ETF Managed Portfolios Landscape Q4 2014 - Morning

ETF Managed Portfolios LandscapeQ4 2014

ContentsLandscape Highlights

ETF Managed Portfolio Attributes

Universe ChangesExhibit 3

ETF Managed Portfolio Strategies Exhibit 4

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

Selected Return InformationExhibits 6 and 7

Selected Asset InformationExhibits 8, 9, and 10

Summary Return InformationExhibits 11 and 12

Blended Benchmark InformationExhibit 13

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

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

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

Key TakeawaysMorningstar is tracking 699 strategies from 146 firms with total assets (AUM and AUA) of $91 billion through December 2014.

Total assets in these strategies tracked by Morningstar fell 5% in the fourth quarter of 2014.

U.S. equity strategies retained their top position and collectively held $27 billion in assets as of December 2014, down 15% from the previous quarter.

Several top firms saw a large decline in assets, resulting in a restacking and flattening of the landscape.

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Morningstar ETF Managed Portfolios Landscape Summary Q4 2014Page 2 of 46

©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

A Lackluster Finish to the YearAssets in ETF managed portfolios fell for the second consecutive quarter, dropping 5% in the final three months of 2014. At the end of the year, strategies in Morningstar’s database had collective assets under management or assets under advisement of $91 billion.

Regulatory, performance, and personnel issues among the top firms in the space drove the decline in assets invested in ETF managed portfolios. F-Squared Investments, which had been under investigation by the SEC since 2013 and was ultimately fined for misrepresenting its performance data, saw assets decline $3.3 billion in the fourth quarter—virtually all of which was a result of outflows. Meanwhile, Good Harbor U.S. Tactical Core, the firm’s flagship strategy and once the largest in this universe, posted marginally better performance this quarter. However, the strategy lost 20.0% for the year, while the S&P 500 finished 2014 with a 13.7% gain. The firm saw assets decline by $2.5 billion during the quarter, approximately $2.3 billion* of which was in the form of outflows. Windhaven Investment Management, whose trio of offerings all rank among the top five largest in our database, also shed assets. Collectively, the firm’s assets dropped by $1.6 billion in the fourth quarter. While all of Windhaven’s strategies generated positive returns during the quarter, the outflows are likely evidence of the effects of recent turnover in the management ranks. Following the departure of founder Steve Cucchiaro in late June, the firm has witnessed a sizable increase in outflows. Windhaven’s third quarter outflows amounted to $833 million*. The firm experienced a further $1.9 billion* of outflows in the fourth quarter. This is a sharp reversal from the average quarterly inflows of $803 million* that the firm garnered in 2013

Shifting LandscapeThe troubles facing the industry’s top players have resulted in a significant reshuffling of the landscape. Despite the regulatory issues plaguing F-Squared Investments, the firm managed to retain its position as the largest ETF strategist—although it should be noted that the SEC’s charges were made public in late December. Good Harbor Financial, which had previously occupied the third spot, made way for RiverFront Investment Group and Stadion Money Management to move into third and fourth place, respectively. In addition to a reordering of the league table, assets are also now less concentrated among the largest firms. At the end of the year, the top 10 firms held 68% of industry assets, versus 76% at the beginning of the year.

A Not-So-New Face Debuts in our DatabaseOne noteworthy development in the space is that Vanguard is now reporting its suite of ETF model portfolio offerings made available for financial advisors through the Envestnet platform. The firm’s brand, infrastructure, and steady investment philosophy will likely make it a strong player in the field.

*Asset flow figures are approximations. They are calculated using quarterly asset data and gross returns.



ETF Managed Portfolio Attributes

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

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

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

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

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

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

Exhibit 1 Attribute and Classification Summary

Universe Asset Breadth Portfolio Implementation Primary ETF Exposure Type

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

Equity All-Inclusive

Fixed Income

Source: Morningstar Inc.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Exhibit 3 Universe Changes, 30 December 2014

Name Firm NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type

Assets USD ($Mil)

Strategies AddedAuour Instinct Global Balanced Auour Advisory LLC 5/1/14 Global Balanced Strategic All-Inclusive 1.8

Auour Instinct Global Equity Auour Advisory LLC 12/2/13 Global Equity Strategic All-Inclusive 2.0

Auour Instinct Global Equity Levered Auour Advisory LLC 6/11/14 Global Equity Strategic All-Inclusive 0.5

Auour Instinct Global Fixed Income Auour Advisory LLC 10/1/13 Global Fixed Income Tactical All-Inclusive 1.2

Auour Instinct Global High Yield Auour Advisory LLC 6/2/14 Global All Asset Strategic All-Inclusive 0.6

Evolution US Equity Absolute Return Evolution Capital Strategies, LLC 8/1/13 United States Equity Tactical Sector —

Richard Bernstein Global Aggressive Richard Bernstein Advisors LLC 7/1/10 Global Equity Tactical All-Inclusive —

Richard Bernstein Global Conservative Richard Bernstein Advisors LLC 7/1/10 Global Balanced Tactical All-Inclusive —

Richard Bernstein Global Moderate Richard Bernstein Advisors LLC 7/1/10 Global Balanced Tactical All-Inclusive —

Richard Bernstein Risk-Balanced Global Richard Bernstein Advisors LLC 7/1/10 Global Equity Tactical All-Inclusive —

TTM NASDAQ Strategy Tuttle Tactical Management, LLC 6/1/09 United States Equity Tactical All-Inclusive 0.9

TTM Tactical Core/Satellite Tuttle Tactical Management, LLC 6/2/14 United States Balanced Tactical All-Inclusive 1.4

TTM Trend Aggregation Ultra Tuttle Tactical Management, LLC 1/31/14 Global All Asset Tactical All-Inclusive 2.1

Vanguard CORE 100% Equity Model Vanguard Advisers Inc 1/3/12 Global Equity Strategic Broad Market 1.6

Vanguard CORE 100% Fixed Income Vanguard Advisers Inc 1/3/12 Global Fixed Income Strategic Broad Market 0.0

Vanguard CORE 20%Eq/80%FI Vanguard Advisers Inc 1/3/12 Global Fixed Income Strategic Broad Market 0.6

Vanguard CORE 40%Eq/60%FI Vanguard Advisers Inc 1/3/12 Global Balanced Strategic Broad Market 2.6

Vanguard CORE 60%Eq/40%FI Vanguard Advisers Inc 1/3/12 Global Balanced Strategic Broad Market 5.7

Vanguard CORE 80%Eq/20%FI Vanguard Advisers Inc 1/2/12 Global Equity Strategic Broad Market 5.6

Vanguard CRSP 100% Eq Model Vanguard Advisers Inc 1/4/10 Global Equity Strategic Broad Market 89.1

Vanguard CRSP 100% FI Vanguard Advisers Inc 1/4/10 Global Fixed Income Strategic Broad Market 5.3

Vanguard CRSP 20%Eq/80%FI Vanguard Advisers Inc 1/4/10 Global Fixed Income Strategic Broad Market 64.3

Vanguard CRSP 40%Eq/60%FI Vanguard Advisers Inc 1/4/10 Global Balanced Strategic Broad Market 150.4

Vanguard CRSP 60%Eq/40%FI Vanguard Advisers Inc 1/4/10 Global Balanced Strategic Broad Market 298.5

Vanguard CRSP 70%Eq/30%FI Vanguard Advisers Inc 1/3/12 Global Equity Strategic Broad Market 161.2


Exhibit 2 Current Assets (%) by Attribute

Universe All Asset Alternative Balanced Equity Fixed Income Total

Global 28.6 0.3 11.6 14.9 2.0 57.3International 0.0 0.0 0.0 1.8 0.0 1.8United States 0.4 0.5 8.4 29.1 2.5 40.8

Total 29.0 0.7 20.0 45.8 4.6 100.0




Exhibit 3 Universe Changes, 30 December 2014 (Continued)

Name Firm NameInception Date Universe Asset Breadth



Assets USD ($Mil)

Vanguard CRSP 80%Eq/20%FI Vanguard Advisers Inc 1/4/10 Global Equity Strategic Broad Market 176.2

Vanguard Russell 100% Equity Model Vanguard Advisers Inc 1/3/12 Global Equity Strategic Broad Market 7.2

Vanguard Russell 100% Fixed Income Vanguard Advisers Inc 1/3/12 Global Fixed Income Strategic Broad Market 0.0

Vanguard Russell 20%Eq/80%FI Vanguard Advisers Inc 1/3/12 Global Fixed Income Strategic Broad Market 0.2

Vanguard Russell 40%Eq/60%FI Vanguard Advisers Inc 1/3/12 Global Balanced Strategic Broad Market 1.0

Vanguard Russell 60%Eq/40%FI Vanguard Advisers Inc 1/3/12 Global Balanced Strategic Broad Market 3.5

Vanguard Russell 80%Eq/20%FI Vanguard Advisers Inc 1/3/12 Global Equity Strategic Broad Market 5.6

Vanguard S&P 100% Equity Model Vanguard Advisers Inc 1/3/12 Global Equity Strategic Broad Market 5.4

Vanguard S&P 100% Fixed Income Vanguard Advisers Inc 1/3/12 Global Fixed Income Strategic Broad Market 2.0

Vanguard S&P 20%Eq/80%FI Vanguard Advisers Inc 1/3/12 Global Fixed Income Strategic Broad Market 8.6

Vanguard S&P 40%Eq/60%FI Vanguard Advisers Inc 1/3/12 Global Balanced Strategic Broad Market 23.2

Vanguard S&P 60%Eq/40%FI Vanguard Advisers Inc 1/3/12 Global Balanced Strategic Broad Market 63.2

Vanguard S&P 80%Eq/20%FI Vanguard Advisers Inc 1/3/12 Global Equity Strategic Broad Market 26.4

Strategies RemovedCAM ETF Tax Deferred Conservative Bellatore Financial, Inc. 06/30/08 United States Fixed Income Hybrid All-Inclusive —

CAM ETF Tax Deferred Moderate Bellatore Financial, Inc. 07/02/07 Global Balanced Hybrid All-Inclusive —

CAM ETF Tax Deferred Moderately Conserv Bellatore Financial, Inc. 07/02/07 United States Fixed Income Hybrid All-Inclusive —

CAM ETF Tax Efficient Moderate Bellatore Financial, Inc. 07/02/07 United States Balanced Hybrid All-Inclusive —

CAM ETF Tax Efficient Moderately Agg Bellatore Financial, Inc. 07/02/07 Global Equity Hybrid All-Inclusive —

Confluence Global Macro Confluence Investment Management LLC 05/01/07 Global All Asset Tactical All-Inclusive —

EAM Asset Allocation Aggressive EAM 01/03/07 Global Equity Strategic All-Inclusive —

EAM Asset Allocation Conservative EAM 01/03/07 United States Balanced Strategic All-Inclusive —

EAM Asset Allocation Moderate EAM 01/03/07 Global Balanced Strategic All-Inclusive —

EAM Asset Allocation Moderate Aggressive EAM 01/03/07 Global Equity Strategic All-Inclusive —

EAM Asset Allocation Moderate Conserv EAM 01/03/07 United States Balanced Strategic All-Inclusive —

F-Squared AlphaSector Global Index F-Squared Investments, Inc. 07/01/09 Global Equity Hybrid All-Inclusive —

Julex Capital Mngt Dynamic Focus Julex Capital Management, LLC 10/01/12 Global Equity Tactical Broad Market —

TTM Alpha Strategy Tuttle Tactical Management 01/03/06 Global Equity Tactical Broad Market —

CLS High Quality Strategic 100 CLS Investments, LLC 07/31/13 Global Equity Strategic All-Inclusive —

CLS High Quality Strategic 20 CLS Investments, LLC 07/31/13 Global Fixed Income Strategic All-Inclusive —

Newfound Target Excess Yield 4% Idx Newfound Research LLC 10/1/13 Global Fixed Income Tactical Broad Market —




Exhibit 4 ETF Managed Portfolio Strategies, 30 December 2014

Return %

NameInception Date Universe Asset Breadth


Primary ETF Exposure Type 2014 3-Year 5-Year 10-Year

Assets USD Mil

3D ETF Global 40 Portfolio 2/1/07 Global Balanced Hybrid Broad Market 3.39 7.08 5.97 — 33.13D ETF Global 60 Portfolio–Tax Sen. 10/2/06 Global Balanced Hybrid Broad Market 5.20 9.84 8.12 — 46.63D ETF Global 60 Portfolio 9/1/06 Global Balanced Hybrid Broad Market 4.28 9.75 8.03 — 175.93D ETF Global 40 Portfolio–Tax Sen. 1/3/07 Global Balanced Hybrid Broad Market 4.67 7.11 6.28 — 8.63D ETF Global 80 Portfolio–Tax Sen. 10/2/06 Global Equity Hybrid Broad Market 6.27 13.08 10.30 — 27.3

3D ETF Global 80 Portfolio 8/1/06 Global Equity Hybrid Broad Market 5.63 12.88 10.22 — 117.73D ETF Global 100 Portfolio 7/3/06 Global Equity Hybrid Broad Market 4.32 14.89 11.77 — 208.93D Fixed Income ETF Portfolio 2/2/09 United States Fixed Income Tactical All-Inclusive 1.78 — 1.43D Fixed Income ETF Portfolio–Tax Sen. 12/1/08 United States Fixed Income Tactical All-Inclusive 1.84 1.04 2.33 — 0.33D ETF Global 20 Portfolio–Tax Sen. 12/1/08 Global Fixed Income Hybrid Broad Market 2.82 3.92 3.68 — 3.4

3D ETF Global 20 Portfolio 2/2/09 Global Fixed Income Hybrid Broad Market 2.53 4.71 4.08 — 9.1Accuvest Core Equity 8/1/05 Global Equity Tactical Country/Region 4.10 13.89 9.80 — 88.1Accuvest Global Opportunities 11/1/05 Global Equity Tactical Country/Region –16.28 2.47 2.01 — 14.7Accuvest Non US Equity 8/29/08 International Equity Tactical Country/Region –3.83 8.61 4.62 — 6.9Accuvest Asian Advantage 8/31/10 International Equity Tactical Country/Region 2.04 8.78 — — 0.3

Accuvest Global Long Short Equity 1/2/12 Global Alternative Tactical Country/Region –8.46 0.43 — — 11.0Acertus Planned Return Strategy 8/31/09 United States Equity Strategic Broad Market 5.13 8.16 7.14 — 369.4AP-Managed ETF/MF Portfolio-Moderate 4/30/12 Global Balanced Strategic All-Inclusive — — — — 0.1Advisors Capital Mgt Global Balanced ETF 5/19/08 Global Equity Strategic All-Inclusive 4.25 10.19 — — 5.6Alpha Dynamics ODS Robust Growth 10/3/11 Global Equity Strategic All-Inclusive 4.28 6.33 — — 6.1

Alpha Dynamics ODS Dynamic Growth 10/3/11 Global Equity Strategic All-Inclusive 4.43 8.50 — — 1.7Alpha Dynamics ODS Stable Growth 10/3/11 United States Balanced Strategic All-Inclusive 2.98 4.74 — — 7.1Appleton Group Portfolio 12/31/99 Global Equity Hybrid Broad Market 4.20 11.05 7.38 5.13 17.9Appleton Group PLUS Portfolio 12/31/99 Global Equity Hybrid Broad Market 4.15 9.54 3.70 2.45 42.6Appleton Group Tax Managed Portfolio 12/31/99 Global Equity Hybrid Broad Market 3.19 9.03 3.41 2.30 28.7

Appleton Group PLUS-Moderate 1/3/11 United States Equity Hybrid Broad Market 1.97 6.84 — — 14.7Appleton Group-Moderate 4/1/11 United States Equity Hybrid Broad Market 4.78 9.04 — — 7.1Appleton Group PLUS-Conservative 1/3/11 United States Balanced Hybrid Broad Market 3.37 6.43 — — 2.2Appleton Group-Conservative 7/1/11 United States Balanced Hybrid Broad Market 4.91 8.90 — — 1.8Appleton Group Managed Income 4/2/12 Global All Asset Strategic All-Inclusive 4.14 — — — 2.2

Astor Long/Short Balanced Program 1/3/05 United States Alternative Tactical All-Inclusive 9.47 8.57 6.31 6.99 415.3Astor S.T.A.R. Program 1/3/05 United States Equity Tactical All-Inclusive 9.69 16.27 11.72 7.82 184.8Astor Active Income Program 2/28/11 United States Fixed Income Strategic All-Inclusive 4.85 3.99 — — 5.2Athena Global Tactical ETFs 9/1/10 Global Equity Tactical Broad Market 21.13 29.30 — — 50.4Auour Instinct Global Balanced 5/1/14 Global Balanced Strategic All-Inclusive — — — — 1.8

Auour Instinct Global Equity 12/2/13 Global Equity Strategic All-Inclusive 8.09 — — — 2.0Auour Instinct Global Equity Levered 6/11/14 Global Equity Strategic All-Inclusive — — — — 0.5Auour Instinct Global High Yield 6/2/14 Global All Asset Strategic All-Inclusive — — — — 0.6Auour Instinct Global Fixed Income 10/1/13 Global Fixed Income Tactical All-Inclusive 4.13 — — — 1.2Baring Global Dynamic Asset Allocation 6/30/10 Global All Asset Strategic All-Inclusive 5.04 7.78 — — 243.2

BCM Global Sector Rotation 12/1/10 Global Equity Tactical All-Inclusive 2.13 10.86 — — 4.1BCM Growth (Monthly) 11/2/09 United States Equity Hybrid All-Inclusive 6.71 10.34 10.08 — 86.5BCM Growth 11/2/09 United States Equity Hybrid All-Inclusive 6.54 9.39 9.21 — 62.9BCM U.S. Sector Rotation (Monthly) 7/1/10 United States Equity Tactical Sector 11.88 18.68 — — 131.5BCM U.S. Sector Rotation 2/1/11 United States Equity Tactical Sector 11.86 17.63 — — 124.5

BCM AlphaDEX U.S. Sector Rotation 9/1/11 United States Equity Tactical Sector 8.20 16.88 — — 196.5BCM Moderate Growth (Monthly) 9/1/09 United States Balanced Hybrid All-Inclusive 5.73 8.57 8.80 — 82.6BCM Moderate Growth 9/1/09 United States Balanced Hybrid All-Inclusive 5.47 8.03 8.46 — 56.3BCM AlphaDEX Moderate Growth 9/1/11 United States Balanced Hybrid All-Inclusive 3.96 7.57 — — 9.1BCM International Sector Rotation 2/1/11 International Equity Tactical Broad Market –5.86 2.71 — — 0.5

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 4 ETF Managed Portfolio Strategies, 30 December 2014 (Continued)

Return %




Assets USD Mil

BCM Decathlon Conservative Tactics 10/1/12 Global All Asset Tactical All-Inclusive 0.52 — — — 7.5BCM Decathlon Growth Tactics 10/1/12 Global All Asset Tactical All-Inclusive 11.80 — — — 98.8BCM Decathlon Moderate Tactics 10/1/12 Global All Asset Tactical All-Inclusive 9.08 — — — 85.2BCM Income 12/1/09 Global Fixed Income Tactical All-Inclusive 2.77 2.26 3.01 — 2.4BCM Diversified Equity (Monthly) 8/3/09 United States All Asset Tactical All-Inclusive 8.36 12.86 11.89 — 9.1

BCM Diversified Equity 8/7/09 United States All Asset Tactical All-Inclusive 7.95 11.53 10.97 — 90.4BCM AlphaDEX Diversified Equity 9/1/11 United States All Asset Tactical All-Inclusive 5.44 11.21 — — 17.2Blue Edge Global Equity 12/31/10 Global Equity Hybrid All-Inclusive 5.32 14.29 — — 28.8Blue Edge Global Growth & Income 12/31/10 Global All Asset Hybrid All-Inclusive 3.58 9.03 — — 6.7Blue Edge Global Balanced 12/31/10 Global All Asset Hybrid All-Inclusive 4.33 11.25 — — 27.0

Blue Edge Global Growth 12/31/10 Global All Asset Hybrid All-Inclusive 4.77 12.58 — — 47.2Boston Advisors Broad Allocation Str SA 10/31/08 Global All Asset Hybrid All-Inclusive — — — — 60.0Boston Advisors Broad Allocation Growth 9/30/10 Global All Asset Strategic All-Inclusive — — — — 0.7Braver Asset Allocation Conservative 12/31/08 Global Balanced Strategic All-Inclusive 4.30 6.98 6.40 — 15.5Braver Asset Allocation Moderate 12/31/08 Global Balanced Strategic All-Inclusive 5.17 9.77 8.20 — 99.8

Braver Asset Allocation Growth 12/31/08 Global Equity Strategic All-Inclusive 5.28 11.49 9.13 — 80.6Braver Tactical Balanced 12/31/03 United States Equity Tactical Broad Market 6.11 9.30 7.43 5.63 115.7Braver Tactical Opportunity 12/31/85 United States Equity Tactical All-Inclusive 0.87 5.36 5.25 4.90 112.0Braver Tactical Equity Sector Rotation 7/1/96 United States Equity Tactical Sector 14.45 22.73 16.06 9.44 48.3Braver Tactical High Income 10/1/96 United States Fixed Income Tactical Sector –0.20 6.08 6.26 9.62 129.1

Braver Conservative Multi Strategy 12/31/08 Global All Asset Hybrid All-Inclusive 2.49 6.52 6.04 — 25.6Braver Growth Multi Strategy 4/1/10 Global All Asset Hybrid All-Inclusive 5.98 12.12 — — 9.7Braver Moderate Multi Strategy 12/31/08 Global All Asset Hybrid All-Inclusive 3.44 8.98 7.36 — 36.1Brinker Capital ACS Real Assets (Q) 11/1/11 United States All Asset Tactical All-Inclusive 7.65 6.37 — — 6.7Brinker Capital ACS Int'l Equity ETF 7/1/09 International All Asset Tactical All-Inclusive –3.43 8.54 3.57 — 11.8

Canterbury Portfolio Thermostat 8/31/12 Global All Asset Tactical All-Inclusive 6.25 — — — 263.0C Tactical Global Growth 5/31/07 Global Equity Tactical Broad Market 7.03 14.48 11.70 — 13.6C Tactical Equity Income 10/31/07 Global Equity Tactical Broad Market 6.33 13.69 11.36 — 30.5C Tactical Dynamic 9/30/09 Global All Asset Tactical Broad Market 4.86 8.14 6.32 — 38.9The Capital CMC Global ETF 12/31/07 Global Equity Tactical Country/Region 5.55 13.84 10.91 — 3.3

Capital Wealth ETF Covered Call Strategy 1/2/08 Global All Asset Hybrid All-Inclusive 4.58 9.79 7.91 — 65.0Caprin Tactical Muni ETF 9/30/10 United States Fixed Income Strategic Sector 9.01 4.43 — — 7.0Caprin Core Plus ETF 9/30/10 United States Fixed Income Strategic All-Inclusive 5.51 2.89 — — 8.3Caprin Tactical Opportunity ETF 9/30/10 United States Fixed Income Strategic All-Inclusive 8.05 4.18 — — 39.7CFGAM S3 Global Income Total Return 12/1/10 Global Balanced Strategic All-Inclusive 6.76 5.17 — — 34.8

CFGAM S3 Global Income-Income Focus 6/1/10 Global Balanced Strategic All-Inclusive 6.82 5.37 — — 6.6CFGAM S3 Municipal ETF 1/4/10 United States Fixed Income Strategic Sector 6.35 2.90 3.37 — 4.1CFGAM S3 Div Mod Inflation-Correlated 1/1/10 Global All Asset Strategic All-Inclusive 2.00 5.13 4.89 — 20.3CFGAM S3 Diversified Conservative 1/1/10 Global All Asset Strategic All-Inclusive 3.80 5.50 6.53 — 66.9CFGAM S3 Diversified Moderate 1/1/10 Global All Asset Strategic All-Inclusive 3.59 5.61 5.37 — 42.6

CFGAM S3 Diversified Growth 1/4/10 Global All Asset Strategic All-Inclusive 3.71 5.90 4.76 — 10.9CFGAM S3 Diversified Aggressive 1/4/11 Global All Asset Strategic All-Inclusive 2.12 5.97 — — 6.2CFGAM S3 Div Agrsv Inflation-Correlated 3/1/11 Global All Asset Strategic All-Inclusive 2.54 5.85 — — 1.5Churchill Premier Wealth Tactical 10/1/96 United States Equity Tactical All-Inclusive –1.37 8.44 5.29 4.57 2,065.2Churchill ETF Sector Rotation 10/1/07 United States Equity Strategic Sector 14.63 21.21 16.57 — 61.7

CKW Opportunistic Global Balanced 11/3/03 Global Balanced Hybrid Broad Market 6.26 13.00 9.58 7.39 257.8Clark Navigator Global Opportunity 2/1/06 Global Balanced Tactical All-Inclusive 14.00 10.95 6.63 — 4.3Clark Navigator Glbl Bal ETF 40-60 Hdgd 1/3/05 Global Balanced Hybrid All-Inclusive 1.24 5.04 5.32 7.16 12.1Clark Navigator Glbl Bal ETF 60-40 Hdgd 1/3/05 Global Balanced Hybrid All-Inclusive 1.21 4.89 4.21 5.84 26.9Clark Navigator Global Equity ETF 4/1/04 Global Equity Tactical All-Inclusive 5.97 13.03 8.59 6.46 14.8






Return %




Assets USD Mil

Clark Navigator Global Eq ETF Hedged 7/1/04 Global Equity Tactical All-Inclusive 2.38 5.57 2.66 4.00 8.5Clark Navigator Glbl Bal ETF 80-20 Hdgd 1/3/05 Global Equity Hybrid All-Inclusive 1.18 4.70 3.05 4.46 11.6Clark Navigator Sector Opportunity 1/3/07 United States Equity Tactical Sector 10.97 16.95 12.63 — 61.1Clark Navigator U.S. Style Opportunity 12/31/04 United States Equity Tactical Broad Market 9.73 17.20 14.32 7.40 70.9Clark Navigator U.S. Style Opp (SAI) 1/3/05 United States Equity Tactical Broad Market 9.73 17.20 14.32 7.40 70.9

Clark Navigator Style Preferred Core 9/1/04 United States Equity Tactical Broad Market 9.32 14.61 12.37 6.71 4.8Clark Navigator MultiStrategy 50-50(SAI) 7/1/05 United States Balanced Hybrid All-Inclusive 4.96 11.48 10.88 — 138.3Clark Navigator MultiStrategy 75-25(SAI) 6/1/05 United States Balanced Hybrid All-Inclusive 7.11 14.55 12.63 — 38.2Clark Navigator Strategist Core 5/1/09 United States Balanced Strategic Broad Market 5.89 9.03 7.79 — 2.2Clark Navigator Style Preferred Inc&Gro 10/1/04 United States Balanced Tactical Broad Market 8.25 11.07 10.10 6.53 2.7

Clark Navigator Intl Opportunity 1/4/07 International Equity Tactical Country/Region 3.26 8.34 1.04 — 7.9Clark Navigator Fixed Income TR 12/31/04 United States Fixed Income Tactical All-Inclusive 1.26 5.33 7.48 9.66 980.0Clark Navigator Alternative 1/3/07 Global All Asset Tactical All-Inclusive 2.52 4.62 3.88 — 41.4Clark Navigator Glbl Bal ETF 20-80 Hdgd 1/3/05 Global Fixed Income Hybrid All-Inclusive 1.24 5.19 6.63 8.55 12.6ClearRock Diversified Aggressive Growth 10/1/09 Global All Asset Strategic All-Inclusive — — — — NR

ClearRock Diversified Conservative Gr 10/1/09 Global All Asset Strategic All-Inclusive — — — — NRClearRock Diversified Moderate Growth 10/1/09 Global All Asset Strategic All-Inclusive — — — — NRClearRock Diversified Income 10/3/11 Global Fixed Income Strategic All-Inclusive — — — — NRClothier Springs GMBW 12/31/10 Global Equity Strategic Broad Market 2.74 6.60 — — 1.5Clothier Springs Global Hedged Plus 9/30/11 Global All Asset Tactical All-Inclusive 4.54 7.65 — — 1.6

