Long/Short Balanced Strategy

209151-332Allinformationcontainedhereinisforinformationalpurposesonly.Pleaserefertotheimportantdisclosureinformationattheendofthispresentationfordefinitions,additionalinformation,andrisks.

Long/ShortBalancedStrategy|

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AmacroeconomicapproachtotacticalETFinvesting


Astor’smacro-economicdrivenapproachtotacticalETFportfolioconstructionhasprovideduswithasuccessfultrackrecordforoveradecade.

AnOverviewofAstor

TheAstorApproach

Macro-economicAnalysis

Fundamental analysisoftheeconomyguidesinvestmentdecisionmakingprocesses.

TacticalAssetAllocation

Portfolioconstructionutilizesabroadrangeofassetclassesinanattempttocreatemorefavorablerisk-adjustedreturns(i.e.higheraveragereturnswithreducedvolatility).

EfficientInvestmentVehicles

Exclusiveuseofexchange-tradedfundsinportfoliosprovidesaccesstomultipleassetclassesinaliquid,on-exchangeformat.

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• Allocatingaportionofaportfoliotoatacticalstrategycanincrease averageannualizedreturnswhilelowering volatility

• Sidesteppingadownwardmoveinthemarketcanhelptobuildwealthsoonerratherthanjustreplacingwealthlost.

AdvantageofAddingaTacticalStrategy

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PortfolioAllocation AnnualizedReturn MaxDrawdown StandardDeviation

100%S&P500Index 3.68% -50.95% 15.11%

100%HFRIMacroIndex 5.28% -8.02%% 5.22%80%S&P500Index/20% HFRIMacroIndex 4.19% -42.45% 12.32%

Source:Bloomberg,AstorData:12/31/99– 9/30/15

$0

$50,000

$100,000

$150,000

$200,000

$250,000

Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15

HFRITotalMacroIndex 80%HFRI/20%S&P500 S&P500Index


Ourgoalistointerpretthecurrenteconomiccycle

MacroeconomicAnalysis

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Contraction• Decreasingemploymentandoutput• Cutsincapitalspending• Fallingequityprices

Trough• Highunemployment• Erraticstockmarket• Fedactstostimulateeconomy

Expansion• Risingemployment• Increasingproductivityandoutput• Appreciatingequityprices

Peak• Irrationalexuberance• Rampantprosperity• Overboughtequityprices

• Weusebroadfundamentalindicatorssuchasoutputandemployment astoolstogaugethecurrentphaseoftheeconomiccycle.

• Economicdataofvariousfrequencyisgatheredusingaproprietarymethodthatallowsustogenerateasingulareconomicindicator,TheAstorEconomicIndex®.


ImpactofEconomicCycles

• Equitymarketstypicallyexperiencedrawdownsduring economiccontractions and recessions.

• Identifying theseeconomicperiodscanprovidevaluebysignalingwhentoshiftallocations.

• Tactical portfolioshavetheflexibility topositionintonon-correlatingassets.

S&P500IndexCumulativeReturn

5

700

900

1100

1300

1500

1700

1900

2100

Recession Periods S&P 500 Index

Source:Bloomberg,NBER,AstorCalculationsData:12/31/99– 9/30/15*Performancerepresentspriceonly,dividendsassumednotre-invested

IncludingRecessionPeriods:35.46%ExcludingRecessionPeriods: 137.49%


TheAstorEconomicIndex®

• Astor’sproprietary economicindicator,TheAstorEconomicIndex®,aggregatesthecollectionofeconomicdataweanalyzeintoasinglevalue.

• TheIndexisthecornerstoneofourportfolioconstructionprocessandcreatesa“roadmap”forequityexposure.• Portfoliobetaadjustsasthe

Indexfluctuates– equityallocationsarereducedorincreasedasTheIndexsignalseconomicweaknessorgrowth.

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Source:AstorCalculationsData:12/31/99– 9/30/15

When investing, there are multiple factors to consider. The Astor Economic Index® should not be used as the soledetermining factor for your investment decisions. The Index represents an aggregation of retroactive data points andmay be subject to hindsight bias. There is no guarantee the Index will produce the same results in the future.


