Trade Log Mutual Funds

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1 HIDDEN TEXT TO MARK THE BEGINNING OF THE TABEL OF CONTENTS Trade Log Mutual Funds LPL Financial Research As of June 27, 2018 Table of Contents Alpha Focused Diversified Alpha Focused Diversified Plus Diversified: Strategic Diversified: Tactical Diversified Plus: Strategic Diversified Plus: Tactical Downside Risk Aware Diversified Downside Risk Aware Diversified Plus Focused Sustainable Investing - ESG Tax Aware Diversified Tax Aware Diversified Plus Alternative Strategies: Tactical Alternative Strategies Plus: Tactical American Funds Active Core: Tactical Franklin Templeton Tax Aware: Tactical Franklin Templeton : Tactical DFA Dimension 1: Strategic DFA Dimension 2: Strategic DFA Dimension 3: Strategic DFA Sustainable: Strategic DFA Tax Aware: Strategic MFS Strategic Value: Strategic American Funds Retirement Enhanced: American Funds Retirement : American Funds Retirement Conservative:. 27 Overview LPL Research has made changes to the asset allocation within the Model Wealth Portfolios (MWP). In the MWP Franklin Templeton Tax Aware portfolio, we have reduced exposure to a long-term municipal bond strategy. In turn, we increased exposure to a high-yield municipal bond strategy and an intermediate-term municipal bond strategy. This trade enables the portfolio to better express the broad fixed income asset allocation views of LPL Research in two ways. It enables us to achieve our desired credit exposure, and maintains portfolio yields by increasing exposure to a high-yield municipal bond strategy. In addition, we are making this trade because the strategy has been removed from our SAM Recommended List. We are comfortable holding reduced exposure to the longterm municipal bond strategy in the overall portfolio context and will perform ongoing due diligence. Overall, we initiated the following: Summary Of Changes Franklin Templeton: Tax Aware Reduce exposure to long-term municipal bonds Increase exposure to a high-yield municipal bonds Increase exposure to intermediate-term municipal bonds null Member FINRA/SIPC Page 1 of 28

2 Alpha Focused Diversified Portfolios % Advisors Inner Circle Edgewood EGFIX Large Invesco Diversified Dividend Y LCEYX Large Value John Hancock Disciplined Value I JVLIX Large Value ClearBridge Value Trust LMNVX Large Blend JP Morgan US Large Cap Core Plus JLPSX Large Blend Vaughan Nelson Opportunity VNVYX Mid Blend Brown Advisory Small-Cap Inv BIASX Small Nuveen NWQ Small Cap Value NSCRX Small Value Oppenheimer Developing Markets ODVYX Emerging Markets Parametric Emerging Markets Instl EIEMX Emerging Markets PIMCO Investment Grade Corp Bd P PBDPX Intermediate-/Long-Term Bond PIMCO Mortgage Opportunities P PMZPX Nontraditional Bond CASH CASH CASH Total with LPL Financial Member FINRA/SIPC Page 2 of 28

3 Alpha Focused Diversified Plus Portfolios % Advisors Inner Circle Edgewood EGFIX Large Invesco Diversified Dividend Y LCEYX Large Value John Hancock Disciplined Value I JVLIX Large Value ClearBridge Value Trust LMNVX Large Blend JP Morgan US Large Cap Core Plus JLPSX Large Blend Vaughan Nelson Opportunity VNVYX Mid Blend Brown Advisory Small-Cap Inv BIASX Small Nuveen NWQ Small Cap Value NSCRX Small Value Oppenheimer Developing Markets ODVYX Emerging Markets Parametric Emerging Markets Instl EIEMX Emerging Markets PIMCO Investment Grade Corp Bd P PBDPX Intermediate-/Long-Term Bond PIMCO Mortgage Opportunities P PMZPX Nontraditional Bond CASH CASH CASH Total with LPL Financial Member FINRA/SIPC Page 3 of 28

