841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | **23345690** | **67729** | **472933** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**439122871** | $**25061273** | $**56425423** |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid in capital | $508198818 | $27967681 | $66676975 |
| Accumulated losses | (69075947) | (2906408) | (10251552) |
| **Net Assets** | $**439122871** | $**25061273** | $**56425423** |
| Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 44755439 | 2551481 | 4450930 |
| Net Asset Value (Net Assets / Shares Outstanding), offering price and redemption price per share | $9.81 | $9.82 | $12.68 |

---

\* Includes Securities Loaned $21,722,400.

See accompanying notes to financial statements.

---

| |
|:---|
| **Toews Funds** |
| Statements of Assets and Liabilities (Continued) |
| April 30, 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Toews Hedged**<br>**U.S. Opportunity**<br>**Fund** | **Toews**<br>**Unconstrained Income**<br>**Fund** | **Toews Tactical**<br>**Defensive Alpha**<br>**Fund** |
| **ASSETS:** |  |  |  |
| Investments, at cost | $25958266 | $57595453 | $39783021 |
| Investments, at fair value | $25957432 | $57589946 \* | $41547616 |
| Cash and cash equivalents | 3389526 | 21644196 | 9004716 |
| Cash deposit with broker - futures margin balance | 65044 |  | 3047846 |
| Receivable for Fund shares sold | 2745 | 2918 | 16590 |
| Dividends and interest receivable | 9784 | 32997 | 21651 |
| Prepaid expenses and other assets | 6804 | 5779 | 10416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | **29431335** | **79275836** | **53648835** |
| **LIABILITIES:** |  |  |  |
| Options Contracts Written at Value (premiums received of $0, $0 and $375,639 respectively) |  |  | 337125 |
| Collateral on securities loaned |  | 10484500 |  |
| Payable for Fund shares redeemed | 27748 | 36070 | 28851 |
| Unrealized depreciation from open futures contracts |  |  | 941972 |
| Payable for securities purchased |  | 16656612 |  |
| Accrued advisory fees | 12791 | 44750 | 35603 |
| Audit and tax fees | 19519 | 20779 | 19004 |
| Payable to related parties | 5939 | 13489 | 6138 |
| Accrued expenses and other liabilities | 4932 | 1681 | 1647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | **70929** | **27257881** | **1370340** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**29360406** | $**52017955** | $**52278495** |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid in capital | $53382096 | $60391042 | $73456347 |
| Accumulated losses | (24021690) | (8373087) | (21177852) |
| **Net Assets** | $**29360406** | $**52017955** | $**52278495** |
| Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 3265851 | 5694938 | 5445239 |
| Net Asset Value (Net Assets / Shares Outstanding), offering price and redemption price per share | $8.99 | $9.13 | $9.60 |

---

\* Includes Securities Loaned $10,218,000.

See accompanying notes to financial statements.

