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1. JANNEY CAPITAL MANAGEMENT
STRATEGY GUIDE
PREPARED EXCLUSIVELY FOR: JANNEY MONTGOMERY SCOTT
Helping individuals, corporations, and institutions accumulate, enhance, and
protect assets and wealth through fee-based portfolio management services
2. FIRM OVERVIEW
• Janney Capital Management, is a professional investment manager that offers discretionary, fee-based
separately managed account solutions.
– Subsidiary of Janney Montgomery Scott
– Founded in 1994
– Offices in Pittsburgh and Philadelphia
– Over $2 billion in Assets Under Management
• Separately Managed Accounts
• ETF Advantage
• Keystone
– Account Composition
• 70% Individuals
– High Net Worth Individuals
– Taxable Accounts
– Trusts
– Retirement/Qualified (IRAs, Keoghs)
• 30% Institutional
– Nonprofit/Foundations
– Defined Contribution and Defined Benefit Plans
– Corporations
– Municipalities
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
3. INVESTMENT PHILOSOPHY
• Our success in establishing excellent, long-standing client relationships begins with our client’s understanding
of, and appreciation for, our investment philosophy.
– We adhere to a conservative, value-oriented approach to investment management.
– We seek to deliver competitive investment results through all market conditions while managing risk appropriately.
• We responsibly apply the basic principles of asset management:
– Asset Allocation
• We work with you and your Financial Advisor to establish an appropriate proportion of stocks, bonds, cash and other
investments in your portfolio.
• We avoid market timing.
– Diversification
• To reduce risk in the portfolio, we diversify your assets.
– In the equity market, we diversify by sector, capitalization and geography.
– In the fixed income market, we diversify by issuer, maturity and sector, as we recognize that fixed income is not a riskless asset class.
• Based on our experience, we add value by overweighting or underweighting different market components within the
context of the current economic environment.
– Fundamental Analysis
• We use quantitative and qualitative techniques to evaluate equity and fixed income securities.
• Securities are purchased for their investment merits within the context of an asymmetrical return versus
risk expectation.
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
4. JANNEY CAPITAL MANAGEMENT: FLEXIBILITY
• We offer clients an opportunity to select a highly customized investment solution. Our strength is flexibility:
– Customizable Asset Allocation
• Spanning 100% Fixed Income to 100% Equity
• Security, Social and Cash Restrictions
• Manage Unique Tax Situations
– Multiple Equity Products
• Individual Stocks, Mutual Funds and Exchange Traded Funds
– Multiple Fixed Income Products
• Individual Bonds as well as Exchange-Traded Funds
• Taxable Income and Tax-Free Income, State-specific when applicable
– Easily Change Any Aspect of the Account
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
5. JANNEY CAPITAL MANAGEMENT: TRADITIONAL INVESTMENT STRATEGIES
• Equity Strategies
Strategy Description
Individual stocks diversified by sector, capitalization (large, mid and small); style (growth and value), and geography (domestic
All Cap Core
and international). Oriented to cash flow, quality, and value.
Individual stocks with above average dividends diversified by sector, capitalization (large, mid and small); style (growth and
Equity Income
value), and geography (domestic and international). Oriented to cash flow, quality, and value.
Exchange-Traded Funds (ETFs), Exchange-Traded Notes (ETNs), and Open- or Closed-end Funds diversified by sector,
Active Index Strategy capitalization (large, mid, small), style (growth and value), and geography (domestic and international). An election can be
made to include individual sector ETFs.
• Fixed Income Strategies
Strategy Description
Intermediate Individual Treasury, Agency, Corporate or Taxable Municipal Bonds and Certificates of Deposit with intermediate-term duration
Government/Credit and diversified by issuer.
Tax-Exempt Municipal Individual Tax-Exempt Municipal Bonds diversified by issuer. State-specific purchasing is available.
Active Index Strategy Fixed Diversified basket of taxable fixed income Exchange-Traded Funds (ETFs), Exchange-Traded Notes (ETNs) and/or Open- and
Income Closed-end funds. Provides liquidity and taxable income.
Diversified basket of tax-exempt fixed income Exchange-Traded Funds (ETFs), Exchange-Traded Notes (ETNs) and/or Open- and
Active Index Strategy Municipal
Closed-end funds. Provides liquidity and tax-exempt income.
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
6. JANNEY CAPITAL MANAGEMENT: ALTERNATIVE INVESTMENT STRATEGIES
• Dynamic Strategies
Strategy Description
The Dynamic Asset Strategy uses Exchange Traded Products (ETPs), including Exchange Traded Funds, Exchange Traded Notes
and Closed-end Funds to invest tactically across asset classes and market categories. The strategy has no predetermined asset
Dynamic Asset Strategy
class mix, and instead seeks to allocate capital to investments that appear to offer the most compelling opportunities, or at
times the most protection, in a given economic climate.
The Dynamic Income Strategy uses Exchange Traded Products (ETPs), including Exchange Traded Funds, Exchange Traded
Notes and Closed-End Funds to invest tactically across asset classes and market categories. The strategy attempts to identify
Dynamic Income Strategy
opportunities that offer a compelling level of income relative to what is available within the current macroeconomic
environment.
ETPS and ETFs are subject to risks similar to those of stocks and may not be suitable for all investors. Shares can be bought and sold through a broker, and the
selling shareholder may have to pay brokerage commissions in connection with the sale. Investment returns and principal value will fluctuate so that when shares
are redeemed, they may be worth more or less than original cost. Shares may only be redeemed directly from the fund by Authorized Participants via Creation
Units. There can be no assurance that an active trading market for the shares will develop or be maintained, and shares may trade at, above or below their NAV.
