Pinnacle Advisory Group

Pinnacle Advisory as of Sept. 30, 2014

Portfolio Holdings for Pinnacle Advisory

Pinnacle Advisory holds 132 positions in its portfolio as reported in the September 2014 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Financial Select Sector SPDR (XLF) 15.8 $124M 5.3M 23.17
iShares MSCI EMU Index (EZU) 9.1 $71M 1.8M 38.50
Rydex S&P Equal Weight Technology 7.1 $56M 656k 85.03
Vanguard Health Care ETF (VHT) 5.8 $46M 390k 116.99
Consumer Staples Select Sect. SPDR (XLP) 5.8 $45M 1.0M 45.11
Consumer Discretionary SPDR (XLY) 5.6 $44M 654k 66.69
Industrial SPDR (XLI) 5.2 $40M 756k 53.15
Energy Select Sector SPDR (XLE) 4.8 $38M 415k 90.62
iShares Dow Jones US Health Care (IHF) 3.9 $30M 284k 106.86
WisdomTree International Dvd. Top 100 (AIVI) 3.5 $27M 579k 46.80
iShares Dow Jones US Medical Dev. (IHI) 3.5 $27M 272k 99.40
iShares S&P Natl AMTFr Mncpl Bd (MUB) 3.2 $25M 229k 109.67
Ipath Dow Jones-aig Commodity (DJP) 3.2 $25M 723k 34.37
iShares MSCI United Kingdom Index 3.2 $25M 1.3M 19.38
iShares MSCI Switzerland Index Fund (EWL) 3.0 $23M 714k 32.51
Ubs Ag Jersey Brh fund 3.0 $23M 1.2M 18.93
iShares Lehman 1-3 Year Treas.Bond (SHY) 1.4 $11M 127k 84.50
Arch Capital Group (ACGL) 1.1 $9.0M 165k 54.72
SPDR Nuveen Barclays Capital Municpl Bnd 1.1 $9.0M 374k 24.00
Guggenheim Bulletshar 0.8 $6.5M 300k 21.74
Spdr S&p 500 Etf (SPY) 0.8 $5.9M 30k 197.00
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 0.7 $5.2M 214k 24.40
Claymore Exchange Trd Fd Tr gugg shippng etf 0.6 $4.8M 234k 20.62
iShares Lehman 3-7 Yr Treasury Bond (IEI) 0.5 $4.0M 33k 121.29
Google 0.3 $2.7M 4.7k 576.97
Health Care SPDR (XLV) 0.3 $2.4M 37k 63.89
Exxon Mobil Corporation (XOM) 0.3 $2.3M 24k 94.05
iShares Dow Jones US Pharm Indx (IHE) 0.3 $2.1M 15k 140.32
SPDR Gold Trust (GLD) 0.2 $1.7M 14k 116.15
SPDR S&P MidCap 400 ETF (MDY) 0.2 $1.6M 8.2k 200.93
Utilities SPDR (XLU) 0.2 $1.4M 33k 42.06
D Spdr Series Trust (XHE) 0.2 $1.4M 19k 74.83
iShares Russell 2000 Index (IWM) 0.2 $1.3M 12k 109.29
Microsoft Corporation (MSFT) 0.2 $1.2M 27k 46.34
Johnson & Johnson (JNJ) 0.2 $1.3M 12k 106.53
Rydex Russell Top 50 ETF 0.1 $1.2M 8.7k 138.05
Coca-Cola Company (KO) 0.1 $1.1M 26k 42.65
Merck & Co (MRK) 0.1 $919k 15k 62.82
Apple (AAPL) 0.1 $827k 8.2k 100.68
SPDR KBW Insurance (KIE) 0.1 $859k 14k 62.96
CTPartners Executive Search (CTPR) 0.1 $848k 54k 15.59
Proctor & Gamble 0.1 $886k 11k 83.70
Berkshire Hathaway (BRK.B) 0.1 $791k 5.7k 138.05
International Business Machines (IBM) 0.1 $703k 3.7k 189.69
SPDR S&P Metals and Mining (XME) 0.1 $717k 20k 36.77
PowerShares Insured Nati Muni Bond 0.1 $674k 27k 25.12
Rydex Etf Trust indls etf 0.1 $737k 8.7k 85.15
Dominion Resources (D) 0.1 $610k 8.8k 69.09
Verizon Communications (VZ) 0.1 $617k 12k 49.98
iShares Russell 2000 Growth Index (IWO) 0.1 $651k 5.1k 128.40
Vanguard Telecommunication Services ETF (VOX) 0.1 $618k 7.1k 87.25
Powershares Etf Trust dyn semct port 0.1 $638k 28k 22.99
iShares MSCI Emerging Markets Indx (EEM) 0.1 $525k 13k 41.54
Spectra Energy 0.1 $513k 13k 39.21
Amgen (AMGN) 0.1 $555k 4.0k 140.33
MetLife (MET) 0.1 $544k 10k 53.65
iShares Lehman MBS Bond Fund (MBB) 0.1 $576k 5.3k 107.99
PIMCO Intermediate Mun Bond Strat Fund (MUNI) 0.1 $522k 9.8k 53.35
WisdomTree Japan Total Dividend (DXJ) 0.1 $549k 11k 52.29
PowerShares Dynamic Software 0.1 $557k 16k 35.42
