Aft, Forsyth & Sober, LLC Activity Q4 2012-Q4 2016

Q4 2016

			Value		Shares		↓ Weighting
TOTL	Sell	Spdr Doubleline Ttl Rtrnetf	$12,039,000	-10.6%	248,800	-7.3%	19.52%	-4.5%
HYD	Buy	High Yield Muni Idx ETFetf	$11,857,000	-7.8%	399,500	+0.2%	19.23%	-1.5%
PFF	Buy	iShares S&P US Preferred Stocketf	$10,598,000	-5.6%	284,825	+0.2%	17.19%	+0.9%
MUB	Buy	iShares S&P Municipal Bond Funetf	$10,093,000	-3.9%	93,300	+0.2%	16.37%	+2.8%
LQD	Buy	iShares iBoxx Corporate Bond Fetf	$6,474,000	-4.7%	55,250	+0.1%	10.50%	+1.8%
VCIT	Buy	Vanguard Inter. Corp Bond ETFetf	$4,081,000	-4.1%	47,625	+0.2%	6.62%	+2.5%
SPY	Buy	SPDR S&P ETF Trustetf	$693,000	+3.3%	3,100	+4.2%	1.12%	+10.4%
IAU	Sell	iShares Comex Gold Trustetf	$43,000	-92.0%	3,850	-90.9%	0.07%	-91.4%

Q3 2016

			Value		Shares		↓ Weighting
TOTL	New	Spdr Doubleline Ttl Rtrnetf	$13,471,000	–	268,400	–	20.43%	–
HYD	Buy	High Yield Muni Idx ETFetf	$12,864,000	+453.5%	398,875	+454.8%	19.51%	+22.0%
PFF	Buy	iShares S&P US Preferred Stocketf	$11,231,000	+3925.4%	284,325	+3961.8%	17.03%	+787.2%
MUB	Buy	iShares S&P Municipal Bond Funetf	$10,500,000	+390.2%	93,125	+395.3%	15.92%	+8.0%
LQD	Buy	iShares iBoxx Corporate Bond Fetf	$6,796,000	+86.8%	55,175	+86.1%	10.31%	-58.8%
VCIT	New	Vanguard Inter. Corp Bond ETFetf	$4,257,000	–	47,525	–	6.46%	–
RSP	Buy	Rydex S&P Equal Weight ETFetf	$545,000	+9.0%	6,525	+4.8%	0.83%	-76.0%
IAU	Buy	iShares Comex Gold Trustetf	$539,000	+111.4%	42,500	+112.5%	0.82%	-53.4%
IJH	Buy	iShares S&P Mid Cap 400etf	$480,000	+8.1%	3,100	+4.2%	0.73%	-76.2%
QQQ	Buy	PowerShares QQQ ETFetf	$386,000	+18.4%	3,250	+7.4%	0.58%	-73.9%
IJR	Buy	iShares S&P Small Cap 600etf	$332,000	+11.0%	2,675	+3.9%	0.50%	-75.5%
QQEW	Buy	First Tr Nasdaq 100 Equal Weigetf	$264,000	+14.3%	5,765	+4.5%	0.40%	-74.8%
ITOT	Buy	IShares Core S&P Total U.S. Stetf	$173,000	+3.6%	3,500	+100.0%	0.26%	-77.2%
BOH	Buy	Google Inc Class A	$116,000	+33.3%	600	+71.4%	0.18%	-70.6%

Q2 2016

			Value		Shares		↓ Weighting
LQD	New	iShares iBoxx Corporate Bond Fetf	$3,639,000	–	29,650	–	25.04%	–
HYD	New	High Yield Muni Idx ETFetf	$2,324,000	–	71,900	–	15.99%	–
MUB	New	iShares S&P Municipal Bond Funetf	$2,142,000	–	18,800	–	14.74%	–
PHB	New	PowerShares High Yield Corporaetf	$928,000	–	50,425	–	6.39%	–
ICF	New	iShares Cohen & Steers Realtyetf	$812,000	–	7,500	–	5.59%	–
HYG	New	iShares High Yield Corp Bond Fetf	$718,000	–	8,475	–	4.94%	–
SPY	New	SPDR S&P ETF Trustetf	$623,000	–	2,975	–	4.29%	–
RSP	New	Rydex S&P Equal Weight ETFetf	$500,000	–	6,225	–	3.44%	–
IJH	New	iShares S&P Mid Cap 400etf	$444,000	–	2,975	–	3.06%	–
JNK	New	Spdr Barclays High Yield ETFetf	$394,000	–	11,050	–	2.71%	–
QQQ	New	PowerShares QQQ ETFetf	$326,000	–	3,025	–	2.24%	–
IJR	New	iShares S&P Small Cap 600etf	$299,000	–	2,575	–	2.06%	–
BAC	New	Bank of America Corp	$285,000	–	21,440	–	1.96%	–
PFF	New	iShares S&P US Preferred Stocketf	$279,000	–	7,000	–	1.92%	–
IAU	New	iShares Comex Gold Trustetf	$255,000	–	20,000	–	1.76%	–
QQEW	New	First Tr Nasdaq 100 Equal Weigetf	$231,000	–	5,515	–	1.59%	–
ITOT	New	IShares Core S&P Total U.S. Stetf	$167,000	–	1,750	–	1.15%	–
BOH	New	Google Inc Class A	$87,000	–	350	–	0.60%	–
GOOG	New	Google Inc Class C	$69,000	–	100	–	0.48%	–
IYR	New	iShares Dow Jone Real Estateetf	$8,000	–	100	–	0.06%	–

