Morningstar ETF Managed Portfolios andscape Report Q3 2015news.morningstar.com/im/ETFMPLandscapeQ32015.pdf · 2015-12-01 · Morningstar ETF Managed Portfolios andscape Report Q3

Morningstar ETF Managed Portfolios Landscape ReportQ3 2015

ContentsLandscape Highlights

ETF Managed Portfolio Attributes

Universe ChangesExhibit 3

ETF Managed Portfolio Strategies Exhibit 4

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

Selected Return InformationExhibits 6 and 7

Selected Asset InformationExhibits 8, 9, and 10

Summary Return InformationExhibits 11 and 12

Blended Benchmark InformationExhibit 13

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

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

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

Key TakeawaysMorningstar is tracking 737 strategies from 148 firms with total assets of $75 billion through September 2015.

Total assets in these strategies tracked by Morningstar fell 6% in the third quarter of 2015.

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

F-Squared Investments strategies have been removed from the database. The removal of these strategies accounts for 70% of the decline in universe assets since end-June.

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Morningstar ETF Managed Portfolios Landscape Report Q3 2015Page 2 of 48

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

Landscape Highlights

Assets in ETF managed portfolios fell for the fifth consecutive quarter during the three months ending September 2015. At the end of September, strategies in Morningstar’s database had collective assets under management and assets under advisement of $75 billion, just slightly above the level reported at the end of the first quarter of 2013.

The recent decline has been largely driven by the removal of strategies offered by F-Squared Investments from our database. This accounted for 70% of the decline in assets on a quarter-over-quarter basis. Although Broadmeadow Capital acquired F-Squared Investments in September, it has chosen to discontinue reporting for its nondiscretionary index strategies for data validation reasons. The firm plans to reinstate five of its AlphaSector composites to the database at a later date.

Moving Forward Platforms (AssetMark) and asset managers (AGF) have sought new strategies to fill the gaps in their lineups left behind by F-Squared Investments. As a result, a sizable amount of assets have shifted hands, re-entering the universe under new names. This quarter, AssetMark expanded its menu by adding several new managers to its platform, including Julex Capital Management and Clark Capital Management. Meanwhile, Canada-based AGF Management hired FFCM to replace F-Squared Investments as the subadvisor for its U.S. Sector Class Fund. Also, for the first time since assets began to decline in 2014, this universe saw net inflows in the third quarter, amounting to an estimated $0.5 billion.



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 September 2015

Name Firm NameInception Date Universe Asset Breadth

Portfolio Implementation

Primary ETF Exposure Type

Assets USD ($Mil)

Strategies AddedBroadmeadow Enhanced Global Commodity Broadmeadow Capital, LLC 9/30/13 Global Alternative Tactical All-Inclusive 0.0

Broadmeadow Enhanced Global Equity Broadmeadow Capital, LLC 9/30/13 Global Equity Tactical All-Inclusive 0.2

Broadmeadow Enhanced Global Fixed Income Broadmeadow Capital, LLC 9/30/13 Global Fixed Income Tactical All-Inclusive 0.1

AlphaDEX® Country Rotation Portfolio Innealta Capital 6/29/12 International Equity Tactical Country/Region 10.4

AlphaDEX® Sector Rotation Portfolio Innealta Capital 12/30/11 United States Equity Tactical Sector 4.9

IPS Moderate IPS Strategic Capital 2/1/11 Global Alternative Tactical All-Inclusive 54.1

JAForlines Global Tactical Conservative JAForlines Global 1/2/04 Global All Asset Tactical All-Inclusive 16.1

JAForlines Global Tactical Income JAForlines Global 9/4/12 Global All Asset Tactical All-Inclusive 7.8

KKM Enhanced U.S. Equity SMA KKM Financial LLC 6/11/14 United States Equity Tactical Broad Market 15.8

Mellon Capital Defensive Multi-Asset Mellon Capital Management Corporation 3/31/10 Global All Asset Tactical All-Inclusive 343.7

Mellon Capital Defensive Multi-Asset Inc Mellon Capital Management Corporation 2/28/11 Global All Asset Tactical All-Inclusive 229.6

SA ETF Portfolio VI Schlindwein Associates LLC 9/1/14 Global Balanced Hybrid All-Inclusive 0.1

Stadion Defensive International Stadion Money Management,LLC 1/3/12 International Equity Tactical All-Inclusive 9.9

Stadion International Tactical Growth Stadion Money Management,LLC 9/1/14 International Equity Tactical All-Inclusive 0.0

Stadion Maximum Growth Strategy Stadion Money Management,LLC 6/1/15 United States Equity Tactical All-Inclusive 227.3

Stadion Tactical Income Stadion Money Management,LLC 10/31/12 United States Fixed Income Tactical All-Inclusive 0.1

Stringer Income Portfolio Stringer Asset Management LLC 10/3/11 Global All Asset Hybrid All-Inclusive 0.0

VCM Balanced ETF Strategy Vavra Capital Management, LLC 6/1/09 Global Balanced Tactical All-Inclusive 12.0

New Frontier ETF Global Bal Income (Tax) NEW Frontier Management Company, LLC 10/29/04 Global Balanced Strategic Broad Market 42.5

Strategies RemovedAccuvest Global Long Short Equity Accuvest Global Advisors 1/2/12 Global Alternative Tactical Country/Region —

Boston Advisors Broad Allocation Growth Boston Advisors, LLC 9/30/10 Global All Asset Strategic All-Inclusive —

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

F-Squared Allocator Pre AlphaSector Idx F-Squared Investments, Inc. 3/15/11 Global All Asset Hybrid All-Inclusive —

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

F-Squared AlphaSector Allocator Index F-Squared Investments, Inc. 6/1/10 Global All Asset Hybrid All-Inclusive —

F-Squared AlphaSector Allocator Pre Idx F-Squared Investments, Inc. 1/1/10 Global All Asset Hybrid All-Inclusive —

F-Squared AlphaSector Allocator Select F-Squared Investments, Inc. 9/2/13 Global All Asset Hybrid All-Inclusive —

F-Squared AlphaSector AlphaDEX Pre Idx F-Squared Investments, Inc. 9/1/11 United States Equity Tactical Sector —

F-Squared AlphaSector Global Premium Idx F-Squared Investments, Inc. 7/1/09 Global Equity Hybrid All-Inclusive —

Exhibit 2 Current Assets (%) by Attribute

Universe All Asset Alternative Balanced Equity Fixed Income Total

Global 31.7 0.4 18.8 17.1 2.2 70.1International 0.0 0.0 0.0 1.9 0.0 1.9United States 0.5 1.5 10.2 12.7 3.0 28.0

Total 32.2 1.9 29.1 31.7 5.1 100




Name Firm NameInception Date Universe Asset Breadth


Primary ETF Exposure Type

Assets USD ($Mil)

F-Squared AlphaSector Global Prm Cmpst F-Squared Investments, Inc. 1/1/10 Global Equity Hybrid All-Inclusive —

F-Squared AlphaSector Global Select F-Squared Investments, Inc. 9/2/13 Global Equity Hybrid All-Inclusive —

F-Squared AlphaSector Premium Index F-Squared Investments, Inc. 10/1/08 United States Equity Tactical Sector —

F-Squared AlphaSector Rotation Index F-Squared Investments, Inc. 10/1/08 United States Equity Tactical Sector —

F-Squared AS AlphaDEX Allocator Prm Idx F-Squared Investments, Inc. 10/3/11 Global Equity Tactical All-Inclusive —

F-Squared AS AlphaDEX Global Prem Idx F-Squared Investments, Inc. 11/1/11 Global Equity Tactical Sector —

F-Squared Dynamic AlphaSector Index F-Squared Investments, Inc. 3/1/12 United States Equity Tactical Sector —

F-Squared Global Prem AlphaSector Index F-Squared Investments, Inc. 3/15/11 Global Equity Hybrid All-Inclusive —

F-Squared Premium AlphaSector Index F-Squared Investments, Inc. 7/1/10 United States Equity Tactical Sector —

F-Squared Rotation AlphaSector Index F-Squared Investments, Inc. 9/29/09 United States Equity Tactical Sector —

F-Squared AlphaSector Allocator Prm Cpst F-Squared Investments, Inc. 4/1/10 Global All Asset Hybrid All-Inclusive —

F-Squared AlphaSector AlphaDEX Prm Cmpst F-Squared Investments, Inc. 9/1/11 United States Equity Tactical Sector —

F-Squared AlphaSector Premium Cmpst F-Squared Investments, Inc. 10/1/08 United States Equity Tactical Sector —

F-Squared AS AlphaDEX Alloc Prm Comp F-Squared Investments, Inc. 10/1/13 Global Equity Tactical All-Inclusive —

F-Squared AS AlphaDEX Glob Prm Comp F-Squared Investments, Inc. 10/1/13 Global Equity Tactical Sector —

Granite Tactical Global Interm FI Strat Granite Springs Asset Management, LLC 5/31/10 United States Fixed Income Strategic All-Inclusive —

Holderness Vision Tactical Equity Holderness Investments Company 11/30/11 Global Equity Strategic All-Inclusive —

Holderness Vision Tactical Growth Holderness Investments Company 8/1/11 Global Equity Strategic All-Inclusive —

Holderness Vision Tactical Stable Holderness Investments Company 8/1/11 Global Fixed Income Strategic All-Inclusive —

Holderness Vision Tactical Conservative Holderness Investments Company 1/31/13 Global Balanced Strategic All-InclusiveHolderness Vision Tactical Balanced Holderness Investments Company 7/2/12 Global Balanced Strategic All-InclusiveNavellier Dynamic Sentrum 10 Navellier & Associates Inc 7/1/13 United States All Asset Tactical All-Inclusive —

Navellier Dynamic Sentrum 20 Navellier & Associates Inc 7/1/13 United States All Asset Tactical All-Inclusive —

Navellier Dynamic Sentrum 30 Navellier & Associates Inc 7/1/13 United States All Asset Tactical All-Inclusive —

diverseFOLIOS® Aggressive Pioneer Advisors, LLC 10/1/10 Global Equity Strategic All-Inclusive —

diverseFOLIOS® Conservative Pioneer Advisors, LLC 10/1/10 Global Balanced Strategic All-Inclusive —

diverseFOLIOS® Mod Aggressive Pioneer Advisors, LLC 10/1/10 Global Equity Strategic All-Inclusive —

diverseFOLIOS® Mod Conservative Pioneer Advisors, LLC 10/1/10 Global Balanced Strategic All-Inclusive —

diverseFOLIOS® Moderate Pioneer Advisors, LLC 10/1/10 Global Balanced Strategic All-Inclusive —

SelectAlts Fortress Strategy Select Alternative Investments 10/1/12 Global All Asset Tactical All-Inclusive —

SFS Tax Efficient Growth Smedley Financial Services, Inc. 5/23/05 Global Equity Strategic Broad Market —

SFS Tax Efficient Growth & Income Smedley Financial Services, Inc. 5/25/05 Global Balanced Strategic Broad Market —

Steinberg Global ETF Multi Cap Steinberg Global Asset Management Ltd 12/31/02 Global Equity Tactical All-Inclusive —

Steinberg Global Short Dur Taxable FI Steinberg Global Asset Management Ltd 12/31/92 Global Fixed Income Tactical All-Inclusive —

Steinberg Global Fixed Income ETF Steinberg Global Asset Management Ltd 1/3/12 Global Fixed Income Tactical All-Inclusive —

SCA Fixed Alternative Strategic Capital Alternatives L.L.C. 7/1/10 Global Fixed Income Tactical All-Inclusive —

Strategic Income Mgt SiM DA Bal Inc Port Strategic Income Management, LLC 1/3/11 Global Balanced Strategic All-Inclusive —

Strategic Income Mgt SiM DA Div Inc Port Strategic Income Management, LLC 1/3/11 Global Balanced Strategic All-Inclusive —

Strategic Income Mgt SiM DA Eq Inc Port Strategic Income Management, LLC 1/3/11 Global Equity Strategic All-Inclusive —

W.E. Donoghue Aggressive Tactical Growth W.E. Donoghue & Co., Inc. 9/24/01 Global Equity Tactical All-Inclusive —

W.E. Donoghue Cnsrv Tactical Growth W.E. Donoghue & Co., Inc. 9/24/01 Global Balanced Hybrid All-Inclusive —

W.E. Donoghue Moderate Tactical Growth W.E. Donoghue & Co., Inc. 9/25/01 Global Equity Hybrid All-Inclusive —

W.E. Donoghue Power Sector Portfolio W.E. Donoghue & Co., Inc. 5/8/96 Global Equity Tactical All-Inclusive —


Exhibit 3 Universe Changes, 30 September 2015 (Continued)



Exhibit 4 ETF Managed Portfolio Strategies, 30 September 2015

Return % Current

NameInception Date Universe Asset Breadth


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

Assets USD Mil

Return Type ID

3D ETF Global 100 Portfolio 7/3/06 Global Equity Hybrid Broad Market -6.81 7.69 8.34 — 193.8 13D ETF Global 20 Portfolio 10/1/08 Global Fixed Income Hybrid Broad Market -1.03 1.83 2.78 — 8.9 13D ETF Global 20 Portfolio - Tax Sen. 6/2/08 Global Fixed Income Hybrid Broad Market -0.51 1.96 2.52 — 3.7 13D ETF Global 40 Portfolio 10/2/06 Global Balanced Hybrid Broad Market -2.20 3.52 4.11 — 32.1 13D ETF Global 40 Portfolio - Tax Sen. 12/1/06 Global Balanced Hybrid Broad Market -2.19 3.86 4.58 — 10.4 1

3D ETF Global 60 Portfolio 8/1/06 Global Balanced Hybrid Broad Market -3.60 5.23 5.71 — 183.8 13D ETF Global 60 Portfolio - Tax Sen. 10/2/06 Global Balanced Hybrid Broad Market -3.91 5.45 5.82 — 46.9 13D ETF Global 80 Portfolio 7/3/06 Global Equity Hybrid Broad Market -4.82 7.06 7.35 — 107.9 13D ETF Global 80 Portfolio - Tax Sen. 10/2/06 Global Equity Hybrid Broad Market -4.71 7.62 7.73 — 24.7 13D Fixed Income ETF Portfolio 11/1/13 United States Fixed Income Tactical All-Inclusive 0.15 — — — 0.3 1

3D Fixed Income ETF Portfolio - Tax Sen. 11/3/08 United States Fixed Income Tactical All-Inclusive — — — — 0.2 1Accuvest Asian Advantage 8/31/10 International Equity Tactical Country/Region -4.14 4.82 1.95 — 0.3 1Accuvest Global Core Equity 8/1/05 Global Equity Tactical Country/Region -7.07 6.55 7.01 5.17 96.8 1Accuvest Global Opportunities 11/1/05 Global Equity Tactical Country/Region -9.06 -5.19 -2.12 — 14.8 1Accuvest Non US Equity 8/29/08 International Equity Tactical Country/Region -5.88 3.28 1.67 — 17.7 1

Acertus Planned Return Strategy 8/31/09 United States Equity Strategic Broad Market -0.41 4.78 6.73 — 350.3 1Advisors Capital Mgt Global Balanced ETF 5/19/08 Global Equity Strategic All-Inclusive -7.03 3.76 — — 6.6 1AEPG All-Weather Global 40/60 1/4/10 Global Balanced Hybrid All-Inclusive -1.38 3.96 3.71 — 14.2 1AEPG All-Weather Global 50/50 1/4/10 Global Balanced Hybrid All-Inclusive -2.05 4.62 4.29 — 45.2 1AEPG All-Weather Global 60/40 1/4/10 Global Balanced Hybrid All-Inclusive -2.64 5.24 4.72 — 72.8 1

AEPG All-Weather Global 70/30 1/4/10 Global Balanced Hybrid All-Inclusive -3.26 5.86 5.29 — 120.3 1AEPG All-Weather Global 80/20 1/4/10 Global Equity Hybrid All-Inclusive -3.69 5.26 4.98 — 36.2 1AEPG All-Weather Global Growth 1/4/10 Global Equity Hybrid All-Inclusive -4.78 7.91 6.84 — 15.5 1AEPG High Quality Bond 1/4/10 Global Fixed Income Hybrid All-Inclusive 1.01 1.27 1.40 — 3.8 1Alpha Dynamics ODS Dynamic Growth 10/3/11 Global Equity Strategic All-Inclusive -3.80 4.63 — — 1.8 1

Alpha Dynamics ODS Robust Growth 10/3/11 Global Equity Strategic All-Inclusive -2.30 3.40 — — 6.9 1Alpha Dynamics ODS Stable Growth 10/3/11 United States Balanced Strategic All-Inclusive -1.18 2.73 — — 7.8 1AlphaDEX® Country Rotation Portfolio 6/29/12 International Equity Tactical Country/Region -3.17 0.18 — — 10.4 1AlphaDEX® Sector Rotation Portfolio 12/30/11 United States Equity Tactical Sector -3.33 0.25 — — 4.9 1AP-Managed ETF/MF Portfolio-Moderate 4/30/12 Global Balanced Strategic All-Inclusive -7.86 2.30 — — 0.5 1

Appleton Group Managed Income 4/2/12 Global All Asset Strategic All-Inclusive 0.90 1.80 — — 2.1 1Appleton Group PLUS Portfolio 12/31/99 Global Equity Hybrid Broad Market 0.61 5.40 5.17 2.73 1.9 1Appleton Group PLUS-Moderate 1/3/11 United States Equity Hybrid Broad Market 0.36 3.19 — — 0.5 1Appleton Group Portfolio 12/31/99 Global Equity Hybrid Broad Market -1.27 6.36 6.93 5.08 65.1 1Appleton Group Tax Managed Portfolio 12/31/99 Global Equity Hybrid Broad Market -1.93 4.01 4.00 2.17 28.2 1

Appleton Group-Conservative 7/1/11 United States Balanced Hybrid Broad Market -0.87 4.87 — — 6.7 1Appleton Group-Moderate 4/1/11 United States Equity Hybrid Broad Market -1.47 4.65 — — 22.1 1ARS SRS Composite 9/2/14 United States Equity Tactical Sector -5.47 — — — 1.2 3Astor Active Income Composite 2/28/11 United States Fixed Income Strategic All-Inclusive -1.78 1.70 — — 12.8 1Astor Long/Short Balanced Composite 1/3/05 United States Alternative Tactical All-Inclusive -5.49 5.79 4.10 5.90 1,144.5 1

Astor S.T.A.R. Composite 1/3/05 United States Equity Tactical All-Inclusive -7.01 10.99 8.61 6.62 589.6 1Athena Global Tactical ETFs 9/1/10 Global Equity Tactical Broad Market -5.05 21.57 17.67 — 68.9 1Auour Instinct Global Balanced 5/1/14 Global Balanced Strategic All-Inclusive -1.57 — — — 6.7 1Auour Instinct Global Equity 12/2/13 Global Equity Strategic All-Inclusive -5.86 — — — 15.3 1Auour Instinct Global Equity Levered 6/11/14 Global Equity Strategic All-Inclusive -5.11 — — — 4.6 1

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

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

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



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

Return % Current




Assets USD Mil

Return Type ID

Auour Instinct Global Fixed Income 10/1/13 Global Fixed Income Tactical All-Inclusive -0.44 — — — 4.3 1Auour Instinct Global High Yield 6/2/14 Global All Asset Strategic All-Inclusive -4.12 — — — 2.6 1Baring Global Dynamic Asset Allocation 6/30/10 Global All Asset Strategic All-Inclusive -3.55 4.26 5.67 — 224.1 1BCM Advantage Diversified Equity 1/31/14 Global Equity Tactical All-Inclusive -7.16 — — — 11.5 1BCM Advantage Growth 1/31/14 Global Equity Tactical All-Inclusive -5.64 — — — 7.8 1

BCM Advantage Moderate Growth 1/31/14 Global Balanced Tactical All-Inclusive -4.36 — — — 5.8 1BCM Advantage U.S. Sector Rotation 1/31/14 United States Equity Tactical Sector -6.38 — — — 63.7 1BCM AlphaDEX Diversified Equity 9/1/11 United States All Asset Tactical All-Inclusive -7.17 6.53 — — 14.5 1BCM AlphaDEX Growth 1/31/14 United States Equity Tactical All-Inclusive -5.80 — — — 3.2 1BCM AlphaDEX Moderate Growth 9/1/11 United States Balanced Hybrid All-Inclusive -4.41 4.23 — — 6.0 1

BCM AlphaDEX U.S. Sector Rotation 9/1/11 United States Equity Tactical Sector -7.06 11.70 — — 174.9 1BCM Decathlon Conservative Aspect(Pro1) 1/2/15 Global Fixed Income Tactical All-Inclusive 0.12 — — — 22.6 3BCM Decathlon Conservative Tactics 10/1/12 Global All Asset Tactical All-Inclusive 0.89 1.03 — — 8.7 1BCM Decathlon Growth Aspect (Profile 5) 4/10/14 Global Balanced Tactical Sector -3.47 — — — 1,095.6 3BCM Decathlon Growth Tactics 10/1/12 Global All Asset Tactical All-Inclusive -3.52 5.93 — — 70.0 1

BCM Decathlon Moderate Aspect(Profile3) 4/10/14 United States Balanced Tactical All-Inclusive -2.09 — — — 646.9 3BCM Decathlon Moderate Tactics 10/1/12 Global All Asset Tactical All-Inclusive -5.34 4.01 — — 80.6 1BCM Diversified Equity 8/7/09 United States All Asset Tactical All-Inclusive -7.15 5.49 7.83 — 121.0 1BCM Diversified Equity (Monthly) 8/3/09 United States All Asset Tactical All-Inclusive -6.65 6.59 8.74 — 10.6 1BCM DynamicBelay Aggressive Grow(QDIA) 12/2/14 Global Equity Tactical All-Inclusive -5.65 — — — 0.1 1

BCM DynamicBelay Balanced Growth (QDIA) 12/2/14 United States Balanced Tactical All-Inclusive -2.27 — — — 0.0 1BCM DynamicBelay Conservative Gro(QDIA) 12/2/14 United States Balanced Tactical All-Inclusive -2.93 — — — 0.2 1BCM DynamicBelay Growth (QDIA) 12/2/14 Global Equity Tactical All-Inclusive -5.16 — — — 0.1 1BCM DynamicBelay Moderate Growth (QDIA) 12/2/14 Global Balanced Tactical All-Inclusive -3.42 — — — 0.1 1BCM Global Sector Rotation 12/1/10 Global Equity Tactical All-Inclusive -7.57 5.06 — — 5.8 1

BCM Growth 11/2/09 United States Equity Hybrid All-Inclusive -5.63 4.42 6.72 — 51.3 1BCM Growth (Monthly) 11/2/09 United States Equity Hybrid All-Inclusive -4.99 5.29 7.46 — 74.6 1BCM Income 12/1/09 Global Fixed Income Tactical All-Inclusive -0.38 1.15 2.12 — 2.3 1BCM International Sector Rotation 2/1/11 International Equity Tactical Broad Market -7.96 -0.87 — — 1.4 1BCM Moderate Growth 9/1/09 United States Balanced Hybrid All-Inclusive -4.52 3.88 6.01 — 63.5 1

BCM Moderate Growth (Monthly) 9/1/09 United States Balanced Hybrid All-Inclusive -4.04 4.30 6.44 — 62.4 1BCM U.S. Sector Rotation 2/1/11 United States Equity Tactical Sector -6.77 10.40 — — 221.2 1BCM U.S. Sector Rotation (Monthly) 7/1/10 United States Equity Tactical Sector -6.99 11.22 11.94 — 87.2 1BCM U.S. Small Cap Sector Rotation 3/10/14 United States Equity Tactical Sector -4.16 — — — 0.2 1Blue Edge Global Balanced 12/31/10 Global All Asset Hybrid All-Inclusive -4.31 5.93 — — 25.2 1

Blue Edge Global Equity 12/31/10 Global Equity Hybrid All-Inclusive -5.49 7.91 — — 28.4 1Blue Edge Global Growth 12/31/10 Global All Asset Hybrid All-Inclusive -4.79 6.88 — — 45.0 1Blue Edge Global Growth & Income 12/31/10 Global All Asset Hybrid All-Inclusive -3.21 4.56 — — 6.4 1Boston Advisors Broad Allocation Str SA 10/31/08 Global All Asset Hybrid All-Inclusive -4.63 -1.78 1.17 — 15.7 1Braver Asset Allocation Conservative 12/31/08 Global Balanced Strategic All-Inclusive -2.96 3.25 4.53 — 12.0 1

Braver Asset Allocation Growth 12/31/08 Global Equity Strategic All-Inclusive -5.47 5.56 6.84 — 82.1 1Braver Asset Allocation Moderate 12/31/08 Global Balanced Strategic All-Inclusive -4.34 4.85 6.09 — 101.2 1Braver Conservative Multi Strategy 12/31/08 Global All Asset Hybrid All-Inclusive -3.65 2.57 4.13 — 32.8 1Braver Growth Multi Strategy 4/1/10 Global All Asset Hybrid All-Inclusive -5.23 6.25 7.25 — 10.1 1Braver Moderate Multi Strategy 12/31/08 Global All Asset Hybrid All-Inclusive -4.76 4.14 5.45 — 47.5 1







Return % Current




Assets USD Mil

Return Type ID

Braver Tactical Balanced 12/31/03 United States Equity Tactical Broad Market -2.27 5.87 6.39 5.31 72.4 1Braver Tactical Equity Sector Rotation 7/1/96 United States Equity Tactical Sector -8.77 12.89 13.26 5.90 40.2 1Braver Tactical High Income 10/1/96 United States Fixed Income Tactical Sector 1.45 3.38 4.85 9.46 99.5 1Braver Tactical Opportunity 12/31/85 United States Equity Tactical All-Inclusive -9.14 0.49 2.74 4.18 61.7 1Brinker Capital ACS Int'l Equity ETF 7/1/09 International All Asset Tactical All-Inclusive -7.90 2.55 1.33 — 17.3 1

Brinker Capital ACS Real Assets (Q) 11/1/11 United States All Asset Tactical All-Inclusive -8.89 0.57 — — 6.7 1Broadmeadow Enhanced Global Commodity 9/30/13 Global Alternative Tactical All-Inclusive -17.80 — — — 0.0 1Broadmeadow Enhanced Global Equity 9/30/13 Global Equity Tactical All-Inclusive -10.63 — — — 0.2 1Broadmeadow Enhanced Global Fixed Income 9/30/13 Global Fixed Income Tactical All-Inclusive -1.11 — — — 0.1 1Canterbury Portfolio Thermostat 8/31/12 Global All Asset Tactical All-Inclusive -4.84 7.70 — — 272.0 3

Capital Advisors Dynamic Allocation 9/30/09 Global All Asset Tactical Broad Market -4.13 6.07 6.09 — 46.3 1Capital Advisors Tactical Global Growth 5/31/07 Global Equity Tactical Broad Market -5.57 7.84 8.88 — 17.4 1Capital Advisors Tactical Global Income 10/31/07 Global Equity Tactical Broad Market -7.20 6.65 8.36 — 32.0 1Capital Wealth ETF Covered Call Strategy 1/2/08 Global All Asset Hybrid All-Inclusive -0.80 6.98 6.63 — 64.0 1Caprin Core Plus ETF 9/30/10 United States Fixed Income Strategic All-Inclusive 0.64 1.41 2.75 — 6.4 1

Caprin Tactical Muni ETF 9/30/10 United States Fixed Income Strategic Sector 0.83 2.32 4.29 — 14.5 1Caprin Tactical Opportunity ETF 9/30/10 United States Fixed Income Strategic All-Inclusive 1.01 2.26 3.69 — 34.5 1CFGAM S3 Div Agrsv Inflation-Correlated 3/1/11 Global All Asset Strategic All-Inclusive -4.02 0.66 — — 1.2 1CFGAM S3 Div Mod Inflation-Correlated 1/1/10 Global All Asset Strategic All-Inclusive -2.22 1.28 3.33 — 11.7 1CFGAM S3 Diversified Aggressive 1/4/11 Global All Asset Strategic All-Inclusive -2.17 1.50 — — 1.8 1

CFGAM S3 Diversified Conservative 1/1/10 Global All Asset Strategic All-Inclusive -0.73 2.38 4.60 — 47.7 1CFGAM S3 Diversified Growth 1/4/10 Global All Asset Strategic All-Inclusive -1.43 2.21 3.68 — 4.4 1CFGAM S3 Diversified Moderate 1/1/10 Global All Asset Strategic All-Inclusive -1.18 2.08 3.82 — 20.8 1CFGAM S3 Global Income Total Return 12/1/10 Global Balanced Strategic All-Inclusive -0.05 2.60 — — 32.7 1CFGAM S3 Global Income-Income Focus 6/1/10 Global Balanced Strategic All-Inclusive -0.20 2.63 3.80 — 6.4 1

CFGAM S3 Municipal ETF 1/4/10 United States Fixed Income Strategic Sector 0.76 1.62 2.46 — 6.6 1Charles Schwab SMP-ETFs Blend - Agg Gr 12/31/09 Global All Asset Hybrid All-Inclusive -5.07 7.33 7.47 — 93.4 1Charles Schwab SMP-ETFs Blend - Balanced 12/31/09 Global All Asset Hybrid All-Inclusive -2.69 3.32 4.41 — 272.3 1Charles Schwab SMP-ETFs Blend - Growth 12/31/09 Global All Asset Hybrid All-Inclusive -4.48 6.01 6.53 — 342.9 1Charles Schwab SMP-ETFs Blend -Cnsrv Inc 12/31/09 United States Fixed Income Hybrid All-Inclusive -0.37 0.82 2.52 — 42.4 1

Charles Schwab SMP-ETFs Blnd - Bal w/ Gr 12/31/09 Global All Asset Hybrid All-Inclusive -3.75 4.58 5.59 — 531.3 1Charles Schwab SMP-ETFs Blnd - Inc w/ Gr 12/31/09 Global All Asset Hybrid All-Inclusive -1.15 2.61 3.88 — 192.3 1Charles Schwab SMP-ETFs Td-Pty-Ic w/ Gr 12/31/09 Global All Asset Hybrid All-Inclusive -1.04 2.72 3.94 — 244.3 1Charles Schwab SMP-ETFs Thd-Pty - Agg Gr 12/31/09 Global All Asset Hybrid All-Inclusive -4.64 7.75 7.72 — 149.0 1Charles Schwab SMP-ETFs Thd-Pty-Bl w/ Gr 12/31/09 Global All Asset Hybrid All-Inclusive -3.51 4.78 5.70 — 896.1 1

Charles Schwab SMP-ETFs Thd-Pty-Csrv Inc 12/31/09 United States Fixed Income Hybrid All-Inclusive -0.35 0.80 2.50 — 40.2 1Charles Schwab SMP-ETFs Third-Party - Gr 12/31/09 Global All Asset Hybrid All-Inclusive -4.11 6.35 6.69 — 489.6 1Charles Schwab SMP-ETFs Third-Pty - Bal 12/31/09 Global All Asset Hybrid All-Inclusive -2.51 3.45 4.49 — 459.0 1Churchill ETF Sector Rotation 10/1/07 United States Equity Strategic Sector -4.21 13.65 14.52 — 196.0 1Churchill Premier Wealth Tactical 10/1/96 United States Equity Tactical All-Inclusive 3.12 7.61 6.64 5.43 1,132.0 1

Churchill Premier Wealth Tactical Core 1/4/99 Global Equity Tactical All-Inclusive -0.80 9.89 7.83 5.97 1,164.0 1CKW Opportunistic Global Balanced 11/3/03 Global Balanced Hybrid Broad Market -4.25 6.82 7.07 6.31 260.1 1Clark Navigator Alternative 1/3/07 Global All Asset Tactical All-Inclusive 3.61 3.49 3.82 — 36.7 1Clark Navigator Fixed Income TR 12/31/04 United States Fixed Income Tactical All-Inclusive 3.17 3.88 6.04 9.40 900.0 NRClark Navigator Glbl Bal ETF 20-80 Hdgd 1/3/05 Global Fixed Income Hybrid All-Inclusive 1.20 3.42 4.79 8.09 9.9 NR







