Windham Capital Management

Diversified Strategies

The Windham Diversified Strategies are globally diversified portfolios that offer prudent
risk management through broad asset class exposure and the reduction of
overconcentration. Windham believes allocations should be dynamically adjusted in response
to changing market conditions. This results in controlled volatility and a smoother, more
consistent investor experience.

Portfolio Facts
OBJECTIVE
The Windham Diversified Portfolios are turnkey, multi-asset, core portfolio solutions designed to protect and grow
investor capital through changing market conditions. The portfolios range from Conservative to Aggressive to meet the
diverse investment objectives of investors.

CONSTRUCTION
The Windham Diversified Portfolios use data collected over Windham’s 30-year history of researching risk and asset
allocation to build portfolios designed to grow and protect investor capital through changing market conditions. The
Diversified Portfolios utilize Windham’s risk measures to dynamically adjust portfolio exposures in response to
changing market conditions.

INVESTABLE UNIVERSE
Multi-Asset Class - Global Equity, Global Fixed Income, Commodities, and Global Real Estate

NUMBER OF SECURITIES
Approximately 10-15 ETFs/ETNs

Estimated Annual Turnover

35% (Tax sensitive models available)

Portfolio Overview

Higher

Aggressive
DIVERSIFIED PORTFOLIOS
Moderate
Plus

Invest in global equities, global real estate,

POTENTIAL

Moderate
commodities & global fixed income.
RETURN

Conservative
Plus

Adjust portfolio exposures up to +/- 20% in

response to changing market conditions. Conservative
Equities
Real Estate
Lower

Offered in five models to satisfy unique Commodities

Fixed Income
needs of investors. Tax sensitive models
also available.
Lower Risk RISK Higher Risk
 Select Sub-Asset Classes

US STOCKS FOREIGN BONDS

- Broad US Equities - USD Emerging Market Fixed Income
- US Value - Foreign Developed Government Fixed Income
- US Growth - Local Currency Emerging Market Fixed Income
- US Mid Cap - Hedged Foreign Developed Government Fixed Income
- US Small Cap - Short Term Foreign Developed Government Fixed Income
FOREIGN STOCKS US PROPERTY
- Broad Foreign Equities - US REITs
- Foreign Value Equities - Master Limited Partnerships
- Foreign Growth Equities
- European Equities FOREIGN PROPERTY
- Pacific Equities
OPPORTUNITY SET

- Foreign Real Estate

- Foreign Small Cap
EMERGING MARKETS COMMODITIES
- Emerging Market Equities - Broad Commodities
- Emerging Small Cap Equities

US BONDS
- Broad US Fixed Income
- Broad Short Term US Fixed Income
- Intermediate Treasury Bonds
- Long Term Treasury Bonds
- Intermediate Corporate Bonds
- Short Term Corporate Bonds
- Floating Rate Debt
- Broad High Yield
- Short Term High Yield
- Bank Loans
- Broad Municipal Fixed Income
- Short Term Municipal Fixed Income
- TIPS
- Short Term TIPS

Why ETFs?

An Exchange-Traded Fund (ETF) is an investment vehicle that aims to track the movement of a specific index, such as the
S&P 500 Index, or tracks an asset class, such as U.S. High Yield Bonds. ETFs trade intra-day on an exchange (e.g. The
New York Stock Exchange) and have proliferated in recent years to provide more competition, liquidity, and niche exposure.

Broad Diversification
- ETFs allow an investor to own and track an entire asset class through one holding.
- ETFs now represent a variety of indexes, providing exposure to sub-asset classes and alternatives.

Liquidity & Transparency

- On an intra-day basis, ETFs trade on an exchange and disclosure their holdings.

Fee Compression
- Due to their passive nature, ETFs have a lower fee structure than mutual funds.
- With increased competition from providers, ETF management fees have been steadily decreasing.

DISCLOSURES: The information contained in this presentation (the “Presentation”) is highly confidential and is not to be reproduced or distributed to any other persons (other than professional advisors of the
prospective investors receiving these materials). The Presentation is intended solely for the use of the persons to whom it has been delivered. This Presentation has been prepared solely for informational purposes.
The Presentation is not intended to provide professional or investment advice, and you are advised to seek independent professional advice prior to investing in any products or strategies described in the Presentation
or recommended by Windham Capital Management, LLC. In addition, this Presentation is neither an offer to buy or sell any securities, nor a solicitation of an offer to buy or sell interests or shares in any fund or strategy.
No assurance may be given that the strategies’ investment objectives will be achieved. Investments are subject to investment risks including possible loss of principal amount invested.