Q4 2015

			Value		Shares		↓ Weighting
MDY	Exit	Midcap SPDR Trust Series 1etf	$0	–	-25	–	-0.00%	–
QQQE	Exit	Direxion Shares Etfetf	$0	–	-100	–	-0.00%	–
IYR	Exit	iShares Dow Jone Real Estateetf	$0	–	-100	–	-0.00%	–
FXD	Exit	First Trust Consumer Discretioetf	$0	–	-191	–	-0.00%	–
FEX	Exit	First Trust Large Cap Fundetf	$0	–	-281	–	-0.00%	–
ONEXF	Exit	Onex Corporation	$0	–	-360	–	-0.01%	–
CVS	Exit	CVS Corp.	$0	–	-250	–	-0.01%	–
CMI	Exit	Cummins Inc.	$0	–	-250	–	-0.01%	–
COST	Exit	Costco Wholesale Corp	$0	–	-200	–	-0.01%	–
XLK	Exit	Technology Spdretf	$0	–	-701	–	-0.01%	–
JPM	Exit	JP Morgan Chase & Co.	$0	–	-525	–	-0.01%	–
WNR	Exit	Western Refining Inc	$0	–	-750	–	-0.01%	–
PFE	Exit	Pfizer Inc.	$0	–	-1,100	–	-0.01%	–
JNJ	Exit	Johnson & Johnson	$0	–	-510	–	-0.01%	–
DVY	Exit	iShares Trust Dow Jones Selectetf	$0	–	-900	–	-0.02%	–
NOBL	Exit	Proshares SP 500 Aristocrats Eetf	$0	–	-1,500	–	-0.02%	–
RDVY	Exit	First Tr NASDAQ Rising Div.etf	$0	–	-3,400	–	-0.02%	–
GE	Exit	General Electric Co.	$0	–	-4,000	–	-0.02%	–
GOOG	Exit	Google Inc Class C	$0	–	-202	–	-0.03%	–
BOH	Exit	Google Inc Class A	$0	–	-702	–	-0.04%	–
PFF	Exit	iShares S&P US Preferred Stocketf	$0	–	-6,000	–	-0.06%	–
BAC	Exit	Bank of America Corp	$0	–	-21,440	–	-0.08%	–
AAPL	Exit	Apple Computer Inc.	$0	–	-3,800	–	-0.10%	–
EMLP	Exit	First Tr North Amer Etfetf	$0	–	-38,000	–	-0.20%	–
MUB	Exit	iShares S&P Municipal Bond Funetf	$0	–	-10,750	–	-0.29%	–
ICF	Exit	iShares Cohen & Steers Realtyetf	$0	–	-15,000	–	-0.35%	–
HYD	Exit	High Yield Muni Idx ETFetf	$0	–	-46,400	–	-0.35%	–
VB	Exit	Vanguard Small Cap ETFetf	$0	–	-17,025	–	-0.46%	–
ITOT	Exit	IShares Core S&P Total U.S. Stetf	$0	–	-21,900	–	-0.48%	–
VOO	Exit	Vanguard S&P 500 Etf Newetf	$0	–	-20,475	–	-0.90%	–
AMLP	Exit	Alerian MLP ETFetf	$0	–	-386,100	–	-1.20%	–
VO	Exit	Vanguard Mid Cap ETFetf	$0	–	-43,935	–	-1.28%	–
LQD	Exit	iShares iBoxx Corporate Bond Fetf	$0	–	-68,250	–	-1.97%	–
JNK	Exit	Spdr Barclays High Yield ETFetf	$0	–	-263,800	–	-2.34%	–
PHB	Exit	PowerShares High Yield Corporaetf	$0	–	-736,800	–	-3.27%	–
HYG	Exit	iShares High Yield Corp Bond Fetf	$0	–	-166,185	–	-3.45%	–
QQEW	Exit	First Tr Nasdaq 100 Equal Weigetf	$0	–	-841,685	–	-8.42%	–
IJR	Exit	iShares S&P Small Cap 600etf	$0	–	-321,660	–	-8.54%	–
IWM	Exit	iShares Russell 2000 Indexetf	$0	–	-323,075	–	-8.79%	–
QQQ	Exit	PowerShares QQQ ETFetf	$0	–	-368,995	–	-9.35%	–
IJH	Exit	iShares S&P Mid Cap 400etf	$0	–	-366,055	–	-12.46%	–
SPY	Exit	SPDR S&P ETF Trustetf	$0	–	-367,075	–	-17.52%	–
RSP	Exit	Rydex S&P Equal Weight ETFetf	$0	–	-977,135	–	-17.91%	–

