gips presentations

ToewsDefensive Alpha - Equity

Annual Composite Presentation

YearEnd

NetComposite

ReturnBenchmark

ReturnCompositeDispersion

Number ofportfolios

CompositeAssets$USD

Firm Assets(%)

Pct. Of Non-Fee PayingPortfolios

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2014* 9.30% 2.89% n/a ≤ 5 27,278 0.03% 100.00% n/a n/a

2015 0.60% 1.17% n/a ≤ 5 26,827 0.04% 100.00% n/a n/a

2016 5.96% 4.93% n/a^ 22 2,132,150 0.24% 1.68% n/a n/a

Toews Corporation claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Toews Corporation hasbeen independently verified for the periods March 31, 1996 through December 31, 2016. The verification reports are available upon request.

Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed tocalculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

*For the year ending 2014, the performance results are for the period from May 31, 2014 through December 31, 2014^For the year ending 2016, there were not enough accounts in the composite for the full year to have meaning full Composite Dispersion Results

1051130 MK

ToewsDefensive Alpha - Equity


Composite Description: Attempts to provide a high level of growth by investing in a portfolio of US and international equities with a target allocation of 100% equities (when fully invested). Portfolios are allocated into a mix ofunderlying ETFs or mutual funds chosen by Toews. Based on the asset allocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary risk management system. When fully invested, thiscomposite is allocated in the following categories:• Small Cap Stocks (25%); Mid Cap Stocks (25%); Large Cap Stocks (20%); International Stocks (30%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.

Notes:1. Toews Corporation is an SEC registered investment advisory firm incorporated in 1994. TC began managing accounts in April of 1996. TC manages a variety of equity and balanced model portfolios, primarily for U.S.individual clients. In addition to its own proprietary strategies, TC offers strategies provided to TC by other investment advisors. In general, these portfolios seek to lower risk and improve returns through unique activemanagement techniques. In 2005, TC introduced its i-Vest program, an asset allocation program offering investors access to different strategies utilizing exchange-traded funds (ETFs) and low-cost mutual funds. Priorto January 2017, the definition of the firm for GIPS verification purposes was limited to the separately managed accounts in the TC Investment Risk Management Services product offering, and effective in 2005 andgoing forward, the TC iVest product offering. In January 2017, in order to comply with the GIPS recommendation to define the firm as broadly as possible, the firm definition for GIPS purposes was expanded to includethe Toews Funds. “Firm Assets” for periods prior to 2016 have not been adjusted to reflect this change.

2. The benchmark: 30% Morningstar Small Cap Growth, 20% Morningstar Mid-Cap Growth, 20% Morningstar Large-Cap Growth, 30% MSCI EAFE – rebalanced monthly. The Morningstar Large Cap Growth Index measuresthe performance of large-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forward earnings, historical earnings, book value, cash flow and sales. All indices employed inbenchmark construction are total return and gross of taxes except for EAFE, which is total return and net of foreign withholding. The volatility of the benchmark may be materially different from that of the strategydepicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which the benchmark is composed.

3. The dispersion of annual returns is measured by the asset-weighted standard deviation across portfolio returns represented within the composite for the entire year.4. Performance results are presented net of actual fees – net of all management fees, custodial fees, trading commissions, and Solicitor’s/consultant’s fees. Total fees may vary from 0.55% to a maximum of 2.25%. Thecustodial fee is based on the size of the account up to a maximum 0.25%. Solicitors/consultants determine their fee up to a maximum of 1.5%. The range of fees is shown below by category:

Toews management fee 0.50%Custodial expenses 0.05% to 0.25%Solicitor’s/consultant’s feeZero to 1.50%

Additional information regarding Toews Corporation’s fees is included in its Part II of Form ADV, which is available upon request.5. This composite was created in January 2016.6. A complete list of composite descriptions and their performance results, as well as policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.7. All performance is expressed in U.S. dollars.8. As with any investment, there is the potential for loss, including loss of principal. Past performance does not guarantee future results.9. Three Year Standard Deviation of the Composite and Benchmark are not presented for 2014-2016 because 36 monthly returns are not available

1051130 MK

ToewsDefensive Alpha - Growth


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios

CompositeAssets$USD

Firm Assets(%)


Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2016* 0.50% 1.34% n/a ≤ 5 97,900 0.01% 0.00% n/a n/a



*For the year ending 2016, the performance results are for the period from July 31, 2016 through December 31, 2016

1051130 MK

ToewsDefensive Alpha - Growth

Annual Disclosure Presentation

Composite Description: Attempts to provide growth with a limited level of income in a portfolio with a target allocation of 20% bonds and 80% equities (when fully invested). Portfolios are allocated into a mix of underlying ETFs ormutual funds chosen by Toews. Based on the asset allocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary risk management system. When fully invested, this composite isallocated in the following categories:• Small Cap Stocks (20%); Mid Cap Stocks (20%); Large Cap Stocks (16%); International Stocks (24%); High Yield Bonds (20%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 20% Morningstar Small Cap Growth, 20% Morningstar Mid-Cap Growth, 16% Morningstar Large-Cap Growth, 24% MSCI EAFE, 20% Merrill Lynch High Yield Master II Index, 10% Barclays Aggregate BondIndex – rebalanced monthly. The Morningstar Large Cap Growth Index measures the performance of large-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forwardearnings, historical earnings, book value, cash flow and sales. All indices employed in benchmark construction are total return and gross of taxes except for EAFE, which is total return and net of foreign withholding. Thevolatility of the benchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices it is composed of.



Additional information regarding Toews Corporation’s fees is included in its Part II of Form ADV, which is available upon request.5. This composite was created in January 2017.6. A complete list of composite descriptions and their performance results, as well as policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.7. All performance is expressed in U.S. dollars.8. As with any investment, there is the potential for loss, including loss of principal. Past performance does not guarantee future results.9. Three Year Standard Deviation of the Composite and Benchmark are not presented for 2016 because 36 monthly returns are not available.

1051130 MK

ToewsDefensive Alpha – Balanced Growth


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios

CompositeAssets$USD

Firm Assets(%)

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2016* -0.85% 0.12% n/a ≤ 5 289,388 0.03% n/a n/a



*For the year ending 2016, the performance results are for the period from September 30, 2016 through December 31, 2016

1051130 MK

ToewsDefensive Alpha – Balanced Growth


Composite Description: Attempts to provide growth with a limited level of income in a portfolio with a target allocation of 25% bonds and 75% equities (when fully invested). Portfolios are allocated into a mix of underlying ETFs ormutual funds chosen by Toews. Based on the asset allocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary risk management system. When fully invested, this composite isallocated in the following categories:• Small Cap Stocks (18.75%); Mid Cap Stocks (18.75%); Large Cap Stocks (15%); International Stocks (22.5%); High Yield Bonds (15%); Aggregate Bonds (10%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 18.75% Morningstar Small Cap Growth, 18.75% Morningstar Mid-Cap Growth, 15% Morningstar Large-Cap Growth, 22.5% MSCI EAFE, 15% Merrill Lynch High Yield Master Index, 10% BarclaysAggregate Bond Index – rebalanced monthly. The Morningstar Large Cap Growth Index measures the performance of large-cap stocks that are expected to grow at a faster pace than the rest of the market as measuredby forward earnings, historical earnings, book value, cash flow and sales. All indices employed in benchmark construction are total return and gross of taxes except for EAFE, which is total return and net of foreignwithholding. The volatility of the benchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices ofwhich the benchmark is composed.




1051130 MK

ToewsDefensive Alpha – Balanced


YearEnd

NetComposite

ReturnBenchmark


Numberof

portfolios

CompositeAssets$USD

FirmAssets (%)

Pct. OfNon-FeePaying

Portfolios

Composite3-Yr Std

DevBenchmark3-Yr Std Dev

2016* 4.03% 6.66% n/a ≤ 5 431,669 0.05% 0.02% n/a n/a



*For the year ending 2016, the performance results are for the period from March 31, 2016 through December 31, 2016

1051130 MK

ToewsDefensive Alpha – Balanced


Composite Description: Attempts to provide growth with some income in a portfolio with a target allocation of 40% bonds and 60% equities (when fully invested). Portfolios are allocated into a mix of underlying ETFs or mutualfunds chosen by Toews. Based on the asset allocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary risk management system. When fully invested, this composite is allocated in thefollowing categories:• Small Cap Stocks (15%); Mid Cap Stocks (15%); Large Cap Stocks (12%); International Stocks (18%); High Yield Bonds (20%); Aggregate Bonds (20%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 12.5% Morningstar Small Cap Growth, 12.5% Morningstar Mid-Cap Growth, 15% Morningstar Large-Cap Growth, 20% MSCI EAFE, 20% Merrill Lynch High Yield Master Index, 20% Barclays AggregateBond Index – rebalanced monthly. The Morningstar Large Cap Growth Index measures the performance of large-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forwardearnings, historical earnings, book value, cash flow and sales. All indices employed in benchmark construction are total return and gross of taxes except for EAFE, which is total return and net of foreign withholding. Thevolatility of the benchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which thebenchmark is composed.



Additional information regarding Toews Corporation’s fees is included in its Part II of Form ADV, which is available upon request.5. This composite was created in January 2017.6. A complete list of composite descriptions and their performance results, as well as policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.7. All performance is expressed in U.S. dollars.8. As with any investment, there is the potential for loss, including loss of principal. Past performance does not guarantee future results.9. Three Year Standard Deviation of the Composite and Benchmark are not presented for 2016 because 36 monthly returns are not available

1051130 MK

ToewsiVest Toews Dynamic Fixed Income-High Income


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios

CompositeAssets$USD

FirmAssets

(%)


Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2009* 4.37% 4.03% 0.30% 15 1,541,034 1.80% 0.00% n/a n/a

2010 1.69% 15.24% 0.63% 38 2,995,644 2.81% 0.00% n/a n/a

2011 1.97% 4.50% 0.31% 64 4,020,070 4.35% 1.52% n/a n/a

2012 10.50% 15.44% 0.40% 87 5,710,620 6.84% 1.80% 6.07% 6.93%

2013 5.35% 7.38% 0.89% 109 7,232,467 8.05% 1.43% 4.23% 6.33%

2014 0.82% 2.45% 0.55% 118 7,613,026 9.04% 0.85% 3.14% 4.42%

2015 -1.49% -4.55% 0.44% 121 8,242,432 12.10% 0.40% 2.85% 5.27%

2016 8.32% 17.34% 0.34% 171 17,377,622 2.00% 0.27% 3.44% 6.01%

*For the year ending 2009, the performance results are for the period from October 31, 2009 through December 31, 2009

1051130 MK

ToewsiVest Toews Dynamic Fixed Income-High Income


Composite Description: Attempts to achieve a high level of income by investing in high yield bonds with a target allocation of 100% high yield bonds. Based on the asset allocation indicated below, Toews monitors and enters orexits each asset class based on its proprietary risk management system. Portfolios are allocated into a mix of underlying ETFs or mutual funds chosen by Toews. When fully invested, this composite is allocated in the followingcategories:• High Yield Bonds (100%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 100% Merrill Lynch U.S. High Yield Cash Pay. All indices employed in benchmark construction are total return and gross of taxes. The volatility of the benchmark may be materially different from that ofthe strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which the benchmark is composed.

3. The dispersion of annual returns is measured by the asset-weighted standard deviation across portfolio returns represented within the composite for the entire year.4. Performance results are presented net of actual fees – net of all management fees, custodial fees, trading commissions, and Solicitor’s/consultant’s fees. Total fees may vary from 0.55% to a maximum of 2.25%. Thecustodial fee is based on the size of the account up to a maximum 0.25%. Solicitors/consultants determine their fee up to a maximum of 1.5%. The range of fees is shown below by category:Toews management fee 0.50%Custodial expenses 0.05% to 0.25%Solicitor’s/consultant’s feeZero to 1.50%


Toews Corporation claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Toews Corporation has been independentlyverified for the periods March 31, 1996 through December 31, 2016. The verification reports are available upon request.

Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and presentperformance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

1051130 MK

ToewsiVest Toews Dynamic Fixed Income-Moderate Income


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios

CompositeAssets$USD

Firm Assets(%)

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2009* 3.50% 3.17% n/a ≤ 5 360,129 0.42% n/a n/a

2010 2.57% 13.50% 1.06% 15 1,133,409 1.06% n/a n/a

2011 3.10% 5.24% 1.27% 18 1,320,498 1.43% n/a n/a

2012 8.81% 13.12% 2.03% 19 1,444,505 1.73% 4.84% 5.53%

2013 3.39% 5.45% 0.16% 18 1,563,487 1.74% 3.49% 5.18%

2014 0.89% 3.15% 0.16% 18 1,471,656 1.75% 2.73% 3.82%

2015 -1.62% -3.51% 0.22% 18 1,383,576 2.03% 2.42% 4.45%

2016 7.36% 14.29% 0.27% 19 1,551,263 0.18% 3.02% 4.97%


1051130 MK

ToewsiVest Toews Dynamic Fixed Income-Moderate Income


Composite Description: Attempts to achieve a high level of income by investing in bonds with a target allocation of 20% high quality bonds and 80% high yield bonds. Based on the asset allocation indicated below, Toews monitorsand enters or exits each asset class based on its proprietary risk management system. Portfolios are allocated into a mix of underlying ETFs or mutual funds chosen by Toews. When fully invested, this composite is allocated in thefollowing categories:• High Yield Bonds (80%); Aggregate Bonds (20%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 80% Merrill Lynch U.S. High Yield Cash Pay, 20% Barclays Aggregate Bond Index – rebalanced monthly. All indices employed in benchmark construction are total return and gross of taxes. The volatilityof the benchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which the benchmark iscomposed.