---

| |
|:---|
| **Toews Funds** |
| Statements of Operations |
| For the Year Ended April 30, 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Toews Tactical**<br>**Income**<br>**Fund** | **Toews Hedged**<br>**Oceana**<br>**Fund** | **Toews Hedged**<br>**U.S.**<br>**Fund** |
| **Investment Income:** |  |  |  |
| Interest income | $9847295 | $348116 | $2203746 |
| Dividend income | 20211930 | 551387 | 595836 |
| Securities lending income, net | 185112 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **30244337** | **899503** | **2799582** |
| **Operating Expenses:** |  |  |  |
| Investment advisory fees | 4705885 | 320786 | 669972 |
| Third party administrative servicing fees | 458589 | 37979 | 75297 |
| Administration fees | 354871 | 45478 | 67366 |
| Fund accounting fees | 104868 | 7066 | 14799 |
| Transfer agent fees | 49106 | 6395 | 9837 |
| Printing expenses | 41666 | 8169 | 25624 |
| Registration fees | 41502 | 41805 | 32758 |
| Compliance officer fees | 35544 | 9209 | 11250 |
| Legal fees | 31516 | 9500 | 10750 |
| Audit and tax fees | 20748 | 19398 | 19496 |
| Trustees' fees | 16661 | 16611 | 16662 |
| Insurance expenses | 8512 | 2735 | 3681 |
| Interest expenses | 1595 | 2121 | 2856 |
| Miscellaneous expenses | 7300 | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **5878363** | **529252** | **962348** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Expenses waived by Adviser |  | (126620) | (122569) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | 5878363 | 402632 | 839779 |
| **Net Investment Income** | **24365974** | **496871** | **1959803** |
| **Realized and Unrealized Gain (Loss) on Investments, Options Purchased, and Futures Contracts** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (901793) | 2994699 | (2230422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Purchased |  | (131877) | 145399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (2793185) |  | (1306629) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 89617 | (687966) | (1473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Purchased |  | (46872) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (413586) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss) on Investments Options Purchased, and Futures Contracts** | **(4018947)** | **2127984** | **(3393125)** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**20347027** | $**2624855** | $**(1433322)** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Toews Funds** |
| Statements of Operations (Continued) |
| For the Year Ended April 30, 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Toews Hedged**<br>**U.S. Opportunity**<br>**Fund** | **Toews**<br>**Unconstrained Income**<br>**Fund** | **Toews Tactical**<br>**Defensive Alpha**<br>**Fund** |
| **Investment Income:** |  |  |  |
| Interest income | $1520763 | $248839 | $1456266 |
| Dividend income | 432909 | 1934324 | 726476 |
| Securities lending income, net |  | 39037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **1953672** | **2222200** | **2182742** |
| **Operating Expenses:** |  |  |  |
| Investment advisory fees | 470951 | 409560 | 563820 |
| Administration fees | 56955 | 46301 | 62203 |
| Third party administrative servicing fees | 56295 | 40106 | 54382 |
| Registration fees | 28996 | 27093 | 24996 |
| Audit and tax fees | 19496 | 20748 | 18996 |
| Trustees' fees | 16612 | 16611 | 16600 |
| Printing expenses | 11842 | 18136 | 5643 |
| Fund accounting fees | 10919 | 8791 | 12476 |
| Compliance officer fees | 10235 | 9496 | 10569 |
| Legal fees | 10000 | 9750 | 10400 |
| Transfer agent fees | 8028 | 7263 | 8606 |
| Interest expenses | 3867 |  | 2327 |
| Insurance expenses | 2746 | 2784 | 3399 |
| Miscellaneous expenses | 2500 | 2200 | 2200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **709442** | **618839** | **796617** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Expenses waived by Adviser | (117852) | (106533) | (89898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | 591590 | 512306 | 706719 |
| **Net Investment Income** | **1362082** | **1709894** | **1476023** |
| **Realized and Unrealized Gain (Loss) on Investments Options Purchased, and Futures Contracts:** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1647163) | (205486) | 2358343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Purchased | (10873) |  | (389937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Written | 1257557 |  | 118647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (4173783) |  | (3066931) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions of capital gains from underlying investment companies |  | 1034 |  |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (679) | 11563 | (897518) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Purchased |  |  | 1770705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Written |  |  | 38514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts |  |  | (941972) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Loss on Investments Options Purchased, and Futures Contracts** | **(4574941)** | **(192889)** | **(1010149)** |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $**(3212859)** | $**1517005** | $**465874** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Toews Funds** |
| Statements of Changes in Net Assets |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Toews Tactical Income** | **Toews Tactical Income** | **Toews Hedged Oceana** | **Toews Hedged Oceana** |
|  | **Fund** | **Fund** | **Fund** | **Fund** |
|  | **Year Ended**<br>**April 30, 2025** | **Year Ended**<br>**April 30, 2024** | **Year Ended**<br>**April 30, 2025** | **Year Ended**<br>**April 30, 2024** |
| **Operations:** |  |  |  |  |
| Net investment income | $24365974 | $26340137 | $496871 | $1244799 |
| Net realized gain (loss) on investments, options purchased, options written and futures contracts | (3694978) | (6144706) | 2862822 | 2090055 |
| Net change in unrealized depreciation on investments, options purchased and futures contracts | (323969) | (1295000) | (734838) | (2138104) |
| **Net increase in net assets resulting from operations** | **20347027** | **18900431** | **2624855** | **1196750** |
| **Dividends and Distributions to Shareholders:** |  |  |  |  |
| Distributions paid | (24423238) | (26124808) | (999313) | (767342) |
| **Total Dividends and Distributions to Shareholders** | **(24423238)** | **(26124808)** | **(999313)** | **(767342)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |
| Net proceeds from shares sold | 113985327 | 86955059 | 2902528 | 8909978 |
| Reinvestment of dividends and distributions | 23073244 | 25017685 | 988354 | 757268 |
| Cost of shares redeemed | (177438812) | (211130744) | (19289482) | (19818315) |
| **Net decrease in net assets from share transactions of beneficial interest** | **(40380241)** | **(99158000)** | **(15398600)** | **(10151069)** |
| **Total Decrease in Net Assets** | **(44456452)** | **(106382377)** | **(13773058)** | **(9721661)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 483579323 | 589961700 | 38834331 | 48555992 |
| &nbsp;&nbsp;&nbsp;**End of year** | $**439122871** | $**483579323** | $**25061273** | $**38834331** |
| **Share Activity:** |  |  |  |  |
| Shares Sold | 11262375 | 8774775 | 303201 | 975910 |
| Shares Reinvested | 2285382 | 2526889 | 108016 | 83954 |
| Shares Redeemed | (17580954) | (21355660) | (2028927) | (2182425) |
| Net decrease in shares of beneficial interest outstanding | (4033197) | (10053996) | (1617710) | (1122561) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Toews Funds** |
| Statements of Changes in Net Assets (Continued) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Toews Hedged U.S.** | **Toews Hedged U.S.** | **Toews Hedged U.S. Opportunity** | **Toews Hedged U.S. Opportunity** |
|  | **Fund** | **Fund** | **Fund** | **Fund** |
|  | **Year Ended**<br>**April 30, 2025** | **Year Ended**<br>**April 30, 2024** | **Year Ended**<br>**April 30, 2025** | **Year Ended**<br>**April 30, 2024** |
| **Operations:** |  |  |  |  |
| Net investment income | $1959803 | $2896172 | $1362082 | $2041533 |
| Net realized gain (loss) on investments, options purchased, options written and futures contracts | (3391652) | 10066958 | (4574262) | 5606199 |
| Net change in unrealized depreciation on investments, options purchased and futures contracts | (1473) | (4588250) | (679) | (1344338) |
| **Net increase (decrease) in net assets resulting from operations** | **(1433322)** | **8374880** | **(3212859)** | **6303394** |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions paid | (2279911) | (2671368) | (2041154) | (443921) |
| **Total Dividends and Distributions to Shareholders** | **(2279911)** | **(2671368)** | **(2041154)** | **(443921)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |
| Net proceeds from shares sold | 14939379 | 57462011 | 7803042 | 17664020 |
| Reinvestment of dividends and distributions | 2229061 | 2612677 | 2024568 | 439624 |
| Cost of shares redeemed | (29580161) | (76589033) | (32735869) | (28931220) |
| **Net decrease in net assets from share transactions of beneficial interest** | **(12411721)** | **(16514345)** | **(22908259)** | **(10827576)** |
| **Total Decrease in Net Assets** | **(16124954)** | **(10810833)** | **(28162272)** | **(4968103)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 72550377 | 83361210 | 57522678 | 62490781 |
| &nbsp;&nbsp;&nbsp;**End of year** | $**56425423** | $**72550377** | $**29360406** | $**57522678** |
| **Share Activity:** |  |  |  |  |
| Shares Sold | 1100195 | 4384368 | 772722 | 1831749 |
| Shares Reinvested | 166846 | 199594 | 210673 | 42435 |
| Shares Redeemed | (2175391) | (5870608) | (3293849) | (2966080) |
| Net decrease in shares of beneficial interest outstanding | (908350) | (1286646) | (2310454) | (1091896) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Toews Funds** |
| Statements of Changes in Net Assets (Continued) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Toews Unconstrained<br> Income Fund** | **Toews Unconstrained<br> Income Fund** | **Toews Tactical Defensive<br> Alpha Fund** | **Toews Tactical Defensive<br> Alpha Fund** |
|  | **Year Ended**<br>**April 30, 2025** | **Year Ended**<br>**April 30, 2024** | **Year Ended**<br>**April 30, 2025** | **Year Ended**<br>**April 30, 2024** |
| **Operations:** | | | | |
| Net investment income | $1709894 | $2029107 | $1476023 | $1963429 |
| Net realized gain (loss) on investments, options purchased, options written and futures contracts | (205486) | (856912) | (979878) | 7250739 |
| Distributions of capital gains from underlying investment companies | 1034 |  |  |  |
| Net change in unrealized appreciation (depreciation) on investments, options purchased and futures contracts | 11563 | (107719) | (30271) | (4427784) |
| **Net increase in net assets resulting from operations** | **1517005** | **1064476** | **465874** | **4786384** |
| **Dividends and Distributions to Shareholders:** |  |  |  |  |
| Distributions paid | (1709537) | (2017593) | (1609123) | (1851959) |
| **Total Dividends and Distributions to Shareholders** | **(1709537)** | **(2017593)** | **(1609123)** | **(1851959)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |
| Net proceeds from shares sold | 24362049 | 8926663 | 13858660 | 6304738 |
| Reinvestment of dividends and distributions | 1687978 | 1990105 | 1598774 | 1820703 |
| Cost of shares redeemed | (15635884) | (22610850) | (25224713) | (56189145) |
| **Net increase (decrease) in net assets from share transactions of beneficial interest** | **10414143** | **(11694082)** | **(9767279)** | **(48063704)** |
| **Total Increase (Decrease) in Net Assets** | **10221611** | **(12647199)** | **(10910528)** | **(45129279)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 41796344 | 54443543 | 63189023 | 108318302 |
| &nbsp;&nbsp;&nbsp;**End of year** | $**52017955** | $**41796344** | $**52278495** | $**63189023** |
| **Share Activity:** |  |  |  |  |
| Shares Sold | 2627349 | 971416 | 1373145 | 648816 |
| Shares Reinvested | 181837 | 217038 | 159082 | 186166 |
| Shares Redeemed | (1685284) | (2461251) | (2471651) | (5834938) |
| Net increase (decrease) in shares of beneficial interest outstanding | 1123902 | (1272797) | (939424) | (4999956) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Toews Tactical Income Fund** |
| Financial Highlights |
| Selected data based on a share outstanding throughout each year. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year**<br>**Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended**<br>**April 30, 2024** | **For the Year**<br>**Ended**<br>**April 30, 2023** | **For the Year**<br>**Ended**<br>**April 30, 2022** | **For the Year**<br>**Ended**<br>**April 30, 2021** |
| Net asset value, beginning of year | $9.91 | $10.03 | $10.61 | $11.10 | $10.47 |
| **ACTIVITY FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (a) | 0.52 | 0.49 | 0.31 | 0.19 | 0.29 |
| Net realized and unrealized gain (loss) on investments | (0.09) | (0.11) | (0.58) | (0.45) | 0.63 |
| Total from investment operations | 0.43 | 0.38 | (0.27) | (0.26) | 0.92 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.53) | (0.50) | (0.31) | (0.23) | (0.29) |
| Total distributions | (0.53) | (0.50) | (0.31) | (0.23) | (0.29) |
| Net asset value, end of year | $9.81 | $9.91 | $10.03 | $10.61 | $11.10 |
| Total return (b) | 4.29% | 3.85% | (2.51)% (c) | (2.41)% | 8.90% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $439123 | $483579 | $589962 | $661269 | $686463 |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net of reimbursement (d) | 1.25 % (f) | 1.23 % (f) | 1.21 % (f) | 1.21% | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement (d) | 1.25 % (f) | 1.23 % (f) | 1.21 % (f) | 1.21% | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income, net of reimbursement (d,e) | 5.18% | 4.96% | 3.06% | 1.74% | 2.65% |
| Portfolio turnover rate | 380% | 465% | 1026% | 790% | 797% |

