TOEWS

High conviction tactical equity strategy that attempts to track global indices during rising markets but seeks to exit to fixed income investments and/or cash equivalents when our rules-based price-reactive system* indicates a market decline. When markets begin to rebound, the strategy attempts to return to be fully invested in the global equity market. When invested in equities, the strategy holds put options for the entire value of the portfolio that seek to reduce risk from sudden or rapid market declines as a second means of risk management.

High conviction tactical High Yield Bond strategy that attempts to participate in High Yield Bond growth and yield during rising markets but attempts to lower the risk of investing in high yield bond instruments by seeking to exit during the preliminary phase of declines, before large losses are realized when our rules-based price-reactive system* indicates a sell signal, the strategy is designed to move the high yield portion of its allocation to cash and/or cash equivalents, 1 - 3 Year or 5 - 7 Year Investment Grade Bonds.

High conviction tactical equity strategy that attempts to track global indices during rising markets but seeks to exit to fixed income investments and/or cash equivalents when our rules-based price-reactive system* indicates a market decline. When markets begin to rebound, the strategy attempts to return to be fully invested in the global equity market. When invested in equities, the strategy holds put options for the entire value of the portfolio that seek to reduce risk from sudden or rapid market declines as a second means of risk management.

Fixed Income strategy that moves between cash and/or cash equivalents, 1 - 3 Year or 5 - 7 Year Investment Grade Bonds, and TIPS. The strategy is driven primarily by our rules-based price-reactive system*. Our goal is to try to maximize yield in the investment grade bond market while minimizing duration and inflation risks.

High conviction tactical High Yield Bond strategy that attempts to participate in High Yield Bond growth and yield during rising markets but attempts to lower the risk of investing in high yield bond instruments by seeking to exit during the preliminary phase of declines, before large losses are realized when our rules-based price-reactive system* indicates a sell signal, the strategy is designed to move the high yield portion of its allocation to cash and/or cash equivalents, 1 - 3 Year or 5 - 7 Year Investment Grade Bonds.

High conviction tactical equity strategy that attempts to track global indices during rising markets but seeks to exit to fixed income investments and/or cash equivalents when our rules-based price-reactive system* indicates a market decline. When markets begin to rebound, the strategy attempts to return to be fully invested in the global equity market. When invested in equities, the strategy holds put options for the entire value of the portfolio that seek to reduce risk from sudden or rapid market declines as a second means of risk management.

Fixed Income strategy that moves between cash and/or cash equivalents, 1 - 3 Year or 5 - 7 Year Investment Grade Bonds, and TIPS. The strategy is driven primarily by our rules-based price-reactive system*. Our goal is to try to maximize yield in the investment grade bond market while minimizing duration and inflation risks.

High conviction tactical High Yield Bond strategy that attempts to participate in High Yield Bond growth and yield during rising markets but attempts to lower the risk of investing in high yield bond instruments by seeking to exit during the preliminary phase of declines, before large losses are realized when our rules-based price-reactive system* indicates a sell signal, the strategy is designed to move the high yield portion of its allocation to cash and/or cash equivalents, 1 - 3 Year or 5 - 7 Year Investment Grade Bonds.

High conviction tactical equity strategy that attempts to track global indices during rising markets but seeks to exit to fixed income investments and/or cash equivalents when our rules-based price-reactive system* indicates a market decline. When markets begin to rebound, the strategy attempts to return to be fully invested in the global equity market. When invested in equities, the strategy holds put options for the entire value of the portfolio that seek to reduce risk from sudden or rapid market declines as a second means of risk management.

Fixed Income strategy that moves between cash and/or cash equivalents, 1 - 3 Year or 5 - 7 Year Investment Grade Bonds, and TIPS. The strategy is driven primarily by our rules-based price-reactive system*. Our goal is to try to maximize yield in the investment grade bond market while minimizing duration and inflation risks.