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
7. ALL CAP CORE EQUITY: INVESTMENT OVERVIEW
• Objective
– Construct a diversified portfolio designed to deliver superior absolute and relative returns
– Deliver an all-weather solution
• Investment Style
– Relative Value – Seek stocks that are undervalued within their peer group and the market
– Multi-Cap – Diversify across market capitalization
– Geographical Diversification – International exposure on both a revenue and company headquarters basis
– Avoid Market Timing – Cash is a byproduct of our buy decisions, but no greater than 20%
– Rebalance – Monitor portfolio holdings for overweight positions
– Long-term Focus – Target annual portfolio turnover of less than 35%
– Total Return Focus – We focus on the total return of the portfolio after-tax, where appropriate
• Process
– Adhere to current macroeconomic viewpoint
– Use quantitative screen to narrow an overall market universe (both domestic and international) of securities and provide high
level buy or sell intelligence
– Use fundamental analysis to evaluate a limited universe of opportunities
– Buy or sell individual securities within our strategic framework
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
8. ALL CAP CORE EQUITY: CHARACTERISTICS
Portfolio Strategy 25.0% GICS Sector Weights**(9/28/2012)
The All Cap Core Equity Strategy is designed to achieve 20.0% All Cap
competitive investment results while managing risk by
investing in most major subdivisions of the equity markets. 15.0% S&P 500
This includes large, mid and small capitalizations; growth
and value and international. Exposure to subdivisions is 10.0%
actively managed and the weightings will be adjusted
accordingly, endeavoring to create a portfolio that protects 5.0%
principal while outperforming benchmarks over time.
Investment decisions are executed through the Investment 0.0%
Committee which uses a combination of internal research,
Telecom
Cash
Energy
Financials
Industrials
Materials
Health Care
C. Discretionary
C. Staples
Information Tech.
Utilities
reputable external research, proprietary quantitative and
qualitative screening and fundamental analysis. Over time,
the portfolio may hold cash as an investment.
Portfolio Statistics (9/28/2012)** Performance (9/28/2012)**
Number of Stocks 43 Period Returns QTD YTD 1 Yr. 3 Yr. 5 Yr. 10-Year
Equity Turnover* (1Year Trailing) 17.6 All Cap Core (Pure Gross of Fees**) 7.0 12.6 25.2 12.6 1.1 9.8
Standard Deviation (5 year) 21.0 All Cap Core (Net of Fees) 6.2 10.1 21.5 9.3 (1.9) 6.5
S&P 500 Index 6.4 16.4 30.2 13.2 1.1 8.0
5-Year Beta** 0.9
Calendar Returns 2011 2010 2009 2008 2007 2006
Portfolio Yield*** (Weighted Average) 2.2
All Cap Core (Pure Gross of Fees**) 2.6 17.1 27.6 (37.3) 10.2 18.2
Upside Capture vs. S&P 500**** (5 Year) 98.4
All Cap Core (Net of Fees) (0.4) 13.7 23.9 (39.1) 7.0 14.7
Downside Capture vs. S&P 500**** (5 Year) 98.0
S&P 500 Index 2.1 15.1 26.5 (37.0) 5.5 15.8
*Turnover is based on a model composite. **Beta formula is covariance
(Portfolio: Benchmark)/Variance (Benchmark). Beta is a measure of *Please see important disclosures at the end of presentation. Net of fee performance is calculated using the
volatility, or systemic risk, of a security or portfolio in comparison to the
market as a whole. ***Portfolio yield is based on model data. **** Upside maximum fee of 3% from the Janney Montgomery Scott fee schedule. Individual fees may vary. **Portfolio
and downside capture ratios are 5 year. They are calculated using the statistics, GICS sector weights, and pure gross of fee performance is shown as supplemental information. GICS
geometric mean of monthly returns for the S&P 500 for up or down
periods. sector weights are based on model data. Pure gross of fee returns are calculated before the deduction of trading
expenses and fees.
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
9. EQUITY INCOME: INVESTMENT OVERVIEW
• Objective
– Designed as an income-oriented equity strategy with an emphasis on dividends
• Targets dividend yield twice that of the S&P 500
• Investment Style
– The Equity Income Strategy is designed to achieve competitive investment results while managing risk by investing in most
major subdivisions of the equity market.
– Weightings in each of these components of the market will vary over time as the economic environment changes.
– The strategy seeks to generate an overall yield that is substantially higher than that of the S&P 500 Index.
– The goal is to provide a well-diversified portfolio with a reasonable risk/reward profile.
• Process
– Investment decisions are based on a combination of our own fundamental analysis, proprietary quantitative screens and
third party research.
– We avoid market timing, as we believe this strategy doesn’t deliver desirable results over time.
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
10. EQUITY INCOME: CHARACTERISTICS
Portfolio Strategy
25.0% GICS Sector Weights**(9/28/2012)
The Equity Income Strategy is designed to achieve competitive 20.0% Equity Income
investment results while managing risk by investing in most major
subdivisions of the equity market. This includes large, mid and 15.0% S&P 500
small capitalizations; growth and value and international. Exposure
to subdivisions is actively managed and the weightings will be 10.0%
adjusted accordingly, endeavoring to create a portfolio that
protects principal while outperforming benchmarks over time. The 5.0%
strategy seeks to generate an overall yield that is substantially
higher than that of the S&P 500 Index. Investment decisions are 0.0%
Cash
Telecom
Energy
Financials
Health Care
Information Tech.
Materials
Industrials
C. Discretionary
C. Staples
Utilities
executed through the Investment Committee which uses a
combination of internal research, reputable external research,
proprietary quantitative and qualitative screening and fundamental
analysis. Over time, the portfolio may hold cash as an investment.
Portfolio Statistics (9/28/2012)** Performance (9/28/2012)*
Number of Stocks 39 Period Returns QTD YTD 1 Yr. 3 Yr. 5 Yr. 7 Yr.
Equity Turnover* (1Year Trailing) 28.5 Equity Income (Pure Gross of Fees**) 5.5 10.1 22.0 11.5 2.8 5.3
Standard Deviation (5 year) 15.3 Equity Income (Net of Fees) 4.7 7.6 18.4 8.2 (0.2) 2.2
S&P 500 Index 6.4 16.4 30.2 13.2 1.1 0.8
5-Year Beta** 0.8
Calendar Returns 2011 2010 2009 2008 2007 2006
Portfolio Yield*** (Weighted Average) 4.6
Equity Income (Pure Gross of Fees**) 4.7 14.0 22.0 (27.6) 7.0 17.3
Upside Capture vs. S&P 500**** (5 Year) 89.3
Equity Income (Net of Fees) 1.6 10.6 18.4 (29.7) 3.8 13.8
Downside Capture vs. S&P 500**** (5 Year) 72.4
S&P 500 Index 2.1 15.1 26.5 (37.0) 5.5 4.9
*Turnover is based on a model composite. **Beta formula is covariance
(Portfolio: Benchmark)/Variance (Benchmark). Beta is a measure of *Please see important disclosures at the end of presentation. Net of fee performance is calculated using the
volatility, or systemic risk, of a security or portfolio in comparison to the
market as a whole. ***Portfolio yield is based on model data. **** Upside maximum fee of 3% from the Janney Montgomery Scott fee schedule. Individual fees may vary. **Portfolio
and downside capture ratios are 5 year. They are calculated using the statistics, GICS sector weights, and pure gross of fee performance is shown as supplemental information. GICS sector
geometric mean of monthly returns for the S&P 500 for up or down
periods. weights are based on model data. Pure gross of fee returns are calculated before the deduction of trading expenses
and fees.
