| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| WAGNER DREESE ELSASSER & ASSOCIATES - 990-PF | 1,500 | 750 | 750 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ETFS PALLADIUM TRUST SHS BEN INT | 3,202 | 3,202 |
| ETFS PALLADIUM TRUST SHS BEN INT | 2,089 | 2,089 |
| 3M COMPANY | 3,366 | 3,366 |
| ACCENTURE PLC IRELAND CLASS A NEW | 2,878 | 2,878 |
| AES CORP | 2,365 | 2,365 |
| AGILENT TECHNOLOGIES INC | 3,088 | 3,088 |
| APPLE INC | 3,366 | 3,366 |
| AUTOMATIC DATA PROCESSING INC | 2,990 | 2,990 |
| BAYER A G SPONSORED ADR | 3,834 | 3,834 |
| BAYERISCHE MOTOREN WERKE A G ADR | 3,430 | 3,430 |
| BNP PARIBAS SPONS ADR REPGSTG 1/2 SH | 3,881 | 3,881 |
| BRITISH AMERN TOBACCO PLC SPONS ADR 25P | 2,041 | 2,041 |
| CHEVRON CORP | 2,998 | 2,998 |
| CITIGROUP INC NEW | 3,283 | 3,283 |
| CONOCOPHILLIPS | 2,897 | 2,897 |
| CONTINENTAL AG SPONSORED ADR | 4,886 | 4,886 |
| COVIDIEN PLC NEW | 2,860 | 2,860 |
| CVS CAREMARK CORP | 3,149 | 3,149 |
| DANAHER CORP | 3,165 | 3,165 |
| DEUTSCHE BANK AG | 3,232 | 3,232 |
| E M C CORP MASS | 3,571 | 3,571 |
| EMERSON ELECTRIC COMPANY | 2,948 | 2,948 |
| GOLDMAN SACHS GROUP INC | 2,482 | 2,482 |
| HALLIBURTON COMPANY | 3,603 | 3,603 |
| HELMERICH & PAYNE INC | 3,111 | 3,111 |
| HONEYWELL INTL INC | 3,015 | 3,015 |
| ICONIX BRAND GROUP INC | 3,613 | 3,613 |
| JOHNSON & JOHNSON | 2,198 | 2,198 |
| MEDTRONIC INC | 2,697 | 2,697 |
| METLIFE INC | 3,397 | 3,397 |
| MICROSOFT CORP | 3,629 | 3,629 |
| MYLAN INC | 3,863 | 3,863 |
| NIKE INC CL B | 3,224 | 3,224 |
| OCCIDENTAL PETROLEUM COPR | 2,282 | 2,282 |
| PHILIP MORRIS INTL INC | 1,917 | 1,917 |
| PNC FINANCIAL SERVICES GROUP INC | 3,414 | 3,414 |
| PROCTER & GAMBLE COMPANY | 1,791 | 1,791 |
| QUALCOMM INC | 3,787 | 3,787 |
| SEADRILL LTD | 1,849 | 1,849 |
| SHIRE PLC | 3,532 | 3,532 |
| SMITHS GROUP PLC SPON ADR | 3,452 | 3,452 |
| TARGET CORP | 2,531 | 2,531 |
| TECHNIP SPONS ADR NEW | 2,440 | 2,440 |
| VISA INC CLASS A | 3,340 | 3,340 |
| VODAFONE GROUP PLC NEW SPONSORED ADR | 2,437 | 2,437 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| ISHARES CORE S&P MIDCAP CAP ETF | FMV | 23,820 | 23,820 |
| ISHARES US INDUSTRIALS ETF | FMV | 20,986 | 20,986 |
| ISHARES TRUST RUSSELL 2000 INDEX FUND | FMV | 7,960 | 7,960 |
| ISHARES U S INSURANCE ETF | FMV | 9,426 | 9,426 |
| SECTOR TECHNOLOGY SELECT SECTOR SPDR | FMV | 14,760 | 14,760 |
| ISHARES 1-3 YEAR CREDIT BOND FUND | FMV | 13,394 | 13,394 |
| SECTOR CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF | FMV | 11,296 | 11,296 |
| SECTOR CONSUMER STAPLES SELECT SECTOR SPDR ETF | FMV | 8,510 | 8,510 |
| FIRST TRUST FTSE EPRA/NAREIT DEVELOPED MKTS R.E. | FMV | 5,724 | 5,724 |
