Colby Global Markets Report

Prices and rankings as of the close on Friday, June 2, 2017

Update on M ajor Asset Classes, with ch art s Contents

Update on Major Asset Classes, with charts ...... 1 9 major U.S. stock sectors ranked in order of Relative Strength ...... 19 Top 10 ETFs Ranked by Major Trend Relative Strength ...... 25 Ranked: 143 Select Exchange Traded Funds (ETFs) ...... 26 More Exchange Traded Funds (ETFs) and Closed-End Listed Funds Ranked ...... 30 Colby Economic Expectations Index ...... 54

U.S. stock market price indexes rebounded over the past 11 trading days, with most, but not all, technical indicators confirming major uptrends. Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

The economy is growing too slowly, at a rate below economists' estimates, but it appears that disappointing economic data is bullish for the stock market in the current environment. A sluggish economy may postpone the day when the Fed finally cuts back on its accommodative monetary policy and allows interest rates to rise in earnest to more normal levels by historical standards. Contrary to popular expectations and the Fed's projections, interest rates have been falling since March 13, 2017, and the iShares 7-10 Year Treasury Bond ETF (IEF) is on the cusp of turning systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA.

Economic weakness and falling interest rates help defensive stock sectors: Utilities, Consumer Staples, and Health Care, which are systematically bullish.

Among the 9 major stock sectors, 7 rose to new highs, led by Large Caps and Technology, to confirm major uptrends. Energy and Financials continue to underperform significantly. BRIC and Emerging Market stocks may be beginning to lag.

Most broad-based U.S. stock market price indexes rose to new highs on Friday, confirming their major uptrends, following a disappointing employment report. Volume and Momentum indicators did not confirm new highs, however, and Net New Highs are at only half their levels of several months ago. The Dow Theory still suggests a Secondary Reaction phase, due to the lagging Transportation Average.

On Balance Volume (OBV) and the Cumulative Daily Advancing-Declining Volume Line still show divergence. They failed to rise to new highs to confirm the higher high by the Wilshire 5000 Composite stock price index. Volume on up days has been less than volume on down days since late February, suggesting deteriorating buyer confidence. Trading volume is important because it takes rising volume to push prices up, while prices can fall of their own weight on light volume. OBV measures buying and selling pressure as a cumulative indicator that adds volume on up days and subtracts volume on down days. Traders and investors watch for divergences between OBV and price to predict possible price movements. We also use OBV to confirm price trends.

Short-term price momentum indicates a short-term uptrend. RSI(14) still shows some divergence, however, because it failed to rise to a new high to confirm the higher high by the price index. Slower momentum with negative divergence is typical of the late stage of a bull market but does not necessarily signal the immediate end.

Contrary Thinking: investor sentiment remains mostly neutral, but with a touch of continuing bullish complacency. Sentiment indicators are not always useful for precise market timing, but rather they are considered to be background factors that sometimes set the stage for potential price turning points. The stock market tends to swing from one extreme to the opposite extreme as human emotions swing from greed to fear and back again. When sentiment hits an extreme, we become more alert for turning points. The current data shows the $VIX Volatility Index indicates extreme bullish complacency. The Equity Put/Call ratio reflects moderate sentiment. The latest AAII survey indicates slightly bearish sentiment, with 26.92% Bullish, 41.54% Neutral, and 31.54% Bearish. The CNN Money Fear & Greed Index remains

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fairly neutral at 57, compared to 58 a week earlier. For details, see http://money.cnn.com/data/fear-and-greed/

The majority of investors were extremely optimistic in the 4 months after the November election, and stock valuations rose to high levels that many investors thought to be excessively expensive by historical standards. Currently, Professor Robert Shiller's Price/Earnings Ratio (P/E) is 29.88, compared to a 137-year median of 16.12. So, by this measure, stock prices are overvalued at 85% above their median valuation. For a discussion by Professor Shiller, see: http://www.cnbc.com/2017/02/24/robert-shiller-with-stock-valuations-high-its-time-to-reduce- your-holdings.html

The hot-money, hedge-fund favorite FANG stocks, like the dot com and glamour-growth darlings of decades ago, sport much higher Price/Earnings Ratios: Facebook (FB) at a P/E of 38, Amazon (AMZN) at 187, Netflix (NFLX) at 212, and Google parent Alphabet (GOOGL) at 34 times earnings. For the moment, these stocks are in demand. At stratospheric valuations, however, sales and earnings have to grow very fast and very consistently without disruption in order to keep the stock prices from crashing back to earth. Every business experiences disruptions sooner or later, of course, and that is why academic studies show that stocks with the highest Price/Earnings Ratios are the most risky, like so many of the dot com favorites of 1999 that suddenly fell out of favor in 2000-2002. High Price/Earnings Ratio stocks underperform over the long term, and high P/E markets revert to the mean.

As of Friday, bullish animal spirits in the stock market appeared to be rising again. For most of March-May, doubts about the prospects for tax reform and the economic outlook, in addition to political conflicts in the U.S. and rising geopolitical tensions abroad, seemed to be leading to a more neutral and cautious approach by traders and investors, compared to the previous enthusiasm from November, 2016, to March, 2017. History shows that speculators and investors are fickle, and trends can and do turn on a dime.

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$VIX Volatility Index collapsed to an extremely low level, near 10-year lows, indicating extreme bullish complacency typical of market highs. We have been writing, "History suggests that we should expect volatility to pick up from such low levels, as investor sentiment typically swings from greed to fear. A pickup in volatility may create good trading opportunities ahead."

The Equity Put/Call Ratio reflects moderate sentiment. Options speculators typically react to the price action: when price goes up they trade more calls and when price goes down they trade more puts. The Art of Contrary Thinking would suggest becoming more bullish as this P/C ratio rises toward extremely high levels and more bearish as it falls to extremely low levels.

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The percentages of the S&P 500 stocks trading above their own 50-day and 200-day Simple Moving Averages rebounded but remain systematically neutral. The 50 is systematically neutral, above the 50-day SMA, above the 200-day SMA, but with the 50-day SMA still below the 200-day SMA. The 200 is systematically neutral, below the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA.

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$INDU, Dow Jones Industrial Average Short-term trend: up, broke out above resistance Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA

The Dow Theory lacks upside confirmation. The lagging Dow Jones Transportation Average did not rise to a new high to confirm the new high by the Industrials, and that is a non confirmation or divergence. So, we don't have the all clear signal, although that still may come later. Previously, the Dow Theory confirmed a "Secondary Reaction" downside correction phase in April when both the Industrials and Transports closed below their lows of the previous 9 weeks following 7 weeks of decline. At this point, the Secondary Reaction correction phase is still in effect.

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$TRAN, Dow Jones Transportation Average Short-term trend: up, but needs to break out above resistance at the December-March highs Medium-term trend: uncertain Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA ------

nyad $UTIL, Dow Jones Utility Average Short-term trend: up Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA

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$NYAD, Cumulative Daily Advance-Decline Line Short-term trend: up Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA ------

$NYUD, Cumulative Daily Advancing-Declining Volume Line Short-term trend: up, but with bearish divergence Medium-term trend: uncertain, with bearish divergence Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA

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$NYHL, Number of Daily Net New Highs on the NYSE Short-term trend: up Medium-term trend: uncertain, at only about half the level of previous highs Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA ------

SPY, SPDR S&P 500 ETF Short-term trend: up Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA

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QQQ, PowerShares QQQ Trust, Series 1, Nasdaq-100 Index ETF Short-term trend: up Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA ------

OEF, iShares S&P 100 LargeCap ETF Short-term trend: up Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA

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MDY, SPDR S&P MidCap 400 ETF Short-term trend: up Medium-term trend: uncertain, lagging the LargeCap ETF Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA ------

IWM, iShares Russell 2000, SmallCap Index ETF Short-term trend: up Medium-term trend: uncertain, lagging the LargeCap and MidCap ETFs Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA

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BKF, iShares MSCI BRIC Short-term trend: uncertain, with bearish divergence Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA ------

EEM, iShares MSCI Emerging Markets Short-term trend: up, but starting to lag Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA

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EFA, iShares MSCI EAFE Short-term trend: up Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA ------

TLT, iShares 20+ Year U.S. Treasury Bond Short-term trend: up Medium-term trend: up Long-term trend: systematically neutral, above the 50-day SMA, above the 200-day SMA, but with the 50-day SMA below the 200-day SMA

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IEF, iShares 7-10 Year U.S. Treasury Bond Short-term trend: up Medium-term trend: up Long-term trend: systematically neutral (but likely to turn bullish), above the 50-day SMA, above the 200-day SMA, but with the 50-day SMA still slightly below the 200-day SMA ------

JNK, SPDR Barclays High Yield Bond ETF Short-term trend: up Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA

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TIP, iShares TIPS Bond Short-term trend: up Medium-term trend: up Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA ------

UUP, PowerShares DB US Dollar Bullish ETF Short-term trend: down Medium-term trend: down Long-term trend: turned systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA

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DBA, PowerShares DB Agriculture ETF Short-term trend: down Medium-term trend: down Long-term trend: systematically neutral, above the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA ------

USO, United States Oil ETF Short-term trend: down Medium-term trend: down Long-term trend: systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA

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GLD, SPDR Gold Shares Short-term trend: up Medium-term trend: uncertain, with resistance around the April high of 123 Long-term trend: systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA ------

GDX, Market Vectors Gold Miners ETF Short-term trend: uncertain at best Medium-term trend: probably still down Long-term trend: systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA

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SLV, iShares Silver Trust Short-term trend: up Medium-term trend: uncertain Long-term trend: systematically neutral, above the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA ------

JJC, iPath Bloomberg Copper Subindex Total Return ETN Short-term trend: uncertain, probably down Medium-term trend: uncertain, probably still down Long-term trend: systematically neutral, below the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA

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9 major U.S. stock sectors ranked in order of Relative Strength:

Rank Stock Sectors Ranked by Relative Strength CLOSE C/50 SMA C/200 SMA 50/200 90 Technology SPDR, XLK 57.19 5.17% 13.69% 8.10% 80 Utilities SPDR, XLU 54.28 4.46% 9.26% 4.59% 70 Consumer Discretionary SPDR, XLY 92.24 3.71% 9.81% 5.89% 60 Consumer Staples SPDR, XLP 57.27 3.68% 7.07% 3.26% 50 Industrial SPDR, XLI 68.21 3.44% 9.08% 5.45% 40 Health Care SPDR, XLV 77.42 3.23% 7.14% 3.78% 30 Materials SPDR, XLB 53.85 2.36% 6.82% 4.36% 20 Financial SPDR, XLF 23.45 -0.40% 4.85% 5.28% 10 Energy SPDR, XLE 65.09 -4.66% -8.19% -3.70%

The table above shows our quantitative Relative Strength Rankings ("Rank", to the left) together with ratios of pure price performance in 3 different time frames: medium, longer, and longest term (to the right).

Sectors Ranked above 50 (as shown in the 1st column to the left) are demonstrating above- average Relative Strength, according to our completely objective quantitative algorithm. Those are the sectors most likely to outperform going forward. Sectors Ranked below 50 are demonstrating below-average Relative Strength and are most likely to underperform going forward. These rankings are computed using our proprietary quantitative algorithm and are not based on simple moving averages.

The 3 columns on the right offer a different perspective on sector strength. They quantify each sectors' absolute price strength relative to the most widely-accepted simple moving averages (SMAs), expressed as a percentage of a shorter time period price divided by a longer time period's average price. C/50 is the latest closing price (C) divided by the 50-day SMA, and it indicates a medium-term view of performance. C/200 is the latest closing price (C) divided by the 200-day SMA and indicates a longer-term view. The longest-term view is shown by the 50/200, which is the 50-day SMA divided by the 200-day SMA. These ratios offer different views of the strength of each sector in 3 different time frames.

Investors seeking to maximize returns should concentrate in the higher-ranked, strongest sectors while avoiding the lower-ranked, underperforming sectors. Relative Strength has worked very well for many decades, outperforming nearly every other method of stock selection.

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Technology stock sector remains systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA.

Utilities stock sector remains systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA.

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Consumer Discretionary stock remains systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA.

Consumer Staples stock sector remains systematically bullish, above the 50-day SMA, above the 200-day SMA, and with the 50-day SMA above the 200-day SMA.

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Industrial stock sector remains systematically bullish, above the 50-day SMA, above the 200- day SMA, and with the 50-day SMA above the 200-day SMA.

Health Care stock sector remains systematically bullish, above the 50-day SMA, above the 200- day SMA, and with the 50-day SMA above the 200-day SMA.

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Materials stock sector remains systematically bullish, above the 50-day SMA, above the 200- day SMA, and with the 50-day SMA above the 200-day SMA.

Financial stock sector is systematically neutral, slightly below the 50-day SMA, above the 200- day SMA, and with the 50-day SMA above the 200-day SMA.

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Energy stock sector remains systematically bearish, below the 50-day SMA, below the 200-day SMA, and with the 50-day SMA below the 200-day SMA.

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Top 10 ETFs Ranked by Major Trend Relative Strength

This list, updated each week, outperformed the S&P 500 since August, 2004, in simulation.

To arrive at our Top 10 ETFs selections, we first measure trend momentum of each ETF over a long time frame spanning many months, according to our objective proprietary formula. Next, we rank 143 of the most important ETFs, from highest to lowest. Finally, we select the ten highest- ranked, best-performing ETFs, the ones with the strongest major trend price momentum.

Research studies suggest that ETFs ranked in the top decile may have a greater probability of outperforming the market in the months ahead, while low ranked ETFs may have a greater probability of underperforming.

For details on Relative Strength Ranking, please see Robert W. Colby's book, The Encyclopedia of Technical Market Indicators, Second Edition (2003), pages 604-609, or see our White Paper, "Introduction to the Screening Method for Analysis of Relative Strength", by Robert W. Colby, CMT, outlining some of the research behind our Relative Strength Ranking Method.

Please note that this is a high-volatility strategy: the stocks that go up the most when the stock market is in a Bullish trend often go down the most during market corrections to the downside. In addition, please note that this Top 10 list is a research study and is not investment advice. Your use of this report means that you have read, understood, and accepted our Disclaimer on the last 2 pages of this report.

Rank Stock Relative Strength Rank Symbol CLOSE C/50 SMA C/200 SMA 50/200 99 Austria Index, EWO EWO 21.59 10.59% 23.97% 12.10% 98 China LargeCap Growth G D H USX PS, PGJ.O PGJ.O 38.86 7.85% 18.24% 9.63% 97 Turkey MSCI iS, TUR TUR 42.03 9.33% 16.43% 6.49% 97 South Korea Index, EWY EWY 68.66 8.19% 18.11% 9.18% 96 Spain Index, EWP EWP 33.69 6.00% 19.65% 12.88% 95 France Index, EWQ EWQ 29.90 7.41% 18.24% 10.08% 94 Semiconductor iS IGW, SOXX SOXX 149.65 8.03% 20.37% 11.42% 94 Italy Index, EWI EWI 28.35 6.19% 18.06% 11.18% 93 EMU Europe Index, EZU EZU 41.95 6.93% 17.28% 9.68% 92 Netherlands Index, EWN EWN 29.87 6.39% 16.92% 9.90%

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Ranked: 143 Select Exchange Traded Funds (ETFs)

This list is filtered to exclude leveraged and inactive ETFs trading less than 90,000 shares a day on average. Ranks are based on our updated version of the Screening Method for Analysis of Relative Strength, using a proprietary formula, which measures trend momentum over a long time frame spanning many months. For details on Relative Strength Ranking, please see Robert W. Colby's book, The Encyclopedia of Technical Market Indicators, Second Edition (2003), pages 604-609, or see our White Paper, "Introduction to the Screening Method for Analysis of Relative Strength", by Robert W. Colby, CMT, outlining some of the research behind our Relative Strength Ranking Method. Research studies suggest that ETFs ranked in the top decile (highest tenth) of the list may have a greater probability of outperforming the market in the months ahead, while low ranked ETFs have a greater probability of underperforming.

Rank, Interpretation 100 to 90, Buy 89 to 70, Hold 69 to 50, Neutral, Market Perform 49 to 30, Avoid 29 to 0, Sell

Rank Stock Relative Strength Rank Symbol CLOSE C/50 SMA C/200 SMA 50/200 99 Austria Index, EWO EWO 21.59 10.59% 23.97% 12.10% 98 China LargeCap Growth G D H USX PS, PGJ.O PGJ.O 38.86 7.85% 18.24% 9.63% 97 Turkey MSCI iS, TUR TUR 42.03 9.33% 16.43% 6.49% 97 South Korea Index, EWY EWY 68.66 8.19% 18.11% 9.18% 96 Spain Index, EWP EWP 33.69 6.00% 19.65% 12.88% 95 France Index, EWQ EWQ 29.90 7.41% 18.24% 10.08% 94 Semiconductor iS IGW, SOXX SOXX 149.65 8.03% 20.37% 11.42% 94 Italy Index, EWI EWI 28.35 6.19% 18.06% 11.18% 93 EMU Europe Index, EZU EZU 41.95 6.93% 17.28% 9.68% 92 Netherlands Index, EWN EWN 29.87 6.39% 16.92% 9.90% 92 European VIPERs, VGK VGK 56.97 6.25% 14.60% 7.86% 91 Semiconductor SPDR, XSD XSD 65.00 7.10% 14.94% 7.32% 90 Switzerland Index, EWL EWL 35.38 6.27% 14.50% 7.75% 90 Germany Index, EWG EWG 31.69 6.85% 16.11% 8.67% 89 Europe 350 S&P Index, IEV IEV 45.98 5.95% 14.34% 7.92% 88 Growth EAFE MSCI, EFG EFG 76.45 6.47% 13.22% 6.34% 88 Sweden Index, EWD EWD 34.66 5.99% 15.58% 9.05% 87 Belgium Index, EWK EWK 20.66 5.89% 12.49% 6.24% 86 Technology DJ US, IYW IYW 146.30 5.77% 15.68% 9.38% 86 Info Tech VIPERs, VGT VGT 146.96 5.85% 15.32% 8.95% 85 SmallCap Blend EAFE MSCI iS, SCZ SCZ.O 59.40 5.92% 13.00% 6.68% 84 QQQ Nasdaq 100 Trust, QQQ QQQ.O 143.46 5.84% 14.96% 8.61%

