ETF Managed Portfolios andscape Q1 2015news.morningstar.com/im/ETFMP_Landscape_2015_Q1.pdf · 2015. 5. 28. · Q1 2015 Contents Landscape Highlights ETF Managed Portfolio Attributes

ETF Managed Portfolios LandscapeQ1 2015

ContentsLandscape Highlights

ETF Managed Portfolio Attributes

Universe ChangesExhibit 8

ETF Managed Portfolio Strategies Exhibit 9

Attribute Groupings (Ranked by 5-Year Return) and Selected Risk StatisticsExhibit 10

Return Type IdentifiersExhibit 11

Selected Return InformationExhibits 12 and 13

Selected Asset InformationExhibits 14, 15, and 16

Summary Return InformationExhibits 17 and 18

Blended Benchmark InformationExhibit 19

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 700 strategies from 151 firms with total assets (AUM and AUA) of $86 billion through March 2015.

Total assets in these strategies tracked by Morningstar fell 5% in the first quarter of 2015.

Windhaven Investment Management has overtaken F-Squared Investments to become the industry’s largest manager.

Global All-Asset strategies re-gained the top position and collectively held $25 billion, despite falling 3% from the previous quarter.

Challenges faced by several of the top firms in the industry continued take their toll as outflows continued during the first quarter of 2015.

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Morningstar ETF Managed Portfolios Landscape Summary Q1 2015Page 2 of 64

©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

The challenges faced by several of the industry’s top firms continued take their toll as outflows continued during the first quarter of 2015. While outflows slowed significantly at Good Harbor Financial and Windhaven Investment Management, F-Squared Investments saw over $5 billion in outflows this quarter. At the end of the quarter, Windhaven Investment Management emerged as the largest manager in our ETF managed portfolios database.

Amidst the significant structural changes happening in this space, Morningstar continues to focus its efforts on equipping investors with the necessary tools to conduct thorough due diligence on ETF managed portfolio strategies. This quarter, we are introducing Return Type Identifiers to detail the source of each strategy’s performance stream as reported to our database.

While ETF managed portfolios first emerged within the domain of traditional separate accounts, the use of ETFs has fostered new forms of collaboration among asset management firms, UMA platforms, and mutual fund companies. Due to the relatively small number of holdings and quantitatively-driven investment processes utilized by many strategies, a significant portion of assets have grown via means of model delivery through multiple non-discretionary sources--namely platforms such as Envestnet and AssetMark, or even other third-party RIAs. Given the dispersion of returns between discretionary and non-discretionary accounts caused by differences in portfolio implementation and construction, knowing the source of reported returns will help investors to ask the right questions when parsing performance disclosures as they conduct due diligence.

The Return Type Identifiers Given the importance of understanding the source of reported returns, Morningstar has introduced four identifiers outlined in the table below. All managers in our ETF Managed Portfolios database have been surveyed and each strategy in the database has been tagged with a single identifier labeling the current source of returns being reported. In addition, the sources of historical returns for each strategy have also been identified to provide full transparency around past returns and any changes in the source of reported returns through time.

For the full article, including a detailed explanation of the identifiers and their due diligence applications, please refer to: Performance Reporting – What’s Behind the Numbers? available at MorningstarAdvisor.com.



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Exhibit 1 Return Type Identifiers

Return Type Performance Construction

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 (e.g. Envestnet) 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.

It should be noted that a strategy’s return-type classification simply details the source of a strategy’s returns as reported by the firm. The returns reported are in many cases a representation of the strategy’s overall performance and do not encompass all of a strategy’s distribution channels. For example, if a strategy’s returns fall under RT-1, it simply means that the manager is using the returns from a composite of discretionary accounts to represent all assets invested according to that particular investment mandate. It does not imply that the strategy is offered exclusively through a traditional separate account; the strategy may also be available through several nondiscretionary sources.

Return Source DiagramsTo provide a clearer picture of each return type, the following diagrams illustrate the flow of information:

Exhibit 2 Return Type 1 (RT-1): Performance is a composite of live discretionary accounts.

Source: Morningstar

1. ETF Asset Manager makes portfolio changes in underlying discretionary accounts.2. Returns from accounts are combined to create a composite.3. The composite’s return is reported.



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Exhibit 3 Return Type 2 (RT-2): Performance is a composite of live nondiscretionary accounts.

Source: Morningstar

1. ETF Asset Manager sends investment model to third parties (platforms such as Envestnet and AssetMark) for implementation.2. Platforms make portfolio changes in underlying accounts and returns are consolidated at each platform.3. Each platform reports their returns to the asset manager. 4. The manager then consolidates returns across multiple platforms to create a composite. The composite’s return is reported.



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Exhibit 4 Return Type 3 (RT-3): Performance is from a single nondiscretionary source (e.g. Envestnet) and is used as a representative return stream for the entire model.

Source: Morningstar

1. ETF Asset Manager sends investment model to third parties (platforms such as Envestnet and AssetMark) for implementation. 2. Platforms make portfolio changes in underlying accounts and returns are consolidated at each platform.3. The manager uses the returns from a single third party as a representative stream of returns for the strategy.



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Exhibit 5 Return Type 4 (RT-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 any of the nondiscretionary sources.

Source: Morningstar

1. ETF Asset Manager sends investment model to third parties (platforms such as Envestnet and AssetMark) for implementation.2. Platforms make portfolio changes in underlying accounts and returns are consolidated at each platform.3. The manager uses the returns generated from the original investment model delivered in step 1 as a representative stream of returns for the strategy.



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.

Exhibit 6 Attribute and Classification SummaryUniverse 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.

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.

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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 7 Current Assets (%) by Attribute, 31 March 2015

Universe All Asset Alternative Balanced Equity Fixed Income Total

Global 29.6 0.4 13.5 14.4 2.1 59.9International 0.0 0.0 0.0 1.9 0.0 2.0United States 0.4 1.2 8.7 25.3 2.5 38.1

Total 30.0 1.6 22.2 41.6 4.6 100


Exhibit 8 Universe Changes, 31 March 2015

Name Firm NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type

Assets USD ($Mil)

Strategies AddedNewfound Tailwinds Conservative Idx Newfound Research LLC 6/16/14 Global All Asset Hybrid All-Inclusive 0.1

Newfound Tailwinds Growth Idx Newfound Research LLC 7/1/14 Global All Asset Hybrid All-Inclusive 3.9

Newfound Tailwinds Moderate Cmp Newfound Research LLC 6/2/14 Global All Asset Hybrid All-Inclusive 5.1

Newfound Total Return Newfound Research LLC 6/2/14 United States All Asset Hybrid All-Inclusive 0.5

Optimus Bond Rotation Optimus Advisory Group 3/3/14 Global Fixed Income Tactical All-Inclusive —

SEI Tax-Managed ETF Aggressive SEI Trust Company 1/3/14 Global Equity Strategic All-Inclusive 22.6

SEI Tax-Managed ETF Conservative SEI Trust Company 1/3/14 United States Fixed Income Strategic All-Inclusive 13.4

SEI Tax-Managed ETF Equity SEI Trust Company 1/3/14 Global Equity Strategic Broad Market 32.6

SEI Tax-Managed ETF Market Growth SEI Trust Company 1/3/14 Global Balanced Strategic All-Inclusive 72.0

SEI Tax-Managed ETF Moderate SEI Trust Company 1/3/14 Global Balanced Strategic All-Inclusive 31.4

SelectAlts 20 Index Strategy Select Alternative Investments 12/31/14 United States All Asset Strategic All-Inclusive 0.1

Stadion Tactical Growth Strategy Stadion Money Management,LLC 4/30/04 United States Equity Tactical All-Inclusive 147.9

Strategies Conservative Strategies, LLC 1/31/95 Global Balanced Hybrid All-Inclusive 1.3

Strategies Growth Strategies, LLC 8/31/93 Global Equity Hybrid All-Inclusive 9.5

Strategies Moderate Strategies, LLC 1/3/95 Global Balanced Hybrid All-Inclusive 25.8

Strategies Moderate Growth Strategies, LLC 6/30/95 Global Balanced Hybrid All-Inclusive 12.5

Strategies Moderately Conservative Strategies, LLC 3/31/93 Global Balanced Hybrid All-Inclusive 16.4

Trademark Tactical Risk Strategy Trademark Capital Management Inc 10/1/07 United States Balanced Tactical All-Inclusive 10.9

F-Squared AlphaSector All-Cap Index F-Squared Investments, Inc. 2/3/14 United States Equity Tactical Sector 784.0

ARS Sector Rotation Strategy Alpha Risk Solutions, LLC 9/2/14 United States Equity Tactical Sector 2.1

Strategies RemovedCumberland - Glbl Multi-Asset Eq ETF Cumberland Advisors Inc 12/30/05 Global All Asset Tactical All-Inclusive —

F-Squared AlphaSector Growth Index F-Squared Investments, Inc. 7/2/12 Global Equity Tactical All-Inclusive —

F-Squared AlphaSector Max Growth Index F-Squared Investments, Inc. 7/2/12 Global Equity Tactical Sector —

F-Squared AlphaSector Mod Consv Idx F-Squared Investments, Inc. 7/2/12 United States Balanced Tactical All-Inclusive —

F-Squared AlphaSector Mod Growth Idx F-Squared Investments, Inc. 7/2/12 Global Equity Tactical All-Inclusive —




Exhibit 8 Universe Changes, 31 March 2015 (Continued)

Name Firm NameInception Date Universe Asset Breadth



Assets USD ($Mil)

F-Squared AlphaSector Moderate Index F-Squared Investments, Inc. 7/2/12 Global Balanced Tactical Sector —

SignalPoint Domestic Signal SignalPoint Asset Management LLC 12/31/09 United States Equity Hybrid All-Inclusive —

SignalPoint global equity alpha port SignalPoint Asset Management LLC 11/30/11 Global Equity Hybrid All-Inclusive —

TAMP US Tactical ETF SectGrwth-SAGE TAM Portfolios, LLC 01/02/13 United States Equity Hybrid All-Inclusive —

Transamerica I-Series GTA Conservative Transamerica Financial Advisors 07/05/11 United States Fixed Income Strategic All-Inclusive —

Transamerica I-Series GTA Moderate Transamerica Financial Advisors 06/22/11 United States Balanced Strategic All-Inclusive —

Transamerica I-Series GTA Moderate Gr Transamerica Financial Advisors 06/28/11 United States Balanced Strategic All-Inclusive —

Transamerica I-Series TFI Transamerica Financial Advisors 06/13/11 United States Fixed Income Strategic Broad Market —

TTM Momentum- Absolute Return Tuttle Tactical Management 01/03/06 United States All Asset Tactical Broad Market —

TTM Momentum Income Tuttle Tactical Management 01/03/06 Global All Asset Tactical All-Inclusive —

TTM Momentum- Low Volatility Tuttle Tactical Management 01/03/06 United States Equity Tactical Broad Market —

TTM Momentum-Core Tuttle Tactical Management 01/03/06 United States Equity Tactical Broad Market —

TTM Momentum-Growth Tuttle Tactical Management 01/03/06 United States Equity Tactical Broad Market —

TTM Momentum-Opportunity Tuttle Tactical Management 01/03/06 Global Equity Tactical All-Inclusive —

TTM Trend Aggregation-Absolute Return Tuttle Tactical Management 01/03/06 United States All Asset Tactical Broad Market —

TTM Trend Aggregation-Core Tuttle Tactical Management 01/03/06 Global Balanced Tactical All-Inclusive —

TTM Trend Aggregation-Growth Tuttle Tactical Management 01/03/06 Global Balanced Tactical All-Inclusive —

TTM Trend Aggregation-Low Volatility Tuttle Tactical Management 01/03/06 Global Balanced Tactical All-Inclusive —

TTM Trend Aggregation-Opportunity Tuttle Tactical Management 01/03/06 Global Equity Tactical All-Inclusive —




Exhibit 9 ETF Managed Portfolio Strategies, 31 March 2015

Return %

NameInception Date Universe Asset Breadth


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

Assets USD Mil

3D ETF Global 100 Portfolio 7/3/06 Global Equity Hybrid Broad Market 3.07 11.87 11.12 — 208.7 3D ETF Global 20 Portfolio 2/2/09 Global Fixed Income Hybrid Broad Market 1.68 3.97 4.04 — 8.8 3D ETF Global 20 Portfolio - Tax Sen. 12/1/08 Global Fixed Income Hybrid Broad Market 1.17 3.07 3.56 — 3.3 3D ETF Global 40 Portfolio 2/1/07 Global Balanced Hybrid Broad Market 2.30 5.39 5.83 — 31.4 3D ETF Global 40 Portfolio - Tax Sen. 1/3/07 Global Balanced Hybrid Broad Market 1.60 5.73 6.02 — 10.1

3D ETF Global 60 Portfolio 9/1/06 Global Balanced Hybrid Broad Market 2.57 7.75 7.73 — 195.0 3D ETF Global 60 Portfolio - Tax Sen. 10/2/06 Global Balanced Hybrid Broad Market 1.93 7.94 7.73 — 47.7 3D ETF Global 80 Portfolio 8/1/06 Global Equity Hybrid Broad Market 2.80 10.45 9.65 — 111.6 3D ETF Global 80 Portfolio - Tax Sen. 10/2/06 Global Equity Hybrid Broad Market 2.51 10.64 9.75 — 28.9 3D Fixed Income ETF Portfolio 2/2/09 United States Fixed Income Tactical All-Inclusive 1.40 — — — 0.4

3D Fixed Income ETF Portfolio - Tax Sen. 12/1/08 United States Fixed Income Tactical All-Inclusive 0.63 0.77 2.26 — 0.3 Accuvest Asian Advantage 8/31/10 International Equity Tactical Country/Region 8.26 7.91 — — 0.3 Accuvest Global Core Equity 8/1/05 Global Equity Tactical Country/Region 3.16 10.80 9.61 — 100.0 Accuvest Global Long Short Equity 1/2/12 Global Alternative Tactical Country/Region 0.93 –0.46 — — 13.0 Accuvest Global Opportunities 11/1/05 Global Equity Tactical Country/Region 3.07 –1.00 1.95 — 16.1

Accuvest Non US Equity 8/29/08 International Equity Tactical Country/Region 6.31 7.12 4.96 — 10.0 Acertus Planned Return Strategy 8/31/09 United States Equity Strategic Broad Market — — — — 369.4 Advisors Capital Mgt Global Balanced ETF 5/19/08 Global Equity Strategic All-Inclusive 2.20 7.35 — — 5.8 Alpha Dynamics ODS Dynamic Growth 10/3/11 Global Equity Strategic All-Inclusive 1.34 6.86 — — 1.8 Alpha Dynamics ODS Robust Growth 10/3/11 Global Equity Strategic All-Inclusive 0.91 5.24 — — 6.0

Alpha Dynamics ODS Stable Growth 10/3/11 United States Balanced Strategic All-Inclusive 0.90 4.03 — — 6.9 AP-Managed ETF/MF Portfolio-Moderate 4/30/12 Global Balanced Strategic All-Inclusive — — — — 0.1 Appleton Group Managed Income 4/2/12 Global All Asset Strategic All-Inclusive 2.29 4.19 — — 2.2 Appleton Group PLUS Portfolio 12/31/99 Global Equity Hybrid Broad Market 1.91 6.87 3.71 3.31 43.2 Appleton Group PLUS-Conservative 1/3/11 United States Balanced Hybrid Broad Market 1.65 4.59 — — 2.2

Appleton Group PLUS-Moderate 1/3/11 United States Equity Hybrid Broad Market 1.80 4.73 — — 14.3 Appleton Group Portfolio 12/31/99 Global Equity Hybrid Broad Market 2.11 8.60 7.24 5.95 18.8 Appleton Group Tax Managed Portfolio 12/31/99 Global Equity Hybrid Broad Market 1.27 6.40 3.18 3.00 28.9 Appleton Group-Conservative 7/1/11 United States Balanced Hybrid Broad Market 2.05 6.84 — — 4.2 Appleton Group-Moderate 4/1/11 United States Equity Hybrid Broad Market 1.99 6.72 — — 8.5

ARS Sector Rotation Strategy 9/2/14 United States Equity Tactical Sector 1.25 — — — 2.1 Astor Active Income Program 2/28/11 United States Fixed Income Strategic All-Inclusive 0.80 4.23 — — 9.5 Astor Long/Short Balanced Program 1/3/05 United States Alternative Tactical All-Inclusive 1.92 9.26 6.08 7.27 1,034.0 Astor S.T.A.R. Program 1/3/05 United States Equity Tactical All-Inclusive 3.22 15.53 11.51 8.36 358.8 Athena Global Tactical ETFs 9/1/10 Global Equity Tactical Broad Market 1.45 25.19 — — 60.6

Auour Instinct Global Balanced 5/1/14 Global Balanced Strategic All-Inclusive 2.06 — — — 5.2 Auour Instinct Global Equity 12/2/13 Global Equity Strategic All-Inclusive 2.94 — — — 11.6 Auour Instinct Global Equity Levered 6/11/14 Global Equity Strategic All-Inclusive 2.82 — — — 3.9 Auour Instinct Global Fixed Income 10/1/13 Global Fixed Income Tactical All-Inclusive 0.69 — — — 3.8 Auour Instinct Global High Yield 6/2/14 Global All Asset Strategic All-Inclusive 0.79 — — — 2.4

Baring Global Dynamic Asset Allocation 6/30/10 Global All Asset Strategic All-Inclusive 3.58 7.38 — — 218.1 BCM AlphaDEX Diversified Equity 9/1/11 United States All Asset Tactical All-Inclusive 2.52 9.68 — — 16.2 BCM AlphaDEX Moderate Growth 9/1/11 United States Balanced Hybrid All-Inclusive 1.87 6.56 — — 7.6 BCM AlphaDEX U.S. Sector Rotation 9/1/11 United States Equity Tactical Sector 3.33 15.10 — — 212.5 BCM Decathlon Conservative Tactics 10/1/12 Global All Asset Tactical All-Inclusive 1.29 — — — 7.3

BCM Decathlon Growth Tactics 10/1/12 Global All Asset Tactical All-Inclusive 4.22 — — — 106.8 BCM Decathlon Moderate Tactics 10/1/12 Global All Asset Tactical All-Inclusive 1.88 — — — 87.3 BCM Diversified Equity 8/7/09 United States All Asset Tactical All-Inclusive –0.02 9.40 10.08 — 94.0 BCM Diversified Equity (Monthly) 8/3/09 United States All Asset Tactical All-Inclusive 0.27 10.65 11.06 — 9.6 BCM Global Sector Rotation 12/1/10 Global Equity Tactical All-Inclusive 0.09 8.35 — — 4.4

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.

NR = Not reported to MorningstarIncl. = Assets counted in related strategy



Exhibit 9 ETF Managed Portfolio Strategies, 31 March 2015 (Continued)

Return %




Assets USD Mil

BCM Growth 11/2/09 United States Equity Hybrid All-Inclusive 0.22 7.74 8.62 — 58.5 BCM Growth (Monthly) 11/2/09 United States Equity Hybrid All-Inclusive 0.43 8.63 9.44 — 86.9 BCM Income 12/1/09 Global Fixed Income Tactical All-Inclusive 0.62 2.10 3.04 — 1.3 BCM International Sector Rotation 2/1/11 International Equity Tactical Broad Market 2.21 1.32 — — 0.4 BCM Moderate Growth 9/1/09 United States Balanced Hybrid All-Inclusive 0.31 6.68 7.91 — 54.6

BCM Moderate Growth (Monthly) 9/1/09 United States Balanced Hybrid All-Inclusive 0.51 7.19 8.29 — 77.0 BCM U.S. Sector Rotation 2/1/11 United States Equity Tactical Sector 0.05 14.76 — — 181.2 BCM U.S. Sector Rotation (Monthly) 7/1/10 United States Equity Tactical Sector 0.49 15.86 — — 99.7 Blue Edge Global Balanced 12/31/10 Global All Asset Hybrid All-Inclusive 3.46 9.41 — — 24.1 Blue Edge Global Equity 12/31/10 Global Equity Hybrid All-Inclusive 4.19 11.80 — — 30.2

Blue Edge Global Growth 12/31/10 Global All Asset Hybrid All-Inclusive 3.80 10.55 — — 46.2 Blue Edge Global Growth & Income 12/31/10 Global All Asset Hybrid All-Inclusive 2.85 7.57 — — 6.8 Boston Advisors Broad Allocation Growth 9/30/10 Global All Asset Strategic All-Inclusive — — — — 0.7 Boston Advisors Broad Allocation Str 10/31/08 Global All Asset Hybrid All-Inclusive 2.24 1.42 3.59 — 60.0 Braver Asset Allocation Conservative 12/31/08 Global Balanced Strategic All-Inclusive 1.85 5.79 6.35 — 14.8

Braver Asset Allocation Growth 12/31/08 Global Equity Strategic All-Inclusive 2.40 9.05 8.85 — 79.9 Braver Asset Allocation Moderate 12/31/08 Global Balanced Strategic All-Inclusive 1.99 7.82 7.96 — 103.9 Braver Conservative Multi Strategy 12/31/08 Global All Asset Hybrid All-Inclusive 1.08 4.92 5.73 — 27.1 Braver Growth Multi Strategy 4/1/10 Global All Asset Hybrid All-Inclusive 2.64 9.85 8.99 — 9.4 Braver Moderate Multi Strategy 12/31/08 Global All Asset Hybrid All-Inclusive 1.62 7.06 7.13 — 37.2

Braver Tactical Balanced 12/31/03 United States Equity Tactical Broad Market 0.64 6.57 6.59 5.76 129.3 Braver Tactical Equity Sector Rotation 7/1/96 United States Equity Tactical Sector 3.87 18.75 14.98 9.29 63.7 Braver Tactical High Income 10/1/96 United States Fixed Income Tactical Sector 1.95 4.96 6.41 9.93 129.1 Braver Tactical Opportunity 12/31/85 United States Equity Tactical All-Inclusive 0.27 4.72 4.65 5.37 102.7 Brinker Capital ACS Int'l Equity ETF 7/1/09 International All Asset Tactical All-Inclusive 4.15 6.68 4.10 — 15.4

Brinker Capital ACS Real Assets (Q) 11/1/11 United States All Asset Tactical All-Inclusive 0.47 5.35 — — 7.2 C Tactical Dynamic 9/30/09 Global All Asset Tactical Broad Market 1.56 7.42 6.16 — 43.9 C Tactical Equity Income 10/31/07 Global Equity Tactical Broad Market 2.46 11.08 10.92 — 31.2 C Tactical Global Growth 5/31/07 Global Equity Tactical Broad Market 2.79 11.67 11.22 — 15.1 CAN SLIM Balanced 6/1/09 Global Balanced Tactical Sector –0.20 7.27 8.16 — 70.0

Canterbury Portfolio Thermostat 8/31/12 Global All Asset Tactical All-Inclusive 1.63 — — — 275.0 Capital Wealth ETF Covered Call Strategy 1/2/08 Global All Asset Hybrid All-Inclusive 2.70 8.88 7.97 — 66.0 Caprin Core Plus ETF 9/30/10 United States Fixed Income Strategic All-Inclusive 1.32 2.98 — — 8.0 Caprin Tactical Muni ETF 9/30/10 United States Fixed Income Strategic Sector 0.89 3.85 — — 8.8 Caprin Tactical Opportunity ETF 9/30/10 United States Fixed Income Strategic All-Inclusive 1.20 4.01 — — 35.1

CFGAM S3 Div Agrsv Inflation-Correlated 3/1/11 Global All Asset Strategic All-Inclusive — — — — 1.5 CFGAM S3 Div Mod Inflation-Correlated 1/1/10 Global All Asset Strategic All-Inclusive — — — — 20.3 CFGAM S3 Diversified Aggressive 1/4/11 Global All Asset Strategic All-Inclusive — — — — 6.2 CFGAM S3 Diversified Conservative 1/1/10 Global All Asset Strategic All-Inclusive — — — — 66.9 CFGAM S3 Diversified Growth 1/4/10 Global All Asset Strategic All-Inclusive — — — — 10.9

CFGAM S3 Diversified Moderate 1/1/10 Global All Asset Strategic All-Inclusive — — — — 42.6 CFGAM S3 Global Income Total Return 12/1/10 Global Balanced Strategic All-Inclusive — — — — 34.8 CFGAM S3 Global Income-Income Focus 6/1/10 Global Balanced Strategic All-Inclusive — — — — 6.6 CFGAM S3 Municipal ETF 1/4/10 United States Fixed Income Strategic Sector — — — — 4.1 Churchill ETF Sector Rotation 10/1/07 United States Equity Strategic Sector 0.78 17.05 15.37 — 61.7

Churchill Premier Wealth Tactical 10/1/96 United States Equity Tactical All-Inclusive 4.08 6.67 5.44 5.49 1,296.2 CKW Opportunistic Global Balanced 11/3/03 Global Balanced Hybrid Broad Market 2.65 10.34 9.27 7.81 266.0 Clark Navigator Alternative 1/3/07 Global All Asset Tactical All-Inclusive 3.13 3.85 4.27 — 41.5 Clark Navigator Fixed Income TR 12/31/04 United States Fixed Income Tactical All-Inclusive 2.30 4.67 7.01 9.90 900.0 Clark Navigator Glbl Bal ETF 20-80 Hdgd 1/3/05 Global Fixed Income Hybrid All-Inclusive 2.38 4.44 6.19 8.82 12.0






Return %




Assets USD Mil

Clark Navigator Glbl Bal ETF 40-60 Hdgd 1/3/05 Global Balanced Hybrid All-Inclusive 2.45 4.20 5.11 7.46 13.4 Clark Navigator Glbl Bal ETF 60-40 Hdgd 1/3/05 Global Balanced Hybrid All-Inclusive 2.52 3.96 4.12 6.17 26.0 Clark Navigator Glbl Bal ETF 80-20 Hdgd 1/3/05 Global Equity Hybrid All-Inclusive 2.59 3.68 3.08 4.82 15.9 Clark Navigator Global Eq ETF Hedged 7/1/04 Global Equity Tactical All-Inclusive 3.09 4.43 2.84 4.41 8.8 Clark Navigator Global Equity ETF 4/1/04 Global Equity Tactical All-Inclusive 4.09 10.70 8.50 7.16 15.4

Clark Navigator Global Opportunity 2/1/06 Global Balanced Tactical All-Inclusive –6.28 6.56 4.80 — 5.1 Clark Navigator Intl Opportunity 1/4/07 International Equity Tactical Country/Region 3.72 6.47 1.59 — 53.5 Clark Navigator MultiStrategy 50-50(SAI) 7/1/05 United States Balanced Hybrid All-Inclusive 3.04 9.87 10.21 — 152.3 Clark Navigator MultiStrategy 75-25(SAI) 6/1/05 United States Balanced Hybrid All-Inclusive 3.79 12.63 11.97 — 42.4 Clark Navigator Sector Opportunity 1/3/07 United States Equity Tactical Sector 3.72 13.69 12.29 — 55.0

Clark Navigator Strategist Core 5/1/09 United States Balanced Strategic Broad Market 2.48 8.08 7.46 — 2.4 Clark Navigator Style Preferred Core 9/1/04 United States Equity Tactical Broad Market 3.46 12.73 11.70 7.30 4.3 Clark Navigator Style Preferred Inc&Gro 10/1/04 United States Balanced Tactical Broad Market 2.76 9.80 9.58 7.00 3.1 Clark Navigator U.S. Style Opp (SAI) 1/3/05 United States Equity Tactical Broad Market 4.48 15.01 13.55 8.09 66.1 Clark Navigator U.S. Style Opportunity 12/31/04 United States Equity Tactical Broad Market 4.48 15.01 13.55 8.09 66.1

ClearRock Diversified Aggressive Growth 10/1/09 Global All Asset Strategic All-Inclusive 3.93 8.91 8.71 — 31.3 ClearRock Diversified Conservative Gr 10/1/09 Global All Asset Strategic All-Inclusive 2.15 7.33 8.01 — 35.1 ClearRock Diversified Income 10/3/11 Global Fixed Income Strategic All-Inclusive 1.40 5.07 — — 8.8 ClearRock Diversified Moderate Growth 10/1/09 Global All Asset Strategic All-Inclusive 3.24 8.62 8.73 — 27.6 Clothier Springs Global Hedged 12/31/10 Global Equity Strategic Broad Market 2.48 5.37 — — NR

Clothier Springs Global Hedged Plus 9/30/11 Global All Asset Tactical All-Inclusive 1.44 6.08 — — NR CLS Active Alternative 8/1/14 Global Alternative Hybrid All-Inclusive 0.69 — — — 0.1 CLS Active Growth 11/3/14 Global Equity Hybrid All-Inclusive 4.14 — — — 0.1 CLS Active Income 3/3/14 Global Balanced Hybrid All-Inclusive 1.09 — — — 1.3 CLS Active Real 7/1/14 Global All Asset Hybrid Sector –1.72 — — — 0.2

CLS Active Value 6/2/14 Global Equity Hybrid All-Inclusive 0.42 — — — 0.4 CLS ETF Risk Budget 100 - Aggressive 3/30/01 Global Equity Hybrid All-Inclusive 2.11 11.54 10.88 7.50 13.2 CLS ETF Risk Budget 30 - Conservative 7/1/11 Global Fixed Income Hybrid All-Inclusive 1.13 3.92 — — 1.1 CLS ETF Risk Budget 60-Moderately Cnsrv 4/1/02 Global Balanced Hybrid All-Inclusive 1.64 7.32 7.75 6.18 64.4 CLS ETF Risk Budget 75 - Moderate 12/31/01 Global Equity Hybrid All-Inclusive 1.59 8.70 9.00 6.37 115.1

CLS ETF Risk Budget 80 - Moderate 12/31/01 Global Equity Hybrid All-Inclusive 1.76 9.47 9.40 6.38 97.2 CLS ETF Risk Budget 90-Moderately Agrsv 4/1/02 Global Equity Hybrid All-Inclusive 1.91 10.69 10.17 6.77 32.4 CLS High Quality Strategic 40 8/1/14 Global Balanced Strategic All-Inclusive 1.64 — — — 0.6 CLS High Quality Strategic 60 4/1/14 Global Balanced Strategic All-Inclusive 1.79 — — — 0.5 CLS High Quality Strategic 80 5/1/14 Global Equity Strategic All-Inclusive 1.97 — — — 6.9

CLS Inflation Quad 4/1/14 United States Alternative Tactical All-Inclusive –3.75 — — — 0.1 CLS International Rotation Quad 7/1/14 International Equity Tactical Country/Region 8.08 — — — 0.4 CLS Protection Quad 3/3/14 Global Alternative Tactical Broad Market 2.40 — — — 2.8 CLS Thematic Growth Quad 5/1/14 Global Equity Tactical Sector 1.87 — — — 0.4 CMG Opportunistic All Asset ETF Strategy 1/3/07 Global All Asset Tactical All-Inclusive 0.99 6.03 12.14 — 138.0

CMG Tactical Rotation Strategy 2/1/10 Global All Asset Tactical Broad Market 0.36 9.12 10.78 — 45.5 Confluence Aggressive Growth 8/1/08 United States Equity Tactical All-Inclusive 3.26 12.85 10.71 — 6.0 Confluence Growth 8/1/08 United States All Asset Tactical All-Inclusive 3.16 12.83 10.86 — 42.7 Confluence Growth and Income 9/2/08 United States All Asset Tactical All-Inclusive 3.68 11.23 10.16 — 85.5 Confluence Income and Growth 12/1/08 United States All Asset Tactical All-Inclusive 3.24 9.81 9.68 — 32.5

Congress Cap Risk Mgd Satellites Cmpst 12/2/13 Global All Asset Tactical Broad Market 0.57 — — — 1.1 Congress Capital Risk Managed Assets 12/2/13 Global All Asset Tactical Broad Market 1.93 — — — 97.2 Cookson Peirce All-Cap World Equity 9/30/03 Global Equity Tactical All-Inclusive 4.83 13.80 10.67 8.35 9.6 Cougar Global MAR 10 3/1/11 Global All Asset Tactical All-Inclusive 3.63 8.86 — — 400.7 Cougar Global MAR 12 12/30/11 Global All Asset Tactical All-Inclusive 3.72 8.74 — — 33.1






Return %




Assets USD Mil

Cougar Global MAR 6 12/30/99 Global All Asset Tactical All-Inclusive 0.82 3.61 2.81 7.17 378.7 Cougar Global MAR 8 10/31/01 Global All Asset Tactical All-Inclusive 2.98 6.29 4.53 7.87 916.8 Cumberland - Intl Equity ETF 3/31/03 International Equity Tactical All-Inclusive 8.67 7.24 4.09 — 21.7 Cumberland - US Equity ETF 12/31/99 United States Equity Tactical All-Inclusive 0.88 13.69 12.27 — 74.9 Cumberland Total Return Balanced Port 12/31/08 United States Balanced Strategic All-Inclusive 1.18 11.14 10.84 — 45.5

diverseFOLIOS® Aggressive 10/1/10 Global Equity Strategic All-Inclusive 2.98 12.42 — — 15.0 diverseFOLIOS® Conservative 10/1/10 Global Balanced Strategic All-Inclusive 1.60 5.26 — — 16.0 diverseFOLIOS® Mod Aggressive 10/1/10 Global Equity Strategic All-Inclusive 2.95 11.68 — — 10.0 diverseFOLIOS® Mod Conservative 10/1/10 Global Balanced Strategic All-Inclusive 2.21 7.76 — — 12.0 diverseFOLIOS® Moderate 10/1/10 Global Balanced Strategic All-Inclusive 2.60 9.67 — — 55.0

Dorsey Wright Sys Reltv Strth Glb Macro 3/31/09 Global All Asset Tactical All-Inclusive 1.97 12.87 9.65 — 190.0 DT Conservative Growth & Income 9/30/08 United States Balanced Strategic All-Inclusive 2.04 7.51 7.32 — 123.1 DT Intermediate Fixed Income 9/30/08 United States Fixed Income Strategic Broad Market 1.64 3.26 4.04 — 9.9 DT Moderate Growth & Income 9/19/08 United States Balanced Strategic All-Inclusive 2.11 8.09 7.77 — 94.4 DT Ultra-Conservative Growth & Income 3/31/09 United States Fixed Income Strategic All-Inclusive 1.80 5.40 5.55 — 19.6

Dunn Warren Aggressive ETF Portfolio 1/2/03 Global Equity Tactical All-Inclusive 4.89 8.95 2.62 7.40 0.8 Dunn Warren Conservative ETF Portfolio 1/2/03 Global Balanced Tactical All-Inclusive 3.71 5.88 2.99 5.51 2.6 Dunn Warren Growth ETF Portfolio 1/2/04 Global Equity Tactical All-Inclusive 3.78 8.28 2.63 6.72 4.2 Dunn Warren Moderate ETF Portfolio 1/2/03 Global Balanced Tactical All-Inclusive 3.78 5.88 2.33 6.04 2.0 EAM Asset Allocation Aggressive 2/1/11 Global Equity Strategic All-Inclusive 2.99 11.62 — — 5.9

