Pinnacle Advisory Group

Pinnacle Advisory as of Dec. 31, 2014

Portfolio Holdings for Pinnacle Advisory

Pinnacle Advisory holds 151 positions in its portfolio as reported in the December 2014 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Financial Select Sector SPDR (XLF) 11.9 $131M 5.3M 24.73
iShares Dow Jones US Technology (IYW) 8.1 $89M 856k 104.40
Clyme US Cptl Mkts Mco Trm Fxd Idx 6.1 $68M 1.4M 49.92
Rydex S&P Equal Weight Technology 5.4 $60M 658k 90.76
Vanguard Health Care ETF (VHT) 4.6 $51M 402k 125.59
Consumer Staples Select Sect. SPDR (XLP) 4.4 $49M 1.0M 48.49
Industrial SPDR (XLI) 4.1 $45M 800k 56.58
iShares Lehman 7-10 Yr Treas. Bond (IEF) 3.9 $43M 403k 105.99
iShares MSCI EMU Index (EZU) 3.8 $42M 1.2M 36.33
iShares Barclays 20+ Yr Treas.Bond (TLT) 3.5 $38M 303k 125.92
iShares S&P NA Tec. Semi. Idx (SOXX) 3.5 $38M 410k 92.89
iShares Dow Jones US Health Care (IHF) 3.0 $34M 283k 118.37
Fidelity msci hlth care i (FHLC) 2.7 $30M 909k 32.90
Consumer Discretionary SPDR (XLY) 2.4 $27M 369k 72.15
Energy Select Sector SPDR (XLE) 2.4 $26M 333k 79.16
iShares S&P Natl AMTFr Mncpl Bd (MUB) 2.4 $26M 239k 110.34
iShares MSCI United Kingdom Index 2.1 $24M 1.3M 18.03
iShares MSCI Spain Index (EWP) 2.1 $23M 674k 34.63
iShares MSCI Switzerland Index Fund (EWL) 2.0 $23M 713k 31.69
iShares Dow Jones US Home Const. (ITB) 1.8 $20M 783k 25.88
Ipath Dow Jones-aig Commodity (DJP) 1.8 $20M 670k 29.91
Db-x Msci Japan Etf equity (DBJP) 1.8 $20M 535k 37.03
D Spdr Series Trust (XTN) 1.8 $20M 180k 108.50
Ubs Ag Jersey Brh fund 1.1 $13M 763k 16.36
Spdr Euro Stoxx 50 Etf (FEZ) 1.0 $11M 297k 36.86
iShares Lehman 1-3 Year Treas.Bond (SHY) 0.9 $11M 124k 84.45
Arch Capital Group (ACGL) 0.9 $9.7M 165k 59.10
SPDR Nuveen Barclays Capital Municpl Bnd 0.8 $8.9M 370k 24.16
WisdomTree International Dvd. Top 100 (AIVI) 0.6 $6.7M 155k 43.00
Ubs Ag Jersey Brh dj commd etn39 0.6 $6.7M 346k 19.25
Guggenheim Bulletshar 0.6 $6.5M 299k 21.67
Spdr S&p 500 Etf (SPY) 0.5 $5.8M 28k 205.52
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 0.4 $4.2M 174k 24.29
iShares Lehman 3-7 Yr Treasury Bond (IEI) 0.4 $4.0M 33k 122.30
Veeco Instruments (VECO) 0.3 $2.9M 82k 34.87
Health Care SPDR (XLV) 0.2 $2.7M 39k 68.37
Exxon Mobil Corporation (XOM) 0.2 $2.2M 24k 92.44
Google 0.2 $2.2M 4.2k 528.50
iShares Dow Jones US Pharm Indx (IHE) 0.2 $2.2M 15k 151.39
iShares 2016 S&P AMT-Free Mun Ser ETF 0.2 $2.1M 39k 53.29
Powershares Act Mang Comm Fd db opt yld div 0.2 $2.0M 94k 21.33
iShares Dow Jones US Medical Dev. (IHI) 0.2 $1.9M 17k 113.07
SPDR Gold Trust (GLD) 0.1 $1.6M 14k 113.56
