WINDHAVEN INVESTMENT MANAGEMENT, INC. Information

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

Report Date: 06/30/2014

Position Statistics

Total Positions 47
New Positions 7
Increased Positions 25
Decreased Positions 22
Positions with Activity 47
Sold Out Positions 4
Total Mkt Value (in $ millions) 18,195

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 100%
Healthcare
Services
Technology
Transportation
Utilities

47 Positions as of 06/30/2014

Company Class Value of Shares ($1,000s) ▼ Change in Value ($1,000s) Change (%) Shares Held
VANGUARD BD INDEX FD INC TOTAL BND MRKT 1,373,237 42,954 3.23 16,685,753
VANGUARD SPECIALIZED PORTFOLIO DIV APP ETF 1,348,281 557,818 70.57 17,385,956
POWERSHARES QQQ TRUST UNIT SER 1 1,281,236 -48,764 (3.67) 12,981,116
SPDR S&P 500 ETF TR TR UNIT 1,230,167 -78,190 (5.98) 6,200,752
ISHARES MSCI GERMANY ETF 1,089,786 -11,833 (1.07) 37,643,738
SPDR SERIES TRUST BARC SHT TR CP 994,326 -67,870 (6.39) 32,293,809
VANGUARD INDEX FDS REIT ETF 989,858 579,775 141.38 12,831,966
PIMCO ETF TR 0-5 HIGH YIELD 978,173 24,750 2.60 9,237,635
VANGUARD INDEX FDS TOTAL STK MKT 835,259 -35,737 (4.1) 8,133,792
ISHARES GOLD TRUST ISHARES 713,211 52,344 7.92 56,829,530
POWERSHARES DB CMDTY IDX TRACK UNIT BEN INT 688,117 34,783 5.32 27,769,044
VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF 687,109 -1,115 (0.16) 16,481,386
WISDOMTREE TR JAPN HEDGE EQT 618,424 -586,341 (48.67) 12,348,730
ISHARES TR RUSSELL 2000 ETF 595,934 -4,015 (0.67) 5,162,282
ISHARES MSCI UK ETF 591,256 -10,255 (1.71) 28,926,427
ISHARES TR 7-10 Y TR BD ETF 569,388 40,433 7.64 5,449,734
POWERSHARES ETF TR II S&P500 LOW VOL 557,860 -8,310 (1.47) 15,920,663
ISHARES TR A RATE CP BD ETF 398,466 21,254 5.63 7,716,984
ISHARES TR TIPS BD ETF 387,754 28,338 7.89 3,369,133
VANGUARD INTL EQUITY INDEX FD GLB EX US ETF 322,173 2,183 .68 5,421,954