Highwater Wealth Management, LLC Activity Q2 2016-Q3 2019

Q3 2019

			Value		Shares		↓ Weighting
NDSN	Buy	NORDSON CORP COMstock	$11,970,000	+15.9%	81,840	+11.9%	26.44%	+13.0%
NOBL	Sell	PROSHARES S&P 500 DIVIDEND ARISTOCRATS ETFetf	$2,966,000	-8.4%	41,432	-11.3%	6.55%	-10.7%
VEU	Buy	VANGUARD FTSE ALL-WORLD EX US INDEX FUNDetf	$2,208,000	+22.9%	44,238	+25.5%	4.88%	+19.9%
IWD	Sell	ISHARES RUSSELL 1000 VALUE ETFetf	$2,132,000	-4.6%	16,626	-5.3%	4.71%	-7.0%
IVV	Sell	ISHARES CORE S&P 500 ETFetf	$1,954,000	-1.0%	6,548	-2.2%	4.32%	-3.5%
VYM	Buy	VANGUARD HIGH DIVIDEND YIELD ETFetf	$1,916,000	+125.4%	21,588	+122.0%	4.23%	+119.8%
IDV	Sell	ISHARES INTERNATIONAL SELECT DIVIDEND ETFetf	$1,722,000	-1.9%	56,004	-2.1%	3.80%	-4.4%
SCHD	Buy	SCHWAB US DIVIDEND EQUITY ETFetf	$1,680,000	+78.7%	30,664	+73.3%	3.71%	+74.3%
IWF	Sell	ISHARES RUSSELL 1000 GROWTH ETFetf	$1,626,000	-8.3%	10,182	-9.7%	3.59%	-10.6%
VWO	Sell	VANGUARD FTSE EMERGING MARKETS ETFetf	$1,556,000	-5.6%	38,658	-0.2%	3.44%	-7.9%
WK	Buy	WORKIVA INC COM CL Astock	$1,176,000	-11.3%	26,830	+17.5%	2.60%	-13.5%
VO	Sell	VANGUARD MID-CAP INDEX FUNDetf	$1,110,000	-14.9%	6,620	-15.2%	2.45%	-17.0%
SCHZ	Buy	SCHWAB US AGGREGATE BOND ETFetf	$1,098,000	+6.6%	20,396	+5.0%	2.42%	+3.9%
VTIP	Buy	VANGUARD SHORT-TERM INFLATION-PROTECTED SECURITIES ETFetf	$1,090,000	+1.7%	22,210	+2.1%	2.41%	-0.9%
DSI	Sell	ISHARES MSCI KLD 400 SOCIAL ETFetf	$902,000	-1.1%	8,132	-2.5%	1.99%	-3.5%
GVI	New	ISHARES INTERMEDIATE GOVERNMENT/CREDIT BOND ETFetf	$774,000	–	6,838	–	1.71%	–
MBB	Sell	ISHARES MBS ETFetf	$744,000	-0.8%	6,878	-1.3%	1.64%	-3.3%
JPM	Sell	JPMORGAN CHASE & CO COMstock	$606,000	+0.7%	5,154	-4.1%	1.34%	-1.8%
AAPL	Buy	APPLE INC COMstock	$596,000	+24.7%	2,664	+10.2%	1.32%	+21.5%
MA	Sell	MASTERCARD INC CL Astock	$494,000	-5.4%	1,820	-7.6%	1.09%	-7.7%
AMZN	Buy	AMAZON COM INC COMstock	$490,000	-2.8%	282	+6.0%	1.08%	-5.2%
BRKB	Buy	BERKSHIRE HATHAWAY INC DEL CL B NEWstock	$478,000	+17.2%	2,296	+20.0%	1.06%	+14.3%
DOL	Sell	WISDOMTREE INTERNATIONAL LARGECAP DIVIDEND FUNDetf	$446,000	-5.1%	9,700	-2.9%	0.98%	-7.4%
FDN	Sell	FIRST TRUST DOW JONES INTERNET INDEX FUNDetf	$438,000	-50.7%	3,260	-47.2%	0.97%	-51.9%
VB	Sell	VANGUARD SMALL-CAP INDEX FUNDetf	$432,000	-26.0%	2,804	-24.8%	0.95%	-27.9%
NOC	New	NORTHROP GRUMMAN CORP COMstock	$420,000	–	1,120	–	0.93%	–
ECL	Sell	ECOLAB INC COMstock	$404,000	-1.9%	2,036	-2.5%	0.89%	-4.4%
GUT	Exit	GABELLI UTIL TR COMcef	$0	–	-22,198	–	-0.35%	–
PWB	Exit	INVESCO DYNAMIC LARGE CAP GROWTH ETFetf	$0	–	-9,252	–	-1.02%	–
PG	Exit	PROCTER AND GAMBLE CO COMstock	$0	–	-5,732	–	-1.42%	–
BSV	Exit	VANGUARD SHORT-TERM BOND INDEX FUNDetf	$0	–	-12,834	–	-2.34%	–