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
11. ACTIVE INDEX STRATEGY: INVESTMENT OVERVIEW
• Investment Objective
– The Active Index Strategy (AIS) is designed to achieve investment returns that are greater but less volatile than either
single or multiple passive index funds
• Investment Style
– Exchange-Traded Funds (ETF) greatly lower the effects of security-specific risk
– ETFs are used to represent different categories of the market
• Capitalization
• Style
• Geography
• Industry Sectors and Select Sub-Sectors
• Currency
• Commodity
Asset Class Risk
• With more to come
• Process
– Adhere to current macroeconomic viewpoint Market Risk
– Use fundamental analysis to evaluate a limited universe of
opportunities based on ETF-specific factors Sector Risk
– Build a portfolio overweighting favored areas while
underweighting those less attractive Security
Risk
– Avoid market timing
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
12. ACTIVE INDEX STRATEGY(WITH SECTORS): CHARACTERISTICS
Portfolio Strategy Portfolio Allocation**(9/28/2012)
The Active Index Strategy is designed to achieve Commodity 6% Cash 1%
competitive investment results that are higher and less REITS 3%
volatile than either single or multiple passive index funds.
Emerging Market 8%
Active management occurs by overweighting or
underweighting various ETFs across and within industry
International 5%
sector, style, capitalization and geography based on our Large Cap 59%
market outlook. Individual security risk is greatly reduced
because ETFs hold large numbers of securities that
represent exposure to their respective asset classes, Growth 9%
indexes or industries. Over time, the portfolio may hold
cash as an investment. Small Cap 5%
Mid Cap 4%
Portfolio Statistics (9/28/2012)** Performance (9/28/2012)*
Number of ETF Holdings 24 Period Returns QTD YTD 1 Yr. 3 Yr. 5 Yr. 7 Yr.
Equity Turnover* (1 Year Trailing) 34.3 Active Index Strategy (Pure Gross of Fees**) 5.7 12.5 22.9 11.3 1.6 5.3
Standard Deviation (5 year) 21.9 Active Index Strategy (Net of Fees) 4.9 10.0 19.3 8.0 (1.4) 2.2
S&P 500 Index 6.4 16.4 30.2 13.2 1.1 0.8
5-Year Beta** 0.9
Calendar Returns 2011 2010 2009 2008 2007 2006
Portfolio Yield*** (Weighted Average) 2.1
Active Index Strategy (Pure Gross of Fees**) (1.2) 17.6 31.2 (36.1) 10.4 16.3
Upside Capture vs. S&P 500**** (5 Year) 97.6
Active Index Strategy (Net of Fees) (4.1) 14.1 27.3 (38.0) 7.1 12.8
Downside Capture vs. S&P 500**** (5 Year) 95.1
S&P 500 Index 2.1 15.1 26.5 (37.0) 5.5 15.8
*Turnover is based on a model composite. **Beta formula is covariance
(Portfolio: Benchmark)/Variance (Benchmark). Beta is a measure of
volatility, or systemic risk, of a security or portfolio in comparison to the *Please see important disclosures at the end of presentation. Net of fee performance is calculated using the
market as a whole. ***Portfolio yield is based on model data. **** Upside
and downside capture ratios are 5 year. They are calculated using the maximum fee of 3% from the Janney Montgomery Scott fee schedule. Individual fees may vary. **Portfolio
geometric mean of monthly returns for the S&P 500 for up or down statistics, GICS sector weights, and pure gross of fee performance is shown as supplemental information. GICS
periods.
sector weights are based on model data. Pure gross of fee returns are calculated before the deduction of trading
expenses and fees.
.
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
13. INTERMEDIATE GOVERNMENT CREDIT (TAXABLE FIXED INCOME): INVESTMENT OVERVIEW
• Objective
– Seek predictable returns and stable values
• The fixed income market is not a risk-free environment
– Protect principal while focusing on income generation
• Current yield historically represents 90% of the return from bonds
– Seek highest yield adjusted for taxes
• Investment Style
– Focus on high grade securities
– Take advantage of unusual situations in spread-based products
• Corporate bonds in 2009; Government agencies and taxable municipal bonds in 2010
– Actively manage duration
– Apply proprietary security analysis
– Wholesale vs. retail pricing
• Process
– Use economic analysis to identify opportunities
– Establish duration targets
– Seek diversification by issuer and geography
– Buy or sell individual securities based on strategic framework defined above
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
14. INTERMEDIATE GOVERNMENT CREDIT (TAXABLE FIXED INCOME): CHARACTERISTICS
Portfolio Strategy Portfolio Allocation**(9/28/2012)
The Intermediate Government Credit Fixed Income Certificates of
Deposit 3%
Strategy is designed to provide income by investing in high
quality taxable bonds. The strategy does not include asset- Municipal Bonds
backed or mortgage-backed securities. Diversified by (Non-Taxable) 5%
sector, maturity and issuer, we invest in a combination of
Treasuries, agencies, and corporate bonds. Individual
security selection is a reflection of an individual’s risk Municipal Bonds
tolerance and investment policy. Economic analysis is used (Taxable) 26%
to establish an interest rate outlook, identify sector and
yield curve opportunities and establish maturity targets.
Credit quality and liquidity are given special consideration. Corporate Bonds
66%
Portfolio Statistics (9/28/2012)**
Weighted Average Maturity (Years) 4.7
Performance (9/28/2012)*
Period Returns QTD YTD 1 Yr. 3 Yr. 5 Yr. 10 Yr.
