# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-26-000145
**Filing Date:** 2026-1
**Character Count:** 170161
**Document Hash:** 9fe2b2c5180fd76e55389b18aa2297db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000145.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0001580642-26-000145

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**EFFECTIVENESS DATE**: 20260108

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 26518863

**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, Ste 450, Cincinatti, Ohio</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street, Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-490-4300</u>

Date of fiscal year end: <u>4/30</u> <br>Date of reporting period: <u>10/31/25</u>

**Item 1. Reports to Stockholders.** 

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

#### Semi-Annual Shareholder Report - October 31, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Toews Hedged Oceana Fund for the period of May 1, 2025 to October 31, 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 six months?
(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 | $68 | 1.25%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $24273743 |
| Number of Portfolio Holdings | 2 |
| Advisory Fee (net of waivers) | $59252 |
| Portfolio Turnover | 0% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ibe7a6ff54482ea9826a9c62d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 99.8% |
| Purchased Options | 0.2% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i9c670d935214c111b553ed5e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| Future Option | 0.2% |
| Equity | 99.1% |

---

# Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard FTSE Developed Markets ETF | 99.1% |
| CME E-Mini Standard & Poor's 500 Index Future, 12/19/25 5700.0 Put | 0.2% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

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

#### Semi-Annual Shareholder Report - October 31, 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-SAR 103125-THIDX

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

#### Semi-Annual Shareholder Report - October 31, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Toews Hedged U.S. Fund for the period of May 1, 2025 to October 31, 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 six months?
(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 | $70 | 1.25%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $64455215 |
| Number of Portfolio Holdings | 4 |
| Advisory Fee (net of waivers) | $246935 |
| Portfolio Turnover | 0% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7886cf0e62065805d0431ad2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Purchased Options | 0.2% |
| U.S. Government & Agencies | 99.8% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](id9d5eb289a2d162918ad4d92.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 20.9% |
| Future Option | 0.2% |
| U.S. Treasury Obligations | 78.9% |

---

# Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 11/25/25 | 78.9% |
| CME E-Mini Standard & Poor's 500 Index Future, 12/19/25 5700.0 Put | 0.2% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

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

#### Semi-Annual Shareholder Report - October 31, 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-SAR 103125-THLGX

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

#### Semi-Annual Shareholder Report - October 31, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Toews Hedged U.S. Opportunity Fund for the period of May 1, 2025 to October 31, 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 six months?
(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 | $68 | 1.25%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $29270548 |
| Number of Portfolio Holdings | 4 |
| Advisory Fee (net of waivers) | $86274 |
| Portfolio Turnover | 0% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iffb99a81f57291d0d8b76182.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Purchased Options | 0.2% |
| U.S. Government & Agencies | 99.8% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](ifb4df310f9dc269bbc7878e0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 18.0% |
| Future Option | 0.2% |
| U.S. Treasury Obligations | 81.8% |

---

# Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 11/25/25 | 81.8% |
| CMC E-Mini Russell 2000 Index Future, 12/19/25 2000.0 Put | 0.2% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

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

#### Semi-Annual Shareholder Report - October 31, 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-SAR 103125-THSMX

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

#### Semi-Annual Shareholder Report - October 31, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Toews Tactical Defensive Alpha Fund for the period of May 1, 2025 to October 31, 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 six months?
(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 | $68 | 1.26%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $73954532 |
| Number of Portfolio Holdings | 6 |
| Advisory Fee (net of waivers) | $296692 |
| Portfolio Turnover | 0% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](if1b81d2b09905ead948b3c6d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Purchased Options | 4.1% |
| U.S. Government & Agencies | 95.9% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i630288d57e5489b19c90f9f2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 16.6% |
| Future Option | 2.5% |
| U.S. Treasury Obligations | 80.9% |

---

# Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 11/25/25 | 80.9% |
| CME E-Mini Standard & Poor's 500 Index Future, 12/18/26 5850.0 Put | 3.3% |
| CME E-Mini Standard & Poor's 500 Index Future, 12/19/25 5625.0 Put | 0.1% |
| CME E-Mini Standard & Poor's 500 Index Future, 12/19/25 7150.0 Call | -0.3% |
| CME E-Mini Standard & Poor's 500 Index Future, 12/19/25 6625.0 Put | -0.6% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

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

#### Semi-Annual Shareholder Report - October 31, 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-SAR 103125-TTDAX

#### Toews Tactical Income Fund
(THHYX)

#### Semi-Annual Shareholder Report - October 31, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Toews Tactical Income Fund for the period of May 1, 2025 to October 31, 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 six months?
(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 | $65 | 1.25%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $413950380 |
| Number of Portfolio Holdings | 185 |
| Advisory Fee | $2145963 |
| Portfolio Turnover | 28% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i55f70d7ffa3670f51aada113.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 29.4% |
| Exchange-Traded Funds | 66.6% |
| Money Market Funds | 4.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i53421e31c126b455f9c1a1b1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.9% |
| Real Estate | 0.7% |
| Consumer Staples | 1.5% |
| Utilities | 1.6% |
| Materials | 2.0% |
| Technology | 2.0% |
| Health Care | 2.4% |
| Industrials | 2.7% |
| Energy | 3.4% |
| Communications | 3.9% |
| Collateral for Securities Loaned | 4.1% |
| Financials | 4.8% |
| Consumer Discretionary | 5.3% |
| Fixed Income | 68.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| iShares Broad USD High Yield Corporate Bond ETF | 53.6% |
| SPDR Bloomberg High Yield Bond ETF | 5.9% |
| SPDR Portfolio High Yield Bond ETF | 5.7% |
| Xtrackers USD High Yield Corporate Bond ETF | 3.3% |
| Goldman Sachs Group, Inc. (The), 6.750%, 10/01/37 | 0.8% |
| Anheuser-Busch InBev Worldwide, Inc., 8.200%, 01/15/39 | 0.6% |
| Deutsche Telekom International Finance BV, 9.250%, 06/01/32 | 0.6% |
| MetLife, Inc., 10.750%, 08/01/39 | 0.6% |
| General Electric Company, 6.750%, 03/15/32 | 0.5% |
| Microsoft Corporation, 2.921%, 03/17/52 | 0.5% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

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

#### Semi-Annual Shareholder Report - October 31, 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-SAR 103125-THHYX

#### Toews Unconstrained Income Fund
(TUIFX)

#### Semi-Annual Shareholder Report - October 31, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Toews Unconstrained Income Fund for the period of May 1, 2025 to October 31, 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 six months?
(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 | $64 | 1.25%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $46760757 |
| Number of Portfolio Holdings | 8 |
| Advisory Fee (net of waivers) | $189063 |
| Portfolio Turnover | 67% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id70bdc7b4250a22e83734721.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 86.2% |
| Money Market Funds | 13.8% |

---

# What did the Fund invest in?

# **Asset Weighting (% of net assets)**![Group By Sector Chart](i98109320e724ef848b7005ae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -15.9% |
| Collateral for Securities Loaned | 16.0% |
| Fixed Income | 99.9% |

---

# Top Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| SPDR Bloomberg High Yield Bond ETF | 24.9% |
| iShares iBoxx $ High Yield Corporate Bond ETF | 24.6% |
| PGIM AAA CLO ETF | 15.2% |
| Vanguard Total Bond Market ETF | 12.7% |
| iShares Core U.S. Aggregate Bond ETF | 12.5% |
| iShares Floating Rate Bond ETF | 5.0% |
| iShares AAA CLO Active ETF | 5.0% |

---

# Material Fund Changes
No material changes occurred during the period ended October 31, 2025.

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

#### Semi-Annual Shareholder Report - October 31, 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-SAR 103125-TUIFX

(b) Not applicable

**Item 2. Code of Ethics.** Not applicable.

**Item 3. Audit Committee Financial Expert.** Not applicable.

**Item 4. Principal Accountant Fees and Services.** 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** |
| **Semi-Annual Financial Statements and Additional Information** |
| October 31, 2025 |
| *Investor Information: 1-877-558-6397* |

