XPONANCE, INC. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HEDJ	WISDOMTREE EUROPE HEDGED EQUITY FUND ETP USD	801,600	$44,584	18.3%	$55.62	—	COM	97717X701
DXJ	WISDOMTREE TR JAPN HEDGE EQT	876,020	$43,125	17.7%	$49.12	—	COM	97717W851
XLK	SECTOR SPDR TRUST AMEX TECHNOLOGY SELECT INDEX	484,450	$20,031	8.2%	$39.55	—	COM	81369Y803
IHF	ISHARES U.S. HEALTHCARE PROVIDERS ETF ETP USD	119,830	$14,183	5.8%	$102.82	—	COM	464288828
JXI	ISHARES GLOBAL UTILITIES ETF ETP USD	286,340	$14,078	5.8%	$47.74	—	COM	464288711
IHI	ISHARES U.S. MEDICAL DEVICES ETF ETP USD	118,750	$13,430	5.5%	$99.39	—	COM	464288810
XLP	SECTOR SPDR TRUST AMEX CONSUMER STAPLES INDEX	274,897	$13,329	5.5%	$43.67	—	COM	81369Y308
—	ISHARES MSCI JAPAN ETF ETP USD	1,137,880	$12,788	5.2%	$11.97	—	COM	464286848
KRE	SPDR S&P REGIONAL BANKING ETF ETP USD	225,360	$9,171	3.8%	$39.03	—	COM	78464A698
—	JPM PRIME MM FUND-CAPITAL SHS	7,706,435	$7,706	3.2%	$1.00	—	CASH	481992JQ9
IAI	ISHARES U.S. BROKER-DEALERS ETF ETP USD	171,400	$7,309	3.0%	$42.64	—	COM	464288794
FRI	FIRST TRUST S&P REIT INDEX FUND ETP USD	284,890	$6,343	2.6%	$19.66	—	COM	33734G108
EWC	MFC ISHARES INC MSCI CDA ETF	80,473	$2,321	1.0%	$31.07	—	COM	464286509
SCZ	iShares MSCI EAFE Small-Cap ETF	44,500	$2,078	0.9%	$52.18	—	COM	464288273
IGV	ISHARES NORTH AMERICAN TECH-	20,910	$1,943	0.8%	$85.79	—	COM	464287515
—	United States dollar	1,940,538	$1,940	0.8%	$3.38	—	CASH	USD
—	POWERSHARES S&P SC HEALTH CA	30,760	$1,838	0.8%	$55.83	—	COM	73937B886
INDA	ISHARES MSCI INDIA ETF ETP USD	54,490	$1,638	0.7%	$30.06	—	COM	46429B598
SPAB	SPDR(R) Barclays Aggregate Bond ETF	27,550	$1,606	0.7%	$57.11	—	COM	78464A649
—	PowerShares Senior Loan Portfolio	63,150	$1,517	0.6%	$24.81	—	COM	73936Q769
IXN	iShares Global Tech ETF	15,845	$1,503	0.6%	$82.04	—	COM	464287291
—	SPDR(R) Barclays High Yield Bond ETF	38,500	$1,486	0.6%	$41.31	—	COM	78464A417
XLU	UTILITIES SELECT SECTOR SPDR FUND ETP USD	28,490	$1,345	0.6%	$45.63	—	COM	81369Y886
XLI	Industrial Select Sector SPDR Fund	20,870	$1,180	0.5%	$51.87	—	COM	81369Y704
—	iShares MSCI United Kingdom ETF	62,710	$1,130	0.5%	$21.59	—	COM	46434V548
—	MFC ISHARES INC MSCI TAIWAN ETF MSCI TAIWAN ETF	72,435	$1,093	0.4%	$15.57	—	COM	464286731
XSD	SPDR S&P SEMICONDUCTOR ETF	13,200	$1,052	0.4%	$73.41	—	COM	78464A862
IWO	ISHARES RUSSELL 2000 GROWTH ET	7,340	$1,045	0.4%	$132.92	—	COM	464287648
—	POWERSHARES S&P SC INDUSTRIA	21,000	$980	0.4%	$45.70	—	COM	73937B878