Q3 2015

			Value		Shares		↓ Weighting
RSP	Sell	Rydex S&P Equal Weight ETFetf	$71,878,000	-7.9%	977,135	-0.1%	17.91%	+0.1%
SPY	Sell	SPDR S&P ETF Trustetf	$70,343,000	-7.0%	367,075	-0.1%	17.52%	+1.1%
IWM	Sell	iShares Russell 2000 Indexetf	$35,280,000	-12.6%	323,075	-0.0%	8.79%	-5.0%
IJR	Sell	iShares S&P Small Cap 600etf	$34,279,000	-9.6%	321,660	-0.0%	8.54%	-1.8%
AMLP	Sell	Alerian MLP ETFetf	$4,819,000	-19.8%	386,100	-0.1%	1.20%	-12.9%

Q2 2015

			Value		Shares		↓ Weighting
RSP	New	Rydex S&P Equal Weight ETFetf	$78,055,000	–	978,135	–	17.90%	–
SPY	New	SPDR S&P ETF Trustetf	$75,629,000	–	367,400	–	17.34%	–
IJH	New	iShares S&P Mid Cap 400etf	$54,901,000	–	366,055	–	12.59%	–
IWM	New	iShares Russell 2000 Indexetf	$40,352,000	–	323,175	–	9.25%	–
QQQ	New	PowerShares QQQ ETFetf	$39,508,000	–	368,995	–	9.06%	–
IJR	New	iShares S&P Small Cap 600etf	$37,923,000	–	321,710	–	8.70%	–
QQEW	New	First Tr Nasdaq 100 Equal Weigetf	$36,790,000	–	841,685	–	8.44%	–
HYG	New	iShares High Yield Corp Bond Fetf	$14,757,000	–	166,185	–	3.38%	–
PHB	New	PowerShares High Yield Corporaetf	$13,749,000	–	736,800	–	3.15%	–
JNK	New	Spdr Barclays High Yield ETFetf	$10,138,000	–	263,800	–	2.32%	–
LQD	New	iShares iBoxx Corporate Bond Fetf	$7,898,000	–	68,250	–	1.81%	–
AMLP	New	Alerian MLP ETFetf	$6,012,000	–	386,350	–	1.38%	–
VO	New	Vanguard Mid Cap ETFetf	$5,599,000	–	43,935	–	1.28%	–
VOO	New	Vanguard S&P 500 Etf Newetf	$3,866,000	–	20,475	–	0.89%	–
ITOT	New	IShares Core S&P Total U.S. Stetf	$2,068,000	–	21,900	–	0.47%	–
VB	New	Vanguard Small Cap ETFetf	$2,068,000	–	17,025	–	0.47%	–
HYD	New	High Yield Muni Idx ETFetf	$1,387,000	–	46,400	–	0.32%	–
ICF	New	iShares Cohen & Steers Realtyetf	$1,344,000	–	15,000	–	0.31%	–
MUB	New	iShares S&P Municipal Bond Funetf	$1,163,000	–	10,750	–	0.27%	–
EMLP	New	First Tr North Amer Etfetf	$964,000	–	38,000	–	0.22%	–
AAPL	New	Apple Computer Inc.	$477,000	–	3,800	–	0.11%	–
BAC	New	Bank of America Corp	$365,000	–	21,440	–	0.08%	–
PFF	New	iShares S&P US Preferred Stocketf	$235,000	–	6,000	–	0.05%	–
BOH	New	Google Inc Class A	$142,000	–	702	–	0.03%	–
GE	New	General Electric Co.	$106,000	–	4,000	–	0.02%	–
GOOG	New	Google Inc Class C	$105,000	–	202	–	0.02%	–
NOBL	New	Proshares SP 500 Aristocrats Eetf	$74,000	–	1,500	–	0.02%	–
RDVY	New	First Tr NASDAQ Rising Div.etf	$75,000	–	3,400	–	0.02%	–
DVY	New	iShares Trust Dow Jones Selectetf	$68,000	–	900	–	0.02%	–
JNJ	New	Johnson & Johnson	$50,000	–	510	–	0.01%	–
WNR	New	Western Refining Inc	$33,000	–	750	–	0.01%	–
CMI	New	Cummins Inc.	$33,000	–	250	–	0.01%	–
JPM	New	JP Morgan Chase & Co.	$36,000	–	525	–	0.01%	–
PFE	New	Pfizer Inc.	$37,000	–	1,100	–	0.01%	–
XLK	New	Technology Spdretf	$29,000	–	701	–	0.01%	–
CVS	New	CVS Corp.	$26,000	–	250	–	0.01%	–
COST	New	Costco Wholesale Corp	$27,000	–	200	–	0.01%	–
ONEXF	New	Onex Corporation	$20,000	–	360	–	0.01%	–
