Sample Portfolio · Sample Portfolio As of 3/4/2015 Performance Summary Allocation by Account...

xxxx5760471 - - Sample Accountxxxx5760521 - - Sample Accountxxxx5760591 - - Sample Accountxxxx5760601 - - Sample Accountxxxx5760611 - - Sample Accountxxxx5775301 - - Sample Accountxxxx5775311 - - Sample Account

Sample Portfolio

As of 3/4/2015Performance Report

Accounts

© 2015 Black Diamond Performance Reporting, LLC - 1985631 Page of1 15

Sample Portfolio

As of 3/4/2015

xxxx5760471 - - Sample Accountxxxx5760521 - - Sample Accountxxxx5760591 - - Sample Accountxxxx5760601 - - Sample Accountxxxx5760611 - - Sample Accountxxxx5775301 - - Sample Accountxxxx5775311 - - Sample Account

Portfolio Overview

Allocation by Asset Class

Net Additions and Market Value Since Inception

Portfolio Value Summary

Portfolio Performance Since Inception

Beginning Market Value

Net Additions

Gain/Loss

Fees

Ending Market Value

Return

Class Blended Benchmark

Monthto Date

Quarterto Date

Year toDate

Since2/07/14

3,976,809

0

1,267

0

3,978,076

0.0 %

-0.2 %

3,829,077

100,000

58,969

9,970

3,978,076

1.2 %

0.9 %

3,829,077

100,000

58,969

9,970

3,978,076

1.2 %

0.9 %

0

3,719,626

298,320

39,869

3,978,076

6.5 %1

5.0 %

1 Annualized Return


Sample Portfolio

As of 3/4/2015

Performance Summary

Allocation by Account

Summary of Portfolio Accounts

Portfolio Returns

3/4/2015Market Value Allocation Return

Monthto Date

Return

Quarterto Date

Return

Year toDate

Return

Since2/07/14

Sample Portfolio 3,978,076 100.0 % 0.0 % 1.2 % 1.2 % 6.5 %1

xxxx5760521 - Sample Account 78,751 2.0 % -0.5 % 1.4 % 1.4 % 11.7 %1

xxxx5760471 - Sample Account 430,397 10.8 % -0.3 % 0.1 % 0.1 % 2.5 %1

xxxx5760611 - Sample Account 1,007,745 25.3 % 0.0 % 1.4 % 1.4 % 1.8 %1

xxxx5760601 - Sample Account 351,009 8.8 % 0.3 % 6.5 % 6.5 % 14.6 %1




1Annualized Return


Sample Portfolio

As of 3/4/2015

Portfolio Class and Segment Detail

Portfolio Asset Class Returns: Year-to-Date

Portfolio Segment Returns: Year-to-Date

3/4/2015Market Value Allocation Return

Monthto Date

Return

Quarterto Date

Return

Year toDate

Sample Portfolio 3,978,076 100.0 % 0.0 % 1.2 % 1.2 %Class Blended Benchmark -0.2 % 0.9 % 0.9 %

Equities 508,542 12.8 % -0.9 % 2.9 % 2.9 %Equity Benchmark -0.6 % 2.9 % 2.9 %

Domestic Equity 168,949 4.2 % -0.5 % 1.2 % 1.2 %

International Equity 61,592 1.5 % -0.8 % 5.9 % 5.9 %

Emerging Markets 59,770 1.5 % -1.4 % 0.9 % 0.9 %

Global 196,542 4.9 % -1.0 % 4.3 % 4.3 %

Natural Resources 21,689 0.5 % -1.0 % 0.0 % 0.0 %

Fixed Income 1,472,184 37.0 % -0.1 % 0.6 % 0.6 %BARCLAYS CAPITAL AGGREGATE BOND COMPOSITE INDEX -0.5 % 0.7 % 0.7 %

International Bonds 66,013 1.7 % -0.6 % 0.8 % 0.8 %

Mortgage Backed 102,381 2.6 % 0.0 % 0.5 % 0.5 %

Municipal Bonds 429,472 10.8 % -0.3 % 0.2 % 0.2 %

Corporate Bonds 118,619 3.0 % 0.0 % 2.6 % 2.6 %

Diversified Credit 755,699 19.0 % 0.1 % 0.4 % 0.4 %

Alternative Assets 1,906,135 47.9 % 0.4 % 2.0 % 2.0 %4% ABSOLUTE RETURN 0.0 % 0.7 % 0.7 %

Equipment Leasing 161,290 4.1 % 0.0 % 0.0 % 0.0 %

Hedged Equity 357,405 9.0 % 0.5 % -0.7 % -0.7 %

Managed Futures 4,129 0.1 % 0.0 % 0.0 % 0.0 %

MLPs 104,611 2.6 % -0.3 % 1.6 % 1.6 %

Oil and Gas 95,000 2.4 % 0.0 % 0.0 % 0.0 %

Precious Metals 183,005 4.6 % 0.0 % 0.7 % 0.7 %

Private Equity 104,255 2.6 % 0.0 % 0.0 % 0.0 %

REITs 743,797 18.7 % 0.3 % 2.9 % 2.9 %

Tactical 152,643 3.8 % 2.0 % 12.8 % 12.8 %

Cash & Equivalents 91,215 2.3 % 0.0 % 0.0 % 0.0 %90 DAY TREASURY BILL 0.0 % 0.0 % 0.0 %

