# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0000910472-26-005034
**Filing Date:** 2026-3
**Character Count:** 47660
**Document Hash:** c4bdcc5fa33803a9c9296805ef219a25
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-005034.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000910472-26-005034

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**PERIOD START**: 20260430

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 26818549

**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 Opportunity Fund (Series ID: S000027932)

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

## Nport-Ex

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 67.9%** |  |  |  |  |
|  | **FIXED INCOME - 67.9%** |  |  |  |  |
| 4900000 | iShares Broad USD High Yield Corporate Bond ETF |  |  |  | $184436000 |
| 197000 | iShares iBoxx $ High Yield Corporate Bond ETF<sup>(a)</sup> |  |  |  | 15980640 |
| 290000 | SPDR Bloomberg High Yield Bond ETF |  |  |  | 28367800 |
| 1000000 | SPDR Portfolio High Yield Bond ETF |  |  |  | 23820000 |
| 490000 | Xtrackers USD High Yield Corporate Bond ETF |  |  |  | 18154500 |
|  | **TOTAL EXHNAGE-TRADED FUNDS (Cost $269,943,489)** | **TOTAL EXHNAGE-TRADED FUNDS (Cost $269,943,489)** |  |  | 270758940 |
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** |  |
|  | **CORPORATE BONDS — 31.3%** | **CORPORATE BONDS — 31.3%** |  |  |  |
|  | **AEROSPACE & DEFENSE — 0.5%** |  |  |  |  |
| 800000 | Rolls-Royce PLC<sup>(b)</sup> |  | 5.7500 | &nbsp;&nbsp;10/15/27 | 819918 |
| 750000 | TransDigm, Inc.<sup>(b)</sup> |  | 6.7500 | &nbsp;&nbsp;08/15/28 | 763522 |
| 750000 | TransDigm, Inc.<sup>(b)</sup> |  | 6.3750 | &nbsp;&nbsp;05/31/33 | 764046 |
|  |  |  |  |  | 2347486 |
|  | **APPAREL & TEXTILE PRODUCTS — 0.1%** |  |  |  |  |
| 368917 | Beach Acquisition Bidco, LLC<sup>(b)</sup> |  | 10.0000 | &nbsp;&nbsp;07/15/33 | 406590 |
|  | **ASSET MANAGEMENT — 0.1%** |  |  |  |  |
| 400000 | Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation |  | 9.0000 | &nbsp;&nbsp;06/15/30 | 390639 |
|  | **AUTOMOTIVE — 1.2%** |  |  |  |  |
| 500000 | American Axle & Manufacturing, Inc.<sup>(b)</sup> |  | 7.7500 | &nbsp;&nbsp;10/15/33 | 514359 |
| 500000 | Aston Martin Capital Holdings Ltd.<sup>(b)</sup> |  | 10.0000 | &nbsp;&nbsp;03/31/29 | 446362 |
| 750000 | Ford Motor Credit Company, LLC |  | 7.3500 | &nbsp;&nbsp;11/04/27 | 783756 |
| 1500000 | Mercedes-Benz Finance North America, LLC |  | 8.5000 | &nbsp;&nbsp;01/18/31 | 1772665 |
| 500000 | Nissan Motor Company Ltd.<sup>(b)</sup> |  | 4.8100 | &nbsp;&nbsp;09/17/30 | 472960 |
| 600000 | Tenneco, Inc.<sup>(b)</sup> |  | 8.0000 | &nbsp;&nbsp;11/17/28 | 603896 |
|  |  |  |  |  | 4593998 |
|  | **BANKING — 1.4%** |  |  |  |  |
| 1000000 | Bank of America Corporation |  | 7.7500 | &nbsp;&nbsp;05/14/38 | 1219957 |
| 1000000 | Barclays PLC<sup>(c)</sup> | H15T1Y + 3.500% | 7.4370 | &nbsp;&nbsp;11/02/33 | 1143994 |
| 1000000 | Citigroup, Inc. |  | 8.1250 | &nbsp;&nbsp;07/15/39 | 1273257 |

---

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Spread** | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 31.3% (Continued)** |  |  |  |  |
|  | **BANKING — 1.4% (Continued)** |  |  |  |  |
| 750000 | HSBC Holdings PLC<sup>(c)</sup> | SOFRRATE + 4.250% | 8.1130 | &nbsp;&nbsp;11/03/33 | $877657 |
| 1000000 | Lloyds Banking Group PLC<sup>(c)</sup> | H15T1Y + 3.750% | 7.9530 | &nbsp;&nbsp;11/15/33 | 1166488 |
|  |  |  |  |  | 5681353 |
|  | **BEVERAGES — 0.9%** |  |  |  |  |
| 2000000 | Anheuser-Busch InBev Worldwide, Inc. |  | 8.2000 | &nbsp;&nbsp;01/15/39 | 2565751 |
| 1000000 | PepsiCo, Inc. |  | 7.0000 | &nbsp;&nbsp;03/01/29 | 1088071 |
|  |  |  |  |  | 3653822 |
|  | **BIOTECH & PHARMA — 0.7%** |  |  |  |  |
| 300000 | 1261229 BC Ltd.<sup>(b)</sup> |  | 10.0000 | &nbsp;&nbsp;04/15/32 | 308436 |
| 500000 | Bausch Health Companies, Inc.<sup>(b)</sup> |  | 11.0000 | &nbsp;&nbsp;09/30/28 | 520198 |
| 1000000 | Jazz Securities DAC<sup>(b)</sup> |  | 4.3750 | &nbsp;&nbsp;01/15/29 | 984698 |
| 500000 | Merck & Company, Inc. |  | 6.5000 | &nbsp;&nbsp;12/01/33 | 561703 |
| 300000 | Organon & Company / Organon Foreign Debt Co-Issuer<sup>(b)</sup> |  | 5.1250 | &nbsp;&nbsp;04/30/31 | 272624 |
|  |  |  |  |  | 2647659 |
|  | **CABLE & SATELLITE — 1.6%** |  |  |  |  |
| 350000 | Altice Financing S.A.<sup>(b)</sup> |  | 5.7500 | &nbsp;&nbsp;08/15/29 | 252148 |
| 1000000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(b)</sup> |  | 5.1250 | &nbsp;&nbsp;05/01/27 | 1000879 |
| 1250000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(b)</sup> |  | 4.7500 | &nbsp;&nbsp;03/01/30 | 1194890 |
| 750000 | CSC Holdings, LLC<sup>(b)</sup> |  | 11.7500 | &nbsp;&nbsp;01/31/29 | 547703 |
| 1250000 | Directv Financing, LLC / Directv Financing, Inc.<sup>(b)</sup> |  | 5.8750 | &nbsp;&nbsp;08/15/27 | 1256708 |
| 1000000 | Directv Financing, LLC / Directv Financing Co-Obligor, Inc.<sup>(b)</sup> |  | 10.0000 | &nbsp;&nbsp;02/15/31 | 1030777 |
| 1000000 | Sirius XM Radio, Inc.<sup>(b)</sup> |  | 4.0000 | &nbsp;&nbsp;07/15/28 | 978734 |
|  |  |  |  |  | 6261839 |
|  | **CHEMICALS — 0.4%** |  |  |  |  |
| 400000 | Olympus Water US Holding Corporation<sup>(b)</sup> |  | 7.2500 | &nbsp;&nbsp;02/15/33 | 397831 |
| 550000 | Tronox, Inc.<sup>(b)</sup> |  | 4.6250 | &nbsp;&nbsp;03/15/29 | 424028 |
| 350000 | Windsor Holdings III, LLC<sup>(b)</sup> |  | 8.5000 | &nbsp;&nbsp;06/15/30 | 369233 |
| 600000 | WR Grace Holdings, LLC<sup>(b)</sup> |  | 5.6250 | &nbsp;&nbsp;08/15/29 | 573830 |
|  |  |  |  |  | 1764922 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.1%** |  |  |  |  |
| 400000 | Allied Universal Holdco, LLC<sup>(b)</sup> |  | 7.8750 | &nbsp;&nbsp;02/15/31 | 421175 |