CLS ETF Risk Budget 60-Moderately Cnsrv 4/1/02 Global Balanced Hybrid All-Inclusive 4.82 9.65 8.16 6.00 61.8CLS Active Income 3/3/14 Global Balanced Hybrid All-Inclusive — — — — 1.4CLS High Quality Strategic 40 8/1/14 Global Balanced Strategic All-Inclusive — — — — 0.5CLS High Quality Strategic 60 4/1/14 Global Balanced Strategic All-Inclusive — — — — 0.3CLS ETF Risk Budget 100–Aggressive 3/30/01 Global Equity Hybrid All-Inclusive 6.43 15.67 11.59 7.17 12.6

CLS ETF Risk Budget 75–Moderate 12/31/01 Global Equity Hybrid All-Inclusive 4.93 11.71 9.54 6.20 114.4CLS ETF Risk Budget 80–Moderate 12/31/01 Global Equity Hybrid All-Inclusive 5.55 12.65 9.94 6.18 93.3CLS ETF Risk Budget 90-Moderately Agrsv 4/1/02 Global Equity Hybrid All-Inclusive 5.96 14.27 10.78 6.51 37.5CLS Thematic Growth Quad 5/1/14 Global Equity Tactical Sector — — — — 0.3CLS Active Growth 11/3/14 Global Equity Hybrid All-Inclusive — — — — 0.1

CLS Active Value 6/2/14 Global Equity Hybrid All-Inclusive — — — — 0.2CLS High Quality Strategic 80 5/1/14 Global Equity Strategic All-Inclusive — — — — 4.4CLS Inflation Quad 4/1/14 United States Alternative Tactical All-Inclusive — — — — 0.2CLS International Rotation Quad 7/1/14 International Equity Tactical Country/Region — — — — 0.1CLS Active Real 7/1/14 Global All Asset Hybrid Sector — — — — 0.3

CLS ETF Risk Budget 30–Conservative 7/1/11 Global Fixed Income Hybrid All-Inclusive 3.04 5.16 — — 2.0CLS Protection Quad 3/3/14 Global Alternative Tactical Broad Market — — — — 1.7CLS Active Alternative 8/1/14 Global Alternative Hybrid All-Inclusive — — — — 0.1CMG Opportunistic All Asset ETF Strategy 1/3/07 Global All Asset Tactical All-Inclusive 8.51 9.38 12.60 — 117.8CMG Tactical Rotation Strategy 2/1/10 Global All Asset Tactical Broad Market 7.33 12.62 — — 41.5

Confluence Aggressive Growth 8/1/08 United States Equity Tactical All-Inclusive 9.62 14.40 10.91 — 5.8Confluence Growth 8/1/08 United States All Asset Tactical All-Inclusive 14.55 14.38 11.03 — 40.7Confluence Income and Growth 12/1/08 United States All Asset Tactical All-Inclusive 13.13 10.33 9.59 — 27.8Confluence Growth and Income 9/2/08 United States All Asset Tactical All-Inclusive 13.62 12.24 10.15 — 77.4Congress Capital Risk Magd Assets Cmpst 12/2/13 Global All Asset Tactical Broad Market –1.72 — — — 90.1

Congress Cap Risk Mgd Satellites Cmpst 12/2/13 Global All Asset Tactical Broad Market –2.98 — — — 0.1Cookson Peirce All-Cap World Equity 9/30/03 Global Equity Tactical All-Inclusive 2.32 15.67 10.44 7.95 9.3Cougar Global MAR 6 12/30/99 Global All Asset Tactical All-Inclusive 7.95 3.66 3.46 7.31 292.6Cougar Global MAR 8 10/31/01 Global All Asset Tactical All-Inclusive 6.73 6.71 4.74 8.01 691.0Cougar Global MAR 12 12/30/11 Global All Asset Tactical All-Inclusive 3.54 10.35 — — 24.5






Return %




Assets USD Mil

Cougar Global MAR 10 3/1/11 Global All Asset Tactical All-Inclusive 5.30 10.01 — — 297.1Cumberland–US Equity ETF 12/31/99 United States Equity Tactical All-Inclusive 10.97 17.78 13.55 — 68.6Cumberland Total Return Balanced Port 12/31/08 United States Balanced Strategic All-Inclusive 10.68 13.80 11.57 — 38.9Cumberland–Intl Equity ETF 3/31/03 International Equity Tactical All-Inclusive –1.45 7.73 2.78 — 19.5Cumberland–Glbl Multi-Asset Eq ETF 12/30/05 Global All Asset Tactical All-Inclusive 5.23 11.85 7.58 — 2.8

Dorsey Wright Sys Reltv Strth Glb Macro 3/31/09 Global All Asset Tactical All-Inclusive 7.26 13.90 9.82 — 178.0DT Conservative Growth & Income 9/30/08 United States Balanced Strategic All-Inclusive 5.78 8.78 7.69 — 120.3DT Moderate Growth & Income 9/19/08 United States Balanced Strategic All-Inclusive 5.59 9.61 8.21 — 83.1DT Ultra-Conservative Growth & Income 3/31/09 United States Fixed Income Strategic All-Inclusive 4.96 5.97 5.72 — 20.3DT Intermediate Fixed Income 9/30/08 United States Fixed Income Strategic Broad Market 3.64 3.27 4.05 — 9.8

Dunn Warren Conservative ETF Portfolio 1/2/03 Global Balanced Tactical All-Inclusive 5.62 4.34 1.72 5.23 2.7Dunn Warren Moderate ETF Portfolio 1/2/03 Global Balanced Tactical All-Inclusive 4.05 4.00 0.95 5.75 2.1Dunn Warren Growth ETF Portfolio 1/2/04 Global Equity Tactical All-Inclusive 6.69 6.39 1.57 6.42 4.4Dunn Warren Aggressive ETF Portfolio 1/2/03 Global Equity Tactical All-Inclusive 7.85 6.27 1.40 7.16 1.0Efficient Market 20 Plus Years Consvt 5/1/06 United States Equity Hybrid All-Inclusive 5.43 13.58 11.48 — 19.1

Efficient Market 20 Plus Yrs Aggressive 11/1/04 United States Equity Hybrid All-Inclusive 5.88 15.55 11.72 7.77 22.0Efficient Market 20 Plus Years Moderate 1/3/05 United States Equity Hybrid All-Inclusive 5.86 14.80 12.22 7.78 15.5Efficient Market 2-5 Years Aggressive 4/1/05 United States Balanced Hybrid All-Inclusive 3.34 10.13 9.19 — 8.9Efficient Market 2-5 Years Conservative 4/3/06 United States Balanced Hybrid All-Inclusive 2.10 7.07 6.95 — 20.1Efficient Market 2-5 Years Moderate 1/3/06 United States Balanced Hybrid All-Inclusive 3.13 8.82 8.64 — 46.0

Efficient Market 6-10 Years Aggressive 9/1/05 United States Balanced Hybrid All-Inclusive 4.30 11.14 9.42 — 12.0Efficient Market 6-10 Years Conservative 7/1/05 United States Balanced Hybrid All-Inclusive 3.46 8.83 8.09 — 35.0Efficient Market 6-10 Years Moderate 11/1/04 United States Balanced Hybrid All-Inclusive 4.03 10.67 9.21 6.62 82.1Efficient Market 11-19 Years Aggressive 2/1/05 United States Balanced Hybrid All-Inclusive 4.78 13.21 11.09 — 23.5Efficient Market 11-19 Years Moderate 6/1/05 United States Balanced Hybrid All-Inclusive 4.37 12.46 10.58 — 48.2

Efficient Market 11-19 Years Consvt 4/3/06 United States Balanced Hybrid All-Inclusive 3.67 11.14 9.90 — 25.3Efficient Market Taking Income-Aggr 1/3/06 United States Fixed Income Hybrid All-Inclusive 2.55 6.66 6.71 — 11.2Efficient Market Taking Income-Consvt 4/3/06 United States Fixed Income Hybrid All-Inclusive 2.08 5.13 5.49 — 18.8Efficient Market Taking Income-Moderate 6/1/05 United States Fixed Income Hybrid All-Inclusive 2.32 6.24 6.35 — 19.9ELF ETF Strategy 2/28/03 Global Equity Tactical All-Inclusive 0.04 4.05 0.80 0.19 0.9

Evolution US Equity Absolute Return 8/1/13 United States Equity Tactical Sector — — — — 0.2FFCM Dynamic All Cap Sector Rotation 4/1/14 United States Equity Tactical Sector — — — — 260.0FFCM Dynamic Large Cap Sector Rotation 4/1/14 United States Equity Tactical Sector — — — — 0.3Financial Trust Flexible Income 11/30/01 Global Fixed Income Tactical All-Inclusive –1.56 0.99 2.32 3.62 5.9First Nat Chapoquoit Dynamic Conserv SMA 1/2/13 Global Equity Tactical All-Inclusive 23.04 — — — 0.6

First Nat. Chapoquoit Aggressive Dynamic 11/1/12 Global All Asset Tactical All-Inclusive 30.09 — — — 0.7First Nat Chapoquoit Dynamic Mod SMA 1/2/13 Global All Asset Tactical All-Inclusive 27.31 — — — 1.7FTA ETF Asset Allocation–Gr Portfolio 10/1/07 Global Equity Strategic All-Inclusive 7.52 16.27 12.97 — 15.4FTA ETF Asset Allc–Mod Gr Portfolio 1/3/07 Global Equity Strategic All-Inclusive 6.77 13.45 11.37 — 28.0First Trust FTA Ibbotson Mul Disc 40/60 5/1/09 United States Balanced Strategic Broad Market 5.14 8.66 7.73 — 14.3

First Trust Global Tactical Asset Alloc. 1/2/12 United States Balanced Tactical All-Inclusive 4.93 3.86 — — 0.1First Trust FTA Ibbotson Mul Disc 20/80 5/1/09 United States Fixed Income Strategic Broad Market 4.55 6.03 5.95 — 5.4Fortunatus Global ETF Opportunity 6/29/07 Global Balanced Tactical All-Inclusive 3.40 8.62 4.72 — 2.6Fortunatus Asset Allocation Growth 9/30/10 Global Equity Strategic All-Inclusive 9.31 15.11 — — 4.8Fortunatus Asset Allc Moderate Growth 6/30/10 Global Equity Strategic All-Inclusive 8.44 13.53 — — 33.6

Fortunatus International ETF Opportunity 2/29/08 International Balanced Tactical All-Inclusive –4.39 1.29 –1.49 — 0.4Forward Tactical Growth 8/3/09 United States Equity Hybrid Broad Market 4.16 9.57 5.98 — 1,037.7Foy SELECTOR Aggressive Growth 5/3/10 Global Equity Strategic All-Inclusive 15.01 14.63 — — 2.4Foy SELECTOR Growth 2/1/08 Global Equity Strategic All-Inclusive 11.87 13.88 — — 43.1Foy SELECTOR Balanced Growth 2/1/08 United States Balanced Strategic All-Inclusive 7.60 7.80 — — 26.4






Return %




Assets USD Mil

Foy SELECTOR Conservative Growth 5/1/08 United States Balanced Strategic All-Inclusive 10.07 11.19 — — 36.5Foy SELECTOR Income & Growth 2/1/11 United States Balanced Strategic All-Inclusive 7.47 7.26 — — 3.9Foy SELECTOR Income 2/1/08 United States Fixed Income Strategic All-Inclusive 6.58 6.12 — — 3.9F-Squared AlphaSector Moderate Index 7/2/12 Global Balanced Tactical Sector 1.86 — — — 444.6F-Squared AlphaSector Global Premium Idx 7/1/09 Global Equity Hybrid All-Inclusive 1.68 12.51 9.17 67.9

F-Squared AlphaSector Global Prm Cmpst 1/1/10 Global Equity Hybrid All-Inclusive –0.67 10.63 8.10 — 20.1F-Squared AlphaSector Global Select 9/2/13 Global Equity Hybrid All-Inclusive –2.44 — — — 897.5F-Squared Global Prem AlphaSector Index 3/15/11 Global Equity Hybrid All-Inclusive 0.50 12.06 — — 182.2F-Squared AlphaSector Growth Index 7/2/12 Global Equity Tactical All-Inclusive 0.93 — — — 407.7F-Squared AlphaSector Mod Growth Idx 7/2/12 Global Equity Tactical All-Inclusive 1.59 — — — 585.1

F-Squared AlphaSector Max Growth Index 7/2/12 Global Equity Tactical Sector –0.44 — — — 143.8F-Squared AS AlphaDEX Global Prem Idx 11/1/11 Global Equity Tactical Sector –0.54 12.62 — — 19.2F-Squared AS AlphaDEX Allocator Prm Idx 10/3/11 Global Equity Tactical All-Inclusive 0.57 10.04 — — 24.3F-Squared AlphaSector Premium Index 10/1/08 United States Equity Tactical Sector 9.86 19.02 15.08 — 1,691.1F-Squared AlphaSector AlphaDEX Pre Idx 9/1/11 United States Equity Tactical Sector 8.91 19.48 — — 309.6

F-Squared AlphaSector Rotation Index 10/1/08 United States Equity Tactical Sector 12.42 19.35 14.75 — 2,733.8F-Squared AlphaSector AlphaDEX Prm Cmpst 9/1/11 United States Equity Tactical Sector 5.11 17.46 — — 656.7F-Squared AlphaSector Premium Cmpst 10/1/08 United States Equity Tactical Sector 7.31 16.91 13.50 — 679.6F-Squared Dynamic AlphaSector Index 3/1/12 United States Equity Tactical Sector 4.00 — — 1,896.6F-Squared Premium AlphaSector Index 7/1/10 United States Equity Tactical Sector 8.16 17.60 — — 6,223.9

F-Squared Rotation AlphaSector Index 9/29/09 United States Equity Tactical Sector 9.59 18.73 14.40 — 988.6F-Squared AlphaSector Mod Consv Idx 7/2/12 United States Balanced Tactical All-Inclusive 3.56 — — — 139.1F-Squared AlphaSector Allocator Index 6/1/10 Global All Asset Hybrid All-Inclusive 3.99 9.96 — — 1,293.5F-Squared AlphaSector Allocator Pre Idx 1/1/10 Global All Asset Hybrid All-Inclusive 1.92 9.86 8.41 — 159.5F-Squared AlphaSector Allocator Prm Cpst 4/1/10 Global All Asset Hybrid All-Inclusive 0.33 8.44 — — 325.2

F-Squared AlphaSector Allocator Select 9/2/13 Global All Asset Hybrid All-Inclusive –0.60 — — — 1,245.5F-Squared Allocator Pre AlphaSector Idx 3/15/11 Global All Asset Hybrid All-Inclusive 2.16 9.58 — — 680.9Fund Architects Global ETF Portfolio 12/31/07 Global All Asset Tactical All-Inclusive 3.12 10.56 4.43 — 7.6FEG Equity Portfolio 8/1/05 Global Equity Strategic Broad Market 0.80 11.91 8.81 — 6.0Fusion Global Fusion Total Return 8/2/10 Global Balanced Strategic All-Inclusive 0.40 2.18 — — 0.7

Fusion Global Fusion Tactical Equity 10/2/06 Global Balanced Strategic All-Inclusive 6.10 5.94 5.15 — 1.0Fusion Global Fusion Core Equity 10/2/06 Global Equity Tactical All-Inclusive 7.88 — — — 8.0GLOBALT innovat ETF Stratg Balnc Wrap 12/31/03 Global Balanced Hybrid All-Inclusive 8.85 11.74 9.91 7.10 369.5GLOBALT innovat ETF Stratg Consrvt Wrap 3/31/04 Global Balanced Hybrid All-Inclusive 8.90 10.15 9.07 6.92 38.2GLOBALT innovat ETF Stratg Hig Gro Wrap 6/30/03 Global Equity Hybrid All-Inclusive 9.31 15.69 12.09 7.55 43.1

GLOBALT innovat ETF Stratg Gro Wrap 9/30/03 Global Equity Hybrid All-Inclusive 9.10 13.89 11.22 7.47 240.8Glovista Emerging Market Equities 1/4/99 International Equity Tactical Country/Region –5.92 5.43 2.87 18.96 575.6Good Harbor Tactical Core US 4/30/03 United States Equity Tactical Broad Market –20.04 3.11 7.75 9.61 3,556.5Good Harbor Tactical Core Intl Mod SMA 12/1/11 International Equity Tactical Broad Market — — — — 3.0Granite Tactical U.S. Interm FI Strategy 7/31/09 United States Fixed Income Strategic All-Inclusive –1.24 1.80 2.45 — 1.1

Granite Tactical Global Interm FI Strat 5/31/10 United States Fixed Income Strategic All-Inclusive –0.31 2.18 — 0.1Gratry International ETF Allocation 6/30/05 International Equity Strategic Country/Region –2.40 6.10 3.67 — 6.1Green Inv Mgt Strat Glbl Bal Tax Aware 8/2/10 Global Balanced Hybrid Broad Market 4.06 8.01 — — 3.0Green Inv Mgt Strategic Global Balanced 6/1/10 Global Balanced Hybrid Broad Market 3.91 7.66 — — 7.0Green Inv Mgt Guardian Bal Inc 7/1/96 Global Balanced Hybrid Broad Market 3.45 7.08 6.14 4.83 6.0

Green Inv Mgt Guardian Cnsv Bal 6/1/94 Global Balanced Hybrid Broad Market 2.81 7.98 6.56 4.18 9.0Green Inv Mgt Guardian Bal 7/2/90 Global Balanced Hybrid Broad Market 3.90 9.26 7.24 4.82 16.0Green Inv Mgt Guardian Bal Gr 7/1/94 Global Equity Hybrid Broad Market 3.21 9.78 7.51 4.38 17.0Green Inv Mgt Guardian Bal Mosaic 7/3/00 Global Equity Hybrid All-Inclusive 5.83 11.04 8.43 5.21 5.0Green Inv Mgt Guardian Stk 7/2/90 Global Equity Hybrid Broad Market 3.59 10.51 7.80 4.02 2.0






Return %




Assets USD Mil

Green Inv Mgt Guardian Alternatives 9/1/09 United States Alternative Tactical All-Inclusive –9.93 –9.34 –6.48 — 0.7Green Inv Mgt Guardian Mosaic 7/3/00 United States Equity Hybrid All-Inclusive 8.07 13.96 9.87 5.76 0.6Green Inv Mgt Guardian Sector 7/1/93 United States Equity Tactical Sector 12.84 18.06 12.01 5.85 0.4Green Inv Mgt Guardian Country 7/1/04 International Equity Tactical Country/Region –3.44 5.62 –0.71 8.57 3.0Green Inv Mgt Guardian Fix-Inc 7/1/91 United States Fixed Income Tactical All-Inclusive 1.63 4.45 4.21 4.47 26.0

Green Inv Mgt Guardian Tax Free 10/31/01 United States Fixed Income Hybrid Sector 6.96 2.94 4.03 3.90 0.3Hays Advisory Global ETF 1/31/06 Global Equity Tactical All-Inclusive 0.63 10.26 7.08 — 113.5Hays Advisory TMAC Equity Focused 5/31/10 Global Equity Tactical All-Inclusive 5.09 9.83 — — 209.9Hays Advisory International ETF 1/31/06 International Equity Tactical All-Inclusive –5.88 3.93 2.02 — 14.3Hays TMAC Portfolio 12/31/09 Global All Asset Tactical All-Inclusive 7.24 7.09 6.83 — 377.0

Hillswick S&P 500 Sector Selection 9/30/08 United States Equity Strategic Sector 16.20 21.17 15.73 — 115.0Holderness Vision Tactical Conservative 1/31/13 Global Balanced Strategic All-Inclusive –0.11 — — — 0.4Holderness Vision Tactical Balanced 7/2/12 Global Balanced Strategic All-Inclusive 1.23 — — — 1.3Holderness Vision Tactical Growth 8/1/11 Global Equity Strategic All-Inclusive –0.58 8.33 — — 3.1Holderness Vision Tactical Equity 11/30/11 Global Equity Strategic All-Inclusive 0.46 10.16 — — 0.5

Holderness Vision Tactical Stable 8/1/11 Global Fixed Income Strategic All-Inclusive –0.30 4.18 — — 0.0Horizon Moderate ETF Portfolio 1/2/09 Global Balanced Tactical All-Inclusive 6.78 11.18 10.30 — 80.7Horizon Conservative ETF Portfolio 1/1/09 Global Balanced Tactical All-Inclusive 6.06 8.08 7.93 — 28.9Horizon Focused ETF Portfolio 1/1/09 Global Equity Tactical All-Inclusive 7.68 15.54 13.42 — 489.8Horizon Growth ETF Portfolio 1/1/09 Global Equity Tactical All-Inclusive 7.28 13.66 12.07 — 38.5

Horizon Conservation Plus ETF Portfolio 1/1/09 Global Fixed Income Tactical All-Inclusive 5.46 5.72 6.41 — 37.6Ibbotson Strategic ETF Long Term Growth 4/29/05 Global Equity Strategic Broad Market — — — — 209.3Ibbotson Strategic ETF Moderate Growth 4/29/05 Global Equity Strategic Broad Market — — — — 454.4Ibbotson Strategic ETF Cons Gr & Inc 4/29/05 United States Balanced Strategic Broad Market — — — — 278.5Ibbotson Strategic ETF Moderate Gr & Inc 4/29/05 United States Balanced Strategic Broad Market — — — — 654.7

Ibbotson Strategic ETF Moderate Income 4/29/05 United States Fixed Income Strategic Broad Market — — — — 135.1Ibis Global Growth 4/2/12 Global Equity Tactical All-Inclusive 5.05 — — — 14.3Ibis Adaptive Allocation 4/2/12 Global All Asset Tactical All-Inclusive 3.29 — — — 8.2Ibis Protected Growth 4/2/12 Global All Asset Tactical All-Inclusive 5.12 — — — 60.1Ibis Global Balanced Portfolio 4/2/12 Global All Asset Tactical All-Inclusive 7.33 — — — 29.9

Ibis Global Preservation 4/2/12 Global Fixed Income Tactical All-Inclusive 10.93 — — — 28.5IQ Hedge Multi-Strategy SMA Portfolio 3/31/09 Global Alternative Strategic Broad Market 4.19 4.96 3.26 — 11.4Innealta Global All Asset Conservative 12/31/09 Global Balanced Hybrid Broad Market 2.65 6.24 7.44 — 77.7Innealta Global All Asset Moderate 12/31/09 Global Balanced Hybrid Broad Market 2.27 7.68 7.80 — 139.9Innealta Global All Asset Opp Consrv 12/31/09 Global Balanced Hybrid Broad Market 6.53 7.93 9.28 — 33.0

Innealta Global All Asset Opp Moderate 12/31/09 Global Balanced Hybrid Broad Market 6.36 9.58 9.89 — 63.4Innealta Global All Asset Growth 12/31/09 Global Equity Hybrid Broad Market 1.41 8.60 7.73 — 68.7Innealta Global All Asset Opp Growth 12/31/09 Global Equity Hybrid Broad Market 5.06 10.26 9.86 — 33.3Innealta Tac ETF Sector Rotation Core 12/31/09 United States Equity Tactical Sector 4.58 3.90 5.30 — 740.1Innealta Tac ETF Sector Rotation Opp 12/31/09 United States Equity Tactical Sector 4.46 3.82 5.92 — 86.0

Innealta Tac ETF Country Rotation 12/31/09 International Equity Tactical Country/Region 2.11 4.28 5.90 — 881.8Innealta Fixed Income 12/31/09 Global Fixed Income Tactical All-Inclusive 0.68 3.30 4.75 — 642.4iCM–Mgd ETF–Conservative Cap App 1/3/05 Global Balanced Strategic Broad Market 3.01 10.39 8.76 6.62 147.0iCM–Mgd ETF–Risk Controlled Growth 1/3/05 Global Balanced Strategic Broad Market 3.16 9.31 8.10 6.29 58.2iCM–Mgd ETF–Balanced 1/3/05 Global Balanced Strategic Broad Market 3.69 8.47 7.59 6.21 27.9

iCM–Mgd ETF–Defensive Growth 1/3/05 Global Balanced Strategic Broad Market 5.46 8.12 7.48 6.25 20.4iCM–Mgd ETF–Equity Completion 1/3/05 Global Equity Strategic Broad Market 6.31 21.26 15.97 9.82 7.6iCM–Mgd ETF–Moderate Cap App 1/3/05 Global Equity Strategic Broad Market 2.60 11.20 9.16 6.30 33.6iCM–Mgd ETF–Aggressive Cap App 1/3/05 Global Equity Strategic Broad Market 1.98 12.01 9.47 6.52 9.2iCM–Mgd ETF–Inc & Inflation Hdg 1/3/05 Global Fixed Income Strategic Broad Market 5.11 6.21 6.38 6.13 17.7






Return %




Assets USD Mil

iCM–Mgd ETF–Cap Pres & Inf Hdg 1/3/05 Global Fixed Income Strategic Broad Market 5.33 5.06 5.70 5.98 4.7IRON Global Equity Plus 2/1/11 Global Equity Hybrid Broad Market 0.16 10.25 — — 3.6IRON S&P 500 Equity Plus 5/2/11 United States Equity Strategic Broad Market 12.27 15.30 — — NRiSectors Global Conservative Allocation 5/1/09 Global Balanced Strategic Broad Market 1.09 6.62 6.81 — 2.0iSectors Global Balanced Allocation 4/1/09 Global Balanced Strategic Broad Market 3.33 9.44 8.51 — 5.8

iSectors Global Equity Allocation 12/1/09 Global Equity Strategic Broad Market 7.50 14.84 11.73 — 8.1iSectors Global Growth Allocation 1/1/10 Global Equity Strategic Broad Market 5.45 12.20 10.21 — 5.3iSectors Domestic Equity Allocation 7/1/10 United States Equity Strategic Broad Market 13.32 18.35 0.00 — 24.6iSectors Post-MPT Growth Allocation 2/1/05 United States Equity Tactical Sector 15.57 14.95 14.05 — 48.0iSectors Post-MPT Moderate Allocation 3/3/08 United States Balanced Hybrid Sector 11.83 11.00 11.17 — 20.0

iSectors Tactical Intl Allocation 10/1/09 International Equity Tactical All-Inclusive –4.04 2.86 0.63 — 0.6iSectors Capital Preservation Allocation 1/1/10 United States Fixed Income Strategic All-Inclusive –0.52 2.23 3.33 — 18.8iSectors Endowment Allocation 1/1/09 Global All Asset Strategic All-Inclusive 1.25 6.72 5.66 — 5.6iSectors Inflation Protected Allocation 10/1/09 Global All Asset Strategic All-Inclusive –4.89 –2.31 2.08 — 4.6iSectors Tactical Glbl Bal Allocation 12/1/10 Global All Asset Tactical Broad Market –0.35 1.12 0.00 — 3.3

iSectors Global Fixed Income Allocation 4/1/09 Global Fixed Income Strategic All-Inclusive –1.25 2.60 4.20 — 6.9iSectors Liquid Alternatives Allocation 4/1/09 Global Alternative Strategic All-Inclusive –0.10 4.20 3.61 — 3.6iSectors Precious Metals Allocation 11/1/10 Global Alternative Strategic Sector –7.16 –8.87 0.00 — 2.3JAForlines Global Tactical Allocation 1/2/04 Global All Asset Tactical All-Inclusive 5.02 8.97 6.11 6.00 246.4Julex Capital Mngt Dynamic Income 10/1/12 Global Balanced Tactical Broad Market 6.59 — — — 3.4

Julex Capital Mngt Dynamic Real Asset 4/1/13 Global Balanced Tactical All-Inclusive 1.20 — — — 0.1Julex Dynamic Sector Strategy 11/1/12 United States Equity Tactical All-Inclusive 10.72 — — — 36.5Julex Capital Mngt Dynamic Emerging Mkt 12/3/12 International Equity Tactical Country/Region –8.40 — — — 1.9Julex Capital Mgmt Dynamic Diversified 2/1/13 Global All Asset Tactical All-Inclusive 3.97 — — — 0.1Julex Capital Mngt Dynamic Multi-Asset 6/3/13 Global All Asset Tactical Broad Market 5.52 — — — 16.9

KeystoneWealthWorld FocusedAlphaRotation 1/1/14 Global Balanced Tactical All-Inclusive 0.58 — — — 0.5Keystone Wealth Glb Equity AlphaRotation 1/1/13 Global Equity Tactical Broad Market 17.24 — — — 57.7Keystone Wealth MultiAsset AlphaRotation 8/1/12 Global All Asset Strategic All-Inclusive 10.19 — — — 0.4Keystone Wealth Glb Bond AlphaRotation 1/1/14 Global Fixed Income Tactical All-Inclusive 11.80 — — — 0.2Keystone Wealth Commodity AlphaRotation 8/1/12 Global Alternative Tactical Broad Market –4.17 — — — 0.2

Keystone Wealth Glb Income AlphaRotation 11/1/13 United States All Asset Tactical All-Inclusive 5.74 — — — 0.4Ladenburg LAMP ETF Income and Growth 6/1/05 Global Balanced Strategic Broad Market 5.22 7.35 6.62 — 81.2Ladenburg LAMP ETF Growth and Income 2/1/05 Global Balanced Strategic Broad Market 6.47 10.08 8.32 — 163.8Ladenburg LAMP ETF Growth 3/1/05 Global Balanced Strategic Broad Market 7.09 11.70 9.10 — 71.7Ladenburg LAMP ETF Aggressive Growth 3/1/05 Global Equity Strategic Broad Market 8.03 13.75 10.36 — 24.0

Ladenburg LAMP ETF Income 12/3/07 Global Fixed Income Strategic Broad Market 3.81 5.12 5.39 — 21.4Ladenburg LAMP Specialty International 6/2/08 International Balanced Strategic All-Inclusive –0.70 4.41 2.97 — 1.0Laffer Investments Glbl Equity Composite 9/1/00 International Equity Tactical Country/Region 7.30 14.29 8.04 8.03 48.0Laffer Investments Fixed Income ETF 10/2/06 United States Fixed Income Tactical All-Inclusive 3.38 3.00 4.52 — 2.5Lazard Cap Alloc -Gbl Div 40/60 (TX) 2/1/07 Global Balanced Hybrid All-Inclusive 2.84 7.00 6.05 — Incl.