---

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 68.5%** |  |  |  |
|  | **FIXED INCOME - 68.5%** |  |  |  |
| 5900000 | iShares Broad USD High Yield Corporate Bond ETF |  |  | $221722000 |
| 250000 | SPDR Bloomberg High Yield Bond ETF<sup>(a)</sup> |  |  | 24347500 |
| 985500 | SPDR Portfolio High Yield Bond ETF |  |  | 23454900 |
| 375000 | Xtrackers USD High Yield Corporate Bond ETF |  |  | 13848750 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $278,859,260)** |  |  | 283373150 |
| **Principal** |  | **Coupon Rate** |  |  |
| **Amount ($)** |  | **(%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 30.3%** |  |  |  |
|  | **AEROSPACE & DEFENSE — 0.8%** |  |  |  |
| 35000 | Bombardier, Inc.<sup>(b)</sup> | 7.8750 | 04/15/27 | 35149 |
| 800000 | Rolls-Royce PLC<sup>(b)</sup> | 5.7500 | 10/15/27 | 821022 |
| 500000 | Spirit AeroSystems, Inc.<sup>(b)</sup> | 9.7500 | 11/15/30 | 550047 |
| 750000 | TransDigm, Inc.<sup>(b)</sup> | 6.7500 | 08/15/28 | 765722 |
| 750000 | TransDigm, Inc.<sup>(b)</sup> | 6.3750 | 05/31/33 | 766694 |
|  |  |  |  | 2938634 |
|  | **APPAREL & TEXTILE PRODUCTS — 0.1%** |  |  |  |
| 350000 | Beach Acquisition Bidco, LLC<sup>(b)</sup> | 10.0000 | 07/15/33 | 376739 |
|  | **ASSET MANAGEMENT — 0.1%** |  |  |  |
| 400000 | Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation | 9.0000 | 06/15/30 | 385412 |
|  | **AUTOMOTIVE — 1.3%** |  |  |  |
| 500000 | American Axle & Manufacturing, Inc.<sup>(b)</sup> | 7.7500 | 10/15/33 | 500287 |
| 500000 | Aston Martin Capital Holdings Ltd.<sup>(b)</sup> | 10.0000 | 03/31/29 | 445096 |
| 1000000 | Ford Motor Credit Company, LLC | 3.3750 | 11/13/25 | 999605 |
| 750000 | Ford Motor Credit Company, LLC | 7.3500 | 11/04/27 | 783270 |
| 1500000 | Mercedes-Benz Finance North America, LLC | 8.5000 | 01/18/31 | 1784657 |
| 500000 | Nissan Motor Company Ltd.<sup>(b)</sup> | 4.8100 | 09/17/30 | 468883 |
| 600000 | Tenneco, Inc.<sup>(b)</sup> | 8.0000 | 11/17/28 | 598820 |
|  |  |  |  | 5580618 |
|  | **BANKING — 1.4%** |  |  |  |
| 1000000 | Bank of America Corporation | 7.7500 | 05/14/38 | 1226140 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 30.3% (Continued)** |  |  |  |  |
|  | **BANKING — 1.4% (Continued)** |  |  |  |  |
| 1000000 | Barclays PLC<sup>(c)</sup> | H15T1Y + 3.500% | 7.4370 | 11/02/33 | $1147367 |
| 1000000 | Citigroup, Inc. |  | 8.1250 | 07/15/39 | 1281833 |
| 750000 | HSBC Holdings PLC<sup>(c)</sup> | SOFRRATE + 4.250% | 8.1130 | 11/03/33 | 879569 |
| 1000000 | Lloyds Banking Group PLC<sup>(c)</sup> | H15T1Y + 3.750% | 7.9530 | 11/15/33 | 1165796 |
|  |  |  |  |  | 5700705 |
|  | **BEVERAGES — 0.9%** |  |  |  |  |
| 2000000 | Anheuser-Busch InBev Worldwide, Inc. |  | 8.2000 | 01/15/39 | 2584822 |
| 1000000 | PepsiCo, Inc. |  | 7.0000 | 03/01/29 | 1093238 |
|  |  |  |  |  | 3678060 |
|  | **BIOTECH & PHARMA — 0.6%** |  |  |  |  |
| 300000 | 1261229 BC Ltd.<sup>(b)</sup> |  | 10.0000 | 04/15/32 | 314121 |
| 500000 | Bausch Health Companies, Inc.<sup>(b)</sup> |  | 11.0000 | 09/30/28 | 524560 |
| 1000000 | Jazz Securities DAC<sup>(b)</sup> |  | 4.3750 | 01/15/29 | 980443 |
| 500000 | Merck & Company, Inc. |  | 6.5000 | 12/01/33 | 570721 |
| 300000 | Organon & Company / Organon Foreign Debt Co-Issuer<sup>(b)</sup> |  | 5.1250 | 04/30/31 | 230475 |
|  |  |  |  |  | 2620320 |
|  | **CABLE & SATELLITE — 1.5%** |  |  |  |  |
| 350000 | Altice Financing S.A.<sup>(b)</sup> |  | 5.7500 | 08/15/29 | 255066 |
| 1000000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(b)</sup> |  | 5.1250 | 05/01/27 | 994819 |
| 1250000 | CCO Holdings, LLC / CCO Holdings Capital Corporation<sup>(b)</sup> |  | 4.7500 | 03/01/30 | 1189374 |
| 750000 | CSC Holdings, LLC<sup>(b)</sup> |  | 11.7500 | 01/31/29 | 592773 |
| 1250000 | Directv Financing, LLC / Directv Financing, Inc.<sup>(b)</sup> |  | 5.8750 | 08/15/27 | 1251072 |
| 1000000 | Directv Financing, LLC / Directv Financing Co-Obligor, Inc.<sup>(b)</sup> |  | 10.0000 | 02/15/31 | 999193 |
| 1000000 | Sirius XM Radio, Inc.<sup>(b)</sup> |  | 4.0000 | 07/15/28 | 971848 |
|  |  |  |  |  | 6254145 |
|  | **CHEMICALS — 0.4%** |  |  |  |  |
| 400000 | Olympus Water US Holding Corporation<sup>(b)</sup> |  | 7.2500 | 02/15/33 | 398895 |
| 550000 | Tronox, Inc.<sup>(b)</sup> |  | 4.6250 | 03/15/29 | 337056 |
| 350000 | Windsor Holdings III, LLC<sup>(b)</sup> |  | 8.5000 | 06/15/30 | 369896 |
| 600000 | WR Grace Holdings, LLC<sup>(b)</sup> |  | 5.6250 | 08/15/29 | 549772 |
|  |  |  |  |  | 1655619 |
|  | **COMMERCIAL SUPPORT SERVICES — 0.1%** |  |  |  |  |
| 400000 | Allied Universal Holdco, LLC<sup>(b)</sup> |  | 7.8750 | 02/15/31 | 417052 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 30.3% (Continued)** |  |  |  |
|  | **CONSTRUCTION MATERIALS — 0.3%** |  |  |  |
| 500000 | Quikrete Holdings, Inc.<sup>(b)</sup> | 6.3750 | 03/01/32 | $518918 |
| 850000 | Standard Industries, Inc.<sup>(b)</sup> | 4.3750 | 07/15/30 | 822029 |
|  |  |  |  | 1340947 |
|  | **CONTAINERS & PACKAGING — 0.4%** |  |  |  |
| 400000 | Ardagh Metal Packaging Finance USA, LLC / Ardagh Metal Packaging Finance PLC<sup>(b)</sup> | 4.0000 | 09/01/29 | 373225 |
| 700000 | Mauser Packaging Solutions Holding Company<sup>(b)</sup> | 7.8750 | 08/15/26 | 697375 |
| 500000 | Mauser Packaging Solutions Holding Company<sup>(b)</sup> | 7.8750 | 04/15/27 | 501698 |
|  |  |  |  | 1572298 |
|  | **DIVERSIFIED INDUSTRIALS — 0.6%** |  |  |  |
| 2000000 | General Electric Company | 6.7500 | 03/15/32 | 2272727 |
|  | **E-COMMERCE DISCRETIONARY — 0.2%** |  |  |  |
| 800000 | Rakuten Group, Inc.<sup>(b)</sup> | 9.7500 | 04/15/29 | 897716 |
|  | **ELECTRIC UTILITIES — 1.5%** |  |  |  |
| 1000000 | Appalachian Power Company | 7.0000 | 04/01/38 | 1139997 |
| 600000 | Calpine Corporation<sup>(b)</sup> | 5.1250 | 03/15/28 | 600278 |
| 1000000 | Dominion Energy, Inc. | 7.0000 | 06/15/38 | 1147198 |
| 700000 | FirstEnergy Corporation | 4.1500 | 07/15/27 | 695507 |
| 400000 | Lightning Power, LLC<sup>(b)</sup> | 7.2500 | 08/15/32 | 424793 |
| 190000 | PG&E Corporation | 5.0000 | 07/01/28 | 188759 |
| 750000 | Progress Energy, Inc. | 7.7500 | 03/01/31 | 861350 |
| 600000 | Talen Energy Supply, LLC<sup>(b)</sup> | 8.6250 | 06/01/30 | 637126 |
| 400000 | Vistra Operations Company, LLC<sup>(b)</sup> | 7.7500 | 10/15/31 | 424747 |
|  |  |  |  | 6119755 |
|  | **ELECTRICAL EQUIPMENT — 0.2%** |  |  |  |
| 500000 | Emerald Debt Merger Sub, LLC<sup>(b)</sup> | 6.6250 | 12/15/30 | 514652 |
| 500000 | Vertical US Newco, Inc.<sup>(b)</sup> | 5.2500 | 07/15/27 | 499791 |
|  |  |  |  | 1014443 |
|  | **ENGINEERING & CONSTRUCTION — 0.1%** |  |  |  |
| 400000 | Fluor Corporation | 4.2500 | 09/15/28 | 397474 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 30.3% (Continued)** |  |  |  |
|  | **ENTERTAINMENT CONTENT — 0.3%** |  |  |  |
| 750000 | Univision Communications, Inc.<sup>(b)</sup> | 7.3750 | 06/30/30 | $753220 |
| 650000 | Warnermedia Holdings, Inc. | 4.2790 | 03/15/32 | 596172 |
|  |  |  |  | 1349392 |
|  | **FOOD — 0.4%** |  |  |  |
| 300000 | Chobani, LLC / Chobani Finance Corp, Inc.<sup>(b)</sup> | 7.6250 | 07/01/29 | 312821 |
| 750000 | Kraft Heinz Foods Company | 6.8750 | 01/26/39 | 837087 |
| 350000 | Viking Baked Goods Acquisition Corporation<sup>(b)</sup> | 8.6250 | 11/01/31 | 352604 |
|  |  |  |  | 1502512 |
|  | **GAS & WATER UTILITIES — 0.1%** |  |  |  |
| 500000 | Atmos Energy Corporation | 5.4500 | 10/15/32 | 529279 |
|  | **HEALTH CARE FACILITIES & SERVICES — 1.0%** |  |  |  |
| 650000 | CHS/Community Health Systems, Inc.<sup>(b)</sup> | 10.8750 | 01/15/32 | 701483 |
| 1000000 | DaVita, Inc.<sup>(b)</sup> | 4.6250 | 06/01/30 | 966735 |
| 500000 | Encompass Health Corporation | 4.7500 | 02/01/30 | 495129 |
| 1000000 | Tenet Healthcare Corporation | 6.1250 | 10/01/28 | 1001944 |
| 900000 | Tenet Healthcare Corporation | 6.1250 | 06/15/30 | 917820 |
|  |  |  |  | 4083111 |
|  | **INDUSTRIAL SUPPORT SERVICES — 0.3%** |  |  |  |
| 650000 | United Rentals North America, Inc. | 3.8750 | 11/15/27 | 641934 |
| 750000 | United Rentals North America, Inc. | 5.2500 | 01/15/30 | 755794 |
|  |  |  |  | 1397728 |
|  | **INSTITUTIONAL FINANCIAL SERVICES — 1.2%** |  |  |  |
| 150000 | Coinbase Global, Inc.<sup>(b)</sup> | 3.3750 | 10/01/28 | 142846 |
| 3000000 | Goldman Sachs Group, Inc. (The) | 6.7500 | 10/01/37 | 3362525 |
| 250000 | Jane Street Group / JSG Finance, Inc.<sup>(b)</sup> | 4.5000 | 11/15/29 | 243137 |
| 500000 | Jefferies Financial Group, Inc. | 6.4500 | 06/08/27 | 513188 |
| 750000 | Morgan Stanley | 7.2500 | 04/01/32 | 867455 |
|  |  |  |  | 5129151 |
|  | **INSURANCE — 1.2%** |  |  |  |
| 300000 | Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer<sup>(b)</sup> | 6.7500 | 10/15/27 | 301342 |
| 300000 | Ardonagh Finco Ltd.<sup>(b)</sup> | 7.7500 | 02/15/31 | 314034 |
| 550000 | Genworth Holdings, Inc. | 6.5000 | 06/15/34 | 566093 |
| 300000 | HUB International Ltd.<sup>(b)</sup> | 7.2500 | 06/15/30 | 313423 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 30.3% (Continued)** |  |  |  |
|  | **INSURANCE — 1.2% (Continued)** |  |  |  |
| 350000 | HUB International Ltd.<sup>(b)</sup> | 7.3750 | 01/31/32 | $362952 |
| 300000 | Jones Deslauriers Insurance Management, Inc.<sup>(b)</sup> | 8.5000 | 03/15/30 | 315310 |
| 1700000 | MetLife, Inc. | 10.7500 | 08/01/39 | 2276944 |
| 400000 | Panther Escrow Issuer, LLC<sup>(b)</sup> | 7.1250 | 06/01/31 | 413732 |
|  |  |  |  | 4863830 |
|  | **INTERNET MEDIA & SERVICES — 0.4%** |  |  |  |
| 500000 | Netflix, Inc. | 5.8750 | 11/15/28 | 525998 |
| 1000000 | Uber Technologies, Inc.<sup>(b)</sup> | 4.5000 | 08/15/29 | 999366 |
|  |  |  |  | 1525364 |
|  | **LEISURE FACILITIES & SERVICES — 2.7%** |  |  |  |
| 500000 | 1011778 BC ULC / New Red Finance, Inc.<sup>(b)</sup> | 3.8750 | 01/15/28 | 491443 |
| 750000 | 1011778 BC ULC / New Red Finance, Inc.<sup>(b)</sup> | 4.0000 | 10/15/30 | 710148 |