High conviction tactical High Yield Bond strategy that attempts to participate in High Yield Bond growth and yield during rising markets but attempts to lower the risk of investing in high yield bond instruments by seeking to exit during the preliminary phase of declines, before large losses are realized when our rules-based price-reactive system* indicates a sell signal, the strategy is designed to move the high yield portion of its allocation to cash and/or cash equivalents, 1 - 3 Year or 5 - 7 Year Investment Grade Bonds.

High conviction tactical equity strategy that attempts to track global indices during rising markets but seeks to exit to fixed income investments and/or cash equivalents when our rules-based price-reactive system* indicates a market decline. When markets begin to rebound, the strategy attempts to return to be fully invested in the global equity market. When invested in equities, the strategy holds put options for the entire value of the portfolio that seek to reduce risk from sudden or rapid market declines as a second means of risk management.

Fixed Income strategy that moves between cash and/or cash equivalents, 1 - 3 Year or 5 - 7 Year Investment Grade Bonds, and TIPS. The strategy is driven primarily by our rules-based price-reactive algorithms*. Our goal is to try to maximize yield in the investment grade bond market while minimizing duration and inflation risks.

High conviction tactical High Yield Bond strategy that attempts to participate in High Yield Bond growth and yield during rising markets but attempts to lower the risk of investing in high yield bond instruments by seeking to exit during the preliminary phase of declines, before large losses are realized when our rules-based price-reactive system* indicates a sell signal, the strategy is designed to move the high yield portion of its allocation to cash and/or cash equivalents, 1 - 3 Year or 5 - 7 Year Investment Grade Bonds.

High conviction tactical equity strategy that attempts to track global indices during rising markets but seeks to exit to fixed income investments and/or cash equivalents when our rules-based price-reactive system* indicates a market decline. When markets begin to rebound, the strategy attempts to return to be fully invested in the global equity market. When invested in equities, the strategy holds put options for the entire value of the portfolio that seek to reduce risk from sudden or rapid market declines as a second means of risk management.

Fixed Income strategy that moves between cash and/or cash equivalents, 1 - 3 Year or 5 - 7 Year Investment Grade Bonds, and TIPS. The strategy is driven primarily by our rules-based price-reactive system*. Our goal is to try to maximize yield in the investment grade bond market while minimizing duration and inflation risks.

High conviction tactical High Yield Bond strategy that attempts to participate in High Yield Bond growth and yield during rising markets but attempts to lower the risk of investing in high yield bond instruments by seeking to exit during the preliminary phase of declines, before large losses are realized when our rules-based price-reactive system* indicates a sell signal, the strategy is designed to move the high yield portion of its allocation to cash and/or cash equivalents, 1 - 3 Year or 5 - 7 Year Investment Grade Bonds.

High conviction tactical equity strategy that attempts to track global indices during rising markets but seeks to exit to fixed income investments and/or cash equivalents when our rules-based price-reactive system* indicates a market decline. When markets begin to rebound, the strategy attempts to return to be fully invested in the global equity market. When invested in equities, the strategy holds put options for the entire value of the portfolio that seek to reduce risk from sudden or rapid market declines as a second means of risk management.

Fixed Income strategy that moves between cash and/or cash equivalents, 1 - 3 Year or 5 - 7 Year Investment Grade Bonds, and TIPS. The strategy is driven primarily* by our rules-based price-reactive algorithms. Our goal is to try to maximize yield in the investment grade bond market while minimizing duration and inflation risks.

High conviction tactical High Yield Bond strategy that attempts to participate in High Yield Bond growth and yield during rising markets but attempts to lower the risk of investing in high yield bond instruments by seeking to exit during the preliminary phase of declines, before large losses are realized when our rules-based price-reactive system* indicates a sell signal, the strategy is designed to move the high yield portion of its allocation to cash and/or cash equivalents, 1 - 3 Year or 5 - 7 Year Investment Grade Bonds.

High conviction tactical equity strategy that attempts to track global indices during rising markets but seeks to exit to fixed income investments and/or cash equivalents when our rules-based price-reactive system* indicates a market decline. When markets begin to rebound, the strategy attempts to return to be fully invested in the global equity market. When invested in equities, the strategy holds put options for the entire value of the portfolio that seek to reduce risk from sudden or rapid market declines as a second means of risk management.