Return % Current




Assets USD Mil

Return Type ID

Clark Navigator Glbl Bal ETF 40-60 Hdgd 1/3/05 Global Balanced Hybrid All-Inclusive -0.83 2.92 3.66 6.51 10.5 NRClark Navigator Glbl Bal ETF 60-40 Hdgd 1/3/05 Global Balanced Hybrid All-Inclusive -2.82 2.42 2.44 5.00 19.4 NRClark Navigator Glbl Bal ETF 80-20 Hdgd 1/3/05 Global Equity Hybrid All-Inclusive -4.84 1.87 1.17 3.43 6.5 NRClark Navigator Global Eq ETF Hedged 7/1/04 Global Equity Tactical All-Inclusive -6.03 2.45 0.66 2.77 7.1 NRClark Navigator Global Equity ETF 4/1/04 Global Equity Tactical All-Inclusive -5.96 7.29 5.92 5.19 13.2 NR

Clark Navigator Global Opportunity 2/1/06 Global Balanced Tactical All-Inclusive -5.08 5.51 4.47 — 15.7 NRClark Navigator Intl Opportunity 1/4/07 International Equity Tactical Country/Region -8.41 3.77 -2.07 — 40.6 NRClark Navigator MultiStrategy 50-50(SAI) 7/1/05 United States Balanced Hybrid All-Inclusive -1.57 7.62 8.49 8.46 168.1 NRClark Navigator MultiStrategy 75-25(SAI) 6/1/05 United States Balanced Hybrid All-Inclusive -2.93 9.72 10.04 7.56 49.9 NRClark Navigator Sector Opportunity 1/3/07 United States Equity Tactical Sector -3.42 10.80 11.28 — 43.1 1

Clark Navigator Strategist Core 5/1/09 United States Balanced Strategic Broad Market -1.88 6.36 6.28 — 1.9 NRClark Navigator Style Preferred Core 9/1/04 United States Equity Tactical Broad Market -3.83 9.50 9.73 6.05 1.4 3Clark Navigator Style Preferred Inc&Gro 10/1/04 United States Balanced Tactical Broad Market -3.30 7.15 7.73 5.98 3.0 3Clark Navigator U.S. Style Opp (SAI) 1/3/05 United States Equity Tactical Broad Market -4.36 11.67 11.42 6.84 53.2 1Clark Navigator U.S. Style Opportunity 12/31/04 United States Equity Tactical Broad Market -4.62 11.57 11.36 6.81 53.2 NR

ClearRock Diversified Aggressive Growth 10/1/09 Global All Asset Strategic All-Inclusive -4.58 5.35 6.39 — 26.4 NRClearRock Diversified Conservative Gr 10/1/09 Global All Asset Strategic All-Inclusive -4.53 3.99 6.05 — 32.9 NRClearRock Diversified Income 10/3/11 Global Fixed Income Strategic All-Inclusive -2.76 1.92 — — 7.9 NRClearRock Diversified Moderate Growth 10/1/09 Global All Asset Strategic All-Inclusive -4.05 5.30 6.64 — 27.2 NRClothier Springs Global Hedged Plus 9/30/11 Global All Asset Tactical All-Inclusive -3.58 3.67 — — 12.0 1

Clothier Springs GMBW 12/31/10 Global Equity Strategic Broad Market -1.61 3.35 — — 1.1 1CLS Active Alternative 8/1/14 Global Alternative Hybrid All-Inclusive -3.95 — — — 0.2 4CLS Active Growth 11/3/14 Global Equity Hybrid All-Inclusive -4.32 — — — 0.1 4CLS Active Income 3/3/14 Global Balanced Hybrid All-Inclusive -7.14 — — — 1.4 4CLS Active Real 7/1/14 Global All Asset Hybrid Sector -14.39 — — — 0.1 4

CLS Active Value 6/2/14 Global Equity Hybrid All-Inclusive -10.14 — — — 0.2 4CLS ETF Risk Budget 100 - Aggressive 3/30/01 Global Equity Hybrid All-Inclusive -7.19 7.68 8.55 5.58 9.9 1CLS ETF Risk Budget 30 - Conservative 7/1/11 Global Fixed Income Hybrid All-Inclusive -1.62 1.68 — — 1.3 1CLS ETF Risk Budget 60-Moderately Cnsrv 4/1/02 Global Balanced Hybrid All-Inclusive -3.35 4.61 6.06 5.16 60.2 1CLS ETF Risk Budget 75 - Moderate 12/31/01 Global Equity Hybrid All-Inclusive -4.90 5.53 7.01 5.04 108.4 1

CLS ETF Risk Budget 80 - Moderate 12/31/01 Global Equity Hybrid All-Inclusive -5.22 6.19 7.40 4.90 92.5 1CLS ETF Risk Budget 90-Moderately Agrsv 4/1/02 Global Equity Hybrid All-Inclusive -6.61 7.00 8.02 4.96 33.4 1CLS High Quality Strategic 40 8/1/14 Global Balanced Strategic All-Inclusive -2.24 — — — 0.6 4CLS High Quality Strategic 60 4/1/14 Global Balanced Strategic All-Inclusive -3.71 — — — 0.5 4CLS High Quality Strategic 80 5/1/14 Global Equity Strategic All-Inclusive -5.18 — — — 0.9 4

CLS Inflation Quad 4/1/14 United States Alternative Tactical All-Inclusive -7.52 — — — 0.1 4CLS International Rotation Quad 7/1/14 International Equity Tactical Country/Region -3.57 — — — 0.6 4CLS Protection Quad 3/3/14 Global Alternative Tactical Broad Market -5.59 — — — 5.6 4CLS Thematic Growth Quad 5/1/14 Global Equity Tactical Sector -7.16 — — — 0.5 4CMG Opportunistic All Asset ETF Strategy 1/3/07 Global All Asset Tactical All-Inclusive -5.69 4.37 9.31 — 147.6 1

CMG Tactical Rotation Strategy 2/1/10 Global All Asset Tactical Broad Market -4.28 7.82 9.87 — 42.3 1Confluence Aggressive Growth 8/1/08 United States Equity Tactical All-Inclusive -6.34 8.68 8.39 — 5.8 1Confluence Growth 8/1/08 United States All Asset Tactical All-Inclusive -4.88 8.89 8.95 — 42.0 1Confluence Growth and Income 9/2/08 United States All Asset Tactical All-Inclusive -3.85 7.16 8.08 — 88.3 1Confluence Income and Growth 12/1/08 United States All Asset Tactical All-Inclusive -2.59 6.17 7.34 — 29.4 1







Return % Current




Assets USD Mil

Return Type ID

Congress Cap Risk Mgd Satellites Cmpst 12/2/13 Global All Asset Tactical Broad Market -7.19 — — — 0.7 1Congress Capital Risk Magd Assets Cmpst 12/2/13 Global All Asset Tactical Broad Market -4.45 — — — 91.3 1Cookson Peirce All-Cap World Equity 9/30/03 Global Equity Tactical All-Inclusive -5.88 8.37 7.84 5.96 8.7 1Cougar Global GTS w/ Cons Growth (MAR 8) 10/31/01 Global All Asset Tactical All-Inclusive -4.74 2.63 3.26 5.49 943.7 1Cougar Global GTS w/ Growth (MAR 12) 12/30/11 Global All Asset Tactical All-Inclusive -5.85 4.43 — — 42.1 1

Cougar Global GTS w/ Income (MAR 6) 12/30/99 Global All Asset Tactical All-Inclusive -2.58 1.83 2.18 5.06 364.3 1Cougar Global GTS w/ Mod Growth (MAR 10) 3/1/11 Global All Asset Tactical All-Inclusive -5.65 4.74 — — 464.6 1Cumberland - Intl Equity ETF 3/31/03 International Equity Tactical All-Inclusive -5.30 3.75 0.43 — 27.9 1Cumberland - US Equity ETF 12/31/99 United States Equity Tactical All-Inclusive -5.93 11.70 11.07 — 64.1 1Cumberland Total Return Balanced Port 12/31/08 United States Balanced Strategic All-Inclusive -3.45 9.15 9.38 — 38.6 1

Dorsey Wright Sys Reltv Strth Glb Macro 3/31/09 Global All Asset Tactical All-Inclusive -6.55 9.10 7.55 — 77.0 1DT Conservative Growth & Income 9/30/08 United States Balanced Strategic All-Inclusive -2.64 4.92 5.96 — 120.0 1DT Intermediate Fixed Income 9/30/08 United States Fixed Income Strategic Broad Market 1.01 1.74 2.91 — 15.7 1DT Moderate Growth & Income 9/19/08 United States Balanced Strategic All-Inclusive -3.38 5.23 6.29 — 98.6 1DT Ultra-Conservative Growth & Income 3/31/09 United States Fixed Income Strategic All-Inclusive -0.77 3.29 4.16 — 19.1 1

Dunn Warren Aggressive ETF Portfolio 1/2/03 Global Equity Tactical All-Inclusive -0.70 5.32 0.83 5.29 0.7 3Dunn Warren Conservative ETF Portfolio 1/2/03 Global Balanced Tactical All-Inclusive -0.58 3.31 1.06 3.98 2.2 3Dunn Warren Growth ETF Portfolio 1/2/04 Global Equity Tactical All-Inclusive -0.46 5.01 1.30 4.99 3.8 3Dunn Warren Moderate ETF Portfolio 1/2/03 Global Balanced Tactical All-Inclusive -0.46 3.30 0.65 4.33 1.6 3EAM Asset Allocation Aggressive 2/1/11 Global Equity Strategic All-Inclusive -8.04 7.28 — — 4.6 1

EAM Asset Allocation Conservative 2/1/11 United States Balanced Strategic All-Inclusive -4.12 2.40 — — 2.7 1EAM Asset Allocation Moderate 2/1/11 Global Balanced Strategic All-Inclusive -5.03 5.32 — — 0.2 1EAM Asset Allocation Moderate Aggressive 2/1/11 Global Equity Strategic All-Inclusive -8.19 6.73 — — 2.8 1EAM Asset Allocation Moderate Conservati 2/1/11 United States Balanced Strategic All-Inclusive -4.82 4.23 — — 1.4 1Efficient Market 11-19 Years Aggressive 2/1/05 United States Balanced Hybrid All-Inclusive -4.41 7.07 8.53 6.10 30.0 1

Efficient Market 11-19 Years Consvt 4/3/06 United States Balanced Hybrid All-Inclusive -3.97 5.60 7.33 — 26.5 1Efficient Market 11-19 Years Moderate 6/1/05 United States Balanced Hybrid All-Inclusive -4.24 6.54 8.06 6.27 93.5 1Efficient Market 20 Plus Years Consvt 5/1/06 United States Equity Hybrid All-Inclusive -4.81 6.95 8.72 — 8.1 1Efficient Market 20 Plus Years Moderate 1/3/05 United States Equity Hybrid All-Inclusive -5.17 8.03 9.34 6.50 33.3 1Efficient Market 20 Plus Yrs Aggressive 11/1/04 United States Equity Hybrid All-Inclusive -5.17 8.46 8.88 6.29 30.8 1

Efficient Market 2-5 Years Aggressive 4/1/05 United States Balanced Hybrid All-Inclusive -3.29 5.12 6.69 5.42 14.7 1Efficient Market 2-5 Years Conservative 4/3/06 United States Balanced Hybrid All-Inclusive -2.49 3.10 4.88 — 35.4 1Efficient Market 2-5 Years Moderate 1/3/06 United States Balanced Hybrid All-Inclusive -3.08 4.36 6.24 — 66.3 1Efficient Market 6-10 Years Aggressive 9/1/05 United States Balanced Hybrid All-Inclusive -3.79 6.04 6.89 6.50 20.0 1Efficient Market 6-10 Years Conservative 7/1/05 United States Balanced Hybrid All-Inclusive -3.28 4.15 5.80 5.62 39.4 1

Efficient Market 6-10 Years Moderate 11/1/04 United States Balanced Hybrid All-Inclusive -3.52 5.39 7.04 5.75 122.2 1Efficient Market Taking Income-Aggr 1/3/06 United States Fixed Income Hybrid All-Inclusive -1.83 3.20 4.79 — 11.9 1Efficient Market Taking Income-Consvt 4/3/06 United States Fixed Income Hybrid All-Inclusive -1.52 2.43 3.73 — 25.6 1Efficient Market Taking Income-Moderate 6/1/05 United States Fixed Income Hybrid All-Inclusive -1.59 2.91 4.55 5.36 35.4 1ELF ETF Strategy 2/28/03 Global Equity Tactical All-Inclusive -8.38 1.42 0.75 -1.09 0.8 1

FEG Equity Portfolio 8/1/05 Global Equity Strategic Broad Market -8.96 4.04 5.94 4.14 7.4 1FFCM Dynamic All Cap Sector Rotation 4/1/14 United States Equity Tactical Sector -4.95 — — — 187.2 4FFCM Dynamic Core Absolute Return 12/31/14 United States Alternative Tactical All-Inclusive -1.53 — — — 5.8 4FFCM Dynamic Global Equity 4/1/14 United States Equity Tactical All-Inclusive -4.90 — — — 59.2 4FFCM Dynamic Large Cap Sector Rotation 4/1/14 United States Equity Tactical Sector -4.96 — — — 495.2 4







Return % Current




Assets USD Mil

Return Type ID

FFCM Dynamic Multi-Asset 4/1/14 Global All Asset Tactical All-Inclusive -3.53 — — — 34.3 4Financial Trust Flexible Income 11/30/01 Global Fixed Income Tactical All-Inclusive 0.48 -0.10 1.39 3.62 6.2 1First Nat Chapoquoit Aggressive Dynamic 11/1/12 Global All Asset Tactical All-Inclusive -4.80 — — — 2.5 NRFirst Nat Chapoquoit Dynamic Conserv SMA 1/2/13 Global Equity Tactical All-Inclusive -0.87 — — — 2.4 NRFirst Nat Chapoquoit Dynamic Mod SMA 1/2/13 Global All Asset Tactical All-Inclusive -3.58 — — — 0.7 NR

First Trust FTA Ibbotson Mul Disc 20/80* 5/1/09 United States Fixed Income Strategic Broad Market -0.27 3.41 4.89 — 3.4 1First Trust FTA Ibbotson Mul Disc 40/60* 5/1/09 United States Balanced Strategic Broad Market -0.70 5.13 6.68 — 14.0 1First Trust Global Tactical Asset Alloc. 1/2/12 United States Balanced Tactical All-Inclusive -8.18 -1.50 — — 0.1 1Fortunatus Asset Allc Moderate Growth 6/30/10 Global Equity Strategic All-Inclusive -5.73 7.82 7.88 — 36.0 1Fortunatus Asset Allocation Growth 9/30/10 Global Equity Strategic All-Inclusive -6.48 8.76 8.72 — 5.5 1

Fortunatus Global ETF Opportunity 6/29/07 Global Balanced Tactical All-Inclusive -5.38 4.92 3.62 — 2.2 1Fortunatus International ETF Opportunity 2/29/08 International Balanced Tactical All-Inclusive -5.51 -0.23 -2.16 — 0.4 1Forward Tactical Growth 8/3/09 United States Equity Hybrid Broad Market -3.74 5.36 5.42 — 727.9 1Foy SELECTOR Aggressive Growth 5/3/10 Global Equity Strategic All-Inclusive — — — — 1.8 1Foy SELECTOR Balanced Growth 2/1/08 United States Balanced Strategic All-Inclusive — — — — 25.8 1

Foy SELECTOR Conservative Growth 5/1/08 United States Balanced Strategic All-Inclusive — — — — 38.1 1Foy SELECTOR Growth 2/1/08 Global Equity Strategic All-Inclusive — — — — 38.9 1Foy SELECTOR Income 2/1/08 United States Fixed Income Strategic All-Inclusive — — — — 3.0 1Foy SELECTOR Income & Growth 2/1/11 United States Balanced Strategic All-Inclusive — — — — 3.8 1FTA ETF Asset Allc - Mod Gr Portfolio 1/3/07 Global Equity Strategic All-Inclusive -4.39 8.26 8.49 — 24.0 1

FTA ETF Asset Allocation - Gr Portfolio 10/1/07 Global Equity Strategic All-Inclusive -5.55 10.26 9.85 — 9.2 1Fund Architects Global ETF Portfolio 12/31/07 Global All Asset Tactical All-Inclusive -0.57 7.31 4.61 — 16.7 NRFusion Global Fusion Core Equity 10/2/06 Global Equity Tactical All-Inclusive -6.31 — — — 11.0 1Fusion Global Fusion Tactical Equity 10/2/06 Global Balanced Tactical All-Inclusive -6.05 1.31 2.01 — 1.0 1Fusion Global Fusion Total Return 8/2/10 Global Balanced Tactical All-Inclusive -2.38 -0.85 1.35 — 1.0 1

GLOBALT innovat ETF Stratg Balnc Wrap 12/31/03 Global Balanced Hybrid All-Inclusive -3.10 6.67 7.70 6.12 368.1 1GLOBALT innovat ETF Stratg Consrvt Wrap 3/31/04 Global Balanced Hybrid All-Inclusive -2.25 5.74 6.96 6.15 38.7 1GLOBALT innovat ETF Stratg Gro Wrap 9/30/03 Global Equity Hybrid All-Inclusive -4.01 8.11 8.83 6.31 266.3 1GLOBALT innovat ETF Stratg Hig Gro Wrap 6/30/03 Global Equity Hybrid All-Inclusive -5.03 9.15 9.55 6.19 42.3 1Glovista Emerging Market Equities 1/4/99 International Equity Tactical Country/Region -15.79 -4.27 -3.37 12.03 521.5 1

Good Harbor Tactical Core Intl Mod SMA 12/1/11 International Equity Tactical Broad Market -8.29 -1.95 — — 1.1 1Good Harbor Tactical Core US 4/30/03 United States Equity Tactical Broad Market -4.28 -1.14 7.12 8.91 1,160.7 1Gratry International ETF Allocation 6/30/05 International Equity Strategic Country/Region -4.67 2.45 2.07 4.04 0.6 1Green Inv Mgt Guardian Alternatives 9/1/09 United States Alternative Tactical All-Inclusive -1.69 -8.79 -5.53 — 0.7 1Green Inv Mgt Guardian Bal 7/2/90 Global Balanced Hybrid Broad Market -5.02 4.44 5.04 3.88 13.0 1

Green Inv Mgt Guardian Bal Gr 7/1/94 Global Equity Hybrid Broad Market -6.54 4.28 5.09 3.31 14.0 1Green Inv Mgt Guardian Bal Inc 7/1/96 Global Balanced Hybrid Broad Market -2.69 3.27 4.27 4.29 5.0 1Green Inv Mgt Guardian Bal Mosaic 7/3/00 Global Equity Hybrid All-Inclusive -5.95 5.75 6.48 3.98 4.0 1Green Inv Mgt Guardian Cnsv Bal 6/1/94 Global Balanced Hybrid Broad Market -4.45 3.57 4.44 3.43 6.0 1Green Inv Mgt Guardian Country 7/1/04 International Equity Tactical Country/Region -4.41 3.27 -2.40 5.47 2.0 1

Green Inv Mgt Guardian Fix-Inc 7/1/91 United States Fixed Income Tactical All-Inclusive 0.04 2.46 2.88 4.30 18.0 1Green Inv Mgt Guardian Mosaic 7/3/00 United States Equity Hybrid All-Inclusive -7.23 7.79 7.88 4.26 0.5 1Green Inv Mgt Guardian Sector 7/1/93 United States Equity Tactical Sector -5.90 12.35 11.30 4.09 0.4 1Green Inv Mgt Guardian Stk 7/2/90 Global Equity Hybrid Broad Market -7.92 4.64 5.22 2.63 2.0 1Green Inv Mgt Guardian Tax Free 10/31/01 United States Fixed Income Hybrid Sector 1.14 1.55 3.00 3.72 0.3 1







Return % Current




Assets USD Mil

Return Type ID

Green Inv Mgt Strat Glbl Bal Tax Aware 8/2/10 Global Balanced Hybrid Broad Market -4.33 3.78 5.16 — 2.0 1Green Inv Mgt Strategic Global Balanced 6/1/10 Global Balanced Hybrid Broad Market -4.35 3.70 4.85 — 7.0 1Hays Advisory Global ETF 1/31/06 Global Equity Tactical All-Inclusive -3.35 6.06 5.19 — 78.0 1Hays Advisory International ETF 1/31/06 International Equity Tactical All-Inclusive -2.57 1.48 -0.12 — 10.3 1Hays Advisory TMAC Equity Focused 5/31/10 Global Equity Tactical All-Inclusive -3.08 6.51 6.62 — 230.0 1

Hays TMAC Portfolio 12/31/09 Global All Asset Tactical All-Inclusive -2.45 4.27 5.54 — 401.8 1Hillswick S&P 500 Sector Selection 9/30/08 United States Equity Strategic Sector -4.03 13.46 13.87 — 105.0 1Horizon Conservation Plus ETF Portfolio 1/1/09 Global Fixed Income Tactical All-Inclusive -1.21 3.60 4.83 — 34.6 1Horizon Conservative ETF Portfolio 1/1/09 Global Balanced Tactical All-Inclusive -2.83 4.94 5.97 — 34.8 1Horizon Focused ETF Portfolio 1/1/09 Global Equity Tactical All-Inclusive -7.68 9.01 10.32 — 343.8 1

Horizon Growth ETF Portfolio 1/1/09 Global Equity Tactical All-Inclusive -6.45 8.02 9.36 — 75.2 1Horizon Moderate ETF Portfolio 1/2/09 Global Balanced Tactical All-Inclusive -4.83 6.67 8.00 — 132.6 1Ibbotson A/P 20/80 Tax Dfd-Fidelity* 8/2/10 Global Fixed Income Strategic Broad Market -2.36 2.19 3.50 — 0.0 4Ibbotson A/P 20/80 Tax Dfd-Pershing* 8/2/10 Global Fixed Income Strategic Broad Market -2.36 2.50 3.69 — 0.0 4Ibbotson A/P 20/80 Tax Dfd-Schwab* 8/2/10 Global Fixed Income Strategic Broad Market -2.31 2.15 3.46 — 0.6 1

Ibbotson A/P 20/80 Tax Dfd-TDA* 8/2/10 Global Fixed Income Strategic Broad Market -2.12 2.38 3.63 — 0.1 4Ibbotson A/P 40/60 Tax Dfd-Pershing* 8/2/10 Global Balanced Strategic Broad Market -4.23 3.99 5.06 — 0.3 4Ibbotson A/P 40/60 Tax Dfd-Schwab* 8/2/10 Global Balanced Strategic Broad Market -4.17 3.83 4.99 — 2.9 1Ibbotson A/P 40/60 Tax Dfd-TDA* 8/2/10 Global Balanced Strategic Broad Market -4.08 4.01 5.08 — 1.0 4Ibbotson Global Tactical* 12/29/10 Global All Asset Tactical Broad Market -4.21 7.98 — — 0.3 1

Ibbotson Momentum 20/80* 12/29/10 United States Fixed Income Hybrid Broad Market -1.89 2.31 — — 4.4 1Ibbotson Momentum 40/60* 12/29/10 Global Balanced Hybrid Broad Market -2.92 4.49 — — 32.9 1Ibbotson Momentum 60/40* 12/29/10 Global Balanced Hybrid Broad Market -4.28 6.52 — — 70.8 1Ibbotson Momentum 80/20* 12/29/10 Global Equity Hybrid Broad Market -5.49 7.75 — — 39.3 1Ibbotson Momentum 95/5* 12/29/10 Global Equity Hybrid Broad Market -6.23 7.91 — — 12.0 1

Ibbotson Strategic ETF Cons Gr & Inc* 4/29/05 United States Balanced Strategic Broad Market -1.72 4.02 5.04 4.75 353.8 1Ibbotson Strategic ETF Long Term Growth* 4/29/05 Global Equity Strategic Broad Market -6.02 7.67 8.19 5.29 243.5 1Ibbotson Strategic ETF Moderate Gr & Inc* 4/29/05 United States Balanced Strategic Broad Market -3.64 5.30 6.27 5.09 774.0 1Ibbotson Strategic ETF Moderate Growth* 4/29/05 Global Equity Strategic Broad Market -4.95 6.89 7.54 5.44 488.0 1Ibbotson Strategic ETF Moderate Income* 4/29/05 United States Fixed Income Strategic Broad Market -1.04 1.50 3.01 — 98.4 1

Ibis Adaptive Allocation 4/2/12 Global All Asset Tactical All-Inclusive -6.45 2.27 — — 10.4 4Ibis Global Balanced Portfolio 4/2/12 Global All Asset Tactical All-Inclusive -3.68 8.20 — — 27.7 4Ibis Global Growth 4/2/12 Global Equity Tactical All-Inclusive -4.55 10.65 — — 13.2 4Ibis Global Preservation 4/2/12 Global Fixed Income Tactical All-Inclusive -1.69 4.92 — — 48.7 4Ibis Protected Growth 4/2/12 Global All Asset Tactical All-Inclusive -6.10 9.07 — — 54.1 4

iCM - Mgd ETF - Aggressive Cap App 1/3/05 Global Equity Strategic Broad Market -6.21 5.85 7.13 5.36 0.7 NRiCM - Mgd ETF - Balanced 1/3/05 Global Balanced Strategic Broad Market -3.20 4.24 5.52 5.50 3.7 NRiCM - Mgd ETF - Cap Pres & Inf Hdg 1/3/05 Global Fixed Income Strategic Broad Market -0.08 2.61 3.93 5.76 0.2 NRiCM - Mgd ETF - Conservative Cap App 1/3/05 Global Balanced Strategic Broad Market -4.43 5.23 6.58 5.72 4.4 NRiCM - Mgd ETF - Defensive Growth 1/3/05 Global Balanced Strategic Broad Market -1.66 4.64 5.62 5.74 3.6 NR

iCM - Mgd ETF - Equity Completion 1/3/05 Global Equity Strategic Broad Market -6.96 5.86 7.24 4.94 2.7 NRiCM - Mgd ETF - Inc & Inflation Hdg 1/3/05 Global Fixed Income Strategic Broad Market -0.74 3.36 4.57 5.82 3.3 NRiCM - Mgd ETF - Moderate Cap App 1/3/05 Global Equity Strategic Broad Market -5.32 5.51 6.89 5.25 2.0 NRiCM - Mgd ETF - Risk Controlled Growth 1/3/05 Global Balanced Strategic Broad Market -4.03 4.56 5.92 5.45 8.9 NRInnealta Fixed Income 12/31/09 Global Fixed Income Tactical All-Inclusive -0.73 0.56 2.93 — 448.6 1







Return % Current




Assets USD Mil

Return Type ID

Innealta Global All Asset Conservative 12/31/09 Global Balanced Hybrid Broad Market -2.76 1.88 4.87 — 51.0 1Innealta Global All Asset Growth 12/31/09 Global Equity Hybrid Broad Market -5.94 2.44 4.83 — 57.0 1Innealta Global All Asset Moderate 12/31/09 Global Balanced Hybrid Broad Market -4.29 2.37 5.00 — 104.9 1Innealta Global All Asset Opp Consrv 12/31/09 Global Balanced Hybrid Broad Market -2.61 2.91 6.37 — 25.0 1Innealta Global All Asset Opp Growth 12/31/09 Global Equity Hybrid Broad Market -5.85 2.99 6.38 — 21.5 1

Innealta Global All Asset Opp Moderate 12/31/09 Global Balanced Hybrid Broad Market -4.01 3.30 6.68 — 39.7 1Innealta Tac ETF Country Rotation 12/31/09 International Equity Tactical Country/Region -3.70 0.00 3.67 — 626.6 1Innealta Tac ETF Sector Rotation Core 12/31/09 United States Equity Tactical Sector -3.02 0.36 3.50 — 510.2 1Innealta Tac ETF Sector Rotation Opp 12/31/09 United States Equity Tactical Sector -3.69 -0.04 3.73 — 49.4 1IPS Moderate 2/1/11 Global Alternative Tactical All-Inclusive 7.83 12.18 — — 54.1 1

IQ Hedge Multi-Strategy SMA Portfolio 3/31/09 Global Alternative Strategic Broad Market -1.89 2.75 2.55 — NR NRIRON Global Equity Plus 2/1/11 Global Equity Hybrid Broad Market -4.07 4.18 — — 3.2 1IRON S&P 500 Equity Plus 5/2/11 United States Equity Strategic Broad Market 1.19 10.54 — — 1.0 1iSectors Capital Preservation Allocation 1/1/10 United States Fixed Income Strategic All-Inclusive -0.76 0.28 2.28 — 21.3 3iSectors Domestic Equity Allocation 7/1/10 United States Equity Strategic Broad Market -4.93 11.60 12.30 — 25.4 3

iSectors Endowment Allocation 1/1/09 Global All Asset Strategic All-Inclusive -7.16 1.62 2.97 — 2.1 3iSectors Global Balanced Allocation 4/1/09 Global Balanced Strategic Broad Market -5.19 4.06 5.89 — 5.4 3iSectors Global Conservative Allocation 5/1/09 Global Balanced Strategic Broad Market -4.33 2.03 4.41 — 1.9 3iSectors Global Equity Allocation 12/1/09 Global Equity Strategic Broad Market -7.01 7.75 8.65 — 1.9 3iSectors Global Fixed Income Allocation 4/1/09 Global Fixed Income Strategic All-Inclusive -3.49 -0.54 1.98 — 3.8 3

iSectors Global Growth Allocation 1/1/10 Global Equity Strategic Broad Market -6.14 5.93 7.36 — 2.7 3iSectors Inflation Protected Allocation 10/1/09 Global All Asset Strategic All-Inclusive -10.23 -7.66 -1.26 — 2.0 3iSectors Liquid Alternatives Allocation 4/1/09 Global Alternative Strategic All-Inclusive -7.66 -0.12 1.12 — 3.1 3iSectors Post-MPT Growth Allocation 2/1/05 United States Equity Tactical Sector -7.89 9.65 11.81 7.19 66.1 3iSectors Post-MPT Moderate Allocation 3/3/08 United States Balanced Hybrid Sector -5.05 6.53 8.86 — 34.9 3

iSectors Precious Metals Allocation 11/1/10 Global Alternative Strategic Sector -11.00 -16.13 — — 2.0 3iSectors Tactical Glbl Bal Allocation 12/1/10 Global All Asset Tactical Broad Market -3.56 1.05 — — 2.3 3iSectors Tactical Intl Allocation 10/1/09 International Equity Tactical All-Inclusive -4.79 0.79 -1.42 — 0.1 3JAForlines Global Tactical Allocation 1/2/04 Global All Asset Tactical All-Inclusive -1.45 5.51 5.25 5.07 265.3 1JAForlines Global Tactical Conservative 1/2/04 Global All Asset Tactical All-Inclusive -0.91 4.95 5.11 5.31 16.1 1

JAForlines Global Tactical Income 9/4/12 Global All Asset Tactical All-Inclusive -2.83 1.41 — — 7.8 1Julex Capital Mngt Dynamic Emerging Mkt 12/3/12 International Equity Tactical Country/Region -14.25 — — — 2.4 1Julex Capital Mngt Dynamic Income 10/1/12 Global Balanced Tactical Broad Market -1.61 3.85 — — 25.5 1Julex Capital Mngt Dynamic Multi-Asset 6/3/13 Global All Asset Tactical Broad Market -13.52 — — — 64.8 1Julex Capital Mngt Dynamic Real Asset 4/1/13 Global Balanced Tactical All-Inclusive -3.57 — — — 0.9 1