---

(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:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net of reimbursement (d) | 1.25% | 1.23% | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement (d) | 1.25% | 1.23% | 1.21% |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Toews Hedged Oceana Fund** |
| Financial Highlights |
| Selected data based on a share outstanding throughout each year. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year**<br>**Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended**<br>**April 30, 2024** | **For the Year**<br>**Ended**<br>**April 30, 2023** | **For the Year**<br>**Ended**<br>**April 30, 2022** | **For the Year**<br>**Ended**<br>**April 30, 2021** |
| Net asset value, beginning of year | $9.31 | $9.18 | $8.94 | $10.26 | $8.67 |
| **ACTIVITY FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.15 | 0.26 | 0.08 | (0.04) | 0.01 |
| Net realized and unrealized gain (loss) on investments | 0.68 | 0.03 (f) | 0.16 | (1.02) | 1.61 |
| Total from investment operations | 0.83 | 0.29 | 0.24 | (1.06) | 1.62 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.32) | (0.16) |  |  | (0.03) |
| From net realized gains on investments |  |  |  | (0.26) |  |
| Total distributions | (0.32) | (0.16) |  | (0.26) | (0.03) |
| Net asset value, end of year | $9.82 | $9.31 | $9.18 | $8.94 | $10.26 |
| Total return (b) | 9.18% | 3.27% | 2.68% | (10.43)% | 18.66% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $25061 | $38834 | $48556 | $65239 | $56889 |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net of reimbursement (c) | 1.26 % (e) | 1.25 % (e) | 1.25 % (e) | 1.26 % (e) | 1.26 % (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement (c) | 1.66 % (e) | 1.49 % (e) | 1.40 % (e) | 1.36 % (e) | 1.36 % (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment Income (loss), net of reimbursement (c,d) | 1.55% | 2.80% | 0.88% | (0.40)% | 0.06% |
| Portfolio turnover rate | 150% | 138% | 259% | 433% | 421% |

---

(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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net of reimbursement (c) | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement (c) | 1.65% | 1.49% | 1.4% | 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.

---

| |
|:---|
| **Toews Hedged U.S. Fund** |
| Financial Highlights |
| Selected data based on a share outstanding throughout each year. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year**<br>**Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended**<br>**April 30, 2024** | **For the Year**<br>**Ended**<br>**April 30, 2023** | **For the Year**<br>**Ended**<br>**April 30, 2022** | **For the Year**<br>**Ended**<br>**April 30, 2021** |
| Net asset value, beginning of year | $13.54 | $12.54 | $12.56 | $15.00 | $12.87 |
| **ACTIVITY FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.40 | 0.44 | 0.12 | (0.05) | 0.02 |
| Net realized and unrealized gain (loss) on investments | (0.77) | 1.04 | (0.14) | (0.59) | 3.41 |
| Total from investment operations | (0.37) | 1.48 | (0.02) | (0.64) | 3.43 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.49) | (0.48) |  |  | (0.13) |
| From net realized gains on investments |  |  |  | (1.75) | (1.17) |
| From return of capital |  |  |  | (0.05) |  |
| Total distributions | (0.49) | (0.48) |  | (1.80) | (1.30) |
| Net asset value, end of year | $12.68 | $13.54 | $12.54 | $12.56 | $15.00 |
| Total return (b) | (2.94)% | 11.93% | (0.16)% | (5.10)% | 26.96% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $56425 | $72550 | $83361 | $124788 | $149040 |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net of reimbursement (c) | 1.25 % (e) | 1.25 % (e) | 1.25 % (e) | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement (c) | 1.43 % (e) | 1.37 % (e) | 1.33 % (e) | 1.26% | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss), net of reimbursement (c,d) | 2.93% | 3.31% | 1.02% | (0.35)% | 0.12% |
| Portfolio turnover rate | 427% | 3133% | 0% | 443% | 438% |

---

(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:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net of reimbursement (c) | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement (c) | 1.43% | 1.37% | 1.33% |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Toews Hedged U.S. Opportunity Fund** |
| Financial Highlights |
| Selected data based on a share outstanding throughout each year. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year**<br>**Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended**<br>**April 30, 2024** | **For the Year**<br>**Ended**<br>**April 30, 2023** | **For the Year**<br>**Ended**<br>**April 30, 2022** | **For the Year**<br>**Ended**<br>**April 30, 2021** |
| Net asset value, beginning of year | $10.32 | $9.37 | $10.39 | $14.56 | $10.18 |
| **ACTIVITY FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.29 | 0.32 | 0.10 | (0.05) | 0.01 |
| Net realized and unrealized gain (loss) on investments | (1.17) | 0.70 | (1.12) | (2.17) | 4.44 |
| Total from investment operations | (0.88) | 1.02 | (1.02) | (2.22) | 4.45 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.45) | (0.07) | (0.00) (b) | (0.00) (b) | (0.07) |
| From net realized gains on investments |  |  |  | (1.95) |  |
| Total distributions | (0.45) | (0.07) | (0.00) | (1.95) | (0.07) |
| Net asset value, end of year | $8.99 | $10.32 | $9.37 | $10.39 | $14.56 |
| Total return (c) | (8.84)% | 10.90% | (9.80)% | (16.08)% | 43.82% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $29360 | $57523 | $62491 | $97855 | $97972 |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net of reimbursement (d) | 1.26 % (f) | 1.25 % (f) | 1.25 % (f) | 1.26 % (f) | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement (d) | 1.51 % (f) | 1.41 % (f) | 1.34 % (f) | 1.31 % (f) | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss), net of reimbursement (d,e) | 2.90% | 3.25% | 0.98% | (0.39)% | 0.05% |
| Portfolio turnover rate | 422% | 3059% | 0% | 433% | 429% |