Lazard Cap Alloc -Gbl Div 60/40 (TX) 4/1/05 Global Balanced Hybrid All-Inclusive 2.91 8.52 6.74 — Incl.Lazard Cap Alloc -Gbl Div 60/40 (TE) 3/1/06 Global Balanced Hybrid All-Inclusive 3.65 8.81 7.02 — Incl.Lazard Cap Alloc -Gbl Div 75/25 (TX) 4/1/05 Global Equity Hybrid All-Inclusive 2.79 9.45 7.19 — Incl.Lazard Cap Alloc -Gbl Div 75/25 (TE) 11/1/05 Global Equity Hybrid All-Inclusive 3.07 9.62 7.40 — Incl.Lazard Cap Alloc -Gbl Eq 1/3/06 Global Equity Hybrid All-Inclusive 2.66 10.75 7.70 — 190.7

Lazard Cap Alloc -Gbl Non-Traditional 9/1/05 Global All Asset Hybrid All-Inclusive 5.45 9.64 8.31 — 263.9Lazard Cap Alloc -Gbl Div 25/75 (TX) 3/2/09 Global Fixed Income Hybrid All-Inclusive 3.11 5.81 — — Incl.Lazard Cap Alloc -Gbl Div 25/75 (TE) 7/1/09 Global Fixed Income Hybrid All-Inclusive 4.07 6.25 6.05 — 416.9Lazard Cap Alloc -Gbl FI (TE) 4/1/09 Global Fixed Income Hybrid All-Inclusive 4.68 — — — 0.4Lockwood Asset Allocation Portfolios II 10/1/03 United States Balanced Strategic Broad Market 5.19 7.43 6.93 5.11 113.1






Return %




Assets USD Mil

Lockwood Asset Allocation Portfolios I 12/31/03 United States Fixed Income Strategic Broad Market 4.97 4.97 5.35 4.66 47.7Longview Capital Dynamic Large Cap SMA 7/12/12 United States Equity Tactical All-Inclusive — — — — 12.0Longview Capital Fixed Income 9/30/11 United States Fixed Income Tactical All-Inclusive — — — — 39.0Longview Capital Global Allocation 7/1/08 Global All Asset Tactical All-Inclusive — — — — 57.0Longview Capital Tactical Commodity 8/3/09 Global Alternative Tactical All-Inclusive — — — — 2.4

Madison ETF Growth 1/1/10 United States Equity Strategic All-Inclusive 7.49 12.77 — — 47.7Madison ETF Aggressive 1/1/10 United States Equity Strategic All-Inclusive 7.98 14.70 — — 5.8Madison ETF Moderate 1/1/10 United States Balanced Strategic All-Inclusive 6.17 8.41 — — 105.3Madison ETF Moderate Growth 1/1/10 United States Balanced Strategic All-Inclusive 6.88 10.43 — — 88.0Madison ETF Income Advantage 1/1/10 United States Fixed Income Strategic Broad Market 3.62 2.58 — — 3.9

Madison ETF Capital Preservation 1/1/10 United States Fixed Income Strategic Broad Market 4.26 3.80 — — 9.1Madison ETF Conservative 1/1/10 United States Fixed Income Strategic Broad Market 4.99 6.04 — — 65.3Main Management All Asset Global Balance 11/8/06 Global Balanced Strategic All-Inclusive 6.97 11.24 8.79 — 120.5Main Management Active–US Large Cap 9/30/02 United States Equity Tactical Sector 15.05 20.60 14.49 9.24 185.1Main Management International–Non US 12/28/07 International Equity Tactical Country/Region –1.93 8.80 3.90 — 18.3

Main Management BuyWrite Hedged Equity 9/3/04 Global Alternative Hybrid Broad Market 5.53 8.70 8.41 6.40 176.9MCM Apto 9/29/06 Global All Asset Tactical All-Inclusive 8.40 15.21 9.95 — 2.4Maxim Intl Lifestyle–Growth 1/3/12 Global Balanced Strategic All-Inclusive 1.93 8.73 — — 14.9Maxim Intl Lifestyle–Balanced 1/3/12 Global Balanced Strategic All-Inclusive 1.38 7.37 — — 10.8Maxim Intl Lifestyle–Aggressive 1/3/12 Global Equity Strategic All-Inclusive 2.41 10.89 — — 2.0

Members Trust Growth ETF 1/3/06 Global Equity Strategic Broad Market 7.07 15.69 12.11 — 28.5Members Trust Moderate Growth ETF 1/3/06 Global Equity Strategic Broad Market 6.87 12.80 10.25 — 124.5Members Trust Balanced ETF 1/3/06 United States Balanced Strategic Broad Market 6.06 9.65 8.18 — 295.6Members Trust Conservative ETF 5/1/06 United States Balanced Strategic Broad Market 5.43 8.15 7.45 — 460.7Members Trust Income ETF 1/3/06 United States Fixed Income Strategic Broad Market 4.76 5.83 5.85 — 272.4

Mench Aggressive Equity 10/2/95 United States Equity Tactical All-Inclusive — — — — NRMFI Balanced Sector 1/4/99 Global All Asset Hybrid Broad Market 4.38 12.42 10.21 7.59 124.0MFI Global Sector 1/4/99 Global All Asset Hybrid Broad Market 5.61 15.08 11.22 7.32 60.0MFI Capital Preservation & Income Sector 1/4/99 Global All Asset Hybrid Broad Market 5.81 11.06 9.63 6.81 26.9Metropolitan Tactical Growth 9/30/05 Global Equity Tactical All-Inclusive 1.81 0.87 6.11 — 11.4

Metropolitan Tactical Moderate 9/30/05 Global Equity Tactical All-Inclusive 2.20 0.74 5.29 — 13.3Ibbotson A/P 40/60 Tax Dfd-Pershing 8/2/10 Global Balanced Strategic Broad Market 4.14 8.58 — — 1.3MIS Contrarian & Income ETF 12/31/10 Global Balanced Hybrid All-Inclusive 4.93 8.20 — — 22.5Ibbotson A/P 40/60 Tax Dfd-Schwab 8/2/10 Global Balanced Strategic Broad Market 4.05 8.32 — — 1.8Ibbotson A/P 40/60 Tax Dfd-TDA 8/2/10 Global Balanced Strategic Broad Market 4.27 8.56 — — 1.2

Ibbotson Momentum 40/60 12/29/10 Global Balanced Hybrid Broad Market 5.91 8.60 — — 9.6Ibbotson Momentum 60/40 12/29/10 Global Balanced Hybrid Broad Market 7.37 11.71 — — 27.0MIS Aggressive Growth ETF 10/1/07 Global Equity Hybrid All-Inclusive –0.28 12.33 9.57 — 83.4MIS Growth ETF 10/1/07 Global Equity Hybrid All-Inclusive –0.12 10.84 8.88 — 365.5MIS Contrarian & Growth ETF 12/31/10 Global Equity Hybrid All-Inclusive 7.23 15.20 — — 29.8

MIS Contrarian ETF 12/31/10 Global Equity Hybrid All-Inclusive 8.28 14.95 — — 15.4Ibbotson Momentum 80/20 12/29/10 Global Equity Hybrid Broad Market 7.08 14.12 — — 16.5Ibbotson Momentum 95/5 12/29/10 Global Equity Hybrid Broad Market 7.09 15.02 — — 3.0MIS Income & Growth ETF 10/1/07 United States Balanced Hybrid All-Inclusive 0.64 6.92 6.38 — 439.4MIS Moderate Growth ETF 10/1/07 United States Balanced Hybrid All-Inclusive 0.76 9.10 7.69 — 337.4

MIS Conservative ETF 10/1/07 United States Fixed Income Hybrid All-Inclusive 0.84 5.19 5.41 — 102.7Ibbotson Momentum 20/80 12/29/10 United States Fixed Income Hybrid Broad Market 4.05 5.15 — — 4.3Ibbotson Global Tactical 12/29/10 Global All Asset Tactical Broad Market 5.08 12.47 — — 0.3Ibbotson A/P 20/80 Tax Dfd-Fidelity 8/2/10 Global Fixed Income Strategic Broad Market 3.20 5.32 — — 0.0Ibbotson A/P 20/80 Tax Dfd-Pershing 8/2/10 Global Fixed Income Strategic Broad Market 3.20 5.64 — — 0.0






Return %




Assets USD Mil

Ibbotson A/P 20/80 Tax Dfd-Schwab 8/2/10 Global Fixed Income Strategic Broad Market 3.12 5.22 — — 0.5Ibbotson A/P 20/80 Tax Dfd-TDA 8/2/10 Global Fixed Income Strategic Broad Market 3.37 5.46 — — 0.1MRM Dynamic Overlay Strategy 1/2/08 United States Equity Tactical All-Inclusive — — — — 73.0MRM Dynamic International Strategy 1/2/08 International Equity Tactical Country/Region — — — — 1.2Nav Tactical Glbl Alloc Plus 2/1/13 Global Equity Strategic All-Inclusive 6.59 — — — 1.0

Nav Tactical Glbl Alloc Pl ft ADEX 2/1/13 Global Equity Strategic All-Inclusive 6.70 — — — 3.4RevenueShares Strategic Allocation 7/1/11 United States Equity Tactical Broad Market 3.91 14.95 — — 1.0Nav Tactical US Equity Sector Plus 2/1/13 United States Equity Strategic Sector 14.76 — — — 1.4Nav Tactical US Equity Sector Pl ft ADEX 2/1/13 United States Equity Strategic Sector 15.10 — — — 9.1Navellier Dynamic Libertas 10 7/1/13 United States All Asset Tactical All-Inclusive 9.60 — — — 1.1

Navellier Dynamic Libertas 20 7/1/13 United States All Asset Tactical All-Inclusive 8.41 — — — 3.5Navellier Dynamic Libertas 30 7/1/13 United States All Asset Tactical All-Inclusive 10.72 — — — 12.0Navellier Dynamic Sentrum 10 7/1/13 United States All Asset Tactical All-Inclusive 9.42 — — — 0.1Navellier Dynamic Sentrum 20 7/1/13 United States All Asset Tactical All-Inclusive 9.78 — — — 0.1Navellier Dynamic Sentrum 30 7/1/13 United States All Asset Tactical All-Inclusive 10.52 — — — 0.1

New Frontier Moderate Conservative40/60 10/29/04 Global Balanced Strategic Broad Market 8.22 8.21 8.60 6.17 107.8New Frontier Moderate 60/40 10/29/04 Global Balanced Strategic Broad Market 8.24 10.96 9.89 6.65 425.8New Frontier Moderate 60/40 Tax 10/29/04 Global Balanced Strategic Broad Market 7.69 11.03 8.94 6.17 131.6New Frontier Aggressive Growth 100/0 10/29/04 Global Equity Strategic Broad Market 4.60 14.46 10.06 6.53 39.5New Frontier Aggressive Growth100/0Tax 10/29/04 Global Equity Strategic Broad Market 5.02 14.54 10.21 6.77 26.4

New Frontier Moderate Growth 75/25 10/29/04 Global Equity Strategic Broad Market 7.28 12.63 10.25 6.68 329.7New Frontier Moderate Growth 75/25 Tax 10/29/04 Global Equity Strategic Broad Market 6.92 12.63 9.62 6.43 103.6New Frontier Growth 90/10 10/29/04 Global Equity Strategic Broad Market 5.62 13.74 10.04 6.65 130.3New Frontier Growth 90/10 Tax Sensitive 10/29/04 Global Equity Strategic Broad Market 5.69 13.92 9.96 6.59 52.7New Frontier Conservative 20/80 10/29/04 Global Fixed Income Strategic Broad Market 6.01 4.70 5.85 4.86 15.8

New Frontier Conservative 20/80 Tax 10/29/04 Global Fixed Income Strategic Broad Market 6.24 5.44 5.57 4.34 4.9New Path Actively Mgd Allc Strat (AMAS) 4/2/07 Global Equity Tactical Broad Market 2.07 6.79 5.60 — 12.9Newfound Risk Managed Glb Sectors Cmpst 11/27/13 Global Equity Tactical Sector 4.28 — — — 73.6Newfound Dynamic Alternatives Cmpst 11/27/13 United States Alternative Hybrid Broad Market 3.18 — — — 0.3Newfound Risk Mgd Small-Cap Sec Cmpst 11/27/13 United States Equity Tactical Sector 2.83 — — — 3.7

Newfound Multi Asset Income Cmpst 11/27/13 Global All Asset Tactical Broad Market 5.42 — — — 12.5Newfound Target Excess Yield 3% Cmpst 12/31/13 Global Fixed Income Tactical Broad Market 0.99 — — — 0.1Natixis / AIA Mgd ETF–Inc. Cons 6/30/06 Global Balanced Strategic Broad Market 7.22 7.74 7.87 — 3.1Natixis / AIA Mgd ETF–Conservative 6/30/06 Global Balanced Strategic Broad Market 5.15 8.49 7.80 — 4.3Natixis / AIA Mgd ETF–Moderate Strat 1/3/06 Global Balanced Strategic Broad Market 5.72 11.65 9.86 — 8.6

Natixis / AIA Mgd ETF–Glob Equity 3/31/06 Global Equity Strategic Broad Market 4.35 15.31 11.04 — 2.2Natixis / AIA Mgd ETF–China 4/28/06 International Equity Strategic Country/Region –0.08 7.97 4.21 — 1.8Natixis / AIA Mgd ETF–Aggressive 11/2/05 Global All Asset Strategic Broad Market 3.42 12.09 9.72 — 1.6Niemann Global Opportunity (Equity Plus) 11/12/96 Global Equity Tactical Sector 4.97 13.67 4.43 6.83 99.7Niemann Risk Managed 9/30/96 United States Equity Tactical Sector 10.31 19.52 8.68 7.12 57.6

Niemann Dynamic 2/20/97 United States Equity Tactical Sector 7.01 22.16 13.69 8.49 41.7Niemann Dynamic Sector 2/20/08 United States Equity Tactical Sector 2.48 18.55 12.37 — 4.7Niemann Risk Managed Sector 1/24/96 United States Equity Tactical Sector 5.89 14.42 6.69 8.55 44.9Niemann Dynamic International 1/22/08 International Equity Tactical All-Inclusive –6.25 7.83 0.57 — 0.7Niemann Tactical Global Bond 1/25/11 Global Fixed Income Tactical All-Inclusive 9.36 4.65 — 0.5

NorthCoast CAN SLIM Balanced 6/1/09 Global Balanced Tactical Sector 7.53 9.42 8.84 — 65.0NorthCoast Tactical ETF 2/1/13 Global All Asset Tactical All-Inclusive 2.77 — — — 234.0Northwest Global Trends-Balanced SMA 6/1/11 Global All Asset Tactical Broad Market 2.69 6.21 — — 6.3Nottingham Global Balanced 12/31/04 Global Balanced Hybrid All-Inclusive 5.81 8.44 7.51 4.51 166.3Nottingham Global All Asset 12/31/04 Global Balanced Hybrid All-Inclusive 6.24 10.28 8.66 4.91 357.8






Return %




Assets USD Mil

Nottingham Global Income 12/31/04 Global Balanced Strategic Broad Market 4.56 3.36 3.44 2.68 261.2Nottingham Global Equity 12/31/04 Global Equity Hybrid All-Inclusive 5.02 12.60 9.28 4.65 76.3Nottingham Real Return Strategy 12/2/13 Global All Asset Tactical All-Inclusive 1.59 — — — 1.0Nuveen Intelligent Risk–Growth 6/1/09 Global All Asset Tactical Broad Market –5.78 4.15 6.03 — 4.1Nuveen Intelligent Risk–Conservative 6/1/09 Global All Asset Tactical Broad Market 0.37 2.28 5.36 — 6.7

Nuveen Intelligent Risk–Moderate 6/1/09 Global All Asset Tactical Broad Market –3.58 1.47 5.99 — 6.7One Cap Wealth Preservation & Gr 40/60 11/3/08 Global Balanced Strategic All-Inclusive 4.08 7.80 6.91 — 8.4One Capital Balanced Wealth Appr 60/40 4/1/05 Global Balanced Strategic All-Inclusive 4.81 10.11 8.18 — 27.8One Capital Wealth Appreciation 80/20 1/30/04 Global Equity Strategic All-Inclusive 5.73 12.73 9.14 4.94 17.2One Capital Agg Wealth Appreciation 5/3/10 Global Equity Strategic All-Inclusive 6.63 15.55 — — 5.3

One Cap Wealth Preservation & Inc 20/80 2/2/09 Global Fixed Income Strategic All-Inclusive 3.22 4.64 5.66 — 2.1Optimus Global Rotation 6/3/13 United States Equity Tactical Broad Market 3.85 — — — 0.4Optimus U.S. Rotation 12/2/13 United States Equity Tactical Broad Market –3.79 — — — 0.0Optimus High Yield Bull/Bear 3/1/11 United States Fixed Income Tactical Sector 0.52 4.44 — — 0.1Optimus Global Advantage All Asset 3/30/12 Global All Asset Tactical Broad Market 4.68 — — — 0.0

Optimus Eight Baskets Rotation 12/3/12 Global All Asset Hybrid Broad Market 7.15 — — — 0.0Optimus Global Long/Short 8/1/13 Global All Asset Tactical All-Inclusive 4.12 — — — 6.2Optimus Bond Allocation Bull/Bear 12/30/11 Global Fixed Income Hybrid All-Inclusive 1.51 3.40 — — 0.0Palladiem Balanced Growth Core Strategy 1/2/12 Global Balanced Tactical All-Inclusive 4.40 6.92 — — 11.5Palladiem Diversified Growth Strategy 1/2/12 Global Equity Tactical All-Inclusive 5.69 8.62 — — 19.6

Palladiem Sustainable Income Strategy 1/2/12 United States Fixed Income Tactical All-Inclusive 4.68 5.56 — — 1.9Palladiem Defensive Core Strategy 1/2/12 United States All Asset Strategic Broad Market 1.20 3.03 — — 2.4Parasol Globally Enh Mgmt Strat (GEMS) 3/1/07 Global All Asset Tactical All-Inclusive 5.86 9.43 5.93 — 100.0PCM Tactical Growth and Income 10/3/11 Global Balanced Tactical Broad Market 4.55 5.88 — — 31.0PCM Income Opportunity Fund 10/3/11 Global Fixed Income Strategic All-Inclusive 4.10 2.42 — — 58.0

diverseFOLIOS® Mod Conservative 10/1/10 Global Balanced Strategic All-Inclusive — — — — NRdiverseFOLIOS® Conservative 10/1/10 Global Balanced Strategic All-Inclusive — — — — NRdiverseFOLIOS® Moderate 10/1/10 Global Balanced Strategic All-Inclusive — — — — NRdiverseFOLIOS® Mod Aggressive 10/1/10 Global Equity Strategic All-Inclusive — — — — NRdiverseFOLIOS® Aggressive 10/1/10 Global Equity Strategic All-Inclusive — — — — NR

PDAM GLOBAL ALPHA 11/1/05 Global All Asset Hybrid All-Inclusive 1.58 8.80 2.31 — 1.7PVG Dynamic Core ETF 9/30/02 United States Equity Tactical All-Inclusive 6.23 9.36 5.57 5.17 7.2QA Global Balanced Flex–Conservative 1/1/10 Global Balanced Hybrid All-Inclusive 5.30 7.20 6.82 — 15.0QA Global Balanced Flex–Moderate 1/1/10 Global Balanced Hybrid All-Inclusive 5.47 9.27 8.13 — 67.1QA Global Balanced 60/40 11/1/00 Global Balanced Hybrid All-Inclusive 5.52 10.82 9.03 6.76 15.7

QA Global Balanced 40/60 11/3/03 Global Balanced Hybrid All-Inclusive 5.31 8.22 7.37 5.86 1.5QA Global Balanced Flex–Growth 1/1/10 Global Equity Hybrid All-Inclusive 5.71 11.27 9.40 — 70.5QA Global Equity Flex 1/1/10 Global Equity Tactical All-Inclusive 6.20 13.11 10.57 — 97.2QA Global Style 9/4/07 Global Equity Tactical Broad Market 10.26 18.26 15.18 — 4.7QA Global Equity 9/1/00 Global Equity Tactical All-Inclusive 6.23 15.61 11.95 8.01 40.7

QA Global Balanced 80/20 10/1/03 Global Equity Hybrid All-Inclusive 5.88 13.33 10.60 7.49 14.5QA Tactical Bond 1/1/10 United States Fixed Income Tactical All-Inclusive 4.66 3.03 3.90 — 5.2QA Tactical All Market 4/1/09 Global All Asset Tactical All-Inclusive 4.65 3.82 5.32 — 72.8Raylor Strategic World Income SMA 4/3/06 Global Balanced Strategic All-Inclusive 4.58 9.36 7.41 — 24.0Raylor Strategic World Opportunity SMA 1/3/07 Global Equity Strategic Country/Region –2.97 8.88 5.30 — 5.0

Raylor Strategic World Equity SMA 1/3/06 Global Equity Strategic All-Inclusive 6.04 14.14 9.83 — 22.0Raylor Strategic US Equity SMA 1/3/06 United States Equity Strategic All-Inclusive 12.88 19.42 15.36 — 1.0Richard Bernstein Global Conservative 7/1/10 Global Balanced Tactical All-Inclusive — — — — 6.3Richard Bernstein Global Moderate 7/1/10 Global Balanced Tactical All-Inclusive — — — — 191.0Richard Bernstein Global Aggressive 7/1/10 Global Equity Tactical All-Inclusive — — — — 112.2






Return %




Assets USD Mil

Richard Bernstein Risk-Balanced Global 7/1/10 Global Equity Tactical All-Inclusive — — — — 97.1RPG AlphaSector Core Domestic Equity 11/1/11 United States Equity Tactical Sector 6.76 16.90 — — 101.0RPG AlphaSector Premium FT 3/1/12 United States Equity Tactical Sector 4.01 — — — 26.2RiverFront Conservative Growth 10/1/03 Global Balanced Hybrid All-Inclusive 5.23 9.85 7.65 6.17 97.7RiverFront Moderate Growth and Income 10/1/03 Global Balanced Hybrid All-Inclusive 5.25 9.90 7.99 6.12 2,048.1

RiverFront ETF Moderate Growth & Income 4/3/06 Global Balanced Hybrid All-Inclusive 4.97 10.33 7.64 — 183.9RiverFront Conservative Income Builder 5/1/09 Global Balanced Hybrid All-Inclusive 3.25 7.23 6.37 — 166.5RiverFront ETF Conservative Income Bldr 10/1/12 Global Balanced Hybrid All-Inclusive 3.01 — — — 15.0RiverFront Global Growth 10/1/03 Global Equity Hybrid All-Inclusive 2.51 13.78 8.84 6.29 522.3RiverFront Global Allocation 10/1/03 Global Equity Hybrid All-Inclusive 2.87 12.47 8.54 6.31 649.4

RiverFront ETF Global Growth 4/3/06 Global Equity Hybrid All-Inclusive 2.29 13.87 8.90 — 53.7RiverFront ETF Global Allocation 4/3/06 Global Equity Hybrid All-Inclusive 2.71 12.58 8.47 — 125.0RiverFront Dynamic Equity Income 5/1/09 Global Equity Hybrid All-Inclusive 4.16 11.82 9.50 — 861.0RiverFront ETF Dynamic Equity Income 10/1/12 Global Equity Hybrid All-Inclusive 3.62 — — — 78.5Robinson Market Opportunity 12/31/03 United States Equity Tactical Broad Market 12.68 13.25 12.01 7.48 4.1

RIM iFolios Growth 8/31/12 Global Balanced Strategic All-Inclusive 3.29 — — — 61.6SRCM Income & Preservation Portfolio 1/2/04 Global Balanced Hybrid Broad Market 1.94 6.08 6.27 4.74 1.5SRCM Growth & Income Blend Portfolio 1/2/04 Global Balanced Hybrid Broad Market 2.02 8.10 7.79 5.54 3.9SRCM Growth & Income Portfolio 1/2/04 Global Balanced Hybrid Broad Market 1.73 6.98 6.84 4.73 2.9SRCM Aggressive Growth Portfolio 1/2/04 Global Equity Hybrid Broad Market 1.13 10.51 8.99 6.01 0.0

SRCM Growth Portfolio 1/2/04 Global Equity Hybrid Broad Market 1.32 9.25 8.37 5.59 0.2SAM Conservative Global Growth 12/31/99 Global Balanced Strategic All-Inclusive 4.17 8.35 7.76 6.70 0.4SAM Moderate Global Growth 12/31/99 Global Balanced Strategic All-Inclusive 5.04 9.31 8.38 7.08 17.3SAM Aggressive Global Growth 12/31/99 Global Equity Strategic All-Inclusive 4.70 10.66 8.43 7.26 3.5Sage Tactical ETF Moderate 12/31/07 Global Balanced Tactical Broad Market 6.61 7.06 7.26 — 188.6

Sage Target Date 2025 Fund 12/31/08 Global Balanced Hybrid Broad Market 7.04 10.19 8.79 — 250.8Sage Target Date 2015 Fund 12/31/08 Global Balanced Hybrid Broad Market 6.18 7.72 7.43 — 129.7Sage Target Date Retirement Income Fund 12/31/08 Global Balanced Hybrid Broad Market 5.72 6.39 6.55 — 46.0Sage Tactical ETF Moderate Growth 7/31/09 Global Balanced Tactical Broad Market 7.16 9.55 8.54 — 421.7Sage Target Date 2035 Fund 12/31/08 Global Equity Hybrid Broad Market 7.33 11.88 9.62 — 139.8