Julex Dynamic Sector Strategy 11/1/12 United States Equity Tactical All-Inclusive -5.53 — — — 62.7 1Keystone Wealth Commodity AlphaRotation 8/1/12 Global Alternative Tactical Broad Market -20.73 -22.02 — — 0.1 1Keystone Wealth Glb Bond AlphaRotation 1/1/14 Global Fixed Income Tactical All-Inclusive -5.19 — — — 0.8 1Keystone Wealth Glb Equity AlphaRotation 1/1/13 Global Equity Tactical Broad Market -6.96 — — — 45.3 1Keystone Wealth Glb Income AlphaRotation 11/1/13 United States All Asset Tactical All-Inclusive -4.76 — — — 0.2 1

Keystone Wealth MultiAsset AlphaRotation 8/1/12 Global All Asset Strategic All-Inclusive -10.47 -3.51 — — 0.4 1KeystoneWealthWorld FocusedAlphaRotation 1/1/14 Global Balanced Tactical All-Inclusive -6.85 — — — 0.4 1KKM Enhanced U.S. Equity SMA 6/11/14 United States Equity Tactical Broad Market -4.47 — — — 15.8 1Ladenburg LAMP ETF Aggressive Growth 3/1/05 Global Equity Strategic Broad Market -5.99 7.38 7.85 5.45 18.6 1Ladenburg LAMP ETF Growth 3/1/05 Global Balanced Strategic Broad Market -5.44 6.01 6.79 5.18 107.7 1







Return % Current




Assets USD Mil

Return Type ID

Ladenburg LAMP ETF Growth and Income 2/1/05 Global Balanced Strategic Broad Market -4.71 5.20 6.11 5.47 282.6 1Ladenburg LAMP ETF Income 12/3/07 Global Fixed Income Strategic Broad Market -2.81 1.93 3.59 — 19.2 1Ladenburg LAMP ETF Income and Growth 6/1/05 Global Balanced Strategic Broad Market -3.72 3.41 4.71 4.92 159.8 1Ladenburg LAMP Specialty International 6/2/08 International Balanced Strategic All-Inclusive -9.79 -1.71 -0.48 — 1.2 1Laffer Investments Fixed Income ETF 10/2/06 United States Fixed Income Tactical All-Inclusive 0.10 1.00 3.09 — 2.4 1

Laffer Investments Glbl Equity Composite 9/1/00 International Equity Tactical Country/Region -9.55 5.06 4.84 6.04 43.5 1Lazard Cap Alloc -Gbl Div 25/75 (TE) 7/1/09 Global Fixed Income Hybrid All-Inclusive -2.90 2.83 4.20 — 370.8 1Lazard Cap Alloc -Gbl Div 25/75 (TX) 3/2/09 Global Fixed Income Hybrid All-Inclusive -2.90 2.70 3.65 — Incl. 1Lazard Cap Alloc -Gbl Div 40/60 (TX) 2/1/07 Global Balanced Hybrid All-Inclusive -3.88 3.18 4.11 — Incl. 1Lazard Cap Alloc -Gbl Div 60/40 (TE) 3/1/06 Global Balanced Hybrid All-Inclusive -4.30 4.24 4.91 — Incl. 1

Lazard Cap Alloc -Gbl Div 60/40 (TX) 4/1/05 Global Balanced Hybrid All-Inclusive -4.57 3.93 4.62 4.28 Incl. 1Lazard Cap Alloc -Gbl Div 75/25 (TE) 11/1/05 Global Equity Hybrid All-Inclusive -5.26 4.47 5.05 — Incl. 1Lazard Cap Alloc -Gbl Div 75/25 (TX) 4/1/05 Global Equity Hybrid All-Inclusive -5.23 4.42 4.89 4.52 Incl. 1Lazard Cap Alloc -Gbl Eq 1/3/06 Global Equity Hybrid All-Inclusive -5.81 5.14 5.30 — 103.6 1Lazard Cap Alloc -Gbl FI (TE) 4/1/09 Global Fixed Income Hybrid All-Inclusive -1.17 — — — 15.1 1

Lazard Cap Alloc -Gbl Non-Traditional 9/1/05 Global All Asset Hybrid All-Inclusive -5.52 4.22 5.74 5.62 162.5 1Lockwood Asset Allocation Portfolios I 12/31/03 United States Fixed Income Strategic Broad Market -2.29 2.31 3.74 4.17 38.6 1Lockwood Asset Allocation Portfolios II 10/1/03 United States Balanced Strategic Broad Market -3.44 3.75 5.03 4.47 105.5 1Longview Capital Dynamic Large Cap SMA 7/12/12 United States Equity Tactical All-Inclusive — — — — NR 1Longview Capital Fixed Income 9/30/11 United States Fixed Income Tactical All-Inclusive — — — — NR 1

Longview Capital Global Allocation 7/1/08 Global All Asset Tactical All-Inclusive — — — — 1Longview Capital Tactical Commodity 8/3/09 Global Alternative Tactical All-Inclusive — — — — NR 1Lunt Dynamic Conservative Portfolio 1/1/14 Global Fixed Income Tactical All-Inclusive -0.97 — — — 16.2 1Lunt Dynamic Moderate Portfolio 1/2/14 Global Balanced Tactical All-Inclusive -2.81 — — — 21.8 1Lunt Global Sectors Portfolio 9/4/12 Global Equity Tactical Sector -5.02 8.37 — — 9.6 1

Lunt High Beta Low Vol Rotation Port. 9/4/12 Global Equity Tactical All-Inclusive -12.74 6.31 — — 12.6 1Madison ETF Aggressive 1/1/10 United States Equity Strategic All-Inclusive -4.74 8.88 9.16 — 4.9 1Madison ETF Capital Preservation 1/1/10 United States Fixed Income Strategic Broad Market 0.18 2.16 3.43 — 8.5 1Madison ETF Conservative 1/1/10 United States Fixed Income Strategic Broad Market -0.61 3.65 4.66 — 58.0 1Madison ETF Growth 1/1/10 United States Equity Strategic All-Inclusive -3.65 7.79 8.22 — 50.9 1

Madison ETF Income Advantage 1/1/10 United States Fixed Income Strategic Broad Market 1.45 1.49 2.86 — 3.5 1Madison ETF Moderate 1/1/10 United States Balanced Strategic All-Inclusive -1.74 5.19 5.89 — 104.4 1Madison ETF Moderate Growth 1/1/10 United States Balanced Strategic All-Inclusive -2.67 6.41 6.95 — 96.8 1Main Management Active - US Large Cap 9/30/02 United States Equity Tactical Sector -4.65 13.51 11.87 8.26 188.2 1Main Management All Asset Global Balance 11/8/06 Global Balanced Strategic All-Inclusive -1.64 7.41 7.44 — 125.3 1

Main Management BuyWrite Hedged Equity 9/3/04 Global Alternative Hybrid Broad Market -0.46 5.38 7.38 5.83 201.0 1Main Management International - Non US 12/28/07 International Equity Tactical Country/Region -10.42 1.04 0.14 — 22.0 1Maxim Intl Lifestyle - Aggressive 1/3/12 Global Equity Strategic All-Inclusive -6.46 4.50 — — 5.5 1Maxim Intl Lifestyle - Balanced 1/3/12 Global Balanced Strategic All-Inclusive -4.38 2.30 — — 26.1 1Maxim Intl Lifestyle - Growth 1/3/12 Global Balanced Strategic All-Inclusive -5.34 2.90 — — 37.8 1

MCM Apto 9/29/06 Global All Asset Tactical All-Inclusive -4.95 8.68 7.80 — 74.1 1Mellon Capital Defensive Multi-Asset 3/31/10 Global All Asset Tactical All-Inclusive — — — — 343.7 4Mellon Capital Defensive Multi-Asset Inc 2/28/11 Global All Asset Tactical All-Inclusive — — — — 229.6 4Members Trust Balanced ETF 1/3/06 United States Balanced Strategic Broad Market -2.65 5.82 6.38 — 292.2 1Members Trust Conservative ETF 5/1/06 United States Balanced Strategic Broad Market -2.04 4.84 5.73 — 602.1 1







Return % Current




Assets USD Mil

Return Type ID

Members Trust Growth ETF 1/3/06 Global Equity Strategic Broad Market -4.54 9.34 9.75 — 63.5 1Members Trust Income ETF 1/3/06 United States Fixed Income Strategic Broad Market -0.68 3.56 4.57 — 274.7 1Members Trust Moderate Growth ETF 1/3/06 Global Equity Strategic Broad Market -4.00 7.50 8.10 — 143.6 1Mench Aggressive Equity 10/2/95 United States Equity Tactical All-Inclusive 0.00 — — — 0.0 1Metropolitan Tactical Growth 9/30/05 Global Equity Tactical All-Inclusive — — — — NR 1

Metropolitan Tactical Moderate 9/30/05 Global Equity Tactical All-Inclusive — — — — NR 1MFI Balanced Sector 1/4/99 Global All Asset Hybrid Broad Market -4.21 7.17 8.05 6.35 114.4 1MFI Capital Preservation & Income Sector 1/4/99 Global All Asset Hybrid Broad Market -3.26 6.84 7.19 5.60 21.0 1MFI Global Sector 1/4/99 Global All Asset Hybrid Broad Market -3.98 8.80 8.97 5.99 41.7 1MIS Aggressive Growth ETF* 10/1/07 Global Equity Hybrid All-Inclusive -8.70 4.48 6.81 — 71.0 1

MIS Conservative ETF* 10/1/07 United States Fixed Income Hybrid All-Inclusive -4.59 0.78 3.42 — 72.5 1MIS Contrarian & Growth ETF* 12/31/10 Global Equity Hybrid All-Inclusive -6.17 8.54 — — 46.1 1MIS Contrarian & Income ETF* 12/31/10 Global Balanced Hybrid All-Inclusive -3.26 4.49 — — 32.7 1MIS Contrarian ETF* 12/31/10 Global Equity Hybrid All-Inclusive -6.07 8.83 — — 72.5 1MIS Growth ETF* 10/1/07 Global Equity Hybrid All-Inclusive -7.47 3.65 6.33 — 286.3 1

MIS Income & Growth ETF* 10/1/07 United States Balanced Hybrid All-Inclusive -5.86 1.51 4.25 — 314.0 1MIS Moderate Growth ETF* 10/1/07 United States Balanced Hybrid All-Inclusive -6.58 2.81 5.39 — 284.7 1MRM Dynamic International Strategy 1/2/08 International Equity Tactical Country/Region — — — — 0.4 NRMRM Dynamic Overlay Strategy 1/2/08 United States Equity Tactical All-Inclusive — — — — 78.6 NRNatixis / AIA Mgd ETF - Aggressive 11/2/05 Global All Asset Strategic Broad Market -6.34 5.62 6.93 — 1.4 1

Natixis / AIA Mgd ETF - China 4/28/06 International Equity Strategic Country/Region -10.82 0.52 0.11 — 1.3 1Natixis / AIA Mgd ETF - Conservative 6/30/06 Global Balanced Strategic Broad Market -2.66 4.44 5.75 — 4.0 1Natixis / AIA Mgd ETF - Glob Equity 3/31/06 Global Equity Strategic Broad Market -6.07 8.34 8.27 — 1.5 1Natixis / AIA Mgd ETF - Inc. Cons 6/30/06 Global Balanced Strategic Broad Market -2.26 4.33 5.60 — 2.9 1Natixis / AIA Mgd ETF - Moderate Strat 1/3/06 Global Balanced Strategic Broad Market -4.39 6.06 7.29 — 8.7 1

Nav Tactical Glbl Alloc Pl ft ADEX 2/1/13 Global Equity Strategic All-Inclusive -2.78 — — — 3.6 1Nav Tactical Glbl Alloc Plus 2/1/13 Global Equity Strategic All-Inclusive -2.47 — — — 0.8 1Nav Tactical US Equity Sector Pl ft ADEX 2/1/13 United States Equity Strategic Sector -1.75 — — — 23.7 1Nav Tactical US Equity Sector Plus 2/1/13 United States Equity Strategic Sector -0.77 — — — 12.1 1Navellier Dynamic Libertas 10 7/1/13 United States All Asset Tactical All-Inclusive -5.45 — — — 3.9 1

Navellier Dynamic Libertas 20 7/1/13 United States All Asset Tactical All-Inclusive -5.59 — — — 4.5 1Navellier Dynamic Libertas 30 7/1/13 United States All Asset Tactical All-Inclusive -6.60 — — — 19.4 1New Frontier ETF Global Bal Growth (Tax) 10/29/04 Global Equity Strategic Broad Market -4.48 7.07 7.38 5.22 108.7 2New Frontier ETF Global Bal Income (Tax) 10/29/04 Global Balanced Strategic Broad Market -1.87 5.03 6.05 4.92 42.5 2New Frontier ETF Global Balanced 10/29/04 Global Balanced Strategic Broad Market -3.48 6.10 7.35 5.59 431.7 2

New Frontier ETF Global Balanced (Tax) 10/29/04 Global Balanced Strategic Broad Market -3.37 6.30 6.94 5.19 139.5 2New Frontier ETF Global Balanced Growth 10/29/04 Global Equity Strategic Broad Market -4.49 6.94 7.67 5.43 293.9 2New Frontier ETF Global Balanced Income 10/29/04 Global Balanced Strategic Broad Market -2.10 4.60 6.34 5.41 108.1 2New Frontier ETF Global Equity 10/29/04 Global Equity Strategic Broad Market -6.32 7.60 7.46 5.03 71.7 2New Frontier ETF Global Equity (Tax) 10/29/04 Global Equity Strategic Broad Market -6.56 7.69 7.55 5.24 26.8 2

New Frontier ETF Global Growth 10/29/04 Global Equity Strategic Broad Market -5.61 7.33 7.46 5.24 147.6 2New Frontier ETF Global Growth (Tax) 10/29/04 Global Equity Strategic Broad Market -5.53 7.65 7.61 5.16 52.7 2New Frontier ETF Global Income 10/29/04 Global Fixed Income Strategic Broad Market -0.67 2.74 4.27 4.45 18.1 2New Frontier ETF Global Income (Tax) 10/29/04 Global Fixed Income Strategic Broad Market -0.18 3.40 4.45 4.03 7.6 2New Path Actively Mgd Allc Strat (AMAS) 4/2/07 Global Equity Tactical Broad Market -9.65 2.65 3.20 — 5.7 1







Return % Current




Assets USD Mil

Return Type ID

Newfound Dynamic Alternatives Cmpst 11/27/13 United States Alternative Hybrid Broad Market -4.03 — — — 0.2 1Newfound Multi Asset Income Cmpst 11/27/13 Global All Asset Tactical Broad Market -2.68 — — — 104.3 1Newfound Risk Managed Glb Sectors Cmpst 11/27/13 Global Equity Tactical Sector -4.72 — — — 155.7 1Newfound Risk Managed U.S. Sectors Idx 2/3/14 United States Equity Tactical Sector -4.82 — — — 43.4 4Newfound Risk Mgd Small-Cap Sec Cmpst 11/27/13 United States Equity Tactical Sector -2.36 — — — 5.3 1

Newfound Tailwinds Conservative Idx 6/16/14 Global All Asset Hybrid All-Inclusive -1.06 — — — 0.2 4Newfound Tailwinds Growth Idx 7/1/14 Global All Asset Hybrid All-Inclusive -3.31 — — — 4.6 4Newfound Tailwinds Moderate Cmp 6/2/14 Global All Asset Hybrid All-Inclusive -3.09 — — — 4.2 1Newfound Target Excess Yield 3% Cmpst 12/31/13 Global Fixed Income Tactical Broad Market -1.24 — — — 0.1 1Newfound Total Return Cmpst 6/2/14 United States All Asset Hybrid All-Inclusive -2.78 — — — 0.6 1

Newfound U.S. Factor Defensive Eqty Cmp 12/30/14 United States Equity Tactical Broad Market -2.54 — — — 61.6 1Niemann Dynamic 2/20/97 United States Equity Tactical Sector -3.34 14.24 12.78 6.94 44.5 1Niemann Dynamic International 1/22/08 International Equity Tactical All-Inclusive -9.12 2.44 -1.95 — 0.7 1Niemann Dynamic Sector 2/20/08 United States Equity Tactical Sector -6.12 9.63 10.93 — 4.0 1Niemann Global Opportunity (Equity Plus) 11/12/96 Global Equity Tactical Sector -6.19 8.80 4.74 4.88 123.2 1

Niemann Risk Managed 9/30/96 United States Equity Tactical Sector -0.07 16.10 10.58 6.28 66.4 1Niemann Risk Managed Sector 1/24/96 United States Equity Tactical Sector -2.36 10.29 7.48 6.28 104.9 1Niemann Tactical Global Bond 1/25/11 Global Fixed Income Tactical All-Inclusive -2.54 1.73 — — 0.3 1NorthCoast CAN SLIM Balanced 1/3/07 Global Balanced Tactical Sector -5.14 5.01 6.00 — 64.0 NRNorthCoast Tactical Growth 2/1/13 Global All Asset Tactical All-Inclusive -6.35 — — — 247.0 NR

Nottingham Global All Asset 12/31/04 Global Balanced Hybrid All-Inclusive -2.91 6.48 7.01 4.35 352.9 1Nottingham Global Balanced 12/31/04 Global Balanced Hybrid All-Inclusive -2.72 4.75 5.84 3.98 160.4 1Nottingham Global Equity 12/31/04 Global Equity Hybrid All-Inclusive -5.11 6.59 7.31 3.86 71.1 1Nottingham Global Income 12/31/04 Global Balanced Strategic Broad Market -0.17 2.00 2.65 2.56 258.9 1Nottingham Real Return Strategy 12/2/13 Global All Asset Tactical All-Inclusive -6.46 — — — 1.4 1

Nuveen Intelligent Risk–Conservative 6/1/09 Global All Asset Tactical Broad Market -4.21 -0.54 3.37 — 4.1 1Nuveen Intelligent Risk–Growth 6/1/09 Global All Asset Tactical Broad Market -13.00 -1.09 2.15 — 2.5 1Nuveen Intelligent Risk–Moderate 6/1/09 Global All Asset Tactical Broad Market -8.09 -1.24 3.26 — 6.0 1One Cap Wealth Preservation & Gr 40/60 11/3/08 Global Balanced Strategic All-Inclusive -2.27 4.30 5.04 — 10.3 1One Cap Wealth Preservation & Inc 20/80 2/2/09 Global Fixed Income Strategic All-Inclusive -1.32 2.19 3.65 — 1.8 1

One Capital Agg Wealth Appreciation 5/3/10 Global Equity Strategic All-Inclusive -5.88 8.66 7.74 — 4.9 1One Capital Balanced Wealth Appr 60/40 4/1/05 Global Balanced Strategic All-Inclusive -3.97 5.41 5.95 4.28 31.8 1One Capital Wealth Appreciation 80/20 1/30/04 Global Equity Strategic All-Inclusive -4.37 7.12 7.15 4.26 16.7 1Optimus Bond Allocation Bull/Bear 12/30/11 Global Fixed Income Hybrid All-Inclusive -0.32 1.73 — — 0.0 1Optimus Bond Rotation 3/3/14 Global Fixed Income Tactical All-Inclusive -1.47 — — — 0.0 1

Optimus Eight Baskets Rotation 12/3/12 Global All Asset Hybrid Broad Market -5.97 — — — 0.0 1Optimus Global Advantage All Asset 3/30/12 Global Alternative Tactical Broad Market 2.19 2.64 — — 0.0 1Optimus Global Long/Short 8/1/13 Global Alternative Tactical All-Inclusive -1.70 — — — 9.7 1Optimus Global Rotation 6/3/13 United States Equity Tactical Broad Market -5.39 — — — 0.4 1Optimus High Yield Bull/Bear 3/1/11 United States Fixed Income Tactical Sector 6.20 4.84 — — 0.0 1

Optimus U.S. Rotation 12/2/13 United States Equity Tactical Broad Market -4.92 — — — 0.0 1Palladiem Balanced Growth Core Strategy 1/2/12 Global Balanced Tactical All-Inclusive -4.69 3.16 — — 6.8 4Palladiem Defensive Core Strategy 1/2/12 United States All Asset Strategic Broad Market -0.78 1.33 — — 0.1 4Palladiem Diversified Growth Strategy 1/2/12 Global Equity Tactical All-Inclusive -5.72 4.16 — — 20.0 4Palladiem Sustainable Income Strategy 1/2/12 United States Fixed Income Tactical All-Inclusive -1.18 2.32 — — 7.3 4







Return % Current




Assets USD Mil

Return Type ID

Parasol Globally Enh Mgmt Strat (GEMS) 3/1/07 Global All Asset Tactical All-Inclusive — — — — NR 1PCM Absolute Bond Composite 5/2/11 Global Fixed Income Tactical All-Inclusive -5.87 -3.11 — — 2.3 1PCM Absolute Commodity Composite 11/2/09 Global Alternative Tactical All-Inclusive -16.78 -6.45 -12.16 — 1.0 1PCM Absolute Equity Income Composite 1/3/11 Global Equity Tactical All-Inclusive -4.88 1.14 — — 1.0 1PCM Alpha 1 Total Return Composite 6/1/12 Global Equity Tactical All-Inclusive -4.76 0.11 — — 6.6 1

PCM Conservative Portfolio Composite 1/2/12 Global All Asset Tactical All-Inclusive -5.47 -1.50 — — 0.1 1PCM Emerald Long-Short Debt HF Composite 10/1/12 Global Fixed Income Tactical All-Inclusive -2.62 -2.68 — — 0.1 1PCM Global Bond HF Composite 11/1/12 Global Fixed Income Tactical All-Inclusive -4.90 — — — 1.3 1PCM Global Macro 3M Composite 2/16/12 Global Equity Tactical All-Inclusive -4.53 -2.47 — — 4.7 1PCM Global Tactical Composite 3/1/12 Global Equity Tactical All-Inclusive -2.25 -0.69 — — 3.3 1

PCM Income Opportunity Fund 10/3/11 Global Fixed Income Strategic All-Inclusive 0.70 0.14 — — NR 1PCM Ruby Multi-Strategy HF Composite 5/1/12 Global All Asset Tactical All-Inclusive -3.56 -1.33 — — 2.8 1PCM Sapphire Global Macro HF Composite 5/1/12 Global All Asset Tactical All-Inclusive -2.98 -0.46 — — 0.6 1PCM Stable Growth Plus+ Composite 11/1/11 Global All Asset Tactical Country/Region -4.68 -1.32 — — 5.3 1PCM Super Global Macro Composite 5/31/12 Global All Asset Tactical All-Inclusive -3.43 -1.82 — — 6.1 1

PCM Tactical Growth and Income 10/3/11 Global Balanced Tactical Broad Market -1.02 2.80 — — NR 1PDAM GLOBAL ALPHA 11/1/05 Global All Asset Hybrid All-Inclusive -5.19 4.51 3.14 — 0.8 NRPVG Dynamic Core ETF 10/1/01 United States Equity Tactical All-Inclusive -1.20 5.40 5.30 4.71 36.3 1QA Global Balanced 40/60 11/3/03 Global Balanced Hybrid All-Inclusive -2.43 4.23 5.10 5.00 16.8 1QA Global Balanced 60/40 11/1/00 Global Balanced Hybrid All-Inclusive -3.93 5.86 6.43 5.48 59.9 1

QA Global Balanced 80/20 10/1/03 Global Equity Hybrid All-Inclusive -5.47 7.37 7.54 5.82 43.5 1QA Global Balanced Flex - Conservative 1/1/10 Global Balanced Hybrid All-Inclusive -2.31 4.30 4.86 — 42.3 1QA Global Balanced Flex - Growth 1/1/10 Global Equity Hybrid All-Inclusive -4.98 7.57 6.75 — 92.2 1QA Global Balanced Flex - Moderate 1/1/10 Global Balanced Hybrid All-Inclusive -3.66 5.94 5.82 — 177.6 1QA Global Equity 9/1/00 Global Equity Tactical All-Inclusive -6.73 8.78 8.54 6.00 63.8 1

QA Global Equity Flex 1/1/10 Global Equity Tactical All-Inclusive -6.26 8.89 7.69 — 110.6 1QA Global Style 9/4/07 Global Equity Tactical Broad Market -5.32 11.06 12.37 — 4.2 1QA Tactical All Market 4/1/09 Global All Asset Tactical All-Inclusive -2.33 1.80 3.67 — 138.3 1QA Tactical Bond 1/1/10 United States Fixed Income Tactical All-Inclusive 0.42 1.02 2.43 — 7.6 1Raylor Strategic US Equity SMA 1/3/06 United States Equity Strategic All-Inclusive -5.66 12.12 12.92 — 1.0 1

Raylor Strategic World Equity SMA 1/3/06 Global Equity Strategic All-Inclusive -6.98 7.49 7.69 — 28.0 1Raylor Strategic World Income SMA 4/3/06 Global Balanced Strategic All-Inclusive -3.08 5.37 5.85 — 23.0 1Raylor Strategic World Opportunity SMA 1/3/07 Global Equity Strategic Country/Region -9.36 1.23 2.10 — 3.0 1RevenueShares Strategic Allocation 7/1/11 United States Equity Tactical Broad Market -3.04 10.95 — — 0.1 1Richard Bernstein Global Conservative 8/2/10 Global Balanced Tactical All-Inclusive -1.77 3.50 4.80 — 26.2 4

Richard Bernstein Global Growth 8/2/10 Global Equity Tactical All-Inclusive -5.26 8.22 8.35 — 116.6 4Richard Bernstein Global Moderate I 8/2/10 Global Balanced Tactical All-Inclusive -3.60 5.80 6.65 — 246.0 4Richard Bernstein Global Moderate II 4/17/13 Global Equity Tactical All-Inclusive -4.54 — — — 418.3 4RIM iFolios Growth 8/31/12 Global Balanced Strategic All-Inclusive -3.27 4.61 — — 58.4 1RiverFront Conservative Growth 10/1/03 Global Balanced Hybrid All-Inclusive -3.39 5.83 6.04 5.20 77.8 1

RiverFront Conservative Income Builder 5/1/09 Global Balanced Hybrid All-Inclusive -1.75 4.34 5.05 — 143.5 1RiverFront Dynamic Equity Income 5/1/09 Global Equity Hybrid All-Inclusive -5.12 6.43 6.92 — 915.5 1RiverFront ETF Conservative Income Bldr 10/1/12 Global Balanced Hybrid All-Inclusive -2.00 4.30 — — 16.3 1RiverFront ETF Dynamic Equity Income 10/1/12 Global Equity Hybrid All-Inclusive -5.07 6.49 — — 100.1 1RiverFront ETF Global Allocation 4/3/06 Global Equity Hybrid All-Inclusive -5.08 7.04 6.59 — 157.7 1







Return % Current




Assets USD Mil

Return Type ID

RiverFront ETF Global Growth 4/3/06 Global Equity Hybrid All-Inclusive -5.14 7.68 7.01 — 55.0 1RiverFront ETF Moderate Growth & Income 4/3/06 Global Balanced Hybrid All-Inclusive -3.45 5.94 6.17 — 262.5 1RiverFront Global Allocation 10/1/03 Global Equity Hybrid All-Inclusive -5.81 6.50 6.27 4.86 640.0 1RiverFront Global Growth 10/1/03 Global Equity Hybrid All-Inclusive -5.84 7.17 6.60 4.62 522.1 1RiverFront Moderate Growth and Income 10/1/03 Global Balanced Hybrid All-Inclusive -3.40 5.84 6.23 5.42 2,141.2 1

Robinson Market Opportunity 12/31/03 United States Equity Tactical Broad Market -4.44 1.94 9.93 6.16 3.9 1RPg Tactical US Equity 11/1/11 United States Equity Tactical Sector -11.04 8.09 — — 62.0 1RPg Tactical US Equity FT 3/1/12 United States Equity Tactical Sector -10.56 8.94 — — 5.9 1SA ETF Portfolio VI 9/1/14 Global Balanced Hybrid All-Inclusive -4.92 — — — 0.1 1Sage Tactical ETF All Cap Equity Plus 12/31/02 Global Equity Tactical Broad Market -6.23 6.95 8.54 5.27 251.9 1

Sage Tactical ETF Conservative 12/31/07 Global Fixed Income Tactical Broad Market -0.69 2.20 3.99 — 78.1 4Sage Tactical ETF Core Plus Fixed Income 12/31/07 Global Fixed Income Tactical Broad Market 0.62 0.94 2.90 — 247.7 4Sage Tactical ETF Growth 12/31/07 Global Equity Tactical Broad Market -4.79 5.80 7.29 — 326.8 4Sage Tactical ETF Moderate 12/31/07 Global Balanced Tactical Broad Market -2.04 3.41 5.16 — 253.9 4Sage Tactical ETF Moderate Growth 7/31/09 Global Balanced Tactical Broad Market -3.68 4.62 6.40 — 659.1 1

Sage Tactical ETF Multi Asset Income 6/30/11 Global All Asset Tactical All-Inclusive -2.64 1.70 — — 57.7 1Sage Target Date 2015 Fund 12/31/08 Global Balanced Hybrid Broad Market -2.20 3.78 5.59 — 123.8 1Sage Target Date 2025 Fund 12/31/08 Global Balanced Hybrid Broad Market -3.65 4.97 6.71 — 243.4 1Sage Target Date 2035 Fund 12/31/08 Global Equity Hybrid Broad Market -4.89 5.76 7.38 — 139.5 1Sage Target Date 2045 Fund 12/31/08 Global Equity Hybrid Broad Market -5.48 6.29 7.79 — 51.4 1

Sage Target Date Retirement Income Fund 12/31/08 Global Balanced Hybrid Broad Market -1.87 3.04 4.76 — 42.0 1SAM Aggressive Global Growth 12/31/99 Global Equity Strategic All-Inclusive -8.32 3.56 5.45 5.84 2.8 NRSAM Conservative Global Growth 12/31/99 Global Balanced Strategic All-Inclusive -6.45 2.28 4.93 5.40 0.3 NRSAM Moderate Global Growth 12/31/99 Global Balanced Strategic All-Inclusive -7.08 2.89 5.37 5.82 13.0 NRSEI Tactical ETF Aggressive Strategy 1/2/13 Global Equity Hybrid Broad Market -6.09 — — — 125.6 4

SEI Tactical ETF Conservative 1/2/13 Global Fixed Income Hybrid Broad Market -0.56 — — — 36.3 4SEI Tactical ETF Equity 1/2/13 Global Equity Hybrid Broad Market -6.16 — — — 92.1 4SEI Tactical ETF Market Growth Strategy 1/2/13 Global Balanced Hybrid Broad Market -4.73 — — — 337.0 4SEI Tactical ETF Moderate 1/2/13 Global Balanced Hybrid Broad Market -1.31 — — — 204.2 4SEI Tax-Managed ETF Aggressive 1/2/14 Global Equity Strategic All-Inclusive -5.38 — — — 36.1 4

SEI Tax-Managed ETF Conservative 1/2/14 United States Fixed Income Strategic All-Inclusive — — — — 26.9 4SEI Tax-Managed ETF Equity 1/2/14 Global Equity Strategic Broad Market -6.04 — — — 52.7 4SEI Tax-Managed ETF Market Growth 1/2/14 Global Balanced Strategic All-Inclusive -4.00 — — — 128.0 4SEI Tax-Managed ETF Moderate 1/2/14 Global Balanced Strategic All-Inclusive -0.56 — — — 71.4 4SelectAlts 20 Index Strategy 12/31/14 United States All Asset Strategic All-Inclusive -4.38 — — — 0.1 1

SelectAlts Fleet Strategy 5/31/13 Global All Asset Tactical All-Inclusive 11.07 — — — 1.5 1Shelton Diversified ETF Balanced 12/31/09 Global Equity Hybrid Broad Market -2.84 4.16 6.00 — 8.3 1SignalPoint Balanced Point 3/31/09 United States Balanced Hybrid All-Inclusive -5.52 5.71 7.36 — 50.0 1SignalPoint CU Income Plus 6/30/09 United States Fixed Income Hybrid All-Inclusive -0.28 2.22 4.26 — 0.6 1SignalPoint Currency Point 10/31/08 Global Alternative Hybrid Country/Region -3.48 -3.61 -1.94 — 0.1 1