Weighted Average Duration (Years) 3.3
IGC Fixed Income (Pure Gross of Fees**) 2.0 5.4 6.1 6.1 6.3 5.0
Weighted Average Coupon 5.3
IGC Fixed Income (Net of Fees) 1.5 3.8 4.0 4.0 4.2 2.9
Quality Breakdown (9/28/2012)** Barclays Intermediate Government/Credit Index 1.4 3.5 4.4 5.2 5.7 4.8
AAA 2.5 Calendar Returns 2011 2010 2009 2008 2007 2006
AA 12.9 IGC Fixed Income (Pure Gross of Fees**) 5.6 6.4 9.5 3.2 5.6 4.9
A 30.6 IGC Fixed Income (Net of Fees) 3.5 4.3 7.4 1.2 3.5 2.8
BBB 39.6 Barclays Intermediate Government /Credit Index 5.8 5.9 5.2 5.1 7.4 4.1
BB 0.0 * Please see important disclosures at the end of presentation. Net of fee performance is calculated using the
maximum fee of 2% from the Janney Montgomery Scott fee schedule. Individual fees may vary. **Portfolio
B 0.0 statistics, quality breakdown, portfolio allocation, and pure gross of fee performance is shown as supplemental
information. Pure gross of fee returns are calculated before the deduction of trading expenses and fees.
Not Rated 14.2
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
15. ACTIVE INDEX FIXED INCOME STRATEGY OVERVIEW
• Objective
– Seek predictable returns and stable values
• The fixed income market is not a risk-free environment
– Seek highest yield adjusted for taxes
• Investment Style
– Diversified basket of taxable fixed income Exchange-Traded Funds (ETFs), Exchange-Traded Notes (ETNs) and/or Open- and
Closed-end funds.
– Provides liquidity and taxable income
• Process
– Use economic analysis to identify opportunities
– Establish duration targets
– Seek diversification by issuer and geography
– Buy or sell individual securities based on strategic framework defined above
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
16. ACTIVE INDEX FIXED INCOME STRATEGY: CHARACTERISTICS
Portfolio Strategy Performance (9/28/2012)*
The Active Index Fixed Income Strategy is designed to Period Returns QTD YTD 1 Yr. 3 Yr. 5 Yr. 7 Yr.
achieve competitive investment results that are higher and Active Index Fixed (Pure Gross of Fees**) 2.5 4.5 6.2 5.4 3.9 3.7
less volatile than either single or multiple passive index
funds. Active management occurs by overweighting or Active Index Fixed (Net of Fees) 2.0 3.0 4.1 3.3 1.9 1.7
underweighting various Exchange-Traded Funds (ETFs)
Barclays Aggregate Index 1.6 4.0 5.2 6.2 6.5 5.9
across and within various fixed income classes. Individual
security risk is greatly reduced, because ETFs hold large Calendar Returns 2011 2010 2009 2008 2007 2006
numbers of securities that represent exposure to their
Active Index Fixed (Pure Gross of Fees**) 5.9 5.0 4.7 (2.5) 6.0 2.6
respective asset classes, indexes or industries. Over time,
the portfolio may hold cash as an investment. Active Index Fixed (Net of Fees) 3.8 2.9 2.7 (4.5) 3.9 0.6
Barclays Aggregate Index 7.8 6.5 5.9 5.2 7.0 4.3
Portfolio Strategy** (9/28/2012) Quality Breakdown (%) (9/28/2012)**
iShares Cash AAA 19.1 BB 10.2
Barclays TIPS 2%
ETF (TIP) AA 24.4 B 4.5
11% PIMCO Total
Return ETF A 18.1 Not Rated 9.7
Powershares (BOND)
High Yield 41% BBB 11.3
Corporate
(PHB)
11% * Please see important disclosures at the end of presentation. Net of fee performance is calculated using the
maximum fee of 2% from the Janney Montgomery Scott fee schedule. Individual fees may vary. **Portfolio
iShares holdings, portfolio allocation and pure gross of fee performance is shown as supplemental information. Pure
Barclays 1-3 gross of fee returns are calculated before the deduction of trading expenses and fees.
Year Credit
(CSJ)
36%
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
17. DYNAMIC ASSET STRATEGY: INVESTMENT OVERVIEW
• Objective
– Attempts to deliver strong absolute and relative returns by creating a dynamic portfolio that differs from traditional
policy portfolios
• Investment Style
– Uses Exchange-Traded Products (ETPs), which may include:
• Domestic and international stocks
• Domestic and international bonds
• Real Estate Investment Trusts
• Commodities
• Alternative Investments
• Cash
– Portfolios are allocated among stocks, bonds and cash, but the allocation may change based on market conditions
– No predetermined asset mix
– No single position greater than 25% of portfolio
– Portfolio protector designed to offer downside protection
• Process
– Focus on valuations, expected returns and correlation when developing an asset allocation that best fits within our
current global macroeconomic viewpoint
– Define opportunities across asset class, capitalization, style, geography and industry sector
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
18. DYNAMIC ASSET STRATEGY CHARACTERISTICS
Portfolio Description Portfolio Allocation (9/28/2012) **
The Dynamic Asset Strategy seeks competitive total returns in combination with low-to-
moderate volatility relative to the overall capital markets. The strategy has no predetermined Cash
10% Domestic
asset allocation mix and instead seeks to allocate capital to investments that appear to offer the Equity
most compelling opportunities, or at times the most protection in a given economic climate. 53%
The strategy uses Exchange-Traded Products (ETPs), including Exchange-Traded Funds,
Exchange-Traded Notes and Closed-end Funds to invest tactically across asset classes and
market categories. Portfolio
Protector
20%
International
Emerging
Equity
Market
12%
Equity
5%
Performance (9/28/2012)* Portfolio Statistics (9/28/2012)**
QTD YTD 1 Yr. Inception Number of ETF Holdings 20
Dynamic Asset Strategy (Pure Gross of Fees**) 4.2 8.8 12.6 3.1 Equity Turnover (1 Year Trailing) 92.6
Dynamic Asset Strategy (Net of Fees) 3.5 6.4 9.3 0.1 Standard Deviation (Since Inception- 11.2
9/30/2010)
MSCI World 6.7 13.0 21.6 9.8
Beta (Since Inception-9/30/2010) 0.6
Barclays Aggregate Index 1.6 4.0 5.2 5.5
Portfolio Yield*** (Weighted Average) 1.6
Salomon 90 Day Index 0.0 0.0 0.1 0.1
*Turnover is based on a model composite. **Beta formula is covariance
(Portfolio: Benchmark)/Variance (Benchmark). Beta is a measure of
*Please see important disclosures at the end of presentation. Net of fee performance is calculated using volatility, or systemic risk, of a security or portfolio in comparison to the
market as a whole. Beta is calculated using the S&P 500 Index. ***Portfolio
the maximum fee of 3% from the Janney Montgomery Scott fee schedule. Individual fees may vary. yield is based on model data.