Cash 1,535 0.0 % 0.0 % 0.0 % 0.0 %

Money Markets 89,680 2.3 % 0.0 % 0.0 % 0.0 %


Sample Portfolio

As of 3/4/2015

Actual Allocation vs. Target Allocation Summary

Actual Allocation

Target Allocation Allocation

Allocation Target Difference Market Value Target Value Difference

Sample Portfolio 100.0 % 100.0 % 0.0 % 3,978,076 3,978,076 0

Domestic Equity 4.2 % 4.5 % -0.3 % 168,949 179,013 -10,064

International Equity 1.5 % 1.5 % 0.0 % 61,592 59,671 1,921

Emerging Markets 1.5 % 1.5 % 0.0 % 59,770 59,671 99

Global 4.9 % 5.0 % -0.1 % 196,542 198,904 -2,362

Natural Resources 0.5 % 0.5 % 0.0 % 21,689 19,890 1,799

International Bonds 1.7 % 2.0 % -0.3 % 66,013 79,562 -13,549

Mortgage Backed 2.6 % 0.0 % 2.6 % 102,381 0 102,381

Municipal Bonds 10.8 % 11.0 % -0.2 % 429,472 437,588 -8,116

Corporate Bonds 3.0 % 3.0 % 0.0 % 118,619 119,342 -723

Diversified Credit 19.0 % 20.0 % -1.0 % 755,699 795,615 -39,916

Equipment Leasing 4.1 % 4.0 % 0.1 % 161,290 159,123 2,167

Hedged Equity 9.0 % 9.0 % 0.0 % 357,405 358,027 -621

Managed Futures 0.1 % 0.0 % 0.1 % 4,129 0 4,129

MLPs 2.6 % 2.5 % 0.1 % 104,611 99,452 5,159

Oil and Gas 2.4 % 6.5 % -4.1 % 95,000 258,575 -163,575

Precious Metals 4.6 % 5.0 % -0.4 % 183,005 198,904 -15,899

Private Equity 2.6 % 8.0 % -5.4 % 104,255 318,246 -213,991

REITs 18.7 % 11.0 % 7.7 % 743,797 437,588 306,209

Tactical 3.8 % 3.5 % 0.3 % 152,643 139,233 13,410

Cash 0.0 % 0.0 % 0.0 % 1,535 0 1,535

Money Markets 2.3 % 1.5 % 0.8 % 89,680 59,671 30,009


Sample Portfolio

As of 3/4/2015

Portfolio Holdings and Performance Summary

3/4/2015Market Value Allocation Gain/Loss Return

Month to DateGain/Loss Return

Quarter to DateGain/Loss Return

Year to Date

Sample Portfolio 3,978,076 100.0 % 1,267 0.0 % 58,969 1.2 % 58,969 1.2 %

Equities 508,542 12.8 % -4,403 -0.9 % 14,169 2.9 % 14,169 2.9 %

Domestic Equity 168,949 4.2 % -835 -0.5 % 2,020 1.2 % 2,020 1.2 %

Federated Strategic Value Dividend Instl 14,075 0.4 % -142 -1.0 % 173 1.2 % 173 1.2 %

