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MFS_TAM

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									QA Tactical All Market                                          SM




Strategy Objective: The strategy seeks superior risk-adjusted
investment returns (including positive returns every trailing
twelve months), with a low correlation to the returns of
traditional asset classes, by tactically rotating within and
among a variety of traditional and alternative asset classes

Portfolio Holdings: Fifteen exchange-traded funds (ETFs) within
varying combinations of long equities (up to 5 positions), short
                                                                                                    Long Equities, Short Equities,
equities (up to 5 positions), fixed income (up to 4 positions),
                                                                                               Fixed Income, Commodities, Currencies
commodities (up to 4 positions), currencies (up to 4 positions)                                          and/or Real Estate
and/or real estate (up to 4 positions)



Investment Performance through September 30, 2011

                                                   ANNUAL                                                               ANNUALIZED
                                                                                                                                     SINCE INCEPTION
                                                                2009        2010         2011 YTD              TRAILING 1 YEAR       JANUARY 1, 2009



  Net                                                           6.77%      13.85%          1.61%                   10.72%                    7.98%

  Benchmark                                                     -4.08       1.11       Not Available             Not Available        Not Available



  I N F O R M AT IO N AL I N D I CES

  S&P 500 Index                                                26.46%      15.06%         -8.68%                    1.14%                 10.89%

  MSCI EAFE Index                                              31.78        7.73         -14.98                     -9.36                    7.08

  Barclays Capital U.S. Aggregate Bond Index                    5.93        6.54           6.65                     5.26                     6.97

  U.S. Treasury 3-Month Treasury Bill-Constant Maturity Rate    0.16        0.13           0.08                     0.12                     0.14


                                                        Benchmark: HFRX Quantitative Directional Index



Statistical Analysis through September 30, 2011 (net of fees)

                                       QA TACTICAL         S&P 500        MSCI EAFE       BARCLAYS CAPITAL U.S.        U.S. TREASURY 3-MONTH TREASURY
                                       ALL MARKET           INDEX          INDEX         AGGREGATE BOND INDEX           BILL-CONSTANT MATURITY RATE


  Standard Deviation                     12.05%                18.89%       22.88%                  2.89%                          0.04%

  Correlation                          Not Applicable          0.42          0.40                 -0.21                            0.03



                                                        Please see the disclosures on the next page



                                                                               10225 Yellow Circle Drive, Suite 100 · Minnetonka, MN 55343
                                                                                 phone 952-944-3206 · fax 952-944-5789 · www.QAglobal.net
Glossary of Terms
Correlation: A measure of a portfolio’s movement in relation to                      other tends to increase. A larger negative number indicates a
another. A positive correlation means that as one portfolio                          stronger tendency to move in opposite directions. It is important
increases the other tends to increase as well. A larger positive                     to note that correlation does not imply causation.
number indicates a stronger tendency to behave the same. A                           Standard Deviation: A measure of volatility calculated using
negative correlation means that as one portfolio decreases the                       historical variations from the mean return of a portfolio.