FEX	New	First Trust Large Cap Fundetf	$13,000	–	281	–	0.00%	–
MDY	New	Midcap SPDR Trust Series 1etf	$7,000	–	25	–	0.00%	–
IYR	New	iShares Dow Jone Real Estateetf	$7,000	–	100	–	0.00%	–
QQQE	New	Direxion Shares Etfetf	$7,000	–	100	–	0.00%	–
FXD	New	First Trust Consumer Discretioetf	$7,000	–	191	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
MDY	Exit	Midcap SPDR Trust Series 1etf	$0	–	-25	–	-0.00%	–
	Exit	Gulf Keystone Petroleum Ltd.	$0	–	-5,000	–	-0.00%	–
FXD	Exit	First Trust Consumer Discretioetf	$0	–	-191	–	-0.00%	–
QQQE	Exit	Direxion Shares Etfetf	$0	–	-175	–	-0.00%	–
HI	Exit	Hillenbrand Inc	$0	–	-350	–	-0.00%	–
FEX	Exit	First Trust Large Cap Fundetf	$0	–	-281	–	-0.00%	–
IYR	Exit	iShares Dow Jone Real Estateetf	$0	–	-200	–	-0.00%	–
ONEXF	Exit	Onex Corporation	$0	–	-360	–	-0.00%	–
CVS	Exit	CVS Corp.	$0	–	-250	–	-0.00%	–
COST	Exit	Costco Wholesale Corp	$0	–	-200	–	-0.01%	–
XLK	Exit	Technology Spdretf	$0	–	-701	–	-0.01%	–
JPM	Exit	JP Morgan Chase & Co.	$0	–	-525	–	-0.01%	–
PFE	Exit	Pfizer Inc.	$0	–	-1,100	–	-0.01%	–
CMI	Exit	Cummins Inc.	$0	–	-250	–	-0.01%	–
WNR	Exit	Western Refining Inc	$0	–	-750	–	-0.01%	–
JNJ	Exit	Johnson & Johnson	$0	–	-510	–	-0.01%	–
DVY	Exit	iShares Trust Dow Jones Selectetf	$0	–	-900	–	-0.01%	–
NOBL	Exit	Proshares SP 500 Aristocrats Eetf	$0	–	-1,500	–	-0.02%	–
RDVY	Exit	First Tr NASDAQ Rising Div.etf	$0	–	-3,400	–	-0.02%	–
GE	Exit	General Electric Co.	$0	–	-4,000	–	-0.02%	–
GOOG	Exit	Google Inc Class C	$0	–	-202	–	-0.02%	–
BOH	Exit	Google Inc Class A	$0	–	-702	–	-0.03%	–
BAC	Exit	Bank of America Corp	$0	–	-21,440	–	-0.08%	–
AAPL	Exit	Apple Computer Inc.	$0	–	-3,800	–	-0.08%	–
EMLP	Exit	First Tr North Amer Etfetf	$0	–	-31,000	–	-0.18%	–
MUB	Exit	iShares S&P Municipal Bond Funetf	$0	–	-10,750	–	-0.25%	–
ICF	Exit	iShares Cohen & Steers Realtyetf	$0	–	-15,000	–	-0.27%	–
HYD	Exit	High Yield Muni Idx ETFetf	$0	–	-46,400	–	-0.31%	–
AMLP	Exit	Alerian MLP ETFetf	$0	–	-387,100	–	-1.60%	–
LQD	Exit	iShares iBoxx Corporate Bond Fetf	$0	–	-68,250	–	-1.74%	–
VB	Exit	Vanguard Small Cap ETFetf	$0	–	-73,500	–	-1.75%	–
JNK	Exit	Spdr Barclays High Yield ETFetf	$0	–	-263,800	–	-2.28%	–
PHB	Exit	PowerShares High Yield Corporaetf	$0	–	-736,800	–	-3.03%	–
HYG	Exit	iShares High Yield Corp Bond Fetf	$0	–	-166,185	–	-3.29%	–
VOO	Exit	Vanguard S&P 500 Etf Newetf	$0	–	-87,900	–	-3.42%	–
VO	Exit	Vanguard Mid Cap ETFetf	$0	–	-192,775	–	-4.88%	–
IJR	Exit	iShares S&P Small Cap 600etf	$0	–	-331,600	–	-7.46%	–
QQEW	Exit	First Tr Nasdaq 100 Equal Weigetf	$0	–	-963,590	–	-8.32%	–
QQQ	Exit	PowerShares QQQ ETFetf	$0	–	-415,615	–	-8.85%	–
IWM	Exit	iShares Russell 2000 Indexetf	$0	–	-441,630	–	-10.41%	–
IJH	Exit	iShares S&P Mid Cap 400etf	$0	–	-379,980	–	-11.20%	–
SPY	Exit	SPDR S&P ETF Trustetf	$0	–	-323,850	–	-13.75%	–
RSP	Exit	Rydex S&P Equal Weight ETFetf	$0	–	-1,018,375	–	-16.64%	–