ISHARES S&P SMALLCAP 600 VALUE ETF 35,914 0.9 % -140 -0.4 % -58 -0.2 % -58 -0.2 %

ISHARES TR RUSSELL MIDCAP INDEX FD 17,294 0.4 % -58 -0.3 % 590 3.5 % 590 3.5 %

NEUBERGER BERMAN MULTI-CAP OPP INST 8,483 0.2 % 0 0.0 % 159 1.9 % 159 1.9 %

POWERSHARES FTSE RAFI US 1000 40,819 1.0 % -159 -0.4 % 424 1.0 % 424 1.0 %

POWERSHARES FTSE RAFI US 1500 S/M PT 15,375 0.4 % -66 -0.4 % 264 1.7 % 264 1.7 %

VANGUARD DIVIDEND APPRECIATION ETF 36,990 0.9 % -270 -0.7 % 468 1.3 % 468 1.3 %

International Equity 61,592 1.5 % -507 -0.8 % 3,449 5.9 % 3,449 5.9 %

DODGE & COX INTERNATIONAL STOCK FUND 14,848 0.4 % -102 -0.7 % 586 4.1 % 586 4.1 %

ISHARES MSCI EAFE ETF 14,522 0.4 % -126 -0.9 % 833 6.1 % 833 6.1 %

MUTUAL SERIES FUND INC EUROPEAN FUND CL A 19,665 0.5 % -136 -0.7 % 1,190 6.4 % 1,190 6.4 %

OAKMARK INTL SMALL CAP FUND 12,558 0.3 % -143 -1.1 % 840 7.2 % 840 7.2 %

Emerging Markets 59,770 1.5 % -872 -1.4 % 558 0.9 % 558 0.9 %

EATON VANCE TAX MANAGED EMERGING MARKETS FUND INST CL 30,509 0.8 % -425 -1.4 % 405 1.3 % 405 1.3 %

HARDING LOEVNER FDS INC FR EMRG MKT IN 5,690 0.1 % -66 -1.1 % -171 -2.9 % -171 -2.9 %

PARAMETRIC EMERGING MARKETS INSTITUTIONAL 16,416 0.4 % -220 -1.3 % 174 1.1 % 174 1.1 %

VANGUARD FTSE EMERGING MARKETS ETF 7,154 0.2 % -161 -2.2 % 151 2.1 % 151 2.1 %

Global 196,542 4.9 % -1,969 -1.0 % 8,142 4.3 % 8,142 4.3 %

BLACKROCK GLOBAL DIVINCOME PORT CLASS I 31,565 0.8 % -338 -1.1 % 987 3.2 % 987 3.2 %

EPOCH GLOBAL EQTY 59,365 1.5 % -624 -1.0 % 1,485 2.6 % 1,485 2.6 %

GLOBAL X ETF 18,393 0.5 % -290 -1.6 % 413 2.3 % 413 2.3 %

LAZARD FDS INC GBL INFRA INST 87,220 2.2 % -717 -0.8 % 5,257 6.4 % 5,257 6.4 %

Natural Resources 21,689 0.5 % -220 -1.0 % 0 0.0 % 0 0.0 %

CALVERT GLOBAL WATER FUND CLASS Y 21,689 0.5 % -220 -1.0 % 0 0.0 % 0 0.0 %

Fixed Income 1,472,184 37.0 % -1,351 -0.1 % 7,910 0.6 % 7,910 0.6 %

International Bonds 66,013 1.7 % -425 -0.6 % 547 0.8 % 547 0.8 %

PIMCO FOREIGN INSTITUTIONAL SHS 66,013 1.7 % -425 -0.6 % 309 -- 309 --

Mortgage Backed 102,381 2.6 % 0 0.0 % 517 0.5 % 517 0.5 %

Amerifunds 102,381 2.6 % 0 0.0 % 517 0.5 % 517 0.5 %

Municipal Bonds 429,472 10.8 % -1,330 -0.3 % 855 0.2 % 855 0.2 %

ADIRONDACK N Y CENT SCH DIST REF BDS 5% 03/15/16 32,117 0.8 % 0 0.0 % 59 0.2 % 59 0.2 %

ARIZONA ST TRANSN BRD EXCISE T 5% 07/01/2023 24,683 0.6 % -145 -0.6 % 65 0.3 % 65 0.3 %

ERIE CNTY N Y FISCA 5%18 REV DUE 07/01/18 34,024 0.9 % -77 -0.2 % -38 -0.1 % -38 -0.1 %© 2015 Black Diamond Performance Reporting, LLC - 1985631 Page of6 15

Sample Portfolio

As of 3/4/2015




Year to DateARIZONA ST TRANSN BRD EXCISE T 5% 07/01/2023 24,683 0.6 % -145 -0.6 % 65 0.3 % 65 0.3 %

ERIE CNTY N Y FISCA 5%18 REV DUE 07/01/18 34,024 0.9 % -77 -0.2 % -38 -0.1 % -38 -0.1 %

FL DEPT EDUCATION 5%17 22,182 0.6 % -17 -0.1 % 75 0.3 % 75 0.3 %

FORT BEND GRAND PAR 5%26 17,572 0.4 % -54 -0.3 % 42 0.2 % 42 0.2 %

MAHOPAC N Y CENT SC 5%19 DIST 28,723 0.7 % -101 -0.4 % 43 0.1 % 43 0.1 %

METROPOLITAN TRANSN AUTH N Y REV TRANSN-SER B 5.000% 11/15/17 B/E 28,139 0.7 % -31 -0.1 % 42 0.1 % 42 0.1 %

MICHIGAN FIN AUTH REV 5% 12/01/2025 23,900 0.6 % -66 -0.3 % -84 -- -84 --

NEW YORK N Y CITY 5%17 TRANSITIONAL FIN AUTH 27,252 0.7 % -21 -0.1 % 122 0.4 % 122 0.4 %

NEW YORK ST 5.500% 4/01/20 30,521 0.8 % -142 -0.5 % 133 0.4 % 133 0.4 %

NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT CORNELL UNI... 29,271 0.7 % -97 -0.3 % 181 0.6 % 181 0.6 %