EAM Asset Allocation Conservative 2/1/11 United States Balanced Strategic All-Inclusive 1.67 5.34 — — 6.3 EAM Asset Allocation Moderate 2/1/11 Global Balanced Strategic All-Inclusive 2.76 8.75 — — 0.3 EAM Asset Allocation Moderate Aggressive 2/1/11 Global Equity Strategic All-Inclusive 2.36 11.07 — — 6.7 EAM Asset Allocation Moderate Conservati 2/1/11 United States Balanced Strategic All-Inclusive 1.44 7.33 — — 2.1 Efficient Market 11-19 Years Aggressive 2/1/05 United States Balanced Hybrid All-Inclusive 3.25 10.80 10.46 8.07 26.1

Efficient Market 11-19 Years Consvt 4/3/06 United States Balanced Hybrid All-Inclusive 2.91 9.16 9.36 — 25.4 Efficient Market 11-19 Years Moderate 6/1/05 United States Balanced Hybrid All-Inclusive 3.05 10.18 10.05 — 52.6 Efficient Market 20 Plus Years Consvt 5/1/06 United States Equity Hybrid All-Inclusive 3.44 11.15 10.92 — 14.2 Efficient Market 20 Plus Years Moderate 1/3/05 United States Equity Hybrid All-Inclusive 3.43 12.08 11.58 8.48 22.5 Efficient Market 20 Plus Yrs Aggressive 11/1/04 United States Equity Hybrid All-Inclusive 3.52 12.57 11.08 8.46 24.0

Efficient Market 2-5 Years Aggressive 4/1/05 United States Balanced Hybrid All-Inclusive 2.69 8.17 8.66 7.01 9.2 Efficient Market 2-5 Years Conservative 4/3/06 United States Balanced Hybrid All-Inclusive 2.47 5.75 6.63 — 20.0 Efficient Market 2-5 Years Moderate 1/3/06 United States Balanced Hybrid All-Inclusive 2.65 7.27 8.21 — 47.8 Efficient Market 6-10 Years Aggressive 9/1/05 United States Balanced Hybrid All-Inclusive 2.76 9.27 8.80 — 12.9 Efficient Market 6-10 Years Conservative 7/1/05 United States Balanced Hybrid All-Inclusive 2.78 7.24 7.73 — 35.4

Efficient Market 6-10 Years Moderate 11/1/04 United States Balanced Hybrid All-Inclusive 2.78 8.61 8.79 7.22 86.5 Efficient Market Taking Income-Aggr 1/3/06 United States Fixed Income Hybrid All-Inclusive 2.41 5.62 6.43 — 10.1 Efficient Market Taking Income-Consvt 4/3/06 United States Fixed Income Hybrid All-Inclusive 1.90 4.47 5.25 — 17.4 Efficient Market Taking Income-Moderate 6/1/05 United States Fixed Income Hybrid All-Inclusive 2.20 5.21 6.13 — 21.4 ELF ETF Strategy 2/28/03 Global Equity Tactical All-Inclusive 3.62 3.39 –0.02 0.51 0.9

Evolution US Equity Absolute Return 8/1/13 United States Equity Tactical Sector 4.14 — — — 0.1 FEG Equity Portfolio 8/1/05 Global Equity Strategic Broad Market 1.27 8.38 8.20 — 8.7 FFCM Dynamic All Cap Sector Rotation 4/1/14 United States Equity Tactical Sector 1.25 — — — 251.4 FFCM Dynamic Large Cap Sector Rotation 4/1/14 United States Equity Tactical Sector 0.48 — — — 0.4 Financial Trust Flexible Income 11/30/01 Global Fixed Income Tactical All-Inclusive 0.77 0.70 2.15 3.89 6.1

First Nat Chapoquoit Aggressive Dynamic 11/1/12 Global All Asset Tactical All-Inclusive 5.12 — — — 3.4 First Nat Chapoquoit Dynamic Cnsrv Port 1/2/13 Global Equity Tactical All-Inclusive 4.94 — — — 1.0 First Nat Chapoquoit Dynamic Mod Port 1/2/13 Global All Asset Tactical All-Inclusive 4.52 — — — 3.0 First Trust FTA Ibbotson Mul Disc 20/80* 5/1/09 United States Fixed Income Strategic Broad Market 1.79 5.50 5.89 — 3.6 First Trust FTA Ibbotson Mul Disc 40/60* 5/1/09 United States Balanced Strategic Broad Market 2.57 7.55 7.63 — 14.2






Return %




Assets USD Mil

First Trust Global Tactical Asset Alloc. 1/2/12 United States Balanced Tactical All-Inclusive 1.56 3.59 — — 0.1 Fortunatus Asset Allc Moderate Growth 6/30/10 Global Equity Strategic All-Inclusive 1.54 10.99 — — 36.2 Fortunatus Asset Allocation Growth 9/30/10 Global Equity Strategic All-Inclusive 1.61 12.28 — — 6.1 Fortunatus Global ETF Opportunity 6/29/07 Global Balanced Tactical All-Inclusive 1.22 7.31 5.00 — 2.6 Fortunatus International ETF Opportunity 2/29/08 International Balanced Tactical All-Inclusive 2.07 1.43 –0.18 — 0.3

Forward Tactical Growth 8/3/09 United States Equity Hybrid Broad Market –0.55 6.67 5.08 — 909.5 Foy SELECTOR Aggressive Growth 5/3/10 Global Equity Strategic All-Inclusive 2.93 15.56 — — 2.2 Foy SELECTOR Balanced Growth 2/1/08 United States Balanced Strategic All-Inclusive 1.26 7.80 — — 26.3 Foy SELECTOR Conservative Growth 5/1/08 United States Balanced Strategic All-Inclusive 1.30 11.37 — — 37.0 Foy SELECTOR Growth 2/1/08 Global Equity Strategic All-Inclusive 2.16 14.18 — — 41.9

Foy SELECTOR Income 2/1/08 United States Fixed Income Strategic All-Inclusive 2.66 5.89 — — 3.9 Foy SELECTOR Income & Growth 2/1/11 United States Balanced Strategic All-Inclusive 0.87 6.60 — — 3.9 F-Squared Allocator Pre AlphaSector Idx 3/15/11 Global All Asset Hybrid All-Inclusive –0.39 7.45 — — 491.2 F-Squared AlphaSector All-Cap Index 2/3/14 United States Equity Tactical Sector –3.25 — — — 784.0 F-Squared AlphaSector Allocator Index 6/1/10 Global All Asset Hybrid All-Inclusive –0.60 7.82 — — 1,058.8

F-Squared AlphaSector Allocator Pre Idx 1/1/10 Global All Asset Hybrid All-Inclusive –1.58 7.30 7.34 — 85.7 F-Squared AlphaSector Allocator Prm Cpst 4/1/10 Global All Asset Hybrid All-Inclusive –1.77 5.85 6.45 — 184.3 F-Squared AlphaSector Allocator Select 9/2/13 Global All Asset Hybrid All-Inclusive –0.18 — — — 801.9 F-Squared AlphaSector AlphaDEX Pre Idx 9/1/11 United States Equity Tactical Sector –0.75 15.55 — — 199.5 F-Squared AlphaSector AlphaDEX Prm Cmpst 9/1/11 United States Equity Tactical Sector –1.52 13.19 — — 520.6

F-Squared AlphaSector Global Premium Idx 7/1/09 Global Equity Hybrid All-Inclusive –2.07 8.97 7.96 — 60.1 F-Squared AlphaSector Global Prm Cmpst 1/1/10 Global Equity Hybrid All-Inclusive –4.48 6.28 6.37 — 15.3 F-Squared AlphaSector Global Select 9/2/13 Global Equity Hybrid All-Inclusive –0.76 — — — 601.5 F-Squared AlphaSector Premium Cmpst 10/1/08 United States Equity Tactical Sector –4.12 12.26 11.44 — 345.0 F-Squared AlphaSector Premium Index 10/1/08 United States Equity Tactical Sector –3.42 14.43 13.16 — 978.3

F-Squared AlphaSector Rotation Index 10/1/08 United States Equity Tactical Sector –3.01 14.90 12.93 — 2,688.9 F-Squared AS AlphaDEX Allocator Prm Idx 10/3/11 Global Equity Tactical All-Inclusive –0.38 7.82 — — 18.2 F-Squared AS AlphaDEX Global Prem Idx 11/1/11 Global Equity Tactical Sector –0.05 9.66 — — 10.4 F-Squared Dynamic AlphaSector Index 3/1/12 United States Equity Tactical Sector –2.50 14.74 — — 1,179.5 F-Squared Global Prem AlphaSector Index 3/15/11 Global Equity Hybrid All-Inclusive –0.55 9.07 — — 110.9

F-Squared Premium AlphaSector Index 7/1/10 United States Equity Tactical Sector –2.61 13.37 — — 4,099.5 F-Squared Rotation AlphaSector Index 9/29/09 United States Equity Tactical Sector –2.41 14.53 12.72 — 862.7 FTA ETF Asset Allc - Mod Gr Portfolio 1/3/07 Global Equity Strategic All-Inclusive 3.08 11.26 10.87 — 26.4 FTA ETF Asset Allocation - Gr Portfolio 10/1/07 Global Equity Strategic All-Inclusive 3.38 13.37 12.20 — 13.0 Fund Architects Global ETF 12/31/07 Global All Asset Tactical All-Inclusive 1.76 8.55 4.35 — 7.6

Fusion Global Fusion Core Equity 10/2/06 Global Equity Tactical All-Inclusive 3.82 — — — 11.0 Fusion Global Fusion Tactical Equity 10/2/06 Global Balanced Tactical All-Inclusive 3.35 4.46 5.03 — 1.0 Fusion Global Fusion Total Return 8/2/10 Global Balanced Tactical All-Inclusive –0.44 1.09 — — 1.0 GLOBALT innovat ETF Stratg Balnc Wrap 12/31/03 Global Balanced Hybrid All-Inclusive 2.51 9.78 9.51 7.54 377.6 GLOBALT innovat ETF Stratg Consrvt Wrap 3/31/04 Global Balanced Hybrid All-Inclusive 2.41 8.68 8.77 7.34 39.7

GLOBALT innovat ETF Stratg Gro Wrap 9/30/03 Global Equity Hybrid All-Inclusive 2.50 11.41 10.66 7.92 256.6 GLOBALT innovat ETF Stratg Hig Gro Wrap 6/30/03 Global Equity Hybrid All-Inclusive 2.46 12.73 11.49 8.02 44.0 Glovista Emerging Market Equities 1/4/99 International Equity Tactical Country/Region –0.76 0.38 1.51 17.00 679.5 Good Harbor Tactical Core Intl Moderate 12/1/11 International Equity Tactical Broad Market 0.01 2.68 — — 3.0 Good Harbor Tactical Core US 4/30/03 United States Equity Tactical Broad Market –1.06 0.39 6.65 10.21 2,250.2

Granite Tactical Global Interm FI Strat 5/31/10 United States Fixed Income Strategic All-Inclusive — — — — NR Granite Tactical U.S. Interm FI Strategy 7/31/09 United States Fixed Income Strategic All-Inclusive — — — — NR Gratry International ETF Alloc Strat 6/30/05 International Equity Strategic Country/Region 6.66 5.09 4.76 — 6.6 Green Inv Mgt - Guardian Bal 7/2/90 Global Balanced Hybrid Broad Market 1.97 7.22 6.93 5.16 15.0 Green Inv Mgt - Guardian Bal Gr 7/1/94 Global Equity Hybrid Broad Market 2.00 7.15 7.16 4.78 17.0






Return %




Assets USD Mil

Green Inv Mgt - Guardian Bal Inc 7/1/96 Global Balanced Hybrid Broad Market 1.86 5.78 5.91 5.14 5.0 Green Inv Mgt - Guardian Bal Mosaic 7/3/00 Global Equity Hybrid All-Inclusive 1.73 8.41 8.10 5.50 5.0 Green Inv Mgt - Guardian Cnsv Bal 6/1/94 Global Balanced Hybrid Broad Market 1.86 6.12 6.23 4.54 9.0 Green Inv Mgt - Guardian Fix-Inc 7/1/91 United States Fixed Income Tactical All-Inclusive 2.17 4.31 4.22 4.77 23.0 Green Inv Mgt - Guardian Mosaic 7/3/00 United States Equity Hybrid All-Inclusive 1.59 10.39 9.48 6.06 0.6

Green Inv Mgt - Guardian Sector 7/1/93 United States Equity Tactical Sector 1.20 14.27 11.77 5.87 0.5 Green Inv Mgt - Guardian Stk 7/2/90 Global Equity Hybrid Broad Market 1.85 7.11 7.31 4.43 2.0 Green Inv Mgt - Guardian Tax Free 10/31/01 United States Fixed Income Hybrid Sector 0.84 2.60 3.92 3.98 0.3 Green Inv Mgt Guardian Alternatives 9/1/09 United States Alternative Tactical All-Inclusive –2.10 –10.55 –5.74 — 0.7 Green Inv Mgt Guardian Country 7/1/04 International Equity Tactical Country/Region 9.11 4.54 1.21 9.51 3.0

Green Inv Mgt Strat Glbl Bal Tax Aware 8/2/10 Global Balanced Hybrid Broad Market 1.54 6.44 — — 3.0 Green Inv Mgt Strategic Global Balanced 6/1/10 Global Balanced Hybrid Broad Market 1.63 6.19 — — 8.0 Hays Advisory Global ETF 1/31/06 Global Equity Tactical All-Inclusive 2.21 7.32 6.98 — 109.4 Hays Advisory International ETF 1/31/06 International Equity Tactical All-Inclusive 1.16 1.50 1.70 — 13.5 Hays Advisory TMAC Equity Focused 5/31/10 Global Equity Tactical All-Inclusive 2.60 8.27 — — 236.2

Hays TMAC Portfolio 12/31/09 Global All Asset Tactical All-Inclusive 2.61 6.22 6.83 — 403.5 Hillswick S&P 500 Sector Selection 9/30/08 United States Equity Strategic Sector 1.24 17.02 14.78 — 117.0 Holderness Vision Tactical Balanced 7/2/12 Global Balanced Strategic All-Inclusive 4.53 — — — NR Holderness Vision Tactical Conservative 1/31/13 Global Balanced Strategic All-Inclusive 2.95 — — — NR Holderness Vision Tactical Equity 11/30/11 Global Equity Strategic All-Inclusive 5.24 8.89 — — NR

Holderness Vision Tactical Growth 8/1/11 Global Equity Strategic All-Inclusive 4.65 7.49 — — NR Holderness Vision Tactical Stable 8/1/11 Global Fixed Income Strategic All-Inclusive 1.66 3.92 — — NR Horizon Conservation Plus ETF Portfolio 1/1/09 Global Fixed Income Tactical All-Inclusive 1.61 5.63 6.24 — 41.3 Horizon Conservative ETF Portfolio 1/1/09 Global Balanced Tactical All-Inclusive 1.57 7.37 7.57 — 32.1 Horizon Focused ETF Portfolio 1/1/09 Global Equity Tactical All-Inclusive 1.46 12.77 12.48 — 353.9

Horizon Growth ETF Portfolio 1/1/09 Global Equity Tactical All-Inclusive 1.49 11.44 11.32 — 72.1 Horizon Moderate ETF Portfolio 1/2/09 Global Balanced Tactical All-Inclusive 1.50 9.62 9.75 — 130.9 Ibbotson A/P 20/80 Tax Dfd-Fidelity* 8/2/10 Global Fixed Income Strategic Broad Market 1.00 4.44 — — NR Ibbotson A/P 20/80 Tax Dfd-Pershing* 8/2/10 Global Fixed Income Strategic Broad Market 1.00 4.76 — — NR Ibbotson A/P 20/80 Tax Dfd-Schwab* 8/2/10 Global Fixed Income Strategic Broad Market 1.10 4.38 — — 0.7

Ibbotson A/P 20/80 Tax Dfd-TDA* 8/2/10 Global Fixed Income Strategic Broad Market 1.06 4.57 — — 0.1 Ibbotson A/P 40/60 Tax Dfd-Pershing* 8/2/10 Global Balanced Strategic Broad Market 1.09 6.94 — — 1.3 Ibbotson A/P 40/60 Tax Dfd-Schwab* 8/2/10 Global Balanced Strategic Broad Market 1.17 6.72 — — 1.8 Ibbotson A/P 40/60 Tax Dfd-TDA* 8/2/10 Global Balanced Strategic Broad Market 1.13 6.92 — — 1.0 Ibbotson Global Tactical* 12/29/10 Global All Asset Tactical Broad Market 2.62 11.45 — — 0.3

Ibbotson Momentum 20/80* 12/29/10 United States Fixed Income Hybrid Broad Market 1.33 4.65 — — 3.9 Ibbotson Momentum 40/60* 12/29/10 Global Balanced Hybrid Broad Market 1.72 7.47 — — 21.6 Ibbotson Momentum 60/40* 12/29/10 Global Balanced Hybrid Broad Market 2.08 9.97 — — 54.5 Ibbotson Momentum 80/20* 12/29/10 Global Equity Hybrid Broad Market 2.32 11.73 — — 28.7 Ibbotson Momentum 95/5* 12/29/10 Global Equity Hybrid Broad Market 2.57 12.11 — — 7.9

Ibbotson Strategic ETF Cons Gr & Inc* 4/29/05 United States Balanced Strategic Broad Market 1.96 6.17 6.37 — 366.4 Ibbotson Strategic ETF Long Term Growth* 4/29/05 Global Equity Strategic Broad Market 3.04 11.54 10.48 — 255.6 Ibbotson Strategic ETF Moderate Gr & Inc* 4/29/05 United States Balanced Strategic Broad Market 2.50 8.29 8.06 — 824.1 Ibbotson Strategic ETF Moderate Growth* 4/29/05 Global Equity Strategic Broad Market 2.77 10.35 9.65 — 514.4 Ibbotson Strategic ETF Moderate Income* 4/29/05 United States Fixed Income Strategic Broad Market 1.39 3.23 4.11 — 106.3

Ibis Adaptive Allocation 4/2/12 Global All Asset Tactical All-Inclusive 3.62 3.68 — — 10.4 Ibis Global Balanced Portfolio 4/2/12 Global All Asset Tactical All-Inclusive 3.23 11.52 — — 39.4 Ibis Global Growth 4/2/12 Global Equity Tactical All-Inclusive 4.33 14.24 — — 15.2 Ibis Global Preservation 4/2/12 Global Fixed Income Tactical All-Inclusive 2.46 8.15 — — 32.0 Ibis Protected Growth 4/2/12 Global All Asset Tactical All-Inclusive 2.91 12.46 — — 65.1






Return %




Assets USD Mil

iCM - Mgd ETF - Aggressive Cap App 1/3/05 Global Equity Strategic Broad Market 1.84 9.24 9.05 6.98 9.9 iCM - Mgd ETF - Balanced 1/3/05 Global Balanced Strategic Broad Market 1.46 6.78 7.24 6.54 27.5 iCM - Mgd ETF - Cap Pres & Inf Hdg 1/3/05 Global Fixed Income Strategic Broad Market 1.25 4.42 5.46 6.19 4.2 iCM - Mgd ETF - Conservative Cap App 1/3/05 Global Balanced Strategic Broad Market 1.82 8.20 8.41 7.03 75.4 iCM - Mgd ETF - Defensive Growth 1/3/05 Global Balanced Strategic Broad Market 1.70 6.94 7.25 6.58 20.5

iCM - Mgd ETF - Equity Completion 1/3/05 Global Equity Strategic Broad Market 1.84 9.44 9.22 6.72 8.5 iCM - Mgd ETF - Inc & Inflation Hdg 1/3/05 Global Fixed Income Strategic Broad Market 1.50 5.40 6.17 6.40 17.7 iCM - Mgd ETF - Moderate Cap App 1/3/05 Global Equity Strategic Broad Market 1.83 8.69 8.76 6.75 35.6 iCM - Mgd ETF - Risk Controlled Growth 1/3/05 Global Balanced Strategic Broad Market 1.56 7.33 7.72 6.65 57.4 Innealta Fixed Income 12/31/09 Global Fixed Income Tactical All-Inclusive 1.25 3.28 4.63 — 569.9

Innealta Global All Asset Conservative 12/31/09 Global Balanced Hybrid Broad Market 2.06 5.00 7.15 — 70.5 Innealta Global All Asset Growth 12/31/09 Global Equity Hybrid Broad Market 2.39 6.47 7.34 — 64.8 Innealta Global All Asset Moderate 12/31/09 Global Balanced Hybrid Broad Market 2.14 5.85 7.35 — 126.7 Innealta Global All Asset Opp Consrv 12/31/09 Global Balanced Hybrid Broad Market 2.11 6.48 8.96 — 31.5 Innealta Global All Asset Opp Growth 12/31/09 Global Equity Hybrid Broad Market 2.76 7.78 9.51 — 29.3

Innealta Global All Asset Opp Moderate 12/31/09 Global Balanced Hybrid Broad Market 2.42 7.43 9.50 — 57.4 Innealta Tac ETF Country Rotation 12/31/09 International Equity Tactical Country/Region 2.81 4.48 6.08 — 785.4 Innealta Tac ETF Sector Rotation Core 12/31/09 United States Equity Tactical Sector 1.23 3.78 5.26 — 663.7 Innealta Tac ETF Sector Rotation Opp 12/31/09 United States Equity Tactical Sector 1.39 3.81 5.80 — 74.2 IQ Hedge Multi-Strategy SMA Portfolio 3/31/09 Global Alternative Strategic Broad Market 1.53 4.67 3.60 — 97.2

IRON Global Equity Plus 2/1/11 Global Equity Hybrid Broad Market 3.41 8.53 — — 3.5 IRON S&P 500 Equity Plus 5/2/11 United States Equity Strategic Broad Market 2.59 13.27 — — 0.8 iSectors Capital Preservation Allocation 1/1/10 United States Fixed Income Strategic All-Inclusive –0.01 1.96 3.13 — 18.7 iSectors Domestic Equity Allocation 7/1/10 United States Equity Strategic Broad Market 0.61 14.07 — — 27.3 iSectors Endowment Allocation 1/1/09 Global All Asset Strategic All-Inclusive 1.10 4.74 5.32 — 4.0

iSectors Global Balanced Allocation 4/1/09 Global Balanced Strategic Broad Market 0.02 6.89 7.81 — 3.3 iSectors Global Conservative Allocation 5/1/09 Global Balanced Strategic Broad Market –0.69 4.47 6.13 — 1.9 iSectors Global Equity Allocation 12/1/09 Global Equity Strategic Broad Market 1.39 11.34 11.01 — 6.1 iSectors Global Fixed Income Allocation 4/1/09 Global Fixed Income Strategic All-Inclusive –1.50 1.54 3.68 — 4.9 iSectors Global Growth Allocation 1/1/10 Global Equity Strategic Broad Market 0.71 9.15 9.50 — 2.2

iSectors Inflation Protected Allocation 10/1/09 Global All Asset Strategic All-Inclusive –1.88 –5.04 1.39 — 5.2 iSectors Liquid Alternatives Allocation 4/1/09 Global Alternative Strategic All-Inclusive 0.58 2.68 3.33 — 3.6 iSectors Post-MPT Growth Allocation 2/1/05 United States Equity Tactical Sector 0.02 15.20 14.14 9.49 57.1 iSectors Post-MPT Moderate Allocation 3/3/08 United States Balanced Hybrid Sector 2.02 12.17 11.34 — 29.8 iSectors Precious Metals Allocation 11/1/10 Global Alternative Strategic Sector –0.07 –11.52 — — 1.6

iSectors Tactical Glbl Bal Allocation 12/1/10 Global All Asset Tactical Broad Market 0.45 1.28 — — 3.0 iSectors Tactical International Alloc 10/1/09 International Equity Tactical All-Inclusive 0.15 2.91 0.38 — 0.5 JAForlines Global Tactical Allocation 1/2/04 Global All Asset Tactical All-Inclusive 5.05 8.85 6.98 6.39 246.4 Julex Capital Mngt 12/3/12 International Equity Tactical Country/Region 4.11 — — — 2.5 Julex Capital Mngt Dynamic Diversified 2/1/13 Global All Asset Tactical All-Inclusive 1.69 — — — 0.1

Julex Capital Mngt Dynamic Income 10/1/12 Global Balanced Tactical Broad Market 1.47 — — — 11.1 Julex Capital Mngt Dynamic Multi-Asset 6/3/13 Global All Asset Tactical Broad Market –1.25 — — — 39.1 Julex Capital Mngt Dynamic Real Asset 4/1/13 Global Balanced Tactical All-Inclusive 0.33 — — — 0.3 Julex Dynamic Sector Strategy 11/1/12 United States Equity Tactical All-Inclusive 0.94 — — — 52.5 Keystone Wealth Commodity AlphaRotation 8/1/12 Global Alternative Tactical Broad Market –8.52 — — — 0.1

Keystone Wealth Glb Bond AlphaRotation 1/1/14 Global Fixed Income Tactical All-Inclusive 0.16 — — — NR Keystone Wealth Glb Equity AlphaRotation 1/1/13 Global Equity Tactical Broad Market –3.46 — — — 47.7 Keystone Wealth Glb Income AlphaRotation 11/1/13 United States All Asset Tactical All-Inclusive 6.11 — — — NR Keystone Wealth MultiAsset AlphaRotation 8/1/12 Global All Asset Strategic All-Inclusive –3.66 — — — 0.9 KeystoneWealthWorld FocusedAlphaRotation 1/1/14 Global Balanced Tactical All-Inclusive 2.87 — — — NR






Return %




Assets USD Mil

Ladenburg LAMP ETF Aggressive Growth 3/1/05 Global Equity Strategic Broad Market 2.31 11.04 10.00 7.47 12.0 Ladenburg LAMP ETF Growth 3/1/05 Global Balanced Strategic Broad Market 2.18 9.51 8.92 6.96 79.4 Ladenburg LAMP ETF Growth and Income 2/1/05 Global Balanced Strategic Broad Market 1.90 8.35 8.13 7.03 185.7 Ladenburg LAMP ETF Income 12/3/07 Global Fixed Income Strategic Broad Market 0.95 4.39 5.26 — 16.6 Ladenburg LAMP ETF Income and Growth 6/1/05 Global Balanced Strategic Broad Market 1.46 6.29 6.53 — 81.5

Ladenburg LAMP Specialty International 6/2/08 International Balanced Strategic All-Inclusive 0.76 1.75 2.69 — 1.4 Laffer Investments Fix-Inc ETF Strategy 10/2/06 United States Fixed Income Tactical All-Inclusive 1.32 2.87 4.52 — 2.3 Laffer Investments Glbl Equity Strategy 9/1/00 International Equity Tactical Country/Region 4.73 11.41 8.70 8.80 50.2 Lazard Cap Alloc -Gbl FI (TE) 4/1/09 Global Fixed Income Hybrid All-Inclusive 1.36 — — — 18.8 Lazard Capital Allocator Ser Non-Trdtl 9/1/05 Global All Asset Hybrid All-Inclusive 1.16 7.09 8.31 — 233.1

Lazard Capital Allocator Series Equity 1/3/06 Global Equity Hybrid All-Inclusive 2.88 8.13 7.53 — 174.7 Lazard Cptl Allctr Ser Divsfd 25/75 (TE) 7/1/09 Global Fixed Income Hybrid All-Inclusive 1.72 4.95 6.03 — 449.7 Lazard Cptl Allctr Ser Divsfd 25/75 (TX) 3/2/09 Global Fixed Income Hybrid All-Inclusive 1.25 4.48 — — NR Lazard Cptl Allctr Ser Divsfd 40/60 (TX) 2/1/07 Global Balanced Hybrid All-Inclusive 1.48 5.17 5.92 — NR Lazard Cptl Allctr Ser Divsfd 60/40 (TE) 3/1/06 Global Balanced Hybrid All-Inclusive 2.36 6.81 6.94 — NR

Lazard Cptl Allctr Ser Divsfd 60/40 (TX) 4/1/05 Global Balanced Hybrid All-Inclusive 2.10 6.38 6.63 5.75 NR Lazard Cptl Allctr Ser Divsfd 75/25 (TE) 11/1/05 Global Equity Hybrid All-Inclusive 2.45 7.33 7.25 — NR Lazard Cptl Allctr Ser Divsfd 75/25 (TX) 4/1/05 Global Equity Hybrid All-Inclusive 2.37 7.13 7.04 6.23 NR Lockwood Asset Allocation Portfolios I 12/31/03 United States Fixed Income Strategic Broad Market 0.85 4.38 5.19 4.86 48.3 Lockwood Asset Allocation Portfolios II 10/1/03 United States Balanced Strategic Broad Market 0.96 6.22 6.59 5.34 113.0

Longview Capital Dynamic Large Cap SMA 7/12/12 United States Equity Tactical All-Inclusive — — — — NR Longview Capital Fixed Income 9/30/11 United States Fixed Income Tactical All-Inclusive — — — — NR Longview Capital Global Allocation 7/1/08 Global All Asset Tactical All-Inclusive — — — — NR Longview Capital Tactical Commodity 8/3/09 Global Alternative Tactical All-Inclusive — — — — NR Madison ETF Aggressive 1/1/10 United States Equity Strategic All-Inclusive 2.26 12.27 11.21 — 6.4

Madison ETF Capital Preservation 1/1/10 United States Fixed Income Strategic Broad Market 1.24 3.70 4.71 — 8.5 Madison ETF Conservative 1/1/10 United States Fixed Income Strategic Broad Market 1.58 5.55 6.06 — 63.7 Madison ETF Growth 1/1/10 United States Equity Strategic All-Inclusive 2.14 10.77 10.10 — 51.5 Madison ETF Income Advantage 1/1/10 United States Fixed Income Strategic Broad Market 1.32 2.75 4.09 — 4.0 Madison ETF Moderate 1/1/10 United States Balanced Strategic All-Inclusive 1.62 7.38 7.49 — 109.1

Madison ETF Moderate Growth 1/1/10 United States Balanced Strategic All-Inclusive 1.83 8.93 8.65 — 97.4 Main Management Active - US Large Cap 9/30/02 United States Equity Tactical Sector 3.05 16.84 14.11 9.97 191.5 Main Management All Asset Global Balance 11/8/06 Global Balanced Strategic All-Inclusive 3.63 9.91 9.07 — 123.8 Main Management BuyWrite Hedged Equity 9/3/04 Global Alternative Hybrid Broad Market 3.93 7.99 8.65 6.85 194.8 Main Management International - Non US 12/28/07 International Equity Tactical Country/Region 4.32 5.14 4.40 — 19.1

Maxim International Lifestyle - Agg Gr 1/3/12 Global Equity Strategic All-Inclusive 2.86 8.38 — — 2.7 Maxim International Lifestyle - Balanced 1/3/12 Global Balanced Strategic All-Inclusive 1.80 5.74 — — 10.4 Maxim International Lifestyle - Growth 1/3/12 Global Balanced Strategic All-Inclusive 2.27 6.47 — — 15.2 MCM Apto 9/29/06 Global All Asset Tactical All-Inclusive 2.90 12.51 9.22 — 2.5 Members Trust Balanced ETF 1/3/06 United States Balanced Strategic Broad Market 1.70 8.11 7.81 — 301.2

Members Trust Conservative ETF 5/1/06 United States Balanced Strategic Broad Market 1.44 6.85 7.06 — 547.4 Members Trust Growth ETF 1/3/06 Global Equity Strategic Broad Market 2.56 12.54 11.64 — 28.3 Members Trust Income ETF 1/3/06 United States Fixed Income Strategic Broad Market 1.08 5.09 5.62 — 270.1 Members Trust Moderate Growth ETF 1/3/06 Global Equity Strategic Broad Market 1.92 10.40 9.73 — 121.5 Mench Aggressive Equity 10/2/95 United States Equity Tactical All-Inclusive 0.00 — — — NR

Metropolitan Tactical Growth 9/30/05 Global Equity Tactical All-Inclusive — — — — 11.4 Metropolitan Tactical Moderate 9/30/05 Global Equity Tactical All-Inclusive — — — — 13.3 MFI Balanced Sector 1/4/99 Global All Asset Hybrid Broad Market 1.90 9.97 9.80 7.95 121.2 MFI Capital Preservation & Income Sector 1/4/99 Global All Asset Hybrid Broad Market 1.77 9.49 8.98 7.10 26.2 MFI Global Sector 1/4/99 Global All Asset Hybrid Broad Market 2.96 11.95 10.83 7.83 48.6






Return %




Assets USD Mil

MIS Aggressive Growth ETF* 10/1/07 Global Equity Hybrid All-Inclusive 2.56 8.97 9.25 — 80.7 MIS Conservative ETF* 10/1/07 United States Fixed Income Hybrid All-Inclusive 0.20 3.59 5.01 — 95.2 MIS Contrarian & Growth ETF* 12/31/10 Global Equity Hybrid All-Inclusive 2.67 12.39 — — 40.4 MIS Contrarian & Income ETF* 12/31/10 Global Balanced Hybrid All-Inclusive 1.32 6.84 — — 28.7 MIS Contrarian ETF* 12/31/10 Global Equity Hybrid All-Inclusive 2.29 12.38 — — 27.6

MIS Growth ETF* 10/1/07 Global Equity Hybrid All-Inclusive 2.19 7.82 8.60 — 341.8 MIS Income & Growth ETF* 10/1/07 United States Balanced Hybrid All-Inclusive 0.56 4.89 5.99 — 416.0 MIS Moderate Growth ETF* 10/1/07 United States Balanced Hybrid All-Inclusive 1.70 6.49 7.42 — 337.0 MRM Dynamic International Strategy 1/2/08 International Equity Tactical Country/Region 3.07 4.90 5.32 — 0.7 MRM Dynamic Overlay Strategy 1/2/08 United States Equity Tactical All-Inclusive 0.13 14.89 10.62 — 74.4

Natixis / AIA Mgd ETF - Aggressive 11/2/05 Global All Asset Strategic Broad Market 2.25 9.28 9.29 — 1.6 Natixis / AIA Mgd ETF - China 4/28/06 International Equity Strategic Country/Region 4.91 6.11 4.83 — 1.7 Natixis / AIA Mgd ETF - Conservative 6/30/06 Global Balanced Strategic Broad Market 2.21 7.13 7.56 — 4.3 Natixis / AIA Mgd ETF - Glob Equity 3/31/06 Global Equity Strategic Broad Market 3.50 12.11 10.70 — 1.9 Natixis / AIA Mgd ETF - Inc. Cons 6/30/06 Global Balanced Strategic Broad Market 1.54 6.99 7.62 — 2.8

Natixis / AIA Mgd ETF - Moderate Strat 1/3/06 Global Balanced Strategic Broad Market 2.30 9.33 9.42 — 9.2 Nav Tactical Glbl Alloc Pl ft ADEX 2/1/13 Global Equity Strategic All-Inclusive 4.12 — — — 3.9 Nav Tactical Glbl Alloc Plus 2/1/13 Global Equity Strategic All-Inclusive 2.65 — — — 2.2 Nav Tactical US Equity Sector Pl ft ADEX 2/1/13 United States Equity Strategic Sector 5.52 — — — 16.9 Nav Tactical US Equity Sector Plus 2/1/13 United States Equity Strategic Sector 2.07 — — — 5.7

