Sage Advisory Services, Ltd.Co. Activity Q4 2011-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
IVV	Sell	ISHARES TRcore s&p500 etf	$50,963,000	-19.2%	118,676	-16.1%	14.26%	-22.5%
JEPI	Buy	J P MORGAN EXCHANGE TRADED Fequity premium	$32,605,000	+0.4%	608,755	+3.7%	9.12%	-3.7%
MBB	Buy	ISHARES TRmbs etf	$20,933,000	+8.8%	235,735	+14.3%	5.86%	+4.4%
IEFA	Buy	ISHARES TRcore msci eafe	$20,488,000	+2.3%	318,389	+7.3%	5.73%	-1.8%
JPST	Buy	J P MORGAN EXCHANGE TRADED Fultra shrt inc	$16,923,000	+40.7%	337,244	+40.6%	4.74%	+35.0%
SPYD	Buy	SPDR SER TRprtflo s&p500 hi	$15,597,000	+0.6%	444,725	+6.4%	4.36%	-3.5%
IEMG	Buy	ISHARES INCcore msci emkt	$13,622,000	+5.1%	286,236	+8.9%	3.81%	+0.9%
USHY	Sell	ISHARES TRbroad usd high	$13,061,000	-6.2%	376,289	-4.6%	3.65%	-10.0%
SHYG	Buy	ISHARES TR0-5yr hi yl cp	$12,364,000	+5.4%	301,341	+6.5%	3.46%	+1.1%
USMV	New	ISHARES TRmsci usa min vol	$11,759,000	–	162,460	–	3.29%	–
BBJP	Buy	J P MORGAN EXCHANGE TRADED Fbetabuldrs japan	$11,622,000	-2.0%	231,324	+0.5%	3.25%	-6.0%
EWC	Buy	ISHARES INCmsci cda etf	$11,479,000	+1.2%	343,068	+5.9%	3.21%	-2.9%
SPLV	New	INVESCO EXCH TRADED FD TR IIs&p500 low vol	$11,371,000	–	193,423	–	3.18%	–
XLV	Buy	SELECT SECTOR SPDR TRsbi healthcare	$11,234,000	+0.1%	87,263	+3.2%	3.14%	-4.0%
IGSB	Sell	ISHARES TR	$10,775,000	-4.0%	216,241	-3.3%	3.02%	-7.9%
EFAV	New	ISHARES TRmsci eafe min vl	$9,520,000	–	145,968	–	2.66%	–
XLP	Buy	SELECT SECTOR SPDR TRsbi cons stpls	$9,202,000	-0.0%	133,729	+7.8%	2.58%	-4.1%
EWU	Buy	ISHARES TRmsci uk etf new	$7,015,000	+4.1%	221,717	+6.5%	1.96%	-0.1%
EWA	Buy	ISHARES INCmsci aust etf	$6,990,000	+9.9%	324,955	+15.2%	1.96%	+5.4%
EEMA	Buy	ISHARES INCmsci em asia etf	$6,855,000	-0.7%	108,858	+3.7%	1.92%	-4.7%
GSY	Buy	INVESCO ACTIVELY MANAGED ETFultra shrt dur	$6,764,000	+41.8%	136,089	+41.6%	1.89%	+36.1%
HYD	Buy	VANECK ETF TRUSThigh yld munietf	$6,668,000	+64.0%	135,896	+71.6%	1.87%	+57.3%
EMLC	Buy	VANECK ETF TRUSTjp mrgan em loc	$4,354,000	+52.5%	182,385	+63.3%	1.22%	+46.2%
IEF	Buy	ISHARES TR7-10 yr trsy bd	$3,513,000	+3.0%	38,352	+8.6%	0.98%	-1.1%
NEAR	Buy	ISHARES U S ETF TRblackrock st mat	$3,405,000	+66.3%	68,246	+65.8%	0.95%	+59.6%
BSV	Buy	VANGUARD BD INDEX FDSshort trm bond	$2,843,000	+62.6%	37,822	+63.5%	0.80%	+55.9%
SJNK	Buy	SPDR SER TRbloomberg sht te	$2,785,000	+70.6%	113,858	+72.3%	0.78%	+63.7%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$2,638,000	-34.2%	6,170	-31.8%	0.74%	-36.9%
JNK	Buy	SPDR SER TRbloomberg high y	$2,472,000	+74.7%	27,350	+77.9%	0.69%	+67.6%
IGIB	Buy	ISHARES TR	$2,139,000	+15.1%	43,960	+19.7%	0.60%	+10.3%
TLT	Buy	ISHARES TR20 yr tr bd etf	$1,669,000	+10.9%	18,817	+28.7%	0.47%	+6.4%
ESGD	Buy	ISHARES TResg aw msci eafe	$1,034,000	-1.9%	14,953	+3.5%	0.29%	-5.9%
EFIV	Sell	SPDR SER TRs&p 500 esg etf	$858,000	-7.7%	20,684	-4.3%	0.24%	-11.4%
HYMB	Buy	SPDR SER TRnuveen bloomberg	$845,000	+64.1%	35,480	+72.3%	0.24%	+57.3%
ESGV	Sell	VANGUARD WORLD FDesg us stk etf	$617,000	-8.7%	8,197	-5.0%	0.17%	-12.2%
EMB	Buy	ISHARES TRjpmorgan usd emg	$445,000	+17.7%	5,387	+23.2%	0.12%	+13.6%
IGLB	Buy	ISHARES TR10+ yr invst grd	$429,000	+15.0%	9,101	+25.9%	0.12%	+10.1%
ESGE	Buy	ISHARES INCesg awr msci em	$427,000	-0.7%	14,096	+3.7%	0.12%	-4.8%
ESGU	Sell	ISHARES TResg awr msci usa	$380,000	-7.1%	4,049	-3.6%	0.11%	-10.9%
NULV	Buy	NUSHARES ETF TRnuveen esg lrgvl	$380,000	-1.6%	11,316	+1.7%	0.11%	-6.2%
NUSC	Sell	NUSHARES ETF TRnuveen esg smlcp	$234,000	-6.0%	6,711	-0.3%	0.06%	-11.0%
XME	Exit	SPDR SER TRs&p metals mng	$0	–	-191,236	–	-2.83%	–
COWZ	Exit	PACER FDS TRus cash cows 100	$0	–	-298,802	–	-4.17%	–

Q2 2023

			Value		Shares		↓ Weighting
IVV	New	ISHARES TRcore s&p500 etf	$63,080,000	–	141,527	–	18.40%	–
JEPI	New	J P MORGAN EXCHANGE TRADED Fequity premium	$32,490,000	–	587,210	–	9.48%	–
IEFA	New	ISHARES TRcore msci eafe	$20,022,000	–	296,617	–	5.84%	–
MBB	New	ISHARES TRmbs etf	$19,243,000	–	206,327	–	5.61%	–
SPYD	New	SPDR SER TRprtflo s&p500 hi	$15,505,000	–	418,151	–	4.52%	–
COWZ	New	PACER FDS TRus cash cows 100	$14,304,000	–	298,802	–	4.17%	–
USHY	New	ISHARES TRbroad usd high	$13,920,000	–	394,321	–	4.06%	–
IEMG	New	ISHARES INCcore msci emkt	$12,956,000	–	262,857	–	3.78%	–
JPST	New	J P MORGAN EXCHANGE TRADED Fultra shrt inc	$12,030,000	–	239,932	–	3.51%	–
BBJP	New	J P MORGAN EXCHANGE TRADED Fbetabuldrs japan	$11,862,000	–	230,147	–	3.46%	–
SHYG	New	ISHARES TR0-5yr hi yl cp	$11,733,000	–	283,067	–	3.42%	–
EWC	New	ISHARES INCmsci cda etf	$11,338,000	–	324,028	–	3.31%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$11,224,000	–	84,562	–	3.27%	–
IGSB	New	ISHARES TR	$11,224,000	–	223,710	–	3.27%	–
XME	New	SPDR SER TRs&p metals mng	$9,719,000	–	191,236	–	2.83%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$9,205,000	–	124,102	–	2.68%	–
EEMA	New	ISHARES INCmsci em asia etf	$6,900,000	–	105,012	–	2.01%	–
EWU	New	ISHARES TRmsci uk etf new	$6,737,000	–	208,255	–	1.96%	–
EWA	New	ISHARES INCmsci aust etf	$6,362,000	–	282,127	–	1.86%	–
GSY	New	INVESCO ACTIVELY MANAGED ETFultra shrt dur	$4,770,000	–	96,089	–	1.39%	–
HYD	New	VANECK ETF TRUSThigh yld munietf	$4,067,000	–	79,213	–	1.19%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$4,012,000	–	9,050	–	1.17%	–
IEF	New	ISHARES TR7-10 yr trsy bd	$3,410,000	–	35,302	–	0.99%	–
PSK	New	SPDR SER TRice pfd sec etf	$2,872,000	–	85,795	–	0.84%	–
EMLC	New	VANECK ETF TRUSTjp mrgan em loc	$2,855,000	–	111,699	–	0.83%	–
NEAR	New	ISHARES U S ETF TRblackrock st mat	$2,047,000	–	41,164	–	0.60%	–
LMBS	New	FIRST TR EXCHANGE-TRADED FDfst low oppt eft	$1,919,000	–	40,254	–	0.56%	–
IGIB	New	ISHARES TR	$1,858,000	–	36,739	–	0.54%	–
BSV	New	VANGUARD BD INDEX FDSshort trm bond	$1,748,000	–	23,137	–	0.51%	–
SJNK	New	SPDR SER TRbloomberg sht te	$1,632,000	–	66,072	–	0.48%	–
TLT	New	ISHARES TR20 yr tr bd etf	$1,505,000	–	14,618	–	0.44%	–
JNK	New	SPDR SER TRbloomberg high y	$1,415,000	–	15,372	–	0.41%	–
SHV	New	ISHARES TRshort treas bd	$1,334,000	–	12,078	–	0.39%	–
ESGD	New	ISHARES TResg aw msci eafe	$1,054,000	–	14,449	–	0.31%	–
EFIV	New	SPDR SER TRs&p 500 esg etf	$930,000	–	21,609	–	0.27%	–
ACWI	New	ISHARES TRmsci acwi etf	$828,000	–	8,626	–	0.24%	–
HYEM	New	VANECK ETF TRUSTemerging mrkt hi	$811,000	–	44,310	–	0.24%	–
ESGV	New	VANGUARD WORLD FDesg us stk etf	$676,000	–	8,631	–	0.20%	–
PCY	New	INVESCO EXCH TRADED FD TR IIemrng mkt svrg	$559,000	–	28,705	–	0.16%	–
HYMB	New	SPDR SER TRnuveen bloomberg	$515,000	–	20,590	–	0.15%	–
ESGE	New	ISHARES INCesg awr msci em	$430,000	–	13,597	–	0.12%	–
ESGU	New	ISHARES TResg awr msci usa	$409,000	–	4,200	–	0.12%	–
NULV	New	NUSHARES ETF TRnuveen esg lrgvl	$386,000	–	11,131	–	0.11%	–
EMB	New	ISHARES TRjpmorgan usd emg	$378,000	–	4,372	–	0.11%	–
IGLB	New	ISHARES TR10+ yr invst grd	$373,000	–	7,226	–	0.11%	–
NUSC	New	NUSHARES ETF TRnuveen esg smlcp	$249,000	–	6,731	–	0.07%	–

Q4 2022

			Value		Shares		↓ Weighting
ESGE	Exit	ISHARES INCesg awr msci em	$0	–	-7,367	–	-0.06%	–
VTV	Exit	VANGUARD INDEX FDSvalue etf	$0	–	-1,910	–	-0.07%	–
ICLN	Exit	ISHARES TRgl clean ene etf	$0	–	-15,793	–	-0.09%	–
ICVT	Exit	ISHARES TRconv bd etf	$0	–	-4,626	–	-0.10%	–
ESGU	Exit	ISHARES TResg awr msci usa	$0	–	-5,157	–	-0.13%	–
NULG	Exit	NUSHARES ETF TRnuveen esg lrgcp	$0	–	-9,781	–	-0.14%	–
PCY	Exit	INVESCO EXCH TRADED FD TR IIemrng mkt svrg	$0	–	-28,705	–	-0.15%	–
USSG	Exit	DBX ETF TRxtrckr msci us	$0	–	-17,673	–	-0.18%	–
ESGD	Exit	ISHARES TResg aw msci eafe	$0	–	-10,389	–	-0.18%	–
IEI	Exit	ISHARES TR3 7 yr treas bd	$0	–	-5,464	–	-0.19%	–
ACWI	Exit	ISHARES TRmsci acwi etf	$0	–	-8,626	–	-0.21%	–
IGLB	Exit	ISHARES TR10+ yr invst grd	$0	–	-13,951	–	-0.21%	–
IEF	Exit	ISHARES TR7-10 yr trsy bd	$0	–	-7,380	–	-0.22%	–
HYEM	Exit	VANECK ETF TRUSTemerging mrkt hi	$0	–	-44,310	–	-0.23%	–
FLOT	Exit	ISHARES TRfltg rate nt etf	$0	–	-18,743	–	-0.29%	–
JMBS	Exit	JANUS DETROIT STR TRhenderson mtg	$0	–	-21,628	–	-0.30%	–
EFIV	Exit	SPDR SER TRs&p 500 esg etf	$0	–	-33,681	–	-0.36%	–
EMLC	Exit	VANECK ETF TRUSTjp mrgan em loc	$0	–	-53,200	–	-0.38%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-12,335	–	-0.39%	–
IGIB	Exit	ISHARES TR	$0	–	-29,998	–	-0.45%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-5,505	–	-0.61%	–
NEAR	Exit	ISHARES U S ETF TRblackrock st mat	$0	–	-40,101	–	-0.62%	–
JNK	Exit	SPDR SER TRbloomberg high y	$0	–	-27,225	–	-0.74%	–
SJNK	Exit	SPDR SER TRbloomberg sht te	$0	–	-147,028	–	-1.09%	–
MBB	Exit	ISHARES TRmbs etf	$0	–	-42,146	–	-1.20%	–
SCHD	Exit	SCHWAB STRATEGIC TRus dividend eq	$0	–	-61,306	–	-1.27%	–
JAAA	Exit	JANUS DETROIT STR TRhendrson aaa cl	$0	–	-92,668	–	-1.42%	–
COWZ	Exit	PACER FDS TRus cash cows 100	$0	–	-138,024	–	-1.76%	–
EWC	Exit	ISHARES INCmsci cda etf	$0	–	-185,933	–	-1.78%	–
JEPI	Exit	J P MORGAN EXCHANGE TRADED Fequity premium	$0	–	-123,812	–	-1.98%	–
HYD	Exit	VANECK ETF TRUSThigh yld munietf	$0	–	-133,391	–	-2.08%	–
EEMA	Exit	ISHARES INCmsci em asia etf	$0	–	-193,490	–	-3.46%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-80,812	–	-3.59%	–
XLC	Exit	SELECT SECTOR SPDR TR	$0	–	-250,870	–	-3.74%	–
JPST	Exit	J P MORGAN EXCHANGE TRADED Fultra shrt inc	$0	–	-261,952	–	-4.10%	–
SHYG	Exit	ISHARES TR0-5yr hi yl cp	$0	–	-331,388	–	-4.12%	–
SPYD	Exit	SPDR SER TRprtflo s&p500 hi	$0	–	-378,570	–	-4.18%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-127,129	–	-4.70%	–
PSK	Exit	SPDR SER TRice pfd sec etf	$0	–	-485,718	–	-5.28%	–
IGSB	Exit	ISHARES TR	$0	–	-379,646	–	-5.83%	–
USHY	Exit	ISHARES TRbroad usd high	$0	–	-599,092	–	-6.28%	–
IEFA	Exit	ISHARES TRcore msci eafe	$0	–	-426,693	–	-7.00%	–
QUAL	Exit	ISHARES TRmsci usa qlt fct	$0	–	-219,224	–	-7.10%	–
MGK	Exit	VANGUARD WORLD FDmega grwth ind	$0	–	-132,206	–	-7.18%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-129,970	–	-14.53%	–

