CHGI China Carbon Graphite Group Inc (CE)

Toews Hedged Emerging Markets Fund

Portfolio of Investments (Unaudited)

January 31, 2014

Principal

 Market Value

VARIABLE RATE BONDS & NOTES - 38.5 % (b)(c)

COMMERCIAL SERVICES- 7.6 %

 $     350,000

Allen Temple African Methodist Episcopal Church, 0.35%, 7/1/22

 $                               350,000

HEALTHCARE - SERVICES - 20.6 %

        960,000

Kingston Care Center of Fort Wayne LLC, 0.30%, 7/1/27

                                  960,000

MUNICIPAL - 10.3 %

        480,000

Milford Hiksville Ohio Junior Township 0.19%, 12/1/37

                                  480,000

TOTAL VARIABLE RATE BONDS & NOTES (Cost $1,790,000)

                               1,790,000

TOTAL INVESTMENTS - 38.5 %

(Cost - $1,790,000)(a)

 $                            1,790,000

CASH AND OTHER ASSETS LESS LIABILITIES - 61.5 %

                               2,861,629

NET ASSETS - 100.0%

 $                            4,651,629

(a) Represents cost for financial reporting purposes.  Aggregate cost for federal tax purposes is substantially the same.

(b) Variable rate securities.  Rate shown is as of report date and maturity shown is the date the principal owed can be

recovered through demand.

(c) Securities for which market quotations are not readily available.  The aggregate value of such securities is 38.5 %

 and they have been fair valued under procedures by the Fund's Board of Trustees.

Toews Hedged Growth Allocation Fund

Portfolio of Investments (Unaudited)

January 31, 2014

Shares

 Market Value

MUTUAL FUNDS - 21.4 %

DEBT FUNDS - 21.4 %

74,347

American High-Income Trust - Class R-6

 $                               843,834

8,273

John Hancock Core High Yield Fund - Class I

                                    90,177

109,929

Nuveen High Income Bond Fund - Class I

                                  995,962

140,484

PIMCO High Yield Fund - Institutional Class

                               1,351,453

53,740

Principal High Yield Fund - Institutional Class

                                  415,408

72,769

Prudential High Yield Fund, Inc. - Class Z

                                  418,422

42,387

RidgeWorth SEIX High Yield Fund - I Shares

                                  414,971

53,402

SEI Institutional Managed Trust - High Yield Bond Fund - Class A

                                  414,938

39,626

Western Asset High Yield Fund - Institutional Class

                                  360,594

TOTAL MUTUAL FUNDS (Cost - $5,257,752)

                               5,305,759

EXCHANGE TRADED FUNDS - 1.4 %

DEBT FUNDS - 1.4 %

1,900

iShares iBoxx $ High Yield Corporate Bond ETF

                                  177,175

4,300

SPDR Barclays Capital High Yield Bond ETF

                                  175,397

TOTAL EXCHANGE TRADED FUNDS (Cost - $351,831)

                                  352,572

Principal

VARIABLE RATE BONDS & NOTES - 7.6 % (b)(c)

COMMERCIAL SERVICES - 2.5 %

 $     326,000

Cincinnati Bar Association, 0.35%, 8/1/21

326,000

290,000

Science & Technology Campus Corp., 0.35%, 11/1/20

290,000

                                  616,000

DIVERSIFIED FINANCIAL SERVICES -  5.1 %

690,750

Harlan Development Co. LLC/Scott Pet Products, Inc., 0.32%, 12/1/44

690,750

178,000

Kalamazoo Funding Co. LLC, 0.30%, 12/15/26 Series 96A

178,000

140,000

Kalamazoo Funding Co. LLC, 0.30%, 12/15/26 Series 96B

140,000

271,000

Tice Family LLC, 0.35%, 12/1/35

271,000

1,279,750

TOTAL VARIABLE RATE BONDS & NOTES (Cost $1,895,750)

                               1,895,750

MUNICIPAL BONDS - 10.9 % (b)(c)

