WEST CHESTER CAPITAL ADVISORS, INC Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
VOO	Buy	VANGUARD INDEX FDS	$21,889,883	+3.6%	55,742	+7.4%	40.44%	+1.1%
AAPL	Sell	APPLE INC	$2,220,764	-13.5%	12,971	-2.0%	4.10%	-15.6%
ASRV	Buy	AMERISERV FINL INC	$1,903,365	+4.4%	718,251	+0.1%	3.52%	+1.9%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$1,809,649	+0.9%	5,166	-1.8%	3.34%	-1.6%
	Sell	WISDOMTREE TRfloatng rat trea	$1,806,638	-27.4%	35,903	-27.4%	3.34%	-29.2%
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$1,737,079	–	29,477	–	3.21%	–
RSP	Buy	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$1,640,486	+58.6%	11,578	+67.5%	3.03%	+54.8%
LLY	Sell	ELI LILLY & CO	$1,571,105	+11.5%	2,925	-2.6%	2.90%	+8.8%
IGSB	Buy	ISHARES TR	$1,033,922	+105.5%	20,749	+106.9%	1.91%	+100.4%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$936,180	-11.7%	2,190	-8.4%	1.73%	-13.8%
IEI	Buy	ISHARES TR3 7 yr treas bd	$859,450	+106.6%	7,595	+110.4%	1.59%	+101.5%
VGSH	Buy	VANGUARD SCOTTSDALE FDSshort term treas	$814,867	+119.3%	14,147	+119.8%	1.50%	+114.1%
V	Sell	VISA INC	$790,084	-11.9%	3,435	-9.0%	1.46%	-14.0%
DHR	Sell	DANAHER CORPORATION	$660,194	-9.1%	2,661	-12.0%	1.22%	-11.3%
PEP	Buy	PEPSICO INC	$601,850	+5.5%	3,552	+15.3%	1.11%	+3.0%
MCD	Sell	MCDONALDS CORP	$599,852	-15.4%	2,277	-4.2%	1.11%	-17.4%
COST	Buy	COSTCO WHSL CORP NEW	$579,084	+30.2%	1,025	+24.1%	1.07%	+27.1%
MSFT	Sell	MICROSOFT CORP	$526,986	-34.7%	1,669	-29.5%	0.97%	-36.2%
QLD	Buy	PROSHARES TR	$495,097	+73.9%	8,342	+88.7%	0.92%	+69.8%
SSO	Buy	PROSHARES TR	$473,800	+96.9%	8,876	+114.5%	0.88%	+91.9%
EXC	Sell	EXELON CORP	$466,215	-7.5%	12,337	-0.3%	0.86%	-9.7%
MO	Sell	ALTRIA GROUP INC	$456,074	-7.7%	10,846	-0.5%	0.84%	-9.8%
NUE	Sell	NUCOR CORP	$429,337	-6.4%	2,746	-1.8%	0.79%	-8.6%
DUK	Sell	DUKE ENERGY CORP NEW	$371,398	-9.7%	4,208	-8.2%	0.69%	-11.9%
BMY	Sell	BRISTOL-MYERS SQUIBB CO	$350,271	-15.4%	6,035	-6.8%	0.65%	-17.5%
IEF	New	ISHARES TR7-10 yr trsy bd	$335,402	–	3,662	–	0.62%	–
XLI	New	SELECT SECTOR SPDR TRindl	$324,010	–	3,196	–	0.60%	–
UNG	New	UNITED STS NAT GAS FD LPunit par	$273,200	–	40,000	–	0.50%	–
FNB	Sell	F N B CORP	$265,412	-6.6%	24,598	-1.0%	0.49%	-8.9%
FDX	New	FEDEX CORP	$244,256	–	922	–	0.45%	–
PRU	Sell	PRUDENTIAL FINL INC	$229,349	+4.7%	2,417	-2.6%	0.42%	+2.2%
SPHD	Sell	INVESCO EXCH TRADED FD TR IIs&p500 hdl vol	$201,240	-12.3%	5,135	-7.4%	0.37%	-14.3%
KR	Exit	KROGER CO	$0	–	-4,428	–	-0.39%	–
DIVB	Exit	ISHARES TRcore divid etf	$0	–	-5,982	–	-0.43%	–
IJJ	Exit	ISHARES TRs&p mc 400vl etf	$0	–	-2,841	–	-0.58%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-2,995	–	-2.10%	–
VGT	Exit	VANGUARD WORLD FDSinf tech etf	$0	–	-3,949	–	-3.31%	–

Q2 2023

			Value		Shares		↓ Weighting
VOO	New	VANGUARD INDEX FDS	$21,133,758	–	51,890	–	40.01%	–
LOB	New	LIVE OAK BANCSHARES INC	$2,955,770	–	112,344	–	5.60%	–
AAPL	New	APPLE INC	$2,566,998	–	13,234	–	4.86%	–
	New	WISDOMTREE TRfloatng rat trea	$2,490,185	–	49,487	–	4.72%	–
ASRV	New	AMERISERV FINL INC	$1,823,281	–	717,827	–	3.45%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$1,794,001	–	5,261	–	3.40%	–
VGT	New	VANGUARD WORLD FDSinf tech etf	$1,746,089	–	3,949	–	3.31%	–
LLY	New	LILLY ELI & CO	$1,408,815	–	3,004	–	2.67%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$1,106,412	–	2,995	–	2.10%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$1,060,325	–	2,392	–	2.01%	–
RSP	New	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$1,034,162	–	6,911	–	1.96%	–
BP	New	BP PLCsponsored adr	$933,667	–	26,457	–	1.77%	–
V	New	VISA INC	$896,724	–	3,776	–	1.70%	–
MSFT	New	MICROSOFT CORP	$806,739	–	2,369	–	1.53%	–
IVV	New	ISHARES TRcore s&p500 etf	$727,398	–	1,632	–	1.38%	–
DHR	New	DANAHER CORPORATION	$726,000	–	3,025	–	1.38%	–
MCD	New	MCDONALDS CORP	$709,022	–	2,376	–	1.34%	–
PEP	New	PEPSICO INC	$570,662	–	3,081	–	1.08%	–
EXC	New	EXELON CORP	$503,872	–	12,368	–	0.95%	–
IGSB	New	ISHARES TR	$503,205	–	10,030	–	0.95%	–
MO	New	ALTRIA GROUP INC	$493,860	–	10,902	–	0.94%	–
CSCO	New	CISCO SYS INC	$480,095	–	9,279	–	0.91%	–
NUE	New	NUCOR CORP	$458,488	–	2,796	–	0.87%	–
COST	New	COSTCO WHSL CORP NEW	$444,701	–	826	–	0.84%	–
IEI	New	ISHARES TR3 7 yr treas bd	$415,973	–	3,609	–	0.79%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$414,076	–	6,475	–	0.78%	–
DUK	New	DUKE ENERGY CORP NEW	$411,188	–	4,582	–	0.78%	–
NQP	New	NUVEEN PENNSYLVANIA QLT MUN	$374,078	–	33,281	–	0.71%	–
VGSH	New	VANGUARD SCOTTSDALE FDSshort term treas	$371,492	–	6,435	–	0.70%	–
VOOV	New	VANGUARD ADMIRAL FDS INC500 val idx fd	$340,360	–	2,186	–	0.64%	–
IJJ	New	ISHARES TRs&p mc 400vl etf	$304,356	–	2,841	–	0.58%	–
QLD	New	PROSHARES TR	$284,623	–	4,421	–	0.54%	–
FNB	New	F N B CORP	$284,238	–	24,846	–	0.54%	–
XOM	New	EXXON MOBIL CORP	$263,513	–	2,457	–	0.50%	–
SSO	New	PROSHARES TR	$240,624	–	4,138	–	0.46%	–
MYD	New	BLACKROCK MUNIYIELD FD INC	$233,595	–	22,375	–	0.44%	–
SPHD	New	INVESCO EXCH TRADED FD TR IIs&p500 hdl vol	$229,368	–	5,547	–	0.43%	–
DIVB	New	ISHARES TRcore divid etf	$228,814	–	5,982	–	0.43%	–
WMT	New	WALMART INC	$224,924	–	1,431	–	0.43%	–
VTV	New	VANGUARD INDEX FDSvalue etf	$219,402	–	1,544	–	0.42%	–
PRU	New	PRUDENTIAL FINL INC	$218,962	–	2,482	–	0.42%	–
KR	New	KROGER CO	$208,116	–	4,428	–	0.39%	–
NAD	New	NUVEEN QUALITY MUNCP INCOME	$174,730	–	15,504	–	0.33%	–

Q4 2022

			Value		Shares		↓ Weighting
QTNT	Exit	QUOTIENT LTD	$0	–	-37,000	–	-0.01%	–
NAD	Exit	NUVEEN QUALITY MUNCP INCOME	$0	–	-15,504	–	-0.38%	–
BBN	Exit	BLACKROCK TAX MUNICPAL BD TR	$0	–	-12,302	–	-0.44%	–
NKE	Exit	NIKE INCcl b	$0	–	-2,497	–	-0.46%	–
MYD	Exit	BLACKROCK MUNIYIELD FD INC	$0	–	-22,375	–	-0.49%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-1,524	–	-0.50%	–
ABBV	Exit	ABBVIE INC	$0	–	-1,775	–	-0.52%	–
NVDA	Exit	NVIDIA CORPORATION	$0	–	-1,964	–	-0.52%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-2,847	–	-0.54%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-6,506	–	-0.54%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-1,803	–	-0.57%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-1,202	–	-0.59%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-2,868	–	-0.66%	–
FNB	Exit	F N B CORP	$0	–	-30,937	–	-0.79%	–
NQP	Exit	NUVEEN PENNSYLVANIA QLT MUN	$0	–	-33,281	–	-0.80%	–
GIS	Exit	GENERAL MLS INC	$0	–	-5,022	–	-0.85%	–
NUE	Exit	NUCOR CORP	$0	–	-3,721	–	-0.88%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-6,500	–	-0.88%	–
PFF	Exit	ISHARES TRpfd and incm sec	$0	–	-14,470	–	-1.01%	–
AMZN	Exit	AMAZON COM INC	$0	–	-4,300	–	-1.07%	–
	Exit	CONSTELLATION ENERGY CORP	$0	–	-5,898	–	-1.08%	–
KR	Exit	KROGER CO	$0	–	-12,040	–	-1.16%	–
DIVB	Exit	ISHARES TRus divid bybck	$0	–	-17,075	–	-1.27%	–
MCD	Exit	MCDONALDS CORP	$0	–	-2,506	–	-1.27%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-1,632	–	-1.29%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-2,766	–	-1.42%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-16,870	–	-1.50%	–
EXC	Exit	EXELON CORP	$0	–	-18,232	–	-1.50%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-7,857	–	-1.51%	–
PEP	Exit	PEPSICO INC	$0	–	-4,208	–	-1.51%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-10,950	–	-1.71%	–
BP	Exit	BP PLCsponsored adr	$0	–	-27,957	–	-1.76%	–
V	Exit	VISA INC	$0	–	-4,513	–	-1.77%	–
SPHD	Exit	INVESCO EXCH TRADED FD TR IIs&p500 hdl vol	$0	–	-21,593	–	-1.86%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-2,614	–	-2.06%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-5,726	–	-2.06%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-10,603	–	-2.17%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-5,436	–	-3.09%	–
VTV	Exit	VANGUARD INDEX FDSvalue etf	$0	–	-11,641	–	-3.16%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-5,761	–	-3.39%	–
LLY	Exit	LILLY ELI & CO	$0	–	-4,909	–	-3.50%	–
AAPL	Exit	APPLE INC	$0	–	-14,727	–	-4.48%	–
ASRV	Exit	AMERISERV FINL INC	$0	–	-611,927	–	-5.12%	–
RSP	Exit	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$0	–	-22,709	–	-6.37%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-8,930	–	-6.46%	–
LOB	Exit	LIVE OAK BANCSHARES INC	$0	–	-112,344	–	-7.57%	–
	Exit	WISDOMTREE TRfloatng rat trea	$0	–	-157,421	–	-17.43%	–

Q3 2022

			Value		Shares		↓ Weighting
	New	WISDOMTREE TRfloatng rat trea	$7,915,000	–	157,421	–	17.43%	–
VOO	Buy	VANGUARD INDEX FDS	$2,932,000	+2.9%	8,930	+8.7%	6.46%	-3.8%
RSP	Sell	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$2,890,000	-15.2%	22,709	-10.5%	6.37%	-20.7%
ASRV	Buy	AMERISERV FINL INC	$2,325,000	-3.1%	611,927	+0.4%	5.12%	-9.4%
AAPL	Sell	APPLE INC	$2,035,000	+1.0%	14,727	-0.0%	4.48%	-5.5%
LLY	Sell	LILLY ELI & CO	$1,587,000	-0.8%	4,909	-0.5%	3.50%	-7.2%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$1,538,000	-2.5%	5,761	-0.3%	3.39%	-8.8%
VTV	Sell	VANGUARD INDEX FDSvalue etf	$1,437,000	-27.4%	11,641	-22.4%	3.16%	-32.1%
DHR	Sell	DANAHER CORPORATION	$1,404,000	+1.3%	5,436	-0.5%	3.09%	-5.2%
DUK	Sell	DUKE ENERGY CORP NEW	$986,000	-13.4%	10,603	-0.2%	2.17%	-19.0%
JNJ	Sell	JOHNSON & JOHNSON	$935,000	-10.0%	5,726	-2.2%	2.06%	-15.8%
SPHD	Sell	INVESCO EXCH TRADED FD TR IIs&p500 hdl vol	$845,000	-33.9%	21,593	-25.4%	1.86%	-38.2%
V	Sell	VISA INC	$802,000	-9.8%	4,513	-0.0%	1.77%	-15.6%
BMY	Sell	BRISTOL-MYERS SQUIBB CO	$778,000	-7.9%	10,950	-0.2%	1.71%	-13.9%
EXC	Sell	EXELON CORP	$683,000	-17.4%	18,232	-0.1%	1.50%	-22.8%
MO	Sell	ALTRIA GROUP INC	$681,000	-3.9%	16,870	-0.6%	1.50%	-10.2%
MSFT	Sell	MICROSOFT CORP	$644,000	-10.4%	2,766	-1.1%	1.42%	-16.2%
DIVB	New	ISHARES TRus divid bybck	$577,000	–	17,075	–	1.27%	–
	Sell	CONSTELLATION ENERGY CORP	$491,000	+45.3%	5,898	-0.0%	1.08%	+35.9%
PFF	Buy	ISHARES TRpfd and incm sec	$458,000	+33.1%	14,470	+38.2%	1.01%	+24.6%
NUE	Sell	NUCOR CORP	$398,000	+2.3%	3,721	-0.0%	0.88%	-4.3%
FNB	Sell	F N B CORP	$359,000	+3.8%	30,937	-2.9%	0.79%	-2.9%
JPM	Sell	JPMORGAN CHASE & CO	$300,000	-8.0%	2,868	-0.9%	0.66%	-13.9%
VZ	Buy	VERIZON COMMUNICATIONS INC	$247,000	-22.3%	6,506	+3.7%	0.54%	-27.4%
ABBV	Sell	ABBVIE INC	$238,000	-21.2%	1,775	-10.1%	0.52%	-26.3%
PNC	Sell	PNC FINL SVCS GROUP INC	$228,000	-6.6%	1,524	-1.6%	0.50%	-12.7%
NKE	Sell	NIKE INCcl b	$208,000	-18.4%	2,497	-0.0%	0.46%	-23.7%
BBN	Sell	BLACKROCK TAX MUNICPAL BD TR	$202,000	-33.3%	12,302	-22.3%	0.44%	-37.7%
BAC	Exit	BK OF AMERICA CORP	$0	–	-6,430	–	-0.47%	–
WMT	Exit	WALMART INC	$0	–	-2,108	–	-0.60%	–
HD	Exit	HOME DEPOT INC	$0	–	-2,561	–	-1.65%	–
GLD	Exit	SPDR GOLD TR	$0	–	-8,993	–	-3.57%	–

Q2 2022

			Value		Shares		↓ Weighting
LOB	New	LIVE OAK BANCSHARES INC	$3,807,000	–	112,344	–	8.96%	–
RSP	New	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$3,407,000	–	25,383	–	8.02%	–
VOO	New	VANGUARD INDEX FDS	$2,850,000	–	8,215	–	6.71%	–
ASRV	New	AMERISERV FINL INC	$2,400,000	–	609,258	–	5.65%	–
AAPL	New	APPLE INC	$2,014,000	–	14,734	–	4.74%	–
VTV	New	VANGUARD INDEX FDSvalue etf	$1,979,000	–	15,005	–	4.66%	–
LLY	New	LILLY ELI & CO	$1,600,000	–	4,936	–	3.77%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$1,577,000	–	5,776	–	3.71%	–
GLD	New	SPDR GOLD TR	$1,515,000	–	8,993	–	3.57%	–
DHR	New	DANAHER CORPORATION	$1,386,000	–	5,466	–	3.26%	–
SPHD	New	INVESCO EXCH TRADED FD TR IIs&p500 hdl vol	$1,278,000	–	28,964	–	3.01%	–
DUK	New	DUKE ENERGY CORP NEW	$1,139,000	–	10,628	–	2.68%	–
JNJ	New	JOHNSON & JOHNSON	$1,039,000	–	5,856	–	2.45%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$986,000	–	2,614	–	2.32%	–
V	New	VISA INC	$889,000	–	4,514	–	2.09%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$845,000	–	10,976	–	1.99%	–
EXC	New	EXELON CORP	$827,000	–	18,253	–	1.95%	–
BP	New	BP PLCsponsored adr	$793,000	–	27,957	–	1.87%	–
MSFT	New	MICROSOFT CORP	$719,000	–	2,798	–	1.69%	–
MO	New	ALTRIA GROUP INC	$709,000	–	16,970	–	1.67%	–
HD	New	HOME DEPOT INC	$702,000	–	2,561	–	1.65%	–
PEP	New	PEPSICO INC	$701,000	–	4,208	–	1.65%	–
XOM	New	EXXON MOBIL CORP	$673,000	–	7,857	–	1.58%	–
MCD	New	MCDONALDS CORP	$619,000	–	2,506	–	1.46%	–
IVV	New	ISHARES TRcore s&p500 etf	$618,000	–	1,632	–	1.46%	–
KR	New	KROGER CO	$570,000	–	12,040	–	1.34%	–
AMZN	New	AMAZON COM INC	$457,000	–	4,300	–	1.08%	–
NQP	New	NUVEEN PENNSYLVANIA QLT MUN	$406,000	–	33,281	–	0.96%	–
NUE	New	NUCOR CORP	$389,000	–	3,722	–	0.92%	–
OXY	New	OCCIDENTAL PETE CORP	$383,000	–	6,500	–	0.90%	–
GIS	New	GENERAL MLS INC	$379,000	–	5,022	–	0.89%	–
FNB	New	F N B CORP	$346,000	–	31,864	–	0.82%	–
PFF	New	ISHARES TRpfd and incm sec	$344,000	–	10,470	–	0.81%	–
	New	CONSTELLATION ENERGY CORP	$338,000	–	5,899	–	0.80%	–
JPM	New	JPMORGAN CHASE & CO	$326,000	–	2,894	–	0.77%	–
VZ	New	VERIZON COMMUNICATIONS INC	$318,000	–	6,274	–	0.75%	–
BBN	New	BLACKROCK TAX MUNICPAL BD TR	$303,000	–	15,840	–	0.71%	–
ABBV	New	ABBVIE INC	$302,000	–	1,975	–	0.71%	–
NVDA	New	NVIDIA CORPORATION	$298,000	–	1,964	–	0.70%	–
BDX	New	BECTON DICKINSON & CO	$296,000	–	1,202	–	0.70%	–
PRU	New	PRUDENTIAL FINL INC	$272,000	–	2,847	–	0.64%	–
CVX	New	CHEVRON CORP NEW	$261,000	–	1,803	–	0.62%	–
WMT	New	WALMART INC	$256,000	–	2,108	–	0.60%	–
NKE	New	NIKE INCcl b	$255,000	–	2,498	–	0.60%	–
MYD	New	BLACKROCK MUNIYIELD FD INC	$249,000	–	22,375	–	0.59%	–
PNC	New	PNC FINL SVCS GROUP INC	$244,000	–	1,549	–	0.58%	–
BAC	New	BK OF AMERICA CORP	$200,000	–	6,430	–	0.47%	–
NAD	New	NUVEEN QUALITY MUNCP INCOME	$193,000	–	15,504	–	0.45%	–
QTNT	New	QUOTIENT LTD	$9,000	–	37,000	–	0.02%	–

Q4 2021

			Value		Shares		↓ Weighting
QTNT	Exit	QUOTIENT LTD	$0	–	-37,000	–	-0.07%	–
GAB	Exit	GABELLI EQUITY TR INC	$0	–	-29,881	–	-0.15%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-600	–	-0.16%	–
ABBV	Exit	ABBVIE INC	$0	–	-2,031	–	-0.17%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-1,250	–	-0.18%	–
ABT	Exit	ABBOTT LABS	$0	–	-1,952	–	-0.18%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-5,678	–	-0.19%	–
NAD	Exit	NUVEEN QUALITY MUNCP INCOME	$0	–	-15,504	–	-0.19%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-1,100	–	-0.19%	–
ANSS	Exit	ANSYS INC	$0	–	-750	–	-0.20%	–
DOCU	Exit	DOCUSIGN INC	$0	–	-1,000	–	-0.20%	–
C	Exit	CITIGROUP INC	$0	–	-3,855	–	-0.21%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-3,366	–	-0.22%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,045	–	-0.22%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-1,202	–	-0.23%	–
GIS	Exit	GENERAL MLS INC	$0	–	-5,142	–	-0.24%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-3,745	–	-0.25%	–
MYD	Exit	BLACKROCK MUNIYIELD FD INC	$0	–	-22,375	–	-0.26%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-5,853	–	-0.26%	–
VIAC	Exit	VIACOMCBS INCcl b	$0	–	-9,000	–	-0.27%	–
FNB	Exit	F N B CORP	$0	–	-33,398	–	-0.30%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,156	–	-0.30%	–
PFF	Exit	ISHARES TRpfd and incm sec	$0	–	-10,470	–	-0.31%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-186	–	-0.34%	–
KR	Exit	KROGER CO	$0	–	-12,140	–	-0.38%	–
CSCO	Exit	CISCO SYS INC	$0	–	-9,114	–	-0.38%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-15,497	–	-0.39%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-3,154	–	-0.40%	–
NQP	Exit	NUVEEN PENNSYLVANIA QLT MUN	$0	–	-35,006	–	-0.40%	–
MCD	Exit	MCDONALDS CORP	$0	–	-2,476	–	-0.46%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-1,482	–	-0.49%	–
BP	Exit	BP PLCsponsored adr	$0	–	-26,457	–	-0.56%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-12,333	–	-0.56%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-15,518	–	-0.65%	–
WMT	Exit	WALMART INC	$0	–	-6,061	–	-0.65%	–
DIS	Exit	DISNEY WALT CO	$0	–	-5,057	–	-0.66%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-19,324	–	-0.68%	–
HD	Exit	HOME DEPOT INC	$0	–	-2,699	–	-0.68%	–
EXC	Exit	EXELON CORP	$0	–	-18,754	–	-0.70%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-9,733	–	-0.73%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-6,376	–	-0.79%	–
AMGN	Exit	AMGEN INC	$0	–	-4,852	–	-0.80%	–
LLY	Exit	LILLY ELI & CO	$0	–	-5,020	–	-0.89%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-436	–	-0.90%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-2,917	–	-0.96%	–
RSP	Exit	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$0	–	-8,540	–	-0.98%	–
NKE	Exit	NIKE INCcl b	$0	–	-8,994	–	-1.01%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-506	–	-1.04%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-12,902	–	-1.05%	–
PEP	Exit	PEPSICO INC	$0	–	-9,678	–	-1.12%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-8,357	–	-1.26%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-6,332	–	-1.27%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-5,496	–	-1.29%	–
NUE	Exit	NUCOR CORP	$0	–	-17,197	–	-1.30%	–
RCL	Exit	ROYAL CARIBBEAN GROUP	$0	–	-20,282	–	-1.39%	–
ASRV	Exit	AMERISERV FINL INC	$0	–	-604,226	–	-1.81%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-9,266	–	-2.01%	–
BBN	Exit	BLACKROCK TAX MUNICPAL BD TR	$0	–	-103,215	–	-2.05%	–
V	Exit	VISA INC	$0	–	-15,508	–	-2.66%	–
AMZN	Exit	AMAZON COM INC	$0	–	-1,270	–	-3.21%	–
AAPL	Exit	APPLE INC	$0	–	-38,760	–	-4.22%	–
LOB	Exit	LIVE OAK BANCSHARES INC	$0	–	-112,344	–	-5.51%	–
QLD	Exit	PROSHARES TR	$0	–	-163,062	–	-9.14%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-60,341	–	-18.34%	–
SSO	Exit	PROSHARES TR	$0	–	-226,904	–	-20.95%	–