Q3 2022

			Value		Shares		↓ Weighting
IVV	Buy	ISHARES TRcore s&p500 etf	$46,614,000	+86.2%	129,970	+96.9%	14.53%	+102.8%
MGK	Sell	VANGUARD WORLD FDmega grwth ind	$23,042,000	-6.6%	132,206	-2.6%	7.18%	+1.7%
QUAL	Buy	ISHARES TRmsci usa qlt fct	$22,786,000	+85.5%	219,224	+99.4%	7.10%	+102.0%
IEFA	Sell	ISHARES TRcore msci eafe	$22,474,000	-34.1%	426,693	-26.4%	7.00%	-28.3%
USHY	Buy	ISHARES TRbroad usd high	$20,141,000	+99.4%	599,092	+105.4%	6.28%	+117.2%
IGSB	Buy	ISHARES TR	$18,709,000	+1.3%	379,646	+3.9%	5.83%	+10.3%
PSK	Buy	SPDR SER TRice pfd sec etf	$16,932,000	+33.8%	485,718	+37.6%	5.28%	+45.7%
XLK	Sell	SELECT SECTOR SPDR TRtechnology	$15,100,000	-9.5%	127,129	-3.2%	4.70%	-1.5%
SPYD	Buy	SPDR SER TRprtflo s&p500 hi	$13,428,000	-6.3%	378,570	+5.5%	4.18%	+2.1%
SHYG	Buy	ISHARES TR0-5yr hi yl cp	$13,236,000	+3.6%	331,388	+5.2%	4.12%	+12.9%
JPST	Buy	J P MORGAN EXCHANGE TRADED Fultra shrt inc	$13,140,000	+5.2%	261,952	+5.0%	4.10%	+14.5%
XLC	Buy	SELECT SECTOR SPDR TR	$12,014,000	+96.7%	250,870	+122.9%	3.74%	+114.2%
XLY	Sell	SELECT SECTOR SPDR TRsbi cons discr	$11,512,000	-3.9%	80,812	-7.3%	3.59%	+4.6%
EEMA	Sell	ISHARES INCmsci em asia etf	$11,104,000	-55.3%	193,490	-47.0%	3.46%	-51.4%
HYD	Sell	VANECK ETF TRUSThigh yld munietf	$6,660,000	-8.5%	133,391	-1.3%	2.08%	-0.3%
JEPI	Buy	J P MORGAN EXCHANGE TRADED Fequity premium	$6,343,000	+0.9%	123,812	+9.2%	1.98%	+9.9%
EWC	Buy	ISHARES INCmsci cda etf	$5,719,000	-6.0%	185,933	+3.0%	1.78%	+2.4%
COWZ	New	PACER FDS TRus cash cows 100	$5,662,000	–	138,024	–	1.76%	–
JAAA	Buy	JANUS DETROIT STR TRhendrson aaa cl	$4,550,000	+10.8%	92,668	+10.6%	1.42%	+20.6%
SCHD	Buy	SCHWAB STRATEGIC TRus dividend eq	$4,073,000	-6.4%	61,306	+0.9%	1.27%	+1.9%
MBB	Sell	ISHARES TRmbs etf	$3,860,000	-7.2%	42,146	-1.3%	1.20%	+1.0%
SJNK	Sell	SPDR SER TRbloomberg sht te	$3,496,000	-2.7%	147,028	-1.3%	1.09%	+5.9%
JNK	Sell	SPDR SER TRbloomberg high y	$2,392,000	-4.4%	27,225	-1.3%	0.74%	+4.1%
NEAR	Buy	ISHARES U S ETF TRblackrock st mat	$1,975,000	+12.0%	40,101	+12.1%	0.62%	+21.8%
IGIB	Sell	ISHARES TR	$1,448,000	-6.2%	29,998	-0.7%	0.45%	+2.0%
TLT	Buy	ISHARES TR20 yr tr bd etf	$1,264,000	-9.3%	12,335	+1.7%	0.39%	-1.3%
EMLC	Sell	VANECK ETF TRUSTjp mrgan em loc	$1,213,000	-66.5%	53,200	-64.1%	0.38%	-63.6%
EFIV	Buy	SPDR SER TRs&p 500 esg etf	$1,147,000	+7.8%	33,681	+14.7%	0.36%	+17.4%
HYEM	Sell	VANECK ETF TRUSTemerging mrkt hi	$747,000	-79.7%	44,310	-78.6%	0.23%	-77.9%
IEF	Sell	ISHARES TR7-10 yr trsy bd	$708,000	-6.6%	7,380	-0.4%	0.22%	+1.8%
IGLB	Buy	ISHARES TR10+ yr invst grd	$673,000	-7.4%	13,951	+2.3%	0.21%	+1.0%
ACWI	Buy	ISHARES TRmsci acwi etf	$671,000	-6.5%	8,626	+0.8%	0.21%	+2.0%
IEI	Sell	ISHARES TR3 7 yr treas bd	$624,000	-6.4%	5,464	-2.2%	0.19%	+1.6%
ESGD	Sell	ISHARES TResg aw msci eafe	$583,000	-13.9%	10,389	-3.7%	0.18%	-6.2%
USSG	Sell	DBX ETF TRxtrckr msci us	$576,000	-41.4%	17,673	-37.2%	0.18%	-36.3%
NULG	New	NUSHARES ETF TRnuveen esg lrgcp	$451,000	–	9,781	–	0.14%	–
ESGU	New	ISHARES TResg awr msci usa	$410,000	–	5,157	–	0.13%	–
ICVT	New	ISHARES TRconv bd etf	$319,000	–	4,626	–	0.10%	–
ICLN	Buy	ISHARES TRgl clean ene etf	$301,000	+25.4%	15,793	+25.5%	0.09%	+36.2%
VTV	Sell	VANGUARD INDEX FDSvalue etf	$236,000	-97.8%	1,910	-97.7%	0.07%	-97.6%
ESGE	Buy	ISHARES INCesg awr msci em	$204,000	-9.7%	7,367	+5.2%	0.06%	-1.5%
SMH	Exit	VANECK ETF TRUSTsemiconductr etf	$0	–	-995	–	-0.06%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-1,871	–	-0.07%	–
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-7,076	–	-0.15%	–
NULV	Exit	NUSHARES ETF TRnuveen esg lrgvl	$0	–	-18,461	–	-0.18%	–
EMHY	Exit	ISHARES INCjp mrgn em hi bd	$0	–	-54,990	–	-0.54%	–
HYDW	Exit	DBX ETF TRxtrackers low	$0	–	-67,753	–	-0.86%	–
CEMB	Exit	ISHARES INCjp mrg em crp bd	$0	–	-72,573	–	-0.89%	–
BKLN	Exit	INVESCO EXCH TRADED FD TR IIsr ln etf	$0	–	-189,630	–	-1.10%	–
XLF	Exit	SELECT SECTOR SPDR TRfinancial	$0	–	-268,129	–	-2.41%	–
AGG	Exit	ISHARES TRcore us aggbd et	$0	–	-89,385	–	-2.60%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-109,426	–	-2.89%	–

Q2 2022

			Value		Shares		↓ Weighting
IEFA	New	ISHARES TRcore msci eafe	$34,117,000	–	579,728	–	9.76%	–
IVV	New	ISHARES TRcore s&p500 etf	$25,029,000	–	66,014	–	7.16%	–
EEMA	New	ISHARES INCmsci em asia etf	$24,868,000	–	365,172	–	7.12%	–
MGK	New	VANGUARD WORLD FDmega grwth ind	$24,664,000	–	135,747	–	7.06%	–
IGSB	New	ISHARES TR	$18,469,000	–	365,366	–	5.28%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$16,694,000	–	131,327	–	4.78%	–
SPYD	New	SPDR SER TRprtflo s&p500 hi	$14,325,000	–	358,943	–	4.10%	–
SHYG	New	ISHARES TR0-5yr hi yl cp	$12,770,000	–	314,916	–	3.65%	–
PSK	New	SPDR SER TRice pfd sec etf	$12,657,000	–	353,054	–	3.62%	–
JPST	New	J P MORGAN EXCHANGE TRADED Fultra shrt inc	$12,491,000	–	249,379	–	3.58%	–
QUAL	New	ISHARES TRmsci usa qlt fct	$12,285,000	–	109,951	–	3.52%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$11,981,000	–	87,147	–	3.43%	–
VTV	New	VANGUARD INDEX FDSvalue etf	$10,808,000	–	81,957	–	3.09%	–
IJR	New	ISHARES TRcore s&p scp etf	$10,112,000	–	109,426	–	2.89%	–
USHY	New	ISHARES TRbroad usd high	$10,099,000	–	291,703	–	2.89%	–
AGG	New	ISHARES TRcore us aggbd et	$9,089,000	–	89,385	–	2.60%	–
XLF	New	SELECT SECTOR SPDR TRfinancial	$8,433,000	–	268,129	–	2.41%	–
HYD	New	VANECK ETF TRUSThigh yld munietf	$7,276,000	–	135,120	–	2.08%	–
JEPI	New	J P MORGAN EXCHANGE TRADED Fequity premium	$6,286,000	–	113,367	–	1.80%	–
XLC	New	SELECT SECTOR SPDR TR	$6,108,000	–	112,556	–	1.75%	–
EWC	New	ISHARES INCmsci cda etf	$6,081,000	–	180,559	–	1.74%	–
SCHD	New	SCHWAB STRATEGIC TRus dividend eq	$4,351,000	–	60,736	–	1.24%	–
MBB	New	ISHARES TRmbs etf	$4,161,000	–	42,680	–	1.19%	–
JAAA	New	JANUS DETROIT STR TRhendrson aaa cl	$4,108,000	–	83,758	–	1.18%	–
BKLN	New	INVESCO EXCH TRADED FD TR IIsr ln etf	$3,844,000	–	189,630	–	1.10%	–
HYEM	New	VANECK ETF TRUSTemerging mrkt hi	$3,682,000	–	207,083	–	1.05%	–
EMLC	New	VANECK ETF TRUSTjp mrgan em loc	$3,626,000	–	148,117	–	1.04%	–
SJNK	New	SPDR SER TRbloomberg sht te	$3,593,000	–	148,973	–	1.03%	–
CEMB	New	ISHARES INCjp mrg em crp bd	$3,108,000	–	72,573	–	0.89%	–
HYDW	New	DBX ETF TRxtrackers low	$3,022,000	–	67,753	–	0.86%	–
JNK	New	SPDR SER TRbloomberg high y	$2,502,000	–	27,585	–	0.72%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$2,077,000	–	5,505	–	0.59%	–
EMHY	New	ISHARES INCjp mrgn em hi bd	$1,893,000	–	54,990	–	0.54%	–
NEAR	New	ISHARES U S ETF TRblackrock st mat	$1,763,000	–	35,782	–	0.50%	–
IGIB	New	ISHARES TR	$1,543,000	–	30,216	–	0.44%	–
TLT	New	ISHARES TR20 yr tr bd etf	$1,393,000	–	12,131	–	0.40%	–
EFIV	New	SPDR SER TRs&p 500 esg etf	$1,064,000	–	29,362	–	0.30%	–
JMBS	New	JANUS DETROIT STR TRhenderson mtg	$1,037,000	–	21,628	–	0.30%	–
USSG	New	DBX ETF TRxtrckr msci us	$983,000	–	28,160	–	0.28%	–
FLOT	New	ISHARES TRfltg rate nt etf	$936,000	–	18,743	–	0.27%	–
IEF	New	ISHARES TR7-10 yr trsy bd	$758,000	–	7,408	–	0.22%	–
IGLB	New	ISHARES TR10+ yr invst grd	$727,000	–	13,643	–	0.21%	–
ACWI	New	ISHARES TRmsci acwi etf	$718,000	–	8,560	–	0.20%	–
ESGD	New	ISHARES TResg aw msci eafe	$677,000	–	10,788	–	0.19%	–
IEI	New	ISHARES TR3 7 yr treas bd	$667,000	–	5,587	–	0.19%	–
NULV	New	NUSHARES ETF TRnuveen esg lrgvl	$616,000	–	18,461	–	0.18%	–
PCY	New	INVESCO EXCH TRADED FD TR IIemrng mkt svrg	$532,000	–	28,705	–	0.15%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$511,000	–	7,076	–	0.15%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$240,000	–	1,871	–	0.07%	–
ICLN	New	ISHARES TRgl clean ene etf	$240,000	–	12,581	–	0.07%	–
ESGE	New	ISHARES INCesg awr msci em	$226,000	–	7,003	–	0.06%	–
SMH	New	VANECK ETF TRUSTsemiconductr etf	$203,000	–	995	–	0.06%	–

Q4 2021

			Value		Shares		↓ Weighting
ESGE	Exit	ISHARES INCesg awr msci em	$0	–	-6,291	–	-0.07%	–
NUMV	Exit	NUSHARES ETF TRnuveen esg midvl	$0	–	-7,166	–	-0.07%	–
XSOE	Exit	WISDOMTREE TRem ex st-owned	$0	–	-9,663	–	-0.09%	–
NUSC	Exit	NUSHARES ETF TRnuveen esg smlcp	$0	–	-8,533	–	-0.10%	–
JETS	Exit	ETF SER SOLUTIONSus glb jets	$0	–	-20,205	–	-0.12%	–
XLE	Exit	SELECT SECTOR SPDR TRenergy	$0	–	-10,285	–	-0.14%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-8,565	–	-0.15%	–
LRGE	Exit	LEGG MASON ETF INVT TRclearbrideg lr	$0	–	-10,162	–	-0.15%	–
XLB	Exit	SELECT SECTOR SPDR TRsbi materials	$0	–	-7,265	–	-0.15%	–
EMLC	Exit	VANECK ETF TRUSTjp mrgan em loc	$0	–	-20,985	–	-0.16%	–
NULV	Exit	NUSHARES ETF TRnuveen esg lrgvl	$0	–	-16,731	–	-0.16%	–
HDEF	Exit	DBX ETF TRxtrack msci eafe	$0	–	-28,719	–	-0.17%	–
PCY	Exit	INVESCO EXCH TRADED FD TR IIemrng mkt svrg	$0	–	-28,705	–	-0.20%	–
VLUE	Exit	ISHARES TRmsci usa value	$0	–	-9,590	–	-0.25%	–
IEF	Exit	ISHARES TRbarclays 7 10 yr	$0	–	-9,098	–	-0.27%	–
SPYD	Exit	SPDR SER TRprtflo s&p500 hi	$0	–	-27,084	–	-0.28%	–
USSG	Exit	DBX ETF TRxtrckr msci us	$0	–	-28,797	–	-0.30%	–
JMBS	Exit	JANUS DETROIT STR TRhenderson mtg	$0	–	-21,638	–	-0.30%	–
IWO	Exit	ISHARES TRrus 2000 grw etf	$0	–	-4,830	–	-0.37%	–
GSLC	Exit	GOLDMAN SACHS ETF TRactivebeta us lg	$0	–	-16,624	–	-0.37%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-10,291	–	-0.39%	–
ESGD	Exit	ISHARES TResg aw msci eafe	$0	–	-19,475	–	-0.40%	–
FLOT	Exit	ISHARES TRfltg rate nt etf	$0	–	-31,888	–	-0.42%	–
GSIE	Exit	GOLDMAN SACHS ETF TRactivebeta int	$0	–	-49,621	–	-0.44%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-23,231	–	-0.53%	–
IGIB	Exit	ISHARES TR	$0	–	-39,177	–	-0.61%	–
CEMB	Exit	ISHARES INCjp mrg em crp bd	$0	–	-51,690	–	-0.70%	–
HYDW	Exit	DBX ETF TRxtrackers low	$0	–	-61,952	–	-0.82%	–
MBB	Exit	ISHARES TRmbs etf	$0	–	-29,966	–	-0.84%	–
EMB	Exit	ISHARES TRjpmorgan usd emg	$0	–	-32,278	–	-0.92%	–
HYD	Exit	VANECK ETF TRUSThigh yld munietf	$0	–	-62,958	–	-1.02%	–
SCHD	Exit	SCHWAB STRATEGIC TRus dividend eq	$0	–	-56,052	–	-1.08%	–
JAAA	Exit	JANUS DETROIT STR TRhendrson aaa cl	$0	–	-83,456	–	-1.10%	–
PSK	Exit	SPDR SER TRice pfd sec etf	$0	–	-107,293	–	-1.21%	–
NEAR	Exit	ISHARES U S ETF TRblackrock st mat	$0	–	-108,511	–	-1.41%	–
VNQ	Exit	VANGUARD INDEX FDSreal estate etf	$0	–	-65,022	–	-1.72%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-52,213	–	-1.73%	–
RCD	Exit	INVESCO EXCHANGE TRADED FD Ts&p500 eql dis	$0	–	-47,434	–	-1.78%	–
HYEM	Exit	VANECK ETF TRUSTemerging mrkt hi	$0	–	-303,547	–	-1.83%	–
XTN	Exit	SPDR SER TRs&p transn etf	$0	–	-90,473	–	-2.04%	–
IGSB	Exit	ISHARES TR	$0	–	-144,671	–	-2.06%	–
EWI	Exit	ISHARES INCmsci italy etf	$0	–	-260,380	–	-2.14%	–
EWP	Exit	ISHARES INCmsci spain etf	$0	–	-306,032	–	-2.14%	–
XLC	Exit	SELECT SECTOR SPDR TR	$0	–	-110,366	–	-2.30%	–
SMH	Exit	VANECK ETF TRUSTsemiconductr etf	$0	–	-36,454	–	-2.43%	–
VBR	Exit	VANGUARD INDEX FDSsm cp val etf	$0	–	-55,542	–	-2.44%	–
XLF	Exit	SELECT SECTOR SPDR TRfinancial	$0	–	-269,131	–	-2.62%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-100,077	–	-2.84%	–
HYLB	Exit	DBX ETF TRxtrack usd high	$0	–	-281,335	–	-2.93%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-88,523	–	-3.44%	–
JPST	Exit	J P MORGAN EXCHANGE-TRADED Fultra shrt inc	$0	–	-306,243	–	-4.04%	–
SHYG	Exit	ISHARES TR0-5yr hi yl cp	$0	–	-343,501	–	-4.08%	–
VTV	Exit	VANGUARD INDEX FDSvalue etf	$0	–	-120,807	–	-4.25%	–
EFV	Exit	ISHARES TReafe value etf	$0	–	-369,569	–	-4.88%	–
SRLN	Exit	SSGA ACTIVE ETF TRblackstone senr	$0	–	-422,158	–	-5.05%	–
EEMA	Exit	ISHARES INCmsci em asia etf	$0	–	-320,903	–	-7.04%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-88,841	–	-9.95%	–
IEFA	Exit	ISHARES TRcore msci eafe	$0	–	-544,997	–	-10.52%	–

