Toews Hedged Opportunity Fund (Toews Tactical Opportunity Fund) fond

The fund invests primarily in equity index futures contracts on equity indices compromised of U.S. and international stocks of any capitalization, and ETFs that primarily invest in U.S. and international stocks as well as investment grade fixed income securities, cash equivalents (such as U.S. Treasury securities) and futures contracts on investment grade fixed-income securities and U.S. Treasury securities. It may also invest in stocks of U.S. small and mid-cap issuers and exchange traded funds ("ETFs") that invest in such issuers.