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83 Frontier Markets Guggenheim , FRN FRN 13.87 4.62% 12.60% 7.63% 83 Technology SPDR, XLK XLK 57.19 5.17% 13.69% 8.10% 82 Foreign LargeCap EAFE MSCI iS, EFA EFA 67.22 5.20% 11.83% 6.31% 81 Hong Kong Index, EWH EWH 24.01 4.91% 11.01% 5.81% 81 United Kingdom Index, EWU EWU 34.80 4.31% 9.74% 5.20% 80 South Africa Index, EZA EZA 60.65 3.98% 9.37% 5.18% 79 Dividend ex-U.S. DJ iS, IDV IDV 33.54 4.69% 10.09% 5.15% 79 Global ex U.S. LargeCap Blend, ACWX ACWX 46.67 4.51% 10.80% 6.01% 78 Emerging Markets MSCI iS, EEM EEM 41.76 3.74% 10.58% 6.60% 77 Growth VIPERs, VUG VUG 129.67 4.60% 11.48% 6.58% 77 LargeCap Growth Russell 1000 iS, IWF IWF 121.10 4.58% 11.36% 6.48% 76 Utilities SPDR, XLU XLU 54.28 4.46% 9.26% 4.59% 75 Singapore Index, EWS EWS 24.02 3.73% 10.02% 6.07% 74 China 25 iS, FXI FXI 40.52 4.25% 7.54% 3.16% 74 LargeCap Growth S&P 500 iS, IVW IVW 139.62 4.36% 10.67% 6.05% 73 Global 100, IOO IOO 86.49 3.98% 10.39% 6.16% 72 Utilities VIPERs, VPU VPU 119.08 4.47% 9.28% 4.60% 72 India Earnings WTree, EPI EPI 25.21 2.39% 13.33% 10.69% 71 Value EAFE MSCI, EFV EFV 53.31 3.89% 10.42% 6.29% 70 Taiwan Index, EWT EWT 34.95 3.17% 9.84% 6.46% 70 Emerging 50 BLDRS, ADRE ADRE 38.26 2.60% 8.54% 5.79% 69 Growth MidCap Russell, IWP IWP 109.56 4.29% 9.32% 4.82% 68 Global LargeCap Blend MSCI iS, ACWI ACWI 66.61 3.68% 9.30% 5.42% 68 Malaysia Index, EWM EWM 32.51 3.45% 5.42% 1.90% 67 Mexico Index, EWW EWW 52.00 0.49% 7.64% 7.12% 66 Pacific VIPERs, VPL VPL 66.69 4.37% 8.92% 4.36% 66 Consumer Discretionary SPDR, XLY XLY 92.24 3.71% 9.81% 5.89% 65 Japan Index, EWJ EWJ 54.90 5.26% 8.20% 2.79% 64 Water Resources, PHO.O PHO.O 27.40 3.90% 8.83% 4.74% 63 Consumer Staples SPDR, XLP XLP 57.27 3.68% 7.07% 3.26% 63 WilderHill Clean Energy PS, PBW PBW 4.20 2.90% 8.64% 5.58% 62 India PS, PIN PIN 23.38 1.62% 10.61% 8.84% 61 Industrial SPDR, XLI XLI 68.21 3.44% 9.08% 5.45% 61 Indonesia MV, IDX IDX 23.71 2.40% 5.41% 2.94% 60 Dividend Appreciation Vipers, VIG VIG 94.09 3.57% 8.12% 4.39% 59 Emerging VIPERs, VWO VWO 41.17 2.07% 7.74% 5.56% 59 Growth SmallCap VIPERs, VBK VBK 146.41 3.37% 7.92% 4.41% 58 LargeCap VIPERs, VV VV 112.06 2.84% 7.82% 4.84% 57 S&P 500 SPDRs LargeCap Blend, SPY SPY 244.17 2.79% 7.72% 4.80% 57 Bond Ex-US Treas, BWX BWX 27.73 2.74% 2.55% -0.18% 56 LargeCap Blend S&P 500 iS, IVV IVV 245.67 2.76% 7.70% 4.81%

27 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

55 Health Care SPDR, XLV XLV 77.42 3.23% 7.14% 3.78% 54 LargeCap Blend Russell 1000 iS, IWB IWB 135.85 2.73% 7.63% 4.76% 54 MidCap Growth S&P 400 iS, IJK IJK 198.22 2.96% 7.93% 4.83% 53 SmallCap Growth Russell 2000 iS, IWO IWO 168.06 3.45% 8.50% 4.88% 52 Blend Total Market VIPERs, VTI VTI 125.41 2.68% 7.49% 4.69% 52 LargeCap Blend Russell 3000 iS, IWV IWV 144.60 2.69% 7.53% 4.71% 51 Networking, IGN IGN 47.23 4.91% 9.12% 4.01% 50 Homebuilders SPDR, XHB XHB 38.26 2.17% 8.44% 6.14% 50 LargeCap Blend S&P 100, OEF OEF 107.93 2.39% 7.22% 4.72% 49 MidCap Russell, IWR IWR 192.93 2.60% 6.65% 3.94% 48 Dividend International, PID.O PID.O 15.40 2.00% 4.69% 2.64% 48 Thailand MSCI iS, THD THD 78.88 1.30% 5.96% 4.60% 47 DIAMONDS (DJIA), DIA DIA 211.91 1.91% 7.73% 5.71% 46 Bond, 20+ Years Treasury, TLT TLT.O 125.62 2.81% 0.49% -2.26% 46 LargeCap Blend S&P=Weight R, RSP RSP 93.01 2.14% 6.44% 4.21% 45 Chile MSCI iS, ECH ECH 43.56 -0.14% 9.26% 9.41% 44 Materials SPDR, XLB XLB 53.85 2.36% 6.82% 4.36% 43 Gold Shares S.T., GLD GLD 121.61 1.72% 2.54% 0.81% 43 Dividend U.S. DJ iS, DVY DVY 93.19 2.07% 5.15% 3.02% 42 MidCap Blend S&P 400 iS, IJH IJH 174.78 1.97% 6.30% 4.24% 41 MidCap S&P 400 SPDRs, MDY MDY 318.74 1.94% 6.31% 4.28% 41 Financial Preferred, PGF PGF 19.07 1.04% 2.29% 1.24% 40 Bond, Emerging Mkt JPM iS, EMB EMB 116.01 1.33% 2.12% 0.78% 39 Value LargeCap Dynamic PS, PWV PWV 35.71 1.37% 6.15% 4.72% 39 Bond, Long-Term Corp iBoxx iS, LQD LQD 120.52 1.43% 1.19% -0.24% 38 Dividend SPDR, SDY SDY 89.82 1.91% 4.34% 2.38% 37 Biotech SPDR, XBI XBI 71.10 2.77% 8.80% 5.87% 37 Transportation Av DJ, IYT IYT 168.45 2.99% 6.28% 3.19% 36 Pacific ex-Japan, EPP EPP 44.82 0.71% 5.50% 4.75% 35 Bond, Muni S&P ATM-Free iS, MUB MUB 110.77 1.14% 0.91% -0.22% 34 Small Cap VIPERs, VB VB 135.52 1.81% 5.65% 3.77% 34 Bond, High-Yield Junk, JNK JNK 37.28 0.82% 1.77% 0.94% 33 Bond, High Yield Corp iBoxx iS, HYG HYG 88.58 0.88% 1.89% 1.00% 32 SmallCap Growth S&P 600 iS, IJT IJT 155.78 2.15% 6.63% 4.39% 32 Bond, 10 Year Treasury, IEF IEF 107.57 1.14% 0.38% -0.75% 31 Basic Materials DJ US, IYM IYM 89.68 1.32% 6.32% 4.93% 30 SmallCap Blend Russell 2000 iS, IWM IWM 139.85 1.95% 6.05% 4.02% 30 Value VIPERs, VTV VTV 96.29 1.17% 4.52% 3.31% 29 Value MidCap Russell, IWS IWS 83.78 1.18% 4.44% 3.22% 28 Preferred Stock iS, PFF PFF 38.98 0.37% 1.12% 0.74% 28 Real Estate US DJ iS, IYR IYR 79.94 1.28% 2.22% 0.93%

28 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

27 Microcap Russell, IWC IWC 86.93 1.96% 5.68% 3.65% 26 Bond, Intermediate US Aggregate iS, AGG AGG 109.84 0.78% 0.34% -0.44% 26 Capital Markets KWB ST, KCE KCE 47.23 1.78% 6.21% 4.35% 25 LargeCap Value Russell 1000 iS, IWD IWD 115.54 0.86% 3.95% 3.06% 24 SmallCap Blend S&P 600 iS, IJR IJR 69.97 1.76% 5.43% 3.61% 23 LargeCap Value S&P 500 iS, IVE IVE 104.52 0.78% 4.01% 3.20% 23 Bond, TIPS U.S. Treasury iS, TIP TIP 114.83 0.38% 0.37% -0.01% 22 Realty Cohen & Steers, ICF ICF 101.22 0.91% 0.64% -0.27% 21 Financial DJ US, IYF IYF 104.06 0.38% 4.88% 4.48% 21 MidCap Value S&P 400 iS, IJJ IJJ 148.57 0.86% 4.29% 3.39% 20 Bond, 1-3 Year Treasury, SHY SHY 84.60 0.06% -0.04% -0.10% 19 SmallCap Value S&P 600 iS, IJS IJS 139.26 1.32% 4.08% 2.72% 19 Bond Treasury Short-Term iS, SHV SHV 110.27 -0.01% -0.06% -0.05% 18 Dividend High Yield Equity PS, PEY.O PEY.O 17.00 0.53% 2.92% 2.38% 17 REIT VIPERs, VNQ VNQ 83.47 0.69% 0.21% -0.48% 17 Value SmallCap VIPERS, VBR VBR 122.67 0.64% 3.87% 3.22% 16 Agriculture DB PS, DBA DBA 19.90 0.40% -1.45% -1.84% 15 Silver Trust iS, SLV SLV 16.59 0.44% -0.65% -1.09% 14 Financial SPDR, XLF XLF 23.45 -0.40% 4.85% 5.28% 14 Financials VIPERs, VFH VFH 59.68 -0.39% 4.80% 5.22% 13 REIT Wilshire, RWR RWR 92.78 0.29% -0.70% -0.99% 12 Telecom DJ US, IYZ IYZ 33.58 1.88% 1.95% 0.06% 12 SmallCap Value Russell 2000 iS, IWN IWN 117.52 0.45% 3.63% 3.17% 11 Financial Services DJ, IYG IYG 107.45 -0.68% 4.99% 5.71% 10 Canada Index, EWC EWC 26.34 -0.60% 0.27% 0.88% 10 Australia Index, EWA EWA 21.72 -1.94% 2.12% 4.15% 9 Latin Am 40, ILF ILF 30.31 -3.51% 1.52% 5.21% 8 Energy Global, IXC IXC 31.90 -2.77% -4.04% -1.31% 8 Russia MV, RSX RSX 19.69 -3.89% -1.54% 2.44% 7 Commodity Tracking, DBC DBC 14.42 -3.54% -4.99% -1.50% 6 Bear, Short S&P 500, SH SH 33.32 -2.70% -8.00% -5.44% 6 Metals & Mining SPDR, XME XME 28.90 -2.44% -2.37% 0.07% 5 Oil Fund PowerShares, DBO DBO 8.23 -4.43% -7.59% -3.31% 4 Oil, Crude, U.S. Oil Fund, USO USO 9.86 -4.55% -8.91% -4.57% 3 Energy & Nat Res iS GS, IGE IGE 31.94 -4.36% -7.31% -3.08% 3 Brazil Index, EWZ EWZ 34.93 -5.43% -2.21% 3.41% 2 Energy SPDR, XLE XLE 65.09 -4.66% -8.19% -3.70% 1 Energy DJ, IYE IYE 35.64 -5.00% -8.75% -3.94% 1 Energy VIPERs, VDE VDE 89.10 -5.17% -9.02% -4.06%

29 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

More Exchange Traded Funds (ETFs) and Closed-End Listed Funds Ranked This list includes short, leveraged, and inactive funds trading less than 90,000 shares a day on average. Use caution when trading these funds.

Rank, Interpretation 100 to 90, Buy 89 to 70, Hold 69 to 50, Neutral, Market Perform 49 to 30, Avoid 29 to 0, Sell

Rank Stock Relative Strength Rank Symbol CLOSE C/50 SMA C/200 SMA 50/200 99 D +3X Devp Mkts Bull, DZK DZK 69.50 15.30% 37.42% 19.19% 99 ULTRA SEMICONDUCTORS ETF USD 92.23 15.19% 33.84% 16.19% 99 D +3X Emerging Mkts Bull, EDC EDC 86.64 10.51% 31.28% 18.80% 99 ULTRA TECHNOLOGY PROSHARES ETF ROM 143.21 11.43% 32.88% 19.24% 99 iSHARES AUSTRIA ETF EWO 21.59 10.59% 23.97% 12.10% 99 ULTRA QQQ PROSHARES ETF QLD 125.30 11.58% 30.95% 17.36% 99 D -3X Energy Bear, ERY ERY 13.87 13.99% 18.52% 3.97% 99 TURKISH INVESTMENT ETF TKF 9.57 8.68% 22.40% 12.62% 99 PWRSHRS GLD DRAG ETF PGJ.O 38.86 7.85% 18.24% 9.63% 98 NEW GERMANY FUND GF 16.96 8.87% 19.42% 9.69% 98 ISHARES MSCI TURKEY INVBLE MRKT ETF TUR 42.03 9.33% 16.43% 6.49% 98 ISHARES MSCI SOUTH KOREA ETF EWY 68.66 8.19% 18.11% 9.18% 98 ASIA TIGERS CF GRR 12.35 6.68% 20.61% 13.06% 98 Dow Jones-AIG Livestock Total Return ETN COW 26.10 9.88% 21.08% 10.19% 98 SPDR SP INT TEC IPK 43.29 7.59% 19.83% 11.38% 98 PS DYN SM CONDCTR PSI 45.82 7.59% 23.44% 14.74% 98 ULTRA UTILITIES PROSHARES ETF UPW 48.57 8.85% 19.53% 9.81% 98 ULTRASHORT OIL & GAS PROSHARES ETF DUG 48.94 9.92% 14.13% 3.83% 97 iSHARES SPAIN ETF EWP 33.69 6.00% 19.65% 12.88% 97 iSHARES FRANCE ETF EWQ 29.90 7.41% 18.24% 10.08% 97 FIRST TRUST ISE CHINDIA INDEX ETF FNI 35.18 6.42% 14.92% 7.99% 97 ISHARES S&P GSTI SOFTWARE INDEX ETF IGV 140.77 7.60% 18.42% 10.06% 97 WEBS ITALY ETF EWI 28.35 6.19% 18.06% 11.18% 97 PS NASDAQ INTRNT PNQI 105.71 7.02% 17.10% 9.42% 97 PWRSHRS SFTWRE ETF PSJ 57.90 8.68% 16.52% 7.21% 97 WISDOMTREE EUROPE SMLCP DIVIDEND ETF DFE 66.80 6.86% 17.19% 9.67% 97 iSHARES MSCI EMU ETF EZU 41.95 6.93% 17.28% 9.68% 97 EUROPEAN EQUITY CF EEA 9.32 6.81% 16.15% 8.74% 96 SEMICONDUCTOR HOLDRS SMH 86.82 7.20% 17.86% 9.95% 96 EVERGREEN GLBL DIVID OPPORTUNITY ETF EOD 6.40 6.54% 12.34% 5.45%

30 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

96 SPDR SP INT UTL IPU 17.63 6.90% 12.39% 5.13% 96 iSHARES NETHLND ETF EWN 29.87 6.39% 16.92% 9.90% 96 SWISS HELVETIA CF SWZ 12.73 6.56% 16.85% 9.66% 96 PIMCO GLOBAL STOCKSPLUS INCOME CF PGP 19.57 6.00% 10.81% 4.54% 96 FIRST TR NAS 100 TECH SECTR INDX ETF QTEC 65.72 6.67% 18.86% 11.43% 96 KOREA EQUITY CF KEF 9.55 5.50% 15.34% 9.32% 96 DJ EURO STOXX 50 ETF FEZ 40.18 6.36% 16.87% 9.88% 96 SPDR SP CON STP IPS 47.38 6.47% 12.01% 5.20% 95 BLACKROCK VIRGINIA MUNICIPAL BOND CF BHV 17.53 7.24% 1.97% -4.92% 95 KOREA CF KF 40.43 4.79% 15.11% 9.85% 95 CLMR ALPSH CH RL TAO 25.53 6.75% 15.12% 7.84% 95 MS CHINA A SHARES ETF CAF 21.13 6.56% 13.30% 6.33% 95 MACQUARIE GLBL INFRASTRUCTURE CF MGU 24.90 5.93% 15.31% 8.85% 95 FIRST DJ STOXX SLECT DIV 30 INDX ETF FDD 13.65 6.73% 13.03% 5.90% 95 MORGAN STANLEY EMERGING MARKETS ETF MSF 16.29 5.37% 13.40% 7.62% 95 ISHRS FTSE EPRA NAREIT EURP IDX ETF IFEU 38.72 7.61% 11.98% 4.06% 95 POWERSHARES CLEANTECH ETF PZD 39.45 7.31% 15.98% 8.08% 94 ULTRA CONSUMER GOODS ETF UGE 46.42 7.27% 16.29% 8.41% 94 VANGUARD EUROPEAN ETF VGK 56.97 6.25% 14.60% 7.86% 94 SPDR S&P SEMICONDUCTOR ETF XSD 65.00 7.10% 14.94% 7.32% 94 WEBS SWITZERLAND ETF EWL 35.38 6.27% 14.50% 7.75% 94 iSHARES S&P GLOB TEC ETF IXN 135.65 6.17% 16.61% 9.83% 94 iSHARES MSCI GER ETF EWG 31.69 6.85% 16.11% 8.67% 94 iSHARES S&P EUR350 ETF IEV 45.98 5.95% 14.34% 7.92% 94 EUROTOP 100 FEU 35.21 6.02% 13.92% 7.45% 94 PWRSHRS DYNMIC TECHNOLOGY SEC ETF PTF.O 48.43 7.10% 14.75% 7.15% 94 TEMPLETON EMERGING MARKETS CF EMF 15.20 4.98% 15.96% 10.46% 93 GABELLI GLOBAL UTILITY & INCOME CF GLU 20.20 7.93% 14.02% 5.65% 93 MORGAN STANLEY TECHNOLOGY ETF MTK 75.07 6.31% 17.21% 10.26% 93 ASIA PACIFIC CF APB 12.79 4.37% 17.93% 12.99% 93 PowerShares DB Crude Oil Double Short ETN DTO 140.43 9.26% 14.71% 4.99% 93 iSHARES MSCI EAFE GRWTH ETF EFG 76.45 6.47% 13.22% 6.34% 93 iSHARES SWEDEN ETF EWD 34.66 5.99% 15.58% 9.05% 93 ISHARES S&P ASIA 50 INDEX ETF AIA.O 57.21 5.72% 13.55% 7.41% 93 INDIA CF IFN 27.39 4.50% 12.89% 8.03% 93 ISHARES S&P GSTI TECHNOLOGY INDX ETF IGM 150.32 5.98% 15.40% 8.89% 92 GABELLI GLOBAL MULTIMEDIA CF GGT 8.83 5.83% 13.35% 7.11% 92 BLDRS EUR100ADR ETF ADRU 22.19 5.46% 11.67% 5.89% 92 SPDR SP INT TEL IST 26.08 6.41% 9.20% 2.63% 92 SPDR SP INT HEL IRY 51.59 6.48% 11.91% 5.10% 92 FIRST TRUST TECHNOLOGY ALPHADEX ETF FXL 45.42 5.95% 15.73% 9.23%