| 500000 | Caesars Entertainment, Inc.<sup>(b)</sup> | 7.0000 | 02/15/30 | 514815 |
| 500000 | Carnival Corporation<sup>(b)</sup> | 6.0000 | 05/01/29 | 507500 |
| 350000 | Carnival Corporation<sup>(b)</sup> | 5.7500 | 08/01/32 | 360291 |
| 900000 | Hilton Domestic Operating Company, Inc.<sup>(b)</sup> | 3.6250 | 02/15/32 | 829520 |
| 1000000 | KFC Holding Co/Pizza Hut Holdings, LLC/Taco Bell of America, LLC<sup>(b)</sup> | 4.7500 | 06/01/27 | 998623 |
| 700000 | Las Vegas Sands Corporation | 3.9000 | 08/08/29 | 679714 |
| 1200000 | Live Nation Entertainment, Inc.<sup>(b)</sup> | 6.5000 | 05/15/27 | 1211058 |
| 850000 | Melco Resorts Finance Ltd.<sup>(b)</sup> | 5.3750 | 12/04/29 | 840561 |
| 750000 | Midwest Gaming Borrower, LLC<sup>(b)</sup> | 4.8750 | 05/01/29 | 728656 |
| 500000 | NCL Corporation Ltd.<sup>(b)</sup> | 6.7500 | 02/01/32 | 514226 |
| 750000 | Royal Caribbean Cruises Ltd.<sup>(b)</sup> | 6.2500 | 03/15/32 | 773734 |
| 500000 | Royal Caribbean Cruises Ltd.<sup>(b)</sup> | 6.0000 | 02/01/33 | 512627 |
| 400000 | Voyager Parent, LLC<sup>(b)</sup> | 9.2500 | 07/01/32 | 419642 |
| 850000 | Wynn Macau Ltd.<sup>(b)</sup> | 5.6250 | 08/26/28 | 849790 |
|  |  |  |  | 10942348 |
|  | **MACHINERY — 0.1%** |  |  |  |
| 600000 | Hillenbrand, Inc. | 3.7500 | 03/01/31 | 602141 |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.8%** |  |  |  |
| 400000 | Avantor Funding, Inc.<sup>(b)</sup> | 4.6250 | 07/15/28 | 393832 |
| 950000 | Boston Scientific Corporation | 7.3750 | 01/15/40 | 1154733 |
| 750000 | Koninklijke Philips N.V. | 6.8750 | 03/11/38 | 847481 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 30.3% (Continued)** |  |  |  |
|  | **MEDICAL EQUIPMENT & DEVICES — 0.8% (Continued)** |  |  |  |
| 1000000 | Medline Borrower, L.P.<sup>(b)</sup> | 3.8750 | 04/01/29 | $972972 |
|  |  |  |  | 3369018 |
|  | **METALS & MINING — 0.6%** |  |  |  |
| 500000 | FMG Resources August 2006 Pty Ltd.<sup>(b)</sup> | 4.3750 | 04/01/31 | 483848 |
| 750000 | Novelis Corporation<sup>(b)</sup> | 4.7500 | 01/30/30 | 725383 |
| 1000000 | Vale Overseas Ltd. | 8.2500 | 01/17/34 | 1214135 |
|  |  |  |  | 2423366 |
|  | **OIL & GAS PRODUCERS — 2.5%** |  |  |  |
| 500000 | Apache Corporation | 5.1000 | 09/01/40 | 435680 |
| 400000 | Cheniere Energy, Inc. | 4.6250 | 10/15/28 | 399097 |
| 1150000 | Chesapeake Energy Corporation<sup>(b)</sup> | 6.7500 | 04/15/29 | 1159659 |
| 400000 | Civitas Resources, Inc.<sup>(b)</sup> | 8.7500 | 07/01/31 | 412424 |
| 750000 | CQP Holdco, L.P. / BIP-V Chinook Holdco, LLC<sup>(b)</sup> | 5.5000 | 06/15/31 | 742863 |
| 750000 | Occidental Petroleum Corporation | 6.1250 | 01/01/31 | 790567 |
| 1000000 | Occidental Petroleum Corporation | 6.4500 | 09/15/36 | 1061738 |
| 650000 | PBF Holding Company, LLC / PBF Finance Corporation | 6.0000 | 02/15/28 | 644947 |
| 500000 | PBF Holding Company, LLC / PBF Finance Corporation<sup>(b)</sup> | 9.8750 | 03/15/30 | 530434 |
| 500000 | Rockcliff Energy II, LLC<sup>(b)</sup> | 5.5000 | 10/15/29 | 485449 |
| 600000 | Southwestern Energy Company | 4.7500 | 02/01/32 | 589142 |
| 1000000 | Tosco Corporation | 8.1250 | 02/15/30 | 1130672 |
| 1250000 | Venture Global LNG, Inc.<sup>(b)</sup> | 8.3750 | 06/01/31 | 1284497 |
| 500000 | Venture Global LNG, Inc.<sup>(b)</sup> | 9.8750 | 02/01/32 | 534373 |
|  |  |  |  | 10201542 |
|  | **OIL & GAS SERVICES & EQUIPMENT — 0.9%** |  |  |  |
| 1000000 | Nabors Industries, Inc.<sup>(b)</sup> | 9.1250 | 01/31/30 | 1050035 |
| 750000 | Transocean, Inc.<sup>(b)</sup> | 8.7500 | 02/15/30 | 787574 |
| 500000 | Transocean, Inc. | 7.5000 | 04/15/31 | 478502 |
| 750000 | USA Compression Partners, L.P. / USA Compression<sup>(b)</sup> | 7.1250 | 03/15/29 | 775147 |
| 400000 | Valaris Ltd.<sup>(b)</sup> | 8.3750 | 04/30/30 | 418110 |
| 184000 | Weatherford International Ltd.<sup>(b)</sup> | 8.6250 | 04/30/30 | 188209 |
|  |  |  |  | 3697577 |
|  | **PUBLISHING & BROADCASTING — 0.1%** |  |  |  |
| 500000 | Gray Media, Inc.<sup>(b)</sup> | 10.5000 | 07/15/29 | 539173 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 30.3% (Continued)** |  |  |  |
|  | **REAL ESTATE INVESTMENT TRUSTS — 0.6%** |  |  |  |
| 500000 | Iron Mountain, Inc.<sup>(b)</sup> | 5.2500 | 07/15/30 | $498043 |
| 400000 | MPT Operating Partnership, L.P. / MPT Finance Corporation | 3.5000 | 03/15/31 | 282818 |
| 750000 | SBA Communications Corporation | 3.1250 | 02/01/29 | 709558 |
| 300000 | Service Properties Trust<sup>(b)</sup> | 8.6250 | 11/15/31 | 316689 |
| 750000 | Simon Property Group, L.P. | 6.7500 | 02/01/40 | 866515 |
|  |  |  |  | 2673623 |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.1%** |  |  |  |
| 300000 | Howard Hughes Corporation (The)<sup>(b)</sup> | 4.3750 | 02/01/31 | 282689 |
|  | **RETAIL - DISCRETIONARY — 0.9%** |  |  |  |
| 400000 | Avis Budget Car Rental, LLC / Avis Budget Finance,<sup>(b)</sup> | 5.3750 | 03/01/29 | 385615 |
| 650000 | Builders FirstSource, Inc.<sup>(b)</sup> | 4.2500 | 02/01/32 | 614744 |
| 343470 | Carvana Company<sup>(b)</sup> | 9.0000 | 06/01/31 | 382571 |
| 800000 | Hertz Corporation (The)<sup>(b)</sup> | 12.6250 | 07/15/29 | 792778 |
| 800000 | Kohl's Corporation | 5.1250 | 05/01/31 | 626973 |
| 209000 | Macy's Retail Holdings, LLC<sup>(b)</sup> | 5.8750 | 03/15/30 | 209082 |
| 800000 | Staples, Inc.<sup>(b)</sup> | 10.7500 | 09/01/29 | 784215 |
|  |  |  |  | 3795978 |
|  | **SOFTWARE — 1.1%** |  |  |  |
| 500000 | AthenaHealth Group, Inc.<sup>(b)</sup> | 6.5000 | 02/15/30 | 489860 |
| 650000 | Cloud Software Group, Inc.<sup>(b)</sup> | 6.5000 | 03/31/29 | 655658 |
| 400000 | McAfee Corporation<sup>(b)</sup> | 7.3750 | 02/15/30 | 366680 |
| 3000000 | Microsoft Corporation | 2.9210 | 03/17/52 | 2018946 |
| 1000000 | UKG, Inc.<sup>(b)</sup> | 6.8750 | 02/01/31 | 1030117 |
|  |  |  |  | 4561261 |
|  | **SPECIALTY FINANCE — 0.9%** |  |  |  |
| 400000 | Ally Financial, Inc. | 6.7000 | 02/14/33 | 417035 |
| 350000 | Freedom Mortgage Holdings, LLC<sup>(b)</sup> | 9.2500 | 02/01/29 | 367726 |
| 300000 | Midcap Financial Issuer Trust<sup>(b)</sup> | 6.5000 | 05/01/28 | 294388 |
| 300000 | Nationstar Mortgage Holdings, Inc.<sup>(b)</sup> | 7.1250 | 02/01/32 | 313904 |
| 300000 | Navient Corporation | 5.5000 | 03/15/29 | 295214 |
| 350000 | OneMain Finance Corporation | 6.6250 | 05/15/29 | 360367 |
| 400000 | PennyMac Financial Services, Inc.<sup>(b)</sup> | 6.8750 | 05/15/32 | 417608 |
| 600000 | Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer<sup>(b)</sup> | 3.8750 | 03/01/31 | 564500 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 30.3% (Continued)** |  |  |  |
|  | **SPECIALTY FINANCE — 0.9% (Continued)** |  |  |  |
| 800000 | Starwood Property Trust, Inc.<sup>(b)</sup> | 4.3750 | 01/15/27 | $793345 |
|  |  |  |  | 3824087 |
|  | **STEEL — 0.4%** |  |  |  |
| 700000 | Cleveland-Cliffs, Inc.<sup>(b)</sup> | 6.7500 | 04/15/30 | 716444 |
| 750000 | Cleveland-Cliffs, Inc.<sup>(b)</sup> | 7.0000 | 03/15/32 | 767528 |
|  |  |  |  | 1483972 |
|  | **TECHNOLOGY HARDWARE — 0.4%** |  |  |  |
| 750000 | Dell International, LLC / EMC Corporation | 8.1000 | 07/15/36 | 913384 |
| 500000 | Seagate HDD Cayman | 9.6250 | 12/01/32 | 570042 |
| 500000 | Xerox Holdings Corporation<sup>(b)</sup> | 5.5000 | 08/15/28 | 238750 |
|  |  |  |  | 1722176 |
|  | **TECHNOLOGY SERVICES — 0.5%** |  |  |  |
| 500000 | Block, Inc. | 3.5000 | 06/01/31 | 465919 |
| 400000 | GTCR W-2 Merger Sub, LLC<sup>(b)</sup> | 7.5000 | 01/15/31 | 425108 |
| 500000 | Neptune Bidco US, Inc.<sup>(b)</sup> | 9.2900 | 04/15/29 | 494205 |
| 500000 | Shift4 Payments, LLC / Shift4 Payments Finance Sub, Inc.<sup>(b)</sup> | 6.7500 | 08/15/32 | 515940 |
|  |  |  |  | 1901172 |
|  | **TELECOMMUNICATIONS — 1.5%** |  |  |  |
| 800000 | CenturyLink, Inc.<sup>(b)</sup> | 4.5000 | 01/15/29 | 740784 |
| 500000 | Connect Finco S.A.RL / Connect US Finco, LLC<sup>(b)</sup> | 9.0000 | 09/15/29 | 530040 |
| 2000000 | Deutsche Telekom International Finance B.V. | 9.2500 | 06/01/32 | 2507655 |
| 500000 | Frontier Communications Holdings, LLC<sup>(b)</sup> | 8.7500 | 05/15/30 | 524039 |
| 1000000 | Sprint Capital Corporation | 8.7500 | 03/15/32 | 1217047 |
| 400000 | Telecom Italia Capital S.A. | 6.3750 | 11/15/33 | 422058 |
| 400000 | Windstream Escrow, LLC / Windstream Escrow Finance Corporation<sup>(b)</sup> | 8.2500 | 10/01/31 | 408573 |
|  |  |  |  | 6350196 |
|  | **TRANSPORTATION & LOGISTICS — 0.5%** |  |  |  |
| 166667 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup> | 5.5000 | 04/20/26 | 167201 |
| 750000 | Canadian Pacific Railway Company | 7.1250 | 10/15/31 | 851771 |
| 400000 | Delta Air Lines, Inc. | 3.7500 | 10/28/29 | 387954 |
| 400000 | JetBlue Airways Corp / JetBlue Loyalty, L.P.<sup>(b)</sup> | 9.8750 | 09/20/31 | 393499 |
| 400000 | United Airlines, Inc.<sup>(b)</sup> | 4.6250 | 04/15/29 | 396418 |
|  |  |  |  | 2196843 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS TACTICAL INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **CORPORATE BONDS — 30.3% (Continued)** |  |  |  |
|  | **WHOLESALE - CONSUMER STAPLES — 0.2%** |  |  |  |
| 500000 | C&S Group Enterprises, LLC<sup>(b)</sup> | 5.0000 | 12/15/28 | $456611 |
| 400000 | US Foods, Inc.<sup>(b)</sup> | 4.7500 | 02/15/29 | 395993 |
|  |  |  |  | 852604 |
|  | **WHOLESALE - DISCRETIONARY — 0.1%** |  |  |  |
| 300000 | Verde Purchaser, LLC<sup>(b)</sup> | 10.5000 | 11/30/30 | 312577 |
|  | **TOTAL CORPORATE BONDS (Cost $122,382,896)** |  |  | 125335374 |
| **Shares** |  |  |  |  |
|  | **SHORT-TERM INVESTMENTS — 4.1%** |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 4.1%** |  |  |  |
| 17146885 | State Street Institutional US Government Money, 3.87% (Cost $17,146,885)<sup>(d),(e)</sup> |  |  | 17146885 |
|  | **TOTAL INVESTMENTS - 102.9% (Cost $418,389,041)** |  |  | $425855409 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (2.9)%** |  |  | (11905029) |
|  | **NET ASSETS - 100.0%** |  |  | $413950380 |