Q3 2021

			Value		Shares		↓ Weighting
SSO	Buy	PROSHARES TR	$27,187,000	+9.0%	226,904	+8.5%	20.95%	+7.8%
VOO	Buy	VANGUARD INDEX FDS	$23,799,000	+368.4%	60,341	+367.4%	18.34%	+363.5%
QLD	Buy	PROSHARES TR	$11,866,000	+296.7%	163,062	+291.4%	9.14%	+292.5%
AAPL	Sell	APPLE INC	$5,484,000	+0.3%	38,760	-2.9%	4.22%	-0.7%
AMZN	Sell	AMAZON COM INC	$4,172,000	-5.9%	1,270	-1.5%	3.21%	-6.9%
V	Sell	VISA INC	$3,454,000	-7.1%	15,508	-2.5%	2.66%	-8.1%
BBN	Buy	BLACKROCK TAX MUNICPAL BD TR	$2,658,000	+30.6%	103,215	+30.7%	2.05%	+29.2%
MSFT	Buy	MICROSOFT CORP	$2,612,000	+4.4%	9,266	+0.3%	2.01%	+3.2%
ASRV	Buy	AMERISERV FINL INC	$2,347,000	-1.1%	604,226	+0.0%	1.81%	-2.2%
RCL	Buy	ROYAL CARIBBEAN GROUP	$1,804,000	+13.0%	20,282	+8.3%	1.39%	+11.8%
NUE	Buy	NUCOR CORP	$1,694,000	+9.8%	17,197	+6.9%	1.30%	+8.7%
DHR	Sell	DANAHER CORPORATION	$1,673,000	+4.4%	5,496	-7.9%	1.29%	+3.4%
PYPL	Buy	PAYPAL HLDGS INC	$1,648,000	-10.5%	6,332	+0.2%	1.27%	-11.4%
PNC	Sell	PNC FINL SVCS GROUP INC	$1,635,000	-3.7%	8,357	-6.1%	1.26%	-4.7%
PEP	Sell	PEPSICO INC	$1,456,000	-2.1%	9,678	-3.5%	1.12%	-3.1%
PRU	Sell	PRUDENTIAL FINL INC	$1,357,000	-0.7%	12,902	-3.3%	1.05%	-1.7%
GOOG	Sell	ALPHABET INCcap stk cl c	$1,349,000	+0.2%	506	-5.8%	1.04%	-0.9%
NKE	Buy	NIKE INCcl b	$1,306,000	-5.2%	8,994	+0.8%	1.01%	-6.2%
RSP	Sell	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$1,279,000	-94.7%	8,540	-94.7%	0.98%	-94.8%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$1,252,000	-3.6%	2,917	-3.9%	0.96%	-4.5%
GOOGL	Sell	ALPHABET INCcap stk cl a	$1,166,000	+5.1%	436	-4.0%	0.90%	+4.1%
LLY	Sell	LILLY ELI & CO	$1,160,000	-3.3%	5,020	-3.9%	0.89%	-4.2%
AMGN	Sell	AMGEN INC	$1,032,000	-17.7%	4,852	-5.7%	0.80%	-18.5%
JNJ	Buy	JOHNSON & JOHNSON	$1,030,000	-1.2%	6,376	+0.8%	0.79%	-2.1%
DUK	Sell	DUKE ENERGY CORP NEW	$950,000	-5.3%	9,733	-4.2%	0.73%	-6.3%
EXC	Buy	EXELON CORP	$907,000	+10.5%	18,754	+1.2%	0.70%	+9.4%
HD	Sell	HOME DEPOT INC	$886,000	-2.2%	2,699	-5.0%	0.68%	-3.1%
MO	Sell	ALTRIA GROUP INC	$880,000	-4.8%	19,324	-0.3%	0.68%	-5.7%
DIS	Sell	DISNEY WALT CO	$855,000	-12.0%	5,057	-8.6%	0.66%	-12.9%
WMT	Sell	WALMART INC	$845,000	-8.5%	6,061	-7.4%	0.65%	-9.5%
VZ	Sell	VERIZON COMMUNICATIONS INC	$838,000	-45.1%	15,518	-43.1%	0.65%	-45.7%
BMY	Sell	BRISTOL-MYERS SQUIBB CO	$730,000	-14.4%	12,333	-3.4%	0.56%	-15.4%
IVV	Sell	ISHARES TRcore s&p500 etf	$639,000	-8.7%	1,482	-8.9%	0.49%	-9.7%
MCD	Sell	MCDONALDS CORP	$597,000	+0.3%	2,476	-3.8%	0.46%	-0.6%
FCX	New	FREEPORT-MCMORAN INCcl b	$504,000	–	15,497	–	0.39%	–
CSCO	Sell	CISCO SYS INC	$496,000	+2.1%	9,114	-0.5%	0.38%	+1.1%
BKNG	Sell	BOOKING HOLDINGS INC	$442,000	+7.5%	186	-1.1%	0.34%	+6.6%
PFF	Sell	ISHARES TRpfd and incm sec	$406,000	-11.9%	10,470	-10.6%	0.31%	-12.8%
FB	Sell	FACEBOOK INCcl a	$392,000	-5.8%	1,156	-3.3%	0.30%	-6.8%
FNB	Sell	F N B CORP	$388,000	-6.1%	33,398	-0.3%	0.30%	-7.1%
HYG	Sell	ISHARES TRiboxx hi yd etf	$328,000	-2.1%	3,745	-1.7%	0.25%	-3.1%
GIS	Buy	GENERAL MLS INC	$308,000	+14.1%	5,142	+16.1%	0.24%	+12.9%
BDX	Buy	BECTON DICKINSON & CO	$295,000	+8.5%	1,202	+7.4%	0.23%	+7.1%
CVS	Buy	CVS HEALTH CORP	$286,000	+34.3%	3,366	+31.9%	0.22%	+32.5%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$285,000	-11.2%	1,045	-9.4%	0.22%	-12.0%
ABT	Sell	ABBOTT LABS	$231,000	-13.2%	1,952	-15.0%	0.18%	-14.0%
ABBV	Sell	ABBVIE INC	$219,000	-9.9%	2,031	-5.8%	0.17%	-10.6%
GAB	Sell	GABELLI EQUITY TR INC	$199,000	-4.3%	29,881	-0.7%	0.15%	-5.6%
GABRT	Exit	GABELLI EQUITY TR INCright 07/14/2021	$0	–	-30,100	–	-0.00%	–
T	Exit	AT&T INC	$0	–	-7,049	–	-0.16%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-2,076	–	-0.16%	–
CLX	Exit	CLOROX CO DEL	$0	–	-1,149	–	-0.16%	–
VTV	Exit	VANGUARD INDEX FDSvalue etf	$0	–	-6,101	–	-0.65%	–
VOOV	Exit	VANGUARD ADMIRAL FDS INC500 val idx fd	$0	–	-27,188	–	-3.02%	–

Q2 2021

			Value		Shares		↓ Weighting
SSO	New	PROSHARES TR	$24,953,000	–	209,092	–	19.43%	–
RSP	New	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$24,106,000	–	159,923	–	18.77%	–
LOB	New	LIVE OAK BANCSHARES INC	$6,628,000	–	112,344	–	5.16%	–
AAPL	New	APPLE INC	$5,466,000	–	39,908	–	4.26%	–
VOO	New	VANGUARD INDEX FDS	$5,081,000	–	12,911	–	3.96%	–
AMZN	New	AMAZON COM INC	$4,435,000	–	1,289	–	3.45%	–
VOOV	New	VANGUARD ADMIRAL FDS INC500 val idx fd	$3,879,000	–	27,188	–	3.02%	–
V	New	VISA INC	$3,719,000	–	15,904	–	2.90%	–
QLD	New	PROSHARES TR	$2,991,000	–	41,656	–	2.33%	–
MSFT	New	MICROSOFT CORP	$2,503,000	–	9,239	–	1.95%	–
ASRV	New	AMERISERV FINL INC	$2,374,000	–	604,089	–	1.85%	–
BBN	New	BLACKROCK TAX MUNICPAL BD TR	$2,036,000	–	78,965	–	1.58%	–
PYPL	New	PAYPAL HLDGS INC	$1,842,000	–	6,321	–	1.43%	–
PNC	New	PNC FINL SVCS GROUP INC	$1,698,000	–	8,902	–	1.32%	–
DHR	New	DANAHER CORPORATION	$1,602,000	–	5,970	–	1.25%	–
RCL	New	ROYAL CARIBBEAN GROUP	$1,597,000	–	18,732	–	1.24%	–
NUE	New	NUCOR CORP	$1,543,000	–	16,086	–	1.20%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,527,000	–	27,257	–	1.19%	–
PEP	New	PEPSICO INC	$1,487,000	–	10,034	–	1.16%	–
NKE	New	NIKE INCcl b	$1,378,000	–	8,920	–	1.07%	–
PRU	New	PRUDENTIAL FINL INC	$1,367,000	–	13,344	–	1.06%	–
GOOG	New	ALPHABET INCcap stk cl c	$1,346,000	–	537	–	1.05%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$1,299,000	–	3,035	–	1.01%	–
AMGN	New	AMGEN INC	$1,254,000	–	5,143	–	0.98%	–
LLY	New	LILLY ELI & CO	$1,199,000	–	5,224	–	0.93%	–
GOOGL	New	ALPHABET INCcap stk cl a	$1,109,000	–	454	–	0.86%	–
JNJ	New	JOHNSON & JOHNSON	$1,042,000	–	6,328	–	0.81%	–
DUK	New	DUKE ENERGY CORP NEW	$1,003,000	–	10,165	–	0.78%	–
DIS	New	DISNEY WALT CO	$972,000	–	5,530	–	0.76%	–
MO	New	ALTRIA GROUP INC	$924,000	–	19,374	–	0.72%	–
WMT	New	WALMART INC	$923,000	–	6,548	–	0.72%	–
HD	New	HOME DEPOT INC	$906,000	–	2,841	–	0.70%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$853,000	–	12,773	–	0.66%	–
VTV	New	VANGUARD INDEX FDSvalue etf	$839,000	–	6,101	–	0.65%	–
EXC	New	EXELON CORP	$821,000	–	18,535	–	0.64%	–
IVV	New	ISHARES TRcore s&p500 etf	$700,000	–	1,627	–	0.54%	–
BP	New	BP PLCsponsored adr	$699,000	–	26,457	–	0.54%	–
MCD	New	MCDONALDS CORP	$595,000	–	2,574	–	0.46%	–
NQP	New	NUVEEN PENNSYLVANIA QLT MUN	$529,000	–	35,006	–	0.41%	–
JPM	New	JPMORGAN CHASE & CO	$491,000	–	3,154	–	0.38%	–
CSCO	New	CISCO SYS INC	$486,000	–	9,164	–	0.38%	–
KR	New	KROGER CO	$465,000	–	12,140	–	0.36%	–
PFF	New	ISHARES TRpfd and incm sec	$461,000	–	11,708	–	0.36%	–
FB	New	FACEBOOK INCcl a	$416,000	–	1,196	–	0.32%	–
FNB	New	F N B CORP	$413,000	–	33,498	–	0.32%	–
BKNG	New	BOOKING HOLDINGS INC	$411,000	–	188	–	0.32%	–
VIAC	New	VIACOMCBS INCcl b	$407,000	–	9,000	–	0.32%	–
XOM	New	EXXON MOBIL CORP	$369,000	–	5,853	–	0.29%	–
MYD	New	BLACKROCK MUNIYIELD FD INC	$338,000	–	22,375	–	0.26%	–
HYG	New	ISHARES TRiboxx hi yd etf	$335,000	–	3,810	–	0.26%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$321,000	–	1,154	–	0.25%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$303,000	–	1,100	–	0.24%	–
DOCU	New	DOCUSIGN INC	$280,000	–	1,000	–	0.22%	–
C	New	CITIGROUP INC	$273,000	–	3,855	–	0.21%	–
BDX	New	BECTON DICKINSON & CO	$272,000	–	1,119	–	0.21%	–
GIS	New	GENERAL MLS INC	$270,000	–	4,428	–	0.21%	–
ABT	New	ABBOTT LABS	$266,000	–	2,296	–	0.21%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$260,000	–	1,250	–	0.20%	–
ANSS	New	ANSYS INC	$260,000	–	750	–	0.20%	–
NAD	New	NUVEEN QUALITY MUNCP INCOME	$248,000	–	15,504	–	0.19%	–
ABBV	New	ABBVIE INC	$243,000	–	2,156	–	0.19%	–
BAC	New	BK OF AMERICA CORP	$234,000	–	5,678	–	0.18%	–
MA	New	MASTERCARD INCORPORATEDcl a	$219,000	–	600	–	0.17%	–
CVS	New	CVS HEALTH CORP	$213,000	–	2,551	–	0.17%	–
GAB	New	GABELLI EQUITY TR INC	$208,000	–	30,100	–	0.16%	–
CLX	New	CLOROX CO DEL	$207,000	–	1,149	–	0.16%	–
PM	New	PHILIP MORRIS INTL INC	$206,000	–	2,076	–	0.16%	–
T	New	AT&T INC	$203,000	–	7,049	–	0.16%	–
QTNT	New	QUOTIENT LTD	$135,000	–	37,000	–	0.10%	–
GABRT	New	GABELLI EQUITY TR INCright 07/14/2021	$4,000	–	30,100	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
GAB	Exit	GABELLI EQUITY TR INC	$0	–	-19,900	–	-0.16%	–
FCF	Exit	FIRST COMWLTH FINL CORP PA	$0	–	-11,240	–	-0.20%	–
QTNT	Exit	QUOTIENT LTD	$0	–	-25,000	–	-0.26%	–
SEIC	Exit	SEI INVESTMENTS CO	$0	–	-3,400	–	-0.27%	–
LIN	Exit	LINDE PLC	$0	–	-1,055	–	-0.28%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-1,000	–	-0.28%	–
PFE	Exit	PFIZER INC	$0	–	-6,007	–	-0.29%	–
DIS	Exit	DISNEY WALT CO	$0	–	-1,699	–	-0.30%	–
NAD	Exit	NUVEEN QUALITY MUNCP INCOME	$0	–	-15,504	–	-0.30%	–
CLX	Exit	CLOROX CO DEL	$0	–	-1,494	–	-0.31%	–
SO	Exit	SOUTHERN CO	$0	–	-4,050	–	-0.34%	–
GIS	Exit	GENERAL MLS INC	$0	–	-4,564	–	-0.34%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-2,920	–	-0.35%	–
MRK	Exit	MERCK & CO INC	$0	–	-3,156	–	-0.36%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-1,930	–	-0.36%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,430	–	-0.40%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-2,600	–	-0.40%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-4,300	–	-0.42%	–
T	Exit	AT&T INC	$0	–	-8,185	–	-0.42%	–
WAB	Exit	WABTEC CORP	$0	–	-4,455	–	-0.44%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-4,261	–	-0.44%	–
HD	Exit	HOME DEPOT INC	$0	–	-1,399	–	-0.44%	–
CSCO	Exit	CISCO SYS INC	$0	–	-6,644	–	-0.45%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-3,430	–	-0.45%	–
MYD	Exit	BLACKROCK MUNIYIELD FD INC	$0	–	-22,375	–	-0.45%	–
TIP	Exit	ISHARES TRtips bd etf	$0	–	-3,004	–	-0.48%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-37,899	–	-0.49%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-193	–	-0.52%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-1,510	–	-0.52%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-3,206	–	-0.54%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-46,908	–	-0.56%	–
FISV	Exit	FISERV INC	$0	–	-4,100	–	-0.58%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-3,688	–	-0.59%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-4,276	–	-0.60%	–
WMT	Exit	WALMART INC	$0	–	-4,035	–	-0.65%	–
FNB	Exit	FNB CORP PA	$0	–	-41,618	–	-0.65%	–
NQP	Exit	NUVEEN PENNSYLVANIA QLT MUN	$0	–	-35,006	–	-0.67%	–
BA	Exit	BOEING CO	$0	–	-1,310	–	-0.68%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-490	–	-0.82%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-2,029	–	-0.82%	–
EXC	Exit	EXELON CORP	$0	–	-13,678	–	-0.90%	–
LLY	Exit	LILLY ELI & CO	$0	–	-6,763	–	-1.03%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-12,721	–	-1.04%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-15,270	–	-1.05%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-5,920	–	-1.06%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-642	–	-1.06%	–
MCD	Exit	MCDONALDS CORP	$0	–	-3,728	–	-1.09%	–
NKE	Exit	NIKE INCcl b	$0	–	-8,842	–	-1.13%	–
PEP	Exit	PEPSICO INC	$0	–	-6,093	–	-1.14%	–
AMRN	Exit	AMARIN CORP PLCspons adr new	$0	–	-60,809	–	-1.25%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-6,744	–	-1.26%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-24,211	–	-1.35%	–
BP	Exit	BP PLCsponsored adr	$0	–	-27,069	–	-1.40%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-8,839	–	-1.74%	–
AMGN	Exit	AMGEN INC	$0	–	-6,717	–	-1.76%	–
BBN	Exit	BLACKROCK TAX MUNICPAL BD TR	$0	–	-58,106	–	-1.95%	–
AMZN	Exit	AMAZON COM INC	$0	–	-845	–	-2.00%	–
AAPL	Exit	APPLE INC	$0	–	-7,610	–	-2.32%	–
ASRV	Exit	AMERISERV FINL INC	$0	–	-436,880	–	-2.46%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-6,343	–	-2.56%	–
LOB	Exit	LIVE OAK BANCSHARES INC	$0	–	-112,344	–	-2.76%	–
V	Exit	VISA INC	$0	–	-12,483	–	-2.92%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-58,876	–	-21.83%	–
SSO	Exit	PROSHARES TR	$0	–	-143,279	–	-25.04%	–

Q3 2019

			Value		Shares		↓ Weighting
SSO	Buy	PROSHARES TR	$18,404,000	+76.1%	143,279	+72.7%	25.04%	+83.5%
VOO	Sell	VANGUARD INDEX FDS	$16,049,000	-20.8%	58,876	-21.8%	21.83%	-17.4%
V	Buy	VISA INC	$2,147,000	+2.6%	12,483	+3.5%	2.92%	+7.0%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$1,882,000	-18.6%	6,343	-19.6%	2.56%	-15.1%
ASRV	Buy	AMERISERV FINL INC	$1,809,000	-0.2%	436,880	+0.0%	2.46%	+4.1%
AAPL	Buy	APPLE INC	$1,704,000	+13.4%	7,610	+0.3%	2.32%	+18.3%
AMZN	Buy	AMAZON COM INC	$1,467,000	-1.3%	845	+7.6%	2.00%	+2.9%
BBN	Buy	BLACKROCK TAX MUNICPAL BD TR	$1,436,000	+6.0%	58,106	+1.7%	1.95%	+10.5%
AMGN	Sell	AMGEN INC	$1,292,000	+3.8%	6,717	-0.8%	1.76%	+8.1%
DHR	Sell	DANAHER CORPORATION	$1,277,000	-7.3%	8,839	-8.3%	1.74%	-3.4%
BP	Buy	BP PLCsponsored adr	$1,028,000	-7.9%	27,069	+1.1%	1.40%	-4.0%
MO	Buy	ALTRIA GROUP INC	$990,000	-12.4%	24,211	+1.4%	1.35%	-8.7%
MSFT	Sell	MICROSOFT CORP	$926,000	-28.8%	6,744	-30.8%	1.26%	-25.8%
AMRN	Buy	AMARIN CORP PLCspons adr new	$922,000	-21.5%	60,809	+0.3%	1.25%	-18.2%
PEP	Sell	PEPSICO INC	$835,000	+4.4%	6,093	-0.2%	1.14%	+8.8%
NKE	Buy	NIKE INCcl b	$830,000	+13.7%	8,842	+1.6%	1.13%	+18.5%
MCD	Buy	MCDONALDS CORP	$800,000	+4.7%	3,728	+1.4%	1.09%	+9.1%
GOOG	Sell	ALPHABET INCcap stk cl c	$783,000	+12.7%	642	-0.2%	1.06%	+17.4%
JNJ	Sell	JOHNSON & JOHNSON	$782,000	-5.6%	5,920	-0.1%	1.06%	-1.6%
BMY	Buy	BRISTOL MYERS SQUIBB CO	$774,000	+12.5%	15,270	+0.7%	1.05%	+17.3%
VZ	Sell	VERIZON COMMUNICATIONS INC	$768,000	-13.9%	12,721	-18.5%	1.04%	-10.2%
LLY	Sell	LILLY ELI & CO	$756,000	+0.7%	6,763	-0.2%	1.03%	+4.9%
EXC	Buy	EXELON CORP	$661,000	+0.9%	13,678	+0.2%	0.90%	+5.1%
IVV	Sell	ISHARES TRcore s&p500 etf	$606,000	-0.3%	2,029	-1.7%	0.82%	+3.9%
GOOGL	New	ALPHABET INCcap stk cl a	$599,000	–	490	–	0.82%	–
BA	Sell	BOEING CO	$498,000	-35.6%	1,310	-38.3%	0.68%	-32.9%
NQP	Buy	NUVEEN PENNSYLVANIA QLT MUN	$490,000	+7.9%	35,006	+5.2%	0.67%	+12.7%
WMT	Sell	WALMART INC	$479,000	-26.4%	4,035	-31.5%	0.65%	-23.3%
PYPL	Buy	PAYPAL HLDGS INC	$443,000	-8.3%	4,276	+1.3%	0.60%	-4.3%
JPM	Buy	JPMORGAN CHASE & CO	$433,000	+6.7%	3,688	+1.4%	0.59%	+11.1%
NLY	Buy	ANNALY CAP MGMT INC	$413,000	-2.1%	46,908	+1.4%	0.56%	+2.0%
PG	Sell	PROCTER & GAMBLE CO	$398,000	+4.5%	3,206	-7.9%	0.54%	+8.9%
BDX	Sell	BECTON DICKINSON & CO	$382,000	-24.7%	1,510	-24.9%	0.52%	-21.5%
FCX	Buy	FREEPORT-MCMORAN INCcl b	$363,000	-16.4%	37,899	+1.3%	0.49%	-12.7%
TIP	Sell	ISHARES TRtips bd etf	$349,000	-84.5%	3,004	-84.6%	0.48%	-83.9%
HD	New	HOME DEPOT INC	$325,000	–	1,399	–	0.44%	–
PM	Buy	PHILIP MORRIS INTL INC	$324,000	+6.2%	4,261	+9.7%	0.44%	+10.8%
WAB	Buy	WABTEC CORP	$320,000	+0.9%	4,455	+0.9%	0.44%	+5.1%
T	Buy	AT&T INC	$310,000	+23.5%	8,185	+9.4%	0.42%	+28.7%
XOM	Buy	EXXON MOBIL CORP	$309,000	-5.2%	4,300	+1.7%	0.42%	-1.2%
MRK	Sell	MERCK & CO INC	$266,000	-0.7%	3,156	-1.4%	0.36%	+3.4%
SO	Buy	SOUTHERN CO	$250,000	+17.4%	4,050	+5.3%	0.34%	+22.3%
DIS	Sell	DISNEY WALT CO	$221,000	-69.6%	1,699	-67.3%	0.30%	-68.2%
PFE	New	PFIZER INC	$216,000	–	6,007	–	0.29%	–
LIN	New	LINDE PLC	$204,000	–	1,055	–	0.28%	–
SEIC	New	SEI INVESTMENTS CO	$201,000	–	3,400	–	0.27%	–
QTNT	Buy	QUOTIENT LTD	$194,000	+3.7%	25,000	+25.0%	0.26%	+8.2%
CRCM	Exit	CARE COM INC	$0	–	-10,000	–	-0.14%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-2,127	–	-0.27%	–
BIO	Exit	BIO RAD LABS INCcl a	$0	–	-700	–	-0.29%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-4,346	–	-0.29%	–
SCI	Exit	SERVICE CORP INTL	$0	–	-5,000	–	-0.30%	–
ROKU	Exit	ROKU INC	$0	–	-3,000	–	-0.36%	–
IOO	Exit	ISHARES TRglobal 100 etf	$0	–	-6,300	–	-0.40%	–
VT	Exit	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$0	–	-4,100	–	-0.40%	–
KRNT	Exit	KORNIT DIGITAL LTD	$0	–	-10,000	–	-0.41%	–
MDY	Exit	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$0	–	-1,055	–	-0.49%	–
SPLV	Exit	INVESCO EXCHNG TRADED FD TRs&p500 low vol	$0	–	-41,118	–	-2.95%	–