31 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

92 JF CHINA REGION CF JFC 19.80 4.19% 13.78% 9.21% 92 iSHARES BELGIUM ETF EWK 20.66 5.89% 12.49% 6.24% 92 ISHARES DJ US TECHNOLGY SCTR IDX ETF IYW 146.30 5.77% 15.68% 9.38% 92 VANGUARD INFORMATION TECHNOLOGY ETF VGT 146.96 5.85% 15.32% 8.95% 92 POWERSHARES GLOBAL WATER ETF PIO.O 24.47 5.57% 11.63% 5.74% 91 ISHARES MSCI EAFE SMALL CAP IDX ETF SCZ.O 59.40 5.92% 13.00% 6.68% 91 SPDR SP INT IND IPN 35.39 6.11% 14.21% 7.63% 91 SPDR S&P CHINA ETF GXC 88.76 5.25% 11.78% 6.21% 91 ULTRA INDUSTRIALS ETF UXI 58.20 7.35% 18.65% 10.53% 91 QQQ Nasdaq 100 Trust, QQQ.O QQQ.O 143.46 5.84% 14.96% 8.61% 91 LAZARD GLOBAL TOTAL RETURN INCOME CF LGI 16.37 5.73% 13.68% 7.52% 91 D +3X 30-yr USTBond Bull, TMF TMF 21.31 9.13% 1.29% -7.19% 91 FIRST TRUST INTERNET INDEX CF ETF FDN 96.54 5.95% 14.20% 7.79% 91 PS ULTRA EURO ULE 15.80 6.68% 6.14% -0.50% 90 ISHR MSCI ASA JP AAXJ 67.78 5.05% 12.48% 7.08% 90 ISHARES DOW JNS US MEDI DVCE IDX ETF IHI 164.40 5.97% 13.80% 7.39% 90 REAVES UTILITY INCOME CF UTG 35.85 5.10% 14.26% 8.72% 90 CHINA ETF CHN 18.20 4.35% 11.49% 6.84% 90 ISHARES S&P GBL UTILITS SCTR IDX ETF JXI 51.52 5.32% 10.34% 4.76% 90 WISDOMTREE INTL MIDCAP DIVIDEND ETF DIM 65.45 5.48% 13.23% 7.35% 90 WISDMTREE INTNL REAL ESTATE SCTR ETF DRW 30.72 5.66% 11.00% 5.05% 90 GREATER CHINA FD GCH 10.94 2.64% 15.22% 12.25% 90 NEW IRELAND CF IRL 14.22 5.47% 12.99% 7.13% 90 MORGAN STANLEY ASIA PACIFIC CF APF 16.42 4.10% 11.32% 6.93% 89 CMR BNY MLN FNTR FRN 13.87 4.62% 12.60% 7.63% 89 RYDEX S&P EQUAL WEIGHT TECHNOLGY ETF RYT 128.82 4.93% 14.34% 8.97% 89 POWERSHARES LISTED PRIVATE EQTY ETF PSP 12.81 5.76% 12.55% 6.42% 89 PWRSHRS DEV MKTS EX US SMALL MID ETF PDN 31.67 5.42% 12.08% 6.32% 89 EATON VANCE TAX ADVANTAGED GLOBAL CF ETG 16.93 3.95% 11.79% 7.55% 89 TECHNOLOGY SELEC SPDR ETF XLK 57.19 5.17% 13.69% 8.10% 89 TAIWAN FUND ETF TWN 19.47 3.41% 12.37% 8.67% 89 ISHARES S&P GLOBAL INFRSTCTR IDX ETF IGF.O 45.27 4.98% 10.74% 5.49% 89 MARKET VCTRS GMG BJK 40.54 4.66% 11.85% 6.86% 88 COHEN STEERS SELECT UTILITY CF UTF 23.40 4.65% 11.43% 6.47% 88 iSHARES EAFE ETF EFA 67.22 5.20% 11.83% 6.31% 88 ISHR MGSTR LGTH JKE 142.13 5.19% 12.45% 6.89% 88 iSHARES MSCI SNG ETF FEO 16.71 4.44% 11.00% 6.28% 88 WISDOMTREE INTL SMALLCP DIVIDEND ETF DLS 70.90 5.06% 12.67% 7.24% 88 iSHARES HONG KNG ETF EWH 24.01 4.91% 11.01% 5.81% 88 WISDOMTREE INTL DIVIDEND TOP 100 ETF DOO 42.45 5.23% 9.65% 4.20% 88 SPDR SP CON DIS IPD 41.15 5.33% 11.54% 5.90%

32 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

88 JAPAN SMALLER CAPITALIZATION CF JOF 11.54 5.08% 9.93% 4.62% 88 iSHARES UK ETF EWU 34.80 4.31% 9.74% 5.20% 87 ISHARES S&P GBL CONSU STPLS SCTR ETF KXI 106.69 4.95% 9.73% 4.55% 87 SPDR FTSE MACQUARIE GLBL INF 100 ETF GII 51.79 4.53% 10.08% 5.31% 87 FIRST TR NAS 100 EQL WEGHTD INDX ETF QQEW 55.03 5.12% 13.66% 8.13% 87 WISDOMTREE INTL LARGECP DIVIDEND ETF DOL 48.77 4.77% 10.56% 5.53% 87 FT GBL WND ENERGY FAN 13.52 4.22% 6.94% 2.61% 87 ULTRA S&P500 PROSHARES ETF SSO 90.53 5.30% 15.87% 10.04% 87 iSHARES SOUT AFR ETF EZA 60.65 3.98% 9.37% 5.18% 87 WISDOMTREE DEFA ETF DWM 53.37 4.70% 11.00% 6.02% 87 PIMCO STRAT GLOBAL GOVERNMNT ETF RCS 10.40 6.01% 9.19% 3.00% 87 SPDR S&P WORLD EX US ETF GWL 29.77 4.84% 10.99% 5.87% 86 VANGUARD EUROPE PACIFIC ETF VEA 42.22 4.93% 11.06% 5.84% 86 MORGAN STANLEY INDIA INVESTMENT CF IIF 33.66 3.13% 15.57% 12.06% 86 MARKET VECTORS GLBL ALTNTV ENRGY ETF GEX 59.23 4.05% 10.94% 6.62% 86 EATON VANCE ENHANCED EQTY INCM II CF EOS 14.75 5.12% 9.02% 3.71% 86 ISHARES MSCI ACWI EX US INDEX ETF ACWX 46.67 4.51% 10.80% 6.01% 86 FIDELITY NASDAQ COMPOSITE INDX ETF ONEQ 248.70 4.94% 13.00% 7.67% 86 GBL XI FTSE C020 GXG 10.07 4.34% 7.54% 3.07% 86 VANGUARD Mega Cap Growth MGK 102.25 4.73% 12.23% 7.16% 86 BLDRS DEVMKT100 ETF ADRD 22.50 4.69% 9.79% 4.87% 85 SPDR S&P EMERGING ASIA PACIFIC ETF GMF 90.99 3.59% 10.46% 6.63% 85 ZWEIG FUND INC ZF 12.28 5.88% 5.00% -0.84% 85 WISDOMTREE DEFA HGHYIELDNG EQTY ETF DTH 43.12 4.40% 10.29% 5.64% 85 WISDOMTREE JAPAN HGHYIELDNG EQTY ETF DNL 53.72 4.36% 10.12% 5.51% 85 SINGAPORE FUND ETF SGF 11.20 2.38% 15.10% 12.42% 85 PROSHARES OIL GAS DDG 26.44 5.74% 6.17% 0.41% 85 SPDR MSCI ACWI EX US ETF CWI 36.44 4.45% 10.57% 5.86% 85 JAPAN EQUITY CF JEQ 8.62 5.35% 8.27% 2.78% 85 FT NASDAQ CLEAN EDGE US LQD INDX ETF QCLN 17.73 5.00% 12.16% 6.82% 85 BLACKROCK GLOBAL OPPORTUNITIES EQ CF BOE 13.43 4.43% 10.22% 5.55% 84 iSHARES MSCI EMR ETF EEM 41.76 3.74% 10.58% 6.60% 84 PWRSHRS LARCAP GR ETF PWB 36.62 4.94% 11.12% 5.90% 84 VANGUARD FTSE ALL WORLD EX US ETF VEU 51.09 4.45% 10.55% 5.84% 84 BARCLAYS IPATH MSCI INDIA RTRN INDX INP 78.35 3.40% 12.82% 9.11% 84 CLAYMORE S&P GLOBAL WATER INDEX ETF CGW 33.09 3.85% 9.51% 5.46% 84 TEMPLETON DRAG TDF 19.72 3.74% 10.42% 6.45% 84 ULTRA HEALTH CARE PROSHARES ETF RXL 75.50 5.82% 14.51% 8.21% 84 RYDEX S&P 500 PURE GROWTH ETF RPG 95.65 4.90% 10.57% 5.40% 84 VANGUARD GROWTH ETF VUG 129.67 4.60% 11.48% 6.58% 83 ISHSP GBL TMBFOR WOOD 61.40 4.21% 13.21% 8.64%

33 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

83 PWRSHS FTSE RAFI DVPD MKT EX US ETF PXF 42.67 4.48% 10.97% 6.21% 83 VANGUARD Total International Stock VXUS 53.04 4.40% 10.53% 5.87% 83 NUVEEN CORE EQUITY ALPHA ETF JCE 14.93 5.00% 8.48% 3.32% 83 ZWEIG TOTAL RETURN CF ZTR 12.70 4.55% 7.86% 3.16% 83 MACQUARIE FIRST GLBL INFR UTL DIV CF MFD 13.15 3.28% 8.42% 4.98% 83 PIMCO CORP INCOME CF PCN 17.03 4.01% 11.07% 6.79% 83 JOHN HANCOCK TAX ADVANTAGED INCM CF HTD 25.95 2.59% 7.86% 5.14% 83 VANGUARD Global ex-U.S. Real Estate VNQI 57.48 4.91% 7.82% 2.77% 83 ISHARES DOW JONES US AERO&DF IDX ETF ITA 159.51 4.82% 12.22% 7.06% 82 iSHARES RU 1000 GR ETF IWF 121.10 4.58% 11.36% 6.48% 82 POWERSHARES AEROSPACE & DEFENSE ETF PPA 46.64 4.74% 11.19% 6.16% 82 THAI ETF TTF 8.81 2.67% 8.89% 6.06% 82 VANGUARD Foreign Small Cap FTSE VSS 109.39 4.11% 9.92% 5.58% 82 UTILITIES SELECT SPDR ETF XLU 54.28 4.46% 9.26% 4.59% 82 LIBERTY ALL STAR GROWTH FUND CF ASG 4.86 4.97% 11.23% 5.96% 82 iSHARES MSCI SNG ETF EWS 24.02 3.73% 10.02% 6.07% 82 JH PATR PREM II PDT 16.94 3.60% 7.33% 3.60% 82 CLAYMRE ZACKS INTL YLD HOG INDEX ETF HGI 16.95 3.95% 9.15% 5.00% 81 iSHARES FTSE CHNA ETF FXI 40.52 4.25% 7.54% 3.16% 81 ISHARES S&P 500 GROWTH INDEX ETF IVW 139.62 4.36% 10.67% 6.05% 81 ULTRA DOW30 PROSHARES ETF DDM 96.74 4.22% 16.43% 11.72% 81 iSHARES S&P GL100 ETF IOO 86.49 3.98% 10.39% 6.16% 81 PIMCO FLOATING RATE INCOME CF PFL 11.84 3.22% 9.50% 6.08% 81 VANGUARD UTILITIES ETF VPU 119.08 4.47% 9.28% 4.60% 81 POWERSHARES GLOBAL CLEAN ENERGY ETF PBD 11.82 4.02% 8.27% 4.08% 81 iSHARES DJ US UTIL ETF IDU 135.77 4.45% 9.12% 4.46% 81 MKVCTR SOLAR ENERGY KWT 38.80 5.58% 1.36% -4.00% 81 CENTRAL SECURITY CET 25.05 2.56% 11.75% 8.96% 80 WISDOMTREE INDIA EARNINGS ETF EPI 25.21 2.39% 13.33% 10.69% 80 iSHARES MSCI EAFE VALUE ETF EFV 53.31 3.89% 10.42% 6.29% 80 RYDEX S&P EQUAL WEIGHT HLTH CARE ETF RYH 170.24 4.67% 9.87% 4.97% 80 WISDOMTREE JAPAN SMALCP DIVIDEND ETF DFJ 71.46 5.51% 11.41% 5.59% 80 SPDR S&P INTERNATIONAL SMALL CAP ETF GWX 33.47 4.25% 8.43% 4.01% 80 MARKET VECTORS NUCLEAR ENERGY ETF NLR 51.85 4.20% 6.77% 2.47% 80 FLAHERTY & CRUMRINE CLAYMORE CF FFC 21.58 3.01% 6.51% 3.40% 80 NUVEEN QUALITY PREFERRED INCOME 2 CF JPS 10.21 4.05% 8.04% 3.84% 80 ISHARES S&P GBL INDTRLS SCTR IND ETF EXI 85.73 4.38% 10.94% 6.29% 79 MS EMERGING MARKTS DOMESTIC DEBT ETF EDD 8.23 4.47% 6.81% 2.24% 79 ISHS S&P WRLD EX US PROPERTY IDX ETF WPS 38.20 4.56% 6.62% 1.98% 79 EATON VANCE TAX MANAGED GLOBAL CF ETW 11.59 3.48% 7.27% 3.66% 79 PCM FUND CF PCM 10.85 3.98% 9.50% 5.30%

34 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

79 iSHARES S&P GLOB HEALTH ETF IXJ 109.09 4.32% 9.05% 4.53% 79 ISHARES DOW JONES US HLTH CRE IDX ET IHF 143.20 4.23% 10.80% 6.30% 79 BLDRS EMERMKT50 ETF ADRE 38.26 2.60% 8.54% 5.79% 79 ISHARES S&P GB CONS DSCRTRY SCTR ETF RXI 102.21 4.18% 10.05% 5.63% 79 MFS SPECIAL VAL MFV 6.15 3.60% 7.62% 3.87% 79 ISHARES DOW JONES US HM CONS IDX ETF ITB 33.33 3.22% 13.68% 10.14% 78 FLAHERTY&CRUMRINE CLAYMORE TOTEL CF FLC 22.21 3.54% 6.60% 2.96% 78 FT NASDAQ100 EX TCHNO SCTR INDX ETF QQXT 47.04 4.29% 11.08% 6.52% 78 NUVEEN TAX-ADVANTAGED TOTAL RETN CF JTA 12.84 3.32% 7.81% 4.35% 78 MORGAN STANLEY EMERGING MKT DEBT ETF MSD 10.07 3.75% 6.25% 2.41% 78 SPDR SP INTERNATIONAL ETF DWX 40.26 3.96% 8.33% 4.20% 78 ProShares UltraShort DJ-AIG Crude Oil ETF SCO 40.74 6.25% 6.64% 0.37% 78 PWRSHRS NETWRK ETF PXQ 45.71 4.60% 11.34% 6.45% 78 iSHARES RUS MIDGRW ETF IWP 109.56 4.29% 9.32% 4.82% 78 BLACKROCK MARYLAND MUNICIPAL BOND CF BZM 15.14 4.77% 1.08% -3.52% 78 iSHARES MID GRWTH ETF JKH 183.87 4.02% 9.78% 5.53% 77 BLDRS ASIA50ADR ETF ADRA 30.84 3.69% 9.77% 5.87% 77 POWERSHARES DYNAMIC UTILTS PRTFL ETF PUI.O 28.62 3.99% 9.23% 5.04% 77 CLAYMORE/SABRIENT INSIDER ETF NFO 56.08 3.50% 9.50% 5.79% 77 H&Q LIFE SCIENCES INVESTOR CF HQL 20.36 2.30% 9.34% 6.88% 77 ISHARES MSCI ACWI INDEX ETF ACWI 66.61 3.68% 9.30% 5.42% 77 POWERSHARES DWA TECHNICL LEADERS ETF PDP.O 47.52 4.21% 9.29% 4.88% 77 ML PHARMACEUTICAL HOLDRS PPH.O 58.15 4.46% 5.56% 1.05% 77 iSHARES DJ US COM SER ETF IYC 170.07 4.10% 10.10% 5.77% 77 iSHARES MSCI MAL ETF EWM 32.51 3.45% 5.42% 1.90% 76 VANGUARD MID-CAP GROWTH ETF VOT 119.36 4.03% 9.28% 5.05% 76 CLAYMORE/CLEAR GLOBAL TIMBER IDX ETF CUT 28.11 4.08% 9.59% 5.29% 76 ISHARES MSCI KOKUSAI INDEX ETF TOK 61.00 3.52% 9.06% 5.35% 76 EATON VANCE TAX ADVANTAGED OPP CF ETO 24.20 3.05% 9.73% 6.48% 76 EATON VCE TAX MGD GLBL DIVFD EQY ETF EXG 9.10 3.49% 6.53% 2.94% 76 SPDR S&P EMERGING MARKETS ETF GMM 67.07 2.69% 9.00% 6.15% 76 iSHARES SEL SOC ETF KLD 103.11 3.85% 9.39% 5.33% 76 FIRST TR STR FD FHY 13.61 2.43% 8.50% 5.93% 76 SPDR DJ GLOBAL TITANS ETF DGT 77.75 3.23% 9.82% 6.38% 76 FIRST TRUST HEALTH CARE ALPHADEX ETF FXH 65.86 4.35% 8.90% 4.35% 75 iSHARES MEXICO ETF EWW 52.00 0.49% 7.64% 7.12% 75 RETAIL HOLDRS RTH 83.94 4.10% 6.95% 2.74% 75 ISHS FTSE EPRA NREIT GLBL US IDX ETF IFGL 29.55 4.63% 5.19% 0.53% 75 PWRSHRS DYNMIC HEATHCARE SEC ETF PTH.O 56.58 5.43% 10.91% 5.19% 75 INDONESIA CF IF 7.42 1.19% 10.51% 9.21% 75 VANGUARD PACIFIC ETF VPL 66.69 4.37% 8.92% 4.36%