ILLINOIS - 4.1 %

1,000,000

Will-Kankakee Regional Development Authority, 0.19 %, 8/1/36

1,000,000

MICHIGAN - 4.4 %

540,000

Michigan State Strategic Fund, 0.19%, 4/1/31

540,000

565,000

Michigan State Strategic Fund, 0.19%, 12/1/31

565,000

1,105,000

OHIO - 2.4 %

605,000

Summit County Ohio Port Authority Rev, 0.19%, 2/1/28

605,000

TOTAL MUNICIPAL BONDS (Cost $2,710,000)

                               2,710,000

TOTAL INVESTMENTS - 41.3 % (Cost - $10,215,333)(a)

 $                         10,264,081

CASH AND OTHER ASSETS LESS LIABILITIES - 58.7 %

                             14,593,632

NET ASSETS - 100.0%

 $                         24,857,713

Toews Hedged Growth Allocation Fund

Portfolio of Investments (Unaudited) (Continued)

January 31, 2014

Number of Contracts

 Unrealized Appreciation (Depreciation)(d)

FUTURES CONTRACTS

4

Nasdaq 100, maturing March 2014

 $                                 19,220

33

Russell 2000 Mini, maturing March 2014

84,125

8

S&P 500, maturing March 2014

                                   (11,638)

29

S&P Midcap 400 E-mini, maturing March 2014

68,327

TOTAL FUTURES CONTRACTS

 $                               160,034

(Underlying Notional Amount $12,482,060)

(a) Represents cost for financial reporting purposes.  Aggregate cost for federal income tax purposes is $10,237,987 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation:

 $                                 36,800

Unrealized depreciation:

                                   (10,706)

Net unrealized appreciation:

 $                                 26,094

(b) Variable rate securities.  Rate shown is as of report date and maturity shown is the date the principal owed can be

recovered through demand.

(c) Securities for which market quotations are not readily available.  The aggregate value of such securities is 18.5%

 and they have been fair valued under procedures by the Fund's Board of Trustees.

(d) Amount subject to equity contracts risk exposure.

Toews Hedged High Yield Bond Fund

Portfolio of Investments (Unaudited)

January 31, 2014

Shares

 Market Value

MUTUAL FUNDS - 97.9 %

DEBT FUNDS - 97.9 %

1,855,037

American High-Income Trust - Class R-6

 $                    21,054,671

307,095

John Hancock Core High Yield Fund - Class I

                          3,347,331

824,553

Nuveen High Income Bond Fund - Class I

                          7,470,448

2,883,215

PIMCO High Yield Fund - Institutional Class

                       27,736,533

1,255,073

Principal High Yield Fund - Institutional Class

                          9,701,715

1,694,603

Prudential High Yield Fund, Inc. - Class Z

                          9,743,969

988,889

RidgeWorth SEIX High Yield Fund - I Shares

                          9,681,220

1,247,730

SEI Institutional Managed Trust - High Yield Bond Fund - Class A

                          9,694,862

662,113

Western Asset High Yield Fund - Institutional Class

                          6,025,225

TOTAL MUTUAL FUNDS (Cost - $103,467,621)

                     104,455,974

EXCHANGE TRADED FUNDS - 0.9 %

DEBT FUNDS - 0.9 %

5,600

iShares iBoxx $ High Yield Corporate Bond Fund

                             522,200

11,550

SPDR Barclays Capital High Yield Bond ETF

                             471,124

TOTAL EXCHANGE TRADED FUNDS (Cost - $992,486)

                             993,324

Principal

MORTGAGE NOTE - 0.9 % (b)

$1,000,742

Aristone Realty Capital, 15.00%, due 4/11/14

1,000,742

TOTAL MORTGAGE NOTE (Cost - $1,000,742)

TOTAL INVESTMENTS - 99.7 % (Cost - $105,460,849)(a)

 $                  106,450,040

CASH AND OTHER ASSETS LESS LIABILITIES - 0.3 %

                             319,819

NET ASSETS - 100.0%

 $                  106,769,859

(a) Represents cost for financial reporting purposes.  Aggregate cost for federal income tax purposes is $105,751,425 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation:

 $                          922,628

Unrealized depreciation:

(224,013)

Net unrealized appreciation:

 $                          698,615

(b) Securities for which market quotations are not readily available.  The aggregate value of such securities is 0.9%

 and they have been fair valued under procedures by the Fund's Board of Trustees.