NEW YORK ST LOC GOVT ASSISTANC REF B... 17,184 0.4 % 18 0.1 % 26 0.2 % 26 0.2 %

NEW YORK ST URBAN DEV CORP REV ST PERSONAL INCOME TAX R 5% 0... 24,708 0.6 % -155 -0.6 % 104 0.4 % 104 0.4 %

NUVEEN HIGH YIELD MUNICIPAL CLASS R 12,385 0.3 % -29 -0.2 % 108 0.9 % 108 0.9 %

RENSSELAER CNTY N Y PUB IMPT REF BDS 5% 06/01/21 29,838 0.8 % -184 -0.6 % 176 0.6 % 176 0.6 %

SANGAMON CNTY ILL CMNTY UNIT S 5% 01/01/2021 23,268 0.6 % -110 -0.5 % -357 -- -357 --

TYLER TEX INDPT SCH DIST ULTD TAX REF BDS 5% 02/15/23 23,707 0.6 % -118 -0.5 % 77 0.3 % 77 0.3 %

Corporate Bonds 118,619 3.0 % -27 0.0 % 3,003 2.6 % 3,003 2.6 %

DIGITAL RLTY TR INC PFD SER G 5.875% 32,123 0.8 % 143 0.4 % 2,197 7.3 % 2,197 7.3 %

LOOMIS SAYLES BOND CL I 29,795 0.7 % -61 -0.2 % 7 0.0 % 7 0.0 %

LOOMIS SAYLES INVST GRADE BOND CL Y 20,031 0.5 % -57 -0.3 % 4 0.0 % 4 0.0 %

NUVEEN SYMPHONY FLT RATE INCOME CL I 19,904 0.5 % 10 0.0 % 388 2.0 % 388 2.0 %

PIMCO DIVERSIFIED INCOME CLASS I 16,766 0.4 % -62 -0.4 % 407 2.5 % 407 2.5 %

Diversified Credit 755,699 19.0 % 431 0.1 % 2,987 0.4 % 2,987 0.4 %

AR CAP BDC INCM FD CL A 8,110 0.2 % -25 -0.3 % 291 3.7 % 291 3.7 %

Breakwater Structured Growth Op Fund 100,000 2.5 % 0 0.0 % 0 -- 0 --

BUSINESS DEVELOPEMENT CO MARYLAND 76,637 1.9 % 456 0.6 % 1,464 1.9 % 1,464 1.9 %

Deerpath I 98,820 2.5 % 0 0.0 % 0 0.0 % 0 0.0 %

Deerpath II 42,923 1.1 % 0 0.0 % 0 0.0 % 0 0.0 %

TCA Global Credit Fund 118,892 3.0 % 0 0.0 % 1,232 1.0 % 1,232 1.0 %

Third Eye Capital Op Fd 310,317 7.8 % 0 0.0 % 0 0.0 % 0 0.0 %

Alternative Assets 1,906,135 47.9 % 7,021 0.4 % 36,889 2.0 % 36,889 2.0 %

Equipment Leasing 161,290 4.1 % 0 0.0 % 0 0.0 % 0 0.0 %

SQN AIF IV LP REG. LIMITED PARTNERSHIPDELAWARE 161,290 4.1 % 0 0.0 % 0 0.0 % 0 0.0 %

Hedged Equity 357,405 9.0 % 1,785 0.5 % -2,293 -0.7 % -2,293 -0.7 %

Lionhedge 254,125 6.4 % 0 0.0 % 0 0.0 % 0 0.0 %

PROSHARES SHORT S&P 500 48,806 1.2 % 92 0.2 % 223 -- 223 --

PROSHARES ULTRASHORT 20+ YR TREAS 1 FOR 4 R/S INTOPROSHARES ... 24,413 0.6 % 983 4.2 % -776 -3.1 % -776 -3.1 %

RYDEX INVERSE GOVT LONG BOND INVESTOR 30,061 0.8 % 711 2.4 % -444 -1.5 % -444 -1.5 %

Managed Futures 4,129 0.1 % 0 0.0 % 0 0.0 % 0 0.0 %

Discretionary Managed Fts 4,129 0.1 % 0 0.0 % 0 0.0 % 0 0.0 %


Sample Portfolio

As of 3/4/2015




Year to DateManaged Futures 4,129 0.1 % 0 0.0 % 0 0.0 % 0 0.0 %

Discretionary Managed Fts 4,129 0.1 % 0 0.0 % 0 0.0 % 0 0.0 %

MLPs 104,611 2.6 % -269 -0.3 % 1,676 1.6 % 1,676 1.6 %

GLOBAL X FDS GLOBAL X MLP ETF 41,605 1.0 % -80 -0.2 % -429 -1.0 % -429 -1.0 %

GLOBAL X FDS GLOBL X JR MLP 49,749 1.3 % -41 -0.1 % 2,622 5.5 % 2,622 5.5 %

UBS AG LONDON BRH ETRACS ALERIAN MLP INDEX ETN CALLABLE NOT ... 13,257 0.3 % -147 -1.1 % -518 -3.8 % -518 -3.8 %