35 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

75 PWRSHRS DYNMIC CNSUMR STAPLS SEC ETF PSL.O 61.24 3.41% 8.43% 4.85% 75 LAZARD WORLD DIVIDEND & INCOME CF LOR 11.03 2.53% 8.48% 5.81% 75 PIMCO CORPORATE OPPORTUNITY CF PTY 16.43 2.93% 9.48% 6.36% 74 CONSUMER DISCRE SPDR ETF XLY 92.24 3.71% 9.81% 5.89% 74 CORNERSTONE STRATEGIC VALUE CF CLM 16.94 2.61% 8.26% 5.51% 74 FLAHERTY CRUMRIN PREF INCOM OPPO CF PFO 12.50 2.65% 7.55% 4.77% 74 iSHARES SML GRWTH ETF JKK 160.97 4.54% 8.95% 4.21% 74 RYDEX S&P EQUAL WEIGHT UTILITIES ETF RYU 88.54 4.03% 7.77% 3.59% 74 Vietnam Market Vectors, VNM VNM 14.61 3.98% 4.34% 0.35% 74 VANGUARD Total World Stock Index ETF VT 68.48 3.46% 8.96% 5.32% 74 FIRST TRUST IPOX 100 INDEX ETF FPX 60.37 3.81% 8.77% 4.78% 74 EVERGREEN UTILITIES AND HIGH INCM CF ERH 13.30 2.05% 6.79% 4.65% 74 NUVEEN CALIF SELECT TAX-FREE INCM CF NXC 15.81 3.26% 1.06% -2.13% 73 iSHARES MSCI JPN ETF EWJ 54.90 5.26% 8.20% 2.79% 73 CORNERSTONE TOTAL RETURN CF CRF 16.79 2.01% 8.43% 6.29% 73 MFS INVESTMENT GRADE MUNICIPAL CF CXH 10.22 3.28% 3.95% 0.65% 73 NUVEEN DIVERSIFIED DIVIDEND INCM CF JDD 12.55 3.03% 6.64% 3.50% 73 ISHARES MSCI BRIC INDEX ETF BKF 37.63 2.23% 8.51% 6.15% 73 VANGUARD CONSUMER DISCRETIONARY ETF VCR 145.05 3.65% 9.75% 5.88% 73 WSDMTREE EMRG MKTS SMALLCAP DVD ETF DGS 46.30 2.48% 9.40% 6.75% 73 POWERSHARES WATER RESC PORTFOLIO ETF PHO.O 27.40 3.90% 8.83% 4.74% 73 MEXICO EQUITY AND INCOME CF MXE 10.96 -0.71% 7.69% 8.46% 72 MORGAN STANLEY MUNI INCOME OPPOR CF OIA 7.98 2.68% 3.79% 1.09% 72 CLAYMORE MAC GLOBAL SOLAR ENERGY ETF TAN 18.55 4.73% 0.34% -4.20% 72 PIMCO CALIFOR MUNI INCM III CF PZC 12.49 2.44% 4.18% 1.70% 72 CONSUMER STAPLES SPDR ETF XLP 57.27 3.68% 7.07% 3.26% 72 PIMCO FLOATING RATE STRATEGY CF PFN 10.51 2.16% 8.36% 6.07% 72 iSHRES LRG CORE ETF JKD 148.15 3.51% 9.51% 5.79% 72 PWRSHRS DYNMIC CNSUMR DISC SCTR ETF PEZ.O 45.98 5.06% 7.36% 2.19% 72 PWRSHRS WILDHLL ETF PBW 4.20 2.90% 8.64% 5.58% 72 iSHARES DJ US CON GDS ETF IYK 123.68 3.65% 7.39% 3.61% 72 CURRENCYSHARES EURO ETF FXE 109.22 3.48% 3.70% 0.21% 71 ISHR SP AGR ALC AOA 52.13 3.19% 7.69% 4.36% 71 PWRSHRS MKT POR ETF PWC 87.12 4.11% 9.18% 4.87% 71 MEXICO ETF MXF 16.54 -0.23% 6.20% 6.45% 71 TRI CONTINENTAL TY 24.24 2.96% 8.45% 5.33% 71 POWERSHARES INDIA PORTFOLIO ETF PIN 23.38 1.62% 10.61% 8.84% 71 CLAYMORE BBD HIGH INCOME INDEX ETF LVL 10.99 3.54% 7.12% 3.47% 71 INDUSTRIAL SELEC SPDR ETF XLI 68.21 3.44% 9.08% 5.45% 71 SPDR DJ WILSHIRE INTL REAL ESTAT ETF RWX 39.78 3.87% 3.42% -0.43% 71 iSHARES DJ IND SEC ETF IYJ 131.93 3.47% 8.76% 5.10%

36 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

70 ISHARES MSCI ISRAEL CAPED INVBLE ETF EIS 53.28 2.60% 8.53% 5.78% 70 MKT VCTR INDONESIA IDX 23.71 2.40% 5.41% 2.94% 70 VANGUARD DIVIDEND APPRECIATION ETF VIG 94.09 3.57% 8.12% 4.39% 70 PWRSHRS DYNMIC INDUSTRIALS SEC ETF PRN.O 54.14 4.17% 7.59% 3.28% 70 FIRST TRUSTABERDEN GLOBL OPP INCM CF FAM 12.02 2.14% 5.04% 2.84% 70 VANGUARD EMERGING MARKETS ETF VWO 41.17 2.07% 7.74% 5.56% 70 VANGUARD CONSUMER STAPLES ETF VDC 146.98 3.44% 6.63% 3.08% 70 CLAYMORE SABRIENT DEFENDER ETF DEF 43.03 3.22% 7.57% 4.21% 70 NUVEEN MULTI STRATEGY INC & GRWTH CF JPC 10.40 3.51% 5.22% 1.65% 70 GABELLI EQUITY CF GAB 6.27 3.76% 9.13% 5.17% 69 NUVEEN NEW YORK MUNICIPAL VALUE CF NNY 10.31 4.59% 4.84% 0.24% 69 COHEN & STEERS CLSD END OPPTY FD ETF FOF 13.05 1.95% 6.84% 4.80% 69 GABELLI CONVERTBLE & INCM SECURTY CF GCV 5.15 2.70% 6.18% 3.39% 69 EQUUS TOTAL RETURN ETF EQS 2.28 -12.85% 8.18% 24.13% 69 SPDR SP INT FIN IPF 21.37 2.01% 10.15% 7.99% 69 ING ASIA PAC HIGH DIVID EQY INCM ETF IAE 10.22 1.69% 7.04% 5.26% 69 GABELLI DIVIDEND & INCOME CF GDV 21.89 3.12% 8.38% 5.11% 69 CHILE CF CH 7.09 0.01% 9.04% 9.03% 69 FST TST DOW JNS GLBL SEL DVD IDX ETF FGD 25.45 2.76% 6.70% 3.83% 69 BLACKROCK MUNIYIELD ARIZONA CF MZA 15.57 4.89% 1.71% -3.03% 68 PWSHS FTSE RAFI ASIA PCFC EX JPN ETF PAF 55.22 2.19% 9.47% 7.12% 68 RYDEX S&P MIDCAP 400 PURE GROWTH ETF RFG 141.57 3.57% 8.65% 4.91% 68 ING GLOBAL EQUITY DIVDEND OPP CF IGD 7.45 0.90% 4.25% 3.32% 68 PowerShares DB Gold Double Long ETN DGP 24.43 3.21% 3.27% 0.06% 68 CLYMR ZACKS MID CAP CORE ETF CZA 60.25 2.83% 8.35% 5.37% 68 ING GLOBAL ADVANTAGE PREMIUM OPP CF IGA 10.75 1.91% 6.45% 4.46% 68 VANGUARD EXTENDED DURATION ETF EDV 118.37 4.30% -0.10% -4.22% 68 ISHARES KLD 400 SOCIAL INDEX ETF DSI 90.22 3.07% 7.74% 4.53% 68 VANGUARD HEALTH CARE ETF VHT 143.69 3.43% 7.82% 4.24% 67 RYDEX S&P EQUAL WGT CONSMR STPLS ETF RHS 130.11 3.19% 5.85% 2.58% 67 EATON VANCE TAXMNGD DVFD EQ INCM ETF ETY 11.47 2.23% 6.48% 4.16% 67 SPDR S&P EMERGING EUROPE ETF GUR 29.87 1.61% 7.88% 6.17% 67 BLACKROCK MUNIHOLDINGS CF MHD 17.34 3.59% 2.56% -0.99% 67 NUVEEN INSURED CALIF TAX FREE ADV CF NKX 15.44 3.42% 2.14% -1.24% 67 VANGUARD Mega Cap MGC 83.67 2.85% 7.99% 5.00% 67 CLAYMORE CLEAR SPIN OFF ETF CSD 47.63 3.06% 7.73% 4.53% 67 BLACKROCK ENHCD CAPITL AND INCOME CF CII 14.92 2.32% 7.05% 4.62% 67 CLOUGH GLOBAL ALLOCATION CF GLV 13.71 1.77% 9.97% 8.06% 67 ISH TI SP C IT IGOV 95.58 2.89% 2.05% -0.82% 66 VANGUARD SMALL-CAP GROWTH ETF VBK 146.41 3.37% 7.92% 4.41% 66 ProShares Ultra Gold ETF UGL 40.09 3.05% 3.19% 0.14%

37 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

66 VANGUARD VALUE LARGE-CAP RUSSELL 1000 VV 112.06 2.84% 7.82% 4.84% 66 MKT VCTRS AFRICA AFK 21.74 2.58% 5.24% 2.60% 66 FIRST TRUST UTILITIES ALPHADEX ETF FXU 28.36 3.44% 6.19% 2.66% 66 BLACKROCK MUNIHLDGS INSD II CF MUE 13.84 2.71% 1.74% -0.94% 66 SPDR LARGCAP ETF SPY 244.17 2.79% 7.72% 4.80% 66 SPDR LEHMAN INTRNATIONL TREASURY ETF BWX 27.73 2.74% 2.55% -0.18% 66 PWRSHRS LEIS ETF PEJ 42.78 3.60% 9.06% 5.27% 65 VANGUARD S&P 500 VOO 224.10 2.76% 7.68% 4.78% 65 iSHARES S&P 500 ETF IVV 245.67 2.76% 7.70% 4.81% 65 RYDEX RUSSELL TOP50 ETF XLG 172.57 2.48% 7.85% 5.24% 65 HEALTH CARE SELC SPDR ETF XLV 77.42 3.23% 7.14% 3.78% 65 FT ISE GBL EN CO FLM 53.99 1.97% 8.49% 6.39% 65 ISHR SP GRW ALC AOR 43.84 2.52% 5.83% 3.23% 65 CENTRAL EUROPE AND RUSSIA ETF CEE 21.81 1.50% 7.68% 6.08% 65 ELLSWORTH ETF ECF 9.12 3.28% 8.10% 4.67% 65 WISDOMTREE LOW P/E ETF EZY 72.71 2.83% 7.85% 4.88% 65 FIRST TRUST ENHANCED EQUITY INCM ETF FFA 14.93 2.39% 7.25% 4.75% 64 iSHARES RU 1000 ETF IWB 135.85 2.73% 7.63% 4.76% 64 COHEN STEERS REIT PREFER INCOME CF RNP 20.45 3.07% 4.46% 1.35% 64 ISHARES S&P MIDCAP 400 GR FUND ETF IJK 198.22 2.96% 7.93% 4.83% 64 FRANKLIN UNIV FT 7.30 2.41% 6.73% 4.22% 64 EATON VANCE ENHANCED EQTY INCOME CF EOI 13.59 2.22% 6.27% 3.96% 64 ROYCE VALUE CF RVT 14.69 2.73% 8.99% 6.10% 64 DREYFUS HIGH YIELD STRATEGIES CF DHF 3.54 2.23% 4.57% 2.29% 64 MFS INTERMEDIATE HIGH INCOME CF CIF 2.75 2.85% 6.32% 3.38% 64 BLACKROCK MUNIASSETS CF MUA 14.88 2.31% 4.05% 1.71% 63 iSHARES DJ US TOT ETF IYY 122.31 2.72% 7.60% 4.75% 63 SPDR SP EMG SC EWX 46.62 1.55% 7.71% 6.07% 63 FIRST TR INDL PROD DRBL ALPHADEX ETF FXR 35.53 3.17% 9.24% 5.88% 63 VANGUARD MID-CAP ETF VO 143.99 2.74% 7.29% 4.43% 63 ULTRA MIDCAP400 PROSHARES ETF MVV 104.42 3.53% 12.23% 8.40% 63 BLACKROCK MUNIYIELD INSD CF MYI 14.48 2.46% 2.09% -0.36% 63 ISHARES RUSSELL 2000 GROWTH INDX ETF IWO 168.06 3.45% 8.50% 4.88% 63 NUVEEN DIVIDEND ADVANTAGE MUNI 3 CF NZF 14.99 2.28% 2.29% 0.01% 63 VANGUARD TOTAL STOCK MARKET ETF VTI 125.41 2.68% 7.49% 4.69% 63 FIRST TRUST BIOTECH INDEX CF ETF FBT 108.87 3.29% 9.79% 6.29% 62 MARKET VECTORS AGRIBUSINESS ETF MOO 55.35 2.62% 6.17% 3.47% 62 iSHARES RUSS 3000 INDEX ETF IWV 144.60 2.69% 7.53% 4.71% 62 iSHARES DJ US HTH CRE ETF IYH 161.86 3.00% 7.17% 4.05% 62 VANGUARD INDUSTRIALS ETF VIS 128.67 3.00% 8.19% 5.04% 62 ISHARES S&P GSTI NETWORKING INDX ETF IGN 47.23 4.91% 9.12% 4.01%

38 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

62 JOHN HANCOCK PREFERRED INCOME CF HPI 22.10 1.99% 4.21% 2.17% 62 JOHN HANCOCK PREFERRED INCOME II CF HPF 21.86 1.93% 3.15% 1.19% 62 VAN KAMPEN BOND ETF VBF 19.44 2.19% 3.12% 0.91% 62 ISHS FTSE NAREIT MRTGE REITS IDX ETF REM 46.76 1.89% 7.28% 5.29% 61 LIBERTY ALL-STAR EQUITY CF USA 5.66 2.79% 7.01% 4.11% 61 MBIA CAPITAL/CLAYMORE DURATION CF MZF 13.80 2.53% 1.63% -0.88% 61 BLACKROCK ENHANCED DIV ACHIEVERS CF BDJ 8.75 1.96% 6.83% 4.78% 61 PIMCO CALIFORNIA MUNICIPAL INCOME CF PCQ 16.96 2.01% 4.40% 2.34% 61 SPDR S&P HOMEBUILDERS ETF XHB 38.26 2.17% 8.44% 6.14% 61 FLAHERTY CRUMRINE PREF INCOME CF PFD 15.32 1.01% 4.78% 3.73% 61 NICHOLAS APPLEGATE CONV & INCM II CF NCZ 6.24 2.54% 5.87% 3.25% 61 FIRST TRUST ISE WATER INDEX ETF FIW 43.10 2.90% 8.22% 5.17% 61 GABELLI UTILITY CF GUT 6.90 1.60% 4.79% 3.14% 61 ROYCE MICRO CAPITAL CF RMT 8.74 2.51% 7.46% 4.83% 60 iSHARES S&P100 ETF OEF 107.93 2.39% 7.22% 4.72% 60 POWERSHARES DIVIDEND ACHIEVERS ETF PFM.O 24.55 2.71% 6.00% 3.20% 60 NEW AMERICA HIGH INCOME CF HYB 9.74 2.72% 5.73% 2.93% 60 WISDOMTREE EARNINGS 500 ETF EPS 84.03 2.53% 8.08% 5.41% 60 RYDEX CUR SHS SWISS FRANC ETF FXF 98.65 2.91% 2.85% -0.05% 60 ISH TI SP C 1-3 ISHG 81.22 2.34% 2.10% -0.24% 60 iSHARES S&P GLOB TEL ETF IXP 61.32 3.00% 2.81% -0.18% 60 SPDR BAR CAP BND CWB 49.42 2.01% 5.49% 3.41% 60 JOHN HANCOCK INVESTORS CF JHI 17.70 1.93% 4.25% 2.28% 60 RYDEX S&P EQUAL WGHT INDTRL ETF RGI 107.63 2.74% 7.97% 5.10% 59 BLACKROCK HEALTH SCIENCES CF BME 35.76 3.18% 5.92% 2.65% 59 NUVEEN INSURED DIV ADVAN MUNI CF NVG 15.15 2.28% 1.85% -0.43% 59 iSHARES RUS MID ETF IWR 192.93 2.60% 6.65% 3.94% 59 WISDOMTREE TOTAL EARNINGS ETF EXT 86.00 2.34% 8.12% 5.65% 59 BLACKROCK MUNIHOLDINGS II CF MUH 15.87 1.86% 2.56% 0.69% 59 ABERDEEN GLOBAL INCOME CF FCO 8.76 1.89% 3.87% 1.94% 59 NICHOLAS APPLE EQTY & CONV INC ETF NIE 20.04 2.38% 5.36% 2.90% 59 BLACKROCK MUNIYLD QUALITY FUND CF MQY 15.52 2.04% 1.36% -0.66% 59 MFS MUNICIPAL INCOME CF MFM 7.23 2.34% 3.31% 0.94% 58 DELAWARE INV NAT MUNICIPL INCOME ETF VFL 13.47 2.09% 0.74% -1.32% 58 BLACKROCK MUNIVEST II CF MVT 16.07 3.11% 0.84% -2.20% 58 POWERSHARES INTL DVDND ACHVRS ETF PID.O 15.40 2.00% 4.69% 2.64% 58 FEDERATED PREMIER INTERMIDAT MUNI CF FPT 13.47 1.47% 1.67% 0.19% 58 POWERSHRS DB US DLR INDX BEARISH ETF UDN 21.57 2.27% 2.01% -0.26% 58 NUVEEN FLOATING RATE INCOME CF JFR 11.95 2.29% 4.19% 1.86% 58 MFS HIGH INCOME MUNICIPAL CF CXE 5.22 2.46% 2.77% 0.31% 58 ISHR THAI IN MKT THD 78.88 1.30% 5.96% 4.60%