---

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 31.3% (Continued)** |  |  |  |
|  | **CONSTRUCTION MATERIALS — 0.3%** |  |  |  |
| 500000 | Quikrete Holdings, Inc.<sup>(b)</sup> | 6.3750 | &nbsp;&nbsp;03/01/32 | $518433 |
| 850000 | Standard Industries, Inc.<sup>(b)</sup> | 4.3750 | &nbsp;&nbsp;07/15/30 | 820326 |
|  |  |  |  | 1338759 |
|  | **CONTAINERS & PACKAGING — 0.2%** |  |  |  |
| 400000 | Ardagh Metal Packaging Finance USA, LLC / Ardagh Metal Packaging Finance PLC<sup>(b)</sup> | 4.0000 | &nbsp;&nbsp;09/01/29 | 380210 |
| 500000 | Mauser Packaging Solutions Holding Company<sup>(b)</sup> | 7.8750 | &nbsp;&nbsp;04/15/27 | 484081 |
|  |  |  |  | 864291 |
|  | **DIVERSIFIED INDUSTRIALS — 0.6%** |  |  |  |
| 2000000 | General Electric Company | 6.7500 | &nbsp;&nbsp;03/15/32 | 2262477 |
|  | **E-COMMERCE DISCRETIONARY — 0.2%** |  |  |  |
| 800000 | Rakuten Group, Inc.<sup>(b)</sup> | 9.7500 | &nbsp;&nbsp;04/15/29 | 897046 |
|  | **ELECTRIC UTILITIES — 1.7%** |  |  |  |
| 1000000 | Appalachian Power Company | 7.0000 | &nbsp;&nbsp;04/01/38 | 1134464 |
| 600000 | Calpine Corporation<sup>(b)</sup> | 5.1250 | &nbsp;&nbsp;03/15/28 | 600121 |
| 1000000 | Dominion Energy, Inc. | 7.0000 | &nbsp;&nbsp;06/15/38 | 1131875 |
| 700000 | FirstEnergy Corporation | 3.9000 | &nbsp;&nbsp;07/15/27 | 698648 |
| 400000 | Lightning Power, LLC<sup>(b)</sup> | 7.2500 | &nbsp;&nbsp;08/15/32 | 425932 |
| 350000 | NRG Energy, Inc.<sup>(b)</sup> | 6.0000 | &nbsp;&nbsp;01/15/36 | 353822 |
| 190000 | PG&E Corporation | 5.0000 | &nbsp;&nbsp;07/01/28 | 189830 |
| 750000 | Progress Energy, Inc. | 7.7500 | &nbsp;&nbsp;03/01/31 | 859152 |
| 600000 | Talen Energy Supply, LLC<sup>(b)</sup> | 8.6250 | &nbsp;&nbsp;06/01/30 | 633340 |
| 400000 | Vistra Operations Company, LLC<sup>(b)</sup> | 7.7500 | &nbsp;&nbsp;10/15/31 | 423409 |
|  |  |  |  | 6450593 |
|  | **ELECTRICAL EQUIPMENT — 0.3%** |  |  |  |
| 500000 | Emerald Debt Merger Sub, LLC<sup>(b)</sup> | 6.6250 | &nbsp;&nbsp;12/15/30 | 518142 |
| 500000 | Vertical US Newco, Inc.<sup>(b)</sup> | 5.2500 | &nbsp;&nbsp;07/15/27 | 500875 |
|  |  |  |  | 1019017 |
|  | **ENGINEERING & CONSTRUCTION — 0.1%** |  |  |  |
| 400000 | Fluor Corporation | 4.2500 | &nbsp;&nbsp;09/15/28 | 397304 |
|  | **ENTERTAINMENT CONTENT — 0.4%** |  |  |  |
| 750000 | Univision Communications, Inc.<sup>(b)</sup> | 7.3750 | &nbsp;&nbsp;06/30/30 | 760244 |