Toews Hedged International Developed Markets Fund

Portfolio of Investments (Unaudited)

January 31, 2014

Principal

 Market Value

VARIABLE RATE BONDS & NOTES - 3.7 % (b)(c)

BUILDING MATERIALS - 0.9 %

 $     635,000

Schulte Corp., 0.30%, 9/1/24

 $                          635,000

COMMERCIAL SERVICES- 0.2 %

        110,000

Light of the World Christian Church, Inc., 0.35%, 7/1/22

                             110,000

DIVERSIFIED FINANCIAL SERVICES - 2.0 %

        460,000

Michigan Equity Group LLC, 0.30%, 4/1/34

                             460,000

        902,000

RDV Finance LLC, 0.30%, 3/1/40

                             902,000

                          1,362,000

FOOD - 0.6 %

        398,000

Forward Corp., 0.30%, 12/1/30

                             398,000

TOTAL VARIABLE RATE BONDS & NOTES (Cost $2,505,000)

                          2,505,000

MUNICIPAL BONDS - 7.4 % (b)(c)

GEORGIA - 1.2 %

        800,000

DeKalb County Development Authority, 0.19%, 11/1/22

                             800,000

KENTUCKY - 0.6 %

        435,000

Georgetown KentuckY INDL Building Revenue, 0.17%, 11/15/29

                             435,000

MICHIGAN - 1.7 %

        870,000

Genesee Country Economic Development Corp/MI, 0.19%, 4/1/30

                             870,000

        245,000

Michigan Higher Education Facilities Authority, 0.17%, 1/1/36

                             245,000

                          1,115,000

OHIO - 3.9 %

        830,000

Akron Ohio Metro HSG Authority, 0.19%, 4/1/18

                             830,000

     1,790,000

Parma Ohio Economic, 0.19%, 2/1/31

                          1,790,000

                          2,620,000

TOTAL MUNICIPAL BONDS (Cost $4,970,000)

                          4,970,000

TOTAL INVESTMENTS - 11.1 %

(Cost - $7,475,000)(a)

 $                      7,475,000

CASH AND OTHER ASSETS LESS LIABILITIES - 88.9 %

                       59,678,212

NET ASSETS - 100.0%

 $                    67,153,212

(a) Represents cost for financial reporting purposes.  Aggregate cost for federal tax purposes is substantially the same.

(b) Variable rate securities.  Rate shown is as of report date and maturity shown is the date the principal owed can be

recovered through demand.

(c) Securities for which market quotations are not readily available.  The aggregate value of such securities is 11.1%

 and they have been fair valued under procedures by the Fund's Board of Trustees.

Toews Hedged Large-Cap Fund

Portfolio of Investments (Unaudited)

January 31, 2014

Principal

 Market Value

VARIABLE RATE BONDS & NOTES - 2.3 % (b)(c)

COMMERCIAL SERVICES- 0.5 %

 $     370,000

Light of the World Christian Church, Inc., 0.35%, 7/1/22

 $                          370,000

DIVERSIFIED FINANCIAL SERVICES - 0.2 %

        140,000

Tile Shop of Michigan LLC, 0.35%, 4/1/28

                             140,000

FOREST PRODUCTS & PAPER - 0.8 %

        600,000

Envelope Printery, Inc., 0.35%, 3/1/27

                             600,000

HEALTHCARE - SERVICES - 0.4 %

        180,000

MHRC LLC, 0.30%, 4/1/34

                             180,000

           85,000

New Lexington Clinic PSC, 0.35%, 12/1/27

                               85,000

                             265,000

REAL ESTATE - 0.4 %

        275,000

L3 Corp., 0.35%, 11/1/17

                             275,000

TOTAL VARIABLE RATE BONDS & NOTES (Cost 1,650,000)