1051130 MK

ToewsiVest Toews Dynamic Fixed Income-Conservative Income


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios

CompositeAssets$USD

Firm Assets(%)


Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2010* 3.96% 6.16% n/a ≤ 5 39,504 0.04% 0.00% n/a n/a

2011 4.77% 6.63% n/a ≤ 5 41,384 0.04% 0.00% n/a n/a

2012 5.30% 8.61% n/a ≤ 5 43,546 0.05% 0.00% n/a n/a

2013 1.53% 1.66% n/a ≤ 5 44,214 0.05% 0.00% 2.17% 3.23%

2014 0.79% 4.55% n/a ≤ 5 131,657 0.16% 5.51% 2.26% 2.90%

2015 -1.66% -1.45% n/a ≤ 5 126,886 0.19% 5.75% 2.24% 3.16%

2016 6.41% 8.36% n/a ≤ 5 46,821 0.01% 0.22% 2.70% 3.29%

*For the year ending 2010, the performance results are for the period from May 31, 2010 through December 31, 2010

1051130 MK

ToewsiVest Toews Dynamic Fixed Income-Conservative Income


Composite Description: Attempts to achieve a high level of income by investing in quality bonds with a target allocation of 60% high quality bonds and 40% high yield bonds. Based on the asset allocation indicated below, Toewsmonitors and enters or exits each asset class based on its proprietary risk management system. Portfolios are allocated into a mix of underlying ETFs or mutual funds chosen by Toews. When fully invested, this composite isallocated in the following categories:• High Yield Bonds (40%); Aggregate Bonds (60%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 40% Merrill Lynch U.S. High Yield Cash Pay, 60% Barclays Aggregate Bond Index – rebalanced monthly. All indices employed in benchmark construction are total return and gross of taxes. The volatilityof the benchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which the benchmark iscomposed.





1051130 MK

ToewsiVest All Equity


YearEnd

NetComposite

ReturnBenchmark


Numberof

portfolios

CompositeAssets$USD

FirmAssets

(%)


Portfolios

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2006* 10.95% 7.60% n/a ≤ 5 65,215 0.05% 100.00% n/a n/a

2007 2.18% 13.11% n/a ≤ 5 66,635 0.07% 100.00% n/a n/a

2008 -3.58% -42.53% n/a ≤ 5 100,208 0.15% 64.12% n/a n/a

2009 34.70% 36.98% 1.22% 13 1,540,956 1.80% 5.61% n/a n/a

2010 8.46% 19.65% 0.56% 27 2,041,708 1.91% 7.29% n/a n/a

2011 -20.18 -4.14% 0.49% 32 2,338,077 2.53% 6.89% 14.33% 20.40%

2012 9.85% 16.43% 0.44% 30 2,286,666 2.74% 5.29% 11.72% 17.98%

2013 25.08% 32.65% 1.55% 29 2,769,112 3.08% 11.35% 11.00% 14.54%

2014 -2.70% 4.04% 0.53% 30 2,684,360 3.19% 12.78% 8.73% 11.09%

2015 -9.75% 1.17% 0.92% 23 1,692,083 2.48% 14.02% 9.34% 11.37%

2016 -6.14% 4.93% 1.00% 13 2,042,636 0.23% 3.37% 8.26% 12.33%*For the year ending 2006, the performance results are for the period from February 28, 2006 through December 31, 2006

1051130 MK

ToewsiVest All Equity






Additional information regarding Toews Corporation’s fees is included in its Part II of Form ADV, which is available upon request.5. This composite was created in January 2007.6. A complete list of composite descriptions and their performance results, as well as policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.7. All performance is expressed in U.S. dollars.8. As with any investment, there is the potential for loss, including loss of principal. Past performance does not guarantee future results.



1051130 MK

ToewsiVest Growth


YearEnd

NetComposite

ReturnBenchmark


Numberof

portfolios

CompositeAssets$USD

FirmAssets

(%)


Portfolios

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2005* 2.87% 2.96% n/a ≤ 5 697,780 0.49% 0.00% n/a n/a

2006 16.05% 14.26% n/a ≤ 5 1,125,241 0.91% 0.00% n/a n/a

2007 3.59% 10.86% n/a ≤ 5 1,579,406 1.61% 0.00% n/a n/a

2008 -2.59% -39.76% 1.03% 6 1,724,114 2.65% 0.00% n/a n/a

2009 28.28% 41.42% 2.34% 68 7,392,203 8.65% 0.00% n/a n/a

2010 7.69% 16.91% 3.40% 127 14,020,676 13.15% 2.50% n/a n/a

2011 -16.59% -2.98% 0.29% 162 13,857,219 14.98% 2.73% 12.66% 17.80%

2012 10.35% 16.67% 0.41% 134 12,063,242 14.45% 7.85% 9.93% 15.43%

2013 20.04% 25.86% 1.85% 120 14,565,035 16.20% 2.98% 9.27% 12.60%

2014 -2.49% 3.68% 0.49% 121 13,389,817 15.90% 2.45% 7.14% 9.47%

2015 -7.48% 0.31% 0.85% 98 10,659,130 15.65% 2.30% 7.51% 9.84%

2016 -3.34% 6.60% 1.42% 65 5,169,114 0.59% 5.27% 6.73% 10.49%*For the year ending 2005, the performance results are for the period from September 30, 2005 through December 31, 2005

1051130 MK

ToewsiVest Growth


Composite Description: Attempts to provide growth by investing in US and international equities and to a limited extent High Yield Bonds in a portfolio with a target allocation of 20% bonds and 80% equities (when fully invested).Portfolios are allocated into a mix of underlying ETFs or mutual funds chosen by Toews. Based on the asset allocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary riskmanagement system. When fully invested, this composite is allocated in the following categories:• Small Cap Stocks (15%); Mid Cap Stocks (15%); Large Cap Stocks (20%); International Stocks (30%); High Yield Bonds (20%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 15% Morningstar Small Cap Growth, 15% Morningstar Mid-Cap Growth, 20% Morningstar Large-Cap Growth, 30% MSCI EAFE, 20% Merrill Lynch High Yield Master Index – rebalanced monthly. TheMorningstar Large Cap Growth Index measures the performance of large-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forward earnings, historical earnings, bookvalue, cash flow and sales. All indices employed in benchmark construction are total return and gross of taxes except for EAFE, which is total return and net of foreign withholding. The volatility of the benchmark maybe materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which the benchmark is composed.





1051130 MK

ToewsiVest Balanced Growth


YearEnd

NetComposite

ReturnBenchmark


Numberof

portfolios

CompositeAssets$USD

FirmAssets

(%)


Portfolios

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2005* 2.26% 3.99% n/a ≤ 5 357,236 0.25% 0.00% n/a n/a

2006 12.33% 12.80% n/a ≤ 5 409,738 0.33% 0.00% n/a n/a

2007 1.86% 10.93% n/a ≤ 5 673,771 0.68% 0.00% n/a n/a

2008 -3.36% -36.51% 0.29% 6 1,392,005 2.14% 0.00% n/a n/a

2009 27.48% 37.26% 0.37% 49 6,177,030 7.23% 0.00% n/a n/a

2010 6.41% 16.53% 0.76% 95 9,721,146 9.12% 1.19% n/a n/a

2011 -14.89% -1.71% 0.46% 119 10,042,934 10.86% 0.49% 11.81% 16.27%

2012 9.06% 15.43% 0.41% 100 9,113,403 10.91% 0.79% 9.11% 14.12%

2013 18.23% 23.91% 1.23% 72 9,007,127 10.02% 0.00% 8.53% 11.52%

2014 -2.14% 4.43% 0.35% 79 9,559,448 11.35% 0.00% 6.71% 8.73%

2015 -7.73% 0.70% 0.60% 54 6,672,534 9.80% 0.00% 7.22% 9.09%

2016 -3.04% 6.01% 0.73% 30 3,164,014 0.36% 0.00% 6.51% 9.69%

*For the year ending 2005, the performance results are for the period from August 31, 2005 through December 31, 2005

1051130 MK

ToewsiVest Balanced Growth


Composite Description: Attempts to provide growth with a limited level of income in a portfolio with a target allocation of 25% bonds and 75% equities (when fully invested). Portfolios are allocated into a mix of underlying ETFs ormutual funds chosen by Toews. Based on the asset allocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary risk management system. When fully invested, this composite isallocated in the following categories:• Small Cap Stocks (15%); Mid Cap Stocks (15%); Large Cap Stocks (20%); International Stocks (25%); High Yield Bonds (15%); Aggregate Bonds (10%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 15% Morningstar Small Cap Growth, 15% Morningstar Mid-Cap Growth, 20% Morningstar Large-Cap Growth, 25% MSCI EAFE, 15% Merrill Lynch High Yield Master Index, 10% Barclays Aggregate BondIndex – rebalanced monthly. The Morningstar Large Cap Growth Index measures the performance of large-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forwardearnings, historical earnings, book value, cash flow and sales. All indices employed in benchmark construction are total return and gross of taxes except for EAFE, which is total return and net of foreign withholding. Thevolatility of the benchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which thebenchmark is composed.





1051130 MK

ToewsiVest Balanced


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios

CompositeAssets$USD

FirmAssets

(%)

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2007* -0.32% 3.25% n/a ≤ 5 90,182 0.09% n/a n/a

2008 -3.04% -31.47% n/a ≤ 5 173,550 0.27% n/a n/a

2009 24.09% 34.72% 0.92% 29 3,285,085 3.84% n/a n/a

2010 6.39% 15.56% 0.81% 59 10,230,199 9.59% n/a n/a

2011 -10.99% -0.01% 0.56% 74 9,940,787 10.75% 10.24% 13.73%

2012 8.77% 14.10% 0.53% 61 5,734,698 6.87% 7.64% 11.67%

2013 15.11% 19.21% 5.17% 60 6,803,339 7.57% 7.10% 9.64%

2014 -1.55% 4.41% 0.32% 59 7,541,560 8.95% 5.73% 7.33%

2015 -6.40% 0.25% 0.77% 49 5,869,501 8.62% 6.19% 7.69%

2016 -0.97% 6.63% 0.76% 32 2,462,678 0.28% 5.67% 8.16%


1051130 MK

ToewsiVest Balanced


Composite Description: Attempts to provide growth with some income in a portfolio with a target allocation of 40% bonds and 60% equities (when fully invested). Portfolios are allocated into a mix of underlying ETFs or mutualfunds chosen by Toews. Based on the asset allocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary risk management system. When fully invested, this composite is allocated in thefollowing categories:• Small Cap Stocks (12.5%); Mid Cap Stocks (12.5%); Large Cap Stocks (15%); International Stocks (20%); High Yield Bonds (20%); Aggregate Bonds (20%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 12.5% Morningstar Small Cap Growth, 12.5% Morningstar Mid-Cap Growth, 15% Morningstar Large-Cap Growth, 20% MSCI EAFE, 20% Merrill Lynch High Yield Master Index, 20% Barclays AggregateBond Index – rebalanced monthly. The Morningstar Large Cap Growth Index measures the performance of large-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forwardearnings, historical earnings, book value, cash flow and sales. All indices employed in benchmark construction are total return and gross of taxes except for EAFE, which is total return and net of foreign withholding. Thevolatility of the benchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which thebenchmark is composed.





1051130 MK

ToewsiVest Balanced Income


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios

CompositeAssets$USD

FirmAssets

(%)

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2009* 31.17% 46.28% n/a ≤ 5 285,364 0.33% n/a n/a

2010 5.66% 15.68% 0.07% 15 1,096,946 1.03% n/a n/a

2011 -6.64% 2.12% 0.31% 15 1,074,894 1.16% n/a n/a

2012 8.89% 13.78% 0.46% 11 775,811 0.93% 6.39% 9.37%

2013 11.33% 14.92% 0.16% 8 743,542 0.83% 5.59% 7.92%

2014 -0.48% 4.40% 0.36% 10 1,001,522 1.19% 4.60% 5.89%

2015 -5.05% -1.00% 0.70% 9 808,467 1.19% 4.86% 6.41%

2016 1.83% 9.46% 0.87% 6 620,814 0.07% 4.73% 6.86%

*For the year ending 2009, the performance results are for the period from February 28, 2009 through December 31, 2009

1051130 MK

ToewsiVest Balanced Income


Composite Description: Attempts to provide a moderate level of income with a moderate level of growth in a portfolio with a target allocation of 60% bonds and 40% equities (when fully invested). Portfolios are allocated into amix of underlying ETFs or mutual funds chosen by Toews. Based on the asset allocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary risk management system. When fully invested,this composite is allocated in the following categories:• Small Cap Stocks (10%); Mid Cap Stocks (10%); Large Cap Stocks (10%); International Stocks (10%); High Yield Bonds (40%); Aggregate Bonds (20%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 10% Morningstar Small Cap Growth, 10% Morningstar Mid-Cap Growth, 10% Morningstar Large-Cap Growth, 10% MSCI EAFE, 40% Merrill Lynch High Yield Master Index, 20% Barclays Aggregate BondIndex – rebalanced monthly. The Morningstar Large Cap Growth Index measures the performance of large-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forwardearnings, historical earnings, book value, cash flow and sales. All indices employed in benchmark construction are total return and gross of taxes except for EAFE, which is total return and net of foreign withholding. Thevolatility of the benchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which thebenchmark is composed.