Fixed Income strategy that moves between cash and/or cash equivalents, 1 - 3 Year or 5 - 7 Year Investment Grade Bonds, and TIPS. The strategy is driven primarily* by our rules-based price-reactive algorithms. Our goal is to try to maximize yield in the investment grade bond market while minimizing duration and inflation risks.

High conviction tactical High Yield Bond strategy that attempts to participate in High Yield Bond growth and yield during rising markets but attempts to lower the risk of investing in high yield bond instruments by seeking to exit during the preliminary phase of declines, before large losses are realized when our rules-based price-reactive system* indicates a sell signal, the strategy is designed to move the high yield portion of its allocation to cash and/or cash equivalents, 1 - 3 Year or 5 - 7 Year Investment Grade Bonds.

High conviction tactical equity strategy that attempts to track global indices during rising markets but seeks to exit to fixed income investments and/or cash equivalents when our rules-based price-reactive system* indicates a market decline. When markets begin to rebound, the strategy attempts to return to be fully invested in the global equity market. When invested in equities, the strategy holds put options for the entire value of the portfolio that seek to reduce risk from sudden or rapid market declines as a second means of risk management.

Options hedged US large cap strategy designed to always be invested in US Large Cap stocks using options to manage risk. seeks to roll the options up if markets are rising and monetize them in down markets, while selling shorter dated options. In a rising market the Large Cap is expected to appreciate, in a falling market the puts are expected to appreciate, while selling shorter dated options provides income. This is designed to be used in conjunction with other equity strategies that will have higher risk. It

Designed to limit stock volatility while maintaining Large Cap US equity exposure. This is intended as a diversifying portion of a portfolio which can shift entirely from Large Cap US stocks to cash instruments following a rules based trend following process.

Designed to limit stock volatility while maintaining US Small/Mid Cap equity exposure. This is intended as a diversifying portion of a portfolio which can shift entirely from US Small/Mid Cap US stocks to cash instruments following a rules based trend following process.

High conviction tactical High Yield Bond strategy that attempts to participate in High Yield Bond growth and yield during rising markets but attempts to lower the risk of investing in high yield bond instruments by seeking to exit during the preliminary phase of declines, before large losses are realized when our rules-based price-reactive system* indicates a sell signal, the strategy is designed to move the high yield portion of its allocation to cash and/or cash equivalents, 1 - 3 Year or 5 - 7 Year Investment Grade Bonds.

High conviction tactical equity strategy that attempts to track global indices during rising markets but seeks to exit to fixed income investments and/or cash equivalents when our rules-based price-reactive system* indicates a market decline. When markets begin to rebound, the strategy attempts to return to be fully invested in the global equity market. When invested in equities, the strategy holds put options for the entire value of the portfolio that seek to reduce risk from sudden or rapid market declines as a second means of risk management.

Fixed Income strategy that moves between cash and/or cash equivalents, 1 - 3 Year or 5 - 7 Year Investment Grade Bonds, and TIPS. The strategy is driven primarily by our rules-based price-reactive system*. Our goal is to try to maximize yield in the investment grade bond market while minimizing duration and inflation risks.

High conviction tactical High Yield Bond strategy that attempts to participate in High Yield Bond growth and yield during rising markets but attempts to lower the risk of investing in high yield bond instruments by seeking to exit during the preliminary phase of declines, before large losses are realized when our rules-based price-reactive system* indicates a sell signal, the strategy is designed to move the high yield portion of its allocation to cash and/or cash equivalents, 1 - 3 Year or 5 - 7 Year Investment Grade Bonds.

High conviction tactical equity strategy that attempts to track global indices during rising markets but seeks to exit to fixed income investments and/or cash equivalents when our rules-based price-reactive system* indicates a market decline. When markets begin to rebound, the strategy attempts to return to be fully invested in the global equity market. When invested in equities, the strategy holds put options for the entire value of the portfolio that seek to reduce risk from sudden or rapid market declines as a second means of risk management.