Navellier Dynamic Libertas 10 7/1/13 United States All Asset Tactical All-Inclusive 0.30 — — — 4.9 Navellier Dynamic Libertas 20 7/1/13 United States All Asset Tactical All-Inclusive 0.43 — — — 4.6 Navellier Dynamic Libertas 30 7/1/13 United States All Asset Tactical All-Inclusive 0.39 — — — 18.3 Navellier Dynamic Sentrum 10 7/1/13 United States All Asset Tactical All-Inclusive 0.29 — — — 0.1 Navellier Dynamic Sentrum 20 7/1/13 United States All Asset Tactical All-Inclusive 0.43 — — — 0.1

Navellier Dynamic Sentrum 30 7/1/13 United States All Asset Tactical All-Inclusive 0.35 — — — 0.1 New Frontier Aggressive Growth 100/0 10/29/04 Global Equity Strategic Broad Market 2.63 11.16 9.74 6.93 37.0 New Frontier Aggressive Growth100/0Tax 10/29/04 Global Equity Strategic Broad Market 2.48 11.30 9.83 7.16 27.9 New Frontier Conservative 20/80 10/29/04 Global Fixed Income Strategic Broad Market 1.93 4.65 5.81 5.14 13.0 New Frontier Conservative 20/80 Tax 10/29/04 Global Fixed Income Strategic Broad Market 1.42 4.93 5.53 4.58 5.6

New Frontier Growth 90/10 10/29/04 Global Equity Strategic Broad Market 2.69 10.87 9.75 7.05 101.6 New Frontier Growth 90/10 Tax Sensitive 10/29/04 Global Equity Strategic Broad Market 2.58 11.05 9.67 6.99 53.0 New Frontier Moderate 60/40 10/29/04 Global Balanced Strategic Broad Market 2.76 9.55 9.72 7.04 355.6 New Frontier Moderate 60/40 Tax 10/29/04 Global Balanced Strategic Broad Market 2.22 9.14 8.71 6.54 132.2 New Frontier Moderate Conservative40/60 10/29/04 Global Balanced Strategic Broad Market 2.50 7.59 8.52 6.53 86.8

New Frontier Moderate Growth 75/25 10/29/04 Global Equity Strategic Broad Market 2.74 10.49 10.00 7.08 262.8 New Frontier Moderate Growth 75/25 Tax 10/29/04 Global Equity Strategic Broad Market 2.39 10.25 9.33 6.82 107.1 New Path Actively Mgd Allc Strat (AMAS) 4/2/07 Global Equity Tactical Broad Market 1.78 5.32 4.61 — 18.5 Newfound Dynamic Alternatives Cmpst 11/27/13 United States Alternative Hybrid Broad Market 0.37 — — — NR Newfound Multi Asset Income 11/27/13 Global All Asset Tactical Broad Market 1.53 — — — 63.5

Newfound Risk Managed Glb Sectors Cmpst 11/27/13 Global Equity Tactical Sector 1.09 — — — 126.7 Newfound Risk Mgd Small-Cap Sec Cmpst 11/27/13 United States Equity Tactical Sector 3.63 — — — 4.8 Newfound Tailwinds Conservative Idx 6/16/14 Global All Asset Hybrid All-Inclusive 1.95 — — — 0.1 Newfound Tailwinds Growth Idx 7/1/14 Global All Asset Hybrid All-Inclusive 2.86 — — — 3.9 Newfound Tailwinds Moderate Cmp 6/2/14 Global All Asset Hybrid All-Inclusive 2.33 — — — 5.1

Newfound Target Excess Yield 3% Cmpst 12/31/13 Global Fixed Income Tactical Broad Market 1.20 — — — 0.1 Newfound Total Return 6/2/14 United States All Asset Hybrid All-Inclusive 1.76 — — — 0.5 Niemann Dynamic 2/20/97 United States Equity Tactical Sector 7.42 22.07 14.08 9.09 45.5 Niemann Dynamic International 1/22/08 International Equity Tactical All-Inclusive 6.81 7.25 1.68 — 0.8 Niemann Dynamic Sector 2/20/08 United States Equity Tactical Sector 7.94 18.74 13.33 — 4.6






Return %




Assets USD Mil

Niemann Global Opportunity (Equity Plus) 11/12/96 Global Equity Tactical Sector 5.98 14.34 5.24 7.18 117.8 Niemann Risk Managed 9/30/96 United States Equity Tactical Sector 6.69 19.95 9.88 7.89 63.5 Niemann Risk Managed Sector 1/24/96 United States Equity Tactical Sector 6.97 14.95 7.77 8.92 60.8 Niemann Tactical Global Bond 1/25/11 Global Fixed Income Tactical All-Inclusive 0.92 4.50 — — 0.4 NorthCoast Tactical ETF 2/1/13 Global All Asset Tactical All-Inclusive 3.45 — — — 237.0

Northwest Global Trends-Balanced 6/1/11 Global All Asset Tactical Broad Market –2.37 2.97 — — 5.6 Nottingham Global All Asset 12/31/04 Global Balanced Hybrid All-Inclusive 2.31 9.07 8.59 5.42 377.8 Nottingham Global Balanced 12/31/04 Global Balanced Hybrid All-Inclusive 2.06 7.22 7.36 4.91 165.0 Nottingham Global Equity 12/31/04 Global Equity Hybrid All-Inclusive 2.80 9.94 9.22 5.31 77.7 Nottingham Global Income Strategy 12/31/04 Global Balanced Strategic Broad Market 1.56 3.36 3.47 3.00 261.9

Nottingham Real Return Strategy 12/2/13 Global All Asset Tactical All-Inclusive 0.24 — — — 1.2 Nuveen Intelligent Risk Cnsrv Allc 6/1/09 Global All Asset Tactical Broad Market 1.57 2.88 6.04 — 5.9 Nuveen Intelligent Risk Growth Allc 6/1/09 Global All Asset Tactical Broad Market 2.32 4.98 7.00 — 3.1 Nuveen Intelligent Risk Mod Allc 6/1/09 Global All Asset Tactical Broad Market 2.49 4.02 7.79 — 6.3 One Cap Wealth Appreciation 1/30/04 Global Equity Strategic All-Inclusive 2.93 10.32 8.98 5.52 18.3

One Cap Wealth Preservation & Growth 11/3/08 Global Balanced Strategic All-Inclusive 1.83 6.58 6.66 — 9.3 One Capital Agg Wealth Appreciation 5/3/10 Global Equity Strategic All-Inclusive 3.17 12.30 — — 5.5 One Capital Bal Wealth Appreciation 4/1/05 Global Balanced Strategic All-Inclusive 2.10 8.33 7.95 5.56 30.4 One Capital Wealth Preservation & Inc 2/2/09 Global Fixed Income Strategic All-Inclusive 0.91 4.01 5.36 — 2.3 Optimus Bond Allocation Bull/Bear 12/30/11 Global Fixed Income Hybrid All-Inclusive 1.31 3.18 — — NR

Optimus Bond Rotation 3/3/14 Global Fixed Income Tactical All-Inclusive 2.10 — — — NR Optimus Eight Baskets Rotation 12/3/12 Global All Asset Hybrid Broad Market 1.94 — — — NR Optimus Global Advantage All Asset 3/30/12 Global All Asset Tactical Broad Market 2.70 3.99 — — NR Optimus Global Long/Short 8/1/13 Global All Asset Tactical All-Inclusive 2.35 — — — NR Optimus Global Rotation 6/3/13 United States Equity Tactical Broad Market 1.97 — — — NR

Optimus High Yield Bull/Bear 3/1/11 United States Fixed Income Tactical Sector 2.13 3.59 — — NR Optimus U.S. Rotation 12/2/13 United States Equity Tactical Broad Market –0.89 — — — NR Palladiem Balanced Growth Core Strategy 1/2/12 Global Balanced Tactical All-Inclusive 1.87 5.78 — — 8.9 Palladiem Defensive Core Strategy 1/2/12 United States All Asset Strategic Broad Market 1.43 2.43 — — 0.2 Palladiem Diversified Growth Strategy 1/2/12 Global Equity Tactical All-Inclusive 2.21 7.38 — — 20.0

Palladiem Sustainable Income Strategy 1/2/12 United States Fixed Income Tactical All-Inclusive 1.63 4.46 — — 4.8 Parasol Globally Enh Mgmt Strat (GEMS) 3/1/07 Global All Asset Tactical All-Inclusive — — — — 100.0 PCM Income Opportunity Fund 10/3/11 Global Fixed Income Strategic All-Inclusive 1.97 2.47 — — 58.0 PCM Multi Strategy Balanced Growth Fund 10/3/11 Global Balanced Tactical Broad Market 2.49 5.25 — — 31.0 PDAM GLOBAL ALPHA 11/1/05 Global All Asset Hybrid All-Inclusive 2.33 7.12 3.42 — 1.3

PVG Dynamic Core ETF 9/28/01 United States Equity Tactical All-Inclusive 1.01 6.83 6.18 5.72 23.7 QA Global Balanced 40/60 11/3/03 Global Balanced Hybrid All-Inclusive 2.23 7.43 7.22 6.16 19.5 QA Global Balanced 60/40 11/1/00 Global Balanced Hybrid All-Inclusive 2.53 9.48 8.74 7.07 78.3 QA Global Balanced 80/20 10/1/03 Global Equity Hybrid All-Inclusive 2.81 11.46 10.17 7.82 51.6 QA Global Balanced Flex - Conservative 1/1/10 Global Balanced Hybrid All-Inclusive 2.03 6.97 6.63 — 48.1

QA Global Balanced Flex - Growth 1/1/10 Global Equity Hybrid All-Inclusive 2.32 10.42 8.84 — 101.2 QA Global Balanced Flex - Moderate 1/1/10 Global Balanced Hybrid All-Inclusive 2.17 8.71 7.78 — 202.9 QA Global Equity 9/1/00 Global Equity Tactical All-Inclusive 3.05 13.22 11.39 8.37 75.6 QA Global Equity Flex 1/1/10 Global Equity Tactical All-Inclusive 2.46 11.93 9.90 — 119.6 QA Global Style 9/4/07 Global Equity Tactical Broad Market 3.04 15.31 14.50 — 4.5

QA Tactical All Market 4/1/09 Global All Asset Tactical All-Inclusive 1.54 3.32 4.90 — 166.4 QA Tactical Bond 1/1/10 United States Fixed Income Tactical All-Inclusive 1.72 3.42 4.03 — 8.9 Raylor Strategic US Equity 1/3/06 United States Equity Strategic All-Inclusive 1.25 16.01 14.44 — 1.0 Raylor Strategic World Equity 1/3/06 Global Equity Strategic All-Inclusive 1.83 11.37 9.49 — 26.0 Raylor Strategic World Income 4/3/06 Global Balanced Strategic All-Inclusive 2.12 7.93 7.41 — 25.0






Return %




Assets USD Mil

Raylor Strategic World Opportunity 1/3/07 Global Equity Strategic Country/Region 2.06 5.44 5.12 — 3.0 RevenueShares Strategic Allocation 7/1/11 United States Equity Tactical Broad Market 5.54 12.90 — — 1.0 Richard Bernstein Global Aggressive 7/1/10 Global Equity Tactical All-Inclusive 3.85 12.47 — — NR Richard Bernstein Global Conservative 7/1/10 Global Balanced Tactical All-Inclusive 1.80 6.25 — — NR Richard Bernstein Global Moderate 7/1/10 Global Balanced Tactical All-Inclusive 3.05 9.43 — — NR

Richard Bernstein Risk-Balanced Global 7/1/10 Global Equity Tactical All-Inclusive 3.36 9.67 — — NR RIM iFolios Growth 8/31/12 Global Balanced Strategic All-Inclusive –0.05 — — — 61.4 RiverFront Conservative Growth 10/1/03 Global Balanced Hybrid All-Inclusive 3.54 9.00 7.80 6.48 95.4 RiverFront Conservative Income Builder 5/1/09 Global Balanced Hybrid All-Inclusive 2.51 6.61 6.34 — 159.3 RiverFront Dynamic Equity Income 5/1/09 Global Equity Hybrid All-Inclusive 5.48 11.11 9.92 — 915.4

RiverFront ETF Conservative Income Bldr 10/1/12 Global Balanced Hybrid All-Inclusive 2.31 — — — 15.8 RiverFront ETF Dynamic Equity Income 10/1/12 Global Equity Hybrid All-Inclusive 5.28 — — — 85.8 RiverFront ETF Global Allocation 4/3/06 Global Equity Hybrid All-Inclusive 6.18 11.49 9.02 — 134.8 RiverFront ETF Global Growth 4/3/06 Global Equity Hybrid All-Inclusive 6.94 12.34 9.54 — 58.6 RiverFront ETF Moderate Growth & Income 4/3/06 Global Balanced Hybrid All-Inclusive 3.30 9.14 7.71 — 215.2

RiverFront Global Allocation 10/1/03 Global Equity Hybrid All-Inclusive 5.81 11.33 9.03 6.82 672.2 RiverFront Global Growth 10/1/03 Global Equity Hybrid All-Inclusive 6.70 12.25 9.48 6.85 568.3 RiverFront Moderate Growth and Income 10/1/03 Global Balanced Hybrid All-Inclusive 3.54 9.01 8.06 6.41 2,136.3 Robinson Market Opportunity 12/31/03 United States Equity Tactical Broad Market –7.47 5.38 9.88 6.56 3.5 RPG AlphaSector Core Domestic Equity 11/1/11 United States Equity Tactical Sector –4.03 12.40 — — 24.4

RPG AlphaSector Premium FT 3/1/12 United States Equity Tactical Sector –1.24 12.54 — — 14.9 Sage Tactical ETF All Cap Equity Plus 12/31/02 Global Equity Tactical Broad Market 2.41 11.41 10.73 6.92 168.0 Sage Tactical ETF Conservative 12/31/07 Global Fixed Income Tactical Broad Market 1.74 4.39 5.82 — 71.7 Sage Tactical ETF Core Plus Fixed Income 12/31/07 Global Fixed Income Tactical Broad Market 1.53 2.60 4.48 — 264.7 Sage Tactical ETF Growth 12/31/07 Global Equity Tactical Broad Market 2.26 9.65 9.51 — 274.9

Sage Tactical ETF Moderate 12/31/07 Global Balanced Tactical Broad Market 1.96 6.16 7.12 — 208.5 Sage Tactical ETF Moderate Growth 7/31/09 Global Balanced Tactical Broad Market 2.13 7.99 8.34 — 463.4 Sage Tactical ETF Multi Asset Income 6/30/11 Global All Asset Tactical All-Inclusive 1.14 4.41 — — 78.6 Sage Target Date 2015 Fund 12/31/08 Global Balanced Hybrid Broad Market 1.90 6.47 7.17 — 131.5 Sage Target Date 2025 Fund 12/31/08 Global Balanced Hybrid Broad Market 2.13 8.35 8.48 — 254.4

Sage Target Date 2035 Fund 12/31/08 Global Equity Hybrid Broad Market 2.29 9.68 9.39 — 145.3 Sage Target Date 2045 Fund 12/31/08 Global Equity Hybrid Broad Market 2.37 10.48 9.93 — 52.3 Sage Target Date Retirement Income Fund 12/31/08 Global Balanced Hybrid Broad Market 1.79 5.54 6.40 — 46.7 SAM Aggressive Global Growth 12/31/99 Global Equity Strategic All-Inclusive 2.31 8.23 8.11 7.72 3.3 SAM Conservative Global Growth 12/31/99 Global Balanced Strategic All-Inclusive 1.62 6.44 7.44 6.94 0.4

SAM Moderate Global Growth 12/31/99 Global Balanced Strategic All-Inclusive 2.05 7.37 8.07 7.46 21.4 SCA Fixed Alternative 7/1/10 Global Fixed Income Tactical All-Inclusive 1.31 3.92 — — NR SEI Tactical ETF Aggressive Strategy 1/2/13 Global Equity Hybrid Broad Market 2.41 — — — 81.9 SEI Tactical ETF Conservative Strategy 1/2/13 Global Fixed Income Hybrid Broad Market 1.23 — — — 24.1 SEI Tactical ETF Equity Strategy 1/2/13 Global Equity Hybrid Broad Market 2.80 — — — 70.6

SEI Tactical ETF Market Growth Strategy 1/2/13 Global Balanced Hybrid Broad Market 2.16 — — — 241.0 SEI Tactical ETF Moderate Strategy 1/2/13 Global Balanced Hybrid Broad Market 1.74 — — — 135.3 SEI Tax-Managed ETF Aggressive 1/3/14 Global Equity Strategic All-Inclusive 2.33 — — — 22.6 SEI Tax-Managed ETF Conservative 1/3/14 United States Fixed Income Strategic All-Inclusive — — — — 13.4 SEI Tax-Managed ETF Equity 1/3/14 Global Equity Strategic Broad Market 2.77 — — — 32.6

SEI Tax-Managed ETF Market Growth 1/3/14 Global Balanced Strategic All-Inclusive 1.98 — — — 72.0 SEI Tax-Managed ETF Moderate 1/3/14 Global Balanced Strategic All-Inclusive 1.48 — — — 31.4 SelectAlts 20 Index Strategy 12/31/14 United States All Asset Strategic All-Inclusive 1.06 — — — 0.1 SelectAlts Fleet Strategy 5/31/13 Global All Asset Tactical All-Inclusive 4.60 — — — 1.5 SelectAlts Fortress Strategy 10/1/12 Global All Asset Tactical All-Inclusive 3.07 — — — 1.4






Return %




Assets USD Mil

SFS Tax Efficient Growth 5/23/05 Global Equity Strategic Broad Market 2.02 10.90 9.69 — NR SFS Tax Efficient Growth & Income 5/25/05 Global Balanced Strategic Broad Market 1.33 8.63 7.81 — NR Shelton Diversified ETF Balanced 12/31/09 Global Equity Hybrid Broad Market 2.50 7.66 8.05 — 9.2 Signal Point Signal 10 3/31/09 United States Equity Hybrid Sector 3.15 11.62 11.49 — 17.8 SignalPoint Balanced Point 3/31/09 United States Balanced Hybrid All-Inclusive 2.30 9.75 10.14 — 57.2

SignalPoint CU Income Plus 6/30/09 United States Fixed Income Hybrid All-Inclusive 2.00 4.61 6.39 — 3.8 SignalPoint Currency Point 10/31/08 Global Alternative Hybrid Country/Region –1.65 –2.73 –1.12 — 0.1 SignalPoint Global Signal 9/28/07 Global Equity Hybrid All-Inclusive 3.40 9.26 8.93 — 57.6 SignalPoint High Income Point 10/31/08 Global All Asset Tactical All-Inclusive 2.31 5.68 6.34 — 1.2 SignalPoint International Signal 6/30/09 International Equity Hybrid Sector 3.54 5.36 4.18 — 1.7

SignalPoint Moderate Income Point 10/31/08 United States Fixed Income Hybrid All-Inclusive 1.84 4.40 5.43 — 4.2 SignalPoint Stable Income Point 10/31/08 United States Fixed Income Hybrid All-Inclusive 1.99 4.65 6.62 — 20.4 SignalPoint Universal Signal 10/31/08 Global Balanced Hybrid All-Inclusive 2.44 6.29 7.27 — 12.2 Sitka Absolute Return 9/1/05 Global Alternative Tactical All-Inclusive — — — — 20.7 SRCM Aggressive Growth Portfolio 1/2/04 Global Equity Hybrid Broad Market 3.47 8.67 8.79 6.40 0.0

SRCM Growth & Income Blend Portfolio 1/2/04 Global Balanced Hybrid Broad Market 3.08 6.89 7.76 5.96 3.8 SRCM Growth & Income Portfolio 1/2/04 Global Balanced Hybrid Broad Market 2.68 6.02 6.84 5.10 3.0 SRCM Growth Portfolio 1/2/04 Global Equity Hybrid Broad Market 3.30 7.73 8.26 6.03 0.2 SRCM Income & Preservation Portfolio 1/2/04 Global Balanced Hybrid Broad Market 2.41 5.40 6.20 5.11 1.5 SSWM Strategic Allocation Model 75/25 8/29/03 United States Equity Strategic Broad Market 1.86 10.87 10.28 6.89 17.0

Stadion Balanced Strategy 4/2/07 United States Balanced Tactical Broad Market –1.56 3.65 4.15 — 492.7 Stadion Capital Preservation Strategy 4/2/07 United States Fixed Income Tactical Broad Market –1.58 1.33 2.24 — 102.7 Stadion Conservative Strategy 4/2/07 United States Balanced Tactical Broad Market –2.09 1.72 2.67 — 198.6 Stadion Growth Strategy 4/2/07 United States Balanced Tactical Broad Market –0.48 7.42 6.85 — 1,273.9 Stadion Managed Risk 100 Strategy 1/2/96 Global Equity Tactical All-Inclusive –5.25 1.12 1.80 3.54 366.6

Stadion Moderate Strategy 4/2/07 United States Balanced Tactical Broad Market –1.19 4.85 5.21 — 1,148.1 Stadion Tactical Defensive Strategy 3/31/05 Global Equity Tactical All-Inclusive –1.20 7.99 7.39 6.46 98.0 Stadion Tactical Growth Strategy 4/30/04 United States Equity Tactical All-Inclusive 2.55 10.27 11.24 8.11 147.9 Steinberg Global - ETF Multi Cap 12/31/02 Global Equity Tactical All-Inclusive — — — — NR Steinberg Global - Short Duration Taxabl 12/31/92 Global Fixed Income Tactical All-Inclusive — — — — NR

Steinberg Global Fixed Income ETF 1/3/12 Global Fixed Income Tactical All-Inclusive — — — — NR Sterling Global Allocation 12/31/10 Global All Asset Hybrid All-Inclusive 0.63 4.21 — — 9.0 Sterling Tactical Rotation Strategy 2/1/10 Global All Asset Tactical Broad Market –0.19 8.83 10.83 — 280.0 Strategic Income Mmgt Dyn Allc Bal Inc 1/3/11 Global Balanced Strategic All-Inclusive 2.56 11.02 — — 38.1 Strategic Income Mmgt Dyn Allc Div Inc 1/3/11 Global Balanced Strategic All-Inclusive 2.29 7.41 — — 13.5

Strategic Income Mmgt Dyn Allc Eq Inc 1/3/11 Global Equity Strategic All-Inclusive 2.62 12.44 — — 55.3 Strategies Conservative 1/31/95 Global Balanced Hybrid All-Inclusive 1.31 5.02 5.68 5.36 1.3 Strategies Growth 8/31/93 Global Equity Hybrid All-Inclusive 1.73 8.63 8.22 5.48 9.5 Strategies Moderate 1/3/95 Global Balanced Hybrid All-Inclusive 1.28 6.36 6.80 5.30 25.8 Strategies Moderate Growth 6/30/95 Global Balanced Hybrid All-Inclusive 1.53 7.60 7.63 5.74 12.5

Strategies Moderately Conservative 3/31/93 Global Balanced Hybrid All-Inclusive 1.32 6.29 6.72 5.88 16.4 Stringer Conservative Growth 9/2/08 Global All Asset Hybrid All-Inclusive 2.80 8.11 8.05 — 24.9 Stringer Growth 9/2/08 Global All Asset Hybrid All-Inclusive 2.50 10.92 9.67 — 120.9 Stringer Moderate Growth 9/2/08 Global All Asset Hybrid All-Inclusive 2.76 9.39 9.31 — 95.2 Swan Defined Risk Strategy 7/1/97 United States Equity Strategic Broad Market 0.55 8.44 6.91 9.41 537.7

Swan Defined Risk Strategy 7/1/97 United States Equity Strategic Broad Market 0.78 8.26 6.96 9.05 537.7 TAG Tactical Conservative 1/3/06 Global All Asset Hybrid Broad Market 1.56 3.26 4.21 — 123.2 TAG Tactical Growth 1/3/06 Global All Asset Hybrid Broad Market 3.84 4.57 5.31 — 56.8 TAG Tactical Income 1/3/12 Global All Asset Tactical All-Inclusive 0.75 4.45 — — 5.0 TAG Tactical Moderate 1/3/06 Global All Asset Hybrid Broad Market 3.07 3.77 5.26 — 371.0






Return %




Assets USD Mil

TAMP US Tactical ETF Income – BIG 1/2/13 United States Balanced Tactical Broad Market 0.09 — — — 0.0 TAMP US Tactical ETF L/S – PULSE 1/2/13 United States Alternative Tactical Broad Market 1.63 — — — 0.1 TCIA ETF L1 7/29/11 United States All Asset Strategic All-Inclusive 0.58 9.62 — — 7.1 TCIA ETF L2 7/29/11 United States All Asset Strategic All-Inclusive 1.30 10.09 — — 10.9 The Capital CMC Global ETF 12/31/07 Global Equity Tactical Country/Region 2.42 10.59 10.67 — 5.4

Trademark Tactical Risk Strategy 10/1/07 United States Balanced Tactical All-Inclusive 0.62 7.72 7.99 — 10.9 Transamerica I-Series Portfolio I 1/6/10 United States Fixed Income Strategic All-Inclusive 1.40 3.25 4.06 — 21.1 Transamerica I-Series Portfolio II 6/18/07 United States Balanced Strategic All-Inclusive 1.52 5.17 5.69 — 45.2 Transamerica I-Series Portfolio III 6/18/07 United States Balanced Strategic All-Inclusive 1.87 7.14 7.80 — 92.8 Transamerica I-Series Portfolio IV 6/18/07 Global Balanced Strategic All-Inclusive 2.06 8.95 9.19 — 162.0

Transamerica I-Series Portfolio V 6/18/07 Global Equity Strategic All-Inclusive 2.33 10.32 10.06 — 40.0 Transamerica I-Series Portfolio VI 6/18/07 Global Equity Strategic All-Inclusive 2.75 12.20 11.29 — 16.9 TRC Global Core Equity 3/13/13 Global Equity Tactical Broad Market 0.40 — — — 25.0 TRC Global Income 11/1/11 Global All Asset Tactical All-Inclusive 2.09 11.61 — — 31.0 TTM 500 Strategy 10/1/12 United States Equity Tactical Broad Market –1.86 — — — 6.8

TTM NASDAQ Strategy 6/1/09 United States Equity Tactical All-Inclusive –1.96 13.93 10.71 — NR TTM Tactical Core/Satellite Strategy 6/2/14 United States Balanced Tactical All-Inclusive 0.25 — — — NR TTM Trend Aggregation Ultra 1/31/14 Global All Asset Tactical All-Inclusive –3.45 — — — NR TTM Trend Aggregation-All Asset 11/1/12 Global All Asset Tactical All-Inclusive –1.27 — — — NR TTM Trend Aggregation-Income 6/1/10 Global All Asset Tactical All-Inclusive 0.81 4.75 — — NR

UBS PWS Diversified Income 6/29/12 Global Balanced Tactical All-Inclusive 1.66 — — — 40.0 UBS PWS Diversified Income w/ Muni 7/31/12 Global Balanced Tactical All-Inclusive 1.41 — — — 15.5 UBS PWS Global Tactical Alloc. 6/29/12 Global Balanced Tactical Broad Market 2.04 — — — 753.4 UBS PWS Global Tactical Alloc. W/ Muni 8/31/12 Global Balanced Tactical Broad Market 2.39 — — — 103.1 Vanguard CORE 100% Equity 1/3/12 Global Equity Strategic Broad Market 2.44 13.20 — — 3.0

Vanguard CORE 100% Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market 1.72 3.26 — — 0.4 Vanguard CORE 20%Equity/80%Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market 1.91 5.25 — — 2.2 Vanguard CORE 40%Equity/60%Fixed Income 1/3/12 Global Balanced Strategic Broad Market 2.08 7.23 — — 6.0 Vanguard CORE 60%Equity/40%Fixed Income 1/3/12 Global Balanced Strategic Broad Market 2.22 9.23 — — 16.3 Vanguard CORE 80%Equity/20%Fixed Income 1/2/12 Global Equity Strategic Broad Market 2.34 11.22 — — 17.0

Vanguard CRSP 100% Equity 1/4/10 Global Equity Strategic Broad Market 2.58 13.20 11.63 — 104.3 Vanguard CRSP 100% Fixed Income 1/4/10 Global Fixed Income Strategic Broad Market 1.73 3.30 4.43 — 9.1 Vanguard CRSP 20%Equity/80%Fixed Income 1/4/10 Global Fixed Income Strategic Broad Market 1.95 5.27 6.03 — 81.6 Vanguard CRSP 40%Equity/60%Fixed Income 1/4/10 Global Balanced Strategic Broad Market 2.14 7.25 7.55 — 192.2 Vanguard CRSP 60%Equity/40%Fixed Income 1/4/10 Global Balanced Strategic Broad Market 2.31 9.22 8.99 — 382.2

Vanguard CRSP 70%Equity/30%Fixed Income 1/3/12 Global Equity Strategic Broad Market 2.39 10.22 — — 186.9 Vanguard CRSP 80%Equity/20%Fixed Income 1/4/10 Global Equity Strategic Broad Market 2.45 11.22 10.35 — 206.8 Vanguard Russell 100% Equity 1/3/12 Global Equity Strategic Broad Market 2.62 13.21 — — 8.7 Vanguard Russell 100% Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market 1.73 3.30 — — 1.8 Vanguard Russell 20%Equity/80%FixedInc. 1/3/12 Global Fixed Income Strategic Broad Market 1.95 5.27 — — 0.2

Vanguard Russell 40%Equity/60%FixedInc. 1/3/12 Global Balanced Strategic Broad Market 2.15 7.25 — — 1.1 Vanguard Russell 60%Equity/40%FixedInc. 1/3/12 Global Balanced Strategic Broad Market 2.33 9.24 — — 4.8 Vanguard Russell 80%Equity/20%FixedInc. 1/3/12 Global Equity Strategic Broad Market 2.47 11.23 — — 7.4 Vanguard S&P 100% Equity 1/3/12 Global Equity Strategic Broad Market 2.62 13.27 — — 9.3 Vanguard S&P 100% Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market 1.73 3.30 — — 3.4

Vanguard S&P 20%Equity/80%Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market 1.95 5.28 — — 14.1 Vanguard S&P 40%Equity/60%Fixed Income 1/3/12 Global Balanced Strategic Broad Market 2.15 7.28 — — 51.0 Vanguard S&P 60%Equity/40%Fixed Income 1/3/12 Global Balanced Strategic Broad Market 2.33 9.27 — — 113.2 Vanguard S&P 80%Equity/20%Fixed Income 1/3/12 Global Equity Strategic Broad Market 2.48 11.27 — — 43.2 Virtus Alpha Sector Rotation Composite 1/31/11 United States Equity Tactical Sector -2.40 11.65 — — 3.8






Return %




Assets USD Mil

Virtus Premium Alpha Sector Composite 7/1/10 United States Equity Tactical Sector –3.56 8.60 — — 109.3 Voya GPMM Aggressive Growth ETF 1/2/13 Global Equity Hybrid Broad Market 3.10 — — — NR Voya GPMM Conservative Growth ETF 1/2/13 Global Balanced Hybrid Broad Market 2.37 — — — NR Voya GPMM Income ETF 1/2/13 United States Fixed Income Hybrid Broad Market 1.36 — — — NR Voya GPMM Moderate Growth ETF 1/2/13 Global Balanced Hybrid Broad Market 2.76 — — — NR

W.E. Donoghue & Co., - Agg Tactical Gr P 9/24/01 Global Equity Tactical All-Inclusive –2.08 5.93 4.69 2.98 8.7 W.E. Donoghue & Co., - Cnsv Tactical Gr 9/24/01 Global Balanced Hybrid All-Inclusive –0.96 4.37 3.41 5.02 18.0 W.E. Donoghue & Co., - Moderate Tactical 9/25/01 Global Equity Hybrid All-Inclusive –1.59 4.96 3.66 4.10 54.5 W.E. Donoghue Power Sector Portfolio 5/8/96 Global Equity Tactical All-Inclusive –2.76 3.51 5.20 5.41 1.2 WBI ETF Plus (SMA) 8/31/92 Global Equity Tactical All-Inclusive 3.14 7.63 8.89 7.30 14.0

Wela Agg Yield 5/3/10 Global All Asset Tactical All-Inclusive 2.14 6.21 — — NR Wela All Growth 12/1/10 Global Equity Tactical All-Inclusive 2.28 11.11 — — NR Wela Own Your Age (OYA)- 20 12/1/08 Global Equity Hybrid All-Inclusive 1.99 9.47 9.02 — NR Wela Own Your Age (OYA)- 30 4/1/11 Global Equity Hybrid All-Inclusive 1.79 8.34 — — NR Wela Own Your Age (OYA)- 40 4/1/11 Global Balanced Hybrid Broad Market 1.91 8.13 — — NR

Wela Own Your Age (OYA)- 50 12/1/08 Global Balanced Hybrid Broad Market 1.64 7.09 7.83 — NR Wela Own Your Age (OYA)- 60 12/1/10 Global Balanced Hybrid Broad Market 1.53 6.04 — — NR Wela Own Your Age (OYA)- 70 11/1/10 United States Fixed Income Hybrid All-Inclusive 0.66 5.35 — — NR Wela Own Your Age (OYA)- 80 6/1/09 United States Fixed Income Hybrid All-Inclusive 0.84 4.24 5.61 — NR WestEnd Advisors Global Balanced 12/31/04 Global Balanced Hybrid All-Inclusive 2.83 11.10 10.97 8.41 55.7

WestEnd Advisors Global Equity 12/31/04 Global Equity Hybrid All-Inclusive 3.83 14.50 13.45 9.27 67.5 WestEnd Advisors US Sector 12/31/12 United States Equity Hybrid Sector 3.68 — — — 2.5 Westport Res Mgt ETF 12/30/05 Global Equity Tactical All-Inclusive 2.85 12.42 9.73 — 10.7 Windham Aggressive Portfolio 12/31/09 Global Equity Strategic Broad Market 2.14 7.31 7.61 — 5.0 Windham Aggressive Portfolio (Tax Mg) 9/30/09 Global Equity Strategic Broad Market 2.14 7.54 7.82 — 31.6

Windham Conservative Plus Portf (Tax Mg) 5/31/10 Global Balanced Strategic Broad Market 0.66 3.71 — — 30.0 Windham Conservative Plus Portfolio 5/31/10 Global Balanced Strategic Broad Market 0.84 4.16 — — NR Windham Conservative Portfolio 9/30/09 Global Fixed Income Strategic Broad Market 0.22 2.86 4.60 — 3.7 Windham Conservative Portfolio (Tax Mg) 11/30/09 Global Fixed Income Strategic Broad Market 0.10 2.46 4.17 — 3.8 Windham Emerging Market Equity Strategy 12/31/10 International Equity Tactical Country/Region 0.81 –1.92 — — 0.3