1051130 MK

ToewsiVest Capital Preservation


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios

CompositeAssets$USD

FirmAssets

(%)


Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2009* 14.94% 21.41% n/a ≤ 5 171,764 0.20% 0.00% n/a n/a

2010 5.48% 13.37% n/a ≤ 5 285,552 0.27% 0.00% n/a n/a

2011 -0.69% 5.21% n/a ≤ 5 283,568 0.31% 0.00% n/a n/a

2012 7.14% 11.18% n/a ≤ 5 394,053 0.47% 0.00% 4.31% 5.79%

2013 7.89% 8.85% n/a ≤ 5 397,146 0.44% 0.00% 3.66% 5.09%

2014 1.05% 5.12% n/a ≤ 5 370,951 0.44% 0.00% 3.15% 3.97%

2015 -3.95% -0.76% n/a ≤ 5 181,211 0.27% 0.00% 3.48% 4.51%

2016 3.28% 9.21% n/a ≤ 5 28,667 0.00% 47.13% 3.48% 4.78%

*For the year ending 2009, the performance results are for the period from April 30, 2009 through December 31, 2009

1051130 MK

ToewsiVest Capital Preservation


Composite Description: Attempts to provide a high level of income with limited growth in a portfolio with a target allocation of 80% bonds and 20% equities (when fully invested). Portfolios are allocated into a mix of underlyingETFs or mutual funds chosen by Toews. Based on the asset allocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary risk management system. When fully invested, this composite isallocated in the following categories:• Small Cap Stocks (10%); Growth Stocks (10%); High Yield Bonds (40%); Aggregate Bond (40%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 10% Morningstar Small Cap Growth, 10% Morningstar Large-Cap Growth, 40% Merrill Lynch High Yield Master Index, 40% Barclays Aggregate Bond Index – rebalanced monthly. The Morningstar LargeCap Growth Index measures the performance of large-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forward earnings, historical earnings, book value, cash flow andsales. All indices employed in benchmark construction are total return and gross of taxes. The volatility of the benchmark may be materially different from that of the strategy depicted, and the holdings in the strategymay differ significantly from the securities that comprise the funds/indices of which the benchmark is composed.





1051130 MK

ToewsVanguard CRSP 100% Equity


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios

CompositeAssets$USD

Firm Assets(%)


Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2016* 5.95% 7.43% n/a^ 15 240,535 0.03% 2.01% n/a n/a



*For the year ending 2016, the performance results are for the period from June 30, 2016 through December 31, 2016^For the year ending 2016, there were not enough accounts in the composite for the full year to have meaning full Composite Dispersion Results

1051130 MK

ToewsVanguard CRSP 100% Equity


Composite Description: Attempts to provide a high level of growth by investing in a portfolio of US, International and Emerging Markets equities with a target allocation of 100% equities. Portfolios are allocated into a mix ofunderlying ETFs or mutual funds chosen by Toews. Based on the asset allocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary risk management system. When fully invested, thiscomposite is allocated in the following categories:• Small Cap Stocks (8%); Large Cap Stocks (53%); International Stocks (32%); Emerging Markets Stocks (7%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 25% CRSP US Large Cap Growth Index, 28% CRSP US Large Cap Value Index, 8% FTSE All-World ex US Index, 7% FTSE Emerging Markets All Cap China A Inclusion Index– rebalanced monthly. All indicesemployed in benchmark construction are total return and gross of taxes except for EAFE, which is total return and net of foreign withholding. The volatility of the benchmark may be materially different from that of thestrategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which the benchmark is composed.



1051130 MK

ToewsToews Tactical Defensive Alpha Institutional


YearEnd

NetComposite

ReturnBenchmark


Numberof

portfoliosComposite

Assets $USD

FirmAssets

(%)

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2016* 10.79% 14.45% n/a ≤ 5 84,520,964 9.63% n/a n/a

*For the year ending 2016, the performance results are for the period from January 31, 2016 through December 31, 2016

1051130 MK

ToewsToews Tactical Defensive Alpha Institutional





3. The dispersion of annual returns is measured by the asset-weighted standard deviation across portfolio returns represented within the composite for the entire year.4. Performance results are presented net of actual fees – net of all management fees, custodial fees, trading commissions, and other miscellaneous fees. The management fee is 1.00%. Total fees may vary from 1.00%and upwards. However, The adviser has agreed to reduce its fees and/or absorb expenses of the Fund in this composite to ensure expenses after fee waiver and/or reimbursement (exclusive of any (i) brokerage fees andcommissions; (ii) acquired fund fees and expenses; (iii) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees andexpenses); (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; (vi) other fees related to underlying investments; (such as option fees and expenses or swap fees and expenses);or (vii) extraordinary expenses such as litigation (which may include indemnification of Fund officers and Trustees or contractual indemnification of Fund service providers (other than the adviser)) will not exceed 1.25%

5. This composite was created in January 2017.6. A complete list of composite descriptions and their performance results, as well as policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.7. All performance is expressed in U.S. dollars.8. As with any investment, there is the potential for loss, including loss of principal. Past performance does not guarantee future results.9. Firm Assets (%) are not shown for periods prior to 2016 because this composite was not part of the firm definition during that period.10. Three Year Standard Deviation of the Composite and Benchmark are not presented for 2016 because 36 monthly returns are not available



1051130 MK

ToewsToews Unconstrained Income Institutional


YearEnd

NetComposite

ReturnBenchmark


Numberof

portfoliosComposite

Assets $USD

FirmAssets

(%)

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2013* 1.95% 0.82% n/a ≤ 5 47,616,622 n/a n/a n/a

2014 1.89% 5.95% n/a ≤ 5 84,373,782 n/a n/a n/a

2015 -0.77% 0.57% n/a ≤ 5 88,201,725 n/a n/a n/a

2016 7.66% 2.66% n/a ≤ 5 111,780,742 12.74% 2.84% 2.98%


1051130 MK

ToewsToews Unconstrained Income Institutional


Composite Description: Attempts to achieve a high level of income by investing in quality bonds with a target allocation of 24% high quality bonds, 24% in treasury inflation protected securities, 12% in nontraditional bonds and40% in high yield bonds. Based on the asset allocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary risk management system. Portfolios are allocated into a mix of underlying ETFsor mutual funds chosen by Toews. When fully invested, this composite is allocated in the following categories:• Aggregate Bonds (24%); Treasury Inflation Protected Securities (24%); Nontraditional Bonds (12%); High Yield Bonds (40%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 100% Barclays Aggregate Bond Index. All indices employed in benchmark construction are total return and gross of taxes. The volatility of the benchmark may be materially different from that of thestrategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which the benchmark is composed.

3. The dispersion of annual returns is measured by the asset-weighted standard deviation across portfolio returns represented within the composite for the entire year.4. Performance results are presented net of actual fees – net of all management fees, custodial fees, trading commissions, and other miscellaneous fees. The management fee is 1.00%. Total fees may vary from 1.00% andupwards. However, The adviser has agreed to reduce its fees and/or absorb expenses of the Fund in this composite to ensure expenses after fee waiver and/or reimbursement (exclusive of any (i) brokerage fees andcommissions; (ii) acquired fund fees and expenses; (iii) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees andexpenses); (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; (vi) other fees related to underlying investments; (such as option fees and expenses or swap fees and expenses); or(vii) extraordinary expenses such as litigation (which may include indemnification of Fund officers and Trustees or contractual indemnification of Fund service providers (other than the adviser)) will not exceed 1.25%

5. This composite was created in January 2017.6. A complete list of composite descriptions and their performance results, as well as policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.7. All performance is expressed in U.S. dollars.8. As with any investment, there is the potential for loss, including loss of principal. Past performance does not guarantee future results.9. Firm Assets (%) are not shown for periods prior to 2016 because this composite was not part of the firm definition during that period.10. Three Year Standard Deviation of the Composite and Benchmark are not presented for 2013-2015 because 36 monthly returns are not available



1051130 MK

ToewsToews Hedged High Yield


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios

CompositeAssets $USD

FirmAssets

(%)

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2010* 8.39% 9.93% n/a ≤ 5 19,836,071 n/a n/a n/a

2011 3.27% 4.50% n/a ≤ 5 42,369,019 n/a n/a n/a

2012 12.31% 15.44% n/a ≤ 5 67,096,946 n/a n/a n/a

2013 6.61% 7.38% n/a ≤ 5 98,654,364 n/a 4.55% 6.33%

2014 2.49% 2.45% n/a ≤ 5 192,283,803 n/a 3.30% 4.42%

2015 0.33% -4.55% n/a ≤ 5 261,032,502 n/a 2.98% 5.27%

2016 10.04% 17.34% n/a ≤ 5 467,215,348 53.24% 3.47% 6.01%

*For the year ending 2010, the performance results are for the period from June 30, 2010 through December 31, 2010

1051130 MK

ToewsToews Hedged High Yield


Composite Description: Attempts to achieve a high level of income by investing in high yield bonds with a target allocation of 100% high yield bonds. Based on the asset allocation indicated below, Toews monitors and enters orexits each asset class based on its proprietary risk management system. Portfolios are allocated into a mix of underlying ETFs or mutual funds chosen by Toews. When fully invested, this composite is allocated in the followingcategories:• High Yield Bonds (100%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 100% Merrill Lynch U.S. High Yield Cash Pay. All indices employed in benchmark construction are total return and gross of taxes. All indices employed in benchmark construction are total return andgross of taxes. The volatility of the benchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indicesof which the benchmark is composed.





1051130 MK

ToewsToews Growth Allocation Strategy


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios

CompositeAssets$USD

FirmAssets

(%)

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2010* 11.28% 20.39% n/a ≤ 5 25,054,367 n/a n/a n/a

2011 -15.64% -2.98% n/a ≤ 5 24,948,738 n/a n/a n/a

2012 12.08% 16.67% n/a ≤ 5 22,493,500 n/a n/a n/a

2013 21.16% 25.86% n/a ≤ 5 22,938,653 n/a 13.00% 12.60%

2014 -1.46% 3.69% n/a ≤ 5 35,167,782 n/a 11.30% 9.46%

2015 -6.31% 0.31% n/a ≤ 5 19,413,886 n/a 11.55% 9.84%

2016 -1.78% 6.60% n/a ≤ 5 20,181,294 2.30% 6.72% 10.49%


1051130 MK

ToewsToews Growth Allocation Strategy


Composite Description: Attempts to provide growth by investing in US and international equities and to a limited extent High Yield Bonds in a portfolio with a target allocation of 20% bonds and 80% equities (when fully invested).Portfolios are allocated into a mix of underlying ETFs or mutual funds chosen by Toews. Based on the asset allocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary riskmanagement system. When fully invested, this composite is allocated in the following categories:• Small Cap Stocks (15%); Mid Cap Stocks (15%); Large Cap Stocks (20%); International Stocks (30%); High Yield Bonds (20%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 15% Morningstar Small Cap Growth, 15% Morningstar Mid-Cap Growth, 20% Morningstar Large-Cap Growth, 30% MSCI EAFE, 20% Merrill Lynch High Yield Master Index – rebalanced monthly. TheMorningstar Large Cap Growth Index measures the performance of large-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forward earnings, historical earnings, bookvalue, cash flow and sales. All indices employed in benchmark construction are total return and gross of taxes except for EAFE, which is total return and net of foreign withholding. The volatility of the benchmark maybe materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which the benchmark is composed.


5. This composite was created in January 2017.6. A complete list of composite descriptions and their performance results, as well as policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.7. All performance is expressed in U.S. dollars.8. As with any investment, there is the potential for loss, including loss of principal. Past performance does not guarantee future results.9. Firm Assets (%) are not shown for periods prior to 2016 because this composite was not part of the firm definition during that period.10. Three Year Standard Deviation of the Composite and Benchmark are not presented for 2011 because 36 monthly returns are not available.



1051130 MK

ToewsToews Hedged Large Cap


YearEnd

NetComposite

ReturnBenchmark


Numberof

portfoliosComposite

Assets $USD

FirmAssets

(%)

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2010* 12.47% 26.77% n/a ≤ 5 13,901,071 n/a n/a n/a

2011 -15.62% 1.56% n/a ≤ 5 29,659,909 n/a n/a n/a

2012 14.20% 17.98% n/a ≤ 5 36,841,401 n/a n/a n/a

2013 30.21% 32.45% n/a ≤ 5 71,477,586 n/a 11.05% 12.85%

2014 6.60% 14.40% n/a ≤ 5 97,595,633 n/a 8.80% 10.37%

2015 -11.82% 7.71% n/a ≤ 5 68,228,142 n/a 10.33% 11.44%

2016 -5.28% 1.78% n/a ≤ 5 44,262,907 5.04% 9.61% 12.20%


1051130 MK

ToewsToews Hedged Large Cap


Composite Description: Attempts to achieve a high growth by investing in a portfolio of US Equities with a target allocation of 100% Large Cap Stocks. Based on the asset allocation indicated below, Toews monitors and enters orexits each asset class based on its proprietary risk management system. Portfolios are allocated into a mix of underlying ETFs or mutual funds chosen by Toews. When fully invested, this composite is allocated in the followingcategories:• Large Cap Stocks (100%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark 100% Morningstar Large Cap Growth. The Morningstar Large Cap Growth Index measures the performance of large-cap stocks that are expected to grow at a faster pace than the rest of the market asmeasured by forward earnings, historical earnings, book value, cash flow and sales. All indices employed in benchmark construction are total return and gross of taxes. All indices employed in benchmark constructionare total return and gross of taxes. The volatility of the benchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities thatcomprise the funds/indices of which the benchmark is composed.


5. This composite was created in January 2017.6. A complete list of composite descriptions and their performance results, as well as policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.7. All performance is expressed in U.S. dollars.8. As with any investment, there is the potential for loss, including loss of principal. Past performance does not guarantee future results.9. Firm Assets (%) are not shown for periods prior to 2016 because this composite was not part of the firm definition during that period.10. Three Year Standard Deviation of the Composite and Benchmark are not presented for 2011-2012 because 36 monthly returns are not available.