---

---

| | |
|:---|:---|
| B.V. | - Besloten Vennootschap |
| DAC | - Designated Activity Company |
| 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 October 31, 2025 was $16,809,514.

<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 October 31, 2025 the total market value of 144A securities is 67,900,765 or 16.4% of net assets.

<sup>(c)</sup> Variable rate security; the rate shown represents the rate on October 31, 2025.

<sup>(d)</sup> Security was purchased with cash received as collateral for securities on loan at October 31, 2025. Total collateral had a value of $17,146,885 at October 31, 2025.

<sup>(e)</sup> Rate disclosed is the seven day effective yield as of October 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS HEDGED OCEANA FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shares** |  |  |  | | | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.1%** | **EXCHANGE-TRADED FUNDS — 99.1%** | **EXCHANGE-TRADED FUNDS — 99.1%** | **EXCHANGE-TRADED FUNDS — 99.1%** |  |  |
|  | **EQUITY - 99.1%** | **EQUITY - 99.1%** | **EQUITY - 99.1%** | **EQUITY - 99.1%** |  |  |
| 394300 | Vanguard FTSE Developed Markets ETF | Vanguard FTSE Developed Markets ETF | Vanguard FTSE Developed Markets ETF | Vanguard FTSE Developed Markets ETF |  | $24044415 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost$19,593,298)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost$19,593,298)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost$19,593,298)** | **TOTAL EXCHANGE-TRADED FUNDS (Cost$19,593,298)** |  |  |
| **Contracts<sup>(a)</sup>** |  | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **FUTURE OPTIONS PURCHASED - 0.2%** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 0.2%** |  |  |  |  |  |
| 73 | CME E-Mini Standard & Poor's 500 Index Future | EDF | 12/19/2025 | $5700 | $25090100 | $41975 |
|  | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $74,856)** | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $74,856)** | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $74,856)** |  |  |  |
|  | **TOTAL INVESTMENTS - 99.3% (Cost $19,668,154)** | **TOTAL INVESTMENTS - 99.3% (Cost $19,668,154)** | **TOTAL INVESTMENTS - 99.3% (Cost $19,668,154)** |  |  | $24086390 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%** |  |  | 187353 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  | $24273743 |

---

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 (Unaudited)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 78.9%** |  |  |  |
|  | **U.S. TREASURY BILLS — 78.9%** |  |  |  |
| 51000000 | United States Treasury Bill<sup>(a)</sup> | 3.9450 | 11/25/25 | $50879593 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost$50,869,780)** |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(b)</sup>** |  | **Expiration Date** | **Exercise Price** | **Notional Value** | |
|  | **FUTURE OPTIONS PURCHASED - 0.2%** |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 0.2%** |  |  |  |  |
| 190 | CME E-Mini Standard & Poor's 500 Index Future EDF | 12/19/2025 | $5700 | $65303000 | $109250 |
|  | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $194,831)** | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $194,831)** |  |  |  |
|  | **TOTAL INVESTMENTS - 79.1% (Cost $51,064,611)** | **TOTAL INVESTMENTS - 79.1% (Cost $51,064,611)** |  |  | $50988843 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 20.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 20.9%** |  |  | 13466372 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  | $64455215 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | | | |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount<sup>(c)</sup>** | **Value and Unrealized<br> Appreciation** |
| 37 | CME E-Mini NASDAQ 100 Index Future EDF | 12/22/2025 | $19242960 | $1075622 |
| 131 | CME E-Mini Standard & Poor's 500 Index Future EDF | 12/22/2025 | 45024700 | 1279417 |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $2355039 |

---

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 HEDGED U.S. OPPORTUNITY FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 81.8%** |  |  |  |
|  | **U.S. TREASURY BILLS — 81.8%** |  |  |  |
| 24000000 | United States Treasury Bill<sup>(a)</sup> | 3.9450 | 11/25/25 | $23943338 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost$23,938,720)** |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(b)</sup>** |  | **Expiration Date** | **Exercise Price** | **Notional Value** | |
|  | **FUTURE OPTIONS PURCHASED - 0.2%** |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 0.2%** |  |  |  |  |
| 245 | CMC E-Mini Russell 2000 Index Future EDF | 12/19/2025 | $2000 | $30501275 | $58800 |
|  | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $91,263)** | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $91,263)** |  |  |  |
|  | **TOTAL INVESTMENTS - 82.0% (Cost $24,029,983)** | **TOTAL INVESTMENTS - 82.0% (Cost $24,029,983)** |  |  | $24002138 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 18.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 18.0%** |  |  | 5268410 |
|  | **NET ASSETS - 100.0%** |  |  |  | $29270548 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount<sup>(c)</sup>** | **Value and Unrealized<br> Appreciation<br> (Depreciation)** |
| 118 | CME E-Mini Russell 2000 Index Futures EDF | 12/22/2025 | $14690410 | $383916 |
| 45 | CME E-Mini Standard & Poor's MidCap 400 Index EDF | 12/22/2025 | 14659650 | (221767) |
|  | **TOTAL FUTURES CONTRACTS** |  |  | $162149 |

---

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 UNCONSTRAINED INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 99.9%** |  |
|  | **FIXED INCOME - 99.9%** |  |
| 45000 | iShares AAA CLO Active ETF | $2336625 |
| 58100 | iShares Core U.S. Aggregate Bond ETF | 5841374 |
| 46000 | iShares Floating Rate Bond ETF | 2349220 |
| 142500 | iShares iBoxx $ High Yield Corporate Bond ETF<sup>(a)</sup> | 11514000 |
| 138200 | PGIM AAA CLO ETF | 7113154 |
| 119500 | SPDR Bloomberg High Yield Bond ETF | 11638105 |
| 79200 | Vanguard Total Bond Market ETF | 5906736 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost$45,985,090)** | 46699214 |
|  | **SHORT-TERM INVESTMENTS — 16.0%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 16.0%** |  |
| 7495385 | State Street Institutional US Government Money, 3.87% (Cost $7,495,385)<sup>(b),(c)</sup> | 7495385 |
|  | **TOTAL INVESTMENTS - 115.9% (Cost $53,480,475)** | $54194599 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (15.9)%** | (7433842) |
|  | **NET ASSETS - 100.0%** | $46760757 |

---

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 October 31, 2025 was $7,344,720.

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at October 31, 2025. Total collateral had a value of $7,495,385 at October 31, 2025.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of October 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOEWS TACTICAL DEFENSIVE ALPHA FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **October 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount ($)** |  | **Coupon Rate<br> (%)** | **Maturity** | **Fair Value** |
|  | **U.S. GOVERNMENT & AGENCIES — 80.9%** |  |  |  |
|  | **U.S. TREASURY BILLS — 80.9%** |  |  |  |
| 60000000 | United States Treasury Bill<sup>(a)</sup> | 3.9450 | 11/25/25 | $59858344 |
|  | **TOTAL U.S. GOVERNMENT & AGENCIES (Cost$59,846,800)** |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts<sup>(b)</sup>** |  | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** | |
|  | **FUTURE OPTIONS PURCHASED - 3.4%** |  |  |  |  |  |
|  | **PUT OPTIONS PURCHASED - 3.4%** |  |  |  |  |  |
| 116 | CME E-Mini Standard & Poor's 500 Index Future | EDF | 12/19/2025 | $5625 | $39869200 | $59450 |
| 250 | CME E-Mini Standard & Poor's 500 Index Future | EDF | 12/18/2026 | 5850 | 88637500 | 2475000 |
|  | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $4,459,839)** | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $4,459,839)** | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $4,459,839)** | **TOTAL FUTURE OPTIONS PURCHASED (Cost - $4,459,839)** |  | 2534450 |
|  | **TOTAL INVESTMENTS - 84.3% (Cost $64,306,639)** | **TOTAL INVESTMENTS - 84.3% (Cost $64,306,639)** | **TOTAL INVESTMENTS - 84.3% (Cost $64,306,639)** |  |  | $62392794 |
|  | **CALL OPTIONS WRITTEN - (0.3)% (Premiums received - $194,173)** | **CALL OPTIONS WRITTEN - (0.3)% (Premiums received - $194,173)** | **CALL OPTIONS WRITTEN - (0.3)% (Premiums received - $194,173)** | **CALL OPTIONS WRITTEN - (0.3)% (Premiums received - $194,173)** |  | (227650) |
|  | **PUT OPTIONS WRITTEN - (0.6)% (Premiums received - $656,660)** | **PUT OPTIONS WRITTEN - (0.6)% (Premiums received - $656,660)** | **PUT OPTIONS WRITTEN - (0.6)% (Premiums received - $656,660)** | **PUT OPTIONS WRITTEN - (0.6)% (Premiums received - $656,660)** |  | (461100) |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 16.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 16.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 16.6%** |  |  | 12250488 |
|  | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  | $73954532 |
| **Contracts<sup>(b)</sup>** |  | **Counterparty** | **Expiration Date** | **Exercise Price** | **Notional Value** |  |
|  | **WRITTEN FUTURE OPTIONS - (0.9)%** |  |  |  |  |  |
|  | **CALL OPTIONS WRITTEN- (0.3)%** |  |  |  |  |  |
| 116 | CME E-Mini Standard & Poor's 500 Index Future | EDF | 12/19/2025 | $7150 | $39869200 | $227650 |
|  | **TOTAL CALL OPTIONS WRITTEN (Premiums received - $194,173)** |  |  |  |  |  |
|  | **PUT OPTIONS WRITTEN - (0.6)%** |  |  |  |  |  |
| 116 | CME E-Mini Standard & Poor's 500 Index Future | EDF | 12/19/2025 | $6625 | $39869200 | $461100 |
|  | **TOTAL PUT OPTIONS WRITTEN (Premiums received - $656,660)** |  |  |  |  |  |
|  | **TOTAL FUTURE OPTIONS WRITTEN (Premiums received - $850,833)** |  |  |  |  | $688750 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | | |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Expiration** | **Notional Amount<sup>(c)</sup>** | **Value and Unrealized<br> Appreciation** |
| 213 | CME E-Mini Standard & Poor's 500 Index Future EDF | 12/22/2025 | $73208100 | $2080273 |
|  | **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 (Unaudited) |
| October 31, 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Toews Tactical**<br>**Income**<br>**Fund** | **Toews Hedged**<br>**Oceana**<br>**Fund** | **Toews Hedged**<br>**U.S.**<br>**Fund** |
| **ASSETS:** |  |  |  |
| Investments, at cost | $418389041 | $19668154 | $51064611 |
| Investments, at fair value | $425855409 \* | $24086390 | $50988843 |
| Cash and cash equivalents | 2331577 | 238760 | 7724331 |
| Cash deposit with broker - futures margin balance | 1515437 | 11218 | 3452979 |
| Unrealized appreciation from futures contracts |  |  | 2355039 |
| Dividends and interest receivable | 2094189 | 662 | 25495 |
| Receivable for Fund shares sold | 163166 |  | 22871 |
| Prepaid expenses and other assets | 28564 | 1741 | 9869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets | **431988342** | **24338771** | **64579427** |
| **LIABILITIES:** |  |  |  |
| Collateral for securities loaned | 17146885 |  |  |
| Payable for Fund shares redeemed | 376094 | 35793 | 66194 |
| Accrued advisory fees | 352509 | 9737 | 43604 |
| Payable to related parties | 91251 | 1583 | 2671 |
| Accrued expenses and other liabilities | 71223 | 17915 | 11743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | **18037962** | **65028** | **124212** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**413950380** | $**24273743** | $**64455215** |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid in capital | $473337084 | $23863921 | $62958694 |
| Accumulated earnings (losses) | (59386704) | 409822 | 1496521 |
| **Net Assets** | $**413950380** | $**24273743** | $**64455215** |
| Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 41267049 | 2163167 | 4190103 |
| Net Asset Value (Net Assets / Shares Outstanding), offering price and redemption price per share | $10.03 | $11.22 | $15.38 |

---

\* Includes Securities Loaned $16,509,514.