---

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 31.3% (Continued)** |  |  |  |
|  | **ENTERTAINMENT CONTENT — 0.4% (Continued)** |  |  |  |
| 650000 | Warnermedia Holdings, Inc. | 4.2790 | &nbsp;&nbsp;03/15/32 | $572163 |
| 400000 | Warnermedia Holdings, Inc. | 5.0500 | &nbsp;&nbsp;03/15/42 | 283500 |
|  |  |  |  | 1615907 |
|  | **FOOD — 0.4%** |  |  |  |
| 300000 | Chobani, LLC / Chobani Finance Corp, Inc.<sup>(b)</sup> | 7.6250 | &nbsp;&nbsp;07/01/29 | 312384 |
| 750000 | Kraft Heinz Foods Company | 6.8750 | &nbsp;&nbsp;01/26/39 | 840281 |
| 350000 | Viking Baked Goods Acquisition Corporation<sup>(b)</sup> | 8.6250 | &nbsp;&nbsp;11/01/31 | 347333 |
|  |  |  |  | 1499998 |
|  | **GAS & WATER UTILITIES — 0.1%** |  |  |  |
| 500000 | Atmos Energy Corporation | 5.4500 | &nbsp;&nbsp;10/15/32 | 529265 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.0%** |  |  |  |
| 586000 | CHS/Community Health Systems, Inc.<sup>(b)</sup> | 10.8750 | &nbsp;&nbsp;01/15/32 | 631564 |
| 1000000 | DaVita, Inc.<sup>(b)</sup> | 4.6250 | &nbsp;&nbsp;06/01/30 | 962652 |
| 500000 | Encompass Health Corporation | 4.7500 | &nbsp;&nbsp;02/01/30 | 498014 |
| 400000 | IQVIA, Inc.<sup>(b)</sup> | 6.2500 | &nbsp;&nbsp;06/01/32 | 415906 |
| 700000 | Tenet Healthcare Corporation | 6.1250 | &nbsp;&nbsp;10/01/28 | 701105 |
| 900000 | Tenet Healthcare Corporation | 6.1250 | &nbsp;&nbsp;06/15/30 | 919560 |
|  |  |  |  | 4128801 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.4%** |  |  |  |
| 650000 | United Rentals North America, Inc. | 3.8750 | &nbsp;&nbsp;11/15/27 | 644879 |
| 750000 | United Rentals North America, Inc. | 5.2500 | &nbsp;&nbsp;01/15/30 | 758518 |
|  |  |  |  | 1403397 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.3%** |  |  |  |
| 150000 | Coinbase Global, Inc.<sup>(b)</sup> | 3.3750 | &nbsp;&nbsp;10/01/28 | 143295 |
| 3000000 | Goldman Sachs Group, Inc. (The) | 6.7500 | &nbsp;&nbsp;10/01/37 | 3335831 |
| 250000 | Jane Street Group / JSG Finance, Inc.<sup>(b)</sup> | 4.5000 | &nbsp;&nbsp;11/15/29 | 246285 |
| 500000 | Jefferies Financial Group, Inc. | 6.4500 | &nbsp;&nbsp;06/08/27 | 515928 |
| 750000 | Morgan Stanley | 7.2500 | &nbsp;&nbsp;04/01/32 | 861935 |
|  |  |  |  | 5103274 |
|  | **INSURANCE — 1.2%** |  |  |  |
| 300000 | Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer<sup>(b)</sup> | 6.7500 | &nbsp;&nbsp;10/15/27 | 301008 |
| 300000 | Ardonagh Finco Ltd.<sup>(b)</sup> | 7.7500 | &nbsp;&nbsp;02/15/31 | 310760 |
| 550000 | Genworth Holdings, Inc. | 6.5000 | &nbsp;&nbsp;06/15/34 | 565530 |

---

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 31.3% (Continued)** |  |  |  |
|  | **INSURANCE — 1.2% (Continued)** |  |  |  |
| 300000 | HUB International Ltd.<sup>(b)</sup> | 7.2500 | &nbsp;&nbsp;06/15/30 | $313148 |
| 350000 | HUB International Ltd.<sup>(b)</sup> | 7.3750 | &nbsp;&nbsp;01/31/32 | 366864 |
| 300000 | Jones Deslauriers Insurance Management, Inc.<sup>(b)</sup> | 8.5000 | &nbsp;&nbsp;03/15/30 | 313575 |
| 1700000 | MetLife, Inc. | 10.7500 | &nbsp;&nbsp;08/01/39 | 2270275 |
| 400000 | Panther Escrow Issuer, LLC<sup>(b)</sup> | 7.1250 | &nbsp;&nbsp;06/01/31 | 412245 |
|  |  |  |  | 4853405 |
|  | **INTERNET MEDIA & SERVICES — 0.4%** |  |  |  |
| 500000 | Netflix, Inc. | 5.8750 | &nbsp;&nbsp;11/15/28 | 524677 |
| 1000000 | Uber Technologies, Inc.<sup>(b)</sup> | 4.5000 | &nbsp;&nbsp;08/15/29 | 997484 |
|  |  |  |  | 1522161 |
|  | **LEISURE FACILITIES & SERVICES — 2.5%** |  |  |  |
| 500000 | 1011778 BC ULC / New Red Finance, Inc.<sup>(b)</sup> | 3.8750 | &nbsp;&nbsp;01/15/28 | 492815 |
| 750000 | 1011778 BC ULC / New Red Finance, Inc.<sup>(b)</sup> | 4.0000 | &nbsp;&nbsp;10/15/30 | 714844 |
| 500000 | Caesars Entertainment, Inc.<sup>(b)</sup> | 7.0000 | &nbsp;&nbsp;02/15/30 | 516527 |
| 350000 | Carnival Corporation<sup>(b)</sup> | 5.7500 | &nbsp;&nbsp;08/01/32 | 359920 |
| 900000 | Hilton Domestic Operating Company, Inc.<sup>(b)</sup> | 3.6250 | &nbsp;&nbsp;02/15/32 | 833763 |
| 1000000 | KFC Holding Co./Pizza Hut Holdings, LLC/Taco Bell of America, LLC<sup>(b)</sup> | 4.7500 | &nbsp;&nbsp;06/01/27 | 1002185 |
| 700000 | Las Vegas Sands Corporation | 3.9000 | &nbsp;&nbsp;08/08/29 | 682501 |
| 1200000 | Live Nation Entertainment, Inc.<sup>(b)</sup> | 6.5000 | &nbsp;&nbsp;05/15/27 | 1208652 |
| 850000 | Melco Resorts Finance Ltd.<sup>(b)</sup> | 5.3750 | &nbsp;&nbsp;12/04/29 | 842017 |
| 750000 | Midwest Gaming Borrower, LLC<sup>(b)</sup> | 4.8750 | &nbsp;&nbsp;05/01/29 | 737041 |
| 500000 | NCL Corporation Ltd.<sup>(b)</sup> | 6.7500 | &nbsp;&nbsp;02/01/32 | 512681 |
| 750000 | Royal Caribbean Cruises Ltd.<sup>(b)</sup> | 6.2500 | &nbsp;&nbsp;03/15/32 | 778103 |
| 500000 | Royal Caribbean Cruises Ltd.<sup>(b)</sup> | 6.0000 | &nbsp;&nbsp;02/01/33 | 515568 |
| 400000 | Voyager Parent, LLC<sup>(b)</sup> | 9.2500 | &nbsp;&nbsp;07/01/32 | 425086 |
| 850000 | Wynn Macau Ltd.<sup>(b)</sup> | 5.6250 | &nbsp;&nbsp;08/26/28 | 849059 |
|  |  |  |  | 10470762 |
|  | **MACHINERY — 0.2%** |  |  |  |
| 600000 | Hillenbrand, Inc. | 3.7500 | &nbsp;&nbsp;03/01/31 | 604475 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.9%** |  |  |  |
| 400000 | Avantor Funding, Inc.<sup>(b)</sup> | 4.6250 | &nbsp;&nbsp;07/15/28 | 397105 |
| 950000 | Boston Scientific Corporation | 7.3750 | &nbsp;&nbsp;01/15/40 | 1167951 |
| 750000 | Koninklijke Philips N.V. | 6.8750 | &nbsp;&nbsp;03/11/38 | 850721 |