---

(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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net of reimbursement (d) | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement (d) | 1.5% | 1.41% | 1.34% | 1.3% |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Toews Unconstrained Income Fund** |
| Financial Highlights |
| Selected data based on a share outstanding throughout each year. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year**<br>**Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended**<br>**April 30, 2024** | **For the Year**<br>**Ended**<br>**April 30, 2023** | **For the Year**<br>**Ended**<br>**April 30, 2022** | **For the Year**<br>**Ended**<br>**April 30, 2021** |
| Net asset value, beginning of year | $9.14 | $9.32 | $9.60 | $10.04 | $9.69 |
| **ACTIVITY FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (a) | 0.39 | 0.39 | 0.21 | 0.15 | 0.16 |
| Net realized and unrealized gain (loss) on investments | (0.01) | (0.18) | (0.28) | (0.42) | 0.35 |
| Total from investment operations | 0.38 | 0.21 | (0.07) | (0.27) | 0.51 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.39) | (0.39) | (0.19) | (0.17) | (0.16) |
| From net realized gains on investments |  |  |  |  | (0.00) (e) |
| From return of capital |  |  | (0.02) |  |  |
| Total distributions | (0.39) | (0.39) | (0.21) | (0.17) | (0.16) |
| Net asset value, end of year | $9.13 | $9.14 | $9.32 | $9.60 | $10.04 |
| Total return (b) | 4.16% | 2.32% | (0.68)% | (2.73)% | 5.27% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $52018 | $41796 | $54444 | $64595 | $65700 |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net of reimbursement (c) | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement (c) | 1.51% | 1.44% | 1.38% | 1.33% | 1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income, net of reimbursement (c,d) | 4.17% | 4.21% | 2.21% | 1.51% | 1.56% |
| Portfolio turnover rate | 380% | 722% | 691% | 651% | 566% |

---

(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.

---

| |
|:---|
| **Toews Tactical Defensive Alpha Fund** |
| Financial Highlights |
| Selected data based on a share outstanding throughout each year. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year**<br>**Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended**<br>**April 30, 2024** | **For the Year**<br>**Ended**<br>**April 30, 2023** | **For the Year**<br>**Ended**<br>**April 30, 2022** | **For the Year**<br>**Ended**<br>**April 30, 2021** |
| Net asset value, beginning of year | $9.90 | $9.51 | $10.70 | $14.39 | $10.44 |
| **ACTIVITY FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (a) | 0.27 | 0.23 | 0.13 | 0.02 | 0.03 |
| Net realized and unrealized gain (loss) on investments | (0.24) | 0.41 | (1.22) | (0.65) | 4.45 |
| Total from investment operations | 0.03 | 0.64 | (1.09) | (0.63) | 4.48 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| From net investment income | (0.33) | (0.25) | (0.10) |  | (0.07) |
| From net realized gains on investments |  |  |  | (3.06) | (0.46) |
| Total distributions | (0.33) | (0.25) | (0.10) | (3.06) | (0.53) |
| Net asset value, end of year | $9.60 | $9.90 | $9.51 | $10.70 | $14.39 |
| Total return (b) | 0.13% | 6.81% | (10.21)% | (5.46)% | 43.48% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of year (in 000's) | $52278 | $63189 | $108318 | $125951 | $137789 |
| Ratios to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net of reimbursement (c) | 1.25 % (e) | 1.25 % (e) | 1.26 % (e) | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement (c) | 1.41 % (e) | 1.34 % (e) | 1.29 % (e) | 1.24% | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment Income, net of reimbursement (c,d) | 2.62% | 2.40% | 1.27% | 0.16% | 0.15% |
| Portfolio turnover rate | 764% | 669% | 610% | 1003% | 943% |

---

(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:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, net of reimbursement (c) | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement (c) | 1.41% | 1.34% | 1.28% |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements |
| April 30, 2025 |

---

**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 diversified 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 Oceana Fund, U.S. Opportunity Fund and Unconstrained Income Fund are "fund of funds" in that each Fund will generally invest in other investment companies.

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 generally accepted accounting principles 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.

<u>Operating Segments</u> - The Funds have adopted FASB ASU 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio managers and Chief Financial Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

<u>Security Valuation</u> - 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-

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| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Continued) |
| April 30, 2025 |

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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 investments, 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 investments 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.

<u>Valuation of Fund of Funds</u> – 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.

<u>Fair Valuation Process</u> – 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 each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of a Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Funds utilize various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1** – Unadjusted quoted prices in active markets for identical assets and liabilities that Funds have the ability to access.

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| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Continued) |
| April 30, 2025 |

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**Level 2** – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an active market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3** – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Please refer to the Funds' prospectuses for a full listing of risks associated with these investments. The following tables summarize the inputs used as of April 30, 2025 for the Funds' assets and liabilities measured at fair value:

**Tactical Income Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $311713500 | $— | $— | $311713500 |
| Corporate Bonds |  | 120810357 |  | 120810357 |
| Collateral For Securities Loaned | 22296400 |  |  | 22296400 |
| Total | $334009900 | $120810357 | $— | $454820257 |
| **Oceana Fund** |  |  |  |  |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $24573976 | $— | $— | $24573976 |
| Future Options Purchased | 20930 |  |  | 20930 |
| Total | $24594906 | $— | $— | $24594906 |
| **U.S. Fund** |  |  |  |  |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| US Government & Agencies | $— | $51914865 | $— | $51914865 |
| Total | $— | $51914865 | $— | $51914865 |
| **Opportunity Fund** |  |  |  |  |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| US Government & Agencies | $— | $25957432 | $— | $25957432 |
| Total | $— | $25957432 | $— | $25957432 |
| **Unconstrained Income Fund** |  |  |  |  |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $34674396 | $— | $— | $34674396 |
| US Government & Agencies |  | 12431050 |  | 12431050 |
| Collateral For Securities Loaned | 10484500 |  |  | 10484500 |
| Total | $45158896 | $12431050 | $— | $57589946 |

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| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Continued) |
| April 30, 2025 |

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**Defensive Alpha Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| US Government & Agencies | $— | $36440241 | $— | $36440241 |
| Future Options Purchased | 5107375 |  |  | 5107375 |
| Total | $5107375 | $36440241 | $— | $41547616 |
| **Liabilities\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Future Optiones Written | $337125 | $— | $— | $337125 |
| Long Futures Contracts | 941972 |  |  | 941972 |
| Total | $1279097 | $— | $— | $1279097 |

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\* Refer to the Schedule of Investments for industry classification.

The Funds did not hold any Level 3 securities during the period.