Oil and Gas 95,000 2.4 % 0 0.0 % 0 0.0 % 0 0.0 %

Five States Energy 95,000 2.4 % 0 0.0 % 0 0.0 % 0 0.0 %

Precious Metals 183,005 4.6 % 0 0.0 % 1,267 0.7 % 1,267 0.7 %

Gold Bullion 112,587 2.8 % 0 0.0 % 2,089 1.9 % 2,089 1.9 %

Gold Coins 70,418 1.8 % 0 0.0 % -822 -1.2 % -822 -1.2 %

Private Equity 104,255 2.6 % 0 0.0 % 0 0.0 % 0 0.0 %

Strategic Partners Fund VI 104,255 2.6 % 0 0.0 % 0 0.0 % 0 0.0 %

REITs 743,797 18.7 % 2,581 0.3 % 20,807 2.9 % 20,807 2.9 %

ARC HEALTHCARE REIT II 161,290 4.1 % 841 0.5 % 2,704 1.7 % 2,704 1.7 %

COLE RE INCM STRGY DLY NAV COM WRAPS SHS 369,854 9.3 % 1,739 0.5 % 16,396 4.6 % 16,396 4.6 %

Devonshire Fund 163,367 4.1 % 0 0.0 % 1,706 1.1 % 1,706 1.1 %

Lightstone REIT 49,286 1.2 % 0 0.0 % 0 0.0 % 0 0.0 %

Tactical 152,643 3.8 % 2,924 2.0 % 15,433 12.8 % 15,433 12.8 %

IPATH S&P GSCI CRUDE OIL TOTAL RETURN INDEX ETN 19,025 0.5 % 957 5.3 % -956 -- -956 --

MORGAN STANLEY SHRT EUR ETN 92,508 2.3 % 1,747 1.9 % 14,882 19.2 % 14,882 19.2 %

WISDOMTREE BLOOMBERG U.S. DOLLAR BULLISH FUND 41,110 1.0 % 219 0.5 % 1,507 3.8 % 1,507 3.8 %

Cash & Equivalents 91,215 2.3 % 0 0.0 % 1 0.0 % 1 0.0 %

Cash 1,535 0.0 % 0 0.0 % 0 0.0 % 0 0.0 %

CASH 1,535 0.0 % 0 0.0 % 0 0.0 % 0 0.0 %

Money Markets 89,680 2.3 % 0 0.0 % 1 0.0 % 1 0.0 %

SCHWAB MONEY MARKET 89,680 2.3 % 0 0.0 % 1 0.0 % 1 0.0 %


Sample Portfolio

As of 3/4/2015

Realized Gain Loss Summary

xxxx5760521 - Sample Account

No Realized Gain/Loss Activity.



xxxx5760471

Trade Date Open Date Units Sold Cost Basis

49,988.36

Gross Proceeds

50,313.35

ShortTerm Gain

0.00

LongTerm Gain

324.99

Total Gain

324.99

% GainLoss

0.65

021501DS7 ALTMAR-PARISH-WILLIAMSTOWN N Y 5%06/15/2017

2/6/2015 4/27/2005 20,000.000 20,451.34 21,833.60 0.00 1,382.26 1,382.26 6.76

645918U84 NEW JERSEY ECONOMIC DEV AUTH R 5%03/01/2022

2/11/2015 1/24/2013 25,000.000 29,537.02 28,479.75 0.00 -1,057.27 -1,057.27 -3.58

xxxx5760611


39,304.15

Gross Proceeds

37,889.75

ShortTerm Gain

-1,414.40

LongTerm Gain

0.00

Total Gain

-1,414.40

% GainLoss

-3.60

SJB PROSHARES SHORT HIGH YIELD 2/27/2015 9/30/2014 1,400.000 39,304.15 37,889.75 -1,414.40 0.00 -1,414.40 -3.60

xxxx5760601


19,263.09

Gross Proceeds

21,618.26

ShortTerm Gain

0.00

LongTerm Gain

2,355.17

Total Gain

2,355.17

% GainLoss

12.23

TGBAX TEMPLETON GLOBAL BOND FUND ADVISOR CLASS 2/10/2015 10/7/2008 1,740.809 19,263.09 21,618.26 0.00 2,355.17 2,355.17 12.23

xxxx5760591


42,287.19

Gross Proceeds

44,130.80

ShortTerm Gain

-528.19

LongTerm Gain

2,371.80

Total Gain

1,843.61

% GainLoss

4.36

TGBAX TEMPLETON GLOBAL BOND FUND ADVISOR CLASS 2/10/2015 4/23/2009 3,551.955 42,287.19 44,130.80 -528.19 2,371.80 1,843.61 4.36