Q3 2021

			Value		Shares		↓ Weighting
IEFA	Buy	ISHARES TRcore msci eafe	$40,466,000	+6.7%	544,997	+7.6%	10.52%	+1.3%
IVV	Buy	ISHARES TRcore s&p500 etf	$38,274,000	+7.6%	88,841	+7.4%	9.95%	+2.1%
EEMA	Buy	ISHARES INCmsci em asia etf	$27,091,000	+148.7%	320,903	+172.5%	7.04%	+136.0%
SRLN	Buy	SSGA ACTIVE ETF TRblackstone senr	$19,428,000	+19.6%	422,158	+20.3%	5.05%	+13.6%
EFV	Buy	ISHARES TReafe value etf	$18,793,000	+8.2%	369,569	+10.1%	4.88%	+2.7%
VTV	Buy	VANGUARD INDEX FDSvalue etf	$16,354,000	+9.9%	120,807	+11.6%	4.25%	+4.3%
SHYG	Buy	ISHARES TR0-5yr hi yl cp	$15,698,000	+12.4%	343,501	+13.3%	4.08%	+6.7%
JPST	Buy	J P MORGAN EXCHANGE-TRADED Fultra shrt inc	$15,533,000	+30.0%	306,243	+30.1%	4.04%	+23.4%
XLK	Sell	SELECT SECTOR SPDR TRtechnology	$13,218,000	-2.2%	88,523	-3.3%	3.44%	-7.2%
HYLB	Sell	DBX ETF TRxtrack usd high	$11,276,000	-1.5%	281,335	-0.9%	2.93%	-6.4%
IJR	Buy	ISHARES TRcore s&p scp etf	$10,927,000	+9.1%	100,077	+12.9%	2.84%	+3.5%
XLF	Buy	SELECT SECTOR SPDR TRfinancial	$10,100,000	+6.7%	269,131	+4.3%	2.62%	+1.3%
VBR	New	VANGUARD INDEX FDSsm cp val etf	$9,401,000	–	55,542	–	2.44%	–
SMH	New	VANECK ETF TRUSTsemiconductr etf	$9,342,000	–	36,454	–	2.43%	–
XLC	Sell	SELECT SECTOR SPDR TR	$8,841,000	-20.8%	110,366	-20.0%	2.30%	-24.9%
EWP	Sell	ISHARES INCmsci spain etf	$8,254,000	-29.4%	306,032	-25.6%	2.14%	-33.0%
EWI	Sell	ISHARES INCmsci italy etf	$8,241,000	-30.2%	260,380	-28.6%	2.14%	-33.8%
IGSB	Sell	ISHARES TR	$7,905,000	-0.9%	144,671	-0.6%	2.06%	-5.9%
XTN	New	SPDR SER TRs&p transn etf	$7,828,000	–	90,473	–	2.04%	–
HYEM	Buy	VANECK ETF TRUSTemerging mrkt hi	$7,042,000	+6.1%	303,547	+9.2%	1.83%	+0.7%
RCD	Buy	INVESCO EXCHANGE TRADED FD Ts&p500 eql dis	$6,840,000	+3.5%	47,434	+6.3%	1.78%	-1.8%
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$6,647,000	–	52,213	–	1.73%	–
VNQ	Sell	VANGUARD INDEX FDSreal estate etf	$6,618,000	-56.2%	65,022	-56.2%	1.72%	-58.4%
NEAR	Sell	ISHARES U S ETF TRblackrock st mat	$5,441,000	-10.8%	108,511	-10.8%	1.41%	-15.4%
PSK	Buy	SPDR SER TRice pfd sec etf	$4,663,000	+13.7%	107,293	+15.7%	1.21%	+7.9%
JAAA	Buy	JANUS DETROIT STR TRhendrson aaa cl	$4,216,000	+967.3%	83,456	+966.4%	1.10%	+914.8%
SCHD	Buy	SCHWAB STRATEGIC TRus dividend eq	$4,161,000	-1.1%	56,052	+0.7%	1.08%	-6.2%
HYD	Buy	VANECK ETF TRUSThigh yld munietf	$3,934,000	-1.5%	62,958	+0.3%	1.02%	-6.4%
EMB	Buy	ISHARES TRjpmorgan usd emg	$3,553,000	+1.7%	32,278	+3.8%	0.92%	-3.6%
MBB	Buy	ISHARES TRmbs etf	$3,241,000	+10.2%	29,966	+10.3%	0.84%	+4.6%
HYDW	Buy	DBX ETF TRxtrackers low	$3,146,000	+25.1%	61,952	+25.4%	0.82%	+18.9%
CEMB	Buy	ISHARES INCjp mrg em crp bd	$2,682,000	+5.9%	51,690	+7.2%	0.70%	+0.6%
IGIB	Buy	ISHARES TR	$2,353,000	+20.7%	39,177	+21.6%	0.61%	+14.6%
HYG	Buy	ISHARES TRiboxx hi yd etf	$2,032,000	+17.9%	23,231	+18.7%	0.53%	+11.9%
GSIE	Buy	GOLDMAN SACHS ETF TRactivebeta int	$1,696,000	-0.6%	49,621	+1.6%	0.44%	-5.6%
FLOT	Buy	ISHARES TRfltg rate nt etf	$1,621,000	+18.8%	31,888	+18.8%	0.42%	+12.6%
ESGD	Sell	ISHARES TResg aw msci eafe	$1,526,000	-4.5%	19,475	-3.7%	0.40%	-9.4%
TLT	Buy	ISHARES TR20 yr tr bd etf	$1,485,000	+2.3%	10,291	+2.3%	0.39%	-2.8%
GSLC	Sell	GOLDMAN SACHS ETF TRactivebeta us lg	$1,430,000	-4.5%	16,624	-4.5%	0.37%	-9.3%
JMBS	Sell	JANUS DETROIT STR TRhenderson mtg	$1,150,000	-86.0%	21,638	-86.0%	0.30%	-86.7%
USSG	Sell	DBX ETF TRxtrckr msci us	$1,146,000	-3.7%	28,797	-4.3%	0.30%	-8.6%
SPYD	Buy	SPDR SER TRprtflo s&p500 hi	$1,060,000	+134.5%	27,084	+140.4%	0.28%	+122.6%
IEF	Buy	ISHARES TRbarclays 7 10 yr	$1,048,000	+8.0%	9,098	+8.3%	0.27%	+2.3%
VLUE	New	ISHARES TRmsci usa value	$966,000	–	9,590	–	0.25%	–
HDEF	New	DBX ETF TRxtrack msci eafe	$652,000	–	28,719	–	0.17%	–
LRGE	Sell	LEGG MASON ETF INVT TRclearbrideg lr	$573,000	-5.9%	10,162	-6.8%	0.15%	-10.8%
XLB	New	SELECT SECTOR SPDR TRsbi materials	$575,000	–	7,265	–	0.15%	–
XLE	New	SELECT SECTOR SPDR TRenergy	$536,000	–	10,285	–	0.14%	–
JETS	New	ETF SER SOLUTIONSus glb jets	$477,000	–	20,205	–	0.12%	–
NUSC	Buy	NUSHARES ETF TRnuveen esg smlcp	$371,000	+1.9%	8,533	+5.7%	0.10%	-4.0%
XSOE	New	WISDOMTREE TRem ex st-owned	$361,000	–	9,663	–	0.09%	–
ESGE	Buy	ISHARES INCesg awr msci em	$261,000	-1.5%	6,291	+7.3%	0.07%	-6.8%
PSQ	Exit	PRO (PSQ) SHORT QQQeetf	$0	–	-46,290	–	-0.16%	–
VNLA	Exit	JAN (VNLA) SHORT DUR BOND FDfetf	$0	–	-11,410	–	-0.16%	–
SH	Exit	PRO (SH) SHORT S&P500eetf	$0	–	-178,210	–	-0.75%	–
XLP	Exit	SPDR (XLP) CONS STAPLEeetf	$0	–	-92,946	–	-1.78%	–
QUAL	Exit	ISH (QUAL) US QUALITYeetf	$0	–	-84,047	–	-3.06%	–
IYC	Exit	ISH (IYC) US CONSUMER SERVICESeetf	$0	–	-145,650	–	-3.10%	–

Q2 2021

			Value		Shares		↓ Weighting
IEFA	New	ISH (IEFA) CORE EAFEeetf	$37,930,000	–	506,682	–	10.39%	–
IVV	New	ISH (IVV) S&P500 COREeetf	$35,568,000	–	82,732	–	9.74%	–
EFV	New	ISH (EFV) MSCI EAFE VALUEeetf	$17,374,000	–	335,660	–	4.76%	–
SRLN	New	SPDR (SRLN) SENIOR LOANfetf	$16,240,000	–	350,832	–	4.45%	–
VNQ	New	VAN (VNQ) REITeetf	$15,096,000	–	148,301	–	4.13%	–
VTV	New	VAN (VTV) VALUEeetf	$14,884,000	–	108,277	–	4.08%	–
SHYG	New	ISH (SHYG) HIGH YIELD 0-5YR CORPfetf	$13,966,000	–	303,219	–	3.82%	–
XLK	New	SPDR (XLK) TECHNOLOGYeetf	$13,517,000	–	91,539	–	3.70%	–
JPST	New	JPM (JPST) ULTRA SHORT INCfetf	$11,945,000	–	235,407	–	3.27%	–
EWI	New	ISH (EWI) MSCI ITALYeetf	$11,808,000	–	364,561	–	3.23%	–
EWP	New	ISH (EWP) MSCI SPAINeetf	$11,690,000	–	411,326	–	3.20%	–
HYLB	New	XTR (HYLB) HIGH YIELD CORPfetf	$11,442,000	–	283,838	–	3.13%	–
IYC	New	ISH (IYC) US CONSUMER SERVICESeetf	$11,305,000	–	145,650	–	3.10%	–
XLC	New	SPDR (XLC) COMMUNICATIONeetf	$11,167,000	–	137,915	–	3.06%	–
QUAL	New	ISH (QUAL) US QUALITYeetf	$11,167,000	–	84,047	–	3.06%	–
EEMA	New	ISH (EEMA) MSCI EMeetf	$10,892,000	–	117,752	–	2.98%	–
IJR	New	ISH (IJR) S&P SMALL CAPeetf	$10,019,000	–	88,676	–	2.74%	–
XLF	New	SPDR (XLF) FINANCIALSeetf	$9,463,000	–	257,927	–	2.59%	–
JMBS	New	JAN (JMBS) MBS BOND FDfetf	$8,224,000	–	154,740	–	2.25%	–
IGSB	New	ISH (IGSB) 1-5 YEAR CREDITfetf	$7,974,000	–	145,479	–	2.18%	–
HYEM	New	VANE (HYEM) EM HIGH YIELDfetf	$6,635,000	–	277,865	–	1.82%	–
RCD	New	INV (RCD) S&P 500eetf	$6,611,000	–	44,624	–	1.81%	–
XLP	New	SPDR (XLP) CONS STAPLEeetf	$6,503,000	–	92,946	–	1.78%	–
NEAR	New	ISH (NEAR) SHORT BONDfetf	$6,101,000	–	121,623	–	1.67%	–
SCHD	New	SCH (SCHD) US DIVeetf	$4,209,000	–	55,655	–	1.15%	–
PSK	New	SPDR (PSK) WF PREF STKfetf	$4,100,000	–	92,718	–	1.12%	–
HYD	New	MKTV (HYD) HIGH YLD MUNIfetf	$3,992,000	–	62,755	–	1.09%	–
EMB	New	ISH (EMB) USD EMERGINGfetf	$3,495,000	–	31,082	–	0.96%	–
MBB	New	ISH (MBB) MBS BOND FDfetf	$2,941,000	–	27,170	–	0.80%	–
SH	New	PRO (SH) SHORT S&P500eetf	$2,743,000	–	178,210	–	0.75%	–
CEMB	New	ISH (CEMB) EM DEBTfetf	$2,532,000	–	48,239	–	0.69%	–
HYDW	New	XTR (HYDW) US HIGH YIELDfetf	$2,514,000	–	49,412	–	0.69%	–
IGIB	New	ISH (IGIB) INT CREDITfetf	$1,949,000	–	32,209	–	0.53%	–
HYG	New	ISH (HYG) HIGH YLDfetf	$1,723,000	–	19,571	–	0.47%	–
GSIE	New	GS (GSIE) AB INTLeetf	$1,707,000	–	48,855	–	0.47%	–
ESGD	New	ISH (ESGD) MSCI EAFEeetf	$1,598,000	–	20,224	–	0.44%	–
IWO	New	ISH (IWO) RUSSELL 2000 GWTHeetf	$1,505,000	–	4,830	–	0.41%	–
GSLC	New	GS (GSLC) AB ETFeetf	$1,497,000	–	17,400	–	0.41%	–
TLT	New	ISH (TLT) 20 PLUS YEAR TREASfetf	$1,451,000	–	10,055	–	0.40%	–
FLOT	New	ISH (FLOT) FLOATING RATE BONDfetf	$1,364,000	–	26,838	–	0.37%	–
USSG	New	XTR (USSG) US LARGE CAP COREeetf	$1,190,000	–	30,104	–	0.33%	–
IEF	New	ISH (IEF) BARCLAYS 7-10YR TSYfetf	$970,000	–	8,401	–	0.27%	–
PCY	New	INV (PCY) EMERG MKT DEBTfetf	$793,000	–	28,705	–	0.22%	–
EMLC	New	VANE (EMLC) LC BONDfetf	$659,000	–	20,985	–	0.18%	–
NULV	New	NUV (NULV) ESG LRG CAP VALeetf	$632,000	–	16,731	–	0.17%	–
LRGE	New	CBR (LRGE) LRG CAP GR ESGeetf	$609,000	–	10,899	–	0.17%	–
VGK	New	VAN (VGK) FTSE EUROPEeetf	$576,000	–	8,565	–	0.16%	–
VNLA	New	JAN (VNLA) SHORT DUR BOND FDfetf	$573,000	–	11,410	–	0.16%	–
PSQ	New	PRO (PSQ) SHORT QQQeetf	$574,000	–	46,290	–	0.16%	–
SPYD	New	SPDR (SPYD) S&P500 HIGH DIVeetf	$452,000	–	11,266	–	0.12%	–
JAAA	New	JAN (JAAA) AAA CLOfetf	$395,000	–	7,826	–	0.11%	–
NUSC	New	NUSH (NUSC) ESG SMALL CAPeetf	$364,000	–	8,070	–	0.10%	–
ESGE	New	ISH (ESGE) MSCI EM SELECTeetf	$265,000	–	5,863	–	0.07%	–
NUMV	New	NUV (NUMV) ESG MID CAP VALUEeetf	$260,000	–	7,166	–	0.07%	–

Q4 2020

			Value		Shares		↓ Weighting
IEF	Exit	ISH (IEF) BARCLAYS 7-10YR TSYfetf	$0	–	-1,979	–	-0.08%	–
HYS	Exit	PIMCO (HYS) 0-5 YR HIGH YLDfetf	$0	–	-2,669	–	-0.08%	–
NULV	Exit	NUV (NULV) ESG LRG CAP VALeetf	$0	–	-10,890	–	-0.10%	–
ESGE	Exit	ISH (ESGE) MSCI EM SELECTeetf	$0	–	-13,297	–	-0.16%	–
USSG	Exit	XTR (USSG) US LARGE CAP COREeetf	$0	–	-16,520	–	-0.17%	–
PCY	Exit	INV (PCY) EMERG MKT DEBTfetf	$0	–	-18,872	–	-0.17%	–
EMLC	Exit	VANE (EMLC) LC BONDfetf	$0	–	-22,091	–	-0.22%	–
DVYE	Exit	ISH (DVYE) EM DIVeetf	$0	–	-22,629	–	-0.22%	–
CLOU	Exit	GLOBAL (CLOU) X CLOUD COMPUTINGeetf	$0	–	-28,500	–	-0.22%	–
VLUE	Exit	ISH (VLUE) MSCI VALUEeetf	$0	–	-10,405	–	-0.25%	–
IGLB	Exit	ISH (IGLB) 10 PLUS YEAR CREDITfetf	$0	–	-11,441	–	-0.26%	–
LRGE	Exit	CBR (LRGE) LRG CAP GR ESGeetf	$0	–	-21,074	–	-0.32%	–
XLF	Exit	SPDR (XLF) FINANCIALSeetf	$0	–	-40,870	–	-0.32%	–
SMH	Exit	VAN (SMH) SEMICONDUCTOReetf	$0	–	-5,680	–	-0.33%	–
VNLA	Exit	JAN (VNLA) SHORT DUR BOND FDfetf	$0	–	-20,523	–	-0.34%	–
IWO	Exit	ISH (IWO) RUSSELL 2000 GWTHeetf	$0	–	-5,050	–	-0.37%	–
CEMB	Exit	ISH (CEMB) EM DEBTfetf	$0	–	-24,575	–	-0.42%	–
ESGD	Exit	ISH (ESGD) MSCI EAFEeetf	$0	–	-19,981	–	-0.42%	–
FLOT	Exit	ISH (FLOT) FLOATING RATE BONDfetf	$0	–	-32,333	–	-0.54%	–
PFF	Exit	ISH (PFF) PREF STK INDXfetf	$0	–	-50,790	–	-0.61%	–
HYG	Exit	ISH (HYG) HIGH YLDfetf	$0	–	-24,191	–	-0.67%	–
MBB	Exit	ISH (MBB) MBS BOND FDfetf	$0	–	-18,821	–	-0.68%	–
HYDW	Exit	XTR (HYDW) US HIGH YIELDfetf	$0	–	-47,162	–	-0.77%	–
EMB	Exit	ISH (EMB) USD EMERGINGfetf	$0	–	-27,449	–	-1.00%	–
IGIB	Exit	ISH (IGIB) INT CREDITfetf	$0	–	-50,446	–	-1.01%	–
SCHD	Exit	SCH (SCHD) US DIVeetf	$0	–	-59,207	–	-1.08%	–
SPYD	Exit	SPDR (SPYD) S&P500 HIGH DIVeetf	$0	–	-123,297	–	-1.11%	–
NEAR	Exit	ISH (NEAR) SHORT BONDfetf	$0	–	-72,775	–	-1.20%	–
HYD	Exit	MKTV (HYD) HIGH YLD MUNIfetf	$0	–	-64,378	–	-1.26%	–
JMBS	Exit	JAN (JMBS) MBS BOND FDfetf	$0	–	-75,761	–	-1.34%	–
IGSB	Exit	ISH (IGSB) 1-3 YEAR CREDITfetf	$0	–	-91,325	–	-1.65%	–
GMF	Exit	SPDR (GMF) EMG MKT ASIAeetf	$0	–	-54,531	–	-2.00%	–
HYEM	Exit	VANE (HYEM) EM HIGH YIELDfetf	$0	–	-268,582	–	-2.00%	–
JPST	Exit	JPM (JPST) ULTRA SHORT INCfetf	$0	–	-132,902	–	-2.22%	–
PSK	Exit	SPDR (PSK) WF PREF STKfetf	$0	–	-192,154	–	-2.75%	–
EFV	Exit	ISH (EFV) MSCI EAFE VALUEeetf	$0	–	-211,340	–	-2.80%	–
SRLN	Exit	SPDR (SRLN) SENIOR LOANfetf	$0	–	-192,059	–	-2.83%	–
XRT	Exit	SPDR (XRT) S&P RETAILeetf	$0	–	-174,854	–	-2.86%	–
XTN	Exit	SPDR (XTN) S&P TRANSPOeetf	$0	–	-153,269	–	-2.93%	–
XHB	Exit	SPDR (XHB) HOMEBUILDERSeetf	$0	–	-172,353	–	-3.06%	–
SHYG	Exit	ISH (SHYG) HIGH YIELD 0-5YR CORPfetf	$0	–	-223,996	–	-3.24%	–
QUAL	Exit	ISH (QUAL) US QUALITYeetf	$0	–	-94,972	–	-3.24%	–
EEMA	Exit	ISH (EEMA) MSCI EMeetf	$0	–	-133,221	–	-3.28%	–
IJR	Exit	ISH (IJR) S&P SMALL CAPeetf	$0	–	-145,926	–	-3.37%	–
HYLB	Exit	XTR (HYLB) HIGH YIELD CORPfetf	$0	–	-214,104	–	-3.39%	–
IEMG	Exit	ISH (IEMG) EMERGING MKTSeetf	$0	–	-213,569	–	-3.71%	–
XLY	Exit	SPDR (XLY) CONS DISCeetf	$0	–	-93,437	–	-4.52%	–
IVV	Exit	ISH (IVV) S&P500 COREeetf	$0	–	-46,209	–	-5.11%	–
XLK	Exit	SPDR (XLK) TECHNOLOGYeetf	$0	–	-146,472	–	-5.62%	–
VTV	Exit	VAN (VTV) VALUEeetf	$0	–	-211,081	–	-7.26%	–
IEFA	Exit	ISH (IEFA) CORE EAFEeetf	$0	–	-828,228	–	-16.44%	–

