Hoxton Financial Portfolio holdings

AUM $194M

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

+3.7%

1 Year Return

-6.21%

3 Year Return

+15.34%

5 Year Return

–

10 Year Return

–

AUM

$205M

AUM Growth

-$5.05M (-2.4%)

Cap. Flow

-$12.5M

Cap. Flow % of AUM

-6.08%

Top 10 Holdings % Top 10 Hldgs %

58.94%

Holding

405

New

Increased

Reduced

Closed

Top Buys

1	iShares Currency Hedged MSCI Emerging Markets HEEM	$2.1M
2	SPDR Portfolio Short Term Corporate Bond ETF SPSB	$638K
3	Invesco Energy Exploration & Production ETF PXE	$576K
4	iShares Floating Rate Bond ETF FLOT	$420K
5	iShares Preferred and Income Securities ETF PFF	$388K

Top Sells

1	SPDR S&P Pharmaceuticals ETF XPH	$8.5M
2	Invesco Dorsey Wright Energy Momentum ETF PXI	$2.04M
3	Invesco Dorsey Wright Emerging Markets Momentum ETF PIE	$1.81M
4	iShares Mortgage Real Estate ETF REM	$474K
5	Southwest Airlines LUV	$473K

Sector Composition

1	Financials	1.79%
2	Technology	1.58%
3	Industrials	1.49%
4	Healthcare	1.4%
5	Communication Services	1.2%

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
301	301 Genuine Parts GPC $19.3B	$1K	﹤0.01%	11	–	–
302	302 Global X MSCI Greece ETF GREK $303M	$1K	﹤0.01%	25	–	–
303	303 Illinois Tool Works ITW $76.5B	$1K	﹤0.01%	16	–	–
304	304 Novavax NVAX $1.19B	$1K	﹤0.01%	5	–	–
305	305 Ovintiv OVV $10.6B	$1K	﹤0.01%	40	–	–
306	306 Philip Morris PM $254B	$1K	﹤0.01%	15	–	–
307	307 Sonoco SON $4.55B	$1K	﹤0.01%	24	–	–
308	308 Tesla TSLA $1.08T	$1K	﹤0.01%	75	–	–
309	309 Vanguard Total Stock Market ETF VTI $526B	$1K	﹤0.01%	10	–	–
310	310 Waste Management WM $90.8B	$1K	﹤0.01%	20	–	–
311	RDS.A 311 DELISTED Royal Dutch Shell PLC ADS Class A RDS.A	$1K	﹤0.01%	13	–	–
312	MXIM 312 DELISTED Maxim Integrated Products MXIM	$1K	﹤0.01%	30	–	–
313	SE 313 DELISTED Spectra Energy Corp Wi SE	$1K	﹤0.01%	34	–	–
314	GM.WS.A 314 DELISTED GENERAL MOTORS COMPANY WARRANT (EXPIRES 07/10/2016) GM.WS.A	$1K	﹤0.01%	58	–	–
315	CRC 315 DELISTED California Resources Corporation CRC	$1K	﹤0.01%	23	–	–
316	GMCR 316 DELISTED KEURIG GREEN MTN INC GMCR	$1K	﹤0.01%	16	–	–
317	317 Nuveen Real Estate Income Fund JRS $233M	–	–	-1,500	Closed	-$17K
318	318 Aethlon Medical AEMD $1.83M	–	–	-1	Closed	-$7K
319	319 American Electric Power AEP $59B	–	–	-20	Closed	-$1K
320	AGEN 320 Agenus AGEN $134M	–	–	0	–	–
321	321 Avanos Medical AVNS $580M	–	–	-1	Closed	–
322	322 Becton Dickinson BDX $54.3B	$0	﹤0.01%	1	–	–
323	323 Vanguard Total International Bond ETF BNDX $68.2B	–	–	-20	Closed	-$1K
324	324 BlackRock Credit Allocation Income Trust BTZ $1.02B	–	–	-1,202	Closed	-$15K
325	325 Chemours CC $2.22B	–	–	-44	Closed	–