1051130 MK

ToewsToews Hedged Small/Mid Cap


YearEnd

NetComposite

ReturnBenchmark


Numberof

portfoliosComposite

Assets $USD

FirmAssets

(%)

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2010* 16.21% 28.90% n/a ≤ 5 19,471,403 n/a n/a n/a

2011 -18.58% -2.95% n/a ≤ 5 43,566,789 n/a n/a n/a

2012 11.45% 17.11% n/a ≤ 5 53,287,986 n/a n/a n/a

2013 32.50% 36.14% n/a ≤ 5 92,626,783 n/a 12.97% 15.59%

2014 0.17% 7.32% n/a ≤ 5 123,831,048 n/a 11.09% 11.90%

2015 -10.34% -3.28% n/a ≤ 5 96,435,423 n/a 12.14% 12.65%

2016 -5.28% 21.03% n/a ≤ 5 68,468,240 7.80% 11.02% 13.84%


1051130 MK

ToewsToews Hedged Small/Mid Cap


Composite Description: Attempts to achieve a growth by investing in a portfolio of US Equites with a target allocation of 50% Small Cap Stocks and 50% Mid Cap Stocks. Based on the asset allocation indicated below, Toewsmonitors and enters or exits each asset class based on its proprietary risk management system. Portfolios are allocated into a mix of underlying ETFs or mutual funds chosen by Toews. When fully invested, this composite isallocated in the following categories:• Small Cap Stocks (50%); Mid Cap Stocks (50%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark 50% Russell 2000 Index, 50% S&P Mid-Cap 400 Index – rebalanced monthly. All indices employed in benchmark construction are total return and gross of taxes. All indices employed in benchmarkconstruction are total return and gross of taxes. The volatility of the benchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securitiesthat comprise the funds/indices of which the benchmark is composed.





1051130 MK

ToewsToews Hedged Developed International


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios

CompositeAssets$USD

FirmAssets

(%)

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2010* 5.85% 24.19% n/a ≤ 5 13,868,855 n/a n/a n/a

2011 -24.13% -12.14% n/a ≤ 5 31,319,845 n/a n/a n/a

2012 8.71% 17.32% n/a ≤ 5 39,845,590 n/a n/a n/a

2013 13.02% 22.78% n/a ≤ 5 67,020,856 n/a 13.01% 16.25%

2014 -10.78% -4.89% n/a ≤ 5 84,260,879 n/a 9.35% 13.03%

2015 -1.20% -0.82% n/a ≤ 5 78,337,913 n/a 9.25% 12.46%

2016 -4.72% 1.00% n/a ≤ 5 50,342,223 5.74% 8.18% 12.46%


1051130 MK

ToewsToews Hedged Developed International


Composite Description: Attempts to provide a high level of growth in a portfolio with a target allocation of 100% International equities (when fully invested). Portfolios are allocated into a mix of underlying ETFs or mutual fundschosen by Toews. Based on the asset allocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary risk management system. When fully invested, this composite is allocated in thefollowing categories:• International Stocks (100%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 100% MSCI EAFE, which is total return and net of foreign withholding. All indices employed in benchmark construction are total return and gross of taxes. All indices employed in benchmarkconstruction are total return and gross of taxes. The volatility of the benchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securitiesthat comprise the funds/indices of which the benchmark is composed.


5. This composite was created in January 2017.6. A complete list of composite descriptions and their performance results, as well as policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.7. All performance is expressed in U.S. dollars.8. As with any investment, there is the potential for loss, including loss of principal. Past performance does not guarantee future results.9. Firm Assets (%) are not shown for periods prior to 2016 because this composite was not part of the firm definition during that period.10. Three Year Standard Deviation of the Composite and Benchmark are not presented for 2011 because 36 monthly returns are not available



1051130 MK

ToewsToews Hedged Emerging Markets


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios

CompositeAssets$USD

FirmAssets

(%)

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2009* 24.32% 29.48% n/a ≤ 5 56,822,489 n/a n/a n/a

2010 0.66% 18.88% n/a ≤ 5 64,370,131 n/a n/a n/a

2011 -35.65% -18.42% n/a ≤ 5 10,132,193 n/a n/a n/a

2012 10.32% 18.22% n/a ≤ 5 8,217,083 n/a 16.69% 21.48%

2013 -13.44% -2.60% n/a ≤ 5 4,640,025 n/a 13.50% 19.03%

2014 5.48% -2.19% n/a ≤ 5 5,175,398 n/a 8.80% 15.01%

2015 -11.69% -14.92% n/a ≤ 5 2,312,164 n/a 7.90% 14.07%

2016 1.47% 11.19% n/a ≤ 5 1,887,759 0.22% 9.34% 16.08%


1051130 MK

ToewsToews Hedged Emerging Markets


Composite Description: Attempts to provide a high level of growth in a portfolio with a target allocation of 100 % emerging markets equities (when fully invested). Portfolios are allocated into a mix of underlying ETFs or mutualfunds chosen by Toews. Based on the asset allocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary risk management system. When fully invested, this composite is allocated in thefollowing categories:• Emerging Market Stocks (100%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 100% MSCI Emerging Markets Index. All indices employed in benchmark construction are total return and gross of taxes. All indices employed in benchmark construction are total return and gross oftaxes. The volatility of the benchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of whichthe benchmark is composed.

3. The dispersion of annual returns is measured by the asset-weighted standard deviation across portfolio returns represented within the composite for the entire year.4. Performance results are presented net of actual fees – net of all management fees, custodial fees, trading commissions, and other miscellaneous fees. The management fee is 1.25%. Total fees may vary from 1.25%and upwards. However, The adviser has agreed to reduce its fees and/or absorb expenses of the Fund in this composite to ensure expenses after fee waiver and/or reimbursement (exclusive of any (i) brokerage fees andcommissions; (ii) acquired fund fees and expenses; (iii) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees andexpenses); (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; (vi) other fees related to underlying investments; (such as option fees and expenses or swap fees and expenses);or (vii) extraordinary expenses such as litigation (which may include indemnification of Fund officers and Trustees or contractual indemnification of Fund service providers (other than the adviser)) will not exceed 1.50%.

5. This composite was created in January 2017.6. A complete list of composite descriptions and their performance results, as well as policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.7. All performance is expressed in U.S. dollars.8. As with any investment, there is the potential for loss, including loss of principal. Past performance does not guarantee future results.9. Firm Assets (%) are not shown for periods prior to 2016 because this composite was not part of the firm definition during that period.10. Three Year Standard Deviation of the Composite and Benchmark are not presented for 2011 because 36 monthly returns are not available.



1051130 MK

ToewsIRMS All Equity (formerly IRMS Aggressive Growth)


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios


Firm Assets(%)


Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

1999 18.74% 41.45% 9.84% 231 25,117,650 21.90% 2.82% n/a n/a

2000 4.41% -15.94% 4.79% 304 33,399,082 25.30% 2.50% n/a n/a

2001 -10.70% -19.78% 3.53% 372 33,784,400 23.58% 2.07% n/a n/a

2002 -14.50% -29.11% 3.75% 306 22,590,542 15.92% 2.45% n/a n/a

2003 22.27% 41.60% 4.16% 285 26,512,064 15.44% 2.13% n/a n/a

2004 1.61% 13.19% 1.92% 269 25,220,472 16.99% 3.13% n/a n/a

2005 -1.13% 9.81% 2.03% 297 34,621,082 24.44% 2.33% n/a n/a

2006 9.36% 13.85% 3.19% 270 33,590,062 27.09% 2.86% n/a n/a

2007 -2.01% 13.11% 0.79% 210 22,395,048 22.76% 2.85% n/a n/a

2008 -4.53% -42.53% 2.98% 128 11,489,726 17.69% 6.33% n/a n/a

2009 34.53% 36.97% 5.31% 112 13,520,208 15.82% 4.63% n/a n/a

2010 8.83% 19.65% 1.60% 107 13,521,047 12.68% 5.16% n/a n/a

2011 -20.60% -4.14% 1.73% 97 9,212,129 9.96% 6.15% 14.71% 20.40%

2012 9.04% 16.42% 1.97% 82 8,923,996 10.69% 6.85% 11.49% 17.98%

2013 27.78% 32.65% 2.35% 72 9,850,557 10.96% 8.03% 11.27% 14.54%

2014 -4.49% 4.03% 1.17% 69 8,841,900 10.50% 8.75% 8.77% 11.09%

2015 -8.03% 1.17% 2.20% 59 6,448,102 9.47% 11.34% 9.61% 11.37%

2016 -7.15% 4.93% 1.52% 48 4,907,015 0.56% 14.14% 8.54% 12.33%

1051130 MK

ToewsIRMS All Equity (formerly IRMS Aggressive Growth)


Composite Description: Attempts to provide a high level of growth by investing in a portfolio of US and international equity mutual fund and/or subaccount variable annuities with a target allocation of 100% equities (when fully invested). Thisportfolio invests in mutual funds and/or variable annuities. Clients choose whether to be in the mutual fund program or, if in a variable annuity, which annuity to invest in (from a list of available annuities). TC chooses the specific funds to beused. Based on the asset allocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary risk management system. When fully invested, this composite is allocated in the following categories:• Small Cap Stocks (30%); Mid Cap Stocks (20%); Large Cap Stocks (20%); International Stocks (30%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.

Notes:1. Toews Corporation is an SEC registered investment advisory firm incorporated in 1994. TC began managing accounts in April of 1996. TC manages a variety of equity and balanced model portfolios, primarily for U.S. individual clients.In addition to its own proprietary strategies, TC offers strategies provided to TC by other investment advisors. In general, these portfolios seek to lower risk and improve returns through unique active management techniques. In 2005,TC introduced its i-Vest program, an asset allocation program offering investors access to different strategies utilizing exchange-traded funds (ETFs) and low-cost mutual funds. Prior to January 2017, the definition of the firm for GIPSverification purposes was limited to the separately managed accounts in the TC Investment Risk Management Services product offering, and effective in 2005 and going forward, the TC iVest product offering. In January 2017, in orderto comply with the GIPS recommendation to define the firm as broadly as possible, the firm definition for GIPS purposes was expanded to include the Toews Funds. “Firm Assets” for periods prior to 2016 have not been adjusted toreflect this change.

2. The benchmark: 30 % Morningstar Small Cap Growth, 20% Morningstar Mid-Cap Growth, 20% Morningstar Large-Cap Growth, 30% MSCI EAFE – rebalanced monthly. The Morningstar indexes were only available after June 30, 1997.Prior to that date, the Russell 2000 Growth index was used instead of the Morningstar Small-Cap Growth; the Russell Mid-Cap Growth index was used instead of the Morningstar Mid-Cap Growth; and the Russell 1000 Growth index wasused instead of the Morningstar Large-Cap Growth. The Morningstar Large Cap Growth Index measures the performance of large-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forwardearnings, historical earnings, book value, cash flow and sales. All indices employed in benchmark construction are total return and gross of taxes except for EAFE, which is total return and net of foreign withholding. The volatility of thebenchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which the benchmark is composed.

3. The dispersion of annual returns is measured by the asset-weighted standard deviation across portfolio returns represented within the composite for the entire year.4. Performance results are presented net of actual fees – after all management fees, custodial fees, and trading commissions. The management fee schedule is as follows:

Accounts Less than $100,000 2.30%$100,000 - $250,000 2.00%$250,001 - $500,000 1.75%$500,001 - $1,000,000 1.50%$1,000,001 - $1,999,999 1.25%$2,000,000 and Over 1.00%

Additional information regarding Toews Corporation’s fees is included in its Part II of Form ADV, which is available upon request.5. This composite was created in January 1999.6. A complete list of composite descriptions and their performance results, as well as policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.7. All performance is expressed in U.S. dollars.8. As with any investment, there is the potential for loss, including loss of principal. Past performance does not guarantee future results.9. In January 2017 IRMS Aggressive Growth was changed to IRMS All Equity.

Toews Corporation claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Toews Corporation has been independently verified forthe periods March 31, 1996 through December 31, 2016. The verification reports are available upon request.


1051130 MK

ToewsIRMS Growth


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios


Firm Assets(%)


Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

1999 18.84% 30.70% 9.84% 416 65,421,549 57.04% 3.62% n/a n/a

2000 1.38% -15.89% 2.73% 500 73,024,999 55.32% 3.08% n/a n/a

2001 -8.86% -15.37% 3.27% 590 70,657,718 49.32% 3.08% n/a n/a

2002 -11.51% -23.16% 2.68% 919 79,744,530 56.20% 2.35% n/a n/a

2003 18.47% 38.16% 2.81% 998 100,080,728 58.29% 2.08% n/a n/a

2004 1.32% 11.67% 1.49% 838 84,489,945 56.92% 2.39% n/a n/a

2005 -0.70% 7.04% 2.43% 698 68,169,344 48.12% 0.35% n/a n/a

2006 9.27% 14.10% 1.82% 466 50,537,972 40.76% 0.53% n/a n/a

2007 -0.32% 9.69% 1.92% 341 37,596,844 38.21% 0.75% n/a n/a

2008 -4.58% -38.85% 5.04% 244 24,250,412 37.33% 1.18% n/a n/a

2009 31.27% 40.66% 6.33% 196 26,387,495 30.88% 1.43% n/a n/a

2010 6.33% 16.52% 2.10% 183 25,520,017 23.93% 1.26% n/a n/a

2011 -16.65% -2.67% 2.42% 168 19,453,001 21.04% 1.46% 12.96% 17.99%

2012 10.12% 16.65% 2.43% 145 17,986,431 21.54% 2.70% 10.11% 15.56%

2013 21.43% 26.51% 2.71% 131 16,934,051 18.84% 2.65% 9.72% 12.49%

2014 -3.65% 3.20% 1.97% 111 12,571,013 14.93% 3.02% 7.57% 9.40%

2015 -9.00% 0.80% 2.66% 98 11,795,812 17.32% 3.10% 8.19% 9.93%

2016 -2.56% 6.69% 3.08% 80 10,730,770 1.22% 0.89% 7.45% 10.64%

1051130 MK

ToewsIRMS Growth


Composite Description: Attempts to provide growth by investing in US and international equities and to a limited extent high yield bonds in a portfolio with a target allocation of 20% bonds and 80% equities (when fully invested). This portfolioinvests in mutual funds and/or variable annuities. Clients choose whether to be in the mutual fund program or, if in a variable annuity, which annuity to invest in (from a list of available annuities). TC chooses the specific funds to be used. Basedon the asset allocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary risk management system. When fully invested, this composite is allocated in the following categories:• Small Cap Stocks (25%); Large Cap Stocks (25%); International Stocks (30%); High Yield Bonds (20%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.