Windham Global Equities Strategy 8/2/10 Global Equity Tactical All-Inclusive 1.87 7.66 — — 2.5 Windham Moderate Plus Portf (Tax Mg) 5/31/10 Global Balanced Strategic Broad Market 1.84 6.35 — — 12.3 Windham Moderate Plus Portfolio 12/31/09 Global Balanced Strategic Broad Market 1.57 6.08 6.83 — 9.6 Windham Moderate Portfolio 9/30/09 Global Balanced Strategic Broad Market 1.20 5.21 6.23 — 7.6 Windham Moderate Portfolio (Tax Managed) 1/30/09 Global Balanced Strategic Broad Market 1.11 5.06 6.22 — 47.9

Windham Multi-Asset Income Portfolio 11/1/10 Global All Asset Strategic Broad Market 0.19 4.22 — — 1.5 Windham Multi-Sector Bonds Tax Exempt 8/31/10 Global Fixed Income Hybrid All-Inclusive 0.06 1.38 — — 1.5 Windham Risk Regime I 3/1/10 Global All Asset Tactical Broad Market 0.51 4.91 5.44 — 397.7 Windham Risk Regime II 5/31/12 Global Balanced Tactical Broad Market 0.73 — — — 561.2 Windham Risk Regime III 9/30/11 Global Equity Tactical Broad Market 0.96 6.23 — — 1,266.4

Windham Risk Regime Other 2/28/14 Global All Asset Tactical All-Inclusive 6.00 — — — 217.8 Windhaven Diversified Aggressive 1/2/02 Global All Asset Hybrid All-Inclusive 2.88 8.22 8.17 8.36 4,748.3 Windhaven Diversified Conservative 1/2/02 Global All Asset Hybrid All-Inclusive 1.91 4.05 4.63 5.41 2,720.5 Windhaven Diversified Growth 1/2/02 Global All Asset Hybrid All-Inclusive 2.60 6.65 7.08 7.10 8,105.1 Winterset Active/Edge ETF Growth 2/1/13 United States Equity Strategic All-Inclusive 2.11 — — — NR

Winterset Active/Edge Moderate Hybrid 2/1/13 United States All Asset Strategic All-Inclusive 0.40 — — — NR WST Asset Manager – Adaptive Balanced 12/31/04 Global Balanced Tactical Broad Market 1.11 4.68 3.44 4.68 5.5 WST Asset Manager – U.S. Bond 3/31/06 United States Fixed Income Tactical Sector 0.01 5.10 6.50 — 170.2 WST Asset Manager - U.S. Equity 12/31/12 United States Equity Tactical Sector 1.28 — — — 215.6

Zacks International Strategy 4/1/04 International Equity Strategic Country/Region 4.03 5.13 4.40 6.22 NR





Exhibit 10 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 31 March 2015

Return % Risk Statistics vs. Selected Benchmark

NamePortfolio Implementation


2015 3-Year 5-Year 10-YearAssets

USD MilAlpha Beta R-Squared

Down Capture Ratio

Global All AssetMFI Global Sector Hybrid Broad Market 2.96 11.95 10.83 7.83 48.6 2.43 1.33 87.89 123.20MFI Balanced Sector Hybrid Broad Market 1.90 9.97 9.80 7.95 121.2 3.31 0.99 87.13 89.63Stringer Growth Hybrid All-Inclusive 2.50 10.92 9.67 — 120.9 1.93 1.22 91.34 118.82Stringer Moderate Growth Hybrid All-Inclusive 2.76 9.39 9.31 — 95.2 3.40 0.89 90.41 80.48Braver Growth Multi Strategy Hybrid All-Inclusive 2.64 9.85 8.99 — 9.4 2.93 0.93 85.73 84.54

MFI Capital Preservation & Income Sector Hybrid Broad Market 1.77 9.49 8.98 7.10 26.2 4.21 0.70 84.36 62.11Lazard Capital Allocator Ser Non-Trdtl Hybrid All-Inclusive 1.16 7.09 8.31 — 233.1 2.22 0.94 90.30 88.16Windhaven Diversified Aggressive Hybrid All-Inclusive 2.88 8.22 8.17 8.36 4,748.3 1.80 0.99 89.87 99.43Stringer Conservative Growth Hybrid All-Inclusive 2.80 8.11 8.05 — 24.9 3.42 0.68 90.41 59.90Capital Wealth ETF Covered Call Strategy Hybrid All-Inclusive 2.70 8.88 7.97 — 66.0 3.86 0.60 81.36 49.77

F-Squared AlphaSector Allocator Pre Idx Hybrid All-Inclusive –1.58 7.30 7.34 — 85.7 2.65 0.71 77.92 70.54Braver Moderate Multi Strategy Hybrid All-Inclusive 1.62 7.06 7.13 — 37.2 1.97 0.79 89.31 73.79Windhaven Diversified Growth Hybrid All-Inclusive 2.60 6.65 7.08 7.10 8,105.1 2.13 0.75 86.90 73.42F-Squared AlphaSector Allocator Prm Cpst Hybrid All-Inclusive –1.77 5.85 6.45 — 184.3 1.91 0.70 77.35 70.86Braver Conservative Multi Strategy Hybrid All-Inclusive 1.08 4.92 5.73 — 27.1 1.84 0.58 90.37 51.40

TAG Tactical Growth Hybrid Broad Market 3.84 4.57 5.31 — 56.8 –1.51 1.11 86.09 116.87TAG Tactical Moderate Hybrid Broad Market 3.07 3.77 5.26 — 371.0 –0.39 0.89 88.09 93.11Windhaven Diversified Conservative Hybrid All-Inclusive 1.91 4.05 4.63 5.41 2,720.5 2.26 0.35 67.77 30.32TAG Tactical Conservative Hybrid Broad Market 1.56 3.26 4.21 — 123.2 1.01 0.49 63.16 55.53Boston Advisors Broad Allocation Str Hybrid All-Inclusive 2.24 1.42 3.59 — 60.0 –1.17 0.75 87.21 85.25

PDAM GLOBAL ALPHA Hybrid All-Inclusive 2.33 7.12 3.42 — 1.3 –1.42 0.78 65.78 94.95Sterling Global Allocation Hybrid All-Inclusive 0.63 4.21 — — 9.0 — — — —F-Squared AlphaSector Allocator Index Hybrid All-Inclusive –0.60 7.82 — — 1,058.8 — — — —Optimus Eight Baskets Rotation Hybrid Broad Market 1.94 — — — — — — — —Blue Edge Global Growth & Income Hybrid All-Inclusive 2.85 7.57 — — 6.8 — — — —

Blue Edge Global Balanced Hybrid All Inclusive 3.46 9.41 — — 24.1 — — — —Blue Edge Global Growth Hybrid All-Inclusive 3.80 10.55 — — 46.2 — — — —F-Squared AlphaSector Allocator Select Hybrid All-Inclusive –0.18 — — — 801.9 — — — —CLS Active Real Hybrid Sector –1.72 — — — 0.2 — — — —F-Squared Allocator Pre AlphaSector Idx Hybrid All-Inclusive –0.39 7.45 — — 491.2 — — — —

Newfound Tailwinds Conservative Idx Hybrid All-Inclusive 1.95 — — — 0.1 — — — —Newfound Tailwinds Growth Idx Hybrid All-Inclusive 2.86 — — — 3.9 — — — —Newfound Tailwinds Moderate Cmp Hybrid All-Inclusive 2.33 — — — 5.1 — — — —Natixis / AIA Mgd ETF - Aggressive Strategic Broad Market 2.25 9.28 9.29 — 1.6 1.59 1.21 93.16 116.99ClearRock Diversified Moderate Growth Strategic All-Inclusive 3.24 8.62 8.73 — 27.6 2.37 0.98 89.17 91.60

ClearRock Diversified Aggressive Growth Strategic All-Inclusive 3.93 8.91 8.71 — 31.3 1.44 1.15 88.11 115.67ClearRock Diversified Conservative Gr Strategic All-Inclusive 2.15 7.33 8.01 — 35.1 2.45 0.85 90.69 77.30iSectors Endowment Allocation Strategic All-Inclusive 1.10 4.74 5.32 — 4.0 –0.14 0.85 93.84 87.55iSectors Inflation Protected Allocation Strategic All-Inclusive –1.88 –5.04 1.39 — 5.2 –3.49 0.81 59.62 89.36CFGAM S3 Div Mod Inflation-Correlated Strategic All-Inclusive — — — — 20.3 — — — —

CFGAM S3 Diversified Conservative Strategic All-Inclusive — — — — 66.9 — — — —Appleton Group Managed Income Strategic All-Inclusive 2.29 4.19 — — 2.2 — — — —Boston Advisors Broad Allocation Growth Strategic All-Inclusive — — — — 0.7 — — — —CFGAM S3 Diversified Moderate Strategic All-Inclusive — — — — 42.6 — — — —CFGAM S3 Diversified Growth Strategic All-Inclusive — — — — 10.9 — — — —

CFGAM S3 Diversified Aggressive Strategic All-Inclusive — — — — 6.2 — — — —CFGAM S3 Div Agrsv Inflation-Correlated Strategic All-Inclusive — — — — 1.5 — — — —Baring Global Dynamic Asset Allocation Strategic All-Inclusive 3.58 7.38 — — 218.1 — — — —Windham Multi-Asset Income Portfolio Strategic Broad Market 0.19 4.22 — — 1.5 — — — —Keystone Wealth MultiAsset AlphaRotation Strategic All-Inclusive –3.66 — — — 0.9 — — — —

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.



Exhibit 10 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 31 March 2015 (Continued)






Down Capture Ratio

Auour Instinct Global High Yield Strategic All-Inclusive 0.79 — — — 2.4 — — — —CMG Opportunistic All Asset ETF Strategy Tactical All-Inclusive 0.99 6.03 12.14 — 138.0 6.76 0.77 67.70 65.34Sterling Tactical Rotation Strategy Tactical Broad Market –0.19 8.83 10.83 — 280.0 6.55 0.63 44.13 62.71CMG Tactical Rotation Strategy Tactical Broad Market 0.36 9.12 10.78 — 45.5 6.51 0.62 44.21 63.35Dorsey Wright Sys Reltv Strth Glb Macro Tactical All-Inclusive 1.97 12.87 9.65 — 190.0 3.38 0.99 63.68 103.07

MCM Apto Tactical All-Inclusive 2.90 12.51 9.22 — 2.5 2.26 1.10 80.35 110.49Nuveen Intelligent Risk Mod Allc Tactical Broad Market 2.49 4.02 7.79 — 6.3 3.95 0.57 56.52 53.12Nuveen Intelligent Risk Growth Allc Tactical Broad Market 2.32 4.98 7.00 — 3.1 0.40 1.05 85.44 113.32JAForlines Global Tactical Allocation Tactical All-Inclusive 5.05 8.85 6.98 6.39 246.4 1.85 0.79 83.89 78.63Hays TMAC Portfolio Tactical All-Inclusive 2.61 6.22 6.83 — 403.5 1.32 0.86 78.68 83.49

SignalPoint High Income Point Tactical All-Inclusive 2.31 5.68 6.34 — 1.2 2.38 0.60 70.75 46.66C Tactical Dynamic Tactical Broad Market 1.56 7.42 6.16 — 43.9 1.30 0.76 66.99 84.66Nuveen Intelligent Risk Cnsrv Allc Tactical Broad Market 1.57 2.88 6.04 — 5.9 3.51 0.37 45.02 30.52Windham Risk Regime I Tactical Broad Market 0.51 4.91 5.44 — 397.7 –0.22 0.89 90.27 93.27QA Tactical All Market Tactical All-Inclusive 1.54 3.32 4.90 — 166.4 0.68 0.66 63.70 75.37

Cougar Global MAR 8 Tactical All-Inclusive 2.98 6.29 4.53 7.87 916.8 0.65 0.61 53.32 81.37Fund Architects Global ETF Tactical All-Inclusive 1.76 8.55 4.35 — 7.6 –0.84 0.83 75.82 93.25Clark Navigator Alternative Tactical All-Inclusive 3.13 3.85 4.27 — 41.5 –1.36 0.90 88.92 92.31Cougar Global MAR 6 Tactical All-Inclusive 0.82 3.61 2.81 7.17 378.7 0.43 0.37 38.67 50.87iSectors Tactical Glbl Bal Allocation Tactical Broad Market 0.45 1.28 — — 3.0 — — — —

Wela Agg Yield Tactical All-Inclusive 2.14 6.21 — — — — — — —NorthCoast Tactical ETF Tactical All-Inclusive 3.45 — — — 237.0 — — — —Ibbotson Global Tactical* Tactical Broad Market 2.62 11.45 — — 0.3 — — — —Northwest Global Trends-Balanced Tactical Broad Market –2.37 2.97 — — 5.6 — — — —Longview Capital Global Allocation Tactical All-Inclusive — — — — — — — — —

Cougar Global MAR 12 Tactical All-Inclusive 3.72 8.74 — — 33.1 — — — —Sage Tactical ETF Multi Asset Income Tactical All-Inclusive 1.14 4.41 — — 78.6 — — — —BCM Decathlon Conservative Tactics Tactical All-Inclusive 1.29 — — — 7.3 — — — —BCM Decathlon Growth Tactics Tactical All-Inclusive 4.22 — — — 106.8 — — — —BCM Decathlon Moderate Tactics Tactical All-Inclusive 1.88 — — — 87.3 — — — —

Optimus Global Advantage All Asset Tactical Broad Market 2.70 3.99 — — — — — — —Parasol Globally Enh Mgmt Strat (GEMS) Tactical All-Inclusive — — — — 100.0 — — — —TAG Tactical Income Tactical All-Inclusive 0.75 4.45 — — 5.0 — — — —Julex Capital Mngt Dynamic Diversified Tactical All-Inclusive 1.69 — — — 0.1 — — — —TTM Trend Aggregation-Income Tactical All-Inclusive 0.81 4.75 — — — — — — —

TTM Trend Aggregation-All Asset Tactical All-Inclusive –1.27 — — — — — — — —First Nat Chapoquoit Aggressive Dynamic Tactical All-Inclusive 5.12 — — — 3.4 — — — —Cougar Global MAR 10 Tactical All-Inclusive 3.63 8.86 — — 400.7 — — — —Julex Capital Mngt Dynamic Multi-Asset Tactical Broad Market –1.25 — — — 39.1 — — — —Canterbury Portfolio Thermostat Tactical All-Inclusive 1.63 — — — 275.0 — — — —

Optimus Global Long/Short Tactical All-Inclusive 2.35 — — — — — — — —TRC Global Income Tactical All-Inclusive 2.09 11.61 — — 31.0 — — — —Ibis Adaptive Allocation Tactical All-Inclusive 3.62 3.68 — — 10.4 — — — —Ibis Protected Growth Tactical All-Inclusive 2.91 12.46 — — 65.1 — — — —Ibis Global Balanced Portfolio Tactical All-Inclusive 3.23 11.52 — — 39.4 — — — —

Congress Capital Risk Managed Assets Tactical Broad Market 1.93 — — — 97.2 — — — —Congress Cap Risk Mgd Satellites Cmpst Tactical Broad Market 0.57 — — — 1.1 — — — —Newfound Multi Asset Income Tactical Broad Market 1.53 — — — 63.5 — — — —First Nat Chapoquoit Dynamic Mod Port Tactical All-Inclusive 4.52 — — — 3.0 — — — —Clothier Springs Global Hedged Plus Tactical All-Inclusive 1.44 6.08 — — — — — — —











Down Capture Ratio

Windham Risk Regime Other Tactical All-Inclusive 6.00 — — — 217.8 — — — —SelectAlts Fortress Strategy Tactical All-Inclusive 3.07 — — — 1.4 — — — —SelectAlts Fleet Strategy Tactical All-Inclusive 4.60 — — — 1.5 — — — —Nottingham Real Return Strategy Tactical All-Inclusive 0.24 — — — 1.2 — — — —

TTM Trend Aggregation Ultra Tactical All-Inclusive –3.45 — — — — — — — —

Global All Asset Median 2.03 7.09 7.08 7.17Hybrid Median 2.24 7.45 7.34 7.47Strategic Median 2.15 7.33 8.36 —Tactical Median 1.95 6.08 6.58 7.17Global All Asset Blended Benchmark 0.34 5.26 6.37 5.97

Global AlternativeMain Management BuyWrite Hedged Equity Hybrid Broad Market 3.93 7.99 8.65 6.85 194.8 0.03 0.60 71.61 42.97SignalPoint Currency Point Hybrid Country/Region –1.65 –2.73 –1.12 — 0.1 –4.25 0.22 44.48 32.14CLS Active Alternative Hybrid All-Inclusive 0.69 — — — 0.1 — — — —IQ Hedge Multi-Strategy SMA Portfolio Strategic Broad Market 1.53 4.67 3.60 — 97.2 –0.14 0.26 55.29 28.23iSectors Liquid Alternatives Allocation Strategic All-Inclusive 0.58 2.68 3.33 — 3.6 –3.05 0.46 63.74 55.11

iSectors Precious Metals Allocation Strategic Sector –0.07 –11.52 — — 1.6 — — — —Sitka Absolute Return Tactical All-Inclusive — — — — 20.7 — — — —Longview Capital Tactical Commodity Tactical All-Inclusive — — — — — — — — —Accuvest Global Long Short Equity Tactical Country/Region 0.93 –0.46 — — 13.0 — — — —Keystone Wealth Commodity AlphaRotation Tactical Broad Market –8.52 — — — 0.1 — — — —CLS Protection Quad Tactical Broad Market 2.40 — — — 2.8 — — — —

Global Alternative Median 0.69 1.11 3.47 6.85

Global BalancedWestEnd Advisors Global Balanced Hybrid All-Inclusive 2.83 11.10 10.97 8.41 55.7 3.14 1.06 92.38 99.07GLOBALT innovat ETF Stratg Balnc Wrap Hybrid All-Inclusive 2.51 9.78 9.51 7.54 377.6 2.71 0.92 91.76 85.91Innealta Global All Asset Opp Moderate Hybrid Broad Market 2.42 7.43 9.50 — 57.4 1.39 1.13 88.63 103.44CKW Opportunistic Global Balanced Hybrid Broad Market 2.65 10.34 9.27 7.81 266.0 1.05 1.14 94.34 114.71

Innealta Global All Asset Opp Consrv Hybrid Broad Market 2.11 6.48 8.96 — 31.5 3.04 0.79 82.34 63.81GLOBALT innovat ETF Stratg Consrvt Wrap Hybrid All-Inclusive 2.41 8.68 8.77 7.34 39.7 3.18 0.74 90.64 65.04

QA Global Balanced 60/40 Hybrid All-Inclusive 2.53 9.48 8.74 7.07 78.3 2.55 0.83 92.60 78.80Nottingham Global All Asset Hybrid All-Inclusive 2.31 9.07 8.59 5.42 377.8 2.60 0.80 93.18 76.87Sage Target Date 2025 Fund Hybrid Broad Market 2.13 8.35 8.48 — 254.4 1.67 0.93 90.77 97.30RiverFront Moderate Growth and Income Hybrid All-Inclusive 3.54 9.01 8.06 6.41 2,136.3 2.24 0.78 91.62 78.81Wela Own Your Age (OYA)- 50 Hybrid Broad Market 1.64 7.09 7.83 — — 2.28 0.74 94.29 68.78

RiverFront Conservative Growth Hybrid All-Inclusive 3.54 9.00 7.80 6.48 95.4 1.83 0.81 91.46 83.61QA Global Balanced Flex - Moderate Hybrid All-Inclusive 2.17 8.71 7.78 — 202.9 2.57 0.70 87.35 68.90SRCM Growth & Income Blend Portfolio Hybrid Broad Market 3.08 6.89 7.76 5.96 3.8 0.42 1.02 93.17 105.15CLS ETF Risk Budget 60-Moderately Cnsrv Hybrid All-Inclusive 1.64 7.32 7.75 6.18 64.4 1.27 0.89 94.32 86.613D ETF Global 60 Portfolio Hybrid Broad Market 2.57 7.75 7.73 — 195.0 0.89 0.94 92.99 94.31

3D ETF Global 60 Portfolio - Tax Sen. Hybrid Broad Market 1.93 7.94 7.73 — 47.7 1.20 0.90 92.84 90.30RiverFront ETF Moderate Growth & Income Hybrid All-Inclusive 3.30 9.14 7.71 — 215.2 1.44 0.86 92.25 88.19Strategies Moderate Growth Hybrid All-Inclusive 1.53 7.60 7.63 5.74 12.5 0.51 0.99 97.60 99.81Nottingham Global Balanced Hybrid All-Inclusive 2.06 7.22 7.36 4.91 165.0 2.52 0.64 94.39 59.63Innealta Global All Asset Moderate Hybrid Broad Market 2.14 5.85 7.35 — 126.7 0.07 1.02 91.26 101.53

SignalPoint Universal Signal Hybrid All-Inclusive 2.44 6.29 7.27 — 12.2 1.16 0.84 86.67 80.11QA Global Balanced 40/60 Hybrid All-Inclusive 2.23 7.43 7.22 6.16 19.5 2.77 0.59 88.67 52.41Sage Target Date 2015 Fund Hybrid Broad Market 1.90 6.47 7.17 — 131.5 1.96 0.70 90.75 69.01











Down Capture Ratio

Innealta Global All Asset Conservative Hybrid Broad Market 2.06 5.00 7.15 — 70.5 1.96 0.70 85.36 62.05Lazard Cptl Allctr Ser Divsfd 60/40 (TE) Hybrid All-Inclusive 2.36 6.81 6.94 — — –0.27 1.01 95.75 103.78

Green Inv Mgt - Guardian Bal Hybrid Broad Market 1.97 7.22 6.93 5.16 15.0 –0.08 0.98 94.00 102.97SRCM Growth & Income Portfolio Hybrid Broad Market 2.68 6.02 6.84 5.10 3.0 0.77 0.83 90.41 84.83Strategies Moderate Hybrid All-Inclusive 1.28 6.36 6.80 5.30 25.8 0.49 0.87 97.82 86.91Strategies Moderately Conservative Hybrid All-Inclusive 1.32 6.29 6.72 5.88 16.4 1.23 0.74 97.29 70.96QA Global Balanced Flex - Conservative Hybrid All-Inclusive 2.03 6.97 6.63 — 48.1 2.92 0.49 82.02 44.47

Lazard Cptl Allctr Ser Divsfd 60/40 (TX) Hybrid All-Inclusive 2.10 6.38 6.63 5.75 — –0.54 1.00 95.49 103.98Sage Target Date Retirement Income Fund Hybrid Broad Market 1.79 5.54 6.40 — 46.7 2.44 0.52 87.01 48.19RiverFront Conservative Income Builder Hybrid All-Inclusive 2.51 6.61 6.34 — 159.3 2.26 0.54 89.89 50.65Green Inv Mgt - Guardian Cnsv Bal Hybrid Broad Market 1.86 6.12 6.23 4.54 9.0 0.01 0.86 94.12 90.13SRCM Income & Preservation Portfolio Hybrid Broad Market 2.41 5.40 6.20 5.11 1.5 1.44 0.65 81.46 63.72

3D ETF Global 40 Portfolio - Tax Sen. Hybrid Broad Market 1.60 5.73 6.02 — 10.1 1.26 0.64 90.87 63.39Lazard Cptl Allctr Ser Divsfd 40/60 (TX) Hybrid All-Inclusive 1.48 5.17 5.92 — — 0.19 0.79 95.61 79.38Green Inv Mgt - Guardian Bal Inc Hybrid Broad Market 1.86 5.78 5.91 5.14 5.0 0.96 0.67 91.14 66.693D ETF Global 40 Portfolio Hybrid Broad Market 2.30 5.39 5.83 — 31.4 0.56 0.72 90.17 71.70Strategies Conservative Hybrid All-Inclusive 1.31 5.02 5.68 5.36 1.3 1.58 0.55 93.26 50.92

Clark Navigator Glbl Bal ETF 40-60 Hdgd Hybrid All-Inclusive 2.45 4.20 5.11 7.46 13.4 0.60 0.61 87.64 63.28Clark Navigator Glbl Bal ETF 60-40 Hdgd Hybrid All-Inclusive 2.52 3.96 4.12 6.17 26.0 –0.84 0.69 89.14 76.07W.E. Donoghue & Co., – Cnsv Tactical Gr Hybrid All-Inclusive –0.96 4.37 3.41 5.02 18.0 –0.24 0.51 59.11 71.04

Green Inv Mgt Strat Glbl Bal Tax Aware Hybrid Broad Market 1.54 6.44 — — 3.0 — — — —Green Inv Mgt Strategic Global Balanced Hybrid Broad Market 1.63 6.19 — — 8.0 — — — —

Wela Own Your Age (OYA)- 40 Hybrid Broad Market 1.91 8.13 — — — — — — —Wela Own Your Age (OYA)- 60 Hybrid Broad Market 1.53 6.04 — — — — — — —MIS Contrarian & Income ETF* Hybrid All-Inclusive 1.32 6.84 — — 28.7 — — — —

Ibbotson Momentum 40/60* Hybrid Broad Market 1.72 7.47 — — 21.6 — — — —Ibbotson Momentum 60/40* Hybrid Broad Market 2.08 9.97 — — 54.5 — — — —

RiverFront ETF Conservative Income Bldr Hybrid All-Inclusive 2.31 — — — 15.8 — — — —Voya GPMM Conservative Growth ETF Hybrid Broad Market 2.37 — — — — — — — —Voya GPMM Moderate Growth ETF Hybrid Broad Market 2.76 — — — — — — — —

CLS Active Income Hybrid All-Inclusive 1.09 — — — 1.3 — — — —SEI Tactical ETF Market Growth Strategy Hybrid Broad Market 2.16 — — — 241.0 — — — —

SEI Tactical ETF Moderate Strategy Hybrid Broad Market 1.74 — — — 135.3 — — — —New Frontier Moderate 60/40 Strategic Broad Market 2.76 9.55 9.72 7.04 355.6 3.25 0.86 94.34 73.54Natixis / AIA Mgd ETF - Moderate Strat Strategic Broad Market 2.30 9.33 9.42 — 9.2 1.85 1.04 93.76 100.55Transamerica I-Series Portfolio IV Strategic All-Inclusive 2.06 8.95 9.19 — 162.0 2.10 0.96 94.87 92.37Main Management All Asset Global Balance Strategic All-Inclusive 3.63 9.91 9.07 — 123.8 2.12 0.95 92.56 88.81

Vanguard CRSP 60%Equity/40%Fixed Income Strategic Broad Market 2.31 9.22 8.99 — 382.2 2.88 0.82 95.79 74.64Ladenburg LAMP ETF Growth Strategic Broad Market 2.18 9.51 8.92 6.96 79.4 1.62 1.00 94.15 100.19New Frontier Moderate 60/40 Tax Strategic Broad Market 2.22 9.14 8.71 6.54 132.2 2.23 0.87 95.56 80.97New Frontier Moderate Conservative40/60 Strategic Broad Market 2.50 7.59 8.52 6.53 86.8 4.30 0.54 81.38 37.17iCM - Mgd ETF - Conservative Cap App Strategic Broad Market 1.82 8.20 8.41 7.03 75.4 0.96 1.03 96.93 103.17

Ladenburg LAMP ETF Growth and Income Strategic Broad Market 1.90 8.35 8.13 7.03 185.7 2.08 0.82 94.90 78.93SAM Moderate Global Growth Strategic All-Inclusive 2.05 7.37 8.07 7.46 21.4 1.04 0.97 92.40 96.14Braver Asset Allocation Moderate Strategic All-Inclusive 1.99 7.82 7.96 — 103.9 1.54 0.87 94.42 87.18One Capital Bal Wealth Appreciation Strategic All-Inclusive 2.10 8.33 7.95 5.56 30.4 1.93 0.81 95.22 78.13iSectors Global Balanced Allocation Strategic Broad Market 0.02 6.89 7.81 — 3.3 1.18 0.91 96.54 91.28

SFS Tax Efficient Growth & Income Strategic Broad Market 1.33 8.63 7.81 — — 1.17 0.91 92.83 92.31iCM - Mgd ETF - Risk Controlled Growth Strategic Broad Market 1.56 7.33 7.72 6.65 57.4 1.07 0.91 97.44 89.94Natixis / AIA Mgd ETF - Inc. Cons Strategic Broad Market 1.54 6.99 7.62 — 2.8 3.66 0.52 76.59 39.95











Down Capture Ratio

Natixis / AIA Mgd ETF - Conservative Strategic Broad Market 2.21 7.13 7.56 — 4.3 2.10 0.73 91.39 67.82Vanguard CRSP 40%Equity/60%Fixed Income Strategic Broad Market 2.14 7.25 7.55 — 192.2 3.45 0.53 94.35 42.11

SAM Conservative Global Growth Strategic All-Inclusive 1.62 6.44 7.44 6.94 0.4 1.08 0.87 92.12 85.50Raylor Strategic World Income Strategic All-Inclusive 2.12 7.93 7.41 — 25.0 1.30 0.83 96.06 81.03iCM - Mgd ETF - Defensive Growth Strategic Broad Market 1.70 6.94 7.25 6.58 20.5 2.80 0.59 94.40 48.20iCM - Mgd ETF - Balanced Strategic Broad Market 1.46 6.78 7.24 6.54 27.5 1.48 0.78 97.65 74.23Windham Moderate Plus Portfolio Strategic Broad Market 1.57 6.08 6.83 — 9.6 –0.87 1.08 97.73 114.50

One Cap Wealth Preservation & Growth Strategic All-Inclusive 1.83 6.58 6.66 — 9.3 1.94 0.63 95.16 57.65Ladenburg LAMP ETF Income and Growth Strategic Broad Market 1.46 6.29 6.53 — 81.5 2.42 0.54 94.12 48.65Braver Asset Allocation Conservative Strategic All-Inclusive 1.85 5.79 6.35 — 14.8 1.68 0.63 93.62 60.69Windham Moderate Portfolio Strategic Broad Market 1.20 5.21 6.23 — 7.6 –0.43 0.93 97.18 96.08Windham Moderate Portfolio (Tax Managed) Strategic Broad Market 1.11 5.06 6.22 — 47.9 –0.47 0.93 96.95 96.97

iSectors Global Conservative Allocation Strategic Broad Market –0.69 4.47 6.13 — 1.9 1.06 0.69 95.89 66.95Nottingham Global Income Strategy Strategic Broad Market 1.56 3.36 3.47 3.00 261.9 2.68 0.09 22.67 1.55Windham Moderate Plus Portf (Tax Mg) Strategic Broad Market 1.84 6.35 — — 12.3 — — — —

Windham Conservative Plus Portf (Tax Mg) Strategic Broad Market 0.66 3.71 — — 30.0 — — — —Windham Conservative Plus Portfolio Strategic Broad Market 0.84 4.16 — — — — — — —

Ibbotson A/P 40/60 Tax Dfd-Pershing* Strategic Broad Market 1.09 6.94 — — 1.3 — — — —Ibbotson A/P 40/60 Tax Dfd-Schwab* Strategic Broad Market 1.17 6.72 — — 1.8 — — — —Ibbotson A/P 40/60 Tax Dfd-TDA* Strategic Broad Market 1.13 6.92 — — 1.0 — — — —

EAM Asset Allocation Moderate Strategic All-Inclusive 2.76 8.75 — — 0.3 — — — —CFGAM S3 Global Income Total Return Strategic All-Inclusive — — — — 34.8 — — — —

Holderness Vision Tactical Conservative Strategic All-Inclusive 2.95 — — — — — — — —Holderness Vision Tactical Balanced Strategic All-Inclusive 4.53 — — — — — — — —CFGAM S3 Global Income-Income Focus Strategic All-Inclusive — — — — 6.6 — — — —

AP-Managed ETF/MF Portfolio-Moderate Strategic All-Inclusive — — — — 0.1 — — — —RIM iFolios Growth Strategic All-Inclusive –0.05 — — — 61.4 — — — —

diverseFOLIOS® Mod Conservative Strategic All-Inclusive 2.21 7.76 — — 12.0 — — — —diverseFOLIOS® Conservative Strategic All-Inclusive 1.60 5.26 — — 16.0 — — — —diverseFOLIOS® Moderate Strategic All-Inclusive 2.60 9.67 — — 55.0 — — — —

Maxim International Lifestyle - Growth Strategic All-Inclusive 2.27 6.47 — — 15.2 — — — —Maxim International Lifestyle - Balanced Strategic All-Inclusive 1.80 5.74 — — 10.4 — — — —

Strategic Income Mmgt Dyn Allc Div Inc Strategic All-Inclusive 2.29 7.41 — — 13.5 — — — —Strategic Income Mmgt Dyn Allc Bal Inc Strategic All-Inclusive 2.56 11.02 — — 38.1 — — — —CLS High Quality Strategic 40 Strategic All-Inclusive 1.64 — — — 0.6 — — — —

CLS High Quality Strategic 60 Strategic All-Inclusive 1.79 — — — 0.5 — — — —Auour Instinct Global Balanced Strategic All-Inclusive 2.06 — — — 5.2 — — — —

Vanguard CORE 40%Equity/60%Fixed Income Strategic Broad Market 2.08 7.23 — — 6.0 — — — —Vanguard CORE 60%Equity/40%Fixed Income Strategic Broad Market 2.22 9.23 — — 16.3 — — — —Vanguard S&P 40%Equity/60%Fixed Income Strategic Broad Market 2.15 7.28 — — 51.0 — — — —

Vanguard Russell 40%Equity/60%FixedInc. Strategic Broad Market 2.15 7.25 — — 1.1 — — — —Vanguard Russell 60%Equity/40%FixedInc. Strategic Broad Market 2.33 9.24 — — 4.8 — — — —

Vanguard S&P 60%Equity/40%Fixed Income Strategic Broad Market 2.33 9.27 — — 113.2 — — — —SEI Tax-Managed ETF Market Growth Strategic All-Inclusive 1.98 — — — 72.0 — — — —SEI Tax-Managed ETF Moderate Strategic All-Inclusive 1.48 — — — 31.4 — — — —

Horizon Moderate ETF Portfolio Tactical All-Inclusive 1.50 9.62 9.75 — 130.9 4.20 0.73 85.06 63.29Sage Tactical ETF Moderate Growth Tactical Broad Market 2.13 7.99 8.34 — 463.4 1.96 0.87 90.09 89.26

CAN SLIM Balanced Tactical Sector –0.20 7.27 8.16 — 70.0 3.98 0.55 63.29 51.96Horizon Conservative ETF Portfolio Tactical All-Inclusive 1.57 7.37 7.57 — 32.1 3.96 0.46 82.97 32.58Sage Tactical ETF Moderate Tactical Broad Market 1.96 6.16 7.12 — 208.5 2.65 0.59 86.41 55.24











Down Capture Ratio

Fusion Global Fusion Tactical Equity Tactical All-Inclusive 3.35 4.46 5.03 — 1.0 –3.82 1.30 85.59 138.77Fortunatus Global ETF Opportunity Tactical All-Inclusive 1.22 7.31 5.00 — 2.6 0.46 0.64 56.80 83.27

Clark Navigator Global Opportunity Tactical All-Inclusive –6.28 6.56 4.80 — 5.1 –0.73 0.80 53.52 95.65WST Asset Manager – Adaptive Balanced Tactical Broad Market 1.11 4.68 3.44 4.68 5.5 –0.50 0.55 52.70 76.90Dunn Warren Conservative ETF Portfolio Tactical All-Inclusive 3.71 5.88 2.99 5.51 2.6 0.79 0.31 23.40 37.04

