WINDHAVEN INVESTMENT MANAGEMENT, INC. Information

ONE INTERNATIONAL PLACE, BOSTON, Massachusetts, 02110, (617) 960-5300

Report Date: 12/31/2014

Position Statistics

Total Positions 65
New Positions 24
Increased Positions 27
Decreased Positions 38
Positions with Activity 65
Sold Out Positions 2
Total Mkt Value (in $ millions) 14,459

Institutional Holdings information is filed by major institutions on form 13-F with the Securities and Exchange Commission.

Sector Weighting

Basic Materials
Capital Goods
Conglomerates
Consumer Cyclical
Consumer/Non-Cyclical
Energy
Financial 99.35%
Healthcare
Services
Technology
Transportation
Utilities

65 Positions as of 12/31/2014

Company Class Value of Shares ($1,000s) ▼ Change in Value ($1,000s) Change (%) Shares Held
POWERSHARES QQQ TRUST UNIT SER 1 1,543,638 -432,839 (21.9) 14,233,636
VANGUARD BD INDEX FD INC TOTAL BND MRKT 1,136,861 -196,688 (14.75) 13,771,783
VANGUARD SPECIALIZED PORTFOLIO DIV APP ETF 1,120,795 -250,577 (18.27) 13,634,974
SPDR S&P 500 ETF TR TR UNIT 1,011,946 -234,342 (18.8) 4,813,520
VANGUARD INDEX FDS REIT ETF 830,880 -192,558 (18.82) 10,023,888
SPDR SERIES TRUST BARC SHT TR CP 790,072 -175,130 (18.14) 25,777,228
VANGUARD INTL EQUITY INDEX FD GLB EX US ETF 708,411 -148,903 (17.37) 12,551,577
VANGUARD INDEX FDS TOTAL STK MKT 687,866 -159,730 (18.85) 6,322,302
ISHARES TR 7-10 Y TR BD ETF 677,008 118,316 21.18 6,355,690
POWERSHARES DB CMDTY IDX TRACK UNIT BEN INT 592,360 113,239 23.64 33,166,856
VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF 559,899 -73,172 (11.56) 13,945,178
ISHARES GOLD TRUST ISHARES 521,660 -115,208 (18.09) 44,970,690
ISHARES TR RUSSELL 2000 ETF 496,483 -107,964 (17.86) 4,057,563
ISHARES MSCI GERMANY ETF 487,844 -103,510 (17.5) 16,582,044
ISHARES MSCI HONG KG ETF 463,596 -99,905 (17.73) 21,285,377
POWERSHARES ETF TR II S&P500 LOW VOL 442,082 -131,840 (22.97) 11,679,834
ISHARES TR A RATE CP BD ETF 317,690 -70,927 (18.25) 6,091,842
PIMCO ETF TR 0-5 HIGH YIELD 307,162 -63,691 (17.17) 3,008,733
ISHARES TR TIPS BD ETF 304,319 -64,476 (17.48) 2,681,701
VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETF 221,373 -46,835 (17.46) 5,415,189