39 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

58 SPDR BCLY CAP LT LWC 41.61 2.47% 2.16% -0.31% 58 PIMCO CALIFORNIA MUNICI INCOME II CF PCK 10.15 1.68% 2.66% 0.96% 57 REVENUESHARES LC RWL 46.68 2.53% 6.63% 4.00% 57 DNP SELECT INCOME ETF DNP 11.05 1.03% 4.97% 3.90% 57 PIMCO MUNICIPAL INCOME II CF PML 13.07 1.73% 2.28% 0.54% 57 PACHOLDER HIGH YIELD ETF PHF 7.97 1.25% 7.16% 5.84% 57 BLACKROCK PREFERRED & EQUITY ADV ETF BTZ 13.52 1.89% 3.73% 1.81% 57 ISHR SP MOD ALC AOM 37.46 2.18% 4.30% 2.08% 57 EATON VANCE INSURE NEWJERSEY MUNI CF EMJ 13.28 3.17% -0.16% -3.23% 57 DIAMOND ETF DIA 211.91 1.91% 7.73% 5.71% 57 SPDR DB INT GOVT WIP 56.29 1.79% 3.18% 1.37% 56 GABELLI GLOBAL DEAL ETF GDL 10.24 3.04% 3.52% 0.46% 56 BLACKROCK MUNIENHANCED CF MEN 11.96 2.36% 1.77% -0.58% 56 VANGUARD Long-Term Corporate Bond VCLT 92.99 2.40% 2.05% -0.35% 56 NUVEEN NEW JERSEY DIV ADVAN MUNI CF NXJ 13.85 2.32% 0.62% -1.66% 56 CLAYMORE/BNY BRIC ETF EEB 32.06 0.73% 5.18% 4.42% 56 NICHOLAS APPLEGATE CONVER & INCM CF NCV 6.99 1.66% 4.88% 3.17% 56 WT DRYFS EMG CUR CEW 18.76 1.64% 4.00% 2.33% 56 iSHARES MID CORE ETF JKG 170.98 2.15% 6.64% 4.40% 56 BLACKROCK CORE BOND CF BHK 13.77 1.18% 2.38% 1.19% 56 ISHS FTSE NAREIT RESIDENTL IDX ETF REZ 65.55 2.29% 4.23% 1.89% 55 NUV SL TX FREE 3 NXR 14.73 1.98% 1.21% -0.76% 55 ISHARES TRUST LEHMN 20 ETF TLT.O 125.62 2.81% 0.49% -2.26% 55 BLACKROCK FLA INSURED MUNICI INCM CF BAF 14.99 2.48% 1.57% -0.89% 55 ALPS COHN STERS GRI 44.78 2.40% 3.84% 1.41% 55 WSDM TREE EMRG MKT HGH YLD EQTY ETF DEM 41.53 1.27% 6.47% 5.13% 55 WESTERN ASST MUNCPL PARNRS CF MNP 15.82 1.97% 1.12% -0.83% 55 VAN KAMPEN ADVANTAGE MUNICIPAL ETF VKI 11.58 2.21% 0.51% -1.67% 55 JOHN HANCOCK PREFERRED INCOME III CF HPS 19.07 1.90% 3.54% 1.60% 55 ULTRA REAL ESTATE ETF URE 124.54 2.35% 6.11% 3.68% 54 Equal Weight SPX 500 ETF (RSP) RSP 93.01 2.14% 6.44% 4.21% 54 SPDR BCLY CAP ST BWZ 31.10 1.74% 1.93% 0.18% 54 ISHARES MSCI CHILE INDEX ETF ECH 43.56 -0.14% 9.26% 9.41% 54 NUVEEN MD PREM NMY 13.15 2.34% 1.36% -0.96% 54 BLACKROCK MUNIYLD MICHIGAN INSRD CF MIY 14.07 1.89% 0.45% -1.41% 54 JOHN HANCOCK INC JHS 14.67 2.26% 2.55% 0.29% 54 DWS STRATEGIC INCOME CF KST 12.47 1.68% 3.42% 1.71% 54 BLACKROCK MUNICIPAL INCOME II CF BLE 15.33 2.11% 1.74% -0.36% 54 EATON VANCE INSRD MICH MNCPL BOND CF MIW 13.92 2.48% -0.93% -3.33% 54 RYDEX CURR SHS SWEDISH KRONA ETF FXS 111.45 2.34% 1.48% -0.84% 53 PIONEER MUNICIPAL HIGH INCOME ADV CF MAV 11.58 2.73% -2.13% -4.73%

40 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

53 SPDR® Barclays Long Term Treasury ETF TLO 72.47 2.65% 0.44% -2.15% 53 NUVEEN MUNICIPAL VALUE CF NUV 10.14 2.32% 2.08% -0.24% 53 MATERIALS SELEC SPDR ETF XLB 53.85 2.36% 6.82% 4.36% 53 ISHARES S&P GBL MATERLS SCR IDX ETF MXI 60.44 1.95% 7.05% 5.00% 53 VANGUARD Long-Term Government Bond VGLT 77.40 2.60% 0.41% -2.13% 53 NFJ DIV INTEREST & PREM STRATEGY CF NFJ 13.34 1.65% 3.82% 2.13% 53 NUVEEN ARIZONA NAZ 14.44 2.31% -1.63% -3.86% 53 RYDEX S&P EQUAL WEIGHT MATRLS ETF RTM 97.77 2.06% 6.47% 4.32% 53 WISDOMTREE EUROPE HGH YLDNG EQTY ETF DEW 45.90 2.00% 5.04% 2.98% 52 VANGUARD LONG TERM BOND ETF BLV 93.13 2.30% 1.09% -1.18% 52 MFS CALIFORNIA INSURED MUNICIPAL CF CCA 11.99 3.64% -1.09% -4.56% 52 BLACKROCK MUNIYIELD CF MYD 14.93 1.60% 1.36% -0.23% 52 NUVEEN CALIFORNIA DIVIDEND ADV CF NAC 14.90 1.96% 0.11% -1.81% 52 ISHR SP CON ALC AOK 34.13 1.68% 3.22% 1.51% 52 FIRST TRUST VALUE DIVIDEND INDEX ETF FVD 29.65 2.16% 5.68% 3.44% 52 GENERAL AMERICAN INVESTORS CF GAM 34.32 1.48% 5.29% 3.75% 52 WISDOMTREE JAPAN TOTAL DIVIDEND ETF DXJ 52.52 3.36% 8.71% 5.18% 52 MKT VECT LHN BRS AMT FREE INTMDT ETF ITM 24.11 1.80% 1.56% -0.24% 51 NUVEEN INSURED TX FREE ADVAN MUNI CF NEA 13.77 1.94% 0.91% -1.01% 51 WISDOMTREE LARGECAP DIVIDEND ETF DLN 84.66 1.93% 5.80% 3.80% 51 iShares COMEX Gold Trust ETF IAU 12.29 1.67% 2.55% 0.86% 51 BLACKROCK MUNIHOLDINGS INSURED CF MUS 13.77 2.27% 0.53% -1.70% 51 NUVEEN R EST INM JRS 11.42 1.40% 2.69% 1.28% 51 BLACKROCK LONG TERM MUNICIPL ADV CF BTA 11.85 1.67% 1.00% -0.66% 51 DREYFUS STRATEGIC MUNICIPALS CF LEO 8.84 1.01% 1.08% 0.07% 51 streetTRACKS Gold Shares ETF GLD 121.61 1.72% 2.54% 0.81% 51 First Trust Total US Market AlphaDEX ETF TUSA 29.71 2.48% 8.04% 5.42% 51 VAN KAMPEN HIGH INCOME II ETF VLT 14.87 1.92% 3.29% 1.35% 50 VANGUARD EXTENDED MARKET ETF VXF 102.40 2.40% 6.82% 4.32% 50 D +3X Small Cap Bull, TNA TNA 54.78 5.03% 15.85% 10.31% 50 DWS MUNICIPAL INCOME CF KTF 13.68 1.98% 1.23% -0.74% 50 NUVEEN MUN HIGH NMZ 13.47 1.62% 0.37% -1.23% 50 ISHARES DOW JONES US INSUR IDX ETF IAK 61.85 2.40% 6.84% 4.33% 50 DWS GLOBAL HIGH INCOME CF LBF 8.71 1.54% 3.19% 1.63% 50 PS INS CAL MUNIC PWZ 26.15 2.10% 1.67% -0.42% 50 ULTRA BASIC MATERIALS ETF UYM 56.64 2.27% 12.17% 9.67% 50 BOULDER GROWTH & INCOME ETF BIF 9.49 1.09% 6.33% 5.18% 49 ISH SP GBLCL ENG ICLN 8.71 1.47% 1.30% -0.16% 49 DWS MULTI MARKET INCOME CF KMM 8.85 1.06% 2.82% 1.75% 49 iSHARES DJ SEL DIV ETF DVY 93.19 2.07% 5.15% 3.02% 49 NUVEEN MICHIGAN QUALITY INCM 2 CF NUM 13.75 1.73% -0.14% -1.83%

41 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

49 PIMCO MUNICIPAL INCOME III CF PMX 11.75 2.44% 0.10% -2.28% 49 iSHARES S&P GLOB FIN ETF IXG 61.68 1.12% 7.59% 6.39% 49 RYDEX CUR SHS BRIT POUND STER ETF FXB 125.46 0.91% 1.98% 1.06% 49 SOURCE CAPITAL CF SOR 38.36 1.19% 4.10% 2.88% 49 MFS MULTIMARKET INCOME CF MMT 6.24 1.39% 2.77% 1.36% 49 CLAYMORE TR 2 CHINA SML CP INDX ETF HAO 25.30 1.64% 4.01% 2.34% 48 MARKT VCTRS LB AMT FREE LG MNCPL IDX MLN 19.98 1.61% 0.90% -0.70% 48 PUTNAM HIGH INCOME SECURITIES ETF PCF 8.78 0.81% 5.86% 5.01% 48 NUVEEN CALIFORNIA MUNICIPAL VALUE CF NCA 10.53 2.91% 0.53% -2.31% 48 TCW STRATEGIC INCOME ETF TSI 5.54 1.53% 3.02% 1.47% 48 PowerShares DB Gold Fund DGL 40.91 1.67% 2.10% 0.42% 48 SPDR LEHMAN MUNICIPAL BOND ETF TFI 49.01 1.46% 1.12% -0.33% 48 NUVEEN DIVIDEND ADVANTAGE MNCPL CF NAD 14.12 2.04% 0.26% -1.74% 48 PROSHARES TR ULTRA RUSSELL2000 ETF UWM 118.73 3.55% 11.47% 7.65% 48 VANGUARD MATERIALS ETF VAW 121.32 1.96% 6.64% 4.59% 47 NUVEEN GEORGIA DIV ADVAN MUNI 2 CF NKG 13.28 1.69% 0.09% -1.58% 47 BLACKROCK MUNIYIELD FLORIDA CF MYF 15.76 1.60% 0.79% -0.79% 47 NUVEEN CAL MUN 2 NCB 17.34 2.16% 1.40% -0.75% 47 MKT VC HYLD MUN HYD 31.08 1.12% 1.25% 0.13% 47 VAN KAMPEN CALIF VALUE MUNICIPAL ETF VCV 12.70 1.73% -0.10% -1.80% 47 BLACKROCK MUNICIPAL INCOME CF BFK 14.34 1.69% -0.52% -2.17% 47 EVERGREEN INCOME ADVANTAGE CF EAD 8.65 1.27% 3.32% 2.02% 47 WISDOMTREE TOTAL DIVIDEND ETF DTD 85.52 1.70% 5.38% 3.61% 47 VANGUARD MID-CAP VALUE ETF VOE 103.47 1.70% 5.66% 3.90% 47 KBW INSURANCE ETF KIE 87.32 1.89% 7.12% 5.13% 46 BLACKROCK MUNIYLD QUALITY FUND II CF MQT 13.21 2.06% 0.15% -1.87% 46 FIRT FTSE EPRA GLB REAL EST INDX ETF FFR 44.99 2.08% 2.54% 0.45% 46 PIMCO NEW YORK MUNICIPAL INCOME CF PNF 12.92 1.37% 2.55% 1.16% 46 iSHARES S&P MD 400 ETF IJH 174.78 1.97% 6.30% 4.24% 46 MORGAN STANLEY MUNICIPAL INCOME CF IIM 15.11 1.87% -0.26% -2.09% 46 SPDR MIDCAP 400 ETF MDY 318.74 1.94% 6.31% 4.28% 46 PUTNAM MUNI PMO 12.38 1.14% -0.27% -1.39% 46 ABERDEEN ASIA PACIFIC PRIME INCM CF FAX 5.02 0.65% 1.84% 1.18% 46 POWERSHARES BUYBACK ACHIEVERS ETF PKW.O 53.08 2.12% 5.69% 3.50% 45 POWERSHARES FINANCIAL PREFERRED ETF PGF 19.07 1.04% 2.29% 1.24% 45 NUVEEN PENNSYL INVMNT QUALITY CF NQP 13.51 1.73% -0.86% -2.55% 45 POWERSHARES EMRG MKTS SOVRGN DBT ETF PCY 29.80 1.59% 1.88% 0.28% 45 DELAWARE INVESTMENTS MINNESOTA II ET VMM 14.68 0.25% 3.07% 2.81% 45 iShares JPMorgan USD Emerg Markets Bond EMB 116.01 1.33% 2.12% 0.78% 45 MFS HIGH YIELD MUNICIPAL CF CMU 4.68 1.05% 0.38% -0.66% 45 POWERSHARES INSR NATL MNCPL BOND ETF PZA 25.62 1.64% 1.22% -0.41%

42 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

45 NUVEEN NY DIV ADVNTAGE MUNCPL ETF NAN 13.95 1.33% -0.37% -1.68% 45 EATON VANCE INSURD MASSACHUS MUNI CF MAB 14.05 2.28% -0.64% -2.85% 45 PWRSHRS LARCAP ETF PWV 35.71 1.37% 6.15% 4.72% 44 WT DRYFS CHN YN CYB 24.58 1.45% 2.05% 0.59% 44 PUTNAM MANAGED MUNICIPAL INCOME ETF PMM 7.48 1.21% 0.48% -0.73% 44 BLACKROCK INSURED MUNICIPAL INCM CF BYM 14.33 1.92% -0.19% -2.07% 44 PS INS NY MUNIC PZT 24.55 1.56% 1.12% -0.43% 44 DWS DREMAN VALUE INCOME EDGE FD ETF DHG 14.90 1.18% 3.30% 2.10% 44 ISHARES IBOXX INVESTMENT GRADE ETF LQD 120.52 1.43% 1.19% -0.24% 44 PWRSHRS EMERGING MARKETS ETF PXH 20.11 0.75% 5.84% 5.06% 44 VAN KAMPEN TR INVSTMNT GRADE MUNI ET VGM 13.28 1.31% 0.52% -0.78% 44 PS AC US REAL EST PSR 78.62 1.92% 1.77% -0.14% 44 MORGAN STANLEY QUALITY MUNICIPAL CF IQI 12.69 1.66% -0.55% -2.18% 43 SPDR S&P DIVIDEND ETF SDY 89.82 1.91% 4.34% 2.38% 43 SPDR S&P BIOTECH ETF XBI 71.10 2.77% 8.80% 5.87% 43 NUVEEN NC PREMIUM INCOME MUNI CF NNC 13.32 1.67% -0.40% -2.04% 43 WESTERN ASST MUNCPL HGH INCM CF MHF 7.42 0.81% -0.30% -1.10% 43 VAN KAMPEN MUNICIPAL ETF VKQ 12.80 1.46% 0.23% -1.21% 43 POWERSHARES PREFERRED PORTFOLIO ETF PGX 15.09 0.91% 2.01% 1.10% 43 NEUBERGER BERMAN INTERMED MNCPL CF NBH 15.48 2.63% -1.02% -3.55% 43 EATON VANCE INSURED MUNI BOND II CF EIV 12.51 1.39% -0.59% -1.95% 43 ISHARES S&P CALIFORNIA MUNICIPAL ETF CMF 118.37 1.24% 1.01% -0.23% 42 WESTERN ASSET INTERMEDIATE MUNI CF SBI 9.96 1.96% 0.81% -1.12% 42 NUV SL TX FREE 2 NXQ 13.78 1.04% 0.19% -0.85% 42 ISHARES LEHMAN 10-20 YR TREASURY ETF TLH 137.69 1.58% 0.53% -1.03% 42 BANCROFT CF BCV 21.65 2.05% 3.56% 1.48% 42 NUVEEN SELECT TAX-FREE INCOME CF NXP 14.40 1.21% 0.05% -1.14% 42 BLACKROCK MUNIHLDG NEWJERSEY INSD CF MUJ 14.59 1.46% 0.18% -1.27% 42 ISHARES DJ TRANSPTN AVG INDX ETF IYT 168.45 2.99% 6.28% 3.19% 42 BLACKROCK STRATEGIC MUNICIPAL CF BSD 13.84 1.57% -0.31% -1.85% 42 iSHARES MSCI PAC ETF EPP 44.82 0.71% 5.50% 4.75% 42 WESTERN ASSET PREMIER BOND CF WEA 13.69 1.30% 2.47% 1.15% 41 ISHARES S&P NEW YORK MUNICIPAL ETF NYF 112.04 1.09% 0.94% -0.15% 41 WESTERN ASSET INCOME CF PAI 14.72 1.28% 0.96% -0.31% 41 BLACKROCK DEBT STRATEGIES CF DSU 11.69 0.66% 3.81% 3.12% 41 WESTERN ASST GLBAL HIGH INCOME CF EHI 10.27 0.79% 2.72% 1.91% 41 FEDERATED PREMIER MUNICIPL INCOME CF FMN 14.40 2.07% -1.40% -3.40% 41 ISHARES S&P NATIONAL MNCPAL BND ETF MUB 110.77 1.14% 0.91% -0.22% 41 PIONEER MUNICIPAL HIGH INCOME CF MHI 12.01 1.86% -1.54% -3.33% 41 PowerShares DB Precious Metals Fund DBP 38.45 1.39% 1.44% 0.05% 41 POWERSHARES 1 30 LADDERED TRSURY ETF PLW.O 32.97 1.71% 0.46% -1.23%