Dunn Warren Moderate ETF Portfolio Tactical All-Inclusive 3.78 5.88 2.33 6.04 2.0 –0.20 0.36 25.87 47.64Palladiem Balanced Growth Core Strategy Tactical All-Inclusive 1.87 5.78 — — 8.9 — — — —

Fusion Global Fusion Total Return Tactical All-Inclusive –0.44 1.09 — — 1.0 — — — —Windham Risk Regime II Tactical Broad Market 0.73 — — — 561.2 — — — —UBS PWS Diversified Income Tactical All-Inclusive 1.66 — — — 40.0 — — — —

UBS PWS Diversified Income w/ Muni Tactical All-Inclusive 1.41 — — — 15.5 — — — —UBS PWS Global Tactical Alloc. W/ Muni Tactical Broad Market 2.39 — — — 103.1 — — — —

UBS PWS Global Tactical Alloc. Tactical Broad Market 2.04 — — — 753.4 — — — —Julex Capital Mngt Dynamic Income Tactical Broad Market 1.47 — — — 11.1 — — — —PCM Multi Strategy Balanced Growth Fund Tactical Broad Market 2.49 5.25 — — 31.0 — — — —

Julex Capital Mngt Dynamic Real Asset Tactical All-Inclusive 0.33 — — — 0.3 — — — —KeystoneWealthWorld FocusedAlphaRotation Tactical All-Inclusive 2.87 — — — — — — — —Richard Bernstein Global Conservative Tactical All-Inclusive 1.80 6.25 — — — — — — —Richard Bernstein Global Moderate Tactical All-Inclusive 3.05 9.43 — — — — — — —

Global Balanced Median 2.04 6.98 7.43 6.17Hybrid Median 2.11 6.84 7.25 5.88Strategic Median 1.98 7.25 7.72 6.65Tactical Median 1.73 6.21 5.03 5.51Global Balanced Blended Benchmark 1.00 7.03 7.20 6.42

Global EquityWestEnd Advisors Global Equity Hybrid All-Inclusive 3.83 14.50 13.45 9.27 67.5 3.85 0.93 94.89 86.91GLOBALT innovat ETF Stratg Hig Gro Wrap Hybrid All-Inclusive 2.46 12.73 11.49 8.02 44.0 3.07 0.82 94.64 77.833D ETF Global 100 Portfolio Hybrid Broad Market 3.07 11.87 11.12 — 208.7 1.37 0.98 95.16 96.33CLS ETF Risk Budget 100 - Aggressive Hybrid All-Inclusive 2.11 11.54 10.88 7.50 13.2 1.21 0.97 96.82 95.67GLOBALT innovat ETF Stratg Gro Wrap Hybrid All-Inclusive 2.50 11.41 10.66 7.92 256.6 3.07 0.73 94.70 68.07

CLS ETF Risk Budget 90-Moderately Agrsv Hybrid All-Inclusive 1.91 10.69 10.17 6.77 32.4 1.11 0.90 96.91 88.60QA Global Balanced 80/20 Hybrid All-Inclusive 2.81 11.46 10.17 7.82 51.6 2.75 0.72 93.40 68.57Sage Target Date 2045 Fund Hybrid Broad Market 2.37 10.48 9.93 — 52.3 1.96 0.78 93.48 79.65RiverFront Dynamic Equity Income Hybrid All-Inclusive 5.48 11.11 9.92 — 915.4 2.43 0.73 95.55 67.533D ETF Global 80 Portfolio - Tax Sen. Hybrid Broad Market 2.51 10.64 9.75 — 28.9 1.78 0.78 95.75 76.44

3D ETF Global 80 Portfolio Hybrid Broad Market 2.80 10.45 9.65 — 111.6 1.58 0.80 95.97 77.75RiverFront ETF Global Growth Hybrid All-Inclusive 6.94 12.34 9.54 — 58.6 0.22 0.94 96.26 93.14Innealta Global All Asset Opp Growth Hybrid Broad Market 2.76 7.78 9.51 — 29.3 0.61 0.90 89.19 87.78RiverFront Global Growth Hybrid All-Inclusive 6.70 12.25 9.48 6.85 568.3 0.47 0.91 95.65 90.37CLS ETF Risk Budget 80 - Moderate Hybrid All-Inclusive 1.76 9.47 9.40 6.38 97.2 1.23 0.81 96.75 78.20

Sage Target Date 2035 Fund Hybrid Broad Market 2.29 9.68 9.39 — 145.3 1.96 0.73 93.50 73.16MIS Aggressive Growth ETF* Hybrid All-Inclusive 2.56 8.97 9.25 — 80.7 0.24 0.91 96.19 93.81Nottingham Global Equity Hybrid All-Inclusive 2.80 9.94 9.22 5.31 77.7 1.06 0.81 97.60 82.37RiverFront Global Allocation Hybrid All-Inclusive 5.81 11.33 9.03 6.82 672.2 1.08 0.79 95.57 78.08Wela Own Your Age (OYA)- 20 Hybrid All-Inclusive 1.99 9.47 9.02 — — 1.25 0.77 96.76 74.85

RiverFront ETF Global Allocation Hybrid All-Inclusive 6.18 11.49 9.02 — 134.8 0.79 0.82 96.32 80.27CLS ETF Risk Budget 75 - Moderate Hybrid All-Inclusive 1.59 8.70 9.00 6.37 115.1 1.37 0.75 97.17 71.86SignalPoint Global Signal Hybrid All-Inclusive 3.40 9.26 8.93 — 57.6 0.47 0.85 94.52 81.55QA Global Balanced Flex - Growth Hybrid All-Inclusive 2.32 10.42 8.84 — 101.2 2.70 0.59 86.53 59.07SRCM Aggressive Growth Portfolio Hybrid Broad Market 3.47 8.67 8.79 6.40 0.0 –0.47 0.94 94.94 97.59











Down Capture Ratio

MIS Growth ETF* Hybrid All-Inclusive 2.19 7.82 8.60 — 341.8 0.88 0.76 96.12 76.89SRCM Growth Portfolio Hybrid Broad Market 3.30 7.73 8.26 6.03 0.2 0.21 0.81 94.20 82.91Strategies Growth Hybrid All-Inclusive 1.73 8.63 8.22 5.48 9.5 1.02 0.71 98.06 70.31Green Inv Mgt - Guardian Bal Mosaic Hybrid All-Inclusive 1.73 8.41 8.10 5.50 5.0 0.66 0.74 95.84 74.72Shelton Diversified ETF Balanced Hybrid Broad Market 2.50 7.66 8.05 — 9.2 3.39 0.44 80.51 32.98

F-Squared AlphaSector Global Premium Idx Hybrid All-Inclusive –2.07 8.97 7.96 — 60.1 0.69 0.73 79.71 82.03Lazard Capital Allocator Series Equity Hybrid All-Inclusive 2.88 8.13 7.53 — 174.7 –1.48 0.92 97.35 95.94Innealta Global All Asset Growth Hybrid Broad Market 2.39 6.47 7.34 — 64.8 –0.77 0.82 92.78 84.76Green Inv Mgt - Guardian Stk Hybrid Broad Market 1.85 7.11 7.31 4.43 2.0 –1.92 0.95 95.65 100.15Lazard Cptl Allctr Ser Divsfd 75/25 (TE) Hybrid All-Inclusive 2.45 7.33 7.25 — — –0.41 0.77 97.32 78.06

Appleton Group Portfolio Hybrid Broad Market 2.11 8.60 7.24 5.95 18.8 1.71 0.54 79.09 58.97Green Inv Mgt - Guardian Bal Gr Hybrid Broad Market 2.00 7.15 7.16 4.78 17.0 –0.50 0.77 96.77 78.90Lazard Cptl Allctr Ser Divsfd 75/25 (TX) Hybrid All-Inclusive 2.37 7.13 7.04 6.23 — –0.61 0.77 97.30 78.62F-Squared AlphaSector Global Prm Cmpst Hybrid All-Inclusive –4.48 6.28 6.37 — 15.3 –0.52 0.70 76.22 82.43Appleton Group PLUS Portfolio Hybrid Broad Market 1.91 6.87 3.71 3.31 43.2 –1.37 0.52 62.11 69.26

W.E. Donoghue & Co., - Moderate Tactical Hybrid All-Inclusive –1.59 4.96 3.66 4.10 54.5 –0.49 0.42 56.86 56.52Appleton Group Tax Managed Portfolio Hybrid Broad Market 1.27 6.40 3.18 3.00 28.9 –2.20 0.55 68.12 72.88Clark Navigator Glbl Bal ETF 80-20 Hdgd Hybrid All-Inclusive 2.59 3.68 3.08 4.82 15.9 –2.02 0.51 87.88 58.00Wela Own Your Age (OYA)- 30 Hybrid All-Inclusive 1.79 8.34 — — — — — — —IRON Global Equity Plus Hybrid Broad Market 3.41 8.53 — — 3.5 — — — —

MIS Contrarian & Growth ETF* Hybrid All-Inclusive 2.67 12.39 — — 40.4 — — — —MIS Contrarian ETF* Hybrid All-Inclusive 2.29 12.38 — — 27.6 — — — —Ibbotson Momentum 80/20* Hybrid Broad Market 2.32 11.73 — — 28.7 — — — —Ibbotson Momentum 95/5* Hybrid Broad Market 2.57 12.11 — — 7.9 — — — —RiverFront ETF Dynamic Equity Income Hybrid All-Inclusive 5.28 — — — 85.8 — — — —

Voya GPMM Aggressive Growth ETF Hybrid Broad Market 3.10 — — — — — — — —Blue Edge Global Equity Hybrid All-Inclusive 4.19 11.80 — — 30.2 — — — —F-Squared AlphaSector Global Select Hybrid All-Inclusive –0.76 — — — 601.5 — — — —CLS Active Growth Hybrid All-Inclusive 4.14 — — — 0.1 — — — —CLS Active Value Hybrid All-Inclusive 0.42 — — — 0.4 — — — —

F-Squared Global Prem AlphaSector Index Hybrid All-Inclusive –0.55 9.07 — — 110.9 — — — —SEI Tactical ETF Equity Strategy Hybrid Broad Market 2.80 — — — 70.6 — — — —SEI Tactical ETF Aggressive Strategy Hybrid Broad Market 2.41 — — — 81.9 — — — —FTA ETF Asset Allocation - Gr Portfolio Strategic All-Inclusive 3.38 13.37 12.20 — 13.0 2.48 0.97 93.05 92.97Members Trust Growth ETF Strategic Broad Market 2.56 12.54 11.64 — 28.3 2.84 0.86 95.99 80.22

Vanguard CRSP 100% Equity Strategic Broad Market 2.58 13.20 11.63 — 104.3 2.13 0.94 97.86 91.29Transamerica I-Series Portfolio VI Strategic All-Inclusive 2.75 12.20 11.29 — 16.9 1.70 0.95 97.76 92.66iSectors Global Equity Allocation Strategic Broad Market 1.39 11.34 11.01 — 6.1 1.89 0.90 96.31 90.22FTA ETF Asset Allc - Mod Gr Portfolio Strategic All-Inclusive 3.08 11.26 10.87 — 26.4 2.96 0.77 94.54 71.40Natixis / AIA Mgd ETF - Glob Equity Strategic Broad Market 3.50 12.11 10.70 — 1.9 0.66 1.01 97.20 100.71

Ibbotson Strategic ETF Long Term Growth* Strategic Broad Market 3.04 11.54 10.48 — 255.6 1.22 0.92 97.63 91.38Vanguard CRSP 80%Equity/20%Fixed Income Strategic Broad Market 2.45 11.22 10.35 — 206.8 2.69 0.74 98.18 69.66Transamerica I-Series Portfolio V Strategic All-Inclusive 2.33 10.32 10.06 — 40.0 1.80 0.81 97.71 78.15New Frontier Moderate Growth 75/25 Strategic Broad Market 2.74 10.49 10.00 7.08 262.8 2.52 0.72 96.83 66.62Ladenburg LAMP ETF Aggressive Growth Strategic Broad Market 2.31 11.04 10.00 7.47 12.0 1.74 0.81 96.95 79.56

New Frontier Aggressive Growth100/0Tax Strategic Broad Market 2.48 11.30 9.83 7.16 27.9 –0.04 1.00 98.67 99.65New Frontier Growth 90/10 Strategic Broad Market 2.69 10.87 9.75 7.05 101.6 0.57 0.92 98.51 89.93New Frontier Aggressive Growth 100/0 Strategic Broad Market 2.63 11.16 9.74 6.93 37.0 –0.26 1.02 98.57 101.44Members Trust Moderate Growth ETF Strategic Broad Market 1.92 10.40 9.73 — 121.5 2.74 0.67 96.09 62.22SFS Tax Efficient Growth Strategic Broad Market 2.02 10.90 9.69 — — 1.32 0.83 95.98 81.66











Down Capture Ratio

New Frontier Growth 90/10 Tax Sensitive Strategic Broad Market 2.58 11.05 9.67 6.99 53.0 0.63 0.90 98.71 88.79Ibbotson Strategic ETF Moderate Growth* Strategic Broad Market 2.77 10.35 9.65 — 514.4 1.78 0.77 97.55 74.98iSectors Global Growth Allocation Strategic Broad Market 0.71 9.15 9.50 — 2.2 1.85 0.75 96.74 73.84Raylor Strategic World Equity Strategic All-Inclusive 1.83 11.37 9.49 — 26.0 0.48 0.90 96.78 92.05New Frontier Moderate Growth 75/25 Tax Strategic Broad Market 2.39 10.25 9.33 6.82 107.1 1.81 0.73 97.77 69.78

iCM - Mgd ETF - Equity Completion Strategic Broad Market 1.84 9.44 9.22 6.72 8.5 0.07 0.92 97.91 95.01iCM - Mgd ETF - Aggressive Cap App Strategic Broad Market 1.84 9.24 9.05 6.98 9.9 0.50 0.85 98.16 86.68One Cap Wealth Appreciation Strategic All-Inclusive 2.93 10.32 8.98 5.52 18.3 1.69 0.71 97.47 68.88Braver Asset Allocation Growth Strategic All-Inclusive 2.40 9.05 8.85 — 79.9 1.48 0.72 96.10 71.59iCM - Mgd ETF - Moderate Cap App Strategic Broad Market 1.83 8.69 8.76 6.75 35.6 0.92 0.77 98.41 77.19

FEG Equity Portfolio Strategic Broad Market 1.27 8.38 8.20 — 8.7 –0.55 0.89 97.68 91.33SAM Aggressive Global Growth Strategic All-Inclusive 2.31 8.23 8.11 7.72 3.3 0.03 0.81 92.11 84.50Windham Aggressive Portfolio (Tax Mg) Strategic Broad Market 2.14 7.54 7.82 — 31.6 –0.41 0.83 97.28 85.15Windham Aggressive Portfolio Strategic Broad Market 2.14 7.31 7.61 — 5.0 –0.52 0.82 96.86 85.29Raylor Strategic World Opportunity Strategic Country/Region 2.06 5.44 5.12 — 3.0 –4.77 1.05 94.72 115.27

Advisors Capital Mgt Global Balanced ETF Strategic All-Inclusive 2.20 7.35 — — 5.8 — — — —EAM Asset Allocation Aggressive Strategic All-Inclusive 2.99 11.62 — — 5.9 — — — —EAM Asset Allocation Moderate Aggressive Strategic All-Inclusive 2.36 11.07 — — 6.7 — — — —Holderness Vision Tactical Growth Strategic All-Inclusive 4.65 7.49 — — — — — — —Fortunatus Asset Allocation Growth Strategic All-Inclusive 1.61 12.28 — — 6.1 — — — —

Holderness Vision Tactical Equity Strategic All-Inclusive 5.24 8.89 — — — — — — —Fortunatus Asset Allc Moderate Growth Strategic All-Inclusive 1.54 10.99 — — 36.2 — — — —Alpha Dynamics ODS Robust Growth Strategic All-Inclusive 0.91 5.24 — — 6.0 — — — —Alpha Dynamics ODS Dynamic Growth Strategic All-Inclusive 1.34 6.86 — — 1.8 — — — —Foy SELECTOR Aggressive Growth Strategic All-Inclusive 2.93 15.56 — — 2.2 — — — —

Foy SELECTOR Growth Strategic All-Inclusive 2.16 14.18 — — 41.9 — — — —diverseFOLIOS® Mod Aggressive Strategic All-Inclusive 2.95 11.68 — — 10.0 — — — —diverseFOLIOS® Aggressive Strategic All-Inclusive 2.98 12.42 — — 15.0 — — — —Nav Tactical Glbl Alloc Plus Strategic All-Inclusive 2.65 — — — 2.2 — — — —Nav Tactical Glbl Alloc Pl ft ADEX Strategic All-Inclusive 4.12 — — — 3.9 — — — —

Maxim International Lifestyle - Agg Gr Strategic All-Inclusive 2.86 8.38 — — 2.7 — — — —Strategic Income Mmgt Dyn Allc Eq Inc Strategic All-Inclusive 2.62 12.44 — — 55.3 — — — —CLS High Quality Strategic 80 Strategic All-Inclusive 1.97 — — — 6.9 — — — —Clothier Springs Global Hedged Strategic Broad Market 2.48 5.37 — — — — — — —One Capital Agg Wealth Appreciation Strategic All-Inclusive 3.17 12.30 — — 5.5 — — — —

Auour Instinct Global Equity Strategic All-Inclusive 2.94 — — — 11.6 — — — —Auour Instinct Global Equity Levered Strategic All-Inclusive 2.82 — — — 3.9 — — — —Vanguard CORE 100% Equity Strategic Broad Market 2.44 13.20 — — 3.0 — — — —Vanguard CORE 80%Equity/20%Fixed Income Strategic Broad Market 2.34 11.22 — — 17.0 — — — —Vanguard CRSP 70%Equity/30%Fixed Income Strategic Broad Market 2.39 10.22 — — 186.9 — — — —

Vanguard Russell 100% Equity Strategic Broad Market 2.62 13.21 — — 8.7 — — — —Vanguard S&P 100% Equity Strategic Broad Market 2.62 13.27 — — 9.3 — — — —Vanguard Russell 80%Equity/20%FixedInc. Strategic Broad Market 2.47 11.23 — — 7.4 — — — —Vanguard S&P 80%Equity/20%Fixed Income Strategic Broad Market 2.48 11.27 — — 43.2 — — — —SEI Tax-Managed ETF Aggressive Strategic All-Inclusive 2.33 — — — 22.6 — — — —

SEI Tax-Managed ETF Equity Strategic Broad Market 2.77 — — — 32.6 — — — —QA Global Style Tactical Broad Market 3.04 15.31 14.50 — 4.5 5.68 0.83 87.18 72.70Horizon Focused ETF Portfolio Tactical All-Inclusive 1.46 12.77 12.48 — 353.9 4.15 0.80 90.20 72.60QA Global Equity Tactical All-Inclusive 3.05 13.22 11.39 8.37 75.6 2.50 0.87 93.37 85.12Horizon Growth ETF Portfolio Tactical All-Inclusive 1.49 11.44 11.32 — 72.1 4.26 0.67 90.39 58.91











Down Capture Ratio

C Tactical Global Growth Tactical Broad Market 2.79 11.67 11.22 — 15.1 2.33 0.88 92.37 83.75C Tactical Equity Income Tactical Broad Market 2.46 11.08 10.92 — 31.2 2.45 0.83 91.42 82.13Sage Tactical ETF All Cap Equity Plus Tactical Broad Market 2.41 11.41 10.73 6.92 168.0 1.88 0.88 92.76 90.23The Capital CMC Global ETF Tactical Country/Region 2.42 10.59 10.67 — 5.4 1.07 0.96 96.18 94.71Cookson Peirce All-Cap World Equity Tactical All-Inclusive 4.83 13.80 10.67 8.35 9.6 2.13 0.85 87.08 81.01QA Global Equity Flex Tactical All-Inclusive 2.46 11.93 9.90 — 119.6 2.51 0.72 87.11 73.59Westport Res Mgt ETF Tactical All-Inclusive 2.85 12.42 9.73 — 10.7 2.80 0.67 90.36 68.09Accuvest Global Core Equity Tactical Country/Region 3.16 10.80 9.61 — 100.0 –0.20 1.00 97.78 100.21Sage Tactical ETF Growth Tactical Broad Market 2.26 9.65 9.51 — 274.9 2.08 0.73 92.59 72.79WBI ETF Plus (SMA) Tactical All-Inclusive 3.14 7.63 8.89 7.30 14.0 1.79 0.70 85.42 62.78Clark Navigator Global Equity ETF Tactical All-Inclusive 4.09 10.70 8.50 7.16 15.4 –0.35 0.90 94.42 91.62Stadion Tactical Defensive Strategy Tactical All-Inclusive –1.20 7.99 7.39 6.46 98.0 2.00 0.53 69.91 62.88Hays Advisory Global ETF Tactical All-Inclusive 2.21 7.32 6.98 — 109.4 –2.00 0.94 82.31 94.14Niemann Global Opportunity (Equity Plus) Tactical Sector 5.98 14.34 5.24 7.18 117.8 1.08 0.44 33.59 60.70W.E. Donoghue Power Sector Portfolio Tactical All-Inclusive –2.76 3.51 5.20 5.41 1.2 0.86 0.46 35.24 56.54W.E. Donoghue & Co., - Agg Tactical Gr P Tactical All-Inclusive –2.08 5.93 4.69 2.98 8.7 –0.25 0.50 54.14 66.32New Path Actively Mgd Allc Strat (AMAS) Tactical Broad Market 1.78 5.32 4.61 — 18.5 1.05 0.37 30.99 49.01Clark Navigator Global Eq ETF Hedged Tactical All-Inclusive 3.09 4.43 2.84 4.41 8.8 –2.85 0.58 85.75 66.81Dunn Warren Growth ETF Portfolio Tactical All-Inclusive 3.78 8.28 2.63 6.72 4.2 0.08 0.27 20.11 40.95Dunn Warren Aggressive ETF Portfolio Tactical All-Inclusive 4.89 8.95 2.62 7.40 0.8 –0.06 0.29 19.56 43.45Accuvest Global Opportunities Tactical Country/Region 3.07 –1.00 1.95 — 16.1 –9.10 1.25 80.78 136.85BCM Global Sector Rotation Tactical All-Inclusive 0.09 8.35 — — 4.4 — — — —

Metropolitan Tactical Growth Tactical All-Inclusive — — — — 11.4 — — — —

Metropolitan Tactical Moderate Tactical All-Inclusive — — — — 13.3 — — — —

Hays Advisory TMAC Equity Focused Tactical All-Inclusive 2.60 8.27 — — 236.2 — — — —

Wela All Growth Tactical All-Inclusive 2.28 11.11 — — — — — — —

Palladiem Diversified Growth Strategy Tactical All-Inclusive 2.21 7.38 — — 20.0 — — — —

Windham Risk Regime III Tactical Broad Market 0.96 6.23 — — 1,266.4 — — — —

Keystone Wealth Glb Equity AlphaRotation Tactical Broad Market –3.46 — — — 47.7 — — — —

Athena Global Tactical ETFs Tactical Broad Market 1.45 25.19 — — 60.6 — — — —

Fusion Global Fusion Core Equity Tactical All-Inclusive 3.82 — — — 11.0 — — — —

CLS Thematic Growth Quad Tactical Sector 1.87 — — — 0.4 — — — —

TRC Global Core Equity Tactical Broad Market 0.40 — — — 25.0 — — — —

Ibis Global Growth Tactical All-Inclusive 4.33 14.24 — — 15.2 — — — —

F-Squared AS AlphaDEX Global Prem Idx Tactical Sector –0.05 9.66 — — 10.4 — — — —

F-Squared AS AlphaDEX Allocator Prm Idx Tactical All-Inclusive –0.38 7.82 — — 18.2 — — — —

Newfound Risk Managed Glb Sectors Cmpst Tactical Sector 1.09 — — — 126.7 — — — —

First Nat Chapoquoit Dynamic Cnsrv Port Tactical All-Inclusive 4.94 — — — 1.0 — — — —

Windham Global Equities Strategy Tactical All-Inclusive 1.87 7.66 — — 2.5 — — — —

Richard Bernstein Global Aggressive Tactical All-Inclusive 3.85 12.47 — — — — — — —

Richard Bernstein Risk-Balanced Global Tactical All-Inclusive 3.36 9.67 — — — — — — —

Steinberg Global - ETF Multi Cap Tactical All-Inclusive — — — — — — — — —

Global Equity Median 2.46 10.38 9.29 6.75Hybrid Median 2.46 9.26 9.00 6.23Strategic Median 2.48 11.05 9.71 6.98Tactical Median 2.42 9.66 8.89 6.82Morningstar Global GR USD 2.67 11.54 9.87 7.23











Down Capture Ratio

Global Fixed IncomeClark Navigator Glbl Bal ETF 20-80 Hdgd Hybrid All-Inclusive 2.38 4.44 6.19 8.82 12.0 3.78 0.86 40.81 59.55Lazard Cptl Allctr Ser Divsfd 25/75 (TE) Hybrid All-Inclusive 1.72 4.95 6.03 — 449.7 3.72 0.83 34.77 53.603D ETF Global 20 Portfolio Hybrid Broad Market 1.68 3.97 4.04 — 8.8 2.27 0.63 37.73 47.143D ETF Global 20 Portfolio - Tax Sen. Hybrid Broad Market 1.17 3.07 3.56 — 3.3 1.79 0.64 43.59 54.28Lazard Cptl Allctr Ser Divsfd 25/75 (TX) Hybrid All-Inclusive 1.25 4.48 — — — — — — —

Lazard Cap Alloc -Gbl FI (TE) Hybrid All-Inclusive 1.36 — — — 18.8 — — — —

Optimus Bond Allocation Bull/Bear Hybrid All-Inclusive 1.31 3.18 — — — — — — —

CLS ETF Risk Budget 30 - Conservative Hybrid All-Inclusive 1.13 3.92 — — 1.1 — — — —

SEI Tactical ETF Conservative Strategy Hybrid Broad Market 1.23 — — — 24.1 — — — —

Windham Multi-Sector Bonds Tax Exempt Hybrid All-Inclusive 0.06 1.38 — — 1.5 — — — —

iCM - Mgd ETF - Inc & Inflation Hdg Strategic Broad Market 1.50 5.40 6.17 6.40 17.7 4.12 0.70 48.81 40.64Vanguard CRSP 20%Equity/80%Fixed Income Strategic Broad Market 1.95 5.27 6.03 — 81.6 4.38 0.54 59.51 21.16New Frontier Conservative 20/80 Strategic Broad Market 1.93 4.65 5.81 5.14 13.0 3.96 0.62 62.30 36.94New Frontier Conservative 20/80 Tax Strategic Broad Market 1.42 4.93 5.53 4.58 5.6 3.72 0.61 55.13 36.43iCM - Mgd ETF - Cap Pres & Inf Hdg Strategic Broad Market 1.25 4.42 5.46 6.19 4.2 3.61 0.63 56.83 39.05One Capital Wealth Preservation & Inc Strategic All-Inclusive 0.91 4.01 5.36 — 2.3 3.66 0.58 54.67 33.40Ladenburg LAMP ETF Income Strategic Broad Market 0.95 4.39 5.26 — 16.6 3.50 0.60 51.07 31.23Windham Conservative Portfolio Strategic Broad Market 0.22 2.86 4.60 — 3.7 1.84 1.01 60.71 91.14Vanguard CRSP 100% Fixed Income Strategic Broad Market 1.73 3.30 4.43 — 9.1 3.29 0.38 33.25 16.75Windham Conservative Portfolio (Tax Mg) Strategic Broad Market 0.10 2.46 4.17 — 3.8 1.45 1.00 62.09 93.54iSectors Global Fixed Income Allocation Strategic All-Inclusive –1.50 1.54 3.68 — 4.9 1.49 0.78 79.38 59.98Ibbotson A/P 20/80 Tax Dfd-Fidelity* Strategic Broad Market 1.00 4.44 — — — — — — —

Ibbotson A/P 20/80 Tax Dfd-Pershing* Strategic Broad Market 1.00 4.76 — — — — — — —

Ibbotson A/P 20/80 Tax Dfd-Schwab* Strategic Broad Market 1.10 4.38 — — 0.7 — — — —

Ibbotson A/P 20/80 Tax Dfd-TDA* Strategic Broad Market 1.06 4.57 — — 0.1 — — — —

ClearRock Diversified Income Strategic All-Inclusive 1.40 5.07 — — 8.8 — — — —

Holderness Vision Tactical Stable Strategic All-Inclusive 1.66 3.92 — — — — — — —

PCM Income Opportunity Fund Strategic All-Inclusive 1.97 2.47 — — 58.0 — — — —

Vanguard CORE 100% Fixed Income Strategic Broad Market 1.72 3.26 — — 0.4 — — — —

Vanguard CORE 20%Equity/80%Fixed Income Strategic Broad Market 1.91 5.25 — — 2.2 — — — —

Vanguard Russell 100% Fixed Income Strategic Broad Market 1.73 3.30 — — 1.8 — — — —

Vanguard S&P 100% Fixed Income Strategic Broad Market 1.73 3.30 — — 3.4 — — — —

Vanguard S&P 20%Equity/80%Fixed Income Strategic Broad Market 1.95 5.28 — — 14.1 — — — —

Vanguard Russell 20%Equity/80%FixedInc. Strategic Broad Market 1.95 5.27 — — 0.2 — — — —

Horizon Conservation Plus ETF Portfolio Tactical All-Inclusive 1.61 5.63 6.24 — 41.3 4.91 0.41 45.97 8.50Sage Tactical ETF Conservative Tactical Broad Market 1.74 4.39 5.82 — 71.7 3.78 0.70 53.45 45.62Innealta Fixed Income Tactical All-Inclusive 1.25 3.28 4.63 — 569.9 2.84 0.62 54.25 47.82Sage Tactical ETF Core Plus Fixed Income Tactical Broad Market 1.53 2.60 4.48 — 264.7 2.80 0.58 59.52 41.73BCM Income Tactical All-Inclusive 0.62 2.10 3.04 — 1.3 1.67 0.47 68.88 29.72Financial Trust Flexible Income Tactical All-Inclusive 0.77 0.70 2.15 3.89 6.1 0.80 0.48 35.21 46.80SCA Fixed Alternative Tactical All-Inclusive 1.31 3.92 — — — — — — —

Niemann Tactical Global Bond Tactical All-Inclusive 0.92 4.50 — — 0.4 — — — —

Steinberg Global Fixed Income ETF Tactical All-Inclusive — — — — — — — — —

Keystone Wealth Glb Bond AlphaRotation Tactical All-Inclusive 0.16 — — — — — — — —

Ibis Global Preservation Tactical All-Inclusive 2.46 8.15 — — 32.0 — — — —

Newfound Target Excess Yield 3% Cmpst Tactical Broad Market 1.20 — — — 0.1 — — — —

Optimus Bond Rotation Tactical All-Inclusive 2.10 — — — — — — — —

Auour Instinct Global Fixed Income Tactical All-Inclusive 0.69 — — — 3.8 — — — —

Steinberg Global - Short Duration Taxabl Tactical All-Inclusive — — — — — — — — —











Down Capture Ratio

Global Fixed Income Median 1.31 4.38 5.26 5.67Hybrid Median 1.28 3.94 5.03 8.82Strategic Median 1.46 4.41 5.36 5.67Tactical Median 1.25 3.92 4.55 3.89

Global Fixed Income Blended Benchmark –1.50 0.33 2.73 3.93

International All AssetBrinker Capital ACS Int'l Equity ETF Tactical All-Inclusive 4.15 6.68 4.10 — 15.4 –10.26 1.08 76.73 131.66

International BalancedLadenburg LAMP Specialty International Strategic All-Inclusive 0.76 1.75 2.69 — 1.4 –8.40 0.82 70.28 101.50Fortunatus International ETF Opportunity Tactical All-Inclusive 2.07 1.43 –0.18 — 0.3 –5.39 0.39 29.51 64.89

International EquitySignalPoint International Signal Hybrid Sector 3.54 5.36 4.18 — 1.7 –0.08 0.71 97.37 71.21Natixis / AIA Mgd ETF - China Strategic Country/Region 4.91 6.11 4.83 — 1.7 –0.16 0.93 79.09 85.01Gratry International ETF Alloc Strat Strategic Country/Region 6.66 5.09 4.76 — 6.6 –0.35 0.90 91.67 86.80Zacks International Strategy Strategic Country/Region 4.03 5.13 4.40 6.22 — –1.39 1.06 96.96 109.28Laffer Investments Glbl Equity Strategy Tactical Country/Region 4.73 11.41 8.70 8.80 50.2 3.11 0.97 92.18 88.14

Innealta Tac ETF Country Rotation Tactical Country/Region 2.81 4.48 6.08 — 785.4 4.55 0.21 48.80 7.84MRM Dynamic International Strategy Tactical Country/Region 3.07 4.90 5.32 — 0.7 0.20 0.90 90.64 85.72Accuvest Non US Equity Tactical Country/Region 6.31 7.12 4.96 — 10.0 –0.75 1.04 94.31 103.50Main Management International - Non US Tactical Country/Region 4.32 5.14 4.40 — 19.1 –1.14 1.01 93.26 104.27Cumberland - Intl Equity ETF Tactical All-Inclusive 8.67 7.24 4.09 — 21.7 –1.40 1.00 94.42 101.66

Hays Advisory International ETF Tactical All-Inclusive 1.16 1.50 1.70 — 13.5 –3.17 0.88 87.52 88.75Niemann Dynamic International Tactical All-Inclusive 6.81 7.25 1.68 — 0.8 –2.87 0.84 77.66 91.23Clark Navigator Intl Opportunity Tactical Country/Region 3.72 6.47 1.59 — 53.5 –3.65 0.96 91.23 106.37Glovista Emerging Market Equities Tactical Country/Region –0.76 0.38 1.51 17.00 679.5 –3.95 1.05 83.71 116.03Green Inv Mgt Guardian Country Tactical Country/Region 9.11 4.54 1.21 9.51 3.0 –3.91 1.01 75.59 103.13

iSectors Tactical International Alloc Tactical All-Inclusive 0.15 2.91 0.38 — 0.5 –1.62 0.34 39.44 48.36BCM International Sector Rotation Tactical Broad Market 2.21 1.32 — — 0.4 — — — —Accuvest Asian Advantage Tactical Country/Region 8.26 7.91 — — 0.3 — — — —Good Harbor Tactical Core Intl Moderate Tactical Broad Market 0.01 2.68 — — 3.0 — — — —Julex Capital Mngt Tactical Country/Region 4.11 — — — 2.5 — — — —

CLS International Rotation Quad Tactical Country/Region 8.08 — — — 0.4 — — — —Windham Emerging Market Equity Strategy Tactical Country/Region 0.81 –1.92 — — 0.3 — — — —

International Equity Median 4.07 5.11 4.29 9.16Morningstar Gbl Mkts ex-US GR USD 3.65 7.11 5.66 6.08