4 Diversified: Strategic Portfolios % with with ClearBridge Large Cap I SBLYX Large Harbor Appreciation HACAX Large John Hancock Disciplined Value I JVLIX Large Value MFS Value I MEIIX Large Value Artisan Mid Cap Advisor APDMX Mid John Hancock Disciplined Value Mid Cap Fund JVMIX Mid Value Touchstone Mid Cap Fund TMCPX Mid Blend ClearBridge Small Cap I LMNSX Small Blend Dean Small Cap Value DASCX Small Value Nuveen Small Cap Value I FSCCX Small Value MainGate MLP I IMLPX Sector (Energy) Causeway International Value Instl CIVIX Large Foreign Harding Loevner Emerging Markets Advisor HLEMX Emerging Markets Metropolitan West Total Return Bond MWTIX Intermediate-/Long-Term Bond PIMCO Real Return Fund Class I-2 PRLPX Intermediate-/Long-Term Bond American Beacon SiM High Yld Opps Y SHOYX High-Yield Bond Credit Suisse Floating Rate Hi Inc Instl CSHIX Bank Loans Delaware Diversified Fund DPFFX Strategic CASH CASH CASH with LPL Financial Member FINRA/SIPC Page 4 of 28

5 Diversified: Tactical Portfolios % with with Advisors Inner Circle Edgewood EGFIX Large Loomis Sayles Y LSGRX Large American Beacon Bridgeway Lg Cp Val Y BWLYX Large Value MFS Value I MEIIX Large Value T. Rowe Price Dividend PRDGX Large Blend Wells Fargo Large Cap Core Inst EGOIX Large Blend Harbor Mid Cap Value Instl HAMVX Mid Value BlackRock Funds Small Cap Portfolio I PSGIX Small ClearBridge Small Cap I LMNSX Small Blend Harding Loevner Emerging Markets Advisor HLEMX Emerging Markets JPMorgan Core Bond Select WOBDX Intermediate-/Long-Term Bond PIMCO Investment Grade Corp Bd P PBDPX Intermediate-/Long-Term Bond Prudential Total Return Bond Z PDBZX Intermediate-/Long-Term Bond Vanguard Interm-Term Treasury Adm VFIUX Intermediate-/Long-Term Bond DoubleLine Total Return Bond Fund DBLTX Mortgage-Backed Securities CASH CASH CASH with LPL Financial Member FINRA/SIPC Page 5 of 28

6 Diversified Plus: Strategic Portfolios % with with ClearBridge Large Cap I SBLYX Large Harbor Appreciation HACAX Large John Hancock Disciplined Value I JVLIX Large Value MFS Value I MEIIX Large Value Artisan Mid Cap Advisor APDMX Mid John Hancock Disciplined Value Mid Cap Fund JVMIX Mid Value Touchstone Mid Cap Fund TMCPX Mid Blend ClearBridge Small Cap I LMNSX Small Blend Dean Small Cap Value DASCX Small Value Nuveen Small Cap Value I FSCCX Small Value MainGate MLP I IMLPX Sector (Energy) Causeway International Value Instl CIVIX Large Foreign Harding Loevner Emerging Markets Advisor HLEMX Emerging Markets Metropolitan West Total Return Bond MWTIX Intermediate-/Long-Term Bond PIMCO Real Return Fund Class I-2 PRLPX Intermediate-/Long-Term Bond American Beacon SiM High Yld Opps Y SHOYX High-Yield Bond Credit Suisse Floating Rate Hi Inc Instl CSHIX Bank Loans Delaware Diversified Fund DPFFX Strategic CASH CASH CASH with LPL Financial Member FINRA/SIPC Page 6 of 28