Q2 2019

			Value		Shares		↓ Weighting
VOO	New	VANGUARD INDEX FDS	$20,256,000	–	75,262	–	26.43%	–
SSO	New	PROSHARES TR	$10,453,000	–	82,953	–	13.64%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$2,311,000	–	7,888	–	3.02%	–
SPLV	New	INVESCO EXCHNG TRADED FD TRs&p500 low vol	$2,262,000	–	41,118	–	2.95%	–
TIP	New	ISHARES TRtips bd etf	$2,258,000	–	19,554	–	2.95%	–
V	New	VISA INC	$2,092,000	–	12,056	–	2.73%	–
LOB	New	LIVE OAK BANCSHARES INC	$1,927,000	–	112,344	–	2.52%	–
ASRV	New	AMERISERV FINL INC	$1,812,000	–	436,722	–	2.36%	–
AAPL	New	APPLE INC	$1,502,000	–	7,590	–	1.96%	–
AMZN	New	AMAZON COM INC	$1,486,000	–	785	–	1.94%	–
DHR	New	DANAHER CORPORATION	$1,378,000	–	9,639	–	1.80%	–
BBN	New	BLACKROCK TAX MUNICPAL BD TR	$1,355,000	–	57,127	–	1.77%	–
MSFT	New	MICROSOFT CORP	$1,301,000	–	9,744	–	1.70%	–
AMGN	New	AMGEN INC	$1,245,000	–	6,772	–	1.62%	–
AMRN	New	AMARIN CORP PLCspons adr new	$1,175,000	–	60,607	–	1.53%	–
MO	New	ALTRIA GROUP INC	$1,130,000	–	23,871	–	1.48%	–
BP	New	BP PLCsponsored adr	$1,116,000	–	26,769	–	1.46%	–
VZ	New	VERIZON COMMUNICATIONS INC	$892,000	–	15,609	–	1.16%	–
JNJ	New	JOHNSON & JOHNSON	$828,000	–	5,927	–	1.08%	–
PEP	New	PEPSICO INC	$800,000	–	6,103	–	1.04%	–
BA	New	BOEING CO	$773,000	–	2,123	–	1.01%	–
MCD	New	MCDONALDS CORP	$764,000	–	3,678	–	1.00%	–
LLY	New	LILLY ELI & CO	$751,000	–	6,777	–	0.98%	–
NKE	New	NIKE INCcl b	$730,000	–	8,700	–	0.95%	–
DIS	New	DISNEY WALT CO	$726,000	–	5,199	–	0.95%	–
GOOG	New	ALPHABET INCcap stk cl c	$695,000	–	643	–	0.91%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$688,000	–	15,170	–	0.90%	–
EXC	New	EXELON CORP	$655,000	–	13,657	–	0.86%	–
WMT	New	WALMART INC	$651,000	–	5,894	–	0.85%	–
IVV	New	ISHARES TRcore s&p500 etf	$608,000	–	2,064	–	0.79%	–
BDX	New	BECTON DICKINSON & CO	$507,000	–	2,010	–	0.66%	–
FNB	New	FNB CORP PA	$490,000	–	41,618	–	0.64%	–
PYPL	New	PAYPAL HLDGS INC	$483,000	–	4,220	–	0.63%	–
NQP	New	NUVEEN PENNSYLVANIA QLT MUN	$454,000	–	33,281	–	0.59%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$434,000	–	37,400	–	0.57%	–
NLY	New	ANNALY CAP MGMT INC	$422,000	–	46,262	–	0.55%	–
JPM	New	JPMORGAN CHASE & CO	$406,000	–	3,638	–	0.53%	–
PG	New	PROCTER AND GAMBLE CO	$381,000	–	3,480	–	0.50%	–
MDY	New	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$375,000	–	1,055	–	0.49%	–
FISV	New	FISERV INC	$374,000	–	4,100	–	0.49%	–
CSCO	New	CISCO SYS INC	$364,000	–	6,644	–	0.48%	–
BKNG	New	BOOKING HLDGS INC	$362,000	–	193	–	0.47%	–
XOM	New	EXXON MOBIL CORP	$326,000	–	4,228	–	0.42%	–
MYD	New	BLACKROCK MUNIYIELD FD INC	$322,000	–	22,375	–	0.42%	–
KRNT	New	KORNIT DIGITAL LTD	$317,000	–	10,000	–	0.41%	–
WAB	New	WABTEC CORP	$317,000	–	4,417	–	0.41%	–
VT	New	VANGUARD INTL EQUITY INDEX Ftt wrld st etf	$308,000	–	4,100	–	0.40%	–
IOO	New	ISHARES TRglobal 100 etf	$308,000	–	6,300	–	0.40%	–
PM	New	PHILIP MORRIS INTL INC	$305,000	–	3,886	–	0.40%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$305,000	–	1,430	–	0.40%	–
DUK	New	DUKE ENERGY CORP NEW	$303,000	–	3,430	–	0.40%	–
TROW	New	PRICE T ROWE GROUP INC	$285,000	–	2,600	–	0.37%	–
ROKU	New	ROKU INC	$272,000	–	3,000	–	0.36%	–
MRK	New	MERCK & CO INC	$268,000	–	3,202	–	0.35%	–
GLD	New	SPDR GOLD TRUST	$257,000	–	1,930	–	0.34%	–
HYG	New	ISHARES TRiboxx hi yd etf	$255,000	–	2,920	–	0.33%	–
T	New	AT&T INC	$251,000	–	7,481	–	0.33%	–
GIS	New	GENERAL MLS INC	$240,000	–	4,564	–	0.31%	–
SCI	New	SERVICE CORP INTL	$234,000	–	5,000	–	0.30%	–
CLX	New	CLOROX CO DEL	$229,000	–	1,494	–	0.30%	–
LUV	New	SOUTHWEST AIRLS CO	$221,000	–	4,346	–	0.29%	–
BIO	New	BIO RAD LABS INCcl a	$219,000	–	700	–	0.29%	–
NAD	New	NUVEEN QUALITY MUNCP INCOME	$217,000	–	15,504	–	0.28%	–
SO	New	SOUTHERN CO	$213,000	–	3,845	–	0.28%	–
MDT	New	MEDTRONIC PLC	$207,000	–	2,127	–	0.27%	–
GS	New	GOLDMAN SACHS GROUP INC	$206,000	–	1,000	–	0.27%	–
QTNT	New	QUOTIENT LTD	$187,000	–	20,000	–	0.24%	–
FCF	New	FIRST COMWLTH FINL CORP PA	$151,000	–	11,240	–	0.20%	–
GAB	New	GABELLI EQUITY TR INC	$123,000	–	19,900	–	0.16%	–
CRCM	New	CARE COM INC	$110,000	–	10,000	–	0.14%	–

Q4 2018

			Value		Shares		↓ Weighting
RAD	Exit	RITE AID CORP	$0	–	-61,000	–	-0.10%	–
P	Exit	PANDORA MEDIA INC	$0	–	-10,000	–	-0.12%	–
GAB	Exit	GABELLI EQUITY TR INC	$0	–	-16,900	–	-0.14%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-10,000	–	-0.15%	–
QTNT	Exit	QUOTIENT LTD	$0	–	-20,000	–	-0.19%	–
GRX	Exit	GABELLI HLTHCARE & WELLNESS	$0	–	-14,250	–	-0.20%	–
FCF	Exit	FIRST COMWLTH FINL CORP PA	$0	–	-10,440	–	-0.21%	–
NAD	Exit	NUVEEN QUALITY MUNCP INCOME	$0	–	-15,504	–	-0.25%	–
KRNT	Exit	KORNIT DIGITAL LTD	$0	–	-10,000	–	-0.27%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-1,000	–	-0.28%	–
XLE	Exit	SELECT SECTOR SPDR TRenergy	$0	–	-3,000	–	-0.28%	–
CLX	Exit	CLOROX CO DEL	$0	–	-1,526	–	-0.29%	–
TBT	Exit	PROSHARES TR	$0	–	-6,000	–	-0.29%	–
MRK	Exit	MERCK & CO INC	$0	–	-3,437	–	-0.30%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-5,013	–	-0.32%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-3,277	–	-0.33%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-2,600	–	-0.34%	–
MDY	Exit	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$0	–	-755	–	-0.34%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-1,081	–	-0.35%	–
VG	Exit	VONAGE HLDGS CORP	$0	–	-20,000	–	-0.35%	–
MYD	Exit	BLACKROCK MUNIYIELD FD INC	$0	–	-22,375	–	-0.37%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,115	–	-0.37%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,504	–	-0.40%	–
CSCO	Exit	CISCO SYS INC	$0	–	-6,813	–	-0.41%	–
C	Exit	CITIGROUP INC	$0	–	-4,770	–	-0.43%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-4,208	–	-0.43%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-3,038	–	-0.43%	–
FISV	Exit	FISERV INC	$0	–	-4,400	–	-0.44%	–
JNK	Exit	SPDR SERIES TRUSTbloomberg brclys	$0	–	-10,040	–	-0.45%	–
ROKU	Exit	ROKU INC	$0	–	-5,000	–	-0.46%	–
MTUM	Exit	ISHARES TRusa momentum fct	$0	–	-3,196	–	-0.48%	–
NQP	Exit	NUVEEN PENNSYLVANIA QLT MUN	$0	–	-33,281	–	-0.52%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-218	–	-0.54%	–
BAC	Exit	BANK AMER CORP	$0	–	-15,153	–	-0.56%	–
WAB	Exit	WABTEC CORP	$0	–	-4,337	–	-0.57%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-5,485	–	-0.59%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-5,683	–	-0.60%	–
CB	Exit	CHUBB LIMITED	$0	–	-3,806	–	-0.64%	–
WMT	Exit	WALMART INC	$0	–	-5,475	–	-0.64%	–
FNB	Exit	FNB CORP PA	$0	–	-41,212	–	-0.65%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-439	–	-0.66%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-38,019	–	-0.66%	–
BA	Exit	BOEING CO	$0	–	-1,464	–	-0.68%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-2,580	–	-0.72%	–
PFE	Exit	PFIZER INC	$0	–	-13,079	–	-0.72%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-56,316	–	-0.72%	–
MCD	Exit	MCDONALDS CORP	$0	–	-3,603	–	-0.75%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-2,179	–	-0.80%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-12,127	–	-0.81%	–
EXC	Exit	EXELON CORP	$0	–	-15,682	–	-0.86%	–
KO	Exit	COCA COLA CO	$0	–	-15,060	–	-0.87%	–
PEP	Exit	PEPSICO INC	$0	–	-6,380	–	-0.89%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-9,665	–	-0.93%	–
LLY	Exit	LILLY ELI & CO	$0	–	-7,865	–	-1.05%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-744	–	-1.11%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-8,191	–	-1.11%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-14,437	–	-1.12%	–
IBB	Exit	ISHARES TRnasdaq biotech	$0	–	-7,812	–	-1.19%	–
NKE	Exit	NIKE INCcl b	$0	–	-12,574	–	-1.33%	–
BP	Exit	BP PLCsponsored adr	$0	–	-26,707	–	-1.54%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-11,923	–	-1.69%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-8,628	–	-1.77%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-4,931	–	-1.79%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-24,365	–	-1.83%	–
BBN	Exit	BLACKROCK TAX MUNICPAL BD TR	$0	–	-73,423	–	-1.94%	–
AMGN	Exit	AMGEN INC	$0	–	-7,874	–	-2.04%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-13,229	–	-2.28%	–
ASRV	Exit	AMERISERV FINL INC	$0	–	-431,274	–	-2.32%	–
V	Exit	VISA INC	$0	–	-14,616	–	-2.74%	–
LOB	Exit	LIVE OAK BANCSHARES INC	$0	–	-110,344	–	-3.69%	–
AMZN	Exit	AMAZON COM INC	$0	–	-1,767	–	-4.42%	–
AAPL	Exit	APPLE INC	$0	–	-15,824	–	-4.46%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-18,492	–	-6.17%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-82,576	–	-8.99%	–
SSO	Exit	PROSHARES TR	$0	–	-127,491	–	-20.30%	–

Q3 2018

			Value		Shares		↓ Weighting
SSO	Buy	PROSHARES TR	$16,257,000	+32.7%	127,491	+15.8%	20.30%	+23.4%
IJR	Sell	ISHARES TRcore s&p scp etf	$7,198,000	+2.4%	82,576	-1.9%	8.99%	-4.7%
VOO	Buy	VANGUARD INDEX FDS	$4,938,000	+58.4%	18,492	+48.0%	6.17%	+47.3%
AAPL	Buy	APPLE INC	$3,572,000	+23.8%	15,824	+1.5%	4.46%	+15.1%
AMZN	Buy	AMAZON COM INC	$3,536,000	+18.9%	1,767	+1.0%	4.42%	+10.5%
V	Buy	VISA INC	$2,194,000	+29.0%	14,616	+13.8%	2.74%	+20.0%
ASRV	Sell	AMERISERV FINL INC	$1,854,000	+2.8%	431,274	-1.9%	2.32%	-4.4%
JNJ	Sell	JOHNSON & JOHNSON	$1,828,000	-6.9%	13,229	-18.0%	2.28%	-13.4%
AMGN	Buy	AMGEN INC	$1,631,000	+21.8%	7,874	+8.5%	2.04%	+13.3%
BBN	Sell	BLACKROCK TAX MUNICPAL BD TR	$1,557,000	-35.4%	73,423	-32.7%	1.94%	-40.0%
MO	Buy	ALTRIA GROUP INC	$1,469,000	+10.3%	24,365	+3.9%	1.83%	+2.5%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$1,433,000	+6.9%	4,931	-0.3%	1.79%	-0.7%
FB	Buy	FACEBOOK INCcl a	$1,419,000	+1.6%	8,628	+20.0%	1.77%	-5.5%
MSFT	Sell	MICROSOFT CORP	$1,356,000	+13.9%	11,923	-0.5%	1.69%	+5.9%
BP	Sell	BP PLCsponsored adr	$1,231,000	+0.5%	26,707	-0.4%	1.54%	-6.6%
NKE	Buy	NIKE INCcl b	$1,065,000	+7.1%	12,574	+0.8%	1.33%	-0.4%
IBB	Buy	ISHARES TRnasdaq biotech	$953,000	+47.5%	7,812	+32.8%	1.19%	+37.1%
BMY	Sell	BRISTOL MYERS SQUIBB CO	$897,000	+8.5%	14,437	-3.4%	1.12%	+0.8%
GOOG	Sell	ALPHABET INCcap stk cl c	$888,000	+6.7%	744	-0.3%	1.11%	-0.7%
LLY	Buy	LILLY ELI & CO	$844,000	+31.7%	7,865	+4.7%	1.05%	+22.4%
GILD	Buy	GILEAD SCIENCES INC	$746,000	+10.4%	9,665	+1.2%	0.93%	+2.6%
PEP	Sell	PEPSICO INC	$713,000	-11.6%	6,380	-13.9%	0.89%	-17.9%
KO	Buy	COCA COLA CO	$696,000	+6.3%	15,060	+0.8%	0.87%	-1.2%
EXC	Buy	EXELON CORP	$685,000	+11.2%	15,682	+8.4%	0.86%	+3.4%
VZ	Sell	VERIZON COMMUNICATIONS INC	$647,000	-26.6%	12,127	-30.8%	0.81%	-31.8%
IVV	Buy	ISHARES TRcore s&p500 etf	$638,000	+57.9%	2,179	+47.3%	0.80%	+46.8%
PFE	Buy	PFIZER INC	$576,000	+34.0%	13,079	+10.4%	0.72%	+24.6%
NLY	Buy	ANNALY CAP MGMT INC	$576,000	+5.9%	56,316	+6.6%	0.72%	-1.6%
BA	Buy	BOEING CO	$544,000	+11.7%	1,464	+0.8%	0.68%	+3.8%
FCX	Buy	FREEPORT-MCMORAN INCcl b	$529,000	-19.0%	38,019	+0.5%	0.66%	-24.6%
GOOGL	Buy	ALPHABET INCcap stk cl a	$528,000	+6.9%	439	+0.5%	0.66%	-0.6%
FNB	Sell	FNB CORP PA	$524,000	-23.5%	41,212	-19.3%	0.65%	-28.9%
CB	Sell	CHUBB LIMITED	$509,000	+1.4%	3,806	-3.6%	0.64%	-5.6%
XOM	Sell	EXXON MOBIL CORP	$484,000	-4.3%	5,683	-6.9%	0.60%	-11.2%
HYG	New	ISHARES TRiboxx hi yd etf	$474,000	–	5,485	–	0.59%	–
BAC	Sell	BANK AMER CORP	$448,000	+2.8%	15,153	-1.7%	0.56%	-4.6%
MTUM	New	ISHARES TRusa momentum fct	$380,000	–	3,196	–	0.48%	–
ROKU	New	ROKU INC	$365,000	–	5,000	–	0.46%	–
JPM	New	JPMORGAN CHASE & CO	$344,000	–	3,038	–	0.43%	–
UNH	New	UNITEDHEALTH GROUP INC	$297,000	–	1,115	–	0.37%	–
MDY	Sell	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$276,000	-92.1%	755	-92.3%	0.34%	-92.6%
DUK	Sell	DUKE ENERGY CORP NEW	$262,000	-0.4%	3,277	-1.5%	0.33%	-7.4%
BK	Sell	BANK NEW YORK MELLON CORP	$256,000	-6.6%	5,013	-1.2%	0.32%	-13.0%
MRK	Sell	MERCK & CO INC	$244,000	-7.9%	3,437	-21.2%	0.30%	-14.3%
CLX	Sell	CLOROX CO DEL	$230,000	+7.0%	1,526	-3.8%	0.29%	-0.7%
TBT	New	PROSHARES TR	$230,000	–	6,000	–	0.29%	–
GRX	New	GABELLI HLTHCARE & WELLNESS	$157,000	–	14,250	–	0.20%	–
QTNT	Buy	QUOTIENT LTD	$151,000	+25.8%	20,000	+33.3%	0.19%	+17.4%
GAB	New	GABELLI EQUITY TR INC	$110,000	–	16,900	–	0.14%	–
P	New	PANDORA MEDIA INC	$95,000	–	10,000	–	0.12%	–
RAD	Buy	RITE AID CORP	$78,000	+44.4%	61,000	+96.8%	0.10%	+32.9%
AMRN	Exit	AMARIN CORP PLCspons adr new	$0	–	-10,335	–	-0.04%	–
SHY	Exit	ISHARES TR1 3 yr treas bd	$0	–	-2,583	–	-0.29%	–
SEIC	Exit	SEI INVESTMENTS CO	$0	–	-3,400	–	-0.29%	–
EQT	Exit	EQT CORP	$0	–	-4,436	–	-0.33%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-2,543	–	-0.43%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-11,495	–	-0.44%	–
T	Exit	AT&T INC	$0	–	-17,259	–	-0.74%	–

Q2 2018

			Value		Shares		↓ Weighting
SSO	New	PROSHARES TR	$12,254,000	–	110,108	–	16.46%	–
IJR	New	ISHARES TRcore s&p scp etf	$7,026,000	–	84,137	–	9.44%	–
MDY	New	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$3,491,000	–	9,831	–	4.69%	–
LOB	New	LIVE OAK BANCSHARES INC	$3,382,000	–	110,344	–	4.54%	–
VOO	New	VANGUARD INDEX FDS	$3,117,000	–	12,494	–	4.19%	–
AMZN	New	AMAZON COM INC	$2,975,000	–	1,750	–	4.00%	–
AAPL	New	APPLE INC	$2,885,000	–	15,588	–	3.87%	–
BBN	New	BLACKROCK TAX MUNICPAL BD TR	$2,412,000	–	109,121	–	3.24%	–
JNJ	New	JOHNSON & JOHNSON	$1,963,000	–	16,130	–	2.64%	–
ASRV	New	AMERISERV FINL INC	$1,803,000	–	439,806	–	2.42%	–
V	New	VISA INC	$1,701,000	–	12,839	–	2.28%	–
FB	New	FACEBOOK INCcl a	$1,397,000	–	7,189	–	1.88%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$1,341,000	–	4,944	–	1.80%	–
AMGN	New	AMGEN INC	$1,339,000	–	7,254	–	1.80%	–
MO	New	ALTRIA GROUP INC	$1,332,000	–	23,451	–	1.79%	–
BP	New	BP PLCsponsored adr	$1,225,000	–	26,818	–	1.64%	–
MSFT	New	MICROSOFT CORP	$1,190,000	–	11,978	–	1.60%	–
NKE	New	NIKE INCcl b	$994,000	–	12,473	–	1.34%	–
VZ	New	VERIZON COMMUNICATIONS INC	$882,000	–	17,533	–	1.18%	–
GOOG	New	ALPHABET INCcap stk cl c	$832,000	–	746	–	1.12%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$827,000	–	14,941	–	1.11%	–
DHR	New	DANAHER CORP DEL	$808,000	–	8,191	–	1.08%	–
PEP	New	PEPSICO INC	$807,000	–	7,409	–	1.08%	–
FNB	New	FNB CORP PA	$685,000	–	51,038	–	0.92%	–
GILD	New	GILEAD SCIENCES INC	$676,000	–	9,549	–	0.91%	–
KO	New	COCA COLA CO	$655,000	–	14,944	–	0.88%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$653,000	–	37,829	–	0.88%	–
IBB	New	ISHARES TRnasdaq biotech	$646,000	–	5,884	–	0.87%	–
LLY	New	LILLY ELI & CO	$641,000	–	7,510	–	0.86%	–
EXC	New	EXELON CORP	$616,000	–	14,463	–	0.83%	–
MCD	New	MCDONALDS CORP	$565,000	–	3,603	–	0.76%	–
T	New	AT&T INC	$554,000	–	17,259	–	0.74%	–
NLY	New	ANNALY CAP MGMT INC	$544,000	–	52,822	–	0.73%	–
MA	New	MASTERCARD INCORPORATEDcl a	$507,000	–	2,580	–	0.68%	–
XOM	New	EXXON MOBIL CORP	$506,000	–	6,102	–	0.68%	–
CB	New	CHUBB LIMITED	$502,000	–	3,949	–	0.67%	–
GOOGL	New	ALPHABET INCcap stk cl a	$494,000	–	437	–	0.66%	–
BA	New	BOEING CO	$487,000	–	1,452	–	0.65%	–
WMT	New	WALMART INC	$469,000	–	5,475	–	0.63%	–
BKNG	New	BOOKING HLDGS INC	$442,000	–	218	–	0.59%	–
BAC	New	BANK AMER CORP	$436,000	–	15,413	–	0.59%	–
PFE	New	PFIZER INC	$430,000	–	11,845	–	0.58%	–
WAB	New	WABTEC CORP	$428,000	–	4,337	–	0.58%	–
NQP	New	NUVEEN PENNSYLVANIA QLT MUN	$420,000	–	33,281	–	0.56%	–
IVV	New	ISHARES TRcore s&p500 etf	$404,000	–	1,479	–	0.54%	–
JNK	New	SPDR SERIES TRUSTbloomberg brclys	$356,000	–	10,040	–	0.48%	–
FISV	New	FISERV INC	$341,000	–	4,400	–	0.46%	–
PM	New	PHILIP MORRIS INTL INC	$340,000	–	4,208	–	0.46%	–
FITB	New	FIFTH THIRD BANCORP	$330,000	–	11,495	–	0.44%	–
CVX	New	CHEVRON CORP NEW	$322,000	–	2,543	–	0.43%	–
C	New	CITIGROUP INC	$319,000	–	4,770	–	0.43%	–
TROW	New	PRICE T ROWE GROUP INC	$310,000	–	2,600	–	0.42%	–
MYD	New	BLACKROCK MUNIYIELD FD INC	$298,000	–	22,375	–	0.40%	–
CSCO	New	CISCO SYS INC	$294,000	–	6,813	–	0.40%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$281,000	–	1,504	–	0.38%	–
BK	New	BANK NEW YORK MELLON CORP	$274,000	–	5,075	–	0.37%	–
MRK	New	MERCK & CO INC	$265,000	–	4,363	–	0.36%	–
DUK	New	DUKE ENERGY CORP NEW	$263,000	–	3,327	–	0.35%	–
BDX	New	BECTON DICKINSON & CO	$259,000	–	1,081	–	0.35%	–
VG	New	VONAGE HLDGS CORP	$258,000	–	20,000	–	0.35%	–
EQT	New	EQT CORP	$245,000	–	4,436	–	0.33%	–
XLE	New	SELECT SECTOR SPDR TRenergy	$228,000	–	3,000	–	0.31%	–
GS	New	GOLDMAN SACHS GROUP INC	$227,000	–	1,000	–	0.30%	–
SEIC	New	SEI INVESTMENTS CO	$218,000	–	3,400	–	0.29%	–
CLX	New	CLOROX CO DEL	$215,000	–	1,586	–	0.29%	–
SHY	New	ISHARES TR1 3 yr treas bd	$215,000	–	2,583	–	0.29%	–
NAD	New	NUVEEN QUALITY MUNCP INCOME	$206,000	–	15,504	–	0.28%	–
KRNT	New	KORNIT DIGITAL LTD	$178,000	–	10,000	–	0.24%	–
FCF	New	FIRST COMWLTH FINL CORP PA	$162,000	–	10,440	–	0.22%	–
QTNT	New	QUOTIENT LTD	$120,000	–	15,000	–	0.16%	–
BGCP	New	BGC PARTNERS INCcl a	$113,000	–	10,000	–	0.15%	–
RAD	New	RITE AID CORP	$54,000	–	31,000	–	0.07%	–
AMRN	New	AMARIN CORP PLCspons adr new	$32,000	–	10,335	–	0.04%	–

