Morningstar ETF Managed Portfolios andscape Report Q2 2015news.morningstar.com/pdfs/ETFMP_Landscape_2015_Q2.pdf · 2015-08-31 · investor and advisor demands. ... we’ve also reviewed

Morningstar ETF Managed Portfolios Landscape ReportQ2 2015

ContentsLandscape Highlights

ETF Managed Portfolio Attributes

Universe ChangesExhibit 3

ETF Managed Portfolio Strategies Exhibit 4

Attribute Groupings (Ranked by 5-Year Return) and Selected Risk StatisticsExhibit 5

Selected Return InformationExhibits 6 and 7

Selected Asset InformationExhibits 8, 9, and 10

Summary Return InformationExhibits 11 and 12

Blended Benchmark InformationExhibit 13

Ling-Wei Hew, CFA AnalystETF Managed Portfolio Research+1 312 348-2721 [email protected]

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Executive SummaryETF managed portfolios are investment strategies that typically have more than 50% of portfolio assets invested in exchange-traded funds. Primarily available as separate accounts, these portfolios represent one of the fastest-growing segments of the managed-account universe. Professional money managers are packaging portfolios of ETFs into investment strategies to meet a wide array of investor and advisor demands.

Morningstar’s proprietary, portfolio attribute classification system for ETF managed portfolios consists of four main attributes: Universe, Asset Breadth, Portfolio Implementation, and Primary ETF Exposure Type. This system relies on our analysis of the investment strategy and disclosed portfolios and aids key decision-makers in better understanding the philosophies underlying this growing crop of investment strategies. Growth in assets from advisor demand is being driven by multiple factors. The fiduciary standard continues to move forward as the baseline philosophy for managing client portfolios, and, as a result, growth in the fee-based model is tilting portfolios toward lower-cost, broad-based investments for a larger part of client portfolios, with a focus on asset allocation.

Key TakeawaysMorningstar is tracking 770 strategies from 153 firms with total assets of USD 80 billion through June 2015.

Total assets in these strategies tracked by Morningstar fell 7% in the second quarter of 2015.

Global All-Asset strategies retain the top position and collectively accounted for 32% of the universe.

F-Squared Investments lost more than USD 11 billion in assets, creating a significant disruption in the size of the landscape.

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Morningstar ETF Managed Portfolios Landscape Report Q2 2015Page 2 of 50

©2015 Morningstar. All rights reserved. The information, data, analyses, and opinions contained herein (1) are proprietary to Morningstar, Inc. and its affiliates (collectively, “Morningstar”), (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be accurate, complete, or timely. Certain information may be self-reported by the investment vehicle and not subject to independent verification. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results.

Landscape Highlights

Assets in the ETF managed portfolios space continued to slide this quarter. The decline was primarily driven by the bankruptcy of F-Squared Investments. Over the course of the second quarter, F-Squared lost more than USD 11 billion in assets and is now the sixth-largest firm in Morningstar’s ETF managed portfolios database. Just six months ago, F-Squared was at the top of the leaderboard.

Despite this major disruption, the remaining firms were largely unaffected as collective assets remained roughly steady. The net result was a further flattening of the landscape. As of the end of June, the 10 largest firms held 54% of assets, compared with 68% at the start of the year.

New (Old) Kids on the BlockAnother notable development this quarter is the addition of the Schwab Managed Portfolios suite to our database. These strategies are managed by Charles Schwab Investment Advisory and are distinct from the offerings managed by Schwab subsidiary, Windhaven Investment Management. Assets under management in Schwab Managed Portfolios have grown threefold, to USD 4 billion, since they were incepted in December 2009, making them the fourth-largest manager in our database.

The addition of the Schwab Managed Portfolios follows shortly after Vanguard started reporting its collection of ETF model portfolios to our database at the end of last year. While a large portion of ETF managed portfolio assets continue to reside in wirehouse models not captured by our database, the addition of the Schwab Managed Portfolios demonstrates the growing participation and visibility of traditional asset managers in this space.



ETF Managed Portfolio Attributes

Morningstar’s attribute structure for ETF managed portfolios gives investors and primary decision-makers more granular information to better compare one strategy’s portfolio, philosophy,and potential profile with another. The new attribute classifications rely on both our analysis of theinvestment strategy as well as a historical review of disclosed holdings.

Our new structure consists of four main attributes: Universe, Asset Breadth, Portfolio Implementation, and Primary ETF Exposure Type. With better insight into a strategy’s attributes, investors can better understand its broad philosophy. These four attributes are then further broken down into a list of unique classifications. Each strategy is assigned one classification within each attribute.

UniverseThe first attribute describes the starting scope of a strategy’s investment process on aglobal basis. The distinction is based upon the exposure of the underlying securities within the ETFused, not the domicile of the ETF itself. The classifications for this attribute are United States,International, and Global.

United States: U.S. portfolios primarily use ETFs providing exposure to U.S. equity andfixed-income securities.

International: International portfolios primarily use ETFs providing exposure to non-U.S.equity and fixed-income securities.

Global: These strategies have the opportunity to add exposure to any market across the globeand have historically employed such flexibility.

Exhibit 1 Attribute and Classification Summary

Universe Asset Breadth Portfolio Implementation Primary ETF Exposure Type

Global All-Asset Hybrid Broad MarketInternational Alternative Strategic SectorUnited States Balanced Tactical Country/Region

Equity All-Inclusive

Fixed Income

Source: Morningstar Inc.

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The initial selection of this attribute is based on many factors, included a review of the strategy’scurrent Morningstar Separate Account Category and Institutional Category, as well as ananalysis of available portfolios. Where available, we’ve also reviewed a firm’s deck or descriptionof the investment strategy to note any starting universe or list of available ETFs or asset classesfor investment. In benchmark or starting portfolios, the Global attribute was assigned tostrategies with at least an 80/20 split among U.S. and International exposure. We also took intoaccount, where necessary, the regional exposure of the dominant asset driver designatedin the Asset Breadth attribute.

Asset BreadthThe classifications within this attribute indicate a strategy’s primary asset class exposure orreturns driver. There are five options here: All-Asset, Alternative, Balanced, Equity, and FixedIncome. These selections don’t indicate that the whole portfolio is, for example, invested in equitiesor bonds, but rather sets the expectation for advisors and investors regarding the primary driver ofreturns. Classification within this attribute includes an analysis of historical portfolio assetallocations and a review, if available, of a strategy’s investment policy benchmark, or startingportfolio, or naïve portfolio.

All-Asset: These strategies typically have the widest and most-flexible mandate when investingin ETFs across asset classes. In reviewing the portfolios, we designated this attribute to strategiesthat consistently held more than 10% in “Other” assets as well as in underlying equity andfixed-income securities.

Alternative: Alternative strategies typically seek returns uncorrelated to traditional equity andfixed-income markets by attempting to remove one or more asset betas or return drivers.Strategies with this attribute designation include long/short or other alternative strategies,including currencies.

Balanced: The balanced option indicates strategies in which the return driver is a combination ofequity and fixed-income exposure on a dedicated, ongoing basis. These strategies typically havea 30% to 70% allocation to equities.

Equity: The primary asset driver of these strategies is long or beta-type exposure to equitysecurities. The use of leverage by the underlying ETF is ignored. These strategies typically have atleast a 70% allocation to equities.

Fixed Income: The primary asset driver of these strategies is long or beta-type exposure tofixed-income securities. The use of leverage by the underlying ETF is ignored. These strategiestypically have less than a 30% allocation to equities.

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Portfolio ImplementationThis attribute gives insight into the investment manager’s process for implementing a portfolio’sinvestment strategy. Selection decisions for this attribute are based upon a review of thedegree of changes both within and among asset classes in a portfolio. As a result, changes to thecash/equity/fixed income/other allocation, as well as to a portfolio’s U.S./non-U.S. exposure,are considered. The three classifications are Hybrid, Strategic, and Tactical.

Hybrid: This option indicates portfolios that utilize a combination of tactical and strategic elementsin asset allocation. Hybrid portfolios, for example, start with a stated investment policy benchmarkor asset allocation but allow for significant deviations of exposure within and between allocations,similar to “core and satellite” or “hub and spoke” operating models.

Strategic: These are strategies that establish and maintain a long-term allocation plan across eitherasset classes, sectors, or a combination thereof. These portfolios may deviate from the planin short-term periods based on identified opportunities but typically to a smaller degree comparedwith tactical strategies. Strategies for which few historic portfolios have been provided toour database initially default to this classification.

Tactical: Tactical strategies engage in short-term and potentially large changes in the asset mix of aportfolio to capitalize on identified investment opportunities. These changes are typically intendedto be reversed or removed.

Primary ETF Exposure TypeThe last attribute identifies the type of ETF typically used to gain exposure to the Universe and AssetBreadth attributes. Selection is based upon analysis of past portfolios and information regardinga strategy’s starting universe or list of potential investments.

Broad Market: Broad-based ETFs tracking diversified indexes such as the Russell 2000 Index,S&P 500, or Barclays Aggregate Bond.

Sector: Strategies that primarily use individual equity sector ETFs, such as those focusing onfinancials, or more narrowly focused fixed-income ETFs to gain exposure within the AssetBreadth attribute. A sector fixed-income strategy is typically one focused on a single sector suchas municipals or Treasury ETFs.

Country/Region: Similar to the sector option, these strategies utilize single-country, regional,or currency ETFs focused on a geographical region and are typically found in the international orglobal Universe attribute.

All-Inclusive: All ETFs meeting the Universe and Asset Breadth criteria for a strategy arepotential investments.

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We believe our attribute classification system gives decision-makers a significant new tool forconducting research on these strategies and provides better expectations for potentialexposures across the ETF universe. For instance, a tactical strategy with a global, balancedmandate that happens to have a large exposure to United States equities at one specificpoint in time has a greater potential for change going forward compared with a strategy with aU.S. equity mandate.

Exhibit 3 Universe Changes, 30 June 2015

Name Firm NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type

Assets USD ($Mil)

Strategies AddedAEPG All-Weather Global 40/60 AEPG Wealth Strategies 1/4/10 Global Balanced Hybrid All-Inclusive 14.2

AEPG All-Weather Global 50/50 AEPG Wealth Strategies 1/4/10 Global Balanced Hybrid All-Inclusive 48.0



AEPG All-Weather Global 80/20 AEPG Wealth Strategies 1/4/10 Global Equity Hybrid All-Inclusive 38.8

AEPG All-Weather Global Growth AEPG Wealth Strategies 1/4/10 Global Equity Hybrid All-Inclusive 18.1

AEPG High Quality Bond AEPG Wealth Strategies 1/4/10 Global Fixed Income Hybrid All-Inclusive 3.5

BCM Advantage Diversified Equity Beaumont Capital Management 1/31/14 Global Equity Tactical All-Inclusive 11.9

BCM Advantage Growth Beaumont Capital Management 1/31/14 Global Equity Tactical All-Inclusive 7.2

BCM Advantage Moderate Growth Beaumont Capital Management 1/31/14 Global Balanced Tactical All-Inclusive 4.6

BCM Advantage U.S. Sector Rotation Beaumont Capital Management 1/31/14 United States Equity Tactical Sector 56.9

BCM AlphaDEX Growth Beaumont Capital Management 1/31/14 United States Equity Tactical All-Inclusive 6.1

BCM Decathlon Conservative Aspect(Pro1) Beaumont Capital Management 1/2/15 Global Fixed Income Tactical All-Inclusive 11.9

BCM Decathlon Growth Aspect (Profile 5) Beaumont Capital Management 4/10/14 Global Balanced Tactical Sector 1,050.5

BCM Decathlon Moderate Aspect(Profile3) Beaumont Capital Management 4/10/14 United States Balanced Tactical All-Inclusive 563.2

BCM DynamicBelay Aggressive Grow(QDIA) Beaumont Capital Management 12/2/14 Global Equity Tactical All-Inclusive 0.1

BCM DynamicBelay Balanced Growth (QDIA) Beaumont Capital Management 12/2/14 United States Balanced Tactical All-Inclusive 0.0

BCM DynamicBelay Conservative Gro(QDIA) Beaumont Capital Management 12/2/14 United States Balanced Tactical All-Inclusive 0.2

BCM DynamicBelay Growth (QDIA) Beaumont Capital Management 12/2/14 Global Equity Tactical All-Inclusive 0.1

BCM DynamicBelay Moderate Growth (QDIA) Beaumont Capital Management 12/2/14 Global Balanced Tactical All-Inclusive 0.2

BCM U.S. Small Cap Sector Rotation Beaumont Capital Management 3/10/14 United States Equity Tactical Sector 0.2

Charles Schwab SMP-ETFs Blend – Agg Gr Charles Schwab Investment Advisory, INC 12/31/09 Global All Asset Hybrid All-Inclusive 107.0

Charles Schwab SMP-ETFs Blend – Balanced Charles Schwab Investment Advisory, INC 12/31/09 Global All Asset Hybrid All-Inclusive 274.7

Charles Schwab SMP-ETFs Blend – Growth Charles Schwab Investment Advisory, INC 12/31/09 Global All Asset Hybrid All-Inclusive 368.8

Charles Schwab SMP-ETFs Blend –Cnsrv Inc Charles Schwab Investment Advisory, INC 12/31/09 United States Fixed Income Hybrid All-Inclusive 40.9

Charles Schwab SMP-ETFs Blnd - Bal w/ Gr Charles Schwab Investment Advisory, INC 12/31/09 Global All Asset Hybrid All-Inclusive 554.9

Charles Schwab SMP-ETFs Blnd – Inc w/ Gr Charles Schwab Investment Advisory, INC 12/31/09 Global All Asset Hybrid All-Inclusive 193.4

Charles Schwab SMP-ETFs Td-Pty–Ic w/ Gr Charles Schwab Investment Advisory, INC 12/31/09 Global All Asset Hybrid All-Inclusive 244.8

Charles Schwab SMP-ETFs Thd-Pty – Agg Gr Charles Schwab Investment Advisory, INC 12/31/09 Global All Asset Hybrid All-Inclusive 159.9

Charles Schwab SMP-ETFs Thd-Pty–Bl w/ Gr Charles Schwab Investment Advisory, INC 12/31/09 Global All Asset Hybrid All-Inclusive 945.2

Exhibit 2 Current Assets (%) by Attribute

Universe All Asset Alternative Balanced Equity Fixed Income Total

Global 31.9 0.4 17.2 17.8 2.2 69.7International 0.0 0.0 0.0 2.1 0.0 2.1United States 0.5 0.7 10.5 14.6 1.9 28.2

Total 32.4 1.1 27.8 34.5 4.1 100




Exhibit 3 Universe Changes, 30 June 2015 (Continued)

Name Firm NameInception Date Universe Asset Breadth


Primary ETF Exposure Type

Assets USD ($Mil)

Charles Schwab SMP-ETFs Thd-Pty–Csrv Inc Charles Schwab Investment Advisory, INC 12/31/09 United States Fixed Income Hybrid All-Inclusive 38.3

Charles Schwab SMP-ETFs Third-Party – Gr Charles Schwab Investment Advisory, INC 12/31/09 Global All Asset Hybrid All-Inclusive 514.3

Charles Schwab SMP-ETFs Third-Pty – Bal Charles Schwab Investment Advisory, INC 12/31/09 Global All Asset Hybrid All-Inclusive 473.0

Churchill Premier Wealth Tactical Core Churchill Management Group 1/4/99 Global Equity Tactical All-Inclusive 1,116.6

Dynamic Conservative Portfolio Lunt Capital Management, Inc 1/1/14 Global Fixed Income Tactical All-Inclusive 21.3

Dynamic Moderate Portfolio Lunt Capital Management, Inc 1/2/14 Global Balanced Tactical All-Inclusive 18.9

FFCM Dynamic Core Absolute Return FFCM LLC 12/31/14 United States Alternative Tactical All-Inclusive 5.8

FFCM Dynamic Global Equity FFCM LLC 4/1/14 United States Equity Tactical All-Inclusive 64.7

FFCM Dynamic Multi-Asset FFCM LLC 4/1/14 Global All Asset Tactical All-Inclusive 41.7

High Beta Low Volatility Rotation Port. Lunt Capital Management, Inc 9/4/12 Global Equity Tactical All-Inclusive 16.5

Lunt Global Sectors Portfolio Lunt Capital Management, Inc 9/4/12 Global Equity Tactical Sector 10.1

Newfound Risk Managed U.S. Sectors Idx Newfound Research LLC 2/3/14 United States Equity Tactical Sector 43.4

Newfound U.S. Factor Defensive Eqty Cmp Newfound Research LLC 12/30/14 United States Equity Tactical Broad Market 61.6

PCM Absolute Bond Composite Provident Capital Management, Inc 5/2/11 Global Fixed Income Tactical All-Inclusive 2.4

PCM Absolute Commodity Composite Provident Capital Management, Inc 11/2/09 Global Alternative Tactical All-Inclusive 1.2

PCM Absolute Equity Income Composite Provident Capital Management, Inc 1/3/11 Global Equity Tactical All-Inclusive 1.0

PCM Alpha 1 Total Return Composite Provident Capital Management, Inc 6/1/12 Global Equity Tactical All-Inclusive 7.2

PCM Conservative Portfolio Composite Provident Capital Management, Inc 1/2/12 Global All Asset Tactical All-Inclusive 0.1

PCM Emerald Long-Short Debt HF Composite Provident Capital Management, Inc 10/1/12 Global Fixed Income Tactical All-Inclusive 0.1

PCM Global Bond HF Composite Provident Capital Management, Inc 11/1/12 Global Fixed Income Tactical All-Inclusive 1.3

PCM Global Macro 3M Composite Provident Capital Management, Inc 2/16/12 Global Equity Tactical All-Inclusive 3.6

PCM Global Tactical Composite Provident Capital Management, Inc 3/1/12 Global Equity Tactical All-Inclusive 3.7

PCM Ruby Multi-Strategy HF Composite Provident Capital Management, Inc 5/1/12 Global All Asset Tactical All-Inclusive 2.6

PCM Sapphire Global Macro HF Composite Provident Capital Management, Inc 5/1/12 Global All Asset Tactical All-Inclusive 0.5

PCM Stable Growth Plus+ Composite Provident Capital Management, Inc 11/1/11 Global All Asset Tactical Country/Region 5.8

PCM Super Global Macro Provident Capital Management, Inc 5/31/12 Global All Asset Tactical All-Inclusive 6.8

Vanguard CORE 10%Equity/90%Fixed Income Vanguard Advisers Inc 1/2/14 Global Fixed Income Strategic Broad Market 0.0

Vanguard CORE 30%Equity/70%Fixed Inc Vanguard Advisers Inc 1/2/14 Global Fixed Income Strategic Broad Market 0.0

Vanguard CORE 50%Equity/50%Fixed Income Vanguard Advisers Inc 1/2/14 Global Balanced Strategic Broad Market 0.2

Vanguard CORE 70%Equity/30%Fixed Income Vanguard Advisers Inc 1/2/14 Global Equity Strategic Broad Market 0.2

Vanguard CORE 90%Equity/10%Fixed Income Vanguard Advisers Inc 1/2/14 Global Equity Strategic Broad Market 0.0

Vanguard CRSP 10%Equity/90%Fixed Income Vanguard Advisers Inc 1/2/14 Global Fixed Income Strategic Broad Market 1.4

Vanguard CRSP 30%Equity/70%Fixed Income Vanguard Advisers Inc 1/2/14 Global Balanced Strategic Broad Market 0.2

Vanguard CRSP 50%Equity/50%Fixed Income Vanguard Advisers Inc 1/2/14 Global Balanced Strategic Broad Market 0.2

Vanguard CRSP 90%Equity/10%Fixed Income Vanguard Advisers Inc 1/2/14 Global Equity Strategic Broad Market 0.0

Vanguard Russell 10%Equity/90%Fixed Inc Vanguard Advisers Inc 1/2/14 Global Fixed Income Strategic Broad Market 0.0

Vanguard Russell 30%Equity/70%Fixed Inc Vanguard Advisers Inc 1/2/14 Global Balanced Strategic Broad Market 0.0

Vanguard Russell 50%Equity/50%Fixed Inc Vanguard Advisers Inc 1/2/14 Global Balanced Strategic Broad Market 0.0

Vanguard Russell 70%Equity/30%Fixed Inc Vanguard Advisers Inc 1/2/14 Global Equity Strategic Broad Market 0.6

Vanguard Russell 90%Equity/10%Fixed Inc Vanguard Advisers Inc 1/2/14 Global Equity Strategic Broad Market 0.1

Vanguard S&P 10%Equity/90%Fixed Income Vanguard Advisers Inc 1/2/14 Global Fixed Income Strategic Broad Market 0.1


Vanguard S&P 50%Equity/50%Fixed Income Vanguard Advisers Inc 1/2/14 Global Balanced Strategic Broad Market 2.8


Vanguard S&P 90%Equity/10%Fixed Income Vanguard Advisers Inc 1/2/14 Global Equity Strategic Broad Market 0.5

Strategies RemovedGranite Tactical U.S. Interm Fixed Inc Strategy Granite Springs Asset Management, LLC 07/31/09 United States Fixed Income Strategic All-Inclusive —

Northwest Global Trends-Balanced SMA Northwest Asst Mgm and Dyn Investing Grp 06/01/11 Global All Asset Tactical Broad Market —

Appleton Group PLUS-Conservative Appleton Group LLC 01/03/00 United States Balanced Hybrid Broad Market —

Virtus Alpha Sector Rotation Composite Virtus Investment Advisors (VIA) 01/31/11 United States Equity Tactical Sector —

Virtus Premium Alpha Sector Composite Virtus Investment Advisors (VIA) 07/01/10 United States Equity Tactical Sector —




Exhibit 4 ETF Managed Portfolio Strategies, 30 June 2015

Return % Current

NameInception Date Universe Asset Breadth


Primary ETF Exposure Type 2015 3-Year 5-Year 10-Year

Assets USD Mil

Return Type ID

3D ETF Global 100 Portfolio 7/3/06 Global Equity Hybrid Broad Market 2.56 13.23 13.45 — 205.9 13D ETF Global 20 Portfolio 10/1/08 Global Fixed Income Hybrid Broad Market 1.22 3.45 4.06 — 9.4 13D ETF Global 20 Portfolio - Tax Sen. 6/2/08 Global Fixed Income Hybrid Broad Market 0.59 3.18 3.67 — 3.8 13D ETF Global 40 Portfolio 10/2/06 Global Balanced Hybrid Broad Market 1.73 5.94 6.31 — 32.4 13D ETF Global 40 Portfolio - Tax Sen. 12/1/06 Global Balanced Hybrid Broad Market 0.96 6.10 6.71 — 10.1 1

3D ETF Global 60 Portfolio 8/1/06 Global Balanced Hybrid Broad Market 1.99 8.59 8.78 — 197.0 13D ETF Global 60 Portfolio - Tax Sen. 10/2/06 Global Balanced Hybrid Broad Market 1.36 8.73 8.82 — 48.7 13D ETF Global 80 Portfolio 7/3/06 Global Equity Hybrid Broad Market 2.30 11.37 11.26 — 114.0 13D ETF Global 80 Portfolio - Tax Sen. 10/2/06 Global Equity Hybrid Broad Market 1.98 11.91 11.54 — 28.0 13D Fixed Income ETF Portfolio 11/1/13 United States Fixed Income Tactical All-Inclusive 0.91 — — — 0.4 1

3D Fixed Income ETF Portfolio - Tax Sen. 11/3/08 United States Fixed Income Tactical All-Inclusive 0.49 0.45 1.86 — 0.3 1Accuvest Asian Advantage 8/31/10 International Equity Tactical Country/Region 10.92 11.39 — — 0.4 1Accuvest Global Core Equity 8/1/05 Global Equity Tactical Country/Region 3.55 12.72 12.54 — 104.7 1Accuvest Global Long Short Equity 1/2/12 Global Alternative Tactical Country/Region -0.03 -0.84 — — 13.0 1Accuvest Global Opportunities 11/1/05 Global Equity Tactical Country/Region 4.79 1.87 5.29 — 19.0 1

Accuvest Non US Equity 8/29/08 International Equity Tactical Country/Region 7.76 10.45 8.09 — 21.0 1Acertus Planned Return Strategy 8/31/09 United States Equity Strategic Broad Market 2.28 6.70 8.52 — 380.0 1Advisors Capital Mgt Global Balanced ETF 5/19/08 Global Equity Strategic All-Inclusive 1.32 8.76 — — 6.6 1AEPG All-Weather Global 40/60 1/4/10 Global Balanced Hybrid All-Inclusive 0.93 5.50 5.55 — 14.2 1AEPG All-Weather Global 50/50 1/4/10 Global Balanced Hybrid All-Inclusive 1.12 6.59 6.56 — 48.0 1

AEPG All-Weather Global 60/40 1/4/10 Global Balanced Hybrid All-Inclusive 1.24 7.58 7.40 — 75.5 1AEPG All-Weather Global 70/30 1/4/10 Global Balanced Hybrid All-Inclusive 1.37 8.59 8.41 — 119.6 1AEPG All-Weather Global 80/20 1/4/10 Global Equity Hybrid All-Inclusive 1.52 8.28 8.51 — 38.8 1AEPG All-Weather Global Growth 1/4/10 Global Equity Hybrid All-Inclusive 1.83 11.76 11.27 — 18.1 1AEPG High Quality Bond 1/4/10 Global Fixed Income Hybrid All-Inclusive 0.25 1.33 1.61 — 3.5 1

Alpha Dynamics ODS Dynamic Growth 10/3/11 Global Equity Strategic All-Inclusive -0.69 7.36 — — 1.9 1Alpha Dynamics ODS Robust Growth 10/3/11 Global Equity Strategic All-Inclusive -0.58 5.26 — — 7.0 1Alpha Dynamics ODS Stable Growth 10/3/11 United States Balanced Strategic All-Inclusive -0.14 4.02 — — 6.8 1AP-Managed ETF/MF Portfolio-Moderate 4/30/12 Global Balanced Strategic All-Inclusive -0.32 6.72 — — 0.5 1Appleton Group Managed Income 4/2/12 Global All Asset Strategic All-Inclusive 1.40 3.26 — — 2.1 1

Appleton Group PLUS Portfolio 12/31/99 Global Equity Hybrid Broad Market 1.81 7.65 5.57 3.19 1.9 1Appleton Group PLUS-Moderate 1/3/11 United States Equity Hybrid Broad Market 1.08 5.12 — — 0.5 1Appleton Group Portfolio 12/31/99 Global Equity Hybrid Broad Market 2.09 9.36 8.86 5.78 69.1 1Appleton Group Tax Managed Portfolio 12/31/99 Global Equity Hybrid Broad Market 0.66 6.63 5.01 2.84 28.7 1Appleton Group-Conservative 7/1/11 United States Balanced Hybrid Broad Market 1.69 7.25 — — 6.8 1

Appleton Group-Moderate 4/1/11 United States Equity Hybrid Broad Market 1.58 7.02 — — 22.8 1ARS Sector Rotation Strategy 9/2/14 United States Equity Tactical Sector — — — — 2.1 3Astor Active Income Program 2/28/11 United States Fixed Income Strategic All-Inclusive 0.46 3.39 — — 10.8 1Astor Long/Short Balanced Program 1/3/05 United States Alternative Tactical All-Inclusive 0.64 8.87 7.43 7.02 1169.3 1Astor S.T.A.R. Program 1/3/05 United States Equity Tactical All-Inclusive 2.35 16.25 13.28 7.94 522.3 1

Athena Global Tactical ETFs 9/1/10 Global Equity Tactical Broad Market 1.46 26.35 — — 69.5 1Auour Instinct Global Balanced 5/1/14 Global Balanced Strategic All-Inclusive 1.37 — — — 6.9 1Auour Instinct Global Equity 12/2/13 Global Equity Strategic All-Inclusive 2.75 — — — 14.6 1Auour Instinct Global Equity Levered 6/11/14 Global Equity Strategic All-Inclusive 2.65 — — — 4.7 1Auour Instinct Global Fixed Income 10/1/13 Global Fixed Income Tactical All-Inclusive -0.77 — — — 2.9 1

Return Type Identifiers: 1. performance is a composite of live discretionary accounts; 2. performance is a composite of live non-discretionary accounts; 3. performance is from one, single non-discretionary source and is used as a representative return stream for the entire model; 4. performance is hypothetical based on a model’s positions. The model is being used to manage live assets, but the returns reported are not from the non-discretionary source. The model used to calculate returns is identical to what is being delivered to third-parties and not altered with the advantage of hindsight.

Source: Morningstar Inc. NR = Not reported to MorningstarIncl. = Assets counted in related strategy

* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.