Sage Target Date 2045 Fund 12/31/08 Global Equity Hybrid Broad Market 7.67 12.89 10.17 — 50.1Sage Tactical ETF All Cap Equity Plus 12/31/02 Global Equity Tactical Broad Market 8.28 14.07 11.00 6.56 163.9Sage Tactical ETF Growth 12/31/07 Global Equity Tactical Broad Market 7.73 11.70 9.83 — 265.0Sage Tactical ETF Multi Asset Income 6/30/11 Global All Asset Tactical All-Inclusive 5.97 4.72 — — 90.2Sage Tactical ETF Core Plus Fixed Income 12/31/07 Global Fixed Income Tactical Broad Market 5.34 2.46 4.51 — 266.1

Sage Tactical ETF Conservative 12/31/07 Global Fixed Income Tactical Broad Market 6.02 4.76 5.94 — 68.7SEI Tactical ETF Market Growth Strategy 1/2/13 Global Balanced Hybrid Broad Market 5.98 — — — 191.7SEI Tactical ETF Moderate 1/2/13 Global Balanced Hybrid Broad Market 6.18 — — — 105.7SEI Tactical ETF Equity 1/2/13 Global Equity Hybrid Broad Market 7.62 — — — 59.4SEI Tactical ETF Aggressive Strategy 1/2/13 Global Equity Hybrid Broad Market 6.43 — — — 55.8

SEI Tactical ETF Conservative 1/2/13 Global Fixed Income Hybrid Broad Market 3.72 — — — 19.7SelectAlts Fortress Strategy 10/1/12 Global All Asset Tactical All-Inclusive –2.55 — — — 1.4SelectAlts Fleet Strategy 5/31/13 Global All Asset Tactical All-Inclusive 4.02 — — — 1.4SSWM Strategic Allocation Model 75/25 8/29/03 United States Equity Strategic Broad Market 7.57 13.45 10.93 6.49 13.9Shelton Optima Diversified ETF Strat 12/31/09 Global Equity Hybrid Broad Market 6.47 8.44 8.19 — 9.2

SignalPoint Universal Signal 10/31/08 Global Balanced Hybrid All-Inclusive 5.35 8.11 7.79 — 10.8SignalPoint Global Signal 9/28/07 Global Equity Hybrid All-Inclusive 1.98 11.63 9.15 — 60.5SignalPoint global equity alpha port 11/30/11 Global Equity Hybrid All-Inclusive 3.81 11.74 — — 0.5SignalPoint Signal 10 3/31/09 United States Equity Hybrid Sector 3.72 13.95 11.73 — 17.6SignalPoint Domestic Signal 12/31/09 United States Equity Hybrid All-Inclusive 6.42 14.63 12.19 — 0.6






Return %




Assets USD Mil

SignalPoint Balanced Point 3/31/09 United States Balanced Hybrid All-Inclusive 7.19 11.19 10.41 — 51.2SignalPoint International Signal 6/30/09 International Equity Hybrid Sector –3.79 6.95 3.53 — 1.6SignalPoint Stable Income Point 10/31/08 United States Fixed Income Hybrid All-Inclusive 8.93 4.26 6.79 — 19.6SignalPoint Moderate Income Point 10/31/08 United States Fixed Income Hybrid All-Inclusive 6.11 5.25 5.66 — 4.3SignalPoint CU Income Plus 6/30/09 United States Fixed Income Hybrid All-Inclusive 9.07 4.42 6.58 — 3.7

SignalPoint High Income Point 10/31/08 Global All Asset Tactical All-Inclusive 6.76 7.46 6.71 — 1.2SignalPoint Currency Point 10/31/08 Global Alternative Hybrid Country/Region –3.80 –1.69 –0.72 — 0.2Sitka Absolute Return 9/1/05 Global Alternative Tactical All-Inclusive –3.97 –8.56 –4.85 — 20.7SFS Tax Efficient Growth & Income 5/25/05 Global Balanced Strategic Broad Market 5.04 10.78 8.44 — NRSFS Tax Efficient Growth 5/23/05 Global Equity Strategic Broad Market 5.16 13.79 10.26 — NR

Stadion Tactical Defensive Strategy 3/31/05 Global Equity Tactical All-Inclusive 6.21 11.50 8.69 — 96.8Stadion Managed Risk 100 Strategy 1/2/96 Global Equity Tactical All-Inclusive –0.02 6.31 3.41 3.65 660.6Stadion Conservative Strategy (QDIA) 4/2/07 United States Balanced Tactical Broad Market 0.25 4.18 3.41 — 225.7Stadion Moderate Strategy (QDIA) 4/2/07 United States Balanced Tactical Broad Market 0.12 8.28 6.06 — 1,339.9Stadion Growth Strategy (QDIA Eligible) 4/2/07 United States Balanced Tactical Broad Market 1.80 11.01 7.73 — 1,412.0

Stadion Balanced Strategy(QDIA Eligible) 4/2/07 United States Balanced Tactical Broad Market 0.55 6.62 4.92 — 542.0Stadion Capital Preservation Strategy 4/2/07 United States Fixed Income Tactical Broad Market 0.40 3.10 2.82 — 111.1Steinberg Global ETF Multi Cap 12/31/02 Global Equity Tactical All-Inclusive — — — — 107.4Steinberg Global Fixed Income ETF 1/3/12 Global Fixed Income Tactical All-Inclusive — — — — 90.2Steinberg Global Short Dur Taxable FI 12/31/92 Global Fixed Income Tactical All-Inclusive — — — — 34.8

Sterling Tactical Rotation Strategy 2/1/10 Global All Asset Tactical Broad Market 7.33 12.53 — — 239.4Sterling Global Allocation 12/31/10 Global All Asset Hybrid All-Inclusive 3.34 6.28 — — 10.0SCA Fixed Alternative 7/1/10 Global Fixed Income Tactical All-Inclusive 4.44 4.67 — — NRStrategic Income Mgt SiM DA Div Inc Port 1/3/11 Global Balanced Strategic All-Inclusive 8.01 8.47 — — 13.0Strategic Income Mgt SiM DA Bal Inc Port 1/3/11 Global Balanced Strategic All-Inclusive 9.63 13.34 — — 36.5

Strategic Income Mgt SiM DA Eq Inc Port 1/3/11 Global Equity Strategic All-Inclusive 9.81 15.37 — — 53.6Stringer Moderate Growth Portfolio 9/2/08 Global All Asset Hybrid All-Inclusive 5.47 11.55 9.54 — 91.1Stringer Conservative Growth Portfolio 9/2/08 Global All Asset Hybrid All-Inclusive 5.61 9.42 8.15 — 27.4Stringer Growth Portfolio 9/2/08 Global All Asset Hybrid All-Inclusive 4.71 13.88 10.18 — 111.9Swan Defined Risk Strategy 7/1/97 United States Equity Strategic Broad Market 7.01 10.63 7.12 9.34 496.9

Swan Defined Risk Strategy All Accounts 7/1/97 United States Equity Strategic Broad Market 6.75 10.42 7.11 8.94 Incl.TAG Tactical Moderate 1/3/06 Global All Asset Hybrid Broad Market 0.27 4.83 5.08 — 371.0TAG Tactical Conservative 1/3/06 Global All Asset Hybrid Broad Market 3.16 3.95 4.16 — 123.2TAG Tactical Growth 1/3/06 Global All Asset Hybrid Broad Market 0.43 6.13 5.05 — 56.8TAG Tactical Income 1/3/12 Global All Asset Tactical All-Inclusive 4.03 4.69 — — 5.0

TAMP US Tactical ETF L/S–PULSE 1/2/13 United States Alternative Tactical Broad Market — — — — NRTAMP US Tactical ETF SectGrwth-SAGE 2/1/13 United States Equity Hybrid All-Inclusive — — — — NRTAMP US Tactical ETF Income – BIG 1/2/13 United States Balanced Tactical Broad Market 7.69 — — — 0.0TCIA ETF Level 1 7/29/11 United States All Asset Strategic All-Inclusive 9.47 11.74 — — 10.0TCIA ETF Level 2 7/29/11 United States All Asset Strategic All-Inclusive 9.40 12.69 — — 6.1

Transamerica I-Series Portfolio IV 6/18/07 Global Balanced Strategic All-Inclusive 6.50 11.17 9.59 — 155.5Transamerica I-Series Portfolio VI 6/18/07 Global Equity Strategic All-Inclusive 7.14 15.61 11.74 — 15.1Transamerica I-Series Portfolio V 6/18/07 Global Equity Strategic All-Inclusive 6.52 13.17 10.47 — 38.4Transamerica I-Series GTA Moderate Gr 6/28/11 United States Balanced Strategic All-Inclusive 3.22 6.77 — — 9.4Transamerica I-Series GTA Moderate 6/22/11 United States Balanced Strategic All-Inclusive 3.39 5.25 — — 8.4

Transamerica I-Series Portfolio II 6/18/07 United States Balanced Strategic All-Inclusive 5.02 6.10 5.85 — 43.5Transamerica I-Series Portfolio III 6/18/07 United States Balanced Strategic All-Inclusive 6.05 8.70 8.07 — 89.8Transamerica I-Series Portfolio I 1/6/10 United States Fixed Income Strategic All-Inclusive 4.24 3.45 — — 22.7Transamerica I-Series TFI 6/13/11 United States Fixed Income Strategic Broad Market 2.24 2.65 — — 16.4Transamerica I-Series GTA Conservative 7/5/11 United States Fixed Income Strategic All-Inclusive 3.43 3.88 — — 1.7






Return %




Assets USD Mil

TTM Trend Aggregation-Low Volatility 10/1/12 Global Balanced Tactical All-Inclusive 1.56 — — — 13.7TTM Trend Aggregation-Core 10/1/12 Global Balanced Tactical All-Inclusive –0.21 — — — 23.2TTM Trend Aggregation-Growth 10/1/12 Global Balanced Tactical All-Inclusive 0.43 — — — 23.1TTM Momentum-Opportunity 1/2/12 Global Equity Tactical All-Inclusive –6.57 7.83 — — 5.3TTM Trend Aggregation-Opportunity 10/1/12 Global Equity Tactical All-Inclusive –1.59 — — — 12.2

TTM NASDAQ Strategy 6/1/09 United States Equity Tactical All-Inclusive 13.39 16.22 10.38 — 0.9TTM Momentum-Growth 1/2/12 United States Equity Tactical Broad Market –5.47 7.43 — — 3.0TTM Momentum-Core 7/1/11 United States Equity Tactical Broad Market –4.50 6.48 — — 13.8TTM Momentum- Low Volatility 10/3/11 United States Equity Tactical Broad Market –1.88 5.91 — — 5.4TTM 500 Strategy 10/1/12 United States Equity Tactical Broad Market 4.33 — — — 6.5

TTM Tactical Core/Satellite 6/2/14 United States Balanced Tactical All-Inclusive — — — — 1.4TTM Trend Aggregation-Income 6/1/10 Global All Asset Tactical All-Inclusive 3.65 4.14 — — 3.1TTM Momentum Income 7/2/12 Global All Asset Tactical All-Inclusive 1.75 — — — 6.8TTM Trend Aggregation-All Asset 11/1/12 Global All Asset Tactical All-Inclusive 1.97 — — — 2.9TTM Trend Aggregation Ultra 1/31/14 Global All Asset Tactical All-Inclusive — — — — 2.1

TTM Trend Aggregation-Absolute Return 10/1/12 United States All Asset Tactical Broad Market 0.63 — — — 19.9TTM Momentum- Absolute Return 10/3/11 United States All Asset Tactical Broad Market –3.41 6.11 — — 7.0TRC Global Core Equity 3/13/13 Global Equity Tactical Broad Market 14.18 — — — 0.4TRC Global Income 11/1/11 Global All Asset Tactical All-Inclusive 4.79 12.48 — — 31.0UBS PWS Diversified Income 6/29/12 Global Balanced Tactical All-Inclusive 3.69 — — — 36.4

UBS PWS Diversified Income w/ Muni 7/31/12 Global Balanced Tactical All-Inclusive 3.89 — — — 14.0UBS PWS Global Tactical Alloc. W/ Muni 8/31/12 Global Balanced Tactical Broad Market 4.22 — — — 91.8UBS PWS Global Tactical Alloc. 6/29/12 Global Balanced Tactical Broad Market 1.40 — — — 670.0Vanguard CORE 40%Equity/60%Fixed Income 1/3/12 Global Balanced Strategic Broad Market 6.78 8.28 — — 2.6Vanguard CORE 60%Equity/40%Fixed Income 1/3/12 Global Balanced Strategic Broad Market 6.95 11.09 — — 5.7

Vanguard CRSP 40%Equity/60%Fixed Income 1/4/10 Global Balanced Strategic Broad Market 6.78 8.27 7.71 — 150.4Vanguard CRSP 60%Equity/40%Fixed Income 1/4/10 Global Balanced Strategic Broad Market 6.92 11.06 9.26 — 298.5Vanguard S&P 40%Equity/60%Fixed Income 1/3/12 Global Balanced Strategic Broad Market 6.73 8.30 — — 23.2Vanguard Russell 40%Equity/60%FixedInc. 1/3/12 Global Balanced Strategic Broad Market 6.73 8.26 — — 1.0Vanguard Russell 60%Equity/40%FixedInc. 1/3/12 Global Balanced Strategic Broad Market 6.86 11.05 — — 3.5

Vanguard S&P 60%Equity/40%Fixed Income 1/3/12 Global Balanced Strategic Broad Market 6.85 11.10 — — 63.2Vanguard CORE 100% Equity Model 1/3/12 Global Equity Strategic Broad Market 7.17 16.76 — — 1.6Vanguard CORE 80%Equity/20%Fixed Income 1/2/12 Global Equity Strategic Broad Market 7.07 13.91 — — 5.6Vanguard CRSP 100% Equity Model 1/4/10 Global Equity Strategic Broad Market 7.09 16.72 12.15 — 89.1Vanguard CRSP 70%Equity/30%Fixed Income 1/3/12 Global Equity Strategic Broad Market 6.96 12.47 — — 161.2

Vanguard CRSP 80%Equity/20%Fixed Income 1/4/10 Global Equity Strategic Broad Market 7.03 13.89 10.74 — 176.2Vanguard Russell 100% Equity Model 1/3/12 Global Equity Strategic Broad Market 6.98 16.71 — — 7.2Vanguard S&P 100% Equity Model 1/3/12 Global Equity Strategic Broad Market 6.97 16.79 — — 5.4Vanguard Russell 80%Equity/20%FixedInc. 1/3/12 Global Equity Strategic Broad Market 6.94 13.88 — — 5.6Vanguard S&P 80%Equity/20%Fixed Income 1/3/12 Global Equity Strategic Broad Market 6.92 13.94 — — 26.4

Vanguard CORE 100% Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market 6.39 2.75 — — 0.0Vanguard CORE 20%Equity/80%Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market 6.60 5.50 — — 0.6Vanguard CRSP 100% Fixed Income 1/4/10 Global Fixed Income Strategic Broad Market 6.45 2.76 4.38 — 5.3Vanguard CRSP 20%Equity/80%Fixed Income 1/4/10 Global Fixed Income Strategic Broad Market 6.63 5.50 6.08 — 64.3Vanguard Russell 100% Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market 6.45 2.76 — — 0.0

Vanguard S&P 100% Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market 6.45 2.76 — — 2.0Vanguard S&P 20%Equity/80%Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market 6.60 5.51 — — 8.6Vanguard Russell 20%Equity/80%FixedInc. 1/3/12 Global Fixed Income Strategic Broad Market 6.60 5.50 — — 0.2Virtus Premium Alpha Sector Composite 7/1/10 United States Equity Tactical Sector -2.58 12.95 — — 137.2Virtus Alpha Sector Rotation Composite 1/31/11 United States Equity Tactical Sector 2.46 15.42 — — 8.5






Return %




Assets USD Mil

Voya GPMM Conservative Growth ETF 1/2/13 Global Balanced Hybrid Broad Market 7.05 — — — 0.0Voya GPMM Moderate Growth ETF 1/2/13 Global Balanced Hybrid Broad Market 6.45 — — — 0.0Voya GPMM Aggressive Growth ETF 1/2/13 Global Equity Hybrid Broad Market 6.12 — — — 0.0Voya GPMM Income ETF 1/2/13 United States Fixed Income Hybrid Broad Market 6.14 — — — 0.0W.E. Donoghue Cnsrv Tactical Growth 9/24/01 Global Balanced Hybrid All-Inclusive 2.04 6.42 3.88 5.11 7.9

W.E. Donoghue Power Sector Portfolio 5/8/96 Global Equity Tactical All-Inclusive –1.52 6.48 7.49 5.32 1.0W.E. Donoghue Aggressive Tactical Growth 9/24/01 Global Equity Tactical All-Inclusive 5.37 9.30 5.21 3.20 0.2W.E. Donoghue Moderate Tactical Growth 9/25/01 Global Equity Hybrid All-Inclusive 3.25 7.49 4.10 4.34 4.2WBI ETF Plus 8/31/92 Global Equity Tactical All-Inclusive 4.41 10.37 9.00 6.82 14.7Wela Own Your Age (OYA)- 40 4/1/11 Global Balanced Hybrid Broad Market — — — — 7.3

Wela Own Your Age (OYA)- 50 12/1/08 Global Balanced Hybrid Broad Market — — — — 19.3Wela Own Your Age (OYA)- 60 12/1/10 Global Balanced Hybrid Broad Market — — — — 5.8Wela Own Your Age (OYA)- 20 12/1/08 Global Equity Hybrid All-Inclusive — — — — NRWela Own Your Age (OYA)- 30 4/1/11 Global Equity Hybrid All-Inclusive — — — — 2.8Wela All Growth 12/1/10 Global Equity Tactical All-Inclusive — — — — 5.7

Wela Own Your Age (OYA)- 80 6/1/09 United States Fixed Income Hybrid All-Inclusive — — — — 9.1Wela Own Your Age (OYA)- 70 11/1/10 United States Fixed Income Hybrid All-Inclusive — — — — 3.3Wela Agg Yield 5/3/10 Global All Asset Tactical All-Inclusive — — — — 12.6WestEnd Advisors Global Balanced 12/31/04 Global Balanced Hybrid All-Inclusive 7.14 14.17 11.29 8.15 16.7WestEnd Advisors Global Equity 12/31/04 Global Equity Hybrid All-Inclusive 10.23 18.42 13.71 8.93 17.7

WestEnd Advisors US Sector 12/31/12 United States Equity Hybrid Sector 16.47 — — — 0.6Westport Res Mgt ETF 12/30/05 Global Equity Tactical All-Inclusive 9.03 13.71 9.89 — 10.2WST Asset Manager – Adaptive Balanced 12/31/04 Global Balanced Tactical Broad Market –2.10 7.05 3.65 4.67 6.7WST Asset Manager–U.S. Equity 12/31/12 United States Equity Tactical Sector 9.67 — — — 170.6WST Asset Manager – U.S. Bond 3/31/06 United States Fixed Income Tactical Sector 2.45 6.75 7.25 — 117.5

Windham Moderate Portfolio (Tax Managed) 1/30/09 Global Balanced Strategic Broad Market 0.84 6.87 6.32 — 42.0Windham Moderate Portfolio 9/30/09 Global Balanced Strategic Broad Market 1.04 6.91 6.38 — 7.4Windham Moderate Plus Portf (Tax Mg) 5/31/10 Global Balanced Strategic Broad Market 1.13 8.42 — — 15.0Windham Moderate Plus Portfolio 12/31/09 Global Balanced Strategic Broad Market 0.72 8.10 7.03 — 9.3Windham Conservative Plus Portf (Tax Mg) 5/31/10 Global Balanced Strategic Broad Market 0.90 5.20 — — 36.1

Windham Conservative Plus Portfolio 5/31/10 Global Balanced Strategic Broad Market 1.13 5.53 — — 4.5Windham Risk Regime II 5/31/12 Global Balanced Tactical Broad Market 0.99 — — — 2.3Windham Aggressive Portfolio (Tax Mg) 9/30/09 Global Equity Strategic Broad Market 1.27 9.91 7.94 — 32.4Windham Aggressive Portfolio 12/31/09 Global Equity Strategic Broad Market 1.31 9.54 7.71 — 4.6Windham Risk Regime III 9/30/11 Global Equity Tactical Broad Market 0.70 8.33 — — 882.3

Windham Global Equities Strategy 8/2/10 Global Equity Tactical All-Inclusive 0.64 10.28 — — 2.4Windham Emerging Market Equity Strategy 12/31/10 International Equity Tactical Country/Region –4.35 1.55 — — 0.3Windham Risk Regime I 3/1/10 Global All Asset Tactical Broad Market 0.90 6.33 — — 93.8Windham Multi-Asset Income Portfolio 11/1/10 Global All Asset Strategic Broad Market 0.12 6.00 — — 1.8Windham Risk Regime Other 2/28/14 Global All Asset Tactical All-Inclusive — — — — 193.0

Windham Conservative Portfolio (Tax Mg) 11/30/09 Global Fixed Income Strategic Broad Market 0.76 3.68 4.38 — 3.9Windham Conservative Portfolio 9/30/09 Global Fixed Income Strategic Broad Market 0.25 3.94 4.82 — 3.7Windham Multi-Sector Bonds Tax Exempt 8/31/10 Global Fixed Income Hybrid All-Inclusive 0.05 1.89 — — 0.8Windhaven Diversified Aggressive 1/2/02 Global All Asset Hybrid All-Inclusive 2.14 10.17 7.81 8.08 4,981.7Windhaven Diversified Growth 1/2/02 Global All Asset Hybrid All-Inclusive 2.20 7.93 6.80 6.84 8,406.6

Windhaven Diversified Conservative 1/2/02 Global All Asset Hybrid All-Inclusive 2.26 4.56 4.24 5.24 2,763.8Winterset Active/Edge ETF Growth 2/1/13 United States Equity Strategic All-Inclusive 2.04 — — — 3.1Winterset Active/Edge Moderate Hybrid 2/1/13 United States All Asset Strategic All-Inclusive 1.25 — — — 19.2Zacks International 4/1/04 International Equity Strategic Country/Region –6.43 7.52 3.89 5.61 78.0





Exhibit 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 30 December 2014

Return % Risk Statistics vs. Selected Benchmark

NamePortfolio Implementation


2014 3-Year 5-Year 10-YearAssets

USD MilAlpha Beta R-Squared

Down Capture Ratio

Global All AssetMFI Global Sector Hybrid Broad Market 5.61 15.08 11.22 7.32 60.0 2.29 1.37 88.15 130.42MFI Balanced Sector Hybrid Broad Market 4.38 12.42 10.21 7.59 124.0 3.38 1.00 87.34 92.57Stringer Growth Portfolio Hybrid All-Inclusive 4.71 13.88 10.18 — 111.9 2.06 1.23 91.29 120.59MFI Capital Preservation & Income Sector Hybrid Broad Market 5.81 11.06 9.63 6.81 26.9 4.60 0.71 83.96 62.69Stringer Moderate Growth Portfolio Hybrid All-Inclusive 5.47 11.55 9.54 — 91.1 3.38 0.89 90.57 82.21

F-Squared AlphaSector Allocator Pre Idx Hybrid All-Inclusive 1.92 9.86 8.41 — 159.5 3.27 0.74 79.45 73.20Lazard Cap Alloc -Gbl Non-Traditional Hybrid All-Inclusive 5.45 9.64 8.31 — 263.9 2.02 0.93 90.47 88.59Stringer Conservative Growth Portfolio Hybrid All-Inclusive 5.61 9.42 8.15 — 27.4 3.33 0.69 90.72 62.20Capital Wealth ETF Covered Call Strategy Hybrid All-Inclusive 4.58 9.79 7.91 — 65.0 3.67 0.60 81.01 52.60Windhaven Diversified Aggressive Hybrid All-Inclusive 2.14 10.17 7.81 8.08 4,981.7 1.13 1.01 90.37 105.85

Braver Moderate Multi Strategy Hybrid All-Inclusive 3.44 8.98 7.36 — 36.1 1.95 0.80 89.29 75.87Windhaven Diversified Growth Hybrid All-Inclusive 2.20 7.93 6.80 6.84 8,406.6 1.60 0.77 88.04 78.86Braver Conservative Multi Strategy Hybrid All-Inclusive 2.49 6.52 6.04 — 25.6 1.96 0.59 90.35 52.08TAG Tactical Moderate Hybrid Broad Market 0.27 4.83 5.08 — 371.0 –0.78 0.89 88.61 95.91TAG Tactical Growth Hybrid Broad Market 0.43 6.13 5.05 — 56.8 –2.05 1.11 86.85 121.01

Windhaven Diversified Conservative Hybrid All-Inclusive 2.26 4.56 4.24 5.24 2,763.8 1.77 0.35 70.17 34.06TAG Tactical Conservative Hybrid Broad Market 3.16 3.95 4.16 — 123.2 0.84 0.49 63.32 57.49PDAM GLOBAL ALPHA Hybrid All-Inclusive 1.58 8.80 2.31 — 1.7 –2.60 0.77 65.94 97.24Boston Advisors Broad Allocation Str SA Hybrid All-Inclusive — — — — 60.0 — — — —Sterling Global Allocation Hybrid All-Inclusive 3.34 6.28 — — 10.0 — — — —

F-Squared AlphaSector Allocator Index Hybrid All-Inclusive 3.99 9.96 — — 1,293.5 — — — —Braver Growth Multi Strategy Hybrid All-Inclusive 5.98 12.12 — — 9.7 — — — —Optimus Eight Baskets Rotation Hybrid Broad Market 7.15 — — — 0.0 — — — —F-Squared AlphaSector Allocator Prm Cpst Hybrid All-Inclusive 0.33 8.44 — — 325.2 — — — —Blue Edge Global Growth & Income Hybrid All-Inclusive 3.58 9.03 — — 6.7 — — — —

Blue Edge Global Balanced Hybrid All-Inclusive 4.33 11.25 — — 27.0 — — — —Blue Edge Global Growth Hybrid All-Inclusive 4.77 12.58 — — 47.2 — — — —F-Squared AlphaSector Allocator Select Hybrid All-Inclusive –0.60 — — — 1,245.5 — — — —CLS Active Real Hybrid Sector — — — — 0.3 — — — —F-Squared Allocator Pre AlphaSector Idx Hybrid All-Inclusive 2.16 9.58 — — 680.9 — — — —

Natixis / AIA Mgd ETF - Aggressive Strategic Broad Market 3.42 12.09 9.72 — 1.6 1.60 1.23 93.09 121.17CFGAM S3 Diversified Conservative Strategic All-Inclusive 3.80 5.50 6.53 — 66.9 2.40 0.60 83.38 49.85iSectors Endowment Allocation Strategic All-Inclusive 1.25 6.72 5.66 — 5.60 –0.09 0.87 93.77 89.91CFGAM S3 Diversified Moderate Strategic All-Inclusive 3.59 5.61 5.37 — 42.6 0.31 0.76 88.09 74.66CFGAM S3 Div Mod Inflation-Correlated Strategic All-Inclusive 2.00 5.13 4.89 — 20.3 –1.16 0.93 89.92 95.03

CFGAM S3 Diversified Growth Strategic All-Inclusive 3.71 5.90 4.76 — 10.9 –1.25 0.92 93.37 94.37iSectors Inflation Protected Allocation Strategic All-Inclusive –4.89 –2.31 2.08 — 4.60 –3.20 0.84 63.07 93.41ClearRock Diversified Aggressive Growth Strategic All-Inclusive — — — — NR — — — —ClearRock Diversified Conservative Gr Strategic All-Inclusive — — — — NR — — — —ClearRock Diversified Moderate Growth Strategic All-Inclusive — — — — NR — — — —