Q4 2016

			Value		Shares		↓ Weighting
VG	Exit	VONAGE HLDGS CORP	$0	–	-10,000	–	-0.08%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-10,000	–	-0.11%	–
GAB	Exit	GABELLI EQUITY TR INC	$0	–	-15,820	–	-0.11%	–
CRCM	Exit	CARE COM INC	$0	–	-10,000	–	-0.13%	–
FCF	Exit	FIRST COMWLTH FINL CORP PA	$0	–	-10,440	–	-0.13%	–
ING	Exit	ING GROEP N Vsponsored adr	$0	–	-10,000	–	-0.16%	–
HDSN	Exit	HUDSON TECHNOLOGIES INC	$0	–	-20,000	–	-0.17%	–
HBAN	Exit	HUNTINGTON BANCSHARES INC	$0	–	-17,154	–	-0.21%	–
SO	Exit	SOUTHERN CO	$0	–	-3,924	–	-0.25%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-5,277	–	-0.27%	–
WAB	Exit	WABTEC CORP	$0	–	-2,643	–	-0.27%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-2,532	–	-0.28%	–
BIV	Exit	VANGUARD BD INDEX FD INCintermed term	$0	–	-2,507	–	-0.28%	–
FISV	Exit	FISERV INC	$0	–	-2,200	–	-0.28%	–
FTV	Exit	FORTIVE CORP	$0	–	-4,328	–	-0.28%	–
CELG	Exit	CELGENE CORP	$0	–	-2,126	–	-0.28%	–
CLX	Exit	CLOROX CO DEL	$0	–	-1,776	–	-0.28%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,574	–	-0.29%	–
MDY	Exit	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$0	–	-805	–	-0.29%	–
CSCO	Exit	CISCO SYS INC	$0	–	-7,813	–	-0.31%	–
C	Exit	CITIGROUP INC	$0	–	-5,480	–	-0.33%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-368	–	-0.36%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-6,941	–	-0.38%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-2,975	–	-0.38%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-207	–	-0.39%	–
GRX	Exit	GABELLI HLTHCARE & WELLNESS	$0	–	-31,205	–	-0.41%	–
MRK	Exit	MERCK & CO INC	$0	–	-5,221	–	-0.41%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-33,299	–	-0.46%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-4,546	–	-0.46%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-4,009	–	-0.49%	–
EXC	Exit	EXELON CORP	$0	–	-12,214	–	-0.52%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-5,675	–	-0.52%	–
MCD	Exit	MCDONALDS CORP	$0	–	-3,699	–	-0.54%	–
CB	Exit	CHUBB LIMITED	$0	–	-3,409	–	-0.54%	–
JNK	Exit	SPDR SERIES TRUSTbrc hgh yld bd	$0	–	-11,840	–	-0.55%	–
FNB	Exit	FNB CORP PA	$0	–	-42,200	–	-0.66%	–
AMZN	Exit	AMAZON COM INC	$0	–	-629	–	-0.67%	–
CINF	Exit	CINCINNATI FINL CORP	$0	–	-7,021	–	-0.67%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-18,677	–	-0.70%	–
KO	Exit	COCA COLA CO	$0	–	-13,152	–	-0.70%	–
BCR	Exit	BARD C R INC	$0	–	-2,507	–	-0.71%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-10,484	–	-0.72%	–
PFE	Exit	PFIZER INC	$0	–	-17,066	–	-0.73%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-6,738	–	-0.74%	–
V	Exit	VISA INC	$0	–	-7,188	–	-0.75%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-5,173	–	-0.84%	–
LLY	Exit	LILLY ELI & CO	$0	–	-8,276	–	-0.84%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-11,504	–	-0.84%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-8,682	–	-0.86%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-8,649	–	-0.86%	–
PFF	Exit	ISHARES TRu.s. pfd stk etf	$0	–	-18,663	–	-0.93%	–
AAPL	Exit	APPLE INC	$0	–	-6,528	–	-0.93%	–
GIS	Exit	GENERAL MLS INC	$0	–	-12,595	–	-1.02%	–
PEP	Exit	PEPSICO INC	$0	–	-8,036	–	-1.11%	–
MUE	Exit	BLACKROCK MUNIHLDNGS QLTY II	$0	–	-61,065	–	-1.14%	–
F	Exit	FORD MTR CO DEL	$0	–	-75,300	–	-1.15%	–
TRN	Exit	TRINITY INDS INC	$0	–	-38,541	–	-1.18%	–
BP	Exit	BP PLCsponsored adr	$0	–	-26,968	–	-1.20%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-20,722	–	-1.36%	–
T	Exit	AT&T INC	$0	–	-26,554	–	-1.36%	–
AMGN	Exit	AMGEN INC	$0	–	-6,485	–	-1.36%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-104,913	–	-1.39%	–
NKE	Exit	NIKE INCcl b	$0	–	-21,392	–	-1.42%	–
EWZ	Exit	ISHARESmsci brz cap etf	$0	–	-37,276	–	-1.59%	–
MPA	Exit	BLACKROCK MUNIYIELD PA QLTY	$0	–	-78,521	–	-1.59%	–
ASRV	Exit	AMERISERV FINL INC	$0	–	-441,463	–	-1.86%	–
LOB	Exit	LIVE OAK BANCSHARES INC	$0	–	-110,344	–	-2.01%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-25,921	–	-2.07%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-8,185	–	-2.24%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-15,382	–	-2.29%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-16,140	–	-2.57%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-21,791	–	-5.48%	–
SHY	Exit	ISHARES TR1-3 yr tr bd etf	$0	–	-57,535	–	-6.19%	–
BBN	Exit	BLACKROCK TAX MUNICPAL BD TR	$0	–	-1,122,609	–	-34.05%	–

Q3 2016

			Value		Shares		↓ Weighting
BBN	Sell	BLACKROCK TAX MUNICPAL BD TR	$26,909,000	-17.0%	1,122,609	-15.6%	34.05%	-29.4%
SHY	New	ISHARES TR1-3 yr tr bd etf	$4,893,000	–	57,535	–	6.19%	–
VOO	Buy	VANGUARD INDEX FDS	$4,329,000	+7.2%	21,791	+3.7%	5.48%	-8.8%
GLD	New	SPDR GOLD TRUST	$2,028,000	–	16,140	–	2.57%	–
JNJ	Sell	JOHNSON & JOHNSON	$1,810,000	-10.2%	15,382	-7.4%	2.29%	-23.6%
SPY	New	SPDR S&P 500 ETF TRtr unit	$1,770,000	–	8,185	–	2.24%	–
MO	Sell	ALTRIA GROUP INC	$1,639,000	-24.1%	25,921	-17.2%	2.07%	-35.4%
ASRV	Sell	AMERISERV FINL INC	$1,466,000	-9.5%	441,463	-17.6%	1.86%	-23.0%
MPA	Sell	BLACKROCK MUNIYIELD PA QLTY	$1,257,000	-0.6%	78,521	-0.7%	1.59%	-15.4%
EWZ	Sell	ISHARESmsci brz cap etf	$1,257,000	-4.5%	37,276	-14.5%	1.59%	-18.7%
NKE	Buy	NIKE INCcl b	$1,126,000	+56.6%	21,392	+64.3%	1.42%	+33.3%
NLY	Buy	ANNALY CAP MGMT INC	$1,102,000	+40.0%	104,913	+47.5%	1.39%	+19.1%
AMGN	New	AMGEN INC	$1,078,000	–	6,485	–	1.36%	–
T	Sell	AT&T INC	$1,076,000	-25.0%	26,554	-20.0%	1.36%	-36.1%
VZ	Sell	VERIZON COMMUNICATIONS INC	$1,074,000	-14.2%	20,722	-7.6%	1.36%	-27.0%
BP	Sell	BP PLCsponsored adr	$948,000	-2.5%	26,968	-1.5%	1.20%	-17.0%
F	Sell	FORD MTR CO DEL	$909,000	-15.2%	75,300	-11.7%	1.15%	-27.9%
MUE	Buy	BLACKROCK MUNIHLDNGS QLTY II	$901,000	+1.1%	61,065	+1.9%	1.14%	-14.0%
PEP	New	PEPSICO INC	$874,000	–	8,036	–	1.11%	–
GIS	Sell	GENERAL MLS INC	$805,000	-13.8%	12,595	-3.8%	1.02%	-26.6%
AAPL	New	APPLE INC	$738,000	–	6,528	–	0.93%	–
PFF	Sell	ISHARES TRu.s. pfd stk etf	$737,000	-74.2%	18,663	-73.9%	0.93%	-78.0%
GILD	New	GILEAD SCIENCES INC	$682,000	–	8,649	–	0.86%	–
DHR	New	DANAHER CORP DEL	$681,000	–	8,682	–	0.86%	–
MSFT	Sell	MICROSOFT CORP	$667,000	+3.7%	11,504	-8.4%	0.84%	-11.7%
LLY	New	LILLY ELI & CO	$664,000	–	8,276	–	0.84%	–
FB	New	FACEBOOK INCcl a	$664,000	–	5,173	–	0.84%	–
V	New	VISA INC	$594,000	–	7,188	–	0.75%	–
XOM	New	EXXON MOBIL CORP	$588,000	–	6,738	–	0.74%	–
PFE	Sell	PFIZER INC	$578,000	-8.1%	17,066	-4.5%	0.73%	-21.8%
BMY	Sell	BRISTOL MYERS SQUIBB CO	$565,000	-38.0%	10,484	-15.3%	0.72%	-47.2%
BCR	New	BARD C R INC	$562,000	–	2,507	–	0.71%	–
KO	Sell	COCA COLA CO	$556,000	-7.9%	13,152	-1.3%	0.70%	-21.6%
GE	Sell	GENERAL ELECTRIC CO	$553,000	-8.1%	18,677	-2.4%	0.70%	-21.8%
CINF	New	CINCINNATI FINL CORP	$529,000	–	7,021	–	0.67%	–
AMZN	New	AMAZON COM INC	$527,000	–	629	–	0.67%	–
JNK	Sell	SPDR SERIES TRUSTbrc hgh yld bd	$435,000	0.0%	11,840	-2.8%	0.55%	-15.0%
CB	New	CHUBB LIMITED	$428,000	–	3,409	–	0.54%	–
MCD	New	MCDONALDS CORP	$427,000	–	3,699	–	0.54%	–
WMT	New	WAL-MART STORES INC	$409,000	–	5,675	–	0.52%	–
EXC	Sell	EXELON CORP	$407,000	-10.4%	12,214	-2.2%	0.52%	-23.7%
PM	New	PHILIP MORRIS INTL INC	$390,000	–	4,009	–	0.49%	–
DUK	New	DUKE ENERGY CORP NEW	$364,000	–	4,546	–	0.46%	–
FCX	Sell	FREEPORT-MCMORAN INCcl b	$362,000	-3.5%	33,299	-0.9%	0.46%	-17.9%
MRK	New	MERCK & CO INC	$326,000	–	5,221	–	0.41%	–
GRX	New	GABELLI HLTHCARE & WELLNESS	$325,000	–	31,205	–	0.41%	–
PCLN	New	PRICELINE GRP INC	$305,000	–	207	–	0.39%	–
MA	New	MASTERCARD INCORPORATEDcl a	$303,000	–	2,975	–	0.38%	–
GSK	New	GLAXOSMITHKLINE PLCsponsored adr	$299,000	–	6,941	–	0.38%	–
GOOG	New	ALPHABET INCcap stk cl c	$286,000	–	368	–	0.36%	–
C	New	CITIGROUP INC	$259,000	–	5,480	–	0.33%	–
CSCO	New	CISCO SYS INC	$246,000	–	7,813	–	0.31%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$227,000	–	1,574	–	0.29%	–
MDY	New	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$227,000	–	805	–	0.29%	–
CELG	New	CELGENE CORP	$222,000	–	2,126	–	0.28%	–
CLX	New	CLOROX CO DEL	$222,000	–	1,776	–	0.28%	–
BIV	New	VANGUARD BD INDEX FD INCintermed term	$220,000	–	2,507	–	0.28%	–
FISV	New	FISERV INC	$220,000	–	2,200	–	0.28%	–
FTV	New	FORTIVE CORP	$220,000	–	4,328	–	0.28%	–
MDT	New	MEDTRONIC PLC	$219,000	–	2,532	–	0.28%	–
WAB	New	WABTEC CORP	$216,000	–	2,643	–	0.27%	–
BK	New	BANK NEW YORK MELLON CORP	$210,000	–	5,277	–	0.27%	–
SO	New	SOUTHERN CO	$201,000	–	3,924	–	0.25%	–
HBAN	New	HUNTINGTON BANCSHARES INC	$169,000	–	17,154	–	0.21%	–
HDSN	New	HUDSON TECHNOLOGIES INC	$133,000	–	20,000	–	0.17%	–
ING	New	ING GROEP N Vsponsored adr	$123,000	–	10,000	–	0.16%	–
FCF	New	FIRST COMWLTH FINL CORP PA	$105,000	–	10,440	–	0.13%	–
CRCM	New	CARE COM INC	$100,000	–	10,000	–	0.13%	–
GAB	New	GABELLI EQUITY TR INC	$89,000	–	15,820	–	0.11%	–
BGCP	New	BGC PARTNERS INCcl a	$88,000	–	10,000	–	0.11%	–
VG	New	VONAGE HLDGS CORP	$66,000	–	10,000	–	0.08%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-29,155	–	-6.02%	–

Q2 2016

			Value		Shares		↓ Weighting
BBN	New	BLACKROCK TAX MUNICPAL BD TR	$32,413,000	–	1,329,486	–	48.20%	–
TLT	New	ISHARES TR20 yr tr bd etf	$4,050,000	–	29,155	–	6.02%	–
VOO	New	VANGUARD INDEX FDS	$4,038,000	–	21,005	–	6.00%	–
PFF	New	ISHARES TRu.s. pfd stk etf	$2,852,000	–	71,509	–	4.24%	–
MO	New	ALTRIA GROUP INC	$2,158,000	–	31,300	–	3.21%	–
JNJ	New	JOHNSON & JOHNSON	$2,016,000	–	16,618	–	3.00%	–
ASRV	New	AMERISERV FINL INC	$1,619,000	–	535,962	–	2.41%	–
LOB	New	LIVE OAK BANCSHARES INC	$1,557,000	–	110,344	–	2.32%	–
T	New	AT&T INC	$1,434,000	–	33,179	–	2.13%	–
EWZ	New	ISHARESmsci brz cap etf	$1,316,000	–	43,606	–	1.96%	–
MPA	New	BLACKROCK MUNIYIELD PA QLTY	$1,264,000	–	79,077	–	1.88%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,252,000	–	22,429	–	1.86%	–
F	New	FORD MTR CO DEL	$1,072,000	–	85,300	–	1.59%	–
BP	New	BP PLCsponsored adr	$972,000	–	27,368	–	1.45%	–
GIS	New	GENERAL MLS INC	$934,000	–	13,095	–	1.39%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$911,000	–	12,384	–	1.36%	–
MUE	New	BLACKROCK MUNIHLDNGS QLTY II	$891,000	–	59,938	–	1.32%	–
NLY	New	ANNALY CAP MGMT INC	$787,000	–	71,118	–	1.17%	–
NKE	New	NIKE INCcl b	$719,000	–	13,021	–	1.07%	–
TRN	New	TRINITY INDS INC	$716,000	–	38,541	–	1.06%	–
MSFT	New	MICROSOFT CORP	$643,000	–	12,554	–	0.96%	–
PFE	New	PFIZER INC	$629,000	–	17,868	–	0.94%	–
KO	New	COCA COLA CO	$604,000	–	13,325	–	0.90%	–
GE	New	GENERAL ELECTRIC CO	$602,000	–	19,127	–	0.90%	–
FNB	New	FNB CORP PA	$529,000	–	42,200	–	0.79%	–
EXC	New	EXELON CORP	$454,000	–	12,483	–	0.68%	–
JNK	New	SPDR SERIES TRUSTbrc hgh yld bd	$435,000	–	12,180	–	0.65%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$375,000	–	33,618	–	0.56%	–

Q4 2015

			Value		Shares		↓ Weighting
HDSN	Exit	HUDSON TECHNOLOGIES INC	$0	–	-20,000	–	-0.11%	–
FCF	Exit	FIRST COMWLTH FINL CORP PA	$0	–	-10,440	–	-0.18%	–
ING	Exit	ING GROEP N Vsponsored adr	$0	–	-10,000	–	-0.27%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-18,102	–	-0.33%	–
HBAN	Exit	HUNTINGTON BANCSHARES INC	$0	–	-18,554	–	-0.38%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-6,850	–	-0.41%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-3,200	–	-0.42%	–
WAB	Exit	WABTEC CORP	$0	–	-2,543	–	-0.43%	–
SO	Exit	SOUTHERN CO	$0	–	-5,023	–	-0.43%	–
GAB	Exit	GABELLI EQUITY TR INC	$0	–	-44,808	–	-0.45%	–
BRCM	Exit	BROADCOM CORPcl a	$0	–	-4,619	–	-0.45%	–
NYMT	Exit	NEW YORK MTG TR INC	$0	–	-43,720	–	-0.46%	–
CLX	Exit	CLOROX CO DEL	$0	–	-2,226	–	-0.49%	–
TBT	Exit	PROSHARES TR	$0	–	-6,000	–	-0.50%	–
SHY	Exit	ISHARES TR1-3 yr tr bd etf	$0	–	-3,056	–	-0.50%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-2,900	–	-0.50%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-2,449	–	-0.51%	–
C	Exit	CITIGROUP INC	$0	–	-5,542	–	-0.52%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-225	–	-0.53%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-7,820	–	-0.57%	–
EXC	Exit	EXELON CORP	$0	–	-11,283	–	-0.64%	–
CHI	Exit	CALAMOS CONV OPP AND INC FDsh ben int	$0	–	-34,512	–	-0.65%	–
CELG	Exit	CELGENE CORP	$0	–	-3,181	–	-0.66%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-4,945	–	-0.68%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-4,418	–	-0.70%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-7,471	–	-0.70%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-38,254	–	-0.72%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-4,860	–	-0.74%	–
MCD	Exit	MCDONALDS CORP	$0	–	-3,974	–	-0.75%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-9,298	–	-0.78%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-16,947	–	-0.81%	–
BCR	Exit	BARD C R INC	$0	–	-2,382	–	-0.85%	–
PFE	Exit	PFIZER INC	$0	–	-14,268	–	-0.85%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-6,024	–	-0.85%	–
V	Exit	VISA INC	$0	–	-6,598	–	-0.88%	–
AZN	Exit	ASTRAZENECA PLCsponsored adr	$0	–	-15,680	–	-0.95%	–
AMZN	Exit	AMAZON COM INC	$0	–	-1,026	–	-1.00%	–
FNB	Exit	FNB CORP PA	$0	–	-43,799	–	-1.08%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-15,694	–	-1.30%	–
GIS	Exit	GENERAL MLS INC	$0	–	-13,347	–	-1.43%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-9,106	–	-1.48%	–
LLY	Exit	LILLY ELI & CO	$0	–	-9,576	–	-1.53%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-14,103	–	-1.59%	–
TRN	Exit	TRINITY INDS INC	$0	–	-38,615	–	-1.67%	–
PEP	Exit	PEPSICO INC	$0	–	-9,401	–	-1.69%	–
BP	Exit	BP PLCsponsored adr	$0	–	-29,443	–	-1.72%	–
LOB	Exit	LIVE OAK BANCSHARES INC	$0	–	-48,724	–	-1.82%	–
PFF	Exit	ISHARES TRu.s. pfd stk etf	$0	–	-25,522	–	-1.88%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-17,293	–	-1.89%	–
JNK	Exit	SPDR SERIES TRUSTbrc hgh yld bd	$0	–	-27,935	–	-1.90%	–
T	Exit	AT&T INC	$0	–	-30,866	–	-1.92%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-11,573	–	-2.17%	–
F	Exit	FORD MTR CO DEL	$0	–	-85,109	–	-2.20%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-15,762	–	-2.80%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-29,276	–	-3.04%	–
ASRV	Exit	AMERISERV FINL INC	$0	–	-544,759	–	-3.36%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-13,883	–	-5.07%	–
TLT	Exit	ISHARES TR20+ yr tr bd etf	$0	–	-26,910	–	-6.34%	–
AAPL	Exit	APPLE INC	$0	–	-35,289	–	-7.42%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-68,815	–	-23.05%	–