**Portfolio statistics, portfolio allocation, and pure gross of fee performance is shown as supplemental
information. GICS sector weights are based on model data. Pure gross of fee returns are calculated before
the deduction of trading expenses and fees. The MSCI World Index is a price only return calculation and does
not include the reinvestment of dividends.
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
19. DYNAMIC INCOME STRATEGY INVESTMENT OVERVIEW
• Objective
– Attempts to deliver strong absolute and relative returns by creating a dynamic portfolio that differs from traditional
policy portfolios
– Seeks a high level of income with a goal of generating a yield that exceeds the Consumer Price Index (CPI) by 2%
• Investment Style
– Uses Exchange-Traded Products (ETPs), which may include:
• Domestic and international stocks
• Domestic and international bonds
• Real Estate Investment Trusts
• Commodities
• Alternatives
• Cash
– Portfolios are allocated among stocks, bonds and cash, but the allocation may change based on market conditions
– No predetermined asset mix
– At least 50% of portfolio invested in fixed income
– No single position greater than 25% of portfolio
• Process
– Focus on valuations, expected returns and correlation when developing an asset allocation that best fits within our
current global macroeconomic viewpoint
– Define opportunities across asset class, capitalization, style, geography and industry sector
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
20. DYNAMIC INCOME STRATEGY: CHARACTERISTICS
Portfolio Description Portfolio Allocation (9/28/2012)**
The Dynamic Income Strategy uses Exchange-Traded Products (ETPs), including Exchange-
Traded Funds, Exchange-Traded Notes and Closed-end Funds to invest tactically across asset International Closed End
classes and market categories. The strategy attempts to identify opportunities that offer a Debt Cash Funds
compelling level of income relative to what is available within the current Global TIPS 3% 3% 8% Domestic
6% Debt
macroeconomic environment. Our charter within the Dynamic Income Strategy is focused on an 8%
aggressive income stream that outperforms inflation over time; with no more than 50% in
MLPs 5%
equity positions.
Emerging
Market Debt
Performance (9/28/2012)* International 5%
Stocks
QTD YTD 1 Yr. Inception 14% Floating Rate
Income
Dynamic Income Strategy (Pure Gross of Fees**) 5.5 12.1 18.7 7.2 7%
High Yield
Dynamic Income Strategy (Net of Fees) 4.7 9.6 15.2 4.0 Bonds
Emerging
Preferreds 7%
MSCI World 6.7 13.0 21.6 9.8 Market
Domestic 6%
Stocks
Stocks
Barclays Aggregate Index 1.6 4.0 5.2 5.5 5%
23%
Salomon 90 Day Index 0.0 0.0 0.1 0.1 * Please see important disclosures at the end of presentation.. Net
of fee performance is calculated using the maximum fee of 3%
Portfolio Statistics (9/28/2012)** from the Janney Montgomery Scott fee schedule. Individual fees
Inception 9/30/2010 may vary. **Portfolio statistics, portfolio allocation, and pure gross
Number of ETF Holdings 18 of fee performance is shown as supplemental information. Pure
gross of fee returns are calculated before the deduction of trading
Equity Turnover (1 Year Trailing) 54.1 expenses and fees. The MSCI World Index is a price only return
calculation and does not include the reinvestment of dividends.
Standard Deviation (Since Inception-9/30/2010) 11.9
Beta (Since Inception-9/30/2010)** 0.6
Portfolio Yield*** (Weighted Average) 4.9
*Turnover is based on a model composite. **Beta formula is covariance (Portfolio: Benchmark)/Variance (Benchmark).
Beta is a measure of volatility, or systemic risk, of a security or portfolio in comparison to the market as a whole. Beta is
calculated using the S&P 500 Index. ***Portfolio yield is based on model data.
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
21. GIPS DISCLOSURES
The All Cap Core Equity Composite includes wrap portfolios that may invest in large, mid and small capitalization equities as well as growth and value equities. Portfolios may also seek international
exposure through ETFs and ADRs. For comparison purposes, the All Cap Core Composite is measured against the S&P 500 Index. The S&P 500 Index is an unmanaged market capitalization weighted
price index composed of 500 widely held common stocks.. The U.S. Dollar is the currency used to express performance. The minimum account size for inclusion is currently $60,000. Through March 31,
2006, the minimum portfolio size for inclusion was $110,000. Through March 31, 2006, the composite includes only non-taxable accounts. Prior to December 31, 2012, Janney Capital Management was
known as Parker/Hunter Asset Management, LLC (“Parker/Hunter”). Janney Capital Management is held out to clients as a distinct operating group associated with Janney and has been referred to as a
“division of”, and now a “subsidiary of”, Janney. The All Cap Core Composite was created on January 1, 1999. Janney Capital Management claims compliance with the Global Investment Performance
Standards (GIPS®). Janney Capital Management has been verified for the period beginning January 1, 1999 through December 31, 2011 by Ashland Partners & Company LLP. The verification and
performance examination reports are available upon request.
Equity Income Composite includes wrap portfolios that may invest in large, mid and small capitalization equities as well as growth and value equities. Portfolios may also seek international exposure
through ETFs and ADRs. For comparison purposes, the Equity Income Composite is measured against the S&P 500 Index. The S&P 500 Index is an unmanaged market capitalization weighted price index
composed of 500 widely held common stocks. The U.S. Dollar is the currency used to express performance. The U.S. Dollar is the currency used to express performance. The minimum account size for
inclusion is currently $60,000. Prior to December 31, 2012, Janney Capital Management was known as Parker/Hunter Asset Management, LLC (“Parker/Hunter”). Janney Capital Management is held out
to clients as a distinct operating group associated with Janney and has been referred to as a “division of”, and now a “subsidiary of”, Janney. The Equity Income Composite was created March 31, 2003.
Janney Capital Management claims compliance with the Global Investment Performance Standards (GIPS®). Janney Capital Management has been verified for the period beginning January 1, 1999
through December 31, 2011 by Ashland Partners & Company LLP. The verification and performance examination reports are available upon request.