Morningstar ETF Managed Portfolios Landscape Summary Q2 2015Page 9 of 50


Exhibit 4 ETF Managed Portfolio Strategies, 30 June 2015 (Continued)

Return % Current




Assets USD Mil

Return Type ID

Auour Instinct Global High Yield 6/2/14 Global All Asset Strategic All-Inclusive -1.75 — — — 2.2 1Baring Global Dynamic Asset Allocation 6/30/10 Global All Asset Strategic All-Inclusive 3.60 7.99 8.97 — 19.8 1BCM Advantage Diversified Equity 1/31/14 Global Equity Tactical All-Inclusive 0.06 — — — 11.9 1BCM Advantage Growth 1/31/14 Global Equity Tactical All-Inclusive 0.00 — — — 7.2 1BCM Advantage Moderate Growth 1/31/14 Global Balanced Tactical All-Inclusive -0.05 — — — 4.6 1

BCM Advantage U.S. Sector Rotation 1/31/14 United States Equity Tactical Sector 0.10 — — — 56.9 1BCM AlphaDEX Diversified Equity 9/1/11 United States All Asset Tactical All-Inclusive 1.11 11.53 — — 16.0 1BCM AlphaDEX Growth 1/31/14 United States Equity Tactical All-Inclusive 0.80 — — — 6.1 1BCM AlphaDEX Moderate Growth 9/1/11 United States Balanced Hybrid All-Inclusive 0.52 7.46 — — 6.3 1BCM AlphaDEX U.S. Sector Rotation 9/1/11 United States Equity Tactical Sector 1.35 16.60 — — 194.4 1

BCM Decathlon Conservative Aspect(Pro1) 1/2/15 Global Fixed Income Tactical All-Inclusive 0.97 — — — 11.9 3BCM Decathlon Conservative Tactics 10/1/12 Global All Asset Tactical All-Inclusive 1.40 — — — 6.8 1BCM Decathlon Growth Aspect (Profile 5) 4/10/14 Global Balanced Tactical Sector 4.22 — — — 1050.5 3BCM Decathlon Growth Tactics 10/1/12 Global All Asset Tactical All-Inclusive 4.72 — — — 121.9 1BCM Decathlon Moderate Aspect(Profile3) 4/10/14 United States Balanced Tactical All-Inclusive 3.25 — — — 563.2 3

BCM Decathlon Moderate Tactics 10/1/12 Global All Asset Tactical All-Inclusive 2.55 — — — 84.6 1BCM Diversified Equity 8/7/09 United States All Asset Tactical All-Inclusive -0.38 10.02 11.94 — 107.1 1BCM Diversified Equity (Monthly) 8/3/09 United States All Asset Tactical All-Inclusive -0.44 11.02 12.82 — 11.4 1BCM DynamicBelay Aggressive Grow(QDIA) 12/2/14 Global Equity Tactical All-Inclusive 0.44 — — — 0.1 1BCM DynamicBelay Balanced Growth (QDIA) 12/2/14 United States Balanced Tactical All-Inclusive -0.71 — — — 0.0 1

BCM DynamicBelay Conservative Gro(QDIA) 12/2/14 United States Balanced Tactical All-Inclusive -0.29 — — — 0.2 1BCM DynamicBelay Growth (QDIA) 12/2/14 Global Equity Tactical All-Inclusive -0.11 — — — 0.1 1BCM DynamicBelay Moderate Growth (QDIA) 12/2/14 Global Balanced Tactical All-Inclusive 0.11 — — — 0.2 1BCM Global Sector Rotation 12/1/10 Global Equity Tactical All-Inclusive -0.39 9.38 — — 5.0 1BCM Growth 11/2/09 United States Equity Hybrid All-Inclusive -0.32 8.13 10.04 — 58.8 1

BCM Growth (Monthly) 11/2/09 United States Equity Hybrid All-Inclusive -0.35 8.83 10.76 — 83.6 1BCM Income 12/1/09 Global Fixed Income Tactical All-Inclusive -0.66 1.59 2.92 — 1.2 1BCM International Sector Rotation 2/1/11 International Equity Tactical Broad Market 2.41 4.02 — — 1.6 1BCM Moderate Growth 9/1/09 United States Balanced Hybrid All-Inclusive -0.39 6.89 8.82 — 60.2 1BCM Moderate Growth (Monthly) 9/1/09 United States Balanced Hybrid All-Inclusive -0.42 7.19 9.18 — 71.4 1

BCM U.S. Sector Rotation 2/1/11 United States Equity Tactical Sector -0.55 14.67 — — 218.0 1BCM U.S. Sector Rotation (Monthly) 7/1/10 United States Equity Tactical Sector -0.45 15.76 16.34 — 95.3 1BCM U.S. Small Cap Sector Rotation 3/10/14 United States Equity Tactical Sector 4.79 — — — 0.2 1Blue Edge Global Balanced 12/31/10 Global All Asset Hybrid All-Inclusive 2.98 10.35 — — 25.8 1Blue Edge Global Equity 12/31/10 Global Equity Hybrid All-Inclusive 3.91 13.53 — — 31.1 1

Blue Edge Global Growth 12/31/10 Global All Asset Hybrid All-Inclusive 3.45 11.80 — — 48.4 1Blue Edge Global Growth & Income 12/31/10 Global All Asset Hybrid All-Inclusive 2.12 8.00 — — 6.8 1Boston Advisors Broad Allocation Growth 9/30/10 Global All Asset Strategic All-Inclusive — — — — NR 1Boston Advisors Broad Allocation Str 10/31/08 Global All Asset Hybrid All-Inclusive 1.14 1.68 4.01 — 19.8 1Braver Asset Allocation Conservative 12/31/08 Global Balanced Strategic All-Inclusive 1.01 5.94 6.78 — 14.3 1

Braver Asset Allocation Growth 12/31/08 Global Equity Strategic All-Inclusive 2.12 10.17 10.56 — 87.9 1Braver Asset Allocation Moderate 12/31/08 Global Balanced Strategic All-Inclusive 1.46 8.45 9.15 — 108.2 1Braver Conservative Multi Strategy 12/31/08 Global All Asset Hybrid All-Inclusive 0.30 5.02 6.26 — 31.9 1Braver Growth Multi Strategy 4/1/10 Global All Asset Hybrid All-Inclusive 2.41 10.59 10.49 — 10.1 1Braver Moderate Multi Strategy 12/31/08 Global All Asset Hybrid All-Inclusive 1.15 7.50 8.17 — 49.3 1







Return % Current




Assets USD Mil

Return Type ID

Braver Tactical Balanced 12/31/03 United States Equity Tactical Broad Market 0.40 7.93 7.84 5.70 122.6 1Braver Tactical Equity Sector Rotation 7/1/96 United States Equity Tactical Sector 3.96 20.21 17.08 9.24 77.8 1Braver Tactical High Income 10/1/96 United States Fixed Income Tactical Sector 1.77 4.95 6.24 9.63 126.2 1Braver Tactical Opportunity 12/31/85 United States Equity Tactical All-Inclusive -1.49 3.67 4.73 5.17 81.2 1Brinker Capital ACS Int'l Equity ETF 7/1/09 International All Asset Tactical All-Inclusive 3.62 8.75 7.21 — 20.0 1

Brinker Capital ACS Real Assets (Q) 11/1/11 United States All Asset Tactical All-Inclusive -2.39 4.11 — — 7.2 1CAN SLIM Balanced 6/1/09 Global Balanced Tactical Sector -2.30 6.82 8.35 — 72.0 NRCanterbury Portfolio Thermostat 8/31/12 Global All Asset Tactical All-Inclusive 1.39 — — — 285.0 3Capital Advisors Dynamic Allocation 9/30/09 Global All Asset Tactical Broad Market 0.11 9.05 7.66 — 44.2 1Capital Advisors Tactical Global Growth 5/31/07 Global Equity Tactical Broad Market 1.58 11.82 13.13 — 16.6 1

Capital Advisors Tactical Global Income 10/31/07 Global Equity Tactical Broad Market 0.80 10.82 12.53 — 32.9 1Capital Wealth ETF Covered Call Strategy 1/2/08 Global All Asset Hybrid All-Inclusive 1.91 9.01 8.46 — 66.0 1Caprin Core Plus ETF 9/30/10 United States Fixed Income Strategic All-Inclusive -0.68 1.62 — — 8.1 1Caprin Tactical Muni ETF 9/30/10 United States Fixed Income Strategic Sector -0.85 2.59 — — 11.6 1Caprin Tactical Opportunity ETF 9/30/10 United States Fixed Income Strategic All-Inclusive -0.60 2.68 — — 35.2 1

CFGAM S3 Div Agrsv Inflation-Correlated 3/1/11 Global All Asset Strategic All-Inclusive 3.29 5.23 — — 1.3 1CFGAM S3 Div Mod Inflation-Correlated 1/1/10 Global All Asset Strategic All-Inclusive 0.38 3.95 5.57 — 12.9 1CFGAM S3 Diversified Aggressive 1/4/11 Global All Asset Strategic All-Inclusive 0.79 4.36 — — 1.9 1CFGAM S3 Diversified Conservative 1/1/10 Global All Asset Strategic All-Inclusive -0.57 3.86 5.82 — 39.6 1CFGAM S3 Diversified Growth 1/4/10 Global All Asset Strategic All-Inclusive 0.08 4.38 5.86 — 5.7 1

CFGAM S3 Diversified Moderate 1/1/10 Global All Asset Strategic All-Inclusive -0.32 3.96 5.40 — 24.9 1CFGAM S3 Global Income Total Return 12/1/10 Global Balanced Strategic All-Inclusive -1.13 3.20 — — 26.9 1CFGAM S3 Global Income-Income Focus 6/1/10 Global Balanced Strategic All-Inclusive -1.28 3.32 4.29 — 6.2 1CFGAM S3 Municipal ETF 1/4/10 United States Fixed Income Strategic Sector -0.73 1.61 2.72 — 5.3 1Charles Schwab SMP-ETFs Blend – Agg Gr 12/31/09 Global All Asset Hybrid All-Inclusive 3.60 12.61 12.18 — 107.0 1

Charles Schwab SMP-ETFs Blend – Balanced 12/31/09 Global All Asset Hybrid All-Inclusive 1.31 5.91 6.85 — 274.7 1Charles Schwab SMP-ETFs Blend – Growth 12/31/09 Global All Asset Hybrid All-Inclusive 2.92 10.52 10.61 — 368.8 1Charles Schwab SMP-ETFs Blend –Cnsrv Inc 12/31/09 United States Fixed Income Hybrid All-Inclusive -0.23 1.40 3.20 — 40.9 1Charles Schwab SMP-ETFs Blnd - Bal w/ Gr 12/31/09 Global All Asset Hybrid All-Inclusive 2.18 8.23 8.97 — 554.9 1Charles Schwab SMP-ETFs Blnd – Inc w/ Gr 12/31/09 Global All Asset Hybrid All-Inclusive 0.60 4.09 5.33 — 193.4 1

Charles Schwab SMP-ETFs Td-Pty–Ic w/ Gr 12/31/09 Global All Asset Hybrid All-Inclusive 0.70 4.16 5.40 — 244.8 1Charles Schwab SMP-ETFs Thd-Pty – Agg Gr 12/31/09 Global All Asset Hybrid All-Inclusive 3.87 12.84 12.41 — 159.9 1Charles Schwab SMP-ETFs Thd-Pty–Bl w/ Gr 12/31/09 Global All Asset Hybrid All-Inclusive 2.33 8.33 9.07 — 945.2 1Charles Schwab SMP-ETFs Thd-Pty–Csrv Inc 12/31/09 United States Fixed Income Hybrid All-Inclusive -0.19 1.39 3.18 — 38.3 1Charles Schwab SMP-ETFs Third-Party – Gr 12/31/09 Global All Asset Hybrid All-Inclusive 3.16 10.72 10.76 — 514.3 1

Charles Schwab SMP-ETFs Third-Pty – Bal 12/31/09 Global All Asset Hybrid All-Inclusive 1.46 5.98 6.93 — 473.0 1Churchill ETF Sector Rotation 10/1/07 United States Equity Strategic Sector 1.28 18.16 18.50 — 196.4 1Churchill Premier Wealth Tactical 10/1/96 United States Equity Tactical All-Inclusive 4.74 9.49 7.23 5.86 1177.6 1Churchill Premier Wealth Tactical Core 1/4/99 Global Equity Tactical All-Inclusive 3.43 12.22 8.88 6.89 1116.6 1CKW Opportunistic Global Balanced 11/3/03 Global Balanced Hybrid Broad Market 2.39 11.27 10.89 7.56 275.1 1

Clark Navigator Alternative 1/3/07 Global All Asset Tactical All-Inclusive 3.14 4.98 5.89 — 38.7 1Clark Navigator Fixed Income TR 12/31/04 United States Fixed Income Tactical All-Inclusive 2.20 4.83 7.32 9.54 160.6 NRClark Navigator Glbl Bal ETF 20-80 Hdgd 1/3/05 Global Fixed Income Hybrid All-Inclusive 2.06 4.78 6.44 8.48 11.4 NRClark Navigator Glbl Bal ETF 40-60 Hdgd 1/3/05 Global Balanced Hybrid All-Inclusive 1.88 4.71 5.55 7.14 10.9 NRClark Navigator Glbl Bal ETF 60-40 Hdgd 1/3/05 Global Balanced Hybrid All-Inclusive 1.72 4.65 4.64 5.87 21.7 NR







Return % Current




Assets USD Mil

Return Type ID

Clark Navigator Glbl Bal ETF 80-20 Hdgd 1/3/05 Global Equity Hybrid All-Inclusive 1.55 4.55 3.67 4.54 7.9 NRClark Navigator Global Eq ETF Hedged 7/1/04 Global Equity Tactical All-Inclusive 1.88 5.56 3.47 4.12 8.0 NRClark Navigator Global Equity ETF 4/1/04 Global Equity Tactical All-Inclusive 3.48 12.33 10.63 6.80 15.3 NRClark Navigator Global Opportunity 2/1/06 Global Balanced Tactical All-Inclusive -8.51 5.29 5.35 — 15.1 NRClark Navigator Intl Opportunity 1/4/07 International Equity Tactical Country/Region 2.24 9.16 3.22 — 47.5 NR

Clark Navigator MultiStrategy 50-50(SAI) 7/1/05 United States Balanced Hybrid All-Inclusive 3.08 10.64 11.44 9.28 160.0 NRClark Navigator MultiStrategy 75-25(SAI) 6/1/05 United States Balanced Hybrid All-Inclusive 4.08 13.73 13.82 8.64 45.6 NRClark Navigator Sector Opportunity 1/3/07 United States Equity Tactical Sector 3.95 15.26 15.19 — 50.0 1Clark Navigator Strategist Core 5/1/09 United States Balanced Strategic Broad Market 2.49 8.57 8.48 — 2.2 NRClark Navigator Style Preferred Core 9/1/04 United States Equity Tactical Broad Market 3.46 13.43 13.44 7.19 2.3 3

Clark Navigator Style Preferred Inc&Gro 10/1/04 United States Balanced Tactical Broad Market 2.29 10.07 10.57 6.73 3.2 3Clark Navigator U.S. Style Opp (SAI) 1/3/05 United States Equity Tactical Broad Market 4.94 16.49 15.98 8.14 61.0 1Clark Navigator U.S. Style Opportunity 12/31/04 United States Equity Tactical Broad Market 4.65 16.39 15.92 8.11 61.0 NRClearRock Diversified Aggressive Growth 10/1/09 Global All Asset Strategic All-Inclusive 3.71 10.04 10.59 — 29.4 NRClearRock Diversified Conservative Gr 10/1/09 Global All Asset Strategic All-Inclusive 1.68 7.74 9.20 — 36.2 NR

ClearRock Diversified Income 10/3/11 Global Fixed Income Strategic All-Inclusive 0.21 4.14 — — 8.6 NRClearRock Diversified Moderate Growth 10/1/09 Global All Asset Strategic All-Inclusive 3.02 9.41 10.33 — 28.0 NRClothier Springs Global Hedged 12/31/10 Global Equity Strategic Broad Market 3.27 6.22 — — 1.5 1Clothier Springs Global Hedged Plus 9/30/11 Global All Asset Tactical All-Inclusive 0.86 6.22 — — 4.2 1CLS Active Alternative 8/1/14 Global Alternative Hybrid All-Inclusive 0.19 — — — 0.2 4

CLS Active Growth 11/3/14 Global Equity Hybrid All-Inclusive 3.69 — — — 0.1 4CLS Active Income 3/3/14 Global Balanced Hybrid All-Inclusive -1.09 — — — 1.4 4CLS Active Real 7/1/14 Global All Asset Hybrid Sector -2.01 — — — 0.1 4CLS Active Value 6/2/14 Global Equity Hybrid All-Inclusive 0.33 — — — 0.2 4CLS ETF Risk Budget 100 - Aggressive 3/30/01 Global Equity Hybrid All-Inclusive 2.20 13.38 13.58 7.35 13.2 1

CLS ETF Risk Budget 30 - Conservative 7/1/11 Global Fixed Income Hybrid All-Inclusive 0.92 3.69 — — 0.8 1CLS ETF Risk Budget 60-Moderately Cnsrv 4/1/02 Global Balanced Hybrid All-Inclusive 1.88 7.98 9.10 6.15 67.5 1CLS ETF Risk Budget 75 - Moderate 12/31/01 Global Equity Hybrid All-Inclusive 1.93 9.75 10.92 6.32 123.1 1CLS ETF Risk Budget 80 - Moderate 12/31/01 Global Equity Hybrid All-Inclusive 2.14 10.66 11.56 6.31 103.7 1CLS ETF Risk Budget 90-Moderately Agrsv 4/1/02 Global Equity Hybrid All-Inclusive 2.10 12.23 12.71 6.60 40.4 1

CLS High Quality Strategic 40 8/1/14 Global Balanced Strategic All-Inclusive 0.91 — — — 0.6 4CLS High Quality Strategic 60 4/1/14 Global Balanced Strategic All-Inclusive 1.27 — — — 0.5 4CLS High Quality Strategic 80 5/1/14 Global Equity Strategic All-Inclusive 1.64 — — — 5.7 4CLS Inflation Quad 4/1/14 United States Alternative Tactical All-Inclusive -1.69 — — — 0.1 4CLS International Rotation Quad 7/1/14 International Equity Tactical Country/Region 9.04 — — — 0.9 4

CLS Protection Quad 3/3/14 Global Alternative Tactical Broad Market 2.43 — — — 3.6 4CLS Thematic Growth Quad 5/1/14 Global Equity Tactical Sector 2.08 — — — 0.5 4CMG Opportunistic All Asset ETF Strategy 1/3/07 Global All Asset Tactical All-Inclusive 0.96 7.55 13.34 — 124.5 1CMG Tactical Rotation Strategy 2/1/10 Global All Asset Tactical Broad Market -3.50 9.08 11.04 — 46.4 1Confluence Aggressive Growth 8/1/08 United States Equity Tactical All-Inclusive 2.62 14.20 12.80 — 6.2 1

Confluence Growth 8/1/08 United States All Asset Tactical All-Inclusive 1.71 13.04 12.72 — 43.1 1Confluence Growth and Income 9/2/08 United States All Asset Tactical All-Inclusive 0.88 10.37 11.12 — 91.2 1Confluence Income and Growth 12/1/08 United States All Asset Tactical All-Inclusive -0.77 8.02 9.31 — 31.5 1Congress Cap Risk Mgd Satellites Cmpst 12/2/13 Global All Asset Tactical Broad Market -1.71 — — — 0.9 1Congress Capital Risk Managed Assets 12/2/13 Global All Asset Tactical Broad Market 1.04 — — — 99.2 1







Return % Current




Assets USD Mil

Return Type ID

Cookson Peirce All-Cap World Equity 9/30/03 Global Equity Tactical All-Inclusive 6.12 14.69 13.63 8.06 9.7 1Cumberland - Intl Equity ETF 3/31/03 International Equity Tactical All-Inclusive 6.26 9.68 6.33 — 30.0 1Cumberland - US Equity ETF 12/31/99 United States Equity Tactical All-Inclusive -0.57 14.88 14.81 — 73.0 1Cumberland Total Return Balanced Port 12/31/08 United States Balanced Strategic All-Inclusive -0.26 11.40 11.74 — 41.8 1diverseFOLIOS® Aggressive 10/1/10 Global Equity Strategic All-Inclusive — — — — 15.0 1

diverseFOLIOS® Conservative 10/1/10 Global Balanced Strategic All-Inclusive — — — — 16.0 1diverseFOLIOS® Mod Aggressive 10/1/10 Global Equity Strategic All-Inclusive — — — — 10.0 1diverseFOLIOS® Mod Conservative 10/1/10 Global Balanced Strategic All-Inclusive — — — — 12.0 1diverseFOLIOS® Moderate 10/1/10 Global Balanced Strategic All-Inclusive — — — — 55.0 1Dorsey Wright Sys Reltv Strth Glb Macro 3/31/09 Global All Asset Tactical All-Inclusive 0.29 12.45 11.57 — 207.0 1

DT Conservative Growth & Income 9/30/08 United States Balanced Strategic All-Inclusive 1.58 7.59 8.28 — 126.3 1DT Intermediate Fixed Income 9/30/08 United States Fixed Income Strategic Broad Market 0.95 2.50 3.45 — 10.2 1DT Moderate Growth & Income 9/19/08 United States Balanced Strategic All-Inclusive 1.67 8.34 8.98 — 102.5 1DT Ultra-Conservative Growth & Income 3/31/09 United States Fixed Income Strategic All-Inclusive 1.14 5.00 5.43 — 18.6 1Dunn Warren Aggressive ETF Portfolio 1/2/03 Global Equity Tactical All-Inclusive 5.08 8.28 3.56 7.12 0.9 3

Dunn Warren Conservative ETF Portfolio 1/2/03 Global Balanced Tactical All-Inclusive 3.42 5.23 3.42 5.10 2.5 3Dunn Warren Growth ETF Portfolio 1/2/04 Global Equity Tactical All-Inclusive 3.45 7.47 3.38 6.47 4.0 3Dunn Warren Moderate ETF Portfolio 1/2/03 Global Balanced Tactical All-Inclusive 3.45 5.23 2.98 5.67 1.7 3Dynamic Conservative Portfolio 1/1/14 Global Fixed Income Tactical All-Inclusive -0.16 — — — 21.3 1Dynamic Moderate Portfolio 1/2/14 Global Balanced Tactical All-Inclusive 1.58 — — — 18.9 1

EAM Asset Allocation Aggressive 2/1/11 Global Equity Strategic All-Inclusive 1.48 12.51 — — 5.8 1EAM Asset Allocation Conservative 2/1/11 United States Balanced Strategic All-Inclusive 0.04 4.49 — — 3.2 1EAM Asset Allocation Moderate 2/1/11 Global Balanced Strategic All-Inclusive 1.08 8.90 — — 0.2 1EAM Asset Allocation Moderate Aggressive 2/1/11 Global Equity Strategic All-Inclusive 0.87 11.69 — — 6.4 1EAM Asset Allocation Moderate Conservati 2/1/11 United States Balanced Strategic All-Inclusive -0.08 6.88 — — 1.5 1

Efficient Market 11-19 Years Aggressive 2/1/05 United States Balanced Hybrid All-Inclusive 3.32 11.85 12.39 7.38 30.1 1Efficient Market 11-19 Years Consvt 4/3/06 United States Balanced Hybrid All-Inclusive 2.98 9.94 10.72 — 29.4 1Efficient Market 11-19 Years Moderate 6/1/05 United States Balanced Hybrid All-Inclusive 3.17 11.21 11.71 7.37 87.0 1Efficient Market 20 Plus Years Consvt 5/1/06 United States Equity Hybrid All-Inclusive 3.28 11.99 12.60 — 7.2 1Efficient Market 20 Plus Years Moderate 1/3/05 United States Equity Hybrid All-Inclusive 3.50 13.43 13.50 7.88 31.3 1

Efficient Market 20 Plus Yrs Aggressive 11/1/04 United States Equity Hybrid All-Inclusive 3.57 13.99 13.07 7.79 31.1 1Efficient Market 2-5 Years Aggressive 4/1/05 United States Balanced Hybrid All-Inclusive 2.67 8.94 9.72 6.32 11.9 1Efficient Market 2-5 Years Conservative 4/3/06 United States Balanced Hybrid All-Inclusive 2.50 6.19 7.23 — 30.1 1Efficient Market 2-5 Years Moderate 1/3/06 United States Balanced Hybrid All-Inclusive 2.61 7.96 9.04 — 63.4 1Efficient Market 6-10 Years Aggressive 9/1/05 United States Balanced Hybrid All-Inclusive 2.76 10.05 10.28 — 20.2 1

Efficient Market 6-10 Years Conservative 7/1/05 United States Balanced Hybrid All-Inclusive 2.78 7.87 8.63 6.46 39.8 1Efficient Market 6-10 Years Moderate 11/1/04 United States Balanced Hybrid All-Inclusive 2.76 9.42 10.18 6.66 118.9 1Efficient Market Taking Income-Aggr 1/3/06 United States Fixed Income Hybrid All-Inclusive 2.48 5.94 6.89 — 11.7 1Efficient Market Taking Income-Consvt 4/3/06 United States Fixed Income Hybrid All-Inclusive 1.88 4.56 5.44 — 26.2 1Efficient Market Taking Income-Moderate 6/1/05 United States Fixed Income Hybrid All-Inclusive 2.22 5.39 6.40 5.92 31.0 1

ELF ETF Strategy 2/28/03 Global Equity Tactical All-Inclusive 5.27 5.45 4.82 0.58 0.9 1Evolution US Equity Absolute Return 8/1/13 United States Equity Tactical Sector — — — — 0.1 1FEG Equity Portfolio 8/1/05 Global Equity Strategic Broad Market 1.20 9.91 10.82 — 8.6 1FFCM Dynamic All Cap Sector Rotation 4/1/14 United States Equity Tactical Sector 1.17 — — — 224.6 4FFCM Dynamic Core Absolute Return 12/31/14 United States Alternative Tactical All-Inclusive -0.41 — — — 5.8 4







Return % Current




Assets USD Mil

Return Type ID

FFCM Dynamic Global Equity 4/1/14 United States Equity Tactical All-Inclusive 2.78 — — — 64.7 4FFCM Dynamic Large Cap Sector Rotation 4/1/14 United States Equity Tactical Sector 0.57 — — — 1.1 4FFCM Dynamic Multi-Asset 4/1/14 Global All Asset Tactical All-Inclusive 1.45 — — — 41.7 4Financial Trust Flexible Income 11/30/01 Global Fixed Income Tactical All-Inclusive 0.75 0.88 2.17 3.65 6.1 1First Nat Chapoquoit Aggressive Dynamic 11/1/12 Global All Asset Tactical All-Inclusive -2.61 — — — 3.3 NR

First Nat Chapoquoit Dynamic Cnsrv Port 1/2/13 Global Equity Tactical All-Inclusive 0.13 — — — 1.0 NRFirst Nat Chapoquoit Dynamic Mod Port 1/2/13 Global All Asset Tactical All-Inclusive -1.85 — — — 2.6 NRFirst Trust FTA Ibbotson Mul Disc 20/80* 5/1/09 United States Fixed Income Strategic Broad Market 0.95 5.10 6.00 — 3.4 1First Trust FTA Ibbotson Mul Disc 40/60* 5/1/09 United States Balanced Strategic Broad Market 2.31 7.84 8.57 — 15.5 1First Trust Global Tactical Asset Alloc. 1/2/12 United States Balanced Tactical All-Inclusive -0.97 2.45 — — 0.1 1

Fortunatus Asset Allc Moderate Growth 6/30/10 Global Equity Strategic All-Inclusive 0.59 11.57 11.52 — 37.4 1Fortunatus Asset Allocation Growth 9/30/10 Global Equity Strategic All-Inclusive 0.69 13.00 — — 6.2 1Fortunatus Global ETF Opportunity 6/29/07 Global Balanced Tactical All-Inclusive -0.32 7.77 5.73 — 2.7 1Fortunatus International ETF Opportunity 2/29/08 International Balanced Tactical All-Inclusive -1.46 1.86 0.26 — 0.4 1Forward Tactical Growth 8/3/09 United States Equity Hybrid Broad Market -1.01 7.37 5.89 — 828.0 1

Foy SELECTOR Aggressive Growth 5/3/10 Global Equity Strategic All-Inclusive -0.41 16.32 — — 1.8 1Foy SELECTOR Balanced Growth 2/1/08 United States Balanced Strategic All-Inclusive -0.80 8.36 — — 25.8 1Foy SELECTOR Conservative Growth 5/1/08 United States Balanced Strategic All-Inclusive 0.82 12.55 — — 38.1 1Foy SELECTOR Growth 2/1/08 Global Equity Strategic All-Inclusive 2.20 16.17 — — 38.9 1Foy SELECTOR Income 2/1/08 United States Fixed Income Strategic All-Inclusive -1.16 3.94 — — 3.0 1

Foy SELECTOR Income & Growth 2/1/11 United States Balanced Strategic All-Inclusive -1.46 5.63 — — 3.8 1F-Squared Allocator Pre AlphaSector Idx 3/15/11 Global All Asset Hybrid All-Inclusive — — — — NR 4F-Squared AlphaSector All-Cap Index 2/3/14 United States Equity Tactical Sector -4.08 — — — 635.8 4F-Squared AlphaSector Allocator Index 6/1/10 Global All Asset Hybrid All-Inclusive -1.28 7.95 8.86 — 0.7 4F-Squared AlphaSector Allocator Pre Idx 1/1/10 Global All Asset Hybrid All-Inclusive -2.30 7.36 8.77 — 54.9 4

F-Squared AlphaSector Allocator Prm Cpst 4/1/10 Global All Asset Hybrid All-Inclusive -2.21 6.13 7.95 — 114.3 1F-Squared AlphaSector Allocator Select 9/2/13 Global All Asset Hybrid All-Inclusive -0.45 — — — 511.0 1F-Squared AlphaSector AlphaDEX Pre Idx 9/1/11 United States Equity Tactical Sector -2.91 16.71 — — 124.5 4F-Squared AlphaSector AlphaDEX Prm Cmpst 9/1/11 United States Equity Tactical Sector -3.32 14.45 — — 323.8 1F-Squared AlphaSector Global Premium Idx 7/1/09 Global Equity Hybrid All-Inclusive -2.75 9.89 10.77 — 9.5 4

F-Squared AlphaSector Global Prm Cmpst 1/1/10 Global Equity Hybrid All-Inclusive -4.84 7.38 9.26 — 6.7 1F-Squared AlphaSector Global Select 9/2/13 Global Equity Hybrid All-Inclusive -0.98 — — — 342.0 1F-Squared AlphaSector Premium Cmpst 10/1/08 United States Equity Tactical Sector -4.42 12.37 14.35 — 127.9 1F-Squared AlphaSector Premium Index 10/1/08 United States Equity Tactical Sector -4.23 14.28 15.88 — 413.7 4F-Squared AlphaSector Rotation Index 10/1/08 United States Equity Tactical Sector -3.63 14.81 15.68 — 661.7 4

F-Squared AS AlphaDEX Allocator Prm Idx 10/3/11 Global Equity Tactical All-Inclusive -0.85 8.78 — — 13.4 4F-Squared AS AlphaDEX Global Prem Idx 11/1/11 Global Equity Tactical Sector -0.35 12.16 — — 8.9 4F-Squared Dynamic AlphaSector Index 3/1/12 United States Equity Tactical Sector — — — — 0.0 4F-Squared Global Prem AlphaSector Index 3/15/11 Global Equity Hybrid All-Inclusive — — — — 0.0 4F-Squared Premium AlphaSector Index 7/1/10 United States Equity Tactical Sector — — — — 0.0 4

F-Squared Rotation AlphaSector Index 9/29/09 United States Equity Tactical Sector — — — — 0.0 4FTA ETF Asset Allc - Mod Gr Portfolio 1/3/07 Global Equity Strategic All-Inclusive 3.08 12.79 12.53 — 26.5 1FTA ETF Asset Allocation - Gr Portfolio 10/1/07 Global Equity Strategic All-Inclusive 3.87 15.84 14.75 — 10.0 1Fund Architects Global ETF 12/31/07 Global All Asset Tactical All-Inclusive 0.05 8.71 5.96 — 20.3 NRFusion Global Fusion Core Equity 10/2/06 Global Equity Tactical All-Inclusive 4.70 — — — 12.8 1







Return % Current




Assets USD Mil

Return Type ID

Fusion Global Fusion Tactical Equity 10/2/06 Global Balanced Tactical All-Inclusive 4.22 6.29 6.67 — 1.0 1Fusion Global Fusion Total Return 8/2/10 Global Balanced Tactical All-Inclusive -1.03 0.74 — — 1.0 1GLOBALT innovat ETF Stratg Balnc Wrap 12/31/03 Global Balanced Hybrid All-Inclusive 1.01 9.77 10.55 7.00 309.4 1GLOBALT innovat ETF Stratg Consrvt Wrap 3/31/04 Global Balanced Hybrid All-Inclusive 0.51 8.21 9.23 6.76 37.3 1GLOBALT innovat ETF Stratg Gro Wrap 9/30/03 Global Equity Hybrid All-Inclusive 1.56 11.94 12.28 7.44 255.7 1

GLOBALT innovat ETF Stratg Hig Gro Wrap 6/30/03 Global Equity Hybrid All-Inclusive 1.69 13.61 13.42 7.54 44.2 1Glovista Emerging Market Equities 1/4/99 International Equity Tactical Country/Region 0.91 3.66 3.30 16.77 665.0 1Good Harbor Tactical Core Intl Moderate 12/1/11 International Equity Tactical Broad Market -0.95 1.73 — — 1.4 1Good Harbor Tactical Core US 4/30/03 United States Equity Tactical Broad Market -2.20 -0.14 6.92 9.31 1624.9 1Granite Tactical Global Interm FI Strat 5/31/10 United States Fixed Income Strategic All-Inclusive — — — — NR 1

Gratry International ETF Alloc Strat 6/30/05 International Equity Strategic Country/Region 6.22 8.33 7.53 6.48 0.7 1Green Inv Mgt - Guardian Bal 7/2/90 Global Balanced Hybrid Broad Market 1.68 8.12 8.44 5.00 14.0 1Green Inv Mgt - Guardian Bal Gr 7/1/94 Global Equity Hybrid Broad Market 1.76 8.65 9.14 4.64 16.0 1Green Inv Mgt - Guardian Bal Inc 7/1/96 Global Balanced Hybrid Broad Market 1.37 5.75 6.60 4.94 5.0 1Green Inv Mgt - Guardian Bal Mosaic 7/3/00 Global Equity Hybrid All-Inclusive 1.18 9.79 10.23 5.25 4.0 1

Green Inv Mgt - Guardian Cnsv Bal 6/1/94 Global Balanced Hybrid Broad Market 1.52 6.84 7.47 4.36 7.0 1Green Inv Mgt - Guardian Fix-Inc 7/1/91 United States Fixed Income Tactical All-Inclusive 1.49 3.57 4.03 4.53 21.0 1Green Inv Mgt - Guardian Mosaic 7/3/00 United States Equity Hybrid All-Inclusive 1.12 12.59 12.52 5.85 0.6 1Green Inv Mgt - Guardian Sector 7/1/93 United States Equity Tactical Sector 0.27 16.67 15.25 5.39 0.4 1Green Inv Mgt - Guardian Stk 7/2/90 Global Equity Hybrid Broad Market 1.76 9.60 10.07 4.27 2.0 1

Green Inv Mgt - Guardian Tax Free 10/31/01 United States Fixed Income Hybrid Sector -0.45 1.63 3.33 3.55 0.3 1Green Inv Mgt Guardian Alternatives 9/1/09 United States Alternative Tactical All-Inclusive -3.50 -9.99 -5.34 — 0.7 1Green Inv Mgt Guardian Country 7/1/04 International Equity Tactical Country/Region 6.03 7.01 3.05 8.76 3.0 1Green Inv Mgt Strat Glbl Bal Tax Aware 8/2/10 Global Balanced Hybrid Broad Market 1.41 7.14 — — 3.0 1Green Inv Mgt Strategic Global Balanced 6/1/10 Global Balanced Hybrid Broad Market 1.44 7.07 7.63 — 8.0 1

GTS with Conservative Growth (MAR8) 10/31/01 Global All Asset Tactical All-Inclusive 1.89 6.35 6.01 7.43 876.8 1GTS with Growth (MAR 12) 12/30/11 Global All Asset Tactical All-Inclusive 3.23 9.66 — — 34.4 1GTS with Income (MAR6) 12/30/99 Global All Asset Tactical All-Inclusive -0.29 3.24 3.56 6.73 352.8 1GTS with Moderate Growth (MAR 10) 3/1/11 Global All Asset Tactical All-Inclusive 3.11 9.56 — — 392.9 1Hays Advisory Global ETF 1/31/06 Global Equity Tactical All-Inclusive 1.28 8.80 9.31 — 100.3 1