Q3 2015

			Value		Shares		↓ Weighting
VOO	Sell	VANGUARD INDEX FDS	$12,091,000	-46.5%	68,815	-42.5%	23.05%	-12.2%
AAPL	Buy	APPLE INC	$3,893,000	-11.4%	35,289	+0.7%	7.42%	+45.4%
TLT	New	ISHARES TR20+ yr tr bd etf	$3,324,000	–	26,910	–	6.34%	–
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$2,661,000	-12.5%	13,883	-6.0%	5.07%	+43.5%
ASRV	Buy	AMERISERV FINL INC	$1,765,000	-1.0%	544,759	+1.8%	3.36%	+62.5%
MO	Sell	ALTRIA GROUP INC	$1,593,000	+7.8%	29,276	-3.1%	3.04%	+76.8%
JNJ	Sell	JOHNSON & JOHNSON	$1,471,000	-14.0%	15,762	-10.3%	2.80%	+41.0%
GILD	Sell	GILEAD SCIENCES INC	$1,136,000	-22.5%	11,573	-7.6%	2.17%	+27.1%
T	Buy	AT&T INC	$1,006,000	+14.8%	30,866	+25.1%	1.92%	+88.4%
EFA	Sell	ISHARES TRmsci eafe etf	$991,000	-73.6%	17,293	-70.7%	1.89%	-56.7%
PFF	Buy	ISHARES TRu.s. pfd stk etf	$985,000	+20.6%	25,522	+22.3%	1.88%	+97.9%
LOB	New	LIVE OAK BANCSHARES INC	$957,000	–	48,724	–	1.82%	–
BP	Sell	BP PLCsponsored adr	$900,000	-26.2%	29,443	-3.4%	1.72%	+21.1%
PEP	Sell	PEPSICO INC	$887,000	-2.2%	9,401	-3.3%	1.69%	+60.4%
BMY	Sell	BRISTOL MYERS SQUIBB CO	$835,000	-18.7%	14,103	-8.6%	1.59%	+33.4%
LLY	Buy	LILLY ELI & CO	$801,000	+0.6%	9,576	+0.5%	1.53%	+65.1%
DHR	Sell	DANAHER CORP DEL	$776,000	-13.5%	9,106	-13.1%	1.48%	+41.9%
GIS	Buy	GENERAL MLS INC	$749,000	+8.1%	13,347	+7.4%	1.43%	+77.4%
VZ	Sell	VERIZON COMMUNICATIONS INC	$683,000	-9.9%	15,694	-3.5%	1.30%	+47.8%
AMZN	Buy	AMAZON COM INC	$525,000	+24.7%	1,026	+5.7%	1.00%	+104.7%
AZN	Buy	ASTRAZENECA PLCsponsored adr	$499,000	-16.3%	15,680	+67.5%	0.95%	+37.2%
V	Sell	VISA INC	$460,000	-3.4%	6,598	-7.0%	0.88%	+58.6%
XOM	Sell	EXXON MOBIL CORP	$448,000	-45.6%	6,024	-39.1%	0.85%	-10.7%
PFE	Buy	PFIZER INC	$448,000	-1.5%	14,268	+5.2%	0.85%	+61.4%
BCR	Sell	BARD C R INC	$444,000	-12.3%	2,382	-19.6%	0.85%	+43.9%
GE	Sell	GENERAL ELECTRIC CO	$427,000	-30.8%	16,947	-26.9%	0.81%	+13.5%
MSFT	Sell	MICROSOFT CORP	$412,000	-18.1%	9,298	-18.4%	0.78%	+34.2%
MCD	Sell	MCDONALDS CORP	$392,000	-8.4%	3,974	-11.7%	0.75%	+50.3%
PM	Sell	PHILIP MORRIS INTL INC	$386,000	-7.2%	4,860	-6.3%	0.74%	+52.4%
NLY	Buy	ANNALY CAP MGMT INC	$378,000	+90.9%	38,254	+77.8%	0.72%	+213.5%
MRK	Sell	MERCK & CO INC NEW	$369,000	-19.3%	7,471	-7.0%	0.70%	+32.4%
DUK	Buy	DUKE ENERGY CORP NEW	$356,000	+10.6%	4,945	+8.3%	0.68%	+81.6%
CELG	Sell	CELGENE CORP	$344,000	-20.7%	3,181	-15.2%	0.66%	+30.2%
CHI	Sell	CALAMOS CONV OPP AND INC FDsh ben int	$341,000	-88.0%	34,512	-85.2%	0.65%	-80.3%
EXC	Buy	EXELON CORP	$335,000	-1.8%	11,283	+4.1%	0.64%	+61.4%
GSK	Buy	GLAXOSMITHKLINE PLCsponsored adr	$301,000	-3.8%	7,820	+4.0%	0.57%	+57.7%
PCLN	Sell	PRICELINE GRP INC	$278,000	-3.8%	225	-10.4%	0.53%	+57.7%
C	Sell	CITIGROUP INC	$275,000	-14.1%	5,542	-4.2%	0.52%	+40.9%
KMB	Sell	KIMBERLY CLARK CORP	$267,000	-32.4%	2,449	-34.2%	0.51%	+10.9%
MA	Buy	MASTERCARD INCcl a	$261,000	-3.0%	2,900	+0.7%	0.50%	+59.1%
TBT	Buy	PROSHARES TR	$260,000	+4.4%	6,000	+20.0%	0.50%	+71.6%
SHY	New	ISHARES TR1-3 yr tr bd etf	$260,000	–	3,056	–	0.50%	–
CLX	Sell	CLOROX CO DEL	$257,000	+8.4%	2,226	-2.3%	0.49%	+78.2%
NYMT	Buy	NEW YORK MTG TR INC	$240,000	-21.8%	43,720	+6.6%	0.46%	+28.3%
BRCM	Sell	BROADCOM CORPcl a	$238,000	-9.8%	4,619	-10.0%	0.45%	+47.9%
GAB	Sell	GABELLI EQUITY TR INC	$234,000	-24.0%	44,808	-9.0%	0.45%	+24.6%
SO	Sell	SOUTHERN CO	$225,000	+0.4%	5,023	-6.0%	0.43%	+65.0%
BX	Buy	BLACKSTONE GROUP L P	$217,000	-11.4%	6,850	+14.2%	0.41%	+45.3%
FCX	New	FREEPORT-MCMORAN INCcl b	$175,000	–	18,102	–	0.33%	–
ING	New	ING GROEP N Vsponsored adr	$141,000	–	10,000	–	0.27%	–
INFN	Exit	INFINERA CORPORATION	$0	–	-45	–	-0.00%	–
LAND	Exit	GLADSTONE LD CORP	$0	–	-200	–	-0.00%	–
IWD	Exit	ISHARES TRrus 1000 val etf	$0	–	-20	–	-0.00%	–
IXN	Exit	ISHARES TRglobal tech etf	$0	–	-20	–	-0.00%	–
IWF	Exit	ISHARES TRrus 1000 grw etf	$0	–	-20	–	-0.00%	–
KEYS	Exit	KEYSIGHT TECHNOLOGIES INC	$0	–	-100	–	-0.00%	–
GAF	Exit	SPDR INDEX SHS FDSmideast africa	$0	–	-50	–	-0.00%	–
IDX	Exit	MARKET VECTORS ETF TRindonesia etf	$0	–	-200	–	-0.01%	–
TYC	Exit	TYCO INTL PLC	$0	–	-100	–	-0.01%	–
TEX	Exit	TEREX CORP NEW	$0	–	-200	–	-0.01%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-250	–	-0.01%	–
WLL	Exit	WHITING PETE CORP NEW	$0	–	-150	–	-0.01%	–
IGM	Exit	ISHARES TRn amer tech etf	$0	–	-50	–	-0.01%	–
AMLP	Exit	ALPS ETF TRalerian mlp	$0	–	-375	–	-0.01%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-12	–	-0.01%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-50	–	-0.01%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-95	–	-0.01%	–
EZU	Exit	ISHARESmsci eurzone etf	$0	–	-200	–	-0.01%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-200	–	-0.01%	–
IBB	Exit	ISHARES TRnasdq biotec etf	$0	–	-25	–	-0.01%	–
XRX	Exit	XEROX CORP	$0	–	-800	–	-0.01%	–
KRFT	Exit	KRAFT FOODS GROUP INC	$0	–	-100	–	-0.01%	–
EWJ	Exit	ISHARESmsci japan etf	$0	–	-750	–	-0.01%	–
IJJ	Exit	ISHARES TRs&p mc 400vl etf	$0	–	-80	–	-0.01%	–
CROP	Exit	INDEXIQ ETF TRglb agri sm cp	$0	–	-400	–	-0.01%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-51	–	-0.01%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-198	–	-0.01%	–
EEM	Exit	ISHARES TRmsci emg mkt etf	$0	–	-300	–	-0.01%	–
CHY	Exit	CALAMOS CONV & HIGH INCOME F	$0	–	-1,000	–	-0.02%	–
MKC	Exit	MCCORMICK & CO INC	$0	–	-200	–	-0.02%	–
EWM	Exit	ISHARESmsci malaysi etf	$0	–	-1,300	–	-0.02%	–
FXI	Exit	ISHARES TRchina lg-cap etf	$0	–	-400	–	-0.02%	–
ALLE	Exit	ALLEGION PUB LTD CO	$0	–	-333	–	-0.02%	–
RL	Exit	RALPH LAUREN CORPcl a	$0	–	-150	–	-0.02%	–
PPG	Exit	PPG INDS INC	$0	–	-200	–	-0.03%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-200	–	-0.03%	–
IJS	Exit	ISHARES TRsp smcp600vl etf	$0	–	-200	–	-0.03%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-300	–	-0.03%	–
HYS	Exit	PIMCO ETF TR0-5 high yield	$0	–	-250	–	-0.03%	–
BIV	Exit	VANGUARD BD INDEX FD INCintermed term	$0	–	-300	–	-0.03%	–
IJT	Exit	ISHARES TRsp smcp600gr etf	$0	–	-200	–	-0.03%	–
D	Exit	DOMINION RES INC VA NEW	$0	–	-400	–	-0.03%	–
TSCO	Exit	TRACTOR SUPPLY CO	$0	–	-300	–	-0.03%	–
BAX	Exit	BAXTER INTL INC	$0	–	-700	–	-0.03%	–
GII	Exit	SPDR INDEX SHS FDSs&p gblinf etf	$0	–	-600	–	-0.03%	–
ECON	Exit	EGA EMERGING GLOBAL SHS TRegs emktcons etf	$0	–	-1,200	–	-0.04%	–
MOO	Exit	MARKET VECTORS ETF TRagribus etf	$0	–	-600	–	-0.04%	–
PIO	Exit	POWERSHARES GLOBAL ETF TRUSTgbl wtr port	$0	–	-1,400	–	-0.04%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-400	–	-0.04%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-600	–	-0.06%	–
RWX	Exit	SPDR INDEX SHS FDSdj intl rl etf	$0	–	-1,200	–	-0.06%	–
BAC	Exit	BANK AMER CORP	$0	–	-3,603	–	-0.07%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-600	–	-0.08%	–
FL	Exit	FOOT LOCKER INC	$0	–	-1,000	–	-0.08%	–
IR	Exit	INGERSOLL-RAND PLC	$0	–	-1,000	–	-0.08%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-900	–	-0.11%	–
AMGN	Exit	AMGEN INC	$0	–	-600	–	-0.11%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-485	–	-0.11%	–
HD	Exit	HOME DEPOT INC	$0	–	-1,000	–	-0.13%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-1,100	–	-0.14%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-1,800	–	-0.14%	–
GUT	Exit	GABELLI UTIL TR	$0	–	-27,211	–	-0.19%	–
SEIC	Exit	SEI INVESTMENTS CO	$0	–	-3,400	–	-0.19%	–
FISV	Exit	FISERV INC	$0	–	-2,200	–	-0.21%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-4,200	–	-0.24%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-1,000	–	-0.24%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-5,079	–	-0.25%	–
CMI	Exit	CUMMINS INC	$0	–	-1,716	–	-0.26%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-6,032	–	-0.27%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-11,231	–	-0.27%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-3,430	–	-0.28%	–
CSCO	Exit	CISCO SYS INC	$0	–	-8,870	–	-0.28%	–
SXL	Exit	SUNOCO LOGISTICS PRTNRS L P	$0	–	-6,395	–	-0.28%	–
SYMC	Exit	SYMANTEC CORP	$0	–	-10,755	–	-0.29%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-8,712	–	-0.30%	–
INTC	Exit	INTEL CORP	$0	–	-8,622	–	-0.30%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-3,939	–	-0.34%	–
TGT	Exit	TARGET CORP	$0	–	-3,701	–	-0.35%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-4,553	–	-0.36%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-2,345	–	-0.39%	–
A309PS	Exit	DIRECTV	$0	–	-3,693	–	-0.40%	–
QQQ	Exit	POWERSHARES QQQ TRUSTunit ser 1	$0	–	-3,366	–	-0.42%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-2,873	–	-0.46%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-854	–	-0.52%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-5,733	–	-0.52%	–
HAL	Exit	HALLIBURTON CO	$0	–	-11,554	–	-0.58%	–
CSX	Exit	CSX CORP	$0	–	-15,638	–	-0.59%	–
IEP	Exit	ICAHN ENTERPRISES LPdepositary unit	$0	–	-5,961	–	-0.60%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-7,298	–	-0.70%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-10,289	–	-0.76%	–
ETN	Exit	EATON CORP PLC	$0	–	-11,087	–	-0.87%	–
MS	Exit	MORGAN STANLEY	$0	–	-22,230	–	-1.00%	–
VXF	Exit	VANGUARD INDEX FDSextend mkt etf	$0	–	-16,218	–	-1.73%	–
VGT	Exit	VANGUARD WORLD FDSinf tech etf	$0	–	-17,519	–	-2.16%	–
HEDJ	Exit	WISDOMTREE TReurope hedged eq	$0	–	-54,401	–	-3.89%	–

Q2 2015

			Value		Shares		↓ Weighting
VOO	New	VANGUARD INDEX FDS	$22,593,000	–	119,638	–	26.26%	–
AAPL	New	APPLE INC	$4,393,000	–	35,031	–	5.10%	–
EFA	New	ISHARES TRmsci eafe etf	$3,750,000	–	59,061	–	4.36%	–
HEDJ	New	WISDOMTREE TReurope hedged eq	$3,350,000	–	54,401	–	3.89%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$3,042,000	–	14,777	–	3.54%	–
CHI	New	CALAMOS CONV OPP AND INC FDsh ben int	$2,842,000	–	232,765	–	3.30%	–
VGT	New	VANGUARD WORLD FDSinf tech etf	$1,862,000	–	17,519	–	2.16%	–
ASRV	New	AMERISERV FINL INC	$1,782,000	–	535,208	–	2.07%	–
JNJ	New	JOHNSON & JOHNSON	$1,711,000	–	17,565	–	1.99%	–
VXF	New	VANGUARD INDEX FDSextend mkt etf	$1,492,000	–	16,218	–	1.73%	–
MO	New	ALTRIA GROUP INC	$1,478,000	–	30,226	–	1.72%	–
GILD	New	GILEAD SCIENCES INC	$1,466,000	–	12,527	–	1.70%	–
F	New	FORD MTR CO DEL	$1,277,000	–	85,109	–	1.48%	–
BP	New	BP PLCsponsored adr	$1,219,000	–	30,493	–	1.42%	–
JNK	New	SPDR SERIES TRUSTbrc hgh yld bd	$1,074,000	–	27,935	–	1.25%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$1,027,000	–	15,437	–	1.19%	–
TRN	New	TRINITY INDS INC	$1,021,000	–	38,615	–	1.19%	–
PEP	New	PEPSICO INC	$907,000	–	9,720	–	1.05%	–
DHR	New	DANAHER CORP DEL	$897,000	–	10,473	–	1.04%	–
T	New	AT&T INC	$876,000	–	24,667	–	1.02%	–
MS	New	MORGAN STANLEY	$863,000	–	22,230	–	1.00%	–
XOM	New	EXXON MOBIL CORP	$823,000	–	9,893	–	0.96%	–
PFF	New	ISHARESu.s. pfd stk etf	$817,000	–	20,867	–	0.95%	–
LLY	New	LILLY ELI & CO	$796,000	–	9,533	–	0.92%	–
VZ	New	VERIZON COMMUNICATIONS INC	$758,000	–	16,268	–	0.88%	–
ETN	New	EATON CORP PLC	$748,000	–	11,087	–	0.87%	–
GIS	New	GENERAL MLS INC	$693,000	–	12,433	–	0.80%	–
DD	New	DU PONT E I DE NEMOURS & CO	$658,000	–	10,289	–	0.76%	–
FNB	New	FNB CORP PA	$627,000	–	43,799	–	0.73%	–
GE	New	GENERAL ELECTRIC CO	$617,000	–	23,199	–	0.72%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$600,000	–	7,298	–	0.70%	–
AZN	New	ASTRAZENECA PLCsponsored adr	$596,000	–	9,361	–	0.69%	–
IEP	New	ICAHN ENTERPRISES LPdepositary unit	$517,000	–	5,961	–	0.60%	–
CSX	New	CSX CORP	$510,000	–	15,638	–	0.59%	–
BCR	New	BARD C R INC	$506,000	–	2,961	–	0.59%	–
MSFT	New	MICROSOFT CORP	$503,000	–	11,391	–	0.58%	–
HAL	New	HALLIBURTON CO	$497,000	–	11,554	–	0.58%	–
V	New	VISA INC	$476,000	–	7,094	–	0.55%	–
MRK	New	MERCK & CO INC NEW	$457,000	–	8,030	–	0.53%	–
PFE	New	PFIZER INC	$455,000	–	13,568	–	0.53%	–
PG	New	PROCTER & GAMBLE CO	$449,000	–	5,733	–	0.52%	–
GOOG	New	GOOGLE INCcl c	$444,000	–	854	–	0.52%	–
CELG	New	CELGENE CORP	$434,000	–	3,752	–	0.50%	–
MCD	New	MCDONALDS CORP	$428,000	–	4,501	–	0.50%	–
AMZN	New	AMAZON COM INC	$421,000	–	971	–	0.49%	–
PM	New	PHILIP MORRIS INTL INC	$416,000	–	5,185	–	0.48%	–
KMB	New	KIMBERLY CLARK CORP	$395,000	–	3,724	–	0.46%	–
HYG	New	ISHARESiboxx hi yd etf	$392,000	–	4,418	–	0.46%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$392,000	–	2,873	–	0.46%	–
QQQ	New	POWERSHARES QQQ TRUSTunit ser 1	$361,000	–	3,366	–	0.42%	–
A309PS	New	DIRECTV	$342,000	–	3,693	–	0.40%	–
EXC	New	EXELON CORP	$341,000	–	10,840	–	0.40%	–
GD	New	GENERAL DYNAMICS CORP	$332,000	–	2,345	–	0.39%	–
DUK	New	DUKE ENERGY CORP NEW	$322,000	–	4,567	–	0.37%	–
C	New	CITIGROUP INC	$320,000	–	5,782	–	0.37%	–
GSK	New	GLAXOSMITHKLINE PLCsponsored adr	$313,000	–	7,517	–	0.36%	–
JPM	New	JPMORGAN CHASE & CO	$308,000	–	4,553	–	0.36%	–
GAB	New	GABELLI EQUITY TR INC	$308,000	–	49,244	–	0.36%	–
NYMT	New	NEW YORK MTG TR INC	$307,000	–	41,020	–	0.36%	–
TGT	New	TARGET CORP	$302,000	–	3,701	–	0.35%	–
PCLN	New	PRICELINE GRP INC	$289,000	–	251	–	0.34%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$289,000	–	3,939	–	0.34%	–
MA	New	MASTERCARD INCcl a	$269,000	–	2,880	–	0.31%	–
BRCM	New	BROADCOM CORPcl a	$264,000	–	5,134	–	0.31%	–
INTC	New	INTEL CORP	$262,000	–	8,622	–	0.30%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$260,000	–	8,712	–	0.30%	–
SYMC	New	SYMANTEC CORP	$250,000	–	10,755	–	0.29%	–
TROW	New	PRICE T ROWE GROUP INC	$249,000	–	3,200	–	0.29%	–
TBT	New	PROSHARES TR	$249,000	–	5,000	–	0.29%	–
BX	New	BLACKSTONE GROUP L P	$245,000	–	6,000	–	0.28%	–
CSCO	New	CISCO SYS INC	$243,000	–	8,870	–	0.28%	–
SXL	New	SUNOCO LOGISTICS PRTNRS L P	$243,000	–	6,395	–	0.28%	–
WMT	New	WAL-MART STORES INC	$243,000	–	3,430	–	0.28%	–
WAB	New	WABTEC CORP	$240,000	–	2,543	–	0.28%	–
CLX	New	CLOROX CO DEL	$237,000	–	2,279	–	0.28%	–
FITB	New	FIFTH THIRD BANCORP	$234,000	–	11,231	–	0.27%	–
KMI	New	KINDER MORGAN INC DEL	$232,000	–	6,032	–	0.27%	–
CMI	New	CUMMINS INC	$225,000	–	1,716	–	0.26%	–
SO	New	SOUTHERN CO	$224,000	–	5,345	–	0.26%	–
BK	New	BANK NEW YORK MELLON CORP	$213,000	–	5,079	–	0.25%	–
HBAN	New	HUNTINGTON BANCSHARES INC	$210,000	–	18,554	–	0.24%	–
GS	New	GOLDMAN SACHS GROUP INC	$209,000	–	1,000	–	0.24%	–
BEN	New	FRANKLIN RES INC	$206,000	–	4,200	–	0.24%	–
NLY	New	ANNALY CAP MGMT INC	$198,000	–	21,519	–	0.23%	–
FISV	New	FISERV INC	$182,000	–	2,200	–	0.21%	–
SEIC	New	SEI INVESTMENTS CO	$167,000	–	3,400	–	0.19%	–
GUT	New	GABELLI UTIL TR	$164,000	–	27,211	–	0.19%	–
CL	New	COLGATE PALMOLIVE CO	$118,000	–	1,800	–	0.14%	–
SWK	New	STANLEY BLACK & DECKER INC	$116,000	–	1,100	–	0.14%	–
HD	New	HOME DEPOT INC	$111,000	–	1,000	–	0.13%	–
FCF	New	FIRST COMWLTH FINL CORP PA	$100,000	–	10,440	–	0.12%	–
PCP	New	PRECISION CASTPARTS CORP	$97,000	–	485	–	0.11%	–
AMGN	New	AMGEN INC	$92,000	–	600	–	0.11%	–
HON	New	HONEYWELL INTL INC	$92,000	–	900	–	0.11%	–
HDSN	New	HUDSON TECHNOLOGIES INC	$70,000	–	20,000	–	0.08%	–
FL	New	FOOT LOCKER INC	$67,000	–	1,000	–	0.08%	–
UTX	New	UNITED TECHNOLOGIES CORP	$67,000	–	600	–	0.08%	–
IR	New	INGERSOLL-RAND PLC	$67,000	–	1,000	–	0.08%	–
BAC	New	BANK AMER CORP	$61,000	–	3,603	–	0.07%	–
RWX	New	SPDR INDEX SHS FDSdj intl rl etf	$50,000	–	1,200	–	0.06%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$48,000	–	600	–	0.06%	–
NEE	New	NEXTERA ENERGY INC	$39,000	–	400	–	0.04%	–
PIO	New	POWERSHARES GLOBAL ETF TRUSTgbl wtr port	$33,000	–	1,400	–	0.04%	–
MOO	New	MARKET VECTORS ETF TRagribus etf	$33,000	–	600	–	0.04%	–
ECON	New	EGA EMERGING GLOBAL SHS TRegs emktcons etf	$31,000	–	1,200	–	0.04%	–
GII	New	SPDR INDEX SHS FDSs&p gblinf etf	$28,000	–	600	–	0.03%	–
D	New	DOMINION RES INC VA NEW	$27,000	–	400	–	0.03%	–
TSCO	New	TRACTOR SUPPLY CO	$27,000	–	300	–	0.03%	–
BAX	New	BAXTER INTL INC	$27,000	–	700	–	0.03%	–
IJT	New	ISHARES TRsp smcp600gr etf	$26,000	–	200	–	0.03%	–
CAT	New	CATERPILLAR INC DEL	$25,000	–	300	–	0.03%	–
BIV	New	VANGUARD BD INDEX FD INCintermed term	$25,000	–	300	–	0.03%	–
HYS	New	PIMCO ETF TR0-5 high yield	$25,000	–	250	–	0.03%	–
IJS	New	ISHARES TRsp smcp600vl etf	$24,000	–	200	–	0.03%	–
UNH	New	UNITEDHEALTH GROUP INC	$24,000	–	200	–	0.03%	–
PPG	New	PPG INDS INC	$23,000	–	200	–	0.03%	–
ALLE	New	ALLEGION PUB LTD CO	$20,000	–	333	–	0.02%	–
RL	New	RALPH LAUREN CORPcl a	$20,000	–	150	–	0.02%	–
FXI	New	ISHARES TRchina lg-cap etf	$18,000	–	400	–	0.02%	–
EWM	New	ISHARESmsci malaysi etf	$16,000	–	1,300	–	0.02%	–
MKC	New	MCCORMICK & CO INC	$16,000	–	200	–	0.02%	–
CHY	New	CALAMOS CONV & HIGH INCOME F	$13,000	–	1,000	–	0.02%	–
EEM	New	ISHARES TRmsci emg mkt etf	$12,000	–	300	–	0.01%	–
CDK	New	CDK GLOBAL INC	$11,000	–	198	–	0.01%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$11,000	–	51	–	0.01%	–
CROP	New	INDEXIQ ETF TRglb agri sm cp	$11,000	–	400	–	0.01%	–
IJJ	New	ISHARES TRs&p mc 400vl etf	$10,000	–	80	–	0.01%	–
EWJ	New	ISHARESmsci japan etf	$10,000	–	750	–	0.01%	–
KRFT	New	KRAFT FOODS GROUP INC	$9,000	–	100	–	0.01%	–
IBB	New	ISHARES TRnasdq biotec etf	$9,000	–	25	–	0.01%	–
XRX	New	XEROX CORP	$9,000	–	800	–	0.01%	–
EZU	New	ISHARESmsci eurzone etf	$8,000	–	200	–	0.01%	–
A	New	AGILENT TECHNOLOGIES INC	$8,000	–	200	–	0.01%	–
MDT	New	MEDTRONIC PLC	$7,000	–	95	–	0.01%	–
GOOGL	New	GOOGLE INCcl a	$6,000	–	12	–	0.01%	–
AMLP	New	ALPS ETF TRalerian mlp	$6,000	–	375	–	0.01%	–
IJR	New	ISHARES TRcore s&p scp etf	$6,000	–	50	–	0.01%	–
TEX	New	TEREX CORP NEW	$5,000	–	200	–	0.01%	–
IGM	New	ISHARES TRn amer tech etf	$5,000	–	50	–	0.01%	–
AMAT	New	APPLIED MATLS INC	$5,000	–	250	–	0.01%	–
WLL	New	WHITING PETE CORP NEW	$5,000	–	150	–	0.01%	–
IDX	New	MARKET VECTORS ETF TRindonesia etf	$4,000	–	200	–	0.01%	–
TYC	New	TYCO INTL PLC	$4,000	–	100	–	0.01%	–
GAF	New	SPDR INDEX SHS FDSmideast africa	$3,000	–	50	–	0.00%	–
KEYS	New	KEYSIGHT TECHNOLOGIES INC	$3,000	–	100	–	0.00%	–
IWF	New	ISHARES TRrus 1000 grw etf	$2,000	–	20	–	0.00%	–
IWD	New	ISHARES TRrus 1000 val etf	$2,000	–	20	–	0.00%	–
IXN	New	ISHARES TRglobal tech etf	$2,000	–	20	–	0.00%	–
LAND	New	GLADSTONE LD CORP	$2,000	–	200	–	0.00%	–
INFN	New	INFINERA CORPORATION	$1,000	–	45	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
HDSN	Exit	HUDSON TECHNOLOGIES INC	$0	–	-20,000	–	-0.11%	–
FCF	Exit	FIRST COMWLTH FINL CORP PA	$0	–	-10,440	–	-0.15%	–
TEI	Exit	TEMPLETON EMERG MKTS INCOME	$0	–	-10,000	–	-0.22%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-14,030	–	-0.26%	–
EWM	Exit	ISHARESmsci malaysi etf	$0	–	-11,700	–	-0.31%	–
HBAN	Exit	HUNTINGTON BANCSHARES INC	$0	–	-18,554	–	-0.31%	–
FCX	Exit	FREEPORT-MCMORAN COPPER & GO	$0	–	-6,500	–	-0.37%	–
MOO	Exit	MARKET VECTORS ETF TRagribus etf	$0	–	-4,100	–	-0.38%	–
WPZ	Exit	WILLIAMS PARTNERS L P	$0	–	-4,098	–	-0.38%	–
EFA	Exit	ISHARESmsci eafe etf	$0	–	-3,479	–	-0.39%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-3,396	–	-0.39%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-11,466	–	-0.40%	–
DCP	Exit	DCP MIDSTREAM PARTNERS LP	$0	–	-4,329	–	-0.41%	–
FMS	Exit	FRESENIUS MED CARE AG&CO KGAsponsored adr	$0	–	-6,789	–	-0.41%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-2,000	–	-0.41%	–
AGN	Exit	ALLERGAN INC	$0	–	-1,347	–	-0.42%	–
IDX	Exit	MARKET VECTORS ETF TRindonesia etf	$0	–	-10,025	–	-0.43%	–
BG	Exit	BUNGE LIMITED	$0	–	-3,000	–	-0.44%	–
SCI	Exit	SERVICE CORP INTL	$0	–	-12,000	–	-0.44%	–
RWX	Exit	SPDR INDEX SHS FDSdj intl rl etf	$0	–	-6,200	–	-0.44%	–
NYMT	Exit	NEW YORK MTG TR INC	$0	–	-37,470	–	-0.47%	–
XLE	Exit	SELECT SECTOR SPDR TRsbi int-energy	$0	–	-3,020	–	-0.47%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-3,100	–	-0.48%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-3,200	–	-0.48%	–
RGP	Exit	REGENCY ENERGY PARTNERS L P	$0	–	-8,610	–	-0.49%	–
EXC	Exit	EXELON CORP	$0	–	-8,544	–	-0.50%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-7,000	–	-0.50%	–
V	Exit	VISA INC	$0	–	-1,396	–	-0.51%	–
CHI	Exit	CALAMOS CONV OPP AND INC FDsh ben int	$0	–	-22,000	–	-0.52%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-3,951	–	-0.52%	–
DDD	Exit	3-D SYS CORP DEL	$0	–	-6,574	–	-0.53%	–
PCLN	Exit	PRICELINE COM INC	$0	–	-267	–	-0.54%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-6,000	–	-0.54%	–
CROP	Exit	INDEXIQ ETF TRglb agri sm cp	$0	–	-12,200	–	-0.54%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-2,954	–	-0.55%	–
CELG	Exit	CELGENE CORP	$0	–	-3,387	–	-0.56%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-3,200	–	-0.56%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$0	–	-5,535	–	-0.56%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-3,100	–	-0.56%	–
4945SC	Exit	KINDER MORGAN ENERGY PARTNERut ltd partner	$0	–	-3,619	–	-0.58%	–
IR	Exit	INGERSOLL-RAND PLC	$0	–	-6,000	–	-0.58%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-4,000	–	-0.58%	–
SEP	Exit	SPECTRA ENERGY PARTNERS LP	$0	–	-6,535	–	-0.60%	–
A309PS	Exit	DIRECTV	$0	–	-3,992	–	-0.60%	–
BAX	Exit	BAXTER INTL INC	$0	–	-4,900	–	-0.61%	–
NGLS	Exit	TARGA RESOURCES PARTNERS LP	$0	–	-5,058	–	-0.63%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-4,989	–	-0.64%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-5,800	–	-0.65%	–
ICE	Exit	INTERCONTINENTALEXCHANGE GRO	$0	–	-1,951	–	-0.66%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-4,600	–	-0.66%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-3,000	–	-0.68%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-2	–	-0.72%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-7,131	–	-0.73%	–
BCR	Exit	BARD C R INC	$0	–	-3,036	–	-0.75%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-7,400	–	-0.77%	–
GII	Exit	SPDR INDEX SHS FDSs&p gblinf etf	$0	–	-9,200	–	-0.77%	–
CLX	Exit	CLOROX CO DEL	$0	–	-4,694	–	-0.78%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-12,232	–	-0.85%	–
BIV	Exit	VANGUARD BD INDEX FD INCintermed term	$0	–	-6,000	–	-0.88%	–
CSX	Exit	CSX CORP	$0	–	-16,098	–	-0.89%	–
BA	Exit	BOEING CO	$0	–	-4,200	–	-0.92%	–
INTC	Exit	INTEL CORP	$0	–	-15,373	–	-0.92%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-5,900	–	-0.95%	–
IXN	Exit	ISHARESglobal tech etf	$0	–	-6,020	–	-0.95%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-6,685	–	-0.97%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-7,200	–	-0.98%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-6,744	–	-0.98%	–
SO	Exit	SOUTHERN CO	$0	–	-13,126	–	-0.99%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-5,800	–	-0.99%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-4,298	–	-1.02%	–
FISV	Exit	FISERV INC	$0	–	-9,200	–	-1.03%	–
SXL	Exit	SUNOCO LOGISTICS PRTNRS L P	$0	–	-12,370	–	-1.03%	–
BAC	Exit	BANK OF AMERICA CORPORATION	$0	–	-35,343	–	-1.04%	–
IEP	Exit	ICAHN ENTERPRISES LPdepositary unit	$0	–	-5,714	–	-1.05%	–
GIS	Exit	GENERAL MLS INC	$0	–	-12,320	–	-1.08%	–
FNB	Exit	FNB CORP PA	$0	–	-51,972	–	-1.08%	–
SEIC	Exit	SEI INVESTMENTS CO	$0	–	-17,800	–	-1.11%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-14,134	–	-1.12%	–
ETN	Exit	EATON CORP PLC	$0	–	-10,320	–	-1.13%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-3,600	–	-1.14%	–
T	Exit	AT&T INC	$0	–	-20,028	–	-1.22%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-13,200	–	-1.25%	–
FL	Exit	FOOT LOCKER INC	$0	–	-13,000	–	-1.25%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-8,825	–	-1.27%	–
KOG	Exit	KODIAK OIL & GAS CORP	$0	–	-56,426	–	-1.32%	–
AZN	Exit	ASTRAZENECA PLCsponsored adr	$0	–	-10,783	–	-1.33%	–
HAL	Exit	HALLIBURTON CO	$0	–	-11,946	–	-1.33%	–
PEP	Exit	PEPSICO INC	$0	–	-8,360	–	-1.34%	–
MCD	Exit	MCDONALDS CORP	$0	–	-8,376	–	-1.37%	–
MS	Exit	MORGAN STANLEY	$0	–	-23,311	–	-1.39%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-32,979	–	-1.46%	–
AMZN	Exit	AMAZON COM INC	$0	–	-2,697	–	-1.50%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-17,950	–	-1.55%	–
LLY	Exit	LILLY ELI & CO	$0	–	-14,288	–	-1.60%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-12,354	–	-1.62%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-19,547	–	-1.73%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-22,621	–	-1.81%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-14,972	–	-1.86%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-10,977	–	-2.02%	–
ASRV	Exit	AMERISERV FINL INC	$0	–	-546,207	–	-3.12%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-19,625	–	-3.19%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-20,025	–	-3.69%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-46,949	–	-3.73%	–
AAPL	Exit	APPLE INC	$0	–	-34,323	–	-5.98%	–