Q3 2014

			Value		Shares		↓ Weighting
RSP	Sell	Rydex S&P Equal Weight ETFetf	$77,183,000	-4.6%	1,018,375	-3.5%	16.64%	-0.2%
SPY	Sell	SPDR S&P ETF Trustetf	$63,805,000	-2.5%	323,850	-3.1%	13.75%	+2.0%
IJH	Sell	iShares S&P Mid Cap 400etf	$51,958,000	-7.1%	379,980	-2.8%	11.20%	-2.8%
IWM	Sell	iShares Russell 2000 Indexetf	$48,292,000	-11.1%	441,630	-3.4%	10.41%	-7.0%
QQQ	Sell	PowerShares QQQ ETFetf	$41,059,000	+1.5%	415,615	-3.5%	8.85%	+6.2%
QQEW	Sell	First Tr Nasdaq 100 Equal Weigetf	$38,603,000	-0.9%	963,590	-3.5%	8.32%	+3.7%
IJR	Sell	iShares S&P Small Cap 600etf	$34,586,000	-9.5%	331,600	-2.8%	7.46%	-5.4%
VO	Sell	Vanguard Mid Cap ETFetf	$22,614,000	-6.0%	192,775	-4.9%	4.88%	-1.7%
VOO	Sell	Vanguard S&P 500 Etf Newetf	$15,874,000	-3.2%	87,900	-3.8%	3.42%	+1.2%
VB	Sell	Vanguard Small Cap ETFetf	$8,131,000	-9.8%	73,500	-4.5%	1.75%	-5.7%
AMLP	Buy	Alerian MLP ETFetf	$7,421,000	+7.6%	387,100	+6.6%	1.60%	+12.5%
ICF	Buy	iShares Cohen & Steers Realtyetf	$1,267,000	+14.2%	15,000	+18.1%	0.27%	+19.2%
EMLP	New	First Tr North Amer Etfetf	$842,000	–	31,000	–	0.18%	–
AAPL	Buy	Apple Computer Inc.	$383,000	+33.0%	3,800	+22.6%	0.08%	+40.7%
BOH	Buy	Google Inc Class A	$147,000	+406.9%	702	+40.4%	0.03%	+433.3%
KS	Exit	Kapstone Paper & Pckg Cp	$0	–	-300	–	-0.00%	–
GOOGL	Exit	Google Inc Class A	$0	–	-202	–	-0.02%	–