Q2 2019

			Value		Shares		↓ Weighting
NDSN	New	NORDSON CORP COMstock	$10,332,000	–	73,122	–	23.40%	–
NOBL	New	PROSHARES S&P 500 DIVIDEND ARISTOCRATS ETFetf	$3,238,000	–	46,686	–	7.33%	–
XOM	New	EXXON MOBIL CORP COMstock	$3,084,000	–	40,240	–	6.98%	–
IWD	New	ISHARES RUSSELL 1000 VALUE ETFetf	$2,234,000	–	17,562	–	5.06%	–
IVV	New	ISHARES CORE S&P 500 ETFetf	$1,974,000	–	6,698	–	4.47%	–
VEU	New	VANGUARD FTSE ALL-WORLD EX US INDEX FUNDetf	$1,796,000	–	35,236	–	4.07%	–
IWF	New	ISHARES RUSSELL 1000 GROWTH ETFetf	$1,774,000	–	11,272	–	4.02%	–
IDV	New	ISHARES INTERNATIONAL SELECT DIVIDEND ETFetf	$1,756,000	–	57,178	–	3.98%	–
VWO	New	VANGUARD FTSE EMERGING MARKETS ETFetf	$1,648,000	–	38,728	–	3.73%	–
WK	New	WORKIVA INC COM CL Astock	$1,326,000	–	22,830	–	3.00%	–
VO	New	VANGUARD MID-CAP INDEX FUNDetf	$1,304,000	–	7,804	–	2.95%	–
VTIP	New	VANGUARD SHORT-TERM INFLATION-PROTECTED SECURITIES ETFetf	$1,072,000	–	21,756	–	2.43%	–
BSV	New	VANGUARD SHORT-TERM BOND INDEX FUNDetf	$1,034,000	–	12,834	–	2.34%	–
SCHZ	New	SCHWAB US AGGREGATE BOND ETFetf	$1,030,000	–	19,432	–	2.33%	–
SCHD	New	SCHWAB US DIVIDEND EQUITY ETFetf	$940,000	–	17,698	–	2.13%	–
DSI	New	ISHARES MSCI KLD 400 SOCIAL ETFetf	$912,000	–	8,338	–	2.06%	–
FDN	New	FIRST TRUST DOW JONES INTERNET INDEX FUNDetf	$888,000	–	6,180	–	2.01%	–
VYM	New	VANGUARD HIGH DIVIDEND YIELD ETFetf	$850,000	–	9,724	–	1.92%	–
MBB	New	ISHARES MBS ETFetf	$750,000	–	6,970	–	1.70%	–
PG	New	PROCTER AND GAMBLE CO COMstock	$628,000	–	5,732	–	1.42%	–
JPM	New	JPMORGAN CHASE & CO COMstock	$602,000	–	5,376	–	1.36%	–
VB	New	VANGUARD SMALL-CAP INDEX FUNDetf	$584,000	–	3,730	–	1.32%	–
MA	New	MASTERCARD INC CL Astock	$522,000	–	1,970	–	1.18%	–
SDY	New	SPDR S&P DIVIDEND ETFetf	$508,000	–	5,040	–	1.15%	–
AMZN	New	AMAZON COM INC COMstock	$504,000	–	266	–	1.14%	–
EMR	New	EMERSON ELEC CO COMstock	$492,000	–	7,362	–	1.11%	–
AAPL	New	APPLE INC COMstock	$478,000	–	2,418	–	1.08%	–
DOL	New	WISDOMTREE INTERNATIONAL LARGECAP DIVIDEND FUNDetf	$470,000	–	9,990	–	1.06%	–
PWB	New	INVESCO DYNAMIC LARGE CAP GROWTH ETFetf	$448,000	–	9,252	–	1.02%	–
ECL	New	ECOLAB INC COMstock	$412,000	–	2,088	–	0.93%	–
BRKB	New	BERKSHIRE HATHAWAY INC DEL CL B NEWstock	$408,000	–	1,914	–	0.92%	–
GUT	New	GABELLI UTIL TR COMcef	$156,000	–	22,198	–	0.35%	–