Appleton Group Managed Income Strategic All-Inclusive 4.14 — — — 2.2 — — — —Boston Advisors Broad Allocation Growth Strategic All-Inclusive — — — — 0.7 — — — —CFGAM S3 Diversified Aggressive Strategic All-Inclusive 2.12 5.97 — — 6.2 — — — —CFGAM S3 Div Agrsv Inflation-Correlated Strategic All-Inclusive 2.54 5.85 — — 1.5 — — — —Baring Global Dynamic Asset Allocation Strategic All-Inclusive 5.04 7.78 — — 243.2 — — — —

Windham Multi-Asset Income Portfolio Strategic Broad Market 0.12 6.00 — — 1.8 — — — —Keystone Wealth MultiAsset AlphaRotation Strategic All-Inclusive 10.19 — — — 0.4 — — — —Auour Instinct Global High Yield Strategic All-Inclusive — — — — 0.6 — — — —CMG Opportunistic All Asset ETF Strategy Tactical All-Inclusive 8.51 9.38 12.60 — 117.8 6.94 0.78 67.89 66.26MCM Apto Tactical All-Inclusive 8.40 15.21 9.95 — 2.4 2.47 1.14 80.02 117.21

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 5 Attribute Groupings (Ranked by 5-Year Return) and Selected Risk Statistics, 30 December 2014 (Continued)






Down Capture Ratio

Dorsey Wright Sys Reltv Strth Glb Macro Tactical All-Inclusive 7.26 13.90 9.82 — 178.0 3.10 1.03 64.50 111.46Cumberland - Glbl Multi-Asset Eq ETF Tactical All-Inclusive 5.23 11.85 7.58 — 2.8 –0.80 1.31 92.38 136.66Hays TMAC Portfolio Tactical All-Inclusive 7.24 7.09 6.83 — 377.0 0.71 0.93 85.52 98.09SignalPoint High Income Point Tactical All-Inclusive 6.76 7.46 6.71 — 1.2 2.40 0.63 74.50 52.88C Tactical Dynamic Tactical Broad Market 4.86 8.14 6.32 — 38.9 0.99 0.81 67.73 94.52

JAForlines Global Tactical Allocation Tactical All-Inclusive 5.02 8.97 6.11 6.00 246.4 0.74 0.80 85.51 87.31Nuveen Intelligent Risk–Growth Tactical Broad Market –5.78 4.15 6.03 — 4.1 –0.90 1.08 83.26 125.64Nuveen Intelligent Risk–Moderate Tactical Broad Market –3.58 1.47 5.99 — 6.7 1.76 0.63 57.84 73.60Parasol Globally Enh Mgmt Strat (GEMS) Tactical All-Inclusive 5.86 9.43 5.93 — 100.0 1.96 0.59 58.68 66.75Nuveen Intelligent Risk–Conservative Tactical Broad Market 0.37 2.28 5.36 — 6.7 2.57 0.40 46.00 41.55

QA Tactical All Market Tactical All-Inclusive 4.65 3.82 5.32 — 72.8 0.55 0.73 65.28 87.34Cougar Global MAR 8 Tactical All-Inclusive 6.73 6.71 4.74 8.01 691.0 0.74 0.61 53.69 81.01Fund Architects Global ETF Portfolio Tactical All-Inclusive 3.12 10.56 4.43 — 7.6 –1.27 0.88 75.58 104.27Clark Navigator Alternative Tactical All-Inclusive 2.52 4.62 3.88 — 41.4 –2.12 0.93 89.33 101.34Cougar Global MAR 6 Tactical All-Inclusive 7.95 3.66 3.46 7.31 292.6 0.84 0.39 39.85 52.94

Windham Risk Regime I Tactical Broad Market 0.90 6.33 — — 93.8 — — — —iSectors Tactical Glbl Bal Allocation Tactical Broad Market –0.35 1.12 — — 3.30 — — — —Wela Agg Yield Tactical All-Inclusive — — — — 12.6 — — — —Sterling Tactical Rotation Strategy Tactical Broad Market 7.33 12.53 — — 239.4 — — — —NorthCoast Tactical ETF Tactical All-Inclusive 2.77 — — — 234.0 — — — —

Ibbotson Global Tactical* Tactical Broad Market 5.08 12.47 — — 0.3 — — — —Northwest Global Trends-Balanced SMA Tactical Broad Market 2.69 6.21 — — 6.3 — — — —Longview Capital Global Allocation Tactical All-Inclusive — — — — 57.0 — — — —Cougar Global MAR 12 Tactical All-Inclusive 3.54 10.35 — — 24.5 — — — —Sage Tactical ETF Multi Asset Income Tactical All-Inclusive 5.97 4.72 — — 90.2 — — — —

BCM Decathlon Conservative Tactics Tactical All-Inclusive 0.52 — — — 7.5 — — — —BCM Decathlon Growth Tactics Tactical All-Inclusive 11.80 — — — 98.8 — — — —BCM Decathlon Moderate Tactics Tactical All-Inclusive 9.08 — — — 85.2 — — — —Optimus Global Advantage All Asset Tactical Broad Market 4.68 — — — 0.0 — — — —TAG Tactical Income Tactical All-Inclusive 4.03 4.69 — — 5.0 — — — —

Julex Capital Mgmt Dynamic Diversified Tactical All-Inclusive 3.97 — — — 0.1 — — — —TTM Trend Aggregation-Income Tactical All-Inclusive 3.65 4.14 — — 3.1 — — — —TTM Momentum Income Tactical All-Inclusive 1.75 — — — 6.8 — — — —TTM Trend Aggregation-All Asset Tactical All-Inclusive 1.97 — — — 2.9 — — — —First Nat. Chapoquoit Aggressive Dynamic Tactical All-Inclusive 30.09 — — — 0.7 — — — —

Cougar Global MAR 10 Tactical All-Inclusive 5.30 10.01 — — 297.1 — — — —CMG Tactical Rotation Strategy Tactical Broad Market 7.33 12.62 — — 41.5 — — — —Julex Capital Mngt Dynamic Multi-Asset Tactical Broad Market 5.52 — — — 16.9 — — — —Canterbury Portfolio Thermostat Tactical All-Inclusive 6.25 — — — 263.0 — — — —Optimus Global Long/Short Tactical All-Inclusive 4.12 — — — 6.2 — — — —

TRC Global Income Tactical All-Inclusive 4.79 12.48 — — 31.0 — — — —Ibis Adaptive Allocation Tactical All-Inclusive 3.29 — — — 8.2 — — — —Ibis Protected Growth Tactical All-Inclusive 5.12 — — — 60.1 — — — —Ibis Global Balanced Portfolio Tactical All-Inclusive 7.33 — — — 29.9 — — — —Congress Capital Risk Magd Assets Cmpst Tactical Broad Market –1.72 — — — 90.1 — — — —

Congress Cap Risk Mgd Satellites Cmpst Tactical Broad Market –2.98 — — — 0.1 — — — —Newfound Multi Asset Income Cmpst Tactical Broad Market 5.42 — — — 12.5 — — — —First Nat Chapoquoit Dynamic Mod SMA Tactical All-Inclusive 27.31 — — — 1.7 — — — —Clothier Springs Global Hedged Plus Tactical All-Inclusive 4.54 7.65 — — 1.6 — — — —Windham Risk Regime Other Tactical All-Inclusive — — — — 193.0 — — — —











Down Capture Ratio

SelectAlts Fortress Strategy Tactical All-Inclusive –2.55 — — — 1.4 — — — —SelectAlts Fleet Strategy Tactical All-Inclusive 4.02 — — — 1.4 — — — —Nottingham Real Return Strategy Tactical All-Inclusive 1.59 — — — 1.0 — — — —

TTM Trend Aggregation Ultra Tactical All-Inclusive — — — — 2.1 — — — —

Global All Asset Median 4.02 8.14 6.22 7.31Hybrid Median 3.51 9.61 7.86 7.08Strategic Median 3.42 5.90 5.37 —Tactical Median 4.73 7.55 6.03 7.31Global All Asset Blended Benchmark 0.73 7.67 6.62 6.00

Global AlternativeSignalPoint Currency Point Hybrid Country/Region –3.80 –1.69 –0.72 — 0.2 –4.11 0.22 47.05 31.55Main Management BuyWrite Hedged Equity Hybrid Broad Market 5.53 8.70 8.41 6.40 176.9 –0.93 0.62 73.46 48.79CLS Active Alternative Hybrid All-Inclusive — — — — 0.1 — — — —iSectors Liquid Alternatives Allocation Strategic All-Inclusive –0.10 4.20 3.61 — 3.60 –3.40 0.47 65.83 58.00IQ Hedge Multi-Strategy SMA Portfolio Strategic Broad Market 4.19 4.96 3.26 — 11.4 –0.84 0.27 57.09 31.90

iSectors Precious Metals Allocation Strategic Sector –7.16 –8.87 2.30Sitka Absolute Return Tactical All-Inclusive –3.97 –8.56 –4.85 — 20.7 –2.46 –0.15 8.45 –7.99Longview Capital Tactical Commodity Tactical All-Inclusive –21.61 — — — 2.4 — — — —Accuvest Global Long Short Equity Tactical Country/Region –8.46 0.43 — — 11.0 — — — —Keystone Wealth Commodity AlphaRotation Tactical Broad Market –4.17 — — — 0.2 — — — —CLS Protection Quad Tactical Broad Market — — — — 1.7 — — — —

Global Alternative Median –3.97 0.43 3.18 6.40

Global BalancedWestEnd Advisors Global Balanced Hybrid All-Inclusive 7.14 14.17 11.29 8.15 16.7 3.10 1.07 92.01 102.88GLOBALT innovat ETF Stratg Balnc Wrap Hybrid All-Inclusive 8.85 11.74 9.91 7.10 369.5 2.73 0.94 91.42 90.97Innealta Global All Asset Opp Moderate Hybrid Broad Market 6.36 9.58 9.89 — 63.4 1.40 1.14 89.01 107.26CKW Opportunistic Global Balanced Hybrid Broad Market 6.26 13.00 9.58 7.39 257.8 1.09 1.14 94.51 114.96Innealta Global All Asset Opp Consrv Hybrid Broad Market 6.53 7.93 9.28 — 33.0 3.08 0.80 83.06 66.53

GLOBALT innovat ETF Stratg Consrvt Wrap Hybrid All-Inclusive 8.90 10.15 9.07 6.92 38.2 3.15 0.76 91.09 70.33QA Global Balanced 60/40 Hybrid All-Inclusive 5.52 10.82 9.03 6.76 15.7 2.45 0.86 91.82 85.57Sage Target Date 2025 Fund Hybrid Broad Market 7.04 10.19 8.79 — 250.8 1.70 0.94 90.57 99.31Nottingham Global All Asset Hybrid All-Inclusive 6.24 10.28 8.66 4.91 357.8 2.50 0.80 93.33 78.31CLS ETF Risk Budget 60-Moderately Cnsrv Hybrid All-Inclusive 4.82 9.65 8.16 6.00 61.8 1.43 0.89 94.15 87.15

QA Global Balanced Flex - Moderate Hybrid All-Inclusive 5.47 9.27 8.13 — 67.1 2.56 0.72 86.28 75.153D ETF Global 60 Portfolio - Tax Sen. Hybrid Broad Market 5.20 9.84 8.12 — 46.6 1.28 0.91 92.66 93.323D ETF Global 60 Portfolio Hybrid Broad Market 4.28 9.75 8.03 — 175.9 0.91 0.95 93.10 97.05RiverFront Moderate Growth and Income Hybrid All-Inclusive 5.25 9.90 7.99 6.12 2,048.1 1.90 0.80 91.19 84.36Innealta Global All Asset Moderate Hybrid Broad Market 2.27 7.68 7.80 — 139.9 0.16 1.03 91.31 104.54

SRCM Growth & Income Blend Portfolio Hybrid Broad Market 2.02 8.10 7.79 5.54 3.9 0.07 1.04 93.70 111.99SignalPoint Universal Signal Hybrid All-Inclusive 5.35 8.11 7.79 — 10.8 1.25 0.87 86.65 86.44RiverFront Conservative Growth Hybrid All-Inclusive 5.23 9.85 7.65 6.17 97.7 1.41 0.82 91.07 89.63RiverFront ETF Moderate Growth & Income Hybrid All-Inclusive 4.97 10.33 7.64 — 183.9 1.09 0.87 92.06 93.41Nottingham Global Balanced Hybrid All-Inclusive 5.81 8.44 7.51 4.51 166.3 2.47 0.65 94.24 61.54

Innealta Global All Asset Conservative Hybrid Broad Market 2.65 6.24 7.44 — 77.7 2.02 0.71 85.85 64.10Sage Target Date 2015 Fund Hybrid Broad Market 6.18 7.72 7.43 — 129.7 2.01 0.71 90.70 71.07QA Global Balanced 40/60 Hybrid All-Inclusive 5.31 8.22 7.37 5.86 1.5 2.64 0.61 89.65 57.92Green Inv Mgt Guardian Bal Hybrid Broad Market 3.90 9.26 7.24 4.82 16.0 –0.08 0.99 94.01 105.07Lazard Cap Alloc -Gbl Div 60/40 (TE) Hybrid All-Inclusive 3.65 8.81 7.02 — — –0.45 1.01 95.90 106.10











Down Capture Ratio

SRCM Growth & Income Portfolio Hybrid Broad Market 1.73 6.98 6.84 4.73 2.9 0.44 0.85 91.98 91.34QA Global Balanced Flex - Conservative Hybrid All-Inclusive 5.30 7.20 6.82 — 15.0 2.82 0.51 82.42 50.42Lazard Cap Alloc -Gbl Div 60/40 (TX) Hybrid All-Inclusive 2.91 8.52 6.74 — — –0.68 1.00 95.62 105.58Green Inv Mgt Guardian Cnsv Bal Hybrid Broad Market 2.81 7.98 6.56 4.18 9.0 0.05 0.87 94.20 92.06Sage Target Date Retirement Income Fund Hybrid Broad Market 5.72 6.39 6.55 — 46.0 2.45 0.52 87.23 49.42

RiverFront Conservative Income Builder Hybrid All-Inclusive 3.25 7.23 6.37 — 166.5 2.04 0.56 89.07 56.303D ETF Global 40 Portfolio - Tax Sen. Hybrid Broad Market 4.67 7.11 6.28 — 8.6 1.30 0.65 91.01 66.04SRCM Income & Preservation Portfolio Hybrid Broad Market 1.94 6.08 6.27 4.74 1.5 1.22 0.66 84.48 69.37Green Inv Mgt Guardian Bal Inc Hybrid Broad Market 3.45 7.08 6.14 4.83 6.0 0.94 0.68 91.99 69.23Lazard Cap Alloc -Gbl Div 40/60 (TX) Hybrid All-Inclusive 2.84 7.00 6.05 — — 0.13 0.79 95.68 80.21

3D ETF Global 40 Portfolio Hybrid Broad Market 3.39 7.08 5.97 — 33.1 0.51 0.72 90.53 73.52Clark Navigator Glbl Bal ETF 40-60 Hdgd Hybrid All-Inclusive 1.24 5.04 5.32 7.16 12.1 0.63 0.62 87.40 64.16Clark Navigator Glbl Bal ETF 60-40 Hdgd Hybrid All-Inclusive 1.21 4.89 4.21 5.84 26.9 –0.99 0.70 89.38 78.67W.E. Donoghue Cnsrv Tactical Growth Hybrid All-Inclusive 2.04 6.42 3.88 5.11 7.9 –0.03 0.52 60.48 72.66Green Inv Mgt Strat Glbl Bal Tax Aware Hybrid Broad Market 4.06 8.01 — — 3.0 — — — —

Green Inv Mgt Strategic Global Balanced Hybrid Broad Market 3.91 7.66 — — 7.0 — — — —Wela Own Your Age (OYA)- 40 Hybrid Broad Market — — — — 7.3 — — — —Wela Own Your Age (OYA)- 50 Hybrid Broad Market — — — — 19.3 — — — —Wela Own Your Age (OYA)- 60 Hybrid Broad Market — — — — 5.8 — — — —MIS Contrarian & Income ETF Hybrid All-Inclusive 4.93 8.20 — — 22.5 — — — —

Ibbotson Momentum 40/60 Hybrid Broad Market 5.91 8.60 — — 9.6 — — — —Ibbotson Momentum 60/40 Hybrid Broad Market 7.37 11.71 — — 27.0 — — — —RiverFront ETF Conservative Income Bldr Hybrid All-Inclusive 3.01 — — — 15.0 — — — —Voya GPMM Conservative Growth ETF Hybrid Broad Market 7.05 — — — 0.0 — — — —Voya GPMM Moderate Growth ETF Hybrid Broad Market 6.45 — — — 0.0 — — — —

CLS Active Income Hybrid All-Inclusive — — — — 1.4 — — — —SEI Tactical ETF Market Growth Strategy Hybrid Broad Market 5.98 — — — 191.7 — — — —SEI Tactical ETF Moderate Hybrid Broad Market 6.18 — — — 105.7 — — — —New Frontier Moderate 60/40 Strategic Broad Market 8.24 10.96 9.89 6.65 425.8 3.11 0.88 95.31 78.38Natixis / AIA Mgd ETF - Moderate Strat Strategic Broad Market 5.72 11.65 9.86 — 8.6 1.92 1.05 93.51 104.49

Transamerica I-Series Portfolio IV Strategic All-Inclusive 6.50 11.17 9.59 — 155.5 2.18 0.97 94.71 94.66Vanguard CRSP 60%Equity/40%Fixed Income Strategic Broad Market 6.92 11.06 9.26 — 298.5 2.92 0.82 95.74 76.26Ladenburg LAMP ETF Growth Strategic Broad Market 7.09 11.70 9.10 — 71.7 1.58 1.00 94.33 100.76New Frontier Moderate 60/40 Tax Strategic Broad Market 7.69 11.03 8.94 6.17 131.6 2.15 0.89 95.66 85.07Main Management All Asset Global Balance Strategic All-Inclusive 6.97 11.24 8.79 — 120.5 1.57 0.96 92.65 95.01

iCM - Mgd ETF - Conservative Cap App Strategic Broad Market 3.01 10.39 8.76 6.62 147.0 1.03 1.03 96.86 104.05New Frontier Moderate Conservative40/60 Strategic Broad Market 8.22 8.21 8.60 6.17 107.8 4.15 0.56 84.56 41.76iSectors Global Balanced Allocation Strategic Broad Market 3.33 9.44 8.51 — 5.80 1.58 0.91 96.52 90.47SFS Tax Efficient Growth & Income Strategic Broad Market 5.04 10.78 8.44 — — 1.50 0.92 92.54 93.02SAM Moderate Global Growth Strategic All-Inclusive 5.04 9.31 8.38 7.08 17.3 1.12 0.97 92.51 96.24

Ladenburg LAMP ETF Growth and Income Strategic Broad Market 6.47 10.08 8.32 — 163.8 2.09 0.81 95.03 79.34Braver Asset Allocation Moderate Strategic All-Inclusive 5.17 9.77 8.20 — 99.8 1.54 0.88 94.34 88.80One Capital Balanced Wealth Appr 60/40 Strategic All-Inclusive 4.81 10.11 8.18 — 27.8 1.99 0.81 95.17 78.64iCM - Mgd ETF - Risk Controlled Growth Strategic Broad Market 3.16 9.31 8.10 6.29 58.2 1.19 0.91 97.37 90.42Natixis / AIA Mgd ETF - Inc. Cons Strategic Broad Market 7.22 7.74 7.87 — 3.1 3.63 0.53 81.58 45.01

Natixis / AIA Mgd ETF - Conservative Strategic Broad Market 5.15 8.49 7.80 — 4.3 2.04 0.75 92.01 72.99SAM Conservative Global Growth Strategic All-Inclusive 4.17 8.35 7.76 6.70 0.4 1.19 0.87 92.28 85.09Vanguard CRSP 40%Equity/60%Fixed Income Strategic Broad Market 6.78 8.27 7.71 — 150.4 3.44 0.54 94.78 44.09iCM - Mgd ETF - Balanced Strategic Broad Market 3.69 8.47 7.59 6.21 27.9 1.61 0.78 97.64 74.80iCM - Mgd ETF - Defensive Growth Strategic Broad Market 5.46 8.12 7.48 6.25 20.4 2.86 0.59 94.89 49.63











Down Capture Ratio

Raylor Strategic World Income SMA Strategic All-Inclusive 4.58 9.36 7.41 — 24.0 1.08 0.84 96.28 83.65Windham Moderate Plus Portfolio Strategic Broad Market 0.72 8.10 7.03 — 9.3 –1.00 1.09 97.79 117.75One Cap Wealth Preservation & Gr 40/60 Strategic All-Inclusive 4.08 7.80 6.91 — 8.4 2.01 0.63 95.18 58.73Ladenburg LAMP ETF Income and Growth Strategic Broad Market 5.22 7.35 6.62 — 81.2 2.41 0.54 94.06 48.65iSectors Global Conservative Allocation Strategic Broad Market 1.09 6.62 6.81 — 2.00 1.53 0.69 96.24 65.29

Braver Asset Allocation Conservative Strategic All-Inclusive 4.30 6.98 6.40 — 15.5 1.59 0.63 93.69 62.04Windham Moderate Portfolio Strategic Broad Market 1.04 6.91 6.38 — 7.4 –0.55 0.93 97.49 98.93Windham Moderate Portfolio (Tax Managed) Strategic Broad Market 0.84 6.87 6.32 — 42.0 –0.64 0.94 97.11 100.10Fusion Global Fusion Tactical Equity Strategic All-Inclusive 6.10 5.94 5.15 — 1.0 –4.01 1.30 85.86 141.73Nottingham Global Income Strategic Broad Market 4.56 3.36 3.44 2.68 261.2 2.62 0.09 23.90 3.17

Windham Moderate Plus Portf (Tax Mg) Strategic Broad Market 1.13 8.42 — — 15.0 — — — —Windham Conservative Plus Portf (Tax Mg) Strategic Broad Market 0.90 5.20 — — 36.1 — — — —Windham Conservative Plus Portfolio Strategic Broad Market 1.13 5.53 — — 4.5 — — — —Ibbotson A/P 40/60 Tax Dfd-Pershing Strategic Broad Market 4.14 8.58 — — 1.3 — — — —Ibbotson A/P 40/60 Tax Dfd-Schwab Strategic Broad Market 4.05 8.32 — — 1.8 — — — —

Ibbotson A/P 40/60 Tax Dfd-TDA Strategic Broad Market 4.27 8.56 — — 1.2 — — — —CFGAM S3 Global Income Total Return Strategic All-Inclusive 6.76 5.17 — — 34.8 — — — —Holderness Vision Tactical Conservative Strategic All-Inclusive –0.11 — — — 0.4 — — — —Holderness Vision Tactical Balanced Strategic All-Inclusive 1.23 — — — 1.3 — — — —Fusion Global Fusion Total Return Strategic All-Inclusive 0.40 2.18 — — 0.7 — — — —

CFGAM S3 Global Income-Income Focus Strategic All-Inclusive 6.82 5.37 — — 6.6 — — — —AP-Managed ETF/MF Portfolio-Moderate Strategic All-Inclusive — — — — 0.1 — — — —RIM iFolios Growth Strategic All-Inclusive 3.29 — — — 61.6 — — — —diverseFOLIOS® Mod Conservative Strategic All-Inclusive — — — — — — — — —diverseFOLIOS® Conservative Strategic All-Inclusive — — — — — — — — —

diverseFOLIOS® Moderate Strategic All-Inclusive — — — — — — — — —Maxim Intl Lifestyle - Growth Strategic All-Inclusive 1.93 8.73 — — 14.9 — — — —Maxim Intl Lifestyle - Balanced Strategic All-Inclusive 1.38 7.37 — — 10.8 — — — —Strategic Income Mgt SiM DA Div Inc Port Strategic All-Inclusive 8.01 8.47 — — 13.0 — — — —Strategic Income Mgt SiM DA Bal Inc Port Strategic All-Inclusive 9.63 13.34 — — 36.5 — — — —

CLS High Quality Strategic 40 Strategic All-Inclusive — — — — 0.5 — — — —CLS High Quality Strategic 60 Strategic All-Inclusive — — — — 0.3 — — — —Auour Instinct Global Balanced Strategic All-Inclusive — — — — 1.8 — — — —Vanguard CORE 40%Equity/60%Fixed Income Strategic Broad Market 6.78 8.28 — — 2.6 — — — —Vanguard CORE 60%Equity/40%Fixed Income Strategic Broad Market 6.95 11.09 — — 5.7 — — — —

Vanguard S&P 40%Equity/60%Fixed Income Strategic Broad Market 6.73 8.30 — — 23.2 — — — —Vanguard Russell 40%Equity/60%FixedInc. Strategic Broad Market 6.73 8.26 — — 1.0 — — — —Vanguard Russell 60%Equity/40%FixedInc. Strategic Broad Market 6.86 11.05 — — 3.5 — — — —Vanguard S&P 60%Equity/40%Fixed Income Strategic Broad Market 6.85 11.10 — — 63.2 — — — —Horizon Moderate ETF Portfolio Tactical All-Inclusive 6.78 11.18 10.30 — 80.7 4.51 0.73 85.05 63.06

NorthCoast CAN SLIM Balanced Tactical Sector 7.53 9.42 8.84 — 65.0 4.42 0.56 64.01 51.51Sage Tactical ETF Moderate Growth Tactical Broad Market 7.16 9.55 8.54 — 421.7 1.94 0.87 90.14 90.52Horizon Conservative ETF Portfolio Tactical All-Inclusive 6.06 8.08 7.93 — 28.9 4.15 0.47 83.23 33.66Sage Tactical ETF Moderate Tactical Broad Market 6.61 7.06 7.26 — 188.6 2.68 0.59 86.31 55.56Clark Navigator Global Opportunity Tactical All-Inclusive 14.00 10.95 6.63 — 4.3 0.62 0.83 58.14 92.52

Fortunatus Global ETF Opportunity Tactical All-Inclusive 3.40 8.62 4.72 — 2.6 –0.22 0.68 57.08 94.02WST Asset Manager – Adaptive Balanced Tactical Broad Market –2.10 7.05 3.65 4.67 6.7 –0.48 0.56 53.46 77.24Dunn Warren Conservative ETF Portfolio Tactical All-Inclusive 5.62 4.34 1.72 5.23 2.7 –0.52 0.31 23.22 44.96Dunn Warren Moderate ETF Portfolio Tactical All-Inclusive 4.05 4.00 0.95 5.75 2.1 –1.63 0.36 25.59 56.41Palladiem Balanced Growth Core Strategy Tactical All-Inclusive 4.40 6.92 — — 11.5 — — — —











Down Capture Ratio

Windham Risk Regime II Tactical Broad Market 0.99 — — — — — — — —TTM Trend Aggregation-Low Volatility Tactical All-Inclusive 1.56 — — — 13.7 — — — —TTM Trend Aggregation-Core Tactical All-Inclusive –0.21 — — — 23.2 — — — —TTM Trend Aggregation-Growth Tactical All-Inclusive 0.43 — — — 23.1 — — — —UBS PWS Diversified Income Tactical All-Inclusive 3.69 — — — 36.4 — — — —

UBS PWS Diversified Income w/ Muni Tactical All-Inclusive 3.89 — — — 14.0 — — — —UBS PWS Global Tactical Alloc. W/ Muni Tactical Broad Market 4.22 — — — 91.8 — — — —UBS PWS Global Tactical Alloc. Tactical Broad Market 1.40 — — — 670.0 — — — —Julex Capital Mngt Dynamic Income Tactical Broad Market 6.59 — — — 3.4 — — — —PCM Tactical Growth and Income Tactical Broad Market 4.55 5.88 — — 31.0 — — — —

Julex Capital Mngt Dynamic Real Asset Tactical All-Inclusive 1.20 — — — 0.1 — — — —F-Squared AlphaSector Moderate Index Tactical Sector 1.86 — — — 444.6 — — — —KeystoneWealthWorld FocusedAlphaRotation Tactical All-Inclusive 0.58 — — — 0.5 — — — —Richard Bernstein Global Conservative Tactical All-Inclusive — — — — 6.3 — — — —Richard Bernstein Global Moderate Tactical All-Inclusive — — — — 191.0 — — — —