Q3 2014

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE INC	$3,458,000	+10.9%	34,323	+2.3%	5.98%	+78.7%
MO	Buy	ALTRIA GROUP INC	$2,156,000	+11.2%	46,949	+1.5%	3.73%	+79.1%
JNJ	Buy	JOHNSON & JOHNSON	$2,135,000	+2.2%	20,025	+0.3%	3.69%	+64.6%
XOM	Buy	EXXON MOBIL CORP	$1,845,000	-3.5%	19,625	+3.4%	3.19%	+55.5%
ASRV	Buy	AMERISERV FINL INC	$1,803,000	-5.2%	546,207	+0.0%	3.12%	+52.8%
GILD	Buy	GILEAD SCIENCES INC	$1,169,000	+32.7%	10,977	+3.3%	2.02%	+113.6%
DD	Sell	DU PONT E I DE NEMOURS & CO	$1,075,000	+9.2%	14,972	-0.4%	1.86%	+76.0%
BMY	Sell	BRISTOL MYERS SQUIBB CO	$1,000,000	-0.6%	19,547	-5.7%	1.73%	+60.1%
DHR	Buy	DANAHER CORP DEL	$938,000	+0.1%	12,354	+3.8%	1.62%	+61.2%
LLY	Buy	LILLY ELI & CO	$926,000	+4.5%	14,288	+0.2%	1.60%	+68.3%
VZ	Sell	VERIZON COMMUNICATIONS INC	$898,000	-17.0%	17,950	-18.8%	1.55%	+33.8%
AMZN	Buy	AMAZON COM INC	$869,000	+1.8%	2,697	+2.5%	1.50%	+63.8%
GE	Sell	GENERAL ELECTRIC CO	$844,000	-3.3%	32,979	-0.7%	1.46%	+55.7%
MCD	Sell	MCDONALDS CORP	$794,000	-6.3%	8,376	-0.4%	1.37%	+51.0%
PEP	Sell	PEPSICO INC	$778,000	+2.5%	8,360	-1.6%	1.34%	+65.0%
HAL	Buy	HALLIBURTON CO	$771,000	-5.0%	11,946	+4.5%	1.33%	+52.9%
AZN	New	ASTRAZENECA PLCsponsored adr	$770,000	–	10,783	–	1.33%	–
KOG	Buy	KODIAK OIL & GAS CORP	$765,000	+19.5%	56,426	+28.4%	1.32%	+92.6%
PM	Sell	PHILIP MORRIS INTL INC	$736,000	-38.0%	8,825	-37.3%	1.27%	-0.2%
ETN	Buy	EATON CORP PLC	$654,000	-17.3%	10,320	+0.7%	1.13%	+33.2%
GSK	Sell	GLAXOSMITHKLINE PLCsponsored adr	$650,000	-15.8%	14,134	-2.1%	1.12%	+35.6%
FNB	Sell	FNB CORP PA	$623,000	-33.9%	51,972	-29.3%	1.08%	+6.5%
GIS	Buy	GENERAL MLS INC	$622,000	-0.6%	12,320	+3.4%	1.08%	+60.0%
IEP	Buy	ICAHN ENTERPRISES LPdepositary unit	$605,000	+15.5%	5,714	+8.8%	1.05%	+86.1%
SXL	Buy	SUNOCO LOGISTICS PRTNRS L P	$597,000	+3.3%	12,370	+0.8%	1.03%	+66.5%
SO	Sell	SOUTHERN CO	$573,000	-9.0%	13,126	-5.4%	0.99%	+46.6%
PG	Sell	PROCTER & GAMBLE CO	$565,000	+5.6%	6,744	-0.9%	0.98%	+70.2%
MMP	Sell	MAGELLAN MIDSTREAM PRTNRS LP	$563,000	-10.2%	6,685	-10.4%	0.97%	+44.6%
INTC	Buy	INTEL CORP	$535,000	+100.4%	15,373	+77.7%	0.92%	+222.3%
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$493,000	+2.9%	12,232	+100.0%	0.85%	+65.8%
A309PS	Buy	DIRECTV	$346,000	+2.4%	3,992	+0.3%	0.60%	+64.7%
4945SC	Sell	KINDER MORGAN ENERGY PARTNERut ltd partner	$338,000	+10.5%	3,619	-2.7%	0.58%	+78.0%
CELG	Buy	CELGENE CORP	$321,000	+20.7%	3,387	+9.2%	0.56%	+94.1%
KMB	Buy	KIMBERLY CLARK CORP	$318,000	-2.5%	2,954	+0.7%	0.55%	+57.1%
DDD	Sell	3-D SYS CORP DEL	$305,000	-23.4%	6,574	-1.1%	0.53%	+23.4%
WMT	Sell	WAL-MART STORES INC	$302,000	-9.6%	3,951	-11.1%	0.52%	+45.8%
CHI	Sell	CALAMOS CONV OPP AND INC FDsh ben int	$298,000	-90.3%	22,000	-90.0%	0.52%	-84.4%
V	Sell	VISA INC	$297,000	-82.2%	1,396	-82.3%	0.51%	-71.3%
EXC	Buy	EXELON CORP	$291,000	+0.3%	8,544	+7.6%	0.50%	+61.7%
NYMT	Buy	NEW YORK MTG TR INC	$271,000	-4.2%	37,470	+3.5%	0.47%	+54.3%
AGN	Buy	ALLERGAN INC	$240,000	+7.1%	1,347	+1.9%	0.42%	+72.9%
FMS	Sell	FRESENIUS MED CARE AG&CO KGAsponsored adr	$236,000	-4.5%	6,789	-8.1%	0.41%	+54.0%
EFA	Sell	ISHARESmsci eafe etf	$223,000	-69.8%	3,479	-67.8%	0.39%	-51.3%
NLY	Sell	ANNALY CAP MGMT INC	$149,000	-11.3%	14,030	-4.7%	0.26%	+43.3%
GUT	Exit	GABELLI UTIL TR	$0	–	-27,211	–	-0.22%	–
DVY	Exit	ISHARESselect divid etf	$0	–	-2,770	–	-0.23%	–
PFF	Exit	ISHARESu.s. pfd stk etf	$0	–	-6,710	–	-0.29%	–
SDY	Exit	SPDR SERIES TRUSTs&p divid etf	$0	–	-3,765	–	-0.31%	–
TBT	Exit	PROSHARES TR	$0	–	-5,000	–	-0.33%	–
QQQ	Exit	POWERSHARES QQQ TRUSTunit ser 1	$0	–	-3,340	–	-0.34%	–
JNK	Exit	SPDR SERIES TRUSTbrc hgh yld bd	$0	–	-17,877	–	-0.80%	–
GAB	Exit	GABELLI EQUITY TR INC	$0	–	-103,519	–	-0.84%	–
HYG	Exit	ISHARESiboxx hi yd etf	$0	–	-10,677	–	-1.09%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-16,116	–	-1.27%	–
VXF	Exit	VANGUARD INDEX FDSextend mkt etf	$0	–	-30,746	–	-2.90%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-20,118	–	-4.23%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-109,167	–	-21.02%	–

Q2 2014

			Value		Shares		↓ Weighting
VOO	New	VANGUARD INDEX FDS	$19,588,000	–	109,167	–	21.02%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$3,937,000	–	20,118	–	4.23%	–
AAPL	New	APPLE INC	$3,117,000	–	33,543	–	3.35%	–
CHI	New	CALAMOS CONV OPP AND INC FDsh ben int	$3,076,000	–	219,233	–	3.30%	–
VXF	New	VANGUARD INDEX FDSextend mkt etf	$2,697,000	–	30,746	–	2.90%	–
JNJ	New	JOHNSON & JOHNSON	$2,089,000	–	19,973	–	2.24%	–
MO	New	ALTRIA GROUP INC	$1,939,000	–	46,234	–	2.08%	–
XOM	New	EXXON MOBIL CORP	$1,912,000	–	18,983	–	2.05%	–
ASRV	New	AMERISERV FINL INC	$1,901,000	–	546,182	–	2.04%	–
V	New	VISA INC	$1,666,000	–	7,908	–	1.79%	–
PM	New	PHILIP MORRIS INTL INC	$1,188,000	–	14,085	–	1.28%	–
MA	New	MASTERCARD INCcl a	$1,184,000	–	16,116	–	1.27%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,082,000	–	22,096	–	1.16%	–
HYG	New	ISHARESiboxx hi yd etf	$1,016,000	–	10,677	–	1.09%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$1,006,000	–	20,738	–	1.08%	–
DD	New	DU PONT E I DE NEMOURS & CO	$984,000	–	15,037	–	1.06%	–
MSFT	New	MICROSOFT CORP	$943,000	–	22,621	–	1.01%	–
FNB	New	FNB CORP PA	$942,000	–	73,473	–	1.01%	–
DHR	New	DANAHER CORP DEL	$937,000	–	11,900	–	1.01%	–
LLY	New	LILLY ELI & CO	$886,000	–	14,254	–	0.95%	–
GILD	New	GILEAD SCIENCES INC	$881,000	–	10,624	–	0.95%	–
GE	New	GENERAL ELECTRIC CO	$873,000	–	33,226	–	0.94%	–
AMZN	New	AMAZON COM INC	$854,000	–	2,630	–	0.92%	–
MCD	New	MCDONALDS CORP	$847,000	–	8,406	–	0.91%	–
HAL	New	HALLIBURTON CO	$812,000	–	11,431	–	0.87%	–
ETN	New	EATON CORP PLC	$791,000	–	10,250	–	0.85%	–
GAB	New	GABELLI EQUITY TR INC	$780,000	–	103,519	–	0.84%	–
GSK	New	GLAXOSMITHKLINE PLCsponsored adr	$772,000	–	14,437	–	0.83%	–
BEN	New	FRANKLIN RES INC	$763,000	–	13,200	–	0.82%	–
PEP	New	PEPSICO INC	$759,000	–	8,500	–	0.82%	–
MS	New	MORGAN STANLEY	$753,000	–	23,311	–	0.81%	–
JNK	New	SPDR SERIES TRUSTbrc hgh yld bd	$746,000	–	17,877	–	0.80%	–
EFA	New	ISHARESmsci eafe etf	$739,000	–	10,809	–	0.79%	–
T	New	AT&T INC	$708,000	–	20,028	–	0.76%	–
FL	New	FOOT LOCKER INC	$659,000	–	13,000	–	0.71%	–
KOG	New	KODIAK OIL & GAS CORP	$640,000	–	43,939	–	0.69%	–
SO	New	SOUTHERN CO	$630,000	–	13,879	–	0.68%	–
CAT	New	CATERPILLAR INC DEL	$630,000	–	5,800	–	0.68%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$627,000	–	7,465	–	0.67%	–
GIS	New	GENERAL MLS INC	$626,000	–	11,917	–	0.67%	–
TROW	New	PRICE T ROWE GROUP INC	$608,000	–	7,200	–	0.65%	–
GS	New	GOLDMAN SACHS GROUP INC	$603,000	–	3,600	–	0.65%	–
SEIC	New	SEI INVESTMENTS CO	$583,000	–	17,800	–	0.63%	–
SXL	New	SUNOCO LOGISTICS PRTNRS L P	$578,000	–	12,270	–	0.62%	–
FISV	New	FISERV INC	$555,000	–	9,200	–	0.60%	–
HON	New	HONEYWELL INTL INC	$548,000	–	5,900	–	0.59%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$543,000	–	4,298	–	0.58%	–
BAC	New	BANK OF AMERICA CORPORATION	$543,000	–	35,343	–	0.58%	–
IXN	New	ISHARESglobal tech etf	$536,000	–	6,020	–	0.58%	–
PG	New	PROCTER & GAMBLE CO	$535,000	–	6,805	–	0.57%	–
BA	New	BOEING CO	$534,000	–	4,200	–	0.57%	–
IEP	New	ICAHN ENTERPRISES LPdepositary unit	$524,000	–	5,253	–	0.56%	–
BIV	New	VANGUARD BD INDEX FD INCintermed term	$508,000	–	6,000	–	0.54%	–
CSX	New	CSX CORP	$496,000	–	16,098	–	0.53%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$479,000	–	6,116	–	0.51%	–
GII	New	SPDR INDEX SHS FDSs&p gblinf etf	$468,000	–	9,200	–	0.50%	–
BCR	New	BARD C R INC	$434,000	–	3,036	–	0.47%	–
CLX	New	CLOROX CO DEL	$429,000	–	4,694	–	0.46%	–
JPM	New	JPMORGAN CHASE & CO	$426,000	–	7,400	–	0.46%	–
MRK	New	MERCK & CO INC NEW	$412,000	–	7,131	–	0.44%	–
DDD	New	3-D SYS CORP DEL	$398,000	–	6,649	–	0.43%	–
CL	New	COLGATE PALMOLIVE CO	$395,000	–	5,800	–	0.42%	–
APD	New	AIR PRODS & CHEMS INC	$386,000	–	3,000	–	0.41%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$380,000	–	2	–	0.41%	–
SLB	New	SCHLUMBERGER LTD	$377,000	–	3,200	–	0.40%	–
IR	New	INGERSOLL-RAND PLC	$375,000	–	6,000	–	0.40%	–
DUK	New	DUKE ENERGY CORP NEW	$370,000	–	4,989	–	0.40%	–
ICE	New	INTERCONTINENTALEXCHANGE GRO	$369,000	–	1,951	–	0.40%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$365,000	–	4,600	–	0.39%	–
NGLS	New	TARGA RESOURCES PARTNERS LP	$364,000	–	5,058	–	0.39%	–
UTX	New	UNITED TECHNOLOGIES CORP	$358,000	–	3,100	–	0.38%	–
BAX	New	BAXTER INTL INC	$354,000	–	4,900	–	0.38%	–
ITW	New	ILLINOIS TOOL WKS INC	$350,000	–	4,000	–	0.38%	–
SEP	New	SPECTRA ENERGY PARTNERS LP	$349,000	–	6,535	–	0.38%	–
A309PS	New	DIRECTV	$338,000	–	3,981	–	0.36%	–
CROP	New	INDEXIQ ETF TRglb agri sm cp	$334,000	–	12,200	–	0.36%	–
WMT	New	WAL-MART STORES INC	$334,000	–	4,445	–	0.36%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$332,000	–	5,535	–	0.36%	–
KMB	New	KIMBERLY CLARK CORP	$326,000	–	2,934	–	0.35%	–
PCLN	New	PRICELINE COM INC	$322,000	–	267	–	0.35%	–
WFC	New	WELLS FARGO & CO NEW	$315,000	–	6,000	–	0.34%	–
QQQ	New	POWERSHARES QQQ TRUSTunit ser 1	$313,000	–	3,340	–	0.34%	–
4945SC	New	KINDER MORGAN ENERGY PARTNERut ltd partner	$306,000	–	3,719	–	0.33%	–
TBT	New	PROSHARES TR	$304,000	–	5,000	–	0.33%	–
XLE	New	SELECT SECTOR SPDR TRsbi int-energy	$302,000	–	3,020	–	0.32%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$302,000	–	7,000	–	0.32%	–
EXC	New	EXELON CORP	$290,000	–	7,940	–	0.31%	–
SDY	New	SPDR SERIES TRUSTs&p divid etf	$289,000	–	3,765	–	0.31%	–
NYMT	New	NEW YORK MTG TR INC	$283,000	–	36,220	–	0.30%	–
RGP	New	REGENCY ENERGY PARTNERS L P	$277,000	–	8,610	–	0.30%	–
RWX	New	SPDR INDEX SHS FDSdj intl rl etf	$274,000	–	6,200	–	0.29%	–
SWK	New	STANLEY BLACK & DECKER INC	$272,000	–	3,100	–	0.29%	–
PFF	New	ISHARESu.s. pfd stk etf	$268,000	–	6,710	–	0.29%	–
INTC	New	INTEL CORP	$267,000	–	8,650	–	0.29%	–
CELG	New	CELGENE CORP	$266,000	–	3,102	–	0.29%	–
UNH	New	UNITEDHEALTH GROUP INC	$262,000	–	3,200	–	0.28%	–
CVX	New	CHEVRON CORP NEW	$261,000	–	2,000	–	0.28%	–
SCI	New	SERVICE CORP INTL	$249,000	–	12,000	–	0.27%	–
FMS	New	FRESENIUS MED CARE AG&CO KGAsponsored adr	$247,000	–	7,389	–	0.26%	–
IDX	New	MARKET VECTORS ETF TRindonesia etf	$247,000	–	10,025	–	0.26%	–
DCP	New	DCP MIDSTREAM PARTNERS LP	$247,000	–	4,329	–	0.26%	–
FITB	New	FIFTH THIRD BANCORP	$245,000	–	11,466	–	0.26%	–
FCX	New	FREEPORT-MCMORAN COPPER & GO	$237,000	–	6,500	–	0.25%	–
BG	New	BUNGE LIMITED	$227,000	–	3,000	–	0.24%	–
MOO	New	MARKET VECTORS ETF TRagribus etf	$226,000	–	4,100	–	0.24%	–
AGN	New	ALLERGAN INC	$224,000	–	1,322	–	0.24%	–
WPZ	New	WILLIAMS PARTNERS L P	$222,000	–	4,098	–	0.24%	–
DVY	New	ISHARESselect divid etf	$213,000	–	2,770	–	0.23%	–
NS	New	NUSTAR ENERGY LP	$211,000	–	3,396	–	0.23%	–
GUT	New	GABELLI UTIL TR	$200,000	–	27,211	–	0.22%	–
EWM	New	ISHARESmsci malaysi etf	$186,000	–	11,700	–	0.20%	–
HBAN	New	HUNTINGTON BANCSHARES INC	$177,000	–	18,554	–	0.19%	–
NLY	New	ANNALY CAP MGMT INC	$168,000	–	14,719	–	0.18%	–
TEI	New	TEMPLETON EMERG MKTS INCOME	$138,000	–	10,000	–	0.15%	–
FCF	New	FIRST COMWLTH FINL CORP PA	$96,000	–	10,440	–	0.10%	–
HDSN	New	HUDSON TECHNOLOGIES INC	$58,000	–	20,000	–	0.06%	–