Q4 2018

			Value		Shares		↓ Weighting
GUT	Exit	GABELLI UTIL TR	$0	–	-11,099	–	-0.15%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-10,138	–	-0.95%	–
VTIP	Exit	VANGUARD MALVERN FDSstrm infproidx	$0	–	-12,905	–	-1.42%	–
IDV	Exit	ISHARES TRintl sel div etf	$0	–	-29,454	–	-2.19%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-19,895	–	-2.36%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-14,331	–	-2.72%	–
IWD	Exit	ISHARES TRrus 1000 val etf	$0	–	-11,987	–	-3.46%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-21,344	–	-4.14%	–
NDSN	Exit	NORDSON CORP	$0	–	-44,496	–	-14.08%	–
WK	Exit	WORKIVA INC	$0	–	-761,415	–	-68.54%	–

Q3 2018

			Value		Shares		↓ Weighting
WK	Buy	WORKIVA INC	$30,076,000	+10679.9%	761,415	+6570.3%	68.54%	+3241.5%
NDSN	Sell	NORDSON CORP	$6,180,000	+6.5%	44,496	-1.5%	14.08%	-67.0%
IWD	Sell	ISHARES TRrus 1000 val etf	$1,518,000	+0.5%	11,987	-3.7%	3.46%	-68.9%
VEU	Sell	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$1,036,000	-0.5%	19,895	-0.9%	2.36%	-69.1%
IDV	Sell	ISHARES TRintl sel div etf	$961,000	-2.0%	29,454	-3.8%	2.19%	-69.6%
VTIP	Buy	VANGUARD MALVERN FDSstrm infproidx	$624,000	+7.2%	12,905	+8.3%	1.42%	-66.8%
VWO	Sell	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$416,000	-9.2%	10,138	-6.6%	0.95%	-71.8%

Q2 2018

			Value		Shares		↓ Weighting
NDSN	New	NORDSON CORP	$5,804,000	–	45,196	–	42.66%	–
XOM	New	EXXON MOBIL CORP	$1,766,000	–	21,344	–	12.98%	–
IWD	New	ISHARES TRrus 1000 val etf	$1,511,000	–	12,452	–	11.10%	–
PG	New	PROCTER AND GAMBLE CO	$1,119,000	–	14,331	–	8.22%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$1,041,000	–	20,085	–	7.65%	–
IDV	New	ISHARES TRintl sel div etf	$981,000	–	30,618	–	7.21%	–
VTIP	New	VANGUARD MALVERN FDSstrm infproidx	$582,000	–	11,921	–	4.28%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$458,000	–	10,856	–	3.37%	–
WK	New	WORKIVA INC	$279,000	–	11,415	–	2.05%	–
GUT	New	GABELLI UTIL TR	$65,000	–	11,099	–	0.48%	–