| ISHARES MSCI GERMANY INDEX FUND | FMV | 11,179 | 11,179 |
| ISHARES NORTH AMERICAN TECHNOLOGY SOFTWARE ETF | FMV | 15,921 | 15,921 |
| SECTOR FINANCIAL SELECT SECTOR SPDR ETF | FMV | 15,695 | 15,695 |
| ISHARES U S OIL EQUIPMENT INDEX ETF | FMV | 13,415 | 13,415 |
| ISHARES MSCI UNITED KINGDOM INDEX ETF | FMV | 13,572 | 13,572 |
| SECTOR ENERGY SELECT SECTOR SPDR ETF | FMV | 9,559 | 9,559 |
| SPDR REGIONAL BANKING ETF | FMV | 8,284 | 8,284 |
| PIMCO TOTAL RETURN ETF | FMV | 25,871 | 25,871 |
| ISHARES INTL INFLATION LINKED BOND ETF | FMV | 3,942 | 3,942 |
| ISHARES MSCI EUROPE FINANCIALS ETF | FMV | 3,517 | 3,517 |
| ISHARES MSCI ITALY CAPPED ETF | FMV | 6,065 | 6,065 |
| ISHARES PHLX SEMICONDUCTOR ETF | FMV | 4,217 | 4,217 |
| ISHARES RUSSELL 2000 ETF | FMV | 11,997 | 11,997 |
| MARKET VECTORS VIETNAM ETF | FMV | 2,725 | 2,725 |
| SECTOR MATERIALS SELECT SECTOR SPDR ETF | FMV | 3,836 | 3,836 |
| VANGUARD HEALTH CARE ETF | FMV | 8,189 | 8,189 |
| WISDOMTREE EUROPE SMALL CAP DIVIDEND ETF | FMV | 5,207 | 5,207 |
| WISDOMTREE JAPAN HEDGED EQUITY FD ETF | FMV | 7,931 | 7,931 |
| GLOBAL X SUPERINCOME PREFERRED ETF | FMV | 1,459 | 1,459 |
| MARKET VECTORS INTL HIGH YIELD BOND ETF | FMV | 2,698 | 2,698 |
| POWERSHARES SENIOR LOAN PORT ETF | FMV | 4,429 | 4,429 |
| SPDR BARCLAYS CAP SHORT TERM HIGH YIELD BOND ETF | FMV | 2,992 | 2,992 |
| ISHARES INTL INFLATION LINKED BOND ETF | FMV | 7,930 | 7,930 |
| ISHARES MSCI EUROPE FINANCIALS ETF | FMV | 2,311 | 2,311 |
| ISHARES MSCI ITALY CAPPED ETF | FMV | 3,991 | 3,991 |
| ISHARES PHLX SEMICONDUCTOR ETF | FMV | 2,763 | 2,763 |
| MARKET VECTORS VIETNAM ETF | FMV | 1,804 | 1,804 |
| SECTOR MATERIALS SELECT SECTOR SPDR ETF | FMV | 2,542 | 2,542 |
| VANGUARD HEALTH CARE ETF | FMV | 5,358 | 5,358 |
| WISDOMTREE EUROPE SMALL CAP DIVIDEND ETF | FMV | 3,414 | 3,414 |
| WISDOMTREE JAPAN HEDGED EQUITY FD ETF | FMV | 5,237 | 5,237 |
| GLOBAL X SUPERINCOME PREFERRED ETF | FMV | 2,918 | 2,918 |
| MARKET VECTORS INTL HIGH YIELD BOND ETF | FMV | 5,423 | 5,423 |
| POWERSHARES SENIOR LOAN PORT ETF | FMV | 8,932 | 8,932 |
| SPDR BARCLAYS CAP SHORT TERM HIGH YIELD BOND ETF | FMV | 6,016 | 6,016 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ADVERTISMENT OF SCHOLARSHIP OFFERED BY FOUNDATION | 719 | 0 | 719 | |
| INVESTMENT EXPENSE | 1 | 1 | 0 |
| Description | Amount |
|---|---|
| ADJUSTMENT FOR INCREASE OF FMV FOR SFAS NO. 124 SECURITIES | 22,890 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| JANNEY MONTGOMERY SCOTT LLC - INVESTMENT MGMT FEES | 5,487 | 5,487 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| 2012 EXCISE TAX ON NET INVESTMENT INCOME | 75 | 0 | 0 |