Q2 2014

			Value		Shares		↓ Weighting
RSP	New	Rydex S&P Equal Weight ETFetf	$80,929,000	–	1,055,000	–	16.68%	–
SPY	New	SPDR S&P ETF Trustetf	$65,444,000	–	334,375	–	13.49%	–
IJH	New	iShares S&P Mid Cap 400etf	$55,941,000	–	390,980	–	11.53%	–
IWM	New	iShares Russell 2000 Indexetf	$54,312,000	–	457,130	–	11.19%	–
QQQ	New	PowerShares QQQetf	$40,439,000	–	430,615	–	8.33%	–
QQEW	New	First Tr Nasdaq 100 Equal Weigetf	$38,935,000	–	998,590	–	8.02%	–
IJR	New	iShares S&P Small Cap 600etf	$38,234,000	–	341,100	–	7.88%	–
VO	New	Vanguard Mid Cap ETFetf	$24,063,000	–	202,775	–	4.96%	–
VOO	New	Vanguard S&P 500 Etf Newetf	$16,400,000	–	91,400	–	3.38%	–
HYG	New	iShares High Yield Corp Bond Fetf	$15,821,000	–	166,185	–	3.26%	–
PHB	New	PowerShares High Yield Corporaetf	$14,441,000	–	736,800	–	2.98%	–
JNK	New	Spdr Barclays High Yield ETFetf	$11,008,000	–	263,800	–	2.27%	–
VB	New	Vanguard Small Cap ETFetf	$9,018,000	–	77,000	–	1.86%	–
LQD	New	iShares iBoxx Corporate Bond Fetf	$8,139,000	–	68,250	–	1.68%	–
AMLP	New	Alerian MLP ETFetf	$6,899,000	–	363,100	–	1.42%	–
HYD	New	High Yield Muni Idx ETFetf	$1,399,000	–	46,400	–	0.29%	–
MUB	New	iShares S&P Municipal Bond Funetf	$1,168,000	–	10,750	–	0.24%	–
ICF	New	iShares Cohen & Steers Realtyetf	$1,109,000	–	12,700	–	0.23%	–
BAC	New	Bank of America Corp	$330,000	–	21,440	–	0.07%	–
AAPL	New	Apple Computer Inc.	$288,000	–	3,100	–	0.06%	–
GOOG	New	Google Inc Class C	$116,000	–	202	–	0.02%	–
GOOGL	New	Google Inc Class A	$118,000	–	202	–	0.02%	–
GE	New	General Electric Co.	$105,000	–	4,000	–	0.02%	–
RDVY	New	First Tr NASDAQ Rising Div.etf	$71,000	–	3,400	–	0.02%	–
NOBL	New	Proshares SP 500 Aristocrats Eetf	$69,000	–	1,500	–	0.01%	–
DVY	New	iShares Trust Dow Jones Selectetf	$69,000	–	900	–	0.01%	–
JNJ	New	Johnson & Johnson	$53,000	–	510	–	0.01%	–
CMI	New	Cummins Inc.	$39,000	–	250	–	0.01%	–
PFE	New	Pfizer Inc.	$33,000	–	1,100	–	0.01%	–
XLK	New	Technology Spdretf	$27,000	–	701	–	0.01%	–
BOH	New	Bank of Hawaii Corp.	$29,000	–	500	–	0.01%	–
JPM	New	JP Morgan Chase & Co.	$30,000	–	525	–	0.01%	–
WNR	New	Western Refining Inc	$28,000	–	750	–	0.01%	–
ONEXF	New	Onex Corporation	$22,000	–	360	–	0.01%	–
COST	New	Costco Wholesale Corp	$23,000	–	200	–	0.01%	–
CVS	New	CVS Corp.	$19,000	–	250	–	0.00%	–
IYR	New	iShares Dow Jone Real Estateetf	$14,000	–	200	–	0.00%	–
FEX	New	First Trust Large Cap Fundetf	$12,000	–	281	–	0.00%	–
HI	New	Hillenbrand Inc	$11,000	–	350	–	0.00%	–
KS	New	Kapstone Paper & Pckg Cp	$10,000	–	300	–	0.00%	–
QQQE	New	Direxion Shares Etfetf	$10,000	–	175	–	0.00%	–
	New	Gulf Keystone Petroleum Ltd.	$9,000	–	5,000	–	0.00%	–
FXD	New	First Trust Consumer Discretioetf	$6,000	–	191	–	0.00%	–
MDY	New	Midcap SPDR Trust Series 1etf	$7,000	–	25	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
FXD	Exit	First Trust Consumer Discretioetf	$0	–	-191	–	-0.00%	–
MDY	Exit	Midcap SPDR Trust Series 1etf	$0	–	-25	–	-0.00%	–
IYR	Exit	iShares Dow Jone Real Estateetf	$0	–	-150	–	-0.00%	–
FEX	Exit	First Trust Large Cap Fundetf	$0	–	-281	–	-0.00%	–
CVS	Exit	CVS Corp.	$0	–	-250	–	-0.00%	–
	Exit	Gulf Keystone Petroleum Ltd.	$0	–	-5,000	–	-0.00%	–
ONEXF	Exit	Onex Corporation	$0	–	-360	–	-0.00%	–
COST	Exit	Costco Wholesale Corp	$0	–	-200	–	-0.01%	–
AAPL	Exit	Apple Computer Inc.	$0	–	-50	–	-0.01%	–
JNJ	Exit	Johnson & Johnson	$0	–	-260	–	-0.01%	–
XLK	Exit	Technology Spdretf	$0	–	-701	–	-0.01%	–
WNR	Exit	Western Refining Inc	$0	–	-750	–	-0.01%	–
BOH	Exit	Bank of Hawaii Corp.	$0	–	-500	–	-0.01%	–
VO	Exit	Vanguard Mid Cap ETFetf	$0	–	-275	–	-0.01%	–
JPM	Exit	JP Morgan Chase & Co.	$0	–	-525	–	-0.01%	–
PFE	Exit	Pfizer Inc.	$0	–	-1,100	–	-0.01%	–
GE	Exit	General Electric Co.	$0	–	-1,500	–	-0.01%	–
GOOGL	Exit	Google Inc.	$0	–	-104	–	-0.02%	–
BAC	Exit	Bank of America Corp	$0	–	-21,440	–	-0.06%	–
FB	Exit	Facebook Inc Class A	$0	–	-6,500	–	-0.07%	–
QQQE	Exit	Direxion Shares Etfetf	$0	–	-9,550	–	-0.10%	–
DXJ	Exit	Wisdomtree Jpn Hdgd Eqtyetf	$0	–	-10,200	–	-0.11%	–
EWJ	Exit	iShares MSCI Japan Indexetf	$0	–	-53,100	–	-0.14%	–
EFA	Exit	iShares MSCI EAFE Indexetf	$0	–	-13,695	–	-0.19%	–
MUB	Exit	iShares S&P Municipal Bond Funetf	$0	–	-14,500	–	-0.34%	–
AMLP	Exit	Alerian MLP ETFetf	$0	–	-155,800	–	-0.61%	–
HYD	Exit	High Yield Muni Idx ETFetf	$0	–	-198,975	–	-1.28%	–
SPHB	Exit	Powershares S&P 500 High Betaetf	$0	–	-223,500	–	-1.34%	–
JNK	Exit	Spdr Barclays High Yield ETFetf	$0	–	-154,450	–	-1.36%	–
XLF	Exit	Financial Spdretf	$0	–	-443,225	–	-1.95%	–
XLP	Exit	Consumer Staples Spdretf	$0	–	-234,603	–	-2.06%	–
XLY	Exit	Consumer Discret Select Sectoretf	$0	–	-165,875	–	-2.22%	–
PHB	Exit	PowerShares High Yield Corporaetf	$0	–	-553,075	–	-2.30%	–
LQD	Exit	iShares iBoxx Corporate Bond Fetf	$0	–	-92,300	–	-2.32%	–
HYG	Exit	iShares High Yield Corp Bond Fetf	$0	–	-120,335	–	-2.44%	–
OEF	Exit	iShares S&P 100etf	$0	–	-243,050	–	-4.02%	–
EEM	Exit	iShares MSCI Emerging Marketsetf	$0	–	-478,327	–	-4.31%	–
ICF	Exit	iShares Cohen & Steers Realtyetf	$0	–	-291,710	–	-4.96%	–
QQQ	Exit	PowerShares QQQetf	$0	–	-708,575	–	-12.35%	–
RSP	Exit	Rydex S&P Equal Weight ETFetf	$0	–	-870,975	–	-12.55%	–
SPY	Exit	SPDR S&P ETF Trustetf	$0	–	-347,840	–	-12.92%	–
IJR	Exit	iShares S&P Small Cap 600etf	$0	–	-604,650	–	-13.34%	–
IJH	Exit	iShares S&P Mid Cap 400etf	$0	–	-603,800	–	-16.57%	–