                          1,650,000

MUNICIPAL BONDS- 4.5 % (b)(c)

INDIANA - 1.4 %

     1,000,000

Indiana Finance Authority, 0.19%, 12/1/28

                          1,000,000

MICHIGAN - 1.8 %

        400,000

Fremont Michigan Hospital Authority Revenue, 0.17%, 11/1/27

                             400,000

        900,000

Jackson County Economic Development Corp., 0.17%, 12/1/14

                             900,000

                          1,300,000

OHIO - 1.3 %

        270,000

County of Franklin OH, 0.19%, 4/1/22

                             270,000

        430,000

Highland County Joint Township Hospital District, 0.19%, 8/1/24

                             430,000

        240,000

Sharonville OH Indl Development Revenue, 0.19%, 9/1/14

                             240,000

                             940,000

TOTAL MUNICIPAL BONDS (Cost $3,240,000)

                          3,240,000

TOTAL INVESTMENTS - 6.8 %

(Cost - $4,890,000)(a)

 $                      4,890,000

CASH AND OTHER ASSETS LESS LIABILITIES - 93.2 %

                       66,897,724

NET ASSETS - 100.0%

 $                    71,787,724

Number of Contracts

 Unrealized Appreciation(d)

FUTURES CONTRACTS

63

NASDAQ 100 maturing March 2014

 $                          290,805

116

S&P 500 maturing March 2014

                                 1,225

TOTAL FUTURES CONTRACTS

 $                          292,030

(Underlying Notional Amount $73,659,600)

(a) Represents cost for financial reporting purposes.  Aggregate cost for federal tax purposes is substantially the same.

(b) Variable rate securities.  Rate shown is as of report date and maturity shown is the date the principal owed can be

recovered through demand.

(c) Securities for which market quotations are not readily available.  The aggregate value of such securities is 6.8%

 and they have been fair valued under procedures by the Fund's Board of Trustees.

(d) Amount subject to equity contracts risk exposure.

Toews Hedged Small & Mid Cap Fund

Portfolio of Investments (Unaudited)

January 31, 2014

Principal

 Market Value

VARIABLE RATE BONDS & NOTES - 1.3 % (b)(c)

DIVERSIFIED FINANCIAL SERVICES - 1.3 %

 $     700,000

Fornell Associated LLC, 0.35%, 7/1/23

 $                                700,000

        500,000

Willow Interest LLC, 0.35%, 4/1/25

                                   500,000

TOTAL VARIABLE RATE BONDS & NOTES (Cost $1,200,000)

                                1,200,000

MUNICIPAL BONDS - 17.3 % (b)(c)

ILLINOIS - 1.5 %

        430,000

Illinois Finance Authority, 0.21%, 9/1/17

                                   430,000

     1,000,000

Orlando Park II  Indl Dev, 0.19%, 4/1/31

                                1,000,000

                                1,430,000

INDIANA - 0.6 %

        550,000

Kendallville Indiana Economic Rev. 0.21%, 3/1/26

                                   550,000

KENTUCKY - 0.3 %

        300,000

Lexington Fayette KY Urban County, 0.17%, 12/1/31

                                   300,000

MICHIGAN - 2.5 %

        800,000

Michigan State Hospital Finanice Authority, 0.17%, 2/1/22

                                   800,000

        100,000

Michigan Strategic Fund, 0.17%, 10/1/25

                                   100,000

     1,400,000

Michigan Strategic Fund, 0.19%, 3/1/37

                                1,400,000

                                2,300,000

OHIO - 6.6 %

        577,000

City of Hamilton OH, 0.19%, 9/1/25

                                   577,000

     3,980,000

City of Hamilton OH, 0.17%, 12/1/26

                                3,980,000

        895,000

City of Hamilton OH, 0.19%, 11/1/23

                                   895,000

        615,000

City of Hamilton OH, 0.19%, 4/1/20

                                   615,000

        120,000

Highland County Ohio, 0.19%, 8/1/24

                                   120,000

                                6,187,000

SOUTH CAROLINA - 5.8 %

     5,440,000

South Carolina Jobs-Economic Development Authority, 0.17%, 2/1/28

                                5,440,000

TOTAL MUNICIPAL BONDS (Cost $16,207,000)