      DISCLOSURES
      The investment performance information included in this fact sheet             performance of the specific sector or group of industries on which they
      has been prepared by Quantitative Advantage, LLC (QA), is for                  are based; international investments, which are subject to additional
      informational purposes only and does not constitute investment                 risks, such as currency fluctuation, confiscatory policy, political
      advice. Upon request, QA will provide you with additional information          instability, and potential illiquidity, including investing in emerging
      about QA, including QA’s investment programs, strategies and fees.             markets, which may accentuate these risks; commodity funds, which
      Please review QA’s Form ADV Brochure carefully before you invest.              may be subject to volatility in the value of futures contracts and
                                                                                     other instruments relating to underlying commodities, together with
      The performance information represents the net composite                       fluctuations in the prices of the underlying commodities themselves,
      performance of client accounts in the QA Tactical All Market                   as well as leverage, liquidity, counterparty and credit risks; currency
      investment strategy. It reflects the re-investment of dividends and            funds, which are subject to similar risks as international investments,
      other earnings and the deduction of investment management fees                 including fluctuations in exchange rates; real estate funds, which
      of QA, investment advisory fees of third party investment advisors (if         are subject to the risks of changing economic conditions, declines in
      applicable) and all execution charges incurred by client accounts.             the value of real estate, increasing vacancies or declining rents, and
      The client accounts included in the composite prior to April 2009              liquidity, counterparty and credit risks; and “inverse” funds, which
      consist primarily of QA in-house accounts, which are not subject to            utilize derivatives and may engage in short selling in order to emulate
      QA’s investment management fees or third party investment advisory             the inverse performance of a particular index, and are subject to
      fees. Other clients would have been subject to QA’s investment                 the risks associated with derivatives, including leverage, liquidity,
      management fees (typically 0.50% per annum) and, in most cases,                counterparty and credit risks. This strategy may also invest in fixed
      third party investment advisory fees, which would have resulted in             income investments, which are subject to various risks, including
      lower net investment returns.                                                  changes in interest rates, credit quality, market valuations, liquidity,
      Past performance of QA’s investment strategies is no guarantee                 prepayments, corporate events, tax ramifications and other risks.
      of future performance, and QA’s strategies, like most investment               Specifically, bonds are subject to market and interest rate risk if sold
      strategies, involve the risk of loss. You should not assume that               prior to maturity. Bond values and yields will decline as interest rates
      future performance results will be profitable or equal to QA’s past            rise and bonds are subject to availability and change in price.
      performance. The use of QA’s strategies may be appropriate for                 Although index funds (which QA uses to implement its investment
      certain investors as part of their overall investment strategy. However,       strategies) are designed to provide investment results that generally
      the use of investment strategies is not a substitute for personalized          correspond to the price and yield performance of their respective
      investment advice and investors should consult with their Advisor              underlying indices, the funds may not be able to exactly replicate
      before implementing any strategy.                                              the performance of the indices because of fund expenses and other
      QA’s investment strategies are implemented using exchange-traded               factors. This is especially the case with respect to inverse funds,
      funds (ETFs), which are subject to risks similar to those of other             which seek to deliver the opposite of the performance of the indexes
      publicly-traded shares, including loss of principal, price volatility,         they track, where the divergence may be significantly greater than
      competitive industry pressures, global political and economic                  with traditional index funds. Inverse funds pursue their investment
      developments, possible trading halts and index tracking error. ETFs            objectives by investing in various financial instruments (including
      with concentrated holdings will be subject to greater volatility than          derivatives), many of which involve the use of leverage, and these
      those that invest more broadly. In all cases, investment returns will          investment strategies increase the risk of divergence. In addition,
      fluctuate and are subject to market volatility, so that a client’s shares,     inverse funds seek to track the inverse of their indexes only on a
      when sold, may be worth more or less than the original cost. Various           daily basis, which means significant divergence can occur over time,
      types of investments involve different kinds of risk, and there is no          especially when the effect of compounding is taken into account.
      assurance that any investment strategy will be profitable. The QA              Comparison of QA’s composite returns to the returns of one or more
      Tactical All Market strategy may make investments in a variety of              specific indices is for illustrative purposes only and does not imply that
      asset classes which are subject to potentially greater risks than other        any composite will have investments which reflect the composition of
      asset categories. In addition, some ETFs in which the strategy may             the indices. QA’s investment strategies are less diversified than these
      invest may have limited liquidity. QA’s investment strategies involve          indices, which may increase both the volatility and risk of client
      a high level of portfolio turnover, which may increase transaction             accounts. An investor cannot invest directly in an index. An index’s
      costs, lower returns and have negative tax consequences in taxable             performance does not reflect the deduction of transaction costs,
      accounts.                                                                      management fees or other costs which would reduce returns.
      Although many ETFs are registered under the Investment Company                 Hedge Fund Research, Inc. provides the monthly return of the
      Act like traditional mutual funds, some ETFs, in particular those that         HFRX Quantitative Directional Index on a preliminary basis by
      invest in commodities, are not registered as investment companies              approximately the middle of the following month, and on a final
      under the Investment Company Act. These types of ETFs may be                   basis by approximately the end of the month, at which time it makes
      formed as limited partnerships or grantor trusts and may have unique           any required revisions. You may obtain the most current information
      tax consequences.                                                              regarding the HFRX Quantitative Directional Index at
      Asset classes in which the QA Tactical All Market strategy may invest          www.hedgefundresearch.com.
      include: small-cap investments, which are subject to greater volatility        For a complete definition of the other indices referred to in this
      than those in other asset categories; sector funds, which may involve          fact sheet, please refer to the sponsor or provider websites at
      a greater degree of risk than investments in other funds with greater          www.standardandpoors.com, www.mscibarra.com, www.barcap.com
      diversification and which may also be adversely affected by the                and www.federalreserve.gov.




                                                                                   10225 Yellow Circle Drive, Suite 100 · Minnetonka, MN 55343
2119 - 0911                                                                          phone 952-944-3206 · fax 952-944-5789 · www.QAglobal.net

								
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