Q4 2017

			Value		Shares		↓ Weighting
GUT	Exit	GABELLI UTIL TR	$0	–	-22,198	–	-0.18%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-2,136	–	-0.50%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-3,142	–	-0.50%	–
PWB	Exit	POWERSHARES ETF TRUSTdynm lrg cp gr	$0	–	-10,952	–	-0.50%	–
RNST	Exit	RENASANT CORP	$0	–	-9,930	–	-0.50%	–
DSI	Exit	ISHARES TRmsci kld400 soc	$0	–	-4,604	–	-0.51%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-3,020	–	-0.51%	–
IWR	Exit	ISHARES TRrus mid cap etf	$0	–	-2,174	–	-0.51%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-4,322	–	-0.54%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,560	–	-0.55%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-2,748	–	-0.56%	–
PCY	Exit	POWERSHARES ETF TR IIsovereign debt	$0	–	-17,048	–	-0.60%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-3,620	–	-0.61%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-7,954	–	-0.70%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-9,752	–	-0.73%	–
SDY	Exit	SPDR SERIES TRUSTs&p divid etf	$0	–	-6,840	–	-0.74%	–
BOND	Exit	PIMCO ETF TRactive bd etf	$0	–	-6,238	–	-0.79%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-7,154	–	-0.81%	–
FDN	Exit	FIRST TR EXCHANGE TRADED FDdj internt idx	$0	–	-7,220	–	-0.88%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-8,932	–	-0.96%	–
SCZ	Exit	ISHARES TReafe sml cp etf	$0	–	-17,550	–	-1.29%	–
AAPL	Exit	APPLE INC	$0	–	-8,678	–	-1.59%	–
VTIP	Exit	VANGUARD MALVERN FDSstrm infproidx	$0	–	-28,392	–	-1.67%	–
IGIB	Exit	ISHARES TRintrmd cr bd etf	$0	–	-12,892	–	-1.68%	–
BKLN	Exit	POWERSHARES ETF TRUST IIsenior ln port	$0	–	-62,644	–	-1.72%	–
VB	Exit	VANGUARD INDEX FDSsmall cp etf	$0	–	-10,544	–	-1.77%	–
SCHZ	Exit	SCHWAB STRATEGIC TRus aggregate b	$0	–	-28,854	–	-1.79%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-36,216	–	-1.87%	–
MBB	Exit	ISHARES TRmbs etf	$0	–	-16,246	–	-2.06%	–
SCHD	Exit	SCHWAB STRATEGIC TRus dividend eq	$0	–	-38,964	–	-2.16%	–
DOL	Exit	WISDOMTREE TRintl lrgcap dv	$0	–	-36,868	–	-2.17%	–
VNQI	Exit	VANGUARD INTL EQUITY INDEX Fglb ex us etf	$0	–	-31,052	–	-2.19%	–
VYM	Exit	VANGUARD WHITEHALL FDS INChigh div yld	$0	–	-22,938	–	-2.21%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-7,526	–	-2.26%	–
BSV	Exit	VANGUARD BD INDEX FD INCshort trm bond	$0	–	-25,406	–	-2.41%	–
VO	Exit	VANGUARD INDEX FDSmid cap etf	$0	–	-14,412	–	-2.51%	–
VNQ	Exit	VANGUARD INDEX FDSreit etf	$0	–	-28,358	–	-2.80%	–
IWF	Exit	ISHARES TRrus 1000 grw etf	$0	–	-20,084	–	-2.98%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-54,646	–	-3.42%	–
IDV	Exit	ISHARES TRintl sel div etf	$0	–	-100,582	–	-4.03%	–
IWD	Exit	ISHARES TRrus 1000 val etf	$0	–	-35,426	–	-4.98%	–
WK	Exit	WORKIVA INC	$0	–	-1,546,734	–	-38.26%	–