43 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

40 VANGUARD Emerging Markets Government Bond VWOB 80.87 1.00% 1.74% 0.73% 40 VANGUARD SMALL-CAP ETF VB 135.52 1.81% 5.65% 3.77% 40 NUVEEN INSURED NY TAX FREE ADV CF NRK 13.23 1.38% 0.22% -1.14% 40 RYDEX S&P SMALLCP 600 PURE GRWTH ETF RZG 102.04 2.06% 7.78% 5.61% 40 MUNIYIELD CALIFORNIA INSURED CF MCA 15.09 1.28% 0.23% -1.04% 40 MFS CHARTER INCM MCR 8.70 0.69% 1.85% 1.15% 40 SPDR BARC HY BND JNK 37.28 0.82% 1.77% 0.94% 40 WESTERN ASST VARIABL RTE STRT CF GFY 16.82 0.57% 3.69% 3.10% 40 EATON VANCE MICHIGAN MUNI INCOME CF EMI 13.29 1.34% -0.72% -2.03% 40 POWERSHARES FTSE RAFI ETF PRF 103.74 1.38% 4.96% 3.53% 39 ISHS IBXX $ HGH YIELD CRPRTE BND ETF HYG 88.58 0.88% 1.89% 1.00% 39 EATON VANCE INSURED OHIO MUNI BND CF EIO 13.17 2.12% -3.38% -5.38% 39 BLACKROCK CORPORATE HIGH YIELD VI CF HYT 11.17 0.85% 3.31% 2.44% 39 VANGUARD HIGH DIVIDEND YIELD ETF VYM 78.63 1.53% 4.45% 2.88% 39 ISHARES S&P S CAP600 GR FUND ETF IJT 155.78 2.15% 6.63% 4.39% 39 DREYFUS MUNI DMF 9.11 1.42% 0.65% -0.76% 39 BLACKROCK NY INSURED MUNICPL INCM CF BSE 13.47 1.47% -0.64% -2.08% 39 ISHARES LEHMN 7-10 YR TRSRY BND ETF IEF 107.57 1.14% 0.38% -0.75% 39 MORGAN STANLEY INCOME SECURITIES CF ICB 18.22 1.06% 0.92% -0.14% 38 BLACKROCK MUNI INTERM DUR CF MUI 14.17 1.47% -0.32% -1.76% 38 H&Q HEALTHCARE INVESTORS CF HQH 24.51 -0.35% 3.93% 4.30% 38 IQ HED ML ST TRK QAI 29.51 1.30% 1.86% 0.56% 38 SPDR DOW GBL RES RWO 48.41 1.66% 1.74% 0.08% 38 iSHARES DJ BASIC ETF IYM 89.68 1.32% 6.32% 4.93% 38 CLAYMORE/ZACKS YIELD HOG ETF CVY 20.95 1.23% 3.87% 2.60% 38 BLACKROCK NY MUNICIPAL INCM TRUST CF BNY 14.69 1.02% -0.23% -1.24% 38 NUVEEN NY SEL NXN 13.80 0.12% 0.41% 0.29% 38 MSCI PAN EURO INDEX MSP 12.17 0.84% 2.12% 1.27% 38 FIRST TRUST MATERIALS ALPHADEX ETF FXZ 38.25 1.29% 5.46% 4.12% 37 NUVEEN SELECT MATURITY MUNICIPAL CF NIM 10.15 1.38% 0.41% -0.95% 37 DELAWARE INVSTMNTS DIV AND INCM ETF DDF 10.43 0.84% 3.97% 3.10% 37 BLACKROCK MUNIHLDG CALIFORNI INS ETF MUC 14.47 1.41% -1.12% -2.50% 37 VAN KAMPEN NEW YORK MUNICIPALS ETF VTN 13.77 1.52% -1.25% -2.73% 37 DREYFUS STRAT DSM 8.47 0.71% 0.75% 0.04% 37 NUVEEN VA PREM NPV 13.30 1.56% -1.23% -2.75% 37 EATON VANCE INSURED MUNICIPAL BND CF EIM 12.71 1.17% -0.42% -1.57% 37 VANGUARD INTERMEDIATE TERM BOND ETF BIV 84.97 0.94% 0.34% -0.59% 37 iSHARES RUSS 2000 ETF IWM 139.85 1.95% 6.05% 4.02% 36 NUVEEN MISSOURI PREMIUM INCM MUNI CF NOM 16.06 0.81% -1.19% -1.98% 36 NUVEEN OHIO QUALITY INCM MUNI CF NUO 15.14 1.45% -0.57% -1.99% 36 RYDEX S&P EQL WGT CNSMR DISCRTRY ETF RCD 93.88 1.73% 4.32% 2.54%

44 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

36 BLACKROCK INVESTMENT QLTY MUNICPL CF BKN 14.88 1.51% -2.51% -3.96% 36 D +3X Financial Bull, FAS FAS 44.51 1.27% 14.37% 12.94% 36 BLACKROCK MUNIHLDG NEW YORK INSRD CF MHN 13.84 0.98% -0.44% -1.41% 36 BLACKROCK MUNIYIELD NEWJERSEY CF MYJ 15.80 1.46% -0.95% -2.37% 36 ING CLARION GLOBAL REAL ESTATE ETF IGR 7.70 1.91% 0.65% -1.24% 36 WISDOMTREE MIDCAP EARNINGS ETF EZM 35.68 1.24% 5.35% 4.06% 36 BLACKROCK INCOME CF BKT 6.31 1.21% 0.01% -1.19% 35 BLACKROCK MUNI NEWYORK INTERM DUR CF MNE 13.96 1.15% -1.09% -2.21% 35 FIRST TR CONS DSCRTNRY ALPHADEX ETF FXD 37.28 1.98% 3.71% 1.70% 35 PWRSHRS BIOTEC ETF PBE 43.41 2.25% 4.54% 2.24% 35 VANGUARD VALUE ETF VTV 96.29 1.17% 4.52% 3.31% 35 ISHR BARC GOV CR GBF 114.43 0.84% 0.46% -0.38% 35 iSHARES RUS MIDVAL ETF IWS 83.78 1.18% 4.44% 3.22% 35 BLACKROCK NEW JERSEY MUNICPL INCM CF BNJ 15.18 0.70% 0.45% -0.25% 35 WESTRN ASST HIGH INCM OPPORTUNITY CF HIO 5.18 0.53% 2.50% 1.96% 35 LMP CAPITAL & INCM CF SCD 14.27 0.13% 4.33% 4.20% 35 BLACKROCK MUNIYIELD FLORIDA INSRD CF MFT 14.19 1.64% -0.66% -2.26% 34 ISHS S&P U S PREFD STOCK INDX ETF PFF 38.98 0.37% 1.12% 0.74% 34 BLACKROCK MUNIHLDGS FLORIDA INSD CF MFL 14.66 1.09% -0.31% -1.39% 34 iSHARES DJ US REAL ETF IYR 79.94 1.28% 2.22% 0.93% 34 ISHARES DOW JONES US PHARMA IDX ETF IHE 152.61 1.26% 3.45% 2.16% 34 VANGUARD Mega Cap Value MGV 69.18 1.15% 4.30% 3.11% 34 EATON VANCE NEW YORK MUNCIPL INCM CF EVY 13.17 1.48% -2.99% -4.41% 34 PS GBL AGRICULTURE PAGG 25.24 0.58% 2.83% 2.24% 34 iSHARES RUS MICRO CAP ETF IWC 86.93 1.96% 5.68% 3.65% 34 HIGH YIELD INCOME CF HYI 15.54 0.66% 2.30% 1.63% 33 PWRSHS HGH YIELD CORPORATE BOND ETF PHB 19.05 0.80% 1.29% 0.49% 33 EATON VANCE TAX MANAGED BUY WRITE CF ETV 15.44 0.15% 2.26% 2.11% 33 EATON VANCE MASSACHUSETTS MNCPL CF MMV 13.64 1.41% -1.48% -2.85% 33 VAN KAMPEN MUNICIPAL OPPORTUNITY ETF VMO 13.19 1.00% -0.46% -1.44% 33 EATON VANCE TAX ADVANTAGE DIVIDND CF EVT 21.77 1.06% 4.26% 3.17% 33 ISHARES LEHMAN AGGREGATE BOND ETF AGG 109.84 0.78% 0.34% -0.44% 33 PIONEER HIGH INCOME CF PHT 10.03 0.83% -0.14% -0.96% 33 VANGUARD TOTAL BOND MARKET ETF BND 82.08 0.80% 0.30% -0.50% 33 EATON VANCE CALIF MUNICIPAL INCM CF CEV 12.62 1.28% -1.35% -2.59% 33 BLACKROCK MUNIYLD PENNSYLVANIA CF MPA 14.46 1.17% -1.71% -2.84% 32 EATON VANCE INSURE CLIFORNIA MUNI CF EVM 11.66 1.24% -2.50% -3.70% 32 SPDR BAR CITC BD ITR 34.46 0.55% 0.50% -0.04% 32 BLACKROCK MUNIYLD NEWYORK INSD CF MYN 13.09 0.63% -0.89% -1.52% 32 KBW CAPITAL MARKETS ETF KCE 47.23 1.78% 6.21% 4.35% 32 DELAWARE INVSMNT COL MUNPL INCM ETF VCF 14.99 1.47% 0.34% -1.11%

45 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

32 FIRST TRUST MORNINGSTAR DIV LDRS ETF FDL 28.89 1.20% 3.58% 2.35% 32 NUVEEN TEXAS QUALITY INCM MUNI CF NTX 14.42 0.34% -0.02% -0.36% 32 VANGUARD Intermediate-Term Government Bond VGIT 65.05 0.68% 0.20% -0.47% 32 VAN KAMPEN PENNSYLVANIA VALUE ETF VPV 12.44 1.10% -1.13% -2.21% 31 ISHARES INTERMEDIATE CREDIT ETF CIU 110.03 0.58% 0.54% -0.05% 31 EATON VANCE NEW JERSEY MUNI INCM CF EVJ 12.28 1.04% -1.70% -2.71% 31 DWS STRATEGIC MUNICIPAL INCOME CF KSM 12.69 0.61% -1.52% -2.11% 31 EVERGREEN MULTI SECTOR INCOME CF ERC 13.41 -0.09% 3.01% 3.11% 31 CLAYMORE RAYMONDS JAMES ETF RYJ 40.06 0.93% 4.71% 3.74% 31 BLKRK LT DR INC BLW 15.76 0.84% 2.42% 1.57% 31 EATON VANCE MUNICIPAL INCOME CF EVN 12.95 0.38% -0.87% -1.24% 31 NEUBERGER BERMAN NY INTERM MNCPL CF NBO 12.74 0.96% -2.27% -3.20% 31 iSHARES RU 1000 VA ETF IWD 115.54 0.86% 3.95% 3.06% 31 WISDOMTREE HIGH YIELDING EQUITY ETF DHS 68.89 1.04% 2.74% 1.68% 30 NUVEEN CONNECTICUT PREM INCM MUNI CF NTC 12.53 1.09% -1.86% -2.92% 30 CURRENCYSHARES JAPANESE YEN TR ETF FXY 87.18 0.69% -0.94% -1.61% 30 PS ULTRA YEN YCL 60.95 1.26% -4.03% -5.22% 30 iSHARES S&P SM 600 ETF IJR 69.97 1.76% 5.43% 3.61% 30 EATON VANCE PENSYLVANIA MUNI INCM CF EVP 12.29 0.87% -1.26% -2.11% 30 WISDOMTREE DIVIDEND TOP 100 ETF DTN 82.99 1.31% 3.20% 1.86% 30 FIRST TRUST DJ SEL MICROCAP INDX ETF FDM 43.36 2.08% 6.67% 4.49% 30 VANGUARD Total International Bond BNDX 54.59 0.43% -0.07% -0.49% 30 MARKET VETRS LEHMAN BROS MUNIPAL ETF SMB 17.57 0.52% 0.62% 0.10% 29 EATON VANCE INSURED NEW YORK MUNI CF ENX 12.50 0.72% -2.26% -2.95% 29 iSHARES SML CORE ETF JKJ 161.15 1.45% 5.02% 3.51% 29 ISHARES LEHMAN 3-7 YEAR TREASURY ETF IEI 124.22 0.56% 0.27% -0.29% 29 SPDR LEHMAN ST SHM 48.76 0.41% 0.62% 0.21% 29 PIMCO HIGH INCOME CF PHK 8.94 2.49% -2.53% -4.90% 29 VANGUARD Mortgage-Backed Securities VMBS 52.96 0.58% 0.14% -0.44% 29 VAN KAMPEN SENIOR INCOME ETF VVR 4.68 0.22% 3.18% 2.95% 29 WESTERN ASST HIGH INCM II CF HIX 7.34 0.21% 2.36% 2.15% 29 CENTRAL FUND CDA ETF CEF 12.72 0.32% -0.05% -0.36% 29 PWSHS TR FTSE RAFI US 1500 SMMD ETF PRFZ 117.80 1.39% 4.99% 3.55% 28 ISHARES INTERMEDIATE GOVT/CREDIT ETF GVI 111.13 0.46% 0.24% -0.22% 28 PUTNAM MSTR INTR PIM 4.74 -0.11% 3.47% 3.57% 28 FIRST TR CONSUMR STAPLS ALPHADEX ETF FXG 47.00 1.07% 1.81% 0.73% 28 TEMPLETON EMER TEI 11.42 0.44% 2.75% 2.30% 28 ISHARES S&P 500 VALUE INDX FUND ETF IVE 104.52 0.78% 4.01% 3.20% 28 ISHR BRCLY AG BD AGZ 113.95 0.50% 0.25% -0.25% 28 ISHARES LEHMAN MBS FIXED RT BND ETF MBB 107.37 0.50% -0.19% -0.68% 28 SPDR S&P PHARMACEUTICALS ETF XPH 42.33 0.75% 1.31% 0.55%

46 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

28 BLACKROCK MUNICIPAL 2020 TERM CF BKK 15.85 0.18% -0.24% -0.42% 27 EATON VANCE OHIO MUNICIPAL INCOME CF EVO 13.97 2.01% -1.64% -3.57% 27 FIRST TRUST FINANCIALS ALPHADEX ETF FXO 27.85 0.98% 5.17% 4.15% 27 SPDR LHMN INTERMDTE TERM TREASRY ETF ITE 60.29 0.43% 0.13% -0.29% 27 BLACKROCK GLBL FLOATING RATE INCM CF BGT 14.41 -0.55% 2.90% 3.47% 27 WISDOMTREE SMALLCAP EARNINGS ETF EES 32.66 1.81% 6.01% 4.13% 27 EATON VANCE INSURED CALIFORNIA II CF EIA 11.81 0.83% -2.39% -3.20% 27 BLACKROCK FLORIDA MUNICIPAL INCM CF BBF 14.71 0.28% 0.75% 0.46% 27 BLACKROCK NY MUNICIPAL INCOME II CF BFY 14.95 1.20% -2.01% -3.17% 27 EATON VANCE SENIOR FLOATING RATE CF EFT 15.10 -0.19% 2.09% 2.29% 27 NUVEEN NY MUN 2 NYV 15.08 0.69% -0.74% -1.42% 26 COHEN STEERS RFI 12.61 0.63% 0.51% -0.11% 26 NUVEEN MA PREM NMT 13.83 0.38% -1.42% -1.80% 26 BLACKROCK NEW YORK MUNICIPAL BOND CF BQH 14.37 0.85% -1.20% -2.03% 26 ISHRS MID VALUE ETF JKI.O 148.19 0.84% 4.01% 3.14% 26 SPDR BCLY CP MRT MBG 26.44 0.36% -0.39% -0.75% 26 VANGUARD Short-Term Corporate Bond VCSH 80.07 0.26% 0.26% -0.01% 26 PROSHARES TR ULTRA SMALLCAP600 ETF SAA 83.08 3.63% 11.92% 8.00% 26 MASS HEALTH EDU MHE 14.20 2.19% -0.77% -2.90% 26 ISHR ST NAT MUN SUB 106.04 0.26% 0.41% 0.15% 26 ABERDEEN AUSTRALIA EQUITY CF IAF 6.12 0.13% 4.72% 4.58% 25 REVENUESHARES MC RWK 55.80 1.22% 4.54% 3.27% 25 RYDEX S&P EQUAL WEIGHT FINANCIAL ETF RYF 37.71 0.55% 5.99% 5.40% 25 BLACKROCK MUNICIPAL BOND TRUST CF BBK 15.40 1.71% -3.25% -4.87% 25 BIOTECH HOLDRS BBH.O 120.87 1.59% 5.42% 3.77% 25 SPDR SP INT ENG IPW 18.12 -0.66% 0.44% 1.11% 25 BLACKROCK NEW JERSEY MUNICIPAL BD CF BLJ 14.96 1.66% -2.91% -4.50% 25 ISHARES TRUST ETF TIP 114.83 0.38% 0.37% -0.01% 25 BLACKROCK MUNIVEST CF MVF 9.79 1.19% -1.63% -2.78% 25 BLACKROCK ENHANCED GOVERNMENT CF EGF 13.30 0.24% -0.80% -1.04% 24 ISHARES TRUST COHEN FD ETF ICF 101.22 0.91% 0.64% -0.27% 24 EATON VANCE SHORT DURATION INCOME CF EVG 14.05 -0.29% 2.05% 2.35% 24 WESTERN ASST MNGD MUNCPLS CF MMU 13.91 0.74% -1.09% -1.82% 24 ULTRA FINANCIALS ETF UYG 96.75 0.43% 9.38% 8.91% 24 VANGUARD SHORT TERM BOND ETF BSV 79.95 0.16% -0.01% -0.17% 24 iSHARES DJ US FNL ETF IYF 104.06 0.38% 4.88% 4.48% 24 POWERSHARES DYNAMIC RETAIL PRTFL ETF PMR 35.84 2.16% 0.56% -1.57% 24 BLACKROCK MUNIYIELD CALIFORNIA CF MYC 15.25 1.69% -3.03% -4.64% 24 WISDOMTREE MIDCAP DIVIDEND ETF DON 97.61 0.69% 3.58% 2.87% 24 BLACKROCK FLORIDA MUNICIPAL 2020 CF BFO 15.12 0.08% 0.10% 0.02% 23 PWRSHRS FODBEV ETF PBJ 33.48 0.68% 1.15% 0.46%

47 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

23 SPDR BARCLAYS CAPITAL TIPS ETF IPE 56.89 0.38% -0.02% -0.40% 23 WESTRN CLYMR INFLTN OPPRT & INCM ETF WIW 11.16 0.43% 0.37% -0.06% 23 FIRST TRUST/FIDAC MORTGAGE INCOME CF FMY 14.14 0.25% -0.06% -0.31% 23 EATON VANCE INSURED PENNSYLVANIA CF EIP 13.04 0.21% -2.06% -2.26% 23 ISHARES LEHMAN 1-3 YEAR CREDIT ETF CSJ 105.33 0.09% 0.07% -0.01% 23 MADISON/CLMR COV CALL & EQU STRT ETF MCN 8.03 0.52% 1.95% 1.42% 23 RYDEX S&P 500 PURE VALUE ETF RPV 59.03 0.93% 4.02% 3.06% 23 VANGUARD Short-Term Inflation-Protected Secur VTIP 49.49 0.11% 0.20% 0.09% 22 EATON VANCE LIMITED DURATION INCM CF EVV 13.99 0.31% 1.73% 1.42% 22 ISHARES S&P MIDCAP 400 VAL INDEX ETF IJJ 148.57 0.86% 4.29% 3.39% 22 ISHARES LEHMN 1-3 YR TRSRY BND ETF SHY 84.60 0.06% -0.04% -0.10% 22 NUVEEN SENIOR INCOME CF NSL 6.84 -0.88% 1.88% 2.79% 22 WESTERN CLYMR INFLTN SEC & INCM ETF WIA 11.40 0.39% 0.18% -0.21% 22 VANGUARD Short-Term Government Bond VGSH 60.81 0.03% -0.11% -0.14% 22 BLACKROCK NEW YORK MUNICIPAL 2018 CF BLH 14.88 0.09% -0.46% -0.55% 22 ISHR NASDAQ BIO IBB.O 295.79 1.37% 4.15% 2.74% 22 ISHARES S&P S CAP600 VAL FND ETF IJS 139.26 1.32% 4.08% 2.72% 22 SPDR LEHMAN 1-3 MONTH T BILL ETF BIL 45.70 -0.03% -0.04% -0.01% 21 POWERSHARES VRDO TAX FREE WEEKLY ETF PVI 24.92 0.03% 0.05% 0.02% 21 LMP CORPORATE LOAN CF TLI 11.41 -0.57% 1.88% 2.46% 21 ISHARES LEHMAN SHORT TREASURY ETF SHV 110.27 -0.01% -0.06% -0.05% 21 EATON VANCE INSURED NY MUNI BD II CF NYH 11.94 0.35% -2.96% -3.30% 21 BLACKROCK CALIFORNIA MUNICPL 2018 CF BJZ 15.11 0.13% -0.03% -0.16% 21 BLACKROCK CALIFORNIA MUNICPL INCM CF BFZ 14.48 1.26% -3.50% -4.70% 21 POWERSHARES DYNAMIC BLDG CONSTRN ETF PKB 29.34 0.37% 5.61% 5.22% 21 PWRSHRS HGH YLD ETF PEY.O 17.00 0.53% 2.92% 2.38% 21 EATON VANCE SENIOR FLOATING RATE CF EFR 14.91 -0.14% 2.18% 2.33% 20 BLACKROCK FLOAT RATE INC CF FRA 14.42 0.08% 1.85% 1.77% 20 BLACKROCK MUNICIPAL 2018 TERM CF BPK 15.05 0.04% -0.31% -0.35% 20 FRANKLINTEMPLETON LIMITED INCOME CF FTF 12.07 0.87% 0.49% -0.38% 20 DUFF & PHELPS DUC 9.24 -0.08% -1.37% -1.29% 20 EATON VANCE SENIOR INCOME CF EVF 6.75 -0.39% 2.17% 2.57% 20 MRKT VCT RVE AST HAP 32.97 -0.51% 1.22% 1.74% 20 REVENUE SHR FNCL RWW 58.52 0.01% 5.48% 5.48% 20 VANGUARD REIT ETF VNQ 83.47 0.69% 0.21% -0.48% 20 RYDEX S&P MIDCAP 400 PURE VALUE ETF RFV 62.32 0.98% 4.06% 3.05% 20 MFS INTERMEDIATE INCOME CF MIN 4.34 0.36% -1.29% -1.65% 19 VANGUARD SMALL-CAP VALUE ETF VBR 122.67 0.64% 3.87% 3.22% 19 NUVEEN FLOATG RATE INCM OPPORTNTY CF JRO 11.90 0.61% 1.82% 1.20% 19 PowerShares DB Agriculture Fund DBA 19.90 0.40% -1.45% -1.84% 19 PS DYN MEDIA PF PBS 27.52 0.40% 3.90% 3.49%