7 Diversified Plus: Tactical Portfolios % with with Advisors Inner Circle Edgewood EGFIX Large Loomis Sayles Y LSGRX Large American Beacon Bridgeway Lg Cp Val Y BWLYX Large Value MFS Value I MEIIX Large Value T. Rowe Price Dividend PRDGX Large Blend Wells Fargo Large Cap Core Inst EGOIX Large Blend Harbor Mid Cap Value Instl HAMVX Mid Value BlackRock Funds Small Cap Portfolio I PSGIX Small ClearBridge Small Cap I LMNSX Small Blend Harding Loevner Emerging Markets Advisor HLEMX Emerging Markets JPMorgan Core Bond Select WOBDX Intermediate-/Long-Term Bond PIMCO Investment Grade Corp Bd P PBDPX Intermediate-/Long-Term Bond Prudential Total Return Bond Z PDBZX Intermediate-/Long-Term Bond Vanguard Interm-Term Treasury Adm VFIUX Intermediate-/Long-Term Bond DoubleLine Total Return Bond Fund DBLTX Mortgage-Backed Securities CASH CASH CASH with LPL Financial Member FINRA/SIPC Page 7 of 28

8 Downside Risk Aware Diversified Portfolios % with with Akre Focus Instl AKRIX Large John Hancock Disciplined Value I JVLIX Large Value Columbia Contrarian Core Z SMGIX Large Blend MFS Research MRFIX Large Blend Royce Total Return RYTRX Small Value JPMorgan Core Bond Select WOBDX Intermediate-/Long-Term Bond Vanguard Interm-Term Treasury Adm VFIUX Intermediate-/Long-Term Bond Western Asset Core Plus WACPX Intermediate-/Long-Term Bond DoubleLine Total Return Bond Fund DBLTX Mortgage-Backed Securities Delaware Diversified Fund DPFFX Strategic AQR Long-Short Equity I QLEIX Alternative (Other) Wells Diversified Cap Builder EKBYX Alternative (Other) CASH CASH CASH Total with LPL Financial Member FINRA/SIPC Page 8 of 28

9 Downside Risk Aware Diversified Plus Portfolios % with with Akre Focus Instl AKRIX Large John Hancock Disciplined Value I JVLIX Large Value Columbia Contrarian Core Z SMGIX Large Blend MFS Research MRFIX Large Blend Royce Total Return RYTRX Small Value JPMorgan Core Bond Select WOBDX Intermediate-/Long-Term Bond Vanguard Interm-Term Treasury Adm VFIUX Intermediate-/Long-Term Bond Western Asset Core Plus WACPX Intermediate-/Long-Term Bond DoubleLine Total Return Bond Fund DBLTX Mortgage-Backed Securities Delaware Diversified Fund DPFFX Strategic AQR Long-Short Equity I QLEIX Alternative (Other) Wells Diversified Cap Builder EKBYX Alternative (Other) CASH CASH CASH Total with LPL Financial Member FINRA/SIPC Page 9 of 28

10 Focused Portfolios % with with Harbor Appreciation HACAX Large Loomis Sayles Y LSGRX Large Federated Strategic Value Dividend Instl SVAIX Large Value MFS Value I MEIIX Large Value Royce Dividend Value RDVIX Small Value MainGate MLP I IMLPX Sector (Energy) Thornburg Investment Builder I TIBIX Balanced MainStay Epoch Global Equity Yield I EPSYX Global Stock PIMCO Investment Grade Corp Bd P PBDPX Intermediate-/Long-Term Bond AllianzGI Short Duration High Inc P ASHPX High-Yield Bond American Beacon SiM High Yld Opps Y SHOYX High-Yield Bond Ridgeworth Seix Floating Rate High SAMBX Bank Loans JPMorgan Mortgage-Backed Securities Fund OMBIX Mortgage-Backed Securities Nuveen Preferred Securities NPSRX Preferred Securities Wells Fargo Advantage Diversified Builder EKSDX Alternative (Other) Angel Oak Multi-Strategy Fd Inst Shs ANGIX Multisector Bond CASH CASH CASH with LPL Financial Member FINRA/SIPC Page 10 of 28