Notes:1. Toews Corporation is an SEC registered investment advisory firm incorporated in 1994. TC began managing accounts in April of 1996. TC manages a variety of equity and balanced model portfolios, primarily for U.S. individual clients. Inaddition to its own proprietary strategies, TC offers strategies provided to TC by other investment advisors. In general, these portfolios seek to lower risk and improve returns through unique active management techniques. In 2005, TCintroduced its i-Vest program, an asset allocation program offering investors access to different strategies utilizing exchange-traded funds (ETFs) and low-cost mutual funds. Prior to January 2017, the definition of the firm for GIPSverification purposes was limited to the separately managed accounts in the TC Investment Risk Management Services product offering, and effective in 2005 and going forward, the TC iVest product offering. In January 2017, in order tocomply with the GIPS recommendation to define the firm as broadly as possible, the firm definition for GIPS purposes was expanded to include the Toews Funds. “Firm Assets” for periods prior to 2016 have not been adjusted to reflect thischange.

2. The benchmark: 25% Morningstar Small Cap Growth, 25% Morningstar Large-Cap Growth, 30% MSCI EAFE, 20% Merrill Lynch High Yield Master Index – rebalanced monthly. The Morningstar indexes were only available after June 30,1997. Prior to that date, the Russell 2000 Growth index was used instead of the Morningstar Small-Cap Growth; the Russell 1000 Growth index was used instead of the Morningstar Large-Cap Growth. Prior to December 31, 2000, themajority of the model portfolios invested in a high yield bond fund for the fixed income component. The benchmark used for that period is the CSFB High Yield Bond. Between December 31, 2000 and December 31 2005, the majority ofthe model portfolios invested in a government bond fund for the fixed income component. The benchmark used for that period is the Lehman 1-3 Year Government Bond index. After December 31, 2005 to present, the majority of themodel portfolios again invested in a high yield bond fund for the fixed income component. The benchmark used for that period is the Merrill Lynch High Yield Master Index(Change in HY bond index is made as the ML index was unavailablefor the period from April of 1996 to December 31, 2000). All indices employed in benchmark construction are total return and gross of taxes except for EAFE, which is total return and net of foreign withholding.. The Morningstar Large CapGrowth Index measures the performance of large-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forward earnings, historical earnings, book value, cash flow and sales. The volatility of thebenchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which the benchmark is composed.




Toews Corporation claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Toews Corporation has been independently verified for theperiods March 31, 1996 through December 31, 2016. The verification reports are available upon request.

Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance incompliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

1051130 MK

ToewsIRMS Balanced


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios


Firm Assets(%)

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2009* 6.31% 5.82% n/a ≤ 5 85,951 0.10% n/a n/a

2010 5.22% 15.56% n/a ≤ 5 84,249 0.08% n/a n/a

2011 -13.95% -0.01% n/a ≤ 5 67,484 0.07% n/a n/a

2012 7.75% 14.10% n/a ≤ 5 66,750 0.08% 8.19% 11.67%

2013 16.14% 19.21% n/a ≤ 5 71,196 0.08% 8.02% 9.64%

2014 -3.56% 4.41% n/a ≤ 5 62,944 0.07% 6.22% 7.33%

2015 -6.41% 0.25% n/a ≤ 5 53,357 0.08% 6.42% 7.69%

2016 -2.18% 6.63% n/a ≤ 5 46,437 0.01% 5.72% 8.16%


1051130 MK

ToewsIRMS Balanced


Composite Description: Attempts to provide growth with some income in a portfolio with a target allocation of 40% bonds and 60% equities (when fully invested). This portfolio invests in mutual funds and/or variable annuities.Clients choose whether to be in the mutual fund program or, if in a variable annuity, which annuity to invest in (from a list of available annuities). TC chooses the specific funds to be used. Based on the asset allocation indicatedbelow, Toews monitors and enters or exits each asset class based on its proprietary risk management system. When fully invested, this composite is allocated in the following categories:• Small Cap Stocks (12.5%); Mid Cap Stocks (12.5%); Large Cap Stocks (15%); International Stocks (20%); High Yield Bonds (20%); Aggregate Bonds (20%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 12.5% Morningstar Small Cap Growth, 12.5% Morningstar Mid-Cap Growth, 15% Morningstar Large-Cap Growth, 20% MSCI EAFE, 20% Merrill Lynch High Yield Master Index, 20% Barclays AggregateBond Index – rebalanced monthly. The Morningstar Large Cap Growth Index measures the performance of large-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forwardearnings, historical earnings, book value, cash flow and sales. All indices employed in benchmark construction are total return and gross of taxes. The volatility of the benchmark may be materially different from that ofthe strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which the benchmark is composed.






1051130 MK

ToewsIRMS Balanced Growth


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios


Firm Assets(%)

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2009* 4.03% 3.58% n/a ≤ 5 492,925 0.58% n/a n/a

2010 5.52% 16.53% n/a ≤ 5 478,924 0.45% n/a n/a

2011 -16.81% -1.71% n/a ≤ 5 469,348 0.51% n/a n/a

2012 8.05% 15.43% 0.28% 7 674,012 0.81% 8.90% 14.12%

2013 19.34% 23.91% 1.31% 7 686,264 0.76% 8.76% 11.52%

2014 -4.06% 4.43% 0.57% 6 549,295 0.65% 6.99% 8.73%

2015 -7.07% 0.70% n/a ≤ 5 348,327 0.51% 7.40% 9.09%

2016 -4.05% 6.01% n/a ≤ 5 227,706 0.03% 6.60% 9.69%

*For the year ending 2009, the performance results are for the period from November 30, 2009 through December 31, 2009

1051130 MK

ToewsIRMS Balanced Growth


Composite Description: Attempts to provide growth with a limited level of income in a portfolio with a target allocation of 25% bonds and 75% equities (when fully invested). This portfolio invests in mutual funds and/or variableannuities. Clients choose whether to be in the mutual fund program or, if in a variable annuity, which annuity to invest in (from a list of available annuities). TC chooses the specific funds to be used. Based on the asset allocationindicated below, Toews monitors and enters or exits each asset class based on its proprietary risk management system. When fully invested, this composite is allocated in the following categories:• Small Cap Stocks (15%); Mid Cap Stocks (15%); Large Cap Stocks (20%); International Stocks (25%); High Yield Bonds (15%); Aggregate Bonds (10%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 15% Morningstar Small Cap Growth, 15% Morningstar Mid-Cap Growth, 20% Morningstar Large-Cap Growth, 25% MSCI EAFE, 15% Merrill Lynch High Yield Master Index, 10% Barclays Aggregate BondIndex – rebalanced monthly. The Morningstar Large Cap Growth Index measures the performance of large-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forwardearnings, historical earnings, book value, cash flow and sales. All indices employed in benchmark construction are total return and gross of taxes. The volatility of the benchmark may be materially different from that ofthe strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which the benchmark is composed.






1051130 MK

ToewsIRMS Balanced Income


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios


Firm Assets(%)

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2009* 2.25% 2.91% n/a ≤ 5 438,257 0.51% n/a n/a

2010 5.72% 15.68% n/a ≤ 5 670,511 0.63% n/a n/a

2011 -8.39% 2.12% n/a ≤ 5 591,579 0.64% n/a n/a

2012 6.94% 13.78% n/a ≤ 5 596,363 0.71% 5.83% 9.37%

2013 9.95% 14.92% n/a ≤ 5 628,260 0.70% 5.71% 7.92%

2014 -2.38% 4.40% n/a ≤ 5 530,161 0.63% 4.81% 5.89%

2015 -7.71% -1.00% n/a ≤ 5 465,272 0.68% 5.03% 6.41%

2016 1.31% 9.46% n/a ≤ 5 453,104 0.05% 4.94% 6.86%


1051130 MK

ToewsIRMS Balanced Income


Composite Description: Attempts to provide a moderate level of income with a moderate level of growth in a portfolio with a target allocation of 60% bonds and 40% equities (when fully invested). This portfolio invests in mutualfunds and/or variable annuities. Clients choose whether to be in the mutual fund program or, if in a variable annuity, which annuity to invest in (from a list of available annuities). TC chooses the specific funds to be used. Basedon the asset allocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary risk management system. When fully invested, this composite is allocated in the following categories:• Small Cap Stocks (10%); Mid Cap Stocks (10%); Large Cap Stocks (10%); International Stocks (10%); High Yield Bonds (40%); Aggregate Bonds (20%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 10% Morningstar Small Cap Growth, 10% Morningstar Mid-Cap Growth, 10% Morningstar Large-Cap Growth, 10% MSCI EAFE, 40% Merrill Lynch High Yield Master Index, 20% Barclays Aggregate BondIndex – rebalanced monthly. The Morningstar Large Cap Growth Index measures the performance of large-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forwardearnings, historical earnings, book value, cash flow and sales. All indices employed in benchmark construction are total return and gross of taxes. The volatility of the benchmark may be materially different from that ofthe strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which the benchmark is composed.


Accounts Less than $100,000 2.30%$100,000 - $250,000 2.00%$250,001 - $500,000 1.75%$500,001 - $1,000,000 1.50%$1,000,001 - $1,999,999 1.25%Accts from $2,000,000 and Over 1.00%




1051130 MK

ToewsIRMS Capital Preservation


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios


Firm Assets(%)

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2009* 1.04% 1.77% n/a ≤ 5 210,742 0.25% n/a n/a

2010 4.95% 13.37% n/a ≤ 5 213,117 0.20% n/a n/a

2011 -1.39% 5.21% n/a ≤ 5 202,549 0.22% n/a n/a

2012 7.58% 11.18% n/a ≤ 5 785,117 0.94% 4.14% 5.79%

2013 4.77% 8.85% n/a ≤ 5 811,001 0.90% 3.97% 5.09%

2014 0.12% 5.13% n/a ≤ 5 599,454 0.71% 3.62% 3.97%

2015 -9.50% -0.76% n/a ≤ 5 15,904 0.02% 3.89% 4.51%


1051130 MK

ToewsIRMS Capital Preservation


Composite Description: Attempts to provide a high level of income with limited growth in a portfolio with a target allocation of 80% bonds and 20% equities (when fully invested). This portfolio invests in mutual funds and/orvariable annuities. Clients choose whether to be in the mutual fund program or, if in a variable annuity, which annuity to invest in (from a list of available annuities). TC chooses the specific funds to be used. Based on the assetallocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary risk management system. When fully invested, this composite is allocated in the following categories:• Small Cap Stocks (10%); Growth Stocks (10%); High Yield Bonds (40%); Aggregate Bond (40%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 10% Morningstar Small Cap Growth, 10% Morningstar Large-Cap Growth, 40% Merrill Lynch High Yield Master Index, 40% Barclays Aggregate Bond Index – rebalanced monthly. The Morningstar LargeCap Growth Index measures the performance of large-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forward earnings, historical earnings, book value, cash flow andsales. All indices employed in benchmark construction are total return and gross of taxes. The volatility of the benchmark may be materially different from that of the strategy depicted, and the holdings in the strategymay differ significantly from the securities that comprise the funds/indices of which the benchmark is composed.






1051130 MK

ToewsIRMS Growth & Income


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios


Firm Assets(%)


Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

1999 12.48% 16.95% 5.27% 80 9,728,984 8.48% 0.00% n/a n/a

2000 0.00% -11.35% 1.32% 88 10,569,168 8.01% 0.00% n/a n/a

2001 -7.62% -11.54% 2.36% 169 18,471,391 12.89% 0.00% n/a n/a

2002 -10.51% -15.19% 1.94% 269 26,435,456 18.63% 0.00% n/a n/a

2003 15.09% 31.62% 2.82% 315 32,360,898 18.85% 0.00% n/a n/a

2004 0.60% 12.08% 1.34% 275 28,682,180 19.32% 0.00% n/a n/a

2005 -0.92% 7.04% 0.72% 228 25,984,313 18.34% 0.00% n/a n/a

2006 8.69% 17.53% 1.13% 173 21,229,192 17.12% 0.00% n/a n/a

2007 -0.73% 6.38% 1.11% 129 15,555,552 15.81% 0.00% n/a n/a

2008 -3.87% -36.66% 1.86% 103 10,687,388 16.45% 0.00% n/a n/a

2009 25.72% 37.60% 3.29% 82 9,213,654 10.78% 0.00% n/a n/a

2010 4.87% 12.73% 0.78% 71 8,663,196 8.12% 4.61% n/a n/a

2011 -14.84% -1.67% 2.11% 64 6,792,825 7.35% 5.31% 11.85% 16.20%

2012 9.69% 16.27% 1.07% 53 6,161,759 7.38% 1.20% 8.77% 13.58%

2013 18.03% 21.09% 2.01% 49 6,639,852 7.39% 0.00% 8.50% 11.06%

2014 -3.85% 3.87% 1.43% 44 5,744,941 6.82% 0.00% 6.69% 8.15%

2015 -9.28% -0.33% 2.67% 38 4,647,464 6.82% 0.00% 7.13% 8.91%

2016 -0.59% 9.53% 1.03% 29 3,075,273 0.35% 0.00% 6.37% 9.07%

1051130 MK

ToewsIRMS Growth & Income


Composite Description: Attempts to provide growth with a limited level of income in a portfolio with a target allocation of 30% bonds and 75% equities (when fully invested). This portfolio invests in mutual funds and/or variable annuities. Clientschoose whether to be in the mutual fund program or, if in a variable annuity, which annuity to invest in (from a list of available annuities). TC chooses the specific funds to be used. Based on the asset allocation indicated below, Toews monitorsand enters or exits each asset class based on its proprietary risk management system. When fully invested, this composite is generally allocated in the following categories:• Large Cap Growth Stocks (20%); Large Cap Value Stocks (20%); International Stocks (30%): High Yield Bonds (30%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.