                              16,207,000

TOTAL INVESTMENTS - 18.6 %

(Cost - $17,407,000)(a)

 $                          17,407,000

CASH AND OTHER ASSETS LESS LIABILITIES - 81.4 %

                              76,470,137

NET ASSETS - 100.0%

 $                          93,877,137

 Number of Contracts

 Unrealized Appreciation (d)

FUTURES CONTRACTS

367

S&P Midcap 400 E-Mini maturing March 2014

 $                                945,873

426

Russell Mini maturing March 2014

                                1,186,140

TOTAL FUTURES CONTRACTS

 $                             2,132,013

(Underlying Notional Amount $96,153,590)

(a) Represents cost for financial reporting purposes.  Aggregate cost for federal tax purposes is substantially the same.

(b) Variable rate securities.  Rate shown is as of report date and maturity shown is the date the principal owed can be

recovered through demand.

(c) Securities for which market quotations are not readily available.  The aggregate value of such securities is 18.6%

 and they have been fair valued under procedures by the Fund's Board of Trustees.

(d) Amount subject to equity contracts risk exposure.

Toews Unconstrained Income Fund

Portfolio of Investments (Unaudited)

January 31, 2014

Shares

 Market Value

MUTUAL FUNDS - 92.3 %

DEBT FUNDS - 92.3 %

339,885

American High-Income Trust - Class R-6

 $                            3,857,694

260,934

John Hancock Core High Yield Fund - Class I

                               2,844,178

599,566

Nuveen High Income Bond Fund - Class I

                               5,432,065

383,352

PIMCO High Yield Fund - Institutional Class

                               3,687,848

205,246

Principal High Yield Fund - Institutional Class

                               1,586,552

319,429

Prudential High Yield Fund, Inc. - Class Z

                               1,836,718

180,342

RidgeWorth SEIX High Yield Fund - I Shares

                               1,765,549

234,760

SEI Institutional Managed Trust - High Yield Bond Fund - Class A

                               1,824,084

431,023

Vanguard Inflation-Protected Securities Fund - Admiral Shares

                             11,223,848

1,046,934

Vanguard Total Bond Market Index Fund - Class I

                             11,202,194

2

Vanguard Short-Term Bond Index Fund - Class I

                                            17

368,649

Western Asset High Yield Fund - Institutional Class

                               3,354,709

TOTAL MUTUAL FUNDS (Cost - $48,280,195)

                             48,615,456

EXCHANGE TRADED FUNDS - 4.1 %

DEBT FUNDS - 4.1 %

900

iShares Core Total US Bond Market ETF

                                    97,137

5,400

iShares iBoxx $ High Yield Corporate Bond ETF

                                  503,550

1,100

iShares TIPS Bond ETF

                                  123,431

10,400

SPDR Barclays High Yield Bond ETF

                                  424,216

400

Vanguard Total Bond Market ETF

                                    32,516

34,200

VelocityShares Daily Inverse VIX Short Term ETN *

                                  978,462

TOTAL EXCHANGE TRADED FUNDS (Cost - $2,189,858)

                               2,159,312

Principal

MORTGAGE NOTES - 3.5 % (b)

$1,000,000

Aristone Realty Capital, 20.00%, due 10/1/14

                               1,000,000

833,000

Aristone Realty Capital, 15.00%, due 5/1/15

                                  833,000

TOTAL MORTGAGE NOTES (Cost - $1,833,000)

                               1,833,000

TOTAL INVESTMENTS - 99.9 % (Cost - $52,303,053)(a)

 $                         52,607,768

CASH AND OTHER ASSETS LESS LIABILITIES - 0.1 %

                                    73,596

NET ASSETS - 100.0 %

 $                         52,681,364

* Non-incoming producing security

(a) Represents cost for financial reporting purposes.  Aggregate cost for federal income tax purposes is $52,303,053 and differs from market value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation:

 $                               399,556

Unrealized depreciation:

                                   (94,841)

Net unrealized appreciation:

 $                               304,715

(b) Securities for which market quotations are not readily available.  The aggregate value of such securities is 3.5%

 and they have been fair valued under procedures by the Fund's Board of Trustees.