<u>Exchange Traded Funds ("ETFs")</u> - The Funds may invest in ETFs. ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities. The Funds may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities. There are risks of owning the underlying securities the ETFs are designed to track, and the lack of liquidity of an ETF may result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

<u>ETF, Mutual Fund and Exchange Traded Note ("ETN") Risk</u> **-** ETFs, mutual funds and ETNs are subject to investment advisory fees or management fees and other expenses, which are indirectly paid by each Fund. Each are subject to specific risks, depending on investment strategy. Also, each may be subject to leverage risk, which may magnify losses. ETNs are also subject to default risks.

<u>Securities Lending Risk</u> - The Funds may lend portfolio securities to institutions, such as banks and certain broker-dealers. A Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund (see additional information at Note 7).

<u>Market Risk</u> - Overall market risks may also affect the value of the Funds. The market values of securities or other investments owned by the Funds will go up or down, sometimes rapidly or unpredictably. Factors such as economic growth and market conditions, interest rate levels, exchange rates and political events affect the securities markets. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. Unexpected local, regional or global events and their aftermath, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; recessions and depressions; or other tragedies, catastrophes and events could have a significant impact on the Funds and its investments and could result in increased premiums or discounts to the Funds net asset value, and may impair market liquidity, thereby increasing liquidity risk. Such events can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen. The Funds could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. In times of severe market disruptions you could lose your entire investment.

<u>Futures</u> – The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. To manage equity price risk, the Funds may enter into futures contracts. Upon entering into a futures contract with a broker, the Funds are required to deposit, in a segregated account, a specified amount of cash or U.S. government securities which are classified as "cash deposit" with broker in the accompanying Statements of Assets and Liabilities. Futures contracts are valued daily and unrealized gains or losses are recorded in the "net unrealized appreciation from future contracts" account. Periodically, the Funds receive from, or pay to the brokers, a specified amount of cash based upon changes in the "net unrealized appreciation from open future contracts" account. When a contract is closed, the Funds recognize a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. With futures contracts, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Futures contracts outstanding at period end are listed after the Funds' schedules of investments.

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| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Continued) |
| April 30, 2025 |

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The notional value represents amounts related to each Fund's futures contracts 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 the Funds' futures contracts. Further, the underlying price changes in relation to variables specified by the notional values, affects the fair value of these derivative financial instruments. Theoretically, each Fund's exposure is equal to the notional value of contracts held. Each Fund's obligations will generally equal only the amount to be paid or received through a futures contract.

<u>Options Transactions</u> – The Funds are subject to equity price risk in the normal course of pursuing its investment objective and may purchase or sell options to help hedge against risk. When a Fund writes put and call options, an amount equal to the premium received is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if a Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, a Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option.

The Funds may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in a Fund's portfolio. If such a decline occurs, a put option will permit a Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by a Fund upon exercise of the option, and, unless the price of the underlying security or index rises or declines sufficiently, the option may expire worthless to a Fund. In addition, in the event that the price of the security or index in connection with which an option was purchased moves in a direction favorable to a Fund, the benefits realized by a Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to a Fund since these options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

The notional value of the derivative instruments outstanding as of April 30, 2025, as disclosed in the Schedules of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statements of Operations serve as indicators of the volume of derivative activity.

For the year ended April 30, 2025, the amount of unrealized appreciation (depreciation) and realized gain (loss) on futures, options purchased, and options written subject to equity price risk (interest rate risk for Tactical Income Fund) amounted to the following:

**Futures**

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | | **Statements of** |
| | | | | **Statements of** |
| | | | | **Operations** |
| | | | | **Realized Loss on** |
| <br>**Fund** | <br>**Risk Type** | <br>**Statements of Assets**<br>**and Liabilities**<br>**Unrealized Appreciation**<br>**(Depreciation)**<br>**from Futures Contracts** | **Statements of**<br>**Operations**<br>**Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation) on**<br>**Futures Contracts** | **Futures Contracts** |
| Tactical Income Fund | Interest Rate Risk | $— | $(413586) | $(2793185) |
| U.S. Fund | Equity Price Risk |  |  | (1306629) |
| Opportunity Fund | Equity Price Risk |  |  | (4173783) |
| Defensive Alpha Fund | Equity Price Risk | (941972) | (941972) | (3066931) |

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| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Continued) |
| April 30, 2025 |

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**Options Purchased**

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Risk Type** | <br>**Statements of Assets**<br>**and Liabilities**<br>**Investments, at Fair**<br>**Value** | **Statements of**<br>**Operations**<br>**Change in Unrealized**<br>**Appreciation on**<br>**Options Purchased** | **Statements of**<br>**Operations**<br>**Realized Gain**<br>**(Loss) on Options**<br>**Purchased** |
| Oceana Fund | Equity Price Risk | $20930 | $(46872) | $(131877) |
| U.S. Fund | Equity Price Risk |  |  | 145399 |
| Opportunity Fund | Equity Price Risk |  |  | (10873) |
| Defensive Alpha Fund | Equity Price Risk | 5107375 | 1770705 | (389937) |

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**Options Written**

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Risk Type** | <br>**Statements of Assets**<br>**and Liabilities**<br>**Options Written, at**<br>**Fair Value** | **Statements of**<br>**Operations**<br>**Change in Unrealized**<br>**Appreciation on**<br>**Options Written** | **Statements of**<br>**Operations**<br>**Realized Gain**<br>**(Loss) on Options**<br>**Written** |
| Opportunity Fund | Equity Price Risk | $— | $— | $1257557 |
| Defensive Alpha Fund | Equity Price Risk | (337125) | 38514 | 118647 |

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<u>Offsetting of Financial Assets and Derivative Assets and Liabilities</u> – The Funds' policy is to recognize a net asset or liability equal to the net appreciation (depreciation) of the derivative. The following tables show additional information regarding derivatives and the offsetting of assets and liabilities at April 30, 2025.

Oceana Fund

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | |  | | Net Amounts | Financial | Cash | Net |
|  |  | Gross Amounts of |  | Gross Amounts of | Presented in the | Instruments | Collateral | Amount |
| Description | Counterparty | Recognized Assets |  | Recognized Liabilities | Statement of Assets & Liabilities | Pledged | Pledged | of Assets & Liabilities |
| Option Purchased at Fair Value | EDF & MAN Capital Markets | $20930 | (1) | $— | $20930 | $— | $— | $20930 |
|  |  | $20930 |  | $— | $20930 | $— | $— | $20930 |

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Defensive Alpha Fund

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | |  | | Net Amounts | Financial | Cash |  | Net |
|  |  | Gross Amounts of |  | Gross Amounts of | Presented in the | Instruments | Collateral |  | Amount |
| Description | Counterparty | Recognized Assets |  | Recognized Liabilities | Statement of Assets & Liabilities | Pledged | Pledged |  | of Assets & Liabilities |
| Option Purchased at Fair Value | EDF & MAN Capital Markets | $5107375 | (1) | $— | $5107375 | $— | $— |  | $5107375 |
| Options Written at Fair Value | EDF & MAN Capital Markets |  |  | (337125) | (337125) |  | 337125 | (2) |  |
| Future Contracts | EDF & MAN Capital Markets |  |  | (941972 | (941972) |  | 941972 | (2) |  |
|  |  | $5107375 |  | $(1279097 | $3828278 | $— | $1279097 |  | $5107375 |

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(1) Value as presented in the Schedule
 of Investments.