SPDR S&P MidCap 400 ETF (MDY) 0.1 $1.6M 8.2k 200.93
Utilities SPDR (XLU) 0.1 $1.6M 34k 47.21
iShares Russell 2000 Index (IWM) 0.1 $1.5M 12k 119.54
iShares S&P NA Tec.-Mul. Net. Idx. (IDGT) 0.1 $1.3M 35k 37.14
iShares S&P NA Tec.-SW. Idx. Fund (IGV) 0.1 $1.4M 15k 92.78
Johnson & Johnson (JNJ) 0.1 $1.2M 11k 104.56
Rydex Russell Top 50 ETF 0.1 $1.2M 8.7k 141.62
Microsoft Corporation (MSFT) 0.1 $1.1M 24k 46.44
Coca-Cola Company (KO) 0.1 $1.1M 26k 42.20
Intel Corporation (INTC) 0.1 $1.1M 31k 36.26
Apple (AAPL) 0.1 $1.1M 9.6k 110.36
Merck & Co (MRK) 0.1 $952k 15k 65.04
Proctor & Gamble 0.1 $964k 11k 91.00
SPDR KBW Insurance (KIE) 0.1 $900k 14k 66.62
Berkshire Hathaway (BRK.B) 0.1 $785k 5.2k 150.10
International Business Machines (IBM) 0.1 $803k 5.0k 160.44
CTPartners Executive Search (CTPR) 0.1 $826k 54k 15.18
First Trust Ind/Prod AlphaDEX (FXR) 0.1 $750k 25k 30.32
Rydex Etf Trust indls etf 0.1 $782k 8.7k 90.35
Dominion Resources (D) 0.1 $680k 8.9k 76.81
CVS Caremark Corporation (CVS) 0.1 $616k 6.4k 96.25
Amgen (AMGN) 0.1 $683k 4.3k 159.21
iShares Russell 2000 Growth Index (IWO) 0.1 $651k 5.1k 128.40
iShares Lehman MBS Bond Fund (MBB) 0.1 $706k 6.5k 109.29
PowerShares Insured Nati Muni Bond 0.1 $691k 27k 25.40
SPDR Barclays Capital Inter Term (SPTI) 0.1 $613k 10k 59.92
PowerShares Dynamic Software 0.1 $628k 16k 39.94
iShares 2015 S&P AMT-Free Mun Ser ETF 0.1 $618k 12k 52.72
Powershares Etf Trust dyn semct port 0.1 $696k 27k 25.45
iShares MSCI Emerging Markets Indx (EEM) 0.1 $499k 13k 39.26
Chevron Corporation (CVX) 0.1 $536k 4.8k 112.04
General Electric Company 0.1 $604k 24k 25.26
3M Company (MMM) 0.1 $548k 3.3k 164.07
At&t (T) 0.1 $517k 15k 33.56
Verizon Communications (VZ) 0.1 $529k 11k 46.70
MetLife (MET) 0.1 $548k 10k 54.05
PIMCO Intermediate Mun Bond Strat Fund (MUNI) 0.1 $525k 9.8k 53.65
SPDR S&P Metals and Mining (XME) 0.1 $601k 20k 30.82
WisdomTree Japan Total Dividend (DXJ) 0.1 $522k 11k 49.15
Vanguard Telecommunication Services ETF (VOX) 0.1 $601k 7.1k 84.59
Schwab Strategic Tr intrm trm (SCHR) 0.1 $499k 9.3k 53.56
Schwab International Equity ETF (SCHF) 0.1 $508k 18k 28.86
Keurig Green Mtn 0.1 $499k 3.8k 132.19
Aetna 0.0 $483k 5.4k 88.79
American Electric Power Company (AEP) 0.0 $467k 7.7k 60.67
Rydex S&P Equal Weight ETF 0.0 $397k 9.1k 43.56
iShares Dow Jones US Consumer Goods (IYK) 0.0 $458k 7.5k 61.39
SPDR S&P Pharmaceuticals (XPH) 0.0 $432k 4.0k 107.95
Wisdomtree Tr intl hedge eqt (HEDJ) 0.0 $455k 8.2k 55.53
American Express Company (AXP) 0.0 $311k 3.3k 93.03
PNC Financial Services (PNC) 0.0 $375k 4.1k 91.13
Wal-Mart Stores (WMT) 0.0 $298k 3.5k 85.68