SignalPoint Global Signal 9/28/07 Global Equity Hybrid All-Inclusive -6.63 5.22 6.14 — 52.1 1SignalPoint High Income Point 10/31/08 Global All Asset Tactical All-Inclusive -2.87 2.50 4.26 — 1.1 1SignalPoint International Signal 6/30/09 International Equity Hybrid Sector -3.44 3.41 2.39 — 1.8 1SignalPoint Moderate Income Point 10/31/08 United States Fixed Income Hybrid All-Inclusive -1.77 1.77 3.50 — 4.3 1SignalPoint Signal 10 3/31/09 United States Equity Hybrid Sector -6.50 7.19 8.83 — 16.0 1







Return % Current




Assets USD Mil

Return Type ID

SignalPoint Stable Income Point 10/31/08 United States Fixed Income Hybrid All-Inclusive -0.67 2.06 4.27 — 25.6 1SignalPoint Universal Signal 10/31/08 Global Balanced Hybrid All-Inclusive -3.37 3.65 5.04 — 12.0 1Sitka Absolute Return 9/1/05 Global Alternative Tactical All-Inclusive -2.99 -9.55 -6.67 2.45 18.1 1SRCM Aggressive Growth Portfolio 1/2/04 Global Equity Hybrid Broad Market -6.16 4.77 5.99 4.17 0.0 4SRCM Growth & Income Blend Portfolio 1/2/04 Global Balanced Hybrid Broad Market -3.77 3.48 5.37 4.50 2.9 4

SRCM Growth & Income Portfolio 1/2/04 Global Balanced Hybrid Broad Market -3.00 2.55 4.83 3.94 2.8 4SRCM Growth Portfolio 1/2/04 Global Equity Hybrid Broad Market -4.92 4.09 5.67 4.25 0.2 4SRCM Income & Preservation Portfolio 1/2/04 Global Balanced Hybrid Broad Market -2.00 2.02 4.54 4.09 1.3 4SSWM Strategic Allocation Model 75/25 8/29/03 United States Equity Strategic Broad Market -5.44 7.49 8.26 5.46 16.2 1Stadion Balanced Strategy(QDIA Eligible) 4/2/07 United States Balanced Tactical Broad Market -6.24 1.52 3.06 — 453.3 1

Stadion Capital Preservation Strategy 4/2/07 United States Fixed Income Tactical Broad Market -2.35 0.57 1.80 — 110.0 1Stadion Conservative Strategy (QDIA) 4/2/07 United States Balanced Tactical Broad Market -5.45 0.01 1.81 — 188.5 1Stadion Defensive International 1/3/12 International Equity Tactical All-Inclusive -2.37 1.48 — — 9.9 1Stadion Growth Strategy (QDIA Eligible) 4/2/07 United States Balanced Tactical Broad Market -6.69 4.54 5.41 — 942.7 1Stadion International Tactical Growth 9/1/14 International Equity Tactical All-Inclusive -4.10 — — — 0.0 1

Stadion Managed Risk 100 Strategy 1/2/96 Global Equity Tactical All-Inclusive -11.95 -1.49 0.09 2.79 200.9 1Stadion Maximum Growth Strategy 6/1/15 United States Equity Tactical All-Inclusive — — — — 227.3 1Stadion Moderate Strategy (QDIA) 4/2/07 United States Balanced Tactical Broad Market -6.84 2.41 3.97 — 1,043.3 1Stadion Tactical Defensive Strategy 3/31/05 Global Equity Tactical All-Inclusive -6.14 5.93 6.13 5.44 81.4 1Stadion Tactical Growth Strategy 4/30/04 United States Equity Tactical All-Inclusive -5.85 7.08 9.70 6.46 226.3 1

Stadion Tactical Income 10/31/12 United States Fixed Income Tactical All-Inclusive -0.29 — — — 0.1 1Sterling Global Allocation 12/31/10 Global All Asset Hybrid All-Inclusive -5.50 3.38 — — 8.0 1Sterling Tactical Rotation Strategy 2/1/10 Global All Asset Tactical Broad Market -4.68 7.64 9.94 — 274.5 1Strategies Conservative 1/31/95 Global Balanced Hybrid All-Inclusive -1.80 2.77 4.21 4.44 10.9 1Strategies Growth 8/31/93 Global Equity Hybrid All-Inclusive -5.35 5.12 6.03 3.91 11.0 1

Strategies Moderate 1/3/95 Global Balanced Hybrid All-Inclusive -4.26 3.30 4.77 4.01 22.6 1Strategies Moderate Growth 6/30/95 Global Balanced Hybrid All-Inclusive -4.48 4.44 5.67 4.32 12.9 1Strategies Moderately Conservative 3/31/93 Global Balanced Hybrid All-Inclusive -3.58 3.40 4.84 4.75 28.7 1Stringer Conservative Growth Portfolio 9/2/08 Global All Asset Hybrid All-Inclusive -3.50 5.31 6.13 — 41.8 1Stringer Growth Portfolio 9/2/08 Global All Asset Hybrid All-Inclusive -5.53 7.53 7.70 — 128.5 1

Stringer Income Portfolio 10/3/11 Global All Asset Hybrid All-Inclusive -1.63 3.18 — — 0.0 1Stringer Moderate Growth Portfolio 9/2/08 Global All Asset Hybrid All-Inclusive -4.39 6.26 7.28 — 117.7 1Swan Defined Risk Strategy 7/1/97 United States Equity Strategic Broad Market -4.11 5.69 5.83 8.11 507.3 1Swan Defined Risk Strategy All Accounts 7/1/97 United States Equity Strategic Broad Market -3.58 5.67 5.94 7.83 507.3 1TAG Tactical Conservative 1/3/06 Global All Asset Hybrid Broad Market -2.76 0.14 2.18 — 19.3 1

TAG Tactical Growth 1/3/06 Global All Asset Hybrid Broad Market -3.61 1.51 2.74 — 4.1 1TAG Tactical Income 1/3/12 Global All Asset Tactical All-Inclusive -4.14 0.75 — — 0.5 1TAG Tactical Moderate 1/3/06 Global All Asset Hybrid Broad Market -2.92 0.60 2.82 — 60.8 1TAMP US Tactical ETF Income – BIG 1/2/13 United States Balanced Tactical Broad Market -7.86 — — — 0.0 1TAMP US Tactical ETF L/S - PULSE 1/2/13 United States Alternative Tactical Broad Market -6.23 — — — 0.1 1

TCIA ETF Level 1 7/29/11 United States All Asset Strategic All-Inclusive -10.43 4.39 — — 7.0 1TCIA ETF Level 2 7/29/11 United States All Asset Strategic All-Inclusive -11.21 4.28 — — 10.0 1The Capital CMC Global ETF 12/31/07 Global Equity Tactical Country/Region -6.68 7.49 8.29 — 5.2 1Trademark Tactical Risk Strategy 10/1/07 United States Balanced Tactical All-Inclusive -4.87 5.46 6.40 — 26.2 1Transamerica I-Series Portfolio I 1/6/10 United States Fixed Income Strategic All-Inclusive -0.91 1.70 2.88 — 23.8 1







Return % Current




Assets USD Mil

Return Type ID

Transamerica I-Series Portfolio II 6/18/07 United States Balanced Strategic All-Inclusive -2.24 3.18 4.24 — 45.8 1Transamerica I-Series Portfolio III 6/18/07 United States Balanced Strategic All-Inclusive -3.49 4.44 5.88 — 93.5 1Transamerica I-Series Portfolio IV 6/18/07 Global Balanced Strategic All-Inclusive -4.77 5.77 7.05 — 164.6 1Transamerica I-Series Portfolio V 6/18/07 Global Equity Strategic All-Inclusive -5.99 6.80 7.77 — 42.1 1Transamerica I-Series Portfolio VI 6/18/07 Global Equity Strategic All-Inclusive -6.66 8.38 8.91 — 17.2 1

TRC Global Core Equity 3/13/13 Global Equity Tactical Broad Market -6.60 — — — NR 1TRC Global Income 11/1/11 Global All Asset Tactical All-Inclusive -6.00 6.77 — — 1TTM 500 Strategy 10/1/12 United States Equity Tactical Broad Market -3.35 6.08 — — 4.9 1TTM NASDAQ Strategy 6/1/09 United States Equity Tactical All-Inclusive -5.80 11.89 9.74 — 1.9 1TTM Tactical Core/Satellite 6/2/14 United States Balanced Tactical All-Inclusive -5.93 — — — 7.2 1

TTM Trend Aggregation Ultra 1/31/14 Global All Asset Tactical All-Inclusive -12.45 — — — 2.3 1TTM Trend Aggregation-All Asset 11/1/12 Global All Asset Tactical All-Inclusive -6.02 — — — 2.1 1TTM Trend Aggregation-Income 6/1/10 Global All Asset Tactical All-Inclusive -8.63 0.18 2.97 — 0.7 1UBS PWS Diversified Income 6/29/12 Global Balanced Tactical All-Inclusive -4.37 1.25 — — 38.6 1UBS PWS Diversified Income w/ Muni 7/31/12 Global Balanced Tactical All-Inclusive -3.84 1.42 — — 16.0 1

UBS PWS Global Tactical Alloc. 6/29/12 Global Balanced Tactical Broad Market -5.38 4.08 — — 774.2 1UBS PWS Global Tactical Alloc. W/ Muni 8/31/12 Global Balanced Tactical Broad Market -4.11 5.24 — — 109.5 1Vanguard CORE 10%Equity/90%Fixed Income 1/2/14 Global Fixed Income Strategic Broad Market 0.27 — — — 0.2 4Vanguard CORE 100% Equity Model 1/3/12 Global Equity Strategic Broad Market -6.17 9.33 — — 8.0 4Vanguard CORE 100% Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market 0.93 1.76 — — 2.4 4

Vanguard CORE 20%Equity/80%Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market -0.42 3.34 — — 5.1 4Vanguard CORE 30%Equity/70%Fixed Income 1/2/14 Global Fixed Income Strategic Broad Market -1.12 — — — 1.3 4Vanguard CORE 40%Equity/60%Fixed Income 1/3/12 Global Balanced Strategic Broad Market -1.82 4.89 — — 10.9 4Vanguard CORE 50%Equity/50%Fixed Income 1/2/14 Global Balanced Strategic Broad Market -2.54 — — — 0.8 4Vanguard CORE 60%Equity/40%Fixed Income 1/3/12 Global Balanced Strategic Broad Market -3.27 6.40 — — 44.3 4

Vanguard CORE 70%Equity/30%Fixed Income 1/2/14 Global Equity Strategic Broad Market -3.98 — — — 4.0 4Vanguard CORE 80%Equity/20%Fixed Income 1/2/12 Global Equity Strategic Broad Market -4.71 7.88 — — 30.6 4Vanguard CORE 90%Equity/10%Fixed Income 1/2/14 Global Equity Strategic Broad Market -5.43 — — — 0.0 4Vanguard CRSP 10%Equity/90%Fixed Income 1/2/14 Global Fixed Income Strategic Broad Market 0.26 — — — 1.5 4Vanguard CRSP 100% Equity Model 1/4/10 Global Equity Strategic Broad Market -5.92 9.42 9.79 — 118.1 4

Vanguard CRSP 100% Fixed Income 1/4/10 Global Fixed Income Strategic Broad Market 0.93 1.77 3.08 — 12.1 4Vanguard CRSP 20%Equity/80%Fixed Income 1/4/10 Global Fixed Income Strategic Broad Market -0.38 3.36 4.55 — 111.4 4Vanguard CRSP 30%Equity/70%Fixed Income 1/2/14 Global Balanced Strategic Broad Market -1.06 — — — 3.4 4Vanguard CRSP 40%Equity/60%Fixed Income 1/4/10 Global Balanced Strategic Broad Market -1.71 4.93 5.97 — 244.1 4Vanguard CRSP 50%Equity/50%Fixed Income 1/2/14 Global Balanced Strategic Broad Market -2.40 — — — 4.2 4

Vanguard CRSP 60%Equity/40%Fixed Income 1/4/10 Global Balanced Strategic Broad Market -3.10 6.45 7.30 — 496.0 4Vanguard CRSP 70%Equity/30%Fixed Income 1/3/12 Global Equity Strategic Broad Market -3.79 7.20 — — 219.4 4Vanguard CRSP 80%Equity/20%Fixed Income 1/4/10 Global Equity Strategic Broad Market -4.50 7.96 8.58 — 250.4 4Vanguard CRSP 90%Equity/10%Fixed Income 1/2/14 Global Equity Strategic Broad Market -5.19 — — — 1.1 4Vanguard Russell 10%Equity/90%Fixed Inc 1/2/14 Global Fixed Income Strategic Broad Market 0.27 — — — 0.0 4

Vanguard Russell 100% Equity Model 1/3/12 Global Equity Strategic Broad Market -5.91 9.43 — — 7.8 4Vanguard Russell 100% Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market 0.93 1.77 — — 0.1 4Vanguard Russell 20%Equity/80%FixedInc. 1/3/12 Global Fixed Income Strategic Broad Market -0.41 3.35 — — 0.2 4Vanguard Russell 30%Equity/70%Fixed Inc 1/2/14 Global Balanced Strategic Broad Market -1.05 — — — 0.0 4Vanguard Russell 40%Equity/60%FixedInc. 1/3/12 Global Balanced Strategic Broad Market -1.73 4.92 — — 1.5 4







Return % Current




Assets USD Mil

Return Type ID

Vanguard Russell 50%Equity/50%Fixed Inc 1/2/14 Global Balanced Strategic Broad Market -2.41 — — — 0.0 4Vanguard Russell 60%Equity/40%FixedInc. 1/3/12 Global Balanced Strategic Broad Market -3.10 6.45 — — 5.8 4Vanguard Russell 70%Equity/30%Fixed Inc 1/2/14 Global Equity Strategic Broad Market -3.80 — — — 0.7 4Vanguard Russell 80%Equity/20%FixedInc. 1/3/12 Global Equity Strategic Broad Market -4.51 7.96 — — 7.6 4Vanguard Russell 90%Equity/10%Fixed Inc 1/2/14 Global Equity Strategic Broad Market -5.23 — — — 0.1 4

Vanguard S&P 10%Equity/90%Fixed Income 1/2/14 Global Fixed Income Strategic Broad Market 0.26 — — — 0.6 4Vanguard S&P 100% Equity Model 1/3/12 Global Equity Strategic Broad Market -5.88 9.48 — — 18.0 4Vanguard S&P 100% Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market 0.93 1.77 — — 3.2 4Vanguard S&P 20%Equity/80%Fixed Income 1/3/12 Global Fixed Income Strategic Broad Market -0.39 3.37 — — 22.7 4Vanguard S&P 30%Equity/70%Fixed Income 1/2/14 Global Fixed Income Strategic Broad Market -1.05 — — — 7.0 4

Vanguard S&P 40%Equity/60%Fixed Income 1/3/12 Global Balanced Strategic Broad Market -1.72 4.95 — — 73.6 4Vanguard S&P 50%Equity/50%Fixed Income 1/2/14 Global Balanced Strategic Broad Market -2.39 — — — 10.4 4Vanguard S&P 60%Equity/40%Fixed Income 1/3/12 Global Balanced Strategic Broad Market -3.07 6.49 — — 182.8 4Vanguard S&P 70%Equity/30%Fixed Income 1/2/14 Global Fixed Income Strategic Broad Market -3.78 — — — 21.4 4Vanguard S&P 80%Equity/20%Fixed Income 1/3/12 Global Equity Strategic Broad Market -4.48 8.00 — — 70.0 4

Vanguard S&P 90%Equity/10%Fixed Income 1/2/14 Global Equity Strategic Broad Market -5.18 — — — 2.8 4VCM Balanced ETF Strategy 6/1/09 Global Balanced Tactical All-Inclusive -5.64 4.72 5.85 — 12.0 1Voya GPMM Aggressive Growth ETF 1/2/13 Global Equity Hybrid Broad Market -5.46 — — — 13.8 1Voya GPMM Conservative Growth ETF 1/2/13 Global Balanced Hybrid Broad Market -4.01 — — — 12.6 1Voya GPMM Income ETF 1/2/13 United States Fixed Income Hybrid Broad Market -2.10 — — — 0.5 1

Voya GPMM Moderate Growth ETF 1/2/13 Global Balanced Hybrid Broad Market -4.78 — — — 96.5 1WBI Tactical ETF Plus 8/31/92 Global Equity Tactical All-Inclusive -2.19 6.46 6.40 6.04 12.7 1Wela Agg Yield 5/3/10 Global All Asset Tactical All-Inclusive -4.80 1.76 5.65 — 12.3 1Wela All Growth 12/1/10 Global Equity Tactical All-Inclusive -6.25 7.58 — — 5.9 1Wela Own Your Age (OYA)- 20 12/1/08 Global Equity Hybrid All-Inclusive -5.08 6.31 7.04 — 7.9 1

Wela Own Your Age (OYA)- 30 4/1/11 Global Equity Hybrid All-Inclusive -4.44 5.45 — — 3.5 1Wela Own Your Age (OYA)- 40 4/1/11 Global Balanced Hybrid Broad Market -5.50 4.72 — — 8.5 1Wela Own Your Age (OYA)- 50 12/1/08 Global Balanced Hybrid Broad Market -5.32 3.75 5.61 — 22.1 1Wela Own Your Age (OYA)- 60 12/1/10 Global Balanced Hybrid Broad Market -5.07 2.76 — — 4.9 1Wela Own Your Age (OYA)- 70 11/1/10 United States Fixed Income Hybrid All-Inclusive -2.93 2.71 — — 2.9 1

Wela Own Your Age (OYA)- 80 6/1/09 United States Fixed Income Hybrid All-Inclusive -2.03 1.85 3.89 — 8.4 1WestEnd Advisors Global Balanced 12/31/04 Global Balanced Hybrid All-Inclusive -2.04 8.28 9.22 7.31 145.8 1WestEnd Advisors Global Equity 12/31/04 Global Equity Hybrid All-Inclusive -3.20 10.88 11.39 7.79 143.5 1WestEnd Advisors US Sector 12/31/12 United States Equity Hybrid Sector -0.45 — — — 3.7 1Westport Res Mgt ETF 12/30/05 Global Equity Tactical All-Inclusive -5.12 8.41 7.97 — 11.9 1

Windham Aggressive Portfolio 12/31/09 Global Equity Strategic Broad Market -5.84 3.64 5.12 — 8.6 1Windham Aggressive Portfolio (Tax Mg) 9/30/09 Global Equity Strategic Broad Market -5.84 3.89 5.23 — 27.1 1Windham Conservative Plus Portf (Tax Mg) 5/31/10 Global Balanced Strategic Broad Market -3.59 1.22 3.32 — 25.8 1Windham Conservative Plus Portfolio 5/31/10 Global Balanced Strategic Broad Market -3.56 1.46 3.51 — 1.7 1Windham Conservative Portfolio 9/30/09 Global Fixed Income Strategic Broad Market -2.68 0.54 2.84 — 1.7 1

Windham Conservative Portfolio (Tax Mg) 11/30/09 Global Fixed Income Strategic Broad Market -2.88 0.32 2.51 — 2.4 1Windham Emerging Market Equity Strategy 12/31/10 International Equity Tactical Country/Region -17.00 -7.49 — — 0.2 1Windham Global Equities Strategy 8/2/10 Global Equity Tactical All-Inclusive -8.24 3.74 4.86 — 2.3 1Windham Moderate Plus Portf (Tax Mg) 5/31/10 Global Balanced Strategic Broad Market -4.74 3.20 4.69 — 15.1 1Windham Moderate Plus Portfolio 12/31/09 Global Balanced Strategic Broad Market -5.19 2.73 4.53 — 6.1 1







Return % Current




Assets USD Mil

Return Type ID

Windham Moderate Portfolio 9/30/09 Global Balanced Strategic Broad Market -4.47 2.16 4.09 — 7.1 1Windham Moderate Portfolio (Tax Managed) 1/30/09 Global Balanced Strategic Broad Market -4.46 2.19 3.99 — 47.5 1Windham Multi-Asset Income Portfolio 11/1/10 Global All Asset Strategic Broad Market -6.78 0.33 — — 0.6 1Windham Multi-Sector Bonds Tax Exempt 8/31/10 Global Fixed Income Hybrid All-Inclusive -2.09 -0.78 1.96 — 0.1 1Windham Risk Regime I 3/1/10 Global All Asset Tactical Broad Market -7.14 1.57 2.84 — 277.8 1

Windham Risk Regime II 5/31/12 Global Balanced Tactical Broad Market -7.75 1.83 — — 402.1 1Windham Risk Regime III 9/30/11 Global Equity Tactical Broad Market -8.22 2.46 — — 538.9 1Windham Risk Regime Other 2/28/14 Global All Asset Tactical All-Inclusive — — — — 242.9 1Windhaven Diversified Aggressive 1/2/02 Global All Asset Hybrid All-Inclusive -6.98 3.37 5.43 6.25 3,868.8 1Windhaven Diversified Conservative 1/2/02 Global All Asset Hybrid All-Inclusive -2.40 1.57 3.05 4.45 2,368.0 1

Windhaven Diversified Growth 1/2/02 Global All Asset Hybrid All-Inclusive -5.38 2.54 4.66 5.40 6,635.6 1Winterset Active/Edge Diversified Growth 2/1/13 United States Equity Strategic All-Inclusive -7.38 — — — 2.8 1Winterset Active/Edge Moderate Hybrid 2/1/13 United States All Asset Strategic All-Inclusive -7.68 — — — 5.1 1WST Asset Manager – Adaptive Balanced 12/31/04 Global Balanced Tactical Broad Market -2.67 3.29 2.49 3.83 2.6 1WST Asset Manager – U.S. Bond 3/31/06 United States Fixed Income Tactical Sector -0.29 3.36 5.34 — 117.2 1

WST Asset Manager - U.S. Equity 12/31/12 United States Equity Tactical Sector -0.72 — — — 248.0 1Zacks International 4/1/04 International Equity Strategic Country/Region -7.85 1.27 1.22 3.74 74.0 3




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

Return % Risk Statistics vs. Selected Benchmark

NameInception Date



Assets USD Mil Alpha Beta R-Squared Down Capture

Global All AssetMFI Global Sector 1/4/99 Hybrid Broad Market -3.98 8.80 8.97 5.99 41.7 3.51 1.29 83.76 104.20MFI Balanced Sector 1/4/99 Hybrid Broad Market -4.21 7.17 8.05 6.35 114.4 3.66 1.00 84.55 80.36Charles Schwab SMP-ETFs Thd-Pty - Agg Gr 12/31/09 Hybrid All-Inclusive -4.64 7.75 7.72 — 149.0 2.12 1.34 90.64 118.89Stringer Growth Portfolio 9/2/08 Hybrid All-Inclusive -5.53 7.53 7.70 — 128.5 2.56 1.21 88.08 107.37Charles Schwab SMP-ETFs Blend - Agg Gr 12/31/09 Hybrid All-Inclusive -5.07 7.33 7.47 — 93.4 1.86 1.34 91.45 120.93

Stringer Moderate Growth Portfolio 9/2/08 Hybrid All-Inclusive -4.39 6.26 7.28 — 117.7 3.22 0.92 86.95 77.78Braver Growth Multi Strategy 4/1/10 Hybrid All-Inclusive -5.23 6.25 7.25 — 10.1 3.03 0.97 82.81 78.86MFI Capital Preservation & Income Sector 1/4/99 Hybrid Broad Market -3.26 6.84 7.19 5.60 21.0 3.91 0.72 81.33 58.03Charles Schwab SMP-ETFs Third-Party - Gr 12/31/09 Hybrid All-Inclusive -4.11 6.35 6.69 — 489.6 1.80 1.15 92.11 103.48Capital Wealth ETF Covered Call Strategy 1/2/08 Hybrid All-Inclusive -0.80 6.98 6.63 — 64.0 3.71 0.64 77.11 47.19

Charles Schwab SMP-ETFs Blend - Growth 12/31/09 Hybrid All-Inclusive -4.48 6.01 6.53 — 342.9 1.63 1.15 92.76 104.55Stringer Conservative Growth Portfolio 9/2/08 Hybrid All-Inclusive -3.50 5.31 6.13 — 41.8 2.89 0.72 86.36 60.74Lazard Cap Alloc -Gbl Non-Traditional 9/1/05 Hybrid All-Inclusive -5.52 4.22 5.74 5.62 162.5 1.62 0.96 88.39 88.46Charles Schwab SMP-ETFs Thd-Pty-Bl w/ Gr 12/31/09 Hybrid All-Inclusive -3.51 4.78 5.70 — 896.1 1.61 0.94 93.21 84.47Charles Schwab SMP-ETFs Blnd - Bal w/ Gr 12/31/09 Hybrid All-Inclusive -3.75 4.58 5.59 — 531.3 1.49 0.95 93.81 85.40

Braver Moderate Multi Strategy 12/31/08 Hybrid All-Inclusive -4.76 4.14 5.45 — 47.5 1.83 0.82 87.87 72.37Windhaven Diversified Aggressive 1/2/02 Hybrid All-Inclusive -6.98 3.37 5.43 6.25 3,868.8 1.12 1.02 86.19 101.33Windhaven Diversified Growth 1/2/02 Hybrid All-Inclusive -5.38 2.54 4.66 5.40 6,635.6 1.30 0.77 82.33 76.57Charles Schwab SMP-ETFs Third-Pty - Bal 12/31/09 Hybrid All-Inclusive -2.51 3.45 4.49 — 459.0 1.40 0.70 92.52 61.68Charles Schwab SMP-ETFs Blend - Balanced 12/31/09 Hybrid All-Inclusive -2.69 3.32 4.41 — 272.3 1.31 0.70 92.91 62.37



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


NameInception Date




Braver Conservative Multi Strategy 12/31/08 Hybrid All-Inclusive -3.65 2.57 4.13 — 32.8 1.43 0.60 87.54 51.85Charles Schwab SMP-ETFs Td-Pty-Ic w/ Gr 12/31/09 Hybrid All-Inclusive -1.04 2.72 3.94 — 244.3 1.98 0.43 80.39 33.71Charles Schwab SMP-ETFs Blnd - Inc w/ Gr 12/31/09 Hybrid All-Inclusive -1.15 2.61 3.88 — 192.3 1.91 0.43 80.47 34.21PDAM GLOBAL ALPHA 11/1/05 Hybrid All-Inclusive -5.19 4.51 3.14 — 0.8 -0.75 0.94 72.95 97.48Windhaven Diversified Conservative 1/2/02 Hybrid All-Inclusive -2.40 1.57 3.05 4.45 2,368.0 1.33 0.38 64.43 35.77

TAG Tactical Moderate 1/3/06 Hybrid Broad Market -2.92 0.60 2.82 — 60.8 -1.13 0.94 85.75 96.72TAG Tactical Growth 1/3/06 Hybrid Broad Market -3.61 1.51 2.74 — 4.1 -1.96 1.16 83.25 116.34TAG Tactical Conservative 1/3/06 Hybrid Broad Market -2.76 0.14 2.18 — 19.3 -0.23 0.55 66.96 65.31Boston Advisors Broad Allocation Str SA 10/31/08 Hybrid All-Inclusive -4.63 -1.78 1.17 — 15.7 -2.18 0.79 86.34 92.79Sterling Global Allocation 12/31/10 Hybrid All-Inclusive -5.50 3.38 — — 8.0 — — — —

Optimus Eight Baskets Rotation 12/3/12 Hybrid Broad Market -5.97 — — — 0.0 — — — —Blue Edge Global Growth & Income 12/31/10 Hybrid All-Inclusive -3.21 4.56 — — 6.4 — — — —Blue Edge Global Balanced 12/31/10 Hybrid All-Inclusive -4.31 5.93 — — 25.2 — — — —Blue Edge Global Growth 12/31/10 Hybrid All-Inclusive -4.79 6.88 — — 45.0 — — — —CLS Active Real 7/1/14 Hybrid Sector -14.39 — — — 0.1 — — — —

Newfound Tailwinds Conservative Idx 6/16/14 Hybrid All-Inclusive -1.06 — — — 0.2 — — — —Newfound Tailwinds Growth Idx 7/1/14 Hybrid All-Inclusive -3.31 — — — 4.6 — — — —Newfound Tailwinds Moderate Cmp 6/2/14 Hybrid All-Inclusive -3.09 — — — 4.2 — — — —Stringer Income Portfolio 10/3/11 Hybrid All-Inclusive -1.63 3.18 — — 0.0 — — — —Natixis / AIA Mgd ETF - Aggressive 11/2/05 Strategic Broad Market -6.34 5.62 6.93 — 1.4 1.84 1.20 92.54 109.06

ClearRock Diversified Moderate Growth 10/1/09 Strategic All-Inclusive -4.05 5.30 6.64 — 27.2 2.49 0.95 85.76 84.73ClearRock Diversified Aggressive Growth 10/1/09 Strategic All-Inclusive -4.58 5.35 6.39 — 26.4 1.61 1.14 84.79 108.87ClearRock Diversified Conservative Gr 10/1/09 Strategic All-Inclusive -4.53 3.99 6.05 — 32.9 2.36 0.84 87.86 74.05Baring Global Dynamic Asset Allocation 6/30/10 Strategic All-Inclusive -3.55 4.26 5.67 — 224.1 2.74 0.65 77.78 60.72CFGAM S3 Diversified Conservative 1/1/10 Strategic All-Inclusive -0.73 2.38 4.60 — 47.7 1.89 0.61 75.29 45.31

CFGAM S3 Diversified Moderate 1/1/10 Strategic All-Inclusive -1.18 2.08 3.82 — 20.8 0.57 0.75 82.84 63.14CFGAM S3 Diversified Growth 1/4/10 Strategic All-Inclusive -1.43 2.21 3.68 — 4.4 0.10 0.84 84.79 73.25CFGAM S3 Div Mod Inflation-Correlated 1/1/10 Strategic All-Inclusive -2.22 1.28 3.33 — 11.7 -0.48 0.90 84.55 80.96iSectors Endowment Allocation 1/1/09 Strategic All-Inclusive -7.16 1.62 2.97 — 2.1 -0.83 0.89 93.15 92.39iSectors Inflation Protected Allocation 10/1/09 Strategic All-Inclusive -10.23 -7.66 -1.26 — 2.0 -4.68 0.85 57.03 103.89

Appleton Group Managed Income 4/2/12 Strategic All-Inclusive 0.90 1.80 — — 2.1 — — — —CFGAM S3 Diversified Aggressive 1/4/11 Strategic All-Inclusive -2.17 1.50 — — 1.8 — — — —CFGAM S3 Div Agrsv Inflation-Correlated 3/1/11 Strategic All-Inclusive -4.02 0.66 — — 1.2 — — — —Windham Multi-Asset Income Portfolio 11/1/10 Strategic Broad Market -6.78 0.33 — — 0.6 — — — —Keystone Wealth MultiAsset AlphaRotation 8/1/12 Strategic All-Inclusive -10.47 -3.51 — — 0.4 — — — —

Auour Instinct Global High Yield 6/2/14 Strategic All-Inclusive -4.12 — — — 2.6 — — — —Sterling Tactical Rotation Strategy 2/1/10 Tactical Broad Market -4.68 7.64 9.94 — 274.5 6.94 0.64 42.44 52.87CMG Tactical Rotation Strategy 2/1/10 Tactical Broad Market -4.28 7.82 9.87 — 42.3 6.88 0.64 42.31 53.59CMG Opportunistic All Asset ETF Strategy 1/3/07 Tactical All-Inclusive -5.69 4.37 9.31 — 147.6 5.88 0.74 58.23 60.07MCM Apto 9/29/06 Tactical All-Inclusive -4.95 8.68 7.80 — 74.1 3.26 1.06 74.71 90.44