Active Index Strategy - With Sectors Composite includes wrap portfolios that may invest in equity ETFs and closed end funds. The strategy can invest in securities across various asset classes including but
not limited to; large, mid, and small capitalization, domestic, international, real estate, commodities, and currencies. Sector and sub-sector securities are used for tactical allocation purposes. Allocation
to a particular asset class, sector, or sub-sector will vary over time. For comparison purposes, the Active Index Strategy – with sectors Composite is measured against the S&P 500 Index. The S&P 500
Index is an unmanaged market capitalization weighted price index composed of 500 widely held common stocks. The U.S. Dollar is the currency used to express performance. The minimum account size
for inclusion is currently $15,000 (portfolios with market values as low as $10,000 are included). Prior to December 31, 2012, Janney Capital Management was known as Parker/Hunter Asset
Management, LLC (“Parker/Hunter”). Janney Capital Management is held out to clients as a distinct operating group associated with Janney and has been referred to as a “division of”, and now a
“subsidiary of”, Janney. The Active Index Strategy - with sector Composite was created June 30, 2001. Janney Capital Management claims compliance with the Global Investment Performance Standards
(GIPS®). Janney Capital Management has been verified for the period beginning January 1, 1999 through December 31, 2011 by Ashland Partners & Company LLP. The verification and performance
examination reports are available upon request.
Intermediate Government Credit Composite includes tax-free wrap portfolios that invest in government and corporate taxable bonds and may also invest in tax exempt municipal bonds in situations
deemed suitable by the investment manager. Portfolios may include fixed income ETFs. Portfolios will not invest in asset backed or mortgage backed securities. For comparison purposes, the
Intermediate Government Credit Composite is measured against the Barclays Intermediate Government Credit Index. The Barclays Capital Intermediate Government Credit Index is a broad fixed income
index that includes U.S. Treasuries, Government Agency bonds, and investment grade corporate bonds. The U.S. Dollar is the currency used to express performance. The minimum account size for
inclusion is currently $60,000. Prior to December 31, 2012, Janney Capital Management was known as Parker/Hunter Asset Management, LLC (“Parker/Hunter”). Janney Capital Management is held out
to clients as a distinct operating group associated with Janney and has been referred to as a “division of”, and now a “subsidiary of”, Janney. The Intermediate Government Credit Composite was
created January 1, 1999. Janney Capital Management claims compliance with the Global Investment Performance Standards (GIPS®). Janney Capital Management has been verified for the period
beginning January 1, 1999 through December 31, 2011 by Ashland Partners & Company LLP. The verification and performance examination reports are available upon request.
Active Index Strategy Fixed Income Composite includes fixed income wrap portfolios that invest in ETFs, closed-end funds and open-ended funds. For comparison purposes, the Active Index Strategy
Fixed Income Composite is measured against the Barclays Aggregate Index. The Barclays Aggregate Index provides a measure of the performance of the U.S. investment grade bonds market, which
includes investment grade U.S. Government bonds, investment grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United
States. The securities in the Index must have at least 1 year remaining to maturity. In addition, the securities must be denominated in U.S. dollars and must be fixed rate, nonconvertible, and taxable. .
The U.S. Dollar is the currency used to express performance. The U.S. Dollar is the currency used to express performance. The minimum account size for inclusion is $10,000. Prior to December 31, 2012,
Janney Capital Management was known as Parker/Hunter Asset Management, LLC (“Parker/Hunter”). Janney Capital Management is held out to clients as a distinct operating group associated with
Janney and has been referred to as a “division of”, and now a “subsidiary of”, Janney. The Active Index Strategy Fixed Income Composite was created June 30, 2003. Janney Capital Management claims
compliance with the Global Investment Performance Standards (GIPS®). Janney Capital Management has been verified for the period beginning January 1, 1999 through December 31, 2011 by Ashland
Partners & Company LLP. The verification and performance examination reports are available upon request.
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
22. GIPS DISCLOSURES
National Municipal Composite includes wrap portfolios that invest in tax exempt municipal bonds. Securities are selected based on the individual client’s tax situation. For comparison purposes, the
National Municipal Composite is measured against the Barclays Capital U.S. Municipal Index. The Barclays Capital U.S. Municipal Bond Index covers the U.S. dollar denominated long term tax exempt
bond market. The U.S. Dollar is the currency used to express performance. The minimum account size for inclusion is currently $60,000. Prior to December 31, 2012, Janney Capital Management was
known as Parker/Hunter Asset Management, LLC (“Parker/Hunter”). Janney Capital Management is held out to clients as a distinct operating group associated with Janney and has been referred to as a
“division of”, and now a “subsidiary of”, Janney. The National Municipal Composite was created January 1, 1999. Janney Capital Management claims compliance with the Global Investment
Performance Standards (GIPS®). Janney Capital Management has been verified for the period beginning January 1, 1999 through December 31, 2011 by Ashland Partners & Company LLP. The verification
and performance examination reports are available upon request.
Dynamic Asset Strategy Composite includes wrap portfolios that may invest in Exchange Traded Products (ETPs), including Exchange Traded Funds (ETFs), Exchange Traded Notes (ETNs) and Closed End
Funds. The strategy may invest in ETPs of various asset classes including equity (both domestic and international), fixed income (both domestic and international), real estate, commodities and
currencies. There is no predetermined asset allocation mix and the allocation may change based on market conditions. For comparison purposes, the Dynamic Asset Strategy is measured against the
MSCI World Index, Barclays Aggregate Index and the Salomon Brothers 90 Day Index. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the
equity market performance of developed markets. The MSCI World Index consists of the following 24 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France,
Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. The Barclays
Aggregate Index The Barclays Aggregate Index provides a measure of the performance of the U.S. investment grade bonds market, which includes investment grade U.S. Government bonds, investment
grade corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States. The securities in the Index must have at least 1 year
remaining to maturity. The Salomon Brothers 90 Day Index is an un-weighted index which measures the performance of three-month maturity U.S. Treasury Bills. The U.S. Dollar is the currency used to
express performance. The minimum account size for inclusion is currently $60,000. Prior to December 31, 2012, Janney Capital Management was known as Parker/Hunter Asset Management, LLC
(“Parker/Hunter”). Janney Capital Management is held out to clients as a distinct operating group associated with Janney and has been referred to as a “division of”, and now a “subsidiary of”, Janney.
The Dynamic Asset Strategy was created on September 30, 2010. Janney Capital Management claims compliance with the Global Investment Performance Standards (GIPS®). Janney Capital
Management has been verified for the period beginning January 1, 1999 through December 31, 2011 by Ashland Partners & Company LLP. The verification and performance examination reports are
available upon request.