---

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 31.3% (Continued)** |  |  |  |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.9% (Continued)** |  |  |  |
| 1000000 | Medline Borrower, L.P.<sup>(b)</sup> | 3.8750 | &nbsp;&nbsp;04/01/29 | $979410 |
|  |  |  |  | 3395187 |
|  | **METALS & MINING — 0.7%** |  |  |  |
| 500000 | FMG Resources August 2006 Pty Ltd.<sup>(b)</sup> | 4.3750 | &nbsp;&nbsp;04/01/31 | 483513 |
| 750000 | Novelis Corporation<sup>(b)</sup> | 4.7500 | &nbsp;&nbsp;01/30/30 | 727347 |
| 1000000 | Vale Overseas Ltd. | 8.2500 | &nbsp;&nbsp;01/17/34 | 1203852 |
|  |  |  |  | 2414712 |
|  | **OIL & GAS PRODUCERS — 2.7%** |  |  |  |
| 500000 | Apache Corporation | 5.1000 | &nbsp;&nbsp;09/01/40 | 433382 |
| 400000 | Cheniere Energy, Inc. | 4.6250 | &nbsp;&nbsp;10/15/28 | 400018 |
| 1150000 | Chesapeake Energy Corporation<sup>(b)</sup> | 6.7500 | &nbsp;&nbsp;04/15/29 | 1155610 |
| 400000 | Civitas Resources, Inc.<sup>(b)</sup> | 8.7500 | &nbsp;&nbsp;07/01/31 | 420626 |
| 750000 | CQP Holdco, L.P. / BIP-V Chinook Holdco, LLC<sup>(b)</sup> | 5.5000 | &nbsp;&nbsp;06/15/31 | 745998 |
| 750000 | Occidental Petroleum Corporation | 6.1250 | &nbsp;&nbsp;01/01/31 | 793442 |
| 1000000 | Occidental Petroleum Corporation | 6.4500 | &nbsp;&nbsp;09/15/36 | 1067563 |
| 650000 | PBF Holding Company, LLC / PBF Finance Corporation | 6.0000 | &nbsp;&nbsp;02/15/28 | 649311 |
| 500000 | PBF Holding Company, LLC / PBF Finance Corporation<sup>(b)</sup> | 9.8750 | &nbsp;&nbsp;03/15/30 | 530545 |
| 500000 | Rockcliff Energy II, LLC<sup>(b)</sup> | 5.5000 | &nbsp;&nbsp;10/15/29 | 494850 |
| 600000 | Southwestern Energy Company | 4.7500 | &nbsp;&nbsp;02/01/32 | 594582 |
| 400000 | Sunoco, L.P.<sup>(b)</sup> | 5.6250 | &nbsp;&nbsp;03/15/31 | 402595 |
| 1000000 | Tosco Corporation | 8.1250 | &nbsp;&nbsp;02/15/30 | 1132351 |
| 1250000 | Venture Global LNG, Inc.<sup>(b)</sup> | 8.3750 | &nbsp;&nbsp;06/01/31 | 1279251 |
| 500000 | Venture Global LNG, Inc.<sup>(b)</sup> | 9.8750 | &nbsp;&nbsp;02/01/32 | 528982 |
|  |  |  |  | 10629106 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.9%** |  |  |  |
| 1000000 | Nabors Industries, Inc.<sup>(b)</sup> | 9.1250 | &nbsp;&nbsp;01/31/30 | 1056785 |
| 750000 | Transocean, Inc.<sup>(b)</sup> | 8.7500 | &nbsp;&nbsp;02/15/30 | 782264 |
| 500000 | Transocean, Inc. | 7.5000 | &nbsp;&nbsp;04/15/31 | 493058 |
| 750000 | USA Compression Partners, L.P. / USA Compression Finance Corporation<sup>(b)</sup> | 7.1250 | &nbsp;&nbsp;03/15/29 | 776921 |
| 400000 | Valaris Ltd.<sup>(b)</sup> | 8.3750 | &nbsp;&nbsp;04/30/30 | 418197 |
| 184000 | Weatherford International Ltd.<sup>(b)</sup> | 8.6250 | &nbsp;&nbsp;04/30/30 | 188461 |
|  |  |  |  | 3715686 |
|  | **PUBLISHING & BROADCASTING — 0.1%** |  |  |  |
| 450000 | Gray Media, Inc.<sup>(b)</sup> | 10.5000 | &nbsp;&nbsp;07/15/29 | 483589 |