United States All AssetNewfound Total Return Hybrid All-Inclusive 1.76 — — — 0.5 — — — —TCIA ETF L1 Strategic All-Inclusive 0.58 9.62 — — 7.1 — — — —TCIA ETF L2 Strategic All-Inclusive 1.30 10.09 — — 10.9 — — — —Palladiem Defensive Core Strategy Strategic Broad Market 1.43 2.43 — — 0.2 — — — —Winterset Active/Edge Moderate Hybrid Strategic All-Inclusive 0.40 — — — — — — — —

SelectAlts 20 Index Strategy Strategic All-Inclusive 1.06 — — — 0.1 — — — —BCM Diversified Equity (Monthly) Tactical All-Inclusive 0.27 10.65 11.06 — 9.6 0.20 1.12 83.10 126.04Confluence Growth Tactical All-Inclusive 3.16 12.83 10.86 — 42.7 –2.65 1.42 95.01 151.91Confluence Growth and Income Tactical All-Inclusive 3.68 11.23 10.16 — 85.5 –1.14 1.18 91.79 114.99BCM Diversified Equity Tactical All-Inclusive –0.02 9.40 10.08 — 94.0 –0.53 1.11 81.70 126.15











Down Capture Ratio

Confluence Income and Growth Tactical All-Inclusive 3.24 9.81 9.68 — 32.5 2.32 0.74 76.09 54.96BCM AlphaDEX Diversified Equity Tactical All-Inclusive 2.52 9.68 — — 16.2 — — — —Brinker Capital ACS Real Assets (Q) Tactical All-Inclusive 0.47 5.35 — — 7.2 — — — —Navellier Dynamic Libertas 10 Tactical All-Inclusive 0.30 — — — 4.9 — — — —Navellier Dynamic Libertas 20 Tactical All-Inclusive 0.43 — — — 4.6 — — — —

Navellier Dynamic Libertas 30 Tactical All-Inclusive 0.39 — — — 18.3 — — — —Navellier Dynamic Sentrum 10 Tactical All-Inclusive 0.29 — — — 0.1 — — — —Navellier Dynamic Sentrum 20 Tactical All-Inclusive 0.43 — — — 0.1 — — — —Navellier Dynamic Sentrum 30 Tactical All-Inclusive 0.35 — — — 0.1 — — — —Keystone Wealth Glb Income AlphaRotation Tactical All-Inclusive 6.11 — — — — — — — —

United States All Asset Median 0.53 9.75 10.16 —United States All Asset Blended Benchmark 0.94 8.95 9.73 7.11

United States AlternativeAstor Long/Short Balanced Program Tactical All-Inclusive 1.92 9.26 6.08 7.27 1,034.0 –1.84 0.56 79.54 64.08Green Inv Mgt Guardian Alternatives Tactical All-Inclusive –2.10 –10.55 –5.74 — 0.7 –9.05 0.25 10.69 69.57CLS Inflation Quad Tactical All-Inclusive –3.75 — — — 0.1 — — — —TAMP US Tactical ETF L/S – PULSE Tactical Broad Market 1.63 — — — 0.1 — — — —Newfound Dynamic Alternatives Cmpst Hybrid Broad Market 0.37 — — — — — — — —

United States BalancedClark Navigator MultiStrategy 75-25(SAI) Hybrid All-Inclusive 3.79 12.63 11.97 — 42.4 –2.96 1.40 94.72 153.92iSectors Post-MPT Moderate Allocation Hybrid Sector 2.02 12.17 11.34 — 29.8 7.02 0.38 12.79 15.83Efficient Market 11-19 Years Aggressive Hybrid All-Inclusive 3.25 10.80 10.46 8.07 26.1 –4.67 1.44 96.80 165.73Clark Navigator MultiStrategy 50-50(SAI) Hybrid All-Inclusive 3.04 9.87 10.21 — 152.3 –1.55 1.10 93.56 120.36SignalPoint Balanced Point Hybrid All-Inclusive 2.30 9.75 10.14 — 57.2 0.05 0.93 93.66 92.30

Efficient Market 11-19 Years Moderate Hybrid All-Inclusive 3.05 10.18 10.05 — 52.6 –4.00 1.33 96.59 152.84Efficient Market 11-19 Years Consvt Hybrid All-Inclusive 2.91 9.16 9.36 — 25.4 –3.50 1.22 96.38 138.02Efficient Market 6-10 Years Aggressive Hybrid All-Inclusive 2.76 9.27 8.80 — 12.9 –3.99 1.21 96.08 143.36Efficient Market 6-10 Years Moderate Hybrid All-Inclusive 2.78 8.61 8.79 7.22 86.5 –3.60 1.17 96.19 132.38Efficient Market 2-5 Years Aggressive Hybrid All-Inclusive 2.69 8.17 8.66 7.01 9.2 –3.00 1.10 95.67 123.13

BCM Moderate Growth (Monthly) Hybrid All-Inclusive 0.51 7.19 8.29 — 77.0 –0.17 0.79 79.38 89.02Efficient Market 2-5 Years Moderate Hybrid All-Inclusive 2.65 7.27 8.21 — 47.8 –2.10 0.97 95.44 105.29BCM Moderate Growth Hybrid All-Inclusive 0.31 6.68 7.91 — 54.6 –0.33 0.77 77.92 87.23Efficient Market 6-10 Years Conservative Hybrid All-Inclusive 2.78 7.24 7.73 — 35.4 –2.57 0.97 94.71 108.61MIS Moderate Growth ETF* Hybrid All-Inclusive 1.70 6.49 7.42 — 337.0 –4.81 1.17 91.41 140.05

Efficient Market 2-5 Years Conservative Hybrid All-Inclusive 2.47 5.75 6.63 — 20.0 –1.51 0.76 92.41 82.93MIS Income & Growth ETF* Hybrid All-Inclusive 0.56 4.89 5.99 — 416.0 –3.33 0.88 89.34 105.88Appleton Group PLUS-Conservative Hybrid Broad Market 1.65 4.59 — — 2.2 — — — —Appleton Group-Conservative Hybrid Broad Market 2.05 6.84 — — 4.2 — — — —BCM AlphaDEX Moderate Growth Hybrid All-Inclusive 1.87 6.56 — — 7.6 — — — —

Cumberland Total Return Balanced Port Strategic All-Inclusive 1.18 11.14 10.84 — 45.5 0.65 0.94 91.73 91.64Madison ETF Moderate Growth Strategic All-Inclusive 1.83 8.93 8.65 — 97.4 –1.28 0.93 96.86 98.87Ibbotson Strategic ETF Moderate Gr & Inc* Strategic Broad Market 2.50 8.29 8.06 — 824.1 –3.53 1.10 95.03 124.20Members Trust Balanced ETF Strategic Broad Market 1.70 8.11 7.81 — 301.2 –1.56 0.88 97.33 94.14Transamerica I-Series Portfolio III Strategic All-Inclusive 1.87 7.14 7.80 — 92.8 –1.70 0.89 94.28 93.52

DT Moderate Growth & Income Strategic All-Inclusive 2.11 8.09 7.77 — 94.4 –2.95 1.01 97.38 114.46First Trust FTA Ibbotson Mul Disc 40/60* Strategic Broad Market 2.57 7.55 7.63 — 14.2 –0.56 0.76 92.03 80.15Madison ETF Moderate Strategic All-Inclusive 1.62 7.38 7.49 — 109.1 0.02 0.69 93.17 67.74Clark Navigator Strategist Core Strategic Broad Market 2.48 8.08 7.46 — 2.4 –1.41 0.83 91.05 84.95

DT Conservative Growth & Income Strategic All-Inclusive 2.04 7.51 7.32 — 123.1 –1.81 0.86 96.79 93.99Source: 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.









Down Capture Ratio

Members Trust Conservative ETF Strategic Broad Market 1.44 6.85 7.06 — 547.4 –0.40 0.69 95.98 69.45Lockwood Asset Allocation Portfolios II Strategic Broad Market 0.96 6.22 6.59 5.34 113.0 0.08 0.60 91.33 62.99Ibbotson Strategic ETF Cons Gr & Inc* Strategic Broad Market 1.96 6.17 6.37 — 366.4 –1.57 0.74 91.69 80.26Transamerica I-Series Portfolio II Strategic All-Inclusive 1.52 5.17 5.69 — 45.2 –0.68 0.59 91.13 59.63EAM Asset Allocation Conservative Strategic All-Inclusive 1.67 5.34 — — 6.3 — — — —

EAM Asset Allocation Moderate Conservati Strategic All-Inclusive 1.44 7.33 — — 2.1 — — — —Alpha Dynamics ODS Stable Growth Strategic All-Inclusive 0.90 4.03 — — 6.9 — — — —Foy SELECTOR Balanced Growth Strategic All-Inclusive 1.26 7.80 — — 26.3 — — — —Foy SELECTOR Conservative Growth Strategic All-Inclusive 1.30 11.37 — — 37.0 — — — —Foy SELECTOR Income & Growth Strategic All-Inclusive 0.87 6.60 — — 3.9 — — — —

Clark Navigator Style Preferred Inc&Gro Tactical Broad Market 2.76 9.80 9.58 7.00 3.1 –0.99 0.98 91.45 96.48Trademark Tactical Risk Strategy Tactical All-Inclusive 0.62 7.72 7.99 — 10.9 0.91 0.66 45.85 84.65Stadion Growth Strategy Tactical Broad Market –0.48 7.42 6.85 — 1,273.9 –4.94 1.13 89.28 153.98Stadion Moderate Strategy Tactical Broad Market –1.19 4.85 5.21 — 1,148.1 –4.79 0.96 83.67 137.07Stadion Balanced Strategy Tactical Broad Market –1.56 3.65 4.15 — 492.7 –3.12 0.69 73.74 103.26

Stadion Conservative Strategy Tactical Broad Market –2.09 1.72 2.67 — 198.6 –1.65 0.41 50.66 67.81First Trust Global Tactical Asset Alloc. Tactical All-Inclusive 1.56 3.59 — — 0.1 — — — —TAMP US Tactical ETF Income – BIG Tactical Broad Market 0.09 — — — 0.0 — — — —TTM Tactical Core/Satellite Strategy Tactical All-Inclusive 0.25 — — — — — — — —

United States Balanced Median 1.70 7.38 7.81 7.01Hybrid Median 2.56 7.72 8.79 7.22Strategic Median 1.65 7.44 7.56 5.34Tactical Median 0.09 4.85 6.03 7.00United States Balanced Blended Benchmark 1.79 11.09 10.86 7.49

United States EquityEfficient Market 20 Plus Years Moderate Hybrid All-Inclusive 3.43 12.08 11.58 8.48 22.5 –1.61 0.91 96.79 93.85Signal Point Signal 10 Hybrid Sector 3.15 11.62 11.49 — 17.8 –0.90 0.85 92.38 85.16Efficient Market 20 Plus Yrs Aggressive Hybrid All-Inclusive 3.52 12.57 11.08 8.46 24.0 –2.49 0.94 96.11 97.62Efficient Market 20 Plus Years Consvt Hybrid All-Inclusive 3.44 11.15 10.92 — 14.2 –1.36 0.84 95.95 86.82Green Inv Mgt - Guardian Mosaic Hybrid All-Inclusive 1.59 10.39 9.48 6.06 0.6 –4.87 1.01 96.82 110.84

BCM Growth (Monthly) Hybrid All-Inclusive 0.43 8.63 9.44 — 86.9 1.29 0.55 79.13 58.65BCM Growth Hybrid All-Inclusive 0.22 7.74 8.62 — 58.5 0.66 0.54 77.45 58.91Forward Tactical Growth Hybrid Broad Market –0.55 6.67 5.08 — 909.5 –0.64 0.39 61.61 57.28Appleton Group PLUS-Moderate Hybrid Broad Market 1.80 4.73 — — 14.3 — — — —Appleton Group-Moderate Hybrid Broad Market 1.99 6.72 — — 8.5 — — — —

WestEnd Advisors US Sector Hybrid Sector 3.68 — — — 2.5 — — — —Hillswick S&P 500 Sector Selection Strategic Sector 1.24 17.02 14.78 — 117.0 1.31 0.90 97.87 88.22Raylor Strategic US Equity Strategic All-Inclusive 1.25 16.01 14.44 — 1.0 0.73 0.92 98.79 89.55Madison ETF Aggressive Strategic All-Inclusive 2.26 12.27 11.21 — 6.4 –0.84 0.82 97.58 84.54SSWM Strategic Allocation Model 75/25 Strategic Broad Market 1.86 10.87 10.28 6.89 17.0 –1.10 0.78 96.30 80.59

Madison ETF Growth Strategic All-Inclusive 2.14 10.77 10.10 — 51.5 0.12 0.67 96.60 67.45Swan Defined Risk Strategy Strategic Broad Market 0.78 8.26 6.96 9.05 537.7 0.99 0.40 67.35 42.58Swan Defined Risk Strategy Strategic Broad Market 0.55 8.44 6.91 9.41 537.7 0.84 0.41 65.72 43.85iSectors Domestic Equity Allocation Strategic Broad Market 0.61 14.07 — — 27.3 — — — —Acertus Planned Return Strategy Strategic Broad Market — — — — 369.4 — — — —

IRON S&P 500 Equity Plus Strategic Broad Market 2.59 13.27 — — 0.8 — — — —Winterset Active/Edge ETF Growth Strategic All-Inclusive 2.11 — — — — — — — —Nav Tactical US Equity Sector Plus Strategic Sector 2.07 — — — 5.7 — — — —Nav Tactical US Equity Sector Pl ft ADEX Strategic Sector 5.52 — — — 16.9 — — — —Churchill ETF Sector Rotation Strategic Sector 0.78 17.05 15.37 — 61.7 — — — —











Down Capture Ratio

Braver Tactical Equity Sector Rotation Tactical Sector 3.87 18.75 14.98 9.29 63.7 2.19 0.87 69.79 92.67iSectors Post-MPT Growth Allocation Tactical Sector 0.02 15.20 14.14 9.49 57.1 9.87 0.27 10.24 22.46Main Management Active - US Large Cap Tactical Sector 3.05 16.84 14.11 9.97 191.5 –0.01 0.96 95.89 90.99Niemann Dynamic Tactical Sector 7.42 22.07 14.08 9.09 45.5 1.60 0.86 63.89 80.01Clark Navigator U.S. Style Opportunity Tactical Broad Market 4.48 15.01 13.55 8.09 66.1 –0.77 0.98 93.30 98.77

Clark Navigator U.S. Style Opp (SAI) Tactical Broad Market 4.48 15.01 13.55 8.09 66.1 –0.77 0.98 93.30 98.77Niemann Dynamic Sector Tactical Sector 7.94 18.74 13.33 — 4.6 1.32 0.83 64.51 77.28F-Squared AlphaSector Premium Index Tactical Sector –3.42 14.43 13.16 — 978.3 2.01 0.75 76.34 79.68F-Squared AlphaSector Rotation Index Tactical Sector –3.01 14.90 12.93 — 2,688.9 2.07 0.73 75.09 80.64F-Squared Rotation AlphaSector Index Tactical Sector –2.41 14.53 12.72 — 862.7 1.92 0.73 75.62 79.97

Clark Navigator Sector Opportunity Tactical Sector 3.72 13.69 12.29 — 55.0 –1.28 0.93 91.79 95.86Cumberland - US Equity ETF Tactical All-Inclusive 0.88 13.69 12.27 — 74.9 –1.47 0.94 94.79 95.88Green Inv Mgt - Guardian Sector Tactical Sector 1.20 14.27 11.77 5.87 0.5 –2.03 0.95 94.89 101.36Clark Navigator Style Preferred Core Tactical Broad Market 3.46 12.73 11.70 7.30 4.3 0.04 0.79 92.52 75.02Astor S.T.A.R. Program Tactical All-Inclusive 3.22 15.53 11.51 8.36 358.8 –0.52 0.82 90.57 88.50

F-Squared AlphaSector Premium Cmpst Tactical Sector –4.12 12.26 11.44 — 345.0 0.93 0.71 75.16 81.06Stadion Tactical Growth Strategy Tactical All-Inclusive 2.55 10.27 11.24 8.11 147.9 –1.86 0.91 89.25 96.49TTM NASDAQ Strategy Tactical All-Inclusive –1.96 13.93 10.71 — — 4.27 0.43 42.68 56.99Confluence Aggressive Growth Tactical All-Inclusive 3.26 12.85 10.71 — 6.0 –3.40 0.99 92.93 109.21MRM Dynamic Overlay Strategy Tactical All-Inclusive 0.13 14.89 10.62 — 74.4 –0.21 0.74 84.19 77.86

Robinson Market Opportunity Tactical Broad Market –7.47 5.38 9.88 6.56 3.5 2.81 0.52 21.32 46.97Niemann Risk Managed Tactical Sector 6.69 19.95 9.88 7.89 63.5 1.45 0.59 44.25 74.92Niemann Risk Managed Sector Tactical Sector 6.97 14.95 7.77 8.92 60.8 –0.37 0.57 47.88 73.25Good Harbor Tactical Core US Tactical Broad Market –1.06 0.39 6.65 10.21 2,250.2 0.16 0.48 24.82 71.74Braver Tactical Balanced Tactical Broad Market 0.64 6.57 6.59 5.76 129.3 –0.76 0.50 80.01 56.71

PVG Dynamic Core ETF Tactical All-Inclusive 1.01 6.83 6.18 5.72 23.7 –1.47 0.53 80.17 54.35Innealta Tac ETF Sector Rotation Opp Tactical Sector 1.39 3.81 5.80 — 74.2 2.09 0.25 37.80 15.53Innealta Tac ETF Sector Rotation Core Tactical Sector 1.23 3.78 5.26 — 663.7 2.18 0.20 32.48 12.17Braver Tactical Opportunity Tactical All-Inclusive 0.27 4.72 4.65 5.37 102.7 –1.81 0.45 64.45 51.51BCM U.S. Sector Rotation (Monthly) Tactical Sector 0.49 15.86 — — 99.7 — — — —

BCM U.S. Sector Rotation Tactical Sector 0.05 14.76 — — 181.2 — — — —Mench Aggressive Equity Tactical All-Inclusive 0.00 — — — — — — — —BCM AlphaDEX U.S. Sector Rotation Tactical Sector 3.33 15.10 — — 212.5 — — — —Churchill Premier Wealth Tactical Tactical All-Inclusive 4.08 6.67 5.44 5.49 1,296.2 — — — —RPG AlphaSector Core Domestic Equity Tactical Sector –4.03 12.40 — — 24.4 — — — —

RPG AlphaSector Premium FT Tactical Sector –1.24 12.54 — — 14.9 — — — —F-Squared AlphaSector AlphaDEX Pre Idx Tactical Sector –0.75 15.55 — — 199.5 — — — —Virtus Premium Alpha Sector Composite Tactical Sector -3.56 8.60 — — 109.3 — — — —Virtus Alpha Sector Rotation Composite Tactical Sector –2.40 11.65 — — 3.8 — — — —RevenueShares Strategic Allocation Tactical Broad Market 5.54 12.90 — — 1.0 — — — —

Longview Capital Dynamic Large Cap SMA Tactical All-Inclusive — — — — — — — — —Julex Dynamic Sector Strategy Tactical All-Inclusive 0.94 — — — 52.5 — — — —F-Squared AlphaSector AlphaDEX Prm Cmpst Tactical Sector –1.52 13.19 — — 520.6 — — — —TTM 500 Strategy Tactical Broad Market –1.86 — — — 6.8 — — — —WST Asset Manager - U.S. Equity Tactical Sector 1.28 — — — 215.6 — — — —

Optimus Global Rotation Tactical Broad Market 1.97 — — — — — — — —F-Squared Dynamic AlphaSector Index Tactical Sector –2.50 14.74 — — 1,179.5 — — — —F-Squared Premium AlphaSector Index Tactical Sector –2.61 13.37 — — 4,099.5 — — — —Optimus U.S. Rotation Tactical Broad Market –0.89 — — — — — — — —Newfound Risk Mgd Small-Cap Sec Cmpst Tactical Sector 3.63 — — — 4.8 — — — —











Down Capture Ratio

Evolution US Equity Absolute Return Tactical Sector 4.14 — — — 0.1 — — — —FFCM Dynamic All Cap Sector Rotation Tactical Sector 1.25 — — — 251.4 — — — —FFCM Dynamic Large Cap Sector Rotation Tactical Sector 0.48 — — — 0.4 — — — —F-Squared AlphaSector All-Cap Index Tactical Sector –3.25 — — — 784.0 — — — —ARS Sector Rotation Strategy Tactical Sector 1.25 — — — 2.1 — — — —

United States Equity Median 1.25 12.87 11.14 8.11Hybrid Median 1.99 9.51 10.20 8.46Strategic Median 1.86 12.77 10.74 9.05Tactical Median 0.91 13.81 11.48 8.09Morningstar US Market TR USD 1.77 16.35 14.79 8.56

United States Fixed IncomeSignalPoint Stable Income Point Hybrid All-Inclusive 1.99 4.65 6.62 — 20.4 0.59 1.32 75.25 156.55Efficient Market Taking Income-Aggr Hybrid All-Inclusive 2.41 5.62 6.43 — 10.1 6.97 –0.15 0.57 –31.69SignalPoint CU Income Plus Hybrid All-Inclusive 2.00 4.61 6.39 — 3.8 0.87 1.21 70.49 141.27Efficient Market Taking Income-Moderate Hybrid All-Inclusive 2.20 5.21 6.13 — 21.4 6.36 –0.08 0.23 –29.34Wela Own Your Age (OYA)- 80 Hybrid All-Inclusive 0.84 4.24 5.61 — — 2.57 0.66 21.93 92.40

SignalPoint Moderate Income Point Hybrid All-Inclusive 1.84 4.40 5.43 — 4.2 2.06 0.74 19.75 91.01Efficient Market Taking Income-Consvt Hybrid All-Inclusive 1.90 4.47 5.25 — 17.4 4.95 0.04 0.08 –10.29MIS Conservative ETF* Hybrid All-Inclusive 0.20 3.59 5.01 — 95.2 4.26 0.16 0.73 30.26Green Inv Mgt - Guardian Tax Free Hybrid Sector 0.84 2.60 3.92 3.98 0.3 –0.48 0.98 57.34 108.77Wela Own Your Age (OYA)- 70 Hybrid All-Inclusive 0.66 5.35 — — — — — — —

Ibbotson Momentum 20/80* Hybrid Broad Market 1.33 4.65 — — 3.9 — — — —Voya GPMM Income ETF Hybrid Broad Market 1.36 — — — — — — — —Madison ETF Conservative Strategic Broad Market 1.58 5.55 6.06 — 63.7 4.64 0.29 4.30 19.78First Trust FTA Ibbotson Mul Disc 20/80* Strategic Broad Market 1.79 5.50 5.89 — 3.6 4.17 0.35 7.22 25.68Members Trust Income ETF Strategic Broad Market 1.08 5.09 5.62 — 270.1 4.75 0.16 1.87 –4.69

DT Ultra-Conservative Growth & Income Strategic All-Inclusive 1.80 5.40 5.55 — 19.6 1.94 –0.30 0.58 –77.06Lockwood Asset Allocation Portfolios I Strategic Broad Market 0.85 4.38 5.19 4.86 48.3 3.39 0.38 12.23 30.51Madison ETF Capital Preservation Strategic Broad Market 1.24 3.70 4.71 — 8.5 2.00 0.58 35.26 63.06Ibbotson Strategic ETF Moderate Income* Strategic Broad Market 1.39 3.23 4.11 — 106.3 2.76 0.28 5.31 39.99Madison ETF Income Advantage Strategic Broad Market 1.32 2.75 4.09 — 4.0 0.38 0.81 74.54 93.19

Transamerica I-Series Portfolio I Strategic All-Inclusive 1.40 3.25 4.06 — 21.1 2.15 0.41 19.53 44.34DT Intermediate Fixed Income Strategic Broad Market 1.64 3.26 4.04 — 9.9 1.46 0.56 53.12 50.29iSectors Capital Preservation Allocation Strategic All-Inclusive –0.01 1.96 3.13 — 18.7 1.64 0.32 25.35 23.33Astor Active Income Program Strategic All-Inclusive 0.80 4.23 — — 9.5 — — — —Caprin Tactical Muni ETF Strategic Sector 0.89 3.85 — — 8.8 — — — —

Caprin Core Plus ETF Strategic All-Inclusive 1.32 2.98 — — 8.0 — — — —Caprin Tactical Opportunity ETF Strategic All-Inclusive 1.20 4.01 — — 35.1 — — — —Granite Tactical U.S. Interm FI Strategy Strategic All-Inclusive — — — — — — — — —Granite Tactical Global Interm FI Strat Strategic All-Inclusive — — — — — — — — —Foy SELECTOR Income Strategic All-Inclusive 2.66 5.89 — — 3.9 — — — —

CFGAM S3 Municipal ETF Strategic Sector — — — — 4.1 — — — —SEI Tax-Managed ETF Conservative Strategic All-Inclusive — — — — 13.4 — — — —Clark Navigator Fixed Income TR Tactical All-Inclusive 2.30 4.67 7.01 9.90 900.0 4.88 0.45 5.08 69.90WST Asset Manager – U.S. Bond Tactical Sector 0.01 5.10 6.50 — 170.2 6.49 –0.03 0.05 –21.98Braver Tactical High Income Tactical Sector 1.95 4.96 6.41 9.93 129.1 6.12 0.04 0.04 3.67











Down Capture Ratio

Laffer Investments Fix-Inc ETF Strategy Tactical All-Inclusive 1.32 2.87 4.52 — 2.3 0.86 0.80 54.64 92.04Green Inv Mgt - Guardian Fix-Inc Tactical All-Inclusive 2.17 4.31 4.22 4.77 23.0 1.88 0.52 10.89 82.74QA Tactical Bond Tactical All-Inclusive 1.72 3.42 4.03 — 8.9 –0.86 1.09 68.85 144.303D Fixed Income ETF Portfolio - Tax Sen. Tactical All-Inclusive 0.63 0.77 2.26 — 0.3 –1.23 0.78 60.14 103.57Stadion Capital Preservation Strategy Tactical Broad Market –1.58 1.33 2.24 — 102.7 2.95 –0.17 2.29 –16.93

3D Fixed Income ETF Portfolio Tactical All-Inclusive 1.40 — — — 0.4 — — — —Optimus High Yield Bull/Bear Tactical Sector 2.13 3.59 — — — — — — —Palladiem Sustainable Income Strategy Tactical All-Inclusive 1.63 4.46 — — 4.8 — — — —Longview Capital Fixed Income Tactical All-Inclusive — — — — — — — — —

United States Fixed Income Median 1.39 4.31 5.22 4.86Hybrid Median 1.60 4.61 5.61 3.98Strategic Median 1.32 3.93 4.71 4.86Tactical Median 1.63 3.95 4.37 9.90Morningstar Core Bond MCBI TR 1.63 3.27 4.54 5.10





Exhibit 11 Return Type Identifiers, 31 March 2015

Current Historical

NameInception Date

Return Type Identifier Non-Discretionary Source/Platform

Return Type Identifier Start Date End Date Non-Discretionary Source/Platform

3D ETF Global 100 Portfolio 7/3/06 1 — — — — —3D ETF Global 20 Portfolio 2/2/09 1 — — — — —3D ETF Global 20 Portfolio - Tax Sen. 12/1/08 1 — — — — —3D ETF Global 40 Portfolio 2/1/07 1 — — — — —3D ETF Global 40 Portfolio - Tax Sen. 1/3/07 1 — — — — —3D ETF Global 60 Portfolio 9/1/06 1 — — — — —3D ETF Global 60 Portfolio - Tax Sen. 10/2/06 1 — — — — —3D ETF Global 80 Portfolio 8/1/06 1 — — — — —3D ETF Global 80 Portfolio - Tax Sen. 10/2/06 1 — — — — —3D Fixed Income ETF Portfolio 2/2/09 1 — — — — —3D Fixed Income ETF Portfolio - Tax Sen. 12/1/08 1 — — — — —Accuvest Asian Advantage 8/31/10 1 — — — — —Accuvest Global Core Equity 8/1/05 1 — — — — —Accuvest Global Long Short Equity 1/2/12 1 — — — — —Accuvest Global Opportunities 11/1/05 1 — — — — —Accuvest Non US Equity 8/29/08 1 — — — — —Acertus Planned Return Strategy 8/31/09 1 — — — — —Acertus Planned Return Strategy (Equity) 8/31/09 1 — — — — —Advisors Capital Mgt Global Balanced ETF 5/19/08 1 — — — — —Alpha Dynamics ODS Dynamic Growth 10/3/11 1 — — — — —Alpha Dynamics ODS Robust Growth 10/3/11 1 — — — — —Alpha Dynamics ODS Stable Growth 10/3/11 1 — — — — —AP-Managed ETF/MF Portfolio-Moderate 4/30/12 1 — — — — —Appleton Group Managed Income 4/2/12 1 — — — — —Appleton Group PLUS Portfolio 12/31/99 1 — 4 12/31/99 12/31/05 RW Baird, Charles SchwabAppleton Group PLUS-Conservative 1/3/11 1 — — — — —Appleton Group PLUS-Moderate 1/3/11 1 — — — — —Appleton Group Portfolio 12/31/99 1 — 4 12/31/99 12/31/05 RW Baird, Charles SchwabAppleton Group Tax Managed Portfolio 12/31/99 1 — 4 12/31/99 12/31/05 RW Baird, Charles SchwabAppleton Group-Conservative 7/1/11 1 — — — — —Appleton Group-Moderate 4/1/11 1 — — — — —ARS Sector Rotation Strategy 9/2/14 3 Placemark — — — —Astor Active Income Program 2/28/11 1 — — — — —Astor Long/Short Balanced Program 1/3/05 1 — — — — —Astor S.T.A.R. Program 1/3/05 1 — — — — —Athena Global Tactical ETFs 9/1/10 1 — — — — —Auour Instinct Global Balanced 5/1/14 1 — — — — —Auour Instinct Global Equity 12/2/13 1 — — — — —Auour Instinct Global Equity Levered 6/11/14 1 — — — — —Auour Instinct Global Fixed Income 10/1/13 1 — — — — —Auour Instinct Global High Yield 6/2/14 1 — — — — —Baring Global Dynamic Asset Allocation 6/30/10 1 — — — — —BCM AlphaDEX Diversified Equity 9/1/11 1 — — — — —BCM AlphaDEX Moderate Growth 9/1/11 1 — — — — —BCM AlphaDEX U.S. Sector Rotation 9/1/11 1 — — — — —BCM Decathlon Conservative Tactics 10/1/12 1 — — — — —BCM Decathlon Growth Tactics 10/1/12 1 — — — — —BCM Decathlon Moderate Tactics 10/1/12 1 — — — — —BCM Diversified Equity 8/7/09 1 — — — — —BCM Diversified Equity (Monthly) 8/3/09 1 — — — — —

Source: Morningstar Inc. NR = Managed did not successfully confirm performance was based on live assets for all periods reported. Periods of backtested returns may be included.