Q3 2020

			Value		Shares		↓ Weighting
IEFA	Buy	ISH (IEFA) CORE EAFEeetf	$49,934,000	+26.5%	828,228	+20.0%	16.44%	+32.5%
VTV	Buy	VAN (VTV) VALUEeetf	$22,062,000	+80.7%	211,081	+72.3%	7.26%	+89.2%
XLK	Sell	SPDR (XLK) TECHNOLOGYeetf	$17,080,000	-5.9%	146,472	-15.7%	5.62%	-1.5%
IVV	Sell	ISH (IVV) S&P500 COREeetf	$15,529,000	-3.3%	46,209	-10.9%	5.11%	+1.2%
XLY	Sell	SPDR (XLY) CONS DISCeetf	$13,725,000	-0.8%	93,437	-13.8%	4.52%	+3.8%
IEMG	New	ISH (IEMG) EMERGING MKTSeetf	$11,266,000	–	213,569	–	3.71%	–
HYLB	Buy	XTR (HYLB) HIGH YIELD CORPfetf	$10,296,000	+54.3%	214,104	+50.0%	3.39%	+61.5%
IJR	Buy	ISH (IJR) S&P SMALL CAPeetf	$10,248,000	+614.6%	145,926	+595.1%	3.37%	+648.1%
EEMA	Sell	ISH (EEMA) MSCI EMeetf	$9,960,000	+0.8%	133,221	-10.4%	3.28%	+5.5%
QUAL	Sell	ISH (QUAL) US QUALITYeetf	$9,848,000	-67.2%	94,972	-69.6%	3.24%	-65.6%
SHYG	Buy	ISH (SHYG) HIGH YIELD 0-5YR CORPfetf	$9,838,000	+19.7%	223,996	+16.9%	3.24%	+25.3%
XHB	Buy	SPDR (XHB) HOMEBUILDERSeetf	$9,286,000	+641.7%	172,353	+504.3%	3.06%	+675.9%
XTN	New	SPDR (XTN) S&P TRANSPOeetf	$8,902,000	–	153,269	–	2.93%	–
XRT	New	SPDR (XRT) S&P RETAILeetf	$8,675,000	–	174,854	–	2.86%	–
SRLN	New	SPDR (SRLN) SENIOR LOANfetf	$8,589,000	–	192,059	–	2.83%	–
EFV	Sell	ISH (EFV) MSCI EAFE VALUEeetf	$8,517,000	-53.2%	211,340	-53.7%	2.80%	-51.1%
PSK	Buy	SPDR (PSK) WF PREF STKfetf	$8,345,000	+5.6%	192,154	+1.4%	2.75%	+10.5%
JPST	Buy	JPM (JPST) ULTRA SHORT INCfetf	$6,750,000	+31.5%	132,902	+31.3%	2.22%	+37.6%
HYEM	Sell	VANE (HYEM) EM HIGH YIELDfetf	$6,070,000	-4.8%	268,582	-5.4%	2.00%	-0.4%
GMF	Sell	SPDR (GMF) EMG MKT ASIAeetf	$6,064,000	+0.3%	54,531	-10.7%	2.00%	+5.0%
IGSB	Sell	ISH (IGSB) 1-3 YEAR CREDITfetf	$5,014,000	-22.3%	91,325	-22.5%	1.65%	-18.6%
JMBS	Sell	JAN (JMBS) MBS BOND FDfetf	$4,061,000	-26.4%	75,761	-26.2%	1.34%	-22.9%
HYD	Buy	MKTV (HYD) HIGH YLD MUNIfetf	$3,843,000	+5.1%	64,378	+4.4%	1.26%	+10.0%
NEAR	Sell	ISH (NEAR) SHORT BONDfetf	$3,647,000	-35.8%	72,775	-35.9%	1.20%	-32.8%
SPYD	Buy	SPDR (SPYD) S&P500 HIGH DIVeetf	$3,375,000	+30.6%	123,297	+32.9%	1.11%	+36.7%
SCHD	Buy	SCH (SCHD) US DIVeetf	$3,272,000	+7.9%	59,207	+1.0%	1.08%	+12.9%
IGIB	Buy	ISH (IGIB) INT CREDITfetf	$3,068,000	+124.6%	50,446	+122.9%	1.01%	+134.9%
EMB	Sell	ISH (EMB) USD EMERGINGfetf	$3,044,000	-20.8%	27,449	-22.0%	1.00%	-17.1%
HYDW	Buy	XTR (HYDW) US HIGH YIELDfetf	$2,344,000	+10.8%	47,162	+8.7%	0.77%	+16.1%
MBB	Buy	ISH (MBB) MBS BOND FDfetf	$2,078,000	+6.2%	18,821	+6.5%	0.68%	+11.2%
HYG	Buy	ISH (HYG) HIGH YLDfetf	$2,029,000	+51.8%	24,191	+47.7%	0.67%	+59.0%
PFF	Buy	ISH (PFF) PREF STK INDXfetf	$1,849,000	+16.9%	50,790	+11.2%	0.61%	+22.3%
FLOT	Sell	ISH (FLOT) FLOATING RATE BONDfetf	$1,639,000	-83.3%	32,333	-83.3%	0.54%	-82.5%
CEMB	Buy	ISH (CEMB) EM DEBTfetf	$1,270,000	+3.4%	24,575	+1.1%	0.42%	+8.3%
ESGD	Buy	ISH (ESGD) MSCI EAFEeetf	$1,269,000	+40.1%	19,981	+33.6%	0.42%	+46.7%
IWO	Sell	ISH (IWO) RUSSELL 2000 GWTHeetf	$1,117,000	-46.5%	5,050	-50.0%	0.37%	-43.9%
VNLA	Sell	JAN (VNLA) SHORT DUR BOND FDfetf	$1,034,000	-71.1%	20,523	-71.1%	0.34%	-69.8%
SMH	Sell	VAN (SMH) SEMICONDUCTOReetf	$989,000	+7.0%	5,680	-6.1%	0.33%	+12.0%
XLF	Sell	SPDR (XLF) FINANCIALSeetf	$983,000	-93.3%	40,870	-93.5%	0.32%	-93.0%
LRGE	Buy	CBR (LRGE) LRG CAP GR ESGeetf	$961,000	+66.0%	21,074	+47.7%	0.32%	+73.6%
IGLB	Sell	ISH (IGLB) 10 PLUS YEAR CREDITfetf	$804,000	-68.2%	11,441	-68.3%	0.26%	-66.7%
VLUE	Sell	ISH (VLUE) MSCI VALUEeetf	$767,000	-96.3%	10,405	-96.4%	0.25%	-96.1%
CLOU	New	GLOBAL (CLOU) X CLOUD COMPUTINGeetf	$680,000	–	28,500	–	0.22%	–
DVYE	Buy	ISH (DVYE) EM DIVeetf	$680,000	+9.0%	22,629	+13.4%	0.22%	+14.3%
PCY	Sell	INV (PCY) EMERG MKT DEBTfetf	$511,000	+0.8%	18,872	-0.4%	0.17%	+5.7%
USSG	Sell	XTR (USSG) US LARGE CAP COREeetf	$505,000	-21.2%	16,520	-26.8%	0.17%	-17.8%
ESGE	Buy	ISH (ESGE) MSCI EM SELECTeetf	$474,000	+91.9%	13,297	+72.5%	0.16%	+100.0%
NULV	Sell	NUV (NULV) ESG LRG CAP VALeetf	$316,000	-46.9%	10,890	-49.1%	0.10%	-44.4%
HYS	Sell	PIMCO (HYS) 0-5 YR HIGH YLDfetf	$250,000	+1.2%	2,669	-1.4%	0.08%	+5.1%
IEF	Buy	ISH (IEF) BARCLAYS 7-10YR TSYfetf	$241,000	+6.6%	1,979	+6.5%	0.08%	+11.3%
LQDH	Exit	ISH (LQDH) INT RATE HEDGED CORP BDfetf	$0	–	-3,302	–	-0.09%	–
QQQ	Exit	INV (QQQ) TRUSTeetf	$0	–	-5,160	–	-0.40%	–
VBR	Exit	VAN (VBR) SMALL CAP VALUEeetf	$0	–	-12,570	–	-0.42%	–
BLV	Exit	VAN (BLV) LONG TERM BONDfetf	$0	–	-17,881	–	-0.63%	–
GUDB	Exit	SAGE (GUDB) INT CREDITfetf	$0	–	-237,955	–	-3.88%	–

Q2 2020

			Value		Shares		↓ Weighting
IEFA	New	ISH (IEFA) CORE EAFEeetf	$39,460,000	–	690,108	–	12.41%	–
QUAL	New	ISH (QUAL) US QUALITYeetf	$29,990,000	–	312,757	–	9.43%	–
VLUE	New	ISH (VLUE) MSCI VALUEeetf	$20,767,000	–	287,516	–	6.53%	–
EFV	New	ISH (EFV) MSCI EAFE VALUEeetf	$18,217,000	–	456,347	–	5.73%	–
XLK	New	SPDR (XLK) TECHNOLOGYeetf	$18,142,000	–	173,676	–	5.71%	–
IVV	New	ISH (IVV) S&P500 COREeetf	$16,066,000	–	51,874	–	5.05%	–
XLF	New	SPDR (XLF) FINANCIALSeetf	$14,623,000	–	631,411	–	4.60%	–
XLY	New	SPDR (XLY) CONS DISCeetf	$13,835,000	–	108,341	–	4.35%	–
GUDB	New	SAGE (GUDB) INT CREDITfetf	$12,326,000	–	237,955	–	3.88%	–
VTV	New	VAN (VTV) VALUEeetf	$12,206,000	–	122,515	–	3.84%	–
EEMA	New	ISH (EEMA) MSCI EMeetf	$9,884,000	–	148,610	–	3.11%	–
FLOT	New	ISH (FLOT) FLOATING RATE BONDfetf	$9,793,000	–	193,657	–	3.08%	–
SHYG	New	ISH (SHYG) HIGH YIELD 0-5YR CORPfetf	$8,217,000	–	191,638	–	2.58%	–
PSK	New	SPDR (PSK) WF PREF STKfetf	$7,901,000	–	189,562	–	2.48%	–
HYLB	New	XTR (HYLB) HIGH YIELD CORPfetf	$6,672,000	–	142,772	–	2.10%	–
IGSB	New	ISH (IGSB) 1-3 YEAR CREDITfetf	$6,449,000	–	117,878	–	2.03%	–
HYEM	New	VANE (HYEM) EM HIGH YIELDfetf	$6,378,000	–	283,845	–	2.01%	–
GMF	New	SPDR (GMF) EMG MKT ASIAeetf	$6,045,000	–	61,036	–	1.90%	–
NEAR	New	ISH (NEAR) SHORT BONDfetf	$5,679,000	–	113,602	–	1.79%	–
JMBS	New	JAN (JMBS) MBS BOND FDfetf	$5,514,000	–	102,700	–	1.73%	–
JPST	New	JPM (JPST) ULTRA SHORT INCfetf	$5,135,000	–	101,222	–	1.62%	–
EMB	New	ISH (EMB) USD EMERGINGfetf	$3,843,000	–	35,201	–	1.21%	–
HYD	New	MKTV (HYD) HIGH YLD MUNIfetf	$3,655,000	–	61,672	–	1.15%	–
VNLA	New	JAN (VNLA) SHORT DUR BOND FDfetf	$3,574,000	–	71,121	–	1.12%	–
SCHD	New	SCH (SCHD) US DIVeetf	$3,032,000	–	58,632	–	0.95%	–
SPYD	New	SPDR (SPYD) S&P500 HIGH DIVeetf	$2,584,000	–	92,765	–	0.81%	–
IGLB	New	ISH (IGLB) 10 PLUS YEAR CREDITfetf	$2,527,000	–	36,116	–	0.80%	–
HYDW	New	XTR (HYDW) US HIGH YIELDfetf	$2,115,000	–	43,388	–	0.66%	–
IWO	New	ISH (IWO) RUSSELL 2000 GWTHeetf	$2,087,000	–	10,100	–	0.66%	–
BLV	New	VAN (BLV) LONG TERM BONDfetf	$1,996,000	–	17,881	–	0.63%	–
MBB	New	ISH (MBB) MBS BOND FDfetf	$1,957,000	–	17,676	–	0.62%	–
PFF	New	ISH (PFF) PREF STK INDXfetf	$1,582,000	–	45,695	–	0.50%	–
IJR	New	ISH (IJR) S&P SMALL CAPeetf	$1,434,000	–	20,995	–	0.45%	–
IGIB	New	ISH (IGIB) INT CREDITfetf	$1,366,000	–	22,631	–	0.43%	–
VBR	New	VAN (VBR) SMALL CAP VALUEeetf	$1,343,000	–	12,570	–	0.42%	–
HYG	New	ISH (HYG) HIGH YLDfetf	$1,337,000	–	16,379	–	0.42%	–
QQQ	New	INV (QQQ) TRUSTeetf	$1,276,000	–	5,160	–	0.40%	–
XHB	New	SPDR (XHB) HOMEBUILDERSeetf	$1,252,000	–	28,520	–	0.39%	–
CEMB	New	ISH (CEMB) EM DEBTfetf	$1,228,000	–	24,306	–	0.39%	–
SMH	New	VAN (SMH) SEMICONDUCTOReetf	$924,000	–	6,050	–	0.29%	–
ESGD	New	ISH (ESGD) MSCI EAFEeetf	$906,000	–	14,955	–	0.28%	–
EMLC	New	VANE (EMLC) LC BONDfetf	$678,000	–	22,091	–	0.21%	–
USSG	New	XTR (USSG) US LARGE CAP COREeetf	$641,000	–	22,580	–	0.20%	–
DVYE	New	ISH (DVYE) EM DIVeetf	$624,000	–	19,963	–	0.20%	–
NULV	New	NUV (NULV) ESG LRG CAP VALeetf	$595,000	–	21,374	–	0.19%	–
LRGE	New	CBR (LRGE) LRG CAP GR ESGeetf	$579,000	–	14,267	–	0.18%	–
PCY	New	INV (PCY) EMERG MKT DEBTfetf	$507,000	–	18,957	–	0.16%	–
LQDH	New	ISH (LQDH) INT RATE HEDGED CORP BDfetf	$296,000	–	3,302	–	0.09%	–
HYS	New	PIMCO (HYS) 0-5 YR HIGH YLDfetf	$247,000	–	2,707	–	0.08%	–
ESGE	New	ISH (ESGE) MSCI EM SELECTeetf	$247,000	–	7,710	–	0.08%	–
IEF	New	ISH (IEF) BARCLAYS 7-10YR TSYfetf	$226,000	–	1,858	–	0.07%	–

Q4 2019

			Value		Shares		↓ Weighting
AMLP	Exit	ALERIAN (AMLP) MLPeetf	$0	–	-19,550	–	-0.06%	–
LRGE	Exit	CBR (LRGE) LRG CAP GR ESGeetf	$0	–	-7,741	–	-0.09%	–
USSG	Exit	XTR (USSG) US LARGE CAP COREeetf	$0	–	-10,536	–	-0.09%	–
LQD	Exit	ISH (LQD) IBOXX INV GRD CORP BDfetf	$0	–	-2,241	–	-0.09%	–
ESGD	Exit	ISH (ESGD) MSCI EAFEeetf	$0	–	-5,439	–	-0.11%	–
EMLC	Exit	VANE (EMLC) LC BONDfetf	$0	–	-10,622	–	-0.12%	–
TIP	Exit	ISH (TIP) TIPS BOND FDfetf	$0	–	-3,181	–	-0.12%	–
JNK	Exit	SPDR (JNK) HIGH YIELDfetf	$0	–	-3,390	–	-0.12%	–
NULV	Exit	NUV (NULV) ESG LRG CAP VALeetf	$0	–	-12,469	–	-0.13%	–
ESGU	Exit	ISH (ESGU) MSCI USA ESGeetf	$0	–	-6,968	–	-0.15%	–
VYM	Exit	VAN (VYM) HIGH DVD YLDeetf	$0	–	-5,562	–	-0.16%	–
IGSB	Exit	ISH (IGSB) 1-3 YEAR CREDITfetf	$0	–	-13,769	–	-0.24%	–
IGLB	Exit	ISH (IGLB) 10 plus YEAR CREDITfetf	$0	–	-11,221	–	-0.24%	–
IEF	Exit	ISH (IEF) BARCLAYS 7-10YR TSYfetf	$0	–	-6,645	–	-0.24%	–
TLT	Exit	ISH (TLT) 20 plus YEAR TREASfetf	$0	–	-5,583	–	-0.26%	–
IGIB	Exit	ISH (IGIB) INT CREDITfetf	$0	–	-13,996	–	-0.26%	–
FTSM	Exit	FST (FTSM) ENHANCED SHORT MATfetf	$0	–	-14,537	–	-0.29%	–
EMHY	Exit	ISH (EMHY) USD EM HIGH YIELDfetf	$0	–	-22,310	–	-0.34%	–
CWB	Exit	SPDR (CWB) CONVERTIBLEfetf	$0	–	-26,501	–	-0.46%	–
MUB	Exit	ISH (MUB) NATL MUNIfetf	$0	–	-12,277	–	-0.46%	–
REM	Exit	ISH (REM) MORTGAGEeetf	$0	–	-33,488	–	-0.46%	–
PCY	Exit	INV (PCY) EMERG MKT DEBTfetf	$0	–	-48,612	–	-0.46%	–
BLV	Exit	VAN (BLV) LONG TERM BONDfetf	$0	–	-17,508	–	-0.59%	–
IWO	Exit	ISH (IWO) RUSSELL 2000 GWTHeetf	$0	–	-10,100	–	-0.64%	–
VRP	Exit	INV (VRP) V/R PREFfetf	$0	–	-97,980	–	-0.81%	–
IDV	Exit	ISH (IDV) INTL DIVIDENDeetf	$0	–	-96,591	–	-0.97%	–
SHY	Exit	ISH (SHY) 1-3 YEAR TREASfetf	$0	–	-35,810	–	-1.00%	–
AGG	Exit	ISH (AGG) CORE U.S.fetf	$0	–	-28,067	–	-1.04%	–
HYS	Exit	PIMCO (HYS) 0-5 YR HIGH YLDfetf	$0	–	-41,203	–	-1.34%	–
EMB	Exit	ISH (EMB) USD EMERGINGfetf	$0	–	-42,554	–	-1.58%	–
MBB	Exit	ISH (MBB) MBS BOND FDfetf	$0	–	-48,559	–	-1.72%	–
BSV	Exit	VAN (BSV) SHORT BD FDfetf	$0	–	-67,213	–	-1.78%	–
MINT	Exit	PIMCO (MINT) SHORT DURfetf	$0	–	-55,955	–	-1.86%	–
SHV	Exit	ISH (SHV) SHORT TSY BOND FDfetf	$0	–	-59,587	–	-2.16%	–
JPST	Exit	JPM (JPST) ULTRA SHORT INCfetf	$0	–	-140,840	–	-2.33%	–
HYD	Exit	MKTV (HYD) HIGH YLD MUNIfetf	$0	–	-125,664	–	-2.65%	–
BBJP	Exit	JPM (BBJP) JAPANeetf	$0	–	-383,487	–	-2.98%	–
IVV	Exit	ISH (IVV) S&P500 COREeetf	$0	–	-33,648	–	-3.29%	–
HYG	Exit	ISH (HYG) HIGH YLDfetf	$0	–	-120,934	–	-3.45%	–
IEMG	Exit	ISH (IEMG) EMERGING MKTSeetf	$0	–	-215,644	–	-3.46%	–
GUDB	Exit	SAGE (GUDB) INT CREDITfetf	$0	–	-237,955	–	-3.98%	–
SHYG	Exit	ISH (SHYG) HIGH YIELD 0-5YR CORPfetf	$0	–	-280,224	–	-4.26%	–
VNQ	Exit	VAN (VNQ) REITeetf	$0	–	-140,408	–	-4.29%	–
PFF	Exit	ISH (PFF) PREF STK INDXfetf	$0	–	-380,927	–	-4.68%	–
IJR	Exit	ISH (IJR) S&P SMALL CAPeetf	$0	–	-185,496	–	-4.73%	–
SDY	Exit	SPDR (SDY) S&P 500 DIVeetf	$0	–	-174,851	–	-5.87%	–
XLP	Exit	SPDR (XLP) CONS STAPLEeetf	$0	–	-312,285	–	-6.28%	–
IEFA	Exit	ISH (IEFA) CORE EAFEeetf	$0	–	-409,775	–	-8.20%	–
XLK	Exit	SPDR (XLK) TECHNOLOGYeetf	$0	–	-327,666	–	-8.64%	–
QUAL	Exit	ISH (QUAL) US QUALITYeetf	$0	–	-345,030	–	-10.44%	–

