Trade Log Combination Portfolios

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1 HIDDEN TEXT TO MARK THE BEGINNING OF THE TABEL OF CONTENTS Trade Log Combination Portfolios LPL Financial Research As of February 14, 2019 Table of Contents Absolute Return Diversified Plus: Tactical Quad-Core Balanced: Tactical Quad-Core Income: Tactical Overview LPL Financial Research has made changes to the asset allocations in the Tactical Absolute Return Portfolio within the Model Wealth Portfolios (MWP). The primary objectives of these trades were to decrease equity exposure after a solid year-to-date rally for global stocks, while increasing the allocation to short-term, high-quality bonds. Given the model objective for absolute return, LPL Research decided to trim equity exposure in the portfolio following a strong rally in global equities to start the year. We eliminated positions in information technology stocks, as well as emerging market (EM) equities, and we increased exposure to short-term, high-quality bonds. We believe the higher allocation to short-term, high-quality bonds in the portfolio should reduce downside risk in the model if equities experience a pullback from year-to-date highs. While LPL Research believes equities could still deliver positive returns for investors through yearend, and we continue to have a favorable view on the information technology sector and EM equities, we believe that actively reducing risk following recent gains is the best way to guide the portfolio toward meeting its absolute return goal. Overall, we initiated the following: Summary Of Changes Absolute Return: Diversified Plus Decreased the equity allocation, reducing exposure to U.S technology and EM equities Increased short-term, high-quality bonds Member FINRA/SIPC Page 1 of 5

2 Absolute Return Diversified Plus Portfolios % ishares MSCI USA Minimum Volatility ETF USMV Large Blend 4.0 Financial Select Sector SPDR XLF Sector (Financials) 4.0 Vanguard Information Technology ETF VGT Sector (Information Technology) 0.0 ishares Core MSCI Emerging Markets IEMG Small Foreign/Emerging Markets 0.0 T. Rowe Price Capital Appreciation PRWCX Balanced (Nontraditional) 8.0 ishares Short Maturity Bond ETF NEAR Short/Intermediate Bond 16.0 Credit Suisse Floating Rate Hi Inc Instl CSHIX Bank Loans 12.0 DoubleLine Total Return Bond Fund DBLTX Mortgage-Backed Securities 19.0 Dreyfus Global Real Return I DRRIX Alternative (Other) 7.0 Neuberger Berman Abs Ret Multi-Mgr Instl NABIX Alternative (Other) 5.0 Wells Fargo Advantage Diversified Income Builder EKSYX Alternative (Other) 5.0 Neuberger Berman Long Short Instl NLSIX Long/Short 10.0 ishares 7-10 Year Treasury Bond IEF Long Government 8.0 CASH CASH CASH 2.0 Income with Moderate Growth LPL Financial Member FINRA/SIPC Page 2 of 5

3 Quad-Core Balanced Portfolios % PowerShares QQQ QQQ Large Growth 3.0 WisdomTree US Dividend Growth Fund DGRW Large Growth 6.5 Vanguard Total Stock Market ETF VTI Large Blend 7.0 Global X MLP & Energy Infrastructure ETF MLPX Sector (Energy) 5.0 Financial Select Sector SPDR XLF Sector (Financials) 6.0 Vanguard Information Technology ETF VGT Sector (Information Technology) 4.0 Industrial Select Sector SPDR XLI Sector (Industrials) 4.0 ishares Core MSCI Emerging Markets IEMG Small Foreign/Emerging Markets 6.0 American Beacon Balanced Y ACBYX Balanced 10.0 T. Rowe Price Capital Appreciation PRWCX Balanced (Nontraditional) 15.0 PIMCO Investment Grade Corp Bd P PBDPX Intermediate-/Long-Term Bond 12.0 Vanguard Total Bond Market ETF BND Intermediate-/Long-Term Bond 5.5 SPDR Blackstone/GSO Senior Loan ETF SRLN Bank Loans 6.0 SunAmerica Flexible Credit W SHNWX Nontraditional Bond 7.0 CASH CASH CASH 3.0 Growth with Income LPL Financial Member FINRA/SIPC Page 3 of 5

4 Quad-Core Income Portfolios % PIMCO Investment Grade Corp Bd P PBDPX Intermediate-/Long-Term Bond 10.0 SPDR Portfolio Interm Term Corp Bd ETF SPIB Intermediate-/Long-Term Bond 5.5 AllianzGI Short Duration High Inc P ASHPX High-Yield Bond 10.0 Credit Suisse Floating Rate Hi Inc Instl CSHIX Bank Loans 6.0 DoubleLine Total Return Bond Fund DBLTX Mortgage-Backed Securities 25.0 BlackRock Strategic Income Opps Instl BSIIX Strategic Income 10.0 Market Vectors Intermediate Muni ETF ITM Intermediate-Term Municipal Bond 5.0 ProShares Short S&P500 SH Alternative (Other) 6.0 Angel Oak Multi-Strategy Income Fd Inst Shs ANGIX Multisector Bond 10.5 SunAmerica Flexible Credit W SHNWX Nontraditional Bond 10.0 CASH CASH CASH 2.0 Income with Moderate Growth LPL Financial Member FINRA/SIPC Page 4 of 5

5 Investment Objectives Income with Moderate Growth Emphasis is placed on current income with some focus on moderate capital growth. Growth with Income Emphasis is placed on modest capital growth. Certain assets are included to generate income and reduce overall volatility. IMPORTANT DISCLOSURES This material is for general information only and is not intended to provide specific advice or recommendations for any individual. Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments. There can be no assurance that any stated investment objectives will be achieved. Investors should consider the investment objectives, risks, charges and expenses of the underlying investment company holdings carefully before investing. The prospectus and, if available, the summary prospectus contain this and other important information about the investment company. You can obtain a prospectus and summary prospectus from your financial representative. Read carefully before investing. Investing in foreign and emerging markets securities involves special additional risks. These risks include, but are not limited to, currency risk, geopolitical risk, and risk associated with varying accounting standards. Investing in emerging markets may accentuate these risks. All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy. This research material has been prepared by LPL Financial. To the extent you are receiving investment advice from a separately registered independent investment advisor, please note that LPL Financial is not an affiliate of and makes no representation with respect to such entity. Not FDIC or NCUA/NCUSIF Insured No Bank/Credit Union Guarantee May Lose Value Not Guaranteed by any Government Agency Not a Bank/Credit Union Deposit Member FINRA/SIPC For Public Use Page 5 of 5 RES Tracking # (Exp. 02/20)