---

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 31.3% (Continued)** |  |  |  |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.7%** |  |  |  |
| 500000 | Iron Mountain, Inc.<sup>(b)</sup> | 5.2500 | &nbsp;&nbsp;07/15/30 | $495423 |
| 350000 | Millrose Properties, Inc.<sup>(b)</sup> | 6.3750 | &nbsp;&nbsp;08/01/30 | 357489 |
| 400000 | MPT Operating Partnership, L.P. / MPT Finance Corporation | 3.5000 | &nbsp;&nbsp;03/15/31 | 296042 |
| 750000 | SBA Communications Corporation | 3.1250 | &nbsp;&nbsp;02/01/29 | 716478 |
| 300000 | Service Properties Trust<sup>(b)</sup> | 8.6250 | &nbsp;&nbsp;11/15/31 | 315329 |
| 750000 | Simon Property Group, L.P. | 6.7500 | &nbsp;&nbsp;02/01/40 | 860861 |
|  |  |  |  | 3041622 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.1%** |  |  |  |
| 300000 | Howard Hughes Corporation (The)<sup>(b)</sup> | 4.3750 | &nbsp;&nbsp;02/01/31 | 284394 |
|  | **RETAIL - DISCRETIONARY — 1.1%** |  |  |  |
| 400000 | Avis Budget Car Rental, LLC / Avis Budget Finance, Inc.<sup>(b)</sup> | 5.3750 | &nbsp;&nbsp;03/01/29 | 390538 |
| 650000 | Builders FirstSource, Inc.<sup>(b)</sup> | 4.2500 | &nbsp;&nbsp;02/01/32 | 619900 |
| 343470 | Carvana Company<sup>(b)</sup> | 9.0000 | &nbsp;&nbsp;06/01/31 | 377533 |
| 800000 | Hertz Corporation (The)<sup>(b)</sup> | 12.6250 | &nbsp;&nbsp;07/15/29 | 805925 |
| 500000 | Kohl's Corporation | 5.1250 | &nbsp;&nbsp;05/01/31 | 428397 |
| 209000 | Macy's Retail Holdings, LLC<sup>(b)</sup> | 5.8750 | &nbsp;&nbsp;03/15/30 | 211341 |
| 600000 | Queen MergerCo, Inc.<sup>(b)</sup> | 6.7500 | &nbsp;&nbsp;04/30/32 | 618833 |
| 800000 | Staples, Inc.<sup>(b)</sup> | 10.7500 | &nbsp;&nbsp;09/01/29 | 786876 |
|  |  |  |  | 4239343 |
|  | **SOFTWARE — 1.1%** |  |  |  |
| 500000 | AthenaHealth Group, Inc.<sup>(b)</sup> | 6.5000 | &nbsp;&nbsp;02/15/30 | 485427 |
| 650000 | Cloud Software Group, Inc.<sup>(b)</sup> | 6.5000 | &nbsp;&nbsp;03/31/29 | 647165 |
| 350000 | CoreWeave, Inc.<sup>(b)</sup> | 9.0000 | &nbsp;&nbsp;02/01/31 | 339504 |
| 400000 | McAfee Corporation<sup>(b)</sup> | 7.3750 | &nbsp;&nbsp;02/15/30 | 317152 |
| 3000000 | Microsoft Corporation | 2.9210 | &nbsp;&nbsp;03/17/52 | 1960563 |
| 1000000 | UKG, Inc.<sup>(b)</sup> | 6.8750 | &nbsp;&nbsp;02/01/31 | 999992 |
|  |  |  |  | 4749803 |
|  | **SPECIALTY FINANCE — 1.0%** |  |  |  |
| 400000 | Ally Financial, Inc. | 6.7000 | &nbsp;&nbsp;02/14/33 | 417304 |
| 350000 | Freedom Mortgage Holdings, LLC<sup>(b)</sup> | 9.2500 | &nbsp;&nbsp;02/01/29 | 366394 |
| 300000 | Midcap Financial Issuer Trust<sup>(b)</sup> | 6.5000 | &nbsp;&nbsp;05/01/28 | 300723 |