Dorsey Wright Sys Reltv Strth Glb Macro 3/31/09 Tactical All-Inclusive -6.55 9.10 7.55 — 77.0 3.42 0.99 59.45 90.94Capital Advisors Dynamic Allocation 9/30/09 Tactical Broad Market -4.13 6.07 6.09 — 46.3 2.80 0.75 65.21 74.21Wela Agg Yield 5/3/10 Tactical All-Inclusive -4.80 1.76 5.65 — 12.3 2.86 0.63 59.09 48.26Hays TMAC Portfolio 12/31/09 Tactical All-Inclusive -2.45 4.27 5.54 — 401.8 2.13 0.79 69.82 67.07JAForlines Global Tactical Allocation 1/2/04 Tactical All-Inclusive -1.45 5.51 5.25 5.07 265.3 1.93 0.76 76.16 73.55

JAForlines Global Tactical Conservative 1/2/04 Tactical All-Inclusive -0.91 4.95 5.11 5.31 16.1 2.08 0.68 78.96 64.13Fund Architects Global ETF Portfolio 12/31/07 Tactical All-Inclusive -0.57 7.31 4.61 — 16.7 1.22 0.79 74.87 74.84SignalPoint High Income Point 10/31/08 Tactical All-Inclusive -2.87 2.50 4.26 — 1.1 1.71 0.58 64.41 47.96Clark Navigator Alternative 1/3/07 Tactical All-Inclusive 3.61 3.49 3.82 — 36.7 0.33 0.82 77.54 75.80QA Tactical All Market 4/1/09 Tactical All-Inclusive -2.33 1.80 3.67 — 138.3 0.98 0.63 57.59 66.33







NameInception Date




Nuveen Intelligent Risk–Conservative 6/1/09 Tactical Broad Market -4.21 -0.54 3.37 — 4.1 1.52 0.42 46.45 43.73Nuveen Intelligent Risk–Moderate 6/1/09 Tactical Broad Market -8.09 -1.24 3.26 — 6.0 0.38 0.68 60.13 79.83Cougar Global GTS w/ Cons Growth (MAR 8) 10/31/01 Tactical All-Inclusive -4.74 2.63 3.26 5.49 943.7 0.57 0.64 52.94 79.03TTM Trend Aggregation-Income 6/1/10 Tactical All-Inclusive -8.63 0.18 2.97 — 0.7 2.82 0.04 0.46 14.05Windham Risk Regime I 3/1/10 Tactical Broad Market -7.14 1.57 2.84 — 277.8 -0.73 0.84 86.94 91.64

Cougar Global GTS w/ Income (MAR 6) 12/30/99 Tactical All-Inclusive -2.58 1.83 2.18 5.06 364.3 0.69 0.34 36.59 46.42Nuveen Intelligent Risk–Growth 6/1/09 Tactical Broad Market -13.00 -1.09 2.15 — 2.5 -2.72 1.21 86.62 141.93iSectors Tactical Glbl Bal Allocation 12/1/10 Tactical Broad Market -3.56 1.05 — — 2.3 — — — —Ibbotson Global Tactical* 12/29/10 Tactical Broad Market -4.21 7.98 — — 0.3 — — — —Longview Capital Global Allocation 7/1/08 Tactical All-Inclusive — — — — — — — —

Cougar Global GTS w/ Growth (MAR 12) 12/30/11 Tactical All-Inclusive -5.85 4.43 — — 42.1 — — — —Sage Tactical ETF Multi Asset Income 6/30/11 Tactical All-Inclusive -2.64 1.70 — — 57.7 — — — —BCM Decathlon Conservative Tactics 10/1/12 Tactical All-Inclusive 0.89 1.03 — — 8.7 — — — —BCM Decathlon Growth Tactics 10/1/12 Tactical All-Inclusive -3.52 5.93 — — 70.0 — — — —BCM Decathlon Moderate Tactics 10/1/12 Tactical All-Inclusive -5.34 4.01 — — 80.6 — — — —

Parasol Globally Enh Mgmt Strat (GEMS) 3/1/07 Tactical All-Inclusive — — — — NR — — — —TAG Tactical Income 1/3/12 Tactical All-Inclusive -4.14 0.75 — — 0.5 — — — —TTM Trend Aggregation-All Asset 11/1/12 Tactical All-Inclusive -6.02 — — — 2.1 — — — —PCM Conservative Portfolio Composite 1/2/12 Tactical All-Inclusive -5.47 -1.50 — — 0.1 — — — —PCM Ruby Multi-Strategy HF Composite 5/1/12 Tactical All-Inclusive -3.56 -1.33 — — 2.8 — — — —

PCM Sapphire Global Macro HF Composite 5/1/12 Tactical All-Inclusive -2.98 -0.46 — — 0.6 — — — —First Nat Chapoquoit Aggressive Dynamic 11/1/12 Tactical All-Inclusive -4.80 — — — 2.5 — — — —PCM Stable Growth Plus+ Composite 11/1/11 Tactical Country/Region -4.68 -1.32 — — 5.3 — — — —Cougar Global GTS w/ Mod Growth (MAR 10) 3/1/11 Tactical All-Inclusive -5.65 4.74 — — 464.6 — — — —Julex Capital Mngt Dynamic Multi-Asset 6/3/13 Tactical Broad Market -13.52 — — — 64.8 — — — —

Canterbury Portfolio Thermostat 8/31/12 Tactical All-Inclusive -4.84 7.70 — — 272.0 — — — —TRC Global Income 11/1/11 Tactical All-Inclusive -6.00 6.77 — — — — — —Ibis Adaptive Allocation 4/2/12 Tactical All-Inclusive -6.45 2.27 — — 10.4 — — — —Ibis Protected Growth 4/2/12 Tactical All-Inclusive -6.10 9.07 — — 54.1 — — — —Ibis Global Balanced Portfolio 4/2/12 Tactical All-Inclusive -3.68 8.20 — — 27.7 — — — —

Congress Capital Risk Magd Assets Cmpst 12/2/13 Tactical Broad Market -4.45 — — — 91.3 — — — —Congress Cap Risk Mgd Satellites Cmpst 12/2/13 Tactical Broad Market -7.19 — — — 0.7 — — — —

Newfound Multi Asset Income Cmpst 11/27/13 Tactical Broad Market -2.68 — — — 104.3 — — — —

First Nat Chapoquoit Dynamic Mod SMA 1/2/13 Tactical All-Inclusive -3.58 — — — 0.7 — — — —Clothier Springs Global Hedged Plus 9/30/11 Tactical All-Inclusive -3.58 3.67 — — 12.0 — — — —

Windham Risk Regime Other 2/28/14 Tactical All-Inclusive — — — — 242.9 — — — —SelectAlts Fleet Strategy 5/31/13 Tactical All-Inclusive 11.07 — — — 1.5 — — — —Nottingham Real Return Strategy 12/2/13 Tactical All-Inclusive -6.46 — — — 1.4 — — — —PCM Super Global Macro Composite 5/31/12 Tactical All-Inclusive -3.43 -1.82 — — 6.1 — — — —TTM Trend Aggregation Ultra 1/31/14 Tactical All-Inclusive -12.45 — — — 2.3 — — — —

JAForlines Global Tactical Income 9/4/12 Tactical All-Inclusive -2.83 1.41 — — 7.8 — — — —FFCM Dynamic Multi-Asset 4/1/14 Tactical All-Inclusive -3.53 — — — 34.3 — — — —Mellon Capital Defensive Multi-Asset 3/31/10 Tactical All-Inclusive — — — — 343.7 — — — —Mellon Capital Defensive Multi-Asset Inc 2/28/11 Tactical All-Inclusive — — — — 229.6 — — — —

Global All Asset Median -4.14 3.47 5.25 5.49Hybrid Median -3.98 4.54 5.59 5.62Strategic Median -4.05 1.94 4.60 —Tactical Median -4.28 3.06 4.61 5.19Global All Asset Blended Benchmark -5.45 2.39 4.27 4.88







NameInception Date




Global AlternativeMain Management BuyWrite Hedged Equity 9/3/04 Hybrid Broad Market -0.46 5.38 7.38 5.83 201.0 — — — —SignalPoint Currency Point 10/31/08 Hybrid Country/Region -3.48 -3.61 -1.94 — 0.1 — — — —CLS Active Alternative 8/1/14 Hybrid All-Inclusive -3.95 — — — 0.2 — — — —IQ Hedge Multi-Strategy SMA Portfolio 3/31/09 Strategic Broad Market -1.89 2.75 2.55 — NR — — — —iSectors Liquid Alternatives Allocation 4/1/09 Strategic All-Inclusive -7.66 -0.12 1.12 — 3.1 — — — —

iSectors Precious Metals Allocation 11/1/10 Strategic Sector -11.00 -16.13 — — 2.0 — — — —Sitka Absolute Return 9/1/05 Tactical All-Inclusive -2.99 -9.55 -6.67 2.45 18.1 — — — —PCM Absolute Commodity Composite 11/2/09 Tactical All-Inclusive -16.78 -6.45 -12.16 — 1.0 — — — —Longview Capital Tactical Commodity 8/3/09 Tactical All-Inclusive — — — — NR — — — —Optimus Global Advantage All Asset 3/30/12 Tactical Broad Market 2.19 2.64 — — 0.0 — — — —

Keystone Wealth Commodity AlphaRotation 8/1/12 Tactical Broad Market -20.73 -22.02 — — 0.1 — — — —CLS Protection Quad 3/3/14 Tactical Broad Market -5.59 — — — 5.6 — — — —Optimus Global Long/Short 8/1/13 Tactical All-Inclusive -1.70 — — — 9.7 — — — —Broadmeadow Enhanced Global Commodity 9/30/13 Tactical All-Inclusive -17.80 — — — 0.0 — — — —IPS Moderate 2/1/11 Tactical All-Inclusive 7.83 12.18 — — 54.1 — — — —

Global Alternative Median -3.72 -1.86 -0.41 4.14

Global BalancedWestEnd Advisors Global Balanced 12/31/04 Hybrid All-Inclusive -2.04 8.28 9.22 7.31 145.8 3.51 1.04 91.33 90.90GLOBALT innovat ETF Stratg Balnc Wrap 12/31/03 Hybrid All-Inclusive -3.10 6.67 7.70 6.12 368.1 2.70 0.92 89.47 80.14Nottingham Global Equity 12/31/04 Hybrid All-Inclusive -5.11 6.59 7.31 3.86 71.1 0.93 1.22 93.28 121.91CKW Opportunistic Global Balanced 11/3/03 Hybrid Broad Market -4.25 6.82 7.07 6.31 260.1 0.94 1.17 93.08 113.12Nottingham Global All Asset 12/31/04 Hybrid All-Inclusive -2.91 6.48 7.01 4.35 352.9 2.52 0.82 91.92 74.18

GLOBALT innovat ETF Stratg Consrvt Wrap 3/31/04 Hybrid All-Inclusive -2.25 5.74 6.96 6.15 38.7 2.80 0.75 87.23 63.06Sage Target Date 2025 Fund 12/31/08 Hybrid Broad Market -3.65 4.97 6.71 — 243.4 1.67 0.94 90.29 93.47Innealta Global All Asset Opp Moderate 12/31/09 Hybrid Broad Market -4.01 3.30 6.68 — 39.7 0.60 1.16 87.81 103.23QA Global Balanced 60/40 11/1/00 Hybrid All-Inclusive -3.93 5.86 6.43 5.48 59.9 1.98 0.82 89.29 76.38Innealta Global All Asset Opp Consrv 12/31/09 Hybrid Broad Market -2.61 2.91 6.37 — 25.0 1.91 0.83 81.23 66.77

RiverFront Moderate Growth and Income 10/1/03 Hybrid All-Inclusive -3.40 5.84 6.23 5.42 2,141.2 1.78 0.82 89.32 81.31RiverFront ETF Moderate Growth & Income 4/3/06 Hybrid All-Inclusive -3.45 5.94 6.17 — 262.5 1.44 0.88 91.25 85.97CLS ETF Risk Budget 60-Moderately Cnsrv 4/1/02 Hybrid All-Inclusive -3.35 4.61 6.06 5.16 60.2 1.27 0.89 93.69 83.35RiverFront Conservative Growth 10/1/03 Hybrid All-Inclusive -3.39 5.83 6.04 5.20 77.8 1.49 0.84 89.98 84.41Nottingham Global Balanced 12/31/04 Hybrid All-Inclusive -2.72 4.75 5.84 3.98 160.4 2.17 0.66 92.61 61.57

QA Global Balanced Flex - Moderate 1/1/10 Hybrid All-Inclusive -3.66 5.94 5.82 — 177.6 2.02 0.70 82.25 68.253D ETF Global 60 Portfolio - Tax Sen. 10/2/06 Hybrid Broad Market -3.91 5.45 5.82 — 46.9 1.05 0.89 92.53 84.283D ETF Global 60 Portfolio 8/1/06 Hybrid Broad Market -3.60 5.23 5.71 — 183.8 0.61 0.96 93.06 91.05Strategies Moderate Growth 6/30/95 Hybrid All-Inclusive -4.48 4.44 5.67 4.32 12.9 0.37 1.00 97.49 97.96Wela Own Your Age (OYA)- 50 12/1/08 Hybrid Broad Market -5.32 3.75 5.61 — 22.1 1.48 0.76 91.06 72.14

Sage Target Date 2015 Fund 12/31/08 Hybrid Broad Market -2.20 3.78 5.59 — 123.8 1.74 0.70 89.56 67.46SRCM Growth & Income Blend Portfolio 1/2/04 Hybrid Broad Market -3.77 3.48 5.37 4.50 2.9 0.07 1.01 89.51 100.86AEPG All-Weather Global 70/30 1/4/10 Hybrid All-Inclusive -3.26 5.86 5.29 — 120.3 0.41 0.92 94.46 88.16Green Inv Mgt Strat Glbl Bal Tax Aware 8/2/10 Hybrid Broad Market -4.33 3.78 5.16 — 2.0 0.87 0.79 95.60 76.46QA Global Balanced 40/60 11/3/03 Hybrid All-Inclusive -2.43 4.23 5.10 5.00 16.8 1.83 0.59 84.54 54.69

RiverFront Conservative Income Builder 5/1/09 Hybrid All-Inclusive -1.75 4.34 5.05 — 143.5 1.97 0.55 88.31 51.60SignalPoint Universal Signal 10/31/08 Hybrid All-Inclusive -3.37 3.65 5.04 — 12.0 0.57 0.84 85.51 77.80Green Inv Mgt Guardian Bal 7/2/90 Hybrid Broad Market -5.02 4.44 5.04 3.88 13.0 -0.11 0.98 93.20 100.37Innealta Global All Asset Moderate 12/31/09 Hybrid Broad Market -4.29 2.37 5.00 — 104.9 -0.42 1.04 90.04 99.73Lazard Cap Alloc -Gbl Div 60/40 (TE) 3/1/06 Hybrid All-Inclusive -4.30 4.24 4.91 — Incl. -0.44 1.02 95.04 103.40







NameInception Date




Innealta Global All Asset Conservative 12/31/09 Hybrid Broad Market -2.76 1.88 4.87 — 51.0 0.91 0.73 84.86 65.82QA Global Balanced Flex - Conservative 1/1/10 Hybrid All-Inclusive -2.31 4.30 4.86 — 42.3 2.06 0.50 77.73 47.75Green Inv Mgt Strategic Global Balanced 6/1/10 Hybrid Broad Market -4.35 3.70 4.85 — 7.0 0.62 0.79 95.28 76.59Strategies Moderately Conservative 3/31/93 Hybrid All-Inclusive -3.58 3.40 4.84 4.75 28.7 0.77 0.75 96.80 72.44SRCM Growth & Income Portfolio 1/2/04 Hybrid Broad Market -3.00 2.55 4.83 3.94 2.8 0.38 0.83 86.60 83.06

Strategies Moderate 1/3/95 Hybrid All-Inclusive -4.26 3.30 4.77 4.01 22.6 0.06 0.88 97.62 88.12Sage Target Date Retirement Income Fund 12/31/08 Hybrid Broad Market -1.87 3.04 4.76 — 42.0 1.71 0.55 85.29 52.30AEPG All-Weather Global 60/40 1/4/10 Hybrid All-Inclusive -2.64 5.24 4.72 — 72.8 0.47 0.79 94.29 75.96Lazard Cap Alloc -Gbl Div 60/40 (TX) 4/1/05 Hybrid All-Inclusive -4.57 3.93 4.62 4.28 Incl. -0.69 1.01 94.71 102.913D ETF Global 40 Portfolio - Tax Sen. 12/1/06 Hybrid Broad Market -2.19 3.86 4.58 — 10.4 1.08 0.64 90.44 59.77

SRCM Income & Preservation Portfolio 1/2/04 Hybrid Broad Market -2.00 2.02 4.54 4.09 1.3 0.96 0.66 77.74 64.50Green Inv Mgt Guardian Cnsv Bal 6/1/94 Hybrid Broad Market -4.45 3.57 4.44 3.43 6.0 -0.15 0.87 93.42 88.67AEPG All-Weather Global 50/50 1/4/10 Hybrid All-Inclusive -2.05 4.62 4.29 — 45.2 0.69 0.66 93.89 62.54Green Inv Mgt Guardian Bal Inc 7/1/96 Hybrid Broad Market -2.69 3.27 4.27 4.29 5.0 0.62 0.67 89.86 66.88Strategies Conservative 1/31/95 Hybrid All-Inclusive -1.80 2.77 4.21 4.44 10.9 1.15 0.56 92.28 51.92

3D ETF Global 40 Portfolio 10/2/06 Hybrid Broad Market -2.20 3.52 4.11 — 32.1 0.03 0.76 91.31 72.63Lazard Cap Alloc -Gbl Div 40/60 (TX) 2/1/07 Hybrid All-Inclusive -3.88 3.18 4.11 — Incl. -0.18 0.80 94.77 80.17AEPG All-Weather Global 40/60 1/4/10 Hybrid All-Inclusive -1.38 3.96 3.71 — 14.2 0.77 0.54 92.07 49.58Clark Navigator Glbl Bal ETF 40-60 Hdgd 1/3/05 Hybrid All-Inclusive -0.83 2.92 3.66 6.51 10.5 0.38 0.61 86.27 59.96Clark Navigator Glbl Bal ETF 60-40 Hdgd 1/3/05 Hybrid All-Inclusive -2.82 2.42 2.44 5.00 19.4 -1.31 0.71 89.34 75.24

Wela Own Your Age (OYA)- 40 4/1/11 Hybrid Broad Market -5.50 4.72 — — 8.5 — — — —Wela Own Your Age (OYA)- 60 12/1/10 Hybrid Broad Market -5.07 2.76 — — 4.9 — — — —MIS Contrarian & Income ETF* 12/31/10 Hybrid All-Inclusive -3.26 4.49 — — 32.7 — — — —Ibbotson Momentum 40/60* 12/29/10 Hybrid Broad Market -2.92 4.49 — — 32.9 — — — —Ibbotson Momentum 60/40* 12/29/10 Hybrid Broad Market -4.28 6.52 — — 70.8 — — — —

RiverFront ETF Conservative Income Bldr 10/1/12 Hybrid All-Inclusive -2.00 4.30 — — 16.3 — — — —Voya GPMM Conservative Growth ETF 1/2/13 Hybrid Broad Market -4.01 — — — 12.6 — — — —Voya GPMM Moderate Growth ETF 1/2/13 Hybrid Broad Market -4.78 — — — 96.5 — — — —CLS Active Income 3/3/14 Hybrid All-Inclusive -7.14 — — — 1.4 — — — —SEI Tactical ETF Market Growth Strategy 1/2/13 Hybrid Broad Market -4.73 — — — 337.0 — — — —

SEI Tactical ETF Moderate 1/2/13 Hybrid Broad Market -1.31 — — — 204.2 — — — —SA ETF Portfolio VI 9/1/14 Hybrid All-Inclusive -4.92 — — — 0.1 — — — —Main Management All Asset Global Balance 11/8/06 Strategic All-Inclusive -1.64 7.41 7.44 — 125.3 2.37 0.94 90.40 83.91New Frontier ETF Global Balanced 10/29/04 Strategic Broad Market -3.48 6.10 7.35 5.59 431.7 2.49 0.89 92.78 77.49Vanguard CRSP 60%Equity/40%Fixed Income 1/4/10 Strategic Broad Market -3.10 6.45 7.30 — 496.0 2.77 0.82 95.23 72.03

Natixis / AIA Mgd ETF - Moderate Strat 1/3/06 Strategic Broad Market -4.39 6.06 7.29 — 8.7 1.79 1.03 93.26 93.08Transamerica I-Series Portfolio IV 6/18/07 Strategic All-Inclusive -4.77 5.77 7.05 — 164.6 1.79 0.98 94.46 89.91New Frontier ETF Global Balanced (Tax) 10/29/04 Strategic Broad Market -3.37 6.30 6.94 5.19 139.5 2.11 0.89 95.23 79.61Ladenburg LAMP ETF Growth 3/1/05 Strategic Broad Market -5.44 6.01 6.79 5.18 107.7 1.39 1.01 92.54 97.66iCM - Mgd ETF - Conservative Cap App 1/3/05 Strategic Broad Market -4.43 5.23 6.58 5.72 4.4 1.16 1.02 96.69 97.60

New Frontier ETF Global Balanced Income 10/29/04 Strategic Broad Market -2.10 4.60 6.34 5.41 108.1 3.10 0.58 78.33 44.78Ladenburg LAMP ETF Growth and Income 2/1/05 Strategic Broad Market -4.71 5.20 6.11 5.47 282.6 1.62 0.83 92.91 78.60Braver Asset Allocation Moderate 12/31/08 Strategic All-Inclusive -4.34 4.85 6.09 — 101.2 1.27 0.90 93.73 87.00New Frontier ETF Global Bal Income (Tax) 10/29/04 Strategic Broad Market -1.87 5.03 6.05 4.92 42.5 2.82 0.58 83.31 46.98Vanguard CRSP 40%Equity/60%Fixed Income 1/4/10 Strategic Broad Market -1.71 4.93 5.97 — 244.1 2.89 0.54 91.90 43.87

One Capital Balanced Wealth Appr 60/40 4/1/05 Strategic All-Inclusive -3.97 5.41 5.95 4.28 31.8 1.34 0.85 94.61 80.42iCM - Mgd ETF - Risk Controlled Growth 1/3/05 Strategic Broad Market -4.03 4.56 5.92 5.45 8.9 1.08 0.90 97.11 86.03iSectors Global Balanced Allocation 4/1/09 Strategic Broad Market -5.19 4.06 5.89 — 5.4 1.10 0.89 96.00 88.06Raylor Strategic World Income SMA 4/3/06 Strategic All-Inclusive -3.08 5.37 5.85 — 23.0 1.31 0.84 95.09 80.81Natixis / AIA Mgd ETF - Conservative 6/30/06 Strategic Broad Market -2.66 4.44 5.75 — 4.0 1.75 0.73 89.78 64.24







NameInception Date




iCM - Mgd ETF - Defensive Growth 1/3/05 Strategic Broad Market -1.66 4.64 5.62 5.74 3.6 2.38 0.58 92.63 48.69Natixis / AIA Mgd ETF - Inc. Cons 6/30/06 Strategic Broad Market -2.26 4.33 5.60 — 2.9 2.67 0.52 71.96 44.46iCM - Mgd ETF - Balanced 1/3/05 Strategic Broad Market -3.20 4.24 5.52 5.50 3.7 1.32 0.77 97.13 72.07SAM Moderate Global Growth 12/31/99 Strategic All-Inclusive -7.08 2.89 5.37 5.82 13.0 0.11 1.00 90.21 98.99Ibbotson A/P 40/60 Tax Dfd-TDA* 8/2/10 Strategic Broad Market -4.08 4.01 5.08 — 1.0 1.39 0.67 94.96 63.68

Ibbotson A/P 40/60 Tax Dfd-Pershing* 8/2/10 Strategic Broad Market -4.23 3.99 5.06 — 0.3 1.36 0.68 94.89 64.19One Cap Wealth Preservation & Gr 40/60 11/3/08 Strategic All-Inclusive -2.27 4.30 5.04 — 10.3 1.49 0.65 94.35 58.43Ibbotson A/P 40/60 Tax Dfd-Schwab* 8/2/10 Strategic Broad Market -4.17 3.83 4.99 — 2.9 1.31 0.67 94.72 63.90SAM Conservative Global Growth 12/31/99 Strategic All-Inclusive -6.45 2.28 4.93 5.40 0.3 0.19 0.89 89.77 87.92Ladenburg LAMP ETF Income and Growth 6/1/05 Strategic Broad Market -3.72 3.41 4.71 4.92 159.8 1.59 0.56 90.93 52.66

Windham Moderate Plus Portf (Tax Mg) 5/31/10 Strategic Broad Market -4.74 3.20 4.69 — 15.1 -0.99 1.09 96.93 111.46Braver Asset Allocation Conservative 12/31/08 Strategic All-Inclusive -2.96 3.25 4.53 — 12.0 0.90 0.67 93.28 66.30Windham Moderate Plus Portfolio 12/31/09 Strategic Broad Market -5.19 2.73 4.53 — 6.1 -1.09 1.08 96.90 111.82iSectors Global Conservative Allocation 5/1/09 Strategic Broad Market -4.33 2.03 4.41 — 1.9 0.76 0.67 94.98 66.45Windham Moderate Portfolio 9/30/09 Strategic Broad Market -4.47 2.16 4.09 — 7.1 -0.78 0.93 96.24 95.07

Windham Moderate Portfolio (Tax Managed) 1/30/09 Strategic Broad Market -4.46 2.19 3.99 — 47.5 -0.91 0.93 96.33 96.44CFGAM S3 Global Income-Income Focus 6/1/10 Strategic All-Inclusive -0.20 2.63 3.80 — 6.4 1.86 0.35 45.06 27.68Windham Conservative Plus Portfolio 5/31/10 Strategic Broad Market -3.56 1.46 3.51 — 1.7 -0.52 0.76 93.39 77.57Windham Conservative Plus Portf (Tax Mg) 5/31/10 Strategic Broad Market -3.59 1.22 3.32 — 25.8 -0.55 0.72 92.07 75.34Nottingham Global Income 12/31/04 Strategic Broad Market -0.17 2.00 2.65 2.56 258.9 1.86 0.13 31.49 7.66

EAM Asset Allocation Moderate 2/1/11 Strategic All-Inclusive -5.03 5.32 — — 0.2 — — — —CFGAM S3 Global Income Total Return 12/1/10 Strategic All-Inclusive -0.05 2.60 — — 32.7 — — — —AP-Managed ETF/MF Portfolio-Moderate 4/30/12 Strategic All-Inclusive -7.86 2.30 — — 0.5 — — — —RIM iFolios Growth 8/31/12 Strategic All-Inclusive -3.27 4.61 — — 58.4 — — — —Maxim Intl Lifestyle - Growth 1/3/12 Strategic All-Inclusive -5.34 2.90 — — 37.8 — — — —

Maxim Intl Lifestyle - Balanced 1/3/12 Strategic All-Inclusive -4.38 2.30 — — 26.1 — — — —CLS High Quality Strategic 40 8/1/14 Strategic All-Inclusive -2.24 — — — 0.6 — — — —CLS High Quality Strategic 60 4/1/14 Strategic All-Inclusive -3.71 — — — 0.5 — — — —Auour Instinct Global Balanced 5/1/14 Strategic All-Inclusive -1.57 — — — 6.7 — — — —Vanguard CORE 40%Equity/60%Fixed Income 1/3/12 Strategic Broad Market -1.82 4.89 — — 10.9 — — — —

Vanguard CORE 60%Equity/40%Fixed Income 1/3/12 Strategic Broad Market -3.27 6.40 — — 44.3 — — — —Vanguard S&P 40%Equity/60%Fixed Income 1/3/12 Strategic Broad Market -1.72 4.95 — — 73.6 — — — —Vanguard Russell 40%Equity/60%FixedInc. 1/3/12 Strategic Broad Market -1.73 4.92 — — 1.5 — — — —Vanguard Russell 60%Equity/40%FixedInc. 1/3/12 Strategic Broad Market -3.10 6.45 — — 5.8 — — — —Vanguard S&P 60%Equity/40%Fixed Income 1/3/12 Strategic Broad Market -3.07 6.49 — — 182.8 — — — —

SEI Tax-Managed ETF Market Growth 1/2/14 Strategic All-Inclusive -4.00 — — — 128.0 — — — —SEI Tax-Managed ETF Moderate 1/2/14 Strategic All-Inclusive -0.56 — — — 71.4 — — — —Vanguard CORE 50%Equity/50%Fixed Income 1/2/14 Strategic Broad Market -2.54 — — — 0.8 — — — —Vanguard CRSP 30%Equity/70%Fixed Income 1/2/14 Strategic Broad Market -1.06 — — — 3.4 — — — —Vanguard CRSP 50%Equity/50%Fixed Income 1/2/14 Strategic Broad Market -2.40 — — — 4.2 — — — —

Vanguard Russell 30%Equity/70%Fixed Inc 1/2/14 Strategic Broad Market -1.05 — — — 0.0 — — — —Vanguard Russell 50%Equity/50%Fixed Inc 1/2/14 Strategic Broad Market -2.41 — — — 0.0 — — — —Vanguard S&P 50%Equity/50%Fixed Income 1/2/14 Strategic Broad Market -2.39 — — — 10.4 — — — —Niemann Risk Managed 9/30/96 Tactical Sector -0.07 16.10 10.58 6.28 66.4 6.58 0.76 30.23 65.85Horizon Moderate ETF Portfolio 1/2/09 Tactical All-Inclusive -4.83 6.67 8.00 — 132.6 3.94 0.72 82.87 60.94

Niemann Risk Managed Sector 1/24/96 Tactical Sector -2.36 10.29 7.48 6.28 104.9 3.21 0.84 39.71 93.54Richard Bernstein Global Moderate I 8/2/10 Tactical All-Inclusive -3.60 5.80 6.65 — 246.0 2.60 0.74 87.32 68.52Sage Tactical ETF Moderate Growth 7/31/09 Tactical Broad Market -3.68 4.62 6.40 — 659.1 1.58 0.90 89.18 89.69NorthCoast CAN SLIM Balanced 1/3/07 Tactical Sector -5.14 5.01 6.00 — 64.0 3.14 0.51 60.12 51.72Horizon Conservative ETF Portfolio 1/1/09 Tactical All-Inclusive -2.83 4.94 5.97 — 34.8 3.26 0.47 80.03 34.63







NameInception Date




VCM Balanced ETF Strategy 6/1/09 Tactical All-Inclusive -5.64 4.72 5.85 — 12.0 0.49 1.01 95.07 102.53Sage Tactical ETF Moderate 12/31/07 Tactical Broad Market -2.04 3.41 5.16 — 253.9 1.65 0.64 86.51 61.53Richard Bernstein Global Conservative 8/2/10 Tactical All-Inclusive -1.77 3.50 4.80 — 26.2 3.22 0.27 40.40 20.35Niemann Global Opportunity (Equity Plus) 11/12/96 Tactical Sector -6.19 8.80 4.74 4.88 123.2 1.40 0.68 30.39 86.87Clark Navigator Global Opportunity 2/1/06 Tactical All-Inclusive -5.08 5.51 4.47 — 15.7 0.90 0.71 39.54 74.51

Fortunatus Global ETF Opportunity 6/29/07 Tactical All-Inclusive -5.38 4.92 3.62 — 2.2 0.12 0.67 56.47 86.81WST Asset Manager – Adaptive Balanced 12/31/04 Tactical Broad Market -2.67 3.29 2.49 3.83 2.6 -0.70 0.61 54.23 77.48Fusion Global Fusion Tactical Equity 10/2/06 Tactical All-Inclusive -6.05 1.31 2.01 — 1.0 -4.63 1.34 84.25 140.72Fusion Global Fusion Total Return 8/2/10 Tactical All-Inclusive -2.38 -0.85 1.35 — 1.0 -0.96 0.43 63.10 48.50Dunn Warren Conservative ETF Portfolio 1/2/03 Tactical All-Inclusive -0.58 3.31 1.06 3.98 2.2 -0.59 0.32 20.80 50.05