Q3 2017

			Value		Shares		↓ Weighting
WK	Buy	WORKIVA INC	$32,250,000	+12.9%	1,546,734	+3.1%	38.26%	+11.2%
IWD	Sell	ISHARES TRrus 1000 val etf	$4,198,000	-3.3%	35,426	-5.0%	4.98%	-4.7%
IDV	Buy	ISHARES TRintl sel div etf	$3,396,000	+7.5%	100,582	+4.2%	4.03%	+6.0%
VEU	Sell	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$2,880,000	-4.5%	54,646	-9.4%	3.42%	-5.9%
IWF	Sell	ISHARES TRrus 1000 grw etf	$2,512,000	-2.8%	20,084	-7.5%	2.98%	-4.1%
VNQ	Sell	VANGUARD INDEX FDSreit etf	$2,356,000	-29.5%	28,358	-29.4%	2.80%	-30.5%
VO	Buy	VANGUARD INDEX FDSmid cap etf	$2,118,000	+6.6%	14,412	+3.4%	2.51%	+5.1%
BSV	Buy	VANGUARD BD INDEX FD INCshort trm bond	$2,028,000	+2.4%	25,406	+2.5%	2.41%	+1.0%
IVV	Sell	ISHARES TRcore s&p500 etf	$1,904,000	-8.6%	7,526	-12.1%	2.26%	-10.0%
VYM	Sell	VANGUARD WHITEHALL FDS INChigh div yld	$1,860,000	+2.4%	22,938	-1.3%	2.21%	+1.0%
VNQI	Buy	VANGUARD INTL EQUITY INDEX Fglb ex us etf	$1,844,000	+112.4%	31,052	+101.1%	2.19%	+109.4%
DOL	Buy	WISDOMTREE TRintl lrgcap dv	$1,826,000	+11.6%	36,868	+6.5%	2.17%	+10.1%
SCHD	Sell	SCHWAB STRATEGIC TRus dividend eq	$1,824,000	+1.3%	38,964	-2.4%	2.16%	-0.1%
MBB	Buy	ISHARES TRmbs etf	$1,740,000	+6.0%	16,246	+5.6%	2.06%	+4.5%
VWO	Buy	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$1,578,000	+16.9%	36,216	+9.6%	1.87%	+15.2%
SCHZ	Buy	SCHWAB STRATEGIC TRus aggregate b	$1,510,000	+4.0%	28,854	+3.8%	1.79%	+2.5%
VB	Sell	VANGUARD INDEX FDSsmall cp etf	$1,490,000	-1.7%	10,544	-5.7%	1.77%	-3.1%
BKLN	Buy	POWERSHARES ETF TRUST IIsenior ln port	$1,450,000	+15.6%	62,644	+15.6%	1.72%	+14.0%
IGIB	Buy	ISHARES TRintrmd cr bd etf	$1,420,000	+51.4%	12,892	+50.8%	1.68%	+49.2%
VTIP	Buy	VANGUARD MALVERN FDSstrm infproidx	$1,404,000	+12.3%	28,392	+11.7%	1.67%	+10.7%
AAPL	Sell	APPLE INC	$1,338,000	-9.0%	8,678	-15.0%	1.59%	-10.3%
SCZ	New	ISHARES TReafe sml cp etf	$1,088,000	–	17,550	–	1.29%	–
PG	Buy	PROCTER AND GAMBLE CO	$812,000	+65.7%	8,932	+58.6%	0.96%	+63.2%
FDN	Sell	FIRST TR EXCHANGE TRADED FDdj internt idx	$740,000	-14.7%	7,220	-21.2%	0.88%	-16.0%
JPM	Sell	JPMORGAN CHASE & CO	$684,000	-5.8%	7,154	-9.9%	0.81%	-7.1%
BOND	Buy	PIMCO ETF TRactive bd etf	$666,000	+1.8%	6,238	+1.3%	0.79%	+0.4%
SDY	Sell	SPDR SERIES TRUSTs&p divid etf	$624,000	-19.4%	6,840	-21.5%	0.74%	-20.6%
EMR	Sell	EMERSON ELEC CO	$612,000	-2.5%	9,752	-7.4%	0.73%	-4.0%
IJR	Sell	ISHARES TRcore s&p scp etf	$590,000	-13.2%	7,954	-17.9%	0.70%	-14.5%
MA	Sell	MASTERCARD INCORPORATEDcl a	$512,000	-7.9%	3,620	-20.8%	0.61%	-9.3%
PCY	Sell	POWERSHARES ETF TR IIsovereign debt	$508,000	-4.9%	17,048	-6.6%	0.60%	-6.2%
FB	Sell	FACEBOOK INCcl a	$470,000	+5.9%	2,748	-6.7%	0.56%	+4.5%
JNJ	Sell	JOHNSON & JOHNSON	$462,000	-12.5%	3,560	-11.0%	0.55%	-13.8%
FRC	Sell	FIRST REP BK SAN FRANCISCO C	$452,000	-11.7%	4,322	-15.5%	0.54%	-13.0%
DSI	New	ISHARES TRmsci kld400 soc	$428,000	–	4,604	–	0.51%	–
IWR	Sell	ISHARES TRrus mid cap etf	$428,000	-28.7%	2,174	-30.4%	0.51%	-29.6%
HON	Sell	HONEYWELL INTL INC	$428,000	-18.3%	3,020	-23.2%	0.51%	-19.5%
RNST	New	RENASANT CORP	$426,000	–	9,930	–	0.50%	–
PWB	New	POWERSHARES ETF TRUSTdynm lrg cp gr	$426,000	–	10,952	–	0.50%	–
ACN	Sell	ACCENTURE PLC IRELAND	$424,000	-7.8%	3,142	-15.6%	0.50%	-9.2%
UNH	Sell	UNITEDHEALTH GROUP INC	$418,000	-11.1%	2,136	-15.9%	0.50%	-12.4%
LII	Exit	LENNOX INTL INC	$0	–	-2,206	–	-0.49%	–
ORCL	Exit	ORACLE CORP	$0	–	-8,174	–	-0.49%	–
VCIT	Exit	VANGUARD SCOTTSDALE FDSint-term corp	$0	–	-4,862	–	-0.51%	–
CHD	Exit	CHURCH & DWIGHT INC	$0	–	-8,270	–	-0.52%	–
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-3,306	–	-0.56%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-5,526	–	-0.59%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-524	–	-0.59%	–
AMZN	Exit	AMAZON COM INC	$0	–	-508	–	-0.59%	–
ECL	Exit	ECOLAB INC	$0	–	-3,764	–	-0.60%	–
SPAB	Exit	SPDR SERIES TRUSTblombrg brc agrt	$0	–	-10,464	–	-0.73%	–
RSP	Exit	RYDEX ETF TRUSTgug s&p500 eq wt	$0	–	-7,604	–	-0.85%	–