Notes:1. Toews Corporation is an SEC registered investment advisory firm incorporated in 1994. TC began managing accounts in April of 1996. TC manages a variety of equity and balanced model portfolios, primarily for U.S. individual clients. Inaddition to its own proprietary strategies, TC offers strategies provided to TC by other investment advisors. In general, these portfolios seek to lower risk and improve returns through unique active management techniques. In 2005, TCintroduced its i-Vest program, an asset allocation program offering investors access to different strategies utilizing exchange-traded funds (ETFs) and low-cost mutual funds. Prior to January 2017, the definition of the firm for GIPSverification purposes was limited to the separately managed accounts in the TC Investment Risk Management Services product offering, and effective in 2005 and going forward, the TC iVest product offering. In January 2017, in order tocomply with the GIPS recommendation to define the firm as broadly as possible, the firm definition for GIPS purposes was expanded to include the Toews Funds. “Firm Assets” for periods prior to 2016 have not been adjusted to reflect thischange.

2. The benchmark: 20% Morningstar Large-Cap Growth, 30% MSCI EAFE, 30% Merrill Lynch High Yield Master Index, 20% Morningstar Large-Cap Value – rebalanced monthly. Prior to that date, the Russell 1000 Growth index was usedinstead of the Morningstar Large-Cap Growth and the Russell 1000 Value index was used instead of the Morningstar Large-Cap Value as the Morningstar Indices were not available prior to June 30, 1997. Prior to December 31, 2000, themajority of the model portfolios invested in a high yield bond fund for the fixed income component. The benchmark used for that period is the CSFB High Yield Bond. Between December 31, 2000 and December 31 2005, the majority ofthe model portfolios invested in a government bond fund for the fixed income component. The benchmark used for that period is the Lehman 1-3 Year Government Bond index. After December 31, 2005 to present, the majority of themodel portfolios again invested in a high yield bond fund for the fixed income component. The benchmark used for that period is the Merrill Lynch High Yield Master Index (Change in HY bond index is made as the ML index was unavailablefor the period from April of 1996 to December 31, 2000). The Morningstar Large Cap Growth Index measures the performance of large-cap stocks that are expected to grow at a faster pace than the rest of the market as measured byforward earnings, historical earnings, book value, cash flow and sales. All indices employed in benchmark construction are total return and gross of taxes except for EAFE, which is total return and net of foreign withholding. The volatilityof the benchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which the benchmark is composed.




Toews Corporation claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Toews Corporation has been independently verified for theperiods March 31, 1996 through December 31, 2016. The verification reports are available upon request.

Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance incompliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

1051130 MK

ToewsIRMS U.S. Aggressive Stock


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios


Firm Assets(%)


Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

1999 10.96% 34.89% 9.77% 107 12,257,601 10.69% 2.27% n/a n/a

2000 7.40% -11.64% 4.32% 129 13,439,742 10.18% 1.66% n/a n/a

2001 -7.62% -16.01% 2.64% 233 19,117,668 13.34% 1.10% n/a n/a

2002 -11.98% -29.51% 2.25% 198 12,615,288 8.89% 2.70% n/a n/a

2003 18.93% 37.33% 2.84% 171 12,485,271 7.27% 4.12% n/a n/a

2004 1.96% 10.84% 1.58% 144 9,909,995 6.68% 2.07% n/a n/a

2005 -1.37% 8.15% 1.92% 115 11,674,890 8.24% 1.50% n/a n/a

2006 8.32% 12.76% 1.55% 95 10,486,282 8.46% 0.70% n/a n/a

2007 -3.83% 10.51% 0.89% 74 6,440,146 6.55% 0.44% n/a n/a

2008 -4.07% -40.90% 1.03% 47 3,999,371 6.16% 0.69% n/a n/a

2009 42.51% 32.40% 6.52% 41 4,698,520 5.50% 2.88% n/a n/a

2010 16.04% 21.52% 1.76% 38 4,981,717 4.67% 1.10% n/a n/a

2011 -18.52% 0.20% 0.38% 32 3,541,029 3.83% 1.28% 15.06% 19.30%

2012 8.55% 15.38% 1.10% 29 2,774,235 3.32% 1.83% 12.13% 16.89%

2013 30.05% 34.34% 2.89% 29 3,537,106 3.94% 1.89% 11.89% 13.50%

2014 0.90% 9.05% 0.58% 27 3,384,030 4.02% 2.03% 9.56% 10.12%

2015 -13.76% 1.39% 0.51% 21 2,211,057 3.25% 2.73% 11.21% 10.92%

2016 -7.66% 9.16% 0.97% 12 1,018,437 0.12% 5.62% 10.44% 11.83%

1051130 MK

ToewsIRMS U.S. Aggressive Stock


Composite Description: Attempts to provide a high level of growth by investing in a portfolio made up of 100% US equities (when fully invested). This portfolio invests in mutual funds and/or variable annuities. Clients choose whether to bein the mutual fund program or, if in a variable annuity, which annuity to invest in (from a list of available annuities). TC chooses the specific funds to be used. Based on the asset allocation indicated below, Toews monitors and enters orexits each asset class based on its proprietary risk management system. When fully invested, this composite is generally allocated in the following categories:• Small-Cap Growth Stocks (25%); Mid-Cap Growth Stocks (25%); Large-Cap Growth (25%); Large-Cap Value (25%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.

Notes:1. Toews Corporation is an SEC registered investment advisory firm incorporated in 1994. TC began managing accounts in April of 1996. TC manages a variety of equity and balanced model portfolios, primarily for U.S. individualclients. In addition to its own proprietary strategies, TC offers strategies provided to TC by other investment advisors. In general, these portfolios seek to lower risk and improve returns through unique active managementtechniques. In 2005, TC introduced its i-Vest program, an asset allocation program offering investors access to different strategies utilizing exchange-traded funds (ETFs) and low-cost mutual funds. Prior to January 2017, thedefinition of the firm for GIPS verification purposes was limited to the separately managed accounts in the TC Investment Risk Management Services product offering, and effective in 2005 and going forward, the TC iVest productoffering. In January 2017, in order to comply with the GIPS recommendation to define the firm as broadly as possible, the firm definition for GIPS purposes was expanded to include the Toews Funds. “Firm Assets” for periodsprior to 2016 have not been adjusted to reflect this change.

2. The benchmark 25% Morningstar Small Cap Growth, 25% Morningstar Mid-Cap Growth, 25% Morningstar Large-Cap Growth, 25% Morningstar Large-Cap Value – rebalanced monthly. The Morningstar indexes were only availableafter June 30, 1997. Prior to that date, the Russell 2000 Growth index was used instead of the Morningstar Small-Cap Growth; the Russell Mid-Cap Growth index was used instead of the Morningstar Mid-Cap Growth; the Russell1000 Growth index was used instead of the Morningstar Large-Cap Growth; and the Russell 1000 Value index was used instead of the Morningstar Large-Cap Value. The Morningstar Large Cap Growth Index measures theperformance of large-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forward earnings, historical earnings, book value, cash flow and sales. All indices employed in benchmarkconstruction are total return and gross of taxes. The volatility of the benchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities thatcomprise the funds/indices of which the benchmark is composed.






1051130 MK

ToewsiVest Dividend Strategies Balanced


YearEnd

NetComposite

ReturnBenchmark


Numberof

portfolios

CompositeAssets$USD

FirmAssets

(%)


Portfolios

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2007* 0.05% 1.83% n/a ≤ 5 219,606 0.22% 0.00% n/a n/a

2008 -22.20% -22.59% n/a ≤ 5 279,136 0.43% 17.98% n/a n/a

2009 17.67% 19.19% n/a ≤ 5 359,945 0.42% 16.15% n/a n/a

2010 6.67% 12.18% n/a ≤ 5 200,813 0.19% 31.63% n/a n/a

2011 5.28% 2.40% n/a ≤ 5 211,510 0.23% 32.04% 13.61% 11.98%

2012 8.99% 11.54% n/a ≤ 5 231,041 0.28% 32.69% 8.75% 9.35%

2013 12.88% 16.99% n/a ≤ 5 211,804 0.24% 40.69% 6.96% 7.65%

2014 3.81% 7.61% n/a ≤ 5 219,883 0.26% 41.05% 6.23% 5.91%

2015 -2.75% 0.59% n/a ≤ 5 213,872 0.31% 41.26% 7.05% 6.50%

2016 10.37% 7.76% n/a ≤ 5 236,058 0.03% 41.62% 6.80% 6.52%*For the year ending 2007, the performance results are for the period from August 31, 2007 through December 31, 2007

1051130 MK

ToewsiVest Dividend Strategies Balanced


Composite Description: Attempts to provide income and growth in a portfolio with a target allocation of 40% bonds and 60% equities. Portfolios are allocated into a mix of underlying ETFs or mutual funds chosen by Toews. Theseportfolios are generally strategic allocations with an emphasis on dividend producing stocks. Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based onaccount size, account type and/or market activity.


2. The benchmark: 40% Barclays Aggregate Bond Index, 40% S&P 500 Index, 8% Russell 2000 Index, 12% MSCI EAFE Index – rebalanced monthly. All indices employed in benchmark construction are total return andgross of taxes. The volatility of the benchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indicesof which the benchmark is composed.





1051130 MK

ToewsiVest Dividend Strategies Balanced Growth


YearEnd

NetComposite

ReturnBenchmark


Numberof

portfolios

CompositeAssets$USD

FirmAssets

(%)

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2007* -4.37% -0.95% 0.10% 15 1,999,654 2.03% n/a n/a

2008 -29.68% -28.59% 2.31% 16 1,372,297 2.11% n/a n/a

2009 19.39% 22.44% n/a ≤ 5 67,658 0.08% n/a n/a

2015** -3.71% -1.58% n/a ≤ 5 345,908 0.51% n/a n/a

2016 10.42% 8.98% n/a ≤ 5 354,572 0.04% n/a n/a*For the year ending 2007, the performance results are for the period from May 31, 2007 through December 31, 2007**For the year ending 2015, the performance results are for the period from March 31, 2015 through December 31, 2015

1051130 MK

ToewsiVest Dividend Strategies Balanced Growth


Composite Description: Attempts to provide growth and a moderate level of income in a portfolio with a target allocation of 25% bonds and 75% equities. Portfolios are allocated into a mix of underlying ETFs or mutual fundschosen by Toews. These portfolios are generally strategic allocations with an emphasis on dividend producing stocks. Toews retains the right to change the allocations or to add asset classes with or without notice to clients.Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 25% Barclays Aggregate Bond Index, 50% Vanguard 500 Index Fund, 10% Russell 2000 Index, 15% Vanguard Total International Stock Index Fund – rebalanced monthly. All indices employed inbenchmark construction are total return and gross of taxes. The volatility of the benchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly fromthe securities that comprise the funds/indices of which the benchmark is composed.


Additional information regarding Toews Corporation’s fees is included in its Part II of Form ADV, which is available upon request.5. This composite was created in January 2008.6. A complete list of composite descriptions and their performance results, as well as policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.7. All performance is expressed in U.S. dollars.8. As with any investment, there is the potential for loss, including loss of principal. Past performance does not guarantee future results.9. Three Year Standard Deviation of the Composite and Benchmark are not presented for 2015-2016 because 36 consecutive monthly returns are not available.



1051130 MK

ToewsiVest Dividend Strategies GrowthAnnual Composite Presentation

YearEnd

NetComposite

ReturnBenchmark


Numberof

portfolios

CompositeAssets$USD

FirmAssets

(%)


Portfolios

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2007* -0.41% 2.08% 0.03% 6 572,417 0.58% 0.00% n/a n/a

2008 -29.36% -30.52% 4.77% 9 657,748 1.01% 0.00% n/a n/a

2009 29.95% 23.68% n/a ≤ 5 39,888 0.05% 100.00% n/a n/a

2010 9.40% 13.97% n/a ≤ 5 43,639 0.04% 100.00% n/a n/a

2011 5.92% -0.10% n/a ≤ 5 46,221 0.05% 100.00% 18.33% 16.15%

2012 12.83% 13.99% n/a ≤ 5 52,149 0.06% 100.00% 11.90% 12.99%

2013 18.60% 24.00% n/a ≤ 5 61,850 0.07% 100.00% 9.07% 10.49%

2014 5.47% 7.47% n/a ≤ 5 65,231 0.08% 100.00% 7.72% 7.90%

2015 -2.82% 0.22% n/a ≤ 5 63,389 0.09% 100.00% 8.82% 8.58%

2016 11.65% 9.48% n/a ≤ 5 70,776 0.01% 100.00% 8.35% 8.79%*For the year ending 2007, the performance results are for the period from July 31, 2007 through December 31, 2007

1051130 MK

ToewsiVest Dividend Strategies GrowthAnnual Composite Presentation

Composite Description: Attempts to provide growth in a portfolio with a target allocation of 20% bonds and 80% equities. Portfolios are allocated into a mix of underlying ETFs or mutual funds chosen by Toews. These portfoliosare generally strategic allocations with an emphasis on dividend producing stocks. Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on accountsize, account type and/or market activity.