11 Sustainable Investing - ESG Portfolios % with with Parnassus Equity PRBLX Large Value Neuberger Berman Socially Responsive NBSLX Large Blend Parnassus PARNX Large Blend Pax Small Cap Institutional PXSIX Small Blend Domini International Social Equity Inv DOMIX Large Foreign Pax Global Environmental Mrkts Instl PGINX Global Stock Portfolio 21 Global Equity Instl PORIX Global Stock PIMCO Low Duration III PLUPX Short/Intermediate Bond Access Community Investment I ACCSX Intermediate-Term Bond PIMCO Total Return III PRAPX Intermediate-/Long-Term Bond TIAA-CREF Social Choice Bond Retail TSBRX Intermediate-/Long-Term Bond CRA Qualified Investment Institutional CRANX Mortgage-Backed Securities CASH CASH CASH with LPL Financial Member FINRA/SIPC Page 11 of 28

12 Tax Aware Diversified Portfolios % with with Loomis Sayles Y LSGRX Large Primecap Odyssey POGRX Large BBH Core Select BBTEX Large Blend ClearBridge Value Trust LMNVX Large Blend Harbor Mid Cap Value Instl HAMVX Mid Value Oppenheimer Main Street Small Cap Fd Cl Y OSCYX Small Blend JOHCM International Select II JOHAX Large Foreign Parametric Tax-Managed Emerg Mkt Instl EITEX Emerging Markets T. Rowe Price Summit Municipal Intermediate PRSMX Intermediate-Term Municipal Bond Wells Fargo Fd. Intermediate Tax/AMT-Free Inst Cl I WITIX Intermediate-Term Municipal Bond Western Asset Managed Municipals Fund SMMYX Long-Term Municipal Bond Nuveen High Yield Municipal Bond NHMRX Tax-Free High-Yield Bond CASH CASH CASH with LPL Financial Member FINRA/SIPC Page 12 of 28

13 Tax Aware Diversified Plus Portfolios % with with Loomis Sayles Y LSGRX Large Primecap Odyssey POGRX Large BBH Core Select BBTEX Large Blend ClearBridge Value Trust LMNVX Large Blend Harbor Mid Cap Value Instl HAMVX Mid Value Oppenheimer Main Street Small Cap Fd Cl Y OSCYX Small Blend JOHCM International Select II JOHAX Large Foreign Parametric Tax-Managed Emerg Mkt Instl EITEX Emerging Markets T. Rowe Price Summit Municipal Intermediate PRSMX Intermediate-Term Municipal Bond Wells Fargo Fd. Intermediate Tax/AMT-Free Inst Cl I WITIX Intermediate-Term Municipal Bond Western Asset Managed Municipals Fund SMMYX Long-Term Municipal Bond Nuveen High Yield Municipal Bond NHMRX Tax-Free High-Yield Bond CASH CASH CASH with LPL Financial Member FINRA/SIPC Page 13 of 28

14 Alternative Strategies Portfolios % with Akre Focus Instl AKRIX Large JP Morgan US Large Cap Core Plus JLPSX Large Blend Gotham Enhanced Return Institutional GENIX Mid Blend AQR Long-Short Equity I QLEIX Alternative (Other) Dreyfus Dynamic Total Return Y AVGYX Alternative (Other) Neuberger Berman Abs Ret Multi-Mgr Instl NABIX Alternative (Other) AQR Multi-Strategy Alternative I ASAIX Long/Short Boston Partners Long/Short Rsrch Instl BPIRX Long/Short Diamond Hill Long-Short I DHLSX Long/Short Neuberger Berman Long Short Instl NLSIX Long/Short LoCorr Macro Strategies I LFMIX Managed Futures/Global Macro Natixis ASG Managed Futures Strategy Y ASFYX Managed Futures/Global Macro Angel Oak Multi-Strategy Fd Inst Shs ANGIX Multisector Bond Scout Unconstrained Bond Instl SUBFX Nontraditional Bond Western Asset Macro Opportunities I LAOIX Nontraditional Bond CASH CASH CASH Total with LPL Financial Member FINRA/SIPC Page 14 of 28