Q3 2019

			Value		Shares		↓ Weighting
QUAL	Buy	ISH (QUAL) US QUALITYeetf	$31,860,000	+26.1%	345,030	+24.9%	10.44%	+40.8%
XLK	Buy	SPDR (XLK) TECHNOLOGYeetf	$26,380,000	+4.7%	327,666	+1.6%	8.64%	+16.9%
IEFA	Sell	ISH (IEFA) CORE EAFEeetf	$25,033,000	-25.4%	409,775	-25.0%	8.20%	-16.7%
XLP	Buy	SPDR (XLP) CONS STAPLEeetf	$19,174,000	+132.8%	312,285	+120.2%	6.28%	+159.9%
SDY	Buy	SPDR (SDY) S&P 500 DIVeetf	$17,934,000	+5.6%	174,851	+3.9%	5.87%	+17.9%
IJR	New	ISH (IJR) S&P SMALL CAPeetf	$14,435,000	–	185,496	–	4.73%	–
PFF	Sell	ISH (PFF) PREF STK INDXfetf	$14,289,000	-11.1%	380,927	-12.7%	4.68%	-0.8%
VNQ	Buy	VAN (VNQ) REITeetf	$13,094,000	+2403.6%	140,408	+2249.5%	4.29%	+2703.3%
SHYG	Buy	ISH (SHYG) HIGH YIELD 0-5YR CORPfetf	$13,022,000	+60.1%	280,224	+60.9%	4.26%	+78.7%
GUDB	Sell	SAGE (GUDB) INT CREDITfetf	$12,155,000	-0.1%	237,955	-1.2%	3.98%	+11.5%
IEMG	Sell	ISH (IEMG) EMERGING MKTSeetf	$10,573,000	-55.1%	215,644	-52.8%	3.46%	-49.8%
HYG	Sell	ISH (HYG) HIGH YLDfetf	$10,541,000	-3.2%	120,934	-3.2%	3.45%	+8.0%
IVV	Buy	ISH (IVV) S&P500 COREeetf	$10,043,000	+6.4%	33,648	+5.1%	3.29%	+18.8%
BBJP	New	JPM (BBJP) JAPANeetf	$9,096,000	–	383,487	–	2.98%	–
HYD	Buy	MKTV (HYD) HIGH YLD MUNIfetf	$8,095,000	+24.6%	125,664	+23.3%	2.65%	+39.0%
JPST	Sell	JPM (JPST) ULTRA SHORT INCfetf	$7,101,000	-56.5%	140,840	-56.6%	2.33%	-51.5%
SHV	Sell	ISH (SHV) SHORT TSY BOND FDfetf	$6,591,000	-48.3%	59,587	-48.2%	2.16%	-42.2%
MINT	Buy	PIMCO (MINT) SHORT DURfetf	$5,692,000	+5.8%	55,955	+5.8%	1.86%	+18.1%
BSV	Sell	VAN (BSV) SHORT BD FDfetf	$5,430,000	-79.3%	67,213	-79.4%	1.78%	-76.9%
MBB	Sell	ISH (MBB) MBS BOND FDfetf	$5,258,000	-48.4%	48,559	-48.7%	1.72%	-42.4%
EMB	Sell	ISH (EMB) USD EMERGINGfetf	$4,823,000	-21.3%	42,554	-21.3%	1.58%	-12.1%
HYS	Buy	PIMCO (HYS) 0-5 YR HIGH YLDfetf	$4,105,000	+36.8%	41,203	+37.9%	1.34%	+52.7%
AGG	Sell	ISH (AGG) CORE U.S.fetf	$3,177,000	-1.7%	28,067	-3.3%	1.04%	+9.8%
SHY	Sell	ISH (SHY) 1-3 YEAR TREASfetf	$3,037,000	-32.2%	35,810	-32.2%	1.00%	-24.3%
IDV	Buy	ISH (IDV) INTL DIVIDENDeetf	$2,967,000	+20.6%	96,591	+20.6%	0.97%	+34.6%
VRP	Buy	INV (VRP) V/R PREFfetf	$2,485,000	+40.6%	97,980	+38.0%	0.81%	+56.8%
BLV	Buy	VAN (BLV) LONG TERM BONDfetf	$1,798,000	+10.8%	17,508	+4.7%	0.59%	+23.7%
PCY	Buy	INV (PCY) EMERG MKT DEBTfetf	$1,417,000	+3.5%	48,612	+3.0%	0.46%	+15.4%
REM	Buy	ISH (REM) MORTGAGEeetf	$1,410,000	+10.8%	33,488	+10.9%	0.46%	+23.5%
MUB	Sell	ISH (MUB) NATL MUNIfetf	$1,401,000	-0.8%	12,277	-1.7%	0.46%	+10.9%
CWB	Buy	SPDR (CWB) CONVERTIBLEfetf	$1,390,000	+87.1%	26,501	+88.7%	0.46%	+108.7%
EMHY	Buy	ISH (EMHY) USD EM HIGH YIELDfetf	$1,037,000	+8.6%	22,310	+11.6%	0.34%	+21.4%
FTSM	Sell	FST (FTSM) ENHANCED SHORT MATfetf	$873,000	-83.7%	14,537	-83.7%	0.29%	-81.8%
IGIB	Buy	ISH (IGIB) INT CREDITfetf	$810,000	+82.0%	13,996	+79.2%	0.26%	+102.3%
TLT	Buy	ISH (TLT) 20 plus YEAR TREASfetf	$799,000	+92.5%	5,583	+78.8%	0.26%	+114.8%
IGLB	Sell	ISH (IGLB) 10 plus YEAR CREDITfetf	$747,000	-0.7%	11,221	-5.0%	0.24%	+10.9%
IEF	Sell	ISH (IEF) BARCLAYS 7-10YR TSYfetf	$747,000	-32.8%	6,645	-34.2%	0.24%	-24.8%
IGSB	Buy	ISH (IGSB) 1-3 YEAR CREDITfetf	$739,000	+2.9%	13,769	+2.5%	0.24%	+14.7%
VYM	New	VAN (VYM) HIGH DVD YLDeetf	$493,000	–	5,562	–	0.16%	–
ESGU	Buy	ISH (ESGU) MSCI USA ESGeetf	$456,000	+19.1%	6,968	+17.4%	0.15%	+33.0%
NULV	Buy	NUV (NULV) ESG LRG CAP VALeetf	$389,000	+11.1%	12,469	+7.6%	0.13%	+23.3%
JNK	Buy	SPDR (JNK) HIGH YIELDfetf	$369,000	+3.1%	3,390	+3.3%	0.12%	+15.2%
TIP	New	ISH (TIP) TIPS BOND FDfetf	$370,000	–	3,181	–	0.12%	–
EMLC	Buy	VANE (EMLC) LC BONDfetf	$351,000	+6.7%	10,622	+12.0%	0.12%	+18.6%
ESGD	Sell	ISH (ESGD) MSCI EAFEeetf	$349,000	-6.2%	5,439	-6.1%	0.11%	+4.6%
LQD	Buy	ISH (LQD) IBOXX INV GRD CORP BDfetf	$286,000	+13.9%	2,241	+10.9%	0.09%	+27.0%
USSG	New	XTR (USSG) US LARGE CAP COREeetf	$285,000	–	10,536	–	0.09%	–
LRGE	Buy	CBR (LRGE) LRG CAP GR ESGeetf	$268,000	0.0%	7,741	+0.2%	0.09%	+11.4%
AMLP	Sell	ALERIAN (AMLP) MLPeetf	$179,000	-71.6%	19,550	-69.5%	0.06%	-68.1%
SRLN	Exit	SPDR (SRLN) SENIOR LOANfetf	$0	–	-164,563	–	-2.23%	–
XLB	Exit	SPDR (XLB) MATERIALSeetf	$0	–	-143,794	–	-2.47%	–
VLUE	Exit	ISH (VLUE) MSCI VALUEeetf	$0	–	-187,412	–	-4.46%	–

Q2 2019

			Value		Shares		↓ Weighting
IEFA	New	ISH (IEFA) CORE EAFEeetf	$33,541,000	–	546,005	–	9.84%	–
BSV	New	VAN (BSV) SHORT BD FDfetf	$26,259,000	–	325,996	–	7.70%	–
QUAL	New	ISH (QUAL) US QUALITYeetf	$25,270,000	–	276,294	–	7.41%	–
XLK	New	SPDR (XLK) TECHNOLOGYeetf	$25,189,000	–	322,520	–	7.39%	–
IEMG	New	ISH (IEMG) EMERGING MKTSeetf	$23,526,000	–	457,079	–	6.90%	–
SDY	New	SPDR (SDY) S&P 500 DIVeetf	$16,982,000	–	168,221	–	4.98%	–
JPST	New	JPM (JPST) ULTRA SHORT INCfetf	$16,335,000	–	324,238	–	4.79%	–
PFF	New	ISH (PFF) PREF STK INDXfetf	$16,076,000	–	436,260	–	4.72%	–
VLUE	New	ISH (VLUE) MSCI VALUEeetf	$15,205,000	–	187,412	–	4.46%	–
SHV	New	ISH (SHV) SHORT TSY BOND FDfetf	$12,737,000	–	115,111	–	3.74%	–
GUDB	New	SAGE (GUDB) INT CREDITfetf	$12,173,000	–	240,810	–	3.57%	–
HYG	New	ISH (HYG) HIGH YLDfetf	$10,894,000	–	124,928	–	3.20%	–
MBB	New	ISH (MBB) MBS BOND FDfetf	$10,188,000	–	94,702	–	2.99%	–
IVV	New	ISH (IVV) S&P500 COREeetf	$9,440,000	–	32,028	–	2.77%	–
XLB	New	SPDR (XLB) MATERIALSeetf	$8,413,000	–	143,794	–	2.47%	–
XLP	New	SPDR (XLP) CONS STAPLEeetf	$8,235,000	–	141,809	–	2.42%	–
SHYG	New	ISH (SHYG) HIGH YIELD 0-5YR CORPfetf	$8,134,000	–	174,141	–	2.39%	–
SRLN	New	SPDR (SRLN) SENIOR LOANfetf	$7,604,000	–	164,563	–	2.23%	–
HYD	New	MKTV (HYD) HIGH YLD MUNIfetf	$6,498,000	–	101,911	–	1.91%	–
EMB	New	ISH (EMB) USD EMERGINGfetf	$6,126,000	–	54,078	–	1.80%	–
MINT	New	PIMCO (MINT) SHORT DURfetf	$5,378,000	–	52,865	–	1.58%	–
FTSM	New	FST (FTSM) ENHANCED SHORT MATfetf	$5,364,000	–	89,352	–	1.57%	–
SHY	New	ISH (SHY) 1-3 YEAR TREASfetf	$4,479,000	–	52,834	–	1.31%	–
AGG	New	ISH (AGG) CORE U.S.fetf	$3,232,000	–	29,015	–	0.95%	–
HYS	New	PIMCO (HYS) 0-5 YR HIGH YLDfetf	$3,001,000	–	29,869	–	0.88%	–
IDV	New	ISH (IDV) INTL DIVIDENDeetf	$2,461,000	–	80,122	–	0.72%	–
IWO	New	ISH (IWO) RUSSELL 2000 GWTHeetf	$2,033,000	–	10,100	–	0.60%	–
VRP	New	INV (VRP) V/R PREFfetf	$1,768,000	–	71,025	–	0.52%	–
BLV	New	VAN (BLV) LONG TERM BONDfetf	$1,623,000	–	16,720	–	0.48%	–
MUB	New	ISH (MUB) NATL MUNIfetf	$1,412,000	–	12,489	–	0.41%	–
PCY	New	INV (PCY) EMERG MKT DEBTfetf	$1,369,000	–	47,187	–	0.40%	–
REM	New	ISH (REM) MORTGAGEeetf	$1,273,000	–	30,183	–	0.37%	–
IEF	New	ISH (IEF) BARCLAYS 7-10YR TSYfetf	$1,112,000	–	10,105	–	0.33%	–
EMHY	New	ISH (EMHY) USD EM HIGH YIELDfetf	$955,000	–	19,985	–	0.28%	–
IGLB	New	ISH (IGLB) 10 plus YEAR CREDITfetf	$752,000	–	11,808	–	0.22%	–
CWB	New	SPDR (CWB) CONVERTIBLEfetf	$743,000	–	14,043	–	0.22%	–
IGSB	New	ISH (IGSB) 1-3 YEAR CREDITfetf	$718,000	–	13,432	–	0.21%	–
AMLP	New	ALERIAN (AMLP) MLPeetf	$630,000	–	64,054	–	0.18%	–
VNQ	New	VAN (VNQ) REITeetf	$523,000	–	5,976	–	0.15%	–
IGIB	New	ISH (IGIB) INT CREDITfetf	$445,000	–	7,811	–	0.13%	–
TLT	New	ISH (TLT) 20 plus YEAR TREASfetf	$415,000	–	3,123	–	0.12%	–
ESGU	New	ISH (ESGU) MSCI USA ESGeetf	$383,000	–	5,935	–	0.11%	–
ESGD	New	ISH (ESGD) MSCI EAFEeetf	$372,000	–	5,792	–	0.11%	–
JNK	New	SPDR (JNK) HIGH YIELDfetf	$358,000	–	3,282	–	0.10%	–
NULV	New	NUV (NULV) ESG LRG CAP VALeetf	$350,000	–	11,585	–	0.10%	–
EMLC	New	VANE (EMLC) LC BONDfetf	$329,000	–	9,487	–	0.10%	–
LRGE	New	CBR (LRGE) LRG CAP GR ESGeetf	$268,000	–	7,723	–	0.08%	–
LQD	New	ISH (LQD) IBOXX INV GRD CORP BDfetf	$251,000	–	2,021	–	0.07%	–

Q4 2018

			Value		Shares		↓ Weighting
AMLP	Exit	ALERIAN (AMLP) MLPeetf	$0	–	-15,534	–	-0.02%	–
LQD	Exit	ISH (LQD) IBOXX INV GRD CORP BDfetf	$0	–	-1,884	–	-0.02%	–
ESGE	Exit	ISH (ESGE) MSCI EM SELECTeetf	$0	–	-7,048	–	-0.02%	–
BKLN	Exit	PWRS (BKLN) SENIOR BANK LOANfetf	$0	–	-10,478	–	-0.02%	–
NUSC	Exit	NUSH (NUSC) ESG SMALL CAPeetf	$0	–	-7,496	–	-0.02%	–
ESGU	Exit	ISH (ESGU) MSCI USA ESGeetf	$0	–	-4,068	–	-0.02%	–
IGLB	Exit	ISH (IGLB) 10 plusYEAR CREDITfetf	$0	–	-5,917	–	-0.03%	–
ESGD	Exit	ISH (ESGD) MSCI EAFEeetf	$0	–	-5,244	–	-0.03%	–
HYG	Exit	ISH (HYG) HIGH YLDfetf	$0	–	-4,330	–	-0.04%	–
IDV	Exit	ISH (IDV) INTL DIVIDENDeetf	$0	–	-11,878	–	-0.04%	–
GOVT	Exit	ISH (GOVT) US TSY BONDfetf	$0	–	-17,890	–	-0.04%	–
QUAL	Exit	ISH (QUAL) US QUALITYeetf	$0	–	-4,833	–	-0.04%	–
SHYG	Exit	ISHARES 0-5 HY Cfetf	$0	–	-9,461	–	-0.04%	–
VYM	Exit	VAN (VYM) HIGH DVD YLDeetf	$0	–	-5,516	–	-0.05%	–
VGLT	Exit	VAN (VGLT) LONG GOVTfetf	$0	–	-7,158	–	-0.05%	–
TLT	Exit	ISH (TLT) 20 plusYEAR TREASfetf	$0	–	-4,800	–	-0.05%	–
IHY	Exit	VAN (IHY) HIGH YIELD INTLfetf	$0	–	-27,102	–	-0.06%	–
BSV	Exit	VAN (BSV) SHORT BD FDfetf	$0	–	-8,574	–	-0.06%	–
VCIT	Exit	VAN (VCIT) INT CORPfetf	$0	–	-8,562	–	-0.07%	–
HYD	Exit	MKTV (HYD) HIGH YLD MUNIfetf	$0	–	-28,098	–	-0.08%	–
MUB	Exit	ISH (MUB) NATL MUNIfetf	$0	–	-8,122	–	-0.08%	–
SPY	Exit	SPDR (SPY) S&P 500eetf	$0	–	-3,900	–	-0.11%	–
PCY	Exit	INV (PCY) EMERG MKT DEBTfetf	$0	–	-42,216	–	-0.11%	–
EMLC	Exit	VANE (EMLC) LC BONDfetf	$0	–	-78,856	–	-0.12%	–
VCLT	Exit	VAN (VCLT) LONG CORPfetf	$0	–	-16,382	–	-0.14%	–
VTI	Exit	VAN (VTI) TOTAL STOCKeetf	$0	–	-12,069	–	-0.17%	–
HYS	Exit	PIMCO (HYS) 0-5 YR HIGH YLDfetf	$0	–	-25,634	–	-0.25%	–
EMB	Exit	ISH (EMB) USD EMERGINGfetf	$0	–	-65,585	–	-0.68%	–
VPL	Exit	VAN (VPL) ASIA PACIFICeetf	$0	–	-120,077	–	-0.81%	–
XLB	Exit	SPDR (XLB) MATERIALSeetf	$0	–	-167,042	–	-0.92%	–
IEI	Exit	ISH (IEI) 3-7 YEAR TREASfetf	$0	–	-91,005	–	-1.03%	–
TIP	Exit	ISH (TIP) TIPS BOND FDfetf	$0	–	-98,106	–	-1.04%	–
GUDB	Exit	SAGE (GUDB) INT CREDITfetf	$0	–	-239,805	–	-1.10%	–
XLV	Exit	SPDR (XLV) HEALTH CAREeetf	$0	–	-128,194	–	-1.16%	–
XLC	Exit	SPDR (XLC) COMMUNICATIONeetf	$0	–	-253,485	–	-1.18%	–
IEF	Exit	ISH (IEF) BARCLAYS 7-10YR TSYfetf	$0	–	-151,360	–	-1.46%	–
SHV	Exit	ISH (SHV) SHORT TSY BOND FDfetf	$0	–	-139,151	–	-1.47%	–
FLOT	Exit	ISH (FLOT) FLOATING RATE BONDfetf	$0	–	-320,693	–	-1.56%	–
XLY	Exit	SPDR (XLY) CONS DISCeetf	$0	–	-142,039	–	-1.59%	–
VGK	Exit	VAN (VGK) FTSE EUROPEeetf	$0	–	-349,858	–	-1.88%	–
XLF	Exit	SPDR (XLF) FINANCIALSeetf	$0	–	-722,067	–	-1.90%	–
XLI	Exit	SPDR (XLI) INDU SELECTeetf	$0	–	-286,271	–	-2.14%	–
SRLN	Exit	SPDR (SRLN) SENIOR LOANfetf	$0	–	-476,080	–	-2.15%	–
XLE	Exit	SPDR (XLE) ENERGYeetf	$0	–	-299,167	–	-2.16%	–
VEA	Exit	VAN (VEA) FTSE DEVeetf	$0	–	-554,872	–	-2.29%	–
PFF	Exit	ISH (PFF) PREF STK INDXfetf	$0	–	-655,955	–	-2.32%	–
NEAR	Exit	ISH (NEAR) SHORT BONDfetf	$0	–	-561,276	–	-2.69%	–
MINT	Exit	PIMCO (MINT) SHORT DURfetf	$0	–	-277,150	–	-2.69%	–
IGIB	Exit	ISH (IGIB) INT CREDITfetf	$0	–	-586,852	–	-2.97%	–
XLK	Exit	SPDR (XLK) TECHNOLOGYeetf	$0	–	-499,020	–	-3.58%	–
IGSB	Exit	ISH (IGSB) 1-3 YEAR CREDITfetf	$0	–	-958,540	–	-4.74%	–
IJR	Exit	ISH (IJR) S&P SMALL CAPeetf	$0	–	-643,064	–	-5.35%	–
IGOV	Exit	ISH (IGOV) INTL TSY BONDfetf	$0	–	-1,267,439	–	-5.82%	–
IEFA	Exit	ISH (IEFA) CORE EAFEeetf	$0	–	-1,373,291	–	-8.40%	–
IEMG	Exit	ISH (IEMG) EMERGING MKTSeetf	$0	–	-1,708,435	–	-8.44%	–
MBB	Exit	ISH (MBB) MBS BOND FDfetf	$0	–	-874,746	–	-8.62%	–
IVV	Exit	ISH (IVV) COREeetf	$0	–	-574,977	–	-16.06%	–