Q4 2013

			Value		Shares		↓ Weighting
FCF	Exit	FIRST COMWLTH FINL CORP PA	$0	–	-10,540	–	-0.05%	–
IGR	Exit	CBRE CLARION GLOBAL REAL EST	$0	–	-15,100	–	-0.08%	–
HBAN	Exit	HUNTINGTON BANCSHARES INC	$0	–	-19,075	–	-0.10%	–
TEI	Exit	TEMPLETON EMERG MKTS INCOME	$0	–	-12,000	–	-0.11%	–
IAU	Exit	ISHARES GOLD TRUSTishares	$0	–	-13,500	–	-0.11%	–
GUT	Exit	GABELLI UTIL TR	$0	–	-27,644	–	-0.11%	–
SCI	Exit	SERVICE CORP INTL	$0	–	-10,000	–	-0.12%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-10,276	–	-0.12%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-10,820	–	-0.12%	–
NPBC	Exit	NATIONAL PENN BANCSHARES INC	$0	–	-19,299	–	-0.12%	–
DIS	Exit	DISNEY WALT CO	$0	–	-3,105	–	-0.13%	–
PCAR	Exit	PACCAR INC	$0	–	-3,600	–	-0.13%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-2,025	–	-0.13%	–
WPZ	Exit	WILLIAMS PARTNERS L P	$0	–	-3,821	–	-0.13%	–
IJR	Exit	ISHAREScore s&p scp etf	$0	–	-2,030	–	-0.13%	–
A309PS	Exit	DIRECTV	$0	–	-3,510	–	-0.13%	–
BLK	Exit	BLACKROCK INC	$0	–	-775	–	-0.13%	–
DCP	Exit	DCP MIDSTREAM PARTNERS LP	$0	–	-4,357	–	-0.14%	–
ARTNA	Exit	ARTESIAN RESOURCES CORPcl a	$0	–	-9,699	–	-0.14%	–
SLV	Exit	ISHARES SILVER TRUSTishares	$0	–	-10,500	–	-0.14%	–
NYMT	Exit	NEW YORK MTG TR INC	$0	–	-35,279	–	-0.14%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-257	–	-0.14%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-20,202	–	-0.15%	–
ARCC	Exit	ARES CAP CORP	$0	–	-13,737	–	-0.15%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-355	–	-0.15%	–
CVS	Exit	CVS CAREMARK CORPORATION	$0	–	-4,200	–	-0.15%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-2,524	–	-0.15%	–
UN	Exit	UNILEVER N V	$0	–	-6,308	–	-0.15%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-3,500	–	-0.15%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N V	$0	–	-3,600	–	-0.16%	–
IWC	Exit	ISHARESmicro-cap etf	$0	–	-3,600	–	-0.16%	–
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-3,825	–	-0.16%	–
GLTR	Exit	ETFS PRECIOUS METALS BASKETphys pm bskt	$0	–	-3,500	–	-0.16%	–
GULF	Exit	WISDOMTREE TRmid east divd	$0	–	-14,175	–	-0.16%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-3,527	–	-0.16%	–
WITE	Exit	ETFS WHITE METALS BASKET TR	$0	–	-6,400	–	-0.17%	–
TBT	Exit	PROSHARES TR	$0	–	-3,500	–	-0.17%	–
NGLS	Exit	TARGA RESOURCES PARTNERS LP	$0	–	-5,090	–	-0.17%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS L P	$0	–	-8,798	–	-0.17%	–
ICF	Exit	ISHAREScohen&steer reit	$0	–	-3,530	–	-0.17%	–
IJT	Exit	ISHARESsp smcp600gr etf	$0	–	-2,550	–	-0.18%	–
IJS	Exit	ISHARESsp smcp600vl etf	$0	–	-2,700	–	-0.18%	–
ISRG	Exit	INTUITIVE SURGICAL INC	$0	–	-740	–	-0.18%	–
PCLN	Exit	PRICELINE COM INC	$0	–	-278	–	-0.18%	–
QQQ	Exit	POWERSHARES QQQ TRUSTunit ser 1	$0	–	-3,605	–	-0.18%	–
SEP	Exit	SPECTRA ENERGY PARTNERS LP	$0	–	-6,571	–	-0.18%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$0	–	-5,570	–	-0.19%	–
KRFT	Exit	KRAFT FOODS GROUP INC	$0	–	-5,815	–	-0.19%	–
FMS	Exit	FRESENIUS MED CARE AG&CO KGAsponsored adr	$0	–	-9,376	–	-0.19%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-1,650	–	-0.20%	–
4945SC	Exit	KINDER MORGAN ENERGY PARTNERut ltd partner	$0	–	-3,832	–	-0.20%	–
PAG	Exit	PENSKE AUTOMOTIVE GRP INC	$0	–	-7,450	–	-0.20%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-16,608	–	-0.21%	–
BKF	Exit	ISHARESmsci bric indx	$0	–	-9,100	–	-0.22%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-5,593	–	-0.22%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-2	–	-0.22%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-4,920	–	-0.22%	–
PIO	Exit	POWERSHARES GLOBAL ETF TRUSTgbl wtr port	$0	–	-16,800	–	-0.23%	–
XRX	Exit	XEROX CORP	$0	–	-35,166	–	-0.23%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-6,604	–	-0.24%	–
NUAN	Exit	NUANCE COMMUNICATIONS INC	$0	–	-20,066	–	-0.24%	–
NSP	Exit	INSPERITY INC	$0	–	-10,100	–	-0.24%	–
IWS	Exit	ISHARESrus mdcp val etf	$0	–	-6,330	–	-0.25%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-5,807	–	-0.25%	–
FNB	Exit	FNB CORP PA	$0	–	-32,486	–	-0.25%	–
SXL	Exit	SUNOCO LOGISTICS PRTNRS L P	$0	–	-6,171	–	-0.26%	–
DDD	Exit	3-D SYS CORP DEL	$0	–	-7,701	–	-0.26%	–
REMX	Exit	MARKET VECTORS ETF TRminor metals	$0	–	-10,050	–	-0.27%	–
EPP	Exit	ISHARESmsci pac jp etf	$0	–	-8,900	–	-0.27%	–
HSY	Exit	HERSHEY CO	$0	–	-4,700	–	-0.28%	–
BCR	Exit	BARD C R INC	$0	–	-3,836	–	-0.28%	–
HYS	Exit	PIMCO ETF TR0-5 high yield	$0	–	-4,300	–	-0.29%	–
VB	Exit	VANGUARD INDEX FDSsmall cp etf	$0	–	-4,450	–	-0.29%	–
BRXX	Exit	EGA EMERGING GLOBAL SHS TRegs braz inf etf	$0	–	-25,080	–	-0.29%	–
IWM	Exit	ISHARESrussell 2000 etf	$0	–	-4,290	–	-0.29%	–
GUR	Exit	SPDR INDEX SHS FDSeurope etf	$0	–	-11,500	–	-0.30%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-11,298	–	-0.30%	–
GLFMQ	Exit	GULFMARK OFFSHORE INCcl a new	$0	–	-9,200	–	-0.30%	–
IWR	Exit	ISHARESrus mid-cap etf	$0	–	-3,430	–	-0.30%	–
GIS	Exit	GENERAL MLS INC	$0	–	-10,051	–	-0.31%	–
LAND	Exit	GLADSTONE LD CORP	$0	–	-32,000	–	-0.31%	–
YUM	Exit	YUM BRANDS INC	$0	–	-6,900	–	-0.31%	–
KMT	Exit	KENNAMETAL INC	$0	–	-10,841	–	-0.32%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-7,972	–	-0.32%	–
IBB	Exit	ISHARESnasdq biotec etf	$0	–	-2,460	–	-0.33%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-10,550	–	-0.33%	–
GAF	Exit	SPDR INDEX SHS FDSmideast africa	$0	–	-7,720	–	-0.33%	–
KO	Exit	COCA COLA CO	$0	–	-13,931	–	-0.34%	–
HD	Exit	HOME DEPOT INC	$0	–	-6,984	–	-0.34%	–
CLX	Exit	CLOROX CO DEL	$0	–	-6,527	–	-0.34%	–
PFE	Exit	PFIZER INC	$0	–	-18,822	–	-0.34%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-7,317	–	-0.34%	–
HAL	Exit	HALLIBURTON CO	$0	–	-11,305	–	-0.35%	–
VO	Exit	VANGUARD INDEX FDSmid cap etf	$0	–	-5,300	–	-0.35%	–
FXI	Exit	ISHARESchina lg-cap etf	$0	–	-15,130	–	-0.36%	–
VMC	Exit	VULCAN MATLS CO	$0	–	-10,950	–	-0.36%	–
RL	Exit	RALPH LAUREN CORPcl a	$0	–	-3,449	–	-0.36%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-3,059	–	-0.37%	–
GAB	Exit	GABELLI EQUITY TR INC	$0	–	-86,465	–	-0.37%	–
EFA	Exit	ISHARESmsci eafe etf	$0	–	-9,259	–	-0.38%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-14,760	–	-0.38%	–
TEX	Exit	TEREX CORP NEW	$0	–	-18,000	–	-0.38%	–
ABBV	Exit	ABBVIE INC	$0	–	-13,550	–	-0.39%	–
ECON	Exit	EGA EMERGING GLOBAL SHS TRegs emktcons etf	$0	–	-22,800	–	-0.39%	–
MOO	Exit	MARKET VECTORS ETF TRagribus etf	$0	–	-12,050	–	-0.39%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-6,051	–	-0.41%	–
ILF	Exit	ISHARESlatn amer 40 etf	$0	–	-17,525	–	-0.43%	–
SO	Exit	SOUTHERN CO	$0	–	-16,339	–	-0.43%	–
MS	Exit	MORGAN STANLEY	$0	–	-25,185	–	-0.43%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-9,040	–	-0.44%	–
BG	Exit	BUNGE LIMITED	$0	–	-9,300	–	-0.45%	–
CSX	Exit	CSX CORP	$0	–	-27,557	–	-0.45%	–
RWX	Exit	SPDR INDEX SHS FDSdj intl rl etf	$0	–	-17,300	–	-0.46%	–
LLY	Exit	LILLY ELI & CO	$0	–	-14,846	–	-0.48%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-24,053	–	-0.48%	–
ETN	Exit	EATON CORP PLC	$0	–	-11,032	–	-0.48%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-15,483	–	-0.50%	–
MMM	Exit	3M CO	$0	–	-6,640	–	-0.50%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-11,822	–	-0.52%	–
FCX	Exit	FREEPORT-MCMORAN COPPER & GO	$0	–	-24,850	–	-0.52%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-14,350	–	-0.54%	–
AMZN	Exit	AMAZON COM INC	$0	–	-2,754	–	-0.55%	–
EWM	Exit	ISHARESmsci malaysi etf	$0	–	-57,200	–	-0.55%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-9,661	–	-0.56%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-18,447	–	-0.56%	–
T	Exit	AT&T INC	$0	–	-26,080	–	-0.56%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-12,650	–	-0.58%	–
AMLP	Exit	ALPS ETF TRalerian mlp	$0	–	-52,712	–	-0.59%	–
IEP	Exit	ICAHN ENTERPRISES LPdepositary unit	$0	–	-11,175	–	-0.59%	–
EEM	Exit	ISHARESmsci emg mkt etf	$0	–	-22,885	–	-0.59%	–
PPG	Exit	PPG INDS INC	$0	–	-5,682	–	-0.60%	–
JNK	Exit	SPDR SERIES TRUSTbrc hgh yld bd	$0	–	-24,142	–	-0.61%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-16,396	–	-0.61%	–
IDX	Exit	MARKET VECTORS ETF TRindonesia etf	$0	–	-42,950	–	-0.63%	–
HYG	Exit	ISHARESiboxx hi yd etf	$0	–	-11,093	–	-0.65%	–
CSCO	Exit	CISCO SYS INC	$0	–	-44,084	–	-0.66%	–
BAC	Exit	BANK OF AMERICA CORPORATION	$0	–	-76,144	–	-0.67%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-8,855	–	-0.68%	–
BAX	Exit	BAXTER INTL INC	$0	–	-16,525	–	-0.69%	–
XLE	Exit	SELECT SECTOR SPDR TRsbi int-energy	$0	–	-13,570	–	-0.72%	–
DGS	Exit	WISDOMTREE TRemg mkts smcap	$0	–	-24,154	–	-0.72%	–
IXN	Exit	ISHARESglobal tech etf	$0	–	-15,220	–	-0.72%	–
MCD	Exit	MCDONALDS CORP	$0	–	-11,869	–	-0.73%	–
INTC	Exit	INTEL CORP	$0	–	-54,196	–	-0.79%	–
FL	Exit	FOOT LOCKER INC	$0	–	-38,480	–	-0.83%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-25,300	–	-0.83%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-12,225	–	-0.84%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-15,175	–	-0.85%	–
GII	Exit	SPDR INDEX SHS FDSs&p gblinf etf	$0	–	-31,000	–	-0.86%	–
CROP	Exit	INDEXIQ ETF TRglb agri sm cp	$0	–	-49,750	–	-0.86%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-17,475	–	-0.92%	–
ASRV	Exit	AMERISERV FINL INC	$0	–	-469,342	–	-0.94%	–
PEP	Exit	PEPSICO INC	$0	–	-18,907	–	-0.96%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-32,940	–	-0.98%	–
IR	Exit	INGERSOLL-RAND PLC	$0	–	-23,750	–	-0.98%	–
BA	Exit	BOEING CO	$0	–	-13,250	–	-0.99%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-68,790	–	-1.05%	–
V	Exit	VISA INC	$0	–	-8,748	–	-1.06%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-10,600	–	-1.07%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-20,175	–	-1.07%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-33,500	–	-1.08%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-39,722	–	-1.17%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-16,839	–	-1.22%	–
MGC	Exit	VANGUARD WORLD FDmega cap index	$0	–	-33,561	–	-1.23%	–
NYX	Exit	NYSE EURONEXT	$0	–	-46,650	–	-1.25%	–
DXJ	Exit	WISDOMTREE TRjapn hedge eqt	$0	–	-41,792	–	-1.28%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-26,620	–	-1.28%	–
VXF	Exit	VANGUARD INDEX FDSextend mkt etf	$0	–	-27,034	–	-1.33%	–
FISV	Exit	FISERV INC	$0	–	-20,900	–	-1.34%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-29,708	–	-1.36%	–
SEIC	Exit	SEI INVESTMENTS CO	$0	–	-69,596	–	-1.37%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-65,959	–	-1.44%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-26,216	–	-1.44%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-76,177	–	-1.61%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-34,379	–	-1.90%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-45,834	–	-2.51%	–
AAPL	Exit	APPLE INC	$0	–	-8,302	–	-2.52%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-33,814	–	-3.62%	–
VOO	Exit	VANGUARD INDEX FDSs&p 500 etf sh	$0	–	-204,307	–	-10.02%	–

Q3 2013

			Value		Shares		↓ Weighting
VOO	Sell	VANGUARD INDEX FDSs&p 500 etf sh	$15,732,000	-2.5%	204,307	-7.2%	10.02%	-3.6%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$5,681,000	+0.2%	33,814	-4.3%	3.62%	-0.8%
AAPL	Sell	APPLE INC	$3,959,000	+18.5%	8,302	-1.5%	2.52%	+17.2%
XOM	Sell	EXXON MOBIL CORP	$3,943,000	-4.9%	45,834	-0.2%	2.51%	-6.0%
JNJ	Buy	JOHNSON & JOHNSON	$2,981,000	+1.2%	34,379	+0.2%	1.90%	+0.2%
MSFT	Sell	MICROSOFT CORP	$2,535,000	-4.2%	76,177	-0.5%	1.61%	-5.2%
PM	Sell	PHILIP MORRIS INTL INC	$2,270,000	-1.7%	26,216	-1.7%	1.44%	-2.8%
MO	Buy	ALTRIA GROUP INC	$2,266,000	-1.6%	65,959	+0.2%	1.44%	-2.6%
SEIC	Sell	SEI INVESTMENTS CO	$2,151,000	+8.4%	69,596	-0.3%	1.37%	+7.2%
FISV	Buy	FISERV INC	$2,112,000	+16.7%	20,900	+1.0%	1.34%	+15.5%
VXF	Buy	VANGUARD INDEX FDSextend mkt etf	$2,085,000	+13.6%	27,034	+2.8%	1.33%	+12.4%
PG	Buy	PROCTER & GAMBLE CO	$2,012,000	-1.8%	26,620	+0.1%	1.28%	-2.8%
DXJ	Sell	WISDOMTREE TRjapn hedge eqt	$2,003,000	+4.3%	41,792	-0.7%	1.28%	+3.2%
NYX	Sell	NYSE EURONEXT	$1,958,000	+0.1%	46,650	-1.3%	1.25%	-1.0%
MGC	Sell	VANGUARD WORLD FDmega cap index	$1,927,000	+2.6%	33,561	-2.3%	1.23%	+1.6%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$1,911,000	+2.0%	16,839	+0.6%	1.22%	+1.0%
BMY	Buy	BRISTOL MYERS SQUIBB CO	$1,839,000	+3.8%	39,722	+0.2%	1.17%	+2.7%
BEN	Buy	FRANKLIN RES INC	$1,693,000	+10.1%	33,500	+196.5%	1.08%	+9.0%
CAT	Buy	CATERPILLAR INC DEL	$1,683,000	+3.2%	20,175	+2.0%	1.07%	+2.0%
V	Sell	VISA INC	$1,672,000	+3.8%	8,748	-0.8%	1.06%	+2.6%
GE	Sell	GENERAL ELECTRIC CO	$1,643,000	+1.1%	68,790	-1.8%	1.05%	0.0%
BA	Sell	BOEING CO	$1,557,000	+13.0%	13,250	-1.5%	0.99%	+11.7%
VZ	Buy	VERIZON COMMUNICATIONS INC	$1,537,000	-6.3%	32,940	+1.1%	0.98%	-7.2%
PEP	Sell	PEPSICO INC	$1,503,000	-3.3%	18,907	-0.5%	0.96%	-4.4%
ASRV	Buy	AMERISERV FINL INC	$1,478,000	+31.8%	469,342	+14.7%	0.94%	+30.5%
HON	Buy	HONEYWELL INTL INC	$1,451,000	+4.7%	17,475	+0.0%	0.92%	+3.6%
CROP	Buy	INDEXIQ ETF TRglb agri sm cp	$1,350,000	+5.6%	49,750	+0.2%	0.86%	+4.5%
GII	Sell	SPDR INDEX SHS FDSs&p gblinf etf	$1,347,000	+6.1%	31,000	-0.6%	0.86%	+5.0%
SLB	Sell	SCHLUMBERGER LTD	$1,341,000	+22.5%	15,175	-0.7%	0.85%	+21.1%
UTX	Sell	UNITED TECHNOLOGIES CORP	$1,318,000	+15.1%	12,225	-0.8%	0.84%	+13.8%
JPM	Sell	JPMORGAN CHASE & CO	$1,308,000	-3.0%	25,300	-1.0%	0.83%	-4.0%
FL	Buy	FOOT LOCKER INC	$1,306,000	-2.9%	38,480	+0.5%	0.83%	-3.9%
INTC	Sell	INTEL CORP	$1,242,000	-5.8%	54,196	-0.4%	0.79%	-6.7%
MCD	Buy	MCDONALDS CORP	$1,143,000	-2.6%	11,869	+0.1%	0.73%	-3.6%
IXN	Sell	ISHARESglobal tech etf	$1,139,000	+4.6%	15,220	-2.4%	0.72%	+3.4%
DGS	Buy	WISDOMTREE TRemg mkts smcap	$1,127,000	+3.2%	24,154	+1.8%	0.72%	+2.1%
XLE	Buy	SELECT SECTOR SPDR TRsbi int-energy	$1,125,000	+6.6%	13,570	+0.7%	0.72%	+5.4%
BAX	Sell	BAXTER INTL INC	$1,086,000	-5.7%	16,525	-0.6%	0.69%	-6.7%
BAC	Buy	BANK OF AMERICA CORPORATION	$1,050,000	+28.7%	76,144	+20.0%	0.67%	+27.2%
CSCO	Buy	CISCO SYS INC	$1,033,000	+9.9%	44,084	+14.1%	0.66%	+8.8%
IDX	Sell	MARKET VECTORS ETF TRindonesia etf	$985,000	-22.9%	42,950	-2.7%	0.63%	-23.7%
DD	Sell	DU PONT E I DE NEMOURS & CO	$961,000	+10.2%	16,396	-1.2%	0.61%	+9.1%
JNK	Buy	SPDR SERIES TRUSTbrc hgh yld bd	$962,000	+137.5%	24,142	+135.1%	0.61%	+134.5%
PPG	Buy	PPG INDS INC	$949,000	+14.1%	5,682	+0.0%	0.60%	+12.9%
EEM	Sell	ISHARESmsci emg mkt etf	$933,000	+1.9%	22,885	-3.8%	0.59%	+0.8%
IEP	Buy	ICAHN ENTERPRISES LPdepositary unit	$931,000	+84.7%	11,175	+61.3%	0.59%	+83.0%
AMLP	Sell	ALPS ETF TRalerian mlp	$927,000	-3.6%	52,712	-2.1%	0.59%	-4.7%
T	Sell	AT&T INC	$881,000	-4.8%	26,080	-0.1%	0.56%	-5.7%
MRK	Sell	MERCK & CO INC NEW	$879,000	+2.3%	18,447	-0.2%	0.56%	+1.3%
SWK	Buy	STANLEY BLACK & DECKER INC	$875,000	+17.1%	9,661	+0.0%	0.56%	+15.8%
EWM	Sell	ISHARESmsci malaysi etf	$860,000	-19.2%	57,200	-16.5%	0.55%	-20.0%
AMZN	Buy	AMAZON COM INC	$861,000	+15.0%	2,754	+2.0%	0.55%	+13.7%
FCX	Sell	FREEPORT-MCMORAN COPPER & GO	$822,000	+18.8%	24,850	-0.8%	0.52%	+17.5%
DHR	Sell	DANAHER CORP DEL	$819,000	+9.1%	11,822	-0.4%	0.52%	+7.9%
GSK	Sell	GLAXOSMITHKLINE PLCsponsored adr	$777,000	-0.5%	15,483	-0.9%	0.50%	-1.6%
ETN	Sell	EATON CORP PLC	$759,000	+3.7%	11,032	-0.9%	0.48%	+2.5%
MDLZ	Sell	MONDELEZ INTL INCcl a	$756,000	+5.7%	24,053	-4.0%	0.48%	+4.6%
LLY	Buy	LILLY ELI & CO	$747,000	+4.2%	14,846	+1.7%	0.48%	+3.3%
RWX	Sell	SPDR INDEX SHS FDSdj intl rl etf	$729,000	+3.3%	17,300	-2.3%	0.46%	+2.2%
CSX	Sell	CSX CORP	$710,000	+10.8%	27,557	-0.4%	0.45%	+9.7%
MS	Sell	MORGAN STANLEY	$679,000	+10.2%	25,185	-0.1%	0.43%	+9.1%
SO	Sell	SOUTHERN CO	$673,000	-7.0%	16,339	-0.4%	0.43%	-8.2%
ILF	Sell	ISHARESlatn amer 40 etf	$671,000	-0.4%	17,525	-4.4%	0.43%	-1.6%
ECON	Sell	EGA EMERGING GLOBAL SHS TRegs emktcons etf	$614,000	+1.8%	22,800	-2.4%	0.39%	+0.8%
ABBV	Buy	ABBVIE INC	$606,000	+9.0%	13,550	+0.7%	0.39%	+7.8%
TEX	Buy	TEREX CORP NEW	$605,000	+28.5%	18,000	+0.6%	0.38%	+27.1%
VWO	Sell	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$592,000	-1.0%	14,760	-4.2%	0.38%	-2.1%
GAB	Sell	GABELLI EQUITY TR INC	$581,000	-0.2%	86,465	-1.0%	0.37%	-1.3%
RL	Sell	RALPH LAUREN CORPcl a	$568,000	-7.9%	3,449	-2.8%	0.36%	-8.8%
FXI	Sell	ISHARESchina lg-cap etf	$561,000	+9.4%	15,130	-4.1%	0.36%	+8.2%
HAL	Sell	HALLIBURTON CO	$544,000	+15.0%	11,305	-0.2%	0.35%	+13.8%
WMT	Sell	WAL-MART STORES INC	$541,000	-1.3%	7,317	-0.7%	0.34%	-2.5%
CLX	Buy	CLOROX CO DEL	$533,000	+12.4%	6,527	+14.6%	0.34%	+11.1%
HD	Buy	HOME DEPOT INC	$530,000	-2.0%	6,984	+0.0%	0.34%	-3.2%
BHI	Sell	BAKER HUGHES INC	$518,000	+3.4%	10,550	-2.8%	0.33%	+2.5%
GAF	Sell	SPDR INDEX SHS FDSmideast africa	$519,000	-27.8%	7,720	-33.3%	0.33%	-28.7%
IBB	Buy	ISHARESnasdq biotec etf	$516,000	+36.5%	2,460	+13.1%	0.33%	+35.4%
GILD	Buy	GILEAD SCIENCES INC	$501,000	+24.9%	7,972	+1.9%	0.32%	+23.6%
KMT	Sell	KENNAMETAL INC	$494,000	+14.1%	10,841	-2.7%	0.32%	+12.9%
LAND	Buy	GLADSTONE LD CORP	$488,000	-4.3%	32,000	+6.3%	0.31%	-5.2%
GIS	Buy	GENERAL MLS INC	$482,000	+18.7%	10,051	+20.2%	0.31%	+17.6%
IWR	Sell	ISHARESrus mid-cap etf	$477,000	-1.4%	3,430	-8.0%	0.30%	-2.3%
WFC	Buy	WELLS FARGO & CO NEW	$467,000	+38.2%	11,298	+37.8%	0.30%	+36.2%
GUR	Buy	SPDR INDEX SHS FDSeurope etf	$463,000	+11.0%	11,500	+1.8%	0.30%	+10.1%
BRXX	Sell	EGA EMERGING GLOBAL SHS TRegs braz inf etf	$457,000	+0.7%	25,080	-4.2%	0.29%	-0.3%
BCR	Sell	BARD C R INC	$442,000	+5.2%	3,836	-0.9%	0.28%	+4.1%
EPP	Sell	ISHARESmsci pac jp etf	$424,000	+3.9%	8,900	-6.1%	0.27%	+2.7%
REMX	New	MARKET VECTORS ETF TRminor metals	$421,000	–	10,050	–	0.27%	–
FNB	Buy	FNB CORP PA	$394,000	+0.5%	32,486	+0.1%	0.25%	-0.4%
IWS	Buy	ISHARESrus mdcp val etf	$386,000	+6.9%	6,330	+1.6%	0.25%	+6.0%
DUK	Buy	DUKE ENERGY CORP NEW	$387,000	-0.5%	5,807	+1.0%	0.25%	-1.6%
NSP	Buy	INSPERITY INC	$380,000	+27.9%	10,100	+3.1%	0.24%	+26.7%
NUAN	Buy	NUANCE COMMUNICATIONS INC	$375,000	+2.2%	20,066	+0.8%	0.24%	+1.3%
XRX	Sell	XEROX CORP	$362,000	-14.4%	35,166	-24.6%	0.23%	-15.4%
PIO	Sell	POWERSHARES GLOBAL ETF TRUSTgbl wtr port	$355,000	-15.3%	16,800	-24.7%	0.23%	-16.3%
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$341,000	+12.2%	5,593	+14.3%	0.22%	+10.7%
BKF	Sell	ISHARESmsci bric indx	$339,000	-2.3%	9,100	-10.8%	0.22%	-3.1%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$306,000	-5.8%	1,650	-2.9%	0.20%	-6.7%
4945SC	Sell	KINDER MORGAN ENERGY PARTNERut ltd partner	$306,000	-14.3%	3,832	-8.4%	0.20%	-15.2%
ISRG	Sell	INTUITIVE SURGICAL INC	$278,000	-33.2%	740	-10.0%	0.18%	-34.0%
IJS	Sell	ISHARESsp smcp600vl etf	$276,000	+5.3%	2,700	-3.6%	0.18%	+4.1%
ICF	Sell	ISHAREScohen&steer reit	$271,000	-10.0%	3,530	-5.4%	0.17%	-10.8%
EEP	Sell	ENBRIDGE ENERGY PARTNERS L P	$268,000	-2.2%	8,798	-2.2%	0.17%	-2.8%
TBT	New	PROSHARES TR	$263,000	–	3,500	–	0.17%	–
WITE	Buy	ETFS WHITE METALS BASKET TR	$261,000	+12.0%	6,400	+3.2%	0.17%	+10.7%
GLTR	Buy	ETFS PRECIOUS METALS BASKETphys pm bskt	$253,000	+15.0%	3,500	+6.1%	0.16%	+13.4%
IWC	Buy	ISHARESmicro-cap etf	$247,000	+12.8%	3,600	+1.4%	0.16%	+11.3%
CBI	New	CHICAGO BRIDGE & IRON CO N V	$244,000	–	3,600	–	0.16%	–
HP	New	HELMERICH & PAYNE INC	$241,000	–	3,500	–	0.15%	–
KMB	Buy	KIMBERLY CLARK CORP	$238,000	+11.7%	2,524	+15.3%	0.15%	+10.9%
MA	New	MASTERCARD INCcl a	$239,000	–	355	–	0.15%	–
UN	Sell	UNILEVER N V	$238,000	-7.0%	6,308	-3.1%	0.15%	-7.9%
NLY	Sell	ANNALY CAP MGMT INC	$234,000	-16.7%	20,202	-9.8%	0.15%	-17.7%
GOOGL	Sell	GOOGLE INCcl a	$225,000	-2.2%	257	-1.9%	0.14%	-3.4%
SLV	Sell	ISHARES SILVER TRUSTishares	$219,000	+9.0%	10,500	-0.9%	0.14%	+7.8%
A309PS	New	DIRECTV	$210,000	–	3,510	–	0.13%	–
BLK	New	BLACKROCK INC	$210,000	–	775	–	0.13%	–
IJR	New	ISHAREScore s&p scp etf	$203,000	–	2,030	–	0.13%	–
WPZ	New	WILLIAMS PARTNERS L P	$202,000	–	3,821	–	0.13%	–
DIS	New	DISNEY WALT CO	$200,000	–	3,105	–	0.13%	–
PCAR	New	PACCAR INC	$200,000	–	3,600	–	0.13%	–
FITB	Buy	FIFTH THIRD BANCORP	$185,000	0.0%	10,276	+0.2%	0.12%	-0.8%
GUT	Sell	GABELLI UTIL TR	$176,000	-2.2%	27,644	-0.9%	0.11%	-3.4%
IAU	Sell	ISHARES GOLD TRUSTishares	$174,000	+6.1%	13,500	-1.5%	0.11%	+4.7%
IGR	Sell	CBRE CLARION GLOBAL REAL EST	$122,000	-11.6%	15,100	-1.3%	0.08%	-12.4%
ZNGA	Exit	ZYNGA INCcl a	$0	–	-25,200	–	-0.04%	–
PVR	Exit	PVR PARTNERS L P	$0	–	-8,583	–	-0.15%	–
LM	Exit	LEGG MASON INC	$0	–	-12,500	–	-0.25%	–
PFF	Exit	ISHARES TRus pfd stk idx	$0	–	-145,173	–	-3.67%	–