48 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

19 PIMCO MUNI INCM PMF 13.66 2.06% -6.92% -8.80% 19 iSHARES LRG VAL ETF JKF 95.14 0.04% 2.43% 2.39% 19 TEMPLETON GLOBAL INCOME CF GIM 6.65 0.05% 2.73% 2.68% 19 iShares Silver Trust ETF SLV 16.59 0.44% -0.65% -1.09% 19 DTF TAX FREE INCOME CF DTF 14.93 -0.26% -1.85% -1.59% 18 PWRSHRS PHARM ETF PJP 59.75 0.45% 0.63% 0.18% 18 PowerShares DB Base Metals Fund DBB 15.68 -1.53% 2.99% 4.59% 18 NUVEEN MULTI STRATEGY INC & GRT 2 CF JQC 8.73 -0.57% 0.88% 1.46% 18 EATON VANCE TAX MANAGED BUY WRITE CF ETB 16.41 -0.15% -0.75% -0.61% 18 PS GBL GOLD AND PRECS PSAU 19.51 -0.54% -2.59% -2.06% 18 RYDEX CURR SHS CANADIAN DOLLAR ETF FXC 73.15 0.04% -1.55% -1.59% 18 FIRST TRUST S&P REIT INDEX ETF FRI 23.18 0.37% -0.16% -0.52% 18 Financial SPDR, XLF XLF 23.45 -0.40% 4.85% 5.28% 18 LATIN AMERICAN DISCOVERY CF LDF 10.41 -2.85% 2.20% 5.21% 18 PS EMERGING INFRA PXR 34.40 -1.59% 4.36% 6.05% 17 PUTNAM PREM INCM PPT 5.18 -0.80% 2.69% 3.52% 17 MARKET VECTORS GOLD MINERS ETF GDX 22.76 -0.45% -3.10% -2.66% 17 VANGUARD FINANCIALS ETF VFH 59.68 -0.39% 4.80% 5.22% 17 MASSMUTUAL PARTICIPATION INVESTR ETF MPV 14.04 -1.85% -3.60% -1.78% 17 DJ WILSHIRE REIT ETF RWR 92.78 0.29% -0.70% -0.99% 17 FIRST TRUSTFOUR CORNERS SENIOR II CF FCT 13.57 -0.61% -0.83% -0.22% 17 MFS GOVERNMENT MARKETS INCOME CF MGF 4.96 0.18% -2.56% -2.73% 17 iSHARES DJ US TEL ETF IYZ 33.58 1.88% 1.95% 0.06% 17 SPDR S&P EMERGING LATIN AMERICA ETF GML 49.47 -2.72% 3.38% 6.27% 17 iSHARES RUSS2000V ETF IWN 117.52 0.45% 3.63% 3.17% 16 iSHARES DJ US FIN ETF IYG 107.45 -0.68% 4.99% 5.71% 16 NEUBERGER BERMAN CALIF INTERM MNC CF NBW 14.26 0.38% -4.82% -5.18% 16 PROSHRS FINANCIAL SEF 13.49 -0.50% -6.17% -5.70% 16 PowerShares DB Silver Fund DBS 27.14 0.34% -1.39% -1.73% 16 ELEMENTS Rogers International Commodity Metal RJZ 7.94 -0.93% 1.03% 1.98% 16 WISDOMTREE SMALLCAP DIVIDEND ETF DES 80.85 0.75% 2.52% 1.76% 16 ING PRIME RATE ETF PPR 5.38 -0.76% -0.44% 0.33% 16 PWRSHRS DYNMIC BSC MATRLS SEC ETF PYZ.O 60.75 0.03% 1.91% 1.89% 16 ISHARES DOW JONES US BRKR-DEALRS ETF IAI 50.27 -0.41% 4.77% 5.20% 15 NEUBERGER BERMN REAL EST SEC INCM CF NRO 5.30 -0.33% -1.45% -1.12% 15 COHEN STEERS QUAL INCOME REALTY CF RQI 12.54 -0.40% 0.20% 0.60% 15 NUVEEN MUNICIPAL INCOME CF NMI 11.91 -2.44% -0.06% 2.43% 15 iSHARES CANADA ETF EWC 26.34 -0.60% 0.27% 0.88% 15 Dow Jones-AIG Copper Total Return ETN JJC 29.21 -0.68% 3.27% 3.97% 15 iPath Dow Jones-AIG Cotton Total Return Sub-I BAL 48.70 -2.10% 1.73% 3.91% 15 Brazil Market Vectors Small-Cap ETF BRF 19.35 -3.22% 6.09% 9.63%

49 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

15 REVENUESHARES SC RWJ 65.83 0.43% 3.14% 2.70% 15 WTR MID EAST DIV GULF 17.25 -0.81% 1.05% 1.88% 15 RYDEX CURR SHS AUSTR DOLLAR TRST ETF FXA 74.38 -0.85% -1.34% -0.49% 14 MASSMUTUAL CORPORATE INVESTOR ETF MCI 15.13 -1.27% -6.06% -4.86% 14 NUVEEN NJ MUN VL NJV 15.00 0.87% -4.00% -4.83% 14 HANCOCK BK THR BTO 34.46 0.15% 4.55% 4.40% 14 WT DRYFS BRAZ RL BZF 17.92 -1.83% 2.32% 4.23% 14 PIMCO NEW YORK MUN INCOME III CF PYN 9.76 -0.15% -4.49% -4.35% 14 POWERSHARES WILDERHILL PROGRSS ETF PUW 25.68 0.01% 1.96% 1.95% 14 FIRST TRUST VALUE LINE 100 ETF FVL 21.34 0.13% 0.68% 0.55% 14 PS ULTRASHRT SILVER ZSL 30.83 -1.94% -4.34% -2.45% 14 PROSHARES TR SHRT RUSSELL2000 ETF RWM 46.69 -2.11% -7.24% -5.24% 13 PROSHARES TR SHORT SMALLCAP600 ETF SBB 38.00 -2.59% -9.42% -7.01% 13 Silver Miners Global X, SIL SIL 35.19 -1.25% -7.83% -6.66% 13 ULTRASHORT FINANCIALS PROSHARES ETF SKF 28.49 -0.96% -12.68% -11.84% 13 iPath Dow Jones-AIG Cocoa Total Return Sub-In NIB 24.43 1.30% -15.82% -16.89% 13 iSHARES AUSTRAL ETF EWA 21.72 -1.94% 2.12% 4.15% 13 PS ULTRASHRT YEN YCS 71.30 -1.50% 0.48% 2.01% 13 VANGUARD TELECOMMUNICATION SERVC ETF VOX 95.69 0.63% -0.08% -0.70% 13 PIMCO NEW YORK MUNICI INCOME II CF PNI 11.66 0.27% -5.74% -6.00% 13 PowerShares DB Gold Short ETN DGZ 13.80 -1.54% -2.91% -1.39% 13 Dow Jones-AIG Industrial Metals Total Return JJM 23.88 -2.16% 1.65% 3.90% 12 ASA ETF ASA 11.90 -1.88% -5.68% -3.88% 12 SHORT MIDCAP400 PROSHARES ETF MYY 12.27 -2.20% -7.23% -5.14% 12 GreenHaven Continuous Commodity Index Fund GCC 18.66 -1.83% -4.15% -2.37% 12 ProShares Ultra Silver ETF AGQ 37.76 0.03% -4.60% -4.63% 12 PowerShares DB Base Metals Double Long ETN BDD 6.63 -8.51% 1.77% 11.23% 12 E-TRACS CMCI Long Platinum ETN PTM 9.74 -2.04% -7.18% -5.24% 12 ISHARES DJONES US REGNL BNKS IDX ETF IAT 43.52 -1.72% 3.13% 4.93% 12 iSHARES S&P LAT ETF ILF 30.31 -3.51% 1.52% 5.21% 12 PWRSHRS ZACKS MIC ETF PZI 18.10 0.28% 1.24% 0.96% 11 PIONEER FL RT TR PHD 11.87 -2.86% -0.54% 2.38% 11 ELEMENTS Rogers International Commodity Agric RJA 6.16 -1.62% -3.06% -1.47% 11 iSHARES SML VALUE ETF JKL 140.09 -1.12% 1.05% 2.19% 11 PWRSHRS DYNMIC FINANCIAL SECTOR ETF PFI.O 30.00 -1.35% -2.00% -0.66% 11 iSHARES S&P GLOB ENG ETF IXC 31.90 -2.77% -4.04% -1.31% 11 POWERSHRS DB US DLR INDX BULLISH ETF UUP 24.99 -2.37% -2.53% -0.17% 11 Dow Jones-AIG Commodity Index Total Return ET DJP 22.56 -2.56% -4.33% -1.82% 11 KBW BANK ETF KBE 41.40 -2.20% 2.83% 5.14% 11 ELEMENTS Rogers International Commodity Index RJI 4.86 -2.84% -3.97% -1.16% 11 ELEMENTS MLCX Grains Index ETN GRU 3.72 -1.50% -3.28% -1.81%

50 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

10 iShares GSCI Commodity-Indexed Trust ETF GSG 14.12 -2.93% -5.10% -2.24% 10 SHORT DOW30 PROSHARES ETF DOG 17.56 -2.18% -8.51% -6.47% 10 Ultra Telecommunications LTL 53.56 -0.13% -1.38% -1.26% 10 NUVEEN PN MUN VL NPN 15.40 -0.21% -5.28% -5.08% 10 MARKET VECTORS RUSSIA ETF RSX 19.69 -3.89% -1.54% 2.44% 10 CLYMR DEL GL SPG SEA 11.72 -2.04% -0.36% 1.71% 10 PS UL SRT 7 10 YR PST 21.09 -2.66% -2.55% 0.12% 10 POWERSHARES DB G10 CURR HARVEST ETF DBV 24.19 -2.33% -3.57% -1.28% 10 BLACKROCK GLOBAL ENRGY & RESOURCS CF BGR 13.26 -2.49% -5.66% -3.25% 10 E-TRACS BBERG UCI 13.33 -3.40% -4.06% -0.68% 9 KBW REGIONAL BANKING ETF KRE 52.36 -2.29% 2.62% 5.02% 9 PowerShares DB Commodity Index Tracking Fund DBC 14.42 -3.54% -4.99% -1.50% 9 PETROLEUM & RESOURCES CF PEO 18.73 -2.77% -4.99% -2.29% 9 ULTRASHORT BASIC MATERIALS ETF SMN 17.97 -2.63% -14.52% -12.22% 9 PSHR US RL EST SRS 32.01 -2.67% -8.84% -6.33% 9 SHORT S&P500 PROSHARES ETF SH 33.32 -2.70% -8.00% -5.44% 9 Dow Jones-AIG Grains Total Return ETN JJG 27.22 -1.25% -4.29% -3.09% 9 PowerShares DB Gold Double Short ETN DZZ 5.64 -2.84% -4.73% -1.94% 9 Goldman Sachs Commodity Index (GSCI) Total Re GSP 13.01 -3.51% -5.82% -2.40% 8 KAYNE ANDERSON ENERGY ORD KED 18.20 -3.49% -4.39% -0.93% 8 United States Gasoline Fund UGA 25.20 -3.06% -7.15% -4.22% 8 PROSHARES TR ULTRASHRT RUSEL2000 ETF TWM 21.46 -4.25% -14.86% -11.08% 8 SPDR SP RETAIL XRT 41.30 -1.82% -5.05% -3.29% 8 PowerShares Deutsche Bank Energy Fund DBE 11.78 -4.60% -6.48% -1.97% 8 SPDR S&P METALS & MINING ETF XME 28.90 -2.44% -2.37% 0.07% 8 United States Heating Oil Fund UHN 14.03 -3.66% -7.29% -3.77% 8 D -3X Financial Bear, FAZ FAZ 18.89 -2.54% -20.69% -18.62% 8 CLYMR SWM CANADIAN ENGY INCM IDX ETF ENY 8.14 -3.85% -6.69% -2.95% 8 ULTRASHORT MIDCAP400 PROSHARES ETF MZZ 22.48 -4.99% -15.72% -11.29% 7 TORTOISE ENERGY INFRASTRUCTURE ETF TYG 31.59 -6.92% -1.43% 5.89% 7 PowerShares DB Oil Fund DBO 8.23 -4.43% -7.59% -3.31% 7 RYDEX S&P SMALLCP 600 PURE VALUE ETF RZV 65.25 -1.88% -3.16% -1.30% 7 iPath Global Carbon ETN (GRN) GRN 5.93 3.85% 0.62% -3.11% 7 Short Gold -2x ProShares UltraShort GLL 72.21 -3.58% -7.11% -3.66% 7 MARKET VECTORS COAL ETF KOL 12.68 -6.24% -1.20% 5.37% 7 United States 12 Month Oil Fund USL 17.28 -4.35% -7.83% -3.63% 7 ELEMENTS Rogers International Commodity Energ RJN 2.29 -4.76% -7.92% -3.31% 7 D -3X 10-yr USTBond Bear, TYO TYO 13.83 -4.15% -4.58% -0.45% 6 United States Oil Fund USO 9.86 -4.55% -8.91% -4.57% 6 ISHARES S&P GSSI NATURAL RES IDX ETF IGE 31.94 -4.36% -7.31% -3.08% 6 JPM ALERIAN MLP AMJ 29.85 -5.42% -5.24% 0.19%

51 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

6 PowerShares DB Crude Oil Long ETN OLO 4.04 -5.60% -9.23% -3.85% 6 iSHARES BRAZIL ETF EWZ 34.93 -5.43% -2.21% 3.41% 6 ENERGY SELECT SECTOR SPDR ETF XLE 65.09 -4.66% -8.19% -3.70% 6 PROSHARES TR ULTRASHRT SMLCP600 ETF SDD 19.42 -5.77% -22.52% -17.78% 6 Dow Jones-AIG Agriculture Total Return ETN JJA 32.05 -4.29% -9.42% -5.36% 6 iSHARES DJ ENR ETF IYE 35.64 -5.00% -8.75% -3.94% 6 PRS ULT SRT20PLUS YR TBT 35.63 -6.16% -4.87% 1.38% 5 MARKET VECTORS STEEL INDEX ETF SLX 36.37 -4.12% -2.40% 1.79% 5 KAYNE AND MLP IN ETF KYN 18.76 -5.52% -5.73% -0.22% 5 ULTRASHORT DOW30 PROSHARES ETF DXD 12.08 -4.25% -16.58% -12.88% 5 VANGUARD ENERGY ETF VDE 89.10 -5.17% -9.02% -4.06% 5 D -3X Small Cap Bear, TZA TZA 16.83 -6.76% -23.25% -17.68% 5 SHORT MSCI EMERGING MARKETS ETF EUM 20.78 -3.80% -11.09% -7.58% 5 POWERSHARES DYNAMIC EXPLRTN PRDN ETF PXE 19.26 -5.62% -10.53% -5.21% 5 PROSHARES SHORT MSCI EAFE ETF EFZ 27.31 -5.11% -11.52% -6.76% 5 ULTRASHORT S&P500 PROSHARES ETF SDS 12.56 -5.27% -15.52% -10.82% 4 Goldman Sachs Crude Oil Total Return ETN OIL 5.04 -6.06% -12.42% -6.77% 4 United States Natural Gas Fund UNG 6.77 -9.55% -15.11% -6.15% 4 SHORT QQQ PROSHARES ETF PSQ 38.93 -5.65% -13.88% -8.72% 4 ISHARES DOW JONES US OIL&GAS EXP ETF IEO 54.63 -6.94% -10.90% -4.26% 4 PS ULTRASHRT EURO EUO 23.64 -6.78% -7.52% -0.79% 4 MV DBL SHRT EURO DRR 56.22 -6.13% -6.15% -0.02% 4 RYDEX S&P EQUAL WEIGHT ENERGY ETF RYE 52.74 -7.25% -11.59% -4.68% 4 KAYNE ANDERSON ENERGY TOTAL RETRN CF KYE 10.96 -8.74% -7.25% 1.64% 4 ULTRASHORT MSCI JAPAN ETF EWV 32.75 -9.63% -16.31% -7.39% 4 PowerShares DB Agriculture Double Long ETN DAG 3.11 -6.11% -14.37% -8.80% 3 D -3X 30-yr USTBond Bear, TMV TMV 19.36 -9.35% -8.55% 0.89% 3 FIDUCIARY/CLAYMORE MLP OPPORTUNTY CF FMO 13.88 -8.27% -9.90% -1.78% 3 FIRST TRUST ENERGY ALPHADEX ETF FXN 13.33 -7.48% -13.00% -5.98% 3 ULTRASHORT CONSUMER GOODS ETF SZK 14.86 -7.40% -17.19% -10.57% 3 SPDR S&P OIL & GAS EXPL & PROD ETF XOP 32.32 -8.86% -14.85% -6.56% 3 PWRSHRS DYNMIC ENRGY SEC ETF PXI.O 34.03 -7.76% -15.80% -8.72% 3 iPath Dow Jones-AIG Coffee Total Return Sub-I JO 17.02 -8.47% -18.46% -10.92% 3 FIRST TR ISE REVERE NTRL GAS IDX ETF FCG 20.89 -10.15% -16.75% -7.34% 3 ProShares Ultra DJ-AIG Crude Oil ETF UCO 16.23 -9.45% -19.09% -10.65% 2 Dow Jones-AIG Nickel Total Return ETN JJN 10.43 -7.13% -15.77% -9.30% 2 ULTRASHORT INDUSTRIALS PROSHARES ETF SIJ 21.65 -7.91% -23.60% -17.04% 2 ULTRASHORT UTILITIES PROSHARES ETF SDP 25.45 -8.51% -19.76% -12.29% 2 ULTRASHORT FTSE XINHUA CHINA 25 ETF FXP 24.39 -8.65% -17.73% -9.94% 2 BCL IPTSP500 MT VXZ 24.17 -5.19% -24.87% -20.75% 2 ULTRA OIL & GAS PROSHARES ETF DIG 31.76 -10.13% -17.31% -7.99%