Q3 2018

			Value		Shares		↓ Weighting
IVV	Sell	ISH (IVV) COREeetf	$168,319,000	-6.1%	574,977	-12.4%	16.06%	-9.2%
MBB	Sell	ISH (MBB) MBS BOND FDfetf	$90,388,000	-5.4%	874,746	-4.7%	8.62%	-8.5%
IEMG	Buy	ISH (IEMG) EMERGING MKTSeetf	$88,463,000	+60.4%	1,708,435	+62.5%	8.44%	+55.1%
IEFA	Buy	ISH (IEFA) CORE EAFEeetf	$88,014,000	+34.8%	1,373,291	+33.2%	8.40%	+30.4%
IGOV	Buy	ISH (IGOV) INTL TSY BONDfetf	$61,040,000	-1.5%	1,267,439	+0.4%	5.82%	-4.7%
IJR	Sell	ISH (IJR) S&P SMALL CAPeetf	$56,094,000	-19.4%	643,064	-22.8%	5.35%	-22.1%
IGSB	Buy	ISH (IGSB) 1-3 YEAR CREDITfetf	$49,681,000	-0.5%	958,540	+99.0%	4.74%	-3.8%
XLK	Buy	SPDR (XLK) TECHNOLOGYeetf	$37,581,000	+68.9%	499,020	+55.7%	3.58%	+63.3%
IGIB	Buy	ISH (IGIB) INT CREDITfetf	$31,162,000	+0.9%	586,852	+101.9%	2.97%	-2.4%
MINT	Buy	PIMCO (MINT) SHORT DURfetf	$28,164,000	+1.2%	277,150	+1.1%	2.69%	-2.1%
NEAR	Buy	ISH (NEAR) SHORT BONDfetf	$28,165,000	+1.1%	561,276	+1.1%	2.69%	-2.2%
PFF	Sell	ISH (PFF) PREF STK INDXfetf	$24,342,000	-3.3%	655,955	-1.7%	2.32%	-6.4%
VEA	Buy	VAN (VEA) FTSE DEVeetf	$24,009,000	+63.4%	554,872	+61.8%	2.29%	+57.9%
XLE	Buy	SPDR (XLE) ENERGYeetf	$22,659,000	+4.8%	299,167	+5.2%	2.16%	+1.4%
SRLN	Buy	SPDR (SRLN) SENIOR LOANfetf	$22,542,000	+1.3%	476,080	+0.5%	2.15%	-2.1%
XLI	Sell	SPDR (XLI) INDU SELECTeetf	$22,435,000	+7.0%	286,271	-2.2%	2.14%	+3.5%
XLF	Buy	SPDR (XLF) FINANCIALSeetf	$19,907,000	+5.7%	722,067	+1.8%	1.90%	+2.2%
VGK	Buy	VAN (VGK) FTSE EUROPEeetf	$19,673,000	+35.0%	349,858	+34.7%	1.88%	+30.6%
XLY	Sell	SPDR (XLY) CONS DISCeetf	$16,644,000	+3.1%	142,039	-3.8%	1.59%	-0.3%
FLOT	Buy	ISH (FLOT) FLOATING RATE BONDfetf	$16,362,000	+6.6%	320,693	+6.5%	1.56%	+3.1%
SHV	Buy	ISH (SHV) SHORT TSY BOND FDfetf	$15,366,000	+6.6%	139,151	+6.6%	1.47%	+3.2%
IEF	Buy	ISH (IEF) BARCLAYS 7-10YR TSYfetf	$15,309,000	-1.0%	151,360	+0.3%	1.46%	-4.3%
XLC	New	SPDR (XLC) COMMUNICATIONeetf	$12,416,000	–	253,485	–	1.18%	–
XLV	New	SPDR (XLV) HEALTH CAREeetf	$12,191,000	–	128,194	–	1.16%	–
GUDB	Buy	SAGE (GUDB) INT CREDITfetf	$11,559,000	+1.6%	239,805	+1.9%	1.10%	-1.7%
TIP	Sell	ISH (TIP) TIPS BOND FDfetf	$10,852,000	-2.8%	98,106	-0.8%	1.04%	-6.0%
XLB	New	SPDR (XLB) MATERIALSeetf	$9,673,000	–	167,042	–	0.92%	–
VPL	Buy	VAN (VPL) ASIA PACIFICeetf	$8,530,000	+9.4%	120,077	+7.7%	0.81%	+5.9%
EMB	New	ISH (EMB) USD EMERGINGfetf	$7,071,000	–	65,585	–	0.68%	–
HYS	Buy	PIMCO (HYS) 0-5 YR HIGH YLDfetf	$2,580,000	+45.4%	25,634	+43.8%	0.25%	+40.6%
VTI	Sell	VAN (VTI) TOTAL STOCKeetf	$1,806,000	+4.5%	12,069	-2.0%	0.17%	+0.6%
VCLT	Buy	VAN (VCLT) LONG CORPfetf	$1,441,000	+18.4%	16,382	+17.7%	0.14%	+14.2%
EMLC	New	VANE (EMLC) LC BONDfetf	$1,298,000	–	78,856	–	0.12%	–
PCY	Sell	INV (PCY) EMERG MKT DEBTfetf	$1,139,000	-1.0%	42,216	-2.7%	0.11%	-3.5%
MUB	Buy	ISH (MUB) NATL MUNIfetf	$877,000	+3.5%	8,122	+4.5%	0.08%	0.0%
HYD	Buy	MKTV (HYD) HIGH YLD MUNIfetf	$875,000	+179.6%	28,098	+182.4%	0.08%	+167.7%
BSV	Sell	VAN (BSV) SHORT BD FDfetf	$669,000	-45.8%	8,574	-45.7%	0.06%	-47.5%
IHY	New	VAN (IHY) HIGH YIELD INTLfetf	$659,000	–	27,102	–	0.06%	–
TLT	Sell	ISH (TLT) 20 plusYEAR TREASfetf	$563,000	-21.1%	4,800	-18.2%	0.05%	-22.9%
QUAL	Buy	ISH (QUAL) US QUALITYeetf	$437,000	+16.5%	4,833	+7.5%	0.04%	+13.5%
SHYG	New	ISHARES 0-5 HY Cfetf	$445,000	–	9,461	–	0.04%	–
HYG	Buy	ISH (HYG) HIGH YLDfetf	$374,000	+34.1%	4,330	+31.9%	0.04%	+28.6%
ESGD	Sell	ISH (ESGD) MSCI EAFEeetf	$347,000	-3.3%	5,244	-4.9%	0.03%	-5.7%
IGLB	New	ISH (IGLB) 10 plusYEAR CREDITfetf	$344,000	–	5,917	–	0.03%	–
ESGU	New	ISH (ESGU) MSCI USA ESGeetf	$260,000	–	4,068	–	0.02%	–
NUSC	Buy	NUSH (NUSC) ESG SMALL CAPeetf	$237,000	+3.9%	7,496	+0.1%	0.02%	+4.5%
BKLN	New	PWRS (BKLN) SENIOR BANK LOANfetf	$243,000	–	10,478	–	0.02%	–
ESGE	New	ISH (ESGE) MSCI EM SELECTeetf	$235,000	–	7,048	–	0.02%	–
LQD	New	ISH (LQD) IBOXX INV GRD CORP BDfetf	$217,000	–	1,884	–	0.02%	–
SUSA	Exit	ISH (SUSA) MSCI USAeetf	$0	–	-3,346	–	-0.04%	–
VTV	Exit	VAN (VTV) VALUEeetf	$0	–	-155,317	–	-1.59%	–
IJH	Exit	ISH (IJH) S&P MID CAPeetf	$0	–	-133,843	–	-2.57%	–
EWJ	Exit	ISH (EWJ) MSCI JAPANeetf	$0	–	-534,934	–	-3.06%	–

Q2 2018

			Value		Shares		↓ Weighting
IVV	New	ISH (IVV) COREeetf	$179,222,000	–	656,370	–	17.68%	–
MBB	New	ISH (MBB) MBS BOND FDfetf	$95,572,000	–	917,637	–	9.43%	–
IJR	New	ISH (IJR) S&P SMALL CAPeetf	$69,593,000	–	833,449	–	6.86%	–
IEFA	New	ISH (IEFA) CORE EAFEeetf	$65,284,000	–	1,031,021	–	6.44%	–
IGOV	New	ISH (IGOV) INTL TSY BONDfetf	$61,953,000	–	1,262,028	–	6.11%	–
IEMG	New	ISH (IEMG) EMERGING MKTSeetf	$55,163,000	–	1,051,323	–	5.44%	–
IGSB	New	ISH (CSJ) 1-3 YEAR CREDITfetf	$49,950,000	–	481,674	–	4.93%	–
EWJ	New	ISH (EWJ) MSCI JAPANeetf	$30,978,000	–	534,934	–	3.06%	–
IGIB	New	ISH (CIU) INT CREDITfetf	$30,875,000	–	290,612	–	3.04%	–
NEAR	New	ISH (NEAR) SHORT BONDfetf	$27,857,000	–	555,368	–	2.75%	–
MINT	New	PIMCO (MINT) SHORT DURfetf	$27,841,000	–	274,183	–	2.75%	–
IJH	New	ISH (IJH) S&P MID CAPeetf	$26,066,000	–	133,843	–	2.57%	–
PFF	New	ISH (PFF) PREF STK INDXfetf	$25,165,000	–	667,318	–	2.48%	–
SRLN	New	SPDR (SRLN) SENIOR LOANfetf	$22,260,000	–	473,923	–	2.20%	–
XLK	New	SPDR (XLK) TECHNOLOGYeetf	$22,254,000	–	320,523	–	2.20%	–
XLE	New	SPDR (XLE) ENERGYeetf	$21,611,000	–	284,435	–	2.13%	–
XLI	New	SPDR (XLI) INDU SELECTeetf	$20,966,000	–	292,663	–	2.07%	–
XLF	New	SPDR (XLF) FINANCIALSeetf	$18,836,000	–	709,200	–	1.86%	–
XLY	New	SPDR (XLY) CONS DISCeetf	$16,140,000	–	147,681	–	1.59%	–
VTV	New	VAN (VTV) VALUEeetf	$16,125,000	–	155,317	–	1.59%	–
IEF	New	ISH (IEF) BARCLAYS 7-10YR TSYfetf	$15,466,000	–	150,871	–	1.53%	–
FLOT	New	ISH (FLOT) FLOATING RATE BONDfetf	$15,350,000	–	301,043	–	1.51%	–
VEA	New	VAN (VEA) FTSE DEVeetf	$14,696,000	–	342,873	–	1.45%	–
VGK	New	VAN (VGK) FTSE EUROPEeetf	$14,573,000	–	259,682	–	1.44%	–
SHV	New	ISH (SHV) SHORT TSY BOND FDfetf	$14,409,000	–	130,497	–	1.42%	–
GUDB	New	SAGE (GUDB) INT CREDITfetf	$11,374,000	–	235,250	–	1.12%	–
TIP	New	ISH (TIP) TIPS BOND FDfetf	$11,166,000	–	98,946	–	1.10%	–
IEI	New	ISH (IEI) 3-7 YEAR TREASfetf	$10,919,000	–	91,005	–	1.08%	–
VPL	New	VAN (VPL) ASIA PACIFICeetf	$7,799,000	–	111,517	–	0.77%	–
HYS	New	PIMCO (HYS) 0-5 YR HIGH YLDfetf	$1,774,000	–	17,825	–	0.18%	–
VTI	New	VAN (VTI) TOTAL STOCKeetf	$1,729,000	–	12,311	–	0.17%	–
BSV	New	VAN (BSV) SHORT BD FDfetf	$1,235,000	–	15,799	–	0.12%	–
VCLT	New	VAN (VCLT) LONG CORPfetf	$1,217,000	–	13,915	–	0.12%	–
PCY	New	PWRS (PCY) EMERG MKT DEBTfetf	$1,150,000	–	43,368	–	0.11%	–
SPY	New	SPDR (SPY) S&P 500eetf	$1,058,000	–	3,900	–	0.10%	–
MUB	New	ISH (MUB) NATL MUNIfetf	$847,000	–	7,772	–	0.08%	–
VCIT	New	VAN (VCIT) INT CORPfetf	$715,000	–	8,562	–	0.07%	–
TLT	New	ISH (TLT) 20 plus YEAR TREASfetf	$714,000	–	5,868	–	0.07%	–
VGLT	New	VAN (VGLT) LONG GOVTfetf	$535,000	–	7,158	–	0.05%	–
VYM	New	VAN (VYM) HIGH DVD YLDeetf	$458,000	–	5,516	–	0.04%	–
GOVT	New	ISH (GOVT) US TSY BONDfetf	$440,000	–	17,890	–	0.04%	–
IDV	New	ISH (IDV) INTL DIVIDENDeetf	$381,000	–	11,878	–	0.04%	–
SUSA	New	ISH (SUSA) MSCI USAeetf	$377,000	–	3,346	–	0.04%	–
QUAL	New	ISH (QUAL) US QUALITYeetf	$375,000	–	4,497	–	0.04%	–
ESGD	New	ISH (ESGD) MSCI EAFEeetf	$359,000	–	5,517	–	0.04%	–
HYD	New	MKTV (HYD) HIGH YLD MUNIfetf	$313,000	–	9,950	–	0.03%	–
HYG	New	ISH (HYG) HIGH YLDfetf	$279,000	–	3,284	–	0.03%	–
NUSC	New	NUSH (NUSC) ESG SMALL CAPeetf	$228,000	–	7,490	–	0.02%	–
AMLP	New	ALERIAN (AMLP) MLPeetf	$158,000	–	15,534	–	0.02%	–

Q4 2017

			Value		Shares		↓ Weighting
AMLP	Exit	ALERIAN (AMLP) MLPeetf	$0	–	-15,293	–	-0.02%	–
VYM	Exit	VAN (VYM) HIGH DVD YLDeetf	$0	–	-2,529	–	-0.02%	–
VNQ	Exit	VAN (VNQ) REITeetf	$0	–	-2,573	–	-0.02%	–
IDV	Exit	ISH (IDV) INTL DIVIDENDeetf	$0	–	-7,022	–	-0.03%	–
EDV	Exit	VAN (EDV) EXT DUR TSYfetf	$0	–	-2,160	–	-0.03%	–
SUSA	Exit	ISH (SUSA) MSCI USAeetf	$0	–	-2,844	–	-0.03%	–
LQD	Exit	ISH (LQD) IBOXX INV GRD CORP BDfetf	$0	–	-2,570	–	-0.03%	–
HYG	Exit	ISH (HYG) HIGH YLDfetf	$0	–	-3,726	–	-0.04%	–
TLT	Exit	ISH (TLT) 20 plus YEAR TREASfetf	$0	–	-3,398	–	-0.05%	–
ESGD	Exit	ISH (ESGD) MSCI EAFEeetf	$0	–	-7,792	–	-0.06%	–
SPY	Exit	SPDR (SPY) S&P 500eetf	$0	–	-2,095	–	-0.06%	–
GBIL	Exit	GS (GBIL) 0-1 YR TSYfetf	$0	–	-5,460	–	-0.06%	–
BIL	Exit	SPY (BIL) 1-3M TBILLfetf	$0	–	-11,951	–	-0.06%	–
BLV	Exit	VAN (BLV) LONG TERM BONDfetf	$0	–	-6,094	–	-0.06%	–
MUB	Exit	ISH (MUB) NATL MUNIfetf	$0	–	-6,564	–	-0.08%	–
AGG	Exit	ISH (AGG) CORE U.S.fetf	$0	–	-10,326	–	-0.12%	–
PCY	Exit	PWRS (PCY) EMERG MKT DEBTfetf	$0	–	-44,007	–	-0.14%	–
VGLT	Exit	VAN (VGLT) LONG GOVTfetf	$0	–	-26,456	–	-0.22%	–
BKLN	Exit	PWRS (BKLN) SENIOR BANK LOANfetf	$0	–	-118,102	–	-0.29%	–
VCIT	Exit	VAN (VCIT) INT CORPfetf	$0	–	-32,182	–	-0.30%	–
XLK	Exit	SPDR (XLK) TECHNOLOGYeetf	$0	–	-80,597	–	-0.51%	–
VCLT	Exit	VAN (VCLT) LONG CORPfetf	$0	–	-62,158	–	-0.63%	–
VOX	Exit	VAN (VOX) WORLD TELECOMeetf	$0	–	-89,047	–	-0.88%	–
XLE	Exit	SPDR (XLE) ENERGYeetf	$0	–	-140,034	–	-1.03%	–
XLF	Exit	SPDR (XLF) FINANCIALSeetf	$0	–	-429,177	–	-1.19%	–
VPL	Exit	VAN (VPL) ASIA PACIFICeetf	$0	–	-184,541	–	-1.35%	–
SHV	Exit	ISH (SHV) SHORT TSY BOND FDfetf	$0	–	-114,266	–	-1.36%	–
IEI	Exit	ISH (IEI) 3-7 YEAR TREASfetf	$0	–	-118,628	–	-1.58%	–
IGLB	Exit	ISH (CLY) 10 plus YEAR CREDITfetf	$0	–	-295,121	–	-1.97%	–
EZU	Exit	ISH (EZU) MSCI EUReetf	$0	–	-430,674	–	-2.01%	–
VUG	Exit	VAN (VUG) GROWTHeetf	$0	–	-142,087	–	-2.03%	–
HYS	Exit	PIMCO (HYS) 0-5 YR HIGH YLDfetf	$0	–	-208,743	–	-2.28%	–
NEAR	Exit	ISH (NEAR) SHORT BONDfetf	$0	–	-448,679	–	-2.43%	–
MINT	Exit	PIMCO (MINT) SHORT DURfetf	$0	–	-226,984	–	-2.49%	–
PFF	Exit	ISH (PFF) PREF STK INDXfetf	$0	–	-619,918	–	-2.59%	–
IGSB	Exit	ISH (CSJ) 1-3 YEAR CREDITfetf	$0	–	-259,885	–	-2.95%	–
VWO	Exit	VAN (VWO) FTSE EMRG MKTSeetf	$0	–	-965,500	–	-4.53%	–
IAGG	Exit	ISH (IAGG) INTL AGG EX USfetf	$0	–	-818,768	–	-4.55%	–
MDY	Exit	SPDR (MDY) S&P 400 MIDeetf	$0	–	-165,062	–	-5.80%	–
IVV	Exit	ISH (IVV) COREeetf	$0	–	-242,228	–	-6.60%	–
IGIB	Exit	ISH (CIU) INT CREDITfetf	$0	–	-558,879	–	-6.63%	–
MBB	Exit	ISH (MBB) MBS BOND FDfetf	$0	–	-1,043,802	–	-12.04%	–
IJR	Exit	ISH (IJR) S&P SMALL CAPeetf	$0	–	-1,812,678	–	-14.47%	–
IEFA	Exit	ISH (IEFA) CORE EAFEeetf	$0	–	-2,372,147	–	-16.39%	–