Hays Advisory International ETF 1/31/06 International Equity Tactical All-Inclusive -1.22 3.04 3.65 — 11.5 1Hays Advisory TMAC Equity Focused 5/31/10 Global Equity Tactical All-Inclusive 0.60 8.60 9.98 — 230.0 1Hays TMAC Portfolio 12/31/09 Global All Asset Tactical All-Inclusive -1.06 5.42 7.64 — 406.5 1High Beta Low Volatility Rotation Port. 9/4/12 Global Equity Tactical All-Inclusive -4.03 — — — 16.5 1Hillswick S&P 500 Sector Selection 9/30/08 United States Equity Strategic Sector 1.83 18.00 17.69 — 112.0 1

Holderness Vision Tactical Balanced 7/2/12 Global Balanced Strategic All-Inclusive — — — — 1.4 1Holderness Vision Tactical Conservative 1/31/13 Global Balanced Strategic All-Inclusive — — — — 0.5 1Holderness Vision Tactical Equity 11/30/11 Global Equity Strategic All-Inclusive — — — — 0.6 1Holderness Vision Tactical Growth 8/1/11 Global Equity Strategic All-Inclusive — — — — 3.7 1Holderness Vision Tactical Stable 8/1/11 Global Fixed Income Strategic All-Inclusive — — — — 0.0 1

Horizon Conservation Plus ETF Portfolio 1/1/09 Global Fixed Income Tactical All-Inclusive 0.04 4.72 5.82 — 37.5 1Horizon Conservative ETF Portfolio 1/1/09 Global Balanced Tactical All-Inclusive 0.20 6.83 7.79 — 32.7 1Horizon Focused ETF Portfolio 1/1/09 Global Equity Tactical All-Inclusive 0.73 13.49 14.76 — 382.0 1Horizon Growth ETF Portfolio 1/1/09 Global Equity Tactical All-Inclusive 0.62 11.83 13.09 — 76.7 1Horizon Moderate ETF Portfolio 1/2/09 Global Balanced Tactical All-Inclusive 0.43 9.59 10.82 — 123.4 1







Return % Current




Assets USD Mil

Return Type ID

Ibbotson A/P 20/80 Tax Dfd-Fidelity* 8/2/10 Global Fixed Income Strategic Broad Market 0.27 4.14 — — 0.0 4Ibbotson A/P 20/80 Tax Dfd-Pershing* 8/2/10 Global Fixed Income Strategic Broad Market 0.27 4.46 — — 0.0 4Ibbotson A/P 20/80 Tax Dfd-Schwab* 8/2/10 Global Fixed Income Strategic Broad Market 0.33 4.07 — — 0.7 1Ibbotson A/P 20/80 Tax Dfd-TDA* 8/2/10 Global Fixed Income Strategic Broad Market 0.45 4.33 — — 0.1 4Ibbotson A/P 40/60 Tax Dfd-Pershing* 8/2/10 Global Balanced Strategic Broad Market 0.21 6.96 — — 1.2 4

Ibbotson A/P 40/60 Tax Dfd-Schwab* 8/2/10 Global Balanced Strategic Broad Market 0.24 6.74 — — 3.0 1Ibbotson A/P 40/60 Tax Dfd-TDA* 8/2/10 Global Balanced Strategic Broad Market 0.32 6.98 — — 1.0 4Ibbotson Global Tactical* 12/29/10 Global All Asset Tactical Broad Market 1.89 12.03 — — 0.3 1Ibbotson Momentum 20/80* 12/29/10 United States Fixed Income Hybrid Broad Market 0.36 4.13 — — 4.2 1Ibbotson Momentum 40/60* 12/29/10 Global Balanced Hybrid Broad Market 0.83 7.20 — — 27.4 1

Ibbotson Momentum 60/40* 12/29/10 Global Balanced Hybrid Broad Market 1.25 10.15 — — 64.3 1Ibbotson Momentum 80/20* 12/29/10 Global Equity Hybrid Broad Market 1.58 12.25 — — 32.9 1Ibbotson Momentum 95/5* 12/29/10 Global Equity Hybrid Broad Market 1.86 12.85 — — 9.4 1Ibbotson Strategic ETF Cons Gr & Inc* 4/29/05 United States Balanced Strategic Broad Market 1.17 6.19 7.01 5.29 365.5 1Ibbotson Strategic ETF Long Term Growth* 4/29/05 Global Equity Strategic Broad Market 2.46 12.85 12.80 6.78 264.3 1

Ibbotson Strategic ETF Moderate Gr & Inc* 4/29/05 United States Balanced Strategic Broad Market 1.68 8.70 9.33 6.03 825.4 1Ibbotson Strategic ETF Moderate Growth* 4/29/05 Global Equity Strategic Broad Market 2.05 11.25 11.41 6.66 521.1 1Ibbotson Strategic ETF Moderate Income* 4/29/05 United States Fixed Income Strategic Broad Market 0.69 2.93 4.18 — 105.1 1Ibis Adaptive Allocation 4/2/12 Global All Asset Tactical All-Inclusive -0.27 4.46 — — 8.9 4Ibis Global Balanced Portfolio 4/2/12 Global All Asset Tactical All-Inclusive 1.96 11.42 — — 28.7 4

Ibis Global Growth 4/2/12 Global Equity Tactical All-Inclusive 4.79 15.36 — — 14.4 4Ibis Global Preservation 4/2/12 Global Fixed Income Tactical All-Inclusive -0.71 6.52 — — 38.7 4Ibis Protected Growth 4/2/12 Global All Asset Tactical All-Inclusive 2.62 13.34 — — 49.8 4iCM - Mgd ETF - Aggressive Cap App 1/3/05 Global Equity Strategic Broad Market 2.34 11.16 11.61 6.82 11.4 NRiCM - Mgd ETF - Balanced 1/3/05 Global Balanced Strategic Broad Market 1.06 7.35 8.23 6.24 28.7 NR

iCM - Mgd ETF - Cap Pres & Inf Hdg 1/3/05 Global Fixed Income Strategic Broad Market -0.04 3.66 5.04 5.76 5.1 NRiCM - Mgd ETF - Conservative Cap App 1/3/05 Global Balanced Strategic Broad Market 1.91 9.44 10.16 6.80 78.6 NRiCM - Mgd ETF - Defensive Growth 1/3/05 Global Balanced Strategic Broad Market 0.79 6.84 7.67 6.22 22.2 NRiCM - Mgd ETF - Equity Completion 1/3/05 Global Equity Strategic Broad Market 2.55 11.66 12.08 6.60 10.9 NRiCM - Mgd ETF - Inc & Inflation Hdg 1/3/05 Global Fixed Income Strategic Broad Market 0.36 4.91 6.07 6.00 22.5 NR

iCM - Mgd ETF - Moderate Cap App 1/3/05 Global Equity Strategic Broad Market 2.14 10.28 10.91 6.56 38.0 NRiCM - Mgd ETF - Risk Controlled Growth 1/3/05 Global Balanced Strategic Broad Market 1.40 8.25 9.09 6.39 60.4 NRInnealta Fixed Income 12/31/09 Global Fixed Income Tactical All-Inclusive 1.09 2.36 4.13 — 486.3 1Innealta Global All Asset Conservative 12/31/09 Global Balanced Hybrid Broad Market 2.20 4.95 7.62 — 59.5 1Innealta Global All Asset Growth 12/31/09 Global Equity Hybrid Broad Market 2.98 7.45 9.22 — 64.3 1

Innealta Global All Asset Moderate 12/31/09 Global Balanced Hybrid Broad Market 2.45 6.29 8.61 — 117.0 1Innealta Global All Asset Opp Consrv 12/31/09 Global Balanced Hybrid Broad Market 2.18 6.28 9.39 — 29.3 1Innealta Global All Asset Opp Growth 12/31/09 Global Equity Hybrid Broad Market 3.43 8.80 11.22 — 27.5 1Innealta Global All Asset Opp Moderate 12/31/09 Global Balanced Hybrid Broad Market 2.56 7.72 10.58 — 50.4 1Innealta Tac ETF Country Rotation 12/31/09 International Equity Tactical Country/Region 2.95 3.88 6.08 — 726.0 1

Innealta Tac ETF Sector Rotation Core 12/31/09 United States Equity Tactical Sector 0.28 2.91 5.55 — 587.7 1Innealta Tac ETF Sector Rotation Opp 12/31/09 United States Equity Tactical Sector 0.19 2.77 6.23 — 62.7 1IQ Hedge Multi-Strategy SMA Portfolio 3/31/09 Global Alternative Strategic Broad Market 0.80 4.60 3.92 — 97.2 NRIRON Global Equity Plus 2/1/11 Global Equity Hybrid Broad Market 2.47 8.34 — — 3.5 1IRON S&P 500 Equity Plus 5/2/11 United States Equity Strategic Broad Market 4.31 13.16 — — 0.9 1







Return % Current




Assets USD Mil

Return Type ID

iSectors Capital Preservation Allocation 1/1/10 United States Fixed Income Strategic All-Inclusive 0.16 1.25 2.78 — 18.2 3iSectors Domestic Equity Allocation 7/1/10 United States Equity Strategic Broad Market -0.16 14.94 15.80 — 27.5 3iSectors Endowment Allocation 1/1/09 Global All Asset Strategic All-Inclusive 0.38 5.62 6.26 — 2.8 3iSectors Global Balanced Allocation 4/1/09 Global Balanced Strategic Broad Market -0.15 7.46 9.17 — 6.0 3iSectors Global Conservative Allocation 5/1/09 Global Balanced Strategic Broad Market -0.71 4.77 7.00 — 1.9 3

iSectors Global Equity Allocation 12/1/09 Global Equity Strategic Broad Market 1.04 12.62 13.40 — 2.0 3iSectors Global Fixed Income Allocation 4/1/09 Global Fixed Income Strategic All-Inclusive -1.43 1.14 3.51 — 4.2 3iSectors Global Growth Allocation 1/1/10 Global Equity Strategic Broad Market 0.46 10.09 11.35 — 3.7 3iSectors Inflation Protected Allocation 10/1/09 Global All Asset Strategic All-Inclusive -2.48 -3.79 1.94 — 2.6 3iSectors Liquid Alternatives Allocation 4/1/09 Global Alternative Strategic All-Inclusive -0.69 3.34 3.72 — 3.4 3

iSectors Post-MPT Growth Allocation 2/1/05 United States Equity Tactical Sector -1.21 13.50 14.86 8.66 64.2 3iSectors Post-MPT Moderate Allocation 3/3/08 United States Balanced Hybrid Sector 0.61 9.52 11.39 — 33.6 3iSectors Precious Metals Allocation 11/1/10 Global Alternative Strategic Sector -3.16 -9.81 — — 2.3 3iSectors Tactical Glbl Bal Allocation 12/1/10 Global All Asset Tactical Broad Market -1.65 2.65 — — 2.6 3iSectors Tactical International Alloc 10/1/09 International Equity Tactical All-Inclusive -0.25 2.79 1.11 — 0.2 3

JAForlines Global Tactical Allocation 1/2/04 Global All Asset Tactical All-Inclusive 4.05 8.43 8.42 6.25 NR 1Julex Capital Mngt 12/3/12 International Equity Tactical Country/Region 1.73 — — — 2.8 1Julex Capital Mngt Dynamic Diversified 2/1/13 Global All Asset Tactical All-Inclusive 0.09 — — — 0.1 1Julex Capital Mngt Dynamic Income 10/1/12 Global Balanced Tactical Broad Market -0.10 — — — 27.3 1Julex Capital Mngt Dynamic Multi-Asset 6/3/13 Global All Asset Tactical Broad Market -3.26 — — — 70.4 1

Julex Capital Mngt Dynamic Real Asset 4/1/13 Global Balanced Tactical All-Inclusive -1.40 — — — 0.8 1Julex Dynamic Sector Strategy 11/1/12 United States Equity Tactical All-Inclusive 0.93 — — — 56.1 1Keystone Wealth Commodity AlphaRotation 8/1/12 Global Alternative Tactical Broad Market -7.38 — — — 0.1 1Keystone Wealth Glb Bond AlphaRotation 1/1/14 Global Fixed Income Tactical All-Inclusive -5.35 — — — 1.4 1Keystone Wealth Glb Equity AlphaRotation 1/1/13 Global Equity Tactical Broad Market -8.23 — — — 55.2 1

Keystone Wealth Glb Income AlphaRotation 11/1/13 United States All Asset Tactical All-Inclusive -3.64 — — — 0.4 1Keystone Wealth MultiAsset AlphaRotation 8/1/12 Global All Asset Strategic All-Inclusive -7.38 — — — 0.6 1KeystoneWealthWorld FocusedAlphaRotation 1/1/14 Global Balanced Tactical All-Inclusive 2.23 — — — 0.4 1Ladenburg LAMP ETF Aggressive Growth 3/1/05 Global Equity Strategic Broad Market 2.38 12.50 12.27 7.15 18.6 1Ladenburg LAMP ETF Growth 3/1/05 Global Balanced Strategic Broad Market 2.30 10.60 10.63 6.69 107.7 1

Ladenburg LAMP ETF Growth and Income 2/1/05 Global Balanced Strategic Broad Market 1.80 9.05 9.38 6.74 282.6 1Ladenburg LAMP ETF Income 12/3/07 Global Fixed Income Strategic Broad Market 0.43 4.09 5.27 — 19.2 1Ladenburg LAMP ETF Income and Growth 6/1/05 Global Balanced Strategic Broad Market 1.16 6.36 7.12 5.83 159.8 1Ladenburg LAMP Specialty International 6/2/08 International Balanced Strategic All-Inclusive -0.24 3.52 4.68 — 1.2 1Laffer Investments Fix-Inc ETF Strategy 10/2/06 United States Fixed Income Tactical All-Inclusive 0.01 1.86 3.79 — 2.3 1

Laffer Investments Glbl Equity Strategy 9/1/00 International Equity Tactical Country/Region 2.66 12.96 11.06 8.59 49.1 1Lazard Cap Alloc -Gbl FI (TE) 4/1/09 Global Fixed Income Hybrid All-Inclusive -0.38 — — — 15.6 1Lazard Capital Allocator Ser Non-Trdtl 9/1/05 Global All Asset Hybrid All-Inclusive -0.10 8.08 9.08 — 188.6 1Lazard Capital Allocator Series Equity 1/3/06 Global Equity Hybrid All-Inclusive 2.79 10.10 9.85 — 102.6 1Lazard Cptl Allctr Ser Divsfd 25/75 (TE) 7/1/09 Global Fixed Income Hybrid All-Inclusive 0.49 5.16 6.36 — 406.5 1

Lazard Cptl Allctr Ser Divsfd 25/75 (TX) 3/2/09 Global Fixed Income Hybrid All-Inclusive 0.83 5.02 — — Incl. 1Lazard Cptl Allctr Ser Divsfd 40/60 (TX) 2/1/07 Global Balanced Hybrid All-Inclusive 1.11 6.16 6.89 — Incl. 1Lazard Cptl Allctr Ser Divsfd 60/40 (TE) 3/1/06 Global Balanced Hybrid All-Inclusive 1.73 7.91 8.27 — Incl. 1Lazard Cptl Allctr Ser Divsfd 60/40 (TX) 4/1/05 Global Balanced Hybrid All-Inclusive 1.79 7.66 8.06 5.54 Incl. 1Lazard Cptl Allctr Ser Divsfd 75/25 (TE) 11/1/05 Global Equity Hybrid All-Inclusive 1.99 8.73 8.94 — Incl. 1







Return % Current




Assets USD Mil

Return Type ID

Lazard Cptl Allctr Ser Divsfd 75/25 (TX) 4/1/05 Global Equity Hybrid All-Inclusive 2.13 8.68 8.80 6.05 Incl. 1Lockwood Asset Allocation Portfolios I 12/31/03 United States Fixed Income Strategic Broad Market 0.25 4.04 5.01 4.47 43.5 1Lockwood Asset Allocation Portfolios II 10/1/03 United States Balanced Strategic Broad Market 0.58 6.32 6.97 5.01 113.1 1Longview Capital Dynamic Large Cap SMA 7/12/12 United States Equity Tactical All-Inclusive — — — — NR 1Longview Capital Fixed Income 9/30/11 United States Fixed Income Tactical All-Inclusive — — — — NR 1

Longview Capital Global Allocation 7/1/08 Global All Asset Tactical All-Inclusive — — — — NR 1Longview Capital Tactical Commodity 8/3/09 Global Alternative Tactical All-Inclusive — — — — NR 1Lunt Global Sectors Portfolio 9/4/12 Global Equity Tactical Sector -0.14 — — — 10.1 1Madison ETF Aggressive 1/1/10 United States Equity Strategic All-Inclusive 2.12 13.48 13.04 — 6.7 1Madison ETF Capital Preservation 1/1/10 United States Fixed Income Strategic Broad Market 0.38 3.03 4.27 — 7.7 1

Madison ETF Conservative 1/1/10 United States Fixed Income Strategic Broad Market 0.78 5.18 6.05 — 58.3 1Madison ETF Growth 1/1/10 United States Equity Strategic All-Inclusive 1.75 11.52 11.44 — 53.9 1Madison ETF Income Advantage 1/1/10 United States Fixed Income Strategic Broad Market 0.58 1.86 3.38 — 3.4 1Madison ETF Moderate 1/1/10 United States Balanced Strategic All-Inclusive 0.99 7.36 7.88 — 104.9 1Madison ETF Moderate Growth 1/1/10 United States Balanced Strategic All-Inclusive 1.28 9.28 9.49 — 94.2 1

Main Management Active - US Large Cap 9/30/02 United States Equity Tactical Sector 4.51 19.04 16.94 9.81 203.6 1Main Management All Asset Global Balance 11/8/06 Global Balanced Strategic All-Inclusive 4.22 10.94 10.87 — 129.0 1Main Management BuyWrite Hedged Equity 9/3/04 Global Alternative Hybrid Broad Market 5.84 9.06 11.15 6.85 210.3 1Main Management International - Non US 12/28/07 International Equity Tactical Country/Region 4.10 8.00 6.58 — 23.4 1Maxim International Lifestyle - Agg Gr 1/3/12 Global Equity Strategic All-Inclusive 2.67 9.87 — — 5.8 1

Maxim International Lifestyle - Balanced 1/3/12 Global Balanced Strategic All-Inclusive 1.05 6.02 — — 28.5 1Maxim International Lifestyle - Growth 1/3/12 Global Balanced Strategic All-Inclusive 1.75 7.51 — — 40.9 1MCM Apto 9/29/06 Global All Asset Tactical All-Inclusive 0.32 12.68 10.73 — 2.0 1Members Trust Balanced ETF 1/3/06 United States Balanced Strategic Broad Market 1.29 8.46 8.68 — 317.3 1Members Trust Conservative ETF 5/1/06 United States Balanced Strategic Broad Market 1.06 7.00 7.61 — 575.0 1

Members Trust Growth ETF 1/3/06 Global Equity Strategic Broad Market 3.08 14.12 13.99 — 35.5 1Members Trust Income ETF 1/3/06 United States Fixed Income Strategic Broad Market 0.62 4.85 5.72 — 278.4 1Members Trust Moderate Growth ETF 1/3/06 Global Equity Strategic Broad Market 1.83 11.24 11.34 — 133.6 1Mench Aggressive Equity 10/2/95 United States Equity Tactical All-Inclusive 0.00 — — — 0.0 1Metropolitan Tactical Growth 9/30/05 Global Equity Tactical All-Inclusive 0.89 1.16 1.81 — 8.7 1

Metropolitan Tactical Moderate 9/30/05 Global Equity Tactical All-Inclusive 0.00 0.74 0.91 — 7.3 1MFI Balanced Sector 1/4/99 Global All Asset Hybrid Broad Market 0.38 10.32 10.96 7.41 122.5 1MFI Capital Preservation & Income Sector 1/4/99 Global All Asset Hybrid Broad Market 0.97 9.54 9.65 6.64 22.7 1MFI Global Sector 1/4/99 Global All Asset Hybrid Broad Market 2.02 12.66 13.07 7.34 50.4 1MIS Aggressive Growth ETF* 10/1/07 Global Equity Hybrid All-Inclusive 2.44 10.40 11.97 — 77.9 1

MIS Conservative ETF* 10/1/07 United States Fixed Income Hybrid All-Inclusive -0.64 3.36 5.43 — 84.2 1MIS Contrarian & Growth ETF* 12/31/10 Global Equity Hybrid All-Inclusive 2.68 13.66 — — 46.5 1MIS Contrarian & Income ETF* 12/31/10 Global Balanced Hybrid All-Inclusive 1.08 7.10 — — 31.0 1MIS Contrarian ETF* 12/31/10 Global Equity Hybrid All-Inclusive 2.67 13.61 — — 32.9 1MIS Growth ETF* 10/1/07 Global Equity Hybrid All-Inclusive 1.96 8.74 10.70 — 327.8 1

MIS Income & Growth ETF* 10/1/07 United States Balanced Hybrid All-Inclusive -0.18 4.95 6.98 — 375.4 1MIS Moderate Growth ETF* 10/1/07 United States Balanced Hybrid All-Inclusive 1.14 7.08 9.00 — 317.6 1MRM Dynamic International Strategy 1/2/08 International Equity Tactical Country/Region 0.28 5.95 6.96 — 0.4 NRMRM Dynamic Overlay Strategy 1/2/08 United States Equity Tactical All-Inclusive 0.61 14.89 13.49 — 78.6 NRNatixis / AIA Mgd ETF - Aggressive 11/2/05 Global All Asset Strategic Broad Market 2.36 10.80 11.32 — 1.5 1







Return % Current




Assets USD Mil

Return Type ID

Natixis / AIA Mgd ETF - China 4/28/06 International Equity Strategic Country/Region 8.84 9.40 7.32 — 1.8 1Natixis / AIA Mgd ETF - Conservative 6/30/06 Global Balanced Strategic Broad Market 0.81 6.90 8.11 — 4.2 1Natixis / AIA Mgd ETF - Glob Equity 3/31/06 Global Equity Strategic Broad Market 3.79 14.07 13.44 — 1.7 1Natixis / AIA Mgd ETF - Inc. Cons 6/30/06 Global Balanced Strategic Broad Market -0.87 5.76 7.41 — 2.9 1Natixis / AIA Mgd ETF - Moderate Strat 1/3/06 Global Balanced Strategic Broad Market 1.62 9.92 10.79 — 9.4 1

Nav Tactical Glbl Alloc Pl ft ADEX 2/1/13 Global Equity Strategic All-Inclusive 2.02 — — — 4.0 1Nav Tactical Glbl Alloc Plus 2/1/13 Global Equity Strategic All-Inclusive 2.43 — — — 1.9 1Nav Tactical US Equity Sector Pl ft ADEX 2/1/13 United States Equity Strategic Sector 3.44 — — — 15.2 1Nav Tactical US Equity Sector Plus 2/1/13 United States Equity Strategic Sector 3.53 — — — 8.2 1Navellier Dynamic Libertas 10 7/1/13 United States All Asset Tactical All-Inclusive -1.02 — — — 5.2 1

Navellier Dynamic Libertas 20 7/1/13 United States All Asset Tactical All-Inclusive -0.97 — — — 5.9 1Navellier Dynamic Libertas 30 7/1/13 United States All Asset Tactical All-Inclusive -1.04 — — — 22.2 1Navellier Dynamic Sentrum 10 7/1/13 United States All Asset Tactical All-Inclusive -1.07 — — — 0.1 1Navellier Dynamic Sentrum 20 7/1/13 United States All Asset Tactical All-Inclusive -0.99 — — — 0.1 1Navellier Dynamic Sentrum 30 7/1/13 United States All Asset Tactical All-Inclusive -1.06 — — — 0.1 1

New Frontier Aggressive Growth 100/0 10/29/04 Global Equity Strategic Broad Market 3.54 13.37 12.75 6.80 42.8 2New Frontier Aggressive Growth100/0Tax 10/29/04 Global Equity Strategic Broad Market 3.42 13.49 12.85 7.04 27.8 2New Frontier Conservative 20/80 10/29/04 Global Fixed Income Strategic Broad Market 0.75 3.86 5.42 4.64 15.4 2New Frontier Conservative 20/80 Tax 10/29/04 Global Fixed Income Strategic Broad Market 0.56 4.43 5.52 4.21 5.2 2New Frontier Growth 90/10 10/29/04 Global Equity Strategic Broad Market 3.06 12.51 12.27 6.81 162.0 2

New Frontier Growth 90/10 Tax Sensitive 10/29/04 Global Equity Strategic Broad Market 3.15 12.82 12.36 6.77 50.4 2New Frontier Moderate 60/40 10/29/04 Global Balanced Strategic Broad Market 1.43 9.33 10.54 6.47 470.1 2New Frontier Moderate 60/40 Tax 10/29/04 Global Balanced Strategic Broad Market 1.70 9.63 10.06 6.13 129.7 2New Frontier Moderate Conservative40/60 10/29/04 Global Balanced Strategic Broad Market 0.76 6.72 8.48 5.88 107.6 2New Frontier Moderate Growth 75/25 10/29/04 Global Equity Strategic Broad Market 2.10 11.06 11.64 6.62 386.5 2

New Frontier Moderate Growth 75/25 Tax 10/29/04 Global Equity Strategic Broad Market 2.35 11.29 11.29 6.48 107.6 2New Path Actively Mgd Allc Strat (AMAS) 4/2/07 Global Equity Tactical Broad Market -7.40 4.41 3.92 — 10.9 1Newfound Dynamic Alternatives Cmpst 11/27/13 United States Alternative Hybrid Broad Market -0.70 — — — 0.2 1Newfound Multi Asset Income 11/27/13 Global All Asset Tactical Broad Market -0.89 — — — 104.3 1Newfound Risk Managed Glb Sectors Cmpst 11/27/13 Global Equity Tactical Sector 1.01 — — — 155.7 1

Newfound Risk Managed U.S. Sectors Idx 2/3/14 United States Equity Tactical Sector 0.24 — — — 43.4 4Newfound Risk Mgd Small-Cap Sec Cmpst 11/27/13 United States Equity Tactical Sector 4.34 — — — 5.3 1Newfound Tailwinds Conservative Idx 6/16/14 Global All Asset Hybrid All-Inclusive 0.85 — — — 0.2 4Newfound Tailwinds Growth Idx 7/1/14 Global All Asset Hybrid All-Inclusive 2.62 — — — 4.6 4Newfound Tailwinds Moderate Cmp 6/2/14 Global All Asset Hybrid All-Inclusive 1.31 — — — 4.2 1

Newfound Target Excess Yield 3% Cmpst 12/31/13 Global Fixed Income Tactical Broad Market 1.04 — — — 0.1 1Newfound Total Return 6/2/14 United States All Asset Hybrid All-Inclusive 0.04 — — — 0.6 1Newfound U.S. Factor Defensive Eqty Cmp 12/30/14 United States Equity Tactical Broad Market 1.00 — — — 61.6 1Niemann Dynamic 2/20/97 United States Equity Tactical Sector 9.85 21.42 17.87 9.08 47.0 1Niemann Dynamic International 1/22/08 International Equity Tactical All-Inclusive 4.14 8.73 3.90 — 0.8 1

Niemann Dynamic Sector 2/20/08 United States Equity Tactical Sector 6.49 16.44 16.07 — 6.4 1Niemann Global Opportunity (Equity Plus) 11/12/96 Global Equity Tactical Sector 4.75 13.70 7.22 6.92 135.6 1Niemann Risk Managed 9/30/96 United States Equity Tactical Sector 9.45 20.66 12.50 7.87 66.6 1Niemann Risk Managed Sector 1/24/96 United States Equity Tactical Sector 6.65 14.61 9.65 8.58 80.7 1Niemann Tactical Global Bond 1/25/11 Global Fixed Income Tactical All-Inclusive -2.15 3.17 — — 0.4 1







Return % Current




Assets USD Mil

Return Type ID

NorthCoast Tactical ETF 2/1/13 Global All Asset Tactical All-Inclusive 2.09 — — — 267.0 NRNottingham Global All Asset 12/31/04 Global Balanced Hybrid All-Inclusive 1.94 9.76 9.73 5.14 370.1 1Nottingham Global Balanced 12/31/04 Global Balanced Hybrid All-Inclusive 1.79 7.54 8.32 4.64 170.8 1Nottingham Global Equity 12/31/04 Global Equity Hybrid All-Inclusive 3.21 11.68 11.41 5.13 78.3 1Nottingham Global Income Strategy 12/31/04 Global Balanced Strategic Broad Market 0.02 2.57 2.94 2.69 259.8 1

Nottingham Real Return Strategy 12/2/13 Global All Asset Tactical All-Inclusive -0.83 — — — 1.5 1Nuveen Intelligent Risk Cnsrv Allc 6/1/09 Global All Asset Tactical Broad Market 0.25 2.35 5.56 — 4.9 1Nuveen Intelligent Risk Growth Allc 6/1/09 Global All Asset Tactical Broad Market 1.48 6.44 7.42 — 3.1 1Nuveen Intelligent Risk Mod Allc 6/1/09 Global All Asset Tactical Broad Market 1.62 3.98 7.16 — 6.3 1One Cap Wealth Appreciation 1/30/04 Global Equity Strategic All-Inclusive 2.58 11.35 10.60 5.27 18.3 1

One Cap Wealth Preservation & Growth 11/3/08 Global Balanced Strategic All-Inclusive 0.80 6.53 7.08 — 9.2 1One Capital Agg Wealth Appreciation 5/3/10 Global Equity Strategic All-Inclusive 2.89 13.96 11.78 — 5.5 1One Capital Bal Wealth Appreciation 4/1/05 Global Balanced Strategic All-Inclusive 1.54 8.84 8.76 5.25 30.8 1One Capital Wealth Preservation & Inc 2/2/09 Global Fixed Income Strategic All-Inclusive 0.24 3.58 4.96 — 1.8 1Optimus Bond Allocation Bull/Bear 12/30/11 Global Fixed Income Hybrid All-Inclusive 1.08 2.88 — — 0.0 1

Optimus Bond Rotation 3/3/14 Global Fixed Income Tactical All-Inclusive -1.28 — — — 0.0 1Optimus Eight Baskets Rotation 12/3/12 Global All Asset Hybrid Broad Market -1.85 — — — 0.0 1Optimus Global Advantage All Asset 3/30/12 Global Alternative Tactical Broad Market 2.03 3.17 — — 0.0 1Optimus Global Long/Short 8/1/13 Global Alternative Tactical All-Inclusive 1.55 — — — 6.2 1Optimus Global Rotation 6/3/13 United States Equity Tactical Broad Market 1.20 — — — 0.4 1

Optimus High Yield Bull/Bear 3/1/11 United States Fixed Income Tactical Sector 3.10 5.11 — — 0.1 1Optimus U.S. Rotation 12/2/13 United States Equity Tactical Broad Market -0.62 — — — 0.0 1Palladiem Balanced Growth Core Strategy 1/2/12 Global Balanced Tactical All-Inclusive 0.97 6.27 — — 7.3 4Palladiem Defensive Core Strategy 1/2/12 United States All Asset Strategic Broad Market 0.38 2.44 — — 0.2 4Palladiem Diversified Growth Strategy 1/2/12 Global Equity Tactical All-Inclusive 1.82 8.06 — — 21.6 4

Palladiem Sustainable Income Strategy 1/2/12 United States Fixed Income Tactical All-Inclusive -0.12 3.64 — — 7.6 4Parasol Globally Enh Mgmt Strat (GEMS) 3/1/07 Global All Asset Tactical All-Inclusive — — — — 100.0 1PCM Absolute Bond Composite 5/2/11 Global Fixed Income Tactical All-Inclusive -1.01 -0.57 — — 2.4 1PCM Absolute Commodity Composite 11/2/09 Global Alternative Tactical All-Inclusive -9.67 -7.71 -10.78 — 1.2 1PCM Absolute Equity Income Composite 1/3/11 Global Equity Tactical All-Inclusive -3.20 2.32 — — 1.0 1

PCM Alpha 1 Total Return Composite 6/1/12 Global Equity Tactical All-Inclusive -1.99 0.13 — — 7.2 1PCM Conservative Portfolio Composite 1/2/12 Global All Asset Tactical All-Inclusive -3.56 0.07 — — 0.1 1PCM Emerald Long-Short Debt HF Composite 10/1/12 Global Fixed Income Tactical All-Inclusive -0.60 — — — 0.1 1PCM Global Bond HF Composite 11/1/12 Global Fixed Income Tactical All-Inclusive -2.54 — — — 1.3 1PCM Global Macro 3M Composite 2/16/12 Global Equity Tactical All-Inclusive -4.33 -1.84 — — 3.6 1

