Hoxton Financial Portfolio holdings

AUM $194M

1-Year Return 6.21%

2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2

This Quarter Return

+6.4%

1 Year Return

-6.21%

3 Year Return

+15.34%

5 Year Return

–

10 Year Return

–

AUM

$232M

AUM Growth

+$129M (+125%)

Cap. Flow

+$122M

Cap. Flow % of AUM

52.81%

Top 10 Holdings % Top 10 Hldgs %

48.16%

Holding

756

New

296

Increased

267

Reduced

Closed

Top Buys

1	Invesco Senior Loan ETF BKLN	$16.1M
2	Invesco Dorsey Wright Developed Markets Momentum ETF PIZ	$12.5M
3	SPDR S&P Biotech ETF XBI	$10.7M
4	Invesco Dorsey Wright Emerging Markets Momentum ETF PIE	$10.3M
5	Invesco Dorsey Wright SmallCap Momentum ETF DWAS	$9.69M

Top Sells

1	iShares Core US Aggregate Bond ETF AGG	$1.66M
2	First Trust Dow Jones Internet Index Fund ETF FDN	$1.42M
3	First Trust Health Care AlphaDEX Fund FXH	$858K
4	First Trust Consumer Discretionary AlphaDEX Fund FXD	$789K
5	First Trust Consumer Staples AlphaDEX Fund FXG	$596K

Sector Composition

1	Financials	2.28%
2	Healthcare	2.16%
3	Technology	2.16%
4	Industrials	1.98%
5	Consumer Discretionary	1.95%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
251	251 Marathon Petroleum MPC $54.8B	$35K	0.02%	766 +250	+48%	+$11.4K
252	252 SAP SAP $313B	$35K	0.02%	+404	New	+$35K
253	253 Phillips 66 PSX $53.2B	$34K	0.01%	+439	New	+$34K
254	254 Sumitomo Mitsui Financial SMFG $105B	$34K	0.01%	+3,278	New	+$34K
255	DNY 255 DELISTED DONNELLEY R R & SONS CO DNY	$34K	0.01%	1,696 +522	+44%	+$10.5K
256	256 Corning GLW $61B	$33K	0.01%	1,827 +489	+37%	+$8.83K
257	257 Sonoco SON $4.56B	$33K	0.01%	+800	New	+$33K
258	258 Seagate STX $40B	$33K	0.01%	593 +128	+28%	+$7.12K
259	259 Welltower WELL $112B	$33K	0.01%	619 -72	-10%	-$3.84K
260	HES 260 DELISTED Hess HES	$32K	0.01%	389 +127	+48%	+$10.4K
261	261 Whirlpool WHR $5.28B	$32K	0.01%	+204	New	+$32K
262	262 Alkermes ALKS $4.94B	$31K	0.01%	773 +236	+44%	+$9.46K
263	263 Kroger KR $44.8B	$31K	0.01%	1,554 +114	+8%	+$2.27K
264	PRE 264 DELISTED PARTNERRE LTD PRE	$31K	0.01%	295 +144	+95%	+$15.1K
265	WNR 265 DELISTED Western Refining Inc WNR	$31K	0.01%	+731	New	+$31K
266	266 Baxter International BAX $12.5B	$30K	0.01%	790 +604	+325%	+$22.9K
267	267 Banco Bilbao Vizcaya Argentaria BBVA $105B	$30K	0.01%	2,507 +1,122	+81%	+$13.4K
268	268 Edgewell Personal Care EPC $1.09B	$30K	0.01%	371 +116	+45%	+$9.38K
269	269 General Mills GIS $27B	$30K	0.01%	609	–	–
270	270 Korea Electric Power KEP $17.2B	$30K	0.01%	+1,795	New	+$30K
271	271 Mercury Insurance MCY $4.29B	$30K	0.01%	610	–	–
272	272 State Street STT $32B	$30K	0.01%	+411	New	+$30K
273	273 TE Connectivity TEL $61.7B	$30K	0.01%	542 +143	+36%	+$7.92K
274	274 Xerox XRX $493M	$30K	0.01%	+949	New	+$30K
275	MRO 275 DELISTED Marathon Oil Corporation MRO	$30K	0.01%	842 +284	+51%	+$10.1K