Current Historical

NameInception Date



BCM Global Sector Rotation 12/1/10 1 — — — — —BCM Growth 11/2/09 1 — — — — —BCM Growth (Monthly) 11/2/09 1 — — — — —BCM Income 12/1/09 1 — — — — —BCM International Sector Rotation 2/1/11 1 — — — — —BCM Moderate Growth 9/1/09 1 — — — — —BCM Moderate Growth (Monthly) 9/1/09 1 — — — — —BCM U.S. Sector Rotation 2/1/11 1 — — — — —BCM U.S. Sector Rotation (Monthly) 7/1/10 1 — — — — —Blue Edge Global Balanced 12/31/10 1 — — — — —Blue Edge Global Equity 12/31/10 1 — — — — —Blue Edge Global Growth 12/31/10 1 — — — — —Blue Edge Global Growth & Income 12/31/10 1 — — — — —Boston Advisors Broad Allocation Growth 9/30/10 1 — — — — —Boston Advisors Broad Allocation Str SA 10/31/08 1 — — — — —Braver Asset Allocation Conservative 12/31/08 1 — — — — —Braver Asset Allocation Growth 12/31/08 1 — — — — —Braver Asset Allocation Moderate 12/31/08 1 — — — — —Braver Conservative Multi Strategy 12/31/08 1 — — — — —Braver Growth Multi Strategy 4/1/10 1 — — — — —Braver Moderate Multi Strategy 12/31/08 1 — — — — —Braver Tactical Balanced 12/31/03 1 — — — — —Braver Tactical Equity Sector Rotation 7/1/96 1 — — — — —Braver Tactical High Income 10/1/96 1 — — — — —Braver Tactical Opportunity 12/31/85 1 — — — — —Brinker Capital ACS Int'l Equity ETF 7/1/09 1 — — — — —Brinker Capital ACS Real Assets (Q) 11/1/11 1 — — — — —C Tactical Dynamic 9/30/09 1 — — — — —C Tactical Equity Income 10/31/07 1 — — — — —C Tactical Global Growth 5/31/07 1 — — — — —Canterbury Portfolio Thermostat 8/31/12 3 Orion — — — —Capital Wealth ETF Covered Call Strategy 1/2/08 1 — — — — —Caprin Core Plus ETF 9/30/10 1 — — — — —Caprin Tactical Muni ETF 9/30/10 1 — — — — —Caprin Tactical Opportunity ETF 9/30/10 1 — — — — —CFGAM S3 Div Agrsv Inflation-Correlated 3/1/11 1 — — — — —CFGAM S3 Div Mod Inflation-Correlated 1/1/10 1 — — — — —CFGAM S3 Diversified Aggressive 1/4/11 1 — — — — —CFGAM S3 Diversified Conservative 1/1/10 1 — — — — —CFGAM S3 Diversified Growth 1/4/10 1 — — — — —CFGAM S3 Diversified Moderate 1/1/10 1 — — — — —CFGAM S3 Global Income Total Return 12/1/10 1 — — — — —CFGAM S3 Global Income-Income Focus 6/1/10 1 — — — — —CFGAM S3 Municipal ETF 1/4/10 1 — — — — —Churchill ETF Sector Rotation 10/1/07 1 — — — — —Churchill Premier Wealth Tactical 10/1/96 1 — — — — —CKW Opportunistic Global Balanced 11/3/03 1 — — — — —Clark Navigator Alternative 1/3/07 1 — — — — —Clark Navigator Fixed Income TR 12/31/04 NR — — — — —Clark Navigator Glbl Bal ETF 20-80 Hdgd 1/3/05 NR — — — — —


Exhibit 11 Return Type Identifiers, 31 March 2015 (Continued)



Current Historical

NameInception Date



Clark Navigator Glbl Bal ETF 40-60 Hdgd 1/3/05 NR — — — — —Clark Navigator Glbl Bal ETF 60-40 Hdgd 1/3/05 NR — — — — —Clark Navigator Glbl Bal ETF 80-20 Hdgd 1/3/05 NR — — — — —Clark Navigator Global Eq ETF Hedged 7/1/04 NR — — — — —Clark Navigator Global Equity ETF 4/1/04 NR — — — — —Clark Navigator Global Opportunity 2/1/06 NR — — — — —Clark Navigator Intl Opportunity 1/4/07 NR — — — — —Clark Navigator MultiStrategy 50-50(SAI) 7/1/05 NR — — — — —Clark Navigator MultiStrategy 75-25(SAI) 6/1/05 NR — — — — —Clark Navigator Sector Opportunity 1/3/07 1 — — — — —Clark Navigator Strategist Core 5/1/09 NR — — — — —Clark Navigator Style Preferred Core 9/1/04 3 Envestnet — — — —Clark Navigator Style Preferred Inc&Gro 10/1/04 3 Envestnet — — — —Clark Navigator U.S. Style Opp (SAI) 1/3/05 1 — — — — —Clark Navigator U.S. Style Opportunity 12/31/04 NR — — — — —ClearRock Diversified Aggressive Growth 10/1/09 NR — — — — —ClearRock Diversified Conservative Gr 10/1/09 NR — — — — —ClearRock Diversified Income 10/3/11 NR — — — — —ClearRock Diversified Moderate Growth 10/1/09 NR — — — — —Clothier Springs Global Hedged Plus 9/30/11 1 — — — — —Clothier Springs GMBW 12/31/10 1 — — — — —CLS Active Alternative 8/1/14 4 Envestnet, Placemark — — — —CLS Active Growth 11/3/14 4 Envestnet — — — —CLS Active Income 3/3/14 4 Envestnet — — — —CLS Active Real 7/1/14 4 Placemark — — — —CLS Active Value 6/2/14 4 Envestnet — — — —CLS ETF Risk Budget 100 - Aggressive 3/30/01 1 — — — — —CLS ETF Risk Budget 30 - Conservative 7/1/11 1 — — — — —CLS ETF Risk Budget 60-Moderately Cnsrv 4/1/02 1 — — — — —CLS ETF Risk Budget 75 - Moderate 12/31/01 1 — — — — —CLS ETF Risk Budget 80 - Moderate 12/31/01 1 — — — — —CLS ETF Risk Budget 90-Moderately Agrsv 4/1/02 1 — — — — —CLS High Quality Strategic 40 8/1/14 4 Envestnet — — — —CLS High Quality Strategic 60 4/1/14 4 Envestnet — — — —CLS High Quality Strategic 80 5/1/14 4 Envestnet — — — —CLS Inflation Quad 4/1/14 4 Envestnet, Sawtooth — — — —CLS International Rotation Quad 7/1/14 4 Envestnet — — — —CLS Protection Quad 3/3/14 4 Envestnet — — — —CLS Thematic Growth Quad 5/1/14 4 Envestnet — — — —CMG Opportunistic All Asset ETF Strategy 1/3/07 1 — 4 1/3/07 1/1/12 TD AmeritradeCMG Tactical Rotation Strategy 2/1/10 1 — — — — —Confluence Aggressive Growth 8/1/08 1 — — — — —Confluence Growth 8/1/08 1 — — — — —Confluence Growth and Income 9/2/08 1 — — — — —Confluence Income and Growth 12/1/08 1 — — — — —Congress Cap Risk Mgd Satellites Cmpst 12/2/13 1 — — — — —Congress Capital Risk Magd Assets Cmpst 12/2/13 1 — — — — —Cookson Peirce All-Cap World Equity 9/30/03 1 — — — — —Cougar Global MAR 10 3/1/11 1 — — — — —Cougar Global MAR 12 12/30/11 1 — — — — —





Current Historical

NameInception Date



Cougar Global MAR 6 12/30/99 1 — — — — —Cougar Global MAR 8 10/31/01 1 — — — — —Cumberland - Intl Equity ETF 3/31/03 1 — — — — —Cumberland - US Equity ETF 12/31/99 1 — — — — —Cumberland Total Return Balanced Port 12/31/08 1 — — — — —diverseFOLIOS® Aggressive 10/1/10 1 — — — — —diverseFOLIOS® Conservative 10/1/10 1 — — — — —diverseFOLIOS® Mod Aggressive 10/1/10 1 — — — — —diverseFOLIOS® Mod Conservative 10/1/10 1 — — — — —diverseFOLIOS® Moderate 10/1/10 1 — — — — —Dorsey Wright Sys Reltv Strth Glb Macro 3/31/09 1 — — — — —DT Conservative Growth & Income 9/30/08 1 — — — — —DT Intermediate Fixed Income 9/30/08 1 — — — — —DT Moderate Growth & Income 9/19/08 1 — — — — —DT Ultra-Conservative Growth & Income 3/31/09 1 — — — — —Dunn Warren Aggressive ETF Portfolio 1/2/03 3 FOLIOfn — — — —Dunn Warren Conservative ETF Portfolio 1/2/03 3 FOLIOfn — — — —Dunn Warren Growth ETF Portfolio 1/2/04 3 FOLIOfn — — — —Dunn Warren Moderate ETF Portfolio 1/2/03 3 FOLIOfn — — — —EAM Asset Allocation Aggressive 2/1/11 — — — —EAM Asset Allocation Conservative 2/1/11 — — — —EAM Asset Allocation Moderate 2/1/11 — — — —EAM Asset Allocation Moderate Aggressive 2/1/11 — — — —EAM Asset Allocation Moderate Conservati 2/1/11 — — — —Efficient Market 11-19 Years Aggressive 2/1/05 — — — —Efficient Market 11-19 Years Consvt 4/3/06 — — — —Efficient Market 11-19 Years Moderate 6/1/05 — — — —Efficient Market 20 Plus Years Consvt 5/1/06 — — — —Efficient Market 20 Plus Years Moderate 1/3/05 — — — —Efficient Market 20 Plus Yrs Aggressive 11/1/04 — — — —Efficient Market 2-5 Years Aggressive 4/1/05 — — — —Efficient Market 2-5 Years Conservative 4/3/06 — — — —Efficient Market 2-5 Years Moderate 1/3/06 — — — —Efficient Market 6-10 Years Aggressive 9/1/05 — — — —Efficient Market 6-10 Years Conservative 7/1/05 — — — —Efficient Market 6-10 Years Moderate 11/1/04 — — — —Efficient Market Taking Income-Aggr 1/3/06 — — — —Efficient Market Taking Income-Consvt 4/3/06 — — — —Efficient Market Taking Income-Moderate 6/1/05 — — — —ELF ETF Strategy 2/28/03 — — — —Evolution US Equity Absolute Return 8/1/13 — — — —FEG Equity Portfolio 8/1/05

1 —1 —1 —1 —1 —

— — — —FFCM Dynamic All Cap Sector Rotation 4/1/14 4 Banyan Partners, Boston Private

Bank & Trust— — — —

FFCM Dynamic Large Cap Sector Rotation 4/1/14 4 I.C.C. Capital, Highland Capital — — — —Financial Trust Flexible Income 11/30/01 1 — — — — —First Nat Chapoquoit Aggressive Dynamic 11/1/12 NR — — — — —First Nat Chapoquoit Dynamic Conserv SMA 1/2/13 NR — — — — —First Nat Chapoquoit Dynamic Mod SMA 1/2/13 NR — — — — —First Trust FTA Ibbotson Mul Disc 20/80 5/1/09 1 — — — — —First Trust FTA Ibbotson Mul Disc 40/60 5/1/09 1 — — — — —Source: Morningstar Inc. NR = Managed did not successfully confirm performance was based on live assets for all periods reported. Periods of backtested returns may be included.


1 —1 —1 —1 —1 —1 —1 —1 —1 —1 —1 —1 —1 —1 —1 —1 —1 —1 —



Current Historical

NameInception Date



First Trust Global Tactical Asset Alloc. 1/2/12 1 — — — — —Fortunatus Asset Allc Moderate Growth 6/30/10 1 — — — — —Fortunatus Asset Allocation Growth 9/30/10 1 — — — — —Fortunatus Global ETF Opportunity 6/29/07 1 — — — — —Fortunatus International ETF Opportunity 2/29/08 1 — — — — —Forward Tactical Growth 8/3/09 1 — — — — —Foy SELECTOR Aggressive Growth 5/3/10 1 — — — — —Foy SELECTOR Balanced Growth 2/1/08 1 — — — — —Foy SELECTOR Conservative Growth 5/1/08 1 — — — — —Foy SELECTOR Growth 2/1/08 1 — — — — —Foy SELECTOR Income 2/1/08 1 — — — — —Foy SELECTOR Income & Growth 2/1/11 1 — — — — —F-Squared Allocator Pre AlphaSector Idx 3/15/11 4 NR — — — —F-Squared AlphaSector Allocator Index 6/1/10 4 NR — — — —F-Squared AlphaSector Allocator Pre Idx 1/1/10 4 NR — — — —F-Squared AlphaSector Allocator Prm Cpst 4/1/10 1 — — — — —F-Squared AlphaSector Allocator Select 9/2/13 1 — — — — —F-Squared AlphaSector AlphaDEX Pre Idx 9/1/11 4 NR — — — —F-Squared AlphaSector AlphaDEX Prm Cmpst 9/1/11 1 — — — — —F-Squared AlphaSector Global Premium Idx 7/1/09 4 NR — — — —F-Squared AlphaSector Global Prm Cmpst 1/1/10 1 — — — — —F-Squared AlphaSector Global Select 9/2/13 1 — — — — —F-Squared AlphaSector Growth Index 7/2/12 4 NR — — — —F-Squared AlphaSector Max Growth Index 7/2/12 4 NR — — — —F-Squared AlphaSector Mod Consv Idx 7/2/12 4 NR — — — —F-Squared AlphaSector Mod Growth Idx 7/2/12 4 NR — — — —F-Squared AlphaSector Moderate Index 7/2/12 4 NR — — — —F-Squared AlphaSector Premium Cmpst 10/1/08 1 — — — — —F-Squared AlphaSector Premium Index 10/1/08 4 NR — — — —F-Squared AlphaSector Rotation Index 10/1/08 4 NR — — — —F-Squared AS AlphaDEX Allocator Prm Idx 10/3/11 4 NR — — — —F-Squared AS AlphaDEX Global Prem Idx 11/1/11 4 NR — — — —F-Squared Dynamic AlphaSector Index 3/1/12 4 NR — — — —F-Squared Global Prem AlphaSector Index 3/15/11 4 NR — — — —F-Squared Premium AlphaSector Index 7/1/10 4 NR — — — —F-Squared Rotation AlphaSector Index 9/29/09 4 NR — — — —F-Squared AlphaSector All-Cap Index 2/3/14 4 NR — — — —FTA ETF Asset Allc - Mod Gr Portfolio 1/3/07 1 — — — — —FTA ETF Asset Allocation - Gr Portfolio 10/1/07 1 — — — — —Fund Architects Global ETF Portfolio 12/31/07 NR — — — — —Fusion Global Fusion Core Equity 10/2/06 1 — — — — —Fusion Global Fusion Tactical Equity 10/2/06 1 — — — — —Fusion Global Fusion Total Return 8/2/10 1 — — — — —GLOBALT innovat ETF Stratg Balnc Wrap 12/31/03 1 — — — — —GLOBALT innovat ETF Stratg Consrvt Wrap 3/31/04 1 — — — — —GLOBALT innovat ETF Stratg Gro Wrap 9/30/03 1 — — — — —GLOBALT innovat ETF Stratg Hig Gro Wrap 6/30/03 1 — — — — —Glovista Emerging Market Equities 1/4/99 1 — — — — —Good Harbor Tactical Core Intl Dev Mkts 10/1/13 1 — — — — —Good Harbor Tactical Core Intl Mod SMA 12/1/11 1 — — — — —





Current Historical

NameInception Date



Good Harbor Tactical Core US 4/30/03 1 — — — — —Granite Tactical Global Interm FI Strat 5/31/10 1 — — — — —Granite Tactical U.S. Interm FI Strategy 7/31/09 1 — — — — —Gratry International ETF Allocation 6/30/05 1 — — — — —Green Inv Mgt Guardian Alternatives 9/1/09 1 — — — — —Green Inv Mgt Guardian Bal 7/2/90 1 — — — — —Green Inv Mgt Guardian Bal Gr 7/1/94 1 — — — — —Green Inv Mgt Guardian Bal Inc 7/1/96 1 — — — — —Green Inv Mgt Guardian Bal Mosaic 7/3/00 1 — — — — —Green Inv Mgt Guardian Cnsv Bal 6/1/94 1 — — — — —Green Inv Mgt Guardian Country 7/1/04 1 — — — — —Green Inv Mgt Guardian Fix-Inc 7/1/91 1 — — — — —Green Inv Mgt Guardian Mosaic 7/3/00 1 — — — — —Green Inv Mgt Guardian Sector 7/1/93 1 — — — — —Green Inv Mgt Guardian Stk 7/2/90 1 — — — — —Green Inv Mgt Guardian Tax Free 10/31/01 1 — — — — —Green Inv Mgt Strat Glbl Bal Tax Aware 8/2/10 1 — — — — —Green Inv Mgt Strategic Global Balanced 6/1/10 1 — — — — —Hays Advisory Global ETF 1/31/06 1 — — — — —Hays Advisory International ETF 1/31/06 1 — — — — —Hays Advisory TMAC Equity Focused 5/31/10 1 — — — — —Hays TMAC Portfolio 12/31/09 1 — — — — —Hillswick S&P 500 Sector Selection 9/30/08 1 — — — — —Holderness Vision Tactical Balanced 7/2/12 1 — — — — —Holderness Vision Tactical Conservative 1/31/13 1 — — — — —Holderness Vision Tactical Equity 11/30/11 1 — — — — —Holderness Vision Tactical Growth 8/1/11 1 — — — — —Holderness Vision Tactical Stable 8/1/11 1 — 4 8/31/11 6/30/14 NRHorizon Conservation Plus ETF Portfolio 1/1/09 1 — 4 1/1/09 11/30/10 Trust Company of AmericaHorizon Conservative ETF Portfolio 1/1/09 1 — 4 1/1/09 6/30/09 Trust Company of AmericaHorizon Focused ETF Portfolio 1/1/09 1 — — — — —Horizon Growth ETF Portfolio 1/1/09 1 — — — — —Horizon Moderate ETF Portfolio 1/2/09 1 — — — — —Ibbotson A/P 20/80 Tax Dfd-Fidelity 8/2/10 4 Fidelity — — — —Ibbotson A/P 20/80 Tax Dfd-Pershing 8/2/10 4 Pershing — — — —Ibbotson A/P 20/80 Tax Dfd-Schwab 8/2/10 1 — — — — —Ibbotson A/P 20/80 Tax Dfd-TDA 8/2/10 4 TDA — — — —Ibbotson A/P 40/60 Tax Dfd-Pershing 8/2/10 4 Pershing — — — —Ibbotson A/P 40/60 Tax Dfd-Schwab 8/2/10 1 — — — — —Ibbotson A/P 40/60 Tax Dfd-TDA 8/2/10 4 TDA — — — —Ibbotson Global Tactical 12/29/10 1 — — — — —Ibbotson Momentum 20/80 12/29/10 1 — — — — —Ibbotson Momentum 40/60 12/29/10 1 — — — — —Ibbotson Momentum 60/40 12/29/10 1 — — — — —Ibbotson Momentum 80/20 12/29/10 1 — — — — —Ibbotson Momentum 95/5 12/29/10 1 — — — — —Ibbotson Strategic ETF Cons Gr & Inc 4/29/05 1 — — — — —Ibbotson Strategic ETF Long Term Growth 4/29/05 1 — — — — —Ibbotson Strategic ETF Moderate Gr & Inc 4/29/05 1 — — — — —Ibbotson Strategic ETF Moderate Growth 4/29/05 1 — — — — —





Current Historical

NameInception Date



Ibbotson Strategic ETF Moderate Income 4/29/05 1 — — — — —Ibis Adaptive Allocation 4/2/12 4 NR — — — —Ibis Global Balanced Portfolio 4/2/12 4 NR — — — —Ibis Global Growth 4/2/12 4 NR — — — —Ibis Global Preservation 4/2/12 4 NR — — — —Ibis Protected Growth 4/2/12 4 NR — — — —iCM - Mgd ETF - Aggressive Cap App 1/3/05 NR — — — — —iCM - Mgd ETF - Balanced 1/3/05 NR — — — — —iCM - Mgd ETF - Cap Pres & Inf Hdg 1/3/05 NR — — — — —iCM - Mgd ETF - Conservative Cap App 1/3/05 NR — — — — —iCM - Mgd ETF - Defensive Growth 1/3/05 NR — — — — —iCM - Mgd ETF - Equity Completion 1/3/05 NR — — — — —iCM - Mgd ETF - Inc & Inflation Hdg 1/3/05 NR — — — — —iCM - Mgd ETF - Moderate Cap App 1/3/05 NR — — — — —iCM - Mgd ETF - Risk Controlled Growth 1/3/05 NR — — — — —Innealta Fixed Income 12/31/09 1 — — — — —Innealta Global All Asset Conservative 12/31/09 1 — — — — —Innealta Global All Asset Growth 12/31/09 1 — — — — —Innealta Global All Asset Moderate 12/31/09 1 — — — — —Innealta Global All Asset Opp Consrv 12/31/09 1 — — — — —Innealta Global All Asset Opp Growth 12/31/09 1 — — — — —Innealta Global All Asset Opp Moderate 12/31/09 1 — — — — —Innealta Tac ETF Country Rotation 12/31/09 1 — — — — —Innealta Tac ETF Sector Rotation Core 12/31/09 1 — — — — —Innealta Tac ETF Sector Rotation Opp 12/31/09 1 — — — — —IQ Hedge Multi-Strategy SMA Portfolio 3/31/09 NR — — — — —IRON Global Equity Plus 2/1/11 1 — — — — —IRON S&P 500 Equity Plus 5/2/11 1 — — — — —iSectors Capital Preservation Allocation 1/1/10 3 Envestnet — — — —iSectors Domestic Equity Allocation 7/1/10 3 Envestnet — — — —iSectors Endowment Allocation 1/1/09 3 Envestnet — — — —iSectors Global Balanced Allocation 4/1/09 3 Envestnet — — — —iSectors Global Conservative Allocation 5/1/09 3 Envestnet — — — —iSectors Global Equity Allocation 12/1/09 3 Envestnet — — — —iSectors Global Fixed Income Allocation 4/1/09 3 Envestnet — — — —iSectors Global Growth Allocation 1/1/10 3 Envestnet — — — —iSectors Inflation Protected Allocation 10/1/09 3 Envestnet — — — —iSectors Liquid Alternatives Allocation 4/1/09 3 Envestnet — — — —iSectors Post-MPT Growth Allocation 2/1/05 3 Envestnet — — — —iSectors Post-MPT Moderate Allocation 3/3/08 3 Envestnet — — — —iSectors Precious Metals Allocation 11/1/10 3 Envestnet — — — —iSectors Tactical Glbl Bal Allocation 12/1/10 3 Envestnet — — — —iSectors Tactical Intl Allocation 10/1/09 3 Envestnet — — — —JAForlines Global Tactical Allocation 1/2/04 1 — — — — —Julex Capital Mgmt Dynamic Diversified 2/1/13 1 — — — — —Julex Capital Mngt Dynamic Emerging Mkt 12/3/12 1 — — — — —Julex Capital Mngt Dynamic Income 10/1/12 1 — — — — —Julex Capital Mngt Dynamic Multi-Asset 6/3/13 1 — — — — —Julex Capital Mngt Dynamic Real Asset 4/1/13 1 — — — — —Julex Dynamic Sector Strategy 11/1/12 1 — — — — —





Current Historical

NameInception Date



Keystone Wealth Commodity AlphaRotation 8/1/12 1 — — — — —Keystone Wealth Glb Bond AlphaRotation 1/1/14 1 — — — — —Keystone Wealth Glb Equity AlphaRotation 1/1/13 1 — — — — —Keystone Wealth Glb Income AlphaRotation 11/1/13 1 — — — — —Keystone Wealth MultiAsset AlphaRotation 8/1/12 1 — — — — —KeystoneWealthWorld FocusedAlphaRotation 1/1/14 1 — — — — —Ladenburg LAMP ETF Aggressive Growth 3/1/05 1 — — — — —Ladenburg LAMP ETF Growth 3/1/05 1 — — — — —Ladenburg LAMP ETF Growth and Income 2/1/05 1 — — — — —Ladenburg LAMP ETF Income 12/3/07 1 — — — — —Ladenburg LAMP ETF Income and Growth 6/1/05 1 — — — — —Ladenburg LAMP Specialty International 6/2/08 1 — — — — —Laffer Investments Fixed Income ETF 10/2/06 1 — — — — —Laffer Investments Glbl Equity Composite 9/1/00 1 — — — — —Lazard Cap Alloc -Gbl Div 25/75 (TE) 7/1/09 1 — — — — —Lazard Cap Alloc -Gbl Div 25/75 (TX) 3/2/09 1 — — — — —Lazard Cap Alloc -Gbl Div 40/60 (TX) 2/1/07 1 — — — — —Lazard Cap Alloc -Gbl Div 60/40 (TE) 3/1/06 1 — — — — —Lazard Cap Alloc -Gbl Div 60/40 (TX) 4/1/05 1 — — — — —Lazard Cap Alloc -Gbl Div 75/25 (TE) 11/1/05 1 — — — — —Lazard Cap Alloc -Gbl Div 75/25 (TX) 4/1/05 1 — — — — —Lazard Cap Alloc -Gbl Eq 1/3/06 1 — — — — —Lazard Cap Alloc -Gbl FI (TE) 4/1/09 1 — — — — —Lazard Cap Alloc -Gbl Non-Traditional 9/1/05 1 — — — — —Lockwood Asset Allocation Portfolios I 12/31/03 1 — — — — —Lockwood Asset Allocation Portfolios II 10/1/03 1 — — — — —Longview Capital Dynamic Large Cap SMA 7/12/12 1 — — — — —Longview Capital Fixed Income 9/30/11 1 — — — — —Longview Capital Global Allocation 7/1/08 1 — — — — —Longview Capital Tactical Commodity 8/3/09 1 — — — — —Madison ETF Aggressive 1/1/10 1 — — — — —Madison ETF Capital Preservation 1/1/10 1 — — — — —Madison ETF Conservative 1/1/10 1 — — — — —Madison ETF Growth 1/1/10 1 — — — — —Madison ETF Income Advantage 1/1/10 1 — — — — —Madison ETF Moderate 1/1/10 1 — — — — —Madison ETF Moderate Growth 1/1/10 1 — — — — —Main Management Active - US Large Cap 9/30/02 1 — — — — —Main Management All Asset Global Balance 11/8/06 1 — — — — —Main Management BuyWrite Hedged Equity 9/3/04 1 — — — — —Main Management International - Non US 12/28/07 1 — — — — —Maxim Intl Lifestyle - Aggressive 1/3/12 1 — — — — —Maxim Intl Lifestyle - Balanced 1/3/12 1 — — — — —Maxim Intl Lifestyle - Growth 1/3/12 1 — — — — —MCM Apto 9/29/06 1 — — — — —Members Trust Balanced ETF 1/3/06 1 — — — — —Members Trust Conservative ETF 5/1/06 1 — — — — —Members Trust Growth ETF 1/3/06 1 — — — — —Members Trust Income ETF 1/3/06 1 — — — — —Members Trust Moderate Growth ETF 1/3/06 1 — — — — —





Current Historical

NameInception Date



Mench Aggressive Equity 10/2/95 1 — — — — —Metropolitan Tactical Growth 9/30/05 1 — — — — —Metropolitan Tactical Moderate 9/30/05 1 — — — — —MFI Balanced Sector 1/4/99 1 — — — — —MFI Capital Preservation & Income Sector 1/4/99 1 — — — — —MFI Global Sector 1/4/99 1 — — — — —MIS Aggressive Growth ETF 10/1/07 1 — — — — —MIS Conservative ETF 10/1/07 1 — — — — —MIS Contrarian & Growth ETF 12/31/10 1 — — — — —MIS Contrarian & Income ETF 12/31/10 1 — — — — —MIS Contrarian ETF 12/31/10 1 — — — — —MIS Growth ETF 10/1/07 1 — — — — —MIS Income & Growth ETF 10/1/07 1 — — — — —MIS Moderate Growth ETF 10/1/07 1 — — — — —MRM Dynamic International Strategy 1/2/08 NR — — — — —MRM Dynamic Overlay Strategy 1/2/08 NR — — — — —Natixis / AIA Mgd ETF - Aggressive 11/2/05 1 — — — — —Natixis / AIA Mgd ETF - China 4/28/06 1 — — — — —Natixis / AIA Mgd ETF - Conservative 6/30/06 1 — — — — —Natixis / AIA Mgd ETF - Glob Equity 3/31/06 1 — — — — —Natixis / AIA Mgd ETF - Inc. Cons 6/30/06 1 — — — — —Natixis / AIA Mgd ETF - Moderate Strat 1/3/06 1 — — — — —Nav Tactical Glbl Alloc Pl ft ADEX 2/1/13 1 — — — — —Nav Tactical Glbl Alloc Plus 2/1/13 1 — — — — —Nav Tactical US Equity Sector Pl ft ADEX 2/1/13 1 — — — — —Nav Tactical US Equity Sector Plus 2/1/13 1 — — — — —Navellier Dynamic Libertas 10 7/1/13 1 — — — — —Navellier Dynamic Libertas 20 7/1/13 1 — — — — —Navellier Dynamic Libertas 30 7/1/13 1 — — — — —Navellier Dynamic Sentrum 10 7/1/13 1 — — — — —Navellier Dynamic Sentrum 20 7/1/13 1 — — — — —Navellier Dynamic Sentrum 30 7/1/13 1 — — — — —New Frontier Aggressive Growth 100/0 10/29/04 2 — 4 10/29/04 7/31/09 AssetMarkNew Frontier Aggressive Growth100/0Tax 10/29/04 2 — 4 10/29/04 7/31/09 AssetMarkNew Frontier Conservative 20/80 10/29/04 2 — 4 10/29/04 7/31/09 AssetMarkNew Frontier Conservative 20/80 Tax 10/29/04 2 — 4 10/29/04 7/31/09 AssetMarkNew Frontier Growth 90/10 10/29/04 2 — 4 10/29/04 7/31/09 AssetMarkNew Frontier Growth 90/10 Tax Sensitive 10/29/04 2 — 4 10/29/04 7/31/09 AssetMarkNew Frontier Moderate 60/40 10/29/04 2 — 4 10/29/04 7/31/09 AssetMarkNew Frontier Moderate 60/40 Tax 10/29/04 2 — 4 10/29/04 7/31/09 AssetMarkNew Frontier Moderate Conservative40/60 10/29/04 2 — 4 10/29/04 7/31/09 AssetMarkNew Frontier Moderate Growth 75/25 10/29/04 2 — 4 10/29/04 7/31/09 AssetMarkNew Frontier Moderate Growth 75/25 Tax 10/29/04 2 — 4 10/29/04 7/31/09 AssetMarkNew Path Actively Mgd Allc Strat (AMAS) 4/2/07 1 — — — — —Newfound Dynamic Alternatives Cmpst 11/27/13 1 — — — — —Newfound Multi Asset Income Cmpst 11/27/13 1 — — — — —Newfound Risk Managed Glb Sectors Cmpst 11/27/13 1 — — — — —Newfound Risk Mgd Small-Cap Sec Cmpst 11/27/13 1 — — — — —Newfound Tailwinds Conservative Idx 6/16/14 4 FolioFN — — — —Newfound Tailwinds Growth Idx 7/1/14 4 FolioFN — — — —





Current Historical

NameInception Date



Newfound Tailwinds Moderate Cmp 6/2/14 1 — — — — —Newfound Target Excess Yield 3% Cmpst 12/31/13 1 — — — — —Newfound Total Return Cmpst 6/2/14 1 — — — — —Niemann Dynamic 2/20/97 1 — — — — —Niemann Dynamic International 1/22/08 1 — — — — —Niemann Dynamic Sector 2/20/08 1 — — — — —Niemann Global Opportunity (Equity Plus) 11/12/96 1 — — — — —Niemann Risk Managed 9/30/96 1 — — — — —Niemann Risk Managed Sector 1/24/96 1 — — — — —Niemann Tactical Global Bond 1/25/11 1 — — — — —NorthCoast CAN SLIM Balanced 6/1/09 NR — — — — —NorthCoast Tactical ETF 2/1/13 NR — — — — —Northwest Global Trends-Balanced SMA 6/1/11 1 — — — — —Nottingham Global All Asset 12/31/04 1 — — — — —Nottingham Global Balanced 12/31/04 1 — — — — —Nottingham Global Equity 12/31/04 1 — — — — —Nottingham Global Income 12/31/04 1 — — — — —Nottingham Real Return Strategy 12/2/13 1 — — — — —Nuveen Intelligent Risk–Conservative 6/1/09 1 — — — — —Nuveen Intelligent Risk–Growth 6/1/09 1 — — — — —Nuveen Intelligent Risk–Moderate 6/1/09 1 — — — — —One Cap Wealth Preservation & Gr 40/60 11/3/08 1 — — — — —One Cap Wealth Preservation & Inc 20/80 2/2/09 1 — — — — —One Capital Agg Wealth Appreciation 5/3/10 1 — — — — —One Capital Balanced Wealth Appr 60/40 4/1/05 1 — — — — —One Capital Wealth Appreciation 80/20 1/30/04 1 — — — — —Optimus Bond Allocation Bull/Bear 12/30/11 1 — — — — —Optimus Bond Rotation 3/3/14 1 — — — — —Optimus Eight Baskets Rotation 12/3/12 1 — — — — —Optimus Global Advantage All Asset 3/30/12 1 — — — — —Optimus Global Long/Short 8/1/13 1 — — — — —Optimus Global Rotation 6/3/13 1 — — — — —Optimus High Yield Bull/Bear 3/1/11 1 — — — — —Optimus U.S. Rotation 12/2/13 1 — — — — —Palladiem Balanced Growth Core Strategy 1/2/12 4 Envestnet, Placemark, Folio,

Sawtooth, SCF— — — —

Palladiem Defensive Core Strategy 1/2/12 4 Envestnet, Placemark, Folio, Sawtooth, SCF

— — — —

Palladiem Diversified Growth Strategy 1/2/12 4 Envestnet, Placemark, Folio, Sawtooth, SCF

— — — —

Palladiem Sustainable Income Strategy 1/2/12 4 Envestnet, Placemark, Folio, Sawtooth, SCF

— — — —

Parasol Globally Enh Mgmt Strat (GEMS) 3/1/07 1 — — — — —PCM Income Opportunity Fund 10/3/11 1 — — — — —PCM Tactical Growth and Income 10/3/11 1 — — — — —PDAM GLOBAL ALPHA 11/1/05 NR — — — — —PVG Dynamic Core ETF 9/28/01 1 — — — — —QA Global Balanced 40/60 11/3/03 1 — — — — —QA Global Balanced 60/40 11/1/00 1 — — — — —





Current Historical

NameInception Date



QA Global Balanced 80/20 10/1/03 1 — — — — —QA Global Balanced Flex - Conservative 1/1/10 1 — — — — —QA Global Balanced Flex - Growth 1/1/10 1 — — — — —QA Global Balanced Flex - Moderate 1/1/10 1 — — — — —QA Global Equity 9/1/00 1 — — — — —QA Global Equity Flex 1/1/10 1 — — — — —QA Global Style 9/4/07 1 — — — — —QA Tactical All Market 4/1/09 1 — — — — —QA Tactical Bond 1/1/10 1 — — — — —Raylor Strategic US Equity SMA 1/3/06 1 — — — — —Raylor Strategic World Equity SMA 1/3/06 1 — — — — —Raylor Strategic World Income SMA 4/3/06 1 — — — — —Raylor Strategic World Opportunity SMA 1/3/07 1 — — — — —RevenueShares Strategic Allocation 7/1/11 1 — — — — —Richard Bernstein Global Aggressive 7/1/10 4 UBS — — — —Richard Bernstein Global Conservative 7/1/10 4 UBS — — — —Richard Bernstein Global Moderate 7/1/10 4 UBS — — — —Richard Bernstein Risk-Balanced Global 7/1/10 4 Merrill — — — —RIM iFolios Growth 8/31/12 1 — — — — —RiverFront Conservative Growth 10/1/03 1 — — — — —RiverFront Conservative Income Builder 5/1/09 1 — — — — —RiverFront Dynamic Equity Income 5/1/09 1 — — — — —RiverFront ETF Conservative Income Bldr 10/1/12 1 — — — — —RiverFront ETF Dynamic Equity Income 10/1/12 1 — — — — —RiverFront ETF Global Allocation 4/3/06 1 — — — — —RiverFront ETF Global Growth 4/3/06 1 — — — — —RiverFront ETF Moderate Growth & Income 4/3/06 1 — — — — —RiverFront Global Allocation 10/1/03 1 — — — — —RiverFront Global Growth 10/1/03 1 — — — — —RiverFront Moderate Growth and Income 10/1/03 1 — — — — —Robinson Market Opportunity 12/31/03 1 — — — — —RPG AlphaSector Core Domestic Equity 11/1/11 1 — — — — —RPG AlphaSector Premium FT 3/1/12 1 — — — — —Sage Tactical ETF All Cap Equity Plus 12/31/02 1 — — — — —Sage Tactical ETF Conservative 12/31/07 4 Envestnet, Placemark,

FolioDynamix, Smartleaf, Raymond James, RBC

— — — —

Sage Tactical ETF Core Plus Fixed Income 12/31/07 4 Envestnet, Placemark, FolioDynamix, Smartleaf, Raymond James, RBC, Lockwood

— — — —

Sage Tactical ETF Growth 12/31/07 4 Envestnet, Placemark, FolioDynamix, Smartleaf, Raymond James, RBC

— — — —

Sage Tactical ETF Moderate 12/31/07 4 Envestnet, Placemark, FolioDynamix, Smartleaf, Raymond James, RBC

— — — —

Sage Tactical ETF Moderate Growth 7/31/09 1 — — — — —Sage Tactical ETF Multi Asset Income 6/30/11 1 — — — — —