1051130 MK

ToewsiVest Sector Opportunities Aggressive Growth


YearEnd

NetComposite

ReturnBenchmark


Numberof

portfolios

CompositeAssets$USD

FirmAssets

(%)


Portfolios

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2007* -0.79% 3.90% n/a ≤ 5 160,784 0.16% 49.36% n/a n/a

2008 -8.54% -41.59% n/a ≤ 5 147,055 0.23% 49.81% n/a n/a

2009 34.29% 36.49% n/a ≤ 5 98,702 0.12% 100.00% n/a n/a

2010 9.39% 18.60% 0.00% 10 961,301 0.90% 11.33% n/a n/a

2011 -16.18% -3.13% 0.37% 9 764,921 0.83% 11.39% 13.03% 20.05%

2012 8.34% 16.33% 0.44% 9 828,692 0.99% 12.12% 10.59% 17.52%

2013 21.89% 33.35% 0.46% 9 1,064,688 1.18% 11.61% 9.72% 13.99%

2014 0.53% 6.48% 0.43% 9 1,065,281 1.26% 11.77% 8.45% 10.70%

2015 -11.89% 1.94% 0.31% 9 938,585 1.38% 11.86% 9.28% 11.15%

2016 -0.97 6.27% n/a ≤ 5 223,403 0.03% 0.00% 8.56% 12.05%*For the year ending 2007, the performance results are for the period from July 31, 2007 through December 31, 2007

1051130 MK

ToewsiVest Sector Opportunities Aggressive Growth


Composite Description: Attempts to provide a high level of growth by investing in a portfolio of US and international equities with a target allocation of 100% equities (when fully invested). Portfolios are allocated into a mix of underlyingETFs or mutual funds. 75% of the portfolio is traded based on Toews Risk Managed Models. For this portion of the portfolio (based on the asset allocation indicated below) Toews monitors and enters or exits each asset class based on itsproprietary risk management system. For the remaining 25% of the portfolio, an allocation to rising or undervalued stock sectors may be made based on sector rotation models in an attempt to invest in those asset classes that havestrong relative strength. When fully invested, this composite is allocated in the following categories:• Small-Cap Growth Stocks (22%); Mid-Cap Growth Stocks (15%); Large-Cap Growth Stocks (15%); International Stocks (23%); Sector Rotation Stocks (25%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 22% Morningstar Small Cap Growth, 15% Morningstar Mid-Cap Growth, 15% Morningstar Large-Cap Growth, 23% MSCI EAFE, 12.5% S&P 500, 12.5% NASDAQ Composite – rebalanced monthly. The MorningstarLarge Cap Growth Index measures the performance of large-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forward earnings, historical earnings, book value, cash flow and sales.Morningstar Small Cap Growth Index, Morningstar Mid-Cap Growth Index, and Morningstar Large-Cap Growth Index employed in benchmark construction are total return and gross of taxes. MSCI EAFE is total return and net offoreign withholding. S&P 500 Index & NASDAQ Composite Index employed in benchmark are gross of taxes. The volatility of the benchmark may be materially different from that of the strategy depicted, and the holdings in thestrategy may differ significantly from the securities that comprise the funds/indices of which the benchmark is composed.

3. The dispersion of annual returns is measured by the asset-weighted standard deviation across portfolio returns represented within the composite for the entire year.4. Performance results are presented net of actual fees – net of all management fees, custodial fees, trading commissions, and Solicitor’s/consultant’s fees. Total fees may vary from 0.55% to a maximum of 2.25%. The custodialfee is based on the size of the account up to a maximum 0.25%. Solicitors/consultants determine their fee up to a maximum of 1.5%. The range of fees is shown below by category:Toews management fee 0.50%Custodial expenses 0.05% to 0.25%Solicitor’s/consultant’s fee Zero to 1.50%




1051130 MK

ToewsiVest Sector Opportunities Growth


YearEnd

NetComposite

ReturnBenchmark


Numberof

portfolios

CompositeAssets$USD

FirmAssets

(%)


Portfolios

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2007* -1.89% 1.29% n/a ≤ 5 423,291 0.43% 0.00% n/a n/a

2008 -8.03% -39.53% 0.31% 6 504,018 0.78% 22.82% n/a n/a

2009 29.51% 40.15% 0.80% 16 1,754,373 2.05% 8.63% n/a n/a

2010 7.38% 16.73% 0.76% 25 3,651,847 3.42% 28.09% n/a n/a

2011 -14.16% -2.36% 0.64% 34 4,010,885 4.34% 22.20% 12.33% 18.02%

2012 8.99% 16.54% 0.53% 32 4,153,033 4.97% 23.55% 9.69% 15.56%

2013 18.66% 27.81% 0.76% 31 4,751,388 5.29% 24.67% 8.69% 12.54%

2014 -0.14% 5.72% 0.74% 30 4,648,859 5.52% 25.44% 7.28% 9.46%

2015 -9.62% 1.10% 0.53% 24 3,534,552 5.19% 30.51% 7.81% 9.97%

2016 0.37% 7.37% 0.66% 6 1,445,098 0.16% 75.40% 7.14% 10.63%*For the year ending 2007, the performance results are for the period from June 30, 2007 through December 31, 2007

1051130 MK

ToewsiVest Sector Opportunities Growth


Composite Description: Attempts to provide growth by investing in a portfolio of US and International equities and high yield bonds with a target allocation of 84% equities and 16% Bonds (when fully invested). Portfolios are allocated intoa mix of underlying ETFs or mutual funds. 80% of the portfolio is traded based on Toews Risk Managed Models. For this portion of the portfolio (based on the asset allocation indicated below) Toews monitors and enters or exits each assetclass based on its proprietary risk management system. For the remaining 20% of the portfolio, an allocation to rising or undervalued stock sectors may be made based on sector rotation models in an attempt to invest in those assetclasses that have strong relative strength. When fully invested, this composite is allocated in the following categories:• Small-Cap Growth Stocks (12%); Mid-Cap Growth Stocks (12%); Large-Cap Growth Stocks (16%); High Yield Bond (16%); International Stocks (24%); Sector Rotation Stocks (20%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 12% Morningstar Small Cap Growth, 12% Morningstar Mid-Cap Growth, 16% Morningstar Large-Cap Growth, 24% MSCI EAFE, 16% Merrill Lynch High Yield Master Index, 10% S&P 500, 10% NASDAQ Composite –rebalanced monthly. The Morningstar Large Cap Growth Index measures the performance of large-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forward earnings, historicalearnings, book value, cash flow and sales. Morningstar Small Cap Growth Index, Morningstar Mid-Cap Growth Index, Morningstar Large-Cap Growth Index, and Merrill Lynch High Yield Master Index employed in benchmarkconstruction are total return and gross of taxes. MSCI EAFE is total return and net of foreign withholding. S&P 500 Index & NASDAQ Composite Index employed in benchmark are gross of taxes. The volatility of the benchmarkmay be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which the benchmark is composed.





1051130 MK

ToewsIRMS Sector Opportunities Aggressive


YearEnd`

NetComposite

ReturnBenchmark


Number ofportfolios

CompositeAssets$USD

Firm Assets(%)

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2006* 2.59% 3.15% 0.00% 7 666,146 0.54% n/a n/a

2007 -3.48% 11.72% 1.40% 12 1,113,016 1.13% n/a n/a

2008 -11.49% -41.59% 1.16% 12 992,246 1.53% n/a n/a

2009 30.52% 36.49% 2.48% 10 922,652 1.08% n/a n/a

2010 6.22% 18.60% 0.87% 10 944,602 0.89% n/a n/a

2011 -17.80% -3.13% 0.65% 10 776,674 0.84% 15.27% 20.05%

2012 5.27% 16.33% 0.62% 6 441,152 0.53% 11.64% 17.52%

2013 27.46% 33.35% n/a ≤ 5 156,921 0.17% 11.17% 13.99%

2014 -4.60% 6.48% n/a ≤ 5 149,704 0.18% 9.90% 10.70%

2015 -10.85% 1.94% n/a ≤ 5 133,425 0.20% 10.68% 11.15%

2016 -8.84% 6.27% n/a ≤ 5 121,636 0.01% 9.73% 12.05%*For the year ending 2006, the performance results are for the period from October 31, 2006 through December 31, 2006.

1051130 MK

ToewsIRMS Sector Opportunities Aggressive


Composite Description: Attempts to provide a high level of growth by investing in a portfolio of US and International equities with a target allocation of 100% equities (when fully invested). 75% of the portfolio is traded based on Toews RiskManaged Models. For this portion of the portfolio (based on the asset allocation indicated below) Toews monitors and enters or exits each asset class based on its proprietary risk management system. For the remaining 25% of theportfolio, an allocation to rising or undervalued stock sectors may be made based on sector rotation models in an attempt to invest in those asset classes that have strong relative strength. This portfolio invests in mutual funds and/orvariable annuities. Clients choose whether to be in the mutual fund program or, if in a variable annuity, which annuity to invest in (from a list of available annuities). TC chooses the specific funds to be used. When fully invested, thiscomposite is allocated in the following categories:• Small-Cap Growth Stocks (22%); Mid-Cap Growth Stocks (15%); Large-Cap Growth Stocks (15%); International Stocks (23%); Sector Rotation Stocks (25%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 22% Morningstar Small Cap Growth, 15% Morningstar Mid-Cap Growth, 15% Morningstar Large-Cap Growth, 23% MSCI EAFE, 12.5% S&P 500, 12.5% NASDAQ Composite – rebalanced monthly. The MorningstarLarge Cap Growth Index measures the performance of large-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forward earnings, historical earnings, book value, cash flow and sales.Morningstar Small Cap Growth Index, Morningstar Mid-Cap Growth Index, and Morningstar Large-Cap Growth Index employed in benchmark construction are total return and gross of taxes. MSCI EAFE is total return and net offoreign withholding. S&P 500 Index & NASDAQ Composite Index employed in benchmark are gross of taxes. The volatility of the benchmark may be materially different from that of the strategy depicted, and the holdings in thestrategy may differ significantly from the securities that comprise the funds/indices of which the benchmark is composed.


Accounts Less than $100,000 2.30%$100,000 - $250,000 2.00%$250,001 - $500,000 1.75%$500,001 - $1,000,000 1.50%$1,000,001 - $1,999,999 1.25%Accts from $2,000,000 and Over 1.00%




1051130 MK

ToewsIRMS Sector Opportunities Growth


YearEnd`

NetComposite

ReturnBenchmark


Number ofportfolios

CompositeAssets$USD

Firm Assets(%)


Portfolios

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2006* 5.85% 8.73% n/a 23 3,100,966 2.50% 1.33% n/a n/a

2007 -2.91% 10.22% 1.29% 43 4,840,633 4.92% 0.86% n/a n/a

2008 -9.93% -39.53% 1.04% 35 3,332,638 5.13% 0.00% n/a n/a

2009 23.90% 40.15% 1.20% 13 976,195 1.14% 0.00% n/a n/a

2010 5.15% 16.73% 2.29% 12 1,165,335 1.09% 0.00% n/a n/a

2011 -14.85% -2.36% 1.29% 11 854,708 0.92% 0.00% 12.79% 18.01%

2012 6.60% 16.54% 1.35% 8 300,949 0.36% 0.00% 9.65% 15.56%

2013 20.47% 27.81% n/a ≤ 5 132,676 0.15% 0.00% 9.05% 12.54%

2014 -5.27% 5.72% n/a ≤ 5 116,336 0.14% 0.00% 8.07% 9.45%

2015 -9.34% 1.10% n/a ≤ 5 88,010 0.13% 0.00% 8.47% 9.97%

2016 -5.63% 7.37% n/a ≤ 5 19,197 0.00% 0.00% 7.71% 10.63%*For the year ending 2006, the performance results are for the period from August 31, 2006 through December 31, 2006.

1051130 MK

ToewsIRMS Sector Opportunities Growth


Composite Description: Attempts to provide growth by investing in a portfolio of US and International equities and high yield bonds with a target allocation of 84% equities and 16% Bonds (when fully invested). 80% of the portfolio is tradedbased on Toews Risk Managed Models. For this portion of the portfolio (based on the asset allocation indicated below) Toews monitors and enters or exits each asset class based on its proprietary risk management system. For theremaining 20% of the portfolio, an allocation to rising or undervalued stock sectors may be made based on sector rotation models in an attempt to invest in those asset classes that have strong relative strength. When fully invested, thiscomposite is allocated in the following categories:• Small-Cap Growth Stocks (12%); Mid-Cap Growth Stocks (12%); Large-Cap Growth Stocks (16%); High Yield Bond (16%); International Stocks (24%); Sector Rotation Stocks (20%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 12% Morningstar Small Cap Growth, 12% Morningstar Mid-Cap Growth, 16% Morningstar Large-Cap Growth, 24% MSCI EAFE, 16% Merrill Lynch High Yield Master Index, 10% S&P 500, 10 percent NASDAQComposite – rebalanced monthly. The Morningstar Large Cap Growth Index measures the performance of large-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forward earnings,historical earnings, book value, cash flow and sales. Morningstar Small Cap Growth Index, Morningstar Mid-Cap Growth Index, Morningstar Large-Cap Growth Index, and Merrill Lynch High Yield Master Index employed inbenchmark construction are total return and gross of taxes. MSCI EAFE is total return and net of foreign withholding. S&P 500 Index & NASDAQ Composite Index employed in benchmark are gross of taxes. The volatility of thebenchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which the benchmark is composed.






1051130 MK

ToewsVIX Portfolio


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios

CompositeAssets$USD

Firm Assets(%)


Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2012 39.09% 15.88% n/a ≤ 5 72,566 0.09% 100.00% n/a n/a

2013 14.13% 32.41% n/a ≤ 5 87,357 0.10% 100.00% n/a n/a

2014 -50.14% 13.59% n/a ≤ 5 43,553 0.05% 100.00% 51.01% 8.99%

2015 -34.04% 1.39% n/a ≤ 5 7,362 0.01% 100.00% 40.55% 10.47%

2016 40.41% 11.94% n/a ≤ 5 17,673 0.00% 100.00% 41.19% 10.58%

1051130 MK

ToewsVIX Portfolio


Composite Description: Attempts to provide a high level of growth by investing in a portfolio of securities that derive their value from the S&P VIX Index. Portfolios are allocated into a mix of ETFs, ETNs, futures contracts or mutualfunds chosen by Toews. This portfolio does not fit into conventional asset allocation models. Toews monitors and enters or exits a variety of securities whose underlying value is related to the S&P VIX Index. Toews retains the rightto change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 100% S&P 500. All indices employed in benchmark construction are total return and gross of taxes. The volatility of the benchmark may be materially different from that of the strategy depicted, andthe holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which the benchmark is composed.