(2) The amount is limited to the derivative
 liability balance and does not include excess collateral pledged to the counterparty.

<u>Cash and Cash Equivalents</u> **–** Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. The assets of each Fund may be placed in deposit accounts at U.S. banks and such deposits generally exceed Federal Deposit Insurance Corporation ("FDIC") insurance limits. The FDIC insures deposit accounts up to $250,000 for each accountholder. The counterparty is generally a single bank or other financial institution, rather than a group of financial institutions; thus, there may be a greater counterparty credit risk. The Funds place deposits only with those counterparties which are believed to be creditworthy.

<u>Security Transactions and Investment Income</u> – Investment security transactions are accounted for no later than the first business day after the trade date, except for reporting purposes when transactions are recorded on the trade date. Cost is determined and gains and losses are calculated based upon the specific identification method for both financial statement and federal income tax purposes.

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| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Continued) |
| April 30, 2025 |

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Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Purchase discounts and premiums on securities are accreted and amortized over the life of the respective securities.

<u>Expenses</u> – Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses which are not readily identifiable to a specific fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

<u>Federal Income Taxes</u> – The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute all of their taxable income, if any, to shareholders. Accordingly, no provision for Federal income taxes is required in the financial statements. The Funds recognize the tax benefits of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended April 30, 2022, to April 30, 2024, or expected to be taken in the Funds' April 30, 2025, year-end tax returns. The Funds identify their major tax jurisdictions as United States Federal and Ohio. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties. Generally, tax authorities can examine tax returns filed for the last three years.

<u>Dividends and Distributions</u> – Each of the Funds, except the Income Fund, will pay dividends from net investment income, if any, at least annually and will declare and pay distributions from net realized capital gains, if any, annually. The Income Fund pays dividends from net investment income, if any, monthly, and pays distributions from net realized capital gains, if any, annually. The amounts of distributions from net investment income and capital gains are determined in accordance with federal income tax regulations, which may differ from those amounts determined under GAAP. To the extent these book/tax differences are permanent, they are charged or credited to paid-in-capital in the period that the differences arises. All short-term capital gains are included in ordinary income for tax purposes.

<u>Indemnification</u> – The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. Each Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

**NOTE 3. INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES**

The Trust has entered into an investment advisory agreement with Toews Corporation (the "Adviser") with respect to the Funds. The Adviser has overall supervisory responsibility for the general management and investment of the Funds and their securities portfolios. The Adviser receives a monthly fee payable by the Funds calculated at an annual rate of 1.00% of the average daily net assets of each Fund.

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| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Continued) |
| April 30, 2025 |

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The Adviser has contractually agreed to waive its management fees and/or make payments to limit each Fund's expenses (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses), fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), borrowing costs (such as interest and dividend expense on securities sold short), taxes, and extraordinary expenses such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser) at least until August 31, 2025, so that the total annual operating expenses of the Funds do not exceed 1.25% of the Funds' average net assets. For the year ended April 30, 2025 the Adviser earned and waived and/or reimbursed the following fees pursuant to its contractual agreement:

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| | | |
|:---|:---|:---|
| **Fund** | **Fees Earned** | **Fees (Waived)** |
| Tactical Income Fund | $4705885 | $— |
| Oceana Fund | 320786 | (126620) |
| U.S. Fund | 669972 | (122569) |
| Opportunity Fund | 470951 | (117852) |
| Unconstrained Income Fund | 409560 | (106533) |
| Defensive Alpha Fund | 563820 | (89898) |

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Fees waived or expenses reimbursed may be recouped by the Adviser from the Funds for a period up to three years from the date the fee or expense was waived or reimbursed. However, no recoupment payment will be made if it would result in the Funds exceeding the contractual expense limitation described above. The following table shows the remaining waived expenses subject to potential recovery which expire in:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **April 30, 2026** | **April 30, 2027** | **April 30, 2028** | **Total** |
| Oceana Fund | $86133 | $105734 | $126620 | $318487 |
| U.S. Fund | 80122 | 100892 | 122569 | 303583 |
| Opportunity Fund | 79131 | 97449 | 117852 | 294432 |
| Unconstrained Income Fund | 77308 | 93180 | 106533 | 277021 |
| Defensive Alpha Fund | 30942 | 71059 | 89898 | 191899 |

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*Distributor –* The distributor of the Funds is Northern Lights Distributors, LLC (the "Distributor"). For the year ended April 30, 2025, the Funds did not pay distribution-related charges to the Distributor.

In addition, certain affiliates of the Distributor provide services to the Funds as follows:

Ultimus Fund Solutions, LLC ("UFS"), an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Funds for serving in such capacities.

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Funds.

Blu Giant, LLC ("Blu Giant"), an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

**NOTE 4. INVESTMENT TRANSACTIONS**

The cost of security purchases and the proceeds from the sales of securities, other than short-term securities, for the year ended April 30, 2025 amounted to the following:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Tactical Income Fund | $1646938945 | $1470614369 |
| Oceana Fund | 38194000 | 54188035 |
| U.S. Fund | 56755475 | 54525092 |
| Opportunity Fund | 40738171 | 39091891 |
| Unconstrained Income Fund | 143316259 | 126218439 |
| Defensive Alpha Fund | 141901606 | 205842787 |

---

---

| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Continued) |
| April 30, 2025 |

---

**NOTE 5. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS**

The identified cost of investments in securities owned by each Fund for federal income tax purposes and its respective gross unrealized appreciation and depreciation at April 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>Tax Cost | Gross Unrealized<br>Appreciation | Gross Unrealized<br>(Depreciation) | Net Unrealized<br>(Depreciation) |
| Tactical Income Fund | $461481168 | $1869153 | $(8530064) | $(6660911) |
| Oceana Fund | 23169190 | 1482986 | (57270) | 1425716 |
| U.S. Fund | 51916533 |  | (1668) | (1668) |
| Opportunity Fund | 25958266 |  | (834) | (834) |
| Unconstrained Income Fund | 58122405 | 48346 | (580805) | (532459) |
| Defensive Alpha Fund | 40269690 | 1804280 | (1805451) | (1171) |

---

**NOTE 6. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL**

The tax character of Funds' distributions for the periods ended April 30, 2025, and April 30, 2024, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the period ended April 30, 2025:** | **For the period ended April 30, 2025:** | **For the period ended April 30, 2025:** | | |
| | **Ordinary** | **Long-Term** | **Return** | | |
| <br>**Portfolio** | **Income** | **Capital Gains** | **of Capital** |<br>**Tax-Exempt**<br>**Income** |<br>**Total** |
| Tactical Income Fund | $24423238 | $— | $— | $— | $24423238 |
| Oceana Fund | 999313 |  |  |  | 999313 |
| U.S. Fund | 2279911 |  |  |  | 2279911 |
| Opportunity Fund | 2041154 |  |  |  | 2041154 |
| Unconstrained Income Fund | 1709537 |  |  |  | 1709537 |
| Defensive Alpha Fund | 1609123 |  |  |  | 1609123 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the period ended April 30, 2024:** | **For the period ended April 30, 2024:** | **For the period ended April 30, 2024:** | | |
| | **Ordinary** | **Long-Term** | **Return** | | |
| <br>**Portfolio** | **Income** | **Capital Gains** | **of Capital** |<br>**Tax-Exempt**<br>**Income** |<br>**Total** |
| Tactical Income Fund | $26124808 | $— | $— | $— | $26124808 |
| Oceana Fund | 767342 |  |  |  | 767342 |
| U.S. Fund | 2671368 |  |  |  | 2671368 |
| Opportunity Fund | 443921 |  |  |  | 443921 |
| Unconstrained Income Fund | 2017593 |  |  |  | 2017593 |
| Defensive Alpha Fund | 1851959 |  |  |  | 1851959 |