PCM Global Tactical Composite 3/1/12 Global Equity Tactical All-Inclusive -3.03 -1.03 — — 3.7 1PCM Income Opportunity Fund 10/3/11 Global Fixed Income Strategic All-Inclusive -0.35 1.09 — — NR 1PCM Multi Strategy Balanced Growth Fund 10/3/11 Global Balanced Tactical Broad Market 2.63 5.07 — — NR 1PCM Ruby Multi-Strategy HF Composite 5/1/12 Global All Asset Tactical All-Inclusive -2.20 -0.59 — — 2.6 1PCM Sapphire Global Macro HF Composite 5/1/12 Global All Asset Tactical All-Inclusive -2.11 -1.75 — — 0.5 1

PCM Stable Growth Plus+ Composite 11/1/11 Global All Asset Tactical Country/Region -3.40 -0.38 — — 5.8 1PCM Super Global Macro 5/31/12 Global All Asset Tactical All-Inclusive -2.34 -1.74 — — 6.8 1PDAM GLOBAL ALPHA 11/1/05 Global All Asset Hybrid All-Inclusive 7.03 9.84 5.77 — 1.0 NRPVG Dynamic Core ETF 10/1/01 United States Equity Tactical All-Inclusive 1.25 7.74 7.01 5.49 24.9 1QA Global Balanced 40/60 11/3/03 Global Balanced Hybrid All-Inclusive 0.58 6.90 7.39 5.71 19.1 1







Return % Current




Assets USD Mil

Return Type ID

QA Global Balanced 60/40 11/1/00 Global Balanced Hybrid All-Inclusive 1.18 9.55 9.68 6.63 67.0 1QA Global Balanced 80/20 10/1/03 Global Equity Hybrid All-Inclusive 1.75 12.13 11.85 7.40 48.0 1QA Global Balanced Flex - Conservative 1/1/10 Global Balanced Hybrid All-Inclusive 0.39 6.62 6.72 — 45.5 1QA Global Balanced Flex - Growth 1/1/10 Global Equity Hybrid All-Inclusive 1.23 11.50 10.27 — 98.2 1QA Global Balanced Flex - Moderate 1/1/10 Global Balanced Hybrid All-Inclusive 0.79 9.04 8.53 — 192.3 1

QA Global Equity 9/1/00 Global Equity Tactical All-Inclusive 2.25 14.49 13.77 7.95 73.5 1QA Global Equity Flex 1/1/10 Global Equity Tactical All-Inclusive 1.67 13.64 11.94 — 120.5 1QA Global Style 9/4/07 Global Equity Tactical Broad Market 2.14 16.22 16.78 — 4.6 1QA Tactical All Market 4/1/09 Global All Asset Tactical All-Inclusive -0.44 3.16 5.65 — 150.8 1QA Tactical Bond 1/1/10 United States Fixed Income Tactical All-Inclusive -0.54 1.80 2.81 — 8.5 1

Raylor Strategic US Equity 1/3/06 United States Equity Strategic All-Inclusive 0.69 16.60 16.95 — 1.0 1Raylor Strategic World Equity 1/3/06 Global Equity Strategic All-Inclusive 1.41 12.49 12.41 — 28.0 1Raylor Strategic World Income 4/3/06 Global Balanced Strategic All-Inclusive 1.63 8.40 8.69 — 24.0 1Raylor Strategic World Opportunity 1/3/07 Global Equity Strategic Country/Region 2.25 7.49 7.98 — 3.0 1RevenueShares Strategic Allocation 7/1/11 United States Equity Tactical Broad Market 5.28 15.49 — — 0.1 1

Richard Bernstein Global Conservative 8/2/10 Global Balanced Tactical All-Inclusive -0.34 4.80 — — 38.0 4Richard Bernstein Global Growth 8/2/10 Global Equity Tactical All-Inclusive 3.48 13.23 — — 119.9 4Richard Bernstein Global Moderate I 8/2/10 Global Balanced Tactical All-Inclusive 1.60 8.90 — — 258.6 4Richard Bernstein Global Moderate II 4/17/13 Global Equity Tactical All-Inclusive 2.39 — — — 375.2 4RIM iFolios Growth 8/31/12 Global Balanced Strategic All-Inclusive -0.81 — — — 58.8 1

RiverFront Conservative Growth 10/1/03 Global Balanced Hybrid All-Inclusive 2.44 9.25 8.95 6.12 87.4 1RiverFront Conservative Income Builder 5/1/09 Global Balanced Hybrid All-Inclusive 1.95 6.68 7.01 — 147.9 1RiverFront Dynamic Equity Income 5/1/09 Global Equity Hybrid All-Inclusive 3.68 11.30 11.26 — 939.3 1RiverFront ETF Conservative Income Bldr 10/1/12 Global Balanced Hybrid All-Inclusive 1.76 — — — 15.5 1RiverFront ETF Dynamic Equity Income 10/1/12 Global Equity Hybrid All-Inclusive 3.64 — — — 97.8 1

RiverFront ETF Global Allocation 4/3/06 Global Equity Hybrid All-Inclusive 4.85 12.41 10.93 — 159.3 1RiverFront ETF Global Growth 4/3/06 Global Equity Hybrid All-Inclusive 5.41 13.58 11.85 — 60.3 1RiverFront ETF Moderate Growth & Income 4/3/06 Global Balanced Hybrid All-Inclusive 2.35 9.28 9.09 — 249.4 1RiverFront Global Allocation 10/1/03 Global Equity Hybrid All-Inclusive 4.36 12.02 10.65 6.46 681.0 1RiverFront Global Growth 10/1/03 Global Equity Hybrid All-Inclusive 5.07 13.22 11.49 6.44 565.2 1

RiverFront Moderate Growth and Income 10/1/03 Global Balanced Hybrid All-Inclusive 2.43 9.26 9.03 6.17 2194.9 1Robinson Market Opportunity 12/31/03 United States Equity Tactical Broad Market -4.36 3.18 12.11 6.86 3.2 1RPG AlphaSector Core Domestic Equity 11/1/11 United States Equity Tactical Sector -5.71 12.08 — — 65.7 1RPG AlphaSector Premium FT 3/1/12 United States Equity Tactical Sector -3.87 13.51 — — 8.4 1Sage Tactical ETF All Cap Equity Plus 12/31/02 Global Equity Tactical Broad Market 1.86 12.21 12.89 6.64 177.9 1

Sage Tactical ETF Conservative 12/31/07 Global Fixed Income Tactical Broad Market -0.09 3.33 5.16 — 76.4 4Sage Tactical ETF Core Plus Fixed Income 12/31/07 Global Fixed Income Tactical Broad Market -0.63 1.13 3.33 — 251.9 4Sage Tactical ETF Growth 12/31/07 Global Equity Tactical Broad Market 1.40 9.96 10.82 — 304.0 4Sage Tactical ETF Moderate 12/31/07 Global Balanced Tactical Broad Market 0.42 5.51 7.03 — 222.1 4Sage Tactical ETF Moderate Growth 7/31/09 Global Balanced Tactical Broad Market 1.01 7.90 9.23 — 518.2 1

Sage Tactical ETF Multi Asset Income 6/30/11 Global All Asset Tactical All-Inclusive -1.04 3.08 — — 66.8 1Sage Target Date 2015 Fund 12/31/08 Global Balanced Hybrid Broad Market 0.72 6.17 7.79 — 129.7 1Sage Target Date 2025 Fund 12/31/08 Global Balanced Hybrid Broad Market 1.08 8.38 9.68 — 253.4 1Sage Target Date 2035 Fund 12/31/08 Global Equity Hybrid Broad Market 1.46 10.03 10.96 — 147.7 1Sage Target Date 2045 Fund 12/31/08 Global Equity Hybrid Broad Market 1.67 11.00 11.68 — 53.8 1







Return % Current




Assets USD Mil

Return Type ID

Sage Target Date Retirement Income Fund 12/31/08 Global Balanced Hybrid Broad Market 0.51 5.01 6.50 — 44.1 1SAM Aggressive Global Growth 12/31/99 Global Equity Strategic All-Inclusive -0.41 8.66 9.20 7.36 3.2 NRSAM Conservative Global Growth 12/31/99 Global Balanced Strategic All-Inclusive -0.97 6.02 7.94 6.73 0.4 NRSAM Moderate Global Growth 12/31/99 Global Balanced Strategic All-Inclusive -0.90 7.04 8.67 7.24 17.1 NRSCA Fixed Alternative 7/1/10 Global Fixed Income Tactical All-Inclusive 0.07 3.27 4.57 — NR 4

SEI Tactical ETF Aggressive Strategy 1/2/13 Global Equity Hybrid Broad Market 2.87 — — — 106.0 4SEI Tactical ETF Conservative Strategy 1/2/13 Global Fixed Income Hybrid Broad Market 0.72 — — — 30.3 4SEI Tactical ETF Equity Strategy 1/2/13 Global Equity Hybrid Broad Market 3.55 — — — 86.1 4SEI Tactical ETF Market Growth Strategy 1/2/13 Global Balanced Hybrid Broad Market 2.12 — — — 305.7 4SEI Tactical ETF Moderate Strategy 1/2/13 Global Balanced Hybrid Broad Market 0.90 — — — 181.9 4

SEI Tax-Managed ETF Aggressive 1/2/14 Global Equity Strategic All-Inclusive 2.47 — — — 32.3 4SEI Tax-Managed ETF Conservative 1/2/14 United States Fixed Income Strategic All-Inclusive — — — — 21.4 4SEI Tax-Managed ETF Equity 1/2/14 Global Equity Strategic Broad Market 3.20 — — — 42.5 4SEI Tax-Managed ETF Market Growth 1/2/14 Global Balanced Strategic All-Inclusive 1.90 — — — 106.5 4SEI Tax-Managed ETF Moderate 1/2/14 Global Balanced Strategic All-Inclusive 0.82 — — — 54.8 4

SelectAlts 20 Index Strategy 12/31/14 United States All Asset Strategic All-Inclusive -0.44 — — — 0.1 1SelectAlts Fleet Strategy 5/31/13 Global All Asset Tactical All-Inclusive 7.48 — — — 1.5 1SelectAlts Fortress Strategy 10/1/12 Global All Asset Tactical All-Inclusive 2.74 — — — 1.4 1SFS Tax Efficient Growth 5/23/05 Global Equity Strategic Broad Market 1.53 12.01 11.54 6.76 NR 4SFS Tax Efficient Growth & Income 5/25/05 Global Balanced Strategic Broad Market 0.79 9.20 9.05 5.38 NR 4

Shelton Diversified ETF Balanced 12/31/09 Global Equity Hybrid Broad Market 2.69 7.49 8.68 — 8.9 1Signal Point Signal 10 3/31/09 United States Equity Hybrid Sector 1.78 12.13 12.75 — 18.0 1SignalPoint Balanced Point 3/31/09 United States Balanced Hybrid All-Inclusive 0.16 9.15 10.28 — 54.0 1SignalPoint CU Income Plus 6/30/09 United States Fixed Income Hybrid All-Inclusive -1.19 2.44 5.13 — 0.6 1SignalPoint Currency Point 10/31/08 Global Alternative Hybrid Country/Region -0.91 -1.98 -0.58 — 0.1 1

SignalPoint Global Signal 9/28/07 Global Equity Hybrid All-Inclusive 3.49 10.85 10.95 — 58.8 1SignalPoint High Income Point 10/31/08 Global All Asset Tactical All-Inclusive -0.05 4.85 6.65 — 1.2 1SignalPoint International Signal 6/30/09 International Equity Hybrid Sector 3.94 7.55 6.14 — 1.9 1SignalPoint Moderate Income Point 10/31/08 United States Fixed Income Hybrid All-Inclusive -0.38 3.23 5.19 — 4.1 1SignalPoint Stable Income Point 10/31/08 United States Fixed Income Hybrid All-Inclusive -1.61 2.22 5.11 — 22.6 1

SignalPoint Universal Signal 10/31/08 Global Balanced Hybrid All-Inclusive 0.74 6.29 7.76 — 11.9 1Sitka Absolute Return 9/1/05 Global Alternative Tactical All-Inclusive — — — — 20.1 1SRCM Aggressive Growth Portfolio 1/2/04 Global Equity Hybrid Broad Market 2.27 9.83 10.98 5.97 0.0 4SRCM Growth & Income Blend Portfolio 1/2/04 Global Balanced Hybrid Broad Market 1.81 7.07 8.85 5.58 3.6 4SRCM Growth & Income Portfolio 1/2/04 Global Balanced Hybrid Broad Market 1.03 5.69 7.52 4.68 2.9 4

SRCM Growth Portfolio 1/2/04 Global Equity Hybrid Broad Market 2.08 8.40 9.90 5.60 0.2 4SRCM Income & Preservation Portfolio 1/2/04 Global Balanced Hybrid Broad Market 0.58 4.61 6.52 4.54 1.4 4SSWM Strategic Allocation Model 75/25 8/29/03 United States Equity Strategic Broad Market 1.31 11.54 11.96 6.63 17.1 1Stadion Balanced Strategy 4/2/07 United States Balanced Tactical Broad Market -2.85 3.95 4.44 — 492.5 1Stadion Capital Preservation Strategy 4/2/07 United States Fixed Income Tactical Broad Market -1.10 1.75 2.26 — 111.1 1

Stadion Conservative Strategy 4/2/07 United States Balanced Tactical Broad Market -3.50 1.65 2.48 — 214.0 1Stadion Growth Strategy 4/2/07 United States Balanced Tactical Broad Market -1.38 8.15 7.86 — 1492.4 1Stadion Managed Risk 100 Strategy 1/2/96 Global Equity Tactical All-Inclusive -8.99 0.66 0.79 3.06 259.3 1Stadion Moderate Strategy 4/2/07 United States Balanced Tactical Broad Market -2.39 5.47 5.95 — 1179.1 1Stadion Tactical Defensive Strategy 3/31/05 Global Equity Tactical All-Inclusive -4.19 7.67 7.89 5.95 89.1 1







Return % Current




Assets USD Mil

Return Type ID

Stadion Tactical Growth Strategy 4/30/04 United States Equity Tactical All-Inclusive 0.39 11.12 13.64 8.08 205.3 1Steinberg Global - ETF Multi Cap 12/31/02 Global Equity Tactical All-Inclusive 1.33 11.95 13.16 6.94 109.7 1Steinberg Global - Short Duration Taxabl 12/31/92 Global Fixed Income Tactical All-Inclusive 0.99 2.70 4.34 3.02 36.8 1Steinberg Global Fixed Income ETF 1/3/12 Global Fixed Income Tactical All-Inclusive 0.71 2.00 — — 100.1 1Sterling Global Allocation 12/31/10 Global All Asset Hybrid All-Inclusive -3.78 5.30 — — 9.0 1

Sterling Tactical Rotation Strategy 2/1/10 Global All Asset Tactical Broad Market -3.92 8.92 11.11 — 287.4 1Strategic Income Mmgt Dyn Allc Bal Inc 1/3/11 Global Balanced Strategic All-Inclusive — — — — 38.1 1Strategic Income Mmgt Dyn Allc Div Inc 1/3/11 Global Balanced Strategic All-Inclusive — — — — 13.5 1Strategic Income Mmgt Dyn Allc Eq Inc 1/3/11 Global Equity Strategic All-Inclusive — — — — 55.3 1Strategies Conservative 1/31/95 Global Balanced Hybrid All-Inclusive 0.23 4.73 6.01 5.01 1.3 1

Strategies Growth 8/31/93 Global Equity Hybrid All-Inclusive 1.58 9.46 9.71 5.24 9.6 1Strategies Moderate 1/3/95 Global Balanced Hybrid All-Inclusive 0.84 6.68 7.79 4.99 26.2 1Strategies Moderate Growth 6/30/95 Global Balanced Hybrid All-Inclusive 1.32 8.22 8.97 5.51 12.5 1Strategies Moderately Conservative 3/31/93 Global Balanced Hybrid All-Inclusive 0.62 6.35 7.48 5.62 16.1 1Stringer Conservative Growth 9/2/08 Global All Asset Hybrid All-Inclusive 1.51 8.37 8.63 — 42.1 1

Stringer Growth 9/2/08 Global All Asset Hybrid All-Inclusive 1.68 12.15 11.81 — 129.5 1Stringer Moderate Growth 9/2/08 Global All Asset Hybrid All-Inclusive 1.54 10.10 10.39 — 111.7 1Swan Defined Risk Strategy 7/1/97 United States Equity Strategic Broad Market 0.44 8.51 7.96 9.00 901.3 1Swan Defined Risk Strategy 7/1/97 United States Equity Strategic Broad Market 0.87 8.41 8.00 8.69 Incl. 1TAG Tactical Conservative 1/3/06 Global All Asset Hybrid Broad Market 0.18 2.79 4.01 — 20.9 1

TAG Tactical Growth 1/3/06 Global All Asset Hybrid Broad Market 3.76 6.43 6.46 — 5.0 1TAG Tactical Income 1/3/12 Global All Asset Tactical All-Inclusive -1.95 3.32 — — 0.5 1TAG Tactical Moderate 1/3/06 Global All Asset Hybrid Broad Market 2.64 4.68 6.00 — 69.4 1TAMP US Tactical ETF Income – BIG 1/2/13 United States Balanced Tactical Broad Market -3.25 — — — 0.0 1TAMP US Tactical ETF L/S – PULSE 1/2/13 United States Alternative Tactical Broad Market -0.94 — — — 0.1 1

TCIA ETF L1 7/29/11 United States All Asset Strategic All-Inclusive -2.50 8.79 — — 7.0 1TCIA ETF L2 7/29/11 United States All Asset Strategic All-Inclusive -1.63 9.69 — — 10.0 1The Capital CMC Global ETF 12/31/07 Global Equity Tactical Country/Region 2.21 12.70 13.15 — 5.8 1Trademark Tactical Risk Strategy 10/1/07 United States Balanced Tactical All-Inclusive -0.30 8.12 8.58 — 22.0 1Transamerica I-Series Portfolio I 1/6/10 United States Fixed Income Strategic All-Inclusive 0.25 2.68 3.82 — 22.6 1

Transamerica I-Series Portfolio II 6/18/07 United States Balanced Strategic All-Inclusive 0.44 4.98 5.92 — 46.0 1Transamerica I-Series Portfolio III 6/18/07 United States Balanced Strategic All-Inclusive 0.80 7.22 8.40 — 98.9 1Transamerica I-Series Portfolio IV 6/18/07 Global Balanced Strategic All-Inclusive 1.19 9.47 10.38 — 169.3 1Transamerica I-Series Portfolio V 6/18/07 Global Equity Strategic All-Inclusive 1.74 11.44 11.91 — 42.6 1Transamerica I-Series Portfolio VI 6/18/07 Global Equity Strategic All-Inclusive 2.38 13.77 13.76 — 17.7 1

TRC Global Core Equity 3/13/13 Global Equity Tactical Broad Market -3.47 — — — 32.0 1TRC Global Income 11/1/11 Global All Asset Tactical All-Inclusive 0.65 10.54 — — 30.0 1TTM 500 Strategy 10/1/12 United States Equity Tactical Broad Market -1.55 — — — 6.6 1TTM NASDAQ Strategy 6/1/09 United States Equity Tactical All-Inclusive -0.46 15.89 11.58 — 2.5 1TTM Tactical Core/Satellite Strategy 6/2/14 United States Balanced Tactical All-Inclusive -0.90 — — — 9.0 1

TTM Trend Aggregation Ultra 1/31/14 Global All Asset Tactical All-Inclusive -2.97 — — — 2.4 1TTM Trend Aggregation-All Asset 11/1/12 Global All Asset Tactical All-Inclusive -2.98 — — — 2.1 1TTM Trend Aggregation-Income 6/1/10 Global All Asset Tactical All-Inclusive -0.56 4.01 5.45 — 2.9 1UBS PWS Diversified Income 6/29/12 Global Balanced Tactical All-Inclusive -0.20 3.88 — — 41.3 1UBS PWS Diversified Income w/ Muni 7/31/12 Global Balanced Tactical All-Inclusive -0.14 — — — 15.4 1







Return % Current




Assets USD Mil

Return Type ID

UBS PWS Global Tactical Alloc. 6/29/12 Global Balanced Tactical Broad Market 1.83 8.49 — — 795.2 1UBS PWS Global Tactical Alloc. W/ Muni 8/31/12 Global Balanced Tactical Broad Market 2.31 — — — 108.6 1Vanguard CORE 10%Equity/90%Fixed Income 1/2/14 Global Fixed Income Strategic Broad Market 0.02 — — — 0.0 4Vanguard CORE 100% Equity 1/3/12 Global Equity Strategic Broad Market 2.92 15.08 — — 6.0 4Vanguard CORE 100% Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market -0.35 1.86 — — 0.9 4

Vanguard CORE 20%Equity/80%Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market 0.36 4.48 — — 4.2 4Vanguard CORE 30%Equity/70%Fixed Income 1/2/14 Global Fixed Income Strategic Broad Market 0.70 — — — 0.0 4Vanguard CORE 40%Equity/60%Fixed Income 1/3/12 Global Balanced Strategic Broad Market 1.04 7.11 — — 8.6 4Vanguard CORE 50%Equity/50%Fixed Income 1/2/14 Global Balanced Strategic Broad Market 1.36 — — — 0.2 4Vanguard CORE 60%Equity/40%Fixed Income 1/3/12 Global Balanced Strategic Broad Market 1.67 9.75 — — 31.3 4

Vanguard CORE 70%Equity/30%Fixed Income 1/2/14 Global Equity Strategic Broad Market 1.99 — — — 0.2 4Vanguard CORE 80%Equity/20%Fixed Income 1/2/12 Global Equity Strategic Broad Market 2.30 12.41 — — 25.1 4Vanguard CORE 90%Equity/10%Fixed Income 1/2/14 Global Equity Strategic Broad Market 2.63 — — — 0.0 4Vanguard CRSP 10%Equity/90%Fixed Income 1/2/14 Global Fixed Income Strategic Broad Market 0.00 1.4 4Vanguard CRSP 100% Equity 1/4/10 Global Equity Strategic Broad Market 3.08 15.09 14.50 — 61.3 4

Vanguard CRSP 100% Fixed Income 1/4/10 Global Fixed Income Strategic Broad Market -0.35 1.86 3.29 — 9.8 4Vanguard CRSP 20%Equity/80%Fixed Income 1/4/10 Global Fixed Income Strategic Broad Market 0.38 4.47 5.61 — 93.0 4Vanguard CRSP 30%Equity/70%Fixed Income 1/2/14 Global Fixed Income Strategic Broad Market 0.73 — — — 0.2 4Vanguard CRSP 40%Equity/60%Fixed Income 1/4/10 Global Balanced Strategic Broad Market 1.10 7.12 7.91 — 221.2 4Vanguard CRSP 50%Equity/50%Fixed Income 1/2/14 Global Balanced Strategic Broad Market 1.44 — — — 0.2 4

Vanguard CRSP 60%Equity/40%Fixed Income 1/4/10 Global Balanced Strategic Broad Market 1.77 9.75 10.14 — 442.9 4Vanguard CRSP 70%Equity/30%Fixed Income 1/3/12 Global Equity Strategic Broad Market 2.11 11.08 — — 204.9 4Vanguard CRSP 80%Equity/20%Fixed Income 1/4/10 Global Equity Strategic Broad Market 2.44 12.43 12.34 — 233.0 4Vanguard CRSP 90%Equity/10%Fixed Income 1/2/14 Global Equity Strategic Broad Market 2.77 — — — 0.0 4Vanguard Russell 10%Equity/90%Fixed Inc 1/2/14 Global Fixed Income Strategic Broad Market 0.01 0.0 4

Vanguard Russell 100% Equity 1/3/12 Global Equity Strategic Broad Market 3.15 15.12 — — 8.3 4Vanguard Russell 100% Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market -0.35 1.86 — — 1.9 4Vanguard Russell 20%Equity/80%FixedInc. 1/3/12 Global Fixed Income Strategic Broad Market 0.38 4.47 — — 0.2 4Vanguard Russell 30%Equity/70%Fixed Inc 1/2/14 Global Fixed Income Strategic Broad Market 0.76 — — — 0.0 4Vanguard Russell 40%Equity/60%FixedInc. 1/3/12 Global Balanced Strategic Broad Market 1.12 7.12 — — 1.4 4

Vanguard Russell 50%Equity/50%Fixed Inc 1/2/14 Global Balanced Strategic Broad Market 1.46 — — — 0.0 4Vanguard Russell 60%Equity/40%FixedInc. 1/3/12 Global Balanced Strategic Broad Market 1.81 9.77 — — 4.8 4Vanguard Russell 70%Equity/30%Fixed Inc 1/2/14 Global Equity Strategic Broad Market 2.14 — — — 0.6 4Vanguard Russell 80%Equity/20%FixedInc. 1/3/12 Global Equity Strategic Broad Market 2.48 12.44 — — 7.8 4Vanguard Russell 90%Equity/10%Fixed Inc 1/2/14 Global Equity Strategic Broad Market 2.80 — — — 0.1 4

Vanguard S&P 10%Equity/90%Fixed Income 1/2/14 Global Fixed Income Strategic Broad Market 0.01 0.1 4Vanguard S&P 100% Equity 1/3/12 Global Equity Strategic Broad Market 3.18 15.18 — — 13.0 4Vanguard S&P 100% Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market -0.35 1.86 — — 1.7 4Vanguard S&P 20%Equity/80%Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market 0.40 4.49 — — 19.2 4Vanguard S&P 30%Equity/70%Fixed Income 1/2/14 Global Fixed Income Strategic Broad Market 0.76 — — — 0.8 4

Vanguard S&P 40%Equity/60%Fixed Income 1/3/12 Global Balanced Strategic Broad Market 1.13 7.14 — — 65.7 4Vanguard S&P 50%Equity/50%Fixed Income 1/2/14 Global Balanced Strategic Broad Market 1.48 — — — 2.8 4Vanguard S&P 60%Equity/40%Fixed Income 1/3/12 Global Balanced Strategic Broad Market 1.83 9.81 — — 157.2 4Vanguard S&P 70%Equity/30%Fixed Income 1/2/14 Global Equity Strategic Broad Market 2.17 — — — 4.5 4Vanguard S&P 80%Equity/20%Fixed Income 1/3/12 Global Equity Strategic Broad Market 2.51 12.49 — — 55.2 4







Return % Current




Assets USD Mil

Return Type ID

Vanguard S&P 90%Equity/10%Fixed Income 1/2/14 Global Equity Strategic Broad Market 2.84 — — — 0.5 4Voya GPMM Aggressive Growth ETF 1/2/13 Global Equity Hybrid Broad Market 1.24 — — — 0.0 1Voya GPMM Conservative Growth ETF 1/2/13 Global Balanced Hybrid Broad Market -0.52 — — — 0.0 1Voya GPMM Income ETF 1/2/13 United States Fixed Income Hybrid Broad Market -1.99 — — — 0.0 1Voya GPMM Moderate Growth ETF 1/2/13 Global Balanced Hybrid Broad Market 0.35 — — — 0.0 1

W.E. Donoghue & Co., - Agg Tactical Gr P 9/24/01 Global Equity Tactical All-Inclusive — — — — 8.7 1W.E. Donoghue & Co., - Cnsv Tactical Gr 9/24/01 Global Balanced Hybrid All-Inclusive — — — — 18.0 1W.E. Donoghue & Co., - Moderate Tactical 9/25/01 Global Equity Hybrid All-Inclusive — — — — 54.5 1W.E. Donoghue Power Sector Portfolio 5/8/96 Global Equity Tactical All-Inclusive — — — — 1.2 1WBI Tactical ETF Plus 8/31/92 Global Equity Tactical All-Inclusive 2.61 9.82 9.92 7.33 13.3 1

Wela Agg Yield 5/3/10 Global All Asset Tactical All-Inclusive -2.48 4.09 8.10 — 13.4 1Wela All Growth 12/1/10 Global Equity Tactical All-Inclusive 1.81 12.50 — — 6.3 1Wela Own Your Age (OYA)- 20 12/1/08 Global Equity Hybrid All-Inclusive 1.16 10.26 10.75 — 8.9 1Wela Own Your Age (OYA)- 30 4/1/11 Global Equity Hybrid All-Inclusive 0.76 8.86 — — 3.8 1Wela Own Your Age (OYA)- 40 4/1/11 Global Balanced Hybrid Broad Market -0.69 7.75 — — 12.4 1

Wela Own Your Age (OYA)- 50 12/1/08 Global Balanced Hybrid Broad Market -1.44 6.30 8.15 — 21.6 1Wela Own Your Age (OYA)- 60 12/1/10 Global Balanced Hybrid Broad Market -2.11 4.82 — — 5.4 1Wela Own Your Age (OYA)- 70 11/1/10 United States Fixed Income Hybrid All-Inclusive -1.73 4.08 — — 3.1 1Wela Own Your Age (OYA)- 80 6/1/09 United States Fixed Income Hybrid All-Inclusive -1.63 2.86 5.21 — 9.0 1WestEnd Advisors Global Balanced 12/31/04 Global Balanced Hybrid All-Inclusive 3.13 12.35 12.76 8.44 104.3 1

WestEnd Advisors Global Equity 12/31/04 Global Equity Hybrid All-Inclusive 4.64 16.48 16.26 9.41 116.3 1WestEnd Advisors US Sector 12/31/12 United States Equity Hybrid Sector 4.67 — — — 3.2 1Westport Res Mgt ETF 12/30/05 Global Equity Tactical All-Inclusive 2.29 12.67 11.35 — 10.9 1Windham Aggressive Portfolio 12/31/09 Global Equity Strategic Broad Market 1.98 8.46 9.43 — 5.1 1Windham Aggressive Portfolio (Tax Mg) 9/30/09 Global Equity Strategic Broad Market 2.14 8.82 9.67 — 29.5 1

Windham Conservative Plus Portf (Tax Mg) 5/31/10 Global Balanced Strategic Broad Market 0.29 3.99 5.98 — 28.3 1Windham Conservative Plus Portfolio 5/31/10 Global Balanced Strategic Broad Market 0.37 4.30 6.22 — 1.8 1Windham Conservative Portfolio 9/30/09 Global Fixed Income Strategic Broad Market -0.36 2.65 4.82 — 2.6 1Windham Conservative Portfolio (Tax Mg) 11/30/09 Global Fixed Income Strategic Broad Market -0.55 2.38 4.49 — 2.4 1Windham Emerging Market Equity Strategy 12/31/10 International Equity Tactical Country/Region -0.71 0.39 — — 0.3 1

Windham Global Equities Strategy 8/2/10 Global Equity Tactical All-Inclusive 1.73 9.53 — — 2.5 1Windham Moderate Plus Portf (Tax Mg) 5/31/10 Global Balanced Strategic Broad Market 1.64 7.31 8.49 — 15.2 1Windham Moderate Plus Portfolio 12/31/09 Global Balanced Strategic Broad Market 1.37 6.91 8.32 — 10.7 1Windham Moderate Portfolio 9/30/09 Global Balanced Strategic Broad Market 0.59 5.60 7.29 — 7.4 1Windham Moderate Portfolio (Tax Managed) 1/30/09 Global Balanced Strategic Broad Market 0.97 5.76 7.36 — 49.3 1

Windham Multi-Asset Income Portfolio 11/1/10 Global All Asset Strategic Broad Market -0.21 4.27 — — 0.6 1Windham Multi-Sector Bonds Tax Exempt 8/31/10 Global Fixed Income Hybrid All-Inclusive -2.19 0.13 — — 0.1 1Windham Risk Regime I 3/1/10 Global All Asset Tactical Broad Market -0.79 5.15 6.56 — 350.0 1Windham Risk Regime II 5/31/12 Global Balanced Tactical Broad Market -0.36 5.98 — — 295.3 1Windham Risk Regime III 9/30/11 Global Equity Tactical Broad Market 0.02 7.19 — — 1214.2 1

Windham Risk Regime Other 2/28/14 Global All Asset Tactical All-Inclusive — — — — 272.7 1Windhaven Diversified Aggressive 1/2/02 Global All Asset Hybrid All-Inclusive 0.68 8.05 9.21 7.89 4512.7 1Windhaven Diversified Conservative 1/2/02 Global All Asset Hybrid All-Inclusive -0.03 3.23 4.40 5.04 2585.8 1Windhaven Diversified Growth 1/2/02 Global All Asset Hybrid All-Inclusive 0.43 6.10 7.65 6.65 7694.1 1Winterset Active/Edge Diversified Growth 2/1/13 United States Equity Strategic All-Inclusive 0.60 — — — 2.7 1