Dunn Warren Moderate ETF Portfolio 1/2/03 Tactical All-Inclusive -0.46 3.30 0.65 4.33 1.6 -1.21 0.37 22.22 57.75NorthCoast Tactical Growth 2/1/13 Tactical All-Inclusive -6.35 — — — 247.0 — — — —Palladiem Balanced Growth Core Strategy 1/2/12 Tactical All-Inclusive -4.69 3.16 — — 6.8 — — — —Niemann Tactical Global Bond 1/25/11 Tactical All-Inclusive -2.54 1.73 — — 0.3 — — — —Windham Risk Regime II 5/31/12 Tactical Broad Market -7.75 1.83 — — 402.1 — — — —

UBS PWS Diversified Income 6/29/12 Tactical All-Inclusive -4.37 1.25 — — 38.6 — — — —UBS PWS Diversified Income w/ Muni 7/31/12 Tactical All-Inclusive -3.84 1.42 — — 16.0 — — — —UBS PWS Global Tactical Alloc. W/ Muni 8/31/12 Tactical Broad Market -4.11 5.24 — — 109.5 — — — —UBS PWS Global Tactical Alloc. 6/29/12 Tactical Broad Market -5.38 4.08 — — 774.2 — — — —Julex Capital Mngt Dynamic Income 10/1/12 Tactical Broad Market -1.61 3.85 — — 25.5 — — — —

PCM Tactical Growth and Income 10/3/11 Tactical Broad Market -1.02 2.80 — — NR — — — —Julex Capital Mngt Dynamic Real Asset 4/1/13 Tactical All-Inclusive -3.57 — — — 0.9 — — — —BCM Advantage Moderate Growth 1/31/14 Tactical All-Inclusive -4.36 — — — 5.8 — — — —Lunt Dynamic Moderate Portfolio 1/2/14 Tactical All-Inclusive -2.81 — — — 21.8 — — — —KeystoneWealthWorld FocusedAlphaRotation 1/1/14 Tactical All-Inclusive -6.85 — — — 0.4 — — — —

BCM DynamicBelay Moderate Growth (QDIA) 12/2/14 Tactical All-Inclusive -3.42 — — — 0.1 — — — —BCM Decathlon Growth Aspect (Profile 5) 4/10/14 Tactical Sector -3.47 — — — 1,095.6 — — — —

Global Balanced Median -3.45 4.30 5.23 5.00Hybrid Median -3.40 4.27 5.08 4.50Strategic Median -3.27 4.50 5.61 5.41Tactical Median -3.64 3.85 4.98 4.60Global Balanced Blended Benchmark -4.27 4.40 5.29 5.46

Global EquityWestEnd Advisors Global Equity 12/31/04 Hybrid All-Inclusive -3.20 10.88 11.39 7.79 143.5 4.10 0.90 94.55 82.88GLOBALT innovat ETF Stratg Hig Gro Wrap 6/30/03 Hybrid All-Inclusive -5.03 9.15 9.55 6.19 42.3 3.04 0.81 93.35 75.31GLOBALT innovat ETF Stratg Gro Wrap 9/30/03 Hybrid All-Inclusive -4.01 8.11 8.83 6.31 266.3 3.00 0.72 93.33 65.30CLS ETF Risk Budget 100 - Aggressive 3/30/01 Hybrid All-Inclusive -7.19 7.68 8.55 5.58 9.9 1.14 0.96 96.80 92.893D ETF Global 100 Portfolio 7/3/06 Hybrid Broad Market -6.81 7.69 8.34 — 193.8 0.99 0.95 95.00 91.67

CLS ETF Risk Budget 90-Moderately Agrsv 4/1/02 Hybrid All-Inclusive -6.61 7.00 8.02 4.96 33.4 1.08 0.89 96.85 85.47Sage Target Date 2045 Fund 12/31/08 Hybrid Broad Market -5.48 6.29 7.79 — 51.4 1.55 0.79 92.91 80.343D ETF Global 80 Portfolio - Tax Sen. 10/2/06 Hybrid Broad Market -4.71 7.62 7.73 — 24.7 1.63 0.77 95.27 72.16QA Global Balanced 80/20 10/1/03 Hybrid All-Inclusive -5.47 7.37 7.54 5.82 43.5 2.00 0.69 91.25 68.49CLS ETF Risk Budget 80 - Moderate 12/31/01 Hybrid All-Inclusive -5.22 6.19 7.40 4.90 92.5 1.16 0.79 96.71 75.19

Sage Target Date 2035 Fund 12/31/08 Hybrid Broad Market -4.89 5.76 7.38 — 139.5 1.59 0.73 92.87 73.433D ETF Global 80 Portfolio 7/3/06 Hybrid Broad Market -4.82 7.06 7.35 — 107.9 1.23 0.78 95.81 74.04Wela Own Your Age (OYA)- 20 12/1/08 Hybrid All-Inclusive -5.08 6.31 7.04 — 7.9 1.02 0.76 95.66 74.84RiverFront ETF Global Growth 4/3/06 Hybrid All-Inclusive -5.14 7.68 7.01 — 55.0 -0.36 0.97 95.64 95.88CLS ETF Risk Budget 75 - Moderate 12/31/01 Hybrid All-Inclusive -4.90 5.53 7.01 5.04 108.4 1.17 0.74 97.00 69.67Appleton Group Portfolio 12/31/99 Hybrid Broad Market -1.27 6.36 6.93 5.08 65.1 2.57 0.54 77.26 54.87







NameInception Date




RiverFront Dynamic Equity Income 5/1/09 Hybrid All-Inclusive -5.12 6.43 6.92 — 915.5 1.07 0.74 93.22 73.23AEPG All-Weather Global Growth 1/4/10 Hybrid All-Inclusive -4.78 7.91 6.84 — 15.5 0.12 0.87 97.05 86.35MIS Aggressive Growth ETF* 10/1/07 Hybrid All-Inclusive -8.70 4.48 6.81 — 71.0 -0.09 0.90 95.27 92.41QA Global Balanced Flex - Growth 1/1/10 Hybrid All-Inclusive -4.98 7.57 6.75 — 92.2 2.10 0.58 81.63 60.32RiverFront Global Growth 10/1/03 Hybrid All-Inclusive -5.84 7.17 6.60 4.62 522.1 -0.62 0.95 95.20 95.92

RiverFront ETF Global Allocation 4/3/06 Hybrid All-Inclusive -5.08 7.04 6.59 — 157.7 0.00 0.85 95.46 84.77Green Inv Mgt Guardian Bal Mosaic 7/3/00 Hybrid All-Inclusive -5.95 5.75 6.48 3.98 4.0 0.82 0.72 95.56 71.73Innealta Global All Asset Opp Growth 12/31/09 Hybrid Broad Market -5.85 2.99 6.38 — 21.5 -0.59 0.92 87.80 89.25MIS Growth ETF* 10/1/07 Hybrid All-Inclusive -7.47 3.65 6.33 — 286.3 0.37 0.76 94.91 77.08RiverFront Global Allocation 10/1/03 Hybrid All-Inclusive -5.81 6.50 6.27 4.86 640.0 -0.18 0.84 94.92 85.05

SignalPoint Global Signal 9/28/07 Hybrid All-Inclusive -6.63 5.22 6.14 — 52.1 -0.33 0.84 92.96 81.04Strategies Growth 8/31/93 Hybrid All-Inclusive -5.35 5.12 6.03 3.91 11.0 0.37 0.72 97.94 72.03Shelton Diversified ETF Balanced 12/31/09 Hybrid Broad Market -2.84 4.16 6.00 — 8.3 2.09 0.48 81.28 39.93SRCM Aggressive Growth Portfolio 1/2/04 Hybrid Broad Market -6.16 4.77 5.99 4.17 0.0 -0.88 0.90 92.49 95.48SRCM Growth Portfolio 1/2/04 Hybrid Broad Market -4.92 4.09 5.67 4.25 0.2 -0.36 0.78 91.37 82.42

Lazard Cap Alloc -Gbl Eq 1/3/06 Hybrid All-Inclusive -5.81 5.14 5.30 — 103.6 -1.66 0.92 96.86 95.79Green Inv Mgt Guardian Stk 7/2/90 Hybrid Broad Market -7.92 4.64 5.22 2.63 2.0 -1.76 0.92 95.00 96.62Appleton Group PLUS Portfolio 12/31/99 Hybrid Broad Market 0.61 5.40 5.17 2.73 1.9 1.00 0.53 64.10 60.60Green Inv Mgt Guardian Bal Gr 7/1/94 Hybrid Broad Market -6.54 4.28 5.09 3.31 14.0 -0.79 0.76 96.33 78.33Lazard Cap Alloc -Gbl Div 75/25 (TE) 11/1/05 Hybrid All-Inclusive -5.26 4.47 5.05 — Incl. -0.90 0.77 96.89 79.26

AEPG All-Weather Global 80/20 1/4/10 Hybrid All-Inclusive -3.69 5.26 4.98 — 36.2 -0.32 0.68 93.87 69.21Lazard Cap Alloc -Gbl Div 75/25 (TX) 4/1/05 Hybrid All-Inclusive -5.23 4.42 4.89 4.52 Incl. -1.05 0.77 96.85 79.57Innealta Global All Asset Growth 12/31/09 Hybrid Broad Market -5.94 2.44 4.83 — 57.0 -1.46 0.82 90.96 83.97Appleton Group Tax Managed Portfolio 12/31/99 Hybrid Broad Market -1.93 4.01 4.00 2.17 28.2 -0.30 0.56 68.99 65.02Clark Navigator Glbl Bal ETF 80-20 Hdgd 1/3/05 Hybrid All-Inclusive -4.84 1.87 1.17 3.43 6.5 -3.01 0.53 88.83 61.92

Wela Own Your Age (OYA)- 30 4/1/11 Hybrid All-Inclusive -4.44 5.45 — — 3.5 — — — —IRON Global Equity Plus 2/1/11 Hybrid Broad Market -4.07 4.18 — — 3.2 — — — —MIS Contrarian & Growth ETF* 12/31/10 Hybrid All-Inclusive -6.17 8.54 — — 46.1 — — — —MIS Contrarian ETF* 12/31/10 Hybrid All-Inclusive -6.07 8.83 — — 72.5 — — — —Ibbotson Momentum 80/20* 12/29/10 Hybrid Broad Market -5.49 7.75 — — 39.3 — — — —

Ibbotson Momentum 95/5* 12/29/10 Hybrid Broad Market -6.23 7.91 — — 12.0 — — — —RiverFront ETF Dynamic Equity Income 10/1/12 Hybrid All-Inclusive -5.07 6.49 — — 100.1 — — — —Voya GPMM Aggressive Growth ETF 1/2/13 Hybrid Broad Market -5.46 — — — 13.8 — — — —Blue Edge Global Equity 12/31/10 Hybrid All-Inclusive -5.49 7.91 — — 28.4 — — — —CLS Active Growth 11/3/14 Hybrid All-Inclusive -4.32 — — — 0.1 — — — —

CLS Active Value 6/2/14 Hybrid All-Inclusive -10.14 — — — 0.2 — — — —SEI Tactical ETF Equity 1/2/13 Hybrid Broad Market -6.16 — — — 92.1 — — — —SEI Tactical ETF Aggressive Strategy 1/2/13 Hybrid Broad Market -6.09 — — — 125.6 — — — —FTA ETF Asset Allocation - Gr Portfolio 10/1/07 Strategic All-Inclusive -5.55 10.26 9.85 — 9.2 2.36 0.96 92.23 89.26Vanguard CRSP 100% Equity Model 1/4/10 Strategic Broad Market -5.92 9.42 9.79 — 118.1 2.45 0.93 98.03 87.47

Members Trust Growth ETF 1/3/06 Strategic Broad Market -4.54 9.34 9.75 — 63.5 2.99 0.84 95.67 76.06Transamerica I-Series Portfolio VI 6/18/07 Strategic All-Inclusive -6.66 8.38 8.91 — 17.2 1.54 0.94 97.46 90.10Fortunatus Asset Allocation Growth 9/30/10 Strategic All-Inclusive -6.48 8.76 8.72 — 5.5 2.70 0.75 91.58 72.24iSectors Global Equity Allocation 12/1/09 Strategic Broad Market -7.01 7.75 8.65 — 1.9 1.72 0.88 95.67 87.16Vanguard CRSP 80%Equity/20%Fixed Income 1/4/10 Strategic Broad Market -4.50 7.96 8.58 — 250.4 2.65 0.73 98.16 67.76

FTA ETF Asset Allc - Mod Gr Portfolio 1/3/07 Strategic All-Inclusive -4.39 8.26 8.49 — 24.0 2.33 0.77 93.57 71.29Natixis / AIA Mgd ETF - Glob Equity 3/31/06 Strategic Broad Market -6.07 8.34 8.27 — 1.5 0.61 1.00 96.72 96.59Ibbotson Strategic ETF Long Term Growth* 4/29/05 Strategic Broad Market -6.02 7.67 8.19 5.29 243.5 1.09 0.91 97.25 88.15Members Trust Moderate Growth ETF 1/3/06 Strategic Broad Market -4.00 7.50 8.10 — 143.6 2.70 0.66 95.74 59.39Fortunatus Asset Allc Moderate Growth 6/30/10 Strategic All-Inclusive -5.73 7.82 7.88 — 36.0 2.40 0.68 91.82 65.66







NameInception Date




Ladenburg LAMP ETF Aggressive Growth 3/1/05 Strategic Broad Market -5.99 7.38 7.85 5.45 18.6 1.54 0.80 96.43 77.84Transamerica I-Series Portfolio V 6/18/07 Strategic All-Inclusive -5.99 6.80 7.77 — 42.1 1.38 0.81 97.38 77.16One Capital Agg Wealth Appreciation 5/3/10 Strategic All-Inclusive -5.88 8.66 7.74 — 4.9 0.78 0.90 96.35 88.50Raylor Strategic World Equity SMA 1/3/06 Strategic All-Inclusive -6.98 7.49 7.69 — 28.0 0.86 0.88 96.59 89.42New Frontier ETF Global Balanced Growth 10/29/04 Strategic Broad Market -4.49 6.94 7.67 5.43 293.9 1.87 0.73 96.07 68.36

New Frontier ETF Global Growth (Tax) 10/29/04 Strategic Broad Market -5.53 7.65 7.61 5.16 52.7 0.64 0.90 98.59 87.62New Frontier ETF Global Equity (Tax) 10/29/04 Strategic Broad Market -6.56 7.69 7.55 5.24 26.8 -0.05 0.99 98.46 98.08Ibbotson Strategic ETF Moderate Growth* 4/29/05 Strategic Broad Market -4.95 6.89 7.54 5.44 488.0 1.49 0.76 97.13 73.08New Frontier ETF Global Equity 10/29/04 Strategic Broad Market -6.32 7.60 7.46 5.03 71.7 -0.24 1.01 98.32 99.83New Frontier ETF Global Growth 10/29/04 Strategic Broad Market -5.61 7.33 7.46 5.24 147.6 0.37 0.92 98.27 89.65

New Frontier ETF Global Bal Growth (Tax) 10/29/04 Strategic Broad Market -4.48 7.07 7.38 5.22 108.7 1.56 0.73 97.48 69.64iSectors Global Growth Allocation 1/1/10 Strategic Broad Market -6.14 5.93 7.36 — 2.7 1.54 0.73 96.07 72.13iCM - Mgd ETF - Equity Completion 1/3/05 Strategic Broad Market -6.96 5.86 7.24 4.94 2.7 0.25 0.90 97.64 91.34One Capital Wealth Appreciation 80/20 1/30/04 Strategic All-Inclusive -4.37 7.12 7.15 4.26 16.7 1.39 0.72 97.05 69.49iCM - Mgd ETF - Aggressive Cap App 1/3/05 Strategic Broad Market -6.21 5.85 7.13 5.36 0.7 0.61 0.84 97.88 83.53

iCM - Mgd ETF - Moderate Cap App 1/3/05 Strategic Broad Market -5.32 5.51 6.89 5.25 2.0 0.90 0.76 98.15 74.62Braver Asset Allocation Growth 12/31/08 Strategic All-Inclusive -5.47 5.56 6.84 — 82.1 1.03 0.74 95.71 72.83FEG Equity Portfolio 8/1/05 Strategic Broad Market -8.96 4.04 5.94 4.14 7.4 -0.69 0.86 96.92 88.09SAM Aggressive Global Growth 12/31/99 Strategic All-Inclusive -8.32 3.56 5.45 5.84 2.8 -0.94 0.84 91.10 86.61Windham Aggressive Portfolio (Tax Mg) 9/30/09 Strategic Broad Market -5.84 3.89 5.23 — 27.1 -1.09 0.82 96.66 84.99

Windham Aggressive Portfolio 12/31/09 Strategic Broad Market -5.84 3.64 5.12 — 8.6 -1.13 0.81 96.01 84.95Raylor Strategic World Opportunity SMA 1/3/07 Strategic Country/Region -9.36 1.23 2.10 — 3.0 -5.64 1.06 94.39 121.41Advisors Capital Mgt Global Balanced ETF 5/19/08 Strategic All-Inclusive -7.03 3.76 — — 6.6 — — — —EAM Asset Allocation Aggressive 2/1/11 Strategic All-Inclusive -8.04 7.28 — — 4.6 — — — —EAM Asset Allocation Moderate Aggressive 2/1/11 Strategic All-Inclusive -8.19 6.73 — — 2.8 — — — —

Alpha Dynamics ODS Robust Growth 10/3/11 Strategic All-Inclusive -2.30 3.40 — — 6.9 — — — —Alpha Dynamics ODS Dynamic Growth 10/3/11 Strategic All-Inclusive -3.80 4.63 — — 1.8 — — — —Foy SELECTOR Aggressive Growth 5/3/10 Strategic All-Inclusive — — — — 1.8 — — — —Foy SELECTOR Growth 2/1/08 Strategic All-Inclusive — — — — 38.9 — — — —Nav Tactical Glbl Alloc Plus 2/1/13 Strategic All-Inclusive -2.47 — — — 0.8 — — — —

Nav Tactical Glbl Alloc Pl ft ADEX 2/1/13 Strategic All-Inclusive -2.78 — — — 3.6 — — — —Maxim Intl Lifestyle - Aggressive 1/3/12 Strategic All-Inclusive -6.46 4.50 — — 5.5 — — — —CLS High Quality Strategic 80 5/1/14 Strategic All-Inclusive -5.18 — — — 0.9 — — — —Clothier Springs GMBW 12/31/10 Strategic Broad Market -1.61 3.35 — — 1.1 — — — —Auour Instinct Global Equity 12/2/13 Strategic All-Inclusive -5.86 — — — 15.3 — — — —

Auour Instinct Global Equity Levered 6/11/14 Strategic All-Inclusive -5.11 — — — 4.6 — — — —Vanguard CORE 100% Equity Model 1/3/12 Strategic Broad Market -6.17 9.33 — — 8.0 — — — —Vanguard CORE 80%Equity/20%Fixed Income 1/2/12 Strategic Broad Market -4.71 7.88 — — 30.6 — — — —Vanguard CRSP 70%Equity/30%Fixed Income 1/3/12 Strategic Broad Market -3.79 7.20 — — 219.4 — — — —Vanguard Russell 100% Equity Model 1/3/12 Strategic Broad Market -5.91 9.43 — — 7.8 — — — —

Vanguard S&P 100% Equity Model 1/3/12 Strategic Broad Market -5.88 9.48 — — 18.0 — — — —Vanguard Russell 80%Equity/20%FixedInc. 1/3/12 Strategic Broad Market -4.51 7.96 — — 7.6 — — — —Vanguard S&P 80%Equity/20%Fixed Income 1/3/12 Strategic Broad Market -4.48 8.00 — — 70.0 — — — —SEI Tax-Managed ETF Aggressive 1/2/14 Strategic All-Inclusive -5.38 — — — 36.1 — — — —SEI Tax-Managed ETF Equity 1/2/14 Strategic Broad Market -6.04 — — — 52.7 — — — —

Vanguard CORE 70%Equity/30%Fixed Income 1/2/14 Strategic Broad Market -3.98 — — — 4.0 — — — —Vanguard CORE 90%Equity/10%Fixed Income 1/2/14 Strategic Broad Market -5.43 — — — 0.0 — — — —Vanguard CRSP 90%Equity/10%Fixed Income 1/2/14 Strategic Broad Market -5.19 — — — 1.1 — — — —Vanguard Russell 70%Equity/30%Fixed Inc 1/2/14 Strategic Broad Market -3.80 — — — 0.7 — — — —Vanguard Russell 90%Equity/10%Fixed Inc 1/2/14 Strategic Broad Market -5.23 — — — 0.1 — — — —







NameInception Date




Vanguard S&P 90%Equity/10%Fixed Income 1/2/14 Strategic Broad Market -5.18 — — — 2.8 — — — —Athena Global Tactical ETFs 9/1/10 Tactical Broad Market -5.05 21.57 17.67 — 68.9 8.87 1.08 67.82 99.74QA Global Style 9/4/07 Tactical Broad Market -5.32 11.06 12.37 — 4.2 5.80 0.79 86.74 64.49Horizon Focused ETF Portfolio 1/1/09 Tactical All-Inclusive -7.68 9.01 10.32 — 343.8 4.00 0.78 88.90 69.46Horizon Growth ETF Portfolio 1/1/09 Tactical All-Inclusive -6.45 8.02 9.36 — 75.2 3.97 0.65 88.91 57.00

Capital Advisors Tactical Global Growth 5/31/07 Tactical Broad Market -5.57 7.84 8.88 — 17.4 2.08 0.87 91.07 80.26Sage Tactical ETF All Cap Equity Plus 12/31/02 Tactical Broad Market -6.23 6.95 8.54 5.27 251.9 1.66 0.88 92.31 89.48QA Global Equity 9/1/00 Tactical All-Inclusive -6.73 8.78 8.54 6.00 63.8 1.94 0.84 91.56 83.42Capital Advisors Tactical Global Income 10/31/07 Tactical Broad Market -7.20 6.65 8.36 — 32.0 1.82 0.83 91.60 80.10Richard Bernstein Global Growth 8/2/10 Tactical All-Inclusive -5.26 8.22 8.35 — 116.6 1.99 0.80 94.71 79.00

The Capital CMC Global ETF 12/31/07 Tactical Country/Region -6.68 7.49 8.29 — 5.2 0.89 0.96 95.47 93.24Westport Res Mgt ETF 12/30/05 Tactical All-Inclusive -5.12 8.41 7.97 — 11.9 2.53 0.68 87.22 69.16Cookson Peirce All-Cap World Equity 9/30/03 Tactical All-Inclusive -5.88 8.37 7.84 5.96 8.7 1.29 0.85 82.90 86.13Churchill Premier Wealth Tactical Core 1/4/99 Tactical All-Inclusive -0.80 9.89 7.83 5.97 1,164.0 3.75 0.51 50.24 51.58QA Global Equity Flex 1/1/10 Tactical All-Inclusive -6.26 8.89 7.69 — 110.6 2.13 0.70 82.75 73.48

Sage Tactical ETF Growth 12/31/07 Tactical Broad Market -4.79 5.80 7.29 — 326.8 1.43 0.74 92.07 74.53Accuvest Global Core Equity 8/1/05 Tactical Country/Region -7.07 6.55 7.01 5.17 96.8 -0.54 0.99 97.45 100.93Hays Advisory TMAC Equity Focused 5/31/10 Tactical All-Inclusive -3.08 6.51 6.62 — 230.0 1.08 0.71 82.45 64.26WBI Tactical ETF Plus 8/31/92 Tactical All-Inclusive -2.19 6.46 6.40 6.04 12.7 1.00 0.69 82.94 62.41Stadion Tactical Defensive Strategy 3/31/05 Tactical All-Inclusive -6.14 5.93 6.13 5.44 81.4 2.24 0.49 62.38 56.90

Clark Navigator Global Equity ETF 4/1/04 Tactical All-Inclusive -5.96 7.29 5.92 5.19 13.2 -0.85 0.89 92.98 91.67Hays Advisory Global ETF 1/31/06 Tactical All-Inclusive -3.35 6.06 5.19 — 78.0 -1.30 0.87 75.89 84.82Windham Global Equities Strategy 8/2/10 Tactical All-Inclusive -8.24 3.74 4.86 — 2.3 -2.18 0.93 96.86 99.56New Path Actively Mgd Allc Strat (AMAS) 4/2/07 Tactical Broad Market -9.65 2.65 3.20 — 5.7 0.58 0.36 23.88 53.03Dunn Warren Growth ETF Portfolio 1/2/04 Tactical All-Inclusive -0.46 5.01 1.30 4.99 3.8 -0.81 0.30 19.72 48.91

Dunn Warren Aggressive ETF Portfolio 1/2/03 Tactical All-Inclusive -0.70 5.32 0.83 5.29 0.7 -1.36 0.32 18.83 53.88ELF ETF Strategy 2/28/03 Tactical All-Inclusive -8.38 1.42 0.75 -1.09 0.8 -4.98 0.78 71.37 87.10Clark Navigator Global Eq ETF Hedged 7/1/04 Tactical All-Inclusive -6.03 2.45 0.66 2.77 7.1 -4.13 0.62 87.50 73.54Stadion Managed Risk 100 Strategy 1/2/96 Tactical All-Inclusive -11.95 -1.49 0.09 2.79 200.9 -2.22 0.31 27.00 57.97Accuvest Global Opportunities 11/1/05 Tactical Country/Region -9.06 -5.19 -2.12 — 14.8 -10.53 1.22 77.00 140.65

BCM Global Sector Rotation 12/1/10 Tactical All-Inclusive -7.57 5.06 — — 5.8 — — — —Metropolitan Tactical Growth 9/30/05 Tactical All-Inclusive — — — — NR — — — —Metropolitan Tactical Moderate 9/30/05 Tactical All-Inclusive — — — — NR — — — —Wela All Growth 12/1/10 Tactical All-Inclusive -6.25 7.58 — — 5.9 — — — —Palladiem Diversified Growth Strategy 1/2/12 Tactical All-Inclusive -5.72 4.16 — — 20.0 — — — —

Windham Risk Regime III 9/30/11 Tactical Broad Market -8.22 2.46 — — 538.9 — — — —Keystone Wealth Glb Equity AlphaRotation 1/1/13 Tactical Broad Market -6.96 — — — 45.3 — — — —PCM Absolute Equity Income Composite 1/3/11 Tactical All-Inclusive -4.88 1.14 — — 1.0 — — — —PCM Alpha 1 Total Return Composite 6/1/12 Tactical All-Inclusive -4.76 0.11 — — 6.6 — — — —PCM Global Macro 3M Composite 2/16/12 Tactical All-Inclusive -4.53 -2.47 — — 4.7 — — — —

PCM Global Tactical Composite 3/1/12 Tactical All-Inclusive -2.25 -0.69 — — 3.3 — — — —Fusion Global Fusion Core Equity 10/2/06 Tactical All-Inclusive -6.31 — — — 11.0 — — — —CLS Thematic Growth Quad 5/1/14 Tactical Sector -7.16 — — — 0.5 — — — —TRC Global Core Equity 3/13/13 Tactical Broad Market -6.60 — — — NR — — — —BCM Advantage Diversified Equity 1/31/14 Tactical All-Inclusive -7.16 — — — 11.5 — — — —

BCM Advantage Growth 1/31/14 Tactical All-Inclusive -5.64 — — — 7.8 — — — —Ibis Global Growth 4/2/12 Tactical All-Inclusive -4.55 10.65 — — 13.2 — — — —Lunt Global Sectors Portfolio 9/4/12 Tactical Sector -5.02 8.37 — — 9.6 — — — —Lunt High Beta Low Vol Rotation Port. 9/4/12 Tactical All-Inclusive -12.74 6.31 — — 12.6 — — — —Newfound Risk Managed Glb Sectors Cmpst 11/27/13 Tactical Sector -4.72 — — — 155.7 — — — —







NameInception Date




First Nat Chapoquoit Dynamic Conserv SMA 1/2/13 Tactical All-Inclusive -0.87 — — — 2.4 — — — —BCM DynamicBelay Aggressive Grow(QDIA) 12/2/14 Tactical All-Inclusive -5.65 — — — 0.1 — — — —BCM DynamicBelay Growth (QDIA) 12/2/14 Tactical All-Inclusive -5.16 — — — 0.1 — — — —Richard Bernstein Global Moderate II 4/17/13 Tactical All-Inclusive -4.54 — — — 418.3 — — — —Broadmeadow Enhanced Global Equity 9/30/13 Tactical All-Inclusive -10.63 — — — 0.2 — — — —

Global Equity Median -5.55 6.73 7.19 5.16Hybrid Median -5.30 6.29 6.60 4.62Strategic Median -5.61 7.36 7.64 5.24Tactical Median -5.92 6.48 7.29 5.27Morningstar Gbl Mkts GR USD -6.24 7.83 7.66 5.59

Global Fixed IncomeClark Navigator Glbl Bal ETF 20-80 Hdgd 1/3/05 Hybrid All-Inclusive 1.20 3.42 4.79 8.09 9.9 3.80 0.77 36.13 44.28Lazard Cap Alloc -Gbl Div 25/75 (TE) 7/1/09 Hybrid All-Inclusive -2.90 2.83 4.20 — 370.8 3.26 0.76 28.93 45.29Lazard Cap Alloc -Gbl Div 25/75 (TX) 3/2/09 Hybrid All-Inclusive -2.90 2.70 3.65 — Incl. 2.85 0.66 24.00 35.743D ETF Global 20 Portfolio 10/1/08 Hybrid Broad Market -1.03 1.83 2.78 — 8.9 1.99 0.63 34.34 42.503D ETF Global 20 Portfolio - Tax Sen. 6/2/08 Hybrid Broad Market -0.51 1.96 2.52 — 3.7 1.73 0.62 41.05 48.09

Windham Multi-Sector Bonds Tax Exempt 8/31/10 Hybrid All-Inclusive -2.09 -0.78 1.96 — 0.1 0.99 0.76 78.22 68.91AEPG High Quality Bond 1/4/10 Hybrid All-Inclusive 1.01 1.27 1.40 — 3.8 0.98 0.30 31.83 27.60Lazard Cap Alloc -Gbl FI (TE) 4/1/09 Hybrid All-Inclusive -1.17 — — — 15.1 — — — —Optimus Bond Allocation Bull/Bear 12/30/11 Hybrid All-Inclusive -0.32 1.73 — — 0.0 — — — —CLS ETF Risk Budget 30 - Conservative 7/1/11 Hybrid All-Inclusive -1.62 1.68 — — 1.3 — — — —

SEI Tactical ETF Conservative 1/2/13 Hybrid Broad Market -0.56 — — — 36.3 — — — —iCM - Mgd ETF - Inc & Inflation Hdg 1/3/05 Strategic Broad Market -0.74 3.36 4.57 5.82 3.3 3.70 0.63 41.74 33.69Vanguard CRSP 20%Equity/80%Fixed Income 1/4/10 Strategic Broad Market -0.38 3.36 4.55 — 111.4 3.78 0.53 49.52 22.63New Frontier ETF Global Income (Tax) 10/29/04 Strategic Broad Market -0.18 3.40 4.45 4.03 7.6 3.57 0.63 53.43 34.09New Frontier ETF Global Income 10/29/04 Strategic Broad Market -0.67 2.74 4.27 4.45 18.1 3.39 0.63 54.57 38.06

iCM - Mgd ETF - Cap Pres & Inf Hdg 1/3/05 Strategic Broad Market -0.08 2.61 3.93 5.76 0.2 3.13 0.58 49.40 35.18Ibbotson A/P 20/80 Tax Dfd-Pershing* 8/2/10 Strategic Broad Market -2.36 2.50 3.69 — 0.0 2.90 0.59 38.71 31.49One Cap Wealth Preservation & Inc 20/80 2/2/09 Strategic All-Inclusive -1.32 2.19 3.65 — 1.8 2.88 0.56 48.23 31.95Ibbotson A/P 20/80 Tax Dfd-TDA* 8/2/10 Strategic Broad Market -2.12 2.38 3.63 — 0.1 2.84 0.59 39.87 32.84Ladenburg LAMP ETF Income 12/3/07 Strategic Broad Market -2.81 1.93 3.59 — 19.2 2.83 0.57 39.94 28.12