Toews Funds

PORTFOLIO OF INVESTMENTS

January 31, 2014 (Unaudited) (Continued)

Security Valuation - Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”).  In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Futures and future options are valued at the final settled price or, in the absence of a settled price, at the last sale price on the day of valuation.   Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the “Board”) based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities.  Short-term investments that mature in 60 days or less are valued at amortized cost, provided such valuations represent fair value.

Valuation of Fund of Funds - The Funds may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”).  Open-end funds are valued at their respective net asset values as reported by such investment companies. Open-end funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the board of directors of the open-end funds.  

A Fund may hold securities, such as private placements, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable.  These securities will be valued at their fair market value as determined using the “fair value” procedures approved by the Board.  The Board has delegated execution of these procedures to a fair value team composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) adviser.  The team may also enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value.  The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

Fair Value Team and Valuation Process.  This team is composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) adviser.  The applicable investments are valued collectively via inputs from each of these groups.  For example, fair value determinations are required for the following securities:  (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source), (ii) securities for which, in the judgment of the adviser or sub-adviser, the prices or values available do not represent the fair value of the instrument.  Factors which may cause the adviser to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund’s calculation of its net asset value.  Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses.  Restricted or illiquid securities, such as private placements or non-traded securities are valued via inputs from the adviser based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances).  If the adviser is unable to obtain a current bid from such independent dealers or other independent parties, the fair value team shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.  Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis.  GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds own assumptions about the assumptions a market participate would use in valuing the asset or liability, and would be based on the best information available.)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following tables summarize the inputs used as of January 31, 2014 for the Funds' assets and liabilities measured at fair value:

*Includes cumulative unrealized gain/loss on futures contracts open at January 31, 2014.

Toews Hedged High Yield Bond Fund and Toews Unconstrained Income Fund held Level 3 securities during the period.  The remaining Funds did not hold any Level 3 securities during the period.

There were no transfers into or out of Level 1 and Level 2 for the Emerging Markets, Growth Allocation, International Developed Markets, Large Cap and Small & Mid Cap Fund during the period.  Transfers that were made into Level 2 represent securities being fair valued using observable inputs.  A quoted price was not available at the time of valuation, therefore a fair valued price using observable inputs was used.

It is the Funds' policy to record transfers into or out of Level 1 and Level 2 at the end of the reporting period.

See Portfolio of Investments for industry classification.

The following is a reconciliation of assets in which Level 3 inputs were used in determining value:

* Includes change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at January 31, 2014 of $0.

Futures Contracts –  The Fund is subject to equity risk in the normal course of pursuing their investment objectives.  The Fund may purchase or sell futures contracts to gain exposure to, or hedge against, changes in the value of equities, interest rates or foreign currencies or commodities.   Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Fund’s agent in acquiring the futures position).    During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by “marking to market” on a daily basis to reflect the market value of the contracts at the end of each day’s trading.   Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred.   When the contracts are closed, a Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract.   If the Fund was unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts.   The Fund segregates liquid securities having a value at least equal to the amount of the current obligation under any open futures contract. With futures, there is minimal counterparty credit risk to a Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Exchange Traded Funds –  The Funds may invest in exchange traded funds (“ETFs”).  ETFs are a type of index fund bought and sold on a securities exchange.  An ETF trades like common stock and represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index.  A Fund may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities.  The risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile.  Additionally, ETFs have fees and expenses that reduce their value.