Global Balanced Median 4.82 8.35 7.71 6.12Hybrid Median 5.20 8.21 7.51 5.85Strategic Median 5.04 8.47 7.98 6.27Tactical Median 3.97 7.57 6.94 5.23Global Balanced Blended Benchmark 3.37 9.31 7.44 6.18

Global EquityWestEnd Advisors Global Equity Hybrid All-Inclusive 10.23 18.42 13.71 8.93 17.7 3.87 0.94 94.57 89.06GLOBALT innovat ETF Stratg Hig Gro Wrap Hybrid All-Inclusive 9.31 15.69 12.09 7.55 43.1 3.42 0.82 94.43 78.353D ETF Global 100 Portfolio Hybrid Broad Market 4.32 14.89 11.77 — 208.9 1.71 0.99 95.23 97.59CLS ETF Risk Budget 100 - Aggressive Hybrid All-Inclusive 6.43 15.67 11.59 7.17 12.6 1.67 0.97 96.66 95.03GLOBALT innovat ETF Stratg Gro Wrap Hybrid All-Inclusive 9.10 13.89 11.22 7.47 240.8 3.36 0.74 94.43 69.56

CLS ETF Risk Budget 90-Moderately Agrsv Hybrid All-Inclusive 5.96 14.27 10.78 6.51 37.5 1.49 0.90 96.84 88.03QA Global Balanced 80/20 Hybrid All-Inclusive 5.88 13.33 10.60 7.49 14.5 2.83 0.74 92.78 72.463D ETF Global 80 Portfolio - Tax Sen. Hybrid Broad Market 6.27 13.08 10.30 — 27.3 2.07 0.79 95.77 77.433D ETF Global 80 Portfolio Hybrid Broad Market 5.63 12.88 10.22 — 117.7 1.88 0.80 96.01 78.93Sage Target Date 2045 Fund Hybrid Broad Market 7.67 12.89 10.17 — 50.1 2.04 0.78 93.33 79.88

CLS ETF Risk Budget 80 - Moderate Hybrid All-Inclusive 5.55 12.65 9.94 6.18 93.3 1.56 0.81 96.59 78.01Innealta Global All Asset Opp Growth Hybrid Broad Market 5.06 10.26 9.86 — 33.3 0.71 0.90 89.59 89.05Sage Target Date 2035 Fund Hybrid Broad Market 7.33 11.88 9.62 — 139.8 2.05 0.72 93.34 73.49MIS Aggressive Growth ETF* Hybrid All-Inclusive –0.28 12.33 9.57 — 83.4 0.39 0.90 96.04 93.73CLS ETF Risk Budget 75 - Moderate Hybrid All-Inclusive 4.93 11.71 9.54 6.20 114.4 1.71 0.75 96.98 71.58

RiverFront Dynamic Equity Income Hybrid All-Inclusive 4.16 11.82 9.50 — 861.0 1.84 0.73 95.57 72.37QA Global Balanced Flex - Growth Hybrid All-Inclusive 5.71 11.27 9.40 — 70.5 2.89 0.61 85.91 62.74Nottingham Global Equity Hybrid All-Inclusive 5.02 12.60 9.28 4.65 76.3 0.96 0.81 97.51 83.27F-Squared AlphaSector Global Premium Idx Hybrid All-Inclusive 1.68 12.51 9.17 — 67.9 1.42 0.76 81.88 82.85SignalPoint Global Signal Hybrid All-Inclusive 1.98 11.63 9.15 — 60.5 0.44 0.86 94.87 84.13

SRCM Aggressive Growth Portfolio Hybrid Broad Market 1.13 10.51 8.99 6.01 0.0 –0.62 0.96 95.31 101.85RiverFront ETF Global Growth Hybrid All-Inclusive 2.29 13.87 8.90 — 53.7 –0.64 0.95 96.86 99.46MIS Growth ETF* Hybrid All-Inclusive –0.12 10.84 8.88 — 365.5 1.02 0.76 95.95 76.88RiverFront Global Growth Hybrid All-Inclusive 2.51 13.78 8.84 6.29 522.3 –0.38 0.92 95.94 96.85RiverFront Global Allocation Hybrid All-Inclusive 2.87 12.47 8.54 6.31 649.4 0.43 0.79 95.61 82.83











Down Capture Ratio

RiverFront ETF Global Allocation Hybrid All-Inclusive 2.71 12.58 8.47 — 125.0 0.08 0.82 96.73 85.13Green Inv Mgt Guardian Bal Mosaic Hybrid All-Inclusive 5.83 11.04 8.43 5.21 5.0 0.81 0.74 95.65 75.13SRCM Growth Portfolio Hybrid Broad Market 1.32 9.25 8.37 5.59 0.2 0.03 0.82 94.75 86.79Shelton Optima Diversified ETF Strat Hybrid Broad Market 6.47 8.44 8.19 — 9.2 3.52 0.43 78.89 33.68F-Squared AlphaSector Global Prm Cmpst Hybrid All-Inclusive –0.67 10.63 8.10 — 20.1 0.62 0.74 80.56 82.48

Green Inv Mgt Guardian Stk Hybrid Broad Market 3.59 10.51 7.80 4.02 2.0 –1.67 0.95 95.64 100.42Innealta Global All Asset Growth Hybrid Broad Market 1.41 8.60 7.73 — 68.7 –0.64 0.83 93.11 85.99Lazard Cap Alloc -Gbl Eq Hybrid All-Inclusive 2.66 10.75 7.70 — 190.7 –1.50 0.92 97.36 96.64Green Inv Mgt Guardian Bal Gr Hybrid Broad Market 3.21 9.78 7.51 4.38 17.0 –0.34 0.77 96.85 79.26Lazard Cap Alloc -Gbl Div 75/25 (TE) Hybrid All-Inclusive 3.07 9.62 7.40 — Incl. –0.42 0.77 97.34 78.63

Appleton Group Portfolio Hybrid Broad Market 4.20 11.05 7.38 5.13 17.9 1.74 0.54 79.38 59.16Lazard Cap Alloc -Gbl Div 75/25 (TX) Hybrid All-Inclusive 2.79 9.45 7.19 — Incl. –0.61 0.77 97.29 79.01W.E. Donoghue Moderate Tactical Growth Hybrid All-Inclusive 3.25 7.49 4.10 4.34 4.2 –0.31 0.43 58.94 57.93Appleton Group PLUS Portfolio Hybrid Broad Market 4.15 9.54 3.70 2.45 42.6 –1.56 0.53 62.79 70.90Appleton Group Tax Managed Portfolio Hybrid Broad Market 3.19 9.03 3.41 2.30 28.7 –2.21 0.57 68.54 74.94

Clark Navigator Glbl Bal ETF 80-20 Hdgd Hybrid All-Inclusive 1.18 4.70 3.05 4.46 11.6 –2.26 0.52 88.88 60.06Wela Own Your Age (OYA)- 20 Hybrid All-Inclusive — — — — NR — — — —Wela Own Your Age (OYA)- 30 Hybrid All-Inclusive — — — — 2.8 — — — —IRON Global Equity Plus Hybrid Broad Market 0.16 10.25 — — 3.6 — — — —MIS Contrarian & Growth ETF* Hybrid All-Inclusive 7.23 15.20 — — 29.8 — — — —

MIS Contrarian ETF* Hybrid All-Inclusive 8.28 14.95 — — 15.4 — — — —Ibbotson Momentum 80/20* Hybrid Broad Market 7.08 14.12 — — 16.5 — — — —Ibbotson Momentum 95/5* Hybrid Broad Market 7.09 15.02 — — 3.0 — — — —SignalPoint global equity alpha port Hybrid All-Inclusive 3.81 11.74 — — 0.5 — — — —RiverFront ETF Dynamic Equity Income Hybrid All-Inclusive 3.62 — — — 78.5 — — — —

Voya GPMM Aggressive Growth ETF Hybrid Broad Market 6.12 — — — 0.0 — — — —Blue Edge Global Equity Hybrid All-Inclusive 5.32 14.29 — — 28.8 — — — —F-Squared AlphaSector Global Select Hybrid All-Inclusive –2.44 — — — 897.5 — — — —CLS Active Growth Hybrid All-Inclusive — — — — 0.1 — — — —CLS Active Value Hybrid All-Inclusive — — — — 0.2 — — — —

F-Squared Global Prem AlphaSector Index Hybrid All-Inclusive 0.50 12.06 — — 182.2 — — — —SEI Tactical ETF Equity Hybrid Broad Market 7.62 — — — 59.4 — — — —SEI Tactical ETF Aggressive Strategy Hybrid Broad Market 6.43 — — — 55.8 — — — —iCM - Mgd ETF - Equity Completion Strategic Broad Market 6.31 21.26 15.97 9.82 7.6 5.63 1.02 67.79 94.73FTA ETF Asset Allocation - Gr Portfolio Strategic All-Inclusive 7.52 16.27 12.97 — 15.4 2.99 0.96 92.95 92.68

iSectors Global Equity Allocation Strategic Broad Market 7.50 14.84 11.73 — 8.10 2.34 0.91 96.43 89.77Vanguard CRSP 100% Equity Model Strategic Broad Market 7.09 16.72 12.15 — 89.1 2.44 0.94 97.78 90.75Members Trust Growth ETF Strategic Broad Market 7.07 15.69 12.11 — 28.5 3.08 0.86 95.92 80.62Transamerica I-Series Portfolio VI Strategic All-Inclusive 7.14 15.61 11.74 — 15.1 1.89 0.96 97.65 93.84FTA ETF Asset Allc - Mod Gr Portfolio Strategic All-Inclusive 6.77 13.45 11.37 — 28.0 3.30 0.76 94.39 71.31

Natixis / AIA Mgd ETF - Glob Equity Strategic Broad Market 4.35 15.31 11.04 — 2.2 0.74 1.02 97.21 102.38Vanguard CRSP 80%Equity/20%Fixed Income Strategic Broad Market 7.03 13.89 10.74 — 176.2 2.92 0.74 98.08 69.62Transamerica I-Series Portfolio V Strategic All-Inclusive 6.52 13.17 10.47 — 38.4 1.98 0.82 97.64 79.10iSectors Global Growth Allocation Strategic Broad Market 5.45 12.20 10.21 — 5.30 2.34 0.75 96.94 72.90Ladenburg LAMP ETF Aggressive Growth Strategic Broad Market 8.03 13.75 10.36 — 24.0 1.93 0.81 96.84 79.66

SFS Tax Efficient Growth Strategic Broad Market 5.16 13.79 10.26 — NR 1.69 0.83 95.79 81.52New Frontier Moderate Growth 75/25 Strategic Broad Market 7.28 12.63 10.25 6.68 329.7 2.54 0.73 97.35 68.54Members Trust Moderate Growth ETF Strategic Broad Market 6.87 12.80 10.25 — 124.5 3.07 0.67 96.05 62.23New Frontier Aggressive Growth100/0Tax Strategic Broad Market 5.02 14.54 10.21 6.77 26.4 0.09 1.01 98.65 100.19New Frontier Aggressive Growth 100/0 Strategic Broad Market 4.60 14.46 10.06 6.53 39.5 –0.19 1.02 98.58 102.24











Down Capture Ratio

New Frontier Growth 90/10 Strategic Broad Market 5.62 13.74 10.04 6.65 130.3 0.62 0.93 98.60 91.01New Frontier Growth 90/10 Tax Sensitive Strategic Broad Market 5.69 13.92 9.96 6.59 52.7 0.69 0.91 98.72 89.84Raylor Strategic World Equity SMA Strategic All-Inclusive 6.04 14.14 9.83 — 22.0 0.57 0.91 96.81 92.91New Frontier Moderate Growth 75/25 Tax Strategic Broad Market 6.92 12.63 9.62 6.43 103.6 1.89 0.74 97.88 71.07iCM - Mgd ETF - Aggressive Cap App Strategic Broad Market 1.98 12.01 9.47 6.52 9.2 0.75 0.85 98.14 85.81

iCM - Mgd ETF - Moderate Cap App Strategic Broad Market 2.60 11.20 9.16 6.30 33.6 1.16 0.77 98.39 76.62One Capital Wealth Appreciation 80/20 Strategic All-Inclusive 5.73 12.73 9.14 4.94 17.2 1.77 0.70 97.19 68.63Braver Asset Allocation Growth Strategic All-Inclusive 5.28 11.49 9.13 — 80.6 1.61 0.72 96.01 71.80FEG Equity Portfolio Strategic Broad Market 0.80 11.91 8.81 — 6.0 –0.20 0.89 97.68 91.28SAM Aggressive Global Growth Strategic All-Inclusive 4.70 10.66 8.43 7.26 3.5 0.18 0.81 92.06 84.61

Windham Aggressive Portfolio (Tax Mg) Strategic Broad Market 1.27 9.91 7.94 — 32.4 –0.50 0.83 97.36 86.86Windham Aggressive Portfolio Strategic Broad Market 1.31 9.54 7.71 — 4.6 –0.63 0.82 97.03 87.20Raylor Strategic World Opportunity SMA Strategic Country/Region –2.97 8.88 5.30 — 5.0 –4.77 1.05 94.83 114.77Advisors Capital Mgt Global Balanced ETF Strategic All-Inclusive 4.25 10.19 — — 5.6 — — — —Holderness Vision Tactical Growth Strategic All-Inclusive –0.58 8.33 — — 3.1 — — — —

Fortunatus Asset Allocation Growth Strategic All-Inclusive 9.31 15.11 — — 4.8 — — — —Holderness Vision Tactical Equity Strategic All-Inclusive 0.46 10.16 — — 0.5 — — — —Fortunatus Asset Allc Moderate Growth Strategic All-Inclusive 8.44 13.53 — — 33.6 — — — —Alpha Dynamics ODS Robust Growth Strategic All-Inclusive 4.28 6.33 — — 6.1 — — — —Alpha Dynamics ODS Dynamic Growth Strategic All-Inclusive 4.43 8.50 — — 1.7 — — — —

Ibbotson Strategic ETF Long Term Growth* Strategic Broad Market — — — — 209.3 — — — —Ibbotson Strategic ETF Moderate Growth* Strategic Broad Market — — — — 454.4 — — — —Foy SELECTOR Aggressive Growth Strategic All-Inclusive 15.01 14.63 — — 2.4 — — — —Foy SELECTOR Growth Strategic All-Inclusive 11.87 13.88 — — 43.1 — — — —diverseFOLIOS® Mod Aggressive Strategic All-Inclusive — — — — NR — — — —

diverseFOLIOS® Aggressive Strategic All-Inclusive — — — — NR — — — —Nav Tactical Glbl Alloc Plus Strategic All-Inclusive 6.59 — — — 1.0 — — — —Nav Tactical Glbl Alloc Pl ft ADEX Strategic All-Inclusive 6.70 — — — 3.4 — — — —Maxim Intl Lifestyle - Aggressive Strategic All-Inclusive 2.41 10.89 — — 2.0 — — — —Strategic Income Mgt SiM DA Eq Inc Port Strategic All-Inclusive 9.81 15.37 — — 53.6 — — — —

CLS High Quality Strategic 80 Strategic All-Inclusive — — — — 4.4 — — — —Clothier Springs GMBW Strategic Broad Market 2.74 6.60 — — 1.5 — — — —One Capital Agg Wealth Appreciation Strategic All-Inclusive 6.63 15.55 — — 5.3 — — — —Auour Instinct Global Equity Strategic All-Inclusive 8.09 — — — 2.0 — — — —Auour Instinct Global Equity Levered Strategic All-Inclusive — — — — 0.5 — — — —

Vanguard CORE 100% Equity Model Strategic Broad Market 7.17 16.76 — — 1.6 — — — —Vanguard CORE 80%Equity/20%Fixed Income Strategic Broad Market 7.07 13.91 — — 5.6 — — — —Vanguard CRSP 70%Equity/30%Fixed Income Strategic Broad Market 6.96 12.47 — — 161.2 — — — —Vanguard Russell 100% Equity Model Strategic Broad Market 6.98 16.71 — — 7.2 — — — —Vanguard S&P 100% Equity Model Strategic Broad Market 6.97 16.79 — — 5.4 — — — —

Vanguard Russell 80%Equity/20%FixedInc. Strategic Broad Market 6.94 13.88 — — 5.6 — — — —Vanguard S&P 80%Equity/20%Fixed Income Strategic Broad Market 6.92 13.94 — — 26.4 — — — —QA Global Style Tactical Broad Market 10.26 18.26 15.18 — 4.7 6.14 0.83 87.84 72.38Horizon Focused ETF Portfolio Tactical All-Inclusive 7.68 15.54 13.42 — 489.8 4.87 0.80 90.56 70.15Horizon Growth ETF Portfolio Tactical All-Inclusive 7.28 13.66 12.07 — 38.5 4.82 0.67 90.70 57.36

QA Global Equity Tactical All-Inclusive 6.23 15.61 11.95 8.01 40.7 2.66 0.90 92.62 89.26C Tactical Global Growth Tactical Broad Market 7.03 14.48 11.70 — 13.6 2.51 0.89 92.75 85.98C Tactical Equity Income Tactical Broad Market 6.33 13.69 11.36 — 30.5 2.64 0.84 91.74 83.38Sage Tactical ETF All Cap Equity Plus Tactical Broad Market 8.28 14.07 11.00 6.56 163.9 1.99 0.87 92.65 90.21The Capital CMC Global ETF Tactical Country/Region 5.55 13.84 10.91 — 3.3 1.24 0.95 95.74 93.28











Down Capture Ratio

QA Global Equity Flex Tactical All-Inclusive 6.20 13.11 10.57 — 97.2 2.77 0.75 86.48 77.07Cookson Peirce All-Cap World Equity Tactical All-Inclusive 2.32 15.67 10.44 7.95 9.3 1.66 0.86 86.96 85.54Westport Res Mgt ETF Tactical All-Inclusive 9.03 13.71 9.89 — 10.2 2.81 0.67 90.58 68.80Sage Tactical ETF Growth Tactical Broad Market 7.73 11.70 9.83 — 265.0 2.27 0.72 92.48 72.29Accuvest Core Equity Tactical Country/Region 4.10 13.89 9.80 — 88.1 –0.22 1.00 97.85 100.97

WBI ETF Plus Tactical All-Inclusive 4.41 10.37 9.00 6.82 14.7 1.79 0.69 85.58 63.33Stadion Tactical Defensive Strategy Tactical All-Inclusive 6.21 11.50 8.69 — 96.8 3.05 0.53 72.18 58.66Clark Navigator Global Equity ETF Tactical All-Inclusive 5.97 13.03 8.59 6.46 14.8 –0.60 0.92 94.68 95.90W.E. Donoghue Power Sector Portfolio Tactical All-Inclusive –1.52 6.48 7.49 5.32 1.0 2.29 0.52 44.22 61.06Hays Advisory Global ETF Tactical All-Inclusive 0.63 10.26 7.08 — 113.5 –2.29 0.97 83.78 99.47

Metropolitan Tactical Growth Tactical All-Inclusive 1.81 0.87 6.11 — 11.4 4.05 0.21 9.75 10.91New Path Actively Mgd Allc Strat (AMAS) Tactical Broad Market 2.07 6.79 5.60 — 12.9 1.12 0.45 43.60 61.19Metropolitan Tactical Moderate Tactical All-Inclusive 2.20 0.74 5.29 — 13.3 4.57 0.08 1.85 1.73W.E. Donoghue Aggressive Tactical Growth Tactical All-Inclusive 5.37 9.30 5.21 3.20 0.2 –0.12 0.53 56.47 69.77Niemann Global Opportunity (Equity Plus) Tactical Sector 4.97 13.67 4.43 6.83 99.7 –0.14 0.47 37.65 70.28

Stadion Managed Risk 100 Strategy Tactical All-Inclusive –0.02 6.31 3.41 3.65 660.6 0.56 0.28 28.72 44.34Clark Navigator Global Eq ETF Hedged Tactical All-Inclusive 2.38 5.57 2.66 4.00 8.5 –3.28 0.59 87.20 70.15Accuvest Global Opportunities Tactical Country/Region –16.28 2.47 2.01 — 14.7 –9.29 1.25 81.10 136.53Dunn Warren Growth ETF Portfolio Tactical All-Inclusive 6.69 6.39 1.57 6.42 4.4 –1.16 0.29 21.93 48.11Dunn Warren Aggressive ETF Portfolio Tactical All-Inclusive 7.85 6.27 1.40 7.16 1.0 –1.52 0.31 22.14 51.19

ELF ETF Strategy Tactical All-Inclusive 0.04 4.05 0.80 0.19 0.9 –7.58 0.90 70.94 109.14BCM Global Sector Rotation Tactical All-Inclusive 2.13 10.86 — — 4.1 — — — —Hays Advisory TMAC Equity Focused Tactical All-Inclusive 5.09 9.83 — — 209.9 — — — —Wela All Growth Tactical All-Inclusive — — — — 5.7 — — — —Palladiem Diversified Growth Strategy Tactical All-Inclusive 5.69 8.62 — — 19.6 — — — —

Windham Risk Regime III Tactical Broad Market 0.70 8.33 — — 882.3 — — — —TTM Momentum-Opportunity Tactical All-Inclusive –6.57 7.83 — — 5.3 — — — —TTM Trend Aggregation-Opportunity Tactical All-Inclusive –1.59 — — — 12.2 — — — —Keystone Wealth Glb Equity AlphaRotation Tactical Broad Market 17.24 — — — 57.7 — — — —Athena Global Tactical ETFs Tactical Broad Market 21.13 29.30 — — 50.4 — — — —

Fusion Global Fusion Core Equity Tactical All-Inclusive 7.88 — — — 8.0 — — — —CLS Thematic Growth Quad Tactical Sector — — — — 0.3 — — — —TRC Global Core Equity Tactical Broad Market 14.18 — — — 0.4 — — — —Ibis Global Growth Tactical All-Inclusive 5.05 — — — 14.3 — — — —F-Squared AlphaSector Growth Index Tactical All-Inclusive 0.93 — — — 407.7 — — — —

F-Squared AlphaSector Mod Growth Idx Tactical All-Inclusive 1.59 — — — 585.1 — — — —F-Squared AlphaSector Max Growth Index Tactical Sector -0.44 — — — 143.8 — — — —F-Squared AS AlphaDEX Global Prem Idx Tactical Sector –0.54 12.62 — — 19.2 — — — —F-Squared AS AlphaDEX Allocator Prm Idx Tactical All-Inclusive 0.57 10.04 — — 24.3 — — — —Newfound Risk Managed Glb Sectors Cmpst Tactical Sector 4.28 — — — 73.6 — — — —

First Nat Chapoquoit Dynamic Conserv SMA Tactical All-Inclusive 23.04 — — — 0.6 — — — —Windham Global Equities Strategy Tactical All-Inclusive 0.64 10.28 — — 2.4 — — — —Richard Bernstein Global Aggressive Tactical All-Inclusive — — — — 112.2 — — — —Richard Bernstein Risk-Balanced Global Tactical All-Inclusive — — — — 97.1 — — — —Steinberg Global ETF Multi Cap Tactical All-Inclusive — — — — 107.4 — — — —

Global Equity Median 5.32 12.58 9.48 6.42Hybrid Median 4.18 11.88 8.99 6.01Strategic Median 6.59 13.75 10.23 6.59Tactical Median 5.01 10.62 8.69 6.46Morningstar Global GR USD 4.59 14.88 10.07 6.86











Down Capture Ratio

Global Fixed IncomeClark Navigator Glbl Bal ETF 20-80 Hdgd Hybrid All-Inclusive 1.24 5.19 6.63 8.55 12.6 3.97 0.85 39.27 56.76Lazard Cap Alloc -Gbl Div 25/75 (TE) Hybrid All-Inclusive 4.07 6.25 6.05 — 416.9 3.53 0.82 33.17 53.153D ETF Global 20 Portfolio Hybrid Broad Market 2.53 4.71 4.08 — 9.1 2.13 0.63 37.19 47.723D ETF Global 20 Portfolio - Tax Sen. Hybrid Broad Market 2.82 3.92 3.68 — 3.4 1.74 0.63 41.64 54.14Lazard Cap Alloc -Gbl Div 25/75 (TX) Hybrid All-Inclusive 3.11 5.81 — — Incl. — — — —

Lazard Cap Alloc -Gbl FI (TE) Hybrid All-Inclusive 4.68 — — — 0.4 — — — —Optimus Bond Allocation Bull/Bear Hybrid All-Inclusive 1.51 3.40 — — 0.0 — — — —CLS ETF Risk Budget 30 - Conservative Hybrid All-Inclusive 3.04 5.16 — — 2.0 — — — —SEI Tactical ETF Conservative Hybrid Broad Market 3.72 — — — 19.7 — — — —Windham Multi-Sector Bonds Tax Exempt Hybrid All-Inclusive 0.05 1.89 — — 0.8 — — — —

iCM - Mgd ETF - Inc & Inflation Hdg Strategic Broad Market 5.11 6.21 6.38 6.13 17.7 4.16 0.69 45.94 36.41Vanguard CRSP 20%Equity/80%Fixed Income Strategic Broad Market 6.63 5.50 6.08 — 64.3 4.28 0.53 58.54 19.48New Frontier Conservative 20/80 Strategic Broad Market 6.01 4.70 5.85 4.86 15.8 3.83 0.61 61.67 35.27iCM - Mgd ETF - Cap Pres & Inf Hdg Strategic Broad Market 5.33 5.06 5.70 5.98 4.7 3.69 0.62 54.62 34.39One Cap Wealth Preservation & Inc 20/80 Strategic All-Inclusive 3.22 4.64 5.66 — 2.1 3.77 0.58 54.31 35.45

New Frontier Conservative 20/80 Tax Strategic Broad Market 6.24 5.44 5.57 4.34 4.9 3.60 0.60 52.76 34.02Ladenburg LAMP ETF Income Strategic Broad Market 3.81 5.12 5.39 — 21.4 3.46 0.60 50.20 31.62Windham Conservative Portfolio Strategic Broad Market 0.25 3.94 4.82 — 3.7 1.81 1.00 58.11 87.98Vanguard CRSP 100% Fixed Income Strategic Broad Market 6.45 2.76 4.38 — 5.3 3.11 0.38 36.67 16.09Windham Conservative Portfolio (Tax Mg) Strategic Broad Market 0.76 3.68 4.38 — 3.9 1.41 0.99 58.86 90.95

iSectors Global Fixed Income Allocation Strategic All-Inclusive –1.25 2.60 4.20 — 6.90 1.80 0.77 79.79 56.94Ibbotson A/P 20/80 Tax Dfd-Fidelity* Strategic Broad Market 3.20 5.32 — — 0.0 — — — —Ibbotson A/P 20/80 Tax Dfd-Pershing* Strategic Broad Market 3.20 5.64 — — 0.0 — — — —Ibbotson A/P 20/80 Tax Dfd-Schwab* Strategic Broad Market 3.12 5.22 — — 0.5 — — — —Ibbotson A/P 20/80 Tax Dfd-TDA* Strategic Broad Market 3.37 5.46 — — 0.1 — — — —

ClearRock Diversified Income Strategic All-Inclusive — — — — NR — — — —Holderness Vision Tactical Stable Strategic All-Inclusive –0.30 4.18 — — 0.0 — — — —PCM Income Opportunity Fund Strategic All-Inclusive 4.10 2.42 — — 58.0 — — — —Vanguard CORE 100% Fixed Income Strategic Broad Market 6.39 2.75 — — 0.0 — — — —Vanguard CORE 20%Equity/80%Fixed Income Strategic Broad Market 6.60 5.50 — — 0.6 — — — —