---

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 31.3% (Continued)** |  |  |  |
|  | **SPECIALTY FINANCE — 1.0% (Continued)** |  |  |  |
| 300000 | Nationstar Mortgage Holdings, Inc.<sup>(b)</sup> | 7.1250 | &nbsp;&nbsp;02/01/32 | $300000 |
| 300000 | Navient Corporation | 5.5000 | &nbsp;&nbsp;03/15/29 | 293632 |
| 350000 | OneMain Finance Corporation | 6.6250 | &nbsp;&nbsp;05/15/29 | 361226 |
| 400000 | PennyMac Financial Services, Inc.<sup>(b)</sup> | 6.8750 | &nbsp;&nbsp;05/15/32 | 408774 |
| 600000 | Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer<sup>(b)</sup> | 3.8750 | &nbsp;&nbsp;03/01/31 | 562734 |
| 800000 | Starwood Property Trust, Inc.<sup>(b)</sup> | 4.3750 | &nbsp;&nbsp;01/15/27 | 795183 |
|  |  |  |  | 3805970 |
|  | **STEEL — 0.4%** |  |  |  |
| 700000 | Cleveland-Cliffs, Inc.<sup>(b)</sup> | 6.7500 | &nbsp;&nbsp;04/15/30 | 716422 |
| 750000 | Cleveland-Cliffs, Inc.<sup>(b)</sup> | 7.0000 | &nbsp;&nbsp;03/15/32 | 770591 |
|  |  |  |  | 1487013 |
|  | **TECHNOLOGY HARDWARE — 0.4%** |  |  |  |
| 750000 | Dell International, LLC / EMC Corporation | 8.1000 | &nbsp;&nbsp;07/15/36 | 901513 |
| 500000 | Seagate HDD Cayman | 9.6250 | &nbsp;&nbsp;12/01/32 | 566845 |
|  |  |  |  | 1468358 |
|  | **TECHNOLOGY SERVICES — 0.4%** |  |  |  |
| 500000 | Block, Inc. | 3.5000 | &nbsp;&nbsp;06/01/31 | 467935 |
| 500000 | Neptune Bidco US, Inc.<sup>(b)</sup> | 9.2900 | &nbsp;&nbsp;04/15/29 | 513817 |
| 500000 | Shift4 Payments, LLC / Shift4 Payments Finance Sub, Inc.<sup>(b)</sup> | 6.7500 | &nbsp;&nbsp;08/15/32 | 510442 |
|  |  |  |  | 1492194 |
|  | **TELECOMMUNICATIONS — 1.7%** |  |  |  |
| 800000 | CenturyLink, Inc.<sup>(b)</sup> | 4.5000 | &nbsp;&nbsp;01/15/29 | 753575 |
| 500000 | Connect Finco SARL / Connect US Finco, LLC<sup>(b)</sup> | 9.0000 | &nbsp;&nbsp;09/15/29 | 531281 |
| 2000000 | Deutsche Telekom International Finance BV | 9.2500 | &nbsp;&nbsp;06/01/32 | 2497577 |
| 500000 | Frontier Communications Holdings, LLC<sup>(b)</sup> | 8.7500 | &nbsp;&nbsp;05/15/30 | 516103 |
| 1000000 | Sprint Capital Corporation | 8.7500 | &nbsp;&nbsp;03/15/32 | 1211826 |
| 400000 | Telecom Italia Capital S.A. | 6.3750 | &nbsp;&nbsp;11/15/33 | 419597 |
| 400000 | Windstream Escrow, LLC / Windstream Escrow Finance Corporation<sup>(b)</sup> | 8.2500 | &nbsp;&nbsp;10/01/31 | 419241 |
| 350000 | WULF Compute, LLC<sup>(b)</sup> | 7.7500 | &nbsp;&nbsp;10/15/30 | 365323 |
|  |  |  |  | 6714523 |
|  | **TRANSPORTATION & LOGISTICS — 0.5%** |  |  |  |
| 83334 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup> | 5.5000 | &nbsp;&nbsp;04/20/26 | 83440 |
| 750000 | Canadian Pacific Railway Company | 7.1250 | &nbsp;&nbsp;10/15/31 | 849582 |
| 400000 | Delta Air Lines, Inc. | 3.7500 | &nbsp;&nbsp;10/28/29 | 391786 |

---

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 31.3% (Continued)** |  |  |  |
|  | **TRANSPORTATION & LOGISTICS — 0.5% (Continued)** |  |  |  |
| 400000 | JetBlue Airways Corp. / JetBlue Loyalty, L.P.<sup>(b)</sup> | 9.8750 | &nbsp;&nbsp;09/20/31 | $402527 |
| 400000 | United Airlines, Inc.<sup>(b)</sup> | 4.6250 | &nbsp;&nbsp;04/15/29 | 399821 |
|  |  |  |  | 2127156 |
|  | **WHOLESALE - CONSUMER STAPLES — 0.2%** |  |  |  |
| 500000 | C&S Group Enterprises, LLC<sup>(b)</sup> | 5.0000 | &nbsp;&nbsp;12/15/28 | 471346 |
| 400000 | US Foods, Inc.<sup>(b)</sup> | 4.7500 | &nbsp;&nbsp;02/15/29 | 399711 |
|  |  |  |  | 871057 |
|  | **WHOLESALE - DISCRETIONARY — 0.1%** |  |  |  |
| 300000 | Verde Purchaser, LLC<sup>(b)</sup> | 10.5000 | &nbsp;&nbsp;11/30/30 | 321536 |
|  | **TOTAL CORPORATE BONDS (Cost $121,269,896)** |  |  | 124371664 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 4.1%** |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 4.1%** |  |  |  |
| 16160030 | State Street Institutional US Government Money Market Fund, Premium Class, 3.63% (Cost $16,160,030)<sup>(d),(e)</sup> | State Street Institutional US Government Money Market Fund, Premium Class, 3.63% (Cost $16,160,030)<sup>(d),(e)</sup> | State Street Institutional US Government Money Market Fund, Premium Class, 3.63% (Cost $16,160,030)<sup>(d),(e)</sup> | 16160030 |
|  | **TOTAL INVESTMENTS - 103.3% (Cost $407,373,415)** | **TOTAL INVESTMENTS - 103.3% (Cost $407,373,415)** |  | $411290634 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (3.3)%** |  |  | (13317815) |
|  | **NET ASSETS - 100.0%** |  |  | $397972819 |

---

---

| | |
|:---|:---|
| 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. | - Société Anonyme |
| SPDR | - Standard & Poor's Depositary Receipt |
| H15T1Y | - US Treasury Yield Curve Rate T Note Constant Maturity 1 Year |
| SOFRRATE | - United States SOFR Secured Overnight Financing Rate |

---

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of January 31, 2026 was $15,858,960.

<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 January 31, 2026 the total market value of 144A securities is 68,318,144 or 17.2% of net assets.

<sup>(c)</sup> Variable rate security; the rate shown represents the rate on January 31, 2026.

<sup>(d)</sup> Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $16,160,030 at January 31, 2026.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

---

| |
|:---|
| **TOEWS HEDGED OCEANA FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shares** | | | | | | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.1%** | **EXCHANGE-TRADED FUNDS — 98.1%** | **EXCHANGE-TRADED FUNDS — 98.1%** | **EXCHANGE-TRADED FUNDS — 98.1%** | **EXCHANGE-TRADED FUNDS — 98.1%** |  |
|  | **EQUITY - 98.1%** | **EQUITY - 98.1%** | **EQUITY - 98.1%** | **EQUITY - 98.1%** | **EQUITY - 98.1%** |  |
| 372300 | Vanguard FTSE Developed Markets ETF | Vanguard FTSE Developed Markets ETF | Vanguard FTSE Developed Markets ETF | Vanguard FTSE Developed Markets ETF | Vanguard FTSE Developed Markets ETF | $24646260 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $18,483,948)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $18,483,948)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $18,483,948)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $18,483,948)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost $18,483,948)** |  |
| **Contracts<sup>(a)</sup>** |  | **Counterparty** | **Expiration<br>Date** | **Exercise<br>Price** | **Notional<br>Value** |  |
|  | **FUTURE OPTIONS PURCHASED - 0.3%** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 0.3%** |  |  |  |  |  |
| 72 | CME E-Mini Standard & Poor's 500 Index Future | EDF | 03/20/2026 | $6000 | $25076700 | $64800 |
|  | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $83,069) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $83,069) |  |  |  |  |
|  | **TOTAL INVESTMENTS - 98.4% (Cost $18,567,017)** | **TOTAL INVESTMENTS - 98.4% (Cost $18,567,017)** | **TOTAL INVESTMENTS - 98.4% (Cost $18,567,017)** |  |  | $24711060 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.6%** |  |  | 408678 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  | $25119738 |