Ibbotson A/P 20/80 Tax Dfd-Fidelity* 8/2/10 Strategic Broad Market -2.36 2.19 3.50 — 0.0 2.70 0.60 40.49 35.33Ibbotson A/P 20/80 Tax Dfd-Schwab* 8/2/10 Strategic Broad Market -2.31 2.15 3.46 — 0.6 2.67 0.60 40.84 36.28Vanguard CRSP 100% Fixed Income 1/4/10 Strategic Broad Market 0.93 1.77 3.08 — 12.1 2.49 0.42 35.01 26.60Windham Conservative Portfolio 9/30/09 Strategic Broad Market -2.68 0.54 2.84 — 1.7 1.67 0.96 55.52 81.78Windham Conservative Portfolio (Tax Mg) 11/30/09 Strategic Broad Market -2.88 0.32 2.51 — 2.4 1.34 0.96 58.26 85.12

iSectors Global Fixed Income Allocation 4/1/09 Strategic All-Inclusive -3.49 -0.54 1.98 — 3.8 1.01 0.76 71.69 57.46ClearRock Diversified Income 10/3/11 Strategic All-Inclusive -2.76 1.92 — — 7.9 — — — —PCM Income Opportunity Fund 10/3/11 Strategic All-Inclusive 0.70 0.14 — — NR — — — —Vanguard CORE 100% Fixed Income 1/3/12 Strategic Broad Market 0.93 1.76 — — 2.4 — — — —Vanguard CORE 20%Equity/80%Fixed Income 1/3/12 Strategic Broad Market -0.42 3.34 — — 5.1 — — — —

Vanguard Russell 100% Fixed Income 1/3/12 Strategic Broad Market 0.93 1.77 — — 0.1 — — — —Vanguard S&P 100% Fixed Income 1/3/12 Strategic Broad Market 0.93 1.77 — — 3.2 — — — —Vanguard S&P 20%Equity/80%Fixed Income 1/3/12 Strategic Broad Market -0.39 3.37 — — 22.7 — — — —Vanguard Russell 20%Equity/80%FixedInc. 1/3/12 Strategic Broad Market -0.41 3.35 — — 0.2 — — — —Vanguard CORE 10%Equity/90%Fixed Income 1/2/14 Strategic Broad Market 0.27 — — — 0.2 — — — —

Vanguard CORE 30%Equity/70%Fixed Income 1/2/14 Strategic Broad Market -1.12 — — — 1.3 — — — —Vanguard CRSP 10%Equity/90%Fixed Income 1/2/14 Strategic Broad Market 0.26 — — — 1.5 — — — —Vanguard Russell 10%Equity/90%Fixed Inc 1/2/14 Strategic Broad Market 0.27 — — — 0.0 — — — —







NameInception Date




Vanguard S&P 10%Equity/90%Fixed Income 1/2/14 Strategic Broad Market 0.26 — — — 0.6 — — — —

Vanguard S&P 30%Equity/70%Fixed Income 1/2/14 Strategic Broad Market -1.05 — — — 7.0 — — — —Vanguard S&P 70%Equity/30%Fixed Income 1/2/14 Strategic Broad Market -3.78 — — — 21.4 — — — —Horizon Conservation Plus ETF Portfolio 1/1/09 Tactical All-Inclusive -1.21 3.60 4.83 — 34.6 4.17 0.43 40.33 10.94Sage Tactical ETF Conservative 12/31/07 Tactical Broad Market -0.69 2.20 3.99 — 78.1 3.07 0.70 45.95 47.33Innealta Fixed Income 12/31/09 Tactical All-Inclusive -0.73 0.56 2.93 — 448.6 2.11 0.63 48.84 48.05

Sage Tactical ETF Core Plus Fixed Income 12/31/07 Tactical Broad Market 0.62 0.94 2.90 — 247.7 2.09 0.61 58.91 49.71BCM Income 12/1/09 Tactical All-Inclusive -0.38 1.15 2.12 — 2.3 1.51 0.44 62.64 27.54Financial Trust Flexible Income 11/30/01 Tactical All-Inclusive 0.48 -0.10 1.39 3.62 6.2 0.84 0.43 27.71 38.89PCM Absolute Bond Composite 5/2/11 Tactical All-Inclusive -5.87 -3.11 — — 2.3 — — — —PCM Emerald Long-Short Debt HF Composite 10/1/12 Tactical All-Inclusive -2.62 -2.68 — — 0.1 — — — —

PCM Global Bond HF Composite 11/1/12 Tactical All-Inclusive -4.90 — — — 1.3 — — — —Keystone Wealth Glb Bond AlphaRotation 1/1/14 Tactical All-Inclusive -5.19 — — — 0.8 — — — —Ibis Global Preservation 4/2/12 Tactical All-Inclusive -1.69 4.92 — — 48.7 — — — —Lunt Dynamic Conservative Portfolio 1/1/14 Tactical All-Inclusive -0.97 — — — 16.2 — — — —Newfound Target Excess Yield 3% Cmpst 12/31/13 Tactical Broad Market -1.24 — — — 0.1 — — — —

Optimus Bond Rotation 3/3/14 Tactical All-Inclusive -1.47 — — — 0.0 — — — —Auour Instinct Global Fixed Income 10/1/13 Tactical All-Inclusive -0.44 — — — 4.3 — — — —BCM Decathlon Conservative Aspect(Pro1) 1/2/15 Tactical All-Inclusive 0.12 — — — 22.6 — — — —Broadmeadow Enhanced Global Fixed Income 9/30/13 Tactical All-Inclusive -1.11 — — — 0.1 — — — —Global Fixed Income Median -0.86 1.93 3.54 5.10Hybrid Median -1.03 1.83 2.78 8.09Strategic Median -0.55 2.19 3.63 5.10Tactical Median -1.11 0.94 2.92 3.62Global Fixed Income Blended Benchmark -1.71 -1.02 1.24 3.97

International All AssetBrinker Capital ACS Int'l Equity ETF 7/1/09 Tactical All-Inclusive -7.90 2.55 1.33 — 17.3 — — — —

International BalancedLadenburg LAMP Specialty International 6/2/08 Strategic All-Inclusive -9.79 -1.71 -0.48 — 1.2 — — — —Fortunatus International ETF Opportunity 2/29/08 Tactical All-Inclusive -5.51 -0.23 -2.16 — 0.4 — — — —

International EquitySignalPoint International Signal 6/30/09 Hybrid Sector -3.44 3.41 2.39 — 1.8 -0.11 0.71 97.02 71.29Gratry International ETF Allocation 6/30/05 Strategic Country/Region -4.67 2.45 2.07 4.04 0.6 -0.81 0.90 91.24 86.92Zacks International 4/1/04 Strategic Country/Region -7.85 1.27 1.22 3.74 74.0 -2.00 1.05 96.55 109.82Natixis / AIA Mgd ETF - China 4/28/06 Strategic Country/Region -10.82 0.52 0.11 — 1.3 -2.61 0.99 72.94 91.01Laffer Investments Glbl Equity Composite 9/1/00 Tactical Country/Region -9.55 5.06 4.84 6.04 43.5 1.74 0.98 89.93 88.06

Innealta Tac ETF Country Rotation 12/31/09 Tactical Country/Region -3.70 0.00 3.67 — 626.6 2.61 0.26 50.64 18.96Accuvest Asian Advantage 8/31/10 Tactical Country/Region -4.14 4.82 1.95 — 0.3 -0.87 0.96 80.03 87.02Accuvest Non US Equity 8/29/08 Tactical Country/Region -5.88 3.28 1.67 — 17.7 -1.50 1.05 93.18 102.78Cumberland - Intl Equity ETF 3/31/03 Tactical All-Inclusive -5.30 3.75 0.43 — 27.9 -2.53 0.96 91.16 101.65Main Management International - Non US 12/28/07 Tactical Country/Region -10.42 1.04 0.14 — 22.0 -2.96 1.02 91.62 107.75

Hays Advisory International ETF 1/31/06 Tactical All-Inclusive -2.57 1.48 -0.12 — 10.3 -2.65 0.80 79.43 75.00iSectors Tactical Intl Allocation 10/1/09 Tactical All-Inclusive -4.79 0.79 -1.42 — 0.1 -2.39 0.28 30.26 45.42Niemann Dynamic International 1/22/08 Tactical All-Inclusive -9.12 2.44 -1.95 — 0.7 -4.52 0.85 75.17 96.25Clark Navigator Intl Opportunity 1/4/07 Tactical Country/Region -8.41 3.77 -2.07 — 40.6 -5.01 0.95 89.42 109.67Green Inv Mgt Guardian Country 7/1/04 Tactical Country/Region -4.41 3.27 -2.40 5.47 2.0 -5.04 0.95 69.98 102.82







NameInception Date




Glovista Emerging Market Equities 1/4/99 Tactical Country/Region -15.79 -4.27 -3.37 12.03 521.5 -6.52 1.12 82.80 119.80MRM Dynamic International Strategy 1/2/08 Tactical Country/Region — — — — 0.4 — — — —BCM International Sector Rotation 2/1/11 Tactical Broad Market -7.96 -0.87 — — 1.4 — — — —Good Harbor Tactical Core Intl Mod SMA 12/1/11 Tactical Broad Market -8.29 -1.95 — — 1.1 — — — —Julex Capital Mngt Dynamic Emerging Mkt 12/3/12 Tactical Country/Region -14.25 — — — 2.4 — — — —

CLS International Rotation Quad 7/1/14 Tactical Country/Region -3.57 — — — 0.6 — — — —Windham Emerging Market Equity Strategy 12/31/10 Tactical Country/Region -17.00 -7.49 — — 0.2 — — — —AlphaDEX® Country Rotation Portfolio 6/29/12 Tactical Country/Region -3.17 0.18 — — 10.4 — — — —Stadion Defensive International 1/3/12 Tactical All-Inclusive -2.37 1.48 — — 9.9 — — — —Stadion International Tactical Growth 9/1/14 Tactical All-Inclusive -4.10 — — — 0.0 — — — —

International Equity Median -5.59 1.48 0.29 5.47Morningstar Gbl Mkts ex-US GR USD -5.31 4.04 3.21 4.38

United States All AssetNewfound Total Return Cmpst 6/2/14 Hybrid All-Inclusive -2.78 — — — 0.6 — — — —TCIA ETF Level 1 7/29/11 Strategic All-Inclusive -10.43 4.39 — — 7.0 — — — —TCIA ETF Level 2 7/29/11 Strategic All-Inclusive -11.21 4.28 — — 10.0 — — — —Palladiem Defensive Core Strategy 1/2/12 Strategic Broad Market -0.78 1.33 — — 0.1 — — — —Winterset Active/Edge Moderate Hybrid 2/1/13 Strategic All-Inclusive -7.68 — — — 5.1 — — — —

SelectAlts 20 Index Strategy 12/31/14 Strategic All-Inclusive -4.38 — — — 0.1 — — — —Confluence Growth 8/1/08 Tactical All-Inclusive -4.88 8.89 8.95 — 42.0 -2.14 1.40 92.32 150.47BCM Diversified Equity (Monthly) 8/3/09 Tactical All-Inclusive -6.65 6.59 8.74 — 10.6 -0.24 1.12 79.38 136.40Confluence Growth and Income 9/2/08 Tactical All-Inclusive -3.85 7.16 8.08 — 88.3 -1.25 1.17 87.98 115.78BCM Diversified Equity 8/7/09 Tactical All-Inclusive -7.15 5.49 7.83 — 121.0 -1.03 1.12 76.21 138.07

Confluence Income and Growth 12/1/08 Tactical All-Inclusive -2.59 6.17 7.34 — 29.4 1.09 0.77 70.31 63.34BCM AlphaDEX Diversified Equity 9/1/11 Tactical All-Inclusive -7.17 6.53 — — 14.5 — — — —Brinker Capital ACS Real Assets (Q) 11/1/11 Tactical All-Inclusive -8.89 0.57 — — 6.7 — — — —Navellier Dynamic Libertas 10 7/1/13 Tactical All-Inclusive -5.45 — — — 3.9 — — — —Navellier Dynamic Libertas 20 7/1/13 Tactical All-Inclusive -5.59 — — — 4.5 — — — —

Navellier Dynamic Libertas 30 7/1/13 Tactical All-Inclusive -6.60 — — — 19.4 — — — —Keystone Wealth Glb Income AlphaRotation 11/1/13 Tactical All-Inclusive -4.76 — — — 0.2 — — — —United States All Asset Median -5.59 5.83 8.08 —United States All Asset Blended Benchmark -3.94 5.97 8.10 6.02

United States AlternativeNewfound Dynamic Alternatives Cmpst 11/27/13 Hybrid Broad Market -4.03 — — — 0.2 — — — —Astor Long/Short Balanced Composite 1/3/05 Tactical All-Inclusive -5.49 5.79 4.10 5.90 1,144.5 — — — —Green Inv Mgt Guardian Alternatives 9/1/09 Tactical All-Inclusive -1.69 -8.79 -5.53 — 0.7 — — — —

CLS Inflation Quad 4/1/14 Tactical All-Inclusive -7.52 — — — 0.1 — — — —

TAMP US Tactical ETF L/S - PULSE 1/2/13 Tactical Broad Market -6.23 — — — 0.1 — — — —

FFCM Dynamic Core Absolute Return 12/31/14 Tactical All-Inclusive -1.53 — — — 5.8 — — — —

United States Alternative Median -4.76 -1.50 -0.72 5.90

United States BalancedClark Navigator MultiStrategy 75-25(SAI) 6/1/05 Hybrid All-Inclusive -2.93 9.72 10.04 7.56 49.9 -2.46 1.35 92.55 142.29iSectors Post-MPT Moderate Allocation 3/3/08 Hybrid Sector -5.05 6.53 8.86 — 34.9 3.24 0.60 29.76 55.90Efficient Market 11-19 Years Aggressive 2/1/05 Hybrid All-Inclusive -4.41 7.07 8.53 6.10 30.0 -4.40 1.42 95.25 162.38Clark Navigator MultiStrategy 50-50(SAI) 7/1/05 Hybrid All-Inclusive -1.57 7.62 8.49 8.46 168.1 -1.25 1.05 91.12 112.13Efficient Market 11-19 Years Moderate 6/1/05 Hybrid All-Inclusive -4.24 6.54 8.06 6.27 93.5 -4.27 1.35 95.20 155.34







NameInception Date




SignalPoint Balanced Point 3/31/09 Hybrid All-Inclusive -5.52 5.71 7.36 — 50.0 -1.66 0.97 92.33 103.82Efficient Market 11-19 Years Consvt 4/3/06 Hybrid All-Inclusive -3.97 5.60 7.33 — 26.5 -3.83 1.22 95.09 140.27Efficient Market 6-10 Years Moderate 11/1/04 Hybrid All-Inclusive -3.52 5.39 7.04 5.75 122.2 -3.63 1.16 94.93 132.21Efficient Market 6-10 Years Aggressive 9/1/05 Hybrid All-Inclusive -3.79 6.04 6.89 6.50 20.0 -3.92 1.18 94.54 141.84Efficient Market 2-5 Years Aggressive 4/1/05 Hybrid All-Inclusive -3.29 5.12 6.69 5.42 14.7 -3.46 1.11 94.59 126.01

BCM Moderate Growth (Monthly) 9/1/09 Hybrid All-Inclusive -4.04 4.30 6.44 — 62.4 -0.87 0.79 76.80 98.88Efficient Market 2-5 Years Moderate 1/3/06 Hybrid All-Inclusive -3.08 4.36 6.24 — 66.3 -2.85 0.99 94.70 111.86BCM Moderate Growth 9/1/09 Hybrid All-Inclusive -4.52 3.88 6.01 — 63.5 -1.20 0.78 73.94 99.03Efficient Market 6-10 Years Conservative 7/1/05 Hybrid All-Inclusive -3.28 4.15 5.80 5.62 39.4 -3.39 1.00 94.36 116.28MIS Moderate Growth ETF* 10/1/07 Hybrid All-Inclusive -6.58 2.81 5.39 — 284.7 -5.30 1.18 87.99 149.52

Efficient Market 2-5 Years Conservative 4/3/06 Hybrid All-Inclusive -2.49 3.10 4.88 — 35.4 -2.51 0.80 92.44 92.93MIS Income & Growth ETF* 10/1/07 Hybrid All-Inclusive -5.86 1.51 4.25 — 314.0 -4.04 0.91 86.04 116.37Appleton Group-Conservative 7/1/11 Hybrid Broad Market -0.87 4.87 — — 6.7 — — — —BCM AlphaDEX Moderate Growth 9/1/11 Hybrid All-Inclusive -4.41 4.23 — — 6.0 — — — —Cumberland Total Return Balanced Port 12/31/08 Strategic All-Inclusive -3.45 9.15 9.38 — 38.6 0.37 0.95 90.22 94.88

Madison ETF Moderate Growth 1/1/10 Strategic All-Inclusive -2.67 6.41 6.95 — 96.8 -1.95 0.96 97.48 107.28First Trust FTA Ibbotson Mul Disc 40/60* 5/1/09 Strategic Broad Market -0.70 5.13 6.68 — 14.0 -0.53 0.77 90.87 81.47Members Trust Balanced ETF 1/3/06 Strategic Broad Market -2.65 5.82 6.38 — 292.2 -1.78 0.88 96.71 96.01DT Moderate Growth & Income 9/19/08 Strategic All-Inclusive -3.38 5.23 6.29 — 98.6 -3.12 1.02 96.89 119.25Clark Navigator Strategist Core 5/1/09 Strategic Broad Market -1.88 6.36 6.28 — 1.9 -1.21 0.81 88.61 78.13

Ibbotson Strategic ETF Moderate Gr & Inc* 4/29/05 Strategic Broad Market -3.64 5.30 6.27 5.09 774.0 -3.73 1.09 94.02 127.03DT Conservative Growth & Income 9/30/08 Strategic All-Inclusive -2.64 4.92 5.96 — 120.0 -2.09 0.87 96.48 98.82Madison ETF Moderate 1/1/10 Strategic All-Inclusive -1.74 5.19 5.89 — 104.4 -0.90 0.73 94.87 77.06Transamerica I-Series Portfolio III 6/18/07 Strategic All-Inclusive -3.49 4.44 5.88 — 93.5 -2.52 0.91 93.76 101.13Members Trust Conservative ETF 5/1/06 Strategic Broad Market -2.04 4.84 5.73 — 602.1 -0.88 0.71 95.85 73.28

Ibbotson Strategic ETF Cons Gr & Inc* 4/29/05 Strategic Broad Market -1.72 4.02 5.04 4.75 353.8 -1.88 0.75 90.34 83.08Lockwood Asset Allocation Portfolios II 10/1/03 Strategic Broad Market -3.44 3.75 5.03 4.47 105.5 -0.99 0.65 91.13 73.28Transamerica I-Series Portfolio II 6/18/07 Strategic All-Inclusive -2.24 3.18 4.24 — 45.8 -1.49 0.62 90.94 66.77EAM Asset Allocation Conservative 2/1/11 Strategic All-Inclusive -4.12 2.40 — — 2.7 — — — —EAM Asset Allocation Moderate Conservati 2/1/11 Strategic All-Inclusive -4.82 4.23 — — 1.4 — — — —

Alpha Dynamics ODS Stable Growth 10/3/11 Strategic All-Inclusive -1.18 2.73 — — 7.8 — — — —Foy SELECTOR Balanced Growth 2/1/08 Strategic All-Inclusive — — — — 25.8 — — — —Foy SELECTOR Conservative Growth 5/1/08 Strategic All-Inclusive — — — — 38.1 — — — —Foy SELECTOR Income & Growth 2/1/11 Strategic All-Inclusive — — — — 3.8 — — — —Clark Navigator Style Preferred Inc&Gro 10/1/04 Tactical Broad Market -3.30 7.15 7.73 5.98 3.0 -1.27 0.97 89.63 92.33

Trademark Tactical Risk Strategy 10/1/07 Tactical All-Inclusive -4.87 5.46 6.40 — 26.2 -0.50 0.75 47.12 105.92Stadion Growth Strategy (QDIA Eligible) 4/2/07 Tactical Broad Market -6.69 4.54 5.41 — 942.7 -4.98 1.14 87.26 158.15Stadion Moderate Strategy (QDIA) 4/2/07 Tactical Broad Market -6.84 2.41 3.97 — 1,043.3 -4.71 0.96 80.08 140.12Stadion Balanced Strategy(QDIA Eligible) 4/2/07 Tactical Broad Market -6.24 1.52 3.06 — 453.3 -3.43 0.71 70.77 109.98Stadion Conservative Strategy (QDIA) 4/2/07 Tactical Broad Market -5.45 0.01 1.81 — 188.5 -2.12 0.43 48.34 74.15

First Trust Global Tactical Asset Alloc. 1/2/12 Tactical All-Inclusive -8.18 -1.50 — — 0.1 — — — —TAMP US Tactical ETF Income – BIG 1/2/13 Tactical Broad Market -7.86 — — — 0.0 — — — —TTM Tactical Core/Satellite 6/2/14 Tactical All-Inclusive -5.93 — — — 7.2 — — — —BCM DynamicBelay Balanced Growth (QDIA) 12/2/14 Tactical All-Inclusive -2.27 — — — 0.0 — — — —BCM DynamicBelay Conservative Gro(QDIA) 12/2/14 Tactical All-Inclusive -2.93 — — — 0.2 — — — —BCM Decathlon Moderate Aspect(Profile3) 4/10/14 Tactical All-Inclusive -2.09 — — — 646.9 — — — —

United States Balanced Median -3.47 4.87 6.28 5.87Hybrid Median -2.60 5.76 7.04 6.33Strategic Median -3.47 4.87 6.28 5.87Tactical Median -4.83 3.82 5.41 5.34United States Balanced Blended Benchmark -2.52 8.29 9.43 6.52Source: 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.





NameInception Date




United States EquityEfficient Market 20 Plus Years Moderate 1/3/05 Hybrid All-Inclusive -5.17 8.03 9.34 6.50 33.3 -2.65 0.92 96.33 97.24Efficient Market 20 Plus Yrs Aggressive 11/1/04 Hybrid All-Inclusive -5.17 8.46 8.88 6.29 30.8 -3.53 0.96 95.59 100.72SignalPoint Signal 10 3/31/09 Hybrid Sector -6.50 7.19 8.83 — 16.0 -2.48 0.87 90.17 90.00

Efficient Market 20 Plus Years Consvt 5/1/06 Hybrid All-Inclusive -4.81 6.95 8.72 — 8.1 -2.54 0.86 95.43 90.71Green Inv Mgt Guardian Mosaic 7/3/00 Hybrid All-Inclusive -7.23 7.79 7.88 4.26 0.5 -4.82 0.99 95.94 112.14BCM Growth (Monthly) 11/2/09 Hybrid All-Inclusive -4.99 5.29 7.46 — 74.6 0.14 0.55 76.03 66.35BCM Growth 11/2/09 Hybrid All-Inclusive -5.63 4.42 6.72 — 51.3 -0.56 0.55 72.75 67.87Forward Tactical Growth 8/3/09 Hybrid Broad Market -3.74 5.36 5.42 — 727.9 -0.05 0.41 61.44 58.39Appleton Group PLUS-Moderate 1/3/11 Hybrid Broad Market 0.36 3.19 — — 0.5 — — — —Appleton Group-Moderate 4/1/11 Hybrid Broad Market -1.47 4.65 — — 22.1 — — — —

WestEnd Advisors US Sector 12/31/12 Hybrid Sector -0.45 — — — 3.7 — — — —Churchill ETF Sector Rotation 10/1/07 Strategic Sector -4.21 13.65 14.52 — 196.0 2.02 0.92 95.50 91.15Hillswick S&P 500 Sector Selection 9/30/08 Strategic Sector -4.03 13.46 13.87 — 105.0 1.75 0.89 97.09 87.96Raylor Strategic US Equity SMA 1/3/06 Strategic All-Inclusive -5.66 12.12 12.92 — 1.0 0.55 0.92 98.51 89.87iSectors Domestic Equity Allocation 7/1/10 Strategic Broad Market -4.93 11.60 12.30 — 25.4 -0.34 0.95 97.25 95.56

Madison ETF Aggressive 1/1/10 Strategic All-Inclusive -4.74 8.88 9.16 — 4.9 -2.05 0.85 97.90 92.33SSWM Strategic Allocation Model 75/25 8/29/03 Strategic Broad Market -5.44 7.49 8.26 5.46 16.2 -2.09 0.79 95.61 85.74Madison ETF Growth 1/1/10 Strategic All-Inclusive -3.65 7.79 8.22 — 50.9 -1.09 0.70 97.01 74.64Acertus Planned Return Strategy 8/31/09 Strategic Broad Market -0.41 4.78 6.73 — 350.3 0.57 0.46 82.96 38.54Swan Defined Risk Strategy All Accounts 7/1/97 Strategic Broad Market -3.58 5.67 5.94 7.83 507.3 -0.05 0.45 66.94 51.46

Swan Defined Risk Strategy 7/1/97 Strategic Broad Market -4.11 5.69 5.83 8.11 507.3 -0.26 0.46 65.62 53.00IRON S&P 500 Equity Plus 5/2/11 Strategic Broad Market 1.19 10.54 — — 1.0 — — — —Winterset Active/Edge Diversified Growth 2/1/13 Strategic All-Inclusive -7.38 — — — 2.8 — — — —Nav Tactical US Equity Sector Plus 2/1/13 Strategic Sector -0.77 — — — 12.1 — — — —Nav Tactical US Equity Sector Pl ft ADEX 2/1/13 Strategic Sector -1.75 — — — 23.7 — — — —

Braver Tactical Equity Sector Rotation 7/1/96 Tactical Sector -8.77 12.89 13.26 5.90 40.2 0.08 1.01 70.22 110.42Niemann Dynamic 2/20/97 Tactical Sector -3.34 14.24 12.78 6.94 44.5 1.42 0.87 56.05 79.03BCM U.S. Sector Rotation (Monthly) 7/1/10 Tactical Sector -6.99 11.22 11.94 — 87.2 2.40 0.70 74.93 81.93Main Management Active - US Large Cap 9/30/02 Tactical Sector -4.65 13.51 11.87 8.26 188.2 -0.98 0.97 95.26 97.35iSectors Post-MPT Growth Allocation 2/1/05 Tactical Sector -7.89 9.65 11.81 7.19 66.1 6.29 0.41 20.31 47.01

Clark Navigator U.S. Style Opp (SAI) 1/3/05 Tactical Broad Market -4.36 11.67 11.42 6.84 53.2 -1.24 0.96 91.50 94.71Clark Navigator U.S. Style Opportunity 12/31/04 Tactical Broad Market -4.62 11.57 11.36 6.81 53.2 -1.37 0.97 92.93 98.24Green Inv Mgt Guardian Sector 7/1/93 Tactical Sector -5.90 12.35 11.30 4.09 0.4 -0.82 0.92 95.02 95.89Clark Navigator Sector Opportunity 1/3/07 Tactical Sector -3.42 10.80 11.28 — 43.1 -1.11 0.94 89.21 95.22Cumberland - US Equity ETF 12/31/99 Tactical All-Inclusive -5.93 11.70 11.07 — 64.1 -1.10 0.92 93.42 94.57

Niemann Dynamic Sector 2/20/08 Tactical Sector -6.12 9.63 10.93 — 4.0 -0.18 0.86 58.64 86.20Robinson Market Opportunity 12/31/03 Tactical Broad Market -4.44 1.94 9.93 6.16 3.9 2.32 0.61 26.38 50.13TTM NASDAQ Strategy 6/1/09 Tactical All-Inclusive -5.80 11.89 9.74 — 1.9 3.07 0.50 42.04 72.19Clark Navigator Style Preferred Core 9/1/04 Tactical Broad Market -3.83 9.50 9.73 6.05 1.4 -0.65 0.78 90.73 72.77Stadion Tactical Growth Strategy 4/30/04 Tactical All-Inclusive -5.85 7.08 9.70 6.46 226.3 -1.34 0.84 85.34 90.67

Astor S.T.A.R. Composite 1/3/05 Tactical All-Inclusive -7.01 10.99 8.61 6.62 589.6 -2.15 0.82 88.19 95.86Confluence Aggressive Growth 8/1/08 Tactical All-Inclusive -6.34 8.68 8.39 — 5.8 -4.32 0.99 90.79 112.33Good Harbor Tactical Core US 4/30/03 Tactical Broad Market -4.28 -1.14 7.12 8.91 1,160.7 2.28 0.39 17.62 56.45Churchill Premier Wealth Tactical 10/1/96 Tactical All-Inclusive 3.12 7.61 6.64 5.43 1,132.0 -1.43 0.63 55.08 77.47Braver Tactical Balanced 12/31/03 Tactical Broad Market -2.27 5.87 6.39 5.31 72.4 -0.09 0.49 78.53 54.54

PVG Dynamic Core ETF 10/1/01 Tactical All-Inclusive -1.20 5.40 5.30 4.71 36.3 -2.35 0.58 82.53 64.64Innealta Tac ETF Sector Rotation Opp 12/31/09 Tactical Sector -3.69 -0.04 3.73 — 49.4 0.74 0.23 29.38 21.36Innealta Tac ETF Sector Rotation Core 12/31/09 Tactical Sector -3.02 0.36 3.50 — 510.2 0.77 0.21 27.23 19.05Braver Tactical Opportunity 12/31/85 Tactical All-Inclusive -9.14 0.49 2.74 4.18 61.7 -3.80 0.51 66.53 61.97MRM Dynamic Overlay Strategy 1/2/08 Tactical All-Inclusive — — — — 78.6 — — — —Source: 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.