Vanguard Russell 100% Fixed Income Strategic Broad Market 6.45 2.76 — — 0.0 — — — —Vanguard S&P 100% Fixed Income Strategic Broad Market 6.45 2.76 — — 2.0 — — — —Vanguard S&P 20%Equity/80%Fixed Income Strategic Broad Market 6.60 5.51 — — 8.6 — — — —Vanguard Russell 20%Equity/80%FixedInc. Strategic Broad Market 6.60 5.50 — — 0.2 — — — —Horizon Conservation Plus ETF Portfolio Tactical All-Inclusive 5.46 5.72 6.41 — 37.6 4.99 0.40 42.29 3.37

Sage Tactical ETF Conservative Tactical Broad Market 6.02 4.76 5.94 — 68.7 3.68 0.70 53.17 46.43Innealta Fixed Income Tactical All-Inclusive 0.68 3.30 4.75 — 642.4 2.74 0.63 54.70 50.51Sage Tactical ETF Core Plus Fixed Income Tactical Broad Market 5.34 2.46 4.51 — 266.1 2.65 0.58 60.86 42.45BCM Income Tactical All-Inclusive 2.77 2.26 3.01 — 2.4 1.51 0.47 67.77 28.47Financial Trust Flexible Income Tactical All-Inclusive –1.56 0.99 2.32 3.62 5.9 0.83 0.48 34.48 45.69

SCA Fixed Alternative Tactical All-Inclusive 4.44 4.67 — — NR — — — —Niemann Tactical Global Bond Tactical All-Inclusive 9.36 4.65 — — 0.5 — — — —Steinberg Global Fixed Income ETF Tactical All-Inclusive — — — — 90.2 — — — —Keystone Wealth Glb Bond AlphaRotation Tactical All-Inclusive 11.80 — — — 0.2 — — — —Ibis Global Preservation Tactical All-Inclusive 10.93 — — — 28.5 — — — —

Newfound Target Excess Yield 3% Cmpst Tactical Broad Market 0.99 — — — 0.1 — — — —Auour Instinct Global Fixed Income Tactical All-Inclusive 4.13 — — — 1.2 — — — —Steinberg Global Short Dur Taxable FI Tactical All-Inclusive — — — — 34.8 — — — —











Down Capture Ratio

Global Fixed Income Median 4.07 4.70 5.39 5.42Hybrid Median 2.93 4.93 5.06 8.55Strategic Median 5.11 5.06 5.57 5.42Tactical Median 4.89 3.98 4.63 3.62

Global Fixed Income Blended Benchmark 1.54 1.08 3.03 3.91

International All AssetBrinker Capital ACS Int'l Equity ETF Tactical All-Inclusive –3.43 8.54 3.57 — 11.8 –12.23 1.12 79.11 142.45

International BalancedLadenburg LAMP Specialty International Strategic All-Inclusive –0.70 4.41 2.97 — 1.0 –9.34 0.86 73.17 107.89Fortunatus International ETF Opportunity Tactical All-Inclusive –4.39 1.29 –1.49 — 0.4 –7.63 0.43 32.97 77.96

International EquitySignalPoint International Signal Hybrid Sector –3.79 6.95 3.53 — 1.6 –0.47 0.71 97.44 72.40Natixis / AIA Mgd ETF - China Strategic Country/Region –0.08 7.97 4.21 — 1.8 –0.50 0.94 79.38 87.61Zacks International Strategic Country/Region –6.43 7.52 3.89 5.61 78.0 –1.54 1.06 96.87 109.51Gratry International ETF Allocation Strategic Country/Region –2.40 6.10 3.67 — 6.1 –1.16 0.91 92.00 90.99Laffer Investments Glbl Equity Composite Tactical Country/Region 7.30 14.29 8.04 8.03 48.0 2.79 0.97 92.21 89.85

Innealta Tac ETF Country Rotation Tactical Country/Region 2.11 4.28 5.90 — 881.8 4.43 0.21 49.93 8.66Accuvest Non US Equity Tactical Country/Region –3.83 8.61 4.62 — 6.9 –0.72 1.04 94.39 103.14Main Management International - Non US Tactical Country/Region –1.93 8.80 3.90 — 18.3 –1.27 1.01 92.89 103.18Glovista Emerging Market Equities Tactical Country/Region –5.92 5.43 2.87 18.96 575.6 –2.29 1.06 84.09 110.08Cumberland - Intl Equity ETF Tactical All-Inclusive –1.45 7.73 2.78 — 19.5 –2.36 0.99 95.18 105.19

Hays Advisory International ETF Tactical All-Inclusive –5.88 3.93 2.02 — 14.3 –2.66 0.90 87.82 89.28iSectors Tactical Intl Allocation Tactical All-Inclusive –4.04 2.86 0.63 — 0.60 –1.49 0.39 41.28 52.31Clark Navigator Intl Opportunity Tactical Country/Region 3.26 8.34 1.04 — 7.9 –3.92 0.97 91.79 108.32Niemann Dynamic International Tactical All-Inclusive –6.25 7.83 0.57 — 0.7 –3.76 0.85 78.90 95.52Green Inv Mgt Guardian Country Tactical Country/Region –3.44 5.62 –0.71 8.57 3.0 –5.57 1.02 77.40 111.60

MRM Dynamic International Strategy Tactical Country/Region — — — — 1.2 — — — —BCM International Sector Rotation Tactical Broad Market –5.86 2.71 — — 0.5 — — — —Accuvest Asian Advantage Tactical Country/Region 2.04 8.78 — — 0.3 — — — —Good Harbor Tactical Core Intl Mod SMA Tactical Broad Market — — — — 3.0 — — — —Julex Capital Mngt Dynamic Emerging Mkt Tactical Country/Region –8.40 — — — 1.9 — — — —

CLS International Rotation Quad Tactical Country/Region — — — — 0.1 — — — —Windham Emerging Market Equity Strategy Tactical Country/Region –4.35 1.55 — — 0.3 — — — —

International Equity Median –3.44 7.23 3.53 8.30Tactical Median –3.44 6.67 2.78 8.57Morningstar Gbl Mkts ex-US GR USD –3.24 9.78 5.32 5.75

United States All AssetTCIA ETF Level 1 Strategic All-Inclusive 9.47 11.74 — — 10.0 — — — —TCIA ETF Level 2 Strategic All-Inclusive 9.40 12.69 — — 6.1 — — — —Palladiem Defensive Core Strategy Strategic Broad Market 1.20 3.03 — — 2.4 — — — —Winterset Active/Edge Moderate Hybrid Strategic All-Inclusive 1.25 — — — 19.2 — — — —BCM Diversified Equity (Monthly) Tactical All-Inclusive 8.36 12.86 11.89 — 9.1 0.21 1.15 82.93 128.66

Confluence Growth Tactical All-Inclusive 14.55 14.38 11.03 — 40.7 –3.41 1.45 95.60 160.41BCM Diversified Equity Tactical All-Inclusive 7.95 11.53 10.97 — 90.4 –0.51 1.13 81.70 128.98Confluence Growth and Income Tactical All-Inclusive 13.62 12.24 10.15 — 77.4 –2.05 1.21 93.58 126.04Confluence Income and Growth Tactical All-Inclusive 13.13 10.33 9.59 — 27.8 1.55 0.78 81.99 65.34BCM AlphaDEX Diversified Equity Tactical All-Inclusive 5.44 11.21 — — 17.2 — — — —











Down Capture Ratio

Brinker Capital ACS Real Assets (Q) Tactical All-Inclusive 7.65 6.37 — — 6.7 — — — —TTM Trend Aggregation-Absolute Return Tactical Broad Market 0.63 — — — 19.9 — — — —TTM Momentum- Absolute Return Tactical Broad Market –3.41 6.11 — — 7.0 — — — —Navellier Dynamic Libertas 10 Tactical All-Inclusive 9.60 — — — 1.1 — — — —Navellier Dynamic Libertas 20 Tactical All-Inclusive 8.41 — — — 3.5 — — — —

Navellier Dynamic Libertas 30 Tactical All-Inclusive 10.72 — — — 12.0 — — — —Navellier Dynamic Sentrum 10 Tactical All-Inclusive 9.42 — — — 0.1 — — — —Navellier Dynamic Sentrum 20 Tactical All-Inclusive 9.78 — — — 0.1 — — — —Navellier Dynamic Sentrum 30 Tactical All-Inclusive 10.52 — — — 0.1 — — — —Keystone Wealth Glb Income AlphaRotation Tactical All-Inclusive 5.74 — — — 0.4 — — — —

United States All Asset Median 8.91 11.53 10.97 —United States All Asset Blended Benchmark 6.77 11.29 10.24 7.05

United States AlternativeAstor Long/Short Balanced Program Tactical All-Inclusive 9.47 8.57 6.31 6.99 415.3 –2.03 0.55 79.81 64.52Green Inv Mgt Guardian Alternatives Tactical All-Inclusive –9.93 –9.34 –6.48 — 0.7 –10.59 0.29 13.11 78.56CLS Inflation Quad Tactical All-Inclusive — — — — 0.2 — — — —

TAMP US Tactical ETF L/S - PULSE Tactical Broad Market — — — — NR — — — —

Newfound Dynamic Alternatives Cmpst Hybrid Broad Market 3.18 — — — 0.3 — — — —

United States BalancedClark Navigator MultiStrategy 75-25(SAI) Hybrid All-Inclusive 7.11 14.55 12.63 — 38.2 –3.24 1.43 94.85 158.59Efficient Market 11-19 Years Aggressive Hybrid All-Inclusive 4.78 13.21 11.09 — 23.5 –4.85 1.45 97.00 167.82iSectors Post-MPT Moderate Allocation Hybrid Sector 11.83 11.00 11.17 — 20.00 6.26 0.42 14.59 27.85Clark Navigator MultiStrategy 50-50(SAI) Hybrid All-Inclusive 4.96 11.48 10.88 — 138.3 –1.60 1.11 93.51 122.13Efficient Market 11-19 Years Moderate Hybrid All-Inclusive 4.37 12.46 10.58 — 48.2 –4.19 1.34 96.79 154.49

SignalPoint Balanced Point Hybrid All-Inclusive 7.19 11.19 10.41 — 51.2 –0.20 0.94 94.00 95.22Efficient Market 11-19 Years Consvt Hybrid All-Inclusive 3.67 11.14 9.90 — 25.3 –3.65 1.22 96.55 139.77Efficient Market 6-10 Years Aggressive Hybrid All-Inclusive 4.30 11.14 9.42 — 12.0 –4.12 1.23 96.20 145.65Efficient Market 6-10 Years Moderate Hybrid All-Inclusive 4.03 10.67 9.21 6.62 82.1 –3.86 1.18 96.49 135.08Efficient Market 2-5 Years Aggressive Hybrid All-Inclusive 3.34 10.13 9.19 — 8.9 –3.10 1.11 95.86 124.72

BCM Moderate Growth (Monthly) Hybrid All-Inclusive 5.73 8.57 8.80 — 82.6 –0.20 0.80 79.78 90.01Efficient Market 2-5 Years Moderate Hybrid All-Inclusive 3.13 8.82 8.64 — 46.0 –2.17 0.97 95.57 105.98BCM Moderate Growth Hybrid All-Inclusive 5.47 8.03 8.46 — 56.3 –0.34 0.78 78.50 88.17Efficient Market 6-10 Years Conservative Hybrid All-Inclusive 3.46 8.83 8.09 — 35.0 –2.67 0.97 94.92 109.15MIS Moderate Growth ETF* Hybrid All-Inclusive 0.76 9.10 7.69 — 337.4 –5.13 1.17 91.66 141.37

Efficient Market 2-5 Years Conservative Hybrid All-Inclusive 2.10 7.07 6.95 — 20.1 –1.55 0.76 92.58 83.31MIS Income & Growth ETF* Hybrid All-Inclusive 0.64 6.92 6.38 — 439.4 –3.32 0.88 89.38 104.00Appleton Group PLUS-Conservative Hybrid Broad Market 3.37 6.43 — — 2.2 — — — —Appleton Group-Conservative Hybrid Broad Market 4.91 8.90 — — 1.8 — — — —BCM AlphaDEX Moderate Growth Hybrid All-Inclusive 3.96 7.57 — — 9.1 — — — —

Cumberland Total Return Balanced Port Strategic All-Inclusive 10.68 13.80 11.57 — 38.9 0.89 0.93 91.90 89.55DT Moderate Growth & Income Strategic All-Inclusive 5.59 9.61 8.21 — 83.1 –3.18 1.03 97.52 117.39Members Trust Balanced ETF Strategic Broad Market 6.06 9.65 8.18 — 295.6 –1.69 0.88 97.52 95.65Transamerica I-Series Portfolio III Strategic All-Inclusive 6.05 8.70 8.07 — 89.8 –1.98 0.90 95.01 96.97Clark Navigator Strategist Core Strategic Broad Market 5.89 9.03 7.79 — 2.2 –1.69 0.85 91.37 89.53

First Trust FTA Ibbotson Mul Disc 40/60* Strategic Broad Market 5.14 8.66 7.73 — 14.3 –0.85 0.76 92.60 82.88DT Conservative Growth & Income Strategic All-Inclusive 5.78 8.78 7.69 — 120.3 –1.98 0.87 97.05 96.37Members Trust Conservative ETF Strategic Broad Market 5.43 8.15 7.45 — 460.7 –0.44 0.70 96.25 70.60Lockwood Asset Allocation Portfolios II Strategic Broad Market 5.19 7.43 6.93 5.11 113.1 0.13 0.60 91.42 62.42

Transamerica I-Series Portfolio II Strategic All-Inclusive 5.02 6.10 5.85 — 43.5 –0.90 0.60 92.49 62.50Source: 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

Madison ETF Moderate Strategic All-Inclusive 6.17 8.41 — — 105.3 — — — —Madison ETF Moderate Growth Strategic All-Inclusive 6.88 10.43 — — 88.0 — — — —Alpha Dynamics ODS Stable Growth Strategic All-Inclusive 2.98 4.74 — — 7.1 — — — —Ibbotson Strategic ETF Cons Gr & Inc* Strategic Broad Market — — — — 278.5 — — — —Ibbotson Strategic ETF Moderate Gr & Inc* Strategic Broad Market — — — — 654.7 — — — —

Foy SELECTOR Balanced Growth Strategic All-Inclusive 7.60 7.80 — — 26.4 — — — —Foy SELECTOR Conservative Growth Strategic All-Inclusive 10.07 11.19 — — 36.5 — — — —Foy SELECTOR Income & Growth Strategic All-Inclusive 7.47 7.26 — — 3.9 — — — —Transamerica I-Series GTA Moderate Gr Strategic All-Inclusive 3.22 6.77 — — 9.4 — — — —Transamerica I-Series GTA Moderate Strategic All-Inclusive 3.39 5.25 — — 8.4 — — — —

Clark Navigator Style Preferred Inc&Gro Tactical Broad Market 8.25 11.07 10.10 6.53 2.7 –1.12 1.00 91.58 99.62Stadion Growth Strategy (QDIA Eligible) Tactical Broad Market 1.80 11.01 7.73 — 1,412.0 –4.58 1.12 90.05 146.74Stadion Moderate Strategy (QDIA) Tactical Broad Market 0.12 8.28 6.06 — 1,339.9 –4.35 0.95 84.86 128.71Stadion Balanced Strategy(QDIA Eligible) Tactical Broad Market 0.55 6.62 4.92 — 542.0 –2.57 0.68 75.84 93.92Stadion Conservative Strategy (QDIA) Tactical Broad Market 0.25 4.18 3.41 — 225.7 –1.03 0.40 52.71 59.11

First Trust Global Tactical Asset Alloc. Tactical All-Inclusive 4.93 3.86 — — 0.1 — — — —TAMP US Tactical ETF Income – BIG Tactical Broad Market 7.69 — — — 0.0 — — — —F-Squared AlphaSector Mod Consv Idx Tactical All-Inclusive 3.56 — — — 139.1 — — — —TTM Tactical Core/Satellite Tactical All-Inclusive — — — — 1.4 — — — —

United States Balanced Median 4.95 8.80 8.19 6.53Hybrid Median 4.16 9.62 9.21 6.62Strategic Median 5.83 8.53 7.76 5.11Tactical Median 2.68 7.45 6.06 6.53United States Balanced Blended Benchmark 10.18 13.20 11.37 7.15

United States EquityEfficient Market 20 Plus Years Moderate Hybrid All-Inclusive 5.86 14.80 12.22 7.78 15.5 –1.88 0.91 97.16 96.35SignalPoint Domestic Signal Hybrid All-Inclusive 6.42 14.63 12.19 — 0.6 –0.99 0.85 95.23 85.25SignalPoint Signal 10 Hybrid Sector 3.72 13.95 11.73 — 17.6 –1.45 0.85 92.92 88.17Efficient Market 20 Plus Yrs Aggressive Hybrid All-Inclusive 5.88 15.55 11.72 7.77 22.0 –2.79 0.95 96.52 100.19Efficient Market 20 Plus Years Consvt Hybrid All-Inclusive 5.43 13.58 11.48 — 19.1 –1.66 0.85 96.41 89.55

BCM Growth (Monthly) Hybrid All-Inclusive 6.71 10.34 10.08 — 86.5 1.25 0.56 79.81 59.88Green Inv Mgt Guardian Mosaic Hybrid All-Inclusive 8.07 13.96 9.87 5.76 0.6 –5.46 1.02 96.93 113.78BCM Growth Hybrid All-Inclusive 6.54 9.39 9.21 — 62.9 0.59 0.55 78.34 60.30Forward Tactical Growth Hybrid Broad Market 4.16 9.57 5.98 — 1,037.7 0.16 0.37 61.12 51.49Appleton Group PLUS-Moderate Hybrid Broad Market 1.97 6.84 — — 14.7 — — — —

Appleton Group-Moderate Hybrid Broad Market 4.78 9.04 — — 7.1 — — — —TAMP US Tactical ETF SectGrwth-SAGE Hybrid All-Inclusive — — — — NR — — — —WestEnd Advisors US Sector Hybrid Sector 16.47 — — — 0.6 — — — —Churchill ETF Sector Rotation Strategic Sector 14.63 21.21 16.57 — 61.7 1.58 0.94 96.66 93.05Hillswick S&P 500 Sector Selection Strategic Sector 16.20 21.17 15.73 — 115.0 1.41 0.90 97.92 87.83

Raylor Strategic US Equity SMA Strategic All-Inclusive 12.88 19.42 15.36 — 1.0 0.74 0.93 98.92 90.03SSWM Strategic Allocation Model 75/25 Strategic Broad Market 7.57 13.45 10.93 6.49 13.9 –1.27 0.79 96.65 82.19Acertus Planned Return Strategy Strategic Broad Market 5.13 8.16 7.14 — 369.4 0.06 0.45 84.88 38.30Swan Defined Risk Strategy Strategic Broad Market 7.01 10.63 7.12 9.34 496.9 0.65 0.41 66.39 45.01Swan Defined Risk Strategy All Accounts Strategic Broad Market 6.75 10.42 7.11 8.94 Incl. 0.77 0.40 67.82 43.79

iSectors Domestic Equity Allocation Strategic Broad Market 13.32 18.35 — — 24.60 — — — —Madison ETF Growth Strategic All-Inclusive 7.49 12.77 — — 47.7 — — — —Madison ETF Aggressive Strategic All-Inclusive 7.98 14.70 — — 5.8 — — — —IRON S&P 500 Equity Plus Strategic Broad Market 12.27 15.30 — — NR — — — —Winterset Active/Edge ETF Growth Strategic All-Inclusive 2.04 — — — 3.1 — — — —











Down Capture Ratio

Nav Tactical US Equity Sector Plus Strategic Sector 14.76 — — — 1.4 — — — —Nav Tactical US Equity Sector Pl ft ADEX Strategic Sector 15.10 — — — 9.1 — — — —Braver Tactical Equity Sector Rotation Tactical Sector 14.45 22.73 16.06 9.44 48.3 1.19 0.96 74.09 107.32F-Squared AlphaSector Premium Index Tactical Sector 9.86 19.02 15.08 — 1,691.1 2.57 0.79 81.06 81.27F-Squared AlphaSector Rotation Index Tactical Sector 12.42 19.35 14.75 — 2,733.8 2.56 0.77 79.76 82.72

Main Management Active - US Large Cap Tactical Sector 15.05 20.60 14.49 9.24 185.1 –0.56 0.97 95.72 94.50iSectors Post-MPT Growth Allocation Tactical Sector 15.57 14.95 14.05 — 48.00 9.01 0.31 12.15 30.76F-Squared Rotation AlphaSector Index Tactical Sector 9.59 18.73 14.40 — 988.6 2.32 0.76 79.56 82.18Clark Navigator U.S. Style Opportunity Tactical Broad Market 9.73 17.20 14.32 7.40 70.9 –1.19 1.00 93.68 103.69Clark Navigator U.S. Style Opp (SAI) Tactical Broad Market 9.73 17.20 14.32 7.40 70.9 –1.19 1.00 93.68 103.69

Niemann Dynamic Tactical Sector 7.01 22.16 13.69 8.49 41.7 –0.42 0.93 70.15 96.69Cumberland - US Equity ETF Tactical All-Inclusive 10.97 17.78 13.55 — 68.6 –1.24 0.96 94.94 96.10F-Squared AlphaSector Premium Cmpst Tactical Sector 7.31 16.91 13.50 — 679.6 1.68 0.75 79.83 81.55Clark Navigator Sector Opportunity Tactical Sector 10.97 16.95 12.63 — 61.1 –2.29 0.97 92.04 104.43Niemann Dynamic Sector Tactical Sector 2.48 18.55 12.37 — 4.7 –0.89 0.87 68.80 91.88

Clark Navigator Style Preferred Core Tactical Broad Market 9.32 14.61 12.37 6.71 4.8 –0.21 0.81 92.92 78.36Robinson Market Opportunity Tactical Broad Market 12.68 13.25 12.01 7.48 4.1 5.05 0.48 17.99 32.86Green Inv Mgt Guardian Sector Tactical Sector 12.84 18.06 12.01 5.85 0.4 –2.56 0.95 94.60 103.08Astor S.T.A.R. Program Tactical All-Inclusive 9.69 16.27 11.72 7.82 184.8 –0.83 0.81 90.66 88.84Confluence Aggressive Growth Tactical All-Inclusive 9.62 14.40 10.91 — 5.8 –4.19 1.00 93.59 114.44

TTM NASDAQ Strategy Tactical All-Inclusive 13.39 16.22 10.38 — 0.9 3.94 0.41 39.57 55.20Niemann Risk Managed Tactical Sector 10.31 19.52 8.68 7.12 57.6 –0.72 0.63 48.89 88.20Good Harbor Tactical Core US Tactical Broad Market -20.04 3.11 7.75 9.61 3,556.5 –0.07 0.54 29.34 78.88Braver Tactical Balanced Tactical Broad Market 6.11 9.30 7.43 5.63 115.7 –0.57 0.52 80.55 57.29Niemann Risk Managed Sector Tactical Sector 5.89 14.42 6.69 8.55 44.9 –2.23 0.60 51.47 83.89

Innealta Tac ETF Sector Rotation Opp Tactical Sector 4.46 3.82 5.92 — 86.0 1.93 0.25 39.10 16.66PVG Dynamic Core ETF Tactical All-Inclusive 6.23 9.36 5.57 5.17 7.2 –1.71 0.47 74.26 49.23Innealta Tac ETF Sector Rotation Core Tactical Sector 4.58 3.90 5.30 — 740.1 2.05 0.20 32.84 12.67Churchill Premier Wealth Tactical Tactical All-Inclusive –1.37 8.44 5.29 4.57 2,065.2 –3.14 0.56 55.64 76.23Braver Tactical Opportunity Tactical All-Inclusive 0.87 5.36 5.25 4.90 112.0 –1.82 0.46 65.00 52.59

MRM Dynamic Overlay Strategy Tactical All-Inclusive — — — — 73.0 — — — —BCM U.S. Sector Rotation (Monthly) Tactical Sector 11.88 18.68 — — 131.5 — — — —BCM U.S. Sector Rotation Tactical Sector 11.86 17.63 — — 124.5 — — — —Mench Aggressive Equity Tactical All-Inclusive — — — — NR — — — —BCM AlphaDEX U.S. Sector Rotation Tactical Sector 8.20 16.88 — — 196.5 — — — —

RPG AlphaSector Core Domestic Equity Tactical Sector 6.76 16.90 — — 101.0 — — — —RPG AlphaSector Premium FT Tactical Sector 4.01 — — — 26.2 — — — —F-Squared AlphaSector AlphaDEX Pre Idx Tactical Sector 8.91 19.48 — — 309.6 — — — —Virtus Premium Alpha Sector Composite Tactical Sector –2.58 12.95 — — 137.2 — — — —Virtus Alpha Sector Rotation Composite Tactical Sector 2.46 15.42 — — 8.5 — — — —

RevenueShares Strategic Allocation Tactical Broad Market 3.91 14.95 — — 1.0 — — — —Longview Capital Dynamic Large Cap SMA Tactical All-Inclusive — — — — 12.0 — — — —Julex Dynamic Sector Strategy Tactical All-Inclusive 10.72 — — — 36.5 — — — —F-Squared AlphaSector AlphaDEX Prm Cmpst Tactical Sector 5.11 17.46 — — 656.7 — — — —TTM Momentum-Growth Tactical Broad Market –5.47 7.43 — — 3.0 — — — —

TTM Momentum-Core Tactical Broad Market –4.50 6.48 — — 13.8 — — — —TTM Momentum- Low Volatility Tactical Broad Market –1.88 5.91 — — 5.4 — — — —TTM 500 Strategy Tactical Broad Market 4.33 — — — 6.5 — — — —WST Asset Manager - U.S. Equity Tactical Sector 9.67 — — — 170.6 — — — —Optimus Global Rotation Tactical Broad Market 3.85 — — — 0.4 — — — —











Down Capture Ratio

F-Squared Dynamic AlphaSector Index Tactical Sector 4.00 — — — 1,896.6 — — — —F-Squared Premium AlphaSector Index Tactical Sector 8.16 17.60 — — 6,223.9 — — — —Optimus U.S. Rotation Tactical Broad Market –3.79 — — — 0.0 — — — —Newfound Risk Mgd Small-Cap Sec Cmpst Tactical Sector 2.83 — — — 3.7 — — — —Evolution US Equity Absolute Return Tactical Sector — — — — 0.2 — — — —

FFCM Dynamic All Cap Sector Rotation Tactical Sector — — — — 260.0 — — — —FFCM Dynamic Large Cap Sector Rotation Tactical Sector — — — — 0.3 — — — —

United States Equity Median 7.01 14.95 11.72 7.44Hybrid Median 5.87 13.58 11.48 7.77Strategic Median 10.12 14.70 10.93 8.94Tactical Median 7.31 16.88 12.19 7.40Morningstar US Market TR USD 12.85 20.44 15.69 8.15

United States Fixed IncomeSignalPoint Stable Income Point Hybrid All-Inclusive 8.93 4.26 6.79 — 19.6 1.29 1.21 65.87 134.83Efficient Market Taking Income-Aggr Hybrid All-Inclusive 2.55 6.66 6.71 — 11.2 7.11 –0.12 0.35 –31.11SignalPoint CU Income Plus Hybrid All-Inclusive 9.07 4.42 6.58 — 3.7 1.53 1.11 60.46 122.08Efficient Market Taking Income-Moderate Hybrid All-Inclusive 2.32 6.24 6.35 — 19.9 6.45 –0.06 0.11 –27.70SignalPoint Moderate Income Point Hybrid All-Inclusive 6.11 5.25 5.66 — 4.3 2.74 0.64 13.57 73.66

Efficient Market Taking Income-Consvt Hybrid All-Inclusive 2.08 5.13 5.49 — 18.8 5.08 0.06 0.19 –10.79MIS Conservative ETF* Hybrid All-Inclusive 0.84 5.19 5.41 — 102.7 4.62 0.16 0.72 25.71Green Inv Mgt Guardian Tax Free Hybrid Sector 6.96 2.94 4.03 3.90 0.3 –0.37 0.98 55.05 107.81Wela Own Your Age (OYA)- 80 Hybrid All-Inclusive — — — — 9.1 — — — —Wela Own Your Age (OYA)- 70 Hybrid All-Inclusive — — — — 3.3 — — — —