Dynamic Income Strategy Composite includes wrap portfolios that may invest in Exchange Traded Products (ETPs), including Exchange Traded Funds (ETFs), Exchange Traded Notes (ETNs) and Closed End
Funds. The strategy may invest in ETPs of various asset classes including equity (both domestic and international), fixed income (both domestic and international), real estate, commodities and
currencies. The portfolio will allocate a minimum of 50% to fixed income securities at all times. For comparison purposes, the Dynamic Income Strategy is measured against the MSCI World Index,
Barclays Aggregate Index and the Salomon Brothers 90 Day Index. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market
performance of developed markets. The MSCI World Index consists of the following 24 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany,
Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. The Barclays Aggregate
Index The Barclays Aggregate Index provides a measure of the performance of the U.S. investment grade bonds market, which includes investment grade U.S. Government bonds, investment grade
corporate bonds, mortgage pass-through securities and asset-backed securities that are publicly offered for sale in the United States. The securities in the Index must have at least 1 year remaining to
maturity. The Salomon Brothers 90 Day Index is an un-weighted index which measures the performance of three-month maturity U.S. Treasury Bills. The U.S. Dollar is the currency used to express
performance. The U.S. Dollar is the currency used to express performance. The minimum account size for inclusion is currently $60,000. Prior to December 31, 2012, Janney Capital Management was
known as Parker/Hunter Asset Management, LLC (“Parker/Hunter”). Janney Capital Management is held out to clients as a distinct operating group associated with Janney and has been referred to as a
“division of”, and now a “subsidiary of”, Janney. The Dynamic Income Strategy was created on September 30, 2010. Janney Capital Management claims compliance with the Global Investment
Performance Standards (GIPS®). Janney Capital Management has been verified for the period beginning January 1, 1999 through December 31, 2011 by Ashland Partners & Company LLP. The verification
and performance examination reports are available upon request.
PHAM is a division of Janney Montgomery Scott LLC, a registered investment advisor under the Investment Advisers Act of 1940. PHAM is held out to all clients and prospective
clients as a distinct division of Janney Montgomery Scott LLC.
The requirements of the GIPS standards are applied on a firm-wide basis. The firm maintains a complete list and description of composites, which is available upon request.
Requests may be made by calling 412.562.8100.
Past performance is not indicative nor a guarantee of future performance. The performance of any individual portfolio may not be considered comparable to the Composite
performance.
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
23. INVESTMENT COMMITTEE MEMBERS
Mark D. Luschini
Managing Director
Chief Investment Strategist, Janney Montgomery Scott LLC
Mark Luschini is responsible for directing the firm’s investment management services and is the Chief Investment Strategist for Janney Montgomery Scott LLC. He
chairs the Investment Committee and actively interfaces with both current and prospective clients. Mr. Luschini speaks regularly on topics related to investment
planning and asset management at seminars and conferences. His comments and written articles have appeared in numerous publications. He is a Trustee for the
firm’s Profit Sharing Plan and serves on the Janney Wealth Management Alternative Investment and Mutual Fund Committees.
James M. Egan, Jr.
Director
James Egan serves on the Investment Committee for Janney Capital Management. Previously, he was head of the Parker /Hunter Fixed Income and Syndicate
departments. His responsibilities included buying and selling of capital market instruments and pricing and structuring new issues. Mr. Egan began his career in
New York. He is a member of the FIAS and serves on several nonprofit boards.
Timothy M. Slevin, CFA
Director
Tim Slevin is responsible for research and serves on the Investment Committee. Previously, he was the head of technology equity research and was a supervisory
analyst for the Parker/Hunter Research Department. Prior to that position, Mr. Slevin was a Managing Director in the Parker/Hunter Investment Banking
Department and was involved in public offerings, fairness opinions, acquisitions and valuing securities. Before Parker/Hunter, Mr. Slevin was an Assistant Vice
President in the Capital Markets Department of Mellon Bank where he was involved with derivative products such as interest rate swaps, caps and collars, and was
a consultant in treasury management to corporate clients. Mr. Slevin serves on the board of the Pittsburgh Youth Symphony Orchestra, is chair of the Finance
Committee of Christ Church Fox Chapel, serves on Financial Industry Regulatory Authority (FINRA) Examination Committees, and serves on the Advisory Council for
the Don Jones Center for Entrepreneurship at Carnegie Mellon’s Tepper School of Business. Mr. Slevin holds the Chartered Financial Analyst designation and is a
member of the CFA Society of Pittsburgh.
Timothy H. Williams
Director
Tim Williams serves on the Investment Committee and oversees the firm’s day-to-day operations, including portfolio compliance, trading, client service, technology
and general administration. Mr. Williams began his career as a national lending officer for Wachovia Bank, and subsequently was a principal in a group of different
businesses, including consumer services, distribution and natural gas development. For more than 20 years, he served as a board member of the St. Margaret
Foundation and the United Way. He currently serves on the United Way Investment Committee and chairs its Health Alliance for Nonprofits.
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
24. ALL CAP CORE EQUITY: HOLDINGS
As of 9/28/2012
ACGL Arch Capital Group Ltd. JNJ Johnson & Johnson
ACN Accenture PLC LIFE Life Technology Corporation
ADP Automatic Data Processing, Inc. MDT Medtronic Inc.
AES AES Corporation MET Metlife Inc.
BAMXY Bayerische Motoren Werke (BMW Group) MMM 3M Company
BAYRY Bayer A G ADR MSFT Microsoft Corporation
BK Bank of New York Mellon Corporation MYL Mylan Labs Inc.
BTI British American Tobacco ADR NEM Newmont Mining Corporation
BX Blackstone Group NKE Nike Inc.
COP ConocoPhillips OXY Occidental Pete Corporation
COV Covidien PLC PEP Pepsico Inc.
CVS CVS Corp PG Procter & Gamble Company
CVX Chevron Corp PM Phillip Morris International
DHR Danaher Corp QCOM Qualcomm Inc.
EMC EMC Corp SDRL Seadrill Limited
EMR Emerson Electric Co SHPGY Shire Pharmaceuticals Group
GS Goldman Sachs Group Inc T AT&T Inc.
HAL Halliburton Co TGT Target Corporation
HON Honeywell Intl Inc TWX Time Warner Inc.
ICON Iconix Brand Group V Visa Inc Class A
INTC Intel Corp VOD Vodafone Group PLC ADR
Portfolio holdings may not be representative of the Composite’s or an individual portfolio’s current or future investments. There is no assurance that any of these stocks will be
purchased in the future or are currently held in the portfolio.