IndicatorsForNon-EquityInvestments

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Indicator&Description Commodities Currencies FixedIncome

RealEstate

EconomicCycle:Relationship betweenthecurrenteconomicoutlookandthenon-equityassetclass

X X X X

Credit Spreads:Absolute levelsandtrendscanprovideinformationontheeconomyandinvestorriskappetite X

InterestRate Policy:Explicittargets andimplicitaccommodative/tighteningstanceoftheFOMC

X

Momentum/MovingAverages:Proprietarytrendbasedsystemtoquantify andanalyzepricespecificconditions

X X X X


MechanicsofLong/ShortBalanced

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FixedIncomeInterestratesandprice

momentumFixedIncome(0-100%)

OtherMomentumbased

Commodities(0-10%)International(0-15%)

Other(0-10%)

CashRiskadjustmenttool

Cash(0-25%)

EquityBetaadjustedaccordingtomacro-economicdata

DomesticEquity(0-100%)InverseEquity(0-30%)

Astorreservestherighttochangethesethresholdsatanypoint.Clientaccountsmayexperiencedifferentweightingsduetofactorssuchasmarketmovement,clientrestrictions,oradverseenvironments.


• Theportfoliohasthreeobjectivesitseekstoachieve:

• Astor’slong-termapproachisfocusedonproducingaconsistent,positivelyslopedreturnprofilewithlowervolatility.

• Thehistoricalstatisticsprovidesupportforourinvestmentphilosophy.

EvaluationofLong/ShortBalanced

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•GaincapitalappreciationbyinvestinginETFswithpositivemarketcorrelationduringappropriateperiods

•Avoidwealthdestroyingdrawdownsbyreducingbroadmarketcorrelationduringdistressedperiods

•Providefavorablerisk-adjustedreturnsthroughouteconomiccycleswithamulti-assettacticalapproach


CorrelationandInvestinginMultipleAssetClasses

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-20%

-15%

-10%

-5%

0%

5%

10%

15%

-7.50% -5.00% -2.50% 0.00% 2.50% 5.00% 7.50% 10.00%

Correlation=0.69

Source:Bloomberg,AstorData:12/31/04– 9/30/15

Astor

S&P500Index

Equity Fixed Income Real Estate Commodity CurrencyEquity 1.00Fixed Income 0.03 1.00Real Estate 0.75 0.23 1.00Commodity 0.49 -0.09 0.24 1.00Currency -0.52 -0.21 -0.38 -0.59 1.00ASTOR 0.69 -0.06 0.45 0.35 -0.45


• Thebroadinvestmentuniverseandtacticalallocationusedintheportfoliohassignificantlyloweredthedrawdowncomparedtothebroadmarket.

• From2008to2009,theportfolioexperiencedlessthan1/5th oftheS&P500’sdrawdown(Astor-8.77%,S&P500-50.95%)

• Avoidingdrawdownsprovidesanearlieropportunityforwealthexpansion ratherthanwealthreplacementduringthedrawdownrecovery

TheBenefitsofLowerDrawdownandDownsideVolatility

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-50%

-40%

-30%

-20%

-10%

0%2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Source:Bloomberg,AstorData:12/31/04-9/30/15

S&P500 AstorLSB

MaximumDrawdown -50.95% -13.23%

Required Return toBreakEven 103.87% 15.01%

MonthstoRecover 36 18


Astor’sPortfolioManagementTeam

Bryan Novak joined Astor in 2002 and currently serves as Senior Managing Director where he oversees the firm’strading. Mr. Novak has been involved in the research and development of the trading and investment strategies atthe firm. He was instrumental in the launch of the firm’s mutual fund family in 2009 and has served as part of theportfolio management team since 2004. Prior to Astor, Mr. Novak was an equity options trader for Second CityTrading, LLC at the CBOE in Chicago. He has been quoted by numerous financial media outlets and is a regularpanelist at ETF industry events. Mr. Novak earned his Bachelor of Science in Financial Management from The OhioState University. Mr. Novak is a Level II Candidate for the CAIA exam and has passed Level 1 of the CFA.

John Eckstein joined Astor in 2011 and serves as Chief Investment Officer. As Vice Chairman of the firm’s InvestmentCommittee, he is responsible for international global macro strategies. In 1995, Mr. Eckstein founded CornerstoneQuantitative Investment Group, a global macro hedge fund with peak assets of $600 million. At Cornerstone, Mr.Eckstein was responsible for all aspects of the firm’s operations including fixed income, currency, commodity andequity portfolios. Prior to Cornerstone, Mr. Eckstein was a researcher for Luck Trading Company, a commoditytrading adviser. Mr. Eckstein is a co-author of Commodity Investing (John Wiley & Sons, 2008) and is a frequentspeaker at industry events. He holds a Bachelor of Science from Brown University and a Masters in PublicAdministration (International Economic Policy) from Columbia University.