15 Alternative Strategies Plus Portfolios % with Akre Focus Instl AKRIX Large JP Morgan US Large Cap Core Plus JLPSX Large Blend Gotham Enhanced Return Institutional GENIX Mid Blend AQR Long-Short Equity I QLEIX Alternative (Other) Dreyfus Dynamic Total Return Y AVGYX Alternative (Other) Neuberger Berman Abs Ret Multi-Mgr Instl NABIX Alternative (Other) AQR Multi-Strategy Alternative I ASAIX Long/Short Neuberger Berman Long Short Instl NLSIX Long/Short LoCorr Macro Strategies I LFMIX Managed Futures/Global Macro Natixis ASG Managed Futures Strategy Y ASFYX Managed Futures/Global Macro Angel Oak Multi-Strategy Fd Inst Shs ANGIX Multisector Bond Scout Unconstrained Bond Instl SUBFX Nontraditional Bond Western Asset Macro Opportunities I LAOIX Nontraditional Bond CASH CASH CASH Total with LPL Financial Member FINRA/SIPC Page 15 of 28

16 American Funds Active Core Portfolios % with with American Funds Fund of America GFFFX Large American Funds Washington Mutual F2 WMFFX Large Value American Funds American Balanced Fund F2 AMBFX Large Blend with American Funds Investment Company of America Class F2 ICAFX Large Blend Goldman Sachs Small Cap Gr Insghts IR GSTOX Small American Funds Builder CAIFX Balanced American Funds New World Fund NFFFX Emerging Markets American Funds SMALLCAP World Fund F2 SMCFX Global Stock American Funds Intermediate Bond Fund of America F2 IBAFX Short/Intermediate Bond American Funds The Bond Fund of America F2 ABNFX Intermediate-/Long-Term Bond Credit Suisse Floating Rate Hi Inc Instl CSHIX Bank Loans CASH CASH CASH LPL Financial Member FINRA/SIPC Page 16 of 28

17 Franklin Templeton Tax Aware Portfolios % with with Franklin Adv FCGAX Large Franklin Rising Dividends Adv FRDAX Large Blend Goldman Sachs US Eq Div and Premium IR GVIRX Large Blend RS Mid Cap Y RMOYX Mid Oppenheimer Main Street Small Cap Fd Cl Y OSCYX Small Blend Franklin Adv FRIAX Balanced Parametric Tax-Managed Emerg Mkt Instl EITEX Emerging Markets Franklin Mutual Global Discovery Z MDISX Global Stock Templeton Global Bond TGBAX Foreign Bond Franklin Floating Rate Daily Access Adv FDAAX Bank Loans Franklin Federal Lmtd-Term T/F Inc Adv FTFZX Short-Term Municipal Bond with Franklin Templeton Federal Intermediate Term Tax Free FITZX Intermediate-Term Municipal Bond Franklin Federal Tax-Free Adv FAFTX Long-Term Municipal Bond Franklin High Yld Tax Free Inc Adv FHYVX Tax-Free High-Yield Bond CASH CASH CASH Total LPL Financial Member FINRA/SIPC Page 17 of 28

18 Franklin Templeton Portfolios % with with Franklin Real Estate Securities Fd FRLAX REITs: Domestic DoubleLine Shiller Enhanced CAPE I DSEEX Large Value Mutual Beacon BEGRX Large Value Franklin Rising Dividends Adv FRDAX Large Blend MainGate MLP I IMLPX Sector (Energy) Franklin Adv FRIAX Balanced Franklin Mutual Quest Z MQIFX Global Stock Franklin Total Return Adv FBDAX Intermediate-Term Bond Franklin US Government Secs Adv FUSAX Intermediate-Term Bond Franklin High Adv FVHIX High-Yield Bond Templeton Global Bond TGBAX Foreign Bond Franklin Floating Rate Daily Access Adv FDAAX Bank Loans PIMCO Mortgage Opportunities P PMZPX Nontraditional Bond CASH CASH CASH Total with LPL Financial Member FINRA/SIPC Page 18 of 28