Pfizer (PFE) 0.0 $318k 10k 31.10
Walt Disney Company (DIS) 0.0 $304k 3.2k 94.18
Cisco Systems (CSCO) 0.0 $334k 12k 27.75
PPG Industries (PPG) 0.0 $283k 1.2k 230.46
Spectra Energy 0.0 $350k 9.7k 36.23
Colgate-Palmolive Company (CL) 0.0 $363k 5.2k 69.18
ConocoPhillips (COP) 0.0 $368k 5.3k 68.89
Nextera Energy (NEE) 0.0 $332k 3.1k 106.07
Schlumberger (SLB) 0.0 $307k 3.6k 85.28
Exelon Corporation (EXC) 0.0 $287k 7.8k 37.02
Community Bank System (CBU) 0.0 $285k 7.5k 38.06
SPDR KBW Regional Banking (KRE) 0.0 $309k 7.6k 40.62
Vanguard Financials ETF (VFH) 0.0 $349k 7.0k 49.71
iShares IBoxx $ Invest Grade Corp Bd (LQD) 0.0 $309k 2.6k 119.08
SPDR S&P Oil & Gas Explore & Prod. 0.0 $316k 6.6k 47.84
McCormick & Company, Incorporated (MKC.V) 0.0 $315k 4.3k 74.01
Schwab U S Small Cap ETF (SCHA) 0.0 $297k 5.4k 54.99
Pimco Etf Tr 0-5 high yield (HYS) 0.0 $306k 3.0k 100.82
Charles Schwab Corporation (SCHW) 0.0 $173k 15k 11.59
Bank of America Corporation (BAC) 0.0 $209k 12k 17.83
CSX Corporation (CSX) 0.0 $216k 6.0k 36.16
Home Depot (HD) 0.0 $243k 2.3k 104.97
T. Rowe Price (TROW) 0.0 $257k 3.0k 85.67
Altria (MO) 0.0 $252k 5.1k 49.09
Pepsi (PEP) 0.0 $242k 2.6k 94.49
iShares MSCI EAFE Index Fund (EFA) 0.0 $237k 3.5k 67.62
Ford Motor Company (F) 0.0 $190k 12k 15.44
Boeing 0.0 $241k 1.9k 129.71
Choice Hotels International (CHH) 0.0 $258k 4.6k 55.83
Under Armour (UAA) 0.0 $204k 3.0k 67.75
Enterprise Products Partners (EPD) 0.0 $201k 5.6k 35.98
Rock-Tenn Company 0.0 $169k 13k 13.38
Plains All American Pipeline (PAA) 0.0 $250k 4.9k 51.29
Energy Transfer Partners 0.0 $266k 4.1k 64.85
Technology SPDR (XLK) 0.0 $210k 5.1k 41.33
Materials SPDR (XLB) 0.0 $271k 5.6k 48.53
iShares S&P MidCap 400 Index (IJH) 0.0 $215k 1.8k 121.47
Eagle Ban (EGBN) 0.0 $206k 5.8k 35.43
PowerShares WilderHill Clean Energy 0.0 $176k 34k 5.26
iShares S&P Europe 350 Index (IEV) 0.0 $200k 4.7k 42.48
Vanguard High Dividend Yield ETF (VYM) 0.0 $215k 3.1k 68.69
SPDR Barclays Capital High Yield B 0.0 $204k 5.3k 38.59
First Trust Amex Biotech Index Fnd (FBT) 0.0 $229k 5.0k 45.71
PowerShares Dynamic Market 0.0 $267k 5.8k 45.96
Phillips 66 (PSX) 0.0 $216k 3.0k 71.43
Workday Inc cl a (WDAY) 0.0 $231k 2.8k 81.37
Frederick County Ban 0.0 $245k 12k 21.01
J.C. Penney Company 0.0 $66k 10k 6.47
Ciber 0.0 $68k 19k 3.50
Intersections 0.0 $106k 27k 3.88
Yamana Gold 0.0 $60k 15k 4.00
TCW Strategic Income Fund (TSI) 0.0 $143k 27k 5.38
Vantage Drilling Company ord (VTGDF) 0.0 $12k 25k 0.48
Discovery Laboratories 0.0 $21k 18k 1.15
Sandstorm Gold (SAND) 0.0 $20k 150k 0.13
Sandstorm Gold 0.0 $36k 73k 0.49