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RobertStein,CEO

BryanNovak,SeniorManagingDirector

JohnEckstein,CIO

Rob Stein began his career as a project analyst for the Federal Reserve under Chairman Paul Volcker. From there, hewent on to hold senior trading and portfolio management positions with Bank of America New York, Harris BankChicago and Bank of America Chicago. Beginning in 1991, Mr. Stein served as the Managing Director of ProprietaryTrading for Barclay’s Bank PLC New York. Returning to Chicago in 1994, he formed Astor Financial, Inc., an investmentand brokerage firm. Later, Mr. Stein formed Astor Asset Management LLC, a registered investment adviser acquired byKnight Capital Group, Inc. in 2010. Astor Asset Management operated as a wholly-owned subsidiary until 2014 whenoperations continued as Astor Investment Management LLC. Mr. Stein has received accolades for his portfoliomanagement from BusinessWeek and Forbes, among others. Mr. Stein graduated from the University of Michiganwith a Bachelor of Arts in Economics.


Average Annual Return: Average returns are calculated as the annualized return of the geometric average monthly return over the time period specified Barclays Capital U.S. Aggregate BondIndex: The Barclays Capital U.S. Aggregate Bond Index is comprised of approximately 6,000 publicly traded bonds includingU.S. Government, mortgage-backed, corporate and Yankee bondswithan averagematurity of approximately 10 years. Beta: A quantitativemeasure of the volatility of a given portfolio, relative to the S&P 500 Index, computed usingmonthly returns. Specifically, theperformance the portfolio has experienced since the portfolio’s inception as the S&P 500 Indexmoved 1%up or down. A beta above 1 ismore volatile than the index, while a beta below1 is lessvolatile.Correlation: A statisticalmeasureof the interdependenceof twoormore randomvariables, computedusingmonthly returns. Fundamentally, the value indicates howmuchof a change inone variable is explained by a change in another. Specifically, the correlation between the portfolio and the S&P 500 Index. A correlation of 1 implies the security moves in the same direction asthe index and a correlation of -1 implies the opposite. A correlation closer to 0 indicates that the portfolio does notmovewith themovements of the index. Credit Spreads: The difference in ratesbetween a Treasury security and a similar non-Treasury security. The two securities will vary in credit quality. FTSE NAREIT Composite Index: The FTSE NAREIT Composite Index is designed topresent investors with a comprehensive family of REIT performance indexes that span the commercial real estate space across the US economy, offering exposure to all investment and propertysectors.HFRI TotalMacro Index: The HFRIMacro (Total) Index is an unmanaged, equal-weighted composite of funds listed in the HFRI Database having either $50million or greater in assets or a12-month track recordMaximumDrawdown: A drawdown is any losing period during an investment record. It is defined as the percent retrenchment from an equity peak to an equity valley.Maximum drawdown is simply the largest percentage drawdown that has occurred since inception, based on monthly returns. Months to Recover: The number of months to recover lossessuffered during the maximumdrawdown. S&P Goldman Sachs Commodity Index: The S&P Goldman Sachs Commodity Index is a composite index of commodity sector returns representing anunleveraged, long-only investment in commodity futures that is diversified across the spectrum of commodities. Individual constituent components qualify for index inclusion on the basis ofliquidity and are weighted by their respective world production quantities. Standard Deviation: A statistical measure of the historical volatility of a mutual fund or portfolio, computed usingmonthly returns since inception and presented as an annualized figure. More generally, a measure of the extent to which numbers are spread around their average. U.S. Dollar Index: The U.S.Dollar Index is a trade-weighted average of six foreign currencies against the U.S. Dollar. The index currently includes the Euro (EUR), Japanese Yen (JPY), British Pound (GBP), Canadian Dollar(CAD), SwedishKrona (SEK), andSwiss Franc (CHF). The indexbroadly reflects thedollar’s standing compared toothermajor currencies of theworld.