NameInception Date




BCM U.S. Sector Rotation 2/1/11 Tactical Sector -6.77 10.40 — — 221.2 — — — —Mench Aggressive Equity 10/2/95 Tactical All-Inclusive 0.00 — — — 0.0 — — — —BCM AlphaDEX U.S. Sector Rotation 9/1/11 Tactical Sector -7.06 11.70 — — 174.9 — — — —

RPg Tactical US Equity 11/1/11 Tactical Sector -11.04 8.09 — — 62.0 — — — —RPg Tactical US Equity FT 3/1/12 Tactical Sector -10.56 8.94 — — 5.9 — — — —RevenueShares Strategic Allocation 7/1/11 Tactical Broad Market -3.04 10.95 — — 0.1 — — — —Longview Capital Dynamic Large Cap SMA 7/12/12 Tactical All-Inclusive — — — — NR — — — —Julex Dynamic Sector Strategy 11/1/12 Tactical All-Inclusive -5.53 — — — 62.7 — — — —TTM 500 Strategy 10/1/12 Tactical Broad Market -3.35 6.08 — — 4.9 — — — —WST Asset Manager - U.S. Equity 12/31/12 Tactical Sector -0.72 — — — 248.0 — — — —

Optimus Global Rotation 6/3/13 Tactical Broad Market -5.39 — — — 0.4 — — — —Optimus U.S. Rotation 12/2/13 Tactical Broad Market -4.92 — — — 0.0 — — — —BCM Advantage U.S. Sector Rotation 1/31/14 Tactical Sector -6.38 — — — 63.7 — — — —BCM AlphaDEX Growth 1/31/14 Tactical All-Inclusive -5.80 — — — 3.2 — — — —BCM U.S. Small Cap Sector Rotation 3/10/14 Tactical Sector -4.16 — — — 0.2 — — — —

Newfound Risk Mgd Small-Cap Sec Cmpst 11/27/13 Tactical Sector -2.36 — — — 5.3 — — — —FFCM Dynamic All Cap Sector Rotation 4/1/14 Tactical Sector -4.95 — — — 187.2 — — — —FFCM Dynamic Large Cap Sector Rotation 4/1/14 Tactical Sector -4.96 — — — 495.2 — — — —FFCM Dynamic Global Equity 4/1/14 Tactical All-Inclusive -4.90 — — — 59.2 — — — —Newfound Risk Managed U.S. Sectors Idx 2/3/14 Tactical Sector -4.82 — — — 43.4 — — — —

ARS SRS Composite 9/2/14 Tactical Sector -5.47 — — — 1.2 — — — —Newfound U.S. Factor Defensive Eqty Cmp 12/30/14 Tactical Broad Market -2.54 — — — 61.6 — — — —AlphaDEX® Sector Rotation Portfolio 12/30/11 Tactical Sector -3.33 0.25 — — 4.9 — — — —Stadion Maximum Growth Strategy 6/1/15 Tactical All-Inclusive — — — — 227.3 — — — —KKM Enhanced U.S. Equity SMA 6/11/14 Tactical Broad Market -4.47 — — — 15.8 — — — —

United States Equity Median -4.78 8.28 9.02 6.38Hybrid Median -4.99 6.15 8.30 6.29Strategic Median -4.07 8.88 8.71 7.83

Tactical Median -4.90 9.63 9.83 6.31Morningstar US Market TR USD -5.30 12.52 13.38 7.12

United States Fixed IncomeEfficient Market Taking Income-Aggr 1/3/06 Hybrid All-Inclusive -1.83 3.20 4.79 — 11.9 4.81 -0.01 0.00 -4.19Efficient Market Taking Income-Moderate 6/1/05 Hybrid All-Inclusive -1.59 2.91 4.55 5.36 35.4 4.39 0.03 0.05 -3.78SignalPoint Stable Income Point 10/31/08 Hybrid All-Inclusive -0.67 2.06 4.27 — 25.6 -0.23 1.39 79.65 174.28SignalPoint CU Income Plus 6/30/09 Hybrid All-Inclusive -0.28 2.22 4.26 — 0.6 0.14 1.27 75.86 156.50Wela Own Your Age (OYA)- 80 6/1/09 Hybrid All-Inclusive -2.03 1.85 3.89 — 8.4 1.36 0.77 34.75 109.32

Efficient Market Taking Income-Consvt 4/3/06 Hybrid All-Inclusive -1.52 2.43 3.73 — 25.6 3.31 0.11 0.73 8.82SignalPoint Moderate Income Point 10/31/08 Hybrid All-Inclusive -1.77 1.77 3.50 — 4.3 0.74 0.86 30.40 108.28MIS Conservative ETF* 10/1/07 Hybrid All-Inclusive -4.59 0.78 3.42 — 72.5 2.49 0.30 2.62 50.59Green Inv Mgt Guardian Tax Free 10/31/01 Hybrid Sector 1.14 1.55 3.00 3.72 0.3 -0.27 1.01 61.45 106.25Charles Schwab SMP-ETFs Blend -Cnsrv Inc 12/31/09 Hybrid All-Inclusive -0.37 0.82 2.52 — 42.4 -0.05 0.79 55.68 106.27

Charles Schwab SMP-ETFs Thd-Pty-Csrv Inc 12/31/09 Hybrid All-Inclusive -0.35 0.80 2.50 — 40.2 -0.02 0.78 54.75 104.82Wela Own Your Age (OYA)- 70 11/1/10 Hybrid All-Inclusive -2.93 2.71 — — 2.9 — — — —Ibbotson Momentum 20/80* 12/29/10 Hybrid Broad Market -1.89 2.31 — — 4.4 — — — —Voya GPMM Income ETF 1/2/13 Hybrid Broad Market -2.10 — — — 0.5 — — — —First Trust FTA Ibbotson Mul Disc 20/80* 5/1/09 Strategic Broad Market -0.27 3.41 4.89 — 3.4 3.21 0.49 14.36 43.39









NameInception Date




Madison ETF Conservative 1/1/10 Strategic Broad Market -0.61 3.65 4.66 — 58.0 3.29 0.40 8.99 39.22Members Trust Income ETF 1/3/06 Strategic Broad Market -0.68 3.56 4.57 — 274.7 3.59 0.27 5.84 12.69Caprin Tactical Muni ETF 9/30/10 Strategic Sector 0.83 2.32 4.29 — 14.5 -0.08 1.36 59.88 141.80DT Ultra-Conservative Growth & Income 3/31/09 Strategic All-Inclusive -0.77 3.29 4.16 — 19.1 -1.11 -0.17 0.19 -64.56Lockwood Asset Allocation Portfolios I 12/31/03 Strategic Broad Market -2.29 2.31 3.74 4.17 38.6 2.20 0.46 17.05 45.45

Caprin Tactical Opportunity ETF 9/30/10 Strategic All-Inclusive 1.01 2.26 3.69 — 34.5 -0.30 1.24 75.71 133.15Madison ETF Capital Preservation 1/1/10 Strategic Broad Market 0.18 2.16 3.43 — 8.5 1.35 0.63 41.34 70.51Ibbotson Strategic ETF Moderate Income* 4/29/05 Strategic Broad Market -1.04 1.50 3.01 — 98.4 1.70 0.39 10.76 53.31DT Intermediate Fixed Income 9/30/08 Strategic Broad Market 1.01 1.74 2.91 — 15.7 1.03 0.56 54.35 52.41Transamerica I-Series Portfolio I 1/6/10 Strategic All-Inclusive -0.91 1.70 2.88 — 23.8 1.23 0.50 28.37 58.61

Madison ETF Income Advantage 1/1/10 Strategic Broad Market 1.45 1.49 2.86 — 3.5 0.24 0.80 75.88 88.40Caprin Core Plus ETF 9/30/10 Strategic All-Inclusive 0.64 1.41 2.75 — 6.4 -0.64 1.05 92.20 116.53CFGAM S3 Municipal ETF 1/4/10 Strategic Sector 0.76 1.62 2.46 — 6.6 -0.46 0.90 57.00 108.92iSectors Capital Preservation Allocation 1/1/10 Strategic All-Inclusive -0.76 0.28 2.28 — 21.3 1.30 0.28 19.73 21.58Astor Active Income Composite 2/28/11 Strategic All-Inclusive -1.78 1.70 — — 12.8 — — — —

Foy SELECTOR Income 2/1/08 Strategic All-Inclusive — — — — 3.0 — — — —SEI Tax-Managed ETF Conservative 1/2/14 Strategic All-Inclusive — — — — 26.9 — — — —Clark Navigator Fixed Income TR 12/31/04 Tactical All-Inclusive 3.17 3.88 6.04 9.40 900.0 4.10 0.58 10.22 60.26WST Asset Manager – U.S. Bond 3/31/06 Tactical Sector -0.29 3.36 5.34 — 117.2 5.16 0.03 0.03 -18.73Braver Tactical High Income 10/1/96 Tactical Sector 1.45 3.38 4.85 9.46 99.5 4.55 0.08 0.22 6.25

Laffer Investments Fixed Income ETF 10/2/06 Tactical All-Inclusive 0.10 1.00 3.09 — 2.4 0.46 0.80 58.19 93.75Green Inv Mgt Guardian Fix-Inc 7/1/91 Tactical All-Inclusive 0.04 2.46 2.88 4.30 18.0 1.07 0.56 14.38 82.53QA Tactical Bond 1/1/10 Tactical All-Inclusive 0.42 1.02 2.43 — 7.6 -1.05 1.08 68.73 144.66Stadion Capital Preservation Strategy 4/2/07 Tactical Broad Market -2.35 0.57 1.80 — 110.0 2.10 -0.10 0.66 -14.633D Fixed Income ETF Portfolio 11/1/13 Tactical All-Inclusive 0.15 — — — 0.3 — — — —

3D Fixed Income ETF Portfolio - Tax Sen. 11/3/08 Tactical All-Inclusive — — — — 0.2 — — — —Optimus High Yield Bull/Bear 3/1/11 Tactical Sector 6.20 4.84 — — 0.0 — — — —Palladiem Sustainable Income Strategy 1/2/12 Tactical All-Inclusive -1.18 2.32 — — 7.3 — — — —Longview Capital Fixed Income 9/30/11 Tactical All-Inclusive — — — — NR — — — —Stadion Tactical Income 10/31/12 Tactical All-Inclusive -0.29 — — — 0.1 — — — —

United States Fixed Income Median -0.37 2.19 3.50 4.83Hybrid Median -1.68 2.06 3.73 4.54Strategic Median -0.44 1.95 3.43 4.17Tactical Median 0.10 2.46 3.09 9.40Morningstar US Core Bond TR USD 1.43 1.90 3.26 4.83



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




Assets USD Mil

Top Performing Strategies

Athena Global Tactical ETFs 9/1/10 Global Equity Tactical Broad Market -5.05 21.57 17.67 — 68.9

Niemann Risk Managed 9/30/96 United States Equity Tactical Sector -0.07 16.10 10.58 6.28 66.4

Niemann Dynamic 2/20/97 United States Equity Tactical Sector -3.34 14.24 12.78 6.94 44.5

Churchill ETF Sector Rotation 10/1/07 United States Equity Strategic Sector -4.21 13.65 14.52 — 196.0

Main Management Active - US Large Cap 9/30/02 United States Equity Tactical Sector -4.65 13.51 11.87 8.26 188.2

Hillswick S&P 500 Sector Selection 9/30/08 United States Equity Strategic Sector -4.03 13.46 13.87 — 105.0

Braver Tactical Equity Sector Rotation 7/1/96 United States Equity Tactical Sector -8.77 12.89 13.26 5.90 40.2

Green Inv Mgt Guardian Sector 7/1/93 United States Equity Tactical Sector -5.90 12.35 11.30 4.09 0.4

IPS Moderate 2/1/11 Global Alternative Tactical All-Inclusive 7.83 12.18 — — 54.1

Raylor Strategic US Equity SMA 1/3/06 United States Equity Strategic All-Inclusive -5.66 12.12 12.92 — 1.0

TTM NASDAQ Strategy 6/1/09 United States Equity Tactical All-Inclusive -5.80 11.89 9.74 — 1.9

BCM AlphaDEX U.S. Sector Rotation 9/1/11 United States Equity Tactical Sector -7.06 11.70 — — 174.9

Cumberland - US Equity ETF 12/31/99 United States Equity Tactical All-Inclusive -5.93 11.70 11.07 — 64.1

Clark Navigator U.S. Style Opp (SAI) 1/3/05 United States Equity Tactical Broad Market -4.36 11.67 11.42 6.84 53.2

iSectors Domestic Equity Allocation 7/1/10 United States Equity Strategic Broad Market -4.93 11.60 12.30 — 25.4

Bottom Performing Strategies

Good Harbor Tactical Core Intl Mod SMA 12/1/11 International Equity Tactical Broad Market -8.29 -1.95 — — 1.1

PCM Global Macro 3M Composite 2/16/12 Global Equity Tactical All-Inclusive -4.53 -2.47 — — 4.7

PCM Emerald Long-Short Debt HF Composite 10/1/12 Global Fixed Income Tactical All-Inclusive -2.62 -2.68 — — 0.1

PCM Absolute Bond Composite 5/2/11 Global Fixed Income Tactical All-Inclusive -5.87 -3.11 — — 2.3

Keystone Wealth MultiAsset AlphaRotation 8/1/12 Global All Asset Strategic All-Inclusive -10.47 -3.51 — — 0.4

SignalPoint Currency Point 10/31/08 Global Alternative Hybrid Country/Region -3.48 -3.61 -1.94 — 0.1

Glovista Emerging Market Equities 1/4/99 International Equity Tactical Country/Region -15.79 -4.27 -3.37 12.03 521.5

Accuvest Global Opportunities 11/1/05 Global Equity Tactical Country/Region -9.06 -5.19 -2.12 — 14.8

PCM Absolute Commodity Composite 11/2/09 Global Alternative Tactical All-Inclusive -16.78 -6.45 -12.16 — 1.0

Windham Emerging Market Equity Strategy 12/31/10 International Equity Tactical Country/Region -17.00 -7.49 — — 0.2

iSectors Inflation Protected Allocation 10/1/09 Global All Asset Strategic All-Inclusive -10.23 -7.66 -1.26 — 2.0

Green Inv Mgt Guardian Alternatives 9/1/09 United States Alternative Tactical All-Inclusive -1.69 -8.79 -5.53 — 0.7

Sitka Absolute Return 9/1/05 Global Alternative Tactical All-Inclusive -2.99 -9.55 -6.67 2.45 18.1

iSectors Precious Metals Allocation 11/1/10 Global Alternative Strategic Sector -11.00 -16.13 — — 2.0

Keystone Wealth Commodity AlphaRotation 8/1/12 Global Alternative Tactical Broad Market -20.73 -22.02 — — 0.1




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




Assets USD Mil

Top Performing StrategiesAthena Global Tactical ETFs 9/1/10 Global Equity Tactical Broad Market -5.05 21.57 17.67 — 68.9

Churchill ETF Sector Rotation 10/1/07 United States Equity Strategic Sector -4.21 13.65 14.52 — 196.0

Hillswick S&P 500 Sector Selection 9/30/08 United States Equity Strategic Sector -4.03 13.46 13.87 — 105.0

Braver Tactical Equity Sector Rotation 7/1/96 United States Equity Tactical Sector -8.77 12.89 13.26 5.90 40.2

Raylor Strategic US Equity SMA 1/3/06 United States Equity Strategic All-Inclusive -5.66 12.12 12.92 — 1.0

Niemann Dynamic 2/20/97 United States Equity Tactical Sector -3.34 14.24 12.78 6.94 44.5

QA Global Style 9/4/07 Global Equity Tactical Broad Market -5.32 11.06 12.37 — 4.2

iSectors Domestic Equity Allocation 7/1/10 United States Equity Strategic Broad Market -4.93 11.60 12.30 — 25.4

BCM U.S. Sector Rotation (Monthly) 7/1/10 United States Equity Tactical Sector -6.99 11.22 11.94 — 87.2

Main Management Active - US Large Cap 9/30/02 United States Equity Tactical Sector -4.65 13.51 11.87 8.26 188.2

iSectors Post-MPT Growth Allocation 2/1/05 United States Equity Tactical Sector -7.89 9.65 11.81 7.19 66.1

Clark Navigator U.S. Style Opp (SAI) 1/3/05 United States Equity Tactical Broad Market -4.36 11.67 11.42 6.84 53.2

WestEnd Advisors Global Equity 12/31/04 Global Equity Hybrid All-Inclusive -3.20 10.88 11.39 7.79 143.5

Clark Navigator U.S. Style Opportunity 12/31/04 United States Equity Tactical Broad Market -4.62 11.57 11.36 6.81 53.2

Green Inv Mgt Guardian Sector 7/1/93 United States Equity Tactical Sector -5.90 12.35 11.30 4.09 0.4

Bottom Performing StrategiesStadion Managed Risk 100 Strategy 1/2/96 Global Equity Tactical All-Inclusive -11.95 -1.49 0.09 2.79 200.9

Hays Advisory International ETF 1/31/06 International Equity Tactical All-Inclusive -2.57 1.48 -0.12 — 10.3

Ladenburg LAMP Specialty International 6/2/08 International Balanced Strategic All-Inclusive -9.79 -1.71 -0.48 — 1.2

iSectors Inflation Protected Allocation 10/1/09 Global All Asset Strategic All-Inclusive -10.23 -7.66 -1.26 — 2.0

iSectors Tactical Intl Allocation 10/1/09 International Equity Tactical All-Inclusive -4.79 0.79 -1.42 — 0.1

SignalPoint Currency Point 10/31/08 Global Alternative Hybrid Country/Region -3.48 -3.61 -1.94 — 0.1

Niemann Dynamic International 1/22/08 International Equity Tactical All-Inclusive -9.12 2.44 -1.95 — 0.7

Clark Navigator Intl Opportunity 1/4/07 International Equity Tactical Country/Region -8.41 3.77 -2.07 — 40.6

Accuvest Global Opportunities 11/1/05 Global Equity Tactical Country/Region -9.06 -5.19 -2.12 — 14.8

Fortunatus International ETF Opportunity 2/29/08 International Balanced Tactical All-Inclusive -5.51 -0.23 -2.16 — 0.4

Green Inv Mgt Guardian Country 7/1/04 International Equity Tactical Country/Region -4.41 3.27 -2.40 5.47 2.0

Glovista Emerging Market Equities 1/4/99 International Equity Tactical Country/Region -15.79 -4.27 -3.37 12.03 521.5

Green Inv Mgt Guardian Alternatives 9/1/09 United States Alternative Tactical All-Inclusive -1.69 -8.79 -5.53 — 0.7

Sitka Absolute Return 9/1/05 Global Alternative Tactical All-Inclusive -2.99 -9.55 -6.67 2.45 18.1

PCM Absolute Commodity Composite 11/2/09 Global Alternative Tactical All-Inclusive -16.78 -6.45 -12.16 — 1.0




Exhibit 8 Largest Strategies, 30 September 2015

Return %




Assets USD Mil

Windhaven Diversified Growth 1/2/02 Global All Asset Hybrid All-Inclusive -5.38 2.54 4.66 5.40 6,635.6

Windhaven Diversified Aggressive 1/2/02 Global All Asset Hybrid All-Inclusive -6.98 3.37 5.43 6.25 3,868.8

Windhaven Diversified Conservative 1/2/02 Global All Asset Hybrid All-Inclusive -2.40 1.57 3.05 4.45 2,368.0

RiverFront Moderate Growth and Income 10/1/03 Global Balanced Hybrid All-Inclusive -3.40 5.84 6.23 5.42 2,141.2

Churchill Premier Wealth Tactical Core 1/4/99 Global Equity Tactical All-Inclusive -0.80 9.89 7.83 5.97 1,164.0

Good Harbor Tactical Core US 4/30/03 United States Equity Tactical Broad Market -4.28 -1.14 7.12 8.91 1,160.7

Astor Long/Short Balanced Composite 1/3/05 United States Alternative Tactical All-Inclusive -5.49 5.79 4.10 5.90 1,144.5

Churchill Premier Wealth Tactical 10/1/96 United States Equity Tactical All-Inclusive 3.12 7.61 6.64 5.43 1,132.0

BCM Decathlon Growth Aspect (Profile 5) 4/10/14 Global Balanced Tactical Sector -3.47 — — — 1,095.6

Stadion Moderate Strategy (QDIA) 4/2/07 United States Balanced Tactical Broad Market -6.84 2.41 3.97 — 1,043.3

Cougar Global GTS w/ Cons Growth (MAR 8) 10/31/01 Global All Asset Tactical All-Inclusive -4.74 2.63 3.26 5.49 943.7

Stadion Growth Strategy (QDIA Eligible) 4/2/07 United States Balanced Tactical Broad Market -6.69 4.54 5.41 — 942.7

RiverFront Dynamic Equity Income 5/1/09 Global Equity Hybrid All-Inclusive -5.12 6.43 6.92 — 915.5

Clark Navigator Fixed Income TR 12/31/04 United States Fixed Income Tactical All-Inclusive 3.17 3.88 6.04 9.40 900.0

Charles Schwab SMP-ETFs Thd-Pty-Bl w/ Gr 12/31/09 Global All Asset Hybrid All-Inclusive -3.51 4.78 5.70 — 896.1

UBS PWS Global Tactical Alloc. 6/29/12 Global Balanced Tactical Broad Market -5.38 4.08 — — 774.2

Ibbotson Strategic ETF Moderate Gr & Inc* 4/29/05 United States Balanced Strategic Broad Market -3.64 5.30 6.27 5.09 774.0

Forward Tactical Growth 8/3/09 United States Equity Hybrid Broad Market -3.74 5.36 5.42 — 727.9

Sage Tactical ETF Moderate Growth 7/31/09 Global Balanced Tactical Broad Market -3.68 4.62 6.40 — 659.1

BCM Decathlon Moderate Aspect(Profile3) 4/10/14 United States Balanced Tactical All-Inclusive -2.09 — — — 646.9

RiverFront Global Allocation 10/1/03 Global Equity Hybrid All-Inclusive -5.81 6.50 6.27 4.86 640.0

Innealta Tac ETF Country Rotation 12/31/09 International Equity Tactical Country/Region -3.70 0.00 3.67 — 626.6

Members Trust Conservative ETF 5/1/06 United States Balanced Strategic Broad Market -2.04 4.84 5.73 — 602.1

Astor S.T.A.R. Composite 1/3/05 United States Equity Tactical All-Inclusive -7.01 10.99 8.61 6.62 589.6

Windham Risk Regime III 9/30/11 Global Equity Tactical Broad Market -8.22 2.46 — — 538.9




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

Return %




1-Yr Growth USD Mil

Assets USD Mil

BCM Decathlon Growth Aspect (Profile 5) 4/10/14 Global Balanced Tactical Sector -3.47 — — — 966.1 1,095.6

Churchill Premier Wealth Tactical Core 1/4/99 Global Equity Tactical All-Inclusive -0.80 9.89 7.83 5.97 739.4 1,164.0

BCM Decathlon Moderate Aspect(Profile3) 4/10/14 United States Balanced Tactical All-Inclusive -2.09 — — — 613.0 646.9

Astor S.T.A.R. Composite 1/3/05 United States Equity Tactical All-Inclusive -7.01 10.99 8.61 6.62 440.0 589.6

Astor Long/Short Balanced Composite 1/3/05 United States Alternative Tactical All-Inclusive -5.49 5.79 4.10 5.90 388.2 1,144.5

Windham Risk Regime II 5/31/12 Global Balanced Tactical Broad Market -7.75 1.83 — — 340.5 402.1

Richard Bernstein Global Moderate II 4/17/13 Global Equity Tactical All-Inclusive -4.54 — — — 321.2 418.3

Vanguard CRSP 60%Equity/40%Fixed Income 1/4/10 Global Balanced Strategic Broad Market -3.10 6.45 7.30 — 310.0 496.0

UBS PWS Global Tactical Alloc. 6/29/12 Global Balanced Tactical Broad Market -5.38 4.08 — — 250.0 774.2

Sage Tactical ETF Moderate Growth 7/31/09 Global Balanced Tactical Broad Market -3.68 4.62 6.40 — 222.6 659.1

Cougar Global GTS w/ Cons Growth (MAR 8) 10/31/01 Global All Asset Tactical All-Inclusive -4.74 2.63 3.26 5.49 195.1 943.7

Stadion Tactical Growth Strategy 4/30/04 United States Equity Tactical All-Inclusive -5.85 7.08 9.70 6.46 183.6 226.3

Vanguard CRSP 80%Equity/20%Fixed Income 1/4/10 Global Equity Strategic Broad Market -4.50 7.96 8.58 — 168.3 250.4

RiverFront Moderate Growth and Income 10/1/03 Global Balanced Hybrid All-Inclusive -3.40 5.84 6.23 5.42 164.3 2,141.2

Members Trust Conservative ETF 5/1/06 United States Balanced Strategic Broad Market -2.04 4.84 5.73 — 154.2 602.1

SEI Tactical ETF Market Growth Strategy 1/2/13 Global Balanced Hybrid Broad Market -4.73 — — — 152.4 337.0

WestEnd Advisors Global Balanced 12/31/04 Global Balanced Hybrid All-Inclusive -2.04 8.28 9.22 7.31 141.2 145.8

Vanguard S&P 60%Equity/40%Fixed Income 1/3/12 Global Balanced Strategic Broad Market -3.07 6.49 — — 140.8 182.8

WestEnd Advisors Global Equity 12/31/04 Global Equity Hybrid All-Inclusive -3.20 10.88 11.39 7.79 136.4 143.5

Cougar Global GTS w/ Mod Growth (MAR 10) 3/1/11 Global All Asset Tactical All-Inclusive -5.65 4.74 — — 135.8 464.6


Churchill ETF Sector Rotation 10/1/07 United States Equity Strategic Sector -4.21 13.65 14.52 — 134.4 196.0

New Frontier ETF Global Balanced 10/29/04 Global Balanced Strategic Broad Market -3.48 6.10 7.35 5.59 123.6 431.7

BCM U.S. Sector Rotation 2/1/11 United States Equity Tactical Sector -6.77 10.40 — — 117.5 221.2

Vanguard CRSP 70%Equity/30%Fixed Income 1/3/12 Global Equity Strategic Broad Market -3.79 7.20 — — 116.8 219.4




Exhibit 10 Largest Percentage Growth, 30 September 2015

Source: Morningstar Inc. Limited to strategies having at least $100 million in assets as of 9/30/2014.

Return %




1-Year % Growth

Assets USD Mil

BCM Decathlon Growth Aspect (Profile 5) 4/10/14 Global Balanced Tactical Sector -3.47 — — — 745.9 1,095.6

Astor S.T.A.R. Composite 1/3/05 United States Equity Tactical All-Inclusive -7.01 10.99 8.61 6.62 294.1 589.6

Churchill Premier Wealth Tactical Core 1/4/99 Global Equity Tactical All-Inclusive -0.80 9.89 7.83 5.97 174.1 1,164.0

QA Global Balanced Flex - Moderate 1/1/10 Global Balanced Hybrid All-Inclusive -3.66 5.94 5.82 — 167.3 177.6



Vanguard CRSP 70%Equity/30%Fixed Income 1/3/12 Global Equity Strategic Broad Market -3.79 7.20 — — 114.0 219.4

BCM U.S. Sector Rotation 2/1/11 United States Equity Tactical Sector -6.77 10.40 — — 113.3 221.2

SEI Tactical ETF Moderate 1/2/13 Global Balanced Hybrid Broad Market -1.31 — — — 103.0 204.2

SEI Tactical ETF Market Growth Strategy 1/2/13 Global Balanced Hybrid Broad Market -4.73 — — — 82.6 337.0

Windham Risk Regime I 3/1/10 Global All Asset Tactical Broad Market -7.14 1.57 2.84 — 68.7 277.8

Ladenburg LAMP ETF Growth and Income 2/1/05 Global Balanced Strategic Broad Market -4.71 5.20 6.11 5.47 68.5 282.6

WST Asset Manager - U.S. Equity 12/31/12 United States Equity Tactical Sector -0.72 — — — 54.2 248.0

Efficient Market 6-10 Years Moderate 11/1/04 United States Balanced Hybrid All-Inclusive -3.52 5.39 7.04 5.75 53.9 122.2

RiverFront ETF Moderate Growth & Income 4/3/06 Global Balanced Hybrid All-Inclusive -3.45 5.94 6.17 — 52.2 262.5

Sage Tactical ETF All Cap Equity Plus 12/31/02 Global Equity Tactical Broad Market -6.23 6.95 8.54 5.27 51.6 251.9

Astor Long/Short Balanced Composite 1/3/05 United States Alternative Tactical All-Inclusive -5.49 5.79 4.10 5.90 51.3 1,144.5

Sage Tactical ETF Moderate Growth 7/31/09 Global Balanced Tactical Broad Market -3.68 4.62 6.40 — 51.0 659.1

QA Tactical All Market 4/1/09 Global All Asset Tactical All-Inclusive -2.33 1.80 3.67 — 50.5 138.3

QA Global Equity Flex 1/1/10 Global Equity Tactical All-Inclusive -6.26 8.89 7.69 — 44.5 110.6

Windham Risk Regime Other 2/28/14 Global All Asset Tactical All-Inclusive — — — — 42.1 242.9

Cougar Global GTS w/ Mod Growth (MAR 10) 3/1/11 Global All Asset Tactical All-Inclusive -5.65 4.74 — — 41.3 464.6

New Frontier ETF Global Balanced 10/29/04 Global Balanced Strategic Broad Market -3.48 6.10 7.35 5.59 40.1 431.7

Sage Tactical ETF Moderate 12/31/07 Global Balanced Tactical Broad Market -2.04 3.41 5.16 — 38.7 253.9

Sterling Tactical Rotation Strategy 2/1/10 Global All Asset Tactical Broad Market -4.68 7.64 9.94 — 37.9 274.5



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

NameStrategy

Assets1-Year

Growth# Strategies

Reported

Windhaven Investment Management 12,872.3 (4,884.8) 3

RiverFront Investment Group, LLC 5,031.7 286.9 11

Charles Schwab Investment Advisory, INC 3,752.8 180.3 12

Stadion Money Management,LLC 3,483.7 (1,195.8) 12

Morningstar, Inc.* 3,301.9 (85.2) 26

Beaumont Capital Management 2,913.8 1,674.8 31

Churchill Management Group 2,492.0 (59.4) 3

Sage Advisory Services Ltd CO 2,475.3 985.6 12

Vanguard Advisers Inc 2,005.4 1,326.7 44

Innealta Capital 1,949.2 (1,022.4) 12

Cougar Global Investments Limited 1,814.7 562.7 4

Astor Investment Management LLC 1,746.9 834.3 3

Windham Capital Management, LLC 1,607.9 267.2 18

NEW Frontier Management Company, LLC 1,449.0 295.6 12

Clark Capital Management Group, Inc. 1,433.3 749.0 18

Members Trust Company 1,376.1 337.2 5

Good Harbor Financial, LLC 1,161.9 (4,903.8) 2

SEI Trust Company 1,110.3 622.5 10

Swan Global Investments, LLC 1,014.5 87.5 2

UBS Asset Management 938.3 280.7 4

Nottingham Advisors Inc. 844.7 73.7 5

Richard Bernstein Advisors LLC 807.1 400.6 4

FFCM LLC 781.7 (144.7) 5

Quantitative Advantage 756.5 350.3 11

Forward Management, LLC 727.9 (376.1) 1

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 September 2015

Return %

Name 2015 3-Year 5-Year 10-Year

Global All Asset Median -4.14 3.47 5.25 5.49

Hybrid Median -3.98 4.54 5.59 5.62

Strategic Median -4.05 1.94 4.60 —

Tactical Median -4.28 3.06 4.61 5.19

Global All Asset Blended Benchmark -5.45 2.39 4.27 4.88

Global Balanced Median -3.45 4.30 5.23 5.00

Hybrid Median -3.40 4.27 5.08 4.50

Strategic Median -3.27 4.50 5.61 5.41

Tactical Median -3.64 3.85 4.98 4.60

Global Balanced Blended Benchmark -4.27 4.40 5.29 5.46

Global Equity Median -6.24 7.83 7.66 5.59

Hybrid Median -5.30 6.29 6.60 4.62


Tactical Median -5.92 6.48 7.29 5.27

Morningstar Global Markets GR USD -5.55 6.73 7.19 5.16

Global Fixed Income Median -1.71 -1.02 1.24 3.97

Hybrid Median -1.03 1.83 2.78 8.09


Tactical Median -1.11 0.94 2.92 3.62

Global Fixed Income Blended Benchmark -0.86 1.93 3.54 5.10

International Equity Median -5.59 1.48 0.29 5.47

Morningstar Gbl Mkts ex-US GR USD -5.31 4.04 3.21 4.38

United States All Asset Median -5.59 5.83 8.08 —

United States All Asset Blended Benchmark -3.94 5.97 8.10 6.02

United States Equity Median -2.52 8.29 9.43 6.52

Hybrid Median -2.60 5.76 7.04 6.33


Tactical Median -4.83 3.82 5.41 5.34

Morningstar US Market TR USD -3.47 4.87 6.28 5.87

United States Balanced Median -4.78 8.28 9.02 6.38

Hybrid Median -4.99 6.15 8.30 6.29


Tactical Median -4.90 9.63 9.83 6.31

United States Balanced Blended Benchmark -5.30 12.52 13.38 7.12

United States Fixed Income Median 1.43 1.90 3.26 4.83

Hybrid Median -1.68 2.06 3.73 4.54


Tactical Median 0.10 2.46 3.09 9.40

Morningstar Core Bond MCBI TR -0.37 2.19 3.50 4.83



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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Documents

Morningstar ETF Managed Portfolios andscape Report Q3 2015news.morningstar.com/im/ETFMPLandscapeQ32015.pdf · 2015-12-01 · Morningstar ETF Managed Portfolios andscape Report Q3