SPDR S&P 500 ETF TR

Ticker: SPY CUSIP: 78462F103 Class: TR UNIT

TOEWS CORP /ADV's Holding History (CIK: 0000932000)

Note: Option positions (PUT/CALL) are excluded.

Q4 2010
Shares 20,100 Value ($000) $2,528 Avg Close — Range —