---

---

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

---

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

---

| |
|:---|
| **TOEWS HEDGED U.S. FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** | | | | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 80.0%** | **U.S. GOVERNMENT & AGENCIES — 80.0%** | **U.S. GOVERNMENT & AGENCIES — 80.0%** | | |  |
|  | **U.S. TREASURY BILLS — 80.0%** | **U.S. TREASURY BILLS — 80.0%** | **U.S. TREASURY BILLS — 80.0%** | | |  |
| 50500000 | United States Treasury Bill<sup>(a)</sup> | United States Treasury Bill<sup>(a)</sup> | United States Treasury Bill<sup>(a)</sup> | 3.59 | &nbsp;&nbsp;&nbsp;02/03/26 | $50494960 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $50,490,489)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $50,490,489)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $50,490,489)** |  |  |  |
| **Contracts<sup>(b)</sup>** |  | **Counterparty** | **Expiration<br>Date** | **Exercise<br>Price** | **Notional<br>Value** |  |
|  | **FUTURE OPTIONS PURCHASED - 0.3%** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 0.3%** |  |  |  |  |  |
| 182 | CME E-Mini Standard & Poor's 500 Index Future | EDF | 03/20/2026 | $6000 | $63388325 | $163800 |
|  | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $209,981) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $209,981) | **TOTAL FUTURE OPTIONS PURCHASED** (Cost - $209,981) |  |  |  |
|  | **TOTAL INVESTMENTS - 80.3% (Cost $50,700,470)** | **TOTAL INVESTMENTS - 80.3% (Cost $50,700,470)** | **TOTAL INVESTMENTS - 80.3% (Cost $50,700,470)** |  |  | $50658760 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 19.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 19.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 19.7%** |  |  | 12395145 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  | $63053905 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Open Long Futures Contracts** | **Counterparty** | **Expiration** | **Notional<br>Amount<sup>(c)</sup>** | **Value and<br>Unrealized<br>Appreciation** |
| 37 | CME E-Mini NASDAQ 100 Index Future | CME E-Mini NASDAQ 100 Index Future | EDF | 03/23/2026 | $18995800 | $247725 |
| 126 | CME E-Mini Standard & Poor's 500 Index Future | CME E-Mini Standard & Poor's 500 Index Future | EDF | 03/23/2026 | 43884225 | 548585 |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  |  |  | $796310 |

---

EDF - ED&F Man Capital Markets, Inc. <br>

<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.

---

| |
|:---|
| **TOEWS HEDGED U.S. OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** | | | | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 79.5%** | **U.S. GOVERNMENT & AGENCIES — 79.5%** | **U.S. GOVERNMENT & AGENCIES — 79.5%** | | |  |
|  | **U.S. TREASURY BILLS — 79.5%** | **U.S. TREASURY BILLS — 79.5%** | **U.S. TREASURY BILLS — 79.5%** | | |  |
| 22500000 | United States Treasury Bill<sup>(a)</sup> | United States Treasury Bill<sup>(a)</sup> | United States Treasury Bill<sup>(a)</sup> | 3.59 | &nbsp;&nbsp;&nbsp;02/03/26 | $22497754 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $22,495,763)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $22,495,763)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $22,495,763)** |  |  |  |
| **Contracts<sup>(b)</sup>** |  | **Counterparty** | **Expiration<br>Date** | **Exercise<br>Price** | **Notional<br>Value** |  |
|  | **FUTURE OPTIONS PURCHASED - 0.4%** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 0.4%** |  |  |  |  |  |
| 217 | CME E-mini Russell 2000 Index Future | EDF | 03/20/2026 | $2250 | $28476910 | $100905 |
|  | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $98,195)** | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $98,195)** | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $98,195)** |  |  |  |
|  | **TOTAL INVESTMENTS - 79.9% (Cost $22,593,958)** | **TOTAL INVESTMENTS - 79.9% (Cost $22,593,958)** | **TOTAL INVESTMENTS - 79.9% (Cost $22,593,958)** |  |  | $22598659 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 20.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 20.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 20.1%** |  |  | 5694644 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  | $28293303 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Open Long Futures Contracts** | **Counterparty** | **Expiration** | **Notional<br>Amount<sup>(c)</sup>** | **Value and<br>Unrealized<br>Appreciation** |
| 107 | CME E-mini Russell 2000 Index Future | CME E-mini Russell 2000 Index Future | EDF | 03/23/2026 | $14041610 | $378699 |
| 41 | CME E-Mini Standard & Poor's MidCap 400 Index Future | CME E-Mini Standard & Poor's MidCap 400 Index Future | EDF | 03/23/2026 | 14134750 | 315944 |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  |  |  | $694643 |

---

EDF - ED&F Man Capital Markets, Inc. <br>

<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.

---

| |
|:---|
| **TOEWS UNCONSTRAINED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 100.0%** |  |
|  | **FIXED INCOME - 100.0%** |  |
| 43000 | iShares AAA CLO Active ETF | $2237935 |
| 404000 | iShares Broad USD High Yield Corporate Bond ETF | 15206560 |
| 55500 | iShares Core U.S. Aggregate Bond ETF | 5557215 |
| 43700 | iShares Floating Rate Bond ETF | 2230448 |
| 42000 | iShares iBoxx $ High Yield Corporate Bond ETF<sup>(a)</sup> | 3407040 |
| 131000 | PGIM AAA CLO ETF | 6751740 |
| 37000 | SPDR Bloomberg High Yield Bond ETF | 3619340 |
| 75000 | Vanguard Total Bond Market ETF | 5567250 |
|  | **TOTAL EXCHNAGE-TRADED FUNDS (Cost $44,208,228)** | 44577528 |
|  | **SHORT-TERM INVESTMENTS — 7.4%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 7.4%** |  |
| 3306400 | State Street Institutional US Government Money Market Fund, Premier Class, 3.63% (Cost $3,306,400)<sup>(b),(c)</sup> | 3306400 |
|  | **TOTAL INVESTMENTS - 107.4% (Cost $47,514,628)** | $47883928 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (7.4)%** | (3305608) |
|  | **NET ASSETS - 100.0%** | $44578320 |

---

---

| | |
|:---|:---|
| CLO | - Collateralized Loan Obligation |
| ETF | - Exchange-Traded Fund |
| 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 January 31, 2026 was $3,224,800.