See accompanying notes to financial statements.

---

| |
|:---|
| **Toews Funds** |
| Statements of Assets and Liabilities (Unaudited) (Continued) |
| October 31, 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 | $24029983 | $53480475 | $64306639 |
| Investments, at fair value | $24002138 | $54194599 \* | $62392794 |
| Cash and cash equivalents | 2372374 |  | 6477410 |
| Cash deposit with broker - futures margin balance | 2805247 |  | 3756314 |
| Receivable for Fund shares sold | 66 | 7255 | 16690 |
| Dividends and interest receivable | 8364 | 2410 | 22921 |
| Receivable for securities sold |  | 283098 |  |
| Unrealized appreciation from futures contracts | 162149 |  | 2080273 |
| Prepaid expenses and other assets | 4968 | 17728 | 13518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets | **29355306** | **54505090** | **74759920** |
| **LIABILITIES:** |  |  |  |
| Due to custodian |  | 37021 |  |
| Options Contracts Written at Value (premiums received of $0, $0 and $850,833 respectively) |  |  | 688750 |
| Collateral on securities loaned |  | 7495385 |  |
| Payable for Fund shares redeemed | 48332 | 15037 6 | 40643 |
| Accrued advisory fees | 14483 | 30292 | 55193 |
| Payable to related parties | 4245 | 16346 | 5963 |
| Accrued expenses and other liabilities | 17698 | 14913 | 14839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | **84758** | **7744333** | **805388** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**29270548** | $**46760757** | $**73954532** |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid in capital | $48970722 | $54340837 | $86653365 |
| Accumulated losses | (19700174) | (7580080) | (12698833) |
| **Net Assets** | $**29270548** | $**46760757** | $**73954532** |
| Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 2815595 | 5038439 | 6796126 |
| Net Asset Value (Net Assets / Shares Outstanding), offering price and redemption price per share | $10.40 | $9.28 | $10.88 |

---

\* Includes Securities Loaned $7,344,720.

See accompanying notes to financial statements.

---

| |
|:---|
| **Toews Funds** |
| Statements of Operations (Unaudited) |
| For the Six Months Ended October 31, 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Toews Tactical**<br>**Income**<br>**Fund** | **Toews Hedged**<br>**Oceana**<br>**Fund** | **Toews Hedged**<br>**U.S.**<br>**Fund** |
| **Investment Income:** |  |  |  |
| Interest income | $4169133 | $3503 | $1117154 |
| Dividend income | 10103656 | 310665 |  |
| Securities lending income, net | 33580 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **14306369** | **314168** | **1117154** |
| **Operating Expenses:** |  |  |  |
| Investment advisory fees | 2145963 | 125452 | 308555 |
| Third party administrative servicing fees | 214596 | 12545 | 30856 |
| Administration fees | 158798 | 20129 | 31116 |
| Fund accounting fees | 42919 | 2509 | 6171 |
| Transfer agent fees | 26489 | 3840 | 5511 |
| Registration fees | 20165 | 21173 | 19156 |
| Compliance officer fees | 17702 | 4537 | 5539 |
| Printing expenses | 15123 | 5042 | 12602 |
| Legal fees | 12507 | 5042 | 5042 |
| Audit and tax fees | 10559 | 9878 | 9928 |
| Trustees' fees | 8802 | 8802 | 8802 |
| Insurance expenses | 3605 | 1519 | 1771 |
| Interest expenses | 430 |  | 736 |
| Miscellaneous expenses | 2521 | 2521 | 2521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **2680179** | **222989** | **448306** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Expenses waived by Adviser |  | (66200) | (61620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | 2680179 | 156789 | 386686 |
| **Net Investment Income** | **11626190** | **157379** | **730468** |
| **Realized and Unrealized Gain (Loss) on Investments, Options Purchased, and Futures Contracts** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1510166 | 471390 | (181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Purchased |  | (362329) | (807816) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (587113) |  | 9544663 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 8750859 | 3025401 | 11481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Purchased |  | 24389 | (85581) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts |  |  | 2355039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments Options Purchased, and Futures Contracts** | **9673912** | **3158851** | **11017605** |
| **Net Increase in Net Assets Resulting From Operations** | $**21300102** | $**3316230** | $**11748073** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Toews Funds** |
| Statements of Operations (Unaudited) (Continued) |
| For the Six Months Ended October 31, 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 | $543359 | $89607 | $1220793 |
| Dividend income |  | 1163076 | 14395 |
| Securities lending income, net |  | 10393 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | **543359** | **1263076** | **1235188** |
| **Operating Expenses:** |  |  |  |
| Investment advisory fees | 150618 | 247140 | 339449 |
| Administration fees | 21639 | 27430 | 32901 |
| Registration fees | 20165 | 14115 | 14115 |
| Third party administrative servicing fees | 15062 | 24714 | 33945 |
| Audit and tax fees | 9928 | 10509 | 9726 |
| Trustees' fees | 8802 | 8802 | 8789 |
| Legal fees | 5042 | 5042 | 5041 |
| Printing expenses | 5041 | 10081 | 2521 |
| Compliance officer fees | 5041 | 4790 | 5066 |
| Transfer agent fees | 4119 | 5220 | 5274 |
| Fund accounting fees | 3012 | 4943 | 6789 |
| Insurance expenses | 1618 | 1519 | 1667 |
| Interest expenses | 309 |  | 2205 |
| Miscellaneous expenses | 2521 | 2521 | 2521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | **252917** | **366826** | **470009** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Expenses waived by Adviser | (64344) | (58077) | (42757) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Operating Expenses** | 188573 | 308749 | 427252 |
| **Net Investment Income** | **354786** | **954327** | **807936** |
| **Realized and Unrealized Gain (Loss) on Investments Options Purchased, and Futures Contracts:** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (181) | 76734 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Purchased | (440608) |  | (447500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Written |  |  | (551209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 4272381 |  | 9202417 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 5452 | 719631 | 12715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Purchased | (32463) |  | (3691155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Written |  |  | 123569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 162149 |  | 3022245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain on Investments Options Purchased, and Futures Contracts** | **3966730** | **796365** | **7671083** |
| **Net Increase in Net Assets Resulting From Operations** | $**4321516** | $**1750692** | $**8479019** |

---

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** |
|  | **Six Months Ended**<br>**October 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**April 30, 2025** | **Six Months Ended**<br>**October 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**April 30, 2025** |
| **Operations:** |  |  |  |  |
| Net investment income | $11626190 | $24365974 | $157379 | $496871 |
| Net realized gain (loss) on investments, options purchased, options written and futures contracts | 923053 | (3694978) | 109061 | 2862822 |
| Net change in unrealized appreciation (depreciation) on investments, options purchased and futures contracts | 8750859 | (323969) | 3049790 | (734838) |
| **Net increase in net assets resulting from operations** | **21300102** | **20347027** | **3316230** | **2624855** |
| **Dividends and Distributions to Shareholders:** |  |  |  |  |
| Distributions paid | (11610859) | (24423238) |  | (999313) |
| **Total Dividends and Distributions to Shareholders** | **(11610859)** | **(24423238)** | **—** | **(999313)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |
| Net proceeds from shares sold | 37354757 | 113985327 | 833049 | 2902528 |
| Reinvestment of dividends and distributions | 10935200 | 23073244 |  | 988354 |
| Cost of shares redeemed | (83151691) | (177438812) | (4936809) | (19289482) |
| **Net decrease in net assets from share transactions of beneficial interest** | **(34861734)** | **(40380241)** | **(4103760)** | **(15398600)** |
| **Total Decrease in Net Assets** | **(25172491)** | **(44456452)** | **(787530)** | **(13773058)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year/period | 439122871 | 483579323 | 25061273 | 38834331 |
| &nbsp;&nbsp;&nbsp;&nbsp;**End of year/period** | $**413950380** | $**439122871** | $**24273743** | $**25061273** |
| **Share Activity:** |  |  |  |  |
| Shares Sold | 3728776 | 11262375 | 78536 | 303201 |
| Shares Reinvested | 1091919 | 2285382 |  | 108016 |
| Shares Redeemed | (8309085) | (17580954) | (466850) | (2028927) |
| Net decrease in shares of beneficial interest outstanding | (3488390) | (4033197) | (388314) | (1617710) |

---

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** |
|  | **Six Months Ended**<br>**October 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**April 30, 2025** | **Six Months Ended**<br>**October 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**April 30, 2025** |
| **Operations:** |  |  |  |  |
| Net investment income | $730468 | $1959803 | $354786 | $1362082 |
| Net realized gain (loss) on investments, options purchased, options written and futures contracts | 8736666 | (3391652) | 3831592 | (4574262) |
| Net change in unrealized appreciation (depreciation) on investments, options purchased and futures contracts | 2280939 | (1473) | 135138 | (679) |
| **Net increase (decrease) in net assets resulting from operations** | **11748073** | **(1433322)** | **4321516** | **(3212859)** |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions paid |  | (2279911) |  | (2041154) |
| **Total Dividends and Distributions to Shareholders** | **—** | **(2279911)** | **—** | **(2041154)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |
| Net proceeds from shares sold | 7733519 | 14939379 | 1392619 | 7803042 |
| Reinvestment of dividends and distributions |  | 2229061 |  | 2024568 |
| Cost of shares redeemed | (11451800) | (29580161) | (5803993) | (32735869) |
| **Net decrease in net assets from share transactions of beneficial interest** | **(3718281)** | **(12411721)** | **(4411374)** | **(22908259)** |
| **Total Increase (Decrease) in Net Assets** | **8029792** | **(16124954)** | **(89858)** | **(28162272)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year/period | 56425423 | 72550377 | 29360406 | 57522678 |
| &nbsp;&nbsp;&nbsp;&nbsp;**End of year/period** | $**64455215** | $**56425423** | $**29270548** | $**29360406** |
| **Share Activity:** |  |  |  |  |
| Shares Sold | 550714 | 1100195 | 142064 | 772722 |
| Shares Reinvested |  | 166846 |  | 210673 |
| Shares Redeemed | (811541) | (2175391) | (592320) | (3293849) |
| Net decrease in shares of beneficial interest outstanding | (260827) | (908350) | (450256) | (2310454) |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Toews Unconstrained** | **Toews Unconstrained** | **Toews Tactical Defensive** | **Toews Tactical Defensive** |
|  | **Income Fund** | **Income Fund** | **Alpha Fund** | **Alpha Fund** |
|  | **Six Months Ended**<br>**October 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**April 30, 2025** | **Six Months Ended**<br>**October 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**April 30, 2025** |
| **Operations:** |  |  |  |  |
| Net investment income | $954327 | $1709894 | $807936 | $1476023 |
| Net realized gain (loss) on investments, options purchased, options written and futures contracts | 76734 | (205486) | 8203709 | (979878) |
| Distributions of capital gains from underlying investment companies |  | 1034 |  |  |
| Net change in unrealized appreciation (depreciation) on investments, options purchased and futures contracts | 719631 | 11563 | (532626) | (30271) |
| **Net increase in net assets resulting from operations** | **1750692** | **1517005** | **8479019** | **465874** |
| **Dividends and Distributions to Shareholders:** |  |  |  |  |
| Distributions paid | (957685) | (1709537) |  | (1609123) |
| **Total Dividends and Distributions to Shareholders** | **(957685)** | **(1709537)** | **—** | **(1609123)** |
| **Share Transactions of Beneficial Interest:** |  |  |  |  |
| Net proceeds from shares sold | 5091035 | 24362049 | 24475392 | 13858660 |
| Reinvestment of dividends and distributions | 946285 | 1687978 |  | 1598774 |
| Cost of shares redeemed | (12087525) | (15635884) | (11278374) | (25224713) |
| **Net increase (decrease) in net assets from share transactions of beneficial interest** | **(6050205)** | **10414143** | **13197018** | **(9767279)** |
| **Total Increase (Decrease) in Net Assets** | **(5257198)** | **10221611** | **21676037** | **(10910528)** |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year/period | 52017955 | 41796344 | 52278495 | 63189023 |
| &nbsp;&nbsp;&nbsp;&nbsp;**End of year/period** | $**46760757** | $**52017955** | $**73954532** | $**52278495** |
| **Share Activity:** |  |  |  |  |
| Shares Sold | 550725 | 2627349 | 2450829 | 1373145 |
| Shares Reinvested | 102330 | 181837 |  | 159082 |
| Shares Redeemed | (1309554) | (1685284) | (1099942) | (2471651) |
| Net increase (decrease) in shares of beneficial interest outstanding | (656499) | 1123902 | 1350887 | (939424) |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months**<br>**Ended**<br>**October 31, 2025**<br>**(Unaudited)** |<br>**For the Year**<br>**Ended**<br>**April 30, 2025** |<br>**For the Year**<br>**Ended**<br>**April 30, 2024** |<br>**For the Year**<br>**Ended**<br>**April 30, 2023** |<br>**For the Year**<br>**Ended**<br>**April 30, 2022** |<br>**For the Year**<br>**Ended**<br>**April 30, 2021** |
| Net asset value, beginning of year/period | $9.81 | $9.91 | $10.03 | $10.61 | $11.10 | $10.47 |
| **ACTIVITY FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (a) | 0.27 | 0.52 | 0.49 | 0.31 | 0.19 | 0.29 |
| Net realized and unrealized gain (loss) on investments | 0.23 | (0.09) | (0.11) | (0.58) | (0.45) | 0.63 |
| Total from investment operations | 0.50 | 0.43 | 0.38 | (0.27) | (0.26) | 0.92 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.28 | (0.53) | (0.50) | (0.31) | (0.23) | (0.29) |
| Total distributions | (0.28 | (0.53) | (0.50) | (0.31) | (0.23) | (0.29) |
| Net asset value, end of year/period | $10.03 | $9.81 | $9.91 | $10.03 | $10.61 | $11.10 |
| Total return (b) | 5.09 | 4.29% | 3.85% | (2.51)% (c) | (2.41)% | 8.90% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $413950 | $439123 | $483579 | $589962 | $661269 | $686463 |
| Ratios to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net of reimbursement (d) | 1.25 | 1.25 % (f) | 1.23 % (f) | 1.21 % (f) | 1.21% | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement (d) | 1.25 | 1.25 % (f) | 1.23 % (f) | 1.21 % (f) | 1.21% | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income, net of reimbursement (d,e) | 5.42 | 5.18% | 4.96% | 3.06% | 1.74% | 2.65% |
| Portfolio turnover rate | 28 | 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% (g) | 1.25% | 1.23% | 1.21% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement (d) | 1.25 % (g) | 1.25% | 1.23% | 1.21% | N/A |