Q2 2017

			Value		Shares		↓ Weighting
WK	New	WORKIVA INC	$28,576,000	–	1,500,000	–	34.40%	–
IWD	New	ISHARES TRrus 1000 val etf	$4,340,000	–	37,280	–	5.22%	–
VNQ	New	VANGUARD INDEX FDSreit etf	$3,342,000	–	40,158	–	4.02%	–
IDV	New	ISHARES TRintl sel div etf	$3,158,000	–	96,534	–	3.80%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$3,016,000	–	60,296	–	3.63%	–
IWF	New	ISHARES TRrus 1000 grw etf	$2,584,000	–	21,710	–	3.11%	–
IVV	New	ISHARES TRcore s&p500 etf	$2,084,000	–	8,560	–	2.51%	–
VO	New	VANGUARD INDEX FDSmid cap etf	$1,986,000	–	13,936	–	2.39%	–
BSV	New	VANGUARD BD INDEX FD INCshort trm bond	$1,980,000	–	24,790	–	2.38%	–
VYM	New	VANGUARD WHITEHALL FDS INChigh div yld	$1,816,000	–	23,232	–	2.19%	–
SCHD	New	SCHWAB STRATEGIC TRus dividend eq	$1,800,000	–	39,906	–	2.17%	–
MBB	New	ISHARES TRmbs etf	$1,642,000	–	15,378	–	1.98%	–
DOL	New	WISDOMTREE TRintl lrgcap dv	$1,636,000	–	34,618	–	1.97%	–
VB	New	VANGUARD INDEX FDSsmall cp etf	$1,516,000	–	11,186	–	1.82%	–
AAPL	New	APPLE INC	$1,470,000	–	10,206	–	1.77%	–
SCHZ	New	SCHWAB STRATEGIC TRus aggregate b	$1,452,000	–	27,806	–	1.75%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$1,350,000	–	33,050	–	1.62%	–
BKLN	New	POWERSHARES ETF TRUST IIsenior ln port	$1,254,000	–	54,182	–	1.51%	–
VTIP	New	VANGUARD MALVERN FDSstrm infproidx	$1,250,000	–	25,408	–	1.50%	–
IGIB	New	ISHARES TRinterm cr bd etf	$938,000	–	8,548	–	1.13%	–
VNQI	New	VANGUARD INTL EQUITY INDEX Fglb ex us etf	$868,000	–	15,440	–	1.04%	–
FDN	New	FIRST TR EXCHANGE TRADED FDdj internt idx	$868,000	–	9,160	–	1.04%	–
SDY	New	SPDR SERIES TRUSTs&p divid etf	$774,000	–	8,708	–	0.93%	–
JPM	New	JPMORGAN CHASE & CO	$726,000	–	7,936	–	0.87%	–
RSP	New	RYDEX ETF TRUSTgug s&p500 eq wt	$704,000	–	7,604	–	0.85%	–
IJR	New	ISHARES TRcore s&p scp etf	$680,000	–	9,686	–	0.82%	–
BOND	New	PIMCO ETF TRactive bd etf	$654,000	–	6,158	–	0.79%	–
EMR	New	EMERSON ELEC CO	$628,000	–	10,526	–	0.76%	–
SPAB	New	SPDR SERIES TRUSTblombrg brc agrt	$604,000	–	10,464	–	0.73%	–
IWR	New	ISHARES TRrus mid cap etf	$600,000	–	3,122	–	0.72%	–
MA	New	MASTERCARD INCORPORATEDcl a	$556,000	–	4,570	–	0.67%	–
PCY	New	POWERSHARES ETF TR IIsovereign debt	$534,000	–	18,248	–	0.64%	–
JNJ	New	JOHNSON & JOHNSON	$528,000	–	3,998	–	0.64%	–
HON	New	HONEYWELL INTL INC	$524,000	–	3,934	–	0.63%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$512,000	–	5,116	–	0.62%	–
ECL	New	ECOLAB INC	$500,000	–	3,764	–	0.60%	–
AMZN	New	AMAZON COM INC	$492,000	–	508	–	0.59%	–
PG	New	PROCTER AND GAMBLE CO	$490,000	–	5,632	–	0.59%	–
GOOGL	New	ALPHABET INCcap stk cl a	$488,000	–	524	–	0.59%	–
HYG	New	ISHARES TRiboxx hi yd etf	$488,000	–	5,526	–	0.59%	–
UNH	New	UNITEDHEALTH GROUP INC	$470,000	–	2,540	–	0.57%	–
IWM	New	ISHARES TRrussell 2000 etf	$466,000	–	3,306	–	0.56%	–
ACN	New	ACCENTURE PLC IRELAND	$460,000	–	3,722	–	0.55%	–
FB	New	FACEBOOK INCcl a	$444,000	–	2,946	–	0.53%	–
CHD	New	CHURCH & DWIGHT INC	$430,000	–	8,270	–	0.52%	–
VCIT	New	VANGUARD SCOTTSDALE FDSint-term corp	$426,000	–	4,862	–	0.51%	–
ORCL	New	ORACLE CORP	$410,000	–	8,174	–	0.49%	–
LII	New	LENNOX INTL INC	$406,000	–	2,206	–	0.49%	–
GUT	New	GABELLI UTIL TR	$154,000	–	22,198	–	0.18%	–

