| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING FEES | 2,410 | 0 | 0 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ISHARES TR BRCLYS 20 YR (TLT) | 0 | 0 |
| SECTOR SPDR CONSUMR FD (XLY) | 21,013 | 27,066 |
| SECTOR SPDR TR STPLS (XLP) | 11,475 | 15,258 |
| MATTHEWS ASIAN (MACSX) | 0 | 0 |
| JP MORGAN STRATEGIC (JSOAX) | 18,021 | 18,147 |
| ISHARES PHARM (IHE) | 0 | 0 |
| ISHARES S&P NORTH (SOXX) | 10,364 | 13,088 |
| ISHARES TRUST S&P (MUB) | 28,811 | 28,529 |
| ISHARES S&P NORTH (IGV) | 9,606 | 12,721 |
| PROFUNDS RISING (RDPIX) | 0 | 0 |
| DOUBLELINE TOTAL RETURN (DLTNX) | 31,480 | 30,622 |
| NORTHERN HIGH YIELD (NHFIX) | 0 | 0 |
| OSTERWEIS STRATEGIC (OSTIX) | 15,550 | 15,643 |
| PIMCO INVESTMENT GRACE (PBDDX) | 0 | 0 |
| ISHARES DJ US HOME (ITB) | 0 | 0 |
| ISHARES MSCI EMU INDX FD (EZU) | 26,112 | 27,932 |
| ISHARES MSCI ITALY IDX (EWI) | 0 | 0 |
| ISHARES TRUST DOW JONES (IYW) | 0 | 0 |
| SCH INTM US TRSR ETF (SCHR) | 20,376 | 19,787 |
| SECTOR SPDR FINCL SELECT (XLF) | 9,399 | 11,804 |
| SECTOR SPDR INDL SELECT (XLI) | 21,078 | 29,004 |
| SPDR GOLD TRUST (GLD) | 0 | 0 |
| SPDR S&P BANK ETF (KBE) | 0 | 0 |
| SPDR S&P INSURANCE ETF (KIE) | 7,677 | 10,725 |
| SPDR S&P METALS & MINING (XME) | 0 | 0 |
| SPDR S&P OIL & GAS EQUIP (XES) | 0 | 0 |
| SPDR S&P PHARMACEUTICALS (XPH) | 0 | 0 |
| VANGUARD HEALTH CARE (VHT) | 17,001 | 21,231 |
| DOUBLELINE EMRG MKTS (DLENX) | 11,830 | 11,547 |
| GUGGENHEIM FLOATING RATE (GIFAX) | 7,270 | 7,311 |
| GUGGENHEIM ETF (RYT) | 7,066 | 8,478 |
| ISHARES MSCI UTD KINGDOM (EWU) | 5,174 | 5,533 |
| ISHARES TR RUSSELL 2000 (IWM) | 11,598 | 12,113 |
| ISHARES US HOME CONST (ITB) | 6,886 | 7,570 |
| SECTOR SPDR ENGY SELECT (XLE) | 15,830 | 18,587 |
| SECTOR SPDR MATERIALS (XLB) | 5,263 | 5,546 |
| SPDR S&P REGIONAL BKING (KRE) | 6,474 | 7,107 |
| WISDOMTREE JPN HDGD EQTY (DXJ) | 10,900 | 11,947 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| LEGAL FEES | 130 | 0 | 0 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| DIVIDENDS RECEIVABLE | 945 | 115 | 115 |
| FOREIGN TAXES RECEIVABLE | -30 | -19 | -19 |
| DUE FROM PETER NOVICK | 154 | 200 | 200 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| MISCELLANEOUS | 788 | 0 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT MANGAGEMENT FEES | 3,870 | 3,809 | 0 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAXES PAID | 19 | 19 | 0 |