Q3 2017

			Value		Shares		↓ Weighting
IEFA	Buy	ISH (IEFA) CORE EAFEeetf	$152,268,000	+31.5%	2,372,147	+24.7%	16.39%	+22.0%
IJR	Buy	ISH (IJR) S&P SMALL CAPeetf	$134,446,000	+230.5%	1,812,678	+212.5%	14.47%	+206.5%
MBB	Buy	ISH (MBB) MBS BOND FDfetf	$111,791,000	+29.8%	1,043,802	+29.4%	12.04%	+20.4%
IGIB	Sell	ISH (CIU) INT CREDITfetf	$61,561,000	-10.9%	558,879	-11.2%	6.63%	-17.4%
IVV	Sell	ISH (IVV) COREeetf	$61,257,000	-5.1%	242,228	-8.7%	6.60%	-12.0%
MDY	Sell	SPDR (MDY) S&P 400 MIDeetf	$53,861,000	-11.3%	165,062	-13.6%	5.80%	-17.7%
IAGG	New	ISH (IAGG) INTL AGG EX USfetf	$42,281,000	–	818,768	–	4.55%	–
VWO	Sell	VAN (VWO) FTSE EMRG MKTSeetf	$42,057,000	-21.1%	965,500	-26.0%	4.53%	-26.8%
IGSB	Buy	ISH (CSJ) 1-3 YEAR CREDITfetf	$27,371,000	+93.5%	259,885	+93.5%	2.95%	+79.5%
PFF	Buy	ISH (PFF) PREF STK INDXfetf	$24,047,000	+13.6%	619,918	+14.7%	2.59%	+5.3%
MINT	New	PIMCO (MINT) SHORT DURfetf	$23,107,000	–	226,984	–	2.49%	–
NEAR	New	ISH (NEAR) SHORT BONDfetf	$22,560,000	–	448,679	–	2.43%	–
HYS	Buy	PIMCO (HYS) 0-5 YR HIGH YLDfetf	$21,196,000	+16.4%	208,743	+16.2%	2.28%	+7.9%
VUG	New	VAN (VUG) GROWTHeetf	$18,859,000	–	142,087	–	2.03%	–
EZU	Sell	ISH (EZU) MSCI EUReetf	$18,657,000	-30.6%	430,674	-35.4%	2.01%	-35.6%
IGLB	Sell	ISH (CLY) 10 plus YEAR CREDITfetf	$18,312,000	-47.3%	295,121	-47.7%	1.97%	-51.2%
IEI	New	ISH (IEI) 3-7 YEAR TREASfetf	$14,648,000	–	118,628	–	1.58%	–
SHV	Buy	ISH (SHV) SHORT TSY BOND FDfetf	$12,614,000	+815.4%	114,266	+815.1%	1.36%	+748.8%
VPL	New	VAN (VPL) ASIA PACIFICeetf	$12,578,000	–	184,541	–	1.35%	–
XLF	Buy	SPDR (XLF) FINANCIALSeetf	$11,086,000	+5129.2%	429,177	+4890.4%	1.19%	+4672.0%
XLE	New	SPDR (XLE) ENERGYeetf	$9,587,000	–	140,034	–	1.03%	–
VOX	New	VAN (VOX) WORLD TELECOMeetf	$8,210,000	–	89,047	–	0.88%	–
VCLT	Buy	VAN (VCLT) LONG CORPfetf	$5,853,000	+42.9%	62,158	+41.6%	0.63%	+32.6%
XLK	Buy	SPDR (XLK) TECHNOLOGYeetf	$4,763,000	+1426.6%	80,597	+1312.7%	0.51%	+1325.0%
VCIT	Buy	VAN (VCIT) INT CORPfetf	$2,833,000	+58.2%	32,182	+57.3%	0.30%	+46.6%
BKLN	Sell	PWRS (BKLN) SENIOR BANK LOANfetf	$2,734,000	-5.5%	118,102	-5.6%	0.29%	-12.5%
VGLT	Buy	VAN (VGLT) LONG GOVTfetf	$2,034,000	+56.6%	26,456	+57.1%	0.22%	+45.0%
PCY	Buy	PWRS (PCY) EMERG MKT DEBTfetf	$1,310,000	+257.9%	44,007	+251.6%	0.14%	+235.7%
AGG	Buy	ISH (AGG) CORE U.S.fetf	$1,132,000	+65.7%	10,326	+65.4%	0.12%	+54.4%
MUB	Sell	ISH (MUB) NATL MUNIfetf	$728,000	+0.7%	6,564	-0.1%	0.08%	-7.1%
BLV	New	VAN (BLV) LONG TERM BONDfetf	$571,000	–	6,094	–	0.06%	–
BIL	New	SPY (BIL) 1-3M TBILLfetf	$547,000	–	11,951	–	0.06%	–
GBIL	New	GS (GBIL) 0-1 YR TSYfetf	$546,000	–	5,460	–	0.06%	–
SPY	Sell	SPDR (SPY) S&P 500eetf	$526,000	-99.6%	2,095	-99.6%	0.06%	-99.6%
ESGD	Buy	ISH (ESGD) MSCI EAFEeetf	$516,000	+77.9%	7,792	+68.5%	0.06%	+64.7%
TLT	Buy	ISH (TLT) 20 plus YEAR TREASfetf	$424,000	-0.2%	3,398	+0.1%	0.05%	-6.1%
HYG	Sell	ISH (HYG) HIGH YLDfetf	$331,000	-9.8%	3,726	-10.4%	0.04%	-16.3%
LQD	New	ISH (LQD) IBOXX INV GRD CORP BDfetf	$312,000	–	2,570	–	0.03%	–
SUSA	New	ISH (SUSA) MSCI USAeetf	$297,000	–	2,844	–	0.03%	–
EDV	New	VAN (EDV) EXT DUR TSYfetf	$252,000	–	2,160	–	0.03%	–
IDV	Buy	ISH (IDV) INTL DIVIDENDeetf	$237,000	+11.3%	7,022	+7.8%	0.03%	+4.0%
VNQ	New	VAN (VNQ) REITeetf	$214,000	–	2,573	–	0.02%	–
VYM	New	VAN (VYM) HIGH DVD YLDeetf	$205,000	–	2,529	–	0.02%	–
AMLP	New	ALERIAN (AMLP) MLPeetf	$172,000	–	15,293	–	0.02%	–
HDV	Exit	ISH (HDV) HIGH DIVeetf	$0	–	-4,174	–	-0.04%	–
VGK	Exit	VAN (VGK) FTSE EUROPEeetf	$0	–	-6,570	–	-0.04%	–
EMLC	Exit	VANE (EMLC) LC BONDfetf	$0	–	-240,008	–	-0.53%	–
VTI	Exit	VAN (VTI) TOTAL STOCKeetf	$0	–	-60,050	–	-0.87%	–
IEF	Exit	ISH (IEF) BARCLAYS 7-10YR TSYfetf	$0	–	-133,684	–	-1.66%	–
BSV	Exit	VAN (BSV) SHORT BD FDfetf	$0	–	-239,290	–	-2.22%	–
EFA	Exit	ISH (EFA) MSCI EAFEeetf	$0	–	-304,285	–	-2.30%	–
HEFA	Exit	ISH (HEFA) MSCI EAFE HEDGEDeetf	$0	–	-763,623	–	-2.52%	–
BWX	Exit	SPDR (BWX) INTL TREASfetf	$0	–	-965,217	–	-3.09%	–

Q2 2017

			Value		Shares		↓ Weighting
SPY	New	SPDR (SPY) S&P 500eetf	$126,799,000	–	524,481	–	14.72%	–
IEFA	New	ISH (IEFA) CORE EAFEeetf	$115,766,000	–	1,901,541	–	13.44%	–
MBB	New	ISH (MBB) MBS BOND FDfetf	$86,101,000	–	806,796	–	10.00%	–
IGIB	New	ISH (CIU) INT CREDITfetf	$69,097,000	–	629,585	–	8.02%	–
IVV	New	ISH (IVV) COREeetf	$64,537,000	–	265,170	–	7.49%	–
MDY	New	SPDR (MDY) S&P 400 MIDeetf	$60,695,000	–	191,068	–	7.05%	–
VWO	New	VAN (VWO) FTSE EMRG MKTSeetf	$53,279,000	–	1,305,211	–	6.18%	–
IJR	New	ISH (IJR) S&P SMALL CAPeetf	$40,682,000	–	580,006	–	4.72%	–
IGLB	New	ISH (CLY) 10plus YEAR CREDITfetf	$34,762,000	–	563,945	–	4.04%	–
EZU	New	ISH (EZU) MSCI EUReetf	$26,871,000	–	666,444	–	3.12%	–
BWX	New	SPDR (BWX) INTL TREASfetf	$26,650,000	–	965,217	–	3.09%	–
HEFA	New	ISH (HEFA) MSCI EAFE HEDGEDeetf	$21,679,000	–	763,623	–	2.52%	–
PFF	New	ISH (PFF) PREF STK INDXfetf	$21,174,000	–	540,695	–	2.46%	–
EFA	New	ISH (EFA) MSCI EAFEeetf	$19,827,000	–	304,285	–	2.30%	–
BSV	New	VAN (BSV) SHORT BD FDfetf	$19,103,000	–	239,290	–	2.22%	–
HYS	New	PIMCO (HYS) 0-5 YR HIGH YLDfetf	$18,206,000	–	179,666	–	2.11%	–
IEF	New	ISH (IEF) BARCLAYS 7-10YR TSYfetf	$14,252,000	–	133,684	–	1.66%	–
IGSB	New	ISH (CSJ) 1-3 YEAR CREDITfetf	$14,144,000	–	134,309	–	1.64%	–
VTI	New	VAN (VTI) TOTAL STOCKeetf	$7,473,000	–	60,050	–	0.87%	–
EMLC	New	VANE (EMLC) LC BONDfetf	$4,531,000	–	240,008	–	0.53%	–
VCLT	New	VAN (VCLT) LONG CORPfetf	$4,095,000	–	43,888	–	0.48%	–
BKLN	New	PWRS (BKLN) SENIOR BANK LOANfetf	$2,893,000	–	125,145	–	0.34%	–
VCIT	New	VAN (VCIT) INT CORPfetf	$1,791,000	–	20,462	–	0.21%	–
SHV	New	ISH (SHV) SHORT TSY BOND FDfetf	$1,378,000	–	12,487	–	0.16%	–
VGLT	New	VAN (VGLT) LONG GOVTfetf	$1,299,000	–	16,841	–	0.15%	–
MUB	New	ISH (MUB) NATL MUNIfetf	$723,000	–	6,568	–	0.08%	–
AGG	New	ISH (AGG) CORE U.S.fetf	$683,000	–	6,242	–	0.08%	–
TLT	New	ISH (TLT) 20plus YEAR TREASfetf	$425,000	–	3,396	–	0.05%	–
HYG	New	ISH (HYG) HIGH YLDfetf	$367,000	–	4,159	–	0.04%	–
PCY	New	PWRS (PCY) EMERG MKT DEBTfetf	$366,000	–	12,515	–	0.04%	–
VGK	New	VAN (VGK) FTSE EUROPEeetf	$362,000	–	6,570	–	0.04%	–
HDV	New	ISH (HDV) HIGH DIVeetf	$347,000	–	4,174	–	0.04%	–
XLK	New	SPDR-TECH SEL Seetf	$312,000	–	5,705	–	0.04%	–
ESGD	New	ISH (ESGD) MSCI EAFEeetf	$290,000	–	4,625	–	0.03%	–
IDV	New	ISH (IDV) INTL DIVIDENDeetf	$213,000	–	6,511	–	0.02%	–
XLF	New	SPDR-FINL SELECTeetf	$212,000	–	8,600	–	0.02%	–

Q4 2016

			Value		Shares		↓ Weighting
BKLN	Exit	PWRS (BKLN) SENIOR BANK LOANfetf	$0	–	-671,115	–	-1.96%	–
IEF	Exit	ISH (IEF) BARCLAYS 7-10YR TSYfetf	$0	–	-153,792	–	-2.17%	–
PCY	Exit	PWRS (PCY) EMERG MKT DEBTfetf	$0	–	-613,793	–	-2.37%	–
BSV	Exit	VAN (BSV) SHORT BD FDfetf	$0	–	-265,830	–	-2.71%	–
CMBS	Exit	ISH (CMBS) CMBS ETFfetf	$0	–	-443,196	–	-2.96%	–
IGLB	Exit	ISH (CLY) 10+ YEAR CREDITfetf	$0	–	-458,392	–	-3.65%	–
IGIB	Exit	ISH (CIU) INT CREDITfetf	$0	–	-641,897	–	-9.01%	–
MBB	Exit	ISH (MBB) MBS BOND FDfetf	$0	–	-670,008	–	-9.30%	–
SPY	Exit	SPDR (SPY) S&P 500eetf	$0	–	-367,760	–	-10.03%	–
EFAV	Exit	ISH (EFAV) EAFE MIN VOLeetf	$0	–	-1,181,548	–	-10.08%	–
VWO	Exit	VAN (VWO) FTSE EMRG MKTSeetf	$0	–	-2,130,629	–	-10.11%	–
EFA	Exit	ISH (EFA) MSCI EAFEeetf	$0	–	-1,366,825	–	-10.20%	–
USMV	Exit	ISH (USMV) MSCI LOW VOLeetf	$0	–	-4,441,176	–	-25.44%	–

Q3 2016

			Value		Shares		↓ Weighting
USMV	Sell	ISH (USMV) MSCI LOW VOLeetf	$201,763,000	-2.2%	4,441,176	-0.5%	25.44%	-6.8%
EFA	Sell	ISH (EFA) MSCI EAFEeetf	$80,848,000	+4.7%	1,366,825	-1.3%	10.20%	-0.2%
VWO	New	VAN (VWO) FTSE EMRG MKTSeetf	$80,154,000	–	2,130,629	–	10.11%	–
EFAV	Sell	ISH (EFAV) EAFE MIN VOLeetf	$79,932,000	-24.3%	1,181,548	-25.7%	10.08%	-27.8%
SPY	New	SPDR (SPY) S&P 500eetf	$79,565,000	–	367,760	–	10.03%	–
MBB	Sell	ISH (MBB) MBS BOND FDfetf	$73,761,000	-22.7%	670,008	-22.8%	9.30%	-26.3%
IGIB	Buy	ISH (CIU) INT CREDITfetf	$71,475,000	+111.6%	641,897	+111.4%	9.01%	+101.8%
IGLB	Sell	ISH (CLY) 10+ YEAR CREDITfetf	$28,952,000	-1.5%	458,392	-1.9%	3.65%	-6.0%
CMBS	Sell	ISH (CMBS) CMBS ETFfetf	$23,507,000	-1.1%	443,196	-1.0%	2.96%	-5.7%
BSV	Sell	VAN (BSV) SHORT BD FDfetf	$21,479,000	-0.7%	265,830	-0.4%	2.71%	-5.3%
PCY	New	PWRS (PCY) EMERG MKT DEBTfetf	$18,788,000	–	613,793	–	2.37%	–
IEF	Buy	ISH (IEF) BARCLAYS 7-10YR TSYfetf	$17,205,000	+6.2%	153,792	+7.2%	2.17%	+1.3%
BKLN	New	PWRS (BKLN) SENIOR BANK LOANfetf	$15,577,000	–	671,115	–	1.96%	–
VCIT	Exit	VAN (VCIT) INT CORPfetf	$0	–	-13,322	–	-0.16%	–
VCLT	Exit	VAN (VCLT) LONG CORPfetf	$0	–	-50,013	–	-0.62%	–
IEI	Exit	ISH (IEI) 3-7 YEAR TREASfetf	$0	–	-279,569	–	-4.71%	–
VGK	Exit	VAN (VGK) FTSE EUROPEeetf	$0	–	-1,107,029	–	-6.83%	–
IVW	Exit	ISH (IVW) S&P 500 GReetf	$0	–	-460,098	–	-7.10%	–

Q2 2016

			Value		Shares		↓ Weighting
USMV	New	ISH (USMV) MSCI LOW VOLeetf	$206,347,000	–	4,464,443	–	27.29%	–
EFAV	New	ISH (EFAV) EAFE MIN VOLeetf	$105,553,000	–	1,589,892	–	13.96%	–
MBB	New	ISH (MBB) MBS BOND FDfetf	$95,416,000	–	867,651	–	12.62%	–
EFA	New	ISH (EFA) MSCI EAFEeetf	$77,250,000	–	1,384,159	–	10.22%	–
IVW	New	ISH (IVW) S&P 500 GReetf	$53,643,000	–	460,098	–	7.10%	–
VGK	New	VAN (VGK) FTSE EUROPEeetf	$51,632,000	–	1,107,029	–	6.83%	–
IEI	New	ISH (IEI) 3-7 YEAR TREASfetf	$35,603,000	–	279,569	–	4.71%	–
IGIB	New	ISH (CIU) INT CREDITfetf	$33,776,000	–	303,602	–	4.47%	–
IGLB	New	ISH (CLY) 10+ YEAR CREDITfetf	$29,382,000	–	467,426	–	3.89%	–
CMBS	New	ISH (CMBS) CMBS ETFfetf	$23,765,000	–	447,726	–	3.14%	–
BSV	New	VAN (BSV) SHORT BD FDfetf	$21,637,000	–	266,892	–	2.86%	–
IEF	New	ISH (IEF) BARCLAYS 7-10YR TSYfetf	$16,196,000	–	143,403	–	2.14%	–
VCLT	New	VAN (VCLT) LONG CORPfetf	$4,728,000	–	50,013	–	0.62%	–
VCIT	New	VAN (VCIT) INT CORPfetf	$1,191,000	–	13,322	–	0.16%	–

Q4 2015

			Value		Shares		↓ Weighting
VYM	Exit	VAN (VYM) HIGH DVD YLDeetf	$0	–	-23,231	–	-0.20%	–
IWM	Exit	ISH (IWM) RUSSELL 2000eetf	$0	–	-16,627	–	-0.25%	–
CWB	Exit	SPDR (CWB) CONVERTIBLEfetf	$0	–	-224,669	–	-1.39%	–
IGSB	Exit	ISH (CSJ) 1-3 YEAR CREDITfetf	$0	–	-105,388	–	-1.53%	–
IEI	Exit	ISH (IEI) 3-7 YEAR TREASfetf	$0	–	-89,444	–	-1.54%	–
IGIB	Exit	ISH (CIU) INT CREDITfetf	$0	–	-151,743	–	-2.27%	–
HYG	Exit	ISH (HYG) HIGH YLDfetf	$0	–	-216,445	–	-2.49%	–
BSV	Exit	VAN (BSV) SHORT BD FDfetf	$0	–	-225,187	–	-2.50%	–
PFF	Exit	ISH (PFF) PREF STK INDXfetf	$0	–	-481,331	–	-2.56%	–
IGLB	Exit	ISH (CLY) 10+ YEAR CREDITfetf	$0	–	-380,091	–	-2.99%	–
VGK	Exit	VAN (VGK) FTSE EUROPEeetf	$0	–	-516,730	–	-3.51%	–
IEF	Exit	ISH (IEF) BARCLAYS 7-10YR TSYfetf	$0	–	-256,206	–	-3.81%	–
HEDJ	Exit	WIS (HEDJ) EUROPEeetf	$0	–	-923,058	–	-6.96%	–
MBB	Exit	ISH (MBB) MBS BOND FDfetf	$0	–	-585,970	–	-8.87%	–
EFA	Exit	ISH (EFA) MSCI EAFEeetf	$0	–	-3,135,272	–	-24.81%	–
SPY	Exit	SPDR (SPY) S&P 500eetf	$0	–	-1,297,278	–	-34.32%	–