19 DFA Dimension 1 Portfolios % with with DFA Real Estate Securities I DFREX REITs: Domestic DFA US Core Equity 1 I DFEOX Large Blend DFA Large Cap International I DFALX Large Foreign DFA Emerging Markets I DFEMX Emerging Markets DFA One-Year Fixed- I DFIHX Short/Intermediate Bond DFA Investment Grade I DFAPX Intermediate-Term Bond DFA Five-Year Global Fixed- I DFGBX Foreign Bond CASH CASH CASH with LPL Financial Member FINRA/SIPC Page 19 of 28

20 DFA Dimension 2 Portfolios % with with DFA US Core Equity 2 I DFQTX Large Blend DFA Global Real Estate Securities Port DFGEX REITs: Global/International DFA Intl Core Equity I DFIEX Large Foreign DFA Emerging Markets Core Equity I DFCEX Emerging Markets DFA One-Year Fixed- I DFIHX Short/Intermediate Bond DFA Investment Grade I DFAPX Intermediate-Term Bond DFA Five-Year Global Fixed- I DFGBX Foreign Bond CASH CASH CASH with LPL Financial Member FINRA/SIPC Page 20 of 28

21 DFA Dimension 3 Portfolios % with with DFA US Core Equity 2 I DFQTX Large Blend DFA US Vector Equity I DFVEX Large Blend DFA Global Real Estate Securities Port DFGEX REITs: Global/International DFA International Vector Equity DFVQX Large Foreign DFA Intl Core Equity I DFIEX Large Foreign DFA Emerging Markets Core Equity I DFCEX Emerging Markets DFA One-Year Fixed- I DFIHX Short/Intermediate Bond DFA Investment Grade I DFAPX Intermediate-Term Bond DFA Five-Year Global Fixed- I DFGBX Foreign Bond CASH CASH CASH with LPL Financial Member FINRA/SIPC Page 21 of 28

22 DFA Sustainable Portfolios % with with DFA US Sustainability Core 1 DFSIX Large Blend DFA International Sustainability Core 1 DFSPX Large Foreign DFA One-Year Fixed- I DFIHX Short/Intermediate Bond DFA Intermediate Govt Fixed- I DFIGX Intermediate-/Long-Term Bond DFA Five-Year Global Fixed- I DFGBX Foreign Bond CASH CASH CASH with LPL Financial Member FINRA/SIPC Page 22 of 28

23 DFA Tax Aware Portfolios % with with DFA T.A. US Core Equity 2 Instl DFTCX Large Blend DFA T.A. World ex US Core Equity Instl DFTWX Large Foreign DFA Short Term Municipal Bond I DFSMX Short-Term Municipal Bond DFA Intermediate-Term Municipal Bd I DFTIX Intermediate-Term Municipal Bond CASH CASH CASH with LPL Financial Member FINRA/SIPC Page 23 of 28

24 MFS Strategic Value Portfolios % with with MFS I MFEIX Large MFS Value I MEIIX Large Value MFS Blended Research Core Equity I MUSEX Large Blend MFS Research MRFIX Large Blend MFS Mid Cap I OTCIX Mid MFS Mid Cap Value I MCVIX Mid Value MFS New Discovery Value I NDVIX Small Value MFS Research International I MRSIX Large Foreign MFS Diversified I DIFIX Balanced MFS Total Return I MTRIX Balanced MFS Government Securities I MGSIX Intermediate-Term Bond MFS Total Return Bond I MRBIX Intermediate-Term Bond MFS Corporate Bond I MBDIX Intermediate-/Long-Term Bond MFS High I MHIIX High-Yield Bond MFS Emerging Markets Debt MEDIX Emerging Market Bond Columbia US Government Mortgage Fund CUGZX Mortgage-Backed Securities CASH CASH CASH with LPL Financial Member FINRA/SIPC Page 24 of 28

