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
276	AET 276 DELISTED Aetna Inc AET	$30K	0.01%	440 +144	+49%	+$9.82K
277	DTV 277 DELISTED DIRECTV COM STK (DE) DTV	$30K	0.01%	434 +26	+6%	+$1.8K
278	278 Assurant AIZ $10.6B	$29K	0.01%	440 -54	-11%	-$3.56K
279	279 Carnival PLC CUK $38B	$29K	0.01%	702 +235	+50%	+$9.71K
280	280 Philips PHG $26.4B	$29K	0.01%	+1,094	New	+$29K
281	WEA 281 Western Asset Premier Bond Fund WEA $132M	$29K	0.01%	+2,000	New	+$29K
282	282 Zimmer Biomet ZBH $20.6B	$29K	0.01%	+324	New	+$29K
283	KMR 283 DELISTED KINDER MORGAN MANAGEMENT LLC KMR	$29K	0.01%	404 -1	-0.2%	-$72
284	284 TEGNA Inc TGNA $3.36B	$28K	0.01%	1,793 +765	+74%	+$11.9K
285	FIGY 285 DELISTED Barclays ETN+ FI Enhanced Global High Yield ETN FIGY	$28K	0.01%	242	–	–
286	UN 286 DELISTED Unilever NV New York Registry Shares UN	$28K	0.01%	+685	New	+$28K
287	287 Aflac AFL $56.7B	$27K	0.01%	806 +226	+39%	+$7.57K
288	288 Barings BDC BBDC $982M	$27K	0.01%	+961	New	+$27K
289	289 Goldman Sachs GS $223B	$27K	0.01%	153 -230	-60%	-$40.6K
290	290 iShares Intermediate Government/Credit Bond ETF GVI $3.55B	$27K	0.01%	+250	New	+$27K
291	291 Halliburton HAL $18.5B	$27K	0.01%	534 +85	+19%	+$4.3K
292	292 L3Harris LHX $51.2B	$27K	0.01%	384 +130	+51%	+$9.14K
293	293 MetLife MET $52.7B	$27K	0.01%	572 +165	+41%	+$7.79K
294	294 O-I Glass OI $1.97B	$27K	0.01%	754 +219	+41%	+$7.84K
295	295 Pembina Pipeline PBA $22B	$27K	0.01%	+765	New	+$27K
296	296 Rio Tinto RIO $103B	$27K	0.01%	+482	New	+$27K
297	297 Sealed Air SEE $4.82B	$27K	0.01%	+783	New	+$27K
298	298 Spectrum Brands SPB $1.35B	$27K	0.01%	+386	New	+$27K
299	DFS 299 DELISTED Discover Financial Services DFS	$26K	0.01%	473 +160	+51%	+$8.8K
300	300 Genworth Financial GNW $3.51B	$26K	0.01%	1,690 +181	+12%	+$2.79K