---

As of April 30, 2025, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Tactical Income Fund | $3975702 | $— | $(2114601) | $(64276137) | $— | $(6660911) | $(69075947) |
| Oceana Fund | 496613 |  |  | (4828737) |  | 1425716 | (2906408) |
| U.S. Fund | 417948 |  | (3404616) | (7263216) |  | (1668) | (10251552) |
| Opportunity Fund | 1361934 |  | (3731610) | (21651180) |  | (834) | (24021690) |
| Unconstrained Income Fund | 11879 |  | (75108) | (7777399) |  | (532459) | (8373087) |
| Defensive Alpha Fund | 359983 |  | (3680321) | (17856343) |  | (1171) | (21177852) |

---

The difference between book basis and tax basis undistributed net investment income, accumulated net realized losses, and unrealized (depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales, and mark-to-market on open 1256 futures and options.

---

| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Continued) |
| April 30, 2025 |

---

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such late year losses as follows:

---

| | |
|:---|:---|
| <br>**Portfolio** | **Late Year**<br>**Losses** |
| Tactical Income Fund | $1101 |
| Oceana Fund |  |
| U.S. Fund |  |
| Opportunity Fund |  |
| Unconstrained Income Fund |  |
| Defensive Alpha Fund |  |

---

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The following Funds incurred and elected to defer such capital losses as follows:

---

| | |
|:---|:---|
| <br>**Portfolio** | **Post October**<br>**Losses** |
| Tactical Income Fund | $2113500 |
| Oceana Fund |  |
| U.S. Fund | 3404616 |
| Opportunity Fund | 3731610 |
| Unconstrained Income Fund | 75108 |
| Defensive Alpha Fund | 3680321 |

---

At April 30, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carry forwards ("CLCF") utilized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | | |
| <br>**Portfolio** | **Short-Term** | **Long-Term** |<br>**Total** |<br>**CLCF Utilized** |
| Tactical Income Fund | $63318705 | $957432 | $64276137 | $3295938 |
| Oceana Fund | 684643 | 4144094 | 4828737 | 2815950 |
| U.S. Fund | 5989748 | 1273468 | 7263216 | 12964 |
| Opportunity Fund | 10911248 | 10739932 | 21651180 |  |
| Unconstrained Income Fund | 7777399 |  | 7777399 | 174107 |
| Defensive Alpha Fund | 9903344 | 7952999 | 17856343 | 3576375 |

---

**NOTE 7. SECURITIES LENDING**

The Income Fund and Unconstrained Income Fund have entered into a securities lending arrangement with the Securities Finance Trust Company ("SFTC") (the "Lending Agent"). Under an agreement (the "Securities Lending Agreement") with SFTC, the Income Fund and Unconstrained Income Fund can lend their portfolio securities to brokers, dealers and other financial institutions approved by the Board to earn additional income. For each securities loan, the borrower shall transfer collateral in an amount determined by applying the margin to the market value of the loaned available securities (102% for same currency and 105% for cross currency). Collateral is invested in highly liquid, short-term instruments such as money market funds in accordance with the Funds' security lending procedures. The Income Fund and Unconstrained Income Fund continue to receive interest or dividends on the securities loaned. The Income Fund and Unconstrained Income Fund have the right, under the Securities Lending Agreement, to recover the securities from the borrower on demand; if the borrower fails to deliver the securities on a timely basis, the Income Fund and Unconstrained Income Fund could experience delays or losses on recovery. Additionally, the Income Fund and Unconstrained Income

---

| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Continued) |
| April 30, 2025 |

---

Fund are subject to the risk of loss from investments made with the cash received as collateral. The Income Fund and Unconstrained Income Fund manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third party borrowers that provide in the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third-party borrower's rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty.

The following table sets forth the remaining contractual maturity of the collateral held by the Income Fund and Unconstrained Income Fund as of April 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Overnight and | Up to | 30-90 | Greater than | |
| Fund | Collateral For Securities Loaned | Continuous | 30 days | days | 90 Days | Total |
| Tactical Income Fund | State Street Institutional US Government Money<br> Market, Premier Class | $22296400 | $— | $— | $— | $22296400 |
| Unconstrained Income Fund | State Street Institutional US Government Money<br> Market, Premier Class | $10484500 | $— | $— | $— | $10484500 |

---

At April 30, 2025, the Income Fund and Unconstrained Income Fund loaned securities and received cash collateral for the loan. This cash was invested in the State Street Institutional US Government Money Market Fund. Each Fund receives compensation relating to the lending of its securities as reflected in the Statement of Operations.

The securities loaned are noted in the Schedule of Investments. The fair value of the securities loaned for the Income Fund and Unconstrained Income Fund at April 30, 2025 were as follows.

---

| | |
|:---|:---|
|  | Fair Value of<br>Securities Loaned |
| Tactical Income Fund | $21722400 |
| Unconstrained Income Fund | 10218000 |

---

The fair value of the "Collateral for Securities Loaned" on the Schedule of Investments is cash collateral received and reinvested. As of April 30, 2025, the total collateral for securities loaned was as follows:

---

| | |
|:---|:---|
|  | Collateral for<br>Securities Loaned |
| Tactical Income Fund | $22296400 |
| Unconstrained Income Fund | 10484500 |

---

These amounts are offset by a liability recorded as "Securities lending collateral" as shown on the Statement of Assets and Liabilities.

**NOTE 8. BENEFICIAL OWNERSHIP**

The Funds have no knowledge as to whether all or any portion of the shares owned, by the parties noted below, are also owned beneficially by any party who would be presumed to control the respective Funds. The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund under section 2(a)(9) of the 1940 Act. As of April 30, 2025, the following entities held more than 25% of the voting securities for each Fund listed below.

---

| | |
|:---|:---|
| **Fund** | **Charles Schwab & Co. Inc.** |
| Tactical Income Fund | 54.16% |
| Oceana Fund | 66.55% |
| U.S. Fund | 62.38% |
| Opportunity Fund | 68.44% |
| Unconstrained Income Fund | 69.30% |
| Defensive Alpha Fund | 53.31% |

---

---

| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Continued) |
| April 30, 2025 |

---

**NOTE 9. UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES**

The following Funds currently invest a portion of their assets in the corresponding investments. The Funds may redeem their investment from the investments at any time if the Adviser determines that it is in the best interest of the Funds and their shareholders to do so. The performance of the Funds will be directly affected by the performance of the investments. The financial statements of the investments, including their portfolio of investments, can be found at the Securities and Exchange Commission's website www.sec.gov and should be read in conjunction with the Funds' financial statements.