25 American Funds Retirement Enhanced American Mutual Fund AMRFX Large Value 17.0 American Funds American Balanced Fund F2 AMBFX Large Blend 9.0 American Funds Builder CAIFX Balanced 20.0 The Fund of America AMEFX Balanced 18.0 American Funds Global Balanced Fd GBLFX Global Balanced 5.0 World and Fund WGIFX Global Balanced 14.0 American Funds Mortgage Fund MFAFX Intermediate-/Long-Term Bond 3.0 American Funds The Bond Fund of America F2 ABNFX Intermediate-/Long-Term Bond 5.0 MainStay High Yield Corporate Bond MHYIX High-Yield Bond 7.0 CASH CASH CASH 2.0 Total with LPL Financial Member FINRA/SIPC Page 25 of 28

26 American Funds Retirement American Mutual Fund AMRFX Large Value 14.0 American Funds American Balanced Fund F2 AMBFX Large Blend 8.0 American Funds Builder CAIFX Balanced 18.0 The Fund of America AMEFX Balanced 15.0 American Funds Global Balanced Fd GBLFX Global Balanced 5.0 World and Fund WGIFX Global Balanced 8.0 American Funds Inflation Linked Bond Fund BFIGX Intermediate-/Long-Term Bond 4.0 American Funds Mortgage Fund MFAFX Intermediate-/Long-Term Bond 5.0 American Funds The Bond Fund of America F2 ABNFX Intermediate-/Long-Term Bond 16.0 MainStay High Yield Corporate Bond MHYIX High-Yield Bond 5.0 CASH CASH CASH 2.0 Total with LPL Financial Member FINRA/SIPC Page 26 of 28

27 American Funds Retirement Conservative American Mutual Fund AMRFX Large Value 10.0 American Funds American Balanced Fund F2 AMBFX Large Blend 5.0 American Funds Builder CAIFX Balanced 16.0 The Fund of America AMEFX Balanced 12.0 American Funds Global Balanced Fd GBLFX Global Balanced 3.0 World and Fund WGIFX Global Balanced 5.0 American Funds Inflation Linked Bond Fund BFIGX Intermediate-/Long-Term Bond 7.0 American Funds Mortgage Fund MFAFX Intermediate-/Long-Term Bond 10.0 American Funds The Bond Fund of America F2 ABNFX Intermediate-/Long-Term Bond 22.0 The American Fds Incm Srs U.S. Gvt Sec Fd GVTFX Intermediate-/Long-Term Bond 5.0 MainStay High Yield Corporate Bond MHYIX High-Yield Bond 3.0 CASH CASH CASH 2.0 Total with LPL Financial Member FINRA/SIPC Page 27 of 28

28 Investment Objectives Emphasis is placed on aggressive growth and maximum capital appreciation. This investment portfolio has a very high level of risk and is for investors with a longer time horizon. This portfolio is considered to have the highest level of risk. Emphasis is placed on achieving high longterm growth and capital appreciation. This is considered higher than average risk. with 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. International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets 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. Neither LPL Financial nor any of its affiliates make a market in the investment being discussed nor does LPL Financial or its affiliates or its officers have a financial interest in any securities of the issuer whose investment is being recommended neither LPL Financial nor its affiliates have managed or co-managed a public offering of any securities of the issuer in the past 12 months. All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy. with Emphasis is placed on current income with some focus on moderate capital growth. with Emphasis is placed on current income and preventing capital loss. This is considered the lowest risk portfolio available and is generally for investors with the shortest time horizon. 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 28 of 28 RES Tracking # (Exp. 06/19)