Q4 2016

			Value		Shares		↓ Weighting
GUT	Exit	GABELLI UTIL TR	$0	–	-13,493	–	-0.51%	–
PEY	Exit	POWERSHARES ETF TRUSThi yld eq dvdn	$0	–	-10,800	–	-0.96%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-5,403	–	-1.13%	–
VNQI	Exit	VANGUARD INTL EQUITY INDEX Fglb ex us etf	$0	–	-3,798	–	-1.19%	–
DES	Exit	WISDOMTREE TRsmallcap divid	$0	–	-2,949	–	-1.24%	–
DHS	Exit	WISDOMTREE TRhigh div fd	$0	–	-3,451	–	-1.28%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-4,531	–	-1.38%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-2,045	–	-1.42%	–
IJH	Exit	ISHARES TRcore s&p mcp etf	$0	–	-1,749	–	-1.51%	–
BOND	Exit	PIMCO ETF TRttl rtn actv etf	$0	–	-2,603	–	-1.57%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-3,178	–	-1.59%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-1,945	–	-1.66%	–
IGSB	Exit	ISHARES TR1-3 yr cr bd etf	$0	–	-2,980	–	-1.76%	–
FXH	Exit	FIRST TR EXCHANGE TRADED FDhlth care alph	$0	–	-5,210	–	-1.77%	–
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-2,900	–	-2.01%	–
RSP	Exit	RYDEX ETF TRUSTgug s&p500 eq wt	$0	–	-4,362	–	-2.04%	–
DOL	Exit	WISDOMTREE TRintl lrgcap dv	$0	–	-9,415	–	-2.27%	–
SDY	Exit	SPDR SERIES TRUSTs&p divid etf	$0	–	-5,118	–	-2.41%	–
VYM	Exit	VANGUARD WHITEHALL FDS INChigh div yld	$0	–	-6,694	–	-2.70%	–
AAPL	Exit	APPLE INC	$0	–	-4,559	–	-2.88%	–
FDN	Exit	FIRST TR EXCHANGE TRADED FDdj internt idx	$0	–	-6,740	–	-3.07%	–
IGIB	Exit	ISHARES TRinterm cr bd etf	$0	–	-4,950	–	-3.08%	–
SCHD	Exit	SCHWAB STRATEGIC TRus dividend eq	$0	–	-13,457	–	-3.18%	–
IWR	Exit	ISHARES TRrus mid-cap etf	$0	–	-3,717	–	-3.62%	–
BKLN	Exit	POWERSHARES ETF TRUST IIsenior ln port	$0	–	-28,751	–	-3.73%	–
IWF	Exit	ISHARES TRrus 1000 grw etf	$0	–	-7,141	–	-4.16%	–
VNQ	Exit	VANGUARD INDEX FDSreit etf	$0	–	-8,863	–	-4.30%	–
MBB	Exit	ISHARES TRmbs etf	$0	–	-7,054	–	-4.34%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-21,419	–	-5.44%	–
SPAB	Exit	SPDR SERIES TRUSTbrclys agg etf	$0	–	-16,842	–	-5.58%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-4,732	–	-5.75%	–
IDV	Exit	ISHARES TRintl sel div etf	$0	–	-37,677	–	-6.31%	–
BSV	Exit	VANGUARD BD INDEX FD INCshort trm bond	$0	–	-14,764	–	-6.66%	–
IWD	Exit	ISHARES TRrus 1000 val etf	$0	–	-12,714	–	-7.50%	–