---

(g) Annualized for periods of less than
 one year.

(h) Not annualized.

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months**<br>**Ended**<br>**October 31, 2025**<br>**(Unaudited)** | |<br>**For the Year**<br>**Ended**<br>**April 30, 2025** |<br>**For the Year**<br>**Ended**<br>**April 30, 2024** |<br>**For the Year**<br>**Ended**<br>**April 30, 2023** |<br>**For the Year**<br>**Ended**<br>**April 30, 2022** |<br>**For the Year**<br>**Ended**<br>**April 30, 2021** |
| Net asset value, beginning of year/period | $9.82 |  | $9.31 | $9.18 | $8.94 | $10.26 | $8.67 |
| **ACTIVITY FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.07 |  | 0.15 | 0.26 | 0.08 | (0.04) | 0.01 |
| Net realized and unrealized gain (loss) on investments | 1.33 |  | 0.68 | 0.03 (f) | 0.16 | (1.02) | 1.61 |
| Total from investment operations | 1.40 |  | 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/period | $11.22 |  | $9.82 | $9.31 | $9.18 | $8.94 | $10.26 |
| Total return (b) | 14.26 | % (h) | 9.18% | 3.27% | 2.68% | (10.43)% | 18.66% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $24274 |  | $25061 | $38834 | $48556 | $65239 | $56889 |
| Ratios to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net of reimbursement (c) | 1.25 | % (f,g) | 1.26 % (e) | 1.25 % (e) | 1.25 % (e) | 1.26 % (e) | 1.26 % (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement (c) | 1.78 | % (f,g) | 1.66 % (e) | 1.49 % (e) | 1.40 % (e) | 1.36 % (e) | 1.36 % (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment Income (loss), net of reimbursement (c,d) | 1.25 | % (g) | 1.55% | 2.80% | 0.88% | (0.40)% | 0.06% |
| Portfolio turnover rate | 0 | % (h) | 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) | N/A | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement (c) | N/A | 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 Statements of Operations due to the share transactions for the period.

(g) Annualized for periods of less than
 one year.

(h) Not annualized.

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months**<br>**Ended**<br>**October 31, 2025**<br>**(Unaudited)** | |<br>**For the Year**<br>**Ended**<br>**April 30, 2025** |<br>**For the Year**<br>**Ended**<br>**April 30, 2024** |<br>**For the Year**<br>**Ended**<br>**April 30, 2023** |<br>**For the Year**<br>**Ended**<br>**April 30, 2022** |<br>**For the Year**<br>**Ended**<br>**April 30, 2021** |
| Net asset value, beginning of year/period | $12.68 |  | $13.54 | $12.54 | $12.56 | $15.00 | $12.87 |
| **ACTIVITY FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.17 |  | 0.40 | 0.44 | 0.12 | (0.05) | 0.02 |
| Net realized and unrealized gain (loss) on investments | 2.53 |  | (0.77) | 1.04 | (0.14) | (0.59) | 3.41 |
| Total from investment operations | 2.70 |  | (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/period | $15.38 |  | $12.68 | $13.54 | $12.54 | $12.56 | $15.00 |
| Total return (b) | 21.29 | % (g) | (2.94)% | 11.93% | (0.16)% | (5.10)% | 26.96% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $64455 |  | $56425 | $72550 | $83361 | $124788 | $149040 |
| Ratios to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net of reimbursement (c) | 1.25 | % (e,f) | 1.25 % (e) | 1.25 % (e) | 1.25 % (e) | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement (c) | 1.45 | % (e,f) | 1.43 % (e) | 1.37 % (e) | 1.33 % (e) | 1.26% | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss), net of reimbursement (c,d) | 2.37 | % (f) | 2.93% | 3.31% | 1.02% | (0.35)% | 0.12% |
| Portfolio turnover rate | 0 | % (g) | 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% (f) | 1.25% | 1.25% | 1.25% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement (c) | 1.45 % (f) | 1.43% | 1.37% | 1.33% | N/A |

---

(f) Annualized for periods of less than
 one year.

(g) Not annualized.

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months**<br>**Ended**<br>**October 31, 2025**<br>**(Unaudited)** | |<br>**For the Year**<br>**Ended**<br>**April 30, 2025** |<br>**For the Year**<br>**Ended**<br>**April 30, 2024** |<br>**For the Year**<br>**Ended**<br>**April 30, 2023** |<br>**For the Year**<br>**Ended**<br>**April 30, 2022** |<br>**For the Year**<br>**Ended**<br>**April 30, 2021** |
| Net asset value, beginning of year/period | $8.99 |  | $10.32 | $9.37 | $10.39 | $14.56 | $10.18 |
| **ACTIVITY FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.12 |  | 0.29 | 0.32 | 0.10 | (0.05) | 0.01 |
| Net realized and unrealized gain (loss) on investments | 1.29 |  | (1.17) | 0.70 | (1.12) | (2.17) | 4.44 |
| Total from investment operations | 1.41 |  | (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/period | $10.40 |  | $8.99 | $10.32 | $9.37 | $10.39 | $14.56 |
| Total return (c) | 15.68 | % (h) | (8.84)% | 10.90% | (9.80)% | (16.08)% | 43.82% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $29271 |  | $29360 | $57523 | $62491 | $97855 | $97972 |
| Ratios to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net of reimbursement (d) | 1.25 | % (f,g) | 1.26 % (f) | 1.25 % (f) | 1.25 % (f) | 1.26 % (f) | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement (d) | 1.68 | % (f,g) | 1.51 % (f) | 1.41 % (f) | 1.34 % (f) | 1.31 % (f) | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss), net of reimbursement (d,e) | 2.36 | % (g) | 2.90% | 3.25% | 0.98% | (0.39)% | 0.05% |
| Portfolio turnover rate | 0 | % (h) | 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% (g) | 1.25% | 1.25% | 1.25% | 1.25% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement (d) | 1.68 % (g) | 1.5% | 1.41% | 1.34% | 1.3% | N/A |

---

(g) Annualized for periods of less than
 one year.

(h) Not annualized.

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months**<br>**Ended**<br>**October 31, 2025**<br>**(Unaudited)** |<br>**For the Year**<br>**Ended**<br>**April 30, 2025** |<br>**For the Year**<br>**Ended**<br>**April 30, 2024** |<br>**For the Year**<br>**Ended**<br>**April 30, 2023** |<br>**For the Year**<br>**Ended**<br>**April 30, 2022** |<br>**For the Year**<br>**Ended**<br>**April 30, 2021** |
| Net asset value, beginning of year/period | $9.13 | $9.14 | $9.32 | $9.60 | $10.04 | $9.69 |
| **ACTIVITY FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (a) | 0.18 | 0.39 | 0.39 | 0.21 | 0.15 | 0.16 |
| Net realized and unrealized gain (loss) on investments | 0.15 | (0.01) | (0.18) | (0.28) | (0.42) | 0.35 |
| Total from investment operations | 0.33 | 0.38 | 0.21 | (0.07) | (0.27) | 0.51 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| From net investment income | (0.18) | (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 | (0.18) | (0.39) | (0.39) | (0.21) | (0.17) | (0.16) |
| Net asset value, end of year/period | $9.28 | $9.13 | $9.14 | $9.32 | $9.60 | $10.04 |
| Total return (b) | 3.66 % (g) | 4.16% | 2.32% | (0.68)% | (2.73)% | 5.27% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $46761 | $52018 | $41796 | $54444 | $64595 | $65700 |
| Ratios to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net of reimbursement (c) | 1.25 % (f) | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement (c) | 1.49 % (f) | 1.51% | 1.44% | 1.38% | 1.33% | 1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income, net of reimbursement (c,d) | 3.86 % (f) | 4.17% | 4.21% | 2.21% | 1.51% | 1.56% |
| Portfolio turnover rate | 67 % (g) | 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.

(f) Annualized for periods of less than
 one year.

(g) Not annualized.

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months**<br>**Ended**<br>**October 31, 2025**<br>**(Unaudited)** | |<br>**For the Year**<br>**Ended**<br>**April 30, 2025** |<br>**For the Year**<br>**Ended**<br>**April 30, 2024** |<br>**For the Year**<br>**Ended**<br>**April 30, 2023** |<br>**For the Year**<br>**Ended**<br>**April 30, 2022** |<br>**For the Year**<br>**Ended**<br>**April 30, 2021** |
| Net asset value, beginning of year/period | $9.60 |  | $9.90 | $9.51 | $10.70 | $14.39 | $10.44 |
| **ACTIVITY FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |  |
| Net investment income (a) | 0.12 |  | 0.27 | 0.23 | 0.13 | 0.02 | 0.03 |
| Net realized and unrealized gain (loss) on investments | 1.16 |  | (0.24) | 0.41 | (1.22) | (0.65) | 4.45 |
| Total from investment operations | 1.28 |  | 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/period | $10.88 |  | $9.60 | $9.90 | $9.51 | $10.70 | $14.39 |
| Total return (b) | 13.33 | % (g) | 0.13% | 6.81% | (10.21)% | (5.46)% | 43.48% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |  |
| Net assets, end of year/period (in 000's) | $73955 |  | $52278 | $63189 | $108318 | $125951 | $137789 |
| Ratios to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, net of reimbursement (c) | 1.26 | % (e,f) | 1.25 % (e) | 1.25 % (e) | 1.26 % (e) | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement (c) | 1.39 | % (e,f) | 1.41 % (e) | 1.34 % (e) | 1.29 % (e) | 1.24% | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment Income, net of reimbursement (c,d) | 2.38 | % (f) | 2.62% | 2.40% | 1.27% | 0.16% | 0.15% |
| Portfolio turnover rate | 0 | % (g) | 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% (f) | 1.25% | 1.25% | 1.25% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, before reimbursement (c) | 1.38 % (f) | 1.41% | 1.34% | 1.28% | N/A |

---

(f) Annualized for periods of less than
 one year.