Sample Portfolio

As of 3/4/2015





Sample Portfolio

As of 3/4/2015

Unrealized Gain Loss Summary

xxxx5760521

Open Date Units Cost Basis

49,156.79

Market Value

78,750.78

ShortTerm Gain

0.00

LongTerm Gain

29,593.99

Total Gain

29,593.99

% GainLoss

60.20

DLRPRG DIGITAL RLTY TR INC PFD SER G 5.875% 1/9/2014 150.000 2,798.95 3,706.50 0.00 907.55 907.55 32.42

IWR ISHARES TR RUSSELL MIDCAP INDEX FD 1/26/2011 100.000 10,437.85 17,294.00 0.00 6,856.15 6,856.15 65.69

IJS ISHARES S&P SMALLCAP 600 VALUE ETF 11/18/2008 225.000 9,744.70 26,493.75 0.00 16,749.05 16,749.05 171.88

NHMRX NUVEEN HIGH YIELD MUNICIPAL CLASS R 10/12/2011 717.559 11,250.00 12,385.07 0.00 1,135.07 1,135.07 10.09

EIEMX PARAMETRIC EMERGING MARKETS INSTITUTIONAL 6/4/2009 1,159.352 12,470.25 16,416.42 0.00 3,946.17 3,946.17 31.64

SCHWABMM SCHWAB MONEY MARKET 3/4/2015 2,455.040 2,455.04 2,455.04 0.00 0.00 0.00 0.00

xxxx5760471


408,906.14

Market Value

430,397.30

ShortTerm Gain

517.37

LongTerm Gain

20,973.79

Total Gain

21,491.16

% GainLoss

5.26

006896EA8 ADIRONDACK N Y CENT SCH DIST REF BDS 5%03/15/16

2/2/2006 30,000.000 30,319.80 32,116.83 0.00 1,797.03 1,797.03 5.93

040649MB8 ARIZONA ST TRANSN BRD EXCISE T 5% 07/01/2023 11/19/2014 20,000.000 24,127.33 24,682.69 555.36 0.00 555.36 2.30

29508RBY1 ERIE CNTY N Y FISCA 5%18 REV DUE 07/01/18 5/28/2010 30,000.000 32,150.91 34,023.57 0.00 1,872.66 1,872.66 5.82

341507L25 FL DEPT EDUCATION 5%17 7/23/2014 20,000.000 22,000.13 22,181.98 181.85 0.00 181.85 0.83

346832AE8 FORT BEND GRAND PAR 5%26 5/16/2014 15,000.000 17,361.51 17,571.68 210.17 0.00 210.17 1.21

560177GY7 MAHOPAC N Y CENT SC 5%19 DIST 4/9/2010 25,000.000 26,578.72 28,722.89 0.00 2,144.17 2,144.17 8.07

59259R3Z5 METROPOLITAN TRANSN AUTH N Y REV TRANSN-SERB 5.000% 11/15/17 B/E

12/6/2007 25,000.000 25,659.02 28,138.94 0.00 2,479.92 2,479.92 9.66

59447P7K1 MICHIGAN FIN AUTH REV 5% 12/01/2025 2/12/2015 20,000.000 23,978.18 23,900.40 -77.78 0.00 -77.78 -0.32

64972HGU0 NEW YORK N Y CITY 5%17 TRANSITIONAL FIN AUTH 6/12/2008 25,000.000 25,513.77 27,251.61 0.00 1,737.84 1,737.84 6.81

649905CF1 NEW YORK ST DORM AUTH REVS NON ST SUPPORTEDDEBT CORNELL UNIV-SER A

4/1/2009 25,000.000 26,503.10 29,271.47 0.00 2,768.37 2,768.37 10.45

649876S42 NEW YORK ST LOC GOVT ASSISTANC REF B... 5/22/2013 15,000.000 16,841.90 17,184.28 0.00 342.38 342.38 2.03

650013T39 NEW YORK ST 5.500% 4/01/20 1/6/2009 25,000.000 26,158.29 30,521.19 0.00 4,362.90 4,362.90 16.68

650035F60 NEW YORK ST URBAN DEV CORP REV ST PERSONALINCOME TAX R 5% 03/15/24

12/12/2013 20,000.000 22,748.04 24,707.62 0.00 1,959.58 1,959.58 8.61

759897UJ8 RENSSELAER CNTY N Y PUB IMPT REF BDS 5%06/01/21

6/21/2012 25,000.000 28,888.67 29,837.64 0.00 948.97 948.97 3.28

800732JJ9 SANGAMON CNTY ILL CMNTY UNIT S 5% 01/01/2021 2/5/2015 20,000.000 23,619.76 23,267.53 -352.23 0.00 -352.23 -1.49


902273TP6 TYLER TEX INDPT SCH DIST ULTD TAX REF BDS 5%02/15/23

4/11/2012 20,000.000 23,147.00 23,706.96 0.00 559.96 559.96 2.42

xxxx5760611


917,134.92

Market Value

1,007,745.29

ShortTerm Gain

18,973.36

LongTerm Gain

71,637.01

Total Gain

90,610.37

% GainLoss

9.88


Sample Portfolio

As of 3/4/2015

xxxx5760611


917,134.92

Market Value

1,007,745.29

ShortTerm Gain

18,973.36

LongTerm Gain

71,637.01

Total Gain

90,610.37

% GainLoss

9.88

CFWYX CALVERT GLOBAL WATER FUND CLASS Y 9/15/2014 1,223.310 25,000.00 21,689.29 -3,310.71 0.00 -3,310.71 -13.24

CASH CASH 3/4/2015 1,534.670 1,534.67 1,534.67 0.00 0.00 0.00 0.00

19330A108 COLE RE INCM STRGY DLY NAV COM WRAPS SHS 9/19/2014 20,467.836 348,217.49 369,853.80 21,636.31 0.00 21,636.31 6.21

EITEX EATON VANCE TAX MANAGED EMERGING MARKETSFUND INST CL

11/18/2008 653.728 15,737.69 30,509.49 0.00 14,771.80 14,771.80 93.86

EPSYX EPOCH GLOBAL EQTY 2/22/2012 2,969.724 47,089.75 59,364.78 0.00 12,275.03 12,275.03 26.07

SVAIX Federated Strategic Value Dividend Instl 10/21/2011 2,361.545 11,430.53 14,074.81 0.00 2,644.28 2,644.28 23.13