Q2 2013

			Value		Shares		↓ Weighting
VOO	New	VANGUARD INDEX FDSs&p 500 etf sh	$16,143,000	–	220,105	–	10.39%	–
PFF	New	ISHARES TRus pfd stk idx	$5,702,000	–	145,173	–	3.67%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$5,668,000	–	35,332	–	3.65%	–
XOM	New	EXXON MOBIL CORP	$4,148,000	–	45,909	–	2.67%	–
AAPL	New	APPLE INC	$3,342,000	–	8,427	–	2.15%	–
JNJ	New	JOHNSON & JOHNSON	$2,945,000	–	34,295	–	1.90%	–
MSFT	New	MICROSOFT CORP	$2,645,000	–	76,577	–	1.70%	–
PM	New	PHILIP MORRIS INTL INC	$2,310,000	–	26,669	–	1.49%	–
MO	New	ALTRIA GROUP INC	$2,302,000	–	65,812	–	1.48%	–
TROW	New	PRICE T ROWE GROUP INC	$2,175,000	–	29,708	–	1.40%	–
PG	New	PROCTER & GAMBLE CO	$2,048,000	–	26,595	–	1.32%	–
SEIC	New	SEI INVESTMENTS CO	$1,984,000	–	69,796	–	1.28%	–
NYX	New	NYSE EURONEXT	$1,956,000	–	47,250	–	1.26%	–
DXJ	New	WISDOMTREE TRUSTjapn hedge eqt	$1,920,000	–	42,088	–	1.24%	–
MGC	New	VANGUARD WORLD FDmega cap index	$1,878,000	–	34,363	–	1.21%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$1,873,000	–	16,739	–	1.20%	–
VXF	New	VANGUARD INDEX FDSextend mkt etf	$1,836,000	–	26,289	–	1.18%	–
FISV	New	FISERV INC	$1,809,000	–	20,700	–	1.16%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$1,771,000	–	39,642	–	1.14%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,640,000	–	32,589	–	1.06%	–
CAT	New	CATERPILLAR INC DEL	$1,631,000	–	19,775	–	1.05%	–
GE	New	GENERAL ELECTRIC CO	$1,625,000	–	70,073	–	1.05%	–
V	New	VISA INC	$1,611,000	–	8,816	–	1.04%	–
GS	New	GOLDMAN SACHS GROUP INC	$1,603,000	–	10,600	–	1.03%	–
PEP	New	PEPSICO INC	$1,555,000	–	19,002	–	1.00%	–
BEN	New	FRANKLIN RES INC	$1,537,000	–	11,300	–	0.99%	–
HON	New	HONEYWELL INTL INC	$1,386,000	–	17,473	–	0.89%	–
BA	New	BOEING CO	$1,378,000	–	13,450	–	0.89%	–
JPM	New	JPMORGAN CHASE & CO	$1,349,000	–	25,550	–	0.87%	–
FL	New	FOOT LOCKER INC	$1,345,000	–	38,280	–	0.86%	–
IR	New	INGERSOLL-RAND PLC	$1,319,000	–	23,750	–	0.85%	–
INTC	New	INTEL CORP	$1,318,000	–	54,391	–	0.85%	–
IDX	New	MARKET VECTORS ETF TRindonesia etf	$1,277,000	–	44,150	–	0.82%	–
CROP	New	INDEXIQ ETF TRglb agri sm cp	$1,278,000	–	49,650	–	0.82%	–
GII	New	SPDR INDEX SHS FDSs&p gblinf etf	$1,269,000	–	31,200	–	0.82%	–
MCD	New	MCDONALDS CORP	$1,174,000	–	11,863	–	0.76%	–
BAX	New	BAXTER INTL INC	$1,152,000	–	16,625	–	0.74%	–
UTX	New	UNITED TECHNOLOGIES CORP	$1,145,000	–	12,325	–	0.74%	–
ASRV	New	AMERISERV FINL INC	$1,121,000	–	409,081	–	0.72%	–
SLB	New	SCHLUMBERGER LTD	$1,095,000	–	15,275	–	0.70%	–
DGS	New	WISDOMTREE TRUSTemg mkts smcap	$1,092,000	–	23,729	–	0.70%	–
IXN	New	ISHARES TRs&p gbl inf	$1,089,000	–	15,595	–	0.70%	–
EWM	New	ISHARES INCmsci malaysia	$1,065,000	–	68,500	–	0.68%	–
XLE	New	SELECT SECTOR SPDR TRsbi int-energy	$1,055,000	–	13,470	–	0.68%	–
CVX	New	CHEVRON CORP NEW	$1,048,000	–	8,855	–	0.67%	–
HYG	New	ISHARES TRhigh yld corp	$1,008,000	–	11,093	–	0.65%	–
AMLP	New	ALPS ETF TRalerian mlp	$962,000	–	53,857	–	0.62%	–
CSCO	New	CISCO SYS INC	$940,000	–	38,625	–	0.60%	–
T	New	AT&T INC	$925,000	–	26,110	–	0.60%	–
EEM	New	ISHARES TRmsci emerg mkt	$916,000	–	23,785	–	0.59%	–
DD	New	DU PONT E I DE NEMOURS & CO	$872,000	–	16,594	–	0.56%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$871,000	–	12,650	–	0.56%	–
MRK	New	MERCK & CO INC NEW	$859,000	–	18,491	–	0.55%	–
PPG	New	PPG INDS INC	$832,000	–	5,681	–	0.54%	–
CL	New	COLGATE PALMOLIVE CO	$822,000	–	14,350	–	0.53%	–
BAC	New	BANK OF AMERICA CORPORATION	$816,000	–	63,458	–	0.52%	–
GSK	New	GLAXOSMITHKLINE PLCsponsored adr	$781,000	–	15,631	–	0.50%	–
DHR	New	DANAHER CORP DEL	$751,000	–	11,874	–	0.48%	–
AMZN	New	AMAZON COM INC	$749,000	–	2,699	–	0.48%	–
SWK	New	STANLEY BLACK & DECKER INC	$747,000	–	9,659	–	0.48%	–
ETN	New	EATON CORP PLC	$732,000	–	11,137	–	0.47%	–
MMM	New	3M CO	$726,000	–	6,640	–	0.47%	–
SO	New	SOUTHERN CO	$724,000	–	16,397	–	0.47%	–
GAF	New	SPDR INDEX SHS FDSmideast africa	$719,000	–	11,570	–	0.46%	–
LLY	New	LILLY ELI & CO	$717,000	–	14,597	–	0.46%	–
MDLZ	New	MONDELEZ INTL INCcl a	$715,000	–	25,053	–	0.46%	–
RWX	New	SPDR INDEX SHS FDSdj intl rl etf	$706,000	–	17,700	–	0.45%	–
FCX	New	FREEPORT-MCMORAN COPPER & GO	$692,000	–	25,050	–	0.44%	–
ILF	New	ISHARES TRs&p ltn am 40	$674,000	–	18,325	–	0.43%	–
BG	New	BUNGE LIMITED	$658,000	–	9,300	–	0.42%	–
CSX	New	CSX CORP	$641,000	–	27,657	–	0.41%	–
ITW	New	ILLINOIS TOOL WKS INC	$625,000	–	9,040	–	0.40%	–
MOO	New	MARKET VECTORS ETF TRagribus etf	$617,000	–	12,050	–	0.40%	–
RL	New	RALPH LAUREN CORPcl a	$617,000	–	3,549	–	0.40%	–
MS	New	MORGAN STANLEY	$616,000	–	25,210	–	0.40%	–
ECON	New	EGA EMERGING GLOBAL SHS TRegs emktcons etf	$603,000	–	23,360	–	0.39%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$598,000	–	15,410	–	0.38%	–
GAB	New	GABELLI EQUITY TR INC	$582,000	–	87,315	–	0.38%	–
KO	New	COCA COLA CO	$559,000	–	13,931	–	0.36%	–
ABBV	New	ABBVIE INC	$556,000	–	13,450	–	0.36%	–
APD	New	AIR PRODS & CHEMS INC	$554,000	–	6,051	–	0.36%	–
WMT	New	WAL-MART STORES INC	$548,000	–	7,367	–	0.35%	–
HD	New	HOME DEPOT INC	$541,000	–	6,983	–	0.35%	–
EFA	New	ISHARES TRmsci eafe index	$531,000	–	9,259	–	0.34%	–
VMC	New	VULCAN MATLS CO	$530,000	–	10,950	–	0.34%	–
PFE	New	PFIZER INC	$527,000	–	18,822	–	0.34%	–
FXI	New	ISHARES TRftse china25 idx	$513,000	–	15,780	–	0.33%	–
LAND	New	GLADSTONE LD CORP	$510,000	–	30,100	–	0.33%	–
IEP	New	ICAHN ENTERPRISES LPdepositary unit	$504,000	–	6,930	–	0.32%	–
VO	New	VANGUARD INDEX FDSmid cap etf	$504,000	–	5,300	–	0.32%	–
BHI	New	BAKER HUGHES INC	$501,000	–	10,850	–	0.32%	–
IWR	New	ISHARES TRrussell midcap	$484,000	–	3,730	–	0.31%	–
YUM	New	YUM BRANDS INC	$478,000	–	6,900	–	0.31%	–
CLX	New	CLOROX CO DEL	$474,000	–	5,693	–	0.30%	–
HAL	New	HALLIBURTON CO	$473,000	–	11,325	–	0.30%	–
TEX	New	TEREX CORP NEW	$471,000	–	17,900	–	0.30%	–
BRXX	New	EGA EMERGING GLOBAL SHS TRegs braz inf etf	$454,000	–	26,180	–	0.29%	–
PXD	New	PIONEER NAT RES CO	$443,000	–	3,059	–	0.28%	–
HYS	New	PIMCO ETF TR0-5 high yield	$441,000	–	4,300	–	0.28%	–
KMT	New	KENNAMETAL INC	$433,000	–	11,139	–	0.28%	–
XRX	New	XEROX CORP	$423,000	–	46,666	–	0.27%	–
PIO	New	POWERSHARES GLOBAL ETF TRUSTgbl wtr port	$419,000	–	22,300	–	0.27%	–
HSY	New	HERSHEY CO	$420,000	–	4,700	–	0.27%	–
BCR	New	BARD C R INC	$420,000	–	3,871	–	0.27%	–
GUR	New	SPDR INDEX SHS FDSeurope etf	$417,000	–	11,300	–	0.27%	–
IWM	New	ISHARES TRrussell 2000	$416,000	–	4,290	–	0.27%	–
VB	New	VANGUARD INDEX FDSsmall cp etf	$417,000	–	4,450	–	0.27%	–
ISRG	New	INTUITIVE SURGICAL INC	$416,000	–	822	–	0.27%	–
GLFMQ	New	GULFMARK OFFSHORE INCcl a new	$415,000	–	9,200	–	0.27%	–
EPP	New	ISHARES INCmsci pac j idx	$408,000	–	9,475	–	0.26%	–
JNK	New	SPDR SERIES TRUSTbrc hgh yld bd	$405,000	–	10,267	–	0.26%	–
GIS	New	GENERAL MLS INC	$406,000	–	8,363	–	0.26%	–
GILD	New	GILEAD SCIENCES INC	$401,000	–	7,827	–	0.26%	–
SXL	New	SUNOCO LOGISTICS PRTNRS L P	$395,000	–	6,171	–	0.25%	–
FNB	New	FNB CORP PA	$392,000	–	32,441	–	0.25%	–
DUK	New	DUKE ENERGY CORP NEW	$389,000	–	5,752	–	0.25%	–
LM	New	LEGG MASON INC	$388,000	–	12,500	–	0.25%	–
IBB	New	ISHARES TRnasdq bio indx	$378,000	–	2,175	–	0.24%	–
NUAN	New	NUANCE COMMUNICATIONS INC	$367,000	–	19,916	–	0.24%	–
IWS	New	ISHARES TRrussell mcp vl	$361,000	–	6,230	–	0.23%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$360,000	–	6,604	–	0.23%	–
AMX	New	AMERICA MOVIL SAB DE CV	$361,000	–	16,608	–	0.23%	–
4945SC	New	KINDER MORGAN ENERGY PARTNERut ltd partner	$357,000	–	4,182	–	0.23%	–
BKF	New	ISHARES INCmsci bric indx	$347,000	–	10,200	–	0.22%	–
WFC	New	WELLS FARGO & CO NEW	$338,000	–	8,197	–	0.22%	–
DDD	New	3-D SYS CORP DEL	$338,000	–	7,701	–	0.22%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$337,000	–	2	–	0.22%	–
FMS	New	FRESENIUS MED CARE AG&CO KGAsponsored adr	$331,000	–	9,376	–	0.21%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$325,000	–	1,700	–	0.21%	–
KRFT	New	KRAFT FOODS GROUP INC	$325,000	–	5,815	–	0.21%	–
UNH	New	UNITEDHEALTH GROUP INC	$322,000	–	4,920	–	0.21%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$311,000	–	5,570	–	0.20%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$304,000	–	4,893	–	0.20%	–
SEP	New	SPECTRA ENERGY PARTNERS LP	$302,000	–	6,571	–	0.19%	–
ICF	New	ISHARES TRcohen&st rlty	$301,000	–	3,730	–	0.19%	–
NSP	New	INSPERITY INC	$297,000	–	9,800	–	0.19%	–
NLY	New	ANNALY CAP MGMT INC	$281,000	–	22,385	–	0.18%	–
EEP	New	ENBRIDGE ENERGY PARTNERS L P	$274,000	–	8,998	–	0.18%	–
IJS	New	ISHARES TRs&p smlcp valu	$262,000	–	2,800	–	0.17%	–
PNC	New	PNC FINL SVCS GROUP INC	$257,000	–	3,527	–	0.16%	–
NGLS	New	TARGA RESOURCES PARTNERS LP	$257,000	–	5,090	–	0.16%	–
QQQ	New	POWERSHARES QQQ TRUSTunit ser 1	$257,000	–	3,605	–	0.16%	–
UN	New	UNILEVER N V	$256,000	–	6,508	–	0.16%	–
IJT	New	ISHARES TRs&p smlcp grow	$247,000	–	2,550	–	0.16%	–
GULF	New	WISDOMTREE TRmid east divd	$245,000	–	14,175	–	0.16%	–
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$244,000	–	3,825	–	0.16%	–
CVS	New	CVS CAREMARK CORPORATION	$240,000	–	4,200	–	0.15%	–
NYMT	New	NEW YORK MTG TR INC	$239,000	–	35,279	–	0.15%	–
ARCC	New	ARES CAP CORP	$236,000	–	13,737	–	0.15%	–
DCP	New	DCP MIDSTREAM PARTNERS LP	$236,000	–	4,357	–	0.15%	–
PVR	New	PVR PARTNERS L P	$234,000	–	8,583	–	0.15%	–
WITE	New	ETFS WHITE METALS BASKET TR	$233,000	–	6,200	–	0.15%	–
PCLN	New	PRICELINE COM INC	$230,000	–	278	–	0.15%	–
GOOGL	New	GOOGLE INCcl a	$230,000	–	262	–	0.15%	–
PAG	New	PENSKE AUTOMOTIVE GRP INC	$228,000	–	7,450	–	0.15%	–
GLTR	New	ETFS PRECIOUS METALS BASKETphys pm bskt	$220,000	–	3,300	–	0.14%	–
IWC	New	ISHARES TRrssl mcrcp idx	$219,000	–	3,550	–	0.14%	–
ARTNA	New	ARTESIAN RESOURCES CORPcl a	$216,000	–	9,699	–	0.14%	–
KMB	New	KIMBERLY CLARK CORP	$213,000	–	2,189	–	0.14%	–
LH	New	LABORATORY CORP AMER HLDGS	$203,000	–	2,025	–	0.13%	–
SLV	New	ISHARES SILVER TRUSTishares	$201,000	–	10,600	–	0.13%	–
NPBC	New	NATIONAL PENN BANCSHARES INC	$196,000	–	19,299	–	0.13%	–
FITB	New	FIFTH THIRD BANCORP	$185,000	–	10,258	–	0.12%	–
SCI	New	SERVICE CORP INTL	$180,000	–	10,000	–	0.12%	–
GUT	New	GABELLI UTIL TR	$180,000	–	27,894	–	0.12%	–
TEI	New	TEMPLETON EMERG MKTS INCOME	$179,000	–	12,000	–	0.12%	–
IAU	New	ISHARES GOLD TRUSTishares	$164,000	–	13,700	–	0.11%	–
AMAT	New	APPLIED MATLS INC	$161,000	–	10,820	–	0.10%	–
HBAN	New	HUNTINGTON BANCSHARES INC	$150,000	–	19,075	–	0.10%	–
IGR	New	CBRE CLARION GLOBAL REAL EST	$138,000	–	15,300	–	0.09%	–
FCF	New	FIRST COMWLTH FINL CORP PA	$78,000	–	10,540	–	0.05%	–
ZNGA	New	ZYNGA INCcl a	$70,000	–	25,200	–	0.04%	–

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