TTDAX : Toews Tactical Defensive Alpha Fund

Fund Summary

The investment seeks to provide long-term growth of capital; a secondary objective of the fund is to limit risk during unfavorable market conditions. 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 compromised 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.