MLPJ GLOBAL X FDS GLOBL X JR MLP 2/3/2014 2,850.000 43,345.40 41,097.00 1,240.55 -3,488.95 -2,248.40 -5.19

MLPA GLOBAL X FDS GLOBAL X MLP ETF 6/4/2012 2,079.000 25,722.53 32,286.87 0.00 6,564.34 6,564.34 25.52

OIL IPATH S&P GSCI CRUDE OIL TOTAL RETURN INDEXETN

2/9/2015 1,650.000 19,980.55 19,024.50 -956.05 0.00 -956.05 -4.78

EFA ISHARES MSCI EAFE ETF 11/18/2008 225.000 9,082.34 14,521.50 0.00 5,439.16 5,439.16 59.89

IJS ISHARES S&P SMALLCAP 600 VALUE ETF 2/22/2012 80.000 6,225.18 9,420.00 0.00 3,194.82 3,194.82 51.32

GLIFX LAZARD FDS INC GBL INFRA INST 6/12/2014 4,069.065 59,770.66 59,408.35 -362.31 0.00 -362.31 -0.61

NMULX NEUBERGER BERMAN MULTI-CAP OPP INST 1/29/2013 530.213 6,250.00 8,483.41 0.00 2,233.41 2,233.41 35.73

PRFZ POWERSHARES FTSE RAFI US 1500 S/M PT 3/7/2011 150.000 10,125.40 15,374.70 0.00 5,249.30 5,249.30 51.84

SH PROSHARES SHORT S&P 500 2/27/2015 2,300.000 48,582.65 48,806.00 223.35 0.00 223.35 0.46


2344745 SQN AIF IV LP REG. LIMITED PARTNERSHIPDELAWARE 10/25/2013 161.290 150,000.00 161,290.32 0.00 11,290.32 11,290.32 7.53