Ibbotson Momentum 20/80* Hybrid Broad Market 4.05 5.15 — — 4.3 — — — —Voya GPMM Income ETF Hybrid Broad Market 6.14 — — — 0.0 — — — —First Trust FTA Ibbotson Mul Disc 20/80 Strategic Broad Market 4.55 6.03 5.95 — 5.4 4.25 0.35 6.62 23.91Members Trust Income ETF Strategic Broad Market 4.76 5.83 5.85 — 272.4 5.04 0.15 1.37 –14.04DT Ultra-Conservative Growth & Income Strategic All-Inclusive 4.96 5.97 5.72 — 20.3 2.99 0.06 0.02 –75.82

Lockwood Asset Allocation Portfolios I Strategic Broad Market 4.97 4.97 5.35 4.66 47.7 3.39 0.41 13.47 31.69DT Intermediate Fixed Income Strategic Broad Market 3.64 3.27 4.05 — 9.8 1.43 0.57 52.06 50.14CFGAM S3 Municipal ETF Strategic Sector 6.35 2.90 3.37 — 4.1 –0.48 0.86 51.16 107.42iSectors Capital Preservation Allocation Strategic All-Inclusive –0.52 2.23 3.33 — 18.80 1.48 0.40 36.88 29.28Granite Tactical U.S. Interm FI Strategy Strategic All-Inclusive –1.24 1.80 2.45 — 1.1 0.04 0.54 22.72 76.02

Astor Active Income Program Strategic All-Inclusive 4.85 3.99 — — 5.2 — — — —Caprin Tactical Muni ETF Strategic Sector 9.01 4.43 — — 7.0 — — — —Caprin Core Plus ETF Strategic All-Inclusive 5.51 2.89 — — 8.3 — — — —Caprin Tactical Opportunity ETF Strategic All-Inclusive 8.05 4.18 — — 39.7 — — — —Granite Tactical Global Interm FI Strat Strategic All-Inclusive –0.31 2.18 — — 0.1 — — — —

Madison ETF Income Advantage Strategic Broad Market 3.62 2.58 — — 3.9 — — — —Madison ETF Capital Preservation Strategic Broad Market 4.26 3.80 — — 9.1 — — — —Madison ETF Conservative Strategic Broad Market 4.99 6.04 — — 65.3 — — — —Ibbotson Strategic ETF Moderate Income* Strategic Broad Market — — — — 135.1 — — — —Transamerica I-Series Portfolio I Strategic All-Inclusive 4.24 3.45 — — 22.7 — — — —

Transamerica I-Series TFI Strategic Broad Market 2.24 2.65 — — 16.4 — — — —Foy SELECTOR Income Strategic All-Inclusive 6.58 6.12 — — 3.9 — — — —Transamerica I-Series GTA Conservative Strategic All-Inclusive 3.43 3.88 — — 1.7 — — — —Clark Navigator Fixed Income TR Tactical All-Inclusive 1.26 5.33 7.48 9.66 980.0 5.06 0.52 5.99 66.02WST Asset Manager – U.S. Bond Tactical Sector 2.45 6.75 7.25 — 117.5 6.85 0.05 0.08 –28.38











Down Capture Ratio

Braver Tactical High Income Tactical Sector –0.20 6.08 6.26 9.62 129.1 5.60 0.12 0.42 14.28Laffer Investments Fixed Income ETF Tactical All-Inclusive 3.38 3.00 4.52 — 2.5 0.88 0.80 52.59 90.42Green Inv Mgt Guardian Fix-Inc Tactical All-Inclusive 1.63 4.45 4.21 4.47 26.0 2.10 0.47 8.08 70.48QA Tactical Bond Tactical All-Inclusive 4.66 3.03 3.90 — 5.2 –0.90 1.08 66.09 142.54Stadion Capital Preservation Strategy Tactical Broad Market 0.40 3.10 2.82 — 111.1 3.22 –0.11 0.89 –24.02

3D Fixed Income ETF Portfolio - Tax Sen. Tactical All-Inclusive 1.84 1.04 2.33 — 0.3 –1.45 0.85 65.12 113.453D Fixed Income ETF Portfolio Tactical All-Inclusive 1.78 — — — 1.4 — — — —Optimus High Yield Bull/Bear Tactical Sector 0.52 4.44 — — 0.1 — — — —Palladiem Sustainable Income Strategy Tactical All-Inclusive 4.68 5.56 — — 1.9 — — — —Longview Capital Fixed Income Tactical All-Inclusive — — — — 39.0 — — — —

United States Fixed Income Median 4.05 4.42 5.45 4.66Hybrid Median 5.08 5.15 6.01 3.90Strategic Median 4.65 3.84 4.70 4.66Tactical Median 1.78 4.45 4.37 9.62Morningstar Core Bond MCBI TR 6.07 2.80 4.52 4.88





Exhibit 6 Selected Top- and Bottom Performing Strategies, 3-Year Return, 30 December 2014Return %




Assets USD Mil

Top Performing Strategies

Athena Global Tactical ETFs 9/1/10 Global Equity Tactical Broad Market 21.13 29.30 — — 50.4

Braver Tactical Equity Sector Rotation 7/1/96 United States Equity Tactical Sector 14.45 22.73 16.06 9.44 48.3

Niemann Dynamic 2/20/97 United States Equity Tactical Sector 7.01 22.16 13.69 8.49 41.7

iCM - Mgd ETF - Equity Completion 1/3/05 Global Equity Strategic Broad Market 6.31 21.26 15.97 9.82 7.6

Churchill ETF Sector Rotation 10/1/07 United States Equity Strategic Sector 14.63 21.21 16.57 — 61.7

Hillswick S&P 500 Sector Selection 9/30/08 United States Equity Strategic Sector 16.20 21.17 15.73 — 115.0

Main Management Active - US Large Cap 9/30/02 United States Equity Tactical Sector 15.05 20.60 14.49 9.24 185.1

Niemann Risk Managed 9/30/96 United States Equity Tactical Sector 10.31 19.52 8.68 7.12 57.6

F-Squared AlphaSector AlphaDEX Pre Idx 9/1/11 United States Equity Tactical Sector 8.91 19.48 — — 309.6

Raylor Strategic US Equity SMA 1/3/06 United States Equity Strategic All-Inclusive 12.88 19.42 15.36 — 1.0

F-Squared AlphaSector Rotation Index 10/1/08 United States Equity Tactical Sector 12.42 19.35 14.75 — 2,733.8

F-Squared AlphaSector Premium Index 10/1/08 United States Equity Tactical Sector 9.86 19.02 15.08 — 1,691.1

F-Squared Rotation AlphaSector Index 9/29/09 United States Equity Tactical Sector 9.59 18.73 14.40 — 988.6

BCM U.S. Sector Rotation (Monthly) 7/1/10 United States Equity Tactical Sector 11.88 18.68 — — 131.5

Niemann Dynamic Sector 2/20/08 United States Equity Tactical Sector 2.48 18.55 12.37 — 4.7

Bottom Performing Strategies

Windham Multi-Sector Bonds Tax Exempt 8/31/10 Global Fixed Income Hybrid All-Inclusive 0.05 1.89 — — 0.8

Granite Tactical U.S. Interm FI Strategy 7/31/09 United States Fixed Income Strategic All-Inclusive -1.24 1.80 2.45 — 1.1

Windham Emerging Market Equity Strategy 12/31/10 International Equity Tactical Country/Region -4.35 1.55 — — 0.3

Fortunatus International ETF Opportunity 2/29/08 International Balanced Tactical All-Inclusive -4.39 1.29 -1.49 — 0.4

iSectors Tactical Glbl Bal Allocation 12/1/10 Global All Asset Tactical Broad Market -0.35 1.12 — — 3.3

3D Fixed Income ETF Portfolio - Tax Sen. 12/1/08 United States Fixed Income Tactical All-Inclusive 1.84 1.04 2.33 — 0.3

Financial Trust Flexible Income 11/30/01 Global Fixed Income Tactical All-Inclusive -1.56 0.99 2.32 3.62 5.9

Metropolitan Tactical Growth 9/30/05 Global Equity Tactical All-Inclusive 1.81 0.87 6.11 — 11.4

Metropolitan Tactical Moderate 9/30/05 Global Equity Tactical All-Inclusive 2.20 0.74 5.29 — 13.3

Accuvest Global Long Short Equity 1/2/12 Global Alternative Tactical Country/Region -8.46 0.43 — — 11.0

SignalPoint Currency Point 10/31/08 Global Alternative Hybrid Country/Region -3.80 -1.69 -0.72 — 0.2

iSectors Inflation Protected Allocation 10/1/09 Global All Asset Strategic All-Inclusive -4.89 -2.31 2.08 — 4.6

Sitka Absolute Return 9/1/05 Global Alternative Tactical All-Inclusive -3.97 -8.56 -4.85 — 20.7

iSectors Precious Metals Allocation 11/1/10 Global Alternative Strategic Sector -7.16 -8.87 — — 2.3

Green Inv Mgt Guardian Alternatives 9/1/09 United States Alternative Tactical All-Inclusive -9.93 -9.34 -6.48 — 0.7




Exhibit 7 Selected Top- and Bottom-Performing Strategies, 5-Year Return, 30 December 2014Return %




Assets USD Mil

Top Performing StrategiesChurchill ETF Sector Rotation 10/1/07 United States Equity Strategic Sector 14.63 21.21 16.57 — 61.7

Braver Tactical Equity Sector Rotation 7/1/96 United States Equity Tactical Sector 14.45 22.73 16.06 9.44 48.3

iCM - Mgd ETF - Equity Completion 1/3/05 Global Equity Strategic Broad Market 6.31 21.26 15.97 9.82 7.6

Hillswick S&P 500 Sector Selection 9/30/08 United States Equity Strategic Sector 16.20 21.17 15.73 — 115.0

Raylor Strategic US Equity SMA 1/3/06 United States Equity Strategic All-Inclusive 12.88 19.42 15.36 — 1.0

QA Global Style 9/4/07 Global Equity Tactical Broad Market 10.26 18.26 15.18 — 4.7



Main Management Active - US Large Cap 9/30/02 United States Equity Tactical Sector 15.05 20.60 14.49 9.24 185.1


Clark Navigator U.S. Style Opportunity 12/31/04 United States Equity Tactical Broad Market 9.73 17.20 14.32 7.40 70.9

Clark Navigator U.S. Style Opp (SAI) 1/3/05 United States Equity Tactical Broad Market 9.73 17.20 14.32 7.40 70.9

iSectors Post-MPT Growth Allocation 2/1/05 United States Equity Tactical Sector 15.57 14.95 14.05 — 48.0

WestEnd Advisors Global Equity 12/31/04 Global Equity Hybrid All-Inclusive 10.23 18.42 13.71 8.93 17.7

Niemann Dynamic 2/20/97 United States Equity Tactical Sector 7.01 22.16 13.69 8.49 41.7

Bottom Performing StrategiesHays Advisory International ETF 1/31/06 International Equity Tactical All-Inclusive -5.88 3.93 2.02 — 14.3

Accuvest Global Opportunities 11/1/05 Global Equity Tactical Country/Region -16.28 2.47 2.01 — 14.7

Dunn Warren Conservative ETF Portfolio 1/2/03 Global Balanced Tactical All-Inclusive 5.62 4.34 1.72 5.23 2.7

Dunn Warren Growth ETF Portfolio 1/2/04 Global Equity Tactical All-Inclusive 6.69 6.39 1.57 6.42 4.4

Dunn Warren Aggressive ETF Portfolio 1/2/03 Global Equity Tactical All-Inclusive 7.85 6.27 1.40 7.16 1.0

Clark Navigator Intl Opportunity 1/4/07 International Equity Tactical Country/Region 3.26 8.34 1.04 — 7.9

Dunn Warren Moderate ETF Portfolio 1/2/03 Global Balanced Tactical All-Inclusive 4.05 4.00 0.95 5.75 2.1

ELF ETF Strategy 2/28/03 Global Equity Tactical All-Inclusive 0.04 4.05 0.80 0.19 0.9

iSectors Tactical Intl Allocation 10/1/09 International Equity Tactical All-Inclusive -4.04 2.86 0.63 — 0.6

Niemann Dynamic International 1/22/08 International Equity Tactical All-Inclusive -6.25 7.83 0.57 — 0.7

Green Inv Mgt Guardian Country 7/1/04 International Equity Tactical Country/Region -3.44 5.62 -0.71 8.57 3.0

SignalPoint Currency Point 10/31/08 Global Alternative Hybrid Country/Region -3.80 -1.69 -0.72 — 0.2

Fortunatus International ETF Opportunity 2/29/08 International Balanced Tactical All-Inclusive -4.39 1.29 -1.49 — 0.4

Sitka Absolute Return 9/1/05 Global Alternative Tactical All-Inclusive -3.97 -8.56 -4.85 — 20.7

Green Inv Mgt Guardian Alternatives 9/1/09 United States Alternative Tactical All-Inclusive -9.93 -9.34 -6.48 — 0.7




Exhibit 8 Largest Strategies, 30 December 2014

Return %




Assets USD Mil

Windhaven Diversified Growth 1/2/02 Global All Asset Hybrid All-Inclusive 2.20 7.93 6.80 6.84 8,406.6

F-Squared Premium AlphaSector Index 7/1/10 United States Equity Tactical Sector 8.16 17.60 — — 6,223.9

Windhaven Diversified Aggressive 1/2/02 Global All Asset Hybrid All-Inclusive 2.14 10.17 7.81 8.08 4,981.7

Good Harbor Tactical Core US 4/30/03 United States Equity Tactical Broad Market -20.04 3.11 7.75 9.61 3,556.5

Windhaven Diversified Conservative 1/2/02 Global All Asset Hybrid All-Inclusive 2.26 4.56 4.24 5.24 2,763.8


Churchill Premier Wealth Tactical 10/1/96 United States Equity Tactical All-Inclusive -1.37 8.44 5.29 4.57 2,065.2

RiverFront Moderate Growth and Income 10/1/03 Global Balanced Hybrid All-Inclusive 5.25 9.90 7.99 6.12 2,048.1

F-Squared Dynamic AlphaSector Index 3/1/12 United States Equity Tactical Sector 4.00 — — — 1,896.6


Stadion Growth Strategy (QDIA Eligible) 4/2/07 United States Balanced Tactical Broad Market 1.80 11.01 7.73 — 1,412.0

Stadion Moderate Strategy (QDIA) 4/2/07 United States Balanced Tactical Broad Market 0.12 8.28 6.06 — 1,339.9

F-Squared AlphaSector Allocator Index 6/1/10 Global All Asset Hybrid All-Inclusive 3.99 9.96 — — 1,293.5

F-Squared AlphaSector Allocator Select 9/2/13 Global All Asset Hybrid All-Inclusive -0.60 — — — 1,245.5

Forward Tactical Growth 8/3/09 United States Equity Hybrid Broad Market 4.16 9.57 5.98 — 1,037.7


Clark Navigator Fixed Income TR 12/31/04 United States Fixed Income Tactical All-Inclusive 1.26 5.33 7.48 9.66 980.0

F-Squared AlphaSector Global Select 9/2/13 Global Equity Hybrid All-Inclusive -2.44 — — — 897.5

Windham Risk Regime III 9/30/11 Global Equity Tactical Broad Market 0.70 8.33 — — 882.3

Innealta Tac ETF Country Rotation 12/31/09 International Equity Tactical Country/Region 2.11 4.28 5.90 — 881.8

RiverFront Dynamic Equity Income 5/1/09 Global Equity Hybrid All-Inclusive 4.16 11.82 9.50 — 861.0

Innealta Tac ETF Sector Rotation Core 12/31/09 United States Equity Tactical Sector 4.58 3.90 5.30 — 740.1

Cougar Global MAR 8 10/31/01 Global All Asset Tactical All-Inclusive 6.73 6.71 4.74 8.01 691.0

F-Squared Allocator Pre AlphaSector Idx 3/15/11 Global All Asset Hybrid All-Inclusive 2.16 9.58 — — 680.9

F-Squared AlphaSector Premium Cmpst 10/1/08 United States Equity Tactical Sector 7.31 16.91 13.50 — 679.6




Exhibit 9 Largest 1-Year Growth in Assets, 30 December 2014

Return %




1-Yr Growth USD Mil

Assets USD Mil

F-Squared AlphaSector Rotation Index 10/1/08 United States Equity Tactical Sector 12.42 19.35 14.75 — 1,258.3 2,733.8

F-Squared AlphaSector Premium Cmpst 10/1/08 United States Equity Tactical Sector 7.31 16.91 13.50 — 679.6 679.6

F-Squared AlphaSector AlphaDEX Prm Cmpst 9/1/11 United States Equity Tactical Sector 5.11 17.46 — — 656.7 656.7

UBS PWS Global Tactical Alloc. 6/29/12 Global Balanced Tactical Broad Market 1.40 — — — 624.5 670.0

F-Squared AlphaSector Mod Growth Idx 7/2/12 Global Equity Tactical All-Inclusive 1.59 — — — 585.1 585.1

F-Squared AlphaSector Allocator Select 9/2/13 Global All Asset Hybrid All-Inclusive -0.60 — — — 528.2 1,245.5

F-Squared AlphaSector Global Select 9/2/13 Global Equity Hybrid All-Inclusive -2.44 — — — 503.1 897.5

F-Squared AlphaSector Moderate Index 7/2/12 Global Balanced Tactical Sector 1.86 — — — 444.6 444.6

F-Squared AlphaSector Growth Index 7/2/12 Global Equity Tactical All-Inclusive 0.93 — — — 407.7 407.7

MIS Income & Growth ETF* 10/1/07 United States Balanced Hybrid All-Inclusive 0.64 6.92 6.38 — 359.5 439.4

Clark Navigator Fixed Income TR 12/31/04 United States Fixed Income Tactical All-Inclusive 1.26 5.33 7.48 9.66 354.0 980.0

Innealta Fixed Income 12/31/09 Global Fixed Income Tactical All-Inclusive 0.68 3.30 4.75 — 336.9 642.4

F-Squared AlphaSector Allocator Prm Cpst 4/1/10 Global All Asset Hybrid All-Inclusive 0.33 8.44 — — 325.2 325.2

MIS Growth ETF* 10/1/07 Global Equity Hybrid All-Inclusive -0.12 10.84 8.88 — 275.9 365.5

RiverFront Moderate Growth and Income 10/1/03 Global Balanced Hybrid All-Inclusive 5.25 9.90 7.99 6.12 272.4 2,048.1

FFCM Dynamic All Cap Sector Rotation 4/1/14 United States Equity Tactical Sector — — — — 260.0 260.0

MIS Moderate Growth ETF* 10/1/07 United States Balanced Hybrid All-Inclusive 0.76 9.10 7.69 — 244.3 337.4

RiverFront Dynamic Equity Income 5/1/09 Global Equity Hybrid All-Inclusive 4.16 11.82 9.50 — 227.5 861.0

F-Squared Rotation AlphaSector Index 9/29/09 United States Equity Tactical Sector 9.59 18.73 14.40 — 223.0 988.6

Baring Global Dynamic Asset Allocation 6/30/10 Global All Asset Strategic All-Inclusive 5.04 7.78 - — 210.0 243.2

Hays TMAC Portfolio 12/31/09 Global All Asset Tactical All-Inclusive 7.24 7.09 6.83 — 193.9 377.0

Windham Risk Regime Other 2/28/14 Global All Asset Tactical All-Inclusive — — — — 193.0 193.0

Horizon Focused ETF Portfolio 1/1/09 Global Equity Tactical All-Inclusive 7.68 15.54 13.42 — 176.1 489.8

Vanguard CRSP 60%Equity/40%Fixed Income 1/4/10 Global Balanced Strategic Broad Market 6.92 11.06 9.26 — 171.2 298.5

Members Trust Conservative ETF 5/1/06 United States Balanced Strategic Broad Market 5.43 8.15 7.45 — 165.0 460.7




Exhibit 10 Largest Percentage Growth, 30 December 2014

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

Vanguard CRSP 60%Equity/40%Fixed Income 1/4/10 Global Balanced Strategic Broad Market 6.92 11.06 9.26 — 134.4 298.5

F-Squared AlphaSector Global Select 9/2/13 Global Equity Hybrid All-Inclusive -2.44 — — — 127.6 897.5

Innealta Fixed Income 12/31/09 Global Fixed Income Tactical All-Inclusive 0.68 3.30 4.75 — 110.3 642.4

Hays TMAC Portfolio 12/31/09 Global All Asset Tactical All-Inclusive 7.24 7.09 6.83 — 105.8 377.0

NorthCoast Tactical ETF 2/1/13 Global All Asset Tactical All-Inclusive 2.77 — — — 96.6 234.0

F-Squared AlphaSector Rotation Index 10/1/08 United States Equity Tactical Sector 12.42 19.35 14.75 — 85.3 2733.8

Sterling Tactical Rotation Strategy 2/1/10 Global All Asset Tactical Broad Market 7.33 12.53 — — 84.2 239.4

F-Squared AlphaSector Allocator Select 9/2/13 Global All Asset Hybrid All-Inclusive -0.60 — — — 73.6 1245.5

Canterbury Portfolio Thermostat 8/31/12 Global All Asset Tactical All-Inclusive 6.25 — — — 70.1 263.0

Main Management BuyWrite Hedged Equity 9/3/04 Global Alternative Hybrid Broad Market 5.53 8.70 8.41 6.40 61.1 176.9

Clark Navigator Fixed Income TR 12/31/04 United States Fixed Income Tactical All-Inclusive 1.26 5.33 7.48 9.66 56.6 980.0

Horizon Focused ETF Portfolio 1/1/09 Global Equity Tactical All-Inclusive 7.68 15.54 13.42 — 56.1 489.8

Members Trust Conservative ETF 5/1/06 United States Balanced Strategic Broad Market 5.43 8.15 7.45 — 55.8 460.7

Members Trust Balanced ETF 1/3/06 United States Balanced Strategic Broad Market 6.06 9.65 8.18 — 48.0 295.6

New Frontier Moderate 60/40 10/29/04 Global Balanced Strategic Broad Market 8.24 10.96 9.89 6.65 42.7 425.8

Nottingham Global Income 12/31/04 Global Balanced Strategic Broad Market 4.56 3.36 3.44 2.68 41.7 261.2

WST Asset Manager - U.S. Equity 12/31/12 United States Equity Tactical Sector 9.67 — — — 41.4 170.6

Swan Defined Risk Strategy 7/1/97 United States Equity Strategic Broad Market 7.01 10.63 7.12 9.34 39.4 496.9

RiverFront Dynamic Equity Income 5/1/09 Global Equity Hybrid All-Inclusive 4.16 11.82 9.50 — 35.9 861.0

Astor Long/Short Balanced Program 1/3/05 United States Alternative Tactical All-Inclusive 9.47 8.57 6.31 6.99 35.5 415.3

New Frontier Moderate Growth 75/25 10/29/04 Global Equity Strategic Broad Market 7.28 12.63 10.25 6.68 35.1 329.7

GLOBALT innovat ETF Stratg Balnc Wrap 12/31/03 Global Balanced Hybrid All-Inclusive 8.85 11.74 9.91 7.10 33.9 369.5

Richard Bernstein Global Moderate 7/1/10 Global Balanced Tactical All-Inclusive — — — — 32.9 191.0

Dorsey Wright Sys Reltv Strth Glb Macro 3/31/09 Global All Asset Tactical All-Inclusive 7.26 13.90 9.82 — 31.9 178.0

F-Squared Rotation AlphaSector Index 9/29/09 United States Equity Tactical Sector 9.59 18.73 14.40 — 29.1 988.6



Exhibit 11 ETF Managed Portfolio Assets by Firm, 30 December 2014

NameStrategy

Assets1-Year

Growth# Strategies

Reported

F-Squared Investments, Inc. 21,816.0 1,974.6 24

Windhaven Investment Management 16,152.1 –2,421.4 3

RiverFront Investment Group, LLC 4,801.1 562.9 11

Stadion Money Management,LLC 4,388.1 –598.6 7

Good Harbor Financial, LLC 3,559.4 –6,881.4 2

Morningstar* 3,193.5 1,002.4 26

Innealta Capital 2,766.3 –525.9 10

Churchill Management Group 2,126.8 –449.0 2

Sage Advisory Services Ltd CO 2,080.6 –247.1 12

Clark Capital Management Group, Inc. 1,509.4 149.8 18

NEW Frontier Management Company, LLC 1,368.0 238.4 11

Windham Capital Management, LLC 1,335.3 190.4 18

Cougar Global Investments Limited 1,305.2 –65.8 4

Members Trust Company 1,181.7 365.6 5

Vanguard Advisers Inc 1,107.3 710.4 25

Beaumont Capital Management 1,065.0 166.4 17

Forward Management, LLC 1,037.7 –76.2 1

Lazard Asset Management LLC 872.0 –103.8 10

Nottingham Advisors Inc. 862.5 118.2 5

UBS Global Asset Management 812.2 744.2 4

Hays Advisory LLC 714.6 399.3 4

Globalt Inc 691.6 108.6 4

Horizon Investments, LLC 675.4 250.9 5

Braver Capital Management 672.5 120.8 10

3D Asset Management, Inc. 632.1 52.7 11

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


Exhibit 12 Return Comparison, 30 December 2014

Return %

Name 2014 3-Year 5-Year 10-Year

Global All Asset Median 4.02 8.14 6.22 7.31

Hybrid Median 3.51 9.61 7.86 7.08

Strategic Median 3.42 5.90 5.37 -

Tactical Median 4.73 7.55 6.03 7.31

Global All Asset Blended Benchmark 0.73 7.67 6.62 6.00

Global Balanced Median 4.82 8.35 7.71 6.12

Hybrid Median 5.20 8.21 7.51 5.85

Strategic Median 5.04 8.47 7.98 6.27


Global Balanced Blended Benchmark 3.37 9.31 7.44 6.18

Global Equity Median 5.32 12.58 9.48 6.42

Hybrid Median 4.18 11.88 8.99 6.01


Tactical Median 5.01 10.62 8.69 6.46

Morningstar Global GR USD 4.59 14.88 10.07 6.86

Global Fixed Income Median 4.07 4.70 5.39 5.42

Hybrid Median 2.93 4.93 5.06 8.55



Global Fixed Inc Blended Benchmark 1.54 1.08 3.03 3.91

International Equity Median -3.44 7.23 3.53 8.30

Tactical Median -3.44 6.67 2.78 8.57

Morningstar Gbl Mkts ex-US GR USD -3.24 9.78 5.32 5.75

United States All Asset Median 8.91 11.53 10.97 —

United States All-Asset Blended Benchmark 6.77 11.29 10.24 7.05

United States Balanced Median 4.95 8.80 8.19 6.53

Hybrid Median 4.16 9.62 9.21 6.62



United States Balanced Blended Benchmark 10.18 13.20 11.37 7.15

United States Equity Median 7.01 14.95 11.72 7.44

Hybrid Median 5.87 13.58 11.48 7.77


Tactical Median 7.31 16.88 12.19 7.40

Morningstar US Market TR USD 12.85 20.44 15.69 8.15

United States Fixed Income Median 4.05 4.42 5.45 4.66

Hybrid Median 5.08 5.15 6.01 3.90



Morningstar Core Bond MCBI TR 6.07 2.80 4.52 4.88



Exhibit 13 Blended Benchmark Information

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

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

50.050.0

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

60.020.020.0

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

55.035.010.0

Benchmark % Morningstar US Market TR Morningstar Core Bond MCBI TR

60.040.0

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

60.040.0

55.017.517.510.0

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

Global Fixed Income

Global Balanced International Balanced

U.S. Balanced

U.S. All-AssetGlobal All-Asset


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