Q3 2015

			Value		Shares		↓ Weighting
SPY	Buy	SPDR (SPY) S&P 500eetf	$248,649,000	+169.7%	1,297,278	+189.7%	34.32%	+170.9%
EFA	Buy	ISH (EFA) MSCI EAFEeetf	$179,745,000	-8.8%	3,135,272	+1.0%	24.81%	-8.3%
MBB	Sell	ISH (MBB) MBS BOND FDfetf	$64,234,000	-18.0%	585,970	-18.8%	8.87%	-17.6%
HEDJ	Buy	WIS (HEDJ) EUROPEeetf	$50,445,000	+2.0%	923,058	+14.8%	6.96%	+2.5%
IEF	Buy	ISH (IEF) BARCLAYS 7-10YR TSYfetf	$27,634,000	+81.6%	256,206	+76.8%	3.81%	+82.5%
VGK	New	VAN (VGK) FTSE EUROPEeetf	$25,402,000	–	516,730	–	3.51%	–
IGLB	Sell	ISH (CLY) 10+ YEAR CREDITfetf	$21,639,000	-18.1%	380,091	-17.8%	2.99%	-17.7%
PFF	New	ISH (PFF) PREF STK INDXfetf	$18,579,000	–	481,331	–	2.56%	–
BSV	Sell	VAN (BSV) SHORT BD FDfetf	$18,103,000	-4.2%	225,187	-4.4%	2.50%	-3.7%
HYG	New	ISH (HYG) HIGH YLDfetf	$18,021,000	–	216,445	–	2.49%	–
IGIB	Sell	ISH (CIU) INT CREDITfetf	$16,478,000	-19.0%	151,743	-18.9%	2.27%	-18.6%
IEI	Sell	ISH (IEI) 3-7 YEAR TREASfetf	$11,146,000	-44.2%	89,444	-44.9%	1.54%	-43.9%
IGSB	Sell	ISH (CSJ) 1-3 YEAR CREDITfetf	$11,080,000	-18.6%	105,388	-18.4%	1.53%	-18.2%
CWB	New	SPDR (CWB) CONVERTIBLEfetf	$10,047,000	–	224,669	–	1.39%	–
VYM	New	VAN (VYM) HIGH DVD YLDeetf	$1,455,000	–	23,231	–	0.20%	–
TLT	Exit	ISH (TLT) 20+ YEAR TREASfetf	$0	–	-35,783	–	-0.58%	–
SHV	Exit	ISH (SHV) SHORT TSY BOND FDfetf	$0	–	-38,824	–	-0.59%	–
TIP	Exit	ISH (TIP) TIPS BOND FDfetf	$0	–	-99,158	–	-1.53%	–
SHY	Exit	ISH (SHY) 1-3 YEAR TREASfetf	$0	–	-289,131	–	-3.37%	–
IVW	Exit	ISH (IVW) S&P 500 GReetf	$0	–	-439,869	–	-6.88%	–
RSP	Exit	GUGG (RSP) S&P 500 EQ WTeetf	$0	–	-1,255,555	–	-13.76%	–

Q2 2015

			Value		Shares		↓ Weighting
EFA	New	ISH (EFA) MSCI EAFEeetf	$196,984,000	–	3,103,574	–	27.06%	–
RSP	New	GUGG (RSP) S&P 500 EQ WTeetf	$100,181,000	–	1,255,555	–	13.76%	–
SPY	New	SPDR (SPY) S&P 500eetf	$92,204,000	–	447,832	–	12.67%	–
MBB	New	ISH (MBB) MBS BOND FDfetf	$78,366,000	–	721,466	–	10.77%	–
IVW	New	ISH (IVW) S&P 500 GReetf	$50,075,000	–	439,869	–	6.88%	–
HEDJ	New	WIS (HEDJ) EUROPEeetf	$49,465,000	–	804,171	–	6.80%	–
IGLB	New	ISH (CLY) 10+ YEAR CREDITfetf	$26,417,000	–	462,571	–	3.63%	–
SHY	New	ISH (SHY) 1-3 YEAR TREASfetf	$24,524,000	–	289,131	–	3.37%	–
IGIB	New	ISHARES INTERMEDfetf	$20,344,000	–	187,141	–	2.80%	–
IEI	New	ISH (IEI) 3-7 YEAR TREASfetf	$19,964,000	–	162,398	–	2.74%	–
BSV	New	VAN (BSV) SHORT BD FDfetf	$18,893,000	–	235,636	–	2.60%	–
IEF	New	ISH (IEF) BARCLAYS 7-10YR TSYfetf	$15,214,000	–	144,885	–	2.09%	–
IGSB	New	ISH (CSJ) 1-3 YEAR CREDITfetf	$13,606,000	–	129,174	–	1.87%	–
TIP	New	ISH (TIP) TIPS BOND FDfetf	$11,115,000	–	99,158	–	1.53%	–
SHV	New	ISH (SHV) SHORT TSY BOND FDfetf	$4,282,000	–	38,824	–	0.59%	–
TLT	New	ISH (TLT) 20+ YEAR TREASfetf	$4,206,000	–	35,783	–	0.58%	–
IWM	New	ISH (IWM) RUSSELL 2000eetf	$2,077,000	–	16,627	–	0.28%	–

Q4 2014

			Value		Shares		↓ Weighting
IEF	Exit	ISH (IEF) BARCLAYS 7-10YR TSYfetf	$0	–	-85,318	–	-1.21%	–
TLT	Exit	ISH (TLT) 20+ YEAR TREASfetf	$0	–	-77,817	–	-1.24%	–
IEI	Exit	ISH (IEI) 3-7 YEAR TREASfetf	$0	–	-124,021	–	-2.07%	–
BSV	Exit	VAN (BSV) SHORT BD FDfetf	$0	–	-225,688	–	-2.48%	–
EFV	Exit	ISH (EFV) MSCI EAFE VALUEeetf	$0	–	-427,177	–	-3.21%	–
EFA	Exit	ISH (EFA) MSCI EAFEeetf	$0	–	-378,209	–	-3.33%	–
ICF	Exit	ISH (ICF) COHEN & STEERS RLTYeetf	$0	–	-287,376	–	-3.33%	–
SHY	Exit	ISH (SHY) 1-3 YEAR TREASfetf	$0	–	-334,180	–	-3.88%	–
USIG	Exit	ISH (CRED) CREDIT BOND FDfetf	$0	–	-332,268	–	-5.04%	–
VWO	Exit	VAN (VWO) FTSE EMRG MKTS EQTYeetf	$0	–	-1,102,726	–	-6.32%	–
HYS	Exit	PIMCO (HYS) 0-5 YR HIGH YLDfetf	$0	–	-474,033	–	-6.75%	–
SPY	Exit	SPDR (SPY) S&P 500eetf	$0	–	-249,775	–	-6.76%	–
MBB	Exit	ISH (MBB) MBS BOND FDfetf	$0	–	-773,034	–	-11.48%	–
RSP	Exit	GUGG (RSP) S&P 500 EQUAL WEIGHTeetf	$0	–	-1,294,183	–	-13.48%	–
SPLV	Exit	PWRS (SPLV) S&P 500 LOW VOLeetf	$0	–	-6,126,188	–	-29.42%	–

Q3 2014

			Value		Shares		↓ Weighting
SPLV	New	PWRS (SPLV) S&P 500 LOW VOLeetf	$214,172,000	–	6,126,188	–	29.42%	–
RSP	Buy	GUGG (RSP) S&P 500 EQUAL WEIGHTeetf	$98,099,000	+78.6%	1,294,183	+80.7%	13.48%	+97.0%
MBB	Buy	ISH (MBB) MBS BOND FDfetf	$83,550,000	+37.3%	773,034	+37.5%	11.48%	+51.5%
SPY	Sell	SPDR (SPY) S&P 500eetf	$49,206,000	-79.1%	249,775	-79.2%	6.76%	-76.9%
HYS	Sell	PIMCO (HYS) 0-5 YR HIGH YLDfetf	$49,134,000	-8.1%	474,033	-5.3%	6.75%	+1.3%
VWO	New	VAN (VWO) FTSE EMRG MKTS EQTYeetf	$46,006,000	–	1,102,726	–	6.32%	–
USIG	Sell	ISH (CRED) CREDIT BOND FDfetf	$36,722,000	-6.5%	332,268	-5.8%	5.04%	+3.1%
SHY	Sell	ISH (SHY) 1-3 YEAR TREASfetf	$28,238,000	-8.2%	334,180	-8.1%	3.88%	+1.3%
ICF	Sell	ISH (ICF) COHEN & STEERS RLTYeetf	$24,269,000	-11.8%	287,376	-8.8%	3.33%	-2.7%
EFA	Sell	ISH (EFA) MSCI EAFEeetf	$24,247,000	-8.2%	378,209	-2.2%	3.33%	+1.2%
EFV	Sell	ISH (EFV) MSCI EAFE VALUEeetf	$23,345,000	-11.4%	427,177	-5.1%	3.21%	-2.3%
BSV	Buy	VAN (BSV) SHORT BD FDfetf	$18,071,000	+0.5%	225,688	+0.8%	2.48%	+10.9%
IEI	New	ISH (IEI) 3-7 YEAR TREASfetf	$15,043,000	–	124,021	–	2.07%	–
TLT	Sell	ISH (TLT) 20+ YEAR TREASfetf	$9,047,000	-6.3%	77,817	-8.5%	1.24%	+3.3%
IEF	New	ISH (IEF) BARCLAYS 7-10YR TSYfetf	$8,840,000	–	85,318	–	1.21%	–
TIP	Exit	ISH (TIP) TIPS BOND FDfetf	$0	–	-103,754	–	-1.49%	–
PCY	Exit	PWRS (PCY) EMERG MKT DEBTfetf	$0	–	-410,836	–	-1.49%	–
VGK	Exit	VAN (VGK) FTSE EUROPEeetf	$0	–	-438,688	–	-3.28%	–
SCZ	Exit	ISH (SCZ) MSCI EAFE SMALL CAPeetf	$0	–	-504,808	–	-3.32%	–
IGSB	Exit	ISH (CSJ) 1-3 YEAR CREDITfetf	$0	–	-308,912	–	-4.06%	–
MDY	Exit	SPDR (MDY) S&P MIDeetf	$0	–	-425,377	–	-13.80%	–

Q2 2014

			Value		Shares		↓ Weighting
SPY	New	SPDR (SPY) S&P 500eetf	$235,470,000	–	1,203,220	–	29.32%	–
MDY	New	SPDR (MDY) S&P MIDeetf	$110,836,000	–	425,377	–	13.80%	–
MBB	New	ISH (MBB) MBS BOND FDfetf	$60,843,000	–	562,213	–	7.58%	–
RSP	New	GUGG (RSP) S&P 500 EQUAL WEIGHTeetf	$54,931,000	–	716,269	–	6.84%	–
HYS	New	PIMCO (HYS) 0-5 YR HIGH YLDfetf	$53,488,000	–	500,585	–	6.66%	–
USIG	New	ISH (CRED) CREDIT BOND FDfetf	$39,269,000	–	352,723	–	4.89%	–
IGSB	New	ISH (CSJ) 1-3 YEAR CREDITfetf	$32,630,000	–	308,912	–	4.06%	–
SHY	New	ISH (SHY) 1-3 YEAR TREASfetf	$30,744,000	–	363,615	–	3.83%	–
ICF	New	ISH (ICF) COHEN & STEERS RLTYeetf	$27,517,000	–	315,051	–	3.43%	–
SCZ	New	ISH (SCZ) MSCI EAFE SMALL CAPeetf	$26,699,000	–	504,808	–	3.32%	–
EFA	New	ISH (EFA) MSCI EAFEeetf	$26,424,000	–	386,544	–	3.29%	–
EFV	New	ISH (EFV) MSCI EAFE VALUEeetf	$26,352,000	–	450,147	–	3.28%	–
VGK	New	VAN (VGK) FTSE EUROPEeetf	$26,304,000	–	438,688	–	3.28%	–
BSV	New	VAN (BSV) SHORT BD FDfetf	$17,979,000	–	223,818	–	2.24%	–
PCY	New	PWRS (PCY) EMERG MKT DEBTfetf	$11,984,000	–	410,836	–	1.49%	–
TIP	New	ISH (TIP) TIPS BOND FDfetf	$11,967,000	–	103,754	–	1.49%	–
TLT	New	ISH (TLT) 20+ YEAR TREASfetf	$9,658,000	–	85,067	–	1.20%	–

Q4 2013

			Value		Shares		↓ Weighting
PFF	Exit	ISH (PFF) PREF STK INDXetf	$0	–	-41,050	–	-0.20%	–
HYG	Exit	ISHARES IBOXX HIetf	$0	–	-25,740	–	-0.30%	–
TLT	Exit	ISHARES 20+ YEARetf	$0	–	-86,040	–	-1.16%	–
BSV	Exit	VAN (BSV) SHORT BD FDetf	$0	–	-206,959	–	-2.10%	–
PCY	Exit	POWERSH-E M S Detf	$0	–	-806,753	–	-2.79%	–
VWO	Exit	VAN (VWO) FTSE EMRG MKTS EQTYetf	$0	–	-660,671	–	-3.35%	–
SHY	Exit	ISHARES 1-3 YEARetf	$0	–	-338,489	–	-3.61%	–
IGSB	Exit	ISHARES 1-3 YEARetf	$0	–	-290,638	–	-3.87%	–
USIG	Exit	ISH (CFT) BARCLAYS CR BD FDetf	$0	–	-339,234	–	-4.59%	–
HYS	Exit	PIMCO 0-5 YR H/Yetf	$0	–	-477,183	–	-6.33%	–
DXJ	Exit	WIS (DXJ) JAPAN EQTYetf	$0	–	-1,125,665	–	-6.82%	–
IVW	Exit	ISHARES S&P 500etf	$0	–	-633,226	–	-7.15%	–
MBB	Exit	ISH (MBB) BARCLAYS FIXED BD FDetf	$0	–	-536,729	–	-7.19%	–
MDY	Exit	SPDR S&P MID 400etf	$0	–	-486,231	–	-13.91%	–
EFA	Exit	ISH (EFA) MSCI EAFEetf	$0	–	-2,140,976	–	-17.26%	–
SPY	Exit	SPDR (SPY) S&P 500etf	$0	–	-912,234	–	-19.37%	–

Q3 2013

			Value		Shares		↓ Weighting
SPY	Sell	SPDR (SPY) S&P 500etf	$153,264,000	+2.3%	912,234	-2.3%	19.37%	-3.8%
EFA	Buy	ISH (EFA) MSCI EAFEetf	$136,596,000	+175.0%	2,140,976	+147.0%	17.26%	+158.7%
MDY	New	SPDR S&P MID 400etf	$110,049,000	–	486,231	–	13.91%	–
MBB	Sell	ISH (MBB) BARCLAYS FIXED BD FDetf	$56,850,000	-27.7%	536,729	-28.2%	7.19%	-32.0%
IVW	New	ISHARES S&P 500etf	$56,585,000	–	633,226	–	7.15%	–
DXJ	Sell	WIS (DXJ) JAPAN EQTYetf	$53,953,000	-21.2%	1,125,665	-25.0%	6.82%	-25.8%
HYS	New	PIMCO 0-5 YR H/Yetf	$50,056,000	–	477,183	–	6.33%	–
USIG	Buy	ISH (CFT) BARCLAYS CR BD FDetf	$36,349,000	+0.6%	339,234	+0.9%	4.59%	-5.4%
IGSB	New	ISHARES 1-3 YEARetf	$30,598,000	–	290,638	–	3.87%	–
SHY	New	ISHARES 1-3 YEARetf	$28,592,000	–	338,489	–	3.61%	–
VWO	Buy	VAN (VWO) FTSE EMRG MKTS EQTYetf	$26,516,000	+5.1%	660,671	+1.6%	3.35%	-1.1%
PCY	New	POWERSH-E M S Detf	$22,057,000	–	806,753	–	2.79%	–
BSV	Sell	VAN (BSV) SHORT BD FDetf	$16,633,000	-1.9%	206,959	-2.3%	2.10%	-7.7%
TLT	New	ISHARES 20+ YEARetf	$9,155,000	–	86,040	–	1.16%	–
HYG	Sell	ISHARES IBOXX HIetf	$2,357,000	-88.7%	25,740	-88.7%	0.30%	-89.3%
PFF	Sell	ISH (PFF) PREF STK INDXetf	$1,560,000	-93.6%	41,050	-93.3%	0.20%	-93.9%
ELD	Exit	WIS (ELD) EMRG MKTS DEBTetf	$0	–	-310,834	–	-2.01%	–
LQD	Exit	ISH (LQD) IBOXX INV GRD CORP BDetf	$0	–	-151,132	–	-2.31%	–
IEF	Exit	ISH (IEF) BARCLAYS 7-10YR TSYetf	$0	–	-354,677	–	-4.88%	–
OEF	Exit	ISH (OEF) S&P 100etf	$0	–	-1,320,146	–	-12.76%	–
IVE	Exit	ISH (IVE) S&P 500 VALUEetf	$0	–	-1,465,019	–	-14.91%	–

Q2 2013

			Value		Shares		↓ Weighting
SPY	New	SPDR (SPY) S&P 500etf	$149,835,000	–	934,018	–	20.13%	–
IVE	New	ISH (IVE) S&P 500 VALUEetf	$111,004,000	–	1,465,019	–	14.91%	–
OEF	New	ISH (OEF) S&P 100etf	$94,985,000	–	1,320,146	–	12.76%	–
MBB	New	ISH (MBB) BARCLAYS FIXED BD FDetf	$78,627,000	–	747,192	–	10.56%	–
DXJ	New	WIS (DXJ) JAPAN EQTYetf	$68,437,000	–	1,500,485	–	9.20%	–
EFA	New	ISH (EFA) MSCI EAFEetf	$49,669,000	–	866,816	–	6.67%	–
IEF	New	ISH (IEF) BARCLAYS 7-10YR TSYetf	$36,354,000	–	354,677	–	4.88%	–
USIG	New	ISH (CFT) BARCLAYS CR BD FDetf	$36,134,000	–	336,285	–	4.86%	–
VWO	New	VAN (VWO) FTSE EMRG MKTS EQTYetf	$25,221,000	–	650,100	–	3.39%	–
PFF	New	ISH (PFF) PREF STK INDXetf	$24,191,000	–	615,868	–	3.25%	–
HYG	New	ISHARES IBOXX HIetf	$20,774,000	–	228,588	–	2.79%	–
LQD	New	ISH (LQD) IBOXX INV GRD CORP BDetf	$17,176,000	–	151,132	–	2.31%	–
BSV	New	VAN (BSV) SHORT BD FDetf	$16,954,000	–	211,735	–	2.28%	–
ELD	New	WIS (ELD) EMRG MKTS DEBTetf	$14,932,000	–	310,834	–	2.01%	–

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