1051130 MK

ToewsiVest Litman/Gregory Balanced


YearEnd

NetComposite

ReturnBenchmark


Numberof

portfolios

CompositeAssets$USD

FirmAssets

(%)


Portfolios

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2006* 8.76% 9.76% n/a ≤ 5 502,560 0.41% 42.79% n/a n/a

2007 5.66% 6.28% 1.01% 6 850,662 0.86% 26.99% n/a n/a

2008 -21.59% -22.59% 2.35% 7 686,487 1.06% 27.13% n/a n/a

2009 18.41% 19.19% 1.58% 6 841,704 0.98% 26.59% n/a n/a

2010 9.35% 12.18% n/a ≤ 5 356,374 0.33% 69.08% n/a n/a

2011 0.61% 2.40% n/a ≤ 5 353,415 0.38% 70.55% 9.83% 11.98%

2012 10.48% 11.54% n/a ≤ 5 384,719 0.46% 71.90% 7.44% 9.35%

2013 8.18% 16.99% n/a ≤ 5 401,938 0.45% 72.69% 6.57% 7.65%

2014 3.89% 7.61% n/a ≤ 5 399,954 0.47% 73.22% 5.55% 5.91%

2015 -3.15% 0.59% n/a ≤ 5 370,509 0.54% 73.83% 6.07% 6.50%

2016 6.57% 7.76% n/a ≤ 5 376,830 0.04% 74.40% 6.23% 6.52%*For the year ending 2006, the performance results are for the period from January 31, 2006 through December 31, 2006

1051130 MK

ToewsiVest Litman/Gregory Balanced


Composite Description: Attempts to achieve growth and income in a portfolio with a target allocation of 40% bonds and 60% equities. Portfolios are allocated into a mix of underlying ETFs or mutual funds. Uses the signalsprovided to TC by LGAM to determine the appropriate asset allocation mix based on fundamental, valuation-driven asset-class research. The neutral allocation of this composite when fully invested is as follows:• Investment Grade Bonds (40%); Large-Cap Stocks (40%); Small-Cap Stocks (8%); International Stocks (12%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.







1051130 MK

ToewsiVest Litman/Gregory Balanced Growth


YearEnd

NetComposite

ReturnBenchmark


Numberof

portfolios

CompositeAssets$USD

FirmAssets

(%)

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2006* 9.07% 10.75% n/a ≤ 5 309,259 0.25% n/a n/a

2007 4.96% 6.04% 0.01% 8 982,795 1.00% n/a n/a

2008 -27.43% -28.59% 0.48% 9 725,173 1.12% n/a n/a

2009 21.62% 22.44% n/a ≤ 5 161,482 0.19% n/a n/a

2010 9.63% 13.35% n/a ≤ 5 101,622 0.10% n/a n/a

2011 -1.30% 0.95% n/a ≤ 5 100,306 0.11% 12.53% 14.93%

2012 11.74% 13.36% n/a ≤ 5 30,767 0.04% 9.81% 11.93%

2013 10.72% 22.28% n/a ≤ 5 34,065 0.04% 8.43% 9.63%

2014 3.19% 8.06% n/a ≤ 5 35,153 0.04% 7.29% 7.29%

2015 -4.85% 0.49% n/a ≤ 5 33,449 0.05% 7.87% 8.01%

2016** -0.45% 2.80% n/a ≤ 5 33,434 0.00% n/a n/a*For the year ending 2006, the performance results are for the period from June 30, 2006 through December 31, 2006**For the year ending 2016, the performance results are for the period from December 31, 2015 through May 31, 2016

1051130 MK

ToewsiVest Litman/Gregory Balanced Growth


Composite Description: Attempts to achieve growth and a moderate level of income in a portfolio with a allocation of 25% bonds and 75% equities. Portfolios are allocated into a mix of underlying ETFs or mutual funds. Uses thesignals provided to TC by LGAM to determine the appropriate asset allocation mix based on fundamental, valuation-driven asset-class research. The neutral allocation of this composite when fully invested is as follows:• Investment Grade Bonds (25%); Large-Cap Stocks (50%); Small-Cap Stocks (10%); International Stocks (15%).Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.





Toews Corporation claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Toews Corporation has been independentlyverified for the periods March 31, 1996 through May 31, 2016. The verification reports are available upon request.


1051130 MK

ToewsiVest Emerging Markets Aggressive Growth


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios

CompositeAssets$USD

FirmAssets

(%)

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2008* -5.29% -51.50% n/a ≤ 5 47,832 0.07% n/a n/a

2009 54.86% 78.50% 2.91% 9 871,812 1.02% n/a n/a

2010 -0.95% 18.86% 2.14% 15 957,853 0.90% n/a n/a

2011 -35.90% -18.53% 0.46% 15 511,570 0.55% 24.14% 25.75%

2012 8.69% 18.43% 0.13% 12 413,225 0.49% 16.29% 12.48%

2013 -14.17% -2.45% 0.19% 7 235,316 0.26% 13.15% 19.03%

2014 4.57% -1.82% n/a ≤ 5 181,624 0.22% 8.58% 15.01%

2015 -12.52% -14.84% n/a ≤ 5 85,651 0.13% 7.75% 16.91%

2016** 0.65% 11.16% n/a ≤ 5 71,767 0.00% n/a n/a

*For the year ending 2008, the performance results are for the period from April 30, 2008 through December 31, 2008**For the year ending 2016, the performance results are for the period from December 31, 2015 through November 30, 2016

1051130 MK

ToewsiVest Emerging Markets Aggressive Growth


Composite Description: Attempts to provide a high level of growth in a portfolio with a target allocation of 100 % emerging markets equities (when fully invested). Portfolios are allocated into a mix of underlying ETFs or mutualfunds chosen by Toews. Based on the asset allocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary risk management system. When fully invested, this composite is allocated in thefollowing categories:• Emerging Market Stocks (100%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 100% MSCI Emerging Markets. All indices employed in benchmark construction are total return and gross of taxes. The volatility of the benchmark may be materially different from that of the strategydepicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which the benchmark is composed.



Toews Corporation claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Toews Corporation has been independentlyverified for the periods April 30, 2008 through November 30, 2016. The verification reports are available upon request.


1051130 MK

ToewsiVest Emerging Markets Balanced


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios

CompositeAssets$USD

FirmAssets

(%)

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2009* 50.24% -5.75% n/a 7 118,177 0.14% n/a n/a

2010 1.40% 3.77% 0.29% 15 224,664 0.21% n/a n/a

2011 -20.43% 1.03% 1.28% 13 170,431 0.18% n/a n/a

2012 6.78% 0.61% n/a ≤ 5 36,814 0.04% 9.66% 12.65%

2013 -10.15% 4.83% n/a ≤ 5 7,768 0.01% 7.76% 11.52%

2014** -0.78% -1.90% n/a ≤ 5 7,708 0.00% n/a n/a

*For the year ending 2009, the performance results are for the period from February 28, 2009 through December 31, 2009**For the year ending 2014, the performance results are for the period from December 31, 2013 through January 31, 2014

1051130 MK

ToewsiVest Emerging Markets Balanced


Composite Description: Attempts to provide a moderate level of income with growth in a portfolio with a target allocation of 40% bonds and 60% emerging markets equities (when fully invested). Portfolios are allocated into a mixof underlying ETFs or mutual funds chosen by Toews. Based on the asset allocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary risk management system. When fully invested, thiscomposite is allocated in the following categories:• Emerging Market Stocks (60%); Bonds (40%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 40% Barclays Aggregate Bond Index, 60% MSCI Emerging Markets– rebalanced monthly. All indices employed in benchmark construction are total return and gross of taxes. The volatility of thebenchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which the benchmark iscomposed.



Toews Corporation claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Toews Corporation has been independentlyverified for the periods March 31, 1996 through January 31, 2014. The verification reports are available upon request.


1051130 MK

ToewsiVest Emerging Markets Balanced Growth


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios

CompositeAssets$USD

FirmAssets

(%)


Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2009 45.95% 57.88% 0.00% 19 893,779 1.05% 1.45% n/a n/a

2010 0.31% 16.16% 1.19% 32 1,091,155 1.02% 1.21% n/a n/a

2011 -26.06% -12.06% 2.53% 28 414,894 0.45% 2.37% 18.78% 19.33%

2012 7.16% 15.12% 0.85% 19 257,921 0.31% 4.93% 12.01% 15.95%

2013 -11.07% -2.26% n/a ≤ 5 33,633 0.04% 28.87% 9.45% 14.32%

2014 3.66% 0.23% n/a ≤ 5 24,750 0.03% 0.00% 6.41% 11.44%

2015 -9.95% -10.95% n/a ≤ 5 22,288 0.03% 0.00% 6.04% 10.73%

2016 2.09% 9.27% n/a ≤ 5 1,712 0.00% 0.00% 7.12% 12.20%

1051130 MK

ToewsiVest Emerging Markets Balanced Growth


Composite Description: Attempts to provide a limited level of income with growth in a portfolio with a target allocation of 25% bonds and 75% emerging markets equities (when fully invested). Portfolios are allocated into a mix ofunderlying ETFs or mutual funds chosen by Toews. Based on the asset allocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary risk management system. When fully invested, this compositeis allocated in the following categories:• Emerging Market Stocks (75%); Aggregate Bonds (25%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 25% Barclays Aggregate Bond Index, 75% MSCI Emerging Markets– rebalanced monthly. The Morningstar Large Cap Growth Index measures the performance of large-cap stocks that are expected to grow at afaster pace than the rest of the market as measured by forward earnings, historical earnings, book value, cash flow and sales. All indices employed in benchmark construction are total return and gross of taxes. The volatility ofthe benchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which the benchmark is composed.





1051130 MK

ToewsiVest Emerging Markets Balanced Income


YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios

CompositeAssets$USD

FirmAssets

(%)

Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2010* 4.47% 12.92% n/a ≤ 5 60,368 0.06% n/a n/a

2011 -11.90% -2.69% n/a ≤ 5 34,608 0.04% n/a n/a

2012** 4.54% 7.27% n/a ≤ 5 6,855 n/a n/a n/a

*For the year ending 2010, the performance results are for the period from February 28, 2010 through December 31, 2010**For the year ending 2012, the performance results are for the period from December 31, 2011 through September 30, 2012

1051130 MK

ToewsiVest Emerging Markets Balanced Income


Composite Description: Attempts to provide a moderate level of income with growth in a portfolio with a target allocation of 60% bonds and 40% emerging markets equities (when fully invested). Portfolios are allocated into a mixof underlying ETFs or mutual funds chosen by Toews. Based on the asset allocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary risk management system. When fully invested, thiscomposite is allocated in the following categories:• Emerging Market Stocks (40%); Bonds (60%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 60% Barclays Aggregate Bond Index, 40% Vanguard Emerging Markets Stock Index ETF – rebalanced monthly. All indices employed in benchmark construction are total return and gross of taxes. Thevolatility of the benchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which thebenchmark is composed.


Additional information regarding Toews Corporation’s fees is included in its Part II of Form ADV, which is available upon request.5. This composite was created in January 2011.6. A complete list of composite descriptions and their performance results, as well as policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.7. All performance is expressed in U.S. dollars.8. As with any investment, there is the potential for loss, including loss of principal. Past performance does not guarantee future results.9. Three Year Standard Deviation of the Composite and Benchmark are not presented for 2011-2012 because 36 monthly returns are not available.

Toews Corporation claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Toews Corporation has been independentlyverified for the periods March 31, 1996 through September 30, 2012. The verification reports are available upon request.


1051130 MK

ToewsiVest Emerging Markets GrowthAnnual Composite Presentation

YearEnd

NetComposite

ReturnBenchmark


Number ofportfolios

CompositeAssets$USD

FirmAssets

(%)


Composite3-Yr Std

Dev

Benchmark3-Yr Std

Dev

2008* -4.91% -43.61% n/a ≤ 5 143,784 0.22% 0.00% n/a n/a

2009 49.18% 61.87% 0.83% 13 492,752 0.58% 33.19% n/a n/a

2010 0.90% 16.72% 0.80% 30 1,185,141 1.11% 28.40% n/a n/a

2011 -28.59% -13.37% 0.54% 34 957,569 1.04% 25.30% 20.12% 20.61%

2012 8.58% 15.80% 0.39% 24 756,507 0.91% 52.06% 13.29% 17.06%

2013 -11.23% -2.30% 0.63% 13 412,943 0.46% 47.99% 10.66% 15.26%

2014 4.20% -0.17% 0.53% 12 367,537 0.44% 56.46% 7.11% 12.15%

2015 -9.93% -11.73% 0.41% 9 282,935 0.42% 66.25% 6.49% 11.39%

2016 2.47% 9.67% 0.46% 7 249,642 0.03% 77.14% 7.75% 12.97%


1051130 MK

ToewsiVest Emerging Markets GrowthAnnual Composite Presentation

Composite Description: Attempts to provide growth in a portfolio with a target allocation of 20% bonds and 80% emerging markets equities (when fully invested). Portfolios are allocated into a mix of underlying ETFs or mutualfunds chosen by Toews. Based on the asset allocation indicated below, Toews monitors and enters or exits each asset class based on its proprietary risk management system. When fully invested, this composite is allocated in thefollowing categories:• Emerging Market Stocks (80%); Aggregate Bonds (20%)Toews retains the right to change the allocations or to add asset classes with or without notice to clients. Allocations may vary based on account size, account type and/or market activity.


2. The benchmark: 20% Barclays Aggregate Bond Index, 80% MSCI Emerging Markets – rebalanced monthly. All indices employed in benchmark construction are total return and gross of taxes. The volatility of thebenchmark may be materially different from that of the strategy depicted, and the holdings in the strategy may differ significantly from the securities that comprise the funds/indices of which the benchmark iscomposed.





1051130 MK

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