Q3 2013

			Value		Shares		↓ Weighting
IJH	Buy	iShares S&P Mid Cap 400etf	$74,956,000	+8.7%	603,800	+1.1%	16.57%	+2.7%
IJR	Buy	iShares S&P Small Cap 600etf	$60,344,000	+12.2%	604,650	+1.5%	13.34%	+6.0%
SPY	Buy	SPDR S&P ETF Trustetf	$58,441,000	+6.7%	347,840	+1.9%	12.92%	+0.8%
RSP	Buy	Rydex S&P Equal Weight ETFetf	$56,788,000	+9.0%	870,975	+2.4%	12.55%	+3.0%
QQQ	Buy	PowerShares QQQetf	$55,892,000	+11.6%	708,575	+0.8%	12.35%	+5.4%
ICF	Buy	iShares Cohen & Steers Realtyetf	$22,427,000	-4.5%	291,710	+0.1%	4.96%	-9.8%
EEM	Sell	iShares MSCI Emerging Marketsetf	$19,494,000	+5.8%	478,327	-0.1%	4.31%	-0.1%
HYG	Sell	iShares High Yield Corp Bond Fetf	$11,020,000	-5.2%	120,335	-5.9%	2.44%	-10.4%
LQD	Sell	iShares iBoxx Corporate Bond Fetf	$10,478,000	-10.6%	92,300	-10.5%	2.32%	-15.6%
PHB	Sell	PowerShares High Yield Corporaetf	$10,403,000	-9.7%	553,075	-10.6%	2.30%	-14.8%
XLY	Sell	Consumer Discret Select Sectoretf	$10,057,000	+6.6%	165,875	-0.9%	2.22%	+0.7%
XLP	Sell	Consumer Staples Spdretf	$9,337,000	-0.4%	234,603	-0.8%	2.06%	-5.9%
XLF	Sell	Financial Spdretf	$8,822,000	+1.5%	443,225	-0.9%	1.95%	-4.1%
JNK	Sell	Spdr Barclays High Yield ETFetf	$6,154,000	-1.9%	154,450	-2.8%	1.36%	-7.4%
SPHB	Buy	Powershares S&P 500 High Betaetf	$6,039,000	+16.2%	223,500	+6.8%	1.34%	+9.8%
HYD	Sell	High Yield Muni Idx ETFetf	$5,815,000	-13.5%	198,975	-9.4%	1.28%	-18.3%
AMLP	Sell	Alerian MLP ETFetf	$2,741,000	-2.5%	155,800	-1.1%	0.61%	-7.9%
MUB	Sell	iShares S&P Municipal Bond Funetf	$1,515,000	-41.6%	14,500	-41.3%	0.34%	-44.8%
EFA	Sell	iShares MSCI EAFE Indexetf	$874,000	+11.2%	13,695	-0.1%	0.19%	+4.9%
EWJ	Buy	iShares MSCI Japan Indexetf	$633,000	+131.9%	53,100	+118.1%	0.14%	+118.8%
DXJ	Buy	Wisdomtree Jpn Hdgd Eqtyetf	$489,000	+519.0%	10,200	+491.3%	0.11%	+500.0%
QQQE	Buy	Direxion Shares Etfetf	$477,000	+65.1%	9,550	+48.1%	0.10%	+54.4%
IYR	Sell	iShares Dow Jone Real Estateetf	$10,000	-23.1%	150	-25.0%	0.00%	-33.3%
BPY	Exit	Brookfield Prop Part Lpf	$0	–	-36	–	0.00%	–
BIP	Exit	Brookfield Infrastructure Part	$0	–	-18	–	0.00%	–
PFF	Exit	iShares S&P US Preferred Stocketf	$0	–	-140	–	-0.00%	–
IEF	Exit	iShares Barclays 7-10 Year Treetf	$0	–	-155	–	-0.00%	–
BAM	Exit	Brookfield Asset Mgmt, Inc.	$0	–	-650	–	-0.01%	–
XLU	Exit	Utilities Select SPDR ETFetf	$0	–	-520	–	-0.01%	–