---

| | | |
|:---|:---|:---|
| **Fund** | **Investment** | **Percentage of Net Assets** |
| Tactical Income Fund | iShares Broad USD High Yield Corporate Bond ETF | 49.2% |
| Oceana Fund | Vanguard FTSE Developed Markets ETF | 98.1% |
| Unconstrained Income Fund | iShares iBoxx High Yield Corporate Bond ETF | 25.1% |

---

**NOTE 10. SUBSEQUENT EVENTS**

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Northern Lights Fund Trust

and the Shareholders of Toews Tactical Income Fund, Toews Hedged Oceana Fund, Toews Hedged U.S. Fund, Toews Hedged U.S. Opportunity Fund, Toews Unconstrained Income Fund and Toews Tactical Defensive Alpha Fund

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Toews Tactical Income Fund, Toews Hedged Oceana Fund, Toews Hedged U.S. Fund, Toews Hedged U.S. Opportunity Fund, Toews Unconstrained Income Fund and Toews Tactical Defensive Alpha Fund (collectively, the Funds), each a separate series of the Northern Lights Fund Trust, including the schedules of investments, as of April 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the related notes to the financial statements (collectively, the financial statements), and the financial highlights for each of the five years in the period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of April 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, audits of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of April 30, 2025, by correspondence with the custodians and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ RSM US LLP

We have served as the auditor to one or more of the Toews Funds since 2013.

Denver, Colorado

June 27, 2025

---

| |
|:---|
| **Toews Funds** |
| Additional Information |
| April 30, 2025 |

---

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers.](coe.htm)

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto.](ex99-cert.htm)

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Northern Lights Fund Trust

---

| |
|:---|
| By <u>/s/ Kevin E. Wolf</u> |
| Kevin E. Wolf |
| Principal Executive Officer |
| Date: 7/3/2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| |
|:---|
| By <u>/s/ Kevin E. Wolf</u> |
| Kevin E. Wolf |
| Principal Executive Officer |
| Date: 7/3/2025 |
| By <u>/s/ Jim Colantino</u> |
| Jim Colantino |
| Principal Financial Officer |
| Date: 7/3/2025 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Kevin E. Wolf, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Northern Lights Fund Trust ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 7/3/25 | <u>/s/ Kevin E. Wolf</u> |
|  | Kevin E. Wolf |
|  | Principal Executive Officer |

---

**Certification** [Exhibit 99. CERT]

I, Jim Colantino, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Northern Lights Fund Trust ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 7/3/2025 | <u>/s/ Jim Colantino</u> |
|  | Jim Colantino |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**certification** [Exhibit 99.906 CERT]

Kevin E. Wolf, Principal Executive Officer, and Jim Colantino, Principal Financial Officer of Northern Lights Fund Trust (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended April 30, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer | Principal Executive Officer | Principal Financial Officer | Principal Financial Officer |
| Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust | Northern Lights Fund Trust |
| /s/ Kevin E. Wolf | /s/ Kevin E. Wolf | /s/ Jim Colantino | /s/ Jim Colantino |
| Kevin E. Wolf | Kevin E. Wolf | Jim Colantino | Jim Colantino |
| Date: | 7/3/2025 | Date: | 7/3/2025 |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**<u>Northern Lights Fund Trust and the Northern Lights Variable Trust</u>**

 **CODE OF ETHICS**

February 19, 2007

Northern Lights Fund Trust and the Northern Lights Variable Trust (the "Trusts") and each of its series (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**THE INTERESTS OF THE FUNDS MUST ALWAYS BE PARAMOUNT**

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trusts.

**Access Persons may not take advantage of their relationship with the Funds**

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest**

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**Access Persons must comply with all applicable laws**

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

***DEFINITIONS***

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Advisers with respect to its corresponding series of the Trusts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trusts or the Advisers (or of any company controlling or controlled by or under common control with the Trusts or the Advisers) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control with the Trusts or the Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities by the Funds.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trusts with respect to Trustees and officers of the Trusts, or the CCO of the Advisers with respect to Advisers personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Advisers personnel.

**"Funds"** means series of the Trusts.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trusts that would not be deemed an "interested person" of the Trusts, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trusts; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trusts when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trusts certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-Trusts certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly know as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Advisers"** means the Advisers to the Trusts.

**"Trusts"** mean Northern Lights Fund Trust and the Northern Lights Variable Trust.

***PROHIBITED ACTIONS AND ACTIVITIES***

&nbsp;&nbsp;&nbsp;&nbsp;A. No Access Person shall purchase or sell directly or indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp; B.

Decision-Making Access Persons may not participate in any initial public offering of Covered Securities in any account over which they exercise Beneficial Ownership. All other Access Persons must obtain prior written authorization from the Chief Compliance Officer or his designee prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp; C.

No Access Person may purchase a Covered Security in which by reason of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization of the acquisition by the Chief Compliance Officer or his designee;

&nbsp;&nbsp;&nbsp;&nbsp; D.

Access Persons may not accept any fee, commission, gift, or services, other than de minimus gifts, from any single person or entity that does business with or on behalf of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp; E.

Decision-Making Access Persons may not serve on the board of directors of a publicly traded company without prior authorization from the Chief Compliance Officer or his designee based upon a determination that such service would be consistent with the interests of the Trusts. If such service is authorized, procedures will then be put in place to isolate such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions on behalf of the Trusts.

Advanced notice should be given so that the Trusts or Advisers may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp; F.

Decision-Making Access Person may not execute a Personal Securities Transaction involving a Covered Security without authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance Officer from time to time.

&nbsp;&nbsp;&nbsp;&nbsp; G.

It shall be a violation of this Code for any Access Person, in connection with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trusts any untrue statement of a material fact or to omit to state to the Trusts a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Trusts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trusts.

EXEMPTED TRANSACTIONS

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

· Purchases or Sales of Securities effected in any account in which an Access Person has no Beneficial Ownership;

· Purchases or Sales of Securities which are non-volitional on the part the Access Person (for example, the receipt of stock dividends);

· Purchase of Securities made as part of automatic dividend reinvestment plans;

· Purchases of Securities made as part of an employee benefit plan involving the periodic purchase or company stock or mutual Funds; and

· Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer shall require prior authorization from the President or Chief Executive Officer of the Trusts (unless such person is also the Chief Compliance Officer), who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trusts shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trusts order.

If a person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, such person shall cancel the trade.

***REPORTING AND MONITORING***

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code.

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Trusts, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trusts may be sent to the Advisers.

INITIAL HOLDINGS REPORT

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

ANNUAL HOLDINGS REPORTS

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

· The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

· The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

· The price of the Covered Security at which the transaction was effected; and

· The name of the broker, dealer, or bank with or through whom the transaction was effected.

· The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

***ENFORCEMENTS AND PENALTIES***

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trusts Board of Trustees.

Upon being informed of a violation of this Code, the Trusts Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trusts shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

Annually, the Chief Compliance Officer at each regular meeting of the Board shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

· Summarize existing procedures concerning Personal Securities investing and any changes in the procedures made during the prior year;

· Identify any violations of this Code and any significant remedial action taken during the prior year; and;

· Identify any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

***ACKNOWLEDGMENT***

The Trusts must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.

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