Q3 2016

			Value		Shares		↓ Weighting
IWD	New	ISHARES TRrus 1000 val etf	$1,343,000	–	12,714	–	7.50%	–
BSV	New	VANGUARD BD INDEX FD INCshort trm bond	$1,193,000	–	14,764	–	6.66%	–
IDV	Buy	ISHARES TRintl sel div etf	$1,130,000	+106.6%	37,677	+97.2%	6.31%	-79.2%
IVV	New	ISHARES TRcore s&p500 etf	$1,029,000	–	4,732	–	5.75%	–
SPAB	New	SPDR SERIES TRUSTbrclys agg etf	$998,000	–	16,842	–	5.58%	–
VEU	Buy	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$973,000	+74.7%	21,419	+64.9%	5.44%	-82.4%
MBB	New	ISHARES TRmbs etf	$777,000	–	7,054	–	4.34%	–
VNQ	New	VANGUARD INDEX FDSreit etf	$769,000	–	8,863	–	4.30%	–
IWF	New	ISHARES TRrus 1000 grw etf	$744,000	–	7,141	–	4.16%	–
BKLN	New	POWERSHARES ETF TRUST IIsenior ln port	$667,000	–	28,751	–	3.73%	–
IWR	New	ISHARES TRrus mid-cap etf	$648,000	–	3,717	–	3.62%	–
SCHD	New	SCHWAB STRATEGIC TRus dividend eq	$569,000	–	13,457	–	3.18%	–
IGIB	New	ISHARES TRinterm cr bd etf	$551,000	–	4,950	–	3.08%	–
FDN	New	FIRST TR EXCHANGE TRADED FDdj internt idx	$550,000	–	6,740	–	3.07%	–
AAPL	New	APPLE INC	$515,000	–	4,559	–	2.88%	–
VYM	New	VANGUARD WHITEHALL FDS INChigh div yld	$483,000	–	6,694	–	2.70%	–
SDY	New	SPDR SERIES TRUSTs&p divid etf	$432,000	–	5,118	–	2.41%	–
DOL	New	WISDOMTREE TRintl lrgcap dv	$407,000	–	9,415	–	2.27%	–
RSP	New	RYDEX ETF TRUSTgug s&p500 eq wt	$365,000	–	4,362	–	2.04%	–
IWM	New	ISHARES TRrussell 2000 etf	$360,000	–	2,900	–	2.01%	–
FXH	New	FIRST TR EXCHANGE TRADED FDhlth care alph	$317,000	–	5,210	–	1.77%	–
IGSB	New	ISHARES TR1-3 yr cr bd etf	$315,000	–	2,980	–	1.76%	–
COST	New	COSTCO WHSL CORP NEW	$297,000	–	1,945	–	1.66%	–
PG	New	PROCTER & GAMBLE CO	$285,000	–	3,178	–	1.59%	–
BOND	New	PIMCO ETF TRttl rtn actv etf	$281,000	–	2,603	–	1.57%	–
IJH	New	ISHARES TRcore s&p mcp etf	$271,000	–	1,749	–	1.51%	–
IJR	New	ISHARES TRcore s&p scp etf	$254,000	–	2,045	–	1.42%	–
EMR	New	EMERSON ELEC CO	$247,000	–	4,531	–	1.38%	–
DHS	New	WISDOMTREE TRhigh div fd	$229,000	–	3,451	–	1.28%	–
DES	New	WISDOMTREE TRsmallcap divid	$222,000	–	2,949	–	1.24%	–
VNQI	New	VANGUARD INTL EQUITY INDEX Fglb ex us etf	$213,000	–	3,798	–	1.19%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$203,000	–	5,403	–	1.13%	–
PEY	Sell	POWERSHARES ETF TRUSThi yld eq dvdn	$172,000	-4.4%	10,800	-6.6%	0.96%	-90.4%
MTW	Exit	MANITOWOC INC	$0	–	-10,000	–	-3.05%	–
MFS	Exit	MANITOWOC FOODSERVICE INC	$0	–	-10,000	–	-9.77%	–
CVY	Exit	CLAYMORE EXCHANGE TRD FD TRgug multi asset	$0	–	-10,285	–	-10.82%	–

Q2 2016

			Value		Shares		↓ Weighting
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$557,000	–	12,992	–	30.91%	–
IDV	New	ISHARES TRintl sel div etf	$547,000	–	19,104	–	30.36%	–
CVY	New	CLAYMORE EXCHANGE TRD FD TRgug multi asset	$195,000	–	10,285	–	10.82%	–
PEY	New	POWERSHARES ETF TRUSThi yld eq dvdn	$180,000	–	11,560	–	9.99%	–
MFS	New	MANITOWOC FOODSERVICE INC	$176,000	–	10,000	–	9.77%	–
GUT	New	GABELLI UTIL TR	$92,000	–	13,493	–	5.10%	–
MTW	New	MANITOWOC INC	$55,000	–	10,000	–	3.05%	–

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