(g) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Unaudited) |
| October 31, 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 the 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 Trust. 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-

---

| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Unaudited) (Continued) |
| October 31, 2025 |

---

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 as 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.

---

| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Unaudited) (Continued) |
| October 31, 2025 |

---

**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 October 31, 2025 for the Funds' assets and liabilities measured at fair value:

**Tactical Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $283373150 | $— | $— | $283373150 |
| Corporate Bonds |  | 125335374 |  | 125335374 |
| Collateral For Securities Loaned | 17146885 |  |  | 17146885 |
| Total | $300520035 | $125335374 | $— | $425855409 |
| **Oceana Fund** |  |  |  |  |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $24044415 | $— | $— | $24044415 |
| Future Options Purchased | 41975 |  |  | 41975 |
| Total | $24086390 | $— | $— | $24086390 |
| **U.S. Fund** |  |  |  |  |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| US Government & Agencies | $— | $50879593 | $— | $50879593 |
| Future Options Purchased | 109250 |  |  | 109250 |
| Long Future Contracts | 2355039 |  |  | 2355039 |
| Total | $2464289 | $50879593 | $— | $53343882 |
| **Opportunity Fund** |  |  |  |  |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| US Government & Agencies | $— | $23943338 | $— | $23943338 |
| Future Options Purchased | 58800 |  |  | 58800 |
| Long Future Contracts | 162149 |  |  | 162149 |
| Total | $220949 | $23943338 | $— | $24164287 |
| **Unconstrained Income Fund** |  |  |  |  |
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Exchange-Traded Funds | $46699214 | $— | $— | $46699214 |
| Collateral For Securities Loaned | 7495385 |  |  | 7495385 |
| Total | $54194599 | $— | $— | $54194599 |

---

---

| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Unaudited) (Continued) |
| October 31, 2025 |

---

**Defensive Alpha Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| US Government & Agencies | $— | $59858344 | $— | $59858344 |
| Future Options Purchased | 2534450 |  |  | 2534450 |
| Long Futures Contracts | 2080273 |  |  | 2080273 |
| Total | $4614723 | $59858344 | $— | $64473067 |
| **Liabilities\*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Future Optiones Written | $688750 | $— | $— | $688750 |
| Total | $688750 | $— | $— | $688750 |

---

\* 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' Schedule of Investments.

---

| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Unaudited) (Continued) |
| October 31, 2025 |

---

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 Statements 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 October 31, 2025, as disclosed in the Schedule of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed below and within the Statements of Operations serve as indicators of the volume of derivative activity.

For the six months ended October 31, 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**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Statements of Assets**<br> **and Liabilities**<br> **Unrealized Appreciation**<br> **from Futures Contracts** | **Statements of**<br> **Operations**<br> **Change in**<br> **Unrealized**<br> **Appreciation on**<br> **Futures Contracts** | **Statements of**<br> **Operations**<br> **Realized Gain**<br> **(Loss) on Futures**<br> **Contracts** |
| Tactical Income Fund | Interest Rate Risk | $— | $— | $(587113) |
| U.S. Fund | Equity Price Risk | 2355039 | 2355039 | 9544663 |
| Opportunity Fund | Equity Price Risk | 162149 | 162149 | 4272381 |
| Defensive Alpha Fund | Equity Price Risk | 2080273 | 3022245 | 9202417 |

---

---

| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Unaudited) (Continued) |
| October 31, 2025 |

---

**Options Purchased**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Statements of Assets**<br> **and Liabilities**<br> **Investments, at Fair**<br> **Value** | **Statements of**<br> **Operations**<br> **Change in Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Options Purchased** | **Statements of**<br> **Operations**<br> **Realized Loss on**<br> **Options**<br> **Purchased** |
| Oceana Fund | Equity Price Risk | $41975 | $24389 | $(362329) |
| U.S. Fund | Equity Price Risk | 109250 | (85581) | (807816) |
| Opportunity Fund | Equity Price Risk | 58800 | (32463) | (440608) |
| Defensive Alpha Fund | Equity Price Risk | 2534450 | (3691155) | (447500) |

---

**Options Written**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **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** |
| Defensive Alpha Fund | Equity Price Risk | $(688750) | $123569 | $(551209) |

---

<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 October 31, 2025.

Oceana Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | |  | | Net Amounts | Financial | Cash | Net |
|  |  | Gross Amounts of |  | Gross Amounts of | Presented in the | Instruments | Collateral | Amount |
| Description | Counterparty | Recognized Assets |  | Recognized Liabilities | Statements of Assets & Liabilities | Pledged | Pledged | of Assets & Liabilities |
| Option Purchased at Fair Value | EDF & MAN Capital Markets | $41975 | (1) | $— | $41975 | $— | $— | $41975 |
|  |  | $41975 |  | $— | $41975 | $— | $— | $41975 |

---

US Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | |  | | Net Amounts | Financial | Cash | Net |
|  |  | Gross Amounts of |  | Gross Amounts of | Presented in the | Instruments | Collateral | Amount |
| Description | Counterparty | Recognized Assets |  | Recognized Liabilities | Statements of Assets & Liabilities | Pledged | Pledged | of Assets & Liabilities |
| Option Purchased at Fair Value | EDF & MAN Capital Markets | $109250 | (1) | $— | $109250 | $— | $— | $109250 |
| Future Contracts | EDF & MAN Capital Markets | 2355039 | (1) |  | 2355039 |  |  | 2355039 |
|  |  | $2464289 |  | $— | $2464289 | $— | $— | $2464289 |

---

US Opportunity Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | |  | | Net Amounts | Financial | Cash | Net |
|  |  | Gross Amounts of |  | Gross Amounts of | Presented in the | Instruments | Collateral | Amount |
| Description | Counterparty | Recognized Assets |  | Recognized Liabilities | Statements of Assets & Liabilities | Pledged | Pledged | of Assets & Liabilities |
| Option Purchased at Fair Value | EDF & MAN Capital Markets | $58800 | (1) | $— | $58800 | $— | $— | $58800 |
| Future Contracts | EDF & MAN Capital Markets | 383916 | (1) | (221767 | 162149 |  |  | 162149 |
|  |  | $442716 |  | $(221767 | $220949 | $— | $— | $220949 |

---

Defensive Alpha Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | |  | | Net Amounts | Financial | Cash |  | Net |
|  |  | Gross Amounts of |  | Gross Amounts of | Presented in the | Instruments | Collateral |  | Amount |
| Description | Counterparty | Recognized Assets |  | Recognized Liabilities | Statements of Assets & Liabilities | Pledged | Pledged |  | of Assets & Liabilities |
| Option Purchased at Fair Value | EDF & MAN Capital Markets | $2534450 | (1) | $— | $2534450 | $— | $— |  | $2534450 |
| Options Written at Fair Value | EDF & MAN Capital Markets |  |  | (688750) | (688750) |  | 688750 | (2) |  |
| Future Contracts | EDF & MAN Capital Markets | 2080273 | (1) |  | 2080273 |  |  |  | 2080273 |
|  |  | $4614723 |  | $(688750 | $3925973 | $— | $688750 |  | $4614723 |

---

(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.

---

| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Unaudited) (Continued) |
| October 31, 2025 |

---

<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. 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, 2023, to April 30, 2025, or expected to be taken in the Funds' April 30, 2026, 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 Tactical 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 Tactical 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.

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

---

| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Unaudited) (Continued) |
| October 31, 2025 |

---

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, 2026, so that the total annual operating expenses of the Funds do not exceed 1.25% of the Funds' average net assets. For the six months ended October 31, 2025 the Adviser earned and waived and/or reimbursed the following fees pursuant to its contractual agreement:

---

| | | |
|:---|:---|:---|
| **Fund** | **Fees Earned** | **Fees (Waived)** |
| Tactical Income Fund | $2145963 | $— |
| Oceana Fund | 125452 | (66200) |
| U.S. Fund | 308555 | (61620) |
| Opportunity Fund | 150618 | (64344) |
| Unconstrained Income Fund | 247140 | (58077) |
| Defensive Alpha Fund | 339449 | (42757) |

---

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 |

---

*Distributor –* The distributor of the Funds is Northern Lights Distributors, LLC (the "Distributor"). For the six months ended October 31, 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.

---

| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Unaudited) (Continued) |
| October 31, 2025 |

---

**NOTE 4. INVESTMENT TRANSACTIONS**

The cost of security purchases and the proceeds from the sales of securities, other than short-term securities, for the six months ended October 31, 2025 amounted to the following:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Tactical Income Fund | $115904466 | $150053345 |
| Oceana Fund |  | 4026352 |
| U.S. Fund |  |  |
| Opportunity Fund |  |  |
| Unconstrained Income Fund | 39921572 | 28692935 |
| Defensive Alpha Fund |  |  |

---

**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 October 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>Tax Cost | Gross Unrealized<br>Appreciation | Gross Unrealized<br>(Depreciation) | Net Unrealized<br>(Depreciation) |
| Tactical Income Fund | $423765461 | $8538824 | $(6448876) | $2089948 |
| Oceana Fund | 19610884 | 4508387 | (32881) | 4475506 |
| U.S. Fund | 51064611 | 2364852 | (85581) | 2279271 |
| Opportunity Fund | 24029983 | 388533 | (254229) | 134304 |
| Unconstrained Income Fund | 54007427 | 714124 | (526952) | 187172 |
| Defensive Alpha Fund | 64318114 | 2287377 | (2821174) | (533797) |

---

**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 |

---

---

| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Unaudited) (Continued) |
| October 31, 2025 |

---

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.

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 |

---

---

| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Unaudited) (Continued) |
| October 31, 2025 |

---

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"). Under an agreement (the "Securities Lending Agreement") with SFTC, the Tactical 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 Tactical Income Fund and Unconstrained Income Fund continue to receive interest or dividends on the securities loaned. The Tactical 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 Tactical Income Fund and Unconstrained Income Fund could experience delays or losses on recovery. Additionally, the Tactical Income Fund and Unconstrained Income Fund are subject to the risk of loss from investments made with the cash received as collateral. The Tactical 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 Tactical Income Fund and Unconstrained Income Fund as of October 31, 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<br> Money Market, Premier Class | $17146885 | $— | $— | $— | $17146885 |
| Unconstrained Income Fund | State Street Institutional US Government<br> Money Market, Premier Class | $7495385 | $— | $— | $— | $7495385 |

---

At October 31, 2025, the Tactical 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 Statements of Operations.

---

| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Unaudited) (Continued) |
| October 31, 2025 |

---

The securities loaned are noted in the Schedule of Investments. The fair value of the securities loaned for the Tactical Income Fund and Unconstrained Income Fund at October 31, 2025 were as follows.

---

| | |
|:---|:---|
|  | Fair Value of<br>Securities Loaned |
| Tactical Income Fund | $16809514 |
| Unconstrained Income Fund | 7344720 |

---

The fair value of the "Collateral for Securities Loaned" on the Schedule of Investments is cash collateral received and reinvested. As of October 31, 2025, the total collateral for securities loaned was as follows:

---

| | |
|:---|:---|
|  | Collateral for<br>Securities Loaned |
| Tactical Income Fund | $17146885 |
| Unconstrained Income Fund | 7495385 |

---

These amounts are offset by a liability recorded as "Securities lending collateral" as shown on the Statements 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 October 31, 2025, the following entities held more than 25% of the voting securities for each Fund listed below.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Charles Schwab & Co. Inc.** | **National Financial Services LLC** | **Matrix Trust** |
| Tactical Income Fund | 53.91% | N/A | N/A |
| Oceana Fund | 64.33% | N/A | N/A |
| U.S. Fund | 61.54% | N/A | N/A |
| Opportunity Fund | 67.59% | N/A | N/A |
| Unconstrained Income Fund | 73.26% | N/A | N/A |
| Defensive Alpha Fund | 38.49% | 28.31% | 28.98% |

---

**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 | 53.6% |
| Oceana Fund | Vanguard FTSE Developed Markets ETF | 99.1% |

---

---

| |
|:---|
| **Toews Funds** |
| Notes to Financial Statements (Unaudited) (Continued) |
| October 31, 2025 |

---

**NOTE 10. NEW ACCOUNTING PRONOUNCEMENT**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**NOTE 11. 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.

---

| |
|:---|
| **Toews Funds** |
| Additional Information (Unaudited) |
| October 31, 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**

**Toews Corporation** Adviser to Toews Hedged Oceana Fund ("Toews Oceana"), Toews Hedged U.S. Fund ("Toews Hedged U.S"), Toews Hedged U.S. Opportunity Fund ("Toews Opportunity"), Toews Tactical Defensive Alpha Fund ("Toews Defensive"), Toews Tactical Income Fund ("Toews Income"), and Toews Unconstrained Income Fund ("Toews Unconstrained")\*

In connection with the regular meeting held on June 25-26, 2025 of the Board of Trustees (the "Trustees" or the "Board") of the Northern Lights Fund Trust (the "Trust"), including a majority of the Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of an investment advisory agreement (the "Advisory Agreement") between Toews Asset Management ("TAM") and the Trust, with respect to the Toews Oceana, Toews Hedged U.S., Toews Opportunity, Toews Defensive, Toews Income, and Toews Unconstrained (each a "Fund" and collectively referred to as the "Toews Funds"). In considering the renewal of the Advisory Agreement, the Board received materials specifically relating to the Advisory Agreement.

The Trustees were assisted by independent legal counsel throughout the Advisory Agreement review process. The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreement.

<u>Nature, Extent & Quality of Services.</u> The Trustees observed that TAM was founded in 1995 and with approximately $921 million in assets under management ("AUM"). They further noted that TAM provides discretionary and non-discretionary advisory services, model portfolio management, and tactically managed strategies based on behavioral sciences principles. The Trustees reviewed the education and financial industry experience of the investment personnel that would be responsible for the advisory services provided to the Funds. The Trustees noted that TAM performs continuous technical research and analysis to develop and maintain a rules-based, behavioral investing style that drives security selection, determines each portfolio's target allocation, and manages risk exposure. The Trustees further noted that TAM studies current market conditions to help determine whether to buy or sell securities and utilizes derivatives to increase or decrease portfolio exposures and decides the appropriate exposure level to the target allocation. The Trustees note that TAM's CCO oversees the adviser's website ensuring fund related materials and data feeds are timely and accurate. The Trustees acknowledged that TAM reported no cybersecurity incidents this past year, carries cybersecurity insurance, employs an IT service provider to conduct infrastructure assessments and testing, and embarked on significant upgrade to enhance its IT infrastructure and operation against advanced cyber threats and provide stronger controls. The Trustees noted that TAM does not utilize artificial intelligence in its investment process but does utilize artificial intelligence on a limited basis for research, document summarization, and data analysis. They further noted TAM had no material compliance issues or litigation issues since the previous advisory agreement approval. The Trustees noted TAM investment team's long-term experience in tactical asset management and commitment to active management aimed at limiting downside risk. The Trustees concluded that TAM is expected to continue providing high level of quality service to the Funds.

---

| |
|:---|
| **Toews Funds** |
| Additional Information (Unaudited) (Continued) |
| October 31, 2025 |

---

<u>Performance</u>.

*Toews Oceana*. The Trustees reviewed performance information for the Fund and noted that the Fund has approximately $25 million in AUM, with a decrease of approximately $16 million from the prior year. The Trustees further noted that the Fund's standard deviation is managed well and does well in consistent trending markets. The Trustees concluded that the Fund is performing according to its prospectus, that TAM managed volatility well, and as a result TAM should be retained as the adviser for the Fund.

*Toews Hedged U.S*. The Trustees reviewed performance information for the Fund and noted that the Fund has approximately $58 million in AUM, with a decrease of approximately $19 million from the prior year. The Trustees further noted that the Fund has underperformed its benchmark and Broadridge generated group peer. The Trustees further noted that the Fund had a negative return of 7.77% for the year. The Trustees acknowledged that TAM's negative performance is partially the result of the high costs of option premiums paid by the Fund. The Trustees concluded that the Fund is being managed consistent with its objective and that TAM should be retained as the adviser, but a three-month review of the Fund's hedging is warranted.

*Toews Opportunity*. The Trustees reviewed performance information for the Fund and noted that the Fund has approximately $30 million in AUM, with an increase of approximately $34 million from the prior year. The Trustees further noted the Fund has a one-star Morningstar rating and a ten-year return of 0.34%. The Trustees further noted the Fund's twelve month rolling quartile in the 23rd percentile. The Trustees concluded that TAM should be retained as the adviser for the Fund, but a three-month review of the Fund is warranted.

*Toews Defensive*. The Trustees reviewed performance information for the Fund, noted that the Fund has approximately $52 million in AUM, with a decrease of approximately $18 million from the prior year. The Trustees acknowledged the Fund has a two-star Morningstar rating and positive returns since the Fund's inception. The Trustees noted that the Fund is in the first or second quartile 50% of the time. The Trustees concluded that the Fund's performance is consistent with positive returns and TAM should be retained as the adviser for the Fund.

*Toews Income*. The Trustees reviewed performance information for the Fund, and noted that the Fund has approximately $446 million in AUM, with a decrease of approximately $55 million from the prior year. The Trustees noted that the Fund is a three star fund rated by Morningstar. The Trustee further noted the Fund underperformed its benchmark for the year, but had a three year return of 1.54% and a five year return of 1.9%. The Trustees acknowledged the ten year return period demonstrated that when markets decline the Fund can deliver solid performance. The Trustees concluded that TAM should be retained as the adviser for the Fund.

*Toews Unconstrained*. The Trustees reviewed performance information for the Fund and noted that the Fund has approximately $53 million in AUM, with an increase of approximately $11 million from the prior year. The Trustees acknowledge that the Fund has outperformed its benchmark over three-, five-, and ten-year periods. The Trustees noted that the Fund's individual quartile performance varies, but operates best when markets are stressed, which is demonstrated by the high performance of the Fund's standard deviation. The Trustees concluded that TAM is managing the Fund according to the prospectus and shareholder expectations and should be retained as the adviser for the Fund.

<u>Fees and Expenses</u>.

*Toews Oceana*. The Trustees noted that the advisory fee of 1.00% ranked in the 70<sup>th</sup> percentile in the Broadridge generated peer group. The Trustees acknowledged that TAM's explanation for the advisory fee is based on the proprietary investment strategy, the difficulty in managing the assets, and the expertise of TAM's investment personnel. The Trustees concluded that the Fund's advisory fee was not unreasonable.

*Toews Hedged U.S*. The Trustees noted that the advisory fee of 1.00% ranked in the 47th percentile in the Broadridge generated peer group. The Trustees acknowledged that TAM's explanation for the advisory fee is based on the proprietary investment strategy, the difficulty in managing the assets, and expertise TAM personnel. The Trustees concluded that the Fund's advisory fee was not unreasonable.

---

| |
|:---|
| **Toews Funds** |
| Additional Information (Unaudited) (Continued) |
| October 31, 2025 |

---

*Toews Opportunity*. The Trustees noted that the advisory fee of 1.00% ranked in the 30<sup>th</sup> percentile in the Broadridge generated peer group. The Trustees acknowledged that TAM's explanation for the advisory fee is based on the proprietary investment strategy, the difficulty in managing the assets, and the expertise of TAM's investment personnel. The Trustees concluded that the Fund's advisory fee was not unreasonable.

*Toews Defensive*. The Trustees noted that the advisory fee of 1.00% ranked in the 56th percentile in the Broadridge generated peer group. The Trustees acknowledged that TAM's explanation for the advisory fee is based on the proprietary investment strategy, the difficulty in managing the assets, and expertise TAM personnel. The Trustees concluded that the Fund's advisory fee was not unreasonable.

*Toews Income*. The Trustees noted that the advisory fee of 1.00% ranked in the 84th percentile in the Broadridge generated peer group. The Trustees acknowledged that TAM's explanation for the advisory fee is based TAM's experience in the investment space of the Fund and the active management of the Fund through tactical trading. The Trustees concluded that the Fund's advisory fee was not unreasonable.

*Toews Unconstrained*. The Trustees noted that the advisory fee of 1.00% ranked in the 59th percentile in the Broadridge generated peer group. The Trustees acknowledged that TAM's explanation for the advisory fee is based on the proprietary investment strategy, the difficulty in managing the assets, and expertise TAM personnel. The Trustees concluded that the Fund's advisory fee was not unreasonable.

<u>Economies of Scale</u>. The Trustees considered whether TAM had achieved economies of scale with respect to its management of the Toews Funds. The Trustees noted that TAM had stated it would consider breakpoints with respect to certain Toews Funds, but the Funds had not achieved the desired AUMs to instill breakpoints. The Trustees agreed that in light of the expense limitation agreements in place and TAM's perceived capacity limitations on the potential size of the Funds, the absence of breakpoints was acceptable.

<u>Profitability</u>. The Trustees reviewed TAM's profitability analysis, in terms of absolute dollars and as a percentage of revenue, with respect to each of the Toews Funds. The Trustees observed that, before paying distribution expenses, TAM had realized a profit with respect to each of the Toews Funds. The Board concluded that TAM's relationship with each of the Toews Funds was not excessively profitable.

<u>Conclusion</u>. Having requested and received such information from TAM as the Trustees believed to be reasonably necessary to evaluate the terms of the proposed Advisory Agreement, and as assisted by the advice of legal counsel, the Trustees concluded that the approval of the continuation of the Advisory Agreement was in the best interests of the Funds and their shareholders.

\* Due to the timing of the contract renewal schedule, these deliberations may or may not relate to the current performance results of the Toews Funds.

**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.**

Included under Item 7

**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) Not applicable.

(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.](ex_99cert.htm)

(a)(4) Not applicable.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto.](ex_99-906cert.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 | /s/ Kevin E. Wolf |
| Kevin E. Wolf | Kevin E. Wolf |
| Principal Executive Officer | Principal Executive Officer |
| Date: 1/5/2026 | Date: 1/5/2026 |

---

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 | /s/ Kevin E. Wolf |
| Kevin E. Wolf | Kevin E. Wolf |
| Principal Executive Officer | Principal Executive Officer |
| Date: 1/5/2026 | Date: 1/5/2026 |

---

---

| | |
|:---|:---|
| By | /s/ James Colantino |
| James Colantino | James Colantino |
| Principal Financial Officer | Principal Financial Officer |
| Date: 1/5/2026 | Date: 1/5/2026 |

---

## 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: 1/5/2026 | /s/ Kevin E. Wolf |
|  | Kevin E. Wolf |
|  | Principal Executive Officer |

---

**Certification** [Exhibit 99. CERT]

I, James 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: 1/5/2026 | /s/ James Colantino |
|  | James Colantino |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**certification** [Exhibit 99.906CERT]

Kevin E. Wolf, Principal Executive Officer, and James 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 October 31, 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 Financial Officer |
| Northern Lights Fund Trust | Northern Lights Fund Trust |
| /s/ Kevin E. Wolf | /s/ James Colantino |
| Kevin E. Wolf | James Colantino |

---

Date: <u>1/5/2026</u> Date: <u>1/5/2026</u>

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.