Return % Current




Assets USD Mil

Return Type ID

Winterset Active/Edge Moderate Hybrid 2/1/13 United States All Asset Strategic All-Inclusive -1.74 — — — 5.1 1WST Asset Manager – Adaptive Balanced 12/31/04 Global Balanced Tactical Broad Market -0.62 4.84 3.36 4.39 3.8 1WST Asset Manager – U.S. Bond 3/31/06 United States Fixed Income Tactical Sector -0.01 4.76 6.47 — 167.3 1WST Asset Manager - U.S. Equity 12/31/12 United States Equity Tactical Sector 2.04 — — — 241.4 1Zacks International Strategy 4/1/04 International Equity Strategic Country/Region 2.87 7.24 7.02 6.11 85.0 3

Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 30 June 2015

Return % Risk Statistics vs. Selected Benchmark

NamePortfolio Implementation


Assets USD Mil Alpha Beta R-Squared Down Capture

Global All AssetMFI Global Sector Hybrid Broad Market 2.02 12.66 13.07 7.34 50.4 2.59 1.30 85.99 112.10Charles Schwab SMP-ETFs Thd-Pty – Agg Gr Hybrid All-Inclusive 3.87 12.84 12.41 — 159.9 1.73 1.34 91.56 121.99Charles Schwab SMP-ETFs Blend – Agg Gr Hybrid All-Inclusive 3.60 12.61 12.18 — 107.0 1.48 1.34 92.24 123.76Stringer Growth Hybrid All-Inclusive 1.68 12.15 11.81 — 129.5 2.19 1.19 89.86 110.28MFI Balanced Sector Hybrid Broad Market 0.38 10.32 10.96 7.41 122.5 2.91 0.98 85.88 85.85

Charles Schwab SMP-ETFs Third-Party – Gr Hybrid All-Inclusive 3.16 10.72 10.76 — 514.3 1.54 1.15 92.98 105.57Charles Schwab SMP-ETFs Blend – Growth Hybrid All-Inclusive 2.92 10.52 10.61 — 368.8 1.38 1.15 93.50 106.40Braver Growth Multi Strategy Hybrid All-Inclusive 2.41 10.59 10.49 — 10.1 3.12 0.90 83.06 75.00Stringer Moderate Growth Hybrid All-Inclusive 1.54 10.10 10.39 — 111.7 3.10 0.88 88.24 77.48MFI Capital Preservation & Income Sector Hybrid Broad Market 0.97 9.54 9.65 6.64 22.7 3.88 0.69 82.84 57.48

Windhaven Diversified Aggressive Hybrid All-Inclusive 0.68 8.05 9.21 7.89 4,512.7 1.30 0.98 87.60 99.74Lazard Capital Allocator Ser Non-Trdtl Hybrid All-Inclusive -0.10 8.08 9.08 — 188.6 1.44 0.95 89.28 89.34Charles Schwab SMP-ETFs Thd-Pty–Bl w/ Gr Hybrid All-Inclusive 2.33 8.33 9.07 — 945.2 1.47 0.94 94.05 85.53Charles Schwab SMP-ETFs Blnd - Bal w/ Gr Hybrid All-Inclusive 2.18 8.23 8.97 — 554.9 1.36 0.94 94.54 86.32F-Squared AlphaSector Allocator Index Hybrid All-Inclusive -1.28 7.95 8.86 — 0.7 3.19 0.68 74.73 64.95

F-Squared AlphaSector Allocator Pre Idx Hybrid All-Inclusive -2.30 7.36 8.77 — 54.9 3.14 0.68 76.42 65.15Stringer Conservative Growth Hybrid All-Inclusive 1.51 8.37 8.63 — 42.1 2.96 0.68 87.76 59.06Capital Wealth ETF Covered Call Strategy Hybrid All-Inclusive 1.91 9.01 8.46 — 66.0 3.43 0.60 78.47 48.02Braver Moderate Multi Strategy Hybrid All-Inclusive 1.15 7.50 8.17 — 49.3 1.84 0.78 88.14 70.21F-Squared AlphaSector Allocator Prm Cpst Hybrid All-Inclusive -2.21 6.13 7.95 — 114.3 2.51 0.66 75.90 64.75

Windhaven Diversified Growth Hybrid All-Inclusive 0.43 6.10 7.65 6.65 7,694.1 1.59 0.74 83.94 74.35Charles Schwab SMP-ETFs Third-Pty – Bal Hybrid All-Inclusive 1.46 5.98 6.93 — 473.0 1.28 0.69 93.56 62.51Charles Schwab SMP-ETFs Blend – Balanced Hybrid All-Inclusive 1.31 5.91 6.85 — 274.7 1.19 0.69 93.86 63.18TAG Tactical Growth Hybrid Broad Market 3.76 6.43 6.46 — 5.0 -2.18 1.12 84.35 115.93Braver Conservative Multi Strategy Hybrid All-Inclusive 0.30 5.02 6.26 — 31.9 1.53 0.57 88.51 49.82

TAG Tactical Moderate Hybrid Broad Market 2.64 4.68 6.00 — 69.4 -1.08 0.90 86.31 94.74PDAM GLOBAL ALPHA Hybrid All-Inclusive 7.03 9.84 5.77 — 1.0 -0.22 0.77 61.44 84.14Charles Schwab SMP-ETFs Td-Pty–Ic w/ Gr Hybrid All-Inclusive 0.70 4.16 5.40 — 244.8 1.91 0.42 82.51 34.15Charles Schwab SMP-ETFs Blnd – Inc w/ Gr Hybrid All-Inclusive 0.60 4.09 5.33 — 193.4 1.84 0.42 82.53 34.68Windhaven Diversified Conservative Hybrid All-Inclusive -0.03 3.23 4.40 5.04 2,585.8 1.49 0.35 63.86 33.89



Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 30 June 2015 (Continued)





TAG Tactical Conservative Hybrid Broad Market 0.18 2.79 4.01 — 20.9 -0.01 0.50 62.22 62.43Boston Advisors Broad Allocation Str Hybrid All-Inclusive 1.14 1.68 4.01 — 19.8 -2.02 0.76 86.91 91.24Sterling Global Allocation Hybrid All-Inclusive -3.78 5.30 — — 9.0 — — — —Optimus Eight Baskets Rotation Hybrid Broad Market -1.85 — — — 0.0 — — — —Blue Edge Global Growth & Income Hybrid All-Inclusive 2.12 8.00 — — 6.8 — — — —

Blue Edge Global Balanced Hybrid All-Inclusive 2.98 10.35 — — 25.8 — — — —Blue Edge Global Growth Hybrid All-Inclusive 3.45 11.80 — — 48.4 — — — —F-Squared AlphaSector Allocator Select Hybrid All-Inclusive -0.45 — — — 511.0 — — — —CLS Active Real Hybrid Sector -2.01 — — — 0.1 — — — —F-Squared Allocator Pre AlphaSector Idx Hybrid All-Inclusive — — — — NR — — — —

Newfound Tailwinds Conservative Idx Hybrid All-Inclusive 0.85 — — — 0.2 — — — —Newfound Tailwinds Growth Idx Hybrid All-Inclusive 2.62 — — — 4.6 — — — —Newfound Tailwinds Moderate Cmp Hybrid All-Inclusive 1.31 — — — 4.2 — — — —Natixis / AIA Mgd ETF - Aggressive Strategic Broad Market 2.36 10.80 11.32 — 1.5 1.72 1.19 92.90 109.27ClearRock Diversified Aggressive Growth Strategic All-Inclusive 3.71 10.04 10.59 — 29.4 1.53 1.13 86.31 110.39

ClearRock Diversified Moderate Growth Strategic All-Inclusive 3.02 9.41 10.33 — 28.0 2.51 0.96 87.24 85.85ClearRock Diversified Conservative Gr Strategic All-Inclusive 1.68 7.74 9.20 — 36.2 2.39 0.83 89.03 74.23Baring Global Dynamic Asset Allocation Strategic All-Inclusive 3.60 7.99 8.97 — 19.8 3.79 0.61 81.83 52.25iSectors Endowment Allocation Strategic All-Inclusive 0.38 5.62 6.26 — 2.8 -0.53 0.85 93.21 88.18CFGAM S3 Diversified Growth Strategic All-Inclusive 0.08 4.38 5.86 — 5.7 -1.00 0.87 88.41 82.29

CFGAM S3 Diversified Conservative Strategic All-Inclusive -0.57 3.86 5.82 — 39.6 0.93 0.60 77.93 51.17CFGAM S3 Div Mod Inflation-Correlated Strategic All-Inclusive 0.38 3.95 5.57 — 12.9 -1.40 0.89 85.81 85.81CFGAM S3 Diversified Moderate Strategic All-Inclusive -0.32 3.96 5.40 — 24.9 -0.61 0.76 85.81 71.06iSectors Inflation Protected Allocation Strategic All-Inclusive -2.48 -3.79 1.94 — 2.6 -4.23 0.81 58.53 95.52Appleton Group Managed Income Strategic All-Inclusive 1.40 3.26 — — 2.1 — — — —

Boston Advisors Broad Allocation Growth Strategic All-Inclusive — — — — NR — — — —CFGAM S3 Diversified Aggressive Strategic All-Inclusive 0.79 4.36 — — 1.9 — — — —CFGAM S3 Div Agrsv Inflation-Correlated Strategic All-Inclusive 3.29 5.23 — — 1.3 — — — —Windham Multi-Asset Income Portfolio Strategic Broad Market -0.21 4.27 — — 0.6 — — — —Keystone Wealth MultiAsset AlphaRotation Strategic All-Inclusive -7.38 — — — 0.6 — — — —

Auour Instinct Global High Yield Strategic All-Inclusive -1.75 — — — 2.2 — — — —CMG Opportunistic All Asset ETF Strategy Tactical All-Inclusive 0.96 7.55 13.34 — 124.5 7.12 0.71 62.03 51.24Dorsey Wright Sys Reltv Strth Glb Macro Tactical All-Inclusive 0.29 12.45 11.57 — 207.0 4.08 0.93 59.94 84.30Sterling Tactical Rotation Strategy Tactical Broad Market -3.92 8.92 11.11 — 287.4 6.29 0.57 37.70 56.78CMG Tactical Rotation Strategy Tactical Broad Market -3.50 9.08 11.04 — 46.4 6.24 0.57 37.60 57.53

MCM Apto Tactical All-Inclusive 0.32 12.68 10.73 — 2.0 2.30 1.05 76.99 98.28JAForlines Global Tactical Allocation Tactical All-Inclusive 4.05 8.43 8.42 6.25 NR 2.35 0.74 80.49 71.69Wela Agg Yield Tactical All-Inclusive -2.48 4.09 8.10 — 13.4 3.06 0.61 59.79 46.02Capital Advisors Dynamic Allocation Tactical Broad Market 0.11 9.05 7.66 — 44.2 2.00 0.70 63.14 79.39Hays TMAC Portfolio Tactical All-Inclusive -1.06 5.42 7.64 — 406.5 1.10 0.82 74.18 76.33

Nuveen Intelligent Risk Growth Allc Tactical Broad Market 1.48 6.44 7.42 — 3.1 -1.09 1.09 86.02 123.85Nuveen Intelligent Risk Mod Allc Tactical Broad Market 1.62 3.98 7.16 — 6.3 2.26 0.60 58.54 62.62SignalPoint High Income Point Tactical All-Inclusive -0.05 4.85 6.65 — 1.2 1.90 0.58 66.95 46.75Windham Risk Regime I Tactical Broad Market -0.79 5.15 6.56 — 350.0 -0.37 0.87 88.83 91.78GTS with Conservative Growth (MAR8) Tactical All-Inclusive 1.89 6.35 6.01 7.43 876.8 1.63 0.55 47.95 69.70

Fund Architects Global ETF Tactical All-Inclusive 0.05 8.71 5.96 — 20.3 -0.23 0.78 72.43 86.04Clark Navigator Alternative Tactical All-Inclusive 3.14 4.98 5.89 — 38.7 -1.02 0.87 86.91 86.40QA Tactical All Market Tactical All-Inclusive -0.44 3.16 5.65 — 150.8 0.76 0.61 59.49 68.37Nuveen Intelligent Risk Cnsrv Allc Tactical Broad Market 0.25 2.35 5.56 — 4.9 2.41 0.38 44.73 35.78TTM Trend Aggregation-Income Tactical All-Inclusive -0.56 4.01 5.45 — 2.9 5.38 0.00 0.00 -4.42










GTS with Income (MAR6) Tactical All-Inclusive -0.29 3.24 3.56 6.73 352.8 1.14 0.30 32.07 42.94iSectors Tactical Glbl Bal Allocation Tactical Broad Market -1.65 2.65 — — 2.6 — — — —NorthCoast Tactical ETF Tactical All-Inclusive 2.09 — — — 267.0 — — — —Ibbotson Global Tactical* Tactical Broad Market 1.89 12.03 — — 0.3 — — — —Longview Capital Global Allocation Tactical All-Inclusive — — — — NR — — — —

GTS with Growth (MAR 12) Tactical All-Inclusive 3.23 9.66 — — 34.4 — — — —Sage Tactical ETF Multi Asset Income Tactical All-Inclusive -1.04 3.08 — — 66.8 — — — —BCM Decathlon Conservative Tactics Tactical All-Inclusive 1.40 — — — 6.8 — — — —BCM Decathlon Growth Tactics Tactical All-Inclusive 4.72 — — — 121.9 — — — —BCM Decathlon Moderate Tactics Tactical All-Inclusive 2.55 — — — 84.6 — — — —

Optimus Global Advantage All Asset Tactical Broad Market 2.03 3.17 — — 0.0 — — — —Parasol Globally Enh Mgmt Strat (GEMS) Tactical All-Inclusive — — — — 100.0 — — — —TAG Tactical Income Tactical All-Inclusive -1.95 3.32 — — 0.5 — — — —Julex Capital Mngt Dynamic Diversified Tactical All-Inclusive 0.09 — — — 0.1 — — — —TTM Trend Aggregation-All Asset Tactical All-Inclusive -2.98 — — — 2.1 — — — —

PCM Conservative Portfolio Composite Tactical All-Inclusive -3.56 0.07 — — 0.1 — — — —PCM Ruby Multi-Strategy HF Composite Tactical All-Inclusive -2.20 -0.59 — — 2.6 — — — —PCM Sapphire Global Macro HF Composite Tactical All-Inclusive -2.11 -1.75 — — 0.5 — — — —First Nat Chapoquoit Aggressive Dynamic Tactical All-Inclusive -2.61 — — — 3.3 — — — —PCM Stable Growth Plus+ Composite Tactical Country/Region -3.40 -0.38 — — 5.8 — — — —

GTS with Moderate Growth (MAR 10) Tactical All-Inclusive 3.11 9.56 — — 392.9 — — — —Julex Capital Mngt Dynamic Multi-Asset Tactical Broad Market -3.26 — — — 70.4 — — — —Canterbury Portfolio Thermostat Tactical All-Inclusive 1.39 — — — 285.0 — — — —Optimus Global Long/Short Tactical All-Inclusive 1.55 — — — 6.2 — — — —

TRC Global Income Tactical All-Inclusive 0.65 10.54 — — 30.0 — — — —

Ibis Adaptive Allocation Tactical All-Inclusive -0.27 4.46 — — 8.9 — — — —

Ibis Protected Growth Tactical All-Inclusive 2.62 13.34 — — 49.8 — — — —

Ibis Global Balanced Portfolio Tactical All-Inclusive 1.96 11.42 — — 28.7 — — — —

Congress Capital Risk Managed Assets Tactical Broad Market 1.04 — — — 99.2 — — — —

Congress Cap Risk Mgd Satellites Cmpst Tactical Broad Market -1.71 — — — 0.9 — — — —

Newfound Multi Asset Income Tactical Broad Market -0.89 — — — 104.3 — — — —

First Nat Chapoquoit Dynamic Mod Port Tactical All-Inclusive -1.85 — — — 2.6 — — — —

Clothier Springs Global Hedged Plus Tactical All-Inclusive 0.86 6.22 — — 4.2 — — — —

Windham Risk Regime Other Tactical All-Inclusive — — — — 272.7 — — — —

SelectAlts Fortress Strategy Tactical All-Inclusive 2.74 — — — 1.4 — — — —

SelectAlts Fleet Strategy Tactical All-Inclusive 7.48 — — — 1.5 — — — —

Nottingham Real Return Strategy Tactical All-Inclusive -0.83 — — — 1.5 — — — —

PCM Super Global Macro Tactical All-Inclusive -2.34 -1.74 — — 6.8 — — — —

TTM Trend Aggregation Ultra Tactical All-Inclusive -2.97 — — — 2.4 — — — —

FFCM Dynamic Multi-Asset Tactical All-Inclusive 1.45 — — — 41.7 — — — —

Global All Asset Median 0.70 6.39 7.95 6.73Hybrid Median 1.31 8.06 8.70 7.00Strategic Median 0.38 4.38 6.26 —Tactical Median 0.10 5.15 7.29 6.73Global All Asset Blended Benchmark 1.01 6.74 8.00 6.13










Global AlternativeSignalPoint Currency Point Hybrid Country/Region -0.91 -1.98 -0.58 — 0.1 -4.35 0.23 42.64 35.14CLS Active Alternative Hybrid All-Inclusive 0.19 — — — 0.2 — — — —IQ Hedge Multi-Strategy SMA Portfolio Strategic Broad Market 0.80 4.60 3.92 — 97.2 -0.60 0.27 57.78 32.72iSectors Liquid Alternatives Allocation Strategic All-Inclusive -0.69 3.34 3.72 — 3.4 -4.12 0.48 63.37 63.24iSectors Precious Metals Allocation Strategic Sector -3.16 -9.81 — — 2.3 — — — —

PCM Absolute Commodity Composite Tactical All-Inclusive -9.67 -7.71 -10.78 — 1.2 -15.26 0.28 6.51 92.27Accuvest Global Long Short Equity Tactical Country/Region -0.03 -0.84 — — 13.0 — — — —Keystone Wealth Commodity AlphaRotation Tactical Broad Market -7.38 — — — 0.1 — — — —CLS Protection Quad Tactical Broad Market 2.43 — — — 3.6 — — — —Sitka Absolute Return Tactical All-Inclusive — — — — 20.1 — — — —Longview Capital Tactical Commodity Tactical All-Inclusive — — — — NR — — — —

Global Alternative Median -0.69 -1.41 1.57 —

Global BalancedWestEnd Advisors Global Balanced Hybrid All-Inclusive 3.13 12.35 12.76 8.44 104.3 3.34 1.04 91.92 91.24CKW Opportunistic Global Balanced Hybrid Broad Market 2.39 11.27 10.89 7.56 275.1 0.90 1.14 93.50 111.52Innealta Global All Asset Opp Moderate Hybrid Broad Market 2.56 7.72 10.58 — 50.4 0.60 1.14 88.91 103.57GLOBALT innovat ETF Stratg Balnc Wrap Hybrid All-Inclusive 1.01 9.77 10.55 7.00 309.4 2.49 0.90 90.37 79.20Nottingham Global All Asset Hybrid All-Inclusive 1.94 9.76 9.73 5.14 370.1 2.58 0.79 92.45 72.81

Sage Target Date 2025 Fund Hybrid Broad Market 1.08 8.38 9.68 — 253.4 1.48 0.93 91.21 93.33QA Global Balanced 60/40 Hybrid All-Inclusive 1.18 9.55 9.68 6.63 67.0 2.39 0.81 91.34 71.35Innealta Global All Asset Opp Consrv Hybrid Broad Market 2.18 6.28 9.39 — 29.3 2.16 0.81 82.79 65.13GLOBALT innovat ETF Stratg Consrvt Wrap Hybrid All-Inclusive 0.51 8.21 9.23 6.76 37.3 2.64 0.73 88.49 61.57CLS ETF Risk Budget 60-Moderately Cnsrv Hybrid All-Inclusive 1.88 7.98 9.10 6.15 67.5 1.27 0.88 94.15 83.30

RiverFront ETF Moderate Growth & Income Hybrid All-Inclusive 2.35 9.28 9.09 — 249.4 1.65 0.84 91.70 82.00RiverFront Moderate Growth and Income Hybrid All-Inclusive 2.43 9.26 9.03 6.17 2,194.9 2.17 0.77 89.93 75.26Strategies Moderate Growth Hybrid All-Inclusive 1.32 8.22 8.97 5.51 12.5 0.34 0.98 97.62 98.48RiverFront Conservative Growth Hybrid All-Inclusive 2.44 9.25 8.95 6.12 87.4 1.85 0.80 90.69 78.95SRCM Growth & Income Blend Portfolio Hybrid Broad Market 1.81 7.07 8.85 5.58 3.6 0.07 1.01 90.82 99.48

3D ETF Global 60 Portfolio - Tax Sen. Hybrid Broad Market 1.36 8.73 8.82 — 48.7 1.06 0.88 93.02 84.673D ETF Global 60 Portfolio Hybrid Broad Market 1.99 8.59 8.78 — 197.0 0.52 0.94 93.33 91.39Innealta Global All Asset Moderate Hybrid Broad Market 2.45 6.29 8.61 — 117.0 -0.29 1.02 91.28 100.50QA Global Balanced Flex - Moderate Hybrid All-Inclusive 0.79 9.04 8.53 — 192.3 2.52 0.67 84.81 62.01Green Inv Mgt - Guardian Bal Hybrid Broad Market 1.68 8.12 8.44 5.00 14.0 0.02 0.96 93.74 99.75

AEPG All-Weather Global 70/30 Hybrid All-Inclusive 1.37 8.59 8.41 — 119.6 0.34 0.92 95.18 87.42Nottingham Global Balanced Hybrid All-Inclusive 1.79 7.54 8.32 4.64 170.8 2.53 0.64 93.66 57.85Lazard Cptl Allctr Ser Divsfd 60/40 (TE) Hybrid All-Inclusive 1.73 7.91 8.27 — Incl. -0.49 1.01 95.39 102.94Wela Own Your Age (OYA)- 50 Hybrid Broad Market -1.44 6.30 8.15 — 21.6 1.52 0.74 92.41 69.80Lazard Cptl Allctr Ser Divsfd 60/40 (TX) Hybrid All-Inclusive 1.79 7.66 8.06 5.54 Incl. -0.65 1.00 95.11 102.03

Strategies Moderate Hybrid All-Inclusive 0.84 6.68 7.79 4.99 26.2 0.14 0.87 97.79 87.52Sage Target Date 2015 Fund Hybrid Broad Market 0.72 6.17 7.79 — 129.7 1.54 0.70 90.70 67.68SignalPoint Universal Signal Hybrid All-Inclusive 0.74 6.29 7.76 — 11.9 0.44 0.83 86.78 78.45Green Inv Mgt Strategic Global Balanced Hybrid Broad Market 1.44 7.07 7.63 — 8.0 0.86 0.76 95.52 75.25

Innealta Global All Asset Conservative Hybrid Broad Market 2.20 4.95 7.62 — 59.5 1.29 0.71 85.79 63.55SRCM Growth & Income Portfolio Hybrid Broad Market 1.03 5.69 7.52 4.68 2.9 0.27 0.83 88.10 82.06Strategies Moderately Conservative Hybrid All-Inclusive 0.62 6.35 7.48 5.62 16.1 0.88 0.74 97.10 71.64Green Inv Mgt - Guardian Cnsv Bal Hybrid Broad Market 1.52 6.84 7.47 4.36 7.0 0.01 0.85 94.00 87.65AEPG All-Weather Global 60/40 Hybrid All-Inclusive 1.24 7.58 7.40 — 75.5 0.43 0.79 95.07 75.05










QA Global Balanced 40/60 Hybrid All-Inclusive 0.58 6.90 7.39 5.71 19.1 2.13 0.58 86.37 50.75RiverFront Conservative Income Builder Hybrid All-Inclusive 1.95 6.68 7.01 — 147.9 2.30 0.52 88.84 47.04Lazard Cptl Allctr Ser Divsfd 40/60 (TX) Hybrid All-Inclusive 1.11 6.16 6.89 — Incl. -0.05 0.79 95.24 78.52QA Global Balanced Flex - Conservative Hybrid All-Inclusive 0.39 6.62 6.72 — 45.5 2.41 0.48 78.89 43.093D ETF Global 40 Portfolio - Tax Sen. Hybrid Broad Market 0.96 6.10 6.71 — 10.1 1.05 0.64 91.17 60.02

Green Inv Mgt - Guardian Bal Inc Hybrid Broad Market 1.37 5.75 6.60 4.94 5.0 0.72 0.66 90.75 66.14AEPG All-Weather Global 50/50 Hybrid All-Inclusive 1.12 6.59 6.56 — 48.0 0.69 0.66 94.76 61.41SRCM Income & Preservation Portfolio Hybrid Broad Market 0.58 4.61 6.52 4.54 1.4 0.80 0.65 79.22 63.35Sage Target Date Retirement Income Fund Hybrid Broad Market 0.51 5.01 6.50 — 44.1 1.71 0.53 86.37 50.393D ETF Global 40 Portfolio Hybrid Broad Market 1.73 5.94 6.31 — 32.4 -0.12 0.73 90.94 72.42

Strategies Conservative Hybrid All-Inclusive 0.23 4.73 6.01 5.01 1.3 1.09 0.55 92.70 51.82Clark Navigator Glbl Bal ETF 40-60 Hdgd Hybrid All-Inclusive 1.88 4.71 5.55 7.14 10.9 0.24 0.60 87.54 61.61AEPG All-Weather Global 40/60 Hybrid All-Inclusive 0.93 5.50 5.55 — 14.2 0.78 0.54 93.15 48.59Clark Navigator Glbl Bal ETF 60-40 Hdgd Hybrid All-Inclusive 1.72 4.65 4.64 5.87 21.7 -1.26 0.68 88.75 74.42Green Inv Mgt Strat Glbl Bal Tax Aware Hybrid Broad Market 1.41 7.14 — — 3.0 — — — —

Wela Own Your Age (OYA)- 40 Hybrid Broad Market -0.69 7.75 — — 12.4 — — — —Wela Own Your Age (OYA)- 60 Hybrid Broad Market -2.11 4.82 — — 5.4 — — — —MIS Contrarian & Income ETF* Hybrid All-Inclusive 1.08 7.10 — — 31.0 — — — —Ibbotson Momentum 40/60* Hybrid Broad Market 0.83 7.20 — — 27.4 — — — —Ibbotson Momentum 60/40* Hybrid Broad Market 1.25 10.15 — — 64.3 — — — —

RiverFront ETF Conservative Income Bldr Hybrid All-Inclusive 1.76 — — — 15.5 — — — —Voya GPMM Conservative Growth ETF Hybrid Broad Market -0.52 — — — — — — — —Voya GPMM Moderate Growth ETF Hybrid Broad Market 0.35 — — — — — — — —CLS Active Income Hybrid All-Inclusive -1.09 — — — 1.4 — — — —SEI Tactical ETF Market Growth Strategy Hybrid Broad Market 2.12 — — — 305.7 — — — —

SEI Tactical ETF Moderate Strategy Hybrid Broad Market 0.90 — — — 181.9 — — — —W.E. Donoghue & Co., - Cnsv Tactical Gr Hybrid All-Inclusive — — — — 18.0 — — — —Main Management All Asset Global Balance Strategic All-Inclusive 4.22 10.94 10.87 — 129.0 2.55 0.93 91.34 82.40Natixis / AIA Mgd ETF - Moderate Strat Strategic Broad Market 1.62 9.92 10.79 — 9.4 1.73 1.02 93.73 94.11Ladenburg LAMP ETF Growth Strategic Broad Market 2.30 10.60 10.63 6.69 107.7 1.88 0.98 93.54 93.47

New Frontier Moderate 60/40 Strategic Broad Market 1.43 9.33 10.54 6.47 470.1 2.73 0.87 93.50 73.85Transamerica I-Series Portfolio IV Strategic All-Inclusive 1.19 9.47 10.38 — 169.3 1.83 0.96 94.75 89.25iCM - Mgd ETF - Conservative Cap App Strategic Broad Market 1.91 9.44 10.16 6.80 78.6 1.19 1.01 96.93 98.66Vanguard CRSP 60%Equity/40%Fixed Income Strategic Broad Market 1.77 9.75 10.14 — 442.9 2.83 0.81 95.60 70.84New Frontier Moderate 60/40 Tax Strategic Broad Market 1.70 9.63 10.06 6.13 129.7 2.28 0.87 95.75 77.15

Ladenburg LAMP ETF Growth and Income Strategic Broad Market 1.80 9.05 9.38 6.74 282.6 2.16 0.80 94.24 74.03iSectors Global Balanced Allocation Strategic Broad Market -0.15 7.46 9.17 — 6.0 1.20 0.90 96.52 88.82Braver Asset Allocation Moderate Strategic All-Inclusive 1.46 8.45 9.15 — 108.2 1.44 0.87 94.17 84.50iCM - Mgd ETF - Risk Controlled Growth Strategic Broad Market 1.40 8.25 9.09 6.39 60.4 1.09 0.90 97.34 87.03SFS Tax Efficient Growth & Income Strategic Broad Market 0.79 9.20 9.05 5.38 NR 1.08 0.90 93.31 87.53

One Capital Bal Wealth Appreciation Strategic All-Inclusive 1.54 8.84 8.76 5.25 30.8 1.50 0.81 94.57 77.56Raylor Strategic World Income Strategic All-Inclusive 1.63 8.40 8.69 — 24.0 1.33 0.83 95.69 79.57SAM Moderate Global Growth Strategic All-Inclusive -0.90 7.04 8.67 7.24 17.1 0.19 0.97 90.82 96.40Windham Moderate Plus Portf (Tax Mg) Strategic Broad Market 1.64 7.31 8.49 — 15.2 -1.01 1.10 97.59 113.92New Frontier Moderate Conservative40/60 Strategic Broad Market 0.76 6.72 8.48 5.88 107.6 3.40 0.56 79.38 40.36

Windham Moderate Plus Portfolio Strategic Broad Market 1.37 6.91 8.32 — 10.7 -1.04 1.08 97.63 114.10iCM - Mgd ETF - Balanced Strategic Broad Market 1.06 7.35 8.23 6.24 28.7 1.35 0.77 97.47 72.51Natixis / AIA Mgd ETF - Conservative Strategic Broad Market 0.81 6.90 8.11 — 4.2 1.65 0.72 90.65 64.49SAM Conservative Global Growth Strategic All-Inclusive -0.97 6.02 7.94 6.73 0.4 0.29 0.87 90.49 85.65Vanguard CRSP 40%Equity/60%Fixed Income Strategic Broad Market 1.10 7.12 7.91 — 221.2 3.01 0.53 93.10 41.89










iCM - Mgd ETF - Defensive Growth Strategic Broad Market 0.79 6.84 7.67 6.22 22.2 2.41 0.58 93.41 47.88Natixis / AIA Mgd ETF - Inc. Cons Strategic Broad Market -0.87 5.76 7.41 — 2.9 2.69 0.52 74.22 43.43Windham Moderate Portfolio (Tax Managed) Strategic Broad Market 0.97 5.76 7.36 — 49.3 -0.83 0.94 97.15 98.32Windham Moderate Portfolio Strategic Broad Market 0.59 5.60 7.29 — 7.4 -0.79 0.93 97.02 97.09Ladenburg LAMP ETF Income and Growth Strategic Broad Market 1.16 6.36 7.12 5.83 159.8 2.22 0.54 92.85 47.34

One Cap Wealth Preservation & Growth Strategic All-Inclusive 0.80 6.53 7.08 — 9.2 1.43 0.63 94.49 58.27iSectors Global Conservative Allocation Strategic Broad Market -0.71 4.77 7.00 — 1.9 0.94 0.68 95.70 66.53Braver Asset Allocation Conservative Strategic All-Inclusive 1.01 5.94 6.78 — 14.3 1.13 0.63 93.13 62.81Windham Conservative Plus Portfolio Strategic Broad Market 0.37 4.30 6.22 — 1.8 -0.46 0.76 94.48 78.86Windham Conservative Plus Portf (Tax Mg) Strategic Broad Market 0.29 3.99 5.98 — 28.3 -0.41 0.73 93.11 76.05

CFGAM S3 Global Income-Income Focus Strategic All-Inclusive -1.28 3.32 4.29 — 6.2 1.40 0.32 43.42 27.94Nottingham Global Income Strategy Strategic Broad Market 0.02 2.57 2.94 2.69 259.8 1.92 0.11 24.54 5.36Ibbotson A/P 40/60 Tax Dfd-Pershing* Strategic Broad Market 0.21 6.96 — — 1.2 — — — —Ibbotson A/P 40/60 Tax Dfd-Schwab* Strategic Broad Market 0.24 6.74 — — 3.0 — — — —Ibbotson A/P 40/60 Tax Dfd-TDA* Strategic Broad Market 0.32 6.98 — — 1.0 — — — —