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at January 31, 2026. Total collateral had a value of $3,306,400 at January 31, 2026.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of January 31, 2026.

---

| |
|:---|
| **TOEWS TACTICAL DEFENSIVE ALPHA FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** | | | | **Coupon<br> Rate (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 80.0%** | **U.S. GOVERNMENT & AGENCIES — 80.0%** | **U.S. GOVERNMENT & AGENCIES — 80.0%** | | |  |
|  | **U.S. TREASURY BILLS — 80.0%** | **U.S. TREASURY BILLS — 80.0%** | **U.S. TREASURY BILLS — 80.0%** | | |  |
| 57000000 | United States Treasury Bill<sup>(a)</sup> | United States Treasury Bill<sup>(a)</sup> | United States Treasury Bill<sup>(a)</sup> | 3.59 | &nbsp;&nbsp;&nbsp;02/03/26 | $56994311 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $56,989,265)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $56,989,265)** | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost $56,989,265)** |  |  |  |
| **Contracts<sup>(b)</sup>** |  | **Counterparty** | **Expiration<br>Date** | **Exercise<br>Price** | **Notional<br>Value** |  |
|  | **FUTURE OPTIONS PURCHASED - 7.5%** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 7.5%** |  |  |  |  |  |
| 211 | CME E-Mini Standard & Poor's 500 Index Future | EDF | 12/17/2027 | $6800 | $77310400 | $5296100 |
| 107 | CME E-Mini Standard & Poor's 500 Index Future | EDF | 03/20/2026 | 5850 | 37266763 | 76238 |
|  | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $5,552,607)** | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $5,552,607)** | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $5,552,607)** |  |  | 5372338 |
|  | **TOTAL INVESTMENTS - 87.5% (Cost $62,541,872)** | **TOTAL INVESTMENTS - 87.5% (Cost $62,541,872)** | **TOTAL INVESTMENTS - 87.5% (Cost $62,541,872)** |  |  | $62366649 |
|  | **PUT OPTIONS WRITTEN - (0.7)% (Premiums received - $607,211)** | **PUT OPTIONS WRITTEN - (0.7)% (Premiums received - $607,211)** | **PUT OPTIONS WRITTEN - (0.7)% (Premiums received - $607,211)** |  |  | (517613) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 13.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 13.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES- 13.2%** |  |  | 9404384 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  | $71253420 |
| **Contracts<sup>(b)</sup>** |  | **Counterparty** | **Expiration<br>Date** | **Exercise<br>Price** | **Notional<br>Value** |  |
|  | **WRITTEN FUTURE OPTIONS - (0.7)%** | **WRITTEN FUTURE OPTIONS - (0.7)%** | **WRITTEN FUTURE OPTIONS - (0.7)%** |  |  |  |
|  | **PUT OPTIONS WRITTEN - (0.7)%** | **PUT OPTIONS WRITTEN - (0.7)%** | **PUT OPTIONS WRITTEN - (0.7)%** |  |  |  |
| 107 | CME E-Mini Standard & Poor's 500 Index Future | EDF | 03/20/2026 | $6800 | $37266763 | $517613 |
|  | **TOTAL FUTURE OPTIONS WRITTEN (Premiums received - $607,211)** | **TOTAL FUTURE OPTIONS WRITTEN (Premiums received - $607,211)** | **TOTAL FUTURE OPTIONS WRITTEN (Premiums received - $607,211)** |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional<br>Amount<sup>(c)</sup>** | **Value and<br>Unrealized<br>Appreciation** |
| 205 | CME E-Mini Standard & Poor's 500 Index Future EDF | 03/23/2026 | $71398938 | $892539 |
|  | **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.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Northern Lights Fund Trust

- **b. Investment Company Act file number:** 811-21720

- **c. CIK number of Registrant:** 0001314414

- **d. LEI of Registrant:** 549300BSYF57GRCG4861

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 PICTORIA DRIVE

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 631-470-2600

**Item A.2. Information about the Series.**

- **a. Name of Series:** Toews Hedged U.S. Opportunity Fund

- **b. EDGAR series identifier (if any):** S000027932

- **c. LEI of Series:** 549300LJ4JHYFEJD9F57

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $28357270.90

**Total Liabilities:** $63967.78

**Net Assets:** $28293303.12

**Cash Not Reported:** $1670945.64

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000084896 | 0.48%                | -0.70%               | 4.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-10.35                  | $-7224.20                                  |
| Month 2  | $0.00                    | $2310.20                                   |
| Month 3  | $0.07                    | $2288.10                                   |

**Designated Index Information**

- **Index Name:** 50_ Russell 2000_50_S&P Midcap TR 400

- **Index Identifier:** 50_ RUSSELL 2000_50_S&P MIDCAP TR 400

### Schedule of Portfolio Investments

| Name                         | Title                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| United States Treasury Bills | B 02/03/26               | CUSIP: 912797SJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  22500000 | PA      | $22497754.28  | 79.52%            | 2026-02-03      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BANKSAFE TOEWS MONEY MARKET  | BANKSAFE TOEWS           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   3374347 | PA      | $3374346.63   | 11.93%            |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE  | S&P MID 400 EMINI Mar26  | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |        41 | NC      | $315944.05    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| OPTION ISSUER                | Emin Russ 2000 Op Mar26P | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |       217 | NC      | $100905.00    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE  | E-Mini Russ 2000  Mar26  | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |       107 | NC      | $378698.80    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-27

**Name of Applicant:** Northern Lights Fund Trust

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer