Toews Managed Risk Equity (Toews Tactical Defensive Alpha ) Fonds

The fund's adviser seeks to achieve the fund's investment objective by investing primarily in: (1) derivative instruments including but not limited to futures contracts on equity indices comprised of issuers of any capitalization, (2) fixed income securities and (3) cash equivalents. It may also invest directly in stocks of U.S. issuers of any capitalization, foreign large cap stocks and exchange traded funds ("ETFs") that invest primarily in common stock.