EAM Asset Allocation Moderate Strategic All-Inclusive 1.08 8.90 — — 0.2 — — — —CFGAM S3 Global Income Total Return Strategic All-Inclusive -1.13 3.20 — — 26.9 — — — —Holderness Vision Tactical Conservative Strategic All-Inclusive — — — — 0.5 — — — —Holderness Vision Tactical Balanced Strategic All-Inclusive — — — — 1.4 — — — —AP-Managed ETF/MF Portfolio-Moderate Strategic All-Inclusive -0.32 6.72 — — 0.5 — — — —

RIM iFolios Growth Strategic All-Inclusive -0.81 — — — 58.8 — — — —diverseFOLIOS® Mod Conservative Strategic All-Inclusive — — — — 12.0 — — — —diverseFOLIOS® Conservative Strategic All-Inclusive — — — — 16.0 — — — —diverseFOLIOS® Moderate Strategic All-Inclusive — — — — 55.0 — — — —Maxim International Lifestyle - Growth Strategic All-Inclusive 1.75 7.51 — — 40.9 — — — —

Maxim International Lifestyle - Balanced Strategic All-Inclusive 1.05 6.02 — — 28.5 — — — —Strategic Income Mmgt Dyn Allc Div Inc Strategic All-Inclusive — — — — 13.5 — — — —Strategic Income Mmgt Dyn Allc Bal Inc Strategic All-Inclusive — — — — 38.1 — — — —CLS High Quality Strategic 40 Strategic All-Inclusive 0.91 — — — 0.6 — — — —CLS High Quality Strategic 60 Strategic All-Inclusive 1.27 — — — 0.5 — — — —

Auour Instinct Global Balanced Strategic All-Inclusive 1.37 — — — 6.9 — — — —Vanguard CORE 50%Equity/50%Fixed Income Strategic Broad Market 1.36 — — — 0.2 — — — —Vanguard CRSP 50%Equity/50%Fixed Income Strategic Broad Market 1.44 — — — 0.2 — — — —Vanguard Russell 50%Equity/50%Fixed Inc Strategic Broad Market 1.46 — — — 0.0 — — — —Vanguard S&P 50%Equity/50%Fixed Income Strategic Broad Market 1.48 — — — 2.8 — — — —

Vanguard CORE 40%Equity/60%Fixed Income Strategic Broad Market 1.04 7.11 — — 8.6 — — — —Vanguard CORE 60%Equity/40%Fixed Income Strategic Broad Market 1.67 9.75 — — 31.3 — — — —Vanguard S&P 40%Equity/60%Fixed Income Strategic Broad Market 1.13 7.14 — — 65.7 — — — —Vanguard Russell 40%Equity/60%FixedInc. Strategic Broad Market 1.12 7.12 — — 1.4 — — — —Vanguard Russell 60%Equity/40%FixedInc. Strategic Broad Market 1.81 9.77 — — 4.8 — — — —

Vanguard S&P 60%Equity/40%Fixed Income Strategic Broad Market 1.83 9.81 — — 157.2 — — — —Vanguard CORE 30%Equity/70%Fixed Income Strategic Broad Market 0.70 — — — 0.0 — — — —Vanguard CRSP 30%Equity/70%Fixed Income Strategic Broad Market 0.73 — — — 0.2 — — — —Vanguard Russell 30%Equity/70%Fixed Inc Strategic Broad Market 0.76 — — — 0.0 — — — —Vanguard S&P 30%Equity/70%Fixed Income Strategic Broad Market 0.76 — — — 0.8 — — — —

SEI Tax-Managed ETF Market Growth Strategic All-Inclusive 1.90 — — — 106.5 — — — —SEI Tax-Managed ETF Moderate Strategic All-Inclusive 0.82 — — — 54.8 — — — —Horizon Moderate ETF Portfolio Tactical All-Inclusive 0.43 9.59 10.82 — 123.4 4.36 0.70 85.33 55.73Sage Tactical ETF Moderate Growth Tactical Broad Market 1.01 7.90 9.23 — 518.2 1.52 0.87 90.07 87.92CAN SLIM Balanced Tactical Sector -2.30 6.82 8.35 — 72.0 3.63 0.52 60.48 48.09










Horizon Conservative ETF Portfolio Tactical All-Inclusive 0.20 6.83 7.79 — 32.7 3.57 0.46 82.34 30.34Sage Tactical ETF Moderate Tactical Broad Market 0.42 5.51 7.03 — 222.1 1.59 0.61 86.36 59.33Fusion Global Fusion Tactical Equity Tactical All-Inclusive 4.22 6.29 6.67 — 1.0 -4.41 1.33 85.76 140.89Fortunatus Global ETF Opportunity Tactical All-Inclusive -0.32 7.77 5.73 — 2.7 0.56 0.60 52.83 82.42Clark Navigator Global Opportunity Tactical All-Inclusive -8.51 5.29 5.35 — 15.1 -1.56 0.83 54.44 97.62

Dunn Warren Conservative ETF Portfolio Tactical All-Inclusive 3.42 5.23 3.42 5.10 2.5 0.87 0.30 20.22 36.65WST Asset Manager – Adaptive Balanced Tactical Broad Market -0.62 4.84 3.36 4.39 3.8 -1.53 0.57 52.18 84.37Dunn Warren Moderate ETF Portfolio Tactical All-Inclusive 3.45 5.23 2.98 5.67 1.7 0.08 0.35 22.09 45.80Palladiem Balanced Growth Core Strategy Tactical All-Inclusive 0.97 6.27 — — 7.3 — — — —Fusion Global Fusion Total Return Tactical All-Inclusive -1.03 0.74 — — 1.0 — — — —

Windham Risk Regime II Tactical Broad Market -0.36 5.98 — — 295.3 — — — —UBS PWS Diversified Income Tactical All-Inclusive -0.20 3.88 — — 41.3 — — — —UBS PWS Diversified Income w/ Muni Tactical All-Inclusive -0.14 — — — 15.4 — — — —UBS PWS Global Tactical Alloc. W/ Muni Tactical Broad Market 2.31 — — — 108.6 — — — —UBS PWS Global Tactical Alloc. Tactical Broad Market 1.83 8.49 — — 795.2 — — — —

Julex Capital Mngt Dynamic Income Tactical Broad Market -0.10 — — — 27.3 — — — —PCM Multi Strategy Balanced Growth Fund Tactical Broad Market 2.63 5.07 — — NR — — — —Julex Capital Mngt Dynamic Real Asset Tactical All-Inclusive -1.40 — — — 0.8 — — — —BCM Advantage Moderate Growth Tactical All-Inclusive -0.05 — — — 4.6 — — — —Dynamic Moderate Portfolio Tactical All-Inclusive 1.58 — — — 18.9 — — — —

KeystoneWealthWorld FocusedAlphaRotation Tactical All-Inclusive 2.23 — — — 0.4 — — — —BCM DynamicBelay Moderate Growth (QDIA) Tactical All-Inclusive 0.11 — — — 0.2 — — — —Richard Bernstein Global Conservative Tactical All-Inclusive -0.34 4.80 — — 38.0 — — — —Richard Bernstein Global Moderate I Tactical All-Inclusive 1.60 8.90 — — 258.6 — — — —BCM Decathlon Growth Aspect (Profile 5) Tactical Sector 4.22 — — — 1,050.5 — — — —

Global Balanced Median 1.08 7.01 8.13 5.85Hybrid Median 1.29 7.09 8.10 5.60Strategic Median 1.06 7.12 8.48 6.24Tactical Median 0.31 5.98 6.67 5.10Global Balanced Blended Benchmark 0.97 8.16 8.76 6.49

Global EquityWestEnd Advisors Global Equity Hybrid All-Inclusive 4.64 16.48 16.26 9.41 116.3 3.94 0.92 94.86 83.44CLS ETF Risk Budget 100 - Aggressive Hybrid All-Inclusive 2.20 13.38 13.58 7.35 13.2 1.05 0.97 96.95 94.223D ETF Global 100 Portfolio Hybrid Broad Market 2.56 13.23 13.45 — 205.9 0.90 0.97 95.40 94.01GLOBALT innovat ETF Stratg Hig Gro Wrap Hybrid All-Inclusive 1.69 13.61 13.42 7.54 44.2 2.74 0.81 93.83 75.45CLS ETF Risk Budget 90-Moderately Agrsv Hybrid All-Inclusive 2.10 12.23 12.71 6.60 40.4 1.01 0.90 97.05 86.79

GLOBALT innovat ETF Stratg Gro Wrap Hybrid All-Inclusive 1.56 11.94 12.28 7.44 255.7 2.72 0.72 93.96 65.51MIS Aggressive Growth ETF* Hybrid All-Inclusive 2.44 10.40 11.97 — 77.9 0.36 0.90 95.89 92.31RiverFront ETF Global Growth Hybrid All-Inclusive 5.41 13.58 11.85 — 60.3 -0.17 0.94 95.92 92.55QA Global Balanced 80/20 Hybrid All-Inclusive 1.75 12.13 11.85 7.40 48.0 2.57 0.70 92.41 65.12Sage Target Date 2045 Fund Hybrid Broad Market 1.67 11.00 11.68 — 53.8 1.46 0.78 93.68 79.61

CLS ETF Risk Budget 80 - Moderate Hybrid All-Inclusive 2.14 10.66 11.56 6.31 103.7 1.05 0.81 96.99 76.753D ETF Global 80 Portfolio - Tax Sen. Hybrid Broad Market 1.98 11.91 11.54 — 28.0 1.37 0.78 95.74 74.37RiverFront Global Growth Hybrid All-Inclusive 5.07 13.22 11.49 6.44 565.2 -0.15 0.91 95.32 90.93Nottingham Global Equity Hybrid All-Inclusive 3.21 11.68 11.41 5.13 78.3 0.93 0.81 97.36 82.62AEPG All-Weather Global Growth Hybrid All-Inclusive 1.83 11.76 11.27 — 18.1 -0.13 0.89 97.40 87.34










3D ETF Global 80 Portfolio Hybrid Broad Market 2.30 11.37 11.26 — 114.0 1.06 0.78 96.20 75.74RiverFront Dynamic Equity Income Hybrid All-Inclusive 3.68 11.30 11.26 — 939.3 1.75 0.72 94.35 68.38Innealta Global All Asset Opp Growth Hybrid Broad Market 3.43 8.80 11.22 — 27.5 -0.46 0.92 89.24 90.30Main Management BuyWrite Hedged Equity Hybrid Broad Market 5.84 9.06 11.15 6.85 210.3 4.14 0.52 70.97 25.63SRCM Aggressive Growth Portfolio Hybrid Broad Market 2.27 9.83 10.98 5.97 0.0 -0.85 0.93 93.02 96.23

Sage Target Date 2035 Fund Hybrid Broad Market 1.46 10.03 10.96 — 147.7 1.49 0.72 93.67 72.93SignalPoint Global Signal Hybrid All-Inclusive 3.49 10.85 10.95 — 58.8 -0.01 0.85 94.41 81.37RiverFront ETF Global Allocation Hybrid All-Inclusive 4.85 12.41 10.93 — 159.3 0.40 0.82 95.90 80.10CLS ETF Risk Budget 75 - Moderate Hybrid All-Inclusive 1.93 9.75 10.92 6.32 123.1 1.13 0.75 97.30 70.75F-Squared AlphaSector Global Premium Idx Hybrid All-Inclusive -2.75 9.89 10.77 — 9.5 1.71 0.70 77.47 76.46

Wela Own Your Age (OYA)- 20 Hybrid All-Inclusive 1.16 10.26 10.75 — 8.9 0.79 0.77 96.20 75.19MIS Growth ETF* Hybrid All-Inclusive 1.96 8.74 10.70 — 327.8 0.82 0.76 95.63 76.20RiverFront Global Allocation Hybrid All-Inclusive 4.36 12.02 10.65 6.46 681.0 0.42 0.79 95.24 79.25QA Global Balanced Flex - Growth Hybrid All-Inclusive 1.23 11.50 10.27 — 98.2 2.78 0.56 83.80 55.74Green Inv Mgt - Guardian Bal Mosaic Hybrid All-Inclusive 1.18 9.79 10.23 5.25 4.0 0.83 0.72 95.83 72.15

Green Inv Mgt - Guardian Stk Hybrid Broad Market 1.76 9.60 10.07 4.27 2.0 -1.78 0.94 95.37 98.21SRCM Growth Portfolio Hybrid Broad Market 2.08 8.40 9.90 5.60 0.2 -0.34 0.80 92.18 82.70Lazard Capital Allocator Series Equity Hybrid All-Inclusive 2.79 10.10 9.85 — 102.6 -1.85 0.93 97.15 96.91Strategies Growth Hybrid All-Inclusive 1.58 9.46 9.71 5.24 9.6 0.47 0.71 97.99 71.76F-Squared AlphaSector Global Prm Cmpst Hybrid All-Inclusive -4.84 7.38 9.26 — 6.7 0.72 0.67 73.61 76.00

Innealta Global All Asset Growth Hybrid Broad Market 2.98 7.45 9.22 — 64.3 -1.31 0.83 92.44 85.80Green Inv Mgt - Guardian Bal Gr Hybrid Broad Market 1.76 8.65 9.14 4.64 16.0 -0.63 0.76 96.63 78.31Lazard Cptl Allctr Ser Divsfd 75/25 (TE) Hybrid All-Inclusive 1.99 8.73 8.94 — Incl. -0.97 0.77 97.16 79.72Appleton Group Portfolio Hybrid Broad Market 2.09 9.36 8.86 5.78 69.1 2.05 0.52 76.80 56.81Lazard Cptl Allctr Ser Divsfd 75/25 (TX) Hybrid All-Inclusive 2.13 8.68 8.80 6.05 Incl. -1.08 0.77 97.12 79.85

Shelton Diversified ETF Balanced Hybrid Broad Market 2.69 7.49 8.68 — 8.9 2.77 0.44 79.30 33.76AEPG All-Weather Global 80/20 Hybrid All-Inclusive 1.52 8.28 8.51 — 38.8 -0.42 0.69 94.49 69.88Appleton Group PLUS Portfolio Hybrid Broad Market 1.81 7.65 5.57 3.19 1.9 -0.59 0.49 58.26 66.05Appleton Group Tax Managed Portfolio Hybrid Broad Market 0.66 6.63 5.01 2.84 28.7 -1.54 0.52 65.91 69.06Clark Navigator Glbl Bal ETF 80-20 Hdgd Hybrid All-Inclusive 1.55 4.55 3.67 4.54 7.9 -2.82 0.51 87.60 60.31

Wela Own Your Age (OYA)- 30 Hybrid All-Inclusive 0.76 8.86 — — 3.8 — — — —IRON Global Equity Plus Hybrid Broad Market 2.47 8.34 — — 3.5 — — — —MIS Contrarian & Growth ETF* Hybrid All-Inclusive 2.68 13.66 — — 46.5 — — — —MIS Contrarian ETF* Hybrid All-Inclusive 2.67 13.61 — — 32.9 — — — —Ibbotson Momentum 80/20* Hybrid Broad Market 1.58 12.25 — — 32.9 — — — —

Ibbotson Momentum 95/5* Hybrid Broad Market 1.86 12.85 — — 9.4 — — — —RiverFront ETF Dynamic Equity Income Hybrid All-Inclusive 3.64 — — — 97.8 — — — —Voya GPMM Aggressive Growth ETF Hybrid Broad Market 1.24 — — — — — — — —Blue Edge Global Equity Hybrid All-Inclusive 3.91 13.53 — — 31.1 — — — —F-Squared AlphaSector Global Select Hybrid All-Inclusive -0.98 — — — 342.0 — — — —

CLS Active Growth Hybrid All-Inclusive 3.69 — — — 0.1 — — — —CLS Active Value Hybrid All-Inclusive 0.33 — — — 0.2 — — — —F-Squared Global Prem AlphaSector Index Hybrid All-Inclusive — — — — — — — — —SEI Tactical ETF Equity Strategy Hybrid Broad Market 3.55 — — — 86.1 — — — —SEI Tactical ETF Aggressive Strategy Hybrid Broad Market 2.87 — — — 106.0 — — — —

W.E. Donoghue & Co., - Moderate Tactical Hybrid All-Inclusive — — — — 54.5 — — — —FTA ETF Asset Allocation - Gr Portfolio Strategic All-Inclusive 3.87 15.84 14.75 — 10.0 2.20 0.96 92.66 90.03Vanguard CRSP 100% Equity Strategic Broad Market 3.08 15.09 14.50 — 61.3 2.28 0.93 98.00 88.43Members Trust Growth ETF Strategic Broad Market 3.08 14.12 13.99 — 35.5 2.69 0.85 95.89 77.89Transamerica I-Series Portfolio VI Strategic All-Inclusive 2.38 13.77 13.76 — 17.7 1.41 0.95 97.64 91.33










Natixis / AIA Mgd ETF - Glob Equity Strategic Broad Market 3.79 14.07 13.44 — 1.7 0.46 1.01 97.05 98.59iSectors Global Equity Allocation Strategic Broad Market 1.04 12.62 13.40 — 2.0 1.69 0.90 96.08 88.84New Frontier Aggressive Growth100/0Tax Strategic Broad Market 3.42 13.49 12.85 7.04 27.8 0.00 1.00 98.60 99.18Ibbotson Strategic ETF Long Term Growth* Strategic Broad Market 2.46 12.85 12.80 6.78 264.3 0.89 0.92 97.45 89.75New Frontier Aggressive Growth 100/0 Strategic Broad Market 3.54 13.37 12.75 6.80 42.8 -0.29 1.02 98.50 101.35

FTA ETF Asset Allc - Mod Gr Portfolio Strategic All-Inclusive 3.08 12.79 12.53 — 26.5 2.41 0.77 93.99 70.42Raylor Strategic World Equity Strategic All-Inclusive 1.41 12.49 12.41 — 28.0 0.87 0.89 96.62 90.14New Frontier Growth 90/10 Tax Sensitive Strategic Broad Market 3.15 12.82 12.36 6.77 50.4 0.68 0.90 98.66 88.17Vanguard CRSP 80%Equity/20%Fixed Income Strategic Broad Market 2.44 12.43 12.34 — 233.0 2.59 0.73 98.20 68.04New Frontier Growth 90/10 Strategic Broad Market 3.06 12.51 12.27 6.81 162.0 0.36 0.92 98.41 90.42

Ladenburg LAMP ETF Aggressive Growth Strategic Broad Market 2.38 12.50 12.27 7.15 18.6 1.76 0.80 96.73 77.25iCM - Mgd ETF - Equity Completion Strategic Broad Market 2.55 11.66 12.08 6.60 10.9 0.28 0.92 97.90 93.11Transamerica I-Series Portfolio V Strategic All-Inclusive 1.74 11.44 11.91 — 42.6 1.32 0.81 97.58 77.89One Capital Agg Wealth Appreciation Strategic All-Inclusive 2.89 13.96 11.78 — 5.5 0.53 0.87 96.00 88.18New Frontier Moderate Growth 75/25 Strategic Broad Market 2.10 11.06 11.64 6.62 386.5 2.06 0.73 96.35 67.35

iCM - Mgd ETF - Aggressive Cap App Strategic Broad Market 2.34 11.16 11.61 6.82 11.4 0.63 0.85 98.11 85.13SFS Tax Efficient Growth Strategic Broad Market 1.53 12.01 11.54 6.76 NR 0.78 0.83 96.15 80.71Fortunatus Asset Allc Moderate Growth Strategic All-Inclusive 0.59 11.57 11.52 — 37.4 2.42 0.69 92.64 66.04Ibbotson Strategic ETF Moderate Growth* Strategic Broad Market 2.05 11.25 11.41 6.66 521.1 1.39 0.77 97.33 73.89iSectors Global Growth Allocation Strategic Broad Market 0.46 10.09 11.35 — 3.7 1.60 0.74 96.44 73.26

Members Trust Moderate Growth ETF Strategic Broad Market 1.83 11.24 11.34 — 133.6 2.46 0.67 95.96 60.80New Frontier Moderate Growth 75/25 Tax Strategic Broad Market 2.35 11.29 11.29 6.48 107.6 1.68 0.73 97.67 69.18iCM - Mgd ETF - Moderate Cap App Strategic Broad Market 2.14 10.28 10.91 6.56 38.0 0.88 0.77 98.35 76.23FEG Equity Portfolio Strategic Broad Market 1.20 9.91 10.82 — 8.6 -0.42 0.88 97.57 89.75One Cap Wealth Appreciation Strategic All-Inclusive 2.58 11.35 10.60 5.27 18.3 1.26 0.71 97.06 69.50

Braver Asset Allocation Growth Strategic All-Inclusive 2.12 10.17 10.56 — 87.9 1.13 0.72 95.93 71.79Windham Aggressive Portfolio (Tax Mg) Strategic Broad Market 2.14 8.82 9.67 — 29.5 -1.01 0.84 97.26 86.90Windham Aggressive Portfolio Strategic Broad Market 1.98 8.46 9.43 — 5.1 -1.08 0.82 96.70 86.97SAM Aggressive Global Growth Strategic All-Inclusive -0.41 8.66 9.20 7.36 3.2 -1.20 0.82 91.20 87.22Raylor Strategic World Opportunity Strategic Country/Region 2.25 7.49 7.98 — 3.0 -5.08 1.06 94.55 120.83

Advisors Capital Mgt Global Balanced ETF Strategic All-Inclusive 1.32 8.76 — — 6.6 — — — —EAM Asset Allocation Aggressive Strategic All-Inclusive 1.48 12.51 — — 5.8 — — — —EAM Asset Allocation Moderate Aggressive Strategic All-Inclusive 0.87 11.69 — — 6.4 — — — —Holderness Vision Tactical Growth Strategic All-Inclusive — — — — 3.7 — — — —Fortunatus Asset Allocation Growth Strategic All-Inclusive 0.69 13.00 — — 6.2 — — — —

Holderness Vision Tactical Equity Strategic All-Inclusive — — — — 0.6 — — — —Alpha Dynamics ODS Robust Growth Strategic All-Inclusive -0.58 5.26 — — 7.0 — — — —Alpha Dynamics ODS Dynamic Growth Strategic All-Inclusive -0.69 7.36 — — 1.9 — — — —Foy SELECTOR Aggressive Growth Strategic All-Inclusive -0.41 16.32 — — 1.8 — — — —Foy SELECTOR Growth Strategic All-Inclusive 2.20 16.17 — — 38.9 — — — —

diverseFOLIOS® Mod Aggressive Strategic All-Inclusive — — — — 10.0 — — — —diverseFOLIOS® Aggressive Strategic All-Inclusive — — — — 15.0 — — — —Nav Tactical Glbl Alloc Plus Strategic All-Inclusive 2.43 — — — 1.9 — — — —Nav Tactical Glbl Alloc Pl ft ADEX Strategic All-Inclusive 2.02 — — — 4.0 — — — —Maxim International Lifestyle - Agg Gr Strategic All-Inclusive 2.67 9.87 — — 5.8 — — — —

Strategic Income Mmgt Dyn Allc Eq Inc Strategic All-Inclusive — — — — 55.3 — — — —CLS High Quality Strategic 80 Strategic All-Inclusive 1.64 — — — 5.7 — — — —Clothier Springs Global Hedged Strategic Broad Market 3.27 6.22 — — 1.5 — — — —Auour Instinct Global Equity Strategic All-Inclusive 2.75 — — — 14.6 — — — —Auour Instinct Global Equity Levered Strategic All-Inclusive 2.65 — — — 4.7 — — — —










Vanguard CORE 70%Equity/30%Fixed Income Strategic Broad Market 1.99 — — — 0.2 — — — —Vanguard CORE 90%Equity/10%Fixed Income Strategic Broad Market 2.63 — — — 0.0 — — — —Vanguard CRSP 90%Equity/10%Fixed Income Strategic Broad Market 2.77 — — — 0.0 — — — —Vanguard Russell 70%Equity/30%Fixed Inc Strategic Broad Market 2.14 — — — 0.6 — — — —Vanguard Russell 90%Equity/10%Fixed Inc Strategic Broad Market 2.80 — — — 0.1 — — — —

Vanguard S&P 70%Equity/30%Fixed Income Strategic Broad Market 2.17 — — — 4.5 — — — —Vanguard S&P 90%Equity/10%Fixed Income Strategic Broad Market 2.84 — — — 0.5 — — — —Vanguard CORE 100% Equity Strategic Broad Market 2.92 15.08 — — 6.0 — — — —Vanguard CORE 80%Equity/20%Fixed Income Strategic Broad Market 2.30 12.41 — — 25.1 — — — —Vanguard CRSP 70%Equity/30%Fixed Income Strategic Broad Market 2.11 11.08 — — 204.9 — — — —

Vanguard Russell 100% Equity Strategic Broad Market 3.15 15.12 — — 8.3 — — — —Vanguard S&P 100% Equity Strategic Broad Market 3.18 15.18 — — 13.0 — — — —Vanguard Russell 80%Equity/20%FixedInc. Strategic Broad Market 2.48 12.44 — — 7.8 — — — —Vanguard S&P 80%Equity/20%Fixed Income Strategic Broad Market 2.51 12.49 — — 55.2 — — — —SEI Tax-Managed ETF Aggressive Strategic All-Inclusive 2.47 — — — 32.3 — — — —

SEI Tax-Managed ETF Equity Strategic Broad Market 3.20 — — — 42.5 — — — —QA Global Style Tactical Broad Market 2.14 16.22 16.78 — 4.6 5.78 0.80 87.29 63.84Horizon Focused ETF Portfolio Tactical All-Inclusive 0.73 13.49 14.76 — 382.0 4.37 0.77 90.27 66.08QA Global Equity Tactical All-Inclusive 2.25 14.49 13.77 7.95 73.5 2.55 0.85 92.62 79.91Cookson Peirce All-Cap World Equity Tactical All-Inclusive 6.12 14.69 13.63 8.06 9.7 2.70 0.83 84.20 79.62

Steinberg Global - ETF Multi Cap Tactical All-Inclusive 1.33 11.95 13.16 6.94 109.7 2.38 0.82 91.84 74.63The Capital CMC Global ETF Tactical Country/Region 2.21 12.70 13.15 — 5.8 0.77 0.96 95.82 93.76Capital Advisors Tactical Global Growth Tactical Broad Market 1.58 11.82 13.13 — 16.6 1.80 0.87 91.71 81.46Horizon Growth ETF Portfolio Tactical All-Inclusive 0.62 11.83 13.09 — 76.7 4.35 0.64 90.43 53.70Sage Tactical ETF All Cap Equity Plus Tactical Broad Market 1.86 12.21 12.89 6.64 177.9 1.54 0.87 93.09 88.91

Accuvest Global Core Equity Tactical Country/Region 3.55 12.72 12.54 — 104.7 -0.20 1.00 97.54 100.33Capital Advisors Tactical Global Income Tactical Broad Market 0.80 10.82 12.53 — 32.9 1.74 0.83 91.86 80.64QA Global Equity Flex Tactical All-Inclusive 1.67 13.64 11.94 — 120.5 2.85 0.69 84.94 68.55Westport Res Mgt ETF Tactical All-Inclusive 2.29 12.67 11.35 — 10.9 2.70 0.65 87.89 66.65Sage Tactical ETF Growth Tactical Broad Market 1.40 9.96 10.82 — 304.0 1.29 0.73 92.77 73.82

Clark Navigator Global Equity ETF Tactical All-Inclusive 3.48 12.33 10.63 6.80 15.3 -0.71 0.89 93.32 90.75Hays Advisory TMAC Equity Focused Tactical All-Inclusive 0.60 8.60 9.98 — 230.0 0.39 0.75 85.33 68.26WBI Tactical ETF Plus Tactical All-Inclusive 2.61 9.82 9.92 7.33 13.3 0.75 0.71 84.92 64.51Hays Advisory Global ETF Tactical All-Inclusive 1.28 8.80 9.31 — 100.3 -2.27 0.93 80.35 91.52Churchill Premier Wealth Tactical Core Tactical All-Inclusive 3.43 12.22 8.88 6.89 1,116.6 3.18 0.44 42.77 49.93

Stadion Tactical Defensive Strategy Tactical All-Inclusive -4.19 7.67 7.89 5.95 89.1 1.18 0.52 67.11 64.66Niemann Global Opportunity (Equity Plus) Tactical Sector 4.75 13.70 7.22 6.92 135.6 2.68 0.36 24.59 52.36Accuvest Global Opportunities Tactical Country/Region 4.79 1.87 5.29 — 19.0 -9.47 1.27 78.95 141.08ELF ETF Strategy Tactical All-Inclusive 5.27 5.45 4.82 0.58 0.9 -4.87 0.80 70.76 89.13New Path Actively Mgd Allc Strat (AMAS) Tactical Broad Market -7.40 4.41 3.92 — 10.9 -0.21 0.34 25.06 53.20

Dunn Warren Aggressive ETF Portfolio Tactical All-Inclusive 5.08 8.28 3.56 7.12 0.9 0.41 0.27 15.40 43.19Clark Navigator Global Eq ETF Hedged Tactical All-Inclusive 1.88 5.56 3.47 4.12 8.0 -3.87 0.58 85.48 70.39Dunn Warren Growth ETF Portfolio Tactical All-Inclusive 3.45 7.47 3.38 6.47 4.0 0.31 0.26 16.55 41.93Metropolitan Tactical Growth Tactical All-Inclusive 0.89 1.16 1.81 — 8.7 0.27 0.12 11.09 10.13Metropolitan Tactical Moderate Tactical All-Inclusive 0.00 0.74 0.91 — 7.3 1.05 -0.01 0.27 2.07

Stadion Managed Risk 100 Strategy Tactical All-Inclusive -8.99 0.66 0.79 3.06 259.3 -2.84 0.30 26.56 62.92BCM Global Sector Rotation Tactical All-Inclusive -0.39 9.38 — — 5.0 — — — —Wela All Growth Tactical All-Inclusive 1.81 12.50 — — 6.3 — — — —Palladiem Diversified Growth Strategy Tactical All-Inclusive 1.82 8.06 — — 21.6 — — — —Windham Risk Regime III Tactical Broad Market 0.02 7.19 — — 1,214.2 — — — —










Keystone Wealth Glb Equity AlphaRotation Tactical Broad Market -8.23 — — — 55.2 — — — —PCM Absolute Equity Income Composite Tactical All-Inclusive -3.20 2.32 — — 1.0 — — — —PCM Alpha 1 Total Return Composite Tactical All-Inclusive -1.99 0.13 — — 7.2 — — — —PCM Global Macro 3M Composite Tactical All-Inclusive -4.33 -1.84 — — 3.6 — — — —PCM Global Tactical Composite Tactical All-Inclusive -3.03 -1.03 — — 3.7 — — — —

Athena Global Tactical ETFs Tactical Broad Market 1.46 26.35 — — 69.5 — — — —Fusion Global Fusion Core Equity Tactical All-Inclusive 4.70 — — — 12.8 — — — —CLS Thematic Growth Quad Tactical Sector 2.08 — — — 0.5 — — — —TRC Global Core Equity Tactical Broad Market -3.47 — — — 32.0 — — — —BCM Advantage Diversified Equity Tactical All-Inclusive 0.06 — — — 11.9 — — — —

BCM Advantage Growth Tactical All-Inclusive 0.00 — — — 7.2 — — — —Ibis Global Growth Tactical All-Inclusive 4.79 15.36 — — 14.4 — — — —F-Squared AS AlphaDEX Global Prem Idx Tactical Sector -0.35 12.16 — — 8.9 — — — —F-Squared AS AlphaDEX Allocator Prm Idx Tactical All-Inclusive -0.85 8.78 — — 13.4 — — — —Lunt Global Sectors Portfolio Tactical Sector -0.14 — — — 10.1 — — — —

High Beta Low Volatility Rotation Port. Tactical All-Inclusive -4.03 — — — 16.5 — — — —Newfound Risk Managed Glb Sectors Cmpst Tactical Sector 1.01 — — — 155.7 — — — —First Nat Chapoquoit Dynamic Cnsrv Port Tactical All-Inclusive 0.13 — — — 1.0 — — — —Windham Global Equities Strategy Tactical All-Inclusive 1.73 9.53 — — 2.5 — — — —BCM DynamicBelay Aggressive Grow(QDIA) Tactical All-Inclusive 0.44 — — — 0.1 — — — —

BCM DynamicBelay Growth (QDIA) Tactical All-Inclusive -0.11 — — — 0.1 — — — —Richard Bernstein Global Growth Tactical All-Inclusive 3.48 13.23 — — 119.9 — — — —Richard Bernstein Global Moderate II Tactical All-Inclusive 2.39 — — — 375.2 — — — —W.E. Donoghue Power Sector Portfolio Tactical All-Inclusive — — — — 1.2 — — — —W.E. Donoghue & Co., - Agg Tactical Gr P Tactical All-Inclusive — — — — 8.7 — — — —