52 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

2 ML OIL SERVICE HOLDRS OIH 25.87 -9.36% -14.94% -6.15% 2 ULTRASHORT MSCI EMERGING MARKETS ETF EEV 11.29 -7.76% -21.88% -15.31% 2 ISHARES DJONES US OIL EQP & SER ETF IEZ 35.16 -9.74% -14.94% -5.76% 2 POWERSHARES DYNM OIL SRVCS PRTFL ETF PXJ 9.70 -10.21% -17.02% -7.59% 1 ULTRASHORT QQQ PROSHARES ETF QID 16.20 -11.05% -26.25% -17.08% 1 SPDR S&P OIL & GAS EQUIP & SERVS ETF XES 16.10 -11.54% -18.54% -7.91% 1 D +3X Energy Bull, ERX ERX 25.12 -14.36% -24.66% -12.03% 1 iPath Dow Jones-AIG Sugar Total Return Sub-In SGG 29.26 -16.62% -32.33% -18.84% 1 Dow Jones-AIG Natural Gas Total Return ETN GAZ 0.35 -17.60% -31.50% -16.86% 1 D -3X Emerging Mkts. Bear, EDZ EDZ 14.31 -11.56% -32.07% -23.18% 1 D -3X Devp Mkts Bear, DPK DPK 15.27 -15.18% -31.54% -19.29% 1 PRSH US SEMI COND SSG 15.02 -15.32% -32.71% -20.53% 1 BCL IPTSP500 ST VXX 13.21 -13.60% -45.49% -36.91% 1 PowerShares DB Commodity Double Long ETN DYY 2.36 -29.67% -30.14% -0.67%

53 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

Colby Economic Expectations Index 110 105 100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 25 20 15 10 5

0

Date

1/2/13 7/8/15 9/3/15 1/5/16 3/1/16

1/15/15 2/15/17 6/22/11 8/23/11 2/27/12 4/26/12 6/29/12 8/30/12 11/1/12 2/28/13 4/26/13 6/20/13 8/16/13 12/3/13 1/29/14 3/26/14 5/22/14 7/22/14 9/17/14 3/12/15 5/12/15 11/4/15 4/29/16 6/28/16 8/25/16 4/12/17

10/25/11 12/22/11 10/16/13 11/18/14 10/20/16 12/15/16 Our Colby Economic Expectations Index fell to 6, down from 10 the previous week. The graph shows that the actual economic data has been disappointing relative to economists' estimates since early April this year. The economists on the Federal Open Market Committee view that growth downturn as likely to be transitory--but they have been overly optimistic about economic growth for most of the past 3 years. On Friday, 5/19/2017, St. Louis Fed President James B. Bullard suggested that the FOMC’s contemplated interest rate increases and balance sheet reductions might be overly hawkish in a sluggish economy.

Financial Stress Index -0.55 -0.60

-0.65

2017-01-03 2014-03-03 2014-05-03 2014-07-03 2014-09-03 2014-11-03 2015-01-03 2015-03-03 2015-05-03 2015-07-03 2015-09-03 2015-11-03 2016-01-03 2016-03-03 2016-05-03 2016-07-03 2016-09-03 2016-11-03 2017-03-03 2017-05-03 2017-07-03 2017-09-03 -0.70 2014-01-03 -0.75 -0.80 -0.85 -0.90 -0.95 Financial Stress has eased since 2/12/16. A declining trend is positive for the economy and for stock prices. The Chicago Fed’s National Financial Conditions Index (NFCI) provides a comprehensive weekly update on U.S. financial conditions in money markets, debt and equity markets, and the traditional and “shadow” banking systems.

54 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

The Conference Board's Leading Economic Index increased 0.3% in April, continuing its 8- months uptrend.

The Conference Board's Consumer Confidence Index turned lower in May and April but remains at high levels indicative of expectations that the economy will continue to expand.

55 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

The University of Michigan's Index of Consumer Sentiment Expectations has improved since the November election.

The ISM Manufacturing Index grew somewhat faster than economists expected pace in May.

56 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

Personal income and personal spending matched economists' expectations, showing positive growth, although at a slightly slower pace over the past 3 months.

Personal consumption expenditures rose only 0.3% in the first quarter of 2017--the slowest growth in more than seven years.

57 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

Industrial production and the capacity utilization rate have improved over the past year, rising from contraction to sluggish growth.

The Philadelphia Fed Index rebounded to 38.8 in May, indicating strong growth.

58 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

Housing starts and building permits indicate slow growth. Economists keep hoping for a pickup. Economists do not expect slightly rising inflation and rising interest to be a problem.

Retail sales continue to show steady growth in the 3% to 4% range year over year.

59 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

Productivity remains too low to promote the hoped-for rising standard of living.

Total factory orders growth rate slowed somewhat in March, following a strong eight- months uptrend.

60 Colby Global Markets Report A Publication of Robert W. Colby Asset Management, Inc.

Durable goods orders suffered a sharp setback in April.

New Orders for Nondefense Capital Goods (excluding aircraft) show little growth, but that is better than the contraction in 2016, which had been a drag on growth rates of the larger economy.

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New home sales for April fell to their lowest level since December. All regions showed declines, with the largest drop in the West. The median price of a new home declined 3.8% year-over- year to $309,200.

Initial claims for unemployment benefits have been lower and better than economists expected for years already. Note that some economists question the way this data is compiled.

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Payrolls were lower than expected in May, and lower than in April, but are still growing.

The unemployment rate declined to 4.3% in May, to a 16-year low, down from 4.4% in April. The labor force participation rate fell to 62.7% in May from 62.9% in April.

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Average hourly earnings increased 0.2% in May, less than economists' expectations. Over the past 12 months, average hourly earnings have risen 2.5%. Economists have been hoping for higher growth in earnings to stimulate consumer spending.

Governing authorities cannot protect you from the next financial crisis. According to Federal Reserve Bank of New York President William Dudley, U.S. policy makers are “a long way” from being able to identify developing risks to financial stability and act in time to prevent future crises. “We may not be able to anticipate the next area of excess.”

Adam Posen, president of the Peterson Institute for International Economics in Washington, contends that the U.S. institutional framework for preventing crises is “likely to fail.” Posen said discretion within individual financial institutions was “huge,” forming a “recipe for creating uncertainty.” Posen is skeptical of the council of financial regulators created by the Dodd-Frank Act of 2010, known as the Financial Stability Oversight Council, which he calls “a mess”, due to Washington’s difficulties in coordinating between multiple agencies.

The shaky global economic recovery and the threat of extreme market volatility leave the world's central banks with little or no margin for error, Bank of England Governor Mark Carney said at a joint meeting of the International Monetary Fund and the World Bank. "This is a pretty unforgiving environment" and "not a type of economy in which one can make mistakes," he said.

The world is faced with "massive" challenges, according to IMF Managing Director Christine Lagarde. Low productivity, ageing populations, and the effects of the global financial crisis dampen prospects for future economic growth. Rising interest rates in the United States and an economic slowdown in China are contributing to uncertainty and a higher risk of economic vulnerability worldwide. The financial sectors in many countries are weak. Rising interest rates

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contribute to higher financing costs for some borrowers, including those in emerging and developing markets, thereby lessening their ability to absorb shocks. Emerging market companies with debt in dollars and revenue in sinking local currencies could struggle as the Fed begins what is expected to be a series of interest rate increases. Rising U.S. interest rates and a stronger dollar could lead to companies defaulting on their payments, and that could "infect" banks and states.

When the authorities, who almost always express optimism in order to bolster public confidence, admit to this much concern, it should be taken for what it obviously is, a clear warning.

The global debt load surges higher and higher, adding to risks to the global financial system. In the next recession, overextended borrowers (whose numbers are large and growing) may be unable to pay on their loans, and debt defaults could mushroom, leading to general systemic financial distress. The total of all forms of U.S. debt, including government debt, business debt, mortgage debt, and consumer debt, is now more than $59 trillion. The great majority of this debt has accumulated in recent decades--and at an accelerating pace--with the exception of the financial crisis of 2008, when lenders were afraid to lend. This unsustainable growth in debt has blown the greatest debt bubble of all time and has put the economy and financial system at risk. And it is not just the U.S.: global debt held by households, governments, and financial and nonfinancial corporations soared by more than $70 trillion over the past decade to a record $215 trillion, or 325% of global gross domestic product, according to data released by the Institute of International Finance. When people and governments spend more than they earn, debt grows faster than the economy, and the mountain of debt keeps rising higher and higher. When the next recession arrives (and sooner or later there is always another recession), incomes may decline and some borrowers may not be able to make payments on their debts. Some lenders then may be shown to be insolvent, interconnected financial intuitions may fail in a chain reaction, and the global financial system may freeze up again, like it did in 2008. It could be like deja vu all over again, or worse, because the debt load is much larger now.

Stay safe. Thanks to decades of fiscal and monetary malpractice leading to excessive spending, speculation, and misallocation of economic resources, the global financial system has been loaded up with excessive debt, leverage, bad "assets", and hidden insolvency. U.S. cities (Detroit, Stockton) and sovereign nations (Greece, Cyprus, Argentina) have had to admit they are bankrupt and can't pay their debts--and there appear to be other major entities who are trying to cover up their financial weakness. Although central banks print trillions of units of fiat currency (which they pass off as "money"), out of thin air and backed by nothing at all, in an effort to keep the global financial system from collapsing, their inflation of the currencies not only has not fixed the underlying problems, but actually exacerbated the imbalances in the real global economy and, thereby, escalated risks. Debasing the currency is only the first step, which then can be followed by suspending pension payments, imposing capital controls, raising taxes, and bailing in banks by seizing part or all of customers' bank deposits.

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Now is the time to take action. The great majority of investors remain optimistic, but that is only an extrapolation of past performance, and it is no guarantee of rising stock prices going forward. On the contrary, excessive optimism is often a sign that the top is near. Place your assets under our careful management--before the next episode in the ongoing world financial crises hits most portfolios. Make no mistake, the ongoing global economic and financial crisis has not been fixed by any sound or lasting solution. And history shows that governing authorities cannot protect you or give you any advance warning--but we will.

Given the known serious and stubborn economic and financial troubles that defy solutions and create major risks for the outlook ahead, we offer a risk-averse strategy for clients' accounts we manage. Our Safety-First program, which emphasizes absolute return on capital with low risk of major capital loss, could prove most beneficial to your net worth in the year ahead. To learn more about our proprietary Safety-First Portfolio, click here.

If you want to participate in the stock market during the good times, and then automatically shift away from stocks when stock prices are trending down, we have a program for that too: our proprietary Dynamic Allocation Shifting Strategy, click here.

If you agree that making money while staying safe is better than taking uncontrolled risks in the stock market and exposing your nest egg to potentially ruinous losses, we would be very happy to implement our time-tested strategies for all of your assets. It makes good sense to choose protection--especially at this time when the financial world is stretched out of proportion.

We are always happy to discuss your goals and concerns and answer all your questions. Call us now for a free consultation.

Please contact Bill Anderson by phone: 646-652-6879, or by email: [email protected]

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Defining Multiple Time Frames For Classifying Trends

It is important to understand that markets often display very different and conflicting trends, depending on the specific time period analyzed. Nearly a century ago, the Dow Theory established a useful way to organize time/trend information. In harmony with the Dow Theory, we organize our analysis into 4 different time frames, as follows:

Intraday and 2-day trends: these movements are too small and random to comment on here. Daily price "jiggles" cannot be usefully analyzed in a weekly analytical report because they change too frequently. Only the very few professional traders constantly glued to their computers are able to capitalize on the fastest moves. Ignore these price movements.

Short-term trend: lasts a few days up to 2-3 weeks, and occasionally a little more. Short-term price trends also change frequently, often in reaction to the latest news and rumors, and so they are fickle and unreliable. The Dow Theory views short-term minor "Ripples" as "insignificant noise." Although skillful traders may be able to profit from short-term price movements, most investors cannot. Investors can take advantage of minor moves by trading in the opposite direction to the short-term trend, buying on price weakness and selling on price strength.

Medium-term trend: lasts 3 weeks to 3 months, and occasionally up to 8 months in a prolonged trading pattern. It is also known as the intermediate or secondary trend, and it is often a consolidation or correction phase within and opposite to the direction of the long-term trend. The medium-term trend can move from several percentage points up to nearly 20%. It is very significant to swing traders, and it can be important to investors.

Long-term trend: lasts from a few months to a few years, and occasionally even longer. The long- term trend is also known as the primary, dominant, main, and major trend. Prices can move 20%, 30%, 50%, or more. The long-term trend is highly significant for all traders and investors. We always trade in the direction of the long-term trend, buying long in bull markets and selling long or selling short in bear markets, because that puts the probability of making money in our favor. Trading opposite to the long-term trend, that is, buying long in a bear market or selling short in a bull market, would put the odds against us and can lead to disastrous losses. All traders and investors can profit by trading in the same direction as the most important long-term trend.

Relative Strength: Both academic studies and long experience show that probabilities favor buying the strongest trading instruments/investments and avoiding the weak and lagging ones. Although nothing in the markets works every time, buying and holding the strongest instruments has produced above-average returns most years and is one of the very best methods for selecting specific regions, countries, sectors, industries, stocks, bonds, tangible assets, etc. in which to invest.

Investor Sentiment is used for counter-trend trading. When there is a great majority of bulls, rallies suddenly can fizzle and reverse. Conversely, when there is a majority of bears, short-squeeze rallies suddenly can appear, seemingly out of nowhere. Moderate sentiment tends to coincide with uncertain, indecisive markets. Note that sentiment extremes are often early, and momentum can sustain a trend in motion beyond sentiment extremes.

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The information in this report is intended for sophisticated traders and investors who understand the risks of trading in the financial markets. The information and data herein are based on sources available to the public. The contents are not investment advice. Written reports cannot substitute for full-time professional investment management. No representation is made that this information is reliable, accurate, complete or current. No representation is made that any regulatory authority has passed on the merits, adequacy or accuracy of this information. Nothing herein should be interpreted as any kind of offer, solicitation, commitment, promise, warranty, or guarantee whatsoever relating to any of the contents of these pages. INFORMATION PROVIDED IN THIS DOCUMENT IS PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED. The author of this report, as well as affiliated persons and companies, are not responsible for any investment decision and accept no liability for any loss arising from the use of information contained in this report. The reader assumes the entire risk of any use whatsoever of this information. Robert W. Colby Asset Management, Inc. (Colby) hereby certifies that the views expressed in this research report accurately reflect the personal views of the Company’s Chief Investment Officer, Robert W. Colby, CMT, and/or other trained members of Colby, about any and all of the subject markets or securities, and further certifies that no part of the compensation of Colby was, is, or will be directly or indirectly related to the recommendations or views in this report. Colby is engaged in investment management as well as the conduct and publication of professional-quality, independent technical analysis research and, as a matter of policy, always makes best efforts to be as objective and unbiased as possible. Any and all statements referring to Robert W. Colby Asset Management, Inc., performance are intended to be accurate and complete and to disclose all material facts necessary to avoid any unwarranted inference. Any and all investment performance data shown reflect all accounts in our recommended investment program. (Some clients, at their own choosing, may hold securities that are not included in our recommended investment program, or they may choose to deviate from our program in some other way; therefore, their performance results may deviate from our recommended investment program, for better or worse, and are not included in our performance data.) Our performance data reflects the deduction of advisory fees, brokerage or other commissions and fees, and any other expenses that accounts have actually paid. Our performance data reflects the reinvestment of dividends, interest, and other earnings. Our investment strategies and all fees are explained on our website and in our disclosure documents and also are available on request. The industry standard benchmark for performance comparison is generally the S&P 500 Index, although that and all other price indexes have certain limitations in that they differ from our recommended investment program in volatility, asset mix, diversification/concentration, dividends, interest, trading costs, fees, and other factors. Unlike the S&P 500 Index, which passively reflects the price performance of 500 large-capitalization stocks, our recommended investment program is concentrated in relatively few securities and actively aims first for capital preservation and second for capital appreciation. We work continuously to achieve these goals. We try to anticipate and adapt to change. Regulators point out that there can never be any guarantees in investing; there is always risk and the possibility of loss; changing market conditions are beyond anyone's control; and past performance is not a guide to future performance.

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Colby’s technical analysis is prepared using widely-available public data that is generally accepted as reasonably reliable, although Colby cannot guarantee accuracy or completeness of data and analysis and no representation is made to that effect. Colby’s technical analysis is based primarily on analysis of the current price and volume performance of a security relative to other securities and in the context of its historical patterns of performance, in accordance with the Body of Knowledge and Code of Ethics endorsed by the Market Technicians Association, the globally-recognized, professional regulatory organization for technical analysts established in 1973. (See: mta.org.) Investments discussed in this report are not suitable for all investors. This report does not take into account the investment objectives, financial situation or specific needs of any particular investor. Every investor should consider whether any suggestion or recommendation is appropriate given his particular circumstances. Technical analysis alone should not be relied upon as the sole basis for making investment decisions. All publicly available information regarding the security in question should be reviewed, including the fundamentals of the security and other information provided in any filings with the Securities and Exchange Commission (SEC). Although persons and companies associated with Colby may from time to time hold positions in securities mentioned in these research reports, Colby's policy proscribes any employee activity that would conflict with client interests. The information provided herein is protected by copyright and intellectual property laws. You may not reproduce, retransmit, distribute, disseminate, sell, publish, broadcast or circulate the information to anyone in any form whatsoever, without the express written consent of the publisher. Copyright © 2016 by Robert W. Colby Asset Management, Inc. All rights reserved.

Robert W. Colby Asset Management, Inc. 40 Wall Street, 28th Floor, New York, NY 10005 phone: 646-652-6879 email: [email protected]

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