ValuationsarecomputedandperformanceisreportedinU.S.dollars.Performanceresultsassumereinvestmentofdividends.Net-of-feereturnsarepresentedafterthedeductionofanyandalltransactioncostsaswellasadvisoryfees.Pleasenotethattheperformanceresultsincludebothaccountswhichpaytradingcostsandaccountswhichpayabundledfeeinclusiveofadvisoryandtradingcosts.Net-of-feereturnsarecalculatedbydeductingallactualfeespaid.Inadditionto(or,insomecases,insteadof)investmentmanagementfeesanddirecttradingexpenses,someaccountsmaypayadministrativefeesand/orabundledfee.Other thantransactioncommissions,thebundledfeemayalsoincludeinvestmentmanagement,portfoliomonitoringandcustodianfees.TheperformanceshownisoftheLong/ShortBalancedComposite.

TheLong/ShortBalancedCompositeisamulti-asset,tacticalallocationstrategythatexclusivelyusesexchange-tradedfunds(ETFs).TheCompositewillinvestinamixofassetclasses,includingequity,fixedincome,commoditiesandcurrenciesdependingontheeconomicandmarketenvironment.Duringeconomiccontractions,theCompositeseekstoreduceriskbyutilizingdefensivepositioningsuchasinverseequityandfixedincome.Thestrategymayemploytheuseof unleveragedinverseexchange-tradedfunds,designedtotrackasinglemultipleofthedailyinverseperformanceofagivenindex.Forpurposesofdefiningthecomposite of accounts,aminimumaccountsizeof$50,000isimposedmonthly.FromDecember31,2004toSeptember30,2010,thePortfolioManagerswereaffiliatedwithapriorfirm.DuringthistimethePortfolioManagersweretheonlyindividualsresponsibleforselectingthesecuritiestobuyandsell.SuchperformanceshouldnotbeinterpretedastheactualhistoricalperformanceofAstorInvestmentManagement.FromOctober1,2010toJuly31,2013,thefirmwasawholly-owned,indirectsubsidiaryofKnightCapitalGroup,Inc.FortheperiodfromDecember31,2004toSeptember30,2010,thepresentedperformanceisbaseduponacompositeofaccountsundermanagement,whichwasdefinedtoincludeallaccountsinwhichthemodelallocationscouldbefullyimplemented,andexcludesanyaccountsinwhichclientshavechosetoimplementreasonablerestrictionsorthoseaccountsthatcouldnotreceivetimelyandaccurateelectronicdatafromtheaccountcustodian.AstorpreviouslypresentedperformanceforthetimeperiodDecember31,1999toDecember31,2004.AstornolongerincludestheperformanceasthepresentationofitdoesnotconformtoGIPS.

Definitions&Disclosures

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From December 31, 2004 to September 30, 2010, the Portfolio Managers were affiliated with a prior firm. During this time the Portfolio Managers were the only individuals responsiblefor selecting the securities to buy and sell. Such performance should not be interpreted as the actual historical performance of Astor Investment Management. From October 1, 2010 toJuly 31, 2013, the firm was a wholly-owned, indirect subsidiary of Knight Capital Group, Inc. For the period from December 31, 2004 to September 30, 2010, the presented performance isbased upon a composite of accounts under management, which was defined to include all accounts in which the model allocations could be fully implemented, and excludes anyaccounts in which clients have chose to implement reasonable restrictions or those accounts that could not receive timely and accurate electronic data from the account custodian. Astorpreviously presented performance for the time period December 31, 1999 to December 31, 2004. Astor no longer includes the performance as the presentation of it does not conform toGIPS.

TheCompositeseekstoachieveitsobjectivesbyinvestingininExchange-TradedFunds(“ETFs”).AnETFisatypeofInvestmentCompanywhichattemptstoachieveareturnsimilartoasetbenchmarkorindex.ThevalueofanETFisdependentonthevalueoftheunderlyingassetsheld.ETFsaresubjecttoinvestmentadvisoryandotherexpenseswhichresultsinalayeringoffeesforclients.Asaresult,yourcostofinvestingintheCompositewillbehigherthanthecostofinvestingdirectlyinETFsandorothersecuritieswithsimilarinvestmentobjectives.ETFsmaytradeforlessthantheirnetassetvalue.AlthoughETFsareexchangedtraded,alackofdemandcanprevent dailypricingandliquidityfrombeingavailable.

TheCompositecanpurchaseETFswithexposuretoequities,fixedincome,commodities,currencies,developed/emerginginternationalmarkets,realestate,andspecificsectors.TheunderlyinginvestmentsoftheseETFswillhavedifferentrisks.Equitypricescanfluctuateforavarietyofreasonsincludingmarketsentimentandeconomicconditions.Thepricesofsmallandmid-capcompaniestendtobemorevolatilethanthoseoflarger,moreestablishedcompanies.ItisimportanttonotebondpricesmoveinverselywithinterestratesandfixedincomeETFscanexperiencenegativeperformanceinaperiodofrisinginterestrates.Highyieldbondsaresubjecttohigherriskofprincipallossduetoanincreasedchanceofdefault.CommodityETFsgenerallygainexposurethroughtheuseoffutureswhichcanhaveasubstantialriskoflossduetoleverage.Currenciescanfluctuatewithchangingmonetarypolicies,economicconditions,andotherfactors.Internationalmarketshaverisksduetocurrencyvaluationsandpoliticaloreconomic events.Emergingmarketstypicallyhavemoreriskthandevelopedmarkets.Realestateinvestmentscanexperiencelossesduetolowerpropertyprices,changesininterestrates,economicconditions,andotherfactors.Investmentsinspecificsectorscanexperiencegreaterlevelsofvolatilitythanbroad-basedinvestmentsduetotheirmorenarrowfocus.TheCompositecanalsopurchaseunleveraged,inversefixedincomeandequityETFs.InverseETFsattempttoprofitfromthedeclineofanassetorassetclassbyseekingtotracktheoppositeperformanceoftheunderlyingbenchmarkorindex.Inverseproductsattempttoachievetheirstatedobjectivesonadailybasisandcanfaceadditionalrisksduetothisfact.TheeffectofcompoundingoveralongperiodcancausealargedispersionbetweentheETFandtheunderlyingbenchmarkorindex.InverseETFsmaylosemoneyevenwhenthebenchmarkorindexperformsasdesired.InverseETFshavepotentialforsignificantlossandmaynotbesuitableforallinvestors.

Investorsshouldcarefullyconsidertheinvestmentobjectives,risks,charges,andexpensesoftheETFsheldwithinAstor’sstrategiesbeforeinvesting.Thisinformationcanbefoundineachfund’sprospectus.

Allinformationcontainedhereinisforinformationalpurposesonly.Thismaterialisnotasolicitationtoofferinvestmentadviceorservicesinanystatewheretodosowouldbeunlawful.Analysisandresearchareprovidedforinformationalpurposesonly,notfortradingorinvestingpurposes.Allopinionsexpressedareasofthedateofpublicationandsubjecttochange.Astoranditsaffiliatesarenotliablefortheaccuracy,usefulnessoravailabilityofanysuchinformationorliableforanytradingorinvestingbasedonsuchinformation.ThereisnoassuranceAstor’sstrategieswillproduceprofitablereturnsorthatanyaccountwithhavesimilarresults.Youmaylosemoney.Pastresultsarenoguaranteeoffutureresultsandnorepresentationismadethataclientwillorislikelytoachieveresultsthataresimilartothoseshown.Factorsimpactingclientreturnsincludeindividualclientrisktolerance,restrictionsaclientmayplaceontheaccount,investmentobjectives,choiceofbroker/dealersorcustodians,aswellasotherfactors.Any particularclient’saccountperformancemaydifferfromtheprogramresultsdueto,amongotherthings,commission,timingoforderentry,orthemannerinwhichthetradesareexecuted.Clientsmaynotreceivecertaintradesorexperiencedifferenttimingoftradesduetoitemssuchasclientimposedrestrictions,moneytransfers,inceptiondates,andothers.Theinvestmentreturnandprincipalvalueofaninvestmentwillfluctuateandaninvestor’sequity,whenliquidated,maybeworthmoreorlessthantheoriginalcost.Aninvestmentcannotbemadedirectlyintoanindex.PleaserefertoAstor’sFormADVPart2foradditionalinformationregardingfees,risks,andservices.

TheAstorEconomicIndex®isaproprietaryindexcreatedbyAstorInvestmentManagementLLC.Itrepresentsanaggregationofvariouseconomicdatapoints:includingoutputandemploymentindicators.TheAstorEconomicIndex®isdesignedtotrackthevaryinglevelsofgrowthwithintheU.S.economybyanalyzingcurrenttrendsagainsthistoricaldata.TheAstorEconomicIndex®isnotaninvestableproduct.

DisclosuresContinued

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Long/Short Balanced Strategy