Current Historical

NameInception Date



Sage Target Date 2015 Fund 12/31/08 1 — — — — —Sage Target Date 2025 Fund 12/31/08 1 — — — — —Sage Target Date 2035 Fund 12/31/08 1 — — — — —Sage Target Date 2045 Fund 12/31/08 1 — — — — —Sage Target Date Retirement Income Fund 12/31/08 1 — — — — —SAM Aggressive Global Growth 12/31/99 NR — — — — —SAM Conservative Global Growth 12/31/99 NR — — — — —SAM Moderate Global Growth 12/31/99 NR — — — — —SCA Fixed Alternative 7/1/10 4 Envestnet, Placemark — — — —SEI Tactical ETF Aggressive Strategy 1/2/13 4 SEI — — — —SEI Tactical ETF Conservative 1/2/13 4 SEI — — — —SEI Tactical ETF Equity 1/2/13 4 SEI — — — —SEI Tactical ETF Market Growth Strategy 1/2/13 4 SEI — — — —SEI Tactical ETF Moderate 1/2/13 4 SEI — — — —SEI Tax-Managed ETF Aggressive 1/3/14 4 SEI — — — —SEI Tax-Managed ETF Conservative 1/3/14 4 SEI — — — —SEI Tax-Managed ETF Equity 1/3/14 4 SEI — — — —SEI Tax-Managed ETF Market Growth 1/3/14 4 SEI — — — —SEI Tax-Managed ETF Moderate 1/3/14 4 SEI — — — —SelectAlts 20 Index Strategy 12/31/14 1 — — — — —SelectAlts Fleet Strategy 5/31/13 1 — — — — —SelectAlts Fortress Strategy 10/1/12 1 — — — — —SFS Tax Efficient Growth 5/23/05 4 Envestnet — — — —SFS Tax Efficient Growth & Income 5/25/05 4 Envestnet — — — —Shelton Diversified ETF Balanced 12/31/09 1 — — — — —SignalPoint Balanced Point 3/31/09 1 — — — — —SignalPoint CU Income Plus 6/30/09 1 — — — — —SignalPoint Currency Point 10/31/08 1 — — — — —SignalPoint Global Signal 9/28/07 1 — — — — —SignalPoint High Income Point 10/31/08 1 — — — — —SignalPoint International Signal 6/30/09 1 — — — — —SignalPoint Moderate Income Point 10/31/08 1 — — — — —SignalPoint Signal 10 3/31/09 1 — — — — —SignalPoint Stable Income Point 10/31/08 1 — — — — —SignalPoint Universal Signal 10/31/08 1 — — — — —Sitka Absolute Return 9/1/05 1 — — — — —SRCM Aggressive Growth Portfolio 1/2/04 4 Envestnet, Placemark — — — —SRCM Growth & Income Blend Portfolio 1/2/04 4 Envestnet, Placemark — — — —SRCM Growth & Income Portfolio 1/2/04 4 Envestnet, Placemark — — — —SRCM Growth Portfolio 1/2/04 4 Envestnet, Placemark — — — —SRCM Income & Preservation Portfolio 1/2/04 4 Envestnet, Placemark — — — —SSWM Strategic Allocation Model 75/25 8/29/03 1 — — — — —Stadion Balanced Strategy(QDIA Eligible) 4/2/07 1 — — — — —Stadion Capital Preservation Strategy 4/2/07 1 — — — — —Stadion Conservative Strategy (QDIA) 4/2/07 1 — — — — —Stadion Growth Strategy (QDIA Eligible) 4/2/07 1 — — — — —Stadion Managed Risk 100 Strategy 1/2/96 1 — — — — —Stadion Moderate Strategy (QDIA) 4/2/07 1 — — — — —Stadion Tactical Defensive Strategy 3/31/05 1 — — — — —Stadion Tactical Growth Strategy 4/30/04 1 — — — — —





Current Historical

NameInception Date



Steinberg Global ETF Multi Cap 12/31/02 1 — — — — —Steinberg Global Fixed Income ETF 1/3/12 1 — — — — —Steinberg Global Short Dur Taxable FI 12/31/92 1 — — — — —Sterling Global Allocation 12/31/10 1 — — — — —Sterling Tactical Rotation Strategy 2/1/10 1 — — — — —Strategic Income Mgt SiM DA Bal Inc Port 1/3/11 1 — — — — —Strategic Income Mgt SiM DA Div Inc Port 1/3/11 1 — — — — —Strategic Income Mgt SiM DA Eq Inc Port 1/3/11 1 — — — — —Stringer Conservative Growth Portfolio 9/2/08 1 — — — — —Stringer Growth Portfolio 9/2/08 1 — — — — —Stringer Moderate Growth Portfolio 9/2/08 1 — — — — —Swan Defined Risk Strategy 7/1/97 1 — — — — —Swan Defined Risk Strategy All Accounts 7/1/97 1 — — — — —TAG Tactical Conservative 1/3/06 1 — — — — —TAG Tactical Growth 1/3/06 1 — — — — —TAG Tactical Income 1/3/12 1 — — — — —TAG Tactical Moderate 1/3/06 1 — — — — —TAMP US Tactical ETF Income – BIG 1/2/13 1 — — — — —TAMP US Tactical ETF L/S - PULSE 1/2/13 1 — — — — —TAMP US Tactical ETF SectGrwth-SAGE 2/1/13 1 — — — — —TCIA ETF Level 1 7/29/11 1 — — — — —TCIA ETF Level 2 7/29/11 1 — — — — —The Capital CMC Global ETF 12/31/07 1 — — — — —Trademark Tactical Risk Strategy 10/1/07 1 — — — — —Transamerica I-Series GTA Conservative 7/5/11 1 — — — — —Transamerica I-Series GTA Moderate 6/22/11 1 — — — — —Transamerica I-Series GTA Moderate Gr 6/28/11 1 — — — — —Transamerica I-Series Portfolio I 1/6/10 1 — — — — —Transamerica I-Series Portfolio II 6/18/07 1 — — — — —Transamerica I-Series Portfolio III 6/18/07 1 — — — — —Transamerica I-Series Portfolio IV 6/18/07 1 — — — — —Transamerica I-Series Portfolio V 6/18/07 1 — — — — —Transamerica I-Series Portfolio VI 6/18/07 1 — — — — —Transamerica I-Series TFI 6/13/11 1 — — — — —TRC Global Core Equity 3/13/13 1 — — — — —TRC Global Income 11/1/11 1 — — — — —TTM 500 Strategy 10/1/12 1 — — — — —TTM NASDAQ Strategy 6/1/09 1 — — — — —TTM Tactical Core/Satellite 6/2/14 1 — — — — —TTM Trend Aggregation Ultra 1/31/14 1 — — — — —TTM Trend Aggregation-All Asset 11/1/12 1 — — — — —TTM Trend Aggregation-Income 6/1/10 1 — — — — —UBS PWS Diversified Income 6/29/12 1 — — — — —UBS PWS Diversified Income w/ Muni 7/31/12 1 — — — — —UBS PWS Global Tactical Alloc. 6/29/12 1 — — — — —UBS PWS Global Tactical Alloc. W/ Muni 8/31/12 1 — — — — —Vanguard CORE 100% Equity Model 1/3/12 4 Envestnet — — — —Vanguard CORE 100% Fixed Income 1/3/12 4 Envestnet — — — —Vanguard CORE 20%Equity/80%Fixed Income 1/3/12 4 Envestnet — — — —Vanguard CORE 40%Equity/60%Fixed Income 1/3/12 4 Envestnet — — — —





Current Historical

NameInception Date



Vanguard CORE 60%Equity/40%Fixed Income 1/3/12 4 Envestnet — — — —Vanguard CORE 80%Equity/20%Fixed Income 1/2/12 4 Envestnet — — — —Vanguard CRSP 100% Equity Model 1/4/10 4 Envestnet — — — —Vanguard CRSP 100% Fixed Income 1/4/10 4 Envestnet — — — —Vanguard CRSP 20%Equity/80%Fixed Income 1/4/10 4 Envestnet — — — —Vanguard CRSP 40%Equity/60%Fixed Income 1/4/10 4 Envestnet — — — —Vanguard CRSP 60%Equity/40%Fixed Income 1/4/10 4 Envestnet — — — —Vanguard CRSP 70%Equity/30%Fixed Income 1/3/12 4 Envestnet — — — —Vanguard CRSP 80%Equity/20%Fixed Income 1/4/10 4 Envestnet — — — —Vanguard Russell 100% Equity Model 1/3/12 4 Envestnet — — — —Vanguard Russell 100% Fixed Income 1/3/12 4 Envestnet — — — —Vanguard Russell 20%Equity/80%FixedInc. 1/3/12 4 Envestnet — — — —Vanguard Russell 40%Equity/60%FixedInc. 1/3/12 4 Envestnet — — — —Vanguard Russell 60%Equity/40%FixedInc. 1/3/12 4 Envestnet — — — —Vanguard Russell 80%Equity/20%FixedInc. 1/3/12 4 Envestnet — — — —Vanguard S&P 100% Equity Model 1/3/12 4 Envestnet — — — —Vanguard S&P 100% Fixed Income 1/3/12 4 Envestnet — — — —Vanguard S&P 20%Equity/80%Fixed Income 1/3/12 4 Envestnet — — — —Vanguard S&P 40%Equity/60%Fixed Income 1/3/12 4 Envestnet — — — —Vanguard S&P 60%Equity/40%Fixed Income 1/3/12 4 Envestnet — — — —Vanguard S&P 80%Equity/20%Fixed Income 1/3/12 4 Envestnet — — — —Virtus Alpha Sector Rotation Composite 1/31/11 1 — — — — —Virtus Premium Alpha Sector Composite 7/1/10 1 — — — — —Voya GPMM Aggressive Growth ETF 1/2/13 1 — — — — —Voya GPMM Conservative Growth ETF 1/2/13 1 — — — — —Voya GPMM Income ETF 1/2/13 1 — — — — —Voya GPMM Moderate Growth ETF 1/2/13 1 — — — — —W.E. Donoghue Aggressive Tactical Growth 9/24/01 1 — — — — —W.E. Donoghue Cnsrv Tactical Growth 9/24/01 1 — — — — —W.E. Donoghue Moderate Tactical Growth 9/25/01 1 — — — — —W.E. Donoghue Power Sector Portfolio 5/8/96 1 — — — — —WBI ETF Plus 8/31/92 1 — — — — —Wela Agg Yield 5/3/10 1 — — — — —Wela All Growth 12/1/10 1 — — — — —Wela Own Your Age (OYA)- 20 12/1/08 1 — — — — —Wela Own Your Age (OYA)- 30 4/1/11 1 — — — — —Wela Own Your Age (OYA)- 40 4/1/11 1 — — — — —Wela Own Your Age (OYA)- 50 12/1/08 1 — — — — —Wela Own Your Age (OYA)- 60 12/1/10 1 — — — — —Wela Own Your Age (OYA)- 70 11/1/10 1 — — — — —Wela Own Your Age (OYA)- 80 6/1/09 1 — — — — —WestEnd Advisors Global Balanced 12/31/04 1 — — — — —WestEnd Advisors Global Equity 12/31/04 1 — — — — —WestEnd Advisors US Sector 12/31/12 1 — — — — —Westport Res Mgt ETF 12/30/05 1 — — — — —Windham Aggressive Portfolio 12/31/09 1 — — — — —Windham Aggressive Portfolio (Tax Mg) 9/30/09 1 — — — — —Windham Conservative Plus Portf (Tax Mg) 5/31/10 1 — — — — —Windham Conservative Plus Portfolio 5/31/10 1 — — — — —Windham Conservative Portfolio 9/30/09 1 — — — — —





Current Historical

NameInception Date



Windham Conservative Portfolio (Tax Mg) 11/30/09 1 — — — — —Windham Emerging Market Equity Strategy 12/31/10 1 — — — — —Windham Global Equities Strategy 8/2/10 1 — — — — —Windham Moderate Plus Portf (Tax Mg) 5/31/10 1 — — — — —Windham Moderate Plus Portfolio 12/31/09 1 — — — — —Windham Moderate Portfolio 9/30/09 1 — — — — —Windham Moderate Portfolio (Tax Managed) 1/30/09 1 — — — — —Windham Multi-Asset Income Portfolio 11/1/10 1 — — — — —Windham Multi-Sector Bonds Tax Exempt 8/31/10 1 — — — — —Windham Risk Regime I 3/1/10 1 — — — — —Windham Risk Regime II 5/31/12 1 — — — — —Windham Risk Regime III 9/30/11 1 — — — — —Windham Risk Regime Other 2/28/14 1 — — — — —Windhaven Diversified Aggressive 1/2/02 1 — — — — —Windhaven Diversified Conservative 1/2/02 1 — — — — —Windhaven Diversified Growth 1/2/02 1 — — — — —Winterset Active/Edge ETF Growth 2/1/13 1 — — — — —Winterset Active/Edge Moderate Hybrid 2/1/13 1 — — — — —WST Asset Manager – Adaptive Balanced 12/31/04 1 — — — — —WST Asset Manager – U.S. Bond 3/31/06 1 — — — — —WST Asset Manager - U.S. Equity 12/31/12 1 — — — — —Zacks International 4/1/04 3 Folio fn — — — —WST Asset Manager – U.S. Bond 3/31/06 1 — — — — —WST Asset Manager - U.S. Equity 12/31/12 1 — — — — —Zacks International 4/1/04 3 Folio fn — — — —





Exhibit 12 Selected Top- and Bottom-Performing Strategies, 3-Year Return, 31 March 2015Return %




Assets USD Mil

Top Performing Strategies

Athena Global Tactical ETFs 9/1/10 Global Equity Tactical Broad Market 1.45 25.19 — — 60.6 Niemann Dynamic 2/20/97 United States Equity Tactical Sector 7.42 22.07 14.08 9.09 45.5 Niemann Risk Managed 9/30/96 United States Equity Tactical Sector 6.69 19.95 9.88 7.89 63.5 Braver Tactical Equity Sector Rotation 7/1/96 United States Equity Tactical Sector 3.87 18.75 14.98 9.29 63.7 Niemann Dynamic Sector 2/20/08 United States Equity Tactical Sector 7.94 18.74 13.33 — 4.6

Churchill ETF Sector Rotation 10/1/07 United States Equity Strategic Sector 0.78 17.05 15.37 — 61.7 Hillswick S&P 500 Sector Selection 9/30/08 United States Equity Strategic Sector 1.24 17.02 14.78 — 117.0 Main Management Active–US Large Cap 9/30/02 United States Equity Tactical Sector 3.05 16.84 14.11 9.97 191.5 Raylor Strategic US Equity 1/3/06 United States Equity Strategic All-Inclusive 1.25 16.01 14.44 — 1.0 BCM U.S. Sector Rotation (Monthly) 7/1/10 United States Equity Tactical Sector 0.49 15.86 — — 99.7

Foy SELECTOR Aggressive Growth 5/3/10 Global Equity Strategic All-Inclusive 2.93 15.56 — — 2.2 F-Squared AlphaSector AlphaDEX Pre Idx 9/1/11 United States Equity Tactical Sector –0.75 15.55 — — 199.5 Astor S.T.A.R. Program 1/3/05 United States Equity Tactical All-Inclusive 3.22 15.53 11.51 8.36 358.8 QA Global Style 9/4/07 Global Equity Tactical Broad Market 3.04 15.31 14.50 — 4.5 iSectors Post-MPT Growth Allocation 2/1/05 United States Equity Tactical Sector 0.02 15.20 14.14 9.49 57.1

Bottom Performing Strategies

BCM International Sector Rotation 2/1/11 International Equity Tactical Broad Market 2.21 1.32 — — 0.4 iSectors Tactical Glbl Bal Allocation 12/1/10 Global All Asset Tactical Broad Market 0.45 1.28 — — 3.0 Stadion Managed Risk 100 Strategy 1/2/96 Global Equity Tactical All-Inclusive –5.25 1.12 1.80 3.54 366.6 Fusion Global Fusion Total Return 8/2/10 Global Balanced Tactical All-Inclusive –0.44 1.09 — — 1.0 3D Fixed Income ETF Portfolio–Tax Sen. 12/1/08 United States Fixed Income Tactical All-Inclusive 0.63 0.77 2.26 — 0.3

Financial Trust Flexible Income 11/30/01 Global Fixed Income Tactical All-Inclusive 0.77 0.70 2.15 3.89 6.1 Good Harbor Tactical Core US 4/30/03 United States Equity Tactical Broad Market –1.06 0.39 6.65 10.21 2,250.2 Glovista Emerging Market Equities 1/4/99 International Equity Tactical Country/Region –0.76 0.38 1.51 17.00 679.5 Accuvest Global Long Short Equity 1/2/12 Global Alternative Tactical Country/Region 0.93 –0.46 — — 13.0 Accuvest Global Opportunities 11/1/05 Global Equity Tactical Country/Region 3.07 –1.00 1.95 — 16.1

Windham Emrg Market Equity Strategy 12/31/10 International Equity Tactical Country/Region 0.81 –1.92 — — 0.3 SignalPoint Currency Point 10/31/08 Global Alternative Hybrid Country/Region –1.65 –2.73 –1.12 — 0.1 iSectors Inflation Protected Allocation 10/1/09 Global All Asset Strategic All-Inclusive –1.88 –5.04 1.39 — 5.2 Green Inv Mgt Guardian Alternatives 9/1/09 United States Alternative Tactical All-Inclusive –2.10 –10.55 –5.74 — 0.7 iSectors Precious Metals Allocation 11/1/10 Global Alternative Strategic Sector –0.07 –11.52 — — 1.6




Exhibit 13 Selected Top- and Bottom-Performing Strategies, 5-Year Return, 31 March 2015Return %




Assets USD Mil

Top Performing StrategiesChurchill ETF Sector Rotation 10/1/07 United States Equity Strategic Sector 0.78 17.05 15.37 — 61.7 Braver Tactical Equity Sector Rotation 7/1/96 United States Equity Tactical Sector 3.87 18.75 14.98 9.29 63.7 Hillswick S&P 500 Sector Selection 9/30/08 United States Equity Strategic Sector 1.24 17.02 14.78 — 117.0 QA Global Style 9/4/07 Global Equity Tactical Broad Market 3.04 15.31 14.50 — 4.5 Raylor Strategic US Equity 1/3/06 United States Equity Strategic All-Inclusive 1.25 16.01 14.44 — 1.0

iSectors Post-MPT Growth Allocation 2/1/05 United States Equity Tactical Sector 0.02 15.20 14.14 9.49 57.1 Main Management Active–US Large Cap 9/30/02 United States Equity Tactical Sector 3.05 16.84 14.11 9.97 191.5 Niemann Dynamic 2/20/97 United States Equity Tactical Sector 7.42 22.07 14.08 9.09 45.5 Clark Navigator U.S. Style Opportunity 12/31/04 United States Equity Tactical Broad Market 4.48 15.01 13.55 8.09 66.1 Clark Navigator U.S. Style Opp (SAI) 1/3/05 United States Equity Tactical Broad Market 4.48 15.01 13.55 8.09 66.1

WestEnd Advisors Global Equity 12/31/04 Global Equity Hybrid All-Inclusive 3.83 14.50 13.45 9.27 67.5 Niemann Dynamic Sector 2/20/08 United States Equity Tactical Sector 7.94 18.74 13.33 — 4.6 F-Squared AlphaSector Premium Index 10/1/08 United States Equity Tactical Sector –3.42 14.43 13.16 — 978.3 F-Squared AlphaSector Rotation Index 10/1/08 United States Equity Tactical Sector –3.01 14.90 12.93 — 2,688.9 F-Squared Rotation AlphaSector Index 9/29/09 United States Equity Tactical Sector –2.41 14.53 12.72 — 862.7

Bottom Performing StrategiesStadion Capital Preservation Strategy 4/2/07 United States Fixed Income Tactical Broad Market –1.58 1.33 2.24 — 102.7 Financial Trust Flexible Income 11/30/01 Global Fixed Income Tactical All-Inclusive 0.77 0.70 2.15 3.89 6.1 Accuvest Global Opportunities 11/1/05 Global Equity Tactical Country/Region 3.07 –1.00 1.95 — 16.1 Stadion Managed Risk 100 Strategy 1/2/96 Global Equity Tactical All-Inclusive –5.25 1.12 1.80 3.54 366.6 Hays Advisory International ETF 1/31/06 International Equity Tactical All-Inclusive 1.16 1.50 1.70 — 13.5

Niemann Dynamic International 1/22/08 International Equity Tactical All-Inclusive 6.81 7.25 1.68 — 0.8 Clark Navigator Intl Opportunity 1/4/07 International Equity Tactical Country/Region 3.72 6.47 1.59 — 53.5 Glovista Emerging Market Equities 1/4/99 International Equity Tactical Country/Region –0.76 0.38 1.51 17.00 679.5 iSectors Inflation Protected Allocation 10/1/09 Global All Asset Strategic All-Inclusive –1.88 –5.04 1.39 — 5.2 Green Inv Mgt Guardian Country 7/1/04 International Equity Tactical Country/Region 9.11 4.54 1.21 9.51 3.0

iSectors Tactical International Alloc 10/1/09 International Equity Tactical All-Inclusive 0.15 2.91 0.38 — 0.5 ELF ETF Strategy 2/28/03 Global Equity Tactical All-Inclusive 3.62 3.39 –0.02 0.51 0.9 Fortunatus International ETF Opportunity 2/29/08 International Balanced Tactical All-Inclusive 2.07 1.43 –0.18 — 0.3 SignalPoint Currency Point 10/31/08 Global Alternative Hybrid Country/Region –1.65 –2.73 –1.12 — 0.1 Green Inv Mgt Guardian Alternatives 9/1/09 United States Alternative Tactical All-Inclusive –2.10 –10.55 –5.74 — 0.7




Exhibit 14 Largest Strategies, 31 March 2015

Return %




Assets USD Mil

Windhaven Diversified Growth 1/2/02 Global All Asset Hybrid All-Inclusive 2.60 6.65 7.08 7.10 8,105.1

Windhaven Diversified Aggressive 1/2/02 Global All Asset Hybrid All-Inclusive 2.88 8.22 8.17 8.36 4,748.3

F-Squared Premium AlphaSector Index 7/1/10 United States Equity Tactical Sector –2.61 13.37 — — 4,099.5

Windhaven Diversified Conservative 1/2/02 Global All Asset Hybrid All-Inclusive 1.91 4.05 4.63 5.41 2,720.5

F-Squared AlphaSector Rotation Index 10/1/08 United States Equity Tactical Sector –3.01 14.90 12.93 — 2,688.9

Good Harbor Tactical Core US 4/30/03 United States Equity Tactical Broad Market –1.06 0.39 6.65 10.21 2,250.2

RiverFront Moderate Growth and Income 10/1/03 Global Balanced Hybrid All-Inclusive 3.54 9.01 8.06 6.41 2,136.3

Churchill Premier Wealth Tactical 10/1/96 United States Equity Tactical All-Inclusive 4.08 6.67 5.44 5.49 1,296.2

Stadion Growth Strategy 4/2/07 United States Balanced Tactical Broad Market –0.48 7.42 6.85 — 1,273.9

Windham Risk Regime III 9/30/11 Global Equity Tactical Broad Market 0.96 6.23 — — 1,266.4

F-Squared Dynamic AlphaSector Index 3/1/12 United States Equity Tactical Sector –2.50 14.74 — — 1,179.5

Stadion Moderate Strategy 4/2/07 United States Balanced Tactical Broad Market –1.19 4.85 5.21 — 1,148.1

F-Squared AlphaSector Allocator Index 6/1/10 Global All Asset Hybrid All-Inclusive –0.60 7.82 — — 1,058.8

Astor Long/Short Balanced Program 1/3/05 United States Alternative Tactical All-Inclusive 1.92 9.26 6.08 7.27 1,034.0

F-Squared AlphaSector Premium Index 10/1/08 United States Equity Tactical Sector –3.42 14.43 13.16 — 978.3

Cougar Global MAR 8 10/31/01 Global All Asset Tactical All-Inclusive 2.98 6.29 4.53 7.87 916.8

RiverFront Dynamic Equity Income 5/1/09 Global Equity Hybrid All-Inclusive 5.48 11.11 9.92 — 915.4

Forward Tactical Growth 8/3/09 United States Equity Hybrid Broad Market –0.55 6.67 5.08 — 909.5

Clark Navigator Fixed Income TR 12/31/04 United States Fixed Income Tactical All-Inclusive 2.30 4.67 7.01 9.90 900.0

F-Squared Rotation AlphaSector Index 9/29/09 United States Equity Tactical Sector –2.41 14.53 12.72 — 862.7

Ibbotson Strategic ETF Moderate Gr & Inc* 4/29/05 United States Balanced Strategic Broad Market 2.50 8.29 8.06 — 824.1

F-Squared AlphaSector Allocator Select 9/2/13 Global All Asset Hybrid All-Inclusive –0.18 — — — 801.9

Innealta Tac ETF Country Rotation 12/31/09 International Equity Tactical Country/Region 2.81 4.48 6.08 — 785.4

F-Squared AlphaSector All-Cap Index 2/3/14 United States Equity Tactical Sector –3.25 — — — 784.0

UBS PWS Global Tactical Alloc. 6/29/12 Global Balanced Tactical Broad Market 2.04 — — — 753.4




Exhibit 15 Largest 1-Year Growth in Assets, 31 March 2015

Return %




1-Yr Growth USD Mil

Assets USD Mil

F-Squared AlphaSector Rotation Index 10/1/08 United States Equity Tactical Sector –3.01 14.90 12.93 — 845.0 2,688.9

Clark Navigator Fixed Income TR 12/31/04 United States Fixed Income Tactical All-Inclusive 2.30 4.67 7.01 9.90 685.9 900.0

Astor Long/Short Balanced Program 1/3/05 United States Alternative Tactical All-Inclusive 1.92 9.26 6.08 7.27 665.9 1,034.0

Windham Risk Regime II 5/31/12 Global Balanced Tactical Broad Market 0.73 — — — 558.8 561.2

Swan Defined Risk Strategy 7/1/97 United States Equity Strategic Broad Market 0.78 8.26 6.96 9.05 537.7 537.7

UBS PWS Global Tactical Alloc. 6/29/12 Global Balanced Tactical Broad Market 2.04 — — — 478.7 753.4

Windham Risk Regime III 9/30/11 Global Equity Tactical Broad Market 0.96 6.23 — — 383.9 1,266.4

RiverFront Moderate Growth and Income 10/1/03 Global Balanced Hybrid All-Inclusive 3.54 9.01 8.06 6.41 322.8 2,136.3

Astor S.T.A.R. Program 1/3/05 United States Equity Tactical All-Inclusive 3.22 15.53 11.51 8.36 300.7 358.8

Windham Risk Regime I 3/1/10 Global All Asset Tactical Broad Market 0.51 4.91 5.44 — 299.9 397.7

FFCM Dynamic All Cap Sector Rotation 4/1/14 United States Equity Tactical Sector 1.25 — — — 251.4 251.4

Vanguard CRSP 60%Equity/40%Fixed Income 1/4/10 Global Balanced Strategic Broad Market 2.31 9.22 8.99 237.7 382.2

F-Squared AlphaSector All-Cap Index 2/3/14 United States Equity Tactical Sector –3.25 — — — 234.0 784.0

Members Trust Conservative ETF 5/1/06 United States Balanced Strategic Broad Market 1.44 6.85 7.06 — 232.0 547.4

Hays TMAC Portfolio 12/31/09 Global All Asset Tactical All-Inclusive 2.61 6.22 6.83 — 216.1 403.5

Cougar Global MAR 8 10/31/01 Global All Asset Tactical All-Inclusive 2.98 6.29 4.53 7.87 188.8 916.8

Glovista Emerging Market Equities 1/4/99 International Equity Tactical Country/Region –0.76 0.38 1.51 17.00 188.5 679.5

RiverFront Dynamic Equity Income 5/1/09 Global Equity Hybrid All-Inclusive 5.48 11.11 9.92 — 186.3 915.4

Baring Global Dynamic Asset Allocation 6/30/10 Global All Asset Strategic All-Inclusive 3.58 7.38 — — 183.6 218.1

Innealta Fixed Income 12/31/09 Global Fixed Income Tactical All-Inclusive 1.25 3.28 4.63 — 168.2 569.9

Cougar Global MAR 10 3/1/11 Global All Asset Tactical All-Inclusive 3.63 8.86 — — 148.7 400.7


Hays Advisory TMAC Equity Focused 5/31/10 Global Equity Tactical All-Inclusive 2.60 8.27 — — 144.6 236.2

Vanguard CRSP 80%Equity/20%Fixed Income 1/4/10 Global Equity Strategic Broad Market 2.45 11.22 10.35 — 141.4 206.8

SEI Tactical ETF Market Growth Strategy 1/2/13 Global Balanced Hybrid Broad Market 2.16 — — — 138.0 241.0




Exhibit 16 Largest Percentage Growth, 31 March 2015

Source: Morningstar Inc. Limited to strategies having at least $100 million in assets as of 12/31/13.

Return %




1-Year % Growth

Assets USD Mil

Clark Navigator Fixed Income TR 12/31/04 United States Fixed Income Tactical All-Inclusive 2.30 4.67 7.01 9.90 320.4 900.0

Astor Long/Short Balanced Program 1/3/05 United States Alternative Tactical All-Inclusive 1.92 9.26 6.08 7.27 180.9 1,034.0

UBS PWS Global Tactical Alloc. 6/29/12 Global Balanced Tactical Broad Market 2.04 — — — 174.3 753.4

Vanguard CRSP 60%Equity/40%Fixed Income 1/4/10 Global Balanced Strategic Broad Market 2.31 9.22 8.99 — 164.6 382.2

SEI Tactical ETF Market Growth Strategy 1/2/13 Global Balanced Hybrid Broad Market 2.16 — — — 133.9 241.0

Hays TMAC Portfolio 12/31/09 Global All Asset Tactical All-Inclusive 2.61 6.22 6.83 115.4 403.5

Sterling Tactical Rotation Strategy 2/1/10 Global All Asset Tactical Broad Market –0.19 8.83 10.83 — 88.9 280.0

Members Trust Conservative ETF 5/1/06 United States Balanced Strategic Broad Market 1.44 6.85 7.06 — 73.6 547.4

BCM AlphaDEX U.S. Sector Rotation 9/1/11 United States Equity Tactical Sector 3.33 15.10 — — 65.3 212.5

WST Asset Manager - U.S. Equity 12/31/12 United States Equity Tactical Sector 1.28 — — — 60.0 215.6

Cougar Global MAR 10 3/1/11 Global All Asset Tactical All-Inclusive 3.63 8.86 59.0 400.7

RiverFront ETF Moderate Growth & Income 4/3/06 Global Balanced Hybrid All-Inclusive 3.30 9.14 7.71 — 52.9 215.2

Windham Risk Regime Other 2/28/14 Global All Asset Tactical All-Inclusive 6.00 — — — 52.3 217.8

Nottingham Global Income Strategy 12/31/04 Global Balanced Strategic Broad Market 1.56 3.36 3.47 3.00 48.6 261.9

F-Squared AlphaSector Rotation Index 10/1/08 United States Equity Tactical Sector –3.01 14.90 12.93 — 45.8 2,688.9

Clark Navigator MultiStrategy 50-50(SAI) 7/1/05 United States Balanced Hybrid All-Inclusive 3.04 9.87 10.21 45.1 152.3

NorthCoast Tactical ETF 2/1/13 Global All Asset Tactical All-Inclusive 3.45 — — — 44.5 237.0

Windham Risk Regime III 9/30/11 Global Equity Tactical Broad Market 0.96 6.23 — — 43.5 1,266.4

F-Squared AlphaSector All-Cap Index 2/3/14 United States Equity Tactical Sector –3.25 — — — 42.5 784.0

Innealta Fixed Income 12/31/09 Global Fixed Income Tactical All-Inclusive 1.25 3.28 4.63 — 41.9 569.9

Glovista Emerging Market Equities 1/4/99 International Equity Tactical Country/Region –0.76 0.38 1.51 17.00 38.4 679.5


Dorsey Wright Sys Reltv Strth Glb Macro 3/31/09 Global All Asset Tactical All-Inclusive 1.97 12.87 9.65 — 35.7 190.0

WST Asset Manager – U.S. Bond 3/31/06 United States Fixed Income Tactical Sector 0.01 5.10 6.50 — 33.6 170.2

Members Trust Balanced ETF 1/3/06 United States Balanced Strategic Broad Market 1.70 8.11 7.81 — 33.6 301.2



Exhibit 17 ETF Managed Portfolio Assets by Firm, 31 March 2015

NameStrategy

Assets1-Year

Growth# Strategies

Reported

Windhaven Investment Management 15,573.8 –2,964.2 3

F-Squared Investments, Inc. 15,096.3 –7,570.5 20

RiverFront Investment Group, LLC 5,057.1 645.3 11

Stadion Money Management,LLC 3,828.5 –1,278.0 8

Morningstar* 3,555.7 579.6 26

Windham Capital Management, LLC 2,600.4 1,297.0 18

Innealta Capital 2,473.4 –440.8 10

Good Harbor Financial, LLC 2,253.2 –8,834.9 2

Sage Advisory Services Ltd CO 2,160.1 –114.4 12

Cougar Global Investments Limited 1,729.3 358.3 4

Clark Capital Management Group, Inc. 1,483.2 656.3 18

Vanguard Advisers Inc 1,466.0 971.0 25

Astor Investment Management LLC 1,402.3 971.8 3

Churchill Management Group 1,357.9 –1,267.2 2

Members Trust Company 1,268.5 421.7 5

NEW Frontier Management Company, LLC 1,182.5 37.2 11

Beaumont Capital Management 1,105.2 155.8 17

Swan Wealth Advisors, Inc. 1,075.3 685.2 2

Forward Management, LLC 909.5 –227.8 1

Nottingham Advisors Inc. 883.6 135.5 5

Quantitative Advantage 876.6 453.2 11

Lazard Asset Management LLC 876.2 –9.8 4

Hays Advisory LLC 762.5 426.1 4

SEI Trust Company 724.9 485.5 10

Globalt Inc 717.9 98.8 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 18 Return Comparison, 31 March 2015

Return %

Name 2015 3-Year 5-Year 10-Year

Global All Asset Median 2.03 7.09 7.08 7.17

Hybrid Median 2.24 7.45 7.34 7.47

Strategic Median 2.15 7.33 8.36 -

Tactical Median 1.95 6.08 6.58 7.17

Global All Asset Blended Benchmark 0.34 5.26 6.37 5.97

Global Balanced Median 2.04 6.98 7.43 6.17

Hybrid Median 2.11 6.84 7.25 5.88

Strategic Median 1.98 7.25 7.72 6.65


Global Balanced Blended Benchmark 1.00 7.03 7.20 6.42

Global Equity Median 2.46 10.38 9.29 6.75

Hybrid Median 2.46 9.26 9.00 6.23



Morningstar Global GR USD 2.67 11.54 9.87 7.23

Global Fixed Income Median 1.31 4.38 5.26 5.67

Hybrid Median 1.28 3.94 5.03 8.82



Global Fixed Inc Blended Benchmark -1.50 0.33 2.73 3.93

International Equity Median 4.07 5.11 4.29 9.16

Morningstar Gbl Mkts ex-US GR USD 3.65 7.11 5.66 6.08

United States All Asset Median 0.53 9.75 10.16 -

United States All-Asset Blended Benchmark 0.94 8.95 9.73 7.11

United States Balanced Median 1.70 7.38 7.81 7.01

Hybrid Median 2.56 7.72 8.79 7.22



United States Balanced Blended Benchmark 1.79 11.09 10.86 7.49

United States Equity Median 1.25 12.87 11.14 8.11

Hybrid Median 1.99 9.51 10.20 8.46


Tactical Median 0.91 13.81 11.48 8.09

Morningstar US Market TR USD 1.77 16.35 14.79 8.56

United States Fixed Income Median 1.39 4.31 5.22 4.86

Hybrid Median 1.60 4.61 5.61 3.98



Morningstar Core Bond MCBI TR 1.63 3.27 4.54 5.10




Exhibit 19 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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ETF Managed Portfolios andscape Q1 2015news.morningstar.com/im/ETFMP_Landscape_2015_Q1.pdf · 2015. 5. 28. · Q1 2015 Contents Landscape Highlights ETF Managed Portfolio Attributes