Global Equity Median 2.08 11.30 11.26 6.61Hybrid Median 2.09 10.33 10.93 6.05Strategic Median 2.35 12.41 11.85 6.77Tactical Median 1.33 9.89 10.31 6.84Morningstar Global GR USD 3.41 13.95 12.84 7.44

Global Fixed IncomeClark Navigator Glbl Bal ETF 20-80 Hdgd Hybrid All-Inclusive 2.06 4.78 6.44 8.48 11.4 4.44 0.81 41.83 44.28Lazard Cptl Allctr Ser Divsfd 25/75 (TE) Hybrid All-Inclusive 0.49 5.16 6.36 — 406.5 4.38 0.82 35.79 45.293D ETF Global 20 Portfolio Hybrid Broad Market 1.22 3.45 4.06 — 9.4 2.54 0.63 39.08 42.503D ETF Global 20 Portfolio - Tax Sen. Hybrid Broad Market 0.59 3.18 3.67 — 3.8 2.13 0.64 47.05 48.09AEPG High Quality Bond Hybrid All-Inclusive 0.25 1.33 1.61 — 3.5 0.90 0.28 32.57 27.60

Lazard Cptl Allctr Ser Divsfd 25/75 (TX) Hybrid All-Inclusive 0.83 5.02 — — Incl. — — — —Lazard Cap Alloc -Gbl FI (TE) Hybrid All-Inclusive -0.38 — — — 15.6 — — — —Optimus Bond Allocation Bull/Bear Hybrid All-Inclusive 1.08 2.88 — — 0.0 — — — —CLS ETF Risk Budget 30 - Conservative Hybrid All-Inclusive 0.92 3.69 — — 0.8 — — — —SEI Tactical ETF Conservative Strategy Hybrid Broad Market 0.72 — — — 30.3 — — — —

Windham Multi-Sector Bonds Tax Exempt Hybrid All-Inclusive -2.19 0.13 — — 0.1 — — — —iCM - Mgd ETF - Inc & Inflation Hdg Strategic Broad Market 0.36 4.91 6.07 6.00 22.5 4.35 0.67 49.24 33.69Vanguard CRSP 20%Equity/80%Fixed Income Strategic Broad Market 0.38 4.47 5.61 — 93.0 4.19 0.54 58.24 22.63New Frontier Conservative 20/80 Tax Strategic Broad Market 0.56 4.43 5.52 4.21 5.2 3.91 0.62 59.94 34.09New Frontier Conservative 20/80 Strategic Broad Market 0.75 3.86 5.42 4.64 15.4 3.83 0.62 61.54 38.06










Ladenburg LAMP ETF Income Strategic Broad Market 0.43 4.09 5.27 — 19.2 3.76 0.59 51.09 28.12iCM - Mgd ETF - Cap Pres & Inf Hdg Strategic Broad Market -0.04 3.66 5.04 5.76 5.1 3.50 0.60 55.98 35.18One Capital Wealth Preservation & Inc Strategic All-Inclusive 0.24 3.58 4.96 — 1.8 3.49 0.57 57.14 31.95Windham Conservative Portfolio Strategic Broad Market -0.36 2.65 4.82 — 2.6 2.47 0.99 61.88 81.78Windham Conservative Portfolio (Tax Mg) Strategic Broad Market -0.55 2.38 4.49 — 2.4 2.15 1.00 64.86 85.12

iSectors Global Fixed Income Allocation Strategic All-Inclusive -1.43 1.14 3.51 — 4.2 1.65 0.77 79.11 57.46Vanguard CRSP 100% Fixed Income Strategic Broad Market -0.35 1.86 3.29 — 9.8 2.31 0.39 34.06 26.60Ibbotson A/P 20/80 Tax Dfd-Fidelity* Strategic Broad Market 0.27 4.14 — — 0.0 — — — —Ibbotson A/P 20/80 Tax Dfd-Pershing* Strategic Broad Market 0.27 4.46 — — 0.0 — — — —Ibbotson A/P 20/80 Tax Dfd-Schwab* Strategic Broad Market 0.33 4.07 — — 0.7 — — — —

Ibbotson A/P 20/80 Tax Dfd-TDA* Strategic Broad Market 0.45 4.33 — — 0.1 — — — —ClearRock Diversified Income Strategic All-Inclusive 0.21 4.14 — — 8.6 — — — —Holderness Vision Tactical Stable Strategic All-Inclusive — — — — 0.0 — — — —PCM Income Opportunity Fund Strategic All-Inclusive -0.35 1.09 — — NR — — — —Vanguard CORE 10%Equity/90%Fixed Income Strategic Broad Market 0.02 — — — 0.0 — — — —

Vanguard CRSP 10%Equity/90%Fixed Income Strategic Broad Market 0.00 — — — 0.0 — — — —Vanguard Russell 10%Equity/90%Fixed Inc Strategic Broad Market 0.01 — — — 0.0 — — — —Vanguard S&P 10%Equity/90%Fixed Income Strategic Broad Market 0.01 — — — 0.0 — — — —Vanguard CORE 100% Fixed Income Strategic Broad Market -0.35 1.86 — — 0.9 — — — —Vanguard CORE 20%Equity/80%Fixed Income Strategic Broad Market 0.36 4.48 — — 4.2 — — — —

Vanguard Russell 100% Fixed Income Strategic Broad Market -0.35 1.86 — — 1.9 — — — —Vanguard S&P 100% Fixed Income Strategic Broad Market -0.35 1.86 — — 1.7 — — — —Vanguard S&P 20%Equity/80%Fixed Income Strategic Broad Market 0.40 4.49 — — 19.2 — — — —Vanguard Russell 20%Equity/80%FixedInc. Strategic Broad Market 0.38 4.47 — — 0.2 — — — —Horizon Conservation Plus ETF Portfolio Tactical All-Inclusive 0.04 4.72 5.82 — 37.5 4.64 0.43 48.33 10.94

Sage Tactical ETF Conservative Tactical Broad Market -0.09 3.33 5.16 — 76.4 3.43 0.70 52.29 47.33SCA Fixed Alternative Tactical All-Inclusive 0.07 3.27 4.57 — NR 3.04 0.62 52.02 45.21Steinberg Global - Short Duration Taxabl Tactical All-Inclusive 0.99 2.70 4.34 3.02 36.8 3.05 0.51 47.99 24.59Innealta Fixed Income Tactical All-Inclusive 1.09 2.36 4.13 — 486.3 2.62 0.61 52.90 48.05Sage Tactical ETF Core Plus Fixed Income Tactical Broad Market -0.63 1.13 3.33 — 251.9 1.91 0.58 59.20 49.71

BCM Income Tactical All-Inclusive -0.66 1.59 2.92 — 1.2 1.76 0.46 69.63 27.54Financial Trust Flexible Income Tactical All-Inclusive 0.75 0.88 2.17 3.65 6.1 1.08 0.45 33.04 38.89Niemann Tactical Global Bond Tactical All-Inclusive -2.15 3.17 — — 0.4 — — — —Steinberg Global Fixed Income ETF Tactical All-Inclusive 0.71 2.00 — — 100.1 — — — —PCM Absolute Bond Composite Tactical All-Inclusive -1.01 -0.57 — — 2.4 — — — —

PCM Emerald Long-Short Debt HF Composite Tactical All-Inclusive -0.60 — — — 0.1 — — — —PCM Global Bond HF Composite Tactical All-Inclusive -2.54 — — — 1.3 — — — —Keystone Wealth Glb Bond AlphaRotation Tactical All-Inclusive -5.35 — — — 1.4 — — — —Ibis Global Preservation Tactical All-Inclusive -0.71 6.52 — — 38.7 — — — —Dynamic Conservative Portfolio Tactical All-Inclusive -0.16 — — — 21.3 — — — —

Newfound Target Excess Yield 3% Cmpst Tactical Broad Market 1.04 — — — 0.1 — — — —Optimus Bond Rotation Tactical All-Inclusive -1.28 — — — 0.0 — — — —Auour Instinct Global Fixed Income Tactical All-Inclusive -0.77 — — — 2.9 — — — —BCM Decathlon Conservative Aspect(Pro1) Tactical All-Inclusive 0.97 — — — 11.9 — — — —

Global Fixed Income Median 0.25 3.39 4.69 4.64Hybrid Median 0.72 3.45 4.06 8.48Strategic Median 0.21 4.07 5.04 5.20Tactical Median -0.38 2.53 4.23 3.33

Global Fixed Income Blended Benchmark -2.67 -0.38 2.34 3.78










International All AssetBrinker Capital ACS Int'l Equity ETF Tactical All-Inclusive 3.62 8.75 7.21 — 20.0 -10.47 1.11 76.12 143.09

International BalancedLadenburg LAMP Specialty International Strategic All-Inclusive -0.24 3.52 4.68 — 1.2 -8.84 0.84 68.44 110.27Fortunatus International ETF Opportunity Tactical All-Inclusive -1.46 1.86 0.26 — 0.4 -6.19 0.41 28.31 78.40

International EquitySignalPoint International Signal Hybrid Sector 3.94 7.55 6.14 — 1.9 -0.06 0.71 97.10 72.29Gratry International ETF Alloc Strat Strategic Country/Region 6.22 8.33 7.53 6.48 0.7 -0.08 0.90 91.56 84.17Natixis / AIA Mgd ETF - China Strategic Country/Region 8.84 9.40 7.32 — 1.8 -0.54 0.98 77.69 87.84Zacks International Strategy Strategic Country/Region 2.87 7.24 7.02 6.11 85.0 -1.71 1.06 96.43 110.68Laffer Investments Glbl Equity Strategy Tactical Country/Region 2.66 12.96 11.06 8.59 49.1 2.85 0.95 90.23 82.19

Accuvest Non US Equity Tactical Country/Region 7.76 10.45 8.09 — 21.0 -0.58 1.05 93.68 101.40MRM Dynamic International Strategy Tactical Country/Region 0.28 5.95 6.96 — 0.4 -0.57 0.90 88.14 88.93Main Management International - Non US Tactical Country/Region 4.10 8.00 6.58 — 23.4 -1.69 1.01 91.86 104.80Cumberland - Intl Equity ETF Tactical All-Inclusive 6.26 9.68 6.33 — 30.0 -1.72 0.98 91.41 101.09Innealta Tac ETF Country Rotation Tactical Country/Region 2.95 3.88 6.08 — 726.0 3.92 0.22 48.08 12.39

Niemann Dynamic International Tactical All-Inclusive 4.14 8.73 3.90 — 0.8 -2.89 0.84 76.12 92.43Hays Advisory International ETF Tactical All-Inclusive -1.22 3.04 3.65 — 11.5 -3.42 0.86 84.89 82.70Glovista Emerging Market Equities Tactical Country/Region 0.91 3.66 3.30 16.77 665.0 -5.36 1.11 85.06 119.66Clark Navigator Intl Opportunity Tactical Country/Region 2.24 9.16 3.22 — 47.5 -4.58 0.96 89.96 110.30Green Inv Mgt Guardian Country Tactical Country/Region 6.03 7.01 3.05 8.76 3.0 -4.47 0.97 71.65 103.78

iSectors Tactical International Alloc Tactical All-Inclusive -0.25 2.79 1.11 — 0.2 -1.69 0.34 36.22 49.88BCM International Sector Rotation Tactical Broad Market 2.41 4.02 — — 1.6 — — — —Accuvest Asian Advantage Tactical Country/Region 10.92 11.39 — — 0.4 — — — —Good Harbor Tactical Core Intl Moderate Tactical Broad Market -0.95 1.73 — — 1.4 — — — —Julex Capital Mngt Tactical Country/Region 1.73 — — — 2.8 — — — —

CLS International Rotation Quad Tactical Country/Region 9.04 — — — 0.9 — — — —Windham Emerging Market Equity Strategy Tactical Country/Region -0.71 0.39 — — 0.3 — — — —

International Equity Median 2.91 7.39 6.23 8.59Morningstar Gbl Mkts ex-US GR USD 4.43 9.96 8.45 6.54

United States All AssetNewfound Total Return Hybrid All-Inclusive 0.04 — — — 0.6 — — — —TCIA ETF L1 Strategic All-Inclusive -2.50 8.79 — — 7.0 — — — —TCIA ETF L2 Strategic All-Inclusive -1.63 9.69 — — 10.0 — — — —Palladiem Defensive Core Strategy Strategic Broad Market 0.38 2.44 — — 0.2 — — — —Winterset Active/Edge Moderate Hybrid Strategic All-Inclusive -1.74 — — — 5.1 — — — —

SelectAlts 20 Index Strategy Strategic All-Inclusive -0.44 — — — 0.1 — — — —BCM Diversified Equity (Monthly) Tactical All-Inclusive -0.44 11.02 12.82 — 11.4 0.69 1.10 80.97 125.13Confluence Growth Tactical All-Inclusive 1.71 13.04 12.72 — 43.1 -2.50 1.41 93.62 150.14BCM Diversified Equity Tactical All-Inclusive -0.38 10.02 11.94 — 107.1 0.11 1.08 79.38 124.81Confluence Growth and Income Tactical All-Inclusive 0.88 10.37 11.12 — 91.2 -1.58 1.17 89.69 114.83

Confluence Income and Growth Tactical All-Inclusive -0.77 8.02 9.31 — 31.5 1.00 0.76 72.74 59.51BCM AlphaDEX Diversified Equity Tactical All-Inclusive 1.11 11.53 — — 16.0 — — — —Brinker Capital ACS Real Assets (Q) Tactical All-Inclusive -2.39 4.11 — — 7.2 — — — —Navellier Dynamic Libertas 10 Tactical All-Inclusive -1.02 — — — 5.2 — — — —Navellier Dynamic Libertas 20 Tactical All-Inclusive -0.97 — — — 5.9 — — — —










Navellier Dynamic Libertas 30 Tactical All-Inclusive -1.04 — — — 22.2 — — — —Navellier Dynamic Sentrum 10 Tactical All-Inclusive -1.07 — — — 0.1 — — — —Navellier Dynamic Sentrum 20 Tactical All-Inclusive -0.99 — — — 0.1 — — — —Navellier Dynamic Sentrum 30 Tactical All-Inclusive -1.06 — — — 0.1 — — — —Keystone Wealth Glb Income AlphaRotation Tactical All-Inclusive -3.64 — — — 0.4 — — — —

United States All Asset Median -0.98 9.85 11.94 —United States All Asset Blended Benchmark 1.12 9.62 10.99 6.91

United States AlternativeNewfound Dynamic Alternatives Cmpst Hybrid Broad Market -0.70 — — — 0.2 — — — —Astor Long/Short Balanced Program Tactical All-Inclusive 0.64 8.87 7.43 7.02 1,169.3 -1.87 0.55 76.47 66.57Green Inv Mgt Guardian Alternatives Tactical All-Inclusive -3.50 -9.99 -5.34 0.7 -9.13 0.24 8.96 78.78

CLS Inflation Quad Tactical All-Inclusive -1.69 — — — 0.1 — — — —

TAMP US Tactical ETF L/S – PULSE Tactical Broad Market -0.94 — — — 0.1 — — — —

FFCM Dynamic Core Absolute Return Tactical All-Inclusive -0.41 — — — 5.8 — — — —

United States EquityEfficient Market 20 Plus Years Moderate Hybrid All-Inclusive 3.50 13.43 13.50 7.88 31.3 -2.18 0.91 96.81 95.99Efficient Market 20 Plus Yrs Aggressive Hybrid All-Inclusive 3.57 13.99 13.07 7.79 31.1 -3.16 0.95 96.04 99.76Signal Point Signal 10 Hybrid Sector 1.78 12.13 12.75 — 18.0 -2.23 0.87 92.38 90.29Efficient Market 20 Plus Years Consvt Hybrid All-Inclusive 3.28 11.99 12.60 — 7.2 -2.05 0.85 95.85 89.14Green Inv Mgt - Guardian Mosaic Hybrid All-Inclusive 1.12 12.59 12.52 5.85 0.6 -4.50 1.00 96.03 111.74

BCM Growth (Monthly) Hybrid All-Inclusive -0.35 8.83 10.76 — 83.6 1.31 0.54 75.81 60.13BCM Growth Hybrid All-Inclusive -0.32 8.13 10.04 — 58.8 0.83 0.53 73.72 60.30Forward Tactical Growth Hybrid Broad Market -1.01 7.37 5.89 — 828.0 -0.91 0.40 58.80 63.78Appleton Group PLUS-Moderate Hybrid Broad Market 1.08 5.12 — — 0.5 — — — —Appleton Group-Moderate Hybrid Broad Market 1.58 7.02 — — 22.8 — — — —

WestEnd Advisors US Sector Hybrid Sector 4.67 — — — 3.2 — — — —Churchill ETF Sector Rotation Strategic Sector 1.28 18.16 18.50 — 196.4 2.05 0.92 96.22 90.03Hillswick S&P 500 Sector Selection Strategic Sector 1.83 18.00 17.69 — 112.0 1.76 0.89 97.59 87.13Raylor Strategic US Equity Strategic All-Inclusive 0.69 16.60 16.95 — 1.0 0.74 0.92 98.57 88.70iSectors Domestic Equity Allocation Strategic Broad Market -0.16 14.94 15.80 — 27.5 -1.05 0.97 97.82 99.81

Madison ETF Aggressive Strategic All-Inclusive 2.12 13.48 13.04 — 6.7 -1.51 0.84 97.68 89.73SSWM Strategic Allocation Model 75/25 Strategic Broad Market 1.31 11.54 11.96 6.63 17.1 -1.62 0.79 95.75 84.18Madison ETF Growth Strategic All-Inclusive 1.75 11.52 11.44 — 53.9 -0.56 0.69 96.63 72.00Acertus Planned Return Strategy Strategic Broad Market 2.28 6.70 8.52 — 380.0 0.50 0.46 84.26 37.68Swan Defined Risk Strategy Strategic Broad Market 0.87 8.41 8.00 8.69 Incl. 1.16 0.39 63.41 43.55

Swan Defined Risk Strategy Strategic Broad Market 0.44 8.51 7.96 9.00 901.3 0.98 0.40 61.76 45.13IRON S&P 500 Equity Plus Strategic Broad Market 4.31 13.16 — — 0.9 — — — —Winterset Active/Edge Diversified Growth Strategic All-Inclusive 0.60 — — — 2.7 — — — —Nav Tactical US Equity Sector Plus Strategic Sector 3.53 — — — 8.2 — — — —Nav Tactical US Equity Sector Pl ft ADEX Strategic Sector 3.44 — — — 15.2 — — — —

Niemann Dynamic Tactical Sector 9.85 21.42 17.87 9.08 47.0 3.78 0.80 55.06 64.18Braver Tactical Equity Sector Rotation Tactical Sector 3.96 20.21 17.08 9.24 77.8 2.08 0.86 64.18 93.54Main Management Active - US Large Cap Tactical Sector 4.51 19.04 16.94 9.81 203.6 -0.04 0.97 95.53 92.06BCM U.S. Sector Rotation (Monthly) Tactical Sector -0.45 15.76 16.34 — 95.3 3.87 0.69 76.33 73.62Niemann Dynamic Sector Tactical Sector 6.49 16.44 16.07 — 6.4 2.10 0.80 58.88 71.26










Clark Navigator U.S. Style Opp (SAI) Tactical Broad Market 4.94 16.49 15.98 8.14 61.0 -0.77 0.96 92.11 92.72Clark Navigator U.S. Style Opportunity Tactical Broad Market 4.65 16.39 15.92 8.11 61.0 -0.92 0.97 93.42 96.56F-Squared AlphaSector Premium Index Tactical Sector -4.23 14.28 15.88 — 413.7 3.31 0.70 71.36 73.01F-Squared AlphaSector Rotation Index Tactical Sector -3.63 14.81 15.68 — 661.7 3.50 0.68 70.05 74.14Green Inv Mgt - Guardian Sector Tactical Sector 0.27 16.67 15.25 5.39 0.4 -0.90 0.93 95.57 96.45

Clark Navigator Sector Opportunity Tactical Sector 3.95 15.26 15.19 — 50.0 -0.71 0.92 89.32 90.96iSectors Post-MPT Growth Allocation Tactical Sector -1.21 13.50 14.86 8.66 64.2 10.87 0.21 6.18 16.55Cumberland - US Equity ETF Tactical All-Inclusive -0.57 14.88 14.81 — 73.0 -1.61 0.95 94.11 97.32F-Squared AlphaSector Premium Cmpst Tactical Sector -4.42 12.37 14.35 — 127.9 2.66 0.66 70.12 73.18Stadion Tactical Growth Strategy Tactical All-Inclusive 0.39 11.12 13.64 8.08 205.3 -1.64 0.89 87.23 93.78

MRM Dynamic Overlay Strategy Tactical All-Inclusive 0.61 14.89 13.49 — 78.6 0.90 0.72 82.03 75.65Clark Navigator Style Preferred Core Tactical Broad Market 3.46 13.43 13.44 7.19 2.3 -0.17 0.78 91.36 70.31Astor S.T.A.R. Program Tactical All-Inclusive 2.35 16.25 13.28 7.94 522.3 -1.05 0.83 89.22 91.48Confluence Aggressive Growth Tactical All-Inclusive 2.62 14.20 12.80 — 6.2 -4.13 1.00 91.67 112.13Niemann Risk Managed Tactical Sector 9.45 20.66 12.50 7.87 66.6 3.30 0.53 34.99 67.57

Robinson Market Opportunity Tactical Broad Market -4.36 3.18 12.11 6.86 3.2 3.38 0.54 20.07 44.99TTM NASDAQ Strategy Tactical All-Inclusive -0.46 15.89 11.58 — 2.5 3.58 0.46 40.36 69.77Niemann Risk Managed Sector Tactical Sector 6.65 14.61 9.65 8.58 80.7 0.23 0.56 41.61 74.29Braver Tactical Balanced Tactical Broad Market 0.40 7.93 7.84 5.70 122.6 -0.65 0.49 79.20 57.68Churchill Premier Wealth Tactical Tactical All-Inclusive 4.74 9.49 7.23 5.86 1,177.6 -1.87 0.54 49.71 75.19

PVG Dynamic Core ETF Tactical All-Inclusive 1.25 7.74 7.01 5.49 24.9 -2.74 0.57 83.13 65.11Good Harbor Tactical Core US Tactical Broad Market -2.20 -0.14 6.92 9.31 1,624.9 -0.23 0.44 21.81 74.30Innealta Tac ETF Sector Rotation Opp Tactical Sector 0.19 2.77 6.23 — 62.7 2.13 0.23 31.68 15.06Innealta Tac ETF Sector Rotation Core Tactical Sector 0.28 2.91 5.55 — 587.7 2.06 0.20 27.48 12.73Braver Tactical Opportunity Tactical All-Inclusive -1.49 3.67 4.73 5.17 81.2 -2.98 0.46 63.65 55.61

BCM U.S. Sector Rotation Tactical Sector -0.55 14.67 — — 218.0 — — — —Mench Aggressive Equity Tactical All-Inclusive 0.00 — — — — — — — —BCM AlphaDEX U.S. Sector Rotation Tactical Sector 1.35 16.60 — — 194.4 — — — —RPG AlphaSector Core Domestic Equity Tactical Sector -5.71 12.08 — — 65.7 — — — —RPG AlphaSector Premium FT Tactical Sector -3.87 13.51 — — 8.4 — — — —

F-Squared AlphaSector AlphaDEX Pre Idx Tactical Sector -2.91 16.71 — — 124.5 — — — —RevenueShares Strategic Allocation Tactical Broad Market 5.28 15.49 — — 0.1 — — — —Longview Capital Dynamic Large Cap SMA Tactical All-Inclusive — — — — NR — — — —Julex Dynamic Sector Strategy Tactical All-Inclusive 0.93 — — — 56.1 — — — —F-Squared AlphaSector AlphaDEX Prm Cmpst Tactical Sector -3.32 14.45 — — 323.8 — — — —

TTM 500 Strategy Tactical Broad Market -1.55 — — — 6.6 — — — —WST Asset Manager - U.S. Equity Tactical Sector 2.04 — — — 241.4 — — — —Optimus Global Rotation Tactical Broad Market 1.20 — — — 0.4 — — — —F-Squared Dynamic AlphaSector Index Tactical Sector — — — — — — — — —F-Squared Premium AlphaSector Index Tactical Sector — — — — — — — — —

F-Squared Rotation AlphaSector Index Tactical Sector — — — — — — — — —Optimus U.S. Rotation Tactical Broad Market -0.62 — — — 0.0 — — — —BCM Advantage U.S. Sector Rotation Tactical Sector 0.10 — — — 56.9 — — — —BCM AlphaDEX Growth Tactical All-Inclusive 0.80 — — — 6.1 — — — —BCM U.S. Small Cap Sector Rotation Tactical Sector 4.79 — — — 0.2 — — — —

Newfound Risk Mgd Small-Cap Sec Cmpst Tactical Sector 4.34 — — — 5.3 — — — —Evolution US Equity Absolute Return Tactical Sector — — — — 0.1 — — — —FFCM Dynamic All Cap Sector Rotation Tactical Sector 1.17 — — — 224.6 — — — —FFCM Dynamic Large Cap Sector Rotation Tactical Sector 0.57 — — — 1.1 — — — —FFCM Dynamic Global Equity Tactical All-Inclusive 2.78 — — — 64.7 — — — —










Newfound Risk Managed U.S. Sectors Idx Tactical Sector 0.24 — — — 43.4 — — — —F-Squared AlphaSector All-Cap Index Tactical Sector -4.08 — — — 635.8 — — — —ARS Sector Rotation Strategy Tactical Sector — — — — 2.1 — — — —Newfound U.S. Factor Defensive Eqty Cmp Tactical Broad Market 1.00 — — — 61.6 — — — —

United States Equity Median 1.04 13.51 13.05 7.91Hybrid Median 1.35 10.41 12.56 7.79Strategic Median 1.53 13.16 12.50 8.69Tactical Median 0.57 14.67 13.56 8.01Morningstar US Market TR USD 1.85 17.62 17.60 8.33

United States BalancedClark Navigator MultiStrategy 75-25(SAI) Hybrid All-Inclusive 4.08 13.73 13.82 8.64 45.6 -2.34 1.37 93.37 143.12Efficient Market 11-19 Years Aggressive Hybrid All-Inclusive 3.32 11.85 12.39 7.38 30.1 -4.20 1.42 96.06 163.59Efficient Market 11-19 Years Moderate Hybrid All-Inclusive 3.17 11.21 11.71 7.37 87.0 -4.00 1.35 95.98 155.67Clark Navigator MultiStrategy 50-50(SAI) Hybrid All-Inclusive 3.08 10.64 11.44 9.28 160.0 -1.27 1.07 92.71 115.10iSectors Post-MPT Moderate Allocation Hybrid Sector 0.61 9.52 11.39 — 33.6 7.25 0.33 10.19 10.59

Efficient Market 11-19 Years Consvt Hybrid All-Inclusive 2.98 9.94 10.72 — 29.4 -3.42 1.21 95.78 138.90Efficient Market 6-10 Years Aggressive Hybrid All-Inclusive 2.76 10.05 10.28 — 20.2 -3.69 1.20 95.44 142.93SignalPoint Balanced Point Hybrid All-Inclusive 0.16 9.15 10.28 — 54.0 -1.08 0.96 93.88 99.52Efficient Market 6-10 Years Moderate Hybrid All-Inclusive 2.76 9.42 10.18 6.66 118.9 -3.33 1.16 95.58 131.44Efficient Market 2-5 Years Aggressive Hybrid All-Inclusive 2.67 8.94 9.72 6.32 11.9 -3.12 1.10 95.14 124.88

BCM Moderate Growth (Monthly) Hybrid All-Inclusive -0.42 7.19 9.18 — 71.4 0.00 0.77 76.65 90.36Efficient Market 2-5 Years Moderate Hybrid All-Inclusive 2.61 7.96 9.04 — 63.4 -2.32 0.97 95.03 108.41MIS Moderate Growth ETF* Hybrid All-Inclusive 1.14 7.08 9.00 — 317.6 -4.57 1.17 89.27 145.98BCM Moderate Growth Hybrid All-Inclusive -0.39 6.89 8.82 — 60.2 -0.10 0.75 74.86 88.72Efficient Market 6-10 Years Conservative Hybrid All-Inclusive 2.78 7.87 8.63 6.46 39.8 -2.71 0.97 94.29 111.42

Efficient Market 2-5 Years Conservative Hybrid All-Inclusive 2.50 6.19 7.23 — 30.1 -1.81 0.77 91.93 87.52MIS Income & Growth ETF* Hybrid All-Inclusive -0.18 4.95 6.98 — 375.4 -3.40 0.89 86.87 113.32Appleton Group-Conservative Hybrid Broad Market 1.69 7.25 — — 6.8 — — — —BCM AlphaDEX Moderate Growth Hybrid All-Inclusive 0.52 7.46 — — 6.3 — — — —Cumberland Total Return Balanced Port Strategic All-Inclusive -0.26 11.40 11.74 — 41.8 0.39 0.95 90.81 93.72

Madison ETF Moderate Growth Strategic All-Inclusive 1.28 9.28 9.49 — 94.2 -1.64 0.94 97.04 105.03Ibbotson Strategic ETF Moderate Gr & Inc* Strategic Broad Market 1.68 8.70 9.33 6.03 825.4 -3.46 1.10 94.39 126.31DT Moderate Growth & Income Strategic All-Inclusive 1.67 8.34 8.98 — 102.5 -2.81 1.01 96.94 117.03Members Trust Balanced ETF Strategic Broad Market 1.29 8.46 8.68 — 317.3 -1.69 0.88 97.20 96.81First Trust FTA Ibbotson Mul Disc 40/60* Strategic Broad Market 2.31 7.84 8.57 — 15.5 -0.47 0.76 91.43 80.52

Clark Navigator Strategist Core Strategic Broad Market 2.49 8.57 8.48 — 2.2 -1.03 0.81 89.20 76.52Transamerica I-Series Portfolio III Strategic All-Inclusive 0.80 7.22 8.40 — 98.9 -2.24 0.91 94.10 99.54DT Conservative Growth & Income Strategic All-Inclusive 1.58 7.59 8.28 — 126.3 -1.72 0.85 96.34 95.71Madison ETF Moderate Strategic All-Inclusive 0.99 7.36 7.88 — 104.9 -0.54 0.71 93.72 73.79

Members Trust Conservative ETF Strategic Broad Market 1.06 7.00 7.61 — 575.0 -0.69 0.70 96.12 72.49

Ibbotson Strategic ETF Cons Gr & Inc* Strategic Broad Market 1.17 6.19 7.01 5.29 365.5 -1.77 0.75 90.94 83.41Lockwood Asset Allocation Portfolios II Strategic Broad Market 0.58 6.32 6.97 5.01 113.1 -0.28 0.61 90.69 67.48Transamerica I-Series Portfolio II Strategic All-Inclusive 0.44 4.98 5.92 — 46.0 -1.25 0.61 91.04 64.81EAM Asset Allocation Conservative Strategic All-Inclusive 0.04 4.49 — — 3.2 — — — —EAM Asset Allocation Moderate Conservati Strategic All-Inclusive -0.08 6.88 — — 1.5 — — — —

Alpha Dynamics ODS Stable Growth Strategic All-Inclusive -0.14 4.02 — — 6.8 — — — —Foy SELECTOR Balanced Growth Strategic All-Inclusive -0.80 8.36 — — 25.8 — — — —Foy SELECTOR Conservative Growth Strategic All-Inclusive 0.82 12.55 — — 38.1 — — — —Foy SELECTOR Income & Growth Strategic All-Inclusive -1.46 5.63 — — 3.8 — — — —Clark Navigator Style Preferred Inc&Gro Tactical Broad Market 2.29 10.07 10.57 6.73 3.2 -0.83 0.96 90.35 88.24Source: Morningstar Inc. NR = Not reported to Morningstar

Incl. = Assets counted in related strategy* An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this

portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.