Q2 2013

			Value		Shares		↓ Weighting
IJH	New	iShares S&P Mid Cap 400etf	$68,948,000	–	596,950	–	16.13%	–
SPY	New	SPDR S&P ETF Trustetf	$54,774,000	–	341,440	–	12.82%	–
IJR	New	iShares S&P Small Cap 600etf	$53,780,000	–	595,500	–	12.58%	–
RSP	New	Rydex S&P Equal Weight ETFetf	$52,095,000	–	850,250	–	12.19%	–
QQQ	New	PowerShares QQQetf	$50,075,000	–	702,615	–	11.72%	–
ICF	New	iShares Cohen & Steers Realtyetf	$23,493,000	–	291,410	–	5.50%	–
EEM	New	iShares MSCI Emerging Marketsetf	$18,430,000	–	478,702	–	4.31%	–
OEF	New	iShares S&P 100etf	$17,487,000	–	243,050	–	4.09%	–
LQD	New	iShares iBoxx Corporate Bond Fetf	$11,723,000	–	103,150	–	2.74%	–
HYG	New	iShares High Yield Corp Bond Fetf	$11,624,000	–	127,910	–	2.72%	–
PHB	New	PowerShares High Yield Corporaetf	$11,526,000	–	618,350	–	2.70%	–
XLY	New	Consumer Discret Select Sectoretf	$9,437,000	–	167,325	–	2.21%	–
XLP	New	Consumer Staples Spdretf	$9,377,000	–	236,378	–	2.19%	–
XLF	New	Financial Spdretf	$8,695,000	–	447,175	–	2.03%	–
HYD	New	High Yield Muni Idx ETFetf	$6,720,000	–	219,675	–	1.57%	–
JNK	New	Spdr Barclays High Yield ETFetf	$6,276,000	–	158,925	–	1.47%	–
SPHB	New	Powershares S&P 500 High Betaetf	$5,196,000	–	209,350	–	1.22%	–
AMLP	New	Alerian MLP ETFetf	$2,811,000	–	157,500	–	0.66%	–
MUB	New	iShares S&P Municipal Bond Funetf	$2,594,000	–	24,700	–	0.61%	–
EFA	New	iShares MSCI EAFE Indexetf	$786,000	–	13,713	–	0.18%	–
QQQE	New	Direxion Shares Etf	$289,000	–	6,450	–	0.07%	–
BAC	New	Bank of America Corp	$276,000	–	21,440	–	0.06%	–
EWJ	New	iShares MSCI Japan Indexetf	$273,000	–	24,350	–	0.06%	–
FB	New	Facebook Inc Class A	$162,000	–	6,500	–	0.04%	–
GOOGL	New	Google Inc.	$92,000	–	104	–	0.02%	–
DXJ	New	Wisdomtree Jpn Hdgd Eqtyetf	$79,000	–	1,725	–	0.02%	–
GE	New	General Electric Co.	$35,000	–	1,500	–	0.01%	–
JPM	New	JP Morgan Chase & Co.	$28,000	–	525	–	0.01%	–
PFE	New	Pfizer Inc.	$31,000	–	1,100	–	0.01%	–
VO	New	Vanguard Mid Cap ETFetf	$26,000	–	275	–	0.01%	–
BOH	New	Bank of Hawaii Corp.	$25,000	–	500	–	0.01%	–
WNR	New	Western Refining Inc	$21,000	–	750	–	0.01%	–
COST	New	Costco Wholesale Corp	$22,000	–	200	–	0.01%	–
JNJ	New	Johnson & Johnson	$22,000	–	260	–	0.01%	–
BAM	New	Brookfield Asset Mgmt, Inc.	$23,000	–	650	–	0.01%	–
AAPL	New	Apple Computer Inc.	$20,000	–	50	–	0.01%	–
XLK	New	Technology Spdretf	$21,000	–	701	–	0.01%	–
XLU	New	Utilities Select SPDR ETFetf	$20,000	–	520	–	0.01%	–
IEF	New	iShares Barclays 7-10 Year Treetf	$16,000	–	155	–	0.00%	–
ONEXF	New	Onex Corporation	$16,000	–	360	–	0.00%	–
	New	Gulf Keystone Petroleum Ltd.	$11,000	–	5,000	–	0.00%	–
CVS	New	CVS Corp.etf	$14,000	–	250	–	0.00%	–
IYR	New	iShares Dow Jone Real Estateetf	$13,000	–	200	–	0.00%	–
FEX	New	First Trust Large Cap Fundetf	$10,000	–	281	–	0.00%	–
MDY	New	Midcap SPDR Trust Series 1etf	$5,000	–	25	–	0.00%	–
FXD	New	First Trust Consumer Discretioetf	$5,000	–	191	–	0.00%	–
PFF	New	iShares S&P US Preferred Stocketf	$5,000	–	140	–	0.00%	–
BIP	New	Brookfield Infrastructure Part	$1,000	–	18	–	0.00%	–
BPY	New	Brookfield Prop Part Lpf	$1,000	–	36	–	0.00%	–

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