Schwab Strategic Tr intrm trm (SCHR) 0.1 $547k 10k 52.87
Chevron Corporation (CVX) 0.1 $503k 4.2k 119.14
3M Company (MMM) 0.1 $473k 3.3k 141.62
At&t (T) 0.1 $466k 13k 35.20
CVS Caremark Corporation (CVS) 0.1 $501k 6.3k 79.52
Aetna 0.1 $456k 5.6k 80.91
Pepsi (PEP) 0.1 $502k 5.4k 93.08
iShares Dow Jones US Consumer Goods (IYK) 0.1 $458k 7.5k 61.39
SPDR S&P Oil & Gas Explore & Prod. 0.1 $454k 6.6k 68.74
Wisdomtree Tr intl hedge eqt (HEDJ) 0.1 $473k 8.2k 57.73
Keurig Green Mtn 0.1 $491k 3.8k 130.07
PNC Financial Services (PNC) 0.1 $352k 4.1k 85.54
ConocoPhillips (COP) 0.1 $376k 4.9k 76.47
American Electric Power Company (AEP) 0.1 $401k 7.7k 52.10
Rydex S&P Equal Weight ETF 0.1 $397k 9.1k 43.56
iShares S&P Europe 350 Index (IEV) 0.1 $422k 9.4k 45.08
iShares MSCI Spain Index (EWP) 0.1 $397k 10k 38.88
SPDR S&P Pharmaceuticals (XPH) 0.1 $423k 4.0k 105.83
Fidelity msci hlth care i (FHLC) 0.1 $375k 13k 30.07
American Express Company (AXP) 0.0 $297k 3.4k 87.43
Pfizer (PFE) 0.0 $335k 11k 29.56
Walt Disney Company (DIS) 0.0 $310k 3.5k 89.00
Colgate-Palmolive Company (CL) 0.0 $330k 5.1k 65.19
Nextera Energy (NEE) 0.0 $306k 3.3k 93.72
Schlumberger (SLB) 0.0 $329k 3.2k 101.39
Exelon Corporation (EXC) 0.0 $323k 9.5k 34.05
Plains All American Pipeline (PAA) 0.0 $286k 4.9k 58.86
Technology SPDR (XLK) 0.0 $288k 7.2k 39.90
Materials SPDR (XLB) 0.0 $320k 6.5k 49.54
iShares IBoxx $ Invest Grade Corp Bd (LQD) 0.0 $324k 2.7k 118.03
McCormick & Company, Incorporated (MKC.V) 0.0 $285k 4.3k 66.96
PIMCO Enhanced Short Mat Str Fund ETF (MINT) 0.0 $344k 3.4k 101.24
Pimco Etf Tr 0-5 high yield (HYS) 0.0 $278k 2.7k 103.58
Phillips 66 (PSX) 0.0 $312k 3.8k 81.06
BP (BP) 0.0 $228k 5.2k 43.94
Chubb Corporation 0.0 $211k 2.3k 90.75
Bank of America Corporation (BAC) 0.0 $233k 14k 16.99
Wal-Mart Stores (WMT) 0.0 $201k 2.6k 76.48
Home Depot (HD) 0.0 $203k 2.2k 91.65
PPG Industries (PPG) 0.0 $241k 1.2k 196.25
T. Rowe Price (TROW) 0.0 $235k 3.0k 78.33
Altria (MO) 0.0 $244k 5.3k 45.77
Philip Morris International (PM) 0.0 $200k 2.4k 83.19
iShares MSCI EAFE Index Fund (EFA) 0.0 $237k 3.5k 67.62
Ford Motor Company (F) 0.0 $235k 16k 14.77
Boeing 0.0 $236k 1.9k 127.09
EMC Corporation 0.0 $202k 6.9k 29.14
Choice Hotels International (CHH) 0.0 $240k 4.6k 51.94
Enterprise Products Partners (EPD) 0.0 $207k 5.2k 40.13
Community Bank System (CBU) 0.0 $251k 7.5k 33.52
Energy Transfer Partners 0.0 $233k 3.6k 63.94
SPDR KBW Regional Banking (KRE) 0.0 $267k 7.1k 37.76
Vanguard Financials ETF (VFH) 0.0 $273k 5.9k 46.27
iShares S&P MidCap 400 Index (IJH) 0.0 $215k 1.8k 121.47
PowerShares WilderHill Clean Energy 0.0 $211k 34k 6.31
Vanguard High Dividend Yield ETF (VYM) 0.0 $207k 3.1k 66.13
SPDR Barclays Capital High Yield B 0.0 $218k 5.4k 40.11
First Trust Amex Biotech Index Fnd (FBT) 0.0 $229k 5.0k 45.71
PowerShares Dynamic Market 0.0 $267k 5.8k 45.96
Schwab U S Small Cap ETF (SCHA) 0.0 $265k 5.2k 51.34
Schwab Strategic Tr us aggregate b (SCHZ) 0.0 $207k 4.0k 51.56
Facebook Inc cl a (META) 0.0 $200k 2.5k 78.96
Frederick County Ban 0.0 $228k 12k 19.55
Staples 0.0 $128k 11k 12.08
Rock-Tenn Company 0.0 $169k 13k 13.38
Intersections 0.0 $108k 28k 3.82
Yamana Gold 0.0 $90k 15k 6.00
TCW Strategic Income Fund (TSI) 0.0 $61k 11k 5.55
Sandstorm Gold 0.0 $60k 73k 0.82
Vantage Drilling Company ord (VTGDF) 0.0 $31k 25k 1.24
Discovery Laboratories 0.0 $29k 16k 1.84
Sandstorm Gold (SAND) 0.0 $30k 150k 0.20