Trademark Tactical Risk Strategy Tactical All-Inclusive -0.30 8.12 8.58 — 22.0 0.65 0.68 43.83 95.39Stadion Growth Strategy Tactical Broad Market -1.38 8.15 7.86 — 1,492.4 -5.29 1.14 88.47 165.28Stadion Moderate Strategy Tactical Broad Market -2.39 5.47 5.95 — 1,179.1 -5.22 0.97 82.61 149.68Stadion Balanced Strategy Tactical Broad Market -2.85 3.95 4.44 — 492.5 -3.76 0.71 72.78 117.00Stadion Conservative Strategy Tactical Broad Market -3.50 1.65 2.48 — 214.0 -2.48 0.43 50.73 81.01

First Trust Global Tactical Asset Alloc. Tactical All-Inclusive -0.97 2.45 — — 0.1 — — — —TAMP US Tactical ETF Income – BIG Tactical Broad Market -3.25 — — — 0.0 — — — —TTM Tactical Core/Satellite Strategy Tactical All-Inclusive -0.90 — — — 9.0 — — — —BCM DynamicBelay Balanced Growth (QDIA) Tactical All-Inclusive -0.71 — — — 0.0 — — — —BCM DynamicBelay Conservative Gro(QDIA) Tactical All-Inclusive -0.29 — — — 0.2 — — — —BCM Decathlon Moderate Aspect(Profile3) Tactical All-Inclusive 3.25 — — — 563.2 — — — —

United States Balanced Median 0.82 7.86 8.82 6.66Hybrid Median 2.61 8.94 10.18 7.37Strategic Median 0.90 7.47 8.44 5.29Tactical Median -0.94 5.47 6.91 6.73United States Balanced Blended Benchmark 1.22 11.23 11.98 7.15

United States Fixed IncomeEfficient Market Taking Income-Aggr Hybrid All-Inclusive 2.48 5.94 6.89 — 11.7 6.77 0.00 0.00 -27.96Efficient Market Taking Income-Moderate Hybrid All-Inclusive 2.22 5.39 6.40 5.92 31.0 6.11 0.04 0.07 -24.90Efficient Market Taking Income-Consvt Hybrid All-Inclusive 1.88 4.56 5.44 — 26.2 4.85 0.14 1.09 -8.28MIS Conservative ETF* Hybrid All-Inclusive -0.64 3.36 5.43 — 84.2 4.31 0.31 2.86 33.47Wela Own Your Age (OYA)- 80 Hybrid All-Inclusive -1.63 2.86 5.21 — 9.0 2.46 0.78 31.88 101.40

SignalPoint Moderate Income Point Hybrid All-Inclusive -0.38 3.23 5.19 — 4.1 2.12 0.88 29.60 97.85SignalPoint CU Income Plus Hybrid All-Inclusive -1.19 2.44 5.13 — 0.6 0.67 1.29 76.29 149.85SignalPoint Stable Income Point Hybrid All-Inclusive -1.61 2.22 5.11 — 22.6 0.29 1.40 80.27 166.64Green Inv Mgt - Guardian Tax Free Hybrid Sector -0.45 1.63 3.33 3.55 0.3 -0.21 1.03 62.16 105.57Charles Schwab SMP-ETFs Blend –Cnsrv Inc Hybrid All-Inclusive -0.23 1.40 3.20 — 40.9 0.47 0.78 55.29 99.17

Charles Schwab SMP-ETFs Thd-Pty–Csrv Inc Hybrid All-Inclusive -0.19 1.39 3.18 — 38.3 0.50 0.77 54.42 97.79Wela Own Your Age (OYA)- 70 Hybrid All-Inclusive -1.73 4.08 — — 3.1 — — — —Ibbotson Momentum 20/80* Hybrid Broad Market 0.36 4.13 — — 4.2 — — — —Voya GPMM Income ETF Hybrid Broad Market -1.99 — — — — — — — —Madison ETF Conservative Strategic Broad Market 0.78 5.18 6.05 — 58.3 4.54 0.40 8.66 24.17

First Trust FTA Ibbotson Mul Disc 20/80* Strategic Broad Market 0.95 5.10 6.00 — 3.4 4.26 0.47 13.30 29.36Members Trust Income ETF Strategic Broad Market 0.62 4.85 5.72 — 278.4 4.67 0.26 5.33 -0.18DT Ultra-Conservative Growth & Income Strategic All-Inclusive 1.14 5.00 5.43 — 18.6 2.28 -0.17 0.19 -64.77Lockwood Asset Allocation Portfolios I Strategic Broad Market 0.25 4.04 5.01 4.47 43.5 3.32 0.46 18.36 31.61Madison ETF Capital Preservation Strategic Broad Market 0.38 3.03 4.27 — 7.7 2.02 0.63 41.27 62.62

Ibbotson Strategic ETF Moderate Income* Strategic Broad Market 0.69 2.93 4.18 — 105.1 2.79 0.38 10.05 40.70Transamerica I-Series Portfolio I Strategic All-Inclusive 0.25 2.68 3.82 — 22.6 2.07 0.49 27.56 48.24DT Intermediate Fixed Income Strategic Broad Market 0.95 2.50 3.45 — 10.2 1.42 0.57 55.37 49.54Madison ETF Income Advantage Strategic Broad Market 0.58 1.86 3.38 — 3.4 0.52 0.82 75.44 87.59iSectors Capital Preservation Allocation Strategic All-Inclusive 0.16 1.25 2.78 — 18.2 1.66 0.30 23.90 18.84

CFGAM S3 Municipal ETF Strategic Sector -0.73 1.61 2.72 — 5.3 -0.45 0.92 58.15 108.45Astor Active Income Program Strategic All-Inclusive 0.46 3.39 — — 10.8 — — — —Caprin Tactical Muni ETF Strategic Sector -0.85 2.59 — — 11.6 — — — —Caprin Core Plus ETF Strategic All-Inclusive -0.68 1.62 — — 8.1 — — — —Caprin Tactical Opportunity ETF Strategic All-Inclusive -0.60 2.68 — — 35.2 — — — —








Granite Tactical Global Interm Fixed Income Strat Strategic All-Inclusive — — — — NR — — — —Foy SELECTOR Income Strategic All-Inclusive -1.16 3.94 — — 3.0 — — — —SEI Tax-Managed ETF Conservative Strategic All-Inclusive — — — — 21.4 — — — —Clark Navigator Fixed Income TR Tactical All-Inclusive 2.20 4.83 7.32 9.54 160.6 5.18 0.58 9.55 61.59WST Asset Manager – U.S. Bond Tactical Sector -0.01 4.76 6.47 — 167.3 6.15 0.05 0.10 -18.96

Braver Tactical High Income Tactical Sector 1.77 4.95 6.24 9.63 126.2 5.74 0.12 0.41 4.70Green Inv Mgt - Guardian Fix-Inc Tactical All-Inclusive 1.49 3.57 4.03 4.53 21.0 2.04 0.57 14.62 77.63Laffer Investments Fix-Inc ETF Strategy Tactical All-Inclusive 0.01 1.86 3.79 — 2.3 0.92 0.82 59.61 91.04QA Tactical Bond Tactical All-Inclusive -0.54 1.80 2.81 — 8.5 -0.95 1.10 69.76 144.52Stadion Capital Preservation Strategy Tactical Broad Market -1.10 1.75 2.26 — 111.1 2.64 -0.12 0.94 -18.87

3D Fixed Income ETF Portfolio - Tax Sen. Tactical All-Inclusive 0.49 0.45 1.86 — 0.3 -0.79 0.77 58.97 91.183D Fixed Income ETF Portfolio Tactical All-Inclusive 0.91 — — — 0.4 — — — —Optimus High Yield Bull/Bear Tactical Sector 3.10 5.11 — — 0.1 — — — —Palladiem Sustainable Income Strategy Tactical All-Inclusive -0.12 3.64 — — 7.6 — — — —Longview Capital Fixed Income Tactical All-Inclusive — — — — NR — — — —

United States Fixed Income Median 0.20 3.13 5.01 5.23Hybrid Median -0.42 3.23 5.19 4.74Strategic Median 0.38 2.93 4.22 4.47Tactical Median 0.49 3.60 3.91 9.54Morningstar Core Bond MCBI TR 0.08 1.99 3.47 4.62






Exhibit 6 Selected Top- and Bottom Performing Strategies, 3-Year Return, 30 June 2015Return %




Assets USD Mil

Top Performing Strategies

Athena Global Tactical ETFs 9/1/10 Global Equity Tactical Broad Market 1.46 26.35 — — 69.5

Niemann Dynamic 2/20/97 United States Equity Tactical Sector 9.85 21.42 17.87 9.08 47.0

Niemann Risk Managed 9/30/96 United States Equity Tactical Sector 9.45 20.66 12.50 7.87 66.6

Braver Tactical Equity Sector Rotation 7/1/96 United States Equity Tactical Sector 3.96 20.21 17.08 9.24 77.8

Main Management Active - US Large Cap 9/30/02 United States Equity Tactical Sector 4.51 19.04 16.94 9.81 203.6

Churchill ETF Sector Rotation 10/1/07 United States Equity Strategic Sector 1.28 18.16 18.50 — 196.4

Hillswick S&P 500 Sector Selection 9/30/08 United States Equity Strategic Sector 1.83 18.00 17.69 — 112.0

F-Squared AlphaSector AlphaDEX Pre Idx 9/1/11 United States Equity Tactical Sector -2.91 16.71 — — 124.5

Green Inv Mgt - Guardian Sector 7/1/93 United States Equity Tactical Sector 0.27 16.67 15.25 5.39 0.4

Raylor Strategic US Equity 1/3/06 United States Equity Strategic All-Inclusive 0.69 16.60 16.95 — 1.0

BCM AlphaDEX U.S. Sector Rotation 9/1/11 United States Equity Tactical Sector 1.35 16.60 — — 194.4

Clark Navigator U.S. Style Opp (SAI) 1/3/05 United States Equity Tactical Broad Market 4.94 16.49 15.98 8.14 61.0

WestEnd Advisors Global Equity 12/31/04 Global Equity Hybrid All-Inclusive 4.64 16.48 16.26 9.41 116.3

Niemann Dynamic Sector 2/20/08 United States Equity Tactical Sector 6.49 16.44 16.07 — 6.4

Clark Navigator U.S. Style Opportunity 12/31/04 United States Equity Tactical Broad Market 4.65 16.39 15.92 8.11 61.0

Bottom Performing Strategies

PCM Conservative Portfolio Composite 1/2/12 Global All Asset Tactical All-Inclusive -3.56 0.07 — — 0.1

Good Harbor Tactical Core US 4/30/03 United States Equity Tactical Broad Market -2.20 -0.14 6.92 9.31 1,624.9

PCM Stable Growth Plus+ Composite 11/1/11 Global All Asset Tactical Country/Region -3.40 -0.38 — — 5.8

PCM Absolute Bond Composite 5/2/11 Global Fixed Income Tactical All-Inclusive -1.01 -0.57 — — 2.4

PCM Ruby Multi-Strategy HF Composite 5/1/12 Global All Asset Tactical All-Inclusive -2.20 -0.59 — — 2.6

Accuvest Global Long Short Equity 1/2/12 Global Alternative Tactical Country/Region -0.03 -0.84 — — 13.0

PCM Global Tactical Composite 3/1/12 Global Equity Tactical All-Inclusive -3.03 -1.03 — — 3.7

PCM Super Global Macro 5/31/12 Global All Asset Tactical All-Inclusive -2.34 -1.74 — — 6.8

PCM Sapphire Global Macro HF Composite 5/1/12 Global All Asset Tactical All-Inclusive -2.11 -1.75 — — 0.5

PCM Global Macro 3M Composite 2/16/12 Global Equity Tactical All-Inclusive -4.33 -1.84 — — 3.6

SignalPoint Currency Point 10/31/08 Global Alternative Hybrid Country/Region -0.91 -1.98 -0.58 — 0.1

iSectors Inflation Protected Allocation 10/1/09 Global All Asset Strategic All-Inclusive -2.48 -3.79 1.94 — 2.6

PCM Absolute Commodity Composite 11/2/09 Global Alternative Tactical All-Inclusive -9.67 -7.71 -10.78 — 1.2

iSectors Precious Metals Allocation 11/1/10 Global Alternative Strategic Sector -3.16 -9.81 — — 2.3

Green Inv Mgt Guardian Alternatives 9/1/09 United States Alternative Tactical All-Inclusive -3.50 -9.99 -5.34 — 0.7




Exhibit 7 Selected Top- and Bottom Performing Strategies, 5-Year Return, 30 June 2015Return %




Assets USD Mil

Top Performing StrategiesChurchill ETF Sector Rotation 10/1/07 United States Equity Strategic Sector 1.28 18.16 18.50 — 196.4

Niemann Dynamic 2/20/97 United States Equity Tactical Sector 9.85 21.42 17.87 9.08 47.0

Hillswick S&P 500 Sector Selection 9/30/08 United States Equity Strategic Sector 1.83 18.00 17.69 — 112.0

Braver Tactical Equity Sector Rotation 7/1/96 United States Equity Tactical Sector 3.96 20.21 17.08 9.24 77.8

Raylor Strategic US Equity 1/3/06 United States Equity Strategic All-Inclusive 0.69 16.60 16.95 — 1.0

Main Management Active - US Large Cap 9/30/02 United States Equity Tactical Sector 4.51 19.04 16.94 9.81 203.6

QA Global Style 9/4/07 Global Equity Tactical Broad Market 2.14 16.22 16.78 — 4.6

BCM U.S. Sector Rotation (Monthly) 7/1/10 United States Equity Tactical Sector -0.45 15.76 16.34 — 95.3

WestEnd Advisors Global Equity 12/31/04 Global Equity Hybrid All-Inclusive 4.64 16.48 16.26 9.41 116.3

Niemann Dynamic Sector 2/20/08 United States Equity Tactical Sector 6.49 16.44 16.07 — 6.4

Clark Navigator U.S. Style Opp (SAI) 1/3/05 United States Equity Tactical Broad Market 4.94 16.49 15.98 8.14 61.0

Clark Navigator U.S. Style Opportunity 12/31/04 United States Equity Tactical Broad Market 4.65 16.39 15.92 8.11 61.0

F-Squared AlphaSector Premium Index 10/1/08 United States Equity Tactical Sector -4.23 14.28 15.88 — 413.7

iSectors Domestic Equity Allocation 7/1/10 United States Equity Strategic Broad Market -0.16 14.94 15.80 — 27.5

F-Squared AlphaSector Rotation Index 10/1/08 United States Equity Tactical Sector -3.63 14.81 15.68 — 661.7

Bottom Performing StrategiesCFGAM S3 Municipal ETF 1/4/10 United States Fixed Income Strategic Sector -0.73 1.61 2.72 — 5.3

Stadion Conservative Strategy 4/2/07 United States Balanced Tactical Broad Market -3.50 1.65 2.48 — 214.0

Stadion Capital Preservation Strategy 4/2/07 United States Fixed Income Tactical Broad Market -1.10 1.75 2.26 — 111.1

Financial Trust Flexible Income 11/30/01 Global Fixed Income Tactical All-Inclusive 0.75 0.88 2.17 3.65 6.1

iSectors Inflation Protected Allocation 10/1/09 Global All Asset Strategic All-Inclusive -2.48 -3.79 1.94 — 2.6

3D Fixed Income ETF Portfolio - Tax Sen. 11/3/08 United States Fixed Income Tactical All-Inclusive 0.49 0.45 1.86 — 0.3

Metropolitan Tactical Growth 9/30/05 Global Equity Tactical All-Inclusive 0.89 1.16 1.81 — 8.7

AEPG High Quality Bond 1/4/10 Global Fixed Income Hybrid All-Inclusive 0.25 1.33 1.61 — 3.5

iSectors Tactical International Alloc 10/1/09 International Equity Tactical All-Inclusive -0.25 2.79 1.11 — 0.2

Metropolitan Tactical Moderate 9/30/05 Global Equity Tactical All-Inclusive 0.00 0.74 0.91 — 7.3

Stadion Managed Risk 100 Strategy 1/2/96 Global Equity Tactical All-Inclusive -8.99 0.66 0.79 3.06 259.3

Fortunatus International ETF Opportunity 2/29/08 International Balanced Tactical All-Inclusive -1.46 1.86 0.26 — 0.4

SignalPoint Currency Point 10/31/08 Global Alternative Hybrid Country/Region -0.91 -1.98 -0.58 — 0.1

Green Inv Mgt Guardian Alternatives 9/1/09 United States Alternative Tactical All-Inclusive -3.50 -9.99 -5.34 — 0.7

PCM Absolute Commodity Composite 11/2/09 Global Alternative Tactical All-Inclusive -9.67 -7.71 -10.78 — 1.2




Exhibit 8 Largest Strategies, 30 June 2015

Return %




Assets USD Mil

Windhaven Diversified Growth 1/2/02 Global All Asset Hybrid All-Inclusive 0.43 6.10 7.65 6.65 7,694.1

Windhaven Diversified Aggressive 1/2/02 Global All Asset Hybrid All-Inclusive 0.68 8.05 9.21 7.89 4,512.7

Windhaven Diversified Conservative 1/2/02 Global All Asset Hybrid All-Inclusive -0.03 3.23 4.40 5.04 2,585.8

RiverFront Moderate Growth and Income 10/1/03 Global Balanced Hybrid All-Inclusive 2.43 9.26 9.03 6.17 2,194.9

Good Harbor Tactical Core US 4/30/03 United States Equity Tactical Broad Market -2.20 -0.14 6.92 9.31 1,624.9

Stadion Growth Strategy (QDIA Eligible) 4/2/07 United States Balanced Tactical Broad Market -1.38 8.15 7.86 — 1,492.4

Windham Risk Regime III 9/30/11 Global Equity Tactical Broad Market 0.02 7.19 — — 1,214.2

Stadion Moderate Strategy (QDIA) 4/2/07 United States Balanced Tactical Broad Market -2.39 5.47 5.95 — 1,179.1

Churchill Premier Wealth Tactical 10/1/96 United States Equity Tactical All-Inclusive 4.74 9.49 7.23 5.86 1,177.6

Astor Long/Short Balanced Program 1/3/05 United States Alternative Tactical All-Inclusive 0.64 8.87 7.43 7.02 1,169.3

Churchill Premier Wealth Tactical Core 1/4/99 Global Equity Tactical All-Inclusive 3.43 12.22 8.88 6.89 1,116.6

BCM Decathlon Growth Aspect (Profile 5) 4/10/14 Global Balanced Tactical Sector 4.22 — — — 1,050.5

Charles Schwab SMP-ETFs Thd-Pty-Bl w/ Gr 12/31/09 Global All Asset Hybrid All-Inclusive 2.33 8.33 9.07 — 945.2

RiverFront Dynamic Equity Income 5/1/09 Global Equity Hybrid All-Inclusive 3.68 11.30 11.26 — 939.3

Swan Defined Risk Strategy 7/1/97 United States Equity Strategic Broad Market 0.44 8.51 7.96 9.00 901.3

GTS with Conservative Growth (MAR8) 10/31/01 Global All Asset Tactical All-Inclusive 1.89 6.35 6.01 7.43 876.8

Forward Tactical Growth 8/3/09 United States Equity Hybrid Broad Market -1.01 7.37 5.89 — 828.0

Ibbotson Strategic ETF Moderate Gr & Inc 4/29/05 United States Balanced Strategic Broad Market 1.68 8.70 9.33 6.03 825.4

UBS PWS Global Tactical Alloc. 6/29/12 Global Balanced Tactical Broad Market 1.83 8.49 — — 795.2

Innealta Tac ETF Country Rotation 12/31/09 International Equity Tactical Country/Region 2.95 3.88 6.08 — 726.0

RiverFront Global Allocation 10/1/03 Global Equity Hybrid All-Inclusive 4.36 12.02 10.65 6.46 681.0

Glovista Emerging Market Equities 1/4/99 International Equity Tactical Country/Region 0.91 3.66 3.30 16.77 665.0

F-Squared AlphaSector Rotation Index 10/1/08 United States Equity Tactical Sector -3.63 14.81 15.68 — 661.7

F-Squared AlphaSector All-Cap Index 2/3/14 United States Equity Tactical Sector -4.08 — — — 635.8

Innealta Tac ETF Sector Rotation Core 12/31/09 United States Equity Tactical Sector 0.28 2.91 5.55 — 587.7




Exhibit 9 Largest 1-Year Growth in Assets, 30 June 2015

Return %




1-Yr Growth USD Mil

Assets USD Mil

BCM Decathlon Growth Aspect (Profile 5) 4/10/14 Global Balanced Tactical Sector 4.22 — — — 994.5 1050.5

Churchill Premier Wealth Tactical Core 1/4/99 Global Equity Tactical All-Inclusive 3.43 12.22 8.88 6.89 856.8 1116.6

BCM Decathlon Moderate Aspect(Profile3) 4/10/14 United States Balanced Tactical All-Inclusive 3.25 — — — 548.2 563.2

Astor Long/Short Balanced Program 1/3/05 United States Alternative Tactical All-Inclusive 0.64 8.87 7.43 7.02 480.5 1169.3

Swan Defined Risk Strategy 7/1/97 United States Equity Strategic Broad Market 0.44 8.51 7.96 9.00 460.8 901.3

UBS PWS Global Tactical Alloc. 6/29/12 Global Balanced Tactical Broad Market 1.83 8.49 — — 413.8 795.2

Astor S.T.A.R. Program 1/3/05 United States Equity Tactical All-Inclusive 2.35 16.25 13.28 7.94 405.8 522.3

Richard Bernstein Global Moderate II 4/17/13 Global Equity Tactical All-Inclusive 2.39 — — — 293.6 375.2

Windham Risk Regime II 5/31/12 Global Balanced Tactical Broad Market -0.36 5.98 — — 292.9 295.3

Windham Risk Regime III 9/30/11 Global Equity Tactical Broad Market 0.02 7.19 — — 290.0 1214.2

Ladenburg LAMP ETF Growth and Income 2/1/05 Global Balanced Strategic Broad Market 1.80 9.05 9.38 6.74 282.6 282.6

Vanguard CRSP 60%Equity/40%Fixed Income 1/4/10 Global Balanced Strategic Broad Market 1.77 9.75 10.14 — 280.1 442.9

RiverFront Moderate Growth and Income 10/1/03 Global Balanced Hybrid All-Inclusive 2.43 9.26 9.03 6.17 256.9 2194.9

Windham Risk Regime I 3/1/10 Global All Asset Tactical Broad Market -0.79 5.15 6.56 — 245.6 350.0

Members Trust Conservative ETF 5/1/06 United States Balanced Strategic Broad Market 1.06 7.00 7.61 — 212.8 575.0

Hays TMAC Portfolio 12/31/09 Global All Asset Tactical All-Inclusive -1.06 5.42 7.64 — 208.6 406.5

GTS with Conservative Growth (MAR8) 10/31/01 Global All Asset Tactical All-Inclusive 1.89 6.35 6.01 7.43 195.8 876.8

Stadion Tactical Growth Strategy 4/30/04 United States Equity Tactical All-Inclusive 0.39 11.12 13.64 8.08 166.1 205.3

Vanguard CRSP 80%Equity/20%Fixed Income 1/4/10 Global Equity Strategic Broad Market 2.44 12.43 12.34 — 160.2 233.0

Ladenburg LAMP ETF Income and Growth 6/1/05 Global Balanced Strategic Broad Market 1.16 6.36 7.12 5.83 159.8 159.8

SEI Tactical ETF Market Growth Strategy 1/2/13 Global Balanced Hybrid Broad Market 2.12 — — — 152.5 305.7

New Frontier Moderate 60/40 10/29/04 Global Balanced Strategic Broad Market 1.43 9.33 10.54 6.47 151.2 470.1

Charles Schwab SMP-ETFs Thd-Pty–Bl w/ Gr 12/31/09 Global All Asset Hybrid All-Inclusive 2.33 8.33 9.07 — 145.3 945.2

GTS with Moderate Growth (MAR 10) 3/1/11 Global All Asset Tactical All-Inclusive 3.11 9.56 — — 141.9 392.9

Newfound Risk Managed Glb Sectors Cmpst 11/27/13 Global Equity Tactical Sector 1.01 — — — 139.8 155.7

Source: Morningstar Inc. * An investment advisory subsidiary of Morningstar, Inc., manages this portfolio or receives fees for providing investment consulting services to this portfolio’sadvisor. These fees are mainly based on portfolio assets under management. This portfolio is not sponsored, issued, marketed, or sold by Morningstar, Inc. Morningstar, Inc., does not make any representation regarding the advisability of investing in this portfolio.



Exhibit 10 Largest Percentage Growth, 30 June 2015

Source: Morningstar Inc. Limited to strategies having at least $100 million in assets as of 6/30/2014.

Return %




1-Year % Growth

Assets USD Mil

Astor S.T.A.R. Program 1/3/05 United States Equity Tactical All-Inclusive 2.35 16.25 13.28 7.94 348.2 522.3

Churchill Premier Wealth Tactical Core 1/4/99 Global Equity Tactical All-Inclusive 3.43 12.22 8.88 6.89 329.7 1116.6

Windham Risk Regime I 3/1/10 Global All Asset Tactical Broad Market -0.79 5.15 6.56 — 235.1 350.0



UBS PWS Global Tactical Alloc. 6/29/12 Global Balanced Tactical Broad Market 1.83 8.49 — — 108.5 795.2

Hays TMAC Portfolio 12/31/09 Global All Asset Tactical All-Inclusive -1.06 5.42 7.64 — 105.5 406.5

Swan Defined Risk Strategy 7/1/97 United States Equity Strategic Broad Market 0.44 8.51 7.96 9.00 104.6 901.3

SEI Tactical ETF Market Growth Strategy 1/2/13 Global Balanced Hybrid Broad Market 2.12 — — — 99.6 305.7

Sterling Tactical Rotation Strategy 2/1/10 Global All Asset Tactical Broad Market -3.92 8.92 11.11 — 88.2 287.4

Windham Risk Regime Other 2/28/14 Global All Asset Tactical All-Inclusive — — — — 82.8 272.7

Astor Long/Short Balanced Program 1/3/05 United States Alternative Tactical All-Inclusive 0.64 8.87 7.43 7.02 69.8 1169.3

WST Asset Manager - U.S. Equity 12/31/12 United States Equity Tactical Sector 2.04 — — — 62.7 241.4

Members Trust Conservative ETF 5/1/06 United States Balanced Strategic Broad Market 1.06 7.00 7.61 — 58.8 575.0

GTS with Moderate Growth (MAR 10) 3/1/11 Global All Asset Tactical All-Inclusive 3.11 9.56 — — 56.5 392.9

New Frontier Growth 90/10 10/29/04 Global Equity Strategic Broad Market 3.06 12.51 12.27 6.81 55.8 162.0

WST Asset Manager – U.S. Bond 3/31/06 United States Fixed Income Tactical Sector -0.01 4.76 6.47 — 54.6 167.3

RiverFront ETF Moderate Growth & Income 4/3/06 Global Balanced Hybrid All-Inclusive 2.35 9.28 9.09 — 53.0 249.4

New Frontier Moderate Growth 75/25 10/29/04 Global Equity Strategic Broad Market 2.10 11.06 11.64 6.62 47.7 386.5

New Frontier Moderate 60/40 10/29/04 Global Balanced Strategic Broad Market 1.43 9.33 10.54 6.47 47.4 470.1

Nottingham Global Income Strategy 12/31/04 Global Balanced Strategic Broad Market 0.02 2.57 2.94 2.69 44.8 259.8

Richard Bernstein Global Moderate I 8/2/10 Global Balanced Tactical All-Inclusive 1.60 8.90 — — 41.3 258.6

RiverFront ETF Global Allocation 4/3/06 Global Equity Hybrid All-Inclusive 4.85 12.41 10.93 — 32.8 159.3

Dorsey Wright Sys Reltv Strth Glb Macro 3/31/09 Global All Asset Tactical All-Inclusive 0.29 12.45 11.57 — 32.7 207.0

Windham Risk Regime III 9/30/11 Global Equity Tactical Broad Market 0.02 7.19 — — 31.4 1214.2



Exhibit 11 ETF Managed Portfolio Assets by Firm, 30 June 2015

NameStrategy

Assets1-Year

Growth# Strategies

Reported

Windhaven Investment Management 14,792.6 (4,252.8) 3

RiverFront Investment Group, LLC 5,198.0 484.0 11

Stadion Money Management,LLC 4,042.7 (722.8) 8

Charles Schwab Investment Advisory, INC 3,915.0 447.5 12

Morningstar, Inc.* 3,519.1 243.0 26

F-Squared Investments, Inc. 3,348.6 (20,802.6) 20

Beaumont Capital Management 2,856.4 1,775.9 31

Churchill Management Group 2,490.6 (240.5) 3

Windham Capital Management, LLC 2,288.0 928.6 18

Sage Advisory Services Ltd CO 2,246.1 (34.6) 12

Innealta Capital 2,210.6 (703.6) 10

Astor Investment Management LLC 1,702.4 890.2 3

Vanguard Advisers Inc 1,689.9 1,101.5 44

Cougar Global Investments Limited 1,656.9 401.9 4

Good Harbor Financial, LLC 1,626.3 (7,946.6) 2

NEW Frontier Management Company, LLC 1,505.2 331.5 11

Members Trust Company 1,339.8 397.3 5

SEI Trust Company 967.5 608.3 10

UBS Global Asset Management 960.5 475.3 4

Swan Global Investments, LLC 901.3 460.8 2

Nottingham Advisors Inc. 880.5 105.6 5

Quantitative Advantage 828.0 480.7 11

Forward Management, LLC 828.0 (309.4) 1

Richard Bernstein Advisors LLC 791.7 408.5 4

Hays Advisory LLC 748.3 393.6 4

Source: Morningstar Inc. *Morningstar assets include assets of its three wholly-owned subsidiaries Morningstar Associates, LLC, Ibbotson Associates, Inc., and Morningstar Investment Services Inc.


Exhibit 12 Return Comparison, 30 June 2015

Return %

Name 2015 3-Year 5-Year 10-Year

Global All Asset Median 0.70 6.39 7.95 6.73

Hybrid Median 1.31 8.06 8.70 7.00

Strategic Median 0.38 4.38 6.26 —

Tactical Median 0.10 5.15 7.29 6.73

Global All Asset Blended Benchmark 1.01 6.74 8.00 6.13

Global Balanced Median 1.08 7.01 8.13 5.85

Hybrid Median 1.29 7.09 8.10 5.60

Strategic Median 1.06 7.12 8.48 6.24


Global Balanced Blended Benchmark 0.97 8.16 8.76 6.49

Global Equity Median 2.08 11.30 11.26 6.61

Hybrid Median 2.09 10.33 10.93 6.05


Tactical Median 1.33 9.89 10.31 6.84

Morningstar Global Markets GR USD 3.41 13.95 12.84 7.44

Global Fixed Income Median 0.25 3.39 4.69 4.64

Hybrid Median 0.72 3.45 4.06 8.48


Tactical Median -0.38 2.53 4.23 3.33

Global Fixed Income Blended Benchmark -2.67 -0.38 2.34 3.78

International Equity Median 2.91 7.39 6.23 8.59

Morningstar Gbl Mkts ex-US GR USD 4.43 9.96 8.45 6.54

United States All Asset Median -0.98 9.85 11.94 —

United States All Asset Blended Benchmark 1.12 9.62 10.99 6.91

United States Equity Median 1.04 13.51 13.05 7.91

Hybrid Median 1.35 10.41 12.56 7.79


Tactical Median 0.57 14.67 13.56 8.01

Morningstar US Market TR USD 1.85 17.62 17.60 8.33

United States Balanced Median 0.82 7.86 8.82 6.66

Hybrid Median 2.61 8.94 10.18 7.37


Tactical Median -0.94 5.47 6.91 6.73

United States Balanced Blended Benchmark 1.22 11.23 11.98 7.15

United States Fixed Income Median 0.20 3.13 5.01 5.23

Hybrid Median -0.42 3.23 5.19 4.74



Morningstar Core Bond MCBI TR 0.08 1.99 3.47 4.62



Exhibit 13 Blended Benchmark Information

Source: Morningstar, Inc. Asset Allocations Were Re-Balanced Semi-annually

Benchmark % Morningstar Core Bond MCBI TR BarCap Gbl Agg Ex USD TR

50.050.0

Benchmark % Morningstar Global GR Morningstar Core Bond MCBI TR BarCap Gbl Agg Ex USD TR

60.020.020.0

Benchmark % Morningstar US Market TR Morningstar Core Bond MCBI TR Morningstar Long-Only Commodity TR

55.035.010.0

Benchmark % Morningstar US Market TR Morningstar Core Bond MCBI TR

60.040.0

Benchmark % Morningstar Gbl Mkts ex-US GR USD BarCap Gbl Agg Ex USD TR

60.040.0

55.017.517.510.0

Benchmark % Morningstar Global GR Morningstar Core Bond MCBI TR BarCap Gbl Agg Ex USD TR Morningstar Long-Only Commodity TR

Global Fixed Income

Global Balanced International Balanced

U.S. Balanced

U.S. All-AssetGlobal All-Asset


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Unless otherwise specified, the data contained herein represent composite data for those reporting vehicles comprising the applicable industry segment or the industry as a whole (to the extent included in Morningstar’s database). Please note that, as a general matter, any return or related statistics that are based upon a limited number of data points are considered satistically suspect and, therefore, may be of limited value.

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