VIG VANGUARD DIVIDEND APPRECIATION ETF 3/7/2011 450.000 25,526.50 36,990.00 0.00 11,463.50 11,463.50 44.91

VWO VANGUARD FTSE EMERGING MARKETS ETF 12/16/2014 175.000 6,651.78 7,154.00 502.22 0.00 502.22 7.55

xxxx5760601


303,027.93

Market Value

351,008.51

ShortTerm Gain

-261.15

LongTerm Gain

48,241.73

Total Gain

47,980.58

% GainLoss

15.83

BIBDX BLACKROCK GLOBAL DIVINCOME PORT CLASS I 12/16/2014 2,597.920 30,000.00 31,564.73 1,564.73 0.00 1,564.73 5.22

1386904 BUSINESS DEVELOPEMENT CO MARYLAND 5/16/2013 6,842.620 70,000.00 76,637.34 0.00 6,637.34 6,637.34 9.48

DLRPRG DIGITAL RLTY TR INC PFD SER G 5.875% 1/9/2014 375.000 6,983.20 9,266.25 0.00 2,283.05 2,283.05 32.69

DODFX DODGE & COX INTERNATIONAL STOCK FUND 3/31/2014 338.684 15,000.00 14,847.91 -152.09 0.00 -152.09 -1.01

HLFMX HARDING LOEVNER FDS INC FR EMRG MKT IN 3/31/2014 659.316 6,000.00 5,689.90 -310.10 0.00 -310.10 -5.17

DRR MORGAN STANLEY SHRT EUR ETN 6/8/2010 1,560.000 74,940.91 92,508.00 2,333.92 15,233.17 17,567.09 23.44

TEMIX MUTUAL SERIES FUND INC EUROPEAN FUND CL A 3/31/2014 908.715 22,000.00 19,664.59 -2,335.41 0.00 -2,335.41 -10.62

OAKEX OAKMARK INTL SMALL CAP FUND 3/31/2014 792.303 14,000.00 12,558.00 -1,442.00 0.00 -1,442.00 -10.30

PDIIX PIMCO DIVERSIFIED INCOME CLASS I 3/19/2009 1,546.667 12,921.88 16,765.87 0.00 3,843.99 3,843.99 29.75

PFORX PIMCO FOREIGN INSTITUTIONAL SHS 2/11/2015 1,996.142 21,618.26 21,698.06 79.80 0.00 79.80 0.37

PRF POWERSHARES FTSE RAFI US 1000 6/8/2010 441.807 20,574.32 40,818.50 0.00 20,244.18 20,244.18 98.40



Sample Portfolio

As of 3/4/2015

xxxx5760591


514,231.49

Market Value

483,675.05

ShortTerm Gain

8,385.27

LongTerm Gain

-38,941.71

Total Gain

-30,556.44

% GainLoss

-5.94

BDCAX AR CAP BDC INCM FD CL A 7/29/2014 830.078 8,500.00 8,109.86 -390.14 0.00 -390.14 -4.59

1144807 ARC HEALTHCARE REIT II 7/14/2014 6,451.613 150,000.00 161,290.33 11,290.33 0.00 11,290.33 7.53

DLRPRG DIGITAL RLTY TR INC PFD SER G 5.875% 1/9/2014 775.000 14,422.40 19,150.25 0.00 4,727.85 4,727.85 32.78

AMU UBS AG LONDON BRH ETRACS ALERIAN MLP INDEXETN CALLABLE NOT RATED

9/15/2014 475.000 15,660.35 13,257.25 -2,403.10 0.00 -2,403.10 -15.35

MLPJ GLOBAL X FDS GLOBL X JR MLP 7/29/2014 600.000 10,651.15 8,652.00 -1,999.15 0.00 -1,999.15 -18.77

MLPA GLOBAL X FDS GLOBAL X MLP ETF 7/29/2014 600.000 10,358.35 9,318.00 -1,040.35 0.00 -1,040.35 -10.04

SDIV GLOBAL X ETF 5/22/2012 785.000 16,407.17 18,392.55 -139.85 2,125.23 1,985.38 12.10

GLIFX LAZARD FDS INC GBL INFRA INST 3/18/2014 1,904.910 27,041.28 27,811.69 770.41 0.00 770.41 2.85

LSBDX LOOMIS SAYLES BOND CL I 4/29/2009 2,021.379 21,922.51 29,795.13 0.00 7,872.62 7,872.62 35.91

LSIIX LOOMIS SAYLES INVST GRADE BOND CL Y 7/22/2009 1,697.551 20,011.77 20,031.10 0.00 19.33 19.33 0.10

NFRIX NUVEEN SYMPHONY FLT RATE INCOME CL I 7/25/2013 966.202 20,081.42 19,903.76 0.00 -177.66 -177.66 -0.88

PFORX PIMCO FOREIGN INSTITUTIONAL SHS 2/11/2015 4,076.784 44,130.80 44,314.64 183.84 0.00 183.84 0.42

TBT PROSHARES ULTRASHORT 20+ YR TREAS 1 FOR 4 R/SINTOPROSHARES TR PROSHARES UL

12/15/2009 543.000 67,813.19 24,413.28 0.00 -43,399.91 -43,399.91 -64.00

RYJUX RYDEX INVERSE GOVT LONG BOND INVESTOR 8/23/2013 807.443 40,170.27 30,061.10 0.00 -10,109.17 -10,109.17 -25.17


USDU WISDOMTREE BLOOMBERG U.S. DOLLAR BULLISHFUND

11/13/2014 1,463.000 38,997.02 41,110.30 2,113.28 0.00 2,113.28 5.42

xxxx5775301


863,865.00

Market Value

956,133.00

ShortTerm Gain

0.00

LongTerm Gain

92,268.00

Total Gain

92,268.00

% GainLoss

10.68

945_GUSAM... Amerifunds 2/7/2014 85,000.000 85,000.00 102,381.00 0.00 17,381.00 17,381.00 20.45

945_GUSBW... Breakwater Structured Growth Op Fund 1/12/2015 100,000.000 100,000.00 100,000.00 0.00 0.00 0.00 0.00

945_GUSGO... Gold Coins 2/7/2014 104,920.000 104,920.00 70,418.00 0.00 -34,502.00 -34,502.00 -32.88

945_GUSLI... Lionhedge 2/7/2014 220,000.000 220,000.00 254,125.00 0.00 34,125.00 34,125.00 15.51

945_GUSTC... TCA Global Credit Fund 2/7/2014 100,000.000 103,945.00 118,892.00 0.00 14,947.00 14,947.00 14.38

945_GUSTE... Third Eye Capital Op Fd 2/7/2014 250,000.000 250,000.00 310,317.00 0.00 60,317.00 60,317.00 24.13

xxxx5775311


592,665.00

Market Value

670,366.46

ShortTerm Gain

14,662.00

LongTerm Gain

63,039.46

Total Gain

77,701.46

% GainLoss

13.11

945_GUSDE... Deerpath I 2/7/2014 89,856.000 89,856.00 98,820.00 0.00 8,964.00 8,964.00 9.98

945_GUSDE... Deerpath II 2/7/2014 40,430.000 40,430.00 42,923.00 0.00 2,493.00 2,493.00 6.17

945_GUSDE... Devonshire Fund 2/7/2014 100,000.000 100,000.00 163,367.00 0.00 63,367.00 63,367.00 63.37

945_GUSDM... Discretionary Managed Fts 4/1/2008 3,500.000 3,500.00 4,128.95 0.00 628.95 628.95 17.97

945_GUS5S... Five States Energy 2/7/2014 95,000.000 95,000.00 95,000.00 0.00 0.00 0.00 0.00

945_GOLD1... Gold Bullion 2/7/2014 125,000.000 125,000.00 112,586.51 0.00 -12,413.49 -12,413.49 -9.93


Sample Portfolio

As of 3/4/2015

945_GUSLG... Lightstone REIT 9/23/2014 45,000.000 45,000.00 49,286.00 4,286.00 0.00 4,286.00 9.52

945_GUSSP Strategic Partners Fund VI 6/17/2014 93,879.000 93,879.00 104,255.00 10,376.00 0.00 10,376.00 11.05


Sample Portfolio

As of 3/4/2015

Disclaimer

The information provided herein is obtained from sources believed to be reliable, but no representation or warranty is made as to its

accuracy or completeness. These investments are not insured or otherwise protected by the U.S. Government, the Federal Deposit

Insurance Corporation, the Federal Reserve Board, or any other government agency and involve risk, including the possible loss of

investment principal. Funds within your account(s) have a variety of different investments, objectives, charges and risks.

Returns are net of fees and expenses and “Since Inception Return” does not predate Jan 1, 2014. Past performance is not indicative of

future results. “Non-Custodied” investments in the report are carried at estimated values and are updated on a monthly basis.

Accordingly, values shown are one month behind the current month and carried forward. Spencer Pierce Wealth Management (SPWM)

does not provide tax or legal advice. To receive a copy of SPWM’s ADV, Parts 2A&B, please phone 212-697-3930 or write us at 11 Penn

Plaza Suite 2202, New York, N.Y. 10001.

In preparing this report, SPWM has relied upon information provided by the account custodian. Please remember to contact SPWM if

there are any changes in your personal and/or financial situation or investment objectives for the purpose of reviewing, evaluating or

revising our previous recommendations and services. Please also advise us if you would like to impose, add, or to modify any reasonable

restrictions to our investment advisory services.


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