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
25. EQUITY INCOME: HOLDINGS
As of 9/28/2012
ACN Accenture PLC MLPI UBS E-TRACS Alerian MLP Infrastructure ETN
AYR Aircastle Limited MMM 3M Company
AZN Astrazeneca PLC ADR MSFT Microsoft Corporation
BTI British American Tobacco ADR NLY Annaly Capital Management Inc.
CA CA Technologies NYB New York Community Bancorp Inc.
COP ConocoPhillips PAYX Paychex Inc.
CVX Chevron Corporation PEP Pepsico Inc.
DELRF De La Rue PG Procter & Gamble Company
DUK Duke Energy Company PM Phillip Morris International
EMR Emerson Electric Company RDS/B Royal Dutch Shell PLC
EXC Exelon Corporation RPM RPM International Inc.
FTE France Telecom ADR SDRL Seadrill Limited
GOV Government Properties Income Trust SNY Sanofi Spons ADR
GSK GlaxoSmithKline PLC T AT&T Inc.
HCN Health Care REIT Inc. TOT Total S A ADR
HON Honeywell Intl Inc. TSM Taiwan Semiconductor Manufacturer
INTC Intel Corp oration VGK Vanguard European ETF
JNJ Johnson & Johnson VOD Vodafone Group PLC ADR
KMB Kimberly Clark Corporation WBK Westpac Banking Corp.
LEG Leggett & Platt Inc.
Portfolio holdings may not be representative of the Composite’s or an individual portfolio’s current or future investments. There is no assurance that any of these stocks will be
purchased in the future or are currently held in the portfolio.
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
26. ACTIVE INDEX: HOLDINGS
EQUITY - As of 9/28/2012 TAXABLE FIXED INCOME – As of 9/28/2012
DEM Wisdom Tree Emerging Market Equity ETF BOND PIMCO Total Return ETF
FFR First Trust FTSE EN Developed Markets Real Estate ETF CSJ iShares Lehman 1-3 Year Credit Bond ETF
GDX Market Vectors Gold Miners ETF PHB Powershares High Yield Corporate Bond ETF
GLD SPDR Gold Trust Shares ETF TIP iShares Barclays TIPS ETF
IAK iShares DJ US Insurance ETF
IEZ iShares Trust Dow Jones US Oil ETF
IGV iShares SP North American Technology ETF TAX-EXEMPT MUNICIPAL FIXED INCOME – As of 9/28/2012
IHI iShares DJ US Medical Device ETF ITM Market Vectors ETM Intermediate Municipal ETF
IHE iShares Dow Jones U.S. Pharmaceuticals ETF
PVI Powershares VRDO Tax-Free ETF
IHF iShares Dow Jones U.S. Healthcare Providers ETF
PZA Powershares Insured National Municipal ETF
IWF Russell 1000 Growth Index Fd
SHM SPDR Lehman Short Term Municipal ETF
IWM iShares Russell 2000 ETF
KRE SPDR S&P Regional Banking ETF Portfolio holdings may not be representative of the Composite’s or an
MDY SPDR S&P 400 MidCap ETF individual portfolio’s current or future investments. There is no assurance
that any of these stocks will be purchased in the future or are currently
SPLV Powershares S&P 500 Low Volatility ETF held in the portfolio.
VGK Vanguard European ETF
VWO Vanguard Emerging Markets ETF
XLE Energy Select Sector SPDR ETF
XLF Sector SPDR Financial ETF
XLI Sector SPDR Industrial ETF
XLK Sector SPDR Technology ETF
XLP Sector SPDR Consumer Staples ETF
XLU Sector SPDR Utilities ETF
XLY Sector SPDR Cyclicals ETF
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
27. DYNAMIC ASSET STRATEGY: HOLDINGS
As of 9/28/2012
DEM WisdomTree Emerging Market Equity ETF IHE iShares Dow Jones U.S. Pharmaceuticals ETF
EWL iShares MSCI Switzerland ETF IHI iShares DJ US Medical Device ETF
EWU iShares MSCI United Kingdom ETF ITB iShares Dow Jones U.S. Home Construction ETF
EWG iShares Germany ETF KRE SPDR S&P Regional Banking ETF
EWQ iShares France ETF MCHI iShares China ETF
GDX Market Vectors Gold Miners ETF PXE PowerShares Dynamic Energy Exploration & Production ETF
GLD SPDR Gold Trust Shares ETF REM iShares FTSE NAREIT Mortgage Plus Capped ETF
IEF iShares Barclays 7-10 Year Treasury ETF RTH Market Vectors Retail ETF
IEZ iShares Trust Dow Jones US Oil ETF SOXX iShares PHLX SOX Semiconductor Sector ETF
IGV iShares SP North American Technology ETF UUP Powershares DB US Dollar Bullish ETF
Portfolio holdings may not be representative of the Composite’s or an individual portfolio’s current or future investments. There is no assurance that any of these stocks will be
purchased in the future or are currently held in the portfolio.
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.
28. DYNAMIC INCOME STRATEGY: HOLDINGS
As of 9/28/2012
AUNZ WisdomTree Australia & New Zealand Debt ETF ITIP iShares International Inflation-Linked Bond Fund ETF
AUSE WisdomTree Australia Dividend ETF JFR Nuveen Floating Rate ETF
AXHE iShares MSCI ACWI ex US Healthcare Sector ETF MLPI UBS E-TRACS Alerian MLP Infrastructure ETN
BOND PIMCO Total Return ETF PCEF Powershares Closed End Fund Income ETF
DEM Wisdom Tree Emerging Market Equity ETF PFF iShares S&P US Preferred Stock ETF
DWX SPDR International Dividend ETF PPR ING Prime Rate Trust
ELD Wisdom Tree Emerging Markets Debt ETF PSP Powershares Listed Private Equity ETF
FDL First Trust Morningstar Dividend Leaders ETF REM iShares NARIET Mortgage REIT ETF
FLN First Trust Latin America AlphaDEX ETF SJNK SPDR Barclays Capital Short Term High Yield ETF
Portfolio holdings may not be representative of the Composite’s or an individual portfolio’s current or future investments. There is no assurance that any of these stocks will be
purchased in the future or are currently held in the portfolio.
This presentation and its contents are intended to be used for advertising purposes and is not considered to be a one-on-one presentation.