KIE	SPDR S&P Insurance ETF	13,380	$903	0.4%	$63.00	—	COM	78464A789
MCHI	ISHARES MSCI CHINA ETF ETP USD	17,500	$879	0.4%	$50.23	—	COM	46429B671
EWG	iShares MSCI Germany ETF	28,250	$774	0.3%	$31.83	—	COM	464286806
RXI	iShares Global Consumer Discretionary ETF	7,260	$618	0.3%	$82.50	—	COM	464288745
IXC	iShares Global Energy ETF	16,090	$598	0.2%	$43.82	—	COM	464287341
—	SPDR MSCI Europe Health Care UCITS ETF	4,060	$557	0.2%	$146.89	—	COM	7224698
—	POWERSHARES S&P SC UTILITIES	13,300	$533	0.2%	$33.91	—	COM	73937B837
—	MSCI EM Info Tech ETF	174,560	$531	0.2%	$3.25	—	COM	B4WW7Y4
EMB	iShares J.P. Morgan USD Emerging Markets Bond ETF	4,820	$528	0.2%	$111.37	—	COM	464288281
—	Powershares DWA Emerging Markets Technical Leaders Portfolio	23,570	$413	0.2%	$28.48	—	COM	73936Q207
XLE	Energy Select Sector SPDR Fund	5,020	$397	0.2%	$100.00	—	COM	81369Y506
—	iShares MSCI Italy Capped ETF	27,940	$379	0.2%	$35.17	—	COM	464286855
EWP	iShares MSCI Spain Capped ETF	10,530	$364	0.1%	$38.01	—	COM	464286764
EWQ	iShares MSCI France ETF	14,575	$359	0.1%	$47.32	—	COM	464286707
IAT	MFC ISHARES TR US REGIONAL BANKS INDEX FD ETF	10,048	$351	0.1%	$33.04	—	COM	464288778
EWD	iShares MSCI Sweden ETF	10,530	$333	0.1%	$35.29	—	COM	464286756
XLV	Health Care Select Sector SPDR Fund	4,615	$315	0.1%	$60.43	—	COM	81369Y209
IYZ	iShares U.S. Telecommunications ETF	10,525	$308	0.1%	$29.93	—	COM	464287713
—	Market Vectors Oil Services ETF	8,000	$287	0.1%	$56.96	—	COM	57060U191
XLB	Materials Select Sector SPDR Fund	5,730	$278	0.1%	$44.23	—	COM	81369Y100
—	SCE ACTIVE RESERVE 2 EQUITY	262,722	$262	0.1%	$0.99	—	CASH	996106860
—	WisdomTree Middle East Dividend Fund	11,890	$242	0.1%	$22.54	—	COM	97717X305
EWW	iShares MSCI Mexico Capped ETF	4,010	$238	0.1%	$63.84	—	COM	464286822
XLY	Consumer Discretionary Select Sector SPDR Fund	3,190	$230	0.1%	$64.67	—	COM	81369Y407
—	SPDR S&P International Materials Sector ETF	10,870	$219	0.1%	$23.28	—	COM	78463X665
EWA	iShares MSCI Australia ETF	8,440	$187	0.1%	$24.37	—	COM	464286103
CARZ	First Trust NASDAQ Global Auto Index Fund	5,040	$187	0.1%	$37.77	—	COM	33734X309
—	Market Vectors Poland ETF	9,560	$172	0.1%	$37.76	—	COM	57060U571
IWM	iShares Russell 2000 ETF	1,430	$171	0.1%	$118.18	—	COM	464287655
—	WisdomTree Emerging Markets Consumer Growth Fund	3,820	$95	0.0%	$24.87	—	COM	97717W539
EWH	iShares MSCI Hong Kong ETF	4,530	$93	0.0%	$20.31	—	COM	464286871
—	Global X FTSE Greece 20